MIRA INFORM REPORT

 

 

Report Date :           

01.10.2011

 

IDENTIFICATION DETAILS

 

Correct Name :

APEKS TEKSTIL DIS TICARET LTD. STI.

 

 

Registered Office :

Demirhendek Cad. No:154 Siteler Ankara

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

21.08.2002

 

 

Com. Reg. No.:

172964

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Trade of home textile products such as carpet, rug, bed-linen, etc.

 

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 :

1.220.000 USD

 

 

Status :

Satisfactory

 

 

Payment Behaviors:

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

 

NOTES

:

Full name of the firm was missing at your inquiry.

Address at your inquiry is not the registered head office but another premise.

 

 

COMPANY IDENTIFICATION

 

NAME

:

APEKS TEKSTIL DIS TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Demirhendek Cad. No:154 Siteler Ankara / Turkey

PHONE NUMBER

:

90-312-350 00 50

 

FAX NUMBER

:

90-312-350 00 66

 

WEB-ADDRESS

:

www.apexhali.com

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Muhammet Karaguzel

TAX NO

:

0710264127

REGISTRATION NUMBER

:

172964

REGISTERED OFFICE

:

Ankara Chamber of Commerce

DATE ESTABLISHED

:

21.08.2002

ESTABLISHMENT GAZETTE DATE/NO

:

26.08.2002/5621

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   2.000.000

PAID-IN CAPITAL

:

TL   2.000.000

HISTORY

:

Previous Registered Capital

:

TL 1.000.000

Changed On

:

05.01.2007 (Commercial Gazette Date /Number 12.01.2007/ 6722)

Previous Address

:

Emek Mah. 71 Sok. N:6/A Emek- Ankara

Changed On

:

02.05.2006 (Commercial Gazette Date /Number 05.05.2006/ 6550)

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Mustafa Adnan Ilhan

50 %

Mehmet Akif Ilhan

50 %

 

 

DIRECTORS

:

Mustafa Adnan Ilhan                                                                                                                                                                                                                                                                                   

 

Mehmet Akif Ilhan                                                                                                                                                                                                                                                                                   

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Trade of home textile products such as carpet, rug, bed-linen, etc. 

 

NACE CODE

:

G .51.47

 

SECTOR

:

Commerce

 

REPRESENTATIVE OF

:

Jackson Carpet   (China)

 

TRADEMARKS TRADED

:

Apex

Casandra

 

NUMBER OF EMPLOYEES

:

26

 

NET SALES

:

6.741.595 TL

(2007) 

8.837.775 TL

(2008) 

9.224.597 TL

(2009) 

13.851.810 TL

(2010) 

9.257.212 TL

(01.01-30.06.2011) 

 

 

CAPACITY

:

None

 

RODUCTION

:

None

 

IMPORT VALUE

:

3.500.000 USD

(2009)

84.072 EUR + 4.500.811 USD

(2010)

1.615.794 USD

(01.01-15.05.2011)

 

 

 

IMPORT COUNTRIES

:

India

China

Germany

U.A.E.

Saudi Arabia

 

MERCHANDISE IMPORTED

:

Bed-linen

Carpet

 

EXPORT VALUE

:

0 TL

(2007)

0 TL

(2008)

0 TL

(2009)

71.786 TL

(2010)

15.432 TL

(01.01-30.06.2011)

 

 

EXPORT COUNTRIES

:

Iran

Netherlands

Italy

Lebanon

Northern Cyprus Turkish Republic

 

MERCHANDISE  EXPORTED

:

Bed linen

Carpet

 

HEAD OFFICE ADDRESS

:

Demirhendek Cad. No:154 Siteler  Ankara / Turkey ( rented )

 

BRANCHES

:

Store  :  Masko 2A Ikitelli Istanbul/Turkey (rented)

 

Store  :  Optimum AVM No:5 Ankara/Turkey (rented)

                                                                                

INVESTMENTS

:

None

 

 

 

TREND OF BUSINESS

:

There was an upwards trend in 2010. There appears an upwards trend in 1.1 - 30.6.2011.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Bahcelievler Branch

