MIRA INFORM REPORT

 

 

Report Date :

10.07.2012

 

IDENTIFICATION DETAILS

 

Name :

NET ITHALAT IHRACAT TURIZM NAKLIYAT VE TICARET LTD. STI.

 

 

Registered Office :

Necatibey Cad. Kat:3 No:49 Beyoglu Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

03.10.2000

 

 

Com. Reg. No.:

445684

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Wholesale trade of consumer goods such as food products, textile, cosmetics, toys etc. 

 

 

No. of Employees :

13

 

 

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

 

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 – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

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

:

NET ITHALAT IHRACAT TURIZM NAKLIYAT VE TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Necatibey Cad. Kat:3 No:49 Beyoglu Istanbul / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The door number was changed from "No:65" to "No:49" by the Municipality.

PHONE NUMBER

:

90-212-251 59 69

90-212-252 05 46

 

FAX NUMBER

:

90-212-244 06 76

90-212-244 06 91

 

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Bogazici Kurumlar

TAX NO

:

6310200430

REGISTRATION NUMBER

:

445684

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

03.10.2000

ESTABLISHMENT GAZETTE DATE/NO

:

02.11.2000/5166

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   5.400.000

PAID-IN CAPITAL

:

TL   5.400.000

HISTORY

:

Previous Registered Capital

:

TL 100.000

Changed On

:

09.04.2010 (Commercial Gazette Date /Number 15.04.2010/ 7544)

Previous Registered Capital

:

TL 400.000

Changed On

:

20.07.2011 (Commercial Gazette Date /Number 26.07.2011/ 7866)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Mehmet Vedat Arzik

59,96 %

Muzaffer Dilek Yoruk

20 %

Emir Arzik

20 %

Erol Lacin

0,02 %

Ilkay Naksilar

0,02 %

 

 

SISTER COMPANIES

:

Declared to be: None

 

DIRECTORS

:

Mehmet Vedat Arzik                                                                                                                                                                                                                                                                                   

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Wholesale trade of consumer goods such as food products, textile, cosmetics, toys etc. 

 

We are informed that, the firm imports consumer goods for "Carrefour" which is one of the large retail store chains in Turkey. 

 

NACE CODE

:

G .51.90

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

13

 

NET SALES

:

105.326 TL

(03.10-31.12.2000) 

17.583.027 TL

(2001) 

7.522.391 TL

(2002) 

12.732.442 TL

(2003) 

15.590.983 TL

(2004) 

15.506.485 TL

(2005) 

17.348.912 TL

(2006) 

17.429.217 TL

(2007) 

25.143.218 TL

(2008) 

18.746.569 TL

(2009) 

11.911.527 TL

(2010) 

20.968.034 TL

(2011) 

6.908.325 TL

(01.01-31.03.2012) 

 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT VALUE

:

2.742.667 USD + 1.654.233 EUR

(2004)

1.295.000 USD + 3.830.000 EUR

(2005)

162.300 USD + 6.150.000 EUR

(2006)

69.246 USD + 5.581.368 EUR

(2007)

10.552.966 USD

(2008)

7.909.961 USD

(2009)

1.811.640 USD

(01.01-30.06.2010)

 

 

IMPORT COUNTRIES

:

European Countries

Far East Countries

 

MERCHANDISE IMPORTED

:

Consumer goods

 

HEAD OFFICE ADDRESS

:

Necatibey Cad. Kat:3 No:49 Beyoglu  Istanbul / Turkey ( rented )

 

INVESTMENTS

:

None

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2011.

