MIRA INFORM REPORT

 

 

Report Date :

03.12.2011

 

IDENTIFICATION DETAILS

 

Name :

NATUREL IPLIK SANAYI VE TICARET LTD. STI. 

 

 

Registered Office :

2. Organize Sanayi Bolgesi Dursun Bak Bulvari No:11 Sehitkamil Gaziantep 

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

02.08.2004

 

 

Com. Reg. No.:

26167

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacture and trade of chenille yarn.

 

 

No. of Employees :

60

 

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 :

780.000 USD

Status :

Satisfactory

Payment Behaviour :

No Complaints

Litigation :

Clear

 

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Turkey

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

COMPANY IDENTIFICATION

 

NAME

:

NATUREL IPLIK SANAYI VE TICARET LTD. STI. 

HEAD OFFICE ADDRESS

:

2. Organize Sanayi Bolgesi Dursun Bak Bulvari No:11 Sehitkamil Gaziantep / Turkey

PHONE NUMBER

:

90-342-337 41 30 (2 Lines)

 

FAX NUMBER

:

90-342-337 41 29

 

WEB-ADDRESS

:

www.natureliplik.com.tr

E-MAIL

:

info@natureliplik.com.tr

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Sehitkamil

TAX NO

:

6300307900

REGISTRATION NUMBER

:

26167

REGISTERED OFFICE

:

Gaziantep Chamber of Commerce

DATE ESTABLISHED

:

02.08.2004

ESTABLISHMENT GAZETTE DATE /NO

:

10.08.2004/6111

 

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   3.000.000

HISTORY

:

Previous Registered Capital

:

TL 500.000

Changed On

:

30.12.2009 (Commercial Gazette Date /Number 13.01.2010/ 7478)

Previous Registered Capital

:

TL 1.000.000

Changed On

:

27.09.2011 (Commercial Gazette Date /Number 05.10.2011/ 7914)

Previous Address

:

1. Organize Sanayi Bolgesi Sam Mezrasi Cad. No: 6 Sehitkamil - Gaziantep

Changed On

:

23.08.2010 (Commercial Gazette Date /Number 31.08.2010/ 7639)

Previous Shareholder

:

Please vide Previous Shareholders section for the former shareholders' names.

Changed On

:

09.04.2010 (Commercial Gazette Date /Number 21.04.2010/ 7548)

PREVIOUS SHAREHOLDERS

:

Sevgi Tanritanir

50 %

Nezihe Oden

50 %

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Ercan Oden

99 %

Sevgi Tanritanir

1 %

 

 

SISTER COMPANIES

:

ERCAN ODEN-IRMAK TEKSTIL (Sole-Proprietorship)

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Ercan Oden

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of chenille yarn.

 

NACE CODE

:

DB.17.10

 

 

NUMBER OF EMPLOYEES

:

60

 

NET SALES

:

5.035.836 TL

(2009) 

9.761.898 TL

(2010) 

15.801.128 TL

(01.01-30.09.2011) 

 

 

IMPORT COUNTRIES

:

Egypt

India

Malaysia

 

MERCHANDISE IMPORTED

:

Raw materials

 

EXPORT VALUE

:

0 TL

(2009)

0 TL

(2010)

214.296 TL

(01.01-30.09.2011)

 

 

EXPORT COUNTRIES

:

Spain

Belgium

Free Zone

 

MERCHANDISE  EXPORTED

:

Chenille yarn

 

HEAD OFFICE ADDRESS

:

2. Organize Sanayi Bolgesi Dursun Bak Bulvari No:11 Sehitkamil Gaziantep / Turkey

 

BRANCHES

:

Head Office/Factory  :  2. Organize Sanayi Bolgesi Dursun Bak Bulvari No:11 Baspinar Gaziantep/Turkey

 

INVESTMENTS

:

Machinery investments are going on.

 

TREND OF BUSINESS

:

There was an upwards trend in  2010. There appears an upwards trend in  1.1 - 30.9.2011.

SIZE OF BUSINESS

:

Upper-Medium

 

 

FINANCE

 

MAIN DEALING BANKS

:

T. Is Bankasi Gaziantep Kurumsal Branch

Turk Ekonomi Bankasi Gaziantep Branch

Yapi ve Kredi Bankasi Gaziantep Branch

 

 

CREDIT FACILITIES

:

The subject company is making active use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2009) TL

(2010) TL

(01.01-30.09.2011) TL

Net Sales

5.035.836

9.761.898

15.801.128

Profit (Loss) Before Tax

61.587

646.854

454.181

Stockholders' Equity

1.080.662

1.585.247

 

Total Assets

4.014.460

7.720.538

 

Current Assets

3.883.213

6.156.301

 

Non-Current Assets

131.247

1.564.237

 

Current Liabilities

2.933.798

4.036.103

 

Long-Term Liabilities

0

2.099.188

 

Gross Profit (loss)

254.432

1.142.369

874.395

Operating Profit (loss)

206.462

1.030.099

752.072

Net Profit (loss)

49.246

516.927

454.181

 

 

 

COMMENT ON FINANCIAL POSITION

 

THE DETAILS OF THE CAPITAL INCREASE  AFTER LAST BALANCE SHEET

 

:

Cash Part

:1.350.000 TL

Equity Part

:650.000 TL

Payment Due Date

:31.12.2012

Number of Days To Pay First Portion of The Cash Part of Capital Increase

:90

 

 

Capitalization

Fair As of 31.12.2010

Remarks on Capitalization

There has been capital increase after the last balance sheet date. The capital increase financed by cash is expected to have an improvement at equity total since the last balance sheet date.

