MIRA INFORM REPORT

 

 

Report Date :

28.02.2011

 

IDENTIFICATION DETAILS

 

Correct Name :

PIR-INCI BUJITERI IMALAT  SANAYII TICARET A.S.

 

 

Registered Office :

Sanayi Mah. Sancakli Cad. Gurbuz Sok. No: 49 P.K. 34600 Gungoren Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2009

 

 

Date of Incorporation :

03.12.1984

 

 

Com. Reg. No.:

207619

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of textile accessories such as hook and clips for hanger, nail file tweezers, metal parts etc.

 

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 :

1.700.000 USD

Status :

Satisfactory

Payment Behaviour :

Usually Correct 

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 – June 30, 2010

 

Country Name

Previous Rating

                   (01.04.2010)                  

Current Rating

(30.06.2010)

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

:

PIR-INCI BUJITERI IMALAT  SANAYII TICARET A.S.

HEAD OFFICE ADDRESS

:

Sanayi Mah. Sancakli Cad. Gurbuz Sok. No: 49 P.K. 34600 Gungoren Istanbul / Turkey

PHONE NUMBER

:

90-212-643 20 00 (Pbx)

 

FAX NUMBER

:

90-212-643 12 17

 

WEB-ADDRESS

:

www.pir-inci.com

E-MAIL

:

info@pir-inci.com

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Gungoren

TAX NO

:

7300007656

REGISTRATION NUMBER

:

207619

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

03.12.1984

ESTABLISHMENT GAZETTE DATE/NO

:

10.12.1984/1154

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   6.400.000

PAID-IN CAPITAL

:

TL   6.400.000

HISTORY

:

Previous Registered Capital

:

TL 5.000.000

Changed On

:

27.12.2007 (Commercial Gazette Date /Number 02.01.2008/ 6968)

Previous Address

:

Muskule Sok. No:8 34470 Vefa-Istanbul

Changed On

:

20.06.2002 (Commercial Gazette Date /Number 25.06.2002/ 5577)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Sukru Mahir Pir

42,50 %

Mehmet Zeki Pir

38,50 %

Abdulaziz Pir

7 %

Ipek Pir

3 %

Inci Pir

3 %

Yucel Pir

2 %

Ugur Pir

2 %

Nihal Pir

2 %

 

 

SISTER COMPANIES

:

BIROL YAY SANAYI VE TICARET LTD. STI.

 

DAMA TUHAFIYE URUNLERI SANAYI TICARET LTD. STI.

 

SUBSIDIARIES

:

None

 

BOARD OF DIRECTORS

:

Sukru Mahir Pir

Chairman

Mehmet Zeki Pir

Vice-Chairman

Abdulaziz Pir

Member

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of textile accessories such as hook and clips for hanger, nail file tweezers, metal parts etc.

 

TRADEMARKS OWNED

:

Pir

Pir-Inci

Star

 

NUMBER OF EMPLOYEES

:

250

 

NET SALES

:

327.963 TL

(1998) 

814.585 TL

(1999) 

1.538.261 TL

(2000) 

3.188.863 TL

(2001) 

6.138.592 TL

(2002) 

6.609.589 TL

(2003) 

9.490.922 TL

(2004) 

10.003.374 TL

(2005) 

12.606.954 TL

(2006) 

15.427.840 TL

(2007) 

16.812.602 TL

(2008) 

18.023.148 TL

(2009) 

22.289.342 TL

(2010) 

 

 

CAPACITY

:

  ( Sqm/yr)

  ( units/yr)

  ( kgs/yr)

 

150.000

15.441.200

9.339.200

(2010)

150.000

15.441.200

9.339.200

(2011)

 

 

 

 

IMPORT VALUE

:

1.200.000 USD

(2004)

1.500.000 USD

(2005)

1.600.000 USD

(2006)

1.500.000 USD

(2007)

2.500.000 USD

(2008)

2.350.000 USD

(2009)

2.000.000 USD

(2010)

 

 

IMPORT COUNTRIES

:

Germany

Belgium

India

China

France

Taiwan

 

MERCHANDISE IMPORTED

:

Chemicals

Machinery

Nylon coated wire

Raw materials

Steel tape

 

EXPORT VALUE

:

56.754 TL

(1998)

115.019 TL

(1999)

313.339 TL

(2000)

827.574 TL

(2001)

1.588.210 TL

(2002)

2.148.525 TL

(2003)

3.260.589 TL

(2004)

2.981.041 TL

(2005)

4.269.060 TL

(2006)

5.511.751 TL

(2007)

5.566.052 TL

(2008)

5.554.776 TL

(2009)

7.569.808 TL

(2010)

 

 

EXPORT COUNTRIES

:

Poland

Morocco

Libya

Netherlands

France

Germany

U.K.

