MIRA INFORM REPORT

 

 

Report Date :           

08.08.2012

 

IDENTIFICATION DETAILS

 

Name :

LIPIK ITHALAT VE DAHILI TICARET LTD. STI.

 

 

Registered Office :

Mesrutiyet Mah. Kodaman Sok. Guvenc Is Merkezi No: 4/1 Nisantasi Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

10.09.2003

 

 

Com. Reg. No.:

505132

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Wholesale trade of yarn. 

 

 

No. of Employees :

2

 

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

 

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

:

LIPIK ITHALAT VE DAHILI TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Mesrutiyet Mah. Kodaman Sok. Guvenc Is Merkezi No: 4/1 Nisantasi Istanbul / Turkey

PHONE NUMBER

:

90-212-343 32 30

 

FAX NUMBER

:

90-212-246 13 58

 

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Mecidiyekoy

TAX NO

:

6090274958

REGISTRATION NUMBER

:

505132

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

10.09.2003

ESTABLISHMENT GAZETTE DATE/NO

:

15.09.2003/5885

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   1.500.000

PAID-IN CAPITAL

:

TL   1.500.000

HISTORY

:

Previous Registered Capital

:

TL 800.000

Changed On

:

03.09.2010 (Commercial Gazette Date /Number 13.09.2010/ 7646)

Previous Address

:

Mesrutiyet Mah. Dere Sok. Gurkok Apt. No: 9/7 Osmanbey - Istanbul

Changed On

:

28.04.2010 (Commercial Gazette Date /Number 04.05.2010/ 7556)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Kemal Sadi Ozgorus

33 %

Ekrem Sevki Ozgorus

33 %

Asiye Ogorus

26 %

Zahide Ozgorus

8 %

 

 

DIRECTORS

:

Kemal Sadi Ozgorus                                                                                                                                                                                                                                                                                   

 

Ekrem Sevki Ozgorus                                                                                                                                                                                                                                                                                   

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Wholesale trade of yarn. 

 

NACE CODE

:

G .51.41

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

2

 

NET SALES

:

1.876.552 TL

(2008) 

3.171.528 TL

(2009) 

4.088.641 TL

(2010) 

5.620.116 TL

(2011) 

1.693.825 TL

(01.01-31.03.2012) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT COUNTRIES

:

India

Indonesia

Vietnam

Thailand

 

MERCHANDISE IMPORTED

:

Yarn

 

EXPORT VALUE

:

0 TL

(2009)

0 TL

(2010)

0 TL

(01.01-31.03.2011)

 

 

HEAD OFFICE ADDRESS

:

Mesrutiyet Mah. Kodaman Sok. Guvenc Is Merkezi No: 4/1 Nisantasi  Istanbul / Turkey ( rented )

 

BRANCHES

:

Warehouse  :  Tekstilkent Is Merkezi A4 Blok No: 18 Esenler Istanbul/Turkey (owned)

           

INVESTMENTS

:

None

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2011.

SIZE OF BUSINESS

:

Upper-Moderate

 

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Osmanbey Branch

Anadolubank Osmanbey Branch

HSBC Bank Rumeli Cad. Branch

T. Is Bankasi Osmanbey Branch

 

CREDIT FACILITIES

:

The subject rarely makes use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2008) TL

(2009) TL

(2010) TL

(2011) TL

(01.01-31.03.2012) TL

Net Sales

1.876.552

3.171.528

4.088.641

5.620.116

1.693.825

Profit (Loss) Before Tax

109.611

234.721

265.991

303.395

104.731

Stockholders' Equity

983.118

1.170.501

2.082.988

2.325.481

 

Total Assets

1.245.322

2.035.645

2.509.491

3.325.963

 

Current Assets

1.206.196

2.013.464

2.495.646

3.320.857

 

Non-Current Assets

39.126

22.181

13.845

5.106

 

Current Liabilities

262.204

865.144

426.503

1.000.482

 

Long-Term Liabilities

0

0

0

0

 

Gross Profit (loss)

226.749

421.078

437.821

461.404

174.194

Operating Profit (loss)

104.697

273.389

277.407

284.039

128.868

Net Profit (loss)

87.425

187.383

212.487

242.493

104.731

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

High As of 31.12.2011

Remarks on Capitalization

A part of total liabilities and equity consist of loans from shareholders rather than liabilities to third parties indicating low indebtedness to third parties.

 

Liquidity

High As of 31.12.2011

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.

 

Profitability

Good Operating Profitability  in 2008

Good Net Profitability  in 2008

Good Operating Profitability  in 2009

High Net Profitability  in 2009

Good Operating Profitability  in 2010

Good Net Profitability  in 2010

In Order Operating Profitability  in 2011

Good Net Profitability  in 2011

Good Operating Profitability (01.01-31.03.2012)

Good Net Profitability (01.01-31.03.2012)

 

Gap between average collection and payable periods

Unfavorable in 2011

General Financial Position

Good

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 01.01-31.03.2011)

5,40 %

1,5753

2,1664

2,5072

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 01.01-31.03.2012)

0,65 %

1,7995

2,3799

2,8402

 ( 01.01-31.07.2012)

1,71 %

1,8018

2,3285

2,8424

 

