MIRA INFORM REPORT

 

 

Report Date :           

06.06.2011

 

IDENTIFICATION DETAILS

 

Name :

ASYA KADIFE TEKSTIL SANAYI VE DIS TICARET LTD. STI

 

 

Registered Office :

Terazidere Mah. Gunes Cad. Sema Sok. Savas Han No:15/1 Bayrampasa Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

12.12.2006

 

 

Com. Reg. No.:

608714

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacture and trade of velvet prayer rug

 

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 :

90.000 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 – 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

 

 Bottom of Form

 

COMPANY IDENTIFICATION

 

NAME

:

ASYA KADIFE TEKSTIL SANAYI VE DIS TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Terazidere Mah. Gunes Cad. Sema Sok. Savas Han No:15/1 Bayrampasa Istanbul / Turkey

PHONE NUMBER

:

90-212-576 61 01

 

FAX NUMBER

:

90-212-613 22 18

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Bayrampasa

TAX NO

:

0910489432

REGISTRATION NUMBER

:

608714

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

12.12.2006

ESTABLISHMENT GAZETTE DATE /NO

:

18.12.2006/6706

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   200.000

PAID-IN CAPITAL

:

TL   25.000

HISTORY

:

Previous Registered Capital

:

TL 25.000

Changed On

:

25.12.2009 (Commercial Gazette Date /Number 31.12.2009/ 7470)

Previous Shareholder

:

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

Changed On

:

25.09.2008 (Commercial Gazette Date /Number 03.10.2008/ 7160)

PREVIOUS SHAREHOLDERS

:

Yusuf Teneke

50 %

Zikrullah Tourkman

50 %

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Zikrullah Tourkman

50 %

Fatih Teneke

50 %

 

 

DIRECTORS

:

Fatih Teneke

 

Yusuf Teneke

 

Zikrullah Tourkman

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of velvet prayer rug.

 

NUMBER OF EMPLOYEES

:

5

 

NET SALES

:

1.353.305 TL

(2008) 

1.431.614 TL

(2009) 

1.433.089 TL

(2010) 

349.218 TL

(01.01-31.03.2011) 

 

 

IMPORT VALUE

:

313.585 USD

(2010)

 

 

IMPORT COUNTRIES

:

India

China

 

MERCHANDISE IMPORTED

:

Yarn

 

EXPORT VALUE

:

1.303.798 TL

(2008)

1.392.915 TL

(2009)

1.322.985 TL

(2010)

334.011 TL

(01.01-31.03.2011)

 

 

EXPORT COUNTRIES

:

Saudi Arabia

U.A.E.

 

MERCHANDISE  EXPORTED

:

Prayer rug

 

HEAD OFFICE ADDRESS

:

Terazidere Mah. Gunes Cad. Sema Sok. Savas Han No:15/1 Bayrampasa Istanbul / Turkey

 

BRANCHES

:

Head Office/Workshop  :  Terazidere Mah. Gunes Cad. Sema Sok. Savas Han No:15/1 Bayrampasa Istanbul/Turkey

 

 

TREND OF BUSINESS

:

There was a slowdown at business volume in real terms in  2010.

SIZE OF BUSINESS

:

Modest

 

 

FINANCE

 

MAIN DEALING BANKS

:

Asya Katilim Bankasi Bayrampasa Branch

 

CREDIT FACILITIES

:

No credit facility has come to our knowledge.

 

PAYMENT BEHAVIOUR

:

We are informed about a few payment delays which were resolved later on

 

 

KEY FINANCIAL ELEMENTS

:

 

(2009) TL

(2010) TL

(01.01-31.03.2011) TL

 

 

Net Sales

1.431.614

1.433.089

349.218

 

 

Profit (Loss) Before Tax

115.874

116.916

17.500

 

 

Stockholders' Equity

243.459

336.844

 

 

 

Total Assets

1.070.850

722.193

 

 

 

Current Assets

1.062.874

713.022

 

 

 

Non-Current Assets

7.976

9.171

 

 

 

Current Liabilities

827.391

385.349

 

 

 

Long-Term Liabilities

0

0

 

 

 

Gross Profit (loss)

281.025

418.933

36.872

 

 

Operating Profit (loss)

118.610

115.036

15.074

 

 

Net Profit (loss)

92.501

93.386

17.500

 

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

In Order As of 31.12.2010

Liquidity

Satisfactory As of 31.12.2010

Remarks On Liquidity

The liquid assets consist mainly of receivables the amount of cash&banks or marketable securities (which are more liquid) are low.

