MIRA INFORM REPORT

 

 

Report Date :           

04.07.2011

 

IDENTIFICATION DETAILS

 

Name :

ESIM DIS TICARET LTD. STI. 

 

 

Registered Office :

Yeni Sanayi Bolgesi Traktorculer Sitesi 78. Sok No:2 Kocasinan Kayseri

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

23.01.1998

 

 

Com. Reg. No.:

21614

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Trade of welding wire, electrodes and tire.

 

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 :

236.000 USD

Status :

Good

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 – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

Turkey

b1

b1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

REMARKS

:

ESIM INT. TRADE CO. LTD.  is the trade name of the firm. The registered name of the firm is "ESIM DIS TICARET LTD. STI. ".

 

 

COMPANY IDENTIFICATION

 

NAME

:

ESIM DIS TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Yeni Sanayi Bolgesi Traktorculer Sitesi 78. Sok No:2 Kocasinan Kayseri / Turkey

PHONE NUMBER

:

90-352-331 27 77

 

FAX NUMBER

:

90-352-331 30 59

 

WEB-ADDRESS

:

www.esimltd.com

E-MAIL

:

esim@esimltd.com

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Mimarsinan

TAX NO

:

3790052115

REGISTRATION NUMBER

:

21614

REGISTERED OFFICE

:

Kayseri Chamber of Commerce

DATE ESTABLISHED

:

23.01.1998

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   700.000

PAID-IN CAPITAL

:

TL   700.000

HISTORY

:

Previous Registered Capital

:

TL 600.000

Changed On

:

31.12.2009 (Commercial Gazette Date /Number 27.01.2010/ 7488)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Nuh Mehmet Eskici

75,50 %

Sefika Asli Eskici

10 %

Hamdi Eskici

10 %

Ahmet Gorcuer

4,50 %

 

 

SISTER COMPANIES

:

Declared to be: None

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Nuh Mehmet Eskici

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Trade of welding wire, electrodes and tire.

 

NACE CODE

:

G .51.90

 

SECTOR

:

Commerce

 

NET SALES

:

2.808.258 TL

(2008) 

1.819.711 TL

(2009) 

2.668.438 TL

(2010) 

1.045.723 TL

(01.01-31.03.2011) 

 

 

REMARKS ON CAPACITY

:

None

 

REMARKS ON PRODUCTION

:

None

 

 

IMPORT COUNTRIES

:

China

India

 

MERCHANDISE IMPORTED

:

Elektrodes

Wire

 

EXPORT VALUE

:

0 TL

(2009)

0 TL

(2010)

0 TL

(01.01-31.03.2011)

 

 

HEAD OFFICE ADDRESS

:

Yeni Sanayi Bolgesi Traktorculer Sitesi 78. Sok No:2 Kocasinan  Kayseri / Turkey  (owned)

 

BRANCHES

:

Warehouse  :  Organize Sanayi Bolgesi Kayseri/Turkey (owned)

 

INVESTMENTS

:

None

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2010.

SIZE OF BUSINESS

:

Moderate

 

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Yeni Sanayi Branch

Halk Bankasi Kayseri Agir Sanayi Branch

T. Is Bankasi Eski Sanayi Branch

Yapi ve Kredi Bankasi Yeni Sanayi 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

:

 

(2008) TL

(2009) TL

(2010) TL

(01.01-31.03.2011) TL

 

Net Sales

2.808.258

1.819.711

2.668.438

1.045.723

 

Profit (Loss) Before Tax

49.403

30.547

29.440

15.084

 

Stockholders' Equity

497.419

764.268

787.820

 

 

Total Assets

2.606.405

2.113.226

1.970.553

 

 

Current Assets

2.617.626

2.131.606

1.953.927

 

 

Non-Current Assets

-11.221

-18.380

16.626

 

 

Current Liabilities

1.944.826

1.348.958

1.182.733

 

 

Long-Term Liabilities

164.160

0

0

 

 

Gross Profit (loss)

116.518

282.706

224.534

49.238

 

Operating Profit (loss)

68.464

221.847

94.618

36.279

 

Net Profit (loss)

39.522

24.438

23.552

15.084

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Satisfactory 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

Fair Operating Profitability  in 2008

Low Net Profitability  in 2008

High Operating Profitability  in 2009

Low Net Profitability  in 2009

In Order Operating Profitability  in 2010

Low Net Profitability  in 2010

Fair Operating Profitability (01.01-31.03.2011)

Low Net Profitability (01.01-31.03.2011)

 

Gap between average collection and payable periods

Unfavorable in 2010

General Financial Position

In Order

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 236.000 USD may be granted to the subject company.