SIZE OF BUSINESS

:

Lower-Medium

 

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Galata Branch

Garanti Bankasi Karakoy 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

:

 

(2008) TL

(2009) TL

(2010) TL

(2011) TL

(01.01-31.03.2012) TL

Net Sales

25.143.218

18.746.569

11.911.527

20.968.034

6.908.325

Profit (Loss) Before Tax

2.355.696

1.762.989

883.575

-5.233.688

218.460

Stockholders' Equity

5.204.917

6.702.834

7.167.659

1.545.738

 

Total Assets

5.381.503

6.775.125

7.801.174

3.625.094

 

Current Assets

5.116.685

6.522.247

7.743.748

3.615.109

 

Non-Current Assets

264.818

252.878

57.426

9.985

 

Current Liabilities

156.361

72.291

633.515

2.079.356

 

Long-Term Liabilities

20.225

0

0

0

 

Gross Profit (loss)

3.011.213

2.156.445

1.231.736

1.505.255

343.804

Operating Profit (loss)

2.169.292

1.722.861

882.389

-5.243.848

248.341

Net Profit (loss)

2.355.696

1.762.989

883.575

-5.445.205

218.460

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Satisfactory As of 31.12.2011

Liquidity

Insufficient As of 31.12.2011

Profitability

Good Operating Profitability  in 2008

High Net Profitability  in 2008

Good Operating Profitability  in 2009

High Net Profitability  in 2009

Good Operating Profitability  in 2010

High Net Profitability  in 2010

Operating Loss  in 2011

Net Loss  in 2011

In Order Operating Profitability (01.01-31.03.2012)

In Order Net Profitability (01.01-31.03.2012)

 

Gap between average collection and payable periods

Favorable in 2011

General Financial Position

Passable

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2000 )

32,70 %

0,6251

0,5774

0,9480

 ( 2001 )

88,60 %

1,1991

1,0714

1,7300

 ( 2002 )

30,80 %

1,5168

1,3741

2,2001

 ( 2003 )

13,90 %

1,5302

1,7141

2,4982

 ( 2004 )

13,84 %

1,4266

1,7666

2,6001

 ( 2005 )

2,66 %

1,3499

1,6882

2,4623

 ( 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

 ( 01.01-30.06.2010)

4,93 %

1,5268

2,0325

2,3444

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 01.01-31.03.2012)

0,65 %

1,7995

2,3799

2,8402

 ( 01.01-30.06.2012)

1,95 %

1,8028

2,3463

2,8462

 

