MIRA INFORM REPORT
|
Report Date : |
17.11.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ERDOGMUS PARFUM SANAYI HUSEYIN ERDOGMUS |
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Registered Office : |
Ikikemer Arasi Fabrikalar Mev. Selanik Bulv. Goksin Sk.N 3 Kemerburgaz |
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Country : |
Turkey |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
01.12.1983 |
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Com. Reg. No.: |
198585 |
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Legal Form : |
Sole-Proprietorship |
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Line of Business : |
Manufacture and trade of fragrances |
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 |
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Maximum Credit Limit : |
USD 1,1 million |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
COMPANY IDENTIFICATION
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NAME |
: |
ERDOGMUS PARFUM SANAYI HUSEYIN ERDOGMUS |
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ADDRESS |
: |
Head Office & Production Plant & Warehouse:
Ikikemer Arasi Fabrikalar Mev. Selanik Bulv. Goksin Sk.N 3 Kemerburgaz
Istanbul / Turkey |
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PHONE NUMBER |
: |
90-212-360 30 30 |
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FAX NUMBER |
: |
90-212-360 30 15 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Gaziosmanpasa / 32740737014 |
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REGISTRATION NUMBER |
: |
198585 |
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REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
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DATE ESTABLISHED |
: |
01.12.1983 |
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LEGAL FORM |
: |
Sole-Proprietorship |
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TYPE OF COMPANY |
: |
Private |
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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. |
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HISTORY |
: |
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Previous Address |
:Ozden Sitesi Ozden Pasaji No:5/11 Etiler
Besiktas |
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Address Changed On |
:02.11.2005 (Commercial Registry Gazette
Date/No:09.11.2005/6427 ) |
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OWNERSHIP / MANAGEMENT
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SHAREHOLDERS |
: |
Huseyin Erdogmus
|
100 % |
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REMARKS ON
SHAREHOLDERS |
: |
The owner,
Huseyin Erdogmus was born in 1951. |
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PROPERTIES OWNED
BY THE OWNER/PARTNERS |
: |
A head office /
production plant/ warehouse of the subject A former head
office A production
plant |
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SISTER COMPANIES |
: |
Declared to be: None |
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DIRECTORS |
: |
Huseyin Erdogmus |
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OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Manufacture and trade of fragrances |
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NUMBER OF
EMPLOYEES |
: |
23 |
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NET SALES |
: |
(YTL) 5.355.025 5.863.533 6.027.221 7.281.591 6.118.587 3.328.443 |
(2003) (2004) (2005) (2006) (2007) (01.01.-30.06.2008) |
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IMPORT COUNTRIES |
: |
Spain, UK, France |
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MERCHANDISE
IMPORTED |
: |
Raw materials |
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EXPORT VALUE |
: |
(YTL) 4.104.284 3.414.747 3.365.891 3.683.084 3.297.584 1.322.371 |
(2003) (2004) (2005) (2006) (2007) (01.01.-30.06.2008) |
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EXPORT COUNTRIES |
: |
Spain, Switzerland, Hong Kong, Taiwan,
Malaysia, Vietnam, India, Pakistan, UAE, Kuwait, Saudi Arabia, Syria,
Macedonia, Uzbekistan… |
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MERCHANDISE
EXPORTED |
: |
Essential oils of citrus fruit, flavour
mixtures, scent |
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PREMISES |
: |
Head Office & Production Plant &
Warehouse: Ikikemer Arasi Fabrikalar Mev. Selanik Bulv. Goksin Sk.N 3
Kemerburgaz Istanbul (owned) |
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FIXED CAPITAL INVESTMENTS |
: |
None |
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TREND OF
BUSINESS |
: |
Fluctuating |
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SIZE OF BUSINESS |
: |
Medium |
FINANCE
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MAIN DEALING BANKERS |
: |
Garanti Bankasi 1.Levent branch in
Istanbul Akbank Zincirlikuyu branch in Istanbul |
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CREDIT FACILITIES |
: |
The subject company makes 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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Capitalization was low as of 31.12.2007.
