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Report Date : |
07.06.2012 |
IDENTIFICATION DETAILS
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Name : |
ERKA KUMASCILIK SANAYI VE TICARET LTD. STI. |
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Registered Office : |
Giyimkent Mehmetcik Bulvari A1 B96 No:1-7 Esenler Istanbul |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
20.01.2004 |
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Com. Reg. No.: |
514505 |
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Legal Form : |
Limited Company |
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Line of Business : |
Wholesale trade of
fabric |
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No. of Employees : |
16 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
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NAME |
: |
ERKA KUMASCILIK SANAYI VE TICARET LTD. STI. |
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HEAD OFFICE ADDRESS |
: |
Giyimkent Mehmetcik Bulvari A1 B96 No:1-7 Esenler Istanbul / Turkey |
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PHONE NUMBER |
: |
90-212-438 08 66 |
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FAX NUMBER |
: |
90-212-438 08 68 |
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WEB-ADDRESS |
: |
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E-MAIL |
: |
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TAX OFFICE |
: |
Atisalani |
||||||||||||||||||
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TAX NO |
: |
3600259269 |
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REGISTRATION NUMBER |
: |
514505 |
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REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
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DATE ESTABLISHED |
: |
20.01.2004 |
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ESTABLISHMENT GAZETTE DATE/NO |
: |
23.01.2004/5974 |
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LEGAL FORM |
: |
Limited Company |
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TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
TL 10.000.000 |
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PAID-IN CAPITAL |
: |
TL 10.000.000 |
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HISTORY |
: |
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SHAREHOLDERS |
: |
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DIRECTORS |
: |
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NOTES ON
OPERATIONS |
: |
The firm
orders production to contract manufacturers. |
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BUSINESS ACTIVITIES |
: |
Wholesale trade of fabric. The subject orders fabric to be manufactured in the name of the
subject company to contract manufacturers. |
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NACE CODE |
: |
G. 51.41 |
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SECTOR |
: |
Commerce |
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NUMBER OF EMPLOYEES |
: |
16 |
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NET SALES |
: |
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PRODUCTION |
: |
None |
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IMPORT COUNTRIES |
: |
Indonesia Thailand China Pakistan Afghanistan |
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MERCHANDISE IMPORTED |
: |
Greige |
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EXPORT VALUE |
: |
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EXPORT COUNTRIES |
: |
Romania Iran |
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MERCHANDISE EXPORTED |
: |
Imitation jewellery Men’s clothes Shirts Trousers |
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HEAD OFFICE ADDRESS |
: |
Giyimkent Mehmetcik Bulvari A1 B96 No:1-7 Esenler Istanbul / Turkey ( owned by shareholder(s) ) |
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INVESTMENTS |
: |
None |
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TREND OF BUSINESS |
: |
There was an upwards trend in
2011. |
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SIZE OF BUSINESS |
: |
Large |
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MAIN DEALING BANKS |
: |
Finansbank Giyimkent Branch Garanti Bankasi Tekstilkent Branch Kuveyt Turk Katilim Bankasi Merter Branch T. Is Bankasi Mercan Branch Turkiye Finans Katilim Bankasi Giy-Koop Branch Yapi ve Kredi Bankasi Tekstilkent Branch |
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CREDIT FACILITIES |
: |
The subject company is making use of credit facilities. |
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PAYMENT BEHAVIOUR |
: |
No payment delays have come to our knowledge. |
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KEY FINANCIAL ELEMENTS |
: |
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Capitalization |
Good As of 31.12.2011 |
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Remarks on Capitalization |
A part of total liabilities and equity consist of loans from
shareholders rather than liabilities to third parties indicating not too high
indebtedness to third parties. |
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Liquidity |
Satisfactory As of 31.12.2011 |
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Remarks On Liquidity |
A part of current liabilities consist of short-term loans from
shareholders rather than liabilities to third parties. 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. |
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Profitability |
Fair Operating Profitability in
2011 Fair Net Profitability in 2011 |
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Gap between average collection and payable periods |
Unfavorable in 2011 |
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General Financial Position |
In Order |
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Incr. in producers’ price index |
Average USD/TL |
Average EUR/TL |
Average GBP/ TL |
|
( 2010 ) |
8,87 % |
1,5128 |
2,0096 |
2,3410 |
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( 2011 ) |
13,33 % |
1,6797 |
2,3378 |
2,6863 |
|
( 01.01-30.04.2012) |
0,73 % |
1,7910 |
2,3688 |
2,8440 |
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( 31.12.2011 ) TL |
|
|
CURRENT ASSETS |
40.743.933 |
0,95 |
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Not Detailed Current Assets |
0 |
0,00 |
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Cash and Banks |
366.618 |
0,01 |
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Marketable Securities |
0 |
0,00 |
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Account Receivable |
18.671.123 |
0,44 |
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Other Receivable |
43.100 |
0,00 |
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Inventories |
12.434.145 |
0,29 |
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Advances Given |
6.555.740 |
0,15 |
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Accumulated Construction Expense |
0 |
0,00 |
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Other Current Assets |
2.673.207 |
0,06 |
