MIRA
INFORM REPORT
|
Report Date : |
12.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
PIKASSU DERICILIK AYAKKABI SANAYI VE TICARET LTD. STI. |
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Formerly Known As : |
OSMANOGULLARI DERICILIK SANAYI VE TICARET LTD. STI. |
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Registered Office : |
Mercanaga Mah. Han Arkasi Cikmazi No:1/1 Mercan Istanbul |
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Country : |
Turkey |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
14.04.1994 |
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Com. Reg. No.: |
313690 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacture and Trade of Saddlery Products |
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 430,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
PIKASSU DERICILIK AYAKKABI SANAYI VE TICARET LTD. STI. |
|
ADDRESS |
: |
Head Office: Mercanaga Mah. Han Arkasi
Cikmazi No:1/1 Mercan Istanbul / Turkey |
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PHONE NUMBER |
: |
90-212-511 85 46 |
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FAX NUMBER |
: |
90-212-522 36 66 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Mercan / 6480060748 |
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REGISTRATION NUMBER |
: |
313690 |
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REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
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DATE ESTABLISHED |
: |
14.04.1994 (Commercial Registry Gazette
Date/No: 20.04.1994/3515) |
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LEGAL FORM |
: |
Limited Company |
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TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
YTL 2,000,000 |
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PAID-IN CAPITAL |
: |
YTL 1,282,684 (As of 31.12.2007) |
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HISTORY |
: |
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Previous Name |
:OSMANOGULLARI DERICILIK SANAYI VE TICARET
LTD. STI. |
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Name Changed On |
:09.04.2001 (Commercial Registry Gazette
Date/No: 12.04.2001/5273) |
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Previous Name |
:OSMANOGULLARI DERICILIK AYAKKABI SANAYI
VE TICARET LTD. STI. |
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Name Changed On |
:28.12.2007 (Commercial Registry Gazette
Date/No: 03.01.2008/6969) |
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Previous
Registered Capital |
:YTL 100,000 |
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Regist. Capital Changed on |
:28.12.2007 (Commercial Registry Gazette
Date/No: 03.01.2008/6969) |
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Cemal Tasdemir Ali Tasdemir Orhan Tasdemir |
50 % 26 % 24 % |
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GROUP PARENT COMPANY |
: |
None |
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SUBSIDIARIES |
: |
None |
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DIRECTORS |
: |
Cemal Tasdemir |
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OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Manufacture and trade of saddlery products |
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SECTOR |
: |
Leather |
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NUMBER OF
EMPLOYEES |
: |
60 |
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NET SALES |
: |
(YTL) 5,941,789 3,916,127 |
(2006) (2007) |
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IMPORT COUNTRIES |
: |
China, Italy |
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MERCHANDISE
IMPORTED |
: |
Luggage, leather |
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EXPORT VALUE |
: |
(YTL) 179,177 437,498 |
(2006) (2007) |
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EXPORT COUNTRIES |
: |
UAE, Italy, Netherlands, Bulgaria,
Germany… |
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MERCHANDISE
EXPORTED |
: |
Handbags, suitcases… |
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PREMISES |
: |
Head Office: Mercanaga Mah. Han Arkasi
Cikmazi No:1/1 Mercan Istanbul Production Plant: Kayabasi Koyu Fabrikalar
Mevkii No:60 Kucukcekmece Istanbul Branches: Laleli-Istanbul,
Osmanbey-Istanbul, Izmit, Van |
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FIXED CAPITAL
INVESTMENTS |
: |
None |
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TREND OF
BUSINESS |
: |
There was a decline at business volume in
nominal terms in 2007 |
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SIZE OF BUSINESS |
: |
Lower-medium |
FINANCE
|
MAIN DEALING BANKERS |
: |
T.Is Bankasi Mercan branch in Istanbul Garanti Bankasi Mercan branch in Istanbul |
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CREDIT FACILITIES |
: |
The subject company is making use of credit facilities. |
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PAYMENT BEHAVIOUR |
: |
No payment delays have come to our knowledge. |
COMMENT ON FINANCIAL POSITION
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FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
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Fair |
As of 31.12.2007 |
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LIQUIDITY |
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Good |
As of 31.12.2007 |
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PROFITABILITY |
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Low |
In 2007 |
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GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
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Favorable |
In 2007 |
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GENERAL
FINANCIAL POSITION |
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Fair |
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CREDIT OPINION
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CREDIT
OPINION WITHOUT OBLIGATION |
: |
We
are of the opinion that, a max. credit of USD 430,000 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 |
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(2007) |
5.94 % |
1.3075 |
1.7901 |
2.6133 |
|
(1.1.-30.04.2008) |
11.04 % |
1.2193 |
1.8541 |
2.4257 |
BALANCE SHEETS
|
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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 |
5.229.169 |
|
0,94 |
|
3.812.350 |
|
0,91 |
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Cash and
Banks |
71.677 |
|
0,01 |
|
44.805 |
|
0,01 |
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Marketable Securities |
0 |
|
0,00 |
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0 |
|
0,00 |
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Account
Receivable |
3.056.799 |
|
0,55 |
|
1.539.066 |
|
0,37 |
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Other
Receivable |
0 |
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0,00 |
|
767.946 |
|
0,18 |
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Inventories |
814.720 |
|
0,15 |
|
631.219 |
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0,15 |
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Advances
Given |
1.198.436 |
|
0,21 |
|
784.062 |
|
0,19 |
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Other
Current Assets |
87.537 |
|
0,02 |
|
45.252 |
|
0,01 |
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NON-CURRENT ASSETS |
356.622 |
|
0,06 |
|
378.771 |
|
0,09 |
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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) |
297.126 |
|
0,05 |
|
325.409 |
|
0,08 |
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Intangible Assets |
21.486 |
|
0,00 |
|
12.784 |
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0,00 |
