MIRA INFORM REPORT

 

 

Report Date :           

19.11.2011

 

IDENTIFICATION DETAILS

 

Name :

KUZEY DERI SANAYI VE TICARET A.S.

 

 

Registered Office :

Halkali Cad. No:202/A Sefakoy Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

18.01.1990

 

 

Com. Reg. No.:

261435

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Processing and 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 :

630.000 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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

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

:

KUZEY DERI SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Halkali Cad. No:202/A Sefakoy Istanbul / Turkey

PHONE NUMBER

:

90-212-698 91 44

 

FAX NUMBER

:

90-212-698 91 48

 

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Marmara Kurumlar

TAX NO

:

6010027263

REGISTRATION NUMBER

:

261435

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

18.01.1990

ESTABLISHMENT GAZETTE DATE/NO

:

26.01.1990/2452

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   1.750.000

PAID-IN CAPITAL

:

TL   1.750.000

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Antuan Azizof

45 %

Sadi Ogul

45 %

Ernest Azizof

2,50 %

Katidoldi Azizof

2,50 %

Mehmet Suavi Olgun

2,50 %

Rasime Ogul

2,50 %

 

 

SISTER COMPANIES

:

KUZEY KURK-DERI TEKSTIL INSAAT TAAHHUT SANAYI VE TICARET A.S.

 

SUBSIDIARIES

:

None

 

BOARD OF DIRECTORS

:

Sadi Ogul

Chairman

Antuan Azizof

Vice-Chairman

Mehmet Suavi Olgun

Member

OPERATIONS

 

BUSINESS ACTIVITIES

:

Processing and trade of leather.

 

NACE CODE

:

DC.19.10

 

NUMBER OF EMPLOYEES

:

47

 

NET SALES

:

6.705.745 TL

(2009) 

10.297.983 TL

(2010) 

5.808.652 TL

(01.01-30.09.2011) 

 

 

EXPORT VALUE

:

38.733 TL

(2009)

17.532 TL

(2010)

0 TL

(01.01-30.09.2011)

 

 

EXPORT COUNTRIES

:

Spain

 

MERCHANDISE  EXPORTED

:

Leather

 

HEAD OFFICE ADDRESS

:

Halkali Cad. No:202/A Sefakoy Istanbul / Turkey ( rented )

 

BRANCHES

:

Warehouse  :  Halkali Cad. Sefakoy Istanbul/Turkey (rented) (200 sqm)

 

Head Office/Processing Plant  :  Halkali Cad. No:202/A Sefakoy Istanbul/Turkey (rented) (2.100 sqm)

 

INVESTMENTS

:

None

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2010. There appears a decline at business volume in nominal terms in  1.1 - 30.9.2011.

SIZE OF BUSINESS

:

Upper-Medium

 

 

FINANCE

 

MAIN DEALING BANKS

:

Garanti Bankasi Sefakoy Branch

Yapi ve Kredi Bankasi Sefakoy Sanayi Branch

 

CREDIT FACILITIES

:

No credit facility has come to our knowledge.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2010) TL

(01.01-30.09.2011) TL

 

 

 

Net Sales

10.297.983

5.808.652

 

 

 

Profit (Loss) Before Tax

557.017

264.852

 

 

 

Stockholders' Equity

3.099.510

 

 

 

 

Total Assets

7.566.369

 

 

 

 

Current Assets

5.851.667

 

 

 

 

Non-Current Assets

1.714.702

 

 

 

 

Current Liabilities

4.466.859

 

 

 

 

Long-Term Liabilities

0

 

 

 

 

Gross Profit (loss)

1.563.602

1.038.100

 

 

 

Operating Profit (loss)

554.312

259.659

 

 

 

Net Profit (loss)

557.017

264.852

 

 

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Good As of 31.12.2010

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

Satisfactory As of 31.12.2010

Remarks On Liquidity

A part of current liabilities consist of short-term loans from shareholders rather than liabilities to third parties. 

 

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

In Order Operating Profitability  in 2010

Good Net Profitability  in 2010

In Order Operating Profitability (01.01-30.09.2011)

Good Net Profitability (01.01-30.09.2011)

 

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 630.000 USD may be granted to the subject company.

