MIRA INFORM REPORT

 

Report Date :

09.02.2012

 

IDENTIFICATION DETAILS

 

Name :

ISLAMOGLU TEKSTIL DOKUMA GIDA SANAYI VE TURIZM TICARET LTD. STI.

 

 

Registered Office :

Terazidere Mah. Ayrancilar Sanayi Sitesi  Derya Sok. Kerem Han No:3 Kat:3 Bayrampasa Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

09.08.2004

 

 

Com. Reg. No.:

530362

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Weaving and trade of prayer rug. 

 

 

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

 

Maximum Credit Limit :

48.000 USD

Status :

Small Company

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

 

COMPANY IDENTIFICATION

 

NAME

:

ISLAMOGLU TEKSTIL DOKUMA GIDA SANAYI VE TURIZM TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Terazidere Mah. Ayrancilar Sanayi Sitesi  Derya Sok. Kerem Han No:3 Kat:3 Bayrampasa Istanbul / Turkey

PHONE NUMBER

:

90-212-501 90 55

 

FAX NUMBER

:

90-212-493 43 65

 

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Bayrampasa

TAX NO

:

4810441450

REGISTRATION NUMBER

:

530362

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

09.08.2004

ESTABLISHMENT GAZETTE DATE/NO

:

12.08.2004/6113

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   100.000

PAID-IN CAPITAL

:

TL   100.000

 

HISTORY

:

Previous Shareholder

:

Please vide Previous Shareholders section for the former shareholders' names.

Changed On

:

07.08.2009 (Commercial Gazette Date /Number 12.08.2009/ 7374)

 

 

 

PREVIOUS SHAREHOLDERS

:

Hamit Islam

50 %

Abdullah Islam

50 %

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Abdullah Islam

50 %

Hamit Islam

45 %

Abdulvahab Zargar

5 %

 

 

DIRECTORS

:

Abdullah Islam                                                                                                                                                                                                                                                                                   

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Weaving and trade of prayer rug. 

 

The subject also started to deal with construction mainly build and sell projects in 2011.

 

NACE CODE

:

DB.17.51

 

NUMBER OF EMPLOYEES

:

7

 

NET SALES

:

1.160.771 TL

(2006) 

1.655.652 TL

(2007) 

1.139.752 TL

(2008) 

1.703.337 TL

(2009) 

1.458.272 TL

(2010) 

1.896.479 TL

(01.01-30.09.2011) 

 

 

IMPORT COUNTRIES

:

China

India

 

MERCHANDISE IMPORTED

:

Yarn

 

EXPORT VALUE

:

1.160.581 TL

(2006)

1.600.000 TL

(2007)

1.058.052 TL

(2008)

1.695.277 TL

(2009)

1.424.349 TL

(2010)

1.643.830 TL

(01.01-30.09.2011)

 

 

EXPORT COUNTRIES

:

Saudi Arabia

Malaysia

U.A.E.

Morocco

Afghanistan

 

MERCHANDISE  EXPORTED

:

Prayer rug

 

HEAD OFFICE ADDRESS

:

Terazidere Mah. Ayrancilar Sanayi Sitesi  Derya Sok. Kerem Han No:3 Kat:3 Bayrampasa  Istanbul / Turkey ( rented )

 

BRANCHES

:

Head Office/Production Plant  :  Terazidere Mah. Ayrancilar Sanayi Sitesi  Derya Sok. Kerem Han No:3 Kat:3 Bayrampasa Istanbul/Turkey (rented)

                                                                                

INVESTMENTS

:

None

 

 

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

:

Lower-Moderate

 

 

FINANCE

 

MAIN DEALING BANKS

:

Asya Katilim Bankasi Bayrampasa Branch

Kuveyt Turk Katilim Bankasi Carrefour Branch

Yapi Ve Kredi Bankasi Zeytinburnu Branch

 

CREDIT FACILITIES

:

The subject rarely makes use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2007) TL

