MIRA INFORM REPORT

 

Report Date :

10.12.2011

 

IDENTIFICATION DETAILS

 

Name :

FIL CANTA TEKSTIL SANAYI VE DIS TICARET LTD. STI.

 

 

Formerly Known As :

KESKIN GRUP TEKSTIL HEDIYELIK ESYA VE BIJUTERI SANAYI VE DIS TICARET LTD. STI.

 

 

Registered Office :

Vasifcinar Cad. Riza Pasa Yokusu Riza Pasa Han No:55-59-78-80 Tahtakale Fatih Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

16.10.2007

 

 

Com. Reg. No.:

642088

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Trade of bag

 

 

No. of Employees :

30

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

151.000 USD

Status :

Moderate

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

 

REPORT ON

:

FIL CANTA TEKSTIL SANAYI VE DIS TICARET LTD. STI.

 

NOTES

:

Full name of the firm was missing at your inquiry.

 

 

COMPANY IDENTIFICATION

 

NAME

:

FIL CANTA TEKSTIL SANAYI VE DIS TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Vasifcinar Cad. Riza Pasa Yokusu Riza Pasa Han No:55-59-78-80 Tahtakale Fatih Istanbul / Turkey

PHONE NUMBER

:

90-212-519 46 74

 

FAX NUMBER

:

90-212-519 46 74

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Mercan

TAX NO

:

5470541713

REGISTRATION NUMBER

:

642088

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

16.10.2007

ESTABLISHMENT GAZETTE DATE /NO

:

22.10.2007/6920

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

 

REGISTERED CAPITAL

:

TL   300.000

PAID-IN CAPITAL

:

TL   300.000

HISTORY

:

Previous Name

:

Keskin Grup Tekstil Hediyelik Esya ve Bijuteri Sanayi ve Dis Ticaret Ltd. Sti.

Changed On

:

02.09.2009 (Commercial Gazette Date /Number 08.09.2009/ 7393)

Previous Name

:

Fil Hediyelik Esya Canta Tekstil Sanayi ve Dis Ticaret Ltd. Sti

Changed On

:

04.08.2010 (Commercial Gazette Date /Number 10.08.2010/ 7625)

Previous Shareholder

:

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

Changed On

:

31.12.2010 (Commercial Gazette Date /Number 07.01.2011/ 7725)

 

 

 

PREVIOUS SHAREHOLDERS

:

Yavuz Keskin

96,66 %

Sibel Keskin

3,33 %

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Yavuz Keskin

96,66 %

Nurcan Salman

3,33 %

 

 

SISTER COMPANIES

:

Declared to be:None

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Yavuz Keskin

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Trade of bag.

 

The subject also deals with trade of giftware and textile products.

 

NACE CODE

:

G .51.47

 

SECTOR

:

Commerce

 

 

NUMBER OF EMPLOYEES

:

30

 

NET SALES

:

6.058.030 TL

(2009) 

7.714.705 TL

(2010) 

5.615.699 TL

(01.01-30.09.2011) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT VALUE

:

3.974.763 TL

(2009)

2.644.554 TL

(2010)

2.556.264 TL

(01.01-30.09.2011)

 

 

IMPORT COUNTRIES

:

India

China

Indonesia

 

MERCHANDISE IMPORTED

:

Bag

 

EXPORT VALUE

:

0 TL

(2009)

0 TL

(2010)

0 TL

(01.01-30.09.2011)

 

 

HEAD OFFICE ADDRESS

:

Vasifcinar Cad. Riza Pasa Yokusu Riza Pasa Han No:55-59-78-80 Tahtakale Fatih Istanbul / Turkey

 

BRANCHES

:

Warehouse  :  Mimar Hayrettin Mah. Asma Kandil Sok. No:16 (Kat 1 ve 2) Beyazit Istanbul/Turkey

 

Store/Warehouse  :  Mbnezihi Ozmen Mah. Fatih Cad. Akcaagac Sok. No:1 Zemin Kat Merter Istanbul/Turkey

 

Branch Office  :  Cemberlitas Tavuk Pazari Yesil Saray Han No:19 Istanbul/Turkey

 

Branch Office  :  Beyazit Tiyatro Cad. Azak Yokusu No:7/A Fatih Istanbul/Turkey

 

INVESTMENTS

:

None

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2010. There appears a decline at business volume in nominal terms in  1.1 - 30.9.2011.

SIZE OF BUSINESS

:

Upper-Medium

 

 

FINANCE

 

MAIN DEALING BANKS

:

Asya Katilim Bankasi Sultanhamam Branch

 

CREDIT FACILITIES

:

The subject rarely makes 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

6.058.030

7.714.705

5.615.699

Profit (Loss) Before Tax

233.850

1.090.349

579.114

Stockholders' Equity

547.626

1.418.182

 

Total Assets

5.744.874

8.704.101

 

Current Assets

5.647.508

8.512.448

 

Non-Current Assets

97.366

191.653

 

Current Liabilities

5.197.248

7.285.919

 

Long-Term Liabilities

0

0

 

Gross Profit (loss)

562.251

1.970.986

1.690.625

Operating Profit (loss)

44.297

1.080.425

768.948

Net Profit (loss)

184.871

870.555

579.114

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Insufficient As of 31.12.2010

Remarks on Capitalization

A part of liabilities consist of loans from shareholders.

