MIRA INFORM REPORT

 

 

Report Date :

14.06.2012

 

IDENTIFICATION DETAILS

 

Name :

PARLAMIS TEKSTIL SANAYI VE TICARET LTD. STI. 

 

 

Registered Office :

Demirtas Organize Sanayi Bolgesi Mustafa Karaer Cad. No:45  Bursa

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2009

 

 

Date of Incorporation :

05.10.1989

 

 

Com. Reg. No.:

28776

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacture and trade of fabric

 

 

No. of Employees :

40

 

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

:

PARLAMIS TEKSTIL SANAYI VE TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Demirtas Organize Sanayi Bolgesi Mustafa Karaer Cad. No:45  Bursa / Turkey

PHONE NUMBER

:

90-224-261 03 00

 

FAX NUMBER

:

90-224-261 03 06

 

WEB-ADDRESS

:

www.parlamis.com.tr

E-MAIL

:

parlamis@parlamis.com.tr  

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Ertugrulgazi

TAX NO

:

7220026276

REGISTRATION NUMBER

:

28776

REGISTERED OFFICE

:

Bursa Chamber of Commerce and Industry

DATE ESTABLISHED

:

05.10.1989

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   2.000.000

PAID-IN CAPITAL

:

TL   2.000.000

 

HISTORY

:

Previous Registered Capital

:

TL 1.000.000

Changed On

:

30.12.2005 (Commercial Gazette Date /Number 23.01.2006/ 6476)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Atilla Parlamis

25 %

Bulent Parlamis

25 %

Haluk Ismail Parlamis

25 %

Fatma Nilufer Parlamis

25 %

 

 

SISTER COMPANIES

:

ATADAN TEKSTIL SANAYI VE TICARET LTD.STI.

PARLAMIS BOYA, IPLIK VE TEKSTIL SANAYI VE TICARET LTD.STI.

 

DIRECTORS

:

Atilla Parlamis                                                                                                                                                                                                                                                                                   

Director

Bulent Parlamis                                                                                                                                                                                                                                                                                   

Director

Haluk Ismail Parlamis                                                                                                                                                                                                                                                                                   

Director

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of fabric.

 

NACE CODE

:

DB.17.20

 

SECTOR

:

Textile

 

NUMBER OF EMPLOYEES

:

40

 

NET SALES

:

8.888.680 TL

(2006) 

11.695.851 TL

(2007) 

13.714.916 TL

(2008) 

15.949.442 TL

(2009) 

17.819.883 TL

(01.01-30.09.2010) 

 

 

IMPORT VALUE

:

204.158 USD

(2006)

1.803.255 USD

(2007)           

 

 

IMPORT COUNTRIES

:

Malaysia

China

Pakistan

India

Indonesia

 

MERCHANDISE IMPORTED

:

Greige

 

 

EXPORT VALUE

:

3.371.158 TL

(2008)

4.169.460 TL

(2009)

2.178.430 TL

(01.01-30.09.2010)

 

 

EXPORT COUNTRIES

:

Morocco

Bulgaria

 

MERCHANDISE  EXPORTED

:

Fabric

 

HEAD OFFICE ADDRESS

:

Demirtas Organize Sanayi Bolgesi Mustafa Karaer Cad. No:45   Bursa / Turkey ( rented )

 

BRANCHES

:

Head Office/Production Plant  :  Demirtas Organize Sanayi Bolgesi Mustafa Karaer Cad. No:45 Bursa/Turkey (rented)                     

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2009. There appears an upwards trend in  1.1 - 30.9.2010.

