MIRA INFORM REPORT

 

 

Report Date :

02.06.2012

 

IDENTIFICATION DETAILS

 

Name :

EYUP TEKSTIL KADIFE SANAYI VE TICARET LTD. STI.

 

 

Registered Office :

Terazidere Mah. Funda Sok. Ustun Ishani No:16/2 Bayrampasa Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

07.08.1995

 

 

Com. Reg. No.:

333688

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacture and trade of velvet woven fabric

 

 

No. of Employees :

20

 

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

:

EYUP TEKSTIL KADIFE SANAYI VE TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Terazidere Mah. Funda Sok. Ustun Ishani No:16/2 Bayrampasa Istanbul / Turkey

PHONE NUMBER

:

90-212-577 77 44 (Administrative Office)

90-212-613 12 74 (Head Office)

 

FAX NUMBER

:

90-212-612 73 04 (Administrative Office)

 

WEB-ADDRESS

:

www.eyuptekstil.com

E-MAIL

:

info@eyuptekstil.com   

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Bayrampasa

TAX NO

:

3840042820

REGISTRATION NUMBER

:

333688

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

07.08.1995

ESTABLISHMENT GAZETTE DATE/NO

:

10.08.1995/3847

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   250.000

PAID-IN CAPITAL

:

TL   250.000

HISTORY

:

Previous Registered Capital

:

TL 30.000

Changed On

:

26.12.2006 (Commercial Gazette Date /Number 29.12.2006/ 6715)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Abdullah Karakas

75 %

Sonay Karakas

25 %

 

 

SISTER COMPANIES

:

Declared to be: None

 

DIRECTORS

:

Abdullah Karakas

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of velvet woven fabric.

 

NACE CODE

:

DB.17.60

 

SECTOR

:

Textile

 

NUMBER OF EMPLOYEES

:

20

 

NET SALES

:

2.638.365 TL

(2010) 

4.652.397 TL

(2011) 

 

 

IMPORT COUNTRIES

:

China

India

 

MERCHANDISE IMPORTED

:

Polyester yarn

 

EXPORT VALUE

:

2.209.281 TL

(2010)

3.388.988 TL

(2011)

 

 

EXPORT COUNTRIES

:

Romania

Russia

Ukraine

Kazakhstan

Moldova

 

 

MERCHANDISE  EXPORTED

:

Prayer rugs

Velvet sofa cloth

Velvet woven fabric

 

HEAD OFFICE ADDRESS

:

Terazidere Mah. Funda Sok. Ustun Ishani No:16/2 Bayrampasa Istanbul / Turkey ( rented )

 

BRANCHES

:

Workshop  :  Terazidere Mah. Funda Sok. No:29 Bayrampasa Istanbul/Turkey (rented)

 

Head Office/Production Plant  :  Terazidere Mah. Funda Sok. Ustun Ishani No:16/2 Bayrampasa Istanbul/Turkey (rented)

 

Administrative Office  :  Terazidere Mah. Meltem Sok. No:14 Bayrampasa Istanbul/Turkey (rented)

 

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2011.

SIZE OF BUSINESS

:

Moderate

 

FINANCE

 

MAIN DEALING BANKS

:

Albaraka Turk Katilim Bankasi Bayrampasa Branch

Kuveyt Turk Katilim Bankasi Bayrampasa Branch

Yapi ve Kredi Bankasi Bayrampasa Branch

 

CREDIT FACILITIES

:

No credit facility has come to our knowledge.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

 

KEY FINANCIAL ELEMENTS

:

 

(2010) TL

(2011) TL

 

 

 

Net Sales

2.638.365

4.652.397

 

 

 

Profit (Loss) Before Tax

229.460

189.176

 

 

 

Stockholders' Equity

885.402

1.031.062

 

 

 

Total Assets

2.095.143

2.045.824

 

 

 

Current Assets

1.995.276

1.933.335

 

 

 

Non-Current Assets

99.867

112.489

 

 

 

Current Liabilities

1.209.741

1.014.762

 

 

 

Long-Term Liabilities

0

0

 

 

 

Gross Profit (loss)

475.208

507.846

 

 

 

Operating Profit (loss)

211.390

175.122

 

 

 

Net Profit (loss)

