MIRA INFORM REPORT

 

 

Report Date :

22.06.2011

 

IDENTIFICATION DETAILS

 

Name :

A-1 DERI VE TEKSTIL TICARET LTD. STI.

 

 

Formerly Known As :

A-1 DERI VE TEKSTIL SANAYI TICARET LTD. STI.

 

 

Registered Office :

Yenidogan Mah. Zubeyde Hanim Cad. No: 104 Zeytinburnu Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

23.03.2000

 

 

Com. Reg. No.:

435188

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Wholesale trade of leather. 

 

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 :

370.000 USD

Status :

Good

Payment Behaviour :

Slow but 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 – 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

 

COMPANY IDENTIFICATION

 

NAME

:

A-1 DERI VE TEKSTIL TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Yenidogan Mah. Zubeyde Hanim Cad. No: 104 Zeytinburnu Istanbul / Turkey

PHONE NUMBER

:

90-212-665 53 70 (Pbx)

 

FAX NUMBER

:

90-212-664 47 40

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Zeytinburnu

TAX NO

:

0010189274

REGISTRATION NUMBER

:

435188

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

23.03.2000

ESTABLISHMENT GAZETTE DATE/NO

:

28.03.2000/5011

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   1.000.000

PAID-IN CAPITAL

:

TL   1.000.000

 

HISTORY

:

Previous Name

:

A-1 Deri ve Tekstil Sanayi Ticaret Ltd. Sti.

Changed On

:

17.08.2000 (Commercial Gazette Date /Number 22.08.2000/ 5115)

Previous Registered Capital

:

TL 576.250

Changed On

:

28.05.2002 (Commercial Gazette Date /Number 03.06.2002/ 5561)

Previous Shareholder

:

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

Changed On

:

02.02.2005 (Commercial Gazette Date /Number 07.02.2005/ 6234)

 

 

 

PREVIOUS SHAREHOLDERS

:

Waheed Khalique

99,50 %

Tanay Duzay

0,50 %

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Alma Group Dis Ticaret Ltd. Sti.

99,50 %

Tanay Duzay

0,50 %

 

 

SISTER COMPANIES

:

ALMA DANISMANLIK LTD. STI.

ALMA GROUP DIS TICARET LTD. STI.

I U V SUEDE AND LEATHERS DERI SANAYI VE TICARET LTD. STI.

POSH TEKSTIL GIDA SANAYI VE TICARET LTD. STI.

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Waheed Khalique                                                                                                                                                                                                                                                                                   

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Wholesale trade of leather. 

 

NACE CODE

:

G .51.24

 

SECTOR

:

Commerce

REPRESENTATIVE OF

:

Inpelsa   (Spain)

Keundae   (South Korea)

Sabrina   (Italy)

Techno Conceira   (Italy)

 

NUMBER OF EMPLOYEES

:

9

 

 

NET SALES

:

1.342.335 TL

(2000) 

4.922.748 TL

(2001) 

6.345.342 TL

(2002) 

2.661.847 TL

(2003) 

2.775.661 TL

(2004) 

5.249.499 TL

(2005) 

8.803.513 TL

(2006) 

7.459.174 TL

(2007) 

5.216.167 TL

(2008) 

2.401.093 TL

(2009) 

3.251.090 TL

(2010) 

1.105.799 TL

(01.01-31.03.2011) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT VALUE

:

3.500.000 TL

(2007)

5.173.594 TL

(2008)

1.710.234 TL

(2009)

2.427.207 TL

(2010)

 

 

IMPORT COUNTRIES

:

Italy

Pakistan

South Korea

India

 

MERCHANDISE IMPORTED

:

Processed leather

 

EXPORT VALUE

:

25.887 TL

(2006)

57.078 TL

(2007)

2.729 TL

(2008)

76.770 TL

(2009)

984.606 TL

(2010)

164.731 TL

(01.01-31.03.2011)

 

 

EXPORT COUNTRIES

:

Italy

Spain

Lithuania

U.S.A.

 

MERCHANDISE  EXPORTED

:

Leather

 

 

HEAD OFFICE ADDRESS

:

Yenidogan Mah. Zubeyde Hanim Cad. No: 104 Zeytinburnu  Istanbul / Turkey ( rented )

 

BRANCHES

:

Head Office/Store  :  Yenidogan Mah. Zubeyde Hanim Cad. No: 104 Zeytinburnu Istanbul/Turkey (rented) (350 )

 

Branch Office  :  Yenidogan Mah. Zubeyde Hanim Cad. No: 102/2 Zeytinburnu Istanbul/Turkey (rented)                                              

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2010.

SIZE OF BUSINESS

:

Upper-Moderate

 

 

FINANCE

 

MAIN DEALING BANKS

:

Denizbank Zeytinburnu Branch

Yapi ve Kredi Bankasi Zeytinburnu Branch

 

CREDIT FACILITIES

:

The subject company is making use of credit facilities.