SIZE OF BUSINESS

:

Upper-Medium

 

 

FINANCE

 

MAIN DEALING BANKS

:

Denizbank Gursu Branch

Garanti Bankasi Demirtas Branch

Ing Bank Bursa Branch

T.Vakiflar Bankasi Bursa Branch

Yapi ve Kredi Bankasi Nilufer 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

 

 

 

 

 

 

 

:

 

(2006) TL

(2007) TL

(2008) TL

(2009) TL

(01.01-30.09.2010) TL

Net Sales

8.888.680

11.695.851

13.714.916

15.949.442

17.819.883

Profit (Loss) Before Tax

624.507

927.426

958.786

1.069.094

2.062.608

Stockholders' Equity

2.901.832

4.272.880

5.201.549

6.027.448

 

Total Assets

6.716.535

7.823.120

8.782.635

9.938.047

 

Current Assets

3.217.416

5.972.667

7.163.972

7.634.720

 

Non-Current Assets

3.499.119

1.850.453

1.618.663

2.303.327

 

Current Liabilities

2.186.840

1.796.288

3.449.826

3.573.053

 

Long-Term Liabilities

1.627.863

1.753.952

131.260

337.546

 

Gross Profit (loss)

1.590.428

1.753.690

2.386.864

2.147.451

2.722.409

Operating Profit (loss)

768.633

793.342

1.453.095

1.240.322

2.053.414

Net Profit (loss)

493.494

737.961

759.011

848.150

2.062.608

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

High As of 31.12.2009

Liquidity

Satisfactory As of 31.12.2009

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

Good Operating Profitability  in 2006

High Net Profitability  in 2006

Good Operating Profitability  in 2007

High Net Profitability  in 2007

High Operating Profitability  in 2008

High Net Profitability  in 2008

Good Operating Profitability  in 2009

Good Net Profitability  in 2009

High Operating Profitability (01.01-30.09.2010)

High Net Profitability (01.01-30.09.2010)

 

Gap between average collection and payable periods

Unfavorable in 2009

General Financial Position

In Order

Remarks on General Financial Position

Recent financial figures are not available the firm declines to provide fresh financial data.

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 01.01-30.09.2010)

6,52 %

1,5178

2,0112

2,3426

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 ( 01.01-31.05.2012)

1,27 %

1,8008

2,3565

2,8479

 

 

 

BALANCE SHEETS

 

 

 ( 31.12.2006 )  TL

 