Garanti Bankasi Kizilay Branch

Halk Bankasi Ankara Merkez Branch

Sekerbank Kecioren Branch

T .Is Bankasi Cankaya Branch

Yapi ve Kredi Bankasi Siteler 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

:

 

(2007) TL

(2008) TL

(2009) TL

(2010) TL

(01.01-30.06.2011) TL

Net Sales

6.741.595

8.837.775

9.224.597

13.851.810

9.257.212

Profit (Loss) Before Tax

1.146.484

645.855

200.940

1.020.409

62.206

Stockholders' Equity

3.081.965

3.591.248

3.746.771

4.564.345

 

Total Assets

6.624.237

9.350.838

11.046.194

14.751.986

 

Current Assets

6.407.022

9.100.169

10.848.036

14.459.608

 

Non-Current Assets

217.215

250.669

198.158

292.378

 

Current Liabilities

3.542.272

5.759.590

7.299.423

7.773.161

 

Long-Term Liabilities

0

0

0

2.414.480

 

Gross Profit (loss)

2.419.048

2.076.013

2.268.639

3.071.810

1.219.152

Operating Profit (loss)

1.720.598

733.349

1.012.580

1.755.327

358.988

Net Profit (loss)

916.186

509.284

155.522

809.942

62.206

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Fair As of 31.12.2010

Remarks on Capitalization

A part of liabilities consist of loans from shareholders.

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

High Operating Profitability  in 2007

High Net Profitability  in 2007

Good Operating Profitability  in 2008

High Net Profitability  in 2008

High Operating Profitability  in 2009

Fair Net Profitability  in 2009

High Operating Profitability  in 2010

High Net Profitability  in 2010

In Order Operating Profitability (01.01-30.06.2011)

Low Net Profitability (01.01-30.06.2011)

 

Gap between average collection and payable periods

Unfavorable in 2010

General Financial Position

Satisfactory

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 1.220.000 USD may be granted to the subject company.

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 01.01-30.06.2011)

6,21 %

1,5771

2,2246

2,5422

 ( 01.01-31.08.2011)

8,05 %

1,6083

2,2781

2,5994

 

 

 

BALANCE SHEETS

 

 

