MIRA INFORM REPORT

 

 

Report Date :

22.12.2011

 

IDENTIFICATION DETAILS

 

Name :

IZMIR BRODE TEKSTIL SANAYI VE TICARET LTD. STI.

 

 

Registered Office :

Celebi Mah. Istikbal Cad. No:132 Guzelbahce Izmir

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Year of Establishment :

1984

 

 

Com. Reg. No.:

49222-MRKZ

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacture and trade of embroidery for lingerie, home textile, bridal and ready-wear manufacturers.

 

 

No. of Employees :

46

 

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 :

261.000 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

 

COMPANY IDENTIFICATION

 

NAME

:

IZMIR BRODE TEKSTIL SANAYI VE TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Celebi Mah. Istikbal Cad. No:132 Guzelbahce Izmir / Turkey

PHONE NUMBER

:

90-232-234 24 70

 

FAX NUMBER

:

90-232-234 02 08

 

WEB-ADDRESS

:

www.izmirbrode.com

E-MAIL

:

info@izmirbrode.com

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Balcova

TAX NO

:

4840008117

REGISTRATION NUMBER

:

49222-MRKZ

REGISTERED OFFICE

:

Izmir Chamber of Commerce

DATE ESTABLISHED

:

1984

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   1.550.000

PAID-IN CAPITAL

:

TL   1.550.000

 

HISTORY

:

Previous Registered Capital

:

TL 750.000

Changed On

:

04.06.2007 (Commercial Gazette Date /Number 08.06.2007/ 6826)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Aysenur Guven

20 %

Ismet Guven

20 %

Meric Guven

20 %

Fatih Guven

20 %

Firat Guven

20 %

 

 

SISTER COMPANIES

:

DIDEM CAMASIR SANAYI VE TICARET LTD. STI.

 

POLISUN TEKSTIL URUNLERI TICARET ITHALAT IHRACAT LTD. STI.

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Firat Guven

 

Fatih Guven

 

Ismet Guven

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of embroidery for lingerie, home textile, bridal and ready-wear manufacturers.

 

NACE CODE

:

DB.17.54

 

SECTOR

:

Textile

 

TRADEMARKS OWNED

:

Fiducia

Kupon

 

NUMBER OF EMPLOYEES

:

46

 

NET SALES

:

2.059.288 TL

(2009) 

2.407.853 TL

(2010) 

2.245.089 TL

(01.01-30.09.2011) 

 

 

CAPACITY

:

  ( kgs/yr)

  ( units/yr)

 

 

240.320

246.759

 

(2011)

 

 

 

 

 

IMPORT COUNTRIES

:

China

Korea

Malaysia

 

MERCHANDISE IMPORTED

:

Yarn

 

EXPORT VALUE

:

100.706 TL

(2009)

66.711 TL

(2010)

169.507 TL

(01.01-30.09.2011)

 

 

EXPORT COUNTRIES

:

France

Italy

Russia

 

MERCHANDISE  EXPORTED

:

Embroidery

 

HEAD OFFICE ADDRESS

:

Celebi Mah. Istikbal Cad. No:132 Guzelbahce Izmir / Turkey (owned)

 

BRANCHES

:

Head Office/Production Plant  :  Celebi Mah. Istikbal Cad. No:132 Guzelbahce Izmir/Turkey (owned) (4.500 sqm)

 

 

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-Moderate

 

 

FINANCE

 

MAIN DEALING BANKS

:

Halk Bankasi Guzelbahce Branch

T. Is Bankasi Guzelbahce Branch

T.C. Ziraat Bankasi Guzelbahce 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

2.059.288

2.407.853

2.245.089

Profit (Loss) Before Tax

175.504

211.083

-170.016

Stockholders' Equity

1.565.147

1.734.014

 

Total Assets

3.282.227

3.274.051

 

Current Assets

1.508.533

1.724.292

 

Non-Current Assets

1.773.694

1.549.759

 

Current Liabilities

531.491

938.447

 

Long-Term Liabilities

1.185.589

601.590

 

Gross Profit (loss)

694.701

936.052

779.524

Operating Profit (loss)

398.812

510.123

396.881

Net Profit (loss)

