MIRA INFORM REPORT

 

 

Report Date :           

27.02.2012

 

IDENTIFICATION DETAILS

 

Name :

EHM MAGAZACILIK SANAYI VE TICARET A.S.

 

 

Registered Office :

Vasifcinar Cad.No.87 Sultanhamam Fatih Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

25.09.2008

 

 

Com. Reg. No.:

679339

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Retail trade of home textile products. 

 

 

No. of Employees :

450

 

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 :

152.000 EUR

 

 

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

:

EHM MAGAZACILIK SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Vasifcinar Cad.No.87 Sultanhamam Fatih Istanbul / Turkey

PHONE NUMBER

:

90-212-314 66 88(Liaison Office)

 

FAX NUMBER

:

90-212-314 66 71(Liaison Office)

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Hocapasa

TAX NO

:

3260269797

REGISTRATION NUMBER

:

679339

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

25.09.2008

ESTABLISHMENT GAZETTE DATE/NO

:

06.10.2008/7161

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   2.000.000

PAID-IN CAPITAL

:

TL   2.000.000

HISTORY

:

Previous Registered Capital

:

TL 100.000

Changed On

:

23.12.2009 (Commercial Gazette Date /Number 29.12.2009/ 7468)

Previous Registered Capital

:

TL 700.000

Changed On

:

15.06.2010 (Commercial Gazette Date /Number 21.06.2010/ 7589)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Aydin Orme San. ve Tic. A.S.

25 %

Aydan Aydin Saglik

19 %

Zehra Aydin

9 %

Ayhan Aydin

9 %

Ahmet Yasar Aydin

5 %

Turgut Aydin

 

Sehminur Aydin

 

 

 

GROUP PARENT COMPANY

:

TURGUT AYDIN HOLDING A.S.

 

SISTER COMPANIES

:

AYA ENERJI ELEKTRIK A.S.

AYA TEKSTIL SANAYI VE TICARET A.S.

AYDIN DENIZ ISLETMECILIGI A.S.

AYDIN GAYRIMENKUL A.S.

AYDIN ORME SANAYI VE TICARET A.S.

AYDIN SAGLIK YATIRIMLARI SANAYI VE TICARET A.S.

BEKATEKS TEKSTIL DIS TICARET A.S.

DOMEKS DOSEME MEFRUSAT TEKSTIL SANAYI VE TICARET A.S.

IMH SAGLIK HIZMETLERI TEMIZLIK YONETIM DANISMANLIGI GUVENLIK SISTEMLERI INSAAT SANAYI VE DIS TICARET A.S.

INTERLACE CURTAIN MFG INC.

ISTANBUL MEMORIAL SAGLIK YATIRIMLARI A.S.

LANDMARK SUPPLY HOLDING A.S.

LILA DECO BVBA

LILA INTIMATE APPRAVEL BV

PC TEKSTIL SANAYI VE TICARET A.S.

TURGUT AYDIN HOLDING A.S.

YENI MAGAZACILIK A.S.

YENIAYDIN SAGLIK YATIRIMLARI A.S.

 

BOARD OF DIRECTORS

:

Ahmet Yasar Aydin

Chairman

Turgut Aydin

Vice-Chairman

Ayhan Aydin

Member

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Retail trade of home textile products. 

 

The subject has declared that, it has 86 retail stores in Turkey.

 

NACE CODE

:

G .52.41

 

SECTOR

:

Commerce

 

TRADEMARKS TRADED

:

English Home

 

NUMBER OF EMPLOYEES

:

450

 

NET SALES

:

110.212 TL

(25.09-31.12.2008) 

8.462.901 TL

(2009) 

39.336.264 TL

(2010) 

54.016.884 TL

(01.01-30.09.2011) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT COUNTRIES

:

European Countries

India

Pakistan

 

MERCHANDISE IMPORTED

:

Home textile products

 

EXPORT VALUE

:

0 TL

(2009)

535.510 TL

(2010)

240.705 TL

(01.01-30.09.2011)

 

 

EXPORT COUNTRIES

:

Northern Cyprus Turkish Republic

Ukraine

Albania

 

