MIRA INFORM REPORT

 

 

Report Date :

13.08.2012

 

IDENTIFICATION DETAILS

 

Name :

SELVI HALICILIK TICARET VE SANAYI LTD. STI.

 

 

Registered Office :

Idealtepe Mah. Rifki Toksir Cad. No:105/A Maltepe Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

16.05.1991

 

 

Com. Reg. No.:

275311

 

 

Legal Form :

Limited Company

 

 

LINE OF BUSINESS :

TRADE OF CARPET.

 

 

No. of Employees :

18

 

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 – 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

:

SELVI HALICILIK TICARET VE SANAYI LTD. STI.

HEAD OFFICE ADDRESS

:

Idealtepe Mah. Rifki Toksir Cad. No:105/A Maltepe Istanbul / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The address was changed from "E-5 Ankara Asfalti Kucukyali Kavsagi No:105 Kucukyali" to "Idealtepe Mah. Rifki Toksir Cad. No:105/A Maltepe" by the Municipality.

 

PHONE NUMBER

:

90-216-388 20 22

90-216-388 57 51 (3 lines)

 

FAX NUMBER

:

90-216-388 45 25

 

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Kucukyali

TAX NO

:

7600041192

REGISTRATION NUMBER

:

275311

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

16.05.1991

ESTABLISHMENT GAZETTE DATE/NO

:

21.05.1991/2780

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   5.000.000

PAID-IN CAPITAL

:

TL   5.000.000

HISTORY

:

Previous Registered Capital

:

TL 50.000

Changed On

:

12.11.2008 (Commercial Gazette Date /Number 18.11.2008/ 7191)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Kemal Selvi

42 %

Naci Selvi

42 %

Zeliha Selvi

8 %

Sevim Selvi

8 %

 

 

SISTER COMPANIES

:

SELVI HALI VE TEKSTIL PAZARLAMA LTD. STI.

 

SELVI TURIZM VE YATCILIK TICARET SANAYI LTD. STI.

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Kemal Selvi

 

Naci Selvi

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Trade of carpet.

 

NACE CODE

:

G .52.48

 

SECTOR

:

Commerce

 

TRADEMARKS TRADED

:

Selvi

 

NUMBER OF EMPLOYEES

:

18

 

NET SALES

:

3.305.462 TL

(2008) 

3.772.470 TL

(2009) 

4.285.991 TL

(2010) 

3.846.798 TL

(2011) 

774.772 TL

(01.01-31.03.2012) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

 

IMPORT VALUE

:

1.000.000 TL

(2008)

1.427.500 TL

(2009)

269.196 TL

(2010)

220.667 TL

(2011)

 

 

IMPORT COUNTRIES

:

China

Nepal

India

Bulgaria

Germany

 

MERCHANDISE IMPORTED

:

Carpet

 

EXPORT VALUE

:

80.314 TL

(2009)

0 TL

(2010)

35.469 TL

(2011)

18.536 TL

(01.01-31.03.2012)

 

 

EXPORT COUNTRIES

:

Nigeria

 

MERCHANDISE  EXPORTED

:

Carpets

 

HEAD OFFICE ADDRESS

:

Idealtepe Mah. Rifki Toksir Cad. No:105/A Maltepe  Istanbul / Turkey  (owned)

 

BRANCHES

:

Head Office/Store  :  Idealtepe Mah. Rifki Toksir Cad. No:105/A Maltepe Istanbul/Turkey (owned)

 

Branch Office  :  Modoko Mobilyacilar Carsisi 1. Cad. No:7 Umraniye Istanbul/Turkey (rented)

 

INVESTMENTS

:

None

 

 

 

TREND OF BUSINESS

:

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

SIZE OF BUSINESS

:

Upper-Medium

 

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Maltepe Branch

Garanti Bankasi Ustbostanci Branch

Yapi ve Kredi Bankasi Kucukyali 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

:

 

(2008) TL

(2009) TL

(2010) TL

(2011) TL

(01.01-31.03.2012) TL

Net Sales

3.305.462

3.772.470

4.285.991

3.846.798

774.772

Profit (Loss) Before Tax

3.305.462

156.841

134.420

-746.261

54.815

Stockholders' Equity

5.580.224

5.709.791

5.816.282

5.040.056

 

Total Assets

10.647.090

8.120.197

8.200.409

7.661.508

 

Current Assets

10.093.037

7.531.254

7.603.896

6.974.596

 

Non-Current Assets

554.053

588.943

596.513

686.912

 

Current Liabilities

1.118.251

472.458

2.384.127

1.146.047

 

Long-Term Liabilities

3.948.615

1.937.948

0

1.475.405

 

Gross Profit (loss)

3.305.462

1.092.985

1.224.840

1.550.295

270.816

Operating Profit (loss)

3.305.462

193.160

211.612

418.578

56.556

Net Profit (loss)

3.305.462

124.567

106.490

-776.226

54.815

 

 

REMARKS ON KEY FINANCIAL ELEMENTS

:

The key financial figures of 2008 are declared by the subject company. There is no certification for these figures.

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

High As of 31.12.2011

Liquidity

High As of 31.12.2011

Remarks On Liquidity

The unfavorable gap between average collection and average payable period has an adverse effect on liquidity.

