MIRA
INFORM REPORT
|
Report Date : |
09.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SARKKOY KILIM SANAYI VE TICARET LTD. STI. |
|
|
|
|
Registered Office : |
Binbirdirek Mahallesi Klodfarer Caddesi Isik Sokak No:18 Eminonu –
Istanbul |
|
|
|
|
Country : |
Turkey |
|
|
|
|
Financials (as on) : |
31.12.2007 |
|
|
|
|
Date of Incorporation : |
03.01.1994 |
|
|
|
|
Com. Reg. No.: |
307789 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Trade of Carpet |
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 |
|
Status : |
Small Company |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
NOTE:
The address stated at your inquiry “Eminsinan Pasa Mah. Gedikpasa Cami Sk.
No:55 Eminonu – Istanbul / Turkey” belongs to “Sarkkoy Hali ve Kilim Ticareti
Mehmet Aydin ve Ortagi” which is an ordinary partnership of one of the
shareholders of “SARKKOY KILIM SANAYI VE TICARET LTD. STI.” named “Mehmet
Aydin”. The head office address of “SARKKOY KILIM SANAYI VE TICARET LTD. STI.”
is “Binbirdirek Mahallesi Klodfarer Caddesi Isik Sokak No:18 Eminonu – Istanbul
/ Turkey”
COMPANY IDENTIFICATION
|
NAME |
: |
SARKKOY KILIM SANAYI VE TICARET LTD. STI. |
|
ADDRESS |
: |
Head Office: Binbirdirek Mahallesi
Klodfarer Caddesi Isik Sokak No:18 Eminonu – Istanbul / Turkey |
|
PHONE NUMBER |
: |
90-212-458 16 89 |
|
FAX NUMBER |
: |
90-212-458 16 89 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Beyazit / 8000014925 |
|
REGISTRATION NUMBER |
: |
307789 |
|
REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
|
DATE ESTABLISHED |
: |
03.01.1994 (Commercial Registry Gazette
Date/No: 06.01.1994 / 3443) |
|
LEGAL FORM |
: |
Limited Company |
|
TYPE OF COMPANY |
: |
Private |
|
REGISTERED CAPITAL |
: |
YTL 15,000 |
|
PAID-IN CAPITAL |
: |
YTL 15,000 |
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Mehmet Aydin Ali Aydin |
50 % 50 % |
|
SISTER COMPANIES |
: |
-Sarkkoy Hali ve Kilim Ticareti Mehmet Aydin
ve Ortagi (ordinary partnership) |
|
|
GROUP PARENT COMPANY |
: |
None |
|
|
SUBSIDIARIES |
: |
None |
|
|
DIRECTORS |
: |
Mehmet Aydin Ali Aydin |
|
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Trade of
carpet |
|
|
SECTOR |
: |
Commerce |
|
|
NUMBER OF
EMPLOYEES |
: |
3 |
|
|
NET SALES |
: |
(YTL) 367,751 209,979 |
(2006) (2007) |
|
CAPACITY |
: |
None |
|
|
PRODUCTION |
: |
None |
|
|
EXPORT VALUE |
: |
(YTL) 297,750 202,311 |
(2006) (2007) |
|
EXPORT COUNTRIES |
: |
U.S.A, Italy, Spain, Switzerland, Belgium… |
|
|
MERCHANDISE
EXPORTED |
: |
Carpets, hand-woven rugs |
|
|
PREMISES |
: |
Head Office: Binbirdirek Mahallesi
Klodfarer Caddesi Isik Sokak No:18 Eminonu – Istanbul |
|
|
|
|
|
|
|
TREND OF
BUSINESS |
: |
There was a decline at sales volume in
nominal terms in 2007. |
|
|
SIZE OF BUSINESS |
: |
Small |
|
FINANCE
|
MAIN DEALING BANKERS |
: |
Garanti Bankasi Nuruosamaniye branch in
Istanbul |
|
CREDIT FACILITIES |
: |
The subject
company is making use of credit facilities. |
|
PAYMENT BEHAVIOUR |
: |
No payment delays have come to our knowledge. |
COMMENT ON FINANCIAL POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
||
|
Capitalization was fair as of 31.12.2007. However it has to be noted
that 20 % of total liabilities and equity was due to loans from shareholders
rather than liabilities to third parties as of 31.12.2007 indicating not too
high indebtedness to third parties. |
||
|
LIQUIDITY |
||
|
Liquidity was still low even if
disregarding loans from shareholders from current liabilities as of
31.12.2007. Furthermore it has to be noted that main part of current assets
was due to inventories which is not a very liquid item. So the firm had
terribly low very liquid items as of 31.12.2007. |
||
|
PROFITABILITY |
||
|
Fair |
In 2007 |
|
|
GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
||
|
Favorable |
In 2007 |
|
|
GENERAL
FINANCIAL POSITION |
||
|
Unsatisfactory |
||
|
|
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 SHEETS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
31.12.06 |
|
|
|
31.12.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
109.729 |
|
0,84 |
|
221.311 |
|
0,91 |
|
|
|
Cash and Banks |
943 |
|
0,01 |
|
13.975 |
|
0,06 |
|
|
|
Marketable Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account Receivable |