 ( 31.12.2007 )  TL

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

CURRENT ASSETS

3.217.416

0,48

5.972.667

0,76

7.163.972

0,82

7.634.720

0,77

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

189.394

0,03

187.891

0,02

511.294

0,06

82.091

0,01

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

2.170.402

0,32

4.050.512

0,52

3.830.227

0,44

4.183.781

0,42

Other Receivable

14.144

0,00

17.317

0,00

406

0,00

81.325

0,01

Inventories

551.478

0,08

968.113

0,12

2.357.384

0,27

2.637.759

0,27

Advances Given

55.498

0,01

339.634

0,04

254.591

0,03

142.419

0,01

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

236.500

0,04

409.200

0,05

210.070

0,02

507.345

0,05

NON-CURRENT ASSETS

3.499.119

0,52

1.850.453

0,24

1.618.663

0,18

2.303.327

0,23

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

0

0,00

0

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

2.749.795

0,41

1.113.703

0,14

1.012.848

0,12

1.683.619

0,17

Intangible Assets

715.075

0,11

696.503

0,09

578.632

0,07

577.574

0,06

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

34.249

0,01

40.247

0,01

27.183

0,00

42.134

0,00

TOTAL ASSETS

6.716.535

1,00

7.823.120

1,00

8.782.635

1,00

9.938.047

1,00

CURRENT LIABILITIES

2.186.840

0,33

1.796.288

0,23

3.449.826

0,39

3.573.053

0,36

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

233.423

0,03

23.331

0,00

1.545.158

0,18

0

0,00

Accounts Payable

1.757.699

0,26

1.618.991

0,21

1.492.163

0,17

3.220.971

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

22.905

0,00

Advances from Customers

59.807

0,01

73.825

0,01

369.721

0,04

164.067

0,02

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

51.127

0,01

21.376

0,00

20.156

0,00

30.489

0,00

Provisions

55.302

0,01

56.625

0,01

22.628

0,00

133.789

0,01

Other Current Liabilities

29.482

0,00

2.140

0,00

0

0,00

832

0,00

LONG-TERM LIABILITIES

1.627.863

0,24

1.753.952

0,22

131.260

0,01

337.546

0,03

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

1.627.863

0,24

1.753.952

0,22

131.260

0,01

337.546

0,03

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

2.901.832

0,43

4.272.880

0,55

5.201.549

0,59

6.027.448

0,61

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

1.651.903

0,25

1.999.749

0,26

2.000.000

0,23

2.000.000

0,20

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

464.103

0,07

464.103

0,06

464.103

0,05

464.102

0,05

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

292.332

0,04

818.368

0,10

1.725.736

0,20

2.462.497

0,25

Revaluation Fund

0

0,00

252.699

0,03

252.699

0,03

252.699

0,03

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

493.494

0,07

737.961

0,09

759.011

0,09

848.150

0,09

TOTAL LIABILITIES AND EQUITY

6.716.535

1,00

7.823.120

1,00

8.782.635

1,00

9.938.047

1,00

 

 

INCOME STATEMENTS

 

 

(2006) TL

 

(2007) TL

 

(2008) TL

 

(2009) TL

 

(01.01-30.09.2010) TL

 

Net Sales

8.888.680

1,00

11.695.851

1,00

13.714.916

1,00

15.949.442

1,00

17.819.883

1,00

Cost of Goods Sold

7.298.252

0,82

9.942.161

0,85

11.328.052

0,83

13.801.991

0,87

15.097.474

0,85

Gross Profit

1.590.428

0,18

1.753.690

0,15

2.386.864

0,17

2.147.451

0,13

2.722.409

0,15

Operating Expenses

821.795

0,09

960.348

0,08

933.769

0,07

907.129

0,06

668.995

0,04

Operating Profit

768.633

0,09

793.342

0,07

1.453.095

0,11

1.240.322

0,08

2.053.414

0,12

Other Income

449.707

0,05

486.723

0,04

680.408

0,05

417.665

0,03

310.548

0,02

Other Expenses

486.500

0,05

208.255

0,02

1.015.336

0,07

465.420

0,03

255.722

0,01

Financial Expenses

107.333

0,01

144.384

0,01

159.381

0,01

123.473

0,01

45.632

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

624.507

0,07

927.426

0,08

958.786

0,07

1.069.094

0,07

2.062.608

0,12

Tax Payable

131.013

0,01

189.465

0,02

199.775

0,01

220.944

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)

493.494

0,06

737.961

0,06

759.011

0,06

848.150

0,05

2.062.608

0,12

 

 

FINANCIAL RATIOS

 

 

(2006)

(2007)

(2008)

(2009)

LIQUIDITY RATIOS

 

 

 

 

Current Ratio

1,47

3,33

2,08

2,14

Acid-Test Ratio

1,09

2,37

1,26

1,22

Cash Ratio

0,09

0,10

0,15

0,02

ASSET STRUCTURE RATIOS

 

 

 

 

Inventory/Total Assets

0,08

0,12

0,27

0,27

Short-term Receivable/Total Assets

0,33

0,52

0,44

0,43

Tangible Assets/Total Assets

0,41

0,14

0,12

0,17

TURNOVER RATIOS

 

 

 

 

Inventory Turnover

13,23

10,27

4,81

5,23

Stockholders' Equity Turnover

3,06

2,74

2,64

2,65

Asset Turnover

1,32

1,50

1,56

1,60

FINANCIAL STRUCTURE

 

 

 

 

Stockholders' Equity/Total Assets

0,43

0,55

0,59

0,61

Current Liabilities/Total Assets

0,33

0,23

0,39

0,36

Financial Leverage

0,57

0,45

0,41

0,39

Gearing Percentage

1,31

0,83

0,69

0,65

PROFITABILITY RATIOS

 

 

 

 

Net Profit/Stockholders' Eq.

0,17

0,17

0,15

0,14

Operating Profit Margin

0,09

0,07

0,11

0,08

Net Profit Margin

0,06

0,06

0,06

0,05

Interest Cover

6,82

7,42

7,02

9,66

COLLECTION-PAYMENT

 

 

 

 

Average Collection Period (days)

87,90

124,68

100,54

94,43

Average Payable Period (days)

86,70

58,62

47,42

84,01

WORKING CAPITAL

1030576,00

4176379,00

3714146,00

4061667,00

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.85

UK Pound

1

Rs.86.88

Euro

1

Rs.69.88

 

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.