MIRA INFORM REPORT

 

 

Report Date :

07.05.2012

 

IDENTIFICATION DETAILS

 

Name :

NESILTEKS TEKSTIL TICARET VE SANAYI A.S.

 

 

Registered Office :

Cumhuriyet Mah. Rumeli Cad. Efe Sok. No: 28 Pangalti  Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

08.01.1988

 

 

Com. Reg. No.:

240733

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Wholesale trade of fabric and lining

 

 

No. of Employees :

20

 

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

:

NESILTEKS TEKSTIL TICARET VE SANAYI A.S.

HEAD OFFICE ADDRESS

:

Cumhuriyet Mah. Rumeli Cad. Efe Sok. No: 28 Pangalti  Istanbul / Turkey

PHONE NUMBER

:

90-212-219 95 35

 

FAX NUMBER

:

90-212-233 74 38

 

WEB-ADDRESS

:

www.nesilteks.com.tr

E-MAIL

:

info@nesilteks.com.tr

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Sisli

TAX NO

:

6310020402

REGISTRATION NUMBER

:

240733

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

08.01.1988

ESTABLISHMENT GAZETTE DATE/NO

:

13.01.1988/1933

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   7.351.411

HISTORY

:

Previous Registered Capital

:

TL 2.000.000

Changed On

:

31.12.2010 (Commercial Gazette Date /Number 07.01.2011/ 7725)

Merger

:

The subject took over and merged with “Barateks Tekstil Ticaret ve Sanayi A.S.".

Changed On

:

31.12.2010 (Commercial Gazette Date /Number 07.01.2011/ 7725)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Bulent Alacalar

80 %

Rasit Alacalar

14 %

Suheyla Alacalar

4 %

Emir Alacalar

1 %

Gaye Alacalar

1 %

 

 

SISTER COMPANIES

:

Declared to be: None

 

SUBSIDIARIES

:

None

 

BOARD OF DIRECTORS

:

Bulent Alacalar

Chairman

Rasit Alacalar

Vice-Chairman

Emir Alacalar

Member

 

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Wholesale trade of fabric and lining.

 

NACE CODE

:

G .51.41

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

20

 

NET SALES

:

7.405.306 TL

(2009) 

12.960.517 TL

(2010) 

17.548.523 TL

(2011) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT COUNTRIES

:

Korea

Malaysia

Indonesia

 

MERCHANDISE IMPORTED

:

Fabric

Lining

 

EXPORT VALUE

:

428.347 TL

(2009)

771.131 TL

(2010)

1.283.887 TL

(2011)

 

 

EXPORT COUNTRIES

:

Jordan

Lithuania

Egypt

Lebanon

Free Zone

 

MERCHANDISE  EXPORTED

:

Fabric

 

HEAD OFFICE ADDRESS

:

Cumhuriyet Mah. Rumeli Cad. Efe Sok. No: 28 Pangalti  Istanbul / Turkey

(500 sqm)

 

BRANCHES

:

Warehouse  :  Talatpasa Mah. Emirgazi Cad. Gonyolu Sok. 2/1 Okmeydani Istanbul/Turkey (rented) (800 sqm)

 

INVESTMENTS

:

None

 

 

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2011.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

ING Bank Harbiye Branch

T. Halk Bankasi Nisantasi Branch

T. Vakiflar Bankasi Osmanbey Branch

Turk Ekonomi Bankasi Osmanbey Branch

Yapi ve Kredi Bankasi RumeliCad. 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

:

 

(2010) TL

(2011) TL

 

 

 

Net Sales

12.960.517

17.548.523

 

 

 

Profit (Loss) Before Tax

63.861

-2.199.852

 

 

 

Stockholders' Equity

5.398.811

3.169.418

 

 

 

Total Assets

18.903.102

20.426.634

 

 

 

Current Assets

16.943.664

18.520.708

 

 

 

Non-Current Assets

1.959.438

1.905.926

 

 

 

Current Liabilities

13.504.291

17.257.216

 

 

 

Long-Term Liabilities

0

0

 

 

 

Gross Profit (loss)

1.428.047

3.950.132

 

 

 

Operating Profit (loss)

346.395

2.876.868

 

 

 

Net Profit (loss)

63.861

-2.229.393

 

 

 

 

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 

 