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NON-CURRENT ASSETS |
2.011.629 |
0,05 |
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Not Detailed Non-Current Assets |
0 |
0,00 |
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Long-term Receivable |
0 |
0,00 |
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Financial Assets |
0 |
0,00 |
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Tangible Fixed Assets (net) |
1.055.653 |
0,02 |
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Intangible Assets |
690.434 |
0,02 |
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Deferred Tax Assets |
0 |
0,00 |
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Other Non-Current Assets |
265.542 |
0,01 |
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TOTAL ASSETS |
42.755.562 |
1,00 |
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CURRENT LIABILITIES |
27.934.707 |
0,65 |
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Not Detailed Current Liabilities |
0 |
0,00 |
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Financial Loans |
3.835.454 |
0,09 |
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Accounts Payable |
1.759.019 |
0,04 |
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Loans from Shareholders |
22.140.253 |
0,52 |
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Other Short-term Payable |
10.490 |
0,00 |
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Advances from Customers |
0 |
0,00 |
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Accumulated Construction Income |
0 |
0,00 |
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Taxes Payable |
5.680 |
0,00 |
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Provisions |
183.811 |
0,00 |
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Other Current Liabilities |
0 |
0,00 |
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LONG-TERM LIABILITIES |
2.692.213 |
0,06 |
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Not Detailed Long-term Liabilities |
0 |
0,00 |
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Financial Loans |
2.563.203 |
0,06 |
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Securities Issued |
0 |
0,00 |
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Long-term Payable |
129.010 |
0,00 |
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Loans from Shareholders |
0 |
0,00 |
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Other Long-term Liabilities |
0 |
0,00 |
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Provisions |
0 |
0,00 |
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STOCKHOLDERS' EQUITY |
12.128.642 |
0,28 |
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Not Detailed Stockholders' Equity |
0 |
0,00 |
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Paid-in Capital |
10.000.000 |
0,23 |
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Cross Shareholding Adjustment of Capital |
0 |
0,00 |
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Inflation Adjustment of Capital |
0 |
0,00 |
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Equity of Consolidated Firms |
0 |
0,00 |
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Reserves |
1.560.504 |
0,04 |
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Revaluation Fund |
0 |
0,00 |
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Accumulated Losses(-) |
0 |
0,00 |
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Net Profit (loss) |
568.138 |
0,01 |
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TOTAL LIABILITIES AND EQUITY |
42.755.562 |
1,00 |
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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.
|
|
|
(2011) TL |
|
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Net Sales |
32.049.901 |
1,00 |
|
Cost of Goods Sold |
30.324.930 |
0,95 |
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Gross Profit |
1.724.971 |
0,05 |
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Operating Expenses |
824.213 |
0,03 |
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Operating Profit |
900.758 |
0,03 |
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Other Income |
585.783 |
0,02 |
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Other Expenses |
408.740 |
0,01 |
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Financial Expenses |
325.852 |
0,01 |
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Minority Interests |
0 |
0,00 |
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Profit (loss) of consolidated firms |
0 |
0,00 |
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Profit (loss) Before Tax |
751.949 |
0,02 |
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Tax Payable |
183.811 |
0,01 |
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Postponed Tax Gain |
0 |
0,00 |
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Net Profit (loss) |
568.138 |
0,02 |
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|
(2011) |
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LIQUIDITY RATIOS |
|
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Current Ratio |
1,46 |
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Acid-Test Ratio |
0,68 |
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Cash Ratio |
0,01 |
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ASSET STRUCTURE RATIOS |
|
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Inventory/Total Assets |
0,29 |
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Short-term Receivable/Total Assets |
0,44 |
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Tangible Assets/Total Assets |
0,02 |
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TURNOVER RATIOS |
|
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Inventory Turnover |
2,44 |
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Stockholders' Equity Turnover |
2,64 |
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Asset Turnover |
0,75 |
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FINANCIAL STRUCTURE |
|
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Stockholders' Equity/Total Assets |
0,28 |
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Current Liabilities/Total Assets |
0,65 |
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Financial Leverage |
0,72 |
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Gearing Percentage |
2,53 |
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PROFITABILITY RATIOS |
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Net Profit/Stockholders' Eq. |
0,05 |
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Operating Profit Margin |
0,03 |
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Net Profit Margin |
0,02 |
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Interest Cover |
3,31 |
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COLLECTION-PAYMENT |
|
|
Average Collection Period (days) |
209,72 |
|
Average Payable Period (days) |
22,41 |
|
WORKING CAPITAL |
12809226,00 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.50 |
|
UK Pound |
1 |
Rs.85.58 |
|
Euro |
1 |
Rs.69.30 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.