MIRA
INFORM REPORT
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Report Date : |
20.10.2008 |
IDENTIFICATION DETAILS
|
Name : |
KIYAS DERI GIYIM SANAYI VE TICARET LTD. STI. |
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Registered Office : |
Yeni Dogan Mah. Zubeyde Hanim Cad. No:74/A Zeytinburnu Istanbul |
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Country : |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
15.02.1993 |
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Com. Reg. No.: |
296037 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacture and Trade of Leather Ready-Wear |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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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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Maximum Credit Limit : |
USD 70.000 |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
COMPANY IDENTIFICATION
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NAME |
: |
KIYAS DERI GIYIM SANAYI VE TICARET LTD. STI. |
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ADDRESS |
: |
Head Office & Production Plant: Yeni
Dogan Mah. Zubeyde Hanim Cad. No:74/A Zeytinburnu Istanbul / |
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PHONE NUMBER |
: |
90-212-510 82 36 |
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FAX NUMBER |
: |
90-212-510 72 57 |
LEGAL STATUS AND HISTORY
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TAX OFFICE / NO |
: |
Zeytinburnu / 5590046230 |
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REGISTRATION NUMBER |
: |
296037 |
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REGISTERED OFFICE |
: |
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DATE ESTABLISHED |
: |
15.02.1993 (Commercial Registry Gazette
Date/No:18.02.1993/3224) |
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LEGAL FORM |
: |
Limited Company |
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TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
YTL 20.000 |
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PAID-IN CAPITAL |
: |
YTL 20.000 |
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HISTORY |
: |
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Previous Address |
: Yeni Dogan Mah. Zubeyde Hanim Cad.
No:2/2 Zeytinburnu-Istanbul |
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Address Changed On |
:27.04.2006 (Commercial Registry Gazette
Date/No:02.05.2006/6547 ) |
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OWNERSHIP / MANAGEMENT
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SHAREHOLDERS |
: |
Kiyasettin Temucin Serpil Temucin |
75 % 25 % |
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GROUP PARENT COMPANY |
: |
None |
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SISTER COMPANIES |
: |
Asbay Deri Ve Tekstil Giyim Sanayi Ve
Ticaret Ltd. Sti. |
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DIRECTORS |
: |
Kiyasettin Temucin |
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OPERATIONS
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BUSINESS
ACTIVITIES |
: |
Manufacture and trade of leather
ready-wear |
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SECTOR |
: |
Ready wear |
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TRADEMARKS OWNED |
: |
“Panterrez” |
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NUMBER OF
EMPLOYEES |
: |
38 |
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NET SALES |
: |
(YTL) 1.894.077 1.200.185 403.698 |
(2006) (2007) (01.01.-30.06.2008) |
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IMPORT COUNTRIES |
: |
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MERCHANDISE
IMPORTED |
: |
Raw and processed leather |
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PREMISES |
: |
Head Office & Production Plant: Yeni
Dogan Mah. Zubeyde Hanim Cad. No:74/A Zeytinburnu Istanbul (rented) |
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FIXED CAPITAL
INVESTMENTS |
: |
None |
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TREND OF
BUSINESS |
: |
There was a decline at sales volume in
nominal terms in 2007. |
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SIZE OF BUSINESS |
: |
Moderate |
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FINANCE
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MAIN DEALING BANKERS |
: |
Yapi ve Kredi Bankasi Zeytinburnu Bulvar
branch in |
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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. However it has to be noted
that 39 % of total liabilities and equity was due to loans from shareholders rather
than liabilities to third parties as of 31.12.2007 indicating not too high
indebtedness to third parties. |
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LIQUIDITY |
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Liquidity may be regarded as being satisfactory 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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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 70.000 may be granted to the subject company. |
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|
Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
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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 |
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(1.1.-30.06.2008) |
13.76 % |
1.2197 |
1.8695 |
2.4232 |
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(1.1.-30.09.2008) |
11.48 % |
1.2146 |
1.8490 |
2.3755 |
BALANCE
SHEET
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YTL |
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31.12.07 |
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CURRENT ASSETS |
2.244.438 |
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0,94 |
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Cash and
Banks |
267.728 |
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0,11 |
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Marketable
Securities |
0 |
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0,00 |
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Account Receivable |
324.883 |
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0,14 |
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Other
Receivable |
0 |
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0,00 |
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Inventories |
1.456.151 |
|
0,61 |
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Advances
Given |
112.290 |
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0,05 |
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Other
Current Assets |
83.386 |
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0,03 |
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NON-CURRENT ASSETS |
146.658 |
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0,06 |
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Long-term
Receivable |
0 |
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0,00 |
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Financial
Assets |
12.990 |
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0,01 |
