MIRA INFORM REPORT

 

 

Report Date :

31.10.2011

 

IDENTIFICATION DETAILS

 

Name :

YAHYA KIMYA TEKSTIL ITHALAT IHRACAT SANAYI VE TICARET LTD. STI.

 

 

Registered Office :

Karma Organize Sanayi Bolgesi 2.Cadde No:12 Usak

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

06.03.2009

 

 

Com. Reg. No.:

6996

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Wholesale trade of leather chemicals. 

 

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 :

340.000 EUR

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 30, 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.

 

Head office has been moved but the movement hasn’t been registered at Commercial Registry..

 

 

COMPANY IDENTIFICATION

 

NAME

:

YAHYA KIMYA TEKSTIL ITHALAT IHRACAT SANAYI VE TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Karma Organize Sanayi Bolgesi 2.Cadde No:12 Usak / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The subject moved from “Karma Organize Sanayi Bolgesi 2.Cadde No:15 Usak“ to “Karma Organize Sanayi Bolgesi 2.Cadde No:12 Usak“. However the new address has not been registered at Commercial Registry yet.

PHONE NUMBER

:

90-276-234 01 69

 

FAX NUMBER

:

90-276-234 01 79

 

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Usak

TAX NO

:

9280432368

REGISTRATION NUMBER

:

6996

REGISTERED OFFICE

:

Usak Chamber of Commerce and Industry

DATE ESTABLISHED

:

06.03.2009

ESTABLISHMENT GAZETTE DATE /NO

:

18.03.2009/7272

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   1.500.000

PAID-IN CAPITAL

:

TL   1.500.000

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Mehmet Tascan

50 %

Nimetullah Tascan

50 %

 

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Nimetullah Tascan

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Wholesale trade of leather chemicals. 

 

NACE CODE

:

G .51.55

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

10

 

NET SALES

:

2.704.564 TL

(06.03-31.12.2009) 

5.349.054 TL

(2010) 

2.022.805 TL

(01.01-31.03.2011) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

 

IMPORT VALUE

:

807.509 TL

(06.03-31.12.2009)

 

 

IMPORT COUNTRIES

:

India

Germany

Italy

 

MERCHANDISE IMPORTED

:

Leather chemicals

 

EXPORT VALUE

:

0 TL

(2009)

0 TL

(2010)

0 TL

(01.01-31.03.2011)

 

 

HEAD OFFICE ADDRESS

:

Karma Organize Sanayi Bolgesi 2.Cadde No:12 Usak / Turkey (rented)

 

INVESTMENTS

:

None

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2010.

SIZE OF BUSINESS

:

Lower-Medium

 

 

 

 

FINANCE

 

MAIN DEALING BANKS

:

Kuveyt Turk Katilim Bankasi Usak Branch

Yapi ve Kredi Bankasi Usak Branch

 

CREDIT FACILITIES

:

No credit facility has come to our knowledge.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

 

KEY FINANCIAL ELEMENTS

:

 

(06.03-31.12.2009) TL

(2010) TL

(01.01-31.03.2011) TL

Net Sales

2.704.564

5.349.054

2.022.805

Profit (Loss) Before Tax

50.459

78.006

15.811

Stockholders' Equity

531.293

1.602.513

 

Total Assets

1.771.667

3.593.276

 

Current Assets

1.723.725

3.555.241

 

Non-Current Assets

47.942

38.035

 

Current Liabilities

1.240.374

1.990.763

 

Long-Term Liabilities

0

0

 

Gross Profit (loss)

140.228

183.295

57.543

Operating Profit (loss)

52.400

29.530

22.498

Net Profit (loss)

40.328

62.185

15.811

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

In Order 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

Fair Operating Profitability (06.03-31.12.2009)

Low Net Profitability (06.03-31.12.2009)

Low Operating Profitability  in 2010

Low Net Profitability  in 2010

Low Operating Profitability (01.01-31.03.2011)