174.243

168.867

-170.016

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Good As of 31.12.2010

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

High Operating Profitability  in 2009

High Net Profitability  in 2009

High Operating Profitability  in 2010

High Net Profitability  in 2010

High Operating Profitability (01.01-30.09.2011)

Net Loss (01.01-30.09.2011)

 

Gap between average collection and payable periods

Unfavorable in 2010

General Financial Position

Passable

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

 

CREDIT LIMIT

 

:

261.000 USD

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 261.000 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

1.508.533

0,46

1.724.292

0,53

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

369.443

0,11

534.207

0,16

Marketable Securities

0

0,00

0

0,00

Account Receivable

1.018.885

0,31

1.063.428

0,32

Other Receivable

0

0,00

0

0,00

Inventories

120.205

0,04

94.535

0,03

Advances Given

0

0,00

0

0,00

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

0

0,00

32.122

0,01

NON-CURRENT ASSETS

1.773.694

0,54

1.549.759

0,47

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)

31.001

0,01

643.160

0,20

Intangible Assets

1.584.249

0,48

846.363

0,26

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

158.444

0,05

60.236

0,02

TOTAL ASSETS

3.282.227

1,00

3.274.051

1,00

CURRENT LIABILITIES

531.491

0,16

938.447

0,29

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

259.308

0,08

644.799

0,20

Accounts Payable

203.601

0,06

247.967

0,08

Loans from Shareholders

0

0,00

0

0,00

Other Short-term Payable

56.834

0,02

31.968

0,01

Advances from Customers

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

10.487

0,00

12.695

0,00

Provisions

1.261

0,00

1.018

0,00

Other Current Liabilities

0

0,00

0

0,00

LONG-TERM LIABILITIES

1.185.589

0,36

601.590

0,18

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

1.185.589

0,36

601.590

0,18

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

1.565.147

0,48

1.734.014

0,53

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

1.550.000

0,47

1.550.000

0,47

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

10.101

0,00

15.147

0,00

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

-169.197

-0,05

0

0,00

Net Profit (loss)

174.243

0,05

168.867

0,05

TOTAL LIABILITIES AND EQUITY

3.282.227

1,00

3.274.051

1,00

 

 

REMARKS ON FINANCIAL STATEMENT

:

At the income statement of 01.01.-30.09.2011,  TL  309.000 of the other expenses is due to "Other Extraordinary Expenses and Losses" .

 

INCOME STATEMENTS

 

 

(2009) TL

 

(2010) TL

 

(01.01-30.09.2011) TL

 

Net Sales

2.059.288

1,00

2.407.853

1,00

2.245.089

1,00

Cost of Goods Sold

1.364.587

0,66

1.471.801

0,61

1.465.565

0,65

Gross Profit

694.701

0,34

936.052

0,39

779.524

0,35

Operating Expenses

295.889

0,14

425.929

0,18

382.643

0,17

Operating Profit

398.812

0,19

510.123

0,21

396.881

0,18

Other Income

74.564

0,04

31.045

0,01

17.518

0,01

Other Expenses

153.527

0,07

151.411

0,06

462.431

0,21

Financial Expenses

144.345

0,07

178.674

0,07

121.984

0,05

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

175.504

0,09

211.083

0,09

-170.016

-0,08

Tax Payable

1.261

0,00

42.216

0,02

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

174.243

0,08

168.867

0,07

-170.016

-0,08

 

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

LIQUIDITY RATIOS

 

 

Current Ratio

2,84

1,84

Acid-Test Ratio

2,61

1,70

Cash Ratio

0,70

0,57

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,04

0,03

Short-term Receivable/Total Assets

0,31

0,32

Tangible Assets/Total Assets

0,01

0,20

TURNOVER RATIOS

 

 

Inventory Turnover

11,35

15,57

Stockholders' Equity Turnover

1,32

1,39

Asset Turnover

0,63

0,74

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,48

0,53

Current Liabilities/Total Assets

0,16

0,29

Financial Leverage

0,52

0,47

Gearing Percentage

1,10

0,89

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,11

0,10

Operating Profit Margin

0,19

0,21

Net Profit Margin

0,08

0,07

Interest Cover

2,22

2,18

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

178,12

158,99

Average Payable Period (days)

53,71

60,65

WORKING CAPITAL

977042,00

785845,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.52.67

UK Pound

1

Rs.82.53

Euro

1

Rs.69.13

 

 

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.