MIRA
INFORM REPORT
|
Report Date : |
09.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
CORC KOC |
|
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Registered Office : |
Istasyon Caddesi Tinaztepe Pasaji No:32 Bakirkoy – Istanbul |
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Country : |
Turkey |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
1996 |
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Legal Form : |
Sole-Proprietorship |
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Line of Business : |
Trade of Jewellery |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
Maximum Credit Limit : |
USD 30,000 |
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|
Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Note: “COSKUN KOC MUCEVHERAT” is
the trade name of the sole-proprietorship named as “CORC KOC”.
COMPANY IDENTIFICATION
|
NAME |
: |
CORC KOC |
|
ADDRESS |
: |
Head Office/Store :Istasyon Caddesi
Tinaztepe Pasaji No:32 Bakirkoy – Istanbul / Turkey |
|
PHONE NUMBER |
: |
90-212-542 04 32 |
|
FAX NUMBER |
: |
90-212-542 76 89 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Bakirkoy / 60235206936 From the beginning of 2007, the sole proprietorships perform fiscal
manipulations with personal ID number instead of tax number. So the number of
the subject changed from 5670053878 to 60235206936 for fiscal manipulations. |
|
REGISTERED OFFICE |
: |
As the subject is a sole-proprietorship, it is not obliged to be
registered at commercial registry. It is registered at Jeweler’s Association
with no 9979 |
|
DATE ESTABLISHED |
: |
The subject sole-proprietorship is declared
to be established in 1996. As the sole-proprietorships are not obliged to be
registered at commercial registry it has not registered at Commercial
Registry. |
|
LEGAL FORM |
: |
Sole-Proprietorship |
|
TYPE OF COMPANY |
: |
Private |
|
REGISTERED CAPITAL |
: |
The liability of the sole proprietorships is not limited to the
capital. The owners of the sole proprietorships are responsible for the debts
of the sole proprietorships with all of their personal wealth. |
oWNERSHIP / MANAGEMENT
|
OWNER |
: |
Corc Koc The owner, Corc Koc was born in 1960 and he was graduated from high school. Properties owned by the owner are declared to be as follows: -head office of the subject -a flat in Istanbul -a summer house in Kumburgaz -a car - 50 % shares at an office at “Istanbul Cad. Orkide Apt. No:72/A Bakirkoy/ Istanbul” -an office at “Sanayi Mah. Sultan Selim Cad. Bereket Sk. No:2 Kagithane, Istanbul” -50 % shares at an office at “Zeytinlik Mah. Halkci Sk. No:36/14-20 Bakirkoy – Istanbul” -an office at “Istanbul Cad. Derya Apt. No:102/4 Bakirkoy – Istanbul” -50 % shares at an office at “Zeytinlik Mah. Halkci Sk. Moda Pasaji Bakirkoy – Istanbul” -an office at “Nuripasa Mah. 55/35 Sk. No:17 Zeytinburnu – Istanbul” -head office of the subject Other companies owned by the owner are declared to be: None |
|
DIRECTOR |
: |
Corc Koc |
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Trade of jewellery |
|
|
SECTOR |
: |
Commerce |
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|
NUMBER OF
EMPLOYEES |
: |
5 |
|
|
NET SALES |
: |
(YTL) 823,260 1,056,882 |
(2006) (2007) |
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CAPACITY |
: |
None |
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PRODUCTION |
: |
None |
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IMPORT COUNTRIES |
: |
India |
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MERCHANDISE
IMPORTED |
: |
Jewellery |
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EXPORT |
: |
None |
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PREMISES |
: |
Head Office/Store : Istasyon Caddesi
Tinaztepe Pasaji No:32 Bakirkoy-Istanbul (owned) |
|
FIXED CAPITAL
INVESTMENTS |
: |
None |
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|
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|
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TREND OF
BUSINESS |
: |
Upwards in 2007 |
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SIZE OF BUSINESS |
: |
Small |
FINANCE
|
MAIN DEALING BANKERS |
: |
Garanti Bankasi Bakirkoy Carsi branch in
Istanbul |
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CREDIT FACILITIES |
: |
No credit facility has come to our
knowledge. |
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PAYMENT BEHAVIOUR |
: |
No payment delays have come to our knowledge. |
COMMENT ON FINANCIAL POSITION
|
FINANCIAL STRUCTURE
(SUFFICENCY OF OWN RESOURCES) |
|
|
Capitalization was high as of 31.12.2007. Furthermore the liability of
the sole-proprietorships is not limited to the capital. The owners of the
sole-proprietorships are responsible for the debts of the sole-proprietorships
with all of their personal wealth. We are informed that, the owner possesses
some real estates. |
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LIQUIDITY |
|
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High |
As of 31.12.2007 |
|
PROFITABILITY |
|
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Low |
In 2007 |
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GENERAL
FINANCIAL POSITION |
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Good |
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CREDIT OPINION
|
CREDIT
OPINION WITHOUT OBLIGATION |
: |
We
are of the opinion that, a max. credit of USD 30,000 may be granted to the
subject. |
|
|
Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(2006) |
11.58 % |
1.4309 |
1.7987 |
2.6377 |
|
(2007) |
5.94 % |
1.3075 |
1.7901 |
2.6133 |
|
(1.1.-31.05.2008) |
13.39 % |
1.2181 |
1.8583 |
2.4201 |
BALANCE SHEET
|
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|
YTL |
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|
YTL |
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|
31.12.06 |
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|
31.12.07 |
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CURRENT ASSETS |
124.587 |
|
0,79 |
|
142.170 |
|
0,80 |
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Cash and
Banks |
4.526 |
|
0,03 |
|
12.971 |
|
0,07 |
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Marketable Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Account
Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Other
Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
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Inventories |
118.920 |
|
0,75 |
|
127.883 |
|
0,72 |
|
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Advances
