MIRA INFORM REPORT

 

 

Report Date :           

09.01.2012

 

IDENTIFICATION DETAILS

 

Name :

SERBETCI FLAMENT IPLIK SANAYI VE DIS TICARET LTD. STI. 

 

 

Formerly Known As :

Serbetci Dis Ticaret Ltd. Sti.

 

 

Registered Office :

Cakmak Mah. 2 Nolu Cad. No:49 Merkez Gaziantep

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

30.12.1994

 

 

Com. Reg. No.:

16936

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacturing, twisting and trade of polyester yarn

 

 

No. of Employees :

44

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

82.000 USD

 

 

Status :

Satisfactory

 

 

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

:

SERBETCI FLAMENT IPLIK SANAYI VE DIS TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Cakmak Mah. 2 Nolu Cad. No:49 Merkez Gaziantep / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The address was changed from "Cakmak Mah. 2 Nolu Sok. No:35 Merkez - Gaziantep" to "Cakmak Mah. 2 Nolu Cad. No:49 Merkez-Gaziantep" by the Municipality.

PHONE NUMBER

:

90-342-323 23 00

 

FAX NUMBER

:

90-342-323 75 99

 

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Gazikent

TAX NO

:

8100026959

REGISTRATION NUMBER

:

16936

REGISTERED OFFICE

:

Gaziantep Chamber of Commerce

DATE ESTABLISHED

:

30.12.1994

ESTABLISHMENT GAZETTE DATE /NO

:

05.01.1995/3697

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   300.000

HISTORY

:

Previous Name

:

Serbetci Dis Ticaret Ltd. Sti.

Changed On

:

12.10.2011 (Commercial Gazette Date /Number 21.10.2011/ 7926)

Previous Registered Capital

:

TL 1.000

Changed On

:

29.12.2005 (Commercial Gazette Date /Number 17.01.2006/ 6472)

Previous Registered Capital

:

TL 5.000

Changed On

:

12.10.2011 (Commercial Gazette Date /Number 21.10.2011/ 7926)

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Mehmet Cemil Serbetci

40 %

Eyyup Ulufer

30 %

Ismet Serbetci

20 %

Ibrahim Hayri Serbetci

10 %

 

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Mehmet Cemil Serbetci

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacturing, twisting and trade of polyester yarn.

 

NACE CODE

:

DB.17.10

 

NUMBER OF EMPLOYEES

:

44

 

NET SALES

:

132.287 TL

(2009) 

310.756 TL

(2010) 

1.097.095 TL

(01.01-30.09.2011) 

 

 

IMPORT VALUE

:

0 TL

(2010)

0 TL

(2011)

 

 

EXPORT VALUE

:

132.287 TL

(2009)

269.416 TL

(2010)

619.971 TL

(01.01-30.09.2011)

 

 

EXPORT COUNTRIES

:

Iraq

Macedonia Republic

 

MERCHANDISE  EXPORTED

:

Blanket

 

HEAD OFFICE ADDRESS

:

Cakmak Mah. 2 Nolu Cad. No:49 Merkez Gaziantep / Turkey

 

BRANCHES

:

Production Plant  :  1. Organize Sanayi Bolgesi 83106 Nolu Cad. Sam Mezrasi Yolu No:6 Baspinar Gaziantep/Turkey

 

INVESTMENTS

:

Machinery investments are going on.

 

 

TREND OF BUSINESS

:

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

SIZE OF BUSINESS

:

Modest

 

 

FINANCE

 

MAIN DEALING BANKS

:

ING Bank Degirmicem Branch

T. Halk Bankasi Gaziantep Branch

 

CREDIT FACILITIES

:

The subject rarely makes 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

132.287

310.756

1.097.095

 

 

Profit (Loss) Before Tax

-1.206

3.373

118.697

 

 

Stockholders' Equity

9.574

12.744

 

 

 

Total Assets

46.383

447.370

 

 

 

Current Assets

46.383

410.028

 

 

 

Non-Current Assets

0

37.342

 

 

 

Current Liabilities

36.809

434.626

 

 

 

Long-Term Liabilities

0

0

 

 

 

Gross Profit (loss)

5.607

17.253

166.294

 

 

Operating Profit (loss)

-415

3.044

114.063

 

 

Net Profit (loss)

-1.206

3.170

118.697

 

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

THE DETAILS OF THE CAPITAL INCREASE  AFTER LAST BALANCE SHEET

 

:

Cash Part

:295.000 TL

Equity Part

:

Payment Due Date

:01.09.2014

Number of Days To Pay First Portion of The Cash Part of Capital Increase

:90

 

Capitalization

Satisfactory

Remarks on Capitalization

There has been capital increase after the last balance sheet date. The capital increase financed by cash is expected to have an improvement at equity total since the last balance sheet date.