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2009 )

5,93 %

1,5460

2,1529

2,4094

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 ( 01.01-30.09.2011)

9,72 %

1,6335

2,3016

2,6294

 ( 01.01-31.10.2011)

11,48 %

1,6444

2,3157

2,6459

 

Balance sheet

 

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

5.851.667

0,77

Not Detailed Current Assets

0

0,00

Cash and Banks

74.905

0,01

Marketable Securities

0

0,00

Account Receivable

2.807.629

0,37

Other Receivable

0

0,00

Inventories

2.573.552

0,34

Advances Given

344.697

0,05

Accumulated Construction Expense

0

0,00

Other Current Assets

50.884

0,01

NON-CURRENT ASSETS

1.714.702

0,23

Not Detailed Non-Current Assets

0

0,00

Long-term Receivable

0

0,00

Financial Assets

0

0,00

Tangible Fixed Assets (net)

125.498

0,02

Intangible Assets

147.963

0,02

Deferred Tax Assets

0

0,00

Other Non-Current Assets

1.441.241

0,19

TOTAL ASSETS

7.566.369

1,00

CURRENT LIABILITIES

4.466.859

0,59

Not Detailed Current Liabilities

0

0,00

Financial Loans

0

0,00

Accounts Payable

1.509.543

0,20

Loans from Shareholders

2.378.709

0,31

Other Short-term Payable

0

0,00

Advances from Customers

350.828

0,05

Accumulated Construction Income

0

0,00

Taxes Payable

227.779

0,03

Provisions

0

0,00

Other Current Liabilities

0

0,00

LONG-TERM LIABILITIES

0

0,00

Not Detailed Long-term Liabilities

0

0,00

Financial Loans

0

0,00

Securities Issued

0

0,00

Long-term Payable

0

0,00

Loans from Shareholders

0

0,00

Other Long-term Liabilities

0

0,00

Provisions

0

0,00

STOCKHOLDERS' EQUITY

3.099.510

0,41

Not Detailed Stockholders' Equity

0

0,00

Paid-in Capital

1.750.000

0,23

Cross Shareholding Adjustment of Capital

0

0,00

Inflation Adjustment of Capital

3.068.154

0,41

Equity of Consolidated Firms

0

0,00

Reserves

331.310

0,04

Revaluation Fund

0

0,00

Accumulated Losses(-)

-2.606.971

-0,34

Net Profit (loss)

557.017

0,07

TOTAL LIABILITIES AND EQUITY

7.566.369

1,00

 

 

INCOME STATEMENTS

 

 

(2010) TL

 

(01.01-30.09.2011) TL

 

Net Sales

10.297.983

1,00

5.808.652

1,00

Cost of Goods Sold

8.734.381

0,85

4.770.552

0,82

Gross Profit

1.563.602

0,15

1.038.100

0,18

Operating Expenses

1.009.290

0,10

778.441

0,13

Operating Profit

554.312

0,05

259.659

0,04

Other Income

5.000

0,00

6.229

0,00

Other Expenses

2.295

0,00

1.036

0,00

Financial Expenses

0

0,00

0

0,00

Minority Interests

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

Profit (loss) Before Tax

557.017

0,05

264.852

0,05

Tax Payable

0

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

Net Profit (loss)

557.017

0,05

264.852

0,05

 

FINANCIAL RATIOS

 

 

(2010)

LIQUIDITY RATIOS

 

Current Ratio

1,31

Acid-Test Ratio

0,65

Cash Ratio

0,02

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,34

Short-term Receivable/Total Assets

0,37

Tangible Assets/Total Assets

0,02

TURNOVER RATIOS

 

Inventory Turnover

3,39

Stockholders' Equity Turnover

3,32

Asset Turnover

1,36

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,41

Current Liabilities/Total Assets

0,59

Financial Leverage

0,59

Gearing Percentage

1,44

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,18

Operating Profit Margin

0,05

Net Profit Margin

0,05

Interest Cover

 

COLLECTION-PAYMENT

 

Average Collection Period (days)

98,15

Average Payable Period (days)

62,22

WORKING CAPITAL

1384808,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.35

UK Pound

1

Rs.80.97

Euro

1

Rs.68.26

 

 

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.