MIRA INFORM REPORT
|
Report Date : |
17.11.2008 |
IDENTIFICATION
DETAILS
|
Name : |
MIB MAGAZACILIK TICARET A.S. |
|
|
|
|
Registered Office : |
E-5 Karayolu Pendik Deresi Mevkii 22.Km
Dumankaya Outlet Mrk. Pendik- Istanbul |
|
|
|
|
Country : |
Turkey |
|
|
|
|
Financials (as on) : |
31.12.2007 |
|
|
|
|
Date of Incorporation : |
04.07.2000 |
|
|
|
|
Com. Reg. No.: |
441049 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Trade of ready- wear and accessories for men
manufactured by the sister company - Hatemoglu Tekstil Giyim San .Ve Tic.
A.S. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
MIB MAGAZACILIK TICARET A.S. |
|
ADDRESS |
: |
Head Office & Store: E-5 Karayolu
Pendik Deresi Mevkii 22.Km Dumankaya Outlet Mrk. Pendik- Istanbul/ Turkey Administrative Office & Store: Organize
San. Bolg. Turgut Ozal Cad. No:153 Ikitelli- Istanbul/ Turkey |
|
PHONE NUMBER |
: |
90-212-413 48 48 (Administrative Office
& Store) |
|
FAX NUMBER |
: |
90-212-549 49 42 (Administrative Office
& Store) |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Kartal / 6210168028 |
|
REGISTRATION NUMBER |
: |
441049 |
|
REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
|
DATE ESTABLISHED |
: |
04.07.2000 (Commercial Registry Gazette
Date/No: 07.07.2000/5083) |
|
LEGAL FORM |
: |
Joint Stock Company |
|
TYPE OF COMPANY |
: |
Private |
|
REGISTERED CAPITAL |
: |
YTL 3.000.000 |
|
PAID-IN CAPITAL |
: |
YTL 825.000 (as
of 31.12.2007) |
|
HISTORY |
: |
The registered
capital was increased from YTL 100.000 to YTL 3.000.000 on 08.09.2006 (Commercial
Registry Gazette Date / No: 13.09.2006/6641) |
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Nebahat Sayki Hatem Sayki Ayse Fusun Sayki Efsane Turan Omer Faruk Aksoyek |
49 % 29 % 20 % 1 % 1 % |
|
GROUP PARENT COMPANY |
: |
None |
|
|
SISTER COMPANIES |
: |
Hatemoglu Tekstil Giyim San .Ve Tic. A.S. Hatemoglu Ambalaj ve Tekstil Sanayi
Ticaret Ltd. Sti. |
|
|
SUBSIDIARIES |
: |
None |
|
|
BOARD OF DIRECTORS |
: |
Hatem Sayki Ayse Fusun Sayki Nebahat Sayki |
Chairman Member Member |
|
DIRECTORS |
: |
Hatem Sayki Ayse Fusun Sayki |
General Manager Deputy General Manager |
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Trade of ready- wear and accessories for men
manufactured by the sister company - Hatemoglu Tekstil Giyim San .Ve Tic.
A.S. |
|
|
SECTOR |
: |
Commerce |
|
|
TRADEMARKS
TRADED |
: |
Hatemoglu , Html , Hatem Sayki |
|
|
NUMBER OF
EMPLOYEES |
: |
250 |
|
|
NET SALES |
: |
(YTL) 3.826.052 9.676.556 16.980.813 25.373.241 29.231.183 21.190.952 |
(2003) (2004) (2005) (2006) (2007) (01.01-30.06.2008) |
|
CAPACITY |
: |
None |
|
|
PRODUCTION |
: |
None |
|
|
IMPORT VALUE |
: |
USD 588.257 YTL 1.406.658 |
(2006) (01.01-05.11.2007) |
|
IMPORT COUNTRIES |
: |
Greece, Italy, Spain, Netherlands,
Bangladesh, Pakistan… |
|
|
MERCHANDISE
IMPORTED |
: |
Fabric, accessories |
|
|
EXPORT VALUE |
: |
USD 23.070 YTL 399.415 YTL 411.743 YTL 264.870 YTL 244.824 YTL 89.044 |
(2003) (2004) (2005) (2006) (2007) (01.01-30.06.2008) |
|
EXPORT COUNTRIES |
: |
USA, Greece, Kyrgyzstan, Russia, Spain,
Germany, Netherlands… |
|
|
MERCHANDISE
EXPORTED |
: |
Ready- wear and accessories for men |
|
|
PREMISES |
: |
Registered Head Office & Store: E-5 Karayolu
Pendik Deresi Mevkii 22.Km Dumankaya Outlet Mrk. Pendik- Istanbul (645 sqm)
(owned by its sister company Hatemoglu Tekstil Giyim San .Ve Tic. A.S.) Administrative Office & Store:
Organize San. Bolg. Turgut Ozal Cad. No:153 Ikitelli- Istanbul (rented) (460
sqm) There are also 26 rented stores in
different areas in Turkey. |
|
|
FIXED CAPITAL
INVESTMENTS |
: |
None |
|
|
TREND OF
BUSINESS |
: |
There was a decline at sales volume in 2007
but there appears an upwards trend at sales volume in the first 6 months of
