MIRA INFORM
REPORT
|
Report Date : |
19.01.2011 |
IDENTIFICATION DETAILS
|
Correct Name : |
TEMEL-JUT MAMULLERI SANAYI VE TICARET
A.S. |
|
|
|
|
Registered Office : |
Sekeroglu Mh. Uzun Carsi No:51 Merkez |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
27.12.2002 |
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Com. Reg. No.: |
24197 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Trader of polyester yarn and jute yarn |
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 : |
254.000 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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
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REMARKS |
: |
Please kindly note that, in The report which was sent on 05.01.2011 was prepared by the investigation
with the subject's accountant. At this investigation the accountant had
declared that the firm stopped active operation 3 years ago and strictly
declined to give us an authorization to gather its general detailed and
financial data. As the firm’s shares are not open to public it is not obliged
to announce its data. However, after we prepared the report, the shareholder Mr. Sedat
Ozturan has contacted us and he has declared that, the information given by
the accountant was wrong because the subject is an active company. According to the conversation with the shareholder, please find the
below revised report for the subject company.
The financial statements of 2008, 2009 and 01.01.-30.09.2010 are
official statements which have been presented to Tax Office. |
COMPANY IDENTIFICATION
|
NAME |
: |
TEMEL-JUT MAMULLERI SANAYI VE TICARET A.S. |
|
HEAD OFFICE ADDRESS |
: |
Sekeroglu Mh. Uzun Carsi No:51 Merkez |
|
PHONE NUMBER |
: |
90-342-230 50 34 90-342-337 85 85 (Pbx) 90-342-337 85 87 |
|
FAX NUMBER |
: |
90-342-232 09 07 90-342-337 85 88 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE |
: |
Gazikent |
||||||
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TAX NO |
: |
8370362123 |
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REGISTRATION NUMBER |
: |
24197 |
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REGISTERED OFFICE |
: |
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DATE ESTABLISHED |
: |
27.12.2002 |
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ESTABLISHMENT GAZETTE DATE /NO |
: |
03.03.2003/5747 |
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LEGAL FORM |
: |
Joint Stock Company |
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TYPE OF COMPANY |
: |
Private |
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|
REGISTERED CAPITAL |
: |
TL 240.000 |
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PAID-IN CAPITAL |
: |
TL 240.000 |
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HISTORY |
: |
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OWNERSHIP / MANAGEMENT
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SHAREHOLDERS |
: |
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BOARD OF DIRECTORS |
: |
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DIRECTORS |
: |
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OPERATIONS
|
BUSINESS ACTIVITIES |
: |
Trade of polyester yarn and jute yarn. |
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SECTOR |
: |
Commerce |
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NUMBER OF EMPLOYEES |
: |
4 |
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NET SALES |