However it has to be noted that 46 % of total liabilities and equity was due
to loans from owner rather than liabilities to third parties as of 31.12.2007
indicating not too high indebtedness to third parties. Furthermore the
liabilities of the sole-proprietorships are 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. The owner has some
real estates. |
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LIQUIDITY |
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Liquidity may be regarded as being high as of 31.12.2007 disregarding
loans from shareholders from current liabilities. |
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PROFITABILITY |
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High |
In 2007 |
High |
Between 01.01.-30.06.2008 |
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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
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CREDIT OPINION WITHOUT OBLIGATION |
: |
We are of the opinion that, a max. credit of
USD 1,1 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 |
|
(2003) |
13.90 % |
1.5302 |
1.7141 |
2.4982 |
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(2004) |
13.84 % |
1.4266 |
1.7666 |
2.6001 |
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(2005) |
2.66 % |
1.3499 |
1.6882 |
2.4623 |
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(2006) |
11.58 % |
1.4309 |
1.7987 |
2.6377 |
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(2007) |
5.94 % |
1.3075 |
1.7901 |
2.6133 |
|
(1.1.-30.06.2008) |
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 |
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|
31.12.07 |
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CURRENT ASSETS |
5.133.095 |
|
0,77 |
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Cash and
Banks |
442.309 |
|
0,07 |
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Marketable Securities |
0 |
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0,00 |
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Account
Receivable |
2.447.361 |
|
0,37 |
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Other
Receivable |
0 |
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0,00 |
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Inventories |
1.082.957 |
|
0,16 |
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Advances
Given |
79.232 |
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0,01 |
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Other
Current Assets |
1.081.236 |
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0,16 |
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NON-CURRENT ASSETS |
1.542.078 |
|
0,23 |
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Long-term
Receivable |
0 |
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0,00 |
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Financial
Assets |
0 |
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0,00 |
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Tangible
Fixed Assets (net) |
1.520.997 |
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0,23 |
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Intangible Assets |
0 |
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0,00 |
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Other Non-Current
Assets |
21.081 |
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0,00 |
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TOTAL ASSETS |
6.675.173 |
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1,00 |
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CURRENT LIABILITIES |
4.874.675 |
|
0,73 |
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Financial
Loans |
2.216 |
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0,00 |
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Accounts
Payable |
1.371.659 |
|
0,21 |
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Loans
from Owner |
3.095.032 |
|
0,46 |
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Other
Short-term Payable |
0 |
|
0,00 |
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Advances
from Customers |
131.065 |
|
0,02 |
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Taxes
Payable |
17.065 |
|
0,00 |
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Provisions |
0 |
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0,00 |
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Other
Current Liabilities |
257.638 |
|
0,04 |
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LONG-TERM LIABILITIES |
976.720 |
|
0,15 |
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Financial
Loans |
976.720 |
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0,15 |
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Securities Issued |
0 |
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0,00 |
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Long-term
Payable |
0 |
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0,00 |
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Loans
from Owner |
0 |
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0,00 |
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Other
Long-term Liabilities |
0 |
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0,00 |
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Provisions |
0 |
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0,00 |
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STOCKHOLDERS' EQUITY |
823.778 |
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0,12 |
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TOTAL LIABILITIES AND EQUITY |
6.675.173 |
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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 |
6.118.587 |
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1,00 |
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3.328.443 |
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1,00 |
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Cost of
Goods Sold |
4.537.737 |
|
0,74 |
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2.344.439 |
|
0,70 |
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Gross Profit |
1.580.850 |
|
0,26 |
|
984.004 |
|
0,30 |
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Operating
Expenses |
675.249 |
|
0,11 |
|
437.134 |
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0,13 |
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Operating Profit |
905.601 |
|
0,15 |
|
546.870 |
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0,16 |
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Other
Income |
290.546 |
|
0,05 |
|
161.824 |
|
0,05 |
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Other
Expenses |
230.929 |
|
0,04 |
|
128.207 |
|
0,04 |
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Financial
Expenses |
159.806 |
|
0,03 |
|
167.988 |
|
0,05 |
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Profit (loss) Before Tax |
805.412 |
|
0,13 |
|
412.499 |
|
0,12 |
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Tax
Payable |
0 |
|
0,00 |
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0 |
|
0,00 |
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Net Profit (loss) |
805.412 |
|
0,13 |
|
412.499 |
|
0,12 |
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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 |
1,05 |
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-- |
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Acid-Test Ratio |
0,59 |
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-- |
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ASSET STRUCTURE RATIOS |
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Inventory/Total Assets |
0,16 |
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-- |
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Short-term Receivable/Total Assets |
0,37 |
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-- |
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Tangible Assets/Total Assets |
0,23 |
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-- |
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TURNOVER RATIOS |
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Inventory Turnover |
4,19 |
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-- |
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Stockholders' Equity Turnover |
7,43 |
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-- |
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Asset Turnover |
0,92 |
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-- |
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FINANCIAL STRUCTURE |
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Stockholders' Equity/Total Assets |
0,12 |
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-- |
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Current Liabilities/Total Assets |
0,73 |
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-- |
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Financial Leverage |
0,88 |
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-- |
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PROFITABILITY RATIOS |
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Net Profit/Stockholders' Eq. |
0,98 |
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-- |
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Operating Profit Margin |
0,15 |
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|
0,16 |
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Net Profit Margin |
0,13 |
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|
0,12 |
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COLLECTION-PAYMENT |
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Average Collection Period (days) |
144,00 |
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-- |
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Average Payable Period (days) |
108,82 |
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-- |
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FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.99 |
|
UK Pound |
1 |
Rs.72.14 |
|
Euro |
1 |
Rs.61.57 |
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%)