2008. |
|
SIZE OF BUSINESS |
: |
Large |
FINANCE
|
MAIN DEALING BANKERS |
: |
Asya Katilim Bankasi
Ikitelli branch in Istanbul Akbank Osmanbey
branch in Istanbul T. Is Bankasi Izmit
branch in Kocaeli Yapi ve Kredi Bankasi
Ikitelli Organize Sanayi branch in Istanbul Garanti Bankası Ikitelli Organize
Sanayi branch in Istanbul Finansbank Bayrampasa branch in Istanbul Turkiye Vakıflar Bankası
Osmanbey branch in Istanbul |
|
CREDIT FACILITIES |
: |
No credit facility has come to our
knowledge. |
|
PAYMENT BEHAVIOUR |
: |
We are informed about some payment delays some of which were resolved later on. |
COMMENT ON FINANCIAL POSITION
|
FINANCIAL STRUCTURE
(SUFFICENCY OF OWN RESOURCES) |
|
||||
|
Low |
As of 31.12.2007 |
|
|||
|
LIQUIDITY |
|
||||
|
Fair |
As of 31.12.2007 |
|
|||
|
PROFITABILITY |
|
||||
|
In order |
In 2007 |
In order |
Between 01.01.-30.06.2008 |
||
|
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 |
|
(2003) |
13.90 % |
1.5302 |
1.7141 |
2.4982 |
|
(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
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
|
31.12.05 |
|
|
|
31.12.06 |
|
|
|
31.12.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
7.623.161 |
|
0,83 |
|
7.760.018 |
|
0,82 |
|
12.115.566 |
|
0,84 |
|
|
|
Cash and
Banks |
281.434 |
|
0,03 |
|
592.138 |
|
0,06 |
|
2.586.412 |
|
0,18 |
|
|
|
Marketable
Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account
Receivable |
2.295.486 |
|
0,25 |
|
1.701.456 |
|
0,18 |
|
2.510.925 |
|
0,17 |
|
|
|
Other
Receivable |
28.469 |
|
0,00 |
|
45.408 |
|
0,00 |
|
139.175 |
|
0,01 |
|
|
|
Inventories |
830.500 |
|
0,09 |
|
240.540 |
|
0,03 |
|
898.181 |
|
0,06 |
|
|
|
Advances
Given |
4.128.462 |
|
0,45 |
|
5.038.724 |
|
0,54 |
|
5.375.966 |
|
0,37 |
|
|
|
Other
Current Assets |
58.810 |
|
0,01 |
|
141.752 |
|
0,02 |
|
604.907 |
|
0,04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
1.554.318 |
|
0,17 |
|
1.646.948 |
|
0,18 |
|
2.306.400 |
|
0,16 |
|
|
|
Long-term
Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
61.017 |
|
0,00 |
|
|
|
Financial
Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Tangible
Fixed Assets (net) |
277.447 |
|
0,03 |
|
361.553 |
|
0,04 |
|
480.027 |
|
0,03 |
|
|
|
Intangible Assets |
1.095.252 |
|
0,12 |
|
1.148.344 |
|
0,12 |
|
1.241.095 |
|
0,09 |
|
|
|
Other
Non-Current Assets |
181.619 |
|
0,02 |
|
137.051 |
|
0,01 |
|
524.261 |
|
0,04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
9.177.479 |
|
1,00 |
|
9.406.966 |
|
1,00 |
|
14.421.966 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
8.890.368 |
|
0,97 |
|
7.524.111 |
|
0,80 |
|
11.572.545 |
|
0,80 |
|
|
|
Financial
Loans |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accounts
Payable |
6.424.498 |
|
0,70 |
|
5.825.232 |
|
0,62 |
|
9.472.939 |
|
0,66 |
|
|
|
Loans
from Shareholders |
1.203.680 |
|
0,13 |
|
0 |
|
0,00 |
|
30.000 |
|
0,00 |
|
|
|
Other Short-term
Payable |
1.230 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Advances
from Customers |
701.433 |
|
0,08 |
|
767.267 |
|
0,08 |
|
887.671 |
|
0,06 |
|
|
|
Taxes
Payable |
500.655 |
|
0,05 |
|
931.124 |
|
0,10 |
|
950.174 |
|
0,07 |
|
|
|
Provisions |
58.872 |
|
0,01 |
|
488 |
|
0,00 |
|
175.217 |
|
0,01 |
|
|
|
Other
Current Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
56.544 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Financial
Loans |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Securities Issued |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Long-term
Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Loans
from Shareholders |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Long-term Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Provisions |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