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

5.116.685

0,95

6.522.247

0,96

7.743.748

0,99

3.615.109

1,00

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

942.398

0,18

386.938

0,06

22.143

0,00

309.001

0,09

Marketable Securities

0

0,00

0

0,00

0

0,00

204.194

0,06

Account Receivable

1.542.443

0,29

995.918

0,15

550.620

0,07

436.382

0,12

Other Receivable

0

0,00

4.214.897

0,62

6.164.616

0,79

114.129

0,03

Inventories

0

0,00

0

0,00

141.347

0,02

0

0,00

Advances Given

553.690

0,10

0

0,00

0

0,00

675.873

0,19

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

2.078.154

0,39

924.494

0,14

865.022

0,11

1.875.530

0,52

NON-CURRENT ASSETS

264.818

0,05

252.878

0,04

57.426

0,01

9.985

0,00

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

9.985

0,00

9.985

0,00

9.985

0,00

9.985

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

101.070

0,02

87.774

0,01

47.441

0,01

0

0,00

Intangible Assets

0

0,00

0

0,00

0

0,00

0

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

153.763

0,03

155.119

0,02

0

0,00

0

0,00

TOTAL ASSETS

5.381.503

1,00

6.775.125

1,00

7.801.174

1,00

3.625.094

1,00

CURRENT LIABILITIES

156.361

0,03

72.291

0,01

633.515

0,08

2.079.356

0,57

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

47.391

0,01

360.952

0,05

643.117

0,18

Accounts Payable

149.623

0,03

20.993

0,00

267.922

0,03

1.166.082

0,32

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

Other Short-term Payable

0

0,00

0

0,00

0

0,00

0

0,00

Advances from Customers

0

0,00

0

0,00

0

0,00

150.963

0,04

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

6.738

0,00

3.907

0,00

4.641

0,00

5.960

0,00

Provisions

0

0,00

0

0,00

0

0,00

113.234

0,03

Other Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

LONG-TERM LIABILITIES

20.225

0,00

0

0,00

0

0,00

0

0,00

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

20.225

0,00

0

0,00

0

0,00

0

0,00

Securities Issued

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

0

0,00

0

0,00

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

5.204.917

0,97

6.702.834

0,99

7.167.659

0,92

1.545.738

0,43

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

100.000

0,02

100.000

0,01

400.000

0,05

400.000

0,11

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

138.806

0,03

138.806

0,02

138.806

0,02

138.806

0,04

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

2.610.415

0,49

4.701.039

0,69

5.745.278

0,74

852.137

0,24

Revaluation Fund

0

0,00

0

0,00

0

0,00

5.600.000

1,54

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

2.355.696

0,44

1.762.989

0,26

883.575

0,11

-5.445.205

-1,50

TOTAL LIABILITIES AND EQUITY

5.381.503

1,00

6.775.125

1,00

7.801.174

1,00

3.625.094

1,00

 

REMARKS ON FINANCIAL STATEMENT

:

At the financial statements according to TAS, "Cheques Received" and "Outstanding Cheques" figures are under "Cash And Banks" figure. Beginning from the financial statements of 31.12.2011, "Cheques Received" and "Outstanding Cheques" figures will be given under "Account Receivable" figure and "Account Payable" figure respectively.

 

 

INCOME STATEMENTS

 

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

(01.01-31.03.2012) TL

 

Net Sales

25.143.218

1,00

18.746.569

1,00

11.911.527

1,00

20.968.034

1,00

6.908.325

1,00

Cost of Goods Sold

22.132.005

0,88

16.590.124

0,88

10.679.791

0,90

19.462.779

0,93

6.564.521

0,95

Gross Profit

3.011.213

0,12

2.156.445

0,12

1.231.736

0,10

1.505.255

0,07

343.804

0,05

Operating Expenses

841.921

0,03

433.584

0,02

349.347

0,03

6.749.103

0,32

95.463

0,01

Operating Profit

2.169.292

0,09

1.722.861

0,09

882.389

0,07

-5.243.848

-0,25

248.341

0,04

Other Income

198.576

0,01

149.043

0,01

3.750

0,00

24.152

0,00

0

0,00

Other Expenses

0

0,00

107.641

0,01

0

0,00

0

0,00

295

0,00

Financial Expenses

12.172

0,00

1.274

0,00

2.564

0,00

13.992

0,00

29.586

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

2.355.696

0,09

1.762.989

0,09

883.575

0,07

-5.233.688

-0,25

218.460

0,03

Tax Payable

0

0,00

0

0,00

0

0,00

211.517

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)

2.355.696

0,09

1.762.989

0,09

883.575

0,07

-5.445.205

-0,26

218.460

0,03

 

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

(2011)

LIQUIDITY RATIOS

 

 

Current Ratio

32,72

90,22

12,22

1,74

Acid-Test Ratio

15,89

77,43

10,63

0,51

Cash Ratio

6,03

5,35

0,03

0,25

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,00

0,00

0,02

0,00

Short-term Receivable/Total Assets

0,29

0,77

0,86

0,15

Tangible Assets/Total Assets

0,02

0,01

0,01

0,00

TURNOVER RATIOS

 

 

Inventory Turnover

 

 

75,56

 

Stockholders' Equity Turnover

4,83

2,80

1,66

13,57

Asset Turnover

4,67

2,77

1,53

5,78

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,97

0,99

0,92

0,43

Current Liabilities/Total Assets

0,03

0,01

0,08

0,57

Financial Leverage

0,03

0,01

0,08

0,57

Gearing Percentage

0,03

0,01

0,09

1,35

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,45

0,26

0,12

-3,52

Operating Profit Margin

0,09

0,09

0,07

-0,25

Net Profit Margin

0,09

0,09

0,07

-0,26

Interest Cover

194,53

1384,82

345,61

-373,05

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

22,23

19,32

16,94

7,66

Average Payable Period (days)

2,43

0,46

9,03

21,57

WORKING CAPITAL

4960324,00

6449956,00

7110233,00

1535753,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.56.02

UK Pound

1

Rs.86.77

Euro

1

Rs.68.82

 

 

INFORMATION DETAILS

 

Report Prepared by :

PDT

 

 

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.