MIRA INFORM REPORT

 

 

Report Date :

04.05.2011

 

IDENTIFICATION DETAILS

 

Correct Name :

NIL ORME SANAYI VE TICARET A.S.

 

 

Registered Office :

Cihangir Mah. Sehit J. Kom. Er Zafer Kiziltas Sok. No: 1 K:4 Avcilar Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2009

 

 

Date of Incorporation :

07.05.1987

 

 

Com. Reg. No.:

233741

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Woolen and cotton fabric weaving, manufacture, dyeing, pressing and trade of knitted fabric

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

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)

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

:

NIL ORME SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Cihangir Mah. Sehit J. Kom. Er Zafer Kiziltas Sok. No: 1 K:4 Avcilar Istanbul / Turkey

PHONE NUMBER

:

90-212-422 58 78

 

FAX NUMBER

:

90-212-422 83 63

90-212-422 83 64

 

WEB-ADDRESS

:

www.nilorme.com

E-MAIL

:

info@nilorme.com

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Dis Ticaret

TAX NO

:

6310048085

REGISTRATION NUMBER

:

233741

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

07.05.1987

ESTABLISHMENT GAZETTE DATE/NO

:

12.05.1987/1764

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   6.500.000

HISTORY

:

Previous Registered Capital

:

TL 3.000.000

Changed On

:

31.10.2008 (Commercial Gazette Date /Number 05.11.2008/ 7182)

Previous Registered Capital

:

TL 6.000.000

Changed On

:

04.06.2010 (Commercial Gazette Date /Number 10.06.2010/ 7582)

Previous Address

:

Keresteciler Sitesi, Ozgen Sokak (Akasya Sokak) No: 13 Merter- Istanbul

Changed On

:

15.10.2008 (Commercial Gazette Date /Number 20.10.2008/ 7171)

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Selim Ozersoy

34 %

Sait Cemil Ozersoy

32 %

Erdal Ozersoy

31 %

Ekrem Erdem Ozersoy

1 %

Veli Ozersoy

1 %

Mehmet Ozersoy

1 %

 

 

SISTER COMPANIES

:

BIYOGAZ LABORATUVAR HIZMETLERI LTD. STI.

NIL ENERJI URETIMI SANAYI VE TICARET A.S.

NIL SIGORTA ARACILIK HIZMETLERI LTD. STI.

NIL TURIZM YATIRIM INSAAT SANAYI VE TICARET A.S.

NILKA TEKSTIL SANAYI VE TICARET A.S.

NURTEK ORME TEKSTIL SANAYI VE TICARET LTD. STI.

 

BOARD OF DIRECTORS

:

Erdal Ozersoy

Chairman

Sait Cemil Ozersoy

Vice-Chairman

Selim Ozersoy

Member

 

 

DIRECTORS

:

Selim Ozersoy                                                                                                                                                                                                                                                                                   

General Manager

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Woolen and cotton fabric weaving, manufacture, dyeing, pressing and trade of knitted fabric.

 

The firm was also dealing with manufacture and trade of yarn but it stopped this activity at the beginning of 2007.

 

NACE CODE

:

DB.17.60

 

SECTOR

:

Textile

 

NUMBER OF EMPLOYEES

:

272

 

NET SALES

:

45.740.375 TL

(2005) 

40.565.553 TL

(2006) 

53.301.766 TL

(2007) 

55.907.439 TL

(2008) 

78.559.637 TL

(2009) 

77.178.394 TL

(01.01-30.06.2010) 

 

 

IMPORT COUNTRIES

:

Germany

India

Uzbekistan

Indonesia

 

MERCHANDISE IMPORTED

:

Machinery

Yarn

 

EXPORT VALUE

:

21.588.822 TL

(2005)

8.107.700 TL

(2006)

9.763.433 TL

(2007)

7.426.684 TL

(2008)

17.289.997 TL

(2009)

15.302.680 TL

(01.01-30.09.2010)

 

 

EXPORT COUNTRIES

:

Bulgaria

Romania

Russia

Italy

Serbia

Greece

Germany

France

Austria

Sweden

Poland

Georgia

 

MERCHANDISE  EXPORTED

:

Knitted crochet fabrics

Yarn

 

HEAD OFFICE ADDRESS

:

Cihangir Mah. Sehit J. Kom. Er Zafer Kiziltas Sok. No: 1 K:4 Avcilar  Istanbul / Turkey ( owned )

 

BRANCHES

:

Factory  :  Haciseremet Mevkii Onerler Yolu Uzeri Velimese Beldesi Corlu Tekirdag/Turkey (owned) (42.000 sqm)

                                                                                

INVESTMENTS

:

None

 

 

TREND OF BUSINESS

:

There was an upwards trend in 2009. There appears an upwards trend in 1.1 - 30.6.2010.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Garanti Bankasi Merter Branch

