MIRA INFORM REPORT

 

 

Report Date :           

07.02.2012

 

IDENTIFICATION DETAILS

 

Name :

EMIN TEKSTIL BOYA-APRE SANAYI VE TICARET A.S. 

 

 

Formerly Known As :

Emin Branda Sanayi ve Ticaret A.S.

 

 

Registered Office :

Cicoz Yolu Ferhatpasa Cad. No: 8/A Muratpasa Bayrampasa Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

28.10.1981

 

 

Com. Reg. No.:

183078

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Dying, weaving and trade of fabric

 

 

No. of Employees :

38

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

206.000 USD

 

 

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 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

 

NOTES

:

Address at your inquiry is not the registered head office but another premise.

 

 

COMPANY IDENTIFICATION

 

NAME

:

EMIN TEKSTIL BOYA-APRE SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Cicoz Yolu Ferhatpasa Cad. No: 8/A Muratpasa Bayrampasa Istanbul / Turkey

PHONE NUMBER

:

90-212-613 39 42 (Pbx) (Head Office/Warehouse)

90-282-674 46 68 (Factory)

 

FAX NUMBER

:

90-212-567 80 58 (Head Office/Warehouse)

90-282-674 44 45 (Factory)

 

WEB-ADDRESS

:

www.emintekstil.com

E-MAIL

:

emintekstil@emintekstil.com

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Marmara Kurumlar

TAX NO

:

3330085197

REGISTRATION NUMBER

:

183078

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

28.10.1981

ESTABLISHMENT GAZETTE DATE /NO

:

02.11.1981/367

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   15.000.000

PAID-IN CAPITAL

:

TL   15.000.000

HISTORY

:

Previous Name

:

Emin Branda Sanayi ve Ticaret A.S.

Changed On

:

24.12.1998 (Commercial Gazette Date /Number 29.12.1998/ 4701)

Previous Registered Capital

:

TL 61

Changed On

:

24.12.1998 (Commercial Gazette Date /Number 29.12.1998/ 4701)

Previous Registered Capital

:

TL 350.000

Changed On

:

27.11.2001 (Commercial Gazette Date /Number 30.11.2001/ 5436)

Previous Registered Capital

:

TL 3.000.000

Changed On

:

16.05.2002 (Commercial Gazette Date /Number 21.05.2002/ 5552)

Previous Registered Capital

:

TL 5.000.000

Changed On

:

14.03.2005 (Commercial Gazette Date /Number 17.03.2005/ 6262)

Previous Registered Capital

:

TL 10.000.000

Changed On

:

15.01.2007 (Commercial Gazette Date /Number 18.01.2007/ 6726)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Dogan Nalbant

35 %

Ibrahim Nalbant

35 %

Ihsan Nalbant

15 %

Faruk Nalbant

10 %

Zehra Nalbant

5 %

 

 

SISTER COMPANIES

:

EMINTEKS BOYA APRE SANAYI VE TICARET LTD. STI.

 

BOARD OF DIRECTORS

:

Ibrahim Nalbant

Chairman

Dogan Nalbant

Vice-Chairman

Faruk Nalbant

Member

Ihsan Nalbant

Member

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Dying, weaving and trade of fabric.

 

NACE CODE

:

DB.17.20

 

 

SECTOR

:

Textile

 

NUMBER OF EMPLOYEES

:

38

 

NET SALES

:

4.286.280 TL

(2009) 

1.797.571 TL

(2010)  

12.338.835 TL

(01.01-30.09.2011) 

 

 

EXPORT VALUE

:

61.592 TL

(2009)

798.083 TL

(2010)

76.845 TL

(01.01-30.09.2011)

 

 

EXPORT COUNTRIES

:

Syria

Poland

Kazakhstan

Russia

 

MERCHANDISE  EXPORTED

:

Fabric

 

HEAD OFFICE ADDRESS

:

Cicoz Yolu Ferhatpasa Cad. No: 8/A Muratpasa Bayrampasa Istanbul / Turkey (owned by shareholder(s))

 

BRANCHES

:

Head Office/Warehouse  :  Cicoz Yolu Ferhatpasa Cad. No:8/A Topcular Istanbul/Turkey (owned by shareholder(s))

 

Production Plant  :  Tren Yolu Mevkii Alti Velimese Corlu Tekirdag/Turkey (owned) (20.000 sqm)

 

INVESTMENTS

:

The firm is investing in a new weaving plant which is expected to be completed in 2014.

 

 

TREND OF BUSINESS

:

There was a decline at business volume in nominal terms in  2010. There appears an upwards trend in  1.1 - 30.9.2011.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Anadolubank Topcular Branch

Denizbank Bayrampasa Branch

Yapi ve Kredi Bankasi Bayrampasa 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

:

 

(2009) TL

(2010) TL

(01.01-30.09.2011) TL

 

 

Net Sales

4.286.280

1.797.571

12.338.835

 

 

Profit (Loss) Before Tax

-1.200.163

-1.330.698

-248.151

 

 

Stockholders' Equity

13.722.847

12.392.149

 

 

 

Total Assets

16.571.147

14.862.289

 

 

 

Current Assets

12.497.620

11.061.577

 

 

 

Non-Current Assets

4.073.527

3.800.712

 

