MIRA
INFORM REPORT
|
Report Date : |
13.11.2008 |
IDENTIFICATION
DETAILS
|
Name : |
EMELDA DERI VE TEKSTIL SANAYI DIS TICARET LTD. STI. |
|
|
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Registered Office : |
Kazlicesme Demirhane Cad. Beskardesler Sok. No:8-10
Zeytinburnu-Istanbul |
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Country : |
Turkey |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
17.12.1991 |
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Com. Reg. No.: |
281558 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacture and Trade of Leather Ready-Wear. |
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 1,2 million |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
EMELDA DERI VE TEKSTIL SANAYI DIS TICARET LTD. STI. |
|
ADDRESS |
: |
Head Office & Store & Workshop:
Kazlicesme Demirhane Cad. Beskardesler Sok. No:8-10 Zeytinburnu-Istanbul /
Turkey |
|
PHONE NUMBER |
: |
90-212-546 42 43 |
|
FAX NUMBER |
: |
90-212-510 55 43 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Zeytinburny / 3330075065 |
|
REGISTRATION NUMBER |
: |
281558 |
|
REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
|
DATE ESTABLISHED |
: |
17.12.1991 (Commercial Registry Gazette
Date/No:23.12.1991/2929) |
|
LEGAL FORM |
: |
Limited Company |
|
TYPE OF COMPANY |
: |
Private |
|
REGISTERED CAPITAL |
: |
YTL 8.250.000 |
|
PAID-IN CAPITAL |
: |
YTL 8.250.000 |
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Fuat Guven Gulmen Guven Husnu Guven |
97,5 %
2,0 %
0,5 % |
|
SISTER COMPANIES |
: |
Alfa Deri Konfeksiyon Turizm Dis Ticaret
A.S. Inter-Kim Petrol ve Petrokimya Urunleri
Dis Ticaret Ltd. Sti. Plas Kim Petrol ve Petrokimya Urunleri Dis
Ticaret Ltd. Sti. Beta Turistik Tesis Isletmeciligi Ltd.
Sti. |
|
DIRECTORS |
: |
Fuat Guven Gulmen Guven |
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Manufacture and trade of leather
ready-wear. |
|
|
TRADEMARKS OWNED |
: |
Emelda |
|
|
NUMBER OF
EMPLOYEES |
: |
200 |
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|
NET SALES |
: |
(YTL) 10.511.385 10.213.073 12.509.430 10.761.309 2.202.327 |
(2004) (2005) (2006) (2007) (01.01.-30.06.2008) |
|
IMPORT VALUE |
: |
(YTL) 1.376.929 576.254 6.011.312 4.464.425 |
(2005) (2006) (2007) (01.01.-05.11.2008) |
|
IMPORT COUNTRIES |
: |
Spain, Greece, France… |
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|
MERCHANDISE
IMPORTED |
: |
Raw materials |
|
|
EXPORT VALUE |
: |
(YTL) 483.779 469.056 371.148 154.181 54.648 |
(2004) (2005) (2006) (2007) (01.01.-30.06.2008) |
|
EXPORT COUNTRIES |
: |
Bulgaria, Germany, Russia |
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MERCHANDISE
EXPORTED |
: |
Leather ready-wear |
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PREMISES |
: |
Head Office: & Store & Workshop:
Kazlicesme Demirhane Cad. Beskardesler Sok. No:8-10 Zeytinburnu-Istanbul
(rented) Factory: Hidiraga Mah. Kuzey Cad. 6. Sok.
No:10 Corlu-Tekirdag (owned) Branch & Store: Fethi Bey Cad. No.20
Laleli-Istanbul |
|
TREND OF BUSINESS |
: |
There appears a
decline at sales volume in the first 6 months of 2008. It has to be noted that
high season of leather sector is after July so the decline at sales in the
first 6 months of 2008 may be due to seasonal effects. |
|
SIZE
OF BUSINESS |
: |
Large
|
FINANCE
|
MAIN DEALING BANKERS |
: |
Yapi ve Kredi Bankasi Zeytinburnu branch
in Istanbul Garanti Bankasi Zeytinburnu branch in
Istanbul Vakifbank Zeytinburnu branch in Istanbul |
|
CREDIT FACILITIES |
: |
The subject company rarely makes use of credit facilities. |
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PAYMENT BEHAVIOUR |
: |
We are informed about a single payment delay in the last years which
was resolved later on. |
COMMENT ON FINANCIAL POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
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|
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 |
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|
Profitability was low in 2007. The subject had operating loss but it
had YTL 30.265 net profit due to other income in the first 6 months of 2008. |
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GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
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Unfavorable |
In 2007 |
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GENERAL
FINANCIAL POSITION |
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In order |
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CREDIT OPINION
|
CREDIT OPINION WITHOUT OBLIGATION |
: |
We are of the opinion that, a max. credit
of USD 1,2 million may be granted to the subject company. |
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|
Incr. in producers’
price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(2004) |
13.84 % |
1.4266 |
1.7666 |
2.6001 |
|
(2005) |
2.66 % |
1.3499 |
1.6882 |
2.4623 |
|
(2006) |
11.58 % |
1.4309 |
1.7987 |
2.6377 |
|
(2007) |
5.94 % |
1.3075 |
1.7901 |
2.6133 |
|
(1.1.-30.06.2008) |
13.76 % |
1.2197 |
1.8695 |
2.4232 |
|
(1.1.-31.10.2008) |
12.11 % |
1.2408 |
1.8598 |
2.3855 |
BALANCE SHEETS
|
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|
YTL |
|
|
|
|
|
|
31.12.07 |
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CURRENT ASSETS |
12.060.867 |
|
0,73 |
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Cash and Banks |
749.197 |
|
0,05 |
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Marketable Securities |
0 |
|
0,00 |
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Account Receivable |
5.744.807 |
|
0,35 |
|
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Other Receivable |
8.265 |
|
0,00 |
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Inventories |
5.388.128 |
|
0,33 |
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Advances Given |
8.767 |
|
0,00 |
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Other Current Assets |
161.703 |
|
0,01 |
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NON-CURRENT ASSETS |
4.358.252 |
|
0,27 |
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Long-term Receivable |
0 |
|
0,00 |
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Financial Assets |
12.666 |
|
0,00 |
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Tangible Fixed Assets (net) |
4.074.089 |
|
0,25 |
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Intangible Assets |
210.461 |
|
0,01 |
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Other Non-Current Assets |
61.036 |
|
0,00 |
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TOTAL ASSETS |
16.419.119 |
|
1,00 |
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CURRENT LIABILITIES |
4.390.043 |
|
0,27 |
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Financial Loans |
94.126 |
|
0,01 |