 

Liquidity

High As of 31.12.2010

Remarks On Liquidity

The unfavorable gap between average collection and average payable period has an adverse effect on liquidity.

Profitability

In Order Operating Profitability  in 2009

Low Net Profitability  in 2009

High Operating Profitability  in 2010

Good Net Profitability  in 2010

In Order Operating Profitability (01.01-30.09.2011)

Fair Net Profitability (01.01-30.09.2011)

 

Gap between average collection and payable periods

Unfavorable in 2010

General Financial Position

Satisfactory

 

CREDIT OPINION WITHOUT OBLIGATION

 

 

CREDIT LIMIT

 

:

780.000 USD

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 780.000 USD may be granted to the subject company.

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2009 )

5,93 %

1,5460

2,1529

2,4094

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 ( 01.01-30.09.2011)

9,72 %

1,6335

2,3016

2,6294

 ( 01.01-31.10.2011)

11,48 %

1,6444

2,3157

2,6459

 

 

BALANCE SHEETS

 

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

3.883.213

0,97

6.156.301

0,80

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

486.756

0,12

3.261.679

0,42

Marketable Securities

0

0,00

0

0,00

Account Receivable

2.974.841

0,74

2.437.463

0,32

Other Receivable

0

0,00

0

0,00

Inventories

317.540

0,08

383.252

0,05

Advances Given

29.991

0,01

0

0,00

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

74.085

0,02

73.907

0,01

NON-CURRENT ASSETS

131.247

0,03

1.564.237

0,20

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

Financial Assets

0

0,00

0

0,00

Tangible Fixed Assets (net)

130.312

0,03

1.564.237

0,20

Intangible Assets

0

0,00

0

0,00

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

935

0,00

0

0,00

TOTAL ASSETS

4.014.460

1,00

7.720.538

1,00

CURRENT LIABILITIES

2.933.798

0,73

4.036.103

0,52

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

875.089

0,22

2.212.200

0,29

Accounts Payable

1.911.142

0,48

1.579.853

0,20

Loans from Shareholders

0

0,00

0

0,00

Other Short-term Payable

0

0,00

29.690

0,00

Advances from Customers

98.080

0,02

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

49.487

0,01

114.745

0,01

Provisions

0

0,00

99.615

0,01

Other Current Liabilities

0

0,00

0

0,00

LONG-TERM LIABILITIES

0

0,00

2.099.188

0,27

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

0

0,00

1.992.508

0,26

Securities Issued

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

Loans from Shareholders

0

0,00

106.680

0,01

Other Long-term Liabilities

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

1.080.662

0,27

1.585.247

0,21

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

1.000.000

0,25

1.000.000

0,13

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

1.516

0,00

1.516

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

29.900

0,01

66.804

0,01

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

Net Profit (loss)

49.246

0,01

516.927

0,07

TOTAL LIABILITIES AND EQUITY

4.014.460

1,00

7.720.538

1,00

 

 

INCOME STATEMENTS

 

 

(2009) TL

 

(2010) TL

 

(01.01-30.09.2011) TL

 

Net Sales

5.035.836

1,00

9.761.898

1,00

15.801.128

1,00

Cost of Goods Sold

4.781.404

0,95

8.619.529

0,88

14.926.733

0,94

Gross Profit

254.432

0,05

1.142.369

0,12

874.395

0,06

Operating Expenses

47.970

0,01

112.270

0,01

122.323

0,01

Operating Profit

206.462

0,04

1.030.099

0,11

752.072

0,05

Other Income

103

0,00

0

0,00

0

0,00

Other Expenses

0

0,00

21.587

0,00

0

0,00

Financial Expenses

144.978

0,03

361.658

0,04

297.891

0,02

Minority Interests

0

0,00

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

0

0,00

Profit (loss) Before Tax

61.587

0,01

646.854

0,07

454.181

0,03

Tax Payable

12.341

0,00

129.927

0,01

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

49.246

0,01

516.927

0,05

454.181

0,03

 

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

LIQUIDITY RATIOS

 

 

Current Ratio

1,32

1,53

Acid-Test Ratio

1,18

1,41

Cash Ratio

0,17

0,81

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,08

0,05

Short-term Receivable/Total Assets

0,74

0,32

Tangible Assets/Total Assets

0,03

0,20

TURNOVER RATIOS

 

 

Inventory Turnover

15,06

22,49

Stockholders' Equity Turnover

4,66

6,16

Asset Turnover

1,25

1,26

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,27

0,21

Current Liabilities/Total Assets

0,73

0,52

Financial Leverage

0,73

0,79

Gearing Percentage

2,71

3,87

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,05

0,33

Operating Profit Margin

0,04

0,11

Net Profit Margin

0,01

0,05

Interest Cover

1,42

2,79

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

212,66

89,89

Average Payable Period (days)

143,89

65,98

WORKING CAPITAL

949415,00

2120198,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.35

UK Pound

1

Rs.80.50

Euro

1

Rs.69.14

 

 

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

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

--

NB

                                       New Business

 

--

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.