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

1.206.196

0,97

2.013.464

0,99

2.495.646

0,99

3.320.857

1,00

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

134.738

0,11

585.546

0,29

833.189

0,33

419.239

0,13

Marketable Securities

0

0,00

0

0,00

515

0,00

0

0,00

Account Receivable

379.560

0,30

568.231

0,28

649.899

0,26

1.873.153

0,56

Other Receivable

0

0,00

0

0,00

0

0,00

0

0,00

Inventories

614.000

0,49

678.949

0,33

852.098

0,34

830.170

0,25

Advances Given

22.035

0,02

87.408

0,04

29.841

0,01

88.226

0,03

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

55.863

0,04

93.330

0,05

130.104

0,05

110.069

0,03

NON-CURRENT ASSETS

39.126

0,03

22.181

0,01

13.845

0,01

5.106

0,00

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

0

0,00

0

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

38.204

0,03

20.217

0,01

12.313

0,00

3.171

0,00

Intangible Assets

0

0,00

0

0,00

0

0,00

0

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

922

0,00

1.964

0,00

1.532

0,00

1.935

0,00

TOTAL ASSETS

1.245.322

1,00

2.035.645

1,00

2.509.491

1,00

3.325.963

1,00

CURRENT LIABILITIES

262.204

0,21

865.144

0,42

426.503

0,17

1.000.482

0,30

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

33.471

0,03

10.389

0,01

0

0,00

9.256

0,00

Accounts Payable

1.365

0,00

13.188

0,01

0

0,00

77.747

0,02

Loans from Shareholders

189.480

0,15

783.623

0,38

381.407

0,15

828.969

0,25

Other Short-term Payable

0

0,00

0

0,00

0

0,00

0

0,00

Advances from Customers

27.779

0,02

45.370

0,02

20.751

0,01

48.878

0,01

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

3.001

0,00

4.239

0,00

4.648

0,00

5.102

0,00

Provisions

7.108

0,01

8.335

0,00

19.697

0,01

15.350

0,00

Other Current Liabilities

0

0,00

0

0,00

0

0,00

15.180

0,00

LONG-TERM LIABILITIES

0

0,00

0

0,00

0

0,00

0

0,00

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

0

0,00

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

0

0,00

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

983.118

0,79

1.170.501

0,58

2.082.988

0,83

2.325.481

0,70

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

800.000

0,64

800.000

0,39

1.500.000

0,60

1.500.000

0,45

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

58.210

0,05

58.210

0,03

58.210

0,02

58.210

0,02

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

37.483

0,03

124.908

0,06

312.291

0,12

524.778

0,16

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)

87.425

0,07

187.383

0,09

212.487

0,08

242.493

0,07

TOTAL LIABILITIES AND EQUITY

1.245.322

1,00

2.035.645

1,00

2.509.491

1,00

3.325.963

1,00

 

 

REMARKS ON FINANCIAL STATEMENT

:

At the financial statements according to TAS, "Cheques Received" and "Outstanding Cheques" figures are under "Cash And Banks" figure. Beginning from the financial statements of 31.12.2011, "Cheques Received" and "Outstanding Cheques" figures are given under "Account Receivable" figure and "Account Payable" figure respectively. 

 

 

INCOME STATEMENTS

 

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

(01.01-31.03.2012) TL

 

Net Sales

1.876.552

1,00

3.171.528

1,00

4.088.641

1,00

5.620.116

1,00

1.693.825

1,00

Cost of Goods Sold

1.649.803

0,88

2.750.450

0,87

3.650.820

0,89

5.158.712

0,92

1.519.631

0,90

Gross Profit

226.749

0,12

421.078

0,13

437.821

0,11

461.404

0,08

174.194

0,10

Operating Expenses

122.052

0,07

147.689

0,05

160.414

0,04

177.365

0,03

45.326

0,03

Operating Profit

104.697

0,06

273.389

0,09

277.407

0,07

284.039

0,05

128.868

0,08

Other Income

25.112

0,01

84.388

0,03

90.135

0,02

118.313

0,02

15.349

0,01

Other Expenses

17.411

0,01

112.795

0,04

95.564

0,02

77.890

0,01

39.443

0,02

Financial Expenses

2.787

0,00

10.261

0,00

5.987

0,00

21.067

0,00

43

0,00

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

109.611

0,06

234.721

0,07

265.991

0,07

303.395

0,05

104.731

0,06

Tax Payable

22.186

0,01

47.338

0,01

53.504

0,01

60.902

0,01

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

87.425

0,05

187.383

0,06

212.487

0,05

242.493

0,04

104.731

0,06

 

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

(2011)

 

LIQUIDITY RATIOS

 

 

Current Ratio

4,60

2,33

5,85

3,32

 

Acid-Test Ratio

1,96

1,33

3,48

2,29

 

Cash Ratio

0,51

0,68

1,95

0,42

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,49

0,33

0,34

0,25

 

Short-term Receivable/Total Assets

0,30

0,28

0,26

0,56

 

Tangible Assets/Total Assets

0,03

0,01

0,00

0,00

 

TURNOVER RATIOS

 

 

Inventory Turnover

2,69

4,05

4,28

6,21

 

Stockholders' Equity Turnover

1,91

2,71

1,96

2,42

 

Asset Turnover

1,51

1,56

1,63

1,69

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,79

0,58

0,83

0,70

 

Current Liabilities/Total Assets

0,21

0,42

0,17

0,30

 

Financial Leverage

0,21

0,42

0,17

0,30

 

Gearing Percentage

0,27

0,74

0,20

0,43

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,09

0,16

0,10

0,10

 

Operating Profit Margin

0,06

0,09

0,07

0,05

 

Net Profit Margin

0,05

0,06

0,05

0,04

 

Interest Cover

40,33

23,88

45,43

15,40

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

72,82

64,50

57,22

119,99

 

Average Payable Period (days)

0,30

1,73

0,00

5,43

 

WORKING CAPITAL

943992,00

1148320,00

2069143,00

2320375,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.50

UK Pound

1

Rs.86.40

Euro

1

Rs.68.70

 

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

 

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.