MIRA INFORM REPORT

 

 

Report Date :           

10.04.2012

 

IDENTIFICATION DETAILS

 

Name :

CAN TEKSTIL SANAYI VE TICARET LTD. STI.  

 

 

Registered Office :

Incilipinar Mah. Nail Bilen Cad. Ugur Plaza Is Merkezi Kat:11 No:1101 Sehitkamil Gaziantep

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

11.07.1994

 

 

Com. Reg. No.:

16493

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Wholesale trade of yarn

 

 

No. of Employees :

02

 

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 – March 31st, 2012

 

Country Name

Previous Rating

                   (31.12.2011)                  

Current Rating

(31.03.2012)

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

:

CAN TEKSTIL SANAYI VE TICARET LTD. STI. 

HEAD OFFICE ADDRESS

:

Incilipinar Mah. Nail Bilen Cad. Ugur Plaza Is Merkezi Kat:11 No:1101 Sehitkamil Gaziantep / Turkey

PHONE NUMBER

:

90-342-323 21 24

 

FAX NUMBER

:

90-342-323 21 25

 

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Gazikent

TAX NO

:

1980021656

REGISTRATION NUMBER

:

16493

REGISTERED OFFICE

:

Gaziantep Chamber of Commerce

DATE ESTABLISHED

:

11.07.1994

ESTABLISHMENT GAZETTE DATE /NO

:

19.07.1994/3576

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   30.000

PAID-IN CAPITAL

:

TL   30.000

HISTORY

:

Previous Registered Capital

:

TL 525

Changed On

:

14.12.2006 (Commercial Gazette Date /Number 27.12.2006/ 6713)

Previous Address

:

Gazimuhtar Pasa Bulv. Hali Sarayi Kat:1 No:101 Sehitkamil/ Gaziantep

Changed On

:

20.01.2010 (Commercial Gazette Date /Number 28.01.2010/ 7489)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Aysu Cigerli

66,66 %

Mehmet Ekrem Gecim

33,33 %

 

 

SISTER COMPANIES

:

Declared to be: None

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Mehmet Ekrem Gecim

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Wholesale trade of yarn.

 

NACE CODE

:

G .51.41

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

2

 

NET SALES

:

3.409.480 TL

(2009) 

7.625.606 TL

(2010) 

4.929.108 TL

(2011) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT COUNTRIES

:

India

 

MERCHANDISE IMPORTED

:

Yarn

 

HEAD OFFICE ADDRESS

:

Incilipinar Mah. Nail Bilen Cad. Ugur Plaza Is Merkezi Kat:11 No:1101 Sehitkamil Gaziantep / Turkey (rented)

 

BRANCHES

:

Warehouse  :  1. Organize San. Bolg.5 Nolu Cad. No:11 Gaziantep/Turkey (rented)

 

Head Office/Warehouse  :  Incilipinar Mah. Nail Bilen Cad. Ugur Plaza Is Merkezi Kat:11 No:1101 Sehitkamil Gaziantep/Turkey (rented) 

 

 

 

TREND OF BUSINESS

:

There was a decline at business volume in nominal terms in 2011.

SIZE OF BUSINESS

:

Moderate

 

 

FINANCE

 

MAIN DEALING BANKS

:

ING Bank Gaziantep Branch

 

CREDIT FACILITIES

:

No credit facility has come to our knowledge.

 

PAYMENT BEHAVIOUR

:

We are informed about a few payment delays in the former years some of which were resolved later on but no payment delays have come to our knowledge in the last years.

 

KEY FINANCIAL ELEMENTS

:

 

(2009) TL

(2010) TL

(2011) TL

 

 

Net Sales

3.409.480

7.625.606

4.929.108

 

 

Profit (Loss) Before Tax

75.656

119.929

142.161

 

 

Stockholders' Equity

-65.878

67.326

 

 

 

Total Assets

2.094.097

2.005.926

 

 

 

Current Assets

2.094.097

2.005.508

 

 

 

Non-Current Assets

0

418

 

 

 

Current Liabilities

2.159.975

1.938.600

 

 

 

Long-Term Liabilities

0

0

 

 

 

Gross Profit (loss)

93.294

135.774

290.745

 

 

Operating Profit (loss)

62.421

104.313

248.262

 

 

Net Profit (loss)

75.656

119.929

142.161

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Not in order As of 31.12.2010

Remarks on Capitalization

Major part of stockholders’ equity consists of profit.  A part of liabilities consist of loans from shareholders.