Given |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Other
Current Assets |
1.141 |
|
0,01 |
|
1.316 |
|
0,01 |
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NON-CURRENT ASSETS |
33.586 |
|
0,21 |
|
36.277 |
|
0,20 |
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Long-term
Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Financial
Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Tangible Fixed
Assets (net) |
33.586 |
|
0,21 |
|
36.277 |
|
0,20 |
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Intangible Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Other
Non-Current Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
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TOTAL ASSETS |
158.173 |
|
1,00 |
|
178.447 |
|
1,00 |
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CURRENT LIABILITIES |
1.087 |
|
0,01 |
|
2.686 |
|
0,02 |
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Financial
Loans |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Accounts
Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Loans
from Owner |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Other
Short-term Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Advances
from Customers |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Taxes
Payable |
2.332 |
|
0,01 |
|
2.674 |
|
0,01 |
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Provisions |
-1.245 |
|
-0,01 |
|
12 |
|
0,00 |
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Other
Current Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
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LONG-TERM LIABILITIES |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Financial
Loans |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
Securities Issued |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
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Long-term
Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Loans
from Owner |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
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Other
Long-term Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Provisions |
0 |
|
0,00 |
|
0 |
|
0,00 |
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STOCKHOLDERS' EQUITY |
157.086 |
|
0,99 |
|
175.761 |
|
0,98 |
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TOTAL LIABILITIES AND EQUITY |
158.173 |
|
1,00 |
|
178.447 |
|
1,00 |
INCOME
STATEMENTS
|
|
|
YTL |
|
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|
YTL |
|
|
|
|
|
|
2006 |
|
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|
2007 |
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|
|
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Net Sales |
823.260 |
|
1,00 |
|
1.056.882 |
|
1,00 |
|
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Cost of
Goods Sold |
768.925 |
|
0,93 |
|
990.299 |
|
0,94 |
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Gross Profit |
54.335 |
|
0,07 |
|
66.583 |
|
0,06 |
|
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Operating
Expenses |
42.958 |
|
0,05 |
|
54.396 |
|
0,05 |
|
|
|
Operating Profit |
11.377 |
|
0,01 |
|
12.187 |
|
0,01 |
|
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|
Other
Income |
0 |
|
0,00 |
|
212 |
|
0,00 |
|
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|
Other
Expenses |
3.077 |
|
0,00 |
|
47 |
|
0,00 |
|
|
|
Financial
Expenses |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Profit (loss) Before Tax |
8.300 |
|
0,01 |
|
12.352 |
|
0,01 |
|
|
|
Tax Payable |
0 |
|
0,00 |
|
1.872 |
|
0,00 |
|
|
|
Net Profit (loss) |
8.300 |
|
0,01 |
|
10.480 |
|
0,01 |
|
FINANCIAL RATIOS
|
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|
2006 |
|
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|
2007 |
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LIQUIDITY RATIOS |
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Current Ratio |
114,62 |
|
|
|
52,93 |
|
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Acid-Test Ratio |
4,16 |
|
|
|
4,83 |
|
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ASSET STRUCTURE RATIOS |
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Inventory/Total Assets |
0,75 |
|
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|
0,72 |
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Short-term Receivable/Total Assets |
0,00 |
|
|
|
0,00 |
|
|
|
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Tangible Assets/Total Assets |
0,21 |
|
|
|
0,20 |
|
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|
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TURNOVER RATIOS |
|
|
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|
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Inventory Turnover |
6,47 |
|
|
|
7,74 |
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|
|
|
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Stockholders' Equity Turnover |
5,24 |
|
|
|
6,01 |
|
|
|
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Asset Turnover |
5,20 |
|
|
|
5,92 |
|
|
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|
|
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|
|
|
|
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|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
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|
Stockholders' Equity/Total Assets |
0,99 |
|
|
|
0,98 |
|
|
|
|
|
Current Liabilities/Total Assets |
0,01 |
|
|
|
0,02 |
|
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|
Financial Leverage |
0,01 |
|
|
|
0,02 |
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PROFITABILITY RATIOS |
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Net Profit/Stockholders' Eq. |
0,05 |
|
|
|
0,06 |
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Operating Profit Margin |
0,01 |
|
|
|
0,01 |
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Net Profit Margin |
0,01 |
|
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|
0,01 |
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COLLECTION-PAYMENT |
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Average Collection Period (days) |
0,00 |
|
|
|
0,00 |
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|
|
|
|
Average Payable Period (days) |
0,00 |
|
|
|
0,00 |
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|
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FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.43.13 |
|
UK Pound |
1 |
Rs.85.02 |
|
Euro |
1 |
Rs.67.77 |
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)