MIRA INFORM REPORT

 

 

Report Date :

02.06.2012

 

IDENTIFICATION DETAILS

 

Name :

AKTIF TEKSTIL SANAYI VE TICARET LTD. STI.

 

 

Registered Office :

Incilipinar Mah. Gazimuhtarpasa Bulvari Kepkepzade Park Is Merkezi B Blok Kat:2/8 Merkez Gaziantep

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

02.07.1999

 

 

Com. Reg. No.:

21549

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Wholesale trade of yarn and carpet. 

 

 

No. of Employees :

9

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

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 – 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

:

AKTIF TEKSTIL SANAYI VE TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Incilipinar Mah. Gazimuhtarpasa Bulvari Kepkepzade Park Is Merkezi B Blok Kat:2/8 Merkez Gaziantep / Turkey

PHONE NUMBER

:

90-342-220 28 02

 

FAX NUMBER

:

90-342-220 28 05

 

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Gazikent

TAX NO

:

6620245173

REGISTRATION NUMBER

:

21549

REGISTERED OFFICE

:

Gaziantep Chamber of Commerce

DATE ESTABLISHED

:

02.07.1999

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   15.000.000

 

HISTORY

:

Previous Registered Capital

:

TL 800.000

Changed On

:

23.06.2009 (Commercial Gazette Date /Number 01.07.2009/ 7344)

Previous Registered Capital

:

TL 2.750.000

Changed On

:

24.06.2010 (Commercial Gazette Date /Number 30.06.2010/ 7596)

Previous Registered Capital

:

TL 3.000.000

Changed On

:

16.12.2011 (Commercial Gazette Date /Number 27.12.2011/ 7970)

Previous Registered Capital

:

TL 6.000.000

Changed On

:

30.03.2012 (Commercial Gazette Date /Number 09.04.2012/ 8044)

Previous Shareholder

:

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

Changed On

:

06.12.2011 (Commercial Gazette Date /Number 14.12.2011/ 7961)

PREVIOUS SHAREHOLDERS

:

Mehmet Hilmi Kaplama

50 %

Emine Kaplama

25 %

Mustafa Kaplama

25 %

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Mehmet Hilmi Kaplama

75 %

Mustafa Kaplama

25 %

 

 

SISTER COMPANIES

:

TRIO PAZARLAMA TICARET LTD. STI.

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Mehmet Hilmi Kaplama

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Wholesale trade of yarn and carpet. 

 

The subject has declared that, it is planning to start manufacturing carpet in September 2012.

 

NACE CODE

:

G .51.41

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

9

 

NET SALES

:

13.632.779 TL

(2008) 

16.239.822 TL

(2009) 

21.007.581 TL

(2010) 

51.871.687 TL

(2011) 

11.302.577 TL

(01.01-31.03.2012) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT VALUE

:

2.327.000 USD

(2010)

8.000.000 USD

(2011)

 

 

IMPORT COUNTRIES

:

Malaysia

Indonesia

Taiwan

Belgium

Syria

China

Germany

Bulgaria

 

MERCHANDISE IMPORTED

:

Yarn

 

EXPORT VALUE

:

1.815.306 TL

(2009)

1.419.184 TL

(2010)

4.621.928 TL

(2011)

869.154 TL

(01.01-31.03.2012)

 

 

EXPORT COUNTRIES

:

Iraq

Saudi Arabia

Tunisia

Kazakhstan

 

MERCHANDISE  EXPORTED

:

Carpet

 

HEAD OFFICE ADDRESS

:

Incilipinar Mah. Gazimuhtarpasa Bulvari Kepkepzade Park Is Merkezi B Blok Kat:2/8 Merkez  Gaziantep / Turkey 

 

BRANCHES

:

Warehouse  :  Organize Sanayi Bolgesi Gaziantep/Turkey

INVESTMENTS

:

The company is investing in a new factory in 4. Organize Sanayi Bolgesi Gaziantep.

 

TREND OF BUSINESS

:

There was an upwards trend in  2011.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Ing Bank Gaziantep Branch

T.Garanti Bankasi Sehitkamil Branch

T.Is Bankasi Gaziantep Branch

Yapi ve Kredi Bankasi Gaziantep Branch

 

CREDIT FACILITIES

:

The subject company is making active use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2009) TL

(2010) TL

(2011) TL

(01.01-31.03.2012) TL

 

Net Sales

16.239.822

21.007.581

51.871.687

11.302.577

 

Profit (Loss) Before Tax

294.094

492.601

928.466

22.814

 

Stockholders' Equity

3.164.849

3.606.799

4.510.910

 

 

Total Assets

8.196.006

11.572.544

28.819.902

 

 

Current Assets

7.406.088

10.678.521

27.384.567

 

 

Non-Current Assets

789.918

894.023

1.435.335

 

 

Current Liabilities

5.031.157

7.965.745

24.308.992

 

 

Long-Term Liabilities

0

0

0

 

 

Gross Profit (loss)

623.495

914.368

3.210.533

674.269

 

Operating Profit (loss)

416.901

574.984

2.764.885

527.507

 

Net Profit (loss)

234.597

385.729

732.474

22.814

 

 

 

COMMENT ON FINANCIAL POSITION

 

THE DETAILS OF THE CAPITAL INCREASE  AFTER LAST BALANCE SHEET

 

:

Cash Part

:9.000.000 TL

Equity Part

:

Payment Due Date

:30.03.2015

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

:90

 

 

Capitalization

Fair

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

Insufficient As of 31.12.2011

Remarks On Liquidity

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

Fair Operating Profitability  in 2009

Low Net Profitability  in 2009

Fair Operating Profitability  in 2010

Fair Net Profitability  in 2010

In Order Operating Profitability  in 2011

Low Net Profitability  in 2011

In Order Operating Profitability (01.01-31.03.2012)