: |
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IMPORT VALUE |
: |
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IMPORT COUNTRIES |
: |
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MERCHANDISE IMPORTED |
: |
Jute yarn Polyester yarn |
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HEAD OFFICE ADDRESS |
: |
Sekeroglu Mh. Uzun Carsi No:51 Merkez |
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BRANCHES |
: |
Warehouse : 3. Organize Sanayi Bolgesi Mehmet Batalli
Bulvari No:15 Baspinar Gaziantep/Turkey (owned) (10.781 sqm) Head Office/Warehouse : Sekeroglu Mh. Uzun Carsi No:51 Merkez |
|
TREND OF BUSINESS |
: |
Fluctuating |
|
SIZE OF BUSINESS |
: |
Upper-Moderate |
FINANCE
|
MAIN DEALING BANKS |
: |
Asya Katilim Bankasi Eurobank Tekfen Fortisbank Gaziantep Branch Kuveyt Turk Katilim Bankasi T. Halk Bankasi Gaziantep Branch |
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CREDIT FACILITIES |
: |
The subject company is making use of credit facilities. |
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PAYMENT BEHAVIOUR |
: |
We are informed about a single payment delay in the former years which
was resolved later on but no payment delays have come to our knowledge in the
last years. |
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KEY FINANCIAL ELEMENTS |
: |
|
COMMENT ON FINANCIAL POSITION
|
Capitalization |
Satisfactory 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. |
|
Liquidity |
High As of 31.12.2009 |
|
Remarks On Liquidity |
A part of current liabilities consist of short-term loans from shareholders
rather than liabilities to third parties. |
|
Profitability |
Good Operating Profitability in
2008 High Net Profitability in 2008 Good Operating Profitability in
2009 Good Net Profitability in 2009 Fair Operating Profitability (01.01-30.09.2010) In Order Net Profitability (01.01-30.09.2010) |
|
Gap between average collection and payable periods |
Favorable 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 254.000 USD may be
granted to the subject company. |
|
|
Incr. in producers’ price index |
Average USD/TL |
Average EUR/TL |
Average GBP/ TL |
|
( 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 |
|
( 01.01-30.09.2010) |
6,52 % |
1,5178 |
2,0112 |
2,3426 |
|
( 2010 ) |
8,87 % |
1,5128 |
2,0096 |
2,3410 |
BALANCE SHEETS
|
|
( 31.12.2008 ) TL |
|
( 31.12.2009 ) TL |
|
|
CURRENT ASSETS |
1.710.906 |
0,70 |
2.070.303 |
0,75 |
|
Not Detailed Current Assets |
0 |
0,00 |
0 |
0,00 |
|
Cash and Banks |
363.625 |
0,15 |
359.949 |
0,13 |
|
Marketable Securities |
0 |
0,00 |
0 |
0,00 |
|
Account Receivable |
605.300 |
0,25 |
873.012 |
0,32 |
|
Other Receivable |
0 |
0,00 |
0 |
0,00 |
|
Inventories |
547.360 |
0,22 |
634.260 |
0,23 |
|
Advances Given |
0 |
0,00 |
0 |
0,00 |
|
Accumulated Construction Expense |
0 |
0,00 |
0 |
0,00 |
|
Other Current Assets |
194.621 |
0,08 |
203.082 |
0,07 |
|
NON-CURRENT ASSETS |
722.857 |
0,30 |
683.614 |
0,25 |
|
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) |
670.913 |
0,28 |
680.839 |
0,25 |
|
Intangible Assets |
0 |
0,00 |
0 |
0,00 |
|
Deferred Tax Assets |
0 |
0,00 |
0 |
0,00 |
|
Other Non-Current Assets |
51.944 |
0,02 |
2.775 |
0,00 |
|
TOTAL ASSETS |
2.433.763 |
1,00 |
2.753.917 |
1,00 |
|
CURRENT LIABILITIES |
896.580 |
0,37 |
1.906.849 |
0,69 |
|
Not Detailed Current Liabilities |
0 |
0,00 |
0 |
0,00 |
|
Financial Loans |
