MIRA INFORM REPORT

 

 

Report Date :           

31.10.2011

 

IDENTIFICATION DETAILS

 

Name :

LION IC VE DIS TICARET LTD. STI. 

 

 

Registered Office :

Istasyon Arkasi Sok. No:23 K:2 Oda No:8 Sirkeci Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

25.12.1985

 

 

Com. Reg. No.:

220219

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Trade of automotive spare parts, industrial textiles and chemical substance

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

2.300 USD

 

 

Status :

Moderate

 

 

Payment Behaviour :

Usually 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 – 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

 

 

NOTES

:

Address at your inquiry is the former address.

 

 

COMPANY IDENTIFICATION

 

NAME

:

LION IC VE DIS TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Istasyon Arkasi Sok. No:23 K:2 Oda No:8 Sirkeci Istanbul / Turkey

PHONE NUMBER

:

90-212-527 00 75

 

FAX NUMBER

:

90-212-522 51 35

 

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Hocapasa

TAX NO

:

6090007593

REGISTRATION NUMBER

:

220219

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

25.12.1985

ESTABLISHMENT GAZETTE DATE /NO

:

30.12.1985/1419

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   5.000

PAID-IN CAPITAL

:

TL   5.000

HISTORY

:

Previous Address

:

Orhaniye Cad. No:34 Kat:4 Oda No:12 Eminonu Sirkeci/Istanbul

Changed On

:

13.05.2011 (Commercial Gazette Date /Number 20.05.2011/ 7819)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Ilyas Tola

50 %

Necmettin Tola

50 %

 

 

SISTER COMPANIES

:

Declared to be: None

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Necmettin Tola

 

Ilyas Tola

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Trade of automotive spare parts, industrial textiles and chemical substance.  

 

NACE CODE

:

G .51.90

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

2

 

NET SALES

:

139.099 TL

(2009) 

106.750 TL

(2010) 

74.616 TL

(01.01-30.06.2011) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT VALUE

:

45.000 USD

(2009)

40.000 USD

(2010)

 

 

IMPORT COUNTRIES

:

India

 

MERCHANDISE IMPORTED

:

Automotive spare parts

 

EXPORT VALUE

:

0 TL

(2009)

0 TL

(2010)

0 TL

(01.01-30.06.2011)

HEAD OFFICE ADDRESS

:

Istasyon Arkasi Sok. No:23 K:2 Oda No:8 Sirkeci Istanbul / Turkey (rented) (20 sqm)

 

INVESTMENTS

:

None

 

 

TREND OF BUSINESS

:

There was a decline at business volume in nominal terms in 2010. There appears an upwards trend in 1.1 - 30.6.2011.

SIZE OF BUSINESS

:

Small

 

 

FINANCE

 

MAIN DEALING BANKS

:

HSBC Bank Istanbul Branch

 

CREDIT FACILITIES

:

The subject company is making use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2009) TL

(2010) TL

(01.01-30.06.2011) TL

 

 

Net Sales

139.099

106.750

74.616

 

 

Profit (Loss) Before Tax

4.330

-1.775

695

 

 

Stockholders' Equity

10.358

8.583

 

 

 

Total Assets

18.969

31.465

 

 

 

Current Assets

14.850

29.609

 

 

 

Non-Current Assets

4.119

1.856

 

 

 

Current Liabilities

8.611

22.882

 

 

 

Long-Term Liabilities

0

0

 

 

 

Gross Profit (loss)

17.958

22.130

12.278

 

 

Operating Profit (loss)

-1.637

2.033

1.087

 

 

Net Profit (loss)

3.718

-1.775

695

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Fair 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

High 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.

Profitability

Operating Loss  in 2009

In Order Net Profitability  in 2009

Fair Operating Profitability  in 2010

Net Loss  in 2010

Low 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 2.300 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

 ( 01.01-30.06.2011)

6,21 %

1,5771

2,2246

2,5422

 ( 01.01-30.09.2011)

9,72 %

1,6335

2,3016

2,6294

 

 

BALANCE SHEETS

 

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 

 

CURRENT ASSETS

14.850

0,78

29.609

0,94

 

 

Not Detailed Current Assets

0

0,00

0

0,00

 

 

Cash and Banks

2.695

0,14

14.905

0,47

 

 