 

Liquidity

Fair

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. 

 

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

 

Profitability

Operating Loss  in 2009

Net Loss  in 2009

Low Operating Profitability  in 2010

Low Net Profitability  in 2010

High Operating Profitability (01.01-30.09.2011)

High Net Profitability (01.01-30.09.2011)

 

Gap between average collection and payable periods

Favorable in 2010

General Financial Position

Satisfactory

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 82.000 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

46.383

1,00

410.028

0,92

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

10.526

0,23

3.976

0,01

Marketable Securities

0

0,00

0

0,00

Account Receivable

32.672

0,70

285.376

0,64

Other Receivable

1.808

0,04

2.699

0,01

Inventories

6

0,00

105.515

0,24

Advances Given

0

0,00

2.242

0,01

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

1.371

0,03

10.220

0,02

NON-CURRENT ASSETS

0

0,00

37.342

0,08

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)

0

0,00

36.508

0,08

Intangible Assets

0

0,00

0

0,00

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

834

0,00

TOTAL ASSETS

46.383

1,00

447.370

1,00

CURRENT LIABILITIES

36.809

0,79

434.626

0,97

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

0

0,00

311

0,00

Accounts Payable

35.754

0,77

381.961

0,85

Loans from Shareholders

35

0,00

49.239

0,11

Other Short-term Payable

960

0,02

1.682

0,00

Advances from Customers

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

60

0,00

1.433

0,00

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

9.574

0,21

12.744

0,03

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

5.000

0,11

5.000

0,01

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

6.268

0,14

6.268

0,01

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

1.136

0,02

1.137

0,00

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

-1.624

-0,04

-2.831

-0,01

Net Profit (loss)

-1.206

-0,03

3.170

0,01

TOTAL LIABILITIES AND EQUITY

46.383

1,00

447.370

1,00

 

 

INCOME STATEMENTS

 

 

(2009) TL

 

(2010) TL

 

(01.01-30.09.2011) TL

 

Net Sales

132.287

1,00

310.756

1,00

1.097.095

1,00

Cost of Goods Sold

126.680

0,96

293.503

0,94

930.801

0,85

Gross Profit

5.607

0,04

17.253

0,06

166.294

0,15

Operating Expenses

6.022

0,05

14.209

0,05

52.231

0,05

Operating Profit

-415

0,00

3.044

0,01

114.063

0,10

Other Income

4.096

0,03

7.810

0,03

6.875

0,01

Other Expenses

4.887

0,04

7.481

0,02

2.241

0,00

Financial Expenses

0

0,00

0

0,00

0

0,00

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

-1.206

-0,01

3.373

0,01

118.697

0,11

Tax Payable

0

0,00

203

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

-1.206

-0,01

3.170

0,01

118.697

0,11

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

LIQUIDITY RATIOS

 

Current Ratio

1,26

0,94

Acid-Test Ratio

1,22

0,67

Cash Ratio

0,29

0,01

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,00

0,24

Short-term Receivable/Total Assets

0,74

0,64

Tangible Assets/Total Assets

0,00

0,08

TURNOVER RATIOS

 

Inventory Turnover

21113,33

2,78

Stockholders' Equity Turnover

13,82

24,38

Asset Turnover

2,85

0,69

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,21

0,03

Current Liabilities/Total Assets

0,79

0,97

Financial Leverage

0,79

0,97

Gearing Percentage

3,84

34,10

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

-0,13

0,25

Operating Profit Margin

0,00

0,01

Net Profit Margin

-0,01

0,01

Interest Cover

 

 

COLLECTION-PAYMENT

 

Average Collection Period (days)

88,91

330,60

Average Payable Period (days)

101,61

468,50

WORKING CAPITAL

9574,00

-24598,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.52.78

UK Pound

1

Rs.81.79

Euro

1

Rs.67.46

 

 

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.