(2008) TL

(2009) TL

(2010) TL

(01.01-30.09.2011) TL

Net Sales

1.655.652

1.139.752

1.703.337

1.458.272

1.896.479

Profit (Loss) Before Tax

30.089

31.076

27.576

33.264

28.451

Stockholders' Equity

216.497

241.097

262.164

288.044

 

Total Assets

516.364

622.544

464.613

1.135.523

 

Current Assets

511.956

619.018

461.222

1.132.132

 

Non-Current Assets

4.408

3.526

3.391

3.391

 

Current Liabilities

299.867

381.447

202.449

847.479

 

Long-Term Liabilities

0

0

0

0

 

Gross Profit (loss)

159.008

117.206

198.298

186.341

233.259

Operating Profit (loss)

55.725

31.787

29.889

28.498

40.097

Net Profit (loss)

24.037

24.600

21.068

25.880

28.451

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Fair As of 31.12.2010

Remarks on Capitalization

A part of total liabilities and equity consist of loans from shareholders rather than liabilities to third parties indicating not too high indebtedness to third parties.

 

Liquidity

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

 

Profitability

Fair Operating Profitability  in 2007

Low Net Profitability  in 2007

Fair Operating Profitability  in 2008

Fair Net Profitability  in 2008

Fair Operating Profitability  in 2009

Low Net Profitability  in 2009

Fair Operating Profitability  in 2010

Fair Net Profitability  in 2010

Fair Operating Profitability (01.01-30.09.2011)

Low Net Profitability (01.01-30.09.2011)

 

Gap between average collection and payable periods

Favorable in 2010

General Financial Position

Passable

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT LIMIT

 

:

48.000 USD

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 48.000 USD may be granted to the subject company.

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2006 )

11,58 %

1,4309

1,7987

2,6377

 ( 2007 )

5,94 %

1,3075

1,7901

2,6133

 ( 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

 ( 01.01-30.09.2011)

9,72 %

1,6335

2,3016

2,6294

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 01.01-31.01.2012)

0,38 %

1,8353

2,3964

2,8635

 

 

BALANCE SHEETS

 

 

 ( 31.12.2007 )  TL

 

 ( 31.12.2008 )  TL

 

CURRENT ASSETS

511.956

0,99

619.018

0,99

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

54.820

0,11

114.513

0,18

Marketable Securities

0

0,00

0

0,00

Account Receivable

245.919

0,48

227.506

0,37

Other Receivable

0

0,00

0

0,00

Inventories

128.904

0,25

180.690

0,29

Advances Given

0

0,00

0

0,00

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

82.313

0,16

96.309

0,15

NON-CURRENT ASSETS

4.408

0,01

3.526

0,01

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)

3.822

0,01

3.526

0,01

Intangible Assets

150

0,00

0

0,00

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

436

0,00

0

0,00

TOTAL ASSETS

516.364

1,00

622.544

1,00

CURRENT LIABILITIES

299.867

0,58

381.447

0,61

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

609

0,00

124

0,00

Accounts Payable

262.858

0,51

308.669

0,50

Loans from Shareholders

0

0,00

36.628

0,06

Other Short-term Payable

0

0,00

0

0,00

Advances from Customers

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

30.348

0,06

29.550

0,05

Provisions

6.052

0,01

6.476

0,01

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

216.497

0,42

241.097

0,39

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

100.000

0,19

100.000

0,16

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

3.260

0,01

3.260

0,01

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

89.200

0,17

113.237

0,18

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

Net Profit (loss)

24.037

0,05

24.600

0,04

TOTAL LIABILITIES AND EQUITY

516.364

1,00

622.544

1,00

 

 

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

461.222

0,99

1.132.132

1,00

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

112.350

0,24

12.712

0,01

Marketable Securities

0

0,00

0

0,00

Account Receivable

48.059

0,10

133.310

0,12

Other Receivable

0

0,00

0

0,00

Inventories

241.484

0,52

875.304

0,77

Advances Given

0

0,00

0

0,00

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

59.329

0,13

110.806

0,10

NON-CURRENT ASSETS

3.391

0,01

3.391

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)