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Accounts Payable |
1.190.026 |
|
0,07 |
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Loans from Shareholders |
2.671.001 |
|
0,16 |
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Other Short-term Payable |
261.024 |
|
0,02 |
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Advances from Customers |
28.875 |
|
0,00 |
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Taxes Payable |
112.874 |
|
0,01 |
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Provisions |
352 |
|
0,00 |
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Other Current Liabilities |
31.765 |
|
0,00 |
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LONG-TERM LIABILITIES |
0 |
|
0,00 |
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Financial Loans |
0 |
|
0,00 |
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Securities Issued |
0 |
|
0,00 |
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Long-term Payable |
0 |
|
0,00 |
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Loans from Shareholders |
0 |
|
0,00 |
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Other Long-term Liabilities |
0 |
|
0,00 |
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Provisions |
0 |
|
0,00 |
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STOCKHOLDERS' EQUITY |
12.029.076 |
|
0,73 |
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Paid-in Capital |
8.250.000 |
|
0,50 |
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Inflation Adjustment of Capital |
6.018.837 |
|
0,37 |
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Reserves |
951.708 |
|
0,06 |
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Revaluation Fund |
0 |
|
0,00 |
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Accumulated Losses(-) |
-3.244.014 |
|
-0,20 |
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Net Profit (loss) |
52.545 |
|
0,00 |
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TOTAL LIABILITIES AND EQUITY |
16.419.119 |
|
1,00 |
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INCOME STATEMENTS
|
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|
YTL |
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|
YTL |
|
|
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|
2007 |
|
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|
01.01.-30.06.2008 |
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Net Sales |
10.761.309 |
|
1,00 |
|
2.202.327 |
|
1,00 |
|
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Cost of
Goods Sold |
8.765.000 |
|
0,81 |
|
1.619.947 |
|
0,74 |
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Gross Profit |
1.996.309 |
|
0,19 |
|
582.380 |
|
0,26 |
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Operating
Expenses |
1.316.200 |
|
0,12 |
|
587.552 |
|
0,27 |
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Operating Profit |
680.109 |
|
0,06 |
|
-5.172 |
|
0,00 |
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Other
Income |
56.049 |
|
0,01 |
|
259.366 |
|
0,12 |
|
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Other
Expenses |
590.665 |
|
0,05 |
|
186.633 |
|
0,08 |
|
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Financial
Expenses |
40.623 |
|
0,00 |
|
37.296 |
|
0,02 |
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Profit (loss) Before Tax |
104.870 |
|
0,01 |
|
30.265 |
|
0,01 |
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Tax
Payable |
52.325 |
|
0,00 |
|
0 |
|
0,00 |
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Net Profit (loss) |
52.545 |
|
0,00 |
|
30.265 |
|
0,01 |
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FINANCIAL RATIOS
|
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|
2007 |
|
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|
01.01.-30.06.2008 |
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LIQUIDITY RATIOS |
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Current Ratio |
2,75 |
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|
-- |
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Acid-Test Ratio |
1,48 |
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|
-- |
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ASSET STRUCTURE RATIOS |
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Inventory/Total Assets |
0,33 |
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|
-- |
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Short-term Receivable/Total Assets |
0,35 |
|
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|
-- |
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Tangible Assets/Total Assets |
0,25 |
|
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|
-- |
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TURNOVER RATIOS |
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Inventory Turnover |
1,63 |
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|
-- |
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Stockholders' Equity Turnover |
0,89 |
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|
-- |
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Asset Turnover |
0,66 |
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|
-- |
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FINANCIAL STRUCTURE |
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|
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Stockholders' Equity/Total Assets |
0,73 |
|
|
|
-- |
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Current Liabilities/Total Assets |
0,27 |
|
|
|
-- |
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Financial Leverage |
0,27 |
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|
-- |
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PROFITABILITY RATIOS |
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Net Profit/Stockholders' Eq. |
0,00 |
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|
-- |
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Operating Profit Margin |
0,06 |
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|
0,00 |
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Net Profit Margin |
0,00 |
|
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|
0,01 |
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COLLECTION-PAYMENT |
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Average Collection Period (days) |
192,18 |
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|
-- |
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Average Payable Period (days) |
48,88 |
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|
-- |
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FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.79 |
|
UK Pound |
1 |
Rs.75.41 |
|
Euro |
1 |
Rs.61.48 |
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%)