T. Finans Katilim Bankasi Zeytinburnu Branch

T. Halk Bankasi Gunesli Branch

T. Vakiflar Bankasi Merter Branch

Yapi ve Kredi Bankasi Keresteciler 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

:

 

(2006) TL

(2007) TL

(2008) TL

(2009) TL

(01.01-30.06.2010) TL

Net Sales

40.565.553

53.301.766

55.907.439

78.559.637

77.178.394

Profit (Loss) Before Tax

1.468.855

1.727.408

394.543

990.548

429.329

Stockholders' Equity

18.313.515

19.853.373

22.751.668

24.734.298

 

Total Assets

44.079.193

44.357.503

56.954.892

71.581.554

 

Current Assets

26.818.552

25.547.182

33.369.520

48.132.141

 

Non-Current Assets

17.260.641

18.810.321

23.585.372

23.449.413

 

Current Liabilities

20.633.851

17.298.623

25.449.652

40.311.905

 

Long-Term Liabilities

5.131.827

7.205.507

8.753.572

6.535.351

 

Gross Profit (loss)

353.627

3.301.009

2.164.106

3.205.106

244.912

Operating Profit (loss)

-956.919

1.865.554

627.659

1.262.803

-1.321.517

Net Profit (loss)

1.468.855

1.560.571

394.543

763.193

429.329

 

 

 

 

COMMENT ON FINANCIAL POSITION

                                                                

THE DETAILS OF THE CAPITAL INCREASE  AFTER LAST BALANCE SHEET

 

:

Cash Part

:99.430 TL

Equity Part

:400.570 TL

Payment Due Date

:04.09.2010

 

Capitalization

Fair

Liquidity

Insufficient

Remarks On Liquidity

The capital increase after the last balance sheet is expected to have a positive effect on liquidity since the last balance sheet date.

 

 The unfavorable gap between average collection and average payable period has an adverse effect on liquidity. 

 

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

 

Profitability

Operating Loss  in 2006

In Order Net Profitability  in 2006

Fair Operating Profitability  in 2007

In Order Net Profitability  in 2007

Low Operating Profitability  in 2008

Low Net Profitability  in 2008

Fair Operating Profitability  in 2009

Low Net Profitability  in 2009

Operating Loss (01.01-30.06.2010)

Low Net Profitability (01.01-30.06.2010)

 

Gap between average collection and payable periods

Unfavorable in 2009

General Financial Position

Unsatisfactory

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 01.01-30.06.2010)

4,93 %

1,5268

2,0325

2,3444

 ( 01.01-30.09.2010)

6,52 %

1,5178

2,0112

2,3426

 ( 01.01-31.10.2010)

7,80 %

1,5105

2,0088

2,3362

 

 

BALANCE SHEETS

 

 

 ( 31.12.2006 )  TL

 