Low Net Profitability (01.01-31.03.2011)

 

Gap between average collection and payable periods

Unfavorable in 2010

General Financial Position

In Order

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT LIMIT

 

:

340.000 EUR

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 340.000 EUR 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

 ( 01.01-31.03.2011)

5,40 %

1,5753

2,1664

2,5072

 ( 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

1.723.725

0,97

3.555.241

0,99

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

142.195

0,08

906.694

0,25

Marketable Securities

0

0,00

0

0,00

Account Receivable

924.620

0,52

1.087.953

0,30

Other Receivable

0

0,00

0

0,00

Inventories

552.961

0,31

1.325.162

0,37

Advances Given

26.531

0,01

48.020

0,01

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

77.418

0,04

187.412

0,05

NON-CURRENT ASSETS

47.942

0,03

38.035

0,01

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)

47.942

0,03

38.035

0,01

Intangible Assets

0

0,00

0

0,00

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

0

0,00

TOTAL ASSETS

1.771.667

1,00

3.593.276

1,00

CURRENT LIABILITIES

1.240.374

0,70

1.990.763

0,55

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

Accounts Payable

609.942

0,34

979.780

0,27

Loans from Shareholders

497.482

0,28

282.886

0,08

Other Short-term Payable

0

0,00

5.684

0,00

Advances from Customers

123.102

0,07

709.368

0,20

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

4.840

0,00

12.121

0,00

Provisions

5.008

0,00

924

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

531.293

0,30

1.602.513

0,45

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

490.965

0,28

1.500.000

0,42

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

0

0,00

40.328

0,01

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

Net Profit (loss)

40.328

0,02

62.185

0,02

TOTAL LIABILITIES AND EQUITY

1.771.667

1,00

3.593.276

1,00

 

 

INCOME STATEMENTS

 

 

(06.03-31.12.2009) TL

 

(2010) TL

 

(01.01-31.03.2011) TL

 

Net Sales

2.704.564

1,00

5.349.054

1,00

2.022.805

1,00

Cost of Goods Sold

2.564.336

0,95

5.165.759

0,97

1.965.262

0,97

Gross Profit

140.228

0,05

183.295

0,03

57.543

0,03

Operating Expenses

87.828

0,03

153.765

0,03

35.045

0,02

Operating Profit

52.400

0,02

29.530

0,01

22.498

0,01

Other Income

11.680

0,00

99.822

0,02

51.196

0,03

Other Expenses

13.621

0,01

51.346

0,01

57.883

0,03

Financial Expenses

0

0,00

0

0,00

0

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

50.459

0,02

78.006

0,01

15.811

0,01

Tax Payable

10.131

0,00

15.821

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

40.328

0,01

62.185

0,01

15.811

0,01

 

 

FINANCIAL RATIOS

 

 

(06.03-31.12.2009)

(2010)

LIQUIDITY RATIOS

 

 

Current Ratio

1,39

1,79

Acid-Test Ratio

0,86

1,00

Cash Ratio

0,11

0,46

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,31

0,37

Short-term Receivable/Total Assets

0,52

0,30

Tangible Assets/Total Assets

0,03

0,01

TURNOVER RATIOS

 

 

Inventory Turnover

4,64

3,90

Stockholders' Equity Turnover

5,09

3,34

Asset Turnover

1,53

1,49

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,30

0,45

Current Liabilities/Total Assets

0,70

0,55

Financial Leverage

0,70

0,55

Gearing Percentage

2,33

1,24

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,08

0,04

Operating Profit Margin

0,02

0,01

Net Profit Margin

0,01

0,01

Interest Cover

 

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

123,07

73,22

Average Payable Period (days)

85,63

68,28

WORKING CAPITAL

483351,00

1564478,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.48.82

UK Pound

1

Rs.78.57

Euro

1

Rs.69.28

 

 

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.