12.955 |
0,01 |
0 |
0,00 |
|
Accounts Payable |
282.602 |
0,12 |
826.147 |
0,30 |
|
Loans from Shareholders |
457.170 |
0,19 |
766.170 |
0,28 |
|
Other Short-term Payable |
0 |
0,00 |
0 |
0,00 |
|
Advances from Customers |
70.963 |
0,03 |
239.462 |
0,09 |
|
Accumulated Construction Income |
0 |
0,00 |
0 |
0,00 |
|
Taxes Payable |
34.972 |
0,01 |
21.916 |
0,01 |
|
Provisions |
37.918 |
0,02 |
53.154 |
0,02 |
|
Other Current Liabilities |
0 |
0,00 |
0 |
0,00 |
|
LONG-TERM LIABILITIES |
900.335 |
0,37 |
0 |
0,00 |
|
Not Detailed Long-term Liabilities |
0 |
0,00 |
0 |
0,00 |
|
Financial Loans |
900.335 |
0,37 |
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 |
636.848 |
0,26 |
847.068 |
0,31 |
|
Not Detailed Stockholders' Equity |
0 |
0,00 |
0 |
0,00 |
|
Paid-in Capital |
240.000 |
0,10 |
240.000 |
0,09 |
|
Cross Shareholding Adjustment of Capital |
0 |
0,00 |
0 |
0,00 |
|
Inflation Adjustment of Capital |
18.984 |
0,01 |
18.984 |
0,01 |
|
Equity of Consolidated Firms |
0 |
0,00 |
0 |
0,00 |
|
Reserves |
227.847 |
0,09 |
377.863 |
0,14 |
|
Revaluation Fund |
0 |
0,00 |
0 |
0,00 |
|
Accumulated Losses(-) |
0 |
0,00 |
0 |
0,00 |
|
Net Profit (loss) |
150.017 |
0,06 |
210.221 |
0,08 |
|
TOTAL LIABILITIES AND EQUITY |
2.433.763 |
1,00 |
2.753.917 |
1,00 |
INCOME STATEMENTS
|
|
(2008) TL |
|
(2009) TL |
|
(01.01-30.09.2010)
TL |
|
|
Net Sales |
2.674.198 |
1,00 |
4.080.741 |
1,00 |
1.950.004 |
1,00 |
|
Cost of Goods Sold |
2.449.689 |
0,92 |
3.662.446 |
0,90 |
1.834.704 |
0,94 |
|
Gross Profit |
224.509 |
0,08 |
418.295 |
0,10 |
115.300 |
0,06 |
|
Operating Expenses |
76.764 |
0,03 |
79.413 |
0,02 |
56.473 |
0,03 |
|
Operating Profit |
147.745 |
0,06 |
338.882 |
0,08 |
58.827 |
0,03 |
|
Other Income |
414.138 |
0,15 |
208.831 |
0,05 |
64.090 |
0,03 |
|
Other Expenses |
316.562 |
0,12 |
227.789 |
0,06 |
37.717 |
0,02 |
|
Financial Expenses |
57.386 |
0,02 |
56.549 |
0,01 |
6.225 |
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 |
187.935 |
0,07 |
263.375 |
0,06 |
78.975 |
0,04 |
|
Tax Payable |
37.918 |
0,01 |
53.154 |
0,01 |
0 |
0,00 |
|
Postponed Tax Gain |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Net Profit (loss) |
150.017 |
0,06 |
210.221 |
0,05 |
78.975 |
0,04 |
FINANCIAL RATIOS
|
|
(2008) |
(2009) |
|
LIQUIDITY RATIOS |
|
|
|
Current Ratio |
1,91 |
1,09 |
|
Acid-Test Ratio |
1,08 |
0,65 |
|
Cash Ratio |
0,41 |
0,19 |
|
ASSET STRUCTURE RATIOS |
|
|
|
Inventory/Total Assets |
0,22 |
0,23 |
|
Short-term Receivable/Total Assets |
0,25 |
0,32 |
|
Tangible Assets/Total Assets |
0,28 |
0,25 |
|
TURNOVER RATIOS |
|
|
|
Inventory Turnover |
4,48 |
5,77 |
|
Stockholders' Equity Turnover |
4,20 |
4,82 |
|
Asset Turnover |
1,10 |
1,48 |
|
FINANCIAL STRUCTURE |
|
|
|
Stockholders' Equity/Total Assets |
0,26 |
0,31 |
|
Current Liabilities/Total Assets |
0,37 |
0,69 |
|
Financial Leverage |
0,74 |
0,69 |
|
Gearing Percentage |
2,82 |
2,25 |
|
PROFITABILITY RATIOS |
|
|
|
Net Profit/Stockholders' Eq. |
0,24 |
0,25 |
|
Operating Profit Margin |
0,06 |
0,08 |
|
Net Profit Margin |
0,06 |
0,05 |
|
Interest Cover |
4,27 |
5,66 |
|
COLLECTION-PAYMENT |
|
|
|
Average Collection Period (days) |
81,49 |
77,02 |
|
Average Payable Period (days) |
41,53 |
81,21 |
|
WORKING CAPITAL |
814326,00 |
163454,00 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.53 |
|
|
1 |
Rs.72.56 |
|
Euro |
1 |
Rs.60.62 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.