7.728 |
|
0,06 |
|
7.728 |
|
0,03 |
|
|
|
Other Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Inventories |
72.600 |
|
0,56 |
|
162.913 |
|
0,67 |
|
|
|
Advances Given |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other Current Assets |
28.458 |
|
0,22 |
|
36.695 |
|
0,15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
21.044 |
|
0,16 |
|
21.044 |
|
0,09 |
|
|
|
Long-term Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Financial Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Tangible Fixed Assets (net) |
21.044 |
|
0,16 |
|
21.044 |
|
0,09 |
|
|
|
Intangible Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other Non-Current Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
130.773 |
|
1,00 |
|
242.355 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
60.434 |
|
0,46 |
|
165.816 |
|
0,68 |
|
|
|
Financial Loans |
0 |
|
0,00 |
|
75.000 |
|
0,31 |
|
|
|
Accounts Payable |
0 |
|
0,00 |
|
39.672 |
|
0,16 |
|
|
|
Loans from Shareholders |
57.682 |
|
0,44 |
|
49.473 |
|
0,20 |
|
|
|
Other Short-term Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Advances from Customers |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Taxes Payable |
2.752 |
|
0,02 |
|
1.671 |
|
0,01 |
|
|
|
Provisions |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other Current Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Financial Loans |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Securities Issued |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Long-term Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Loans from Shareholders |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other Long-term Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Provisions |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
70.339 |
|
0,54 |
|
76.539 |
|
0,32 |
|
|
|
Paid-in Capital |
15.000 |
|
0,11 |
|
15.000 |
|
0,06 |
|
|
|
Inflation Adjustment of Capital |
85.156 |
|
0,65 |
|
85.156 |
|
0,35 |
|
|
|
Reserves |
18.725 |
|
0,14 |
|
29.731 |
|
0,12 |
|
|
|
Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accumulated Losses(-) |
-59.548 |
|
-0,46 |
|
-59.548 |
|
-0,25 |
|
|
|
Net Profit (loss) |
11.006 |
|
0,08 |
|
6.200 |
|
0,03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
130.773 |
|
1,00 |
|
242.355 |
|
1,00 |
|
INCOME STATEMENTS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2006 |
|
|
|
2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
367.751 |
|
1,00 |
|
209.979 |
|
1,00 |
|
|
|
Cost of Goods Sold |
316.236 |
|
0,86 |
|
166.577 |
|
0,79 |
|
|
|
Gross Profit |
51.515 |
|
0,14 |
|
43.402 |
|
0,21 |
|
|
|
Operating Expenses |
40.509 |
|
0,11 |
|
37.202 |
|
0,18 |
|
|
|
Operating Profit |
11.006 |
|
0,03 |
|
6.200 |
|
0,03 |
|
|
|
Other Income |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other Expenses |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Financial Expenses |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Profit (loss) Before Tax |
11.006 |
|
0,03 |
|
6.200 |
|
0,03 |
|
|
|
Tax Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
11.006 |
|
0,03 |
|
6.200 |
|
0,03 |
|
FINANCIAL RATIOS
|
|
|
2006 |
|
|
|
2007 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
Current Ratio |
1,82 |
|
|
|
1,33 |
|
|
|
|
|
Acid-Test Ratio |
0,14 |
|
|
|
0,13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,56 |
|
|
|
0,67 |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,06 |
|
|
|
0,03 |
|
|
|
|
|
Tangible Assets/Total Assets |
0,16 |
|
|
|
0,09 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
4,36 |
|
|
|
1,02 |
|
|
|
|
|
Stockholders' Equity Turnover |
5,23 |
|
|
|
2,74 |
|
|
|
|
|
Asset Turnover |
2,81 |
|
|
|
0,87 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,54 |
|
|
|
0,32 |
|
|
|
|
|
Current Liabilities/Total Assets |
0,46 |
|
|
|
0,68 |
|
|
|
|
|
Financial Leverage |
0,46 |
|
|
|
0,68 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
0,16 |
|
|
|
0,08 |
|
|
|
|
|
Operating Profit Margin |
0,03 |
|
|
|
0,03 |
|
|
|
|
|
Net Profit Margin |
0,03 |
|
|
|
0,03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
7,57 |
|
|
|
13,25 |
|
|
|
|
|
Average Payable Period (days) |
0,00 |
|
|
|
85,74 |
|
|
|
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%)