Profitability

Good Operating Profitability  in 2009

High Net Profitability  in 2009

Good Operating Profitability  in 2010

High Net Profitability  in 2010

In Order Operating Profitability (01.01-31.03.2011)

Good 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 90.000 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

 ( 01.01-30.04.2011)

6,04 %

1,5645

2,1852

2,5128

 

 

 

BALANCE SHEETS

 

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

1.062.874

0,99

713.022

0,99

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

106.529

0,10

2.356

0,00

Marketable Securities

0

0,00

0

0,00

Account Receivable

631.043

0,59

516.501

0,72

Other Receivable

11.791

0,01

16.128

0,02

Inventories

208.147

0,19

110.652

0,15

Advances Given

57.267

0,05

35.961

0,05

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

48.097

0,04

31.424

0,04

NON-CURRENT ASSETS

7.976

0,01

9.171

0,01

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

4.875

0,00

4.875

0,01

Financial Assets

0

0,00

0

0,00

Tangible Fixed Assets (net)

3.101

0,00

4.296

0,01

Intangible Assets

0

0,00

0

0,00

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

0

0,00

TOTAL ASSETS

1.070.850

1,00

722.193

1,00

CURRENT LIABILITIES

827.391

0,77

385.349

0,53

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

Accounts Payable

816.426

0,76

351.681

0,49

Loans from Shareholders

0

0,00

0

0,00

Other Short-term Payable

0

0,00

0

0,00

Advances from Customers

0

0,00

7.132

0,01

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

10.965

0,01

26.536

0,04

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

243.459

0,23

336.844

0,47

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

25.000

0,02

25.000

0,03

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

128.112

0,12

220.611

0,31

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

-2.154

0,00

-2.153

0,00

Net Profit (loss)

92.501

0,09

93.386

0,13

TOTAL LIABILITIES AND EQUITY

1.070.850

1,00

722.193

1,00

 

 

INCOME STATEMENTS

 

 

(2009) TL

 

(2010) TL

 

(01.01-31.03.2011) TL

 

Net Sales

1.431.614

1,00

1.433.089

1,00

349.218

1,00

Cost of Goods Sold

1.150.589

0,80

1.014.156

0,71

312.346

0,89

Gross Profit

281.025

0,20

418.933

0,29

36.872

0,11

Operating Expenses

162.415

0,11

303.897

0,21

21.798

0,06

Operating Profit

118.610

0,08

115.036

0,08

15.074

0,04

Other Income

2.349

0,00

3.426

0,00

2.940

0,01

Other Expenses

4.168

0,00

735

0,00

514

0,00

Financial Expenses

917

0,00

811

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

115.874

0,08

116.916

0,08

17.500

0,05

Tax Payable

23.373

0,02

23.530

0,02

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

92.501

0,06

93.386

0,07

17.500

0,05

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

LIQUIDITY RATIOS

 

 

Current Ratio

1,28

1,85

Acid-Test Ratio

0,91

1,39

Cash Ratio

0,13

0,01

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,19

0,15

Short-term Receivable/Total Assets

0,60

0,74

Tangible Assets/Total Assets

0,00

0,01

TURNOVER RATIOS

 

 

Inventory Turnover

5,53

9,17

Stockholders' Equity Turnover

5,88

4,25

Asset Turnover

1,34

1,98

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,23

0,47

Current Liabilities/Total Assets

0,77

0,53

Financial Leverage

0,77

0,53

Gearing Percentage

3,40

1,14

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,38

0,28

Operating Profit Margin

0,08

0,08

Net Profit Margin

0,06

0,07

Interest Cover

127,36

145,16

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

159,91

130,97

Average Payable Period (days)

255,45

124,84

WORKING CAPITAL

235483,00

327673,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.85

UK Pound

1

Rs.73.29

Euro

1

Rs.64.89

 

 

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.