3.391

0,01

3.391

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

0

0,00

TOTAL ASSETS

464.613

1,00

1.135.523

1,00

CURRENT LIABILITIES

202.449

0,44

847.479

0,75

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

2.808

0,01

591

0,00

Accounts Payable

170.832

0,37

329.219

0,29

Loans from Shareholders

0

0,00

326.196

0,29

Other Short-term Payable

4.700

0,01

4.700

0,00

Advances from Customers

0

0,00

147.571

0,13

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

17.601

0,04

35.291

0,03

Provisions

6.508

0,01

3.911

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

262.164

0,56

288.044

0,25

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

100.000

0,22

100.000

0,09

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

3.260

0,01

3.259

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

137.836

0,30

158.905

0,14

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

Net Profit (loss)

21.068

0,05

25.880

0,02

TOTAL LIABILITIES AND EQUITY

464.613

1,00

1.135.523

1,00

 

 

INCOME STATEMENTS

 

 

(2007) TL

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(01.01-30.09.2011) TL

 

Net Sales

1.655.652

1,00

1.139.752

1,00

1.703.337

1,00

1.458.272

1,00

1.896.479

1,00

Cost of Goods Sold

1.496.644

0,90

1.022.546

0,90

1.505.039

0,88

1.271.931

0,87

1.663.220

0,88

Gross Profit

159.008

0,10

117.206

0,10

198.298

0,12

186.341

0,13

233.259

0,12

Operating Expenses

103.283

0,06

85.419

0,07

168.409

0,10

157.843

0,11

193.162

0,10

Operating Profit

55.725

0,03

31.787

0,03

29.889

0,02

28.498

0,02

40.097

0,02

Other Income

8.276

0,00

26.179

0,02

17.252

0,01

16.174

0,01

76.940

0,04

Other Expenses

33.912

0,02

26.890

0,02

19.565

0,01

11.408

0,01

88.586

0,05

Financial Expenses

0

0,00

0

0,00

0

0,00

0

0,00

0

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

30.089

0,02

31.076

0,03

27.576

0,02

33.264

0,02

28.451

0,02

Tax Payable

6.052

0,00

6.476

0,01

6.508

0,00

7.384

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)

24.037

0,01

24.600

0,02

21.068

0,01

25.880

0,02

28.451

0,02

 

 

 

 

FINANCIAL RATIOS

 

 

(2007)

(2008)

(2009)

(2010)

LIQUIDITY RATIOS

 

 

Current Ratio

1,71

1,62

2,28

1,34

Acid-Test Ratio

1,00

0,90

0,79

0,17

Cash Ratio

0,18

0,30

0,55

0,01

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,25

0,29

0,52

0,77

Short-term Receivable/Total Assets

0,48

0,37

0,10

0,12

Tangible Assets/Total Assets

0,01

0,01

0,01

0,00

TURNOVER RATIOS

 

 

Inventory Turnover

11,61

5,66

6,23

1,45

Stockholders' Equity Turnover

7,65

4,73

6,50

5,06

Asset Turnover

3,21

1,83

3,67

1,28

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,42

0,39

0,56

0,25

Current Liabilities/Total Assets

0,58

0,61

0,44

0,75

Financial Leverage

0,58

0,61

0,44

0,75

Gearing Percentage

1,39

1,58

0,77

2,94

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,11

0,10

0,08

0,09

Operating Profit Margin

0,03

0,03

0,02

0,02

Net Profit Margin

0,01

0,02

0,01

0,02

Interest Cover

 

 

 

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

53,47

71,86

10,16

32,91

Average Payable Period (days)

63,23

108,67

40,86

93,18

WORKING CAPITAL

212089,00

237571,00

258773,00

284653,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.07

UK Pound

1

Rs.78.09

Euro

1

Rs.65.15

 

 

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.