MIRA INFORM REPORT

 

 

Report Date :

18.05.2012

 

IDENTIFICATION DETAILS

 

Name :

BAGZIBAGLI TEKSTIL TICARET VE SANAYI LTD. STI.

 

 

Registered Office :

Rumeli Cad. No:67/A Osmanbey Sisli Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

15.10.2004

 

 

Com. Reg. No.:

535553

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Retail trade of fabric and textiles

 

 

No. of Employees :

8

 

 

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 – September 30, 2011

 

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

:

BAGZIBAGLI TEKSTIL TICARET VE SANAYI LTD. STI.

HEAD OFFICE ADDRESS

:

Rumeli Cad. No:67/A Osmanbey Sisli Istanbul / Turkey

PHONE NUMBER

:

90-212-225 71 11

 

FAX NUMBER

:

90-212-246 79 70

 

WEB-ADDRESS

:

www.bagzibagli.com

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Mecidiyekoy

TAX NO

:

1310596783

REGISTRATION NUMBER

:

535553

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

15.10.2004

ESTABLISHMENT GAZETTE DATE /NO

:

20.10.2004/6161

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   200.000

 

HISTORY

:

Previous Registered Capital

:

TL 100.000

Changed On

:

16.10.2008 (Commercial Gazette Date /Number 21.10.2008/ 7172)

Previous Address

:

Rumeli Cad. No:75 Osmanbey Sisli Istanbul Turkey

Changed On

:

07.09.2009 (Commercial Gazette Date /Number 11.09.2009/ 7396)

Previous Shareholder

:

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

Changed On

:

24.01.2012 (Commercial Gazette Date /Number 30.01.2012/ 7994)

 

 

 

PREVIOUS SHAREHOLDERS

:

Mehmet Bagzibagli

90 %

Figen Bagzibagli

10 %

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Mehmet Bagzibagli

99,50 %

Fatih Babacan

0,50 %

 

 

SISTER COMPANIES

:

BAGZIBAGLI KONFEKSIYON TICARET LTD. STI.

 

DIRECTORS

:

Mehmet Bagzibagli

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Retail trade of fabric and textiles.

 

NACE CODE

:

G .52.41

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

8

 

NET SALES

:

909.479 TL

(2009) 

1.201.226 TL

(2010) 

1.443.829 TL

(2011) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT VALUE

:

500.000 USD

(01.01-31.05.2011)

 

 

IMPORT COUNTRIES

:

Italy

Spain

Far East Countries

France

India

Germany

Austria

Switzerland

 

MERCHANDISE IMPORTED

:

Fabric

 

EXPORT VALUE

:

0 TL

(2009)

0 TL

(2010)

0 TL

(2011)

 

 

HEAD OFFICE ADDRESS

:

Rumeli Cad. No:67/A Osmanbey Sisli Istanbul / Turkey

 

INVESTMENTS

:

None

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2011.

SIZE OF BUSINESS

:

Lower-Moderate

 

 

FINANCE

 

MAIN DEALING BANKS

:

Garanti Bankasi Rumeli Cad. Branch

 

CREDIT FACILITIES

:

The subject rarely makes use of credit facilities.

 

PAYMENT BEHAVIOUR

:

We are informed about a single payment delay in the former years but no payment delays have come to our knowledge in the last years.

 

 

KEY FINANCIAL ELEMENTS

:

 

(2009) TL

(2010) TL

(2011) TL

 

 

Net Sales

909.479

1.201.226

1.443.829

 

 

Profit (Loss) Before Tax

54.332

72.586

71.352

 

 

Stockholders' Equity

271.868

397.751

451.629

 

 

Total Assets

1.009.091

1.236.522

1.445.926

 

 

Current Assets

849.334

1.063.768

1.260.752

 

 

Non-Current Assets

159.757

172.754

185.174

 

 

Current Liabilities

737.223

838.771

994.297

 

 