Spain

Italy

Romania

Syria

Lebanon

South Africa

India

Bangladesh

 

MERCHANDISE  EXPORTED

:

Clips for shirts

Hanger wires

Hanging board

Nail files

Pin

Textile accessories

 

HEAD OFFICE ADDRESS

:

Sanayi Mah. Sancakli Cad. Gurbuz Sok. No: 49 P.K. 34600 Gungoren  Istanbul / Turkey  (owned)

 

BRANCHES

:

Factory  :  Ataturk Organize Sanayi Bolgesi Dr. Mithat Emin Marti Cad  No:10 Hadimkoy Istanbul/Turkey (owned) (5.000 sqm)

 

Head Office/Factory  :  Sanayi Mah. Sancakli Cad. Gurbuz Sok. No:49 Gungoren Istanbul/Turkey (owned) (3.000 sqm)

 

INVESTMENTS

:

Machinery investments are going on.

 

TREND OF BUSINESS

:

There was an upwards trend in  2010.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Unkapani Branch

Is Bankasi Sultanhamam Branch

T.C. Ziraat Bankasi Bahcekapi Branch

Turk Ekonomi Bankasi Hadimkoy Branch

Turkiye Garanti Bankasi Gungoren Sanayi Branch

Turkiye Halk Bankasi Ikitelli Branch

Yapi ve Kredi Bankasi Cesme Branch

 

CREDIT FACILITIES

:

The subject company is making use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2007) TL

(2008) TL

(2009) TL

(2010) TL

 

Net Sales

15.427.840

16.812.602

18.023.148

22.289.342

 

Profit (Loss) Before Tax

350.139

353.018

618.646

1.570.685

 

Stockholders' Equity

10.012.687

10.386.277

11.274.616

 

 

Total Assets

12.367.174

13.331.493

15.389.521

 

 

Current Assets

7.573.236

8.233.326

9.806.112

 

 

Non-Current Assets

4.793.938

5.098.167

5.583.409

 

 

Current Liabilities

1.849.992

2.945.216

4.071.692

 

 

Long-Term Liabilities

504.495

0

43.213

 

 

Gross Profit (loss)

1.465.335

1.592.994

1.515.282

3.006.874

 

Operating Profit (loss)

541.092

508.963

343.482

1.606.516

 

Net Profit (loss)

277.790

279.195

488.339

1.570.685

 

 

 

COMMENT ON FINANCIAL POSITION

 

THE DETAILS OF THE CAPITAL INCREASE  AFTER LAST BALANCE SHEET

 

:

Cash Part

:

Equity Part

:400.000 TL

Payment Due Date

:28.06.2010

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

:0

 

 

Capitalization

High As of 31.12.2009

Remarks on Capitalization

A part of total liabilities and equity consist of loans from shareholders rather than liabilities to third parties indicating not too high indebtedness to third parties. 

 

There has been capital increase after the last balance sheet date. The increase is decided to be financed by equity items so the capital increase is not expected to have a positive effect on equity total.

 

Liquidity

Satisfactory As of 31.12.2009

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 2007

Fair Net Profitability  in 2007

Fair Operating Profitability  in 2008

Fair Net Profitability  in 2008

Fair Operating Profitability  in 2009

In Order Net Profitability  in 2009

Good Operating Profitability  in 2010

High Net Profitability  in 2010

 

Gap between average collection and payable periods

Unfavorable in 2009

General Financial Position

In Order

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 1.700.000 USD may be granted to the subject company.

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 1998 )

54,30 %

0,2657

0,2967

0,4410

 ( 1999 )

62,90 %

0,4278

0,4518

0,6843

 ( 2000 )

32,70 %

0,6251

0,5774

0,9480

 ( 2001 )

88,60 %

1,1991

1,0714

1,7300

 ( 2002 )

30,80 %

1,5168

1,3741

2,2001

 ( 2003 )

13,90 %

1,5302

1,7141

2,4982

 ( 2004 )

13,84 %

1,4266

1,7666

2,6001

 ( 2005 )

2,66 %

1,3499

1,6882

2,4623

 ( 2006 )

11,58 %

1,4309

1,7987

2,6377

 ( 2007 )

5,94 %

1,3075

1,7901

2,6133

 ( 2008 )

8,11 %

1,2858

1,8876

2,3708

 ( 2009 )

5,93 %

1,5460

2,1529

2,4094

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 ( 01.01-31.01.2011)

2,36 %

1,5759

2,1299

2,4741

 

 

BALANCE SHEETS

 

 

