MIRA
INFORM REPORT
|
Report Date : |
14.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
BEDIROGLU TEKSTIL IMALAT VE ITHALAT SANAYI VE TICARET LTD. STI. |
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Registered Office : |
Hicret Mahallesi Yildirim Beyazit Caddesi No:68/1 Gaziosmanpasa
Istanbul |
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Country : |
Turkey |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
12.02.2004 |
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Com. Reg. No.: |
515779 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacture and Trade of Velvet Sofa Cloth and Velvet. |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
BEDIROGLU TEKSTIL IMALAT VE ITHALAT SANAYI VE TICARET LTD. STI. |
|
ADDRESS |
: |
Head Office/ Production Plant: Hicret
Mahallesi Yildirim Beyazit Caddesi No:68/1 Gaziosmanpasa Istanbul/ Turkey |
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PHONE NUMBER |
: |
90-212-685 27 84 |
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FAX NUMBER |
: |
90-212-685 27 85 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Kucukkoy/ 1600478475 |
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REGISTRATION NUMBER |
: |
515779 |
|
REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
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DATE ESTABLISHED |
: |
12.02.2004 (Commercial Registry Gazette
Date/No:19.02.2004/ 5990) |
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LEGAL FORM |
: |
Limited Company |
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TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
YTL 10,000 |
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PAID-IN CAPITAL |
: |
YTL 10,000 |
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HISTORY |
: |
The company moved from “Cumhuriyet
Mahallesi Hilal Caddesi No:12/ 14 Kat:2 Gaziosmanpasa/ Istanbul” to “Hicret
Mahallesi Yildirim Beyazit Caddesi No:68/1 Gaziosmanpasa Istanbul” on
14.01.2005 (Commercial Registry Gazette Date/No:19.01.2005/ 6223) |
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Sitki Bedir Nuri Yuksel |
95 % 5 % |
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GROUP PARENT COMPANY |
: |
None |
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SISTER COMPANIES |
: |
Declared to be:None |
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SUBSIDIARIES |
: |
None |
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DIRECTORS |
: |
Sitki Bedir |
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OPERATIONS
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BUSINESS
ACTIVITIES |
: |
Manufacture and trade of velvet sofa cloth
and velvet. |
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SECTOR |
: |
Textile |
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NUMBER OF
EMPLOYEES |
: |
49 |
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NET SALES |
: |
(YTL) 4,996,991 2,471,026 |
(2007) (01.01-30.06.2008) |
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IMPORT COUNTRIES |
: |
China |
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MERCHANDISE
IMPORTED |
: |
Polyester |
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EXPORT VALUE |
: |
(YTL) 1,300,127 2,044,776 |
(2007) (01.01-30.06.2008) |
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EXPORT COUNTRIES |
: |
Russia, Saudi Arabia, Libya, United Arab
Emirates |
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MERCHANDISE
EXPORTED |
: |
Velvet |
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PREMISES |
: |
Head Office/ Production Plant :Hicret
Mahallesi Yildirim Beyazit Caddesi No:68/1 Gaziosmanpasa Istanbul (owned) |
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FIXED CAPITAL
INVESTMENTS |
: |
None |
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SIZE OF BUSINESS |
: |
Moderate |
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FINANCE
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MAIN DEALING BANKERS |
: |
Garanti Bankasi Arnavutkoy branch in
Istanbul Turkiye Vakiflar Bankasi Sultan Ciftligi
branch in Istanbul |
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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
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FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
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Capitalization was low as of 31.12.2007. A part of liabilities was due
to loans from shareholders but the major part of liabilities was due to accounts
payable. |
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LIQUIDITY |
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Liquidity ratios were fair as of 31.12.2007. The firm had negative
cash & banks and current assets were consisting mainly of accounts
receivable as of 31.12.2007. The firm may face liquidity problem if it can not
collect receivables on time. Furthermore there was an unfavorable and long
gap between the average collection and payable periods which has a negative
effect on liquidity. |
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PROFITABILITY |
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Low |
In 2007 |
Low |
Between 01.01.-30.06.2008 |
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GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
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Unfavorable / Long |
In 2007 |
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GENERAL
FINANCIAL POSITION |
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Not in order |
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Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(2007) |
5.94 % |
1.3075 |
1.7901 |
2.6133 |
|
(1.1.-30.06.2008) |
13.76 % |
1.2197 |
1.8695 |
2.4232 |
|
(1.1.-30.09.2008) |
11.48 % |
1.2146 |
1.8490 |
2.3755 |
BALANCE SHEETS
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YTL |
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31.12.07 |
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CURRENT ASSETS |
1.981.734 |
|
0,88 |
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Cash and
Banks |
-703.078 |
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-0,31 |
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Marketable Securities |
0 |
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0,00 |
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Account
Receivable |
2.684.812 |
|
1,19 |
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Other
Receivable |
0 |
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0,00 |
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Inventories |
0 |
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0,00 |
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Advances
Given |
0 |
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0,00 |
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Other
Current Assets |
0 |
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0,00 |
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NON-CURRENT ASSETS |
265.643 |
|
0,12 |
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Long-term
Receivable |
135.512 |
|
0,06 |
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Financial
Assets |
0 |
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0,00 |
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Tangible
Fixed Assets (net) |
130.131 |
|
