MIRA INFORM REPORT

 

 

Report Date :           

21.02.2012

 

IDENTIFICATION DETAILS

 

Name :

MIKRO TEKSTIL VE ORME SANAYI TICARET LTD. STI. 

 

 

Registered Office :

Merkez Mah. Gungoren Cad. No:69 Kat:2-3 Bagcilar  Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

14.11.2001

 

 

Com. Reg. No.:

465816

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacture and trade of fabric

 

 

No. of Employees :

31

 

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 :

370.000 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

 

COMPANY IDENTIFICATION

 

NAME

:

MIKRO TEKSTIL VE ORME SANAYI TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Merkez Mah. Gungoren Cad. No:69 Kat:2-3 Bagcilar  Istanbul / Turkey

PHONE NUMBER

:

90-212-634 85 51

 

FAX NUMBER

:

90-212-634 85 49

 

WEB-ADDRESS

:

www.mikrotekstil.com

E-MAIL

:

info@mikrotekstil.com 

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Esenler

TAX NO

:

6210233073

REGISTRATION NUMBER

:

465816

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

14.11.2001

ESTABLISHMENT GAZETTE DATE /NO

:

19.11.2001/5427

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   1.750.000

PAID-IN CAPITAL

:

TL   1.750.000

HISTORY

:

Previous Registered Capital

:

TL 500.000

Changed On

:

09.11.2010 (Commercial Gazette Date /Number 15.11.2010/ 7690)

Previous Address

:

Sanayi Mah. Sancakli Cad. Selcuklu Is Merkezi No: 12/1 Gungoren-Istanbul

Changed On

:

12.09.2007 (Commercial Gazette Date /Number 17.09.2007/ 6896)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Hamit Yildirim

70 %

Yahya Yildirim

20 %

Husnu Yildirim

10 %

 

 

SISTER COMPANIES

:

Declared to be: None

 

SUBSIDIARIES

:

Declared to be: None

 

DIRECTORS

:

Yahya Yildirim

 

Hamit Yildirim

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of fabric.

 

NACE CODE

:

DB.17.11

 

SECTOR

:

Textile

 

NUMBER OF EMPLOYEES

:

31

 

NET SALES

:

3.924.449 TL

(2009) 

9.460.931 TL

(2010) 

10.628.880 TL

(2011) 

 

 

IMPORT COUNTRIES

:

India

Indonesia

 

MERCHANDISE IMPORTED

:

Yarn

 

EXPORT VALUE

:

41.442 TL

(2009)

1.125.688 TL

(2010)

1.303.539 TL

(2011)

 

 

EXPORT COUNTRIES

:

Russia

Poland

 

MERCHANDISE  EXPORTED

:

Fabric

 

HEAD OFFICE ADDRESS

:

Merkez Mah. Gungoren Cad. No:69 Kat:2-3 Bagcilar  Istanbul / Turkey (

 

BRANCHES

:

Head Office/Production Plant  :  Merkez Mah. Gungoren Cad. No:69 Kat:2-3 Bagcilar Istanbul/Turkey

 

 

TREND OF BUSINESS

:

Trend of business was steady in  2011.

SIZE OF BUSINESS

:

Upper-Medium

 

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Sanayi Branch

Asya Katilim Bankasi Merter Branch

Halkbank Sanayi Branch

T. Finans Katilim Bankasi Merter 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

(2011) TL

 

 

Net Sales

3.924.449

9.460.931

10.628.880

 

 

Profit (Loss) Before Tax

179.996

237.127

167.594

 

 

Stockholders' Equity

804.551

2.242.315

 

 

 

Total Assets

4.614.218

7.336.374

 

 

 

Current Assets

4.390.579

6.935.871

 

 

 

Non-Current Assets

223.639

400.503

 

 

 

Current Liabilities

3.809.667

5.094.059

 

 

 

Long-Term Liabilities

0

0

 

 

 

Gross Profit (loss)

428.828

687.148

891.398

 

 

Operating Profit (loss)

261.244

406.720

426.668

 

 

Net Profit (loss)

143.052

187.764

167.594

 

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Fair As of 31.12.2010

Remarks on Capitalization

A part of liabilities consist of loans from shareholders.