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

Fair Operating Profitability  in 2009

Fair Net Profitability  in 2009

Low Operating Profitability  in 2010

Low Net Profitability  in 2010

In Order Operating Profitability  in 2011

Fair Net Profitability  in 2011

 

Gap between average collection and payable periods

Unfavorable in 2010

General Financial Position

Unsatisfactory

 

 

 

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

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 01.01-31.03.2012)

0,65 %

1,7995

2,3799

2,8402

 

BALANCE SHEETS

 

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

2.094.097

1,00

2.005.508

1,00

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

36.286

0,02

27.875

0,01

Marketable Securities

0

0,00

0

0,00

Account Receivable

578.832

0,28

1.269.813

0,63

Other Receivable

4.530

0,00

0

0,00

Inventories

248.436

0,12

363.428

0,18

Advances Given

1.187.488

0,57

305.904

0,15

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

38.525

0,02

38.488

0,02

NON-CURRENT ASSETS

0

0,00

418

0,00

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)

0

0,00

0

0,00

Intangible Assets

0

0,00

0

0,00

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

418

0,00

TOTAL ASSETS

2.094.097

1,00

2.005.926

1,00

CURRENT LIABILITIES

2.159.975

1,03

1.938.600

0,97

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

Accounts Payable

1.737.543

0,83

571.145

0,28

Loans from Shareholders

0

0,00

832.302

0,41

Other Short-term Payable

0

0,00

0

0,00

Advances from Customers

408.409

0,20

521.833

0,26

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

14.023

0,01

13.320

0,01

Provisions

0

0,00

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

-65.878

-0,03

67.326

0,03

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

22.632

0,01

30.000

0,01

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

25.674

0,01

25.674

0,01

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

113.160

0,05

139.263

0,07

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

-303.000

-0,14

-247.540

-0,12

Net Profit (loss)

75.656

0,04

119.929

0,06

TOTAL LIABILITIES AND EQUITY

2.094.097

1,00

2.005.926

1,00

 

 

INCOME STATEMENTS

 

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

Net Sales

3.409.480

1,00

7.625.606

1,00

4.929.108

1,00

Cost of Goods Sold

3.316.186

0,97

7.489.832

0,98

4.638.363

0,94

Gross Profit

93.294

0,03

135.774

0,02

290.745

0,06

Operating Expenses

30.873

0,01

31.461

0,00

42.483

0,01

Operating Profit

62.421

0,02

104.313

0,01

248.262

0,05

Other Income

33.085

0,01

74.807

0,01

52.515

0,01

Other Expenses

19.850

0,01

46.997

0,01

54.654

0,01

Financial Expenses

0

0,00

12.194

0,00

103.962

0,02

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

75.656

0,02

119.929

0,02

142.161

0,03

Tax Payable

0

0,00

0

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

75.656

0,02

119.929

0,02

142.161

0,03

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

LIQUIDITY RATIOS

 

 

Current Ratio

0,97

1,03

Acid-Test Ratio

0,29

0,67

Cash Ratio

0,02

0,01

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,12

0,18

Short-term Receivable/Total Assets

0,28

0,63

Tangible Assets/Total Assets

0,00

0,00

TURNOVER RATIOS

 

 

Inventory Turnover

13,35

20,61

Stockholders' Equity Turnover

-51,75

113,26

Asset Turnover

1,63

3,80

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

-0,03

0,03

Current Liabilities/Total Assets

1,03

0,97

Financial Leverage

1,03

0,97

Gearing Percentage

-32,79

28,79

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

-1,15

1,78

Operating Profit Margin

0,02

0,01

Net Profit Margin

0,02

0,02

Interest Cover

 

10,84

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

61,12

59,95

Average Payable Period (days)

188,62

27,45

WORKING CAPITAL

-65878,00

66908,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.28

UK Pound

1

Rs.81.38

Euro

1

Rs.67.01

 

 

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.