 

PAYMENT BEHAVIOUR

:

We are informed about a few payment delays in the former years which were resolved later on but no payment delays have come to our knowledge in the last years.

 

 

KEY FINANCIAL ELEMENTS

:

 

(2007) TL

(2008) TL

(2009) TL

(2010) TL

(01.01-31.03.2011) TL

Net Sales

7.459.174

5.216.167

2.401.093

3.251.090

1.105.799

Profit (Loss) Before Tax

300.848

269.630

252.307

122.158

54.370

Stockholders' Equity

1.949.079

1.584.306

1.591.855

1.508.066

 

Total Assets

2.363.086

2.592.879

2.568.581

3.197.092

 

Current Assets

1.859.210

2.151.900

2.137.641

2.800.682

 

Non-Current Assets

503.876

440.979

430.940

396.410

 

Current Liabilities

414.007

1.008.573

976.726

1.689.026

 

Long-Term Liabilities

0

0

0

0

 

Gross Profit (loss)

604.848

354.687

645.831

573.572

245.961

Operating Profit (loss)

191.522

-39.891

188.884

68.364

76.701

Net Profit (loss)

240.678

215.704

201.683

97.726

54.370

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

In Order As of 31.12.2010

Liquidity

Satisfactory As of 31.12.2010

Profitability

Fair Operating Profitability  in 2007

In Order Net Profitability  in 2007

Operating Loss  in 2008

Good Net Profitability  in 2008

Good Operating Profitability  in 2009

High Net Profitability  in 2009

Fair Operating Profitability  in 2010

In Order Net Profitability  in 2010

Good Operating Profitability (01.01-31.03.2011)

Good Net Profitability (01.01-31.03.2011)

 

Gap between average collection and payable periods

Favorable in 2010

General Financial Position

In Order

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

 

CREDIT LIMIT

 

:

370.000 USD

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 370.000 USD may be granted to the subject company.

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 01.01-31.03.2011)

5,40 %

1,5753

2,1664

2,5072

 ( 01.01-31.05.2011)

6,20 %

1,5693

2,2036

2,5324

 

 

BALANCE SHEETS

 

 

 ( 31.12.2006 )  TL

 

 ( 31.12.2007 )  TL

 

 ( 31.12.2008 )  TL

 

CURRENT ASSETS

2.582.035

0,95

1.859.210

0,79

2.151.900

0,83

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

Cash and Banks

318.545

0,12

423.708

0,18

481.066

0,19

Marketable Securities

0

0,00

0

0,00

0

0,00

Account Receivable

980.071

0,36

951.289

0,40

895.893

0,35

Other Receivable

0

0,00

0

0,00

0

0,00

Inventories

1.124.321

0,41

383.514

0,16

679.518

0,26

Advances Given

0

0,00

15.445

0,01

0

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

Other Current Assets

159.098

0,06

85.254

0,04

95.423

0,04

NON-CURRENT ASSETS

132.042

0,05

503.876

0,21

440.979

0,17

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)

125.873

0,05

499.514

0,21

439.945

0,17

Intangible Assets

6.169

0,00

4.362

0,00

1.034

0,00

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

2.714.077

1,00

2.363.086

1,00

2.592.879

1,00

CURRENT LIABILITIES

1.005.676

0,37

414.007

0,18

1.008.573

0,39

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

20.000

0,01

12.727

0,01

0

0,00

Accounts Payable

128.252

0,05

375.000

0,16

240.738

0,09

Loans from Shareholders

837.247

0,31

0

0,00

414.219

0,16

Other Short-term Payable

0

0,00

0

0,00

340.245

0,13

Advances from Customers

0

0,00

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

Taxes Payable

20.177

0,01

26.280

0,01

13.371

0,01

Provisions

0

0,00

0

0,00

0

0,00

Other Current Liabilities

0

0,00

0

0,00

0

0,00

LONG-TERM LIABILITIES

0

0,00

0

0,00

0

0,00

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

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

1.708.401

0,63

1.949.079

0,82

1.584.306

0,61

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

Paid-in Capital

1.000.000

0,37

1.000.000

0,42

1.000.000

0,39

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

278.616

0,10

278.616

0,12

278.616

0,11

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

Reserves

184.857

0,07

429.785

0,18

89.986

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)

244.928

0,09

240.678

0,10

215.704

0,08

TOTAL LIABILITIES AND EQUITY

2.714.077

1,00

2.363.086

1,00

2.592.879

1,00

 

 

 