 ( 31.12.2007 )  TL

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

CURRENT ASSETS

26.818.552

0,61

25.547.182

0,58

33.369.520

0,59

48.132.141

0,67

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

479.668

0,01

921.499

0,02

2.489.033

0,04

1.596.530

0,02

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

18.968.324

0,43

17.788.506

0,40

20.912.615

0,37

31.635.951

0,44

Other Receivable

0

0,00

0

0,00

0

0,00

0

0,00

Inventories

6.972.472

0,16

5.328.633

0,12

8.327.721

0,15

11.738.333

0,16

Advances Given

0

0,00

428.432

0,01

95.274

0,00

1.145.883

0,02

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

398.088

0,01

1.080.112

0,02

1.544.877

0,03

2.015.444

0,03

NON-CURRENT ASSETS

17.260.641

0,39

18.810.321

0,42

23.585.372

0,41

23.449.413

0,33

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

0

0,00

0

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

15.738.987

0,36

16.412.201

0,37

20.943.516

0,37

19.349.451

0,27

Intangible Assets

1.521.654

0,03

2.398.120

0,05

2.633.379

0,05

4.093.832

0,06

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

0

0,00

8.477

0,00

6.130

0,00

TOTAL ASSETS

44.079.193

1,00

44.357.503

1,00

56.954.892

1,00

71.581.554

1,00

CURRENT LIABILITIES

20.633.851

0,47

17.298.623

0,39

25.449.652

0,45

40.311.905

0,56

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

13.773.595

0,31

6.854.750

0,15

12.528.680

0,22

20.332.143

0,28

Accounts Payable

6.373.516

0,14

9.771.924

0,22

12.517.738

0,22

19.251.900

0,27

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

Other Short-term Payable

93.033

0,00

172.165

0,00

170.720

0,00

176.420

0,00

Advances from Customers

82.779

0,00

31.335

0,00

148.132

0,00

135.759

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

74.946

0,00

95.871

0,00

84.382

0,00

249.018

0,00

Provisions

0

0,00

166.837

0,00

0

0,00

137

0,00

Other Current Liabilities

235.982

0,01

205.741

0,00

0

0,00

166.528

0,00

LONG-TERM LIABILITIES

5.131.827

0,12

7.205.507

0,16

8.753.572

0,15

6.535.351

0,09

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

1.588.605

0,04

6.917.136

0,16

8.753.572

0,15

6.535.351

0,09

Securities Issued

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

0

0,00

0

0,00

Loans from Shareholders

3.543.222

0,08

288.371

0,01

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

18.313.515

0,42

19.853.373

0,45

22.751.668

0,40

24.734.298

0,35

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

3.000.000

0,07

3.000.000

0,07

5.350.042

0,09

6.000.000

0,08

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

10.510.798

0,24

10.510.798

0,24

10.510.798

0,18

10.510.798

0,15

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

3.333.862

0,08

4.782.004

0,11

6.496.285

0,11

7.059.737

0,10

Revaluation Fund

0

0,00

0

0,00

0

0,00

400.570

0,01

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

1.468.855

0,03

1.560.571

0,04

394.543

0,01

763.193

0,01

TOTAL LIABILITIES AND EQUITY

44.079.193

1,00

44.357.503

1,00

56.954.892

1,00

71.581.554

1,00

 

 

INCOME STATEMENTS

 

 

(2006) TL

 

(2007) TL

 

(2008) TL

 

(2009) TL

 

(01.01-30.06.2010) TL

 

Net Sales

40.565.553

1,00

53.301.766

1,00

55.907.439

1,00

78.559.637

1,00

77.178.394

1,00

Cost of Goods Sold

40.211.926

0,99

50.000.757

0,94

53.743.333

0,96

75.354.531

0,96

76.933.482

1,00

Gross Profit

353.627

0,01

3.301.009

0,06

2.164.106

0,04

3.205.106

0,04

244.912

0,00

Operating Expenses

1.310.546

0,03

1.435.455

0,03

1.536.447

0,03

1.942.303

0,02

1.566.429

0,02

Operating Profit

-956.919

-0,02

1.865.554

0,03

627.659

0,01

1.262.803

0,02

-1.321.517

-0,02

Other Income

3.009.929

0,07

1.745.300

0,03

1.343.286

0,02

2.613.662

0,03

3.072.280

0,04

Other Expenses

584.155

0,01

1.803.540

0,03

1.533.722

0,03

2.638.186

0,03

1.306.849

0,02

Financial Expenses

0

0,00

79.906

0,00

42.680

0,00

247.731

0,00

14.585

0,00

Minority Interests

0

0,00

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

0

0,00

Profit (loss) Before Tax

1.468.855

0,04

1.727.408

0,03

394.543

0,01

990.548

0,01

429.329

0,01

Tax Payable

0

0,00

166.837

0,00

0

0,00

227.355

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

1.468.855

0,04

1.560.571

0,03

394.543

0,01

763.193

0,01

429.329

0,01

 

FINANCIAL RATIOS

 

 

(2006)

(2007)

(2008)

(2009)

 

LIQUIDITY RATIOS

 

 

 

 

 

Current Ratio

1,30

1,48

1,31

1,19

 

Acid-Test Ratio

0,94

1,08

0,92

0,82

 

Cash Ratio

0,02

0,05

0,10

0,04

 

ASSET STRUCTURE RATIOS

 

 

 

 

 

Inventory/Total Assets

0,16

0,12

0,15

0,16

 

Short-term Receivable/Total Assets

0,43

0,40

0,37

0,44

 

Tangible Assets/Total Assets

0,36

0,37

0,37

0,27

 

TURNOVER RATIOS

 

 

 

 

 

Inventory Turnover

5,77

9,38

6,45

6,42

 

Stockholders' Equity Turnover

2,22

2,68

2,46

3,18

 

Asset Turnover

0,92

1,20

0,98

1,10

 

FINANCIAL STRUCTURE

 

 

 

 

 

Stockholders' Equity/Total Assets

0,42

0,45

0,40

0,35

 

Current Liabilities/Total Assets

0,47

0,39

0,45

0,56

 

Financial Leverage

0,58

0,55

0,60

0,65

 

Gearing Percentage

1,41

1,23

1,50

1,89

 

PROFITABILITY RATIOS

 

 

 

 

 

Net Profit/Stockholders' Eq.

0,08

0,08

0,02

0,03

 

Operating Profit Margin

-0,02

0,03

0,01

0,02

 

Net Profit Margin

0,04

0,03

0,01

0,01

 

Interest Cover

 

22,62

10,24

5,00

 

COLLECTION-PAYMENT

 

 

 

 

 

Average Collection Period (days)

168,33

120,14

134,66

144,97

 

Average Payable Period (days)

57,06

70,36

83,85

91,97

 

WORKING CAPITAL

6184701,00

8248559,00

7919868,00

7820236,00

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.34

UK Pound

1

Rs.73.69

Euro

1

Rs.65.75

 

 

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.