 ( 31.12.2007 )  TL

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

6.407.022

0,97

9.100.169

0,97

10.848.036

0,98

14.459.608

0,98

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

2.888.142

0,44

6.981.644

0,75

6.162.267

0,56

11.259.997

0,76

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

2.670.004

0,40

1.319.681

0,14

2.489.571

0,23

1.782.578

0,12

Other Receivable

1

0,00

0

0,00

2.000

0,00

2.000

0,00

Inventories

657.512

0,10

219.452

0,02

330.372

0,03

130.333

0,01

Advances Given

75.832

0,01

270.684

0,03

659.293

0,06

663.381

0,04

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

621.319

0,04

Other Current Assets

115.531

0,02

308.708

0,03

1.204.533

0,11

0

0,00

NON-CURRENT ASSETS

217.215

0,03

250.669

0,03

198.158

0,02

292.378

0,02

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

358

0,00

1.420

0,00

1.420

0,00

1.151

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

202.787

0,03

141.867

0,02

96.295

0,01

248.073

0,02

Intangible Assets

14.070

0,00

107.382

0,01

100.443

0,01

43.154

0,00

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

0

0,00

0

0,00

TOTAL ASSETS

6.624.237

1,00

9.350.838

1,00

11.046.194

1,00

14.751.986

1,00

CURRENT LIABILITIES

3.542.272

0,53

5.759.590

0,62

7.299.423

0,66

7.773.161

0,53

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

1.839.598

0,28

3.227.245

0,35

3.039.144

0,28

3.003.008

0,20

Accounts Payable

40.355

0,01

88.539

0,01

3.145.234

0,28

881.463

0,06

Loans from Shareholders

443.936

0,07

0

0,00

0

0,00

467.136

0,03

Other Short-term Payable

6.468

0,00

8.893

0,00

23.821

0,00

762

0,00

Advances from Customers

989.311

0,15

2.243.654

0,24

1.059.329

0,10

2.928.634

0,20

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

222.604

0,03

54.688

0,01

31.895

0,00

73.707

0,00

Provisions

0

0,00

136.571

0,01

0

0,00

0

0,00

Other Current Liabilities

0

0,00

0

0,00

0

0,00

418.451

0,03

LONG-TERM LIABILITIES

0

0,00

0

0,00

0

0,00

2.414.480

0,16

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

0

0,00

2.237.395

0,15

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

0

0,00

0

0,00

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

0

0,00

177.085

0,01

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

3.081.965

0,47

3.591.248

0,38

3.746.771

0,34

4.564.345

0,31

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

2.000.000

0,30

2.000.000

0,21

2.000.000

0,18

2.000.000

0,14

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

14.411

0,00

14.411

0,00

14.411

0,00

14.411

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

151.368

0,02

1.067.553

0,11

1.576.838

0,14

1.739.992

0,12

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

916.186

0,14

509.284

0,05

155.522

0,01

809.942

0,05

TOTAL LIABILITIES AND EQUITY

6.624.237

1,00

9.350.838

1,00

11.046.194

1,00

14.751.986

1,00

 

 

INCOME STATEMENTS

 

 

(2007) TL

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(01.01-30.06.2011) TL

 

Net Sales

6.741.595

1,00

8.837.775

1,00

9.224.597

1,00

13.851.810

1,00

9.257.212

1,00

Cost of Goods Sold

4.322.547

0,64

6.761.762

0,77

6.955.958

0,75

10.780.000

0,78

8.038.060

0,87

Gross Profit

2.419.048

0,36

2.076.013

0,23

2.268.639

0,25

3.071.810

0,22

1.219.152

0,13

Operating Expenses

698.450

0,10

1.342.664

0,15

1.256.059

0,14

1.316.483

0,10

860.164

0,09

Operating Profit

1.720.598

0,26

733.349

0,08

1.012.580

0,11

1.755.327

0,13

358.988

0,04

Other Income

1.522

0,00

319.778

0,04

21.764

0,00

269.081

0,02

254.002

0,03

Other Expenses

569.236

0,08

0

0,00

26.691

0,00

493.090

0,04

187.721

0,02

Financial Expenses

6.400

0,00

407.272

0,05

806.713

0,09

510.909

0,04

363.063

0,04

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

1.146.484

0,17

645.855

0,07

200.940

0,02

1.020.409

0,07

62.206

0,01

Tax Payable

230.298

0,03

136.571

0,02

45.418

0,00

210.467

0,02

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

916.186

0,14

509.284

0,06

155.522

0,02

809.942

0,06

62.206

0,01

 

FINANCIAL RATIOS

 

 

(2007)

(2008)

(2009)

(2010)

LIQUIDITY RATIOS

 

 

Current Ratio

1,81

1,58

1,49

1,86

Acid-Test Ratio

1,57

1,44

1,19

1,68

Cash Ratio

0,82

1,21

0,84

1,45

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,10

0,02

0,03

0,01

Short-term Receivable/Total Assets

0,40

0,14

0,23

0,12

Tangible Assets/Total Assets

0,03

0,02

0,01

0,02

TURNOVER RATIOS

 

 

Inventory Turnover

6,57

30,81

21,05

82,71

Stockholders' Equity Turnover

2,19

2,46

2,46

3,03

Asset Turnover

1,02

0,95

0,84

0,94

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,47

0,38

0,34

0,31

Current Liabilities/Total Assets

0,53

0,62

0,66

0,53

Financial Leverage

0,53

0,62

0,66

0,69

Gearing Percentage

1,15

1,60

1,95

2,23

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,30

0,14

0,04

0,18

Operating Profit Margin

0,26

0,08

0,11

0,13

Net Profit Margin

0,14

0,06

0,02

0,06

Interest Cover

180,14

2,59

1,25

3,00

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

142,60

53,81

97,21

46,36

Average Payable Period (days)

3,36

4,71

162,78

29,44

WORKING CAPITAL

2864750,00

3340579,00

3548613,00

6686447,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.48.93

UK Pound

1

Rs.76.52

Euro

1

Rs.66.65

 

 

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.