 

 

Current Liabilities

1.228.075

1.152.862

 

 

 

Long-Term Liabilities

1.620.225

1.317.278

 

 

 

Gross Profit (loss)

-304.102

-44.502

211.750

 

 

Operating Profit (loss)

-1.216.391

-1.422.966

-24.174

 

 

Net Profit (loss)

-1.200.163

-1.330.698

-248.151

 

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

High As of 31.12.2010

Liquidity

Satisfactory As of 31.12.2010

Remarks On Liquidity

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

Profitability

Gross Loss  in 2009

Operating Loss  in 2009

Net Loss  in 2009

Gross Loss  in 2010

Operating Loss  in 2010

Net Loss  in 2010

Operating Loss (01.01-30.09.2011)

Net Loss (01.01-30.09.2011)

 

Gap between average collection and payable periods

Unfavorable in 2010

General Financial Position

Passable

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 206.000 USD 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

 ( 01.01-30.09.2011)

9,72 %

1,6335

2,3016

2,6294

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 

 

BALANCE SHEETS

 

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

12.497.620

0,75

11.061.577

0,74

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

1.243.516

0,08

529.951

0,04

Marketable Securities

0

0,00

0

0,00

Account Receivable

1.786.646

0,11

2.532.163

0,17

Other Receivable

2.862

0,00

5.302

0,00

Inventories

7.870.051

0,47

6.690.081

0,45

Advances Given

454.460

0,03

500.627

0,03

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

1.140.085

0,07

803.453

0,05

NON-CURRENT ASSETS

4.073.527

0,25

3.800.712

0,26

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)

4.053.285

0,24

3.768.046

0,25

Intangible Assets

-21.394

0,00

20.387

0,00

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

41.636

0,00

12.279

0,00

TOTAL ASSETS

16.571.147

1,00

14.862.289

1,00

CURRENT LIABILITIES

1.228.075

0,07

1.152.862

0,08

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

148.522

0,01

451.787

0,03

Accounts Payable

592.316

0,04

351.036

0,02

Loans from Shareholders

0

0,00

0

0,00

Other Short-term Payable

257.111

0,02

165.239

0,01

Advances from Customers

209.258

0,01

59.650

0,00

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

14.852

0,00

28.385

0,00

Provisions

0

0,00

0

0,00

Other Current Liabilities

6.016

0,00

96.765

0,01

LONG-TERM LIABILITIES

1.620.225

0,10

1.317.278

0,09

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

1.620.225

0,10

1.317.278

0,09

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

13.722.847

0,83

12.392.149

0,83

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

15.000.000

0,91

15.000.000

1,01

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

56.963

0,00

56.963

0,00

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

-133.953

-0,01

-1.334.116

-0,09

Net Profit (loss)

-1.200.163

-0,07

-1.330.698

-0,09

TOTAL LIABILITIES AND EQUITY

16.571.147

1,00

14.862.289

1,00

 

 

REMARKS ON FINANCIAL STATEMENT

:

At the last income statement TL 653.873 of the other expenses is due to "Loss from Foreign Currency Exchange". 

 

At the last income statement TL 506.601 of the other expenses is due to "Other Ordinary Expenses and Losses".

 

 

INCOME STATEMENTS

 

 

(2009) TL

 

(2010) TL

 

(01.01-30.09.2011) TL

 

Net Sales

4.286.280

1,00

1.797.571

1,00

12.338.835

1,00

Cost of Goods Sold

4.590.382

1,07

1.842.073

1,02

12.127.085

0,98

Gross Profit

-304.102

-0,07

-44.502

-0,02

211.750

0,02

Operating Expenses

912.289

0,21

1.378.464

0,77

235.924

0,02

Operating Profit

-1.216.391

-0,28

-1.422.966

-0,79

-24.174

0,00

Other Income

1.434.878

0,33

2.637.756

1,47

1.069.809

0,09

Other Expenses

1.144.349

0,27

2.417.375

1,34

1.160.742

0,09

Financial Expenses

274.301

0,06

128.113

0,07

133.044

0,01

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

-1.200.163

-0,28

-1.330.698

-0,74

-248.151

-0,02

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)

-1.200.163

-0,28

-1.330.698

-0,74

-248.151

-0,02

 

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

LIQUIDITY RATIOS

 

Current Ratio

10,18

9,59

Acid-Test Ratio

2,47

2,66

Cash Ratio

1,01

0,46

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,47

0,45

Short-term Receivable/Total Assets

0,11

0,17

Tangible Assets/Total Assets

0,24

0,25

TURNOVER RATIOS

 

Inventory Turnover

0,58

0,28

Stockholders' Equity Turnover

0,31

0,15

Asset Turnover

0,26

0,12

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,83

0,83

Current Liabilities/Total Assets

0,07

0,08

Financial Leverage

0,17

0,17

Gearing Percentage

0,21

0,20

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

-0,09

-0,11

Operating Profit Margin

-0,28

-0,79

Net Profit Margin

-0,28

-0,74

Interest Cover

-3,38

-9,39

COLLECTION-PAYMENT

 

Average Collection Period (days)

150,06

507,12

Average Payable Period (days)

46,45

68,60

WORKING CAPITAL

11269545,00

9908715,00

 

 

 

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.