Low Net Profitability (01.01-31.03.2012)

 

Gap between average collection and payable periods

Unfavorable in 2011

General Financial Position

Unsatisfactory

 

 

 

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

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 01.01-31.03.2012)

0,65 %

1,7995

2,3799

2,8402

 ( 01.01-30.04.2012)

0,73 %

1,7910

2,3688

2,8440

 

 

BALANCE SHEETS

 

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

7.406.088

0,90

10.678.521

0,92

27.384.567

0,95

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

Cash and Banks

1.618.467

0,20

4.304.058

0,37

262.838

0,01

Marketable Securities

0

0,00

1.000

0,00

2.474

0,00

Account Receivable

4.365.394

0,53

3.942.573

0,34

23.852.771

0,83

Other Receivable

50.214

0,01

42.877

0,00

103.088

0,00

Inventories

726.859

0,09

1.778.998

0,15

2.239.777

0,08

Advances Given

625.591

0,08

452.915

0,04

851.325

0,03

Accumulated Construction Expense

0

0,00

156.100

0,01

0

0,00

Other Current Assets

19.563

0,00

0

0,00

72.294

0,00

NON-CURRENT ASSETS

789.918

0,10

894.023

0,08

1.435.335

0,05

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

0

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

786.160

0,10

894.023

0,08

1.434.647

0,05

Intangible Assets

0

0,00

0

0,00

0

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

3.758

0,00

0

0,00

688

0,00

TOTAL ASSETS

8.196.006

1,00

11.572.544

1,00

28.819.902

1,00

CURRENT LIABILITIES

5.031.157

0,61

7.965.745

0,69

24.308.992

0,84

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

1.618.272

0,20

4.071.097

0,35

15.730.947

0,55

Accounts Payable

3.152.056

0,38

1.614.669

0,14

6.661.838

0,23

Loans from Shareholders

24.010

0,00

4.671

0,00

0

0,00

Other Short-term Payable

0

0,00

988

0,00

308

0,00

Advances from Customers

222.728

0,03

2.220.073

0,19

1.757.642

0,06

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

Taxes Payable

14.091

0,00

4.151

0,00

158.116

0,01

Provisions

0

0,00

50.096

0,00

141

0,00

Other Current Liabilities

0

0,00

0

0,00

0

0,00

LONG-TERM LIABILITIES

0

0,00

0

0,00

0

0,00

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

0

0,00

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

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

3.164.849

0,39

3.606.799

0,31

4.510.910

0,16

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

Paid-in Capital

2.715.459

0,33

2.964.793

0,26

3.778.436

0,13

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

214.793

0,03

256.277

0,02

0

0,00

Revaluation Fund

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

Net Profit (loss)

234.597

0,03

385.729

0,03

732.474

0,03

TOTAL LIABILITIES AND EQUITY

8.196.006

1,00

11.572.544

1,00

28.819.902

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.      

                                                                                                                                   

At the last income statement TL 1.224.482 of the other income is due to "Profit from Foreign Currency Exchange".                                                                                         

At the last income statement TL 1.137.427 of the other expenses is due to "Loss from Foreign Currency Exchange”.

                                                 

 

 

INCOME STATEMENTS

 

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

(01.01-31.03.2012) TL

 

Net Sales

16.239.822

1,00

21.007.581

1,00

51.871.687

1,00

11.302.577

1,00

Cost of Goods Sold

15.616.327

0,96

20.093.213

0,96

48.661.154

0,94

10.628.308

0,94

Gross Profit

623.495

0,04

914.368

0,04

3.210.533

0,06

674.269

0,06

Operating Expenses

206.594

0,01

339.384

0,02

445.648

0,01

146.762

0,01

Operating Profit

416.901

0,03

574.984

0,03

2.764.885

0,05

527.507

0,05

Other Income

611.642

0,04

826.208

0,04

2.523.867

0,05

1.224.482

0,11

Other Expenses

584.210

0,04

782.255

0,04

3.921.601

0,08

1.509.137

0,13

Financial Expenses

150.239

0,01

126.336

0,01

438.685

0,01

220.038

0,02

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

294.094

0,02

492.601

0,02

928.466

0,02

22.814

0,00

Tax Payable

59.497

0,00

106.872

0,01

195.992

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

234.597

0,01

385.729

0,02

732.474

0,01

22.814

0,00

 

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

(2011)

LIQUIDITY RATIOS

 

 

Current Ratio

1,47

1,34

1,13

Acid-Test Ratio

1,20

1,04

1,00

Cash Ratio

0,32

0,54

0,01

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,09

0,15

0,08

Short-term Receivable/Total Assets

0,54

0,34

0,83

Tangible Assets/Total Assets

0,10

0,08

0,05

TURNOVER RATIOS

 

 

Inventory Turnover

21,48

11,29

21,73

Stockholders' Equity Turnover

5,13

5,82

11,50

Asset Turnover

1,98

1,82

1,80

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,39

0,31

0,16

Current Liabilities/Total Assets

0,61

0,69

0,84

Financial Leverage

0,61

0,69

0,84

Gearing Percentage

1,59

2,21

5,39

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,07

0,11

0,16

Operating Profit Margin

0,03

0,03

0,05

Net Profit Margin

0,01

0,02

0,01

Interest Cover

2,96

4,90

3,12

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

96,77

67,56

165,54

Average Payable Period (days)

72,66

28,93

49,28

WORKING CAPITAL

2374931,00

2712776,00

3075575,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.92

UK Pound

1

Rs.86.03

Euro

1

Rs.69.13

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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.