MERCHANDISE  EXPORTED

:

Home textile products

 

 

HEAD OFFICE ADDRESS

:

Vasifcinar Cad.No.87 Sultanhamam Fatih  Istanbul / Turkey 

 

BRANCHES

:

Liaison Office  :  Piyale Pasa Bulvari, Famas Plaza C Blok No:4 34385 Okmeydani Istanbul/Turkey

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2010. There appears an upwards trend in  1.1 - 30.9.2011.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Denizbank Maslak Branch

Garanti Bankasi DES Branch

T. Is Bankasi Sultanhamam Branch

Yapi ve Kredi Bankasi Sultanhamam 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

:

 

(25.09-31.12.2008) TL

(2009) TL

(2010) TL

(01.01-30.09.2011) TL

 

Net Sales

110.212

8.462.901

39.336.264

54.016.884

 

Profit (Loss) Before Tax

-184.463

-1.477.339

1.844.082

944.980

 

Stockholders' Equity

-84.463

338.198

2.134.681

 

 

Total Assets

2.375.998

10.204.273

32.726.475

 

 

Current Assets

2.017.909

7.604.879

21.230.302

 

 

Non-Current Assets

358.089

2.599.394

11.496.173

 

 

Current Liabilities

2.460.461

7.165.435

19.846.617

 

 

Long-Term Liabilities

0

2.700.640

10.745.177

 

 

Gross Profit (loss)

52.463

4.062.225

19.986.941

27.238.935

 

Operating Profit (loss)

-181.034

-1.309.905

2.967.273

5.071.497

 

Net Profit (loss)

-184.463

-1.477.339

1.796.483

944.980

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Low As of 31.12.2010

Remarks on Capitalization

Major part of stockholders’ equity consists of profit.

Liquidity

Fair 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 (25.09-31.12.2008)

Net Loss (25.09-31.12.2008)

Operating Loss  in 2009

Net Loss  in 2009

Good Operating Profitability  in 2010

Good Net Profitability  in 2010

Good 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 OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 152.000 EUR may be granted to the subject company.

 

 

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

 ( 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

 

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

2.017.909

0,85

7.604.879

0,75

21.230.302

0,65

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

Cash and Banks

93.746

0,04

1.934.106

0,19

6.598.089

0,20

Marketable Securities

0

0,00

0

0,00

0

0,00

Account Receivable

36.941

0,02

760.967

0,07

1.052.097

0,03

Other Receivable

0

0,00

0

0,00

213.858

0,01

Inventories

666.729

0,28

3.597.180

0,35

9.787.127

0,30

Advances Given

1.090.404

0,46

361.602

0,04

1.706.980

0,05

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

Other Current Assets

130.089

0,05

951.024

0,09

1.872.151

0,06

NON-CURRENT ASSETS

358.089

0,15

2.599.394

0,25

11.496.173

0,35

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

Long-term Receivable

0

0,00

30.506

0,00

503

0,00

Financial Assets

0

0,00

0

0,00

5.075.727

0,16

Tangible Fixed Assets (net)

87.688

0,04

1.036.976

0,10

2.364.309

0,07

Intangible Assets

141.295

0,06

1.530.867

0,15

3.333.925

0,10

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

129.106

0,05

1.045

0,00

721.709

0,02

TOTAL ASSETS

2.375.998

1,00

10.204.273

1,00

32.726.475

1,00

CURRENT LIABILITIES

2.460.461

1,04

7.165.435

0,70

19.846.617

0,61

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

63

0,00

0

0,00

2.581.377

0,08

Accounts Payable

994.376

0,42

7.065.610

0,69

16.468.326

0,50

Loans from Shareholders

1.452.824

0,61

0

0,00

0

0,00

Other Short-term Payable

1.295

0,00

6.972

0,00

6.840

0,00

Advances from Customers

0

0,00

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

Taxes Payable

11.903

0,01

87.022

0,01

182.002

0,01

Provisions

0

0,00

0

0,00

47.600

0,00

Other Current Liabilities

0

0,00

5.831

0,00

560.472

0,02

LONG-TERM LIABILITIES

0

0,00

2.700.640

0,26

10.745.177

0,33

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

5.061.485

0,15

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

0

0,00

2.700.640

0,26

5.391.115

0,16

Other Long-term Liabilities

0

0,00

0

0,00

292.577

0,01

Provisions

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

-84.463

-0,04

338.198

0,03

2.134.681

0,07

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

Paid-in Capital

100.000

0,04

700.000

0,07

2.000.000

0,06

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

Reserves

0

0,00

0

0,00

0

0,00

Revaluation Fund

0

0,00

1.300.000

0,13

0

0,00

Accumulated Losses(-)

