MIRA INFORM REPORT

 

Report Date :

16.12.2011

 

IDENTIFICATION DETAILS

 

Name :

ILETIR KIRTASIYE HIRDAVAT SANAYI VE TICARET LTD. STI.

 

 

Formerly Known As :

KORFEZ KIRTASIYE-HIRDAVAT SANAYI VE TICARET LTD. STI.

 

 

Registered Office :

Tomruk Sok. Alibey Han No:12/A Tahtakale Istanbul /

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

12.05.1993

 

 

Com. Reg. No.:

299209

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Wholesale trade of promotion products such as pens, lighters etc.

 

 

No. of Employees :

4

 

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 :

21.000 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

 

NOTES

:

Address at your inquiry was changed by the authority/municipality.

 

 

COMPANY IDENTIFICATION

 

NAME

:

ILETIR KIRTASIYE HIRDAVAT SANAYI VE TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Tomruk Sok. Alibey Han No:12/A Tahtakale Istanbul / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The door number was changed from "16/4" to "12/A" by the municipality.

PHONE NUMBER

:

90-212-522 22 59

 

FAX NUMBER

:

90-212-526 38 19

 

WEB-ADDRESS

:

www.iletir.com

E-MAIL

:

iletir@iletir.com

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Mercan

TAX NO

:

5860013401

REGISTRATION NUMBER

:

299209

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

12.05.1993

ESTABLISHMENT GAZETTE DATE /NO

:

20.05.1993/3284

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

 

REGISTERED CAPITAL

:

TL   45.000

PAID-IN CAPITAL

:

TL   45.000

HISTORY

:

Previous Name

:

Korfez Kirtasiye-Hirdavat Sanayi Ve Ticaret Ltd. Sti.

Changed On

:

03.03.1997 (Commercial Gazette Date /Number 07.03.1997/ 4244)

Previous Shareholder

:

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

Changed On

:

28.02.2007 (Commercial Gazette Date /Number 05.03.2007/ 6758)

 

 

 

PREVIOUS SHAREHOLDERS

:

Ahmet Iletir

50 %

Ali Saim Iletir

25 %

Zeki Iletir

25 %

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Ali Saim Iletir

50 %

Zeki Iletir

50 %

 

 

SISTER COMPANIES

:

Declared to be: None

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Zeki Iletir

 

Ali Saim Iletir

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Wholesale trade of promotion products such as pens, lighters etc.

 

NACE CODE

:

G .51.90

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

4

 

NET SALES

:

998.632 TL

(2009) 

1.210.092 TL

(2010) 

591.657 TL

(01.01-30.09.2011) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

 

IMPORT COUNTRIES

:

China

India

 

MERCHANDISE IMPORTED

:

Promotion products

 

EXPORT VALUE

:

0 TL

(2009)

0 TL

(2010)

0 TL

(01.01-30.09.2011)

 

 

HEAD OFFICE ADDRESS

:

Tomruk Sok. Alibey Han No:12/A Tahtakale 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

:

Lower-Moderate

 

 

FINANCE

 

MAIN DEALING BANKS

:

Garanti Bankasi Tahtakale Branch

T. Is Bankasi Tahtakale Branch

Yapi ve Kredi Bankasi Tahtakale 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

998.632

1.210.092

591.657

Profit (Loss) Before Tax

31.097

47.654

8.007

Stockholders' Equity

138.835

176.958

 

Total Assets

529.995

983.994

 

Current Assets

415.931

835.141

 

Non-Current Assets

114.064

148.853

 

Current Liabilities

391.160

807.036

 

Long-Term Liabilities

0

0

 

Gross Profit (loss)

177.715

320.237

154.157

Operating Profit (loss)

31.097

67.257

15.064

Net Profit (loss)

24.877

38.123

8.007

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Low As of 31.12.2010

Liquidity

Good As of 31.12.2010

Remarks On Liquidity

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

Profitability

Fair Operating Profitability  in 2009

Fair Net Profitability  in 2009

Good Operating Profitability  in 2010

In Order Net Profitability  in 2010

Fair Operating Profitability (01.01-30.09.2011)

Low 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

 

:

21.000 USD

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 21.000 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

415.931

0,78

835.141

0,85

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

22.894

0,04

291.628

0,30

Marketable Securities

0

0,00

0

0,00

Account Receivable

162.690

0,31

244.495

0,25

Other Receivable

0

0,00

50.237

0,05

Inventories

214.627

0,40

242.250

0,25

Advances Given

0

0,00

0

0,00

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

15.720

0,03

6.531

0,01

NON-CURRENT ASSETS

114.064

0,22

148.853

0,15

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)

85.777

0,16

118.867

0,12

Intangible Assets

21.219

0,04

21.219

0,02

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

7.068

0,01

8.767

0,01

TOTAL ASSETS

529.995

1,00

983.994

1,00

CURRENT LIABILITIES

391.160

0,74

807.036

0,82

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

0

0,00

20.731

0,02

Accounts Payable

352.986

0,67

776.318

0,79

Loans from Shareholders

30.000

0,06

0

0,00

Other Short-term Payable

0

0,00

0

0,00

Advances from Customers

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

8.174

0,02

9.987

0,01

Provisions

0

0,00

0

0,00

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

138.835

0,26

176.958

0,18

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

45.000

0,08

45.000

0,05

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

15.864

0,03

15.864

0,02

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

53.094

0,10

77.971

0,08

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

Net Profit (loss)

24.877

0,05

38.123

0,04

TOTAL LIABILITIES AND EQUITY

529.995

1,00

983.994

1,00

 

 

INCOME STATEMENTS

 

 

(2009) TL

 

(2010) TL

 

(01.01-30.09.2011) TL

 

Net Sales

998.632

1,00

1.210.092

1,00

591.657

1,00

Cost of Goods Sold

820.917

0,82

889.855

0,74

437.500

0,74

Gross Profit

177.715

0,18

320.237

0,26

154.157

0,26

Operating Expenses

146.618

0,15

252.980

0,21

139.093

0,24

Operating Profit

31.097

0,03

67.257

0,06

15.064

0,03

Other Income

0

0,00

0

0,00

0

0,00

Other Expenses

0

0,00

19.603

0,02

7.057

0,01

Financial Expenses

0

0,00

0

0,00

0

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

31.097

0,03

47.654

0,04

8.007

0,01

Tax Payable

6.220

0,01

9.531

0,01

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

24.877

0,02

38.123

0,03

8.007

0,01

 

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

LIQUIDITY RATIOS

 

 

Current Ratio

1,06

1,03

Acid-Test Ratio

0,47

0,73

Cash Ratio

0,06

0,36

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,40

0,25

Short-term Receivable/Total Assets

0,31

0,30

Tangible Assets/Total Assets

0,16

0,12

TURNOVER RATIOS

 

 

Inventory Turnover

3,82

3,67

Stockholders' Equity Turnover

7,19

6,84

Asset Turnover

1,88

1,23

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,26

0,18

Current Liabilities/Total Assets

0,74

0,82

Financial Leverage

0,74

0,82

Gearing Percentage

2,82

4,56

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,18

0,22

Operating Profit Margin

0,03

0,06

Net Profit Margin

0,02

0,03

Interest Cover

 

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

58,65

72,74

Average Payable Period (days)

154,80

314,07

WORKING CAPITAL

24771,00

28105,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.23

UK Pound

1

Rs.83.77

Euro

1

Rs.70.46

 

 

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.