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 01.01-31.03.2011)

5,40 %

1,5753

2,1664

2,5072

 ( 01.01-31.05.2011)

6,20 %

1,5693

2,2036

2,5324

 

 

 

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

2.617.626

1,00

2.131.606

1,01

1.953.927

0,99

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

Cash and Banks

222.235

0,09

81.615

0,04

239.789

0,12

Marketable Securities

0

0,00

0

0,00

0

0,00

Account Receivable

1.877.972

0,72

1.038.103

0,49

714.871

0,36

Other Receivable

0

0,00

260.000

0,12

235.880

0,12

Inventories

512.070

0,20

651.887

0,31

758.314

0,38

Advances Given

0

0,00

83.160

0,04

0

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

Other Current Assets

5.349

0,00

16.841

0,01

5.073

0,00

NON-CURRENT ASSETS

-11.221

0,00

-18.380

-0,01

16.626

0,01

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

0

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

-11.221

0,00

-18.380

-0,01

5.648

0,00

Intangible Assets

0

0,00

0

0,00

10.978

0,01

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

0

0,00

0

0,00

TOTAL ASSETS

2.606.405

1,00

2.113.226

1,00

1.970.553

1,00

CURRENT LIABILITIES

1.944.826

0,75

1.348.958

0,64

1.182.733

0,60

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

1.496.342

0,57

1.112.360

0,53

782.622

0,40

Accounts Payable

89.920

0,03

195.079

0,09

273.536

0,14

Loans from Shareholders

116.966

0,04

0

0,00

0

0,00

Other Short-term Payable

0

0,00

0

0,00

0

0,00

Advances from Customers

200.215

0,08

34.334

0,02

118.936

0,06

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

Taxes Payable

31.503

0,01

1.076

0,00

1.751

0,00

Provisions

9.880

0,00

6.109

0,00

5.888

0,00

Other Current Liabilities

0

0,00

0

0,00

0

0,00

LONG-TERM LIABILITIES

164.160

0,06

0

0,00

0

0,00

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

164.160

0,06

0

0,00

0

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

497.419

0,19

764.268

0,36

787.820

0,40

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

Paid-in Capital

447.012

0,17

700.000

0,33

700.000

0,36

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

308

0,00

308

0,00

308

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

Reserves

10.577

0,00

39.522

0,02

63.960

0,03

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)

39.522

0,02

24.438

0,01

23.552

0,01

TOTAL LIABILITIES AND EQUITY

2.606.405

1,00

2.113.226

1,00

1.970.553

1,00

 

 

INCOME STATEMENTS

 

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(01.01-31.03.2011) TL

 

Net Sales

2.808.258

1,00

1.819.711

1,00

2.668.438

1,00

1.045.723

1,00

Cost of Goods Sold

2.691.740

0,96

1.537.005

0,84

2.443.904

0,92

996.485

0,95

Gross Profit

116.518

0,04

282.706

0,16

224.534

0,08

49.238

0,05

Operating Expenses

48.054

0,02

60.859

0,03

129.916

0,05

12.959

0,01

Operating Profit

68.464

0,02

221.847

0,12

94.618

0,04

36.279

0,03

Other Income

177.749

0,06

14.176

0,01

0

0,00

0

0,00

Other Expenses

60.500

0,02

2.404

0,00

0

0,00

0

0,00

Financial Expenses

136.310

0,05

203.072

0,11

65.178

0,02

21.195

0,02

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

49.403

0,02

30.547

0,02

29.440

0,01

15.084

0,01

Tax Payable

9.881

0,00

6.109

0,00

5.888

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

39.522

0,01

24.438

0,01

23.552

0,01

15.084

0,01

 

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

 

LIQUIDITY RATIOS

 

 

Current Ratio

1,35

1,58

1,65

 

Acid-Test Ratio

1,08

1,02

1,01

 

Cash Ratio

0,11

0,06

0,20

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,20

0,31

0,38

 

Short-term Receivable/Total Assets

0,72

0,61

0,48

 

Tangible Assets/Total Assets

0,00

-0,01

0,00

 

TURNOVER RATIOS

 

 

Inventory Turnover

5,26

2,36

3,22

 

Stockholders' Equity Turnover

5,65

2,38

3,39

 

Asset Turnover

1,08

0,86

1,35

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,19

0,36

0,40

 

Current Liabilities/Total Assets

0,75

0,64

0,60

 

Financial Leverage

0,81

0,64

0,60

 

Gearing Percentage

4,24

1,77

1,50

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,08

0,03

0,03

 

Operating Profit Margin

0,02

0,12

0,04

 

Net Profit Margin

0,01

0,01

0,01

 

Interest Cover

1,36

1,15

1,45

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

240,74

205,37

96,44

 

Average Payable Period (days)

12,03

45,69

40,29

 

WORKING CAPITAL

672800,00

782648,00

771194,00

 

 

 

 Bottom of Form

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.59

UK Pound

1

Rs.71.75

Euro

1

Rs.64.80

 

 

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.