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Other
Non-Current Assets |
38.010 |
|
0,01 |
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40.578 |
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0,01 |
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TOTAL ASSETS |
5.585.791 |
|
1,00 |
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4.191.121 |
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1,00 |
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CURRENT LIABILITIES |
5.108.025 |
|
0,91 |
|
2.586.162 |
|
0,62 |
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Financial
Loans |
395.563 |
|
0,07 |
|
306.509 |
|
0,07 |
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Accounts
Payable |
2.298.363 |
|
0,41 |
|
2.089.282 |
|
0,50 |
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Loans
from Shareholders |
1.062.666 |
|
0,19 |
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0 |
|
0,00 |
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Other
Short-term Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Advances
from Customers |
1.340.751 |
|
0,24 |
|
180.516 |
|
0,04 |
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Taxes
Payable |
10.682 |
|
0,00 |
|
9.855 |
|
0,00 |
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Provisions |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Other
Current Liabilities |
0 |
|
0,00 |
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0 |
|
0,00 |
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LONG-TERM LIABILITIES |
0 |
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0,00 |
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0 |
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0,00 |
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Financial
Loans |
0 |
|
0,00 |
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0 |
|
0,00 |
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Securities Issued |
0 |
|
0,00 |
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0 |
|
0,00 |
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Long-term
Payable |
0 |
|
0,00 |
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0 |
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0,00 |
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Loans
from Shareholders |
0 |
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0,00 |
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0 |
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0,00 |
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Other
Long-term Liabilities |
0 |
|
0,00 |
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0 |
|
0,00 |
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Provisions |
0 |
|
0,00 |
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0 |
|
0,00 |
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STOCKHOLDERS' EQUITY |
477.766 |
|
0,09 |
|
1.604.959 |
|
0,38 |
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Paid-in
Capital |
100.000 |
|
0,02 |
|
1.282.684 |
|
0,31 |
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Inflation
Adjustment of Capital |
751.210 |
|
0,13 |
|
751.210 |
|
0,18 |
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Reserves |
82.642 |
|
0,01 |
|
17.849 |
|
0,00 |
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Revaluation Fund |
0 |
|
0,00 |
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0 |
|
0,00 |
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Accumulated Losses(-) |
-517.955 |
|
-0,09 |
|
-517.955 |
|
-0,12 |
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Net
Profit (loss) |
61.869 |
|
0,01 |
|
71.171 |
|
0,02 |
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TOTAL LIABILITIES AND EQUITY |
5.585.791 |
|
1,00 |
|
4.191.121 |
|
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 |
5.941.789 |
|
1,00 |
|
3.916.127 |
|
1,00 |
|
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Cost of
Goods Sold |
5.497.569 |
|
0,93 |
|
3.304.580 |
|
0,84 |
|
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Gross Profit |
444.220 |
|
0,07 |
|
611.547 |
|
0,16 |
|
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Operating
Expenses |
389.361 |
|
0,07 |
|
535.992 |
|
0,14 |
|
|
|
Operating Profit |
54.859 |
|
0,01 |
|
75.555 |
|
0,02 |
|
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|
Other
Income |
11.712 |
|
0,00 |
|
2 |
|
0,00 |
|
|
|
Other
Expenses |
4.702 |
|
0,00 |
|
4.386 |
|
0,00 |
|
|
|
Financial
Expenses |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Profit (loss) Before Tax |
61.869 |
|
0,01 |
|
71.171 |
|
0,02 |
|
|
|
Tax
Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
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Net Profit (loss) |
61.869 |
|
0,01 |
|
71.171 |
|
0,02 |
|
FINANCIAL RATIOS
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2006 |
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2007 |
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LIQUIDITY RATIOS |
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Current Ratio |
1,02 |
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|
1,47 |
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Acid-Test Ratio |
0,61 |
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|
0,91 |
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ASSET STRUCTURE RATIOS |
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Inventory/Total Assets |
0,15 |
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|
0,15 |
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Short-term Receivable/Total Assets |
0,55 |
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|
0,55 |
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Tangible Assets/Total Assets |
0,05 |
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|
0,08 |
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TURNOVER RATIOS |
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Inventory Turnover |
6,75 |
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|
5,24 |
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Stockholders' Equity Turnover |
12,44 |
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|
2,44 |
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Asset Turnover |
1,06 |
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|
0,93 |
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FINANCIAL STRUCTURE |
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Stockholders' Equity/Total Assets |
0,09 |
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|
0,38 |
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Current Liabilities/Total Assets |
0,91 |
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|
0,62 |
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Financial Leverage |
0,91 |
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|
0,62 |
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PROFITABILITY RATIOS |
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Net Profit/Stockholders' Eq. |
0,13 |
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|
0,04 |
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Operating Profit Margin |
0,01 |
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|
0,02 |
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Net Profit Margin |
0,01 |
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|
0,02 |
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COLLECTION-PAYMENT |
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Average Collection Period (days) |
185,20 |
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|
141,48 |
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Average Payable Period (days) |
150,50 |
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|
227,61 |
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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%)