BALANCE SHEETS

 

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

16.943.664

0,90

18.520.708

0,91

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

326.773

0,02

195.702

0,01

Marketable Securities

0

0,00

0

0,00

Account Receivable

9.424.417

0,50

14.713.089

0,72

Other Receivable

2.953.528

0,16

30.283

0,00

Inventories

3.687.180

0,20

3.158.877

0,15

Advances Given

125.802

0,01

249.026

0,01

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

425.964

0,02

173.731

0,01

NON-CURRENT ASSETS

1.959.438

0,10

1.905.926

0,09

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)

1.938.462

0,10

1.755.739

0,09

Intangible Assets

10.887

0,00

49.544

0,00

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

10.089

0,00

100.643

0,00

TOTAL ASSETS

18.903.102

1,00

20.426.634

1,00

CURRENT LIABILITIES

13.504.291

0,71

17.257.216

0,84

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

3.703.569

0,20

7.489.944

0,37

Accounts Payable

9.590.466

0,51

9.194.546

0,45

Loans from Shareholders

0

0,00

250.159

0,01

Other Short-term Payable

22.910

0,00

12.788

0,00

Advances from Customers

95.289

0,01

183.871

0,01

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

13.376

0,00

144.587

0,01

Provisions

78.681

0,00

-18.679

0,00

Other Current Liabilities

0

0,00

0

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

5.398.811

0,29

3.169.418

0,16

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

7.351.412

0,39

6.271.691

0,31

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

2.840.963

0,15

3.852.015

0,19

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

1.363.940

0,07

1.496.470

0,07

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

-6.221.365

-0,33

-6.221.365

-0,30

Net Profit (loss)

63.861

0,00

-2.229.393

-0,11

TOTAL LIABILITIES AND EQUITY

18.903.102

1,00

20.426.634

1,00

 

 

REMARKS ON FINANCIAL STATEMENT

:

At the last income statement TL 1.008.003 of the other income is due to "Profit from Foreign Currency Exchange". 

 

At the last income statement TL 2.410.200 of the other expenses is due to "Loss from Foreign Currency Exchange" . 

 

At the last income statement TL 3.119.351 of the other expenses is due to "Other Extraordinary Expenses and Losses" .

 

 

INCOME STATEMENTS

 

 

(2010) TL

 

(2011) TL

 

Net Sales

12.960.517

1,00

17.548.523

1,00

Cost of Goods Sold

11.532.470

0,89

13.598.391

0,77

Gross Profit

1.428.047

0,11

3.950.132

0,23

Operating Expenses

1.081.652

0,08

1.073.264

0,06

Operating Profit

346.395

0,03

2.876.868

0,16

Other Income

1.167.284

0,09

1.050.806

0,06

Other Expenses

1.266.236

0,10

5.529.551

0,32

Financial Expenses

183.582

0,01

597.975

0,03

Minority Interests

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

Profit (loss) Before Tax

63.861

0,00

-2.199.852

-0,13

Tax Payable

0

0,00

29.541

0,00

Postponed Tax Gain

0

0,00

0

0,00

Net Profit (loss)

63.861

0,00

-2.229.393

-0,13

 

FINANCIAL RATIOS

 

 

(2010)

(2011)

LIQUIDITY RATIOS

 

Current Ratio

1,25

1,07

Acid-Test Ratio

0,94

0,87

Cash Ratio

0,02

0,01

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,20

0,15

Short-term Receivable/Total Assets

0,65

0,72

Tangible Assets/Total Assets

0,10

0,09

TURNOVER RATIOS

 

Inventory Turnover

3,13

4,30

Stockholders' Equity Turnover

2,40

5,54

Asset Turnover

0,69

0,86

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,29

0,16

Current Liabilities/Total Assets

0,71

0,84

Financial Leverage

0,71

0,84

Gearing Percentage

2,50

5,44

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,01

-0,70

Operating Profit Margin

0,03

0,16

Net Profit Margin

0,00

-0,13

Interest Cover

1,35

-2,68

COLLECTION-PAYMENT

 

Average Collection Period (days)

261,78

301,83

Average Payable Period (days)

299,38

243,41

WORKING CAPITAL

3439373,00

1263492,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.72

UK Pound

1

Rs.86.98

Euro

1

Rs.70.65

 

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.