MIRA
INFORM REPORT
|
Report Date : |
13.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
YILDIZ KAGITCILIK TICARET LTD. STI. |
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|
Registered Office : |
Haci Organize Sanayi Bolgesi Cumhuriyet Cad. No: 14 Yuregir Adana |
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Country : |
Turkey |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
15.01.1968 |
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Com. Reg. No.: |
44595 |
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|
Legal Form : |
Limited Company |
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|
Line of Business : |
Trade of Tea |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 155,000 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
YILDIZ KAGITCILIK TICARET LTD. STI. |
|
ADDRESS |
: |
Head Office: Haci Organize Sanayi Bolgesi Cumhuriyet
Cad. No: 14 Yuregir Adana / Turkey Branch Office: Mersin Serbest Bolgesi
(Free Zone) Y. Adasi 2/2 Parsel Mersin / Turkey |
|
PHONE NUMBER |
: |
90-322-394 46 11 (Head Office) |
|
FAX NUMBER |
: |
90-322-394 46 12 (Head Office) |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Yuregir / 9650029639 |
|
REGISTRATION NUMBER |
: |
44595 |
|
REGISTERED OFFICE |
: |
Adana Chamber of Commerce |
|
DATE ESTABLISHED |
: |
15.01.1968 |
|
LEGAL FORM |
: |
Limited Company |
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TYPE OF COMPANY |
: |
Private |
|
REGISTERED CAPITAL |
: |
YTL 310,000 |
|
PAID-IN CAPITAL |
: |
YTL 310,000 |
|
HISTORY |
: |
The registered capital was increased from
YTL 500 to YTL 310,000 on 12.03.2004 (Commercial Registry Gazette Date / No:
16.03.2004 / 6008) The shareholder Edip Yasar Alicli sold 70
% shares at the subject to Ali Kilic,
the shareholder Ayse Alicli sold 20 % shares at the subject to Ali Kilic and 10 % shares at the
subject to Zeynep Demir on 26.03.2004
(Commercial Registry Gazette Date / No: 30.03.2004 / 6018) The company was firstly established in
Ankara and it was registered at Ankara Commercial Registry with registration
no:17166. Then the company moved to Adana and registered at Adana Commercial
Registry on 22.04.2004 under the
registration no:44595 (Commercial Registry Gazette Date / No: 07.05.2004 /
6045) |
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Ali Kilic Zeynep Demir |
90 % 10 % |
|
SISTER COMPANIES |
: |
Declared to be: None |
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GROUP PARENT COMPANY |
: |
None |
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SUBSIDIARIES |
: |
None |
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DIRECTORS |
: |
Ali Kilic Zeynep Demir |
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OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Trade of tea |
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|
SECTOR |
: |
Commerce |
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TRADEMARK(S) |
: |
None |
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|
NET SALES |
: |
(YTL) 1,092,994 750,259 |
(2006) (2007) |
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CAPACITY |
: |
None |
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PRODUCTION |
: |
None |
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IMPORT COUNTRIES |
: |
Sri Lanka, Vietnam, India… |
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MERCHANDISE
IMPORTED |
: |
Tea |
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PREMISES |
: |
Head Office: Haci Organize Sanayi Bolgesi
Cumhuriyet Cad. No: 14Yuregir Adana Branch Office: Mersin Serbest Bolgesi
(Free Zone) Y. Adasi 2/2 Parsel Mersin |
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FIXED CAPITAL
INVESTMENTS |
: |
None |
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|
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TREND OF
BUSINESS |
: |
There was a decline at sales volume in
nominal terms in 2007 |
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SIZE OF BUSINESS |
: |
Modest |
FINANCE
|
MAIN DEALING BANKERS |
: |
Akbank Organize Sanayi Bolgesi branch in
Adana |
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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) |
||
|
High |
As of 31.12.2007 |
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LIQUIDITY |
||
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High |
As of 31.12.2007 |
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PROFITABILITY |
||
|
High |
In 2007 |
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GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
||
|
In order |
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 155,000 may be granted to the
subject company. |
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|
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 |
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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 |
410.071 |
|
0,85 |
|
510.526 |
|
0,88 |
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Cash and Banks |
10.875 |
|
0,02 |
|
20.848 |
|
0,04 |
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Marketable Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Account Receivable |
4.700 |
|
0,01 |
|
4.700 |
|
0,01 |
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Other Receivable |
210.000 |
|
0,44 |
|
136.750 |
|
0,24 |
|
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Inventories |
183.354 |
|
0,38 |
|
346.861 |
|
0,60 |
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Advances Given |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Other Current Assets |
1.142 |
|
0,00 |
|
1.367 |
|
0,00 |
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NON-CURRENT ASSETS |
70.220 |
|
0,15 |
|
70.220 |
|
0,12 |
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Long-term Receivable |
350 |
|
0,00 |
|
350 |
|
0,00 |
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Financial Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Tangible Fixed Assets (net) |