0

0,00

-184.463

-0,02

-1.661.802

-0,05

Net Profit (loss)

-184.463

-0,08

-1.477.339

-0,14

1.796.483

0,05

TOTAL LIABILITIES AND EQUITY

2.375.998

1,00

10.204.273

1,00

32.726.475

1,00

 

 

REMARKS ON FINANCIAL STATEMENT

:

At the income statement of 1.1.-30.09.2011,  TL 1.527.004 of the other expenses is due to "Loss from Foreign Currency Exchange" .                                                                                                                       

 

 

INCOME STATEMENTS

 

 

(25.09-31.12.2008) TL

 

(2009) TL

 

(2010) TL

 

(01.01-30.09.2011) TL

 

Net Sales

110.212

1,00

8.462.901

1,00

39.336.264

1,00

54.016.884

1,00

Cost of Goods Sold

57.749

0,52

4.400.676

0,52

19.349.323

0,49

26.777.949

0,50

Gross Profit

52.463

0,48

4.062.225

0,48

19.986.941

0,51

27.238.935

0,50

Operating Expenses

233.497

2,12

5.372.130

0,63

17.019.668

0,43

22.167.438

0,41

Operating Profit

-181.034

-1,64

-1.309.905

-0,15

2.967.273

0,08

5.071.497

0,09

Other Income

0

0,00

54

0,00

392.821

0,01

236.360

0,00

Other Expenses

3.234

0,03

9.096

0,00

655.067

0,02

1.772.927

0,03

Financial Expenses

195

0,00

158.392

0,02

860.945

0,02

2.589.950

0,05

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

-184.463

-1,67

-1.477.339

-0,17

1.844.082

0,05

944.980

0,02

Tax Payable

0

0,00

0

0,00

47.599

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

-184.463

-1,67

-1.477.339

-0,17

1.796.483

0,05

944.980

0,02

 

 

FINANCIAL RATIOS

 

 

(25.09-31.12.2008)

(2009)

(2010)

LIQUIDITY RATIOS

 

 

 

Current Ratio

0,82

1,06

1,07

Acid-Test Ratio

0,05

0,38

0,40

Cash Ratio

0,04

0,27

0,33

ASSET STRUCTURE RATIOS

 

 

 

Inventory/Total Assets

0,28

0,35

0,30

Short-term Receivable/Total Assets

0,02

0,07

0,04

Tangible Assets/Total Assets

0,04

0,10

0,07

TURNOVER RATIOS

 

 

 

Inventory Turnover

0,09

1,22

1,98

Stockholders' Equity Turnover

-1,30

25,02

18,43

Asset Turnover

0,05

0,83

1,20

FINANCIAL STRUCTURE

 

 

 

Stockholders' Equity/Total Assets

-0,04

0,03

0,07

Current Liabilities/Total Assets

1,04

0,70

0,61

Financial Leverage

1,04

0,97

0,93

Gearing Percentage

-29,13

29,17

14,33

PROFITABILITY RATIOS

 

 

 

Net Profit/Stockholders' Eq.

2,18

-4,37

0,84

Operating Profit Margin

-1,64

-0,15

0,08

Net Profit Margin

-1,67

-0,17

0,05

Interest Cover

-944,96

-8,33

3,14

COLLECTION-PAYMENT

 

 

 

Average Collection Period (days)

120,67

33,67

9,63

Average Payable Period (days)

6198,81

578,01

306,40

WORKING CAPITAL

-442552,00

439444,00

1383685,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.07

UK Pound

1

Rs.77.19

Euro

1

Rs.65.57

 

 

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.