Profitability

In Order Operating Profitability  in 2009

In Order Net Profitability  in 2009

In Order Operating Profitability  in 2010

Fair Net Profitability  in 2010

High Operating Profitability  in 2011

Net Loss  in 2011

Good Operating Profitability (01.01-31.03.2012)

High 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

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 01.01-31.03.2012)

0,65 %

1,7995

2,3799

2,8402

 ( 01.01-31.05.2012)

1,27 %

1,8008

2,3565

2,8479

 

 

BALANCE SHEETS

 

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

7.531.254

0,93

7.603.896

0,93

6.974.596

0,91

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

Cash and Banks

430.207

0,05

930.773

0,11

514.960

0,07

Marketable Securities

0

0,00

0

0,00

0

0,00

Account Receivable

1.941.394

0,24

2.068.535

0,25

2.282.312

0,30

Other Receivable

0

0,00

379.581

0,05

0

0,00

Inventories

3.342.585

0,41

2.651.230

0,32

2.402.398

0,31

Advances Given

472.562

0,06

269.196

0,03

498.976

0,07

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

Other Current Assets

1.344.506

0,17

1.304.581

0,16

1.275.950

0,17

NON-CURRENT ASSETS

588.943

0,07

596.513

0,07

686.912

0,09

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

0

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

386.476

0,05

398.655

0,05

501.969

0,07

Intangible Assets

193.613

0,02

188.844

0,02

162.960

0,02

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

8.854

0,00

9.014

0,00

21.983

0,00

TOTAL ASSETS

8.120.197

1,00

8.200.409

1,00

7.661.508

1,00

CURRENT LIABILITIES

472.458

0,06

2.384.127

0,29

1.146.047

0,15

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

2.097.514

0,26

259.580

0,03

Accounts Payable

391.249

0,05

130.657

0,02

496.819

0,06

Loans from Shareholders

0

0,00

0

0,00

3.361

0,00

Other Short-term Payable

0

0,00

12.868

0,00

13.457

0,00

Advances from Customers

53.428

0,01

124.917

0,02

336.481

0,04

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

Taxes Payable

27.781

0,00

18.171

0,00

36.314

0,00

Provisions

0

0,00

0

0,00

35

0,00

Other Current Liabilities

0

0,00

0

0,00

0

0,00

LONG-TERM LIABILITIES

1.937.948

0,24

0

0,00

1.475.405

0,19

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

1.475.405

0,19

Securities Issued

0

0,00

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

0

0,00

Loans from Shareholders

1.937.948

0,24

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

5.709.791

0,70

5.816.282

0,71

5.040.056

0,66

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

Paid-in Capital

5.000.000

0,62

5.000.000

0,61

5.000.000

0,65

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

502.537

0,06

502.537

0,06

502.537

0,07

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

Reserves

654.495

0,08

779.063

0,10

885.553

0,12

Revaluation Fund

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

-571.808

-0,07

-571.808

-0,07

-571.808

-0,07

Net Profit (loss)

124.567

0,02

106.490

0,01

-776.226

-0,10

TOTAL LIABILITIES AND EQUITY

8.120.197

1,00

8.200.409

1,00

7.661.508

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 will be given under "Account Receivable" figure and "Account Payable" figure respectively.                                                                                                                                                                                          

 

 

INCOME STATEMENTS

 

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

(01.01-31.03.2012) TL

 

Net Sales

3.772.470

1,00

4.285.991

1,00

3.846.798

1,00

774.772

1,00

Cost of Goods Sold

2.679.485

0,71

3.061.151

0,71

2.296.503

0,60

503.956

0,65

Gross Profit

1.092.985

0,29

1.224.840

0,29

1.550.295

0,40

270.816

0,35

Operating Expenses

899.825

0,24

1.013.228

0,24

1.131.717

0,29

214.260

0,28

Operating Profit

193.160

0,05

211.612

0,05

418.578

0,11

56.556

0,07

Other Income

129.919

0,03

189.107

0,04

316.378

0,08

0

0,00

Other Expenses

166.238

0,04

210.813

0,05

1.276.038

0,33

1.741

0,00

Financial Expenses

0

0,00

55.486

0,01

205.179

0,05

0

0,00

Minority Interests

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

Profit (loss) Before Tax

156.841

0,04

134.420

0,03

-746.261

-0,19

54.815

0,07

Tax Payable

32.274

0,01

27.930

0,01

29.965

0,01

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

124.567

0,03

106.490

0,02

-776.226

-0,20

54.815

0,07

 

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

(2011)

LIQUIDITY RATIOS

 

 

Current Ratio

15,94

3,19

6,09

Acid-Test Ratio

5,02

1,42

2,44

Cash Ratio

0,91

0,39

0,45

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,41

0,32

0,31

Short-term Receivable/Total Assets

0,24

0,30

0,30

Tangible Assets/Total Assets

0,05

0,05

0,07

TURNOVER RATIOS

 

 

Inventory Turnover

0,80

1,15

0,96

Stockholders' Equity Turnover

0,66

0,74

0,76

Asset Turnover

0,46

0,52

0,50

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,70

0,71

0,66

Current Liabilities/Total Assets

0,06

0,29

0,15

Financial Leverage

0,30

0,29

0,34

Gearing Percentage

0,42

0,41

0,52

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,02

0,02

-0,15

Operating Profit Margin

0,05

0,05

0,11

Net Profit Margin

0,03

0,02

-0,20

Interest Cover

 

3,42

-2,64

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

185,26

173,75

213,59

Average Payable Period (days)

52,57

15,37

77,88

WORKING CAPITAL

7058796,00

5219769,00

5828549,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.34

UK Pound

1

Rs.86.45

Euro

1

Rs.68.04

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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.