183.194

145.660

 

 

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Good As of 31.12.2011

Liquidity

High As of 31.12.2011

Remarks On Liquidity

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

 

Profitability

Good Operating Profitability  in 2010

High Net Profitability  in 2010

In Order Operating Profitability  in 2011

In Order Net Profitability  in 2011

 

Gap between average collection and payable periods

Unfavorable in 2011

General Financial Position

Good

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 01.01-30.04.2012)

0,73 %

1,7910

2,3688

2,8440

 

 

BALANCE SHEETS

 

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

1.995.276

0,95

1.933.335

0,95

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

-457.153

-0,22

163.795

0,08

Marketable Securities

0

0,00

0

0,00

Account Receivable

2.230.792

1,06

500.645

0,24

Other Receivable

28.828

0,01

760.866

0,37

Inventories

28.358

0,01

295.235

0,14

Advances Given

29.877

0,01

122.181

0,06

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

134.574

0,06

90.613

0,04

NON-CURRENT ASSETS

99.867

0,05

112.489

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)

99.867

0,05

105.707

0,05

Intangible Assets

0

0,00

0

0,00

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

6.782

0,00

TOTAL ASSETS

2.095.143

1,00

2.045.824

1,00

CURRENT LIABILITIES

1.209.741

0,58

1.014.762

0,50

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

Accounts Payable

331.620

0,16

250.392

0,12

Loans from Shareholders

801.267

0,38

0

0,00

Other Short-term Payable

0

0,00

2.349

0,00

Advances from Customers

0

0,00

623.831

0,30

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

24.588

0,01

85.754

0,04

Provisions

46.266

0,02

43.516

0,02

Other Current Liabilities

6.000

0,00

8.920

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

885.402

0,42

1.031.062

0,50

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

250.000

0,12

250.000

0,12

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

76.355

0,04

76.355

0,04

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

415.866

0,20

599.060

0,29

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

-40.013

-0,02

-40.013

-0,02

Net Profit (loss)

183.194

0,09

145.660

0,07

TOTAL LIABILITIES AND EQUITY

2.095.143

1,00

2.045.824

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

 

 

(2010) TL

 

(2011) TL

 

Net Sales

2.638.365

1,00

4.652.397

1,00

Cost of Goods Sold

2.163.157

0,82

4.144.551

0,89

Gross Profit

475.208

0,18

507.846

0,11

Operating Expenses

263.818

0,10

332.724

0,07

Operating Profit

211.390

0,08

175.122

0,04

Other Income

20.283

0,01

91.151

0,02

Other Expenses

2.213

0,00

72.967

0,02

Financial Expenses

0

0,00

4.130

0,00

Minority Interests

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

Profit (loss) Before Tax

229.460

0,09

189.176

0,04

Tax Payable

46.266

0,02

43.516

0,01

Postponed Tax Gain

0

0,00

0

0,00

Net Profit (loss)

183.194

0,07

145.660

0,03

 

FINANCIAL RATIOS

 

 

(2010)

(2011)

LIQUIDITY RATIOS

Current Ratio

1,65

1,91

Acid-Test Ratio

1,49

1,40

Cash Ratio

-0,38

0,16

ASSET STRUCTURE RATIOS

Inventory/Total Assets

0,01

0,14

Short-term Receivable/Total Assets

1,08

0,62

Tangible Assets/Total Assets

0,05

0,05

TURNOVER RATIOS

Inventory Turnover

76,28

14,04

Stockholders' Equity Turnover

2,98

4,51

Asset Turnover

1,26

2,27

FINANCIAL STRUCTURE

Stockholders' Equity/Total Assets

0,42

0,50

Current Liabilities/Total Assets

0,58

0,50

Financial Leverage

0,58

0,50

Gearing Percentage

1,37

0,98

PROFITABILITY RATIOS

Net Profit/Stockholders' Eq.

0,21

0,14

Operating Profit Margin

0,08

0,04

Net Profit Margin

0,07

0,03

Interest Cover

 

46,81

COLLECTION-PAYMENT

Average Collection Period (days)

304,39

38,74

Average Payable Period (days)

55,19

21,75

WORKING CAPITAL

785535,00

918573,00

 

 

 

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 :

MNL

 

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.