 ( 31.12.2007 )  TL

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

CURRENT ASSETS

7.573.236

0,61

8.233.326

0,62

9.806.112

0,64

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

Cash and Banks

1.328.467

0,11

398.153

0,03

321.176

0,02

Marketable Securities

0

0,00

0

0,00

398.712

0,03

Account Receivable

3.029.655

0,24

4.797.947

0,36

6.714.193

0,44

Other Receivable

1.043

0,00

0

0,00

0

0,00

Inventories

2.807.669

0,23

2.666.176

0,20

1.660.986

0,11

Advances Given

228.042

0,02

214.024

0,02

244.689

0,02

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

Other Current Assets

178.360

0,01

157.026

0,01

466.356

0,03

NON-CURRENT ASSETS

4.793.938

0,39

5.098.167

0,38

5.583.409

0,36

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

Long-term Receivable

315

0,00

315

0,00

8.956

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

4.793.007

0,39

5.097.749

0,38

5.541.367

0,36

Intangible Assets

193

0,00

0

0,00

33.086

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

423

0,00

103

0,00

0

0,00

TOTAL ASSETS

12.367.174

1,00

13.331.493

1,00

15.389.521

1,00

CURRENT LIABILITIES

1.849.992

0,15

2.945.216

0,22

4.071.692

0,26

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

565.883

0,05

1.306.330

0,10

1.533.291

0,10

Accounts Payable

855.264

0,07

682.010

0,05

1.344.115

0,09

Loans from Shareholders

8.972

0,00

440.723

0,03

674.106

0,04

Other Short-term Payable

128.833

0,01

151.058

0,01

165.567

0,01

Advances from Customers

111.796

0,01

191.406

0,01

154.556

0,01

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

Taxes Payable

124.467

0,01

70.592

0,01

104.543

0,01

Provisions

14.233

0,00

28.316

0,00

35.656

0,00

Other Current Liabilities

40.544

0,00

74.781

0,01

59.858

0,00

LONG-TERM LIABILITIES

504.495

0,04

0

0,00

43.213

0,00

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

504.495

0,04

0

0,00

43.213

0,00

Securities Issued

0

0,00

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

0

0,00

Loans from Shareholders

0

0,00

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

10.012.687

0,81

10.386.277

0,78

11.274.616

0,73

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

Paid-in Capital

5.905.604

0,48

6.000.000

0,45

6.000.000

0,39

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

926.024

0,07

926.024

0,07

926.024

0,06

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

Reserves

2.903.269

0,23

3.181.058

0,24

3.860.253

0,25

Revaluation Fund

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

Net Profit (loss)

277.790

0,02

279.195

0,02

488.339

0,03

TOTAL LIABILITIES AND EQUITY

12.367.174

1,00

13.331.493

1,00

15.389.521

1,00

 

 

 

INCOME STATEMENTS

 

 

(2007) TL

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

Net Sales

15.427.840

1,00

16.812.602

1,00

18.023.148

1,00

22.289.342

1,00

Cost of Goods Sold

13.962.505

0,91

15.219.608

0,91

16.507.866

0,92

19.282.468

0,87

Gross Profit

1.465.335

0,09

1.592.994

0,09

1.515.282

0,08

3.006.874

0,13

Operating Expenses

924.243

0,06

1.084.031

0,06

1.171.800

0,07

1.400.358

0,06

Operating Profit

541.092

0,04

508.963

0,03

343.482

0,02

1.606.516

0,07

Other Income

127.227

0,01

461.024

0,03

831.503

0,05

186.194

0,01

Other Expenses

192.932

0,01

278.862

0,02

442.336

0,02

108.381

0,00

Financial Expenses

125.248

0,01

338.107

0,02

114.003

0,01

113.644

0,01

Minority Interests

0

0,00

0

0,00

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

0

0,00

0

0,00

Profit (loss) Before Tax

350.139

0,02

353.018

0,02

618.646

0,03

1.570.685

0,07

Tax Payable

72.349

0,00

73.823

0,00

130.307

0,01

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

277.790

0,02

279.195

0,02

488.339

0,03

1.570.685

0,07

 

 

FINANCIAL RATIOS

 

 

(2007)

(2008)

(2009)

LIQUIDITY RATIOS

 

 

Current Ratio

4,09

2,80

2,41

Acid-Test Ratio

2,36

1,76

1,83

Cash Ratio

0,72

0,14

0,18

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,23

0,20

0,11

Short-term Receivable/Total Assets

0,25

0,36

0,44

Tangible Assets/Total Assets

0,39

0,38

0,36

TURNOVER RATIOS

 

 

Inventory Turnover

4,97

5,71

9,94

Stockholders' Equity Turnover

1,54

1,62

1,60

Asset Turnover

1,25

1,26

1,17

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,81

0,78

0,73

Current Liabilities/Total Assets

0,15

0,22

0,26

Financial Leverage

0,19

0,22

0,27

Gearing Percentage

0,24

0,28

0,36

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,03

0,03

0,04

Operating Profit Margin

0,04

0,03

0,02

Net Profit Margin

0,02

0,02

0,03

Interest Cover

3,80

2,04

6,43

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

70,70

102,74

134,29

Average Payable Period (days)

22,05

16,13

29,31

WORKING CAPITAL

5723244,00

5288110,00

5734420,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.37

UK Pound

1

Rs.73.25

Euro

1

Rs.62.68

 

 

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

 

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.