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Tangible
Fixed Assets (net) |
132.846 |
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0,06 |
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Intangible
Assets |
822 |
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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 |
2.391.096 |
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1,00 |
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CURRENT LIABILITIES |
1.994.887 |
|
0,83 |
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Financial
Loans |
0 |
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0,00 |
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Accounts
Payable |
329.534 |
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0,14 |
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Loans from
Shareholders |
938.700 |
|
0,39 |
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Other
Short-term Payable |
0 |
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0,00 |
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Advances
from Customers |
711.042 |
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0,30 |
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Taxes
Payable |
14.940 |
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0,01 |
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Provisions |
671 |
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0,00 |
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Other
Current Liabilities |
0 |
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0,00 |
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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 |
396.209 |
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0,17 |
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Paid-in
Capital |
20.000 |
|
0,01 |
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Inflation
Adjustment of Capital |
54.932 |
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0,02 |
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Reserves |
236.935 |
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0,10 |
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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) |
84.342 |
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0,04 |
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TOTAL LIABILITIES AND EQUITY |
2.391.096 |
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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 |
1.200.185 |
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1,00 |
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403.698 |
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1,00 |
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Cost of
Goods Sold |
1.021.971 |
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0,85 |
|
319.240 |
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0,79 |
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Gross Profit |
178.214 |
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0,15 |
|
84.458 |
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0,21 |
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Operating
Expenses |
130.529 |
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0,11 |
|
47.487 |
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0,12 |
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Operating Profit |
47.685 |
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0,04 |
|
36.971 |
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0,09 |
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Other
Income |
121.341 |
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0,10 |
|
17.327 |
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0,04 |
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Other
Expenses |
63.150 |
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0,05 |
|
2.153 |
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0,01 |
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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 |
105.876 |
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0,09 |
|
52.145 |
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0,13 |
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Tax
Payable |
21.534 |
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0,02 |
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0 |
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0,00 |
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Net Profit (loss) |
84.342 |
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0,07 |
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52.145 |
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0,13 |
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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 |
1,13 |
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-- |
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Acid-Test Ratio |
0,30 |
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-- |
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ASSET STRUCTURE RATIOS |
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Inventory/Total Assets |
0,61 |
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-- |
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Short-term Receivable/Total Assets |
0,14 |
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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 |
0,70 |
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-- |
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Stockholders' Equity Turnover |
3,03 |
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-- |
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Asset Turnover |
0,50 |
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-- |
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FINANCIAL STRUCTURE |
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Stockholders' Equity/Total Assets |
0,17 |
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-- |
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Current Liabilities/Total Assets |
0,83 |
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-- |
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Financial Leverage |
0,83 |
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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 |
0,04 |
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|
0,09 |
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Net Profit Margin |
0,07 |
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0,13 |
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COLLECTION-PAYMENT |
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Average Collection Period (days) |
97,45 |
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-- |
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Average Payable Period (days) |
116,08 |
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-- |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.83 |
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|
1 |
Rs.85.12 |
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Euro |
1 |
Rs.65.86 |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)