Liquidity

Satisfactory As of 31.12.2010

Remarks On Liquidity

A part of current liabilities consist of short-term loans from shareholders rather than liabilities to third parties. 

 

The favorable gap between average collection and average payable period has a positive effect on liquidity. 

 

The liquid assets consist mainly of receivables the amount of cash&banks or marketable securities (which are more liquid) are low.

 

Profitability

Low Operating Profitability  in 2009

In Order Net Profitability  in 2009

High Operating Profitability  in 2010

High Net Profitability  in 2010

High Operating Profitability (01.01-30.09.2011)

High Net Profitability (01.01-30.09.2011)

 

Gap between average collection and payable periods

Favorable in 2010

General Financial Position

Passable

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT LIMIT

 

:

151.000 USD

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 151.000 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

 ( 01.01-30.11.2011)

12,20 %

1,6616

2,3280

2,6658

 

 

BALANCE SHEETS

 

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

5.647.508

0,98

8.512.448

0,98

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

128.836

0,02

164.007

0,02

Marketable Securities

0

0,00

0

0,00

Account Receivable

1.466.942

0,26

3.746.432

0,43

Other Receivable

0

0,00

102.693

0,01

Inventories

2.621.354

0,46

2.909.665

0,33

Advances Given

1.059.332

0,18

1.268.466

0,15

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

371.044

0,06

321.185

0,04

NON-CURRENT ASSETS

97.366

0,02

191.653

0,02

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)

94.547

0,02

180.397

0,02

Intangible Assets

2.819

0,00

11.256

0,00

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

0

0,00

TOTAL ASSETS

5.744.874

1,00

8.704.101

1,00

CURRENT LIABILITIES

5.197.248

0,90

7.285.919

0,84

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

127.289

0,02

284.600

0,03

Accounts Payable

2.237.845

0,39

3.097.931

0,36

Loans from Shareholders

1.882.680

0,33

2.650.037

0,30

Other Short-term Payable

107.279

0,02

223.999

0,03

Advances from Customers

821.082

0,14

923.821

0,11

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

8.209

0,00

23.193

0,00

Provisions

12.864

0,00

82.338

0,01

Other Current Liabilities

0

0,00

0

0,00

LONG-TERM LIABILITIES

0

0,00

0

0,00

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

Securities Issued

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

Loans from Shareholders

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

547.626

0,10

1.418.182

0,16

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

300.000

0,05

300.000

0,03

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

62.755

0,01

247.627

0,03

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

Net Profit (loss)

184.871

0,03

870.555

0,10

TOTAL LIABILITIES AND EQUITY

5.744.874

1,00

8.704.101

1,00

 

 

INCOME STATEMENTS

 

 

(2009) TL

 

(2010) TL

 

(01.01-30.09.2011) TL

 

Net Sales

6.058.030

1,00

7.714.705

1,00

5.615.699

1,00

Cost of Goods Sold

5.495.779

0,91

5.743.719

0,74

3.925.074

0,70

Gross Profit

562.251

0,09

1.970.986

0,26

1.690.625

0,30

Operating Expenses

517.954

0,09

890.561

0,12

921.677

0,16

Operating Profit

44.297

0,01

1.080.425

0,14

768.948

0,14

Other Income

335.664

0,06

85.172

0,01

154.176

0,03

Other Expenses

103.242

0,02

46.114

0,01

318.928

0,06

Financial Expenses

42.869

0,01

29.134

0,00

25.082

0,00

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

233.850

0,04

1.090.349

0,14

579.114

0,10

Tax Payable

48.979

0,01

219.794

0,03

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

184.871

0,03

870.555

0,11

579.114

0,10

 

 

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

LIQUIDITY RATIOS

 

 

Current Ratio

1,09

1,17

Acid-Test Ratio

0,31

0,55

Cash Ratio

0,02

0,02

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,46

0,33

Short-term Receivable/Total Assets

0,26

0,44

Tangible Assets/Total Assets

0,02

0,02

TURNOVER RATIOS

 

 

Inventory Turnover

2,10

1,97

Stockholders' Equity Turnover

11,06

5,44

Asset Turnover

1,05

0,89

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,10

0,16

Current Liabilities/Total Assets

0,90

0,84

Financial Leverage

0,90

0,84

Gearing Percentage

9,49

5,14

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,34

0,61

Operating Profit Margin

0,01

0,14

Net Profit Margin

0,03

0,11

Interest Cover

6,45

38,43

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

87,17

174,82

Average Payable Period (days)

146,59

194,17

WORKING CAPITAL

450260,00

1226529,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.52.28

UK Pound

1

Rs.81.55

Euro

1

Rs.69.60

 

 

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.