Marketable Securities

0

0,00

0

0,00

 

 

Account Receivable

8.711

0,46

1.363

0,04

 

 

Other Receivable

0

0,00

0

0,00

 

 

Inventories

0

0,00

0

0,00

 

 

Advances Given

0

0,00

11.527

0,37

 

 

Accumulated Construction Expense

0

0,00

0

0,00

 

 

Other Current Assets

3.444

0,18

1.814

0,06

 

 

NON-CURRENT ASSETS

4.119

0,22

1.856

0,06

 

 

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)

3.740

0,20

1.477

0,05

 

 

Intangible Assets

0

0,00

0

0,00

 

 

Deferred Tax Assets

0

0,00

0

0,00

 

 

Other Non-Current Assets

379

0,02

379

0,01

 

 

TOTAL ASSETS

18.969

1,00

31.465

1,00

 

 

CURRENT LIABILITIES

8.611

0,45

22.882

0,73

 

 

Not Detailed Current Liabilities

0

0,00

0

0,00

 

 

Financial Loans

0

0,00

2.766

0,09

 

 

Accounts Payable

4.443

0,23

0

0,00

 

 

Loans from Shareholders

2.609

0,14

7.306

0,23

 

 

Other Short-term Payable

800

0,04

1.730

0,05

 

 

Advances from Customers

0

0,00

10.500

0,33

 

 

Accumulated Construction Income

0

0,00

0

0,00

 

 

Taxes Payable

190

0,01

580

0,02

 

 

Provisions

569

0,03

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

10.358

0,55

8.583

0,27

 

 

Not Detailed Stockholders' Equity

0

0,00

0

0,00

 

 

Paid-in Capital

5.000

0,26

5.000

0,16

 

 

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

 

 

Inflation Adjustment of Capital

20.431

1,08

20.431

0,65

 

 

Equity of Consolidated Firms

0

0,00

0

0,00

 

 

Reserves

5.394

0,28

9.112

0,29

 

 

Revaluation Fund

0

0,00

0

0,00

 

 

Accumulated Losses(-)

-24.185

-1,27

-24.185

-0,77

 

 

Net Profit (loss)

3.718

0,20

-1.775

-0,06

 

 

TOTAL LIABILITIES AND EQUITY

18.969

1,00

31.465

1,00

 

 

 

 

INCOME STATEMENTS

 

 

(2009) TL

 

(2010) TL

 

(01.01-30.06.2011) TL

 

Net Sales

139.099

1,00

106.750

1,00

74.616

1,00

Cost of Goods Sold

121.141

0,87

84.620

0,79

62.338

0,84

Gross Profit

17.958

0,13

22.130

0,21

12.278

0,16

Operating Expenses

19.595

0,14

20.097

0,19

11.191

0,15

Operating Profit

-1.637

-0,01

2.033

0,02

1.087

0,01

Other Income

5.967

0,04

209

0,00

0

0,00

Other Expenses

0

0,00

2.185

0,02

0

0,00

Financial Expenses

0

0,00

1.832

0,02

392

0,01

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

4.330

0,03

-1.775

-0,02

695

0,01

Tax Payable

612

0,00

0

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

3.718

0,03

-1.775

-0,02

695

0,01

 

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

 

LIQUIDITY RATIOS

 

 

Current Ratio

1,72

1,29

 

Acid-Test Ratio

1,32

0,71

 

Cash Ratio

0,31

0,65

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,00

0,00

 

Short-term Receivable/Total Assets

0,46

0,04

 

Tangible Assets/Total Assets

0,20

0,05

 

TURNOVER RATIOS

 

 

Inventory Turnover

 

 

 

Stockholders' Equity Turnover

13,43

12,44

 

Asset Turnover

7,33

3,39

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,55

0,27

 

Current Liabilities/Total Assets

0,45

0,73

 

Financial Leverage

0,45

0,73

 

Gearing Percentage

0,83

2,67

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,36

-0,21

 

Operating Profit Margin

-0,01

0,02

 

Net Profit Margin

0,03

-0,02

 

Interest Cover

 

0,03

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

22,54

4,60

 

Average Payable Period (days)

13,20

0,00

 

WORKING CAPITAL

6239,00

6727,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.48.82

UK Pound

1

Rs.78.57

Euro

1

Rs.69.29

 

 

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.