0,06 |
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Intangible Assets |
0 |
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0,00 |
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Other
Non-Current Assets |
0 |
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0,00 |
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TOTAL ASSETS |
2.247.377 |
|
1,00 |
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CURRENT LIABILITIES |
2.170.231 |
|
0,97 |
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Financial
Loans |
0 |
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0,00 |
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Accounts
Payable |
1.172.408 |
|
0,52 |
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Loans
from Shareholders |
194.380 |
|
0,09 |
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Other
Short-term Payable |
728.006 |
|
0,32 |
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Advances
from Customers |
0 |
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0,00 |
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Taxes
Payable |
7.681 |
|
0,00 |
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Provisions |
-4.083 |
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0,00 |
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Other
Current Liabilities |
71.839 |
|
0,03 |
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LONG-TERM LIABILITIES |
0 |
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0,00 |
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Financial
Loans |
0 |
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0,00 |
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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 Shareholders |
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 |
77.146 |
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0,03 |
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Paid-in
Capital |
10.000 |
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0,00 |
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Reserves |
50.813 |
|
0,02 |
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Revaluation Fund |
0 |
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0,00 |
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Accumulated Losses(-) |
0 |
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0,00 |
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Net
Profit (loss) |
16.333 |
|
0,01 |
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TOTAL LIABILITIES AND EQUITY |
2.247.377 |
|
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 |
4.996.991 |
|
1,00 |
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2.471.026 |
|
1,00 |
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Cost of
Goods Sold |
4.930.625 |
|
0,99 |
|
2.431.221 |
|
0,98 |
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Gross Profit |
66.366 |
|
0,01 |
|
39.805 |
|
0,02 |
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Operating
Expenses |
45.950 |
|
0,01 |
|
27.890 |
|
0,01 |
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Operating Profit |
20.416 |
|
0,00 |
|
11.915 |
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0,00 |
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Other
Income |
0 |
|
0,00 |
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0 |
|
0,00 |
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Other
Expenses |
0 |
|
0,00 |
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0 |
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0,00 |
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Financial
Expenses |
0 |
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0,00 |
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0 |
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0,00 |
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Profit (loss) Before Tax |
20.416 |
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0,00 |
|
11.915 |
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0,00 |
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Tax
Payable |
4.083 |
|
0,00 |
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0 |
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0,00 |
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Net Profit (loss) |
16.333 |
|
0,00 |
|
11.915 |
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0,00 |
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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 |
0,91 |
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-- |
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Acid-Test Ratio |
0,91 |
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-- |
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ASSET STRUCTURE RATIOS |
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Inventory/Total Assets |
0,00 |
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-- |
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Short-term Receivable/Total Assets |
1,19 |
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-- |
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Tangible Assets/Total Assets |
0,06 |
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-- |
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TURNOVER RATIOS |
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Inventory Turnover |
--- |
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-- |
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Stockholders' Equity Turnover |
64,77 |
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-- |
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Asset Turnover |
2,22 |
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-- |
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FINANCIAL STRUCTURE |
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Stockholders' Equity/Total Assets |
0,03 |
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|
-- |
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Current Liabilities/Total Assets |
0,97 |
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|
-- |
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Financial Leverage |
0,97 |
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-- |
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PROFITABILITY RATIOS |
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Net Profit/Stockholders' Eq. |
0,21 |
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|
-- |
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Operating Profit Margin |
0,00 |
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|
0,00 |
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Net Profit Margin |
0,00 |
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|
0,00 |
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COLLECTION-PAYMENT |
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Average Collection Period (days) |
203,19 |
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-- |
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Average Payable Period (days) |
85,60 |
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-- |
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FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.47.71 |
|
UK Pound |
1 |
Rs.83.30 |
|
Euro |
1 |
Rs.65.12 |
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%)