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

2.137.641

0,83

2.800.682

0,88

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

353.544

0,14

261.772

0,08

Marketable Securities

0

0,00

0

0,00

Account Receivable

934.988

0,36

882.447

0,28

Other Receivable

0

0,00

185.872

0,06

Inventories

766.240

0,30

1.337.362

0,42

Advances Given

2.371

0,00

0

0,00

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

80.498

0,03

133.229

0,04

NON-CURRENT ASSETS

430.940

0,17

396.410

0,12

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)

421.081

0,16

385.222

0,12

Intangible Assets

9.859

0,00

11.188

0,00

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

0

0,00

TOTAL ASSETS

2.568.581

1,00

3.197.092

1,00

CURRENT LIABILITIES

976.726

0,38

1.689.026

0,53

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

0

0,00

231.900

0,07

Accounts Payable

453.030

0,18

774.549

0,24

Loans from Shareholders

1.297

0,00

0

0,00

Other Short-term Payable

504.434

0,20

662.300

0,21

Advances from Customers

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

17.965

0,01

20.277

0,01

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

1.591.855

0,62

1.508.066

0,47

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

1.000.000

0,39

1.000.000

0,31

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

278.616

0,11

278.615

0,09

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

111.556

0,04

131.725

0,04

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

Net Profit (loss)

201.683

0,08

97.726

0,03

TOTAL LIABILITIES AND EQUITY

2.568.581

1,00

3.197.092

1,00

 

 

 

INCOME STATEMENTS

 

 

(2007) TL

 

(2008) TL

 

(2009) TL

 

Net Sales

7.459.174

1,00

5.216.167

1,00

2.401.093

1,00

Cost of Goods Sold

6.854.326

0,92

4.861.480

0,93

1.755.262

0,73

Gross Profit

604.848

0,08

354.687

0,07

645.831

0,27

Operating Expenses

413.326

0,06

394.578

0,08

456.947

0,19

Operating Profit

191.522

0,03

-39.891

-0,01

188.884

0,08

Other Income

241.246

0,03

326.695

0,06

119.699

0,05

Other Expenses

131.534

0,02

16.720

0,00

55.951

0,02

Financial Expenses

386

0,00

454

0,00

325

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

300.848

0,04

269.630

0,05

252.307

0,11

Tax Payable

60.170

0,01

53.926

0,01

50.624

0,02

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

240.678

0,03

215.704

0,04

201.683

0,08

 

 

 

(2010) TL

 

(01.01-31.03.2011) TL

 

Net Sales

3.251.090

1,00

1.105.799

1,00

Cost of Goods Sold

2.677.518

0,82

859.838

0,78

Gross Profit

573.572

0,18

245.961

0,22

Operating Expenses

505.208

0,16

169.260

0,15

Operating Profit

68.364

0,02

76.701

0,07

Other Income

66.528

0,02

0

0,00

Other Expenses

11.354

0,00

0

0,00

Financial Expenses

1.380

0,00

22.331

0,02

Minority Interests

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

Profit (loss) Before Tax

122.158

0,04

54.370

0,05

Tax Payable

24.432

0,01

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

Net Profit (loss)

97.726

0,03

54.370

0,05

 

 

FINANCIAL RATIOS

 

 

(2006)

(2007)

(2008)

(2009)

(2010)

LIQUIDITY RATIOS

 

Current Ratio

2,57

4,49

2,13

2,19

1,66

Acid-Test Ratio

1,29

3,32

1,37

1,32

0,79

Cash Ratio

0,32

1,02

0,48

0,36

0,15

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,41

0,16

0,26

0,30

0,42

Short-term Receivable/Total Assets

0,36

0,40

0,35

0,36

0,33

Tangible Assets/Total Assets

0,05

0,21

0,17

0,16

0,12

TURNOVER RATIOS

 

Inventory Turnover

6,10

12,68

2,58

3,49

0,64

Stockholders' Equity Turnover

4,37

2,68

1,52

2,04

0,73

Asset Turnover

2,75

2,21

0,93

1,27

0,35

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,63

0,82

0,61

0,62

0,47

Current Liabilities/Total Assets

0,37

0,18

0,39

0,38

0,53

Financial Leverage

0,37

0,18

0,39

0,38

0,53

Gearing Percentage

0,59

0,21

0,64

0,61

1,12

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,14

0,11

0,13

0,06

0,04

Operating Profit Margin

0,03

-0,01

0,08

0,02

0,07

Net Profit Margin

0,03

0,04

0,08

0,03

0,05

Interest Cover

780,40

594,90

777,33

89,52

3,43

COLLECTION-PAYMENT

 

Average Collection Period (days)

47,30

65,65

134,32

103,53

287,29

Average Payable Period (days)

6,74

27,77

49,37

60,91

324,29

WORKING CAPITAL

1576359,00

1445203,00

1143327,00

1160915,00

1111656,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.91

UK Pound

1

Rs.72.89

Euro

1

Rs.64.48

 

 

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

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NB

                                       New Business

 

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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.