69.870 |
|
0,15 |
|
69.870 |
|
0,12 |
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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 |
480.291 |
|
1,00 |
|
580.746 |
|
1,00 |
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CURRENT LIABILITIES |
822 |
|
0,00 |
|
410 |
|
0,00 |
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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 Shareholders |
0 |
|
0,00 |
|
0 |
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0,00 |
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Other Short-term Payable |
381 |
|
0,00 |
|
0 |
|
0,00 |
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Advances from Customers |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Taxes Payable |
441 |
|
0,00 |
|
410 |
|
0,00 |
|
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Provisions |
0 |
|
0,00 |
|
0 |
|
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 |
|
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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 Shareholders |
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 |
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0 |
|
0,00 |
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STOCKHOLDERS' EQUITY |
479.469 |
|
1,00 |
|
580.336 |
|
1,00 |
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Paid-in Capital |
310.000 |
|
0,65 |
|
310.000 |
|
0,53 |
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Inflation Adjustment of Capital |
16.699 |
|
0,03 |
|
16.699 |
|
0,03 |
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Reserves |
110.114 |
|
0,23 |
|
197.051 |
|
0,34 |
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Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Accumulated Losses(-) |
-44.281 |
|
-0,09 |
|
-44.281 |
|
-0,08 |
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Net Profit (loss) |
86.937 |
|
0,18 |
|
100.867 |
|
0,17 |
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TOTAL LIABILITIES AND EQUITY |
480.291 |
|
1,00 |
|
580.746 |
|
1,00 |
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INCOME STATEMENTS
|
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|
YTL |
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|
YTL |
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|
2006 |
|
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|
2007 |
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Net Sales |
1.092.994 |
|
1,00 |
|
750.259 |
|
1,00 |
|
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Cost of
Goods Sold |
969.242 |
|
0,89 |
|
589.083 |
|
0,79 |
|
|
|
Gross Profit |
123.752 |
|
0,11 |
|
161.176 |
|
0,21 |
|
|
|
Operating
Expenses |
36.815 |
|
0,03 |
|
60.309 |
|
0,08 |
|
|
|
Operating Profit |
86.937 |
|
0,08 |
|
100.867 |
|
0,13 |
|
|
|
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 |
86.937 |
|
0,08 |
|
100.867 |
|
0,13 |
|
|
|
Tax
Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
86.937 |
|
0,08 |
|
100.867 |
|
0,13 |
|
FINANCIAL RATIOS
|
|
|
2006 |
|
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|
2007 |
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LIQUIDITY RATIOS |
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Current Ratio |
498,87 |
|
|
|
1245,19 |
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Acid-Test Ratio |
274,42 |
|
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|
395,85 |
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ASSET STRUCTURE RATIOS |
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Inventory/Total Assets |
0,38 |
|
|
|
0,60 |
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Short-term Receivable/Total Assets |
0,45 |
|
|
|
0,24 |
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|
|
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Tangible Assets/Total Assets |
0,15 |
|
|
|
0,12 |
|
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TURNOVER RATIOS |
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Inventory Turnover |
5,29 |
|
|
|
1,70 |
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|
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Stockholders' Equity Turnover |
2,28 |
|
|
|
1,29 |
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|
|
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Asset Turnover |
2,28 |
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|
1,29 |
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FINANCIAL STRUCTURE |
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Stockholders' Equity/Total Assets |
1,00 |
|
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|
1,00 |
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Current Liabilities/Total Assets |
0,00 |
|
|
|
0,00 |
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Financial Leverage |
0,00 |
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|
0,00 |
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PROFITABILITY RATIOS |
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Net Profit/Stockholders' Eq. |
0,18 |
|
|
|
0,17 |
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Operating Profit Margin |
0,08 |
|
|
|
0,13 |
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Net Profit Margin |
0,08 |
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|
0,13 |
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COLLECTION-PAYMENT |
|
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|
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|
|
|
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Average Collection Period (days) |
1,66 |
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|
|
2,42 |
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Average Payable Period (days) |
0,00 |
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|
0,00 |
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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%)