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

 

The liquid assets consist mainly of receivables the amount of cash&banks or marketable securities (which are more liquid) are low.

 

Profitability

Good Operating Profitability  in 2009

Good Net Profitability  in 2009

In Order Operating Profitability  in 2010

Fair Net Profitability  in 2010

In Order Operating Profitability  in 2011

Low Net Profitability  in 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 370.000 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

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 01.01-31.01.2012)

0,38 %

1,8353

2,3964

2,8635

 

 

BALANCE SHEETS

 

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

4.390.579

0,95

6.935.871

0,95

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

210.405

0,05

255.487

0,03

Marketable Securities

0

0,00

0

0,00

Account Receivable

1.903.415

0,41

3.628.621

0,49

Other Receivable

0

0,00

0

0,00

Inventories

1.988.908

0,43

2.652.287

0,36

Advances Given

98.356

0,02

148.290

0,02

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

189.495

0,04

251.186

0,03

NON-CURRENT ASSETS

223.639

0,05

400.503

0,05

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)

223.639

0,05

397.113

0,05

Intangible Assets

0

0,00

3.390

0,00

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

0

0,00

TOTAL ASSETS

4.614.218

1,00

7.336.374

1,00

CURRENT LIABILITIES

3.809.667

0,83

5.094.059

0,69

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

1.225.738

0,27

1.964.053

0,27

Accounts Payable

909.676

0,20

1.498.154

0,20

Loans from Shareholders

808.066

0,18

372.500

0,05

Other Short-term Payable

18.458

0,00

21.004

0,00

Advances from Customers

802.780

0,17

1.203.741

0,16

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

36.484

0,01

19.249

0,00

Provisions

8.465

0,00

15.358

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

804.551

0,17

2.242.315

0,31

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

500.000

0,11

1.750.000

0,24

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

3.365

0,00

3.365

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

158.134

0,03

301.186

0,04

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

Net Profit (loss)

143.052

0,03

187.764

0,03

TOTAL LIABILITIES AND EQUITY

4.614.218

1,00

7.336.374

1,00

 

 

 

INCOME STATEMENTS

 

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

Net Sales

3.924.449

1,00

9.460.931

1,00

10.628.880

1,00

Cost of Goods Sold

3.495.621

0,89

8.773.783

0,93

9.737.482

0,92

Gross Profit

428.828

0,11

687.148

0,07

891.398

0,08

Operating Expenses

167.584

0,04

280.428

0,03

464.730

0,04

Operating Profit

261.244

0,07

406.720

0,04

426.668

0,04

Other Income

23.220

0,01

120.707

0,01

95.080

0,01

Other Expenses

28.270

0,01

46.224

0,00

49.584

0,00

Financial Expenses

76.198

0,02

244.076

0,03

304.570

0,03

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

179.996

0,05

237.127

0,03

167.594

0,02

Tax Payable

36.944

0,01

49.363

0,01

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

143.052

0,04

187.764

0,02

167.594

0,02

 

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

LIQUIDITY RATIOS

 

 

Current Ratio

1,15

1,36

Acid-Test Ratio

0,55

0,76

Cash Ratio

0,06

0,05

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,43

0,36

Short-term Receivable/Total Assets

0,41

0,49

Tangible Assets/Total Assets

0,05

0,05

TURNOVER RATIOS

 

 

Inventory Turnover

1,76

3,31

Stockholders' Equity Turnover

4,88

4,22

Asset Turnover

0,85

1,29

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,17

0,31

Current Liabilities/Total Assets

0,83

0,69

Financial Leverage

0,83

0,69

Gearing Percentage

4,74

2,27

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,18

0,08

Operating Profit Margin

0,07

0,04

Net Profit Margin

0,04

0,02

Interest Cover

3,36

1,97

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

174,61

138,07

Average Payable Period (days)

93,68

61,47

WORKING CAPITAL

580912,00

1841812,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.21

UK Pound

1

Rs.77.75

Euro

1

Rs.64.58

 

 

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.