287.111 |
|
0,03 |
|
1.882.855 |
|
0,20 |
|
2.849.421 |
|
0,20 |
|
|
|
Paid-in
Capital |
100.000 |
|
0,01 |
|
825.000 |
|
0,09 |
|
825.000 |
|
0,06 |
|
|
|
Inflation
Adjustment of Capital |
142.235 |
|
0,02 |
|
142.235 |
|
0,02 |
|
142.235 |
|
0,01 |
|
|
|
Reserves |
57.153 |
|
0,01 |
|
164.983 |
|
0,02 |
|
1.035.727 |
|
0,07 |
|
|
|
Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accumulated Losses(-) |
-120.107 |
|
-0,01 |
|
-120.107 |
|
-0,01 |
|
-120.107 |
|
-0,01 |
|
|
|
Net
Profit (loss) |
107.830 |
|
0,01 |
|
870.744 |
|
0,09 |
|
966.566 |
|
0,07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
9.177.479 |
|
1,00 |
|
9.406.966 |
|
1,00 |
|
14.421.966 |
|
1,00 |
|
INCOME
STATEMENTS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
16.980.813 |
|
1,00 |
|
25.373.241 |
|
1,00 |
|
29.231.183 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
10.659.700 |
|
0,63 |
|
16.750.247 |
|
0,66 |
|
19.508.566 |
|
0,67 |
|
|
|
Gross Profit |
6.321.113 |
|
0,37 |
|
8.622.994 |
|
0,34 |
|
9.722.617 |
|
0,33 |
|
|
|
Operating
Expenses |
6.106.292 |
|
0,36 |
|
7.485.207 |
|
0,30 |
|
8.178.103 |
|
0,28 |
|
|
|
Operating Profit |
214.821 |
|
0,01 |
|
1.137.787 |
|
0,04 |
|
1.544.514 |
|
0,05 |
|
|
|
Other
Income |
87.498 |
|
0,01 |
|
192.391 |
|
0,01 |
|
184.383 |
|
0,01 |
|
|
|
Other
Expenses |
124.011 |
|
0,01 |
|
219.207 |
|
0,01 |
|
441.965 |
|
0,02 |
|
|
|
Financial
Expenses |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Profit (loss) Before Tax |
178.308 |
|
0,01 |
|
1.110.971 |
|
0,04 |
|
1.286.932 |
|
0,04 |
|
|
|
Tax
Payable |
70.478 |
|
0,00 |
|
240.227 |
|
0,01 |
|
320.366 |
|
0,01 |
|
|
|
Net Profit (loss) |
107.830 |
|
0,01 |
|
870.744 |
|
0,03 |
|
966.566 |
|
0,03 |
|
FINANCIAL
RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
2007 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Ratio |
0,86 |
|
|
|
1,03 |
|
|
|
1,05 |
|
|
|
|
|
Acid-Test Ratio |
0,29 |
|
|
|
0,31 |
|
|
|
0,45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,09 |
|
|
|
0,03 |
|
|
|
0,06 |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,25 |
|
|
|
0,19 |
|
|
|
0,18 |
|
|
|
|
|
Tangible Assets/Total Assets |
0,03 |
|
|
|
0,04 |
|
|
|
0,03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
12,84 |
|
|
|
69,64 |
|
|
|
21,72 |
|
|
|
|
|
Stockholders' Equity Turnover |
59,14 |
|
|
|
13,48 |
|
|
|
10,26 |
|
|
|
|
|
Asset Turnover |
1,85 |
|
|
|
2,70 |
|
|
|
2,03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,03 |
|
|
|
0,20 |
|
|
|
0,20 |
|
|
|
|
|
Current Liabilities/Total Assets |
0,97 |
|
|
|
0,80 |
|
|
|
0,80 |
|
|
|
|
|
Financial Leverage |
0,97 |
|
|
|
0,80 |
|
|
|
0,80 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
0,38 |
|
|
|
0,46 |
|
|
|
0,34 |
|
|
|
|
|
Operating Profit Margin |
0,01 |
|
|
|
0,04 |
|
|
|
0,05 |
|
|
|
|
|
Net Profit Margin |
0,01 |
|
|
|
0,03 |
|
|
|
0,03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
48,67 |
|
|
|
24,14 |
|
|
|
31,68 |
|
|
|
|
|
Average Payable Period (days) |
216,97 |
|
|
|
125,20 |
|
|
|
174,81 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME
STATEMENT
|
|
|
|
|
|
|
|
|
|
YTL |
|
|
|
|
|
|
1.1.-30.06.2008 |
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
21.190.952 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
13.754.148 |
|
0,65 |
|
|
|
Gross Profit |
7.436.804 |
|
0,35 |
|
|
|
Operating
Expenses |
6.396.700 |
|
0,30 |
|
|
|
Operating Profit |
1.040.104 |
|
0,05 |
|
|
|
Other
Income |
107.485 |
|
0,01 |
|
|
|
Other
Expenses |
482.993 |
|
0,02 |
|
|
|
Financial
Expenses |
0 |
|
0,00 |
|
|
|
Profit (loss) Before Tax |
664.596 |
|
0,03 |
|
|
|
Tax
Payable |
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
664.596 |
|
0,03 |
|
|
|
|
|
|
|
|
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%)