MIRA INFORM REPORT

 

 

Report Date :

07.02.2012

 

IDENTIFICATION DETAILS

 

Name :

AJS DIS TICARET LTD. STI.

 

 

Registered Office :

Batikent Mahallesi 74 Nolu Cadde 12 Nolu Sokak Ramazan Guclu Apartmani Alti Sehitkamil Gaziantep /

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

02.01.1997

 

 

Com. Reg. No.:

19079

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Wholesale trade of yarn, carpet and ready-wear. 

 

 

No. of Employees :

7

 

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 – 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

 

REMARKS

:

The name stated at your inquiry "AJS FOREIGN TRADE CO. LTD." is the name of "AJS DIS TICARET LTD. STI." in English.

 

 

COMPANY IDENTIFICATION

 

NAME

:

AJS DIS TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Batikent Mahallesi 74 Nolu Cadde 12 Nolu Sokak Ramazan Guclu Apartmani Alti Sehitkamil Gaziantep / Turkey

PHONE NUMBER

:

90-342-320 07 20

 

FAX NUMBER

:

90-342-320 07 20

 

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Gazikent

TAX NO

:

0690072512

REGISTRATION NUMBER

:

19079

REGISTERED OFFICE

:

Gaziantep Chamber of Commerce

DATE ESTABLISHED

:

02.01.1997

ESTABLISHMENT GAZETTE DATE/NO

:

14.01.1997/4208

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   30.000

PAID-IN CAPITAL

:

TL   30.000

HISTORY

:

Previous Address

:

Emek Mahallesi Fevzi Cakmak Bulvari Fazli Okkiran Apartmani No.157/A-B Sehitkamil/Gaziantep

Changed On

:

03.09.2010 (Commercial Gazette Date /Number 08.09.2010/ 7645)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Sukriye Ozkececi

50 %

Bulent Ozkececi

50 %

 

 

SISTER COMPANIES

:

Declared to be:None

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Bulent Ozkececi

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Wholesale trade of yarn, carpet and ready-wear. 

 

The subject has declared that, it stopped active operation in 2002 but it re-started active operation in 2009.

 

NACE CODE

:

G .51.41

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

7

 

NET SALES

:

26.149 TL

(2009) 

705.873 TL

(2010) 

816.242 TL

(2011) 

 

 

REMARKS ON NET SALES

:

The turnover figure of 2011 is declared by the subject company. There is no certification for this figure.

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT VALUE

:

500.000 USD

(2010)

 

 

REMARKS ON IMPORT

:

The firm has amounts of import in 2010 which is over its sales volume, the firm is working with high amounts of inventories.

 

 

IMPORT COUNTRIES

:

Bangladesh

India

Greece

Russia

Tunisia

Brazil

Morocco

 

MERCHANDISE IMPORTED

:

Ready-wear

Yarn

 

HEAD OFFICE ADDRESS

:

Batikent Mahallesi 74 Nolu Cadde 12 Nolu Sokak Ramazan Guclu Apartmani Alti Sehitkamil Gaziantep / Turkey

 

INVESTMENTS

:

None

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2011.

SIZE OF BUSINESS

:

Lower-Moderate

 

 

FINANCE

 

MAIN DEALING BANKS

:

T. Is Bankasi Ibrahimli Branch

 

CREDIT FACILITIES

:

No credit facility has come to our knowledge.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2009) TL

(2010) TL

Net Sales

26.149

705.873

Profit (Loss) Before Tax

-5.993

19.769

Stockholders' Equity

142.784

162.554

Total Assets

288.670

921.499

Current Assets

287.798

919.582

Non-Current Assets

872

1.917

Current Liabilities

145.886

758.945

Long-Term Liabilities

0

0

Gross Profit (loss)

3.675

12.079

Operating Profit (loss)

-6.339

-3.492

Net Profit (loss)

-5.993

19.769

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Low As of 31.12.2010

Liquidity

Insufficient As of 31.12.2010

Remarks On Liquidity

The favorable gap between average collection and average payable period has a positive effect on liquidity.

Profitability

Operating Loss  in 2009

Net Loss  in 2009

Operating Loss  in 2010

Fair Net Profitability  in 2010

 

Gap between average collection and payable periods

Favorable 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

 

 

BALANCE SHEETS

 

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

287.798

1,00

919.582

1,00

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

29.549

0,10

9.029

0,01

Marketable Securities

0

0,00

0

0,00

Account Receivable

63.620

0,22

76.378

0,08

Other Receivable

73.355

0,25

73.356

0,08

Inventories

102.673

0,36

207.869

0,23

Advances Given

0

0,00

510.756

0,55

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

18.601

0,06

42.194

0,05

NON-CURRENT ASSETS

872

0,00

1.917

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)

799

0,00

1.819

0,00

Intangible Assets

0

0,00

0

0,00

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

73

0,00

98

0,00

TOTAL ASSETS

288.670

1,00

921.499

1,00

CURRENT LIABILITIES

145.886

0,51

758.945

0,82

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

Accounts Payable

69.592

0,24

666.487

0,72

Loans from Shareholders

0

0,00

0

0,00

Other Short-term Payable

0

0,00

0

0,00

Advances from Customers

0

0,00

14.897

0,02

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

76.294

0,26

77.561

0,08

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

142.784

0,49

162.554

0,18

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

30.000

0,10

30.000

0,03

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

140.443

0,49

140.443

0,15

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

-21.666

-0,08

-27.658

-0,03

Net Profit (loss)

-5.993

-0,02

19.769

0,02

TOTAL LIABILITIES AND EQUITY

288.670

1,00

921.499

1,00

 

 

INCOME STATEMENTS

 

 

(2009) TL

 

(2010) TL

 

Net Sales

26.149

1,00

705.873

1,00

Cost of Goods Sold

22.474

0,86

693.794

0,98

Gross Profit

3.675

0,14

12.079

0,02

Operating Expenses

10.014

0,38

15.571

0,02

Operating Profit

-6.339

-0,24

-3.492

0,00

Other Income

4.973

0,19

28.682

0,04

Other Expenses

4.627

0,18

5.288

0,01

Financial Expenses

0

0,00

133

0,00

Minority Interests

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

Profit (loss) Before Tax

-5.993

-0,23

19.769

0,03

Tax Payable

0

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

Net Profit (loss)

-5.993

-0,23

19.769

0,03

 

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

LIQUIDITY RATIOS

 

Current Ratio

1,97

1,21

Acid-Test Ratio

1,14

0,21

Cash Ratio

0,20

0,01

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,36

0,23

Short-term Receivable/Total Assets

0,47

0,16

Tangible Assets/Total Assets

0,00

0,00

TURNOVER RATIOS

 

Inventory Turnover

0,22

3,34

Stockholders' Equity Turnover

0,18

4,34

Asset Turnover

0,09

0,77

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,49

0,18

Current Liabilities/Total Assets

0,51

0,82

Financial Leverage

0,51

0,82

Gearing Percentage

1,02

4,67

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

-0,04

0,12

Operating Profit Margin

-0,24

0,00

Net Profit Margin

-0,23

0,03

Interest Cover

 

149,64

COLLECTION-PAYMENT

 

Average Collection Period (days)

875,87

38,95

Average Payable Period (days)

1114,76

345,83

WORKING CAPITAL

141912,00

160637,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.48.68

UK Pound

1

Rs.76.75

Euro

1

Rs.63.57

 

 

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.