Long-Term Liabilities

0

0

0

 

 

Gross Profit (loss)

368.377

362.387

440.764

 

 

Operating Profit (loss)

53.103

70.545

88.071

 

 

Net Profit (loss)

42.563

57.624

53.878

 

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Fair As of 31.12.2011

Liquidity

Fair As of 31.12.2011

Remarks On Liquidity

The favorable gap between average collection and average payable period has a positive 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 2009

Good Net Profitability  in 2009

Good Operating Profitability  in 2010

Good Net Profitability  in 2010

Good Operating Profitability  in 2011

Good Net Profitability  in 2011

 

Gap between average collection and payable periods

Favorable in 2011

General Financial Position

Fair

 

 

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

 ( 01.01-31.05.2011)

6,20 %

1,5693

2,2036

2,5324

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 01.01-30.04.2012)

0,73 %

1,7910

2,3688

2,8440

 

 

BALANCE SHEETS

 

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

849.334

0,84

1.063.768

0,86

1.260.752

0,87

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

Cash and Banks

30.508

0,03

23.923

0,02

18.041

0,01

Marketable Securities

0

0,00

0

0,00

0

0,00

Account Receivable

199.530

0,20

298.223

0,24

610.174

0,42

Other Receivable

0

0,00

6.554

0,01

0

0,00

Inventories

587.983

0,58

692.135

0,56

553.676

0,38

Advances Given

31.313

0,03

32.063

0,03

75.502

0,05

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

Other Current Assets

0

0,00

10.870

0,01

3.359

0,00

NON-CURRENT ASSETS

159.757

0,16

172.754

0,14

185.174

0,13

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)

84.120

0,08

90.582

0,07

92.896

0,06

Intangible Assets

74.354

0,07

81.176

0,07

91.176

0,06

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

1.283

0,00

996

0,00

1.102

0,00

TOTAL ASSETS

1.009.091

1,00

1.236.522

1,00

1.445.926

1,00

CURRENT LIABILITIES

737.223

0,73

838.771

0,68

994.297

0,69

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

5.309

0,00

0

0,00

Accounts Payable

718.498

0,71

819.501

0,66

960.617

0,66

Loans from Shareholders

0

0,00

0

0,00

380

0,00

Other Short-term Payable

0

0,00

0

0,00

0

0,00

Advances from Customers

0

0,00

980

0,00

980

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

Taxes Payable

17.956

0,02

12.981

0,01

32.320

0,02

Provisions

769

0,00

0

0,00

0

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

271.868

0,27

397.751

0,32

451.629

0,31

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

Paid-in Capital

100.000

0,10

168.259

0,14

168.259

0,12

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

129.305

0,13

171.868

0,14

229.492

0,16

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)

42.563

0,04

57.624

0,05

53.878

0,04

TOTAL LIABILITIES AND EQUITY

1.009.091

1,00

1.236.522

1,00

1.445.926

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

 

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

Net Sales

909.479

1,00

1.201.226

1,00

1.443.829

1,00

Cost of Goods Sold

541.102

0,59

838.839

0,70

1.003.065

0,69

Gross Profit

368.377

0,41

362.387

0,30

440.764

0,31

Operating Expenses

315.274

0,35

291.842

0,24

352.693

0,24

Operating Profit

53.103

0,06

70.545

0,06

88.071

0,06

Other Income

16.595

0,02

7.985

0,01

13.151

0,01

Other Expenses

7.995

0,01

3.378

0,00

29.669

0,02

Financial Expenses

7.371

0,01

2.566

0,00

201

0,00

Minority Interests

0

0,00

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

0

0,00

Profit (loss) Before Tax

54.332

0,06

72.586

0,06

71.352

0,05

Tax Payable

11.769

0,01

14.962

0,01

17.474

0,01

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

42.563

0,05

57.624

0,05

53.878

0,04

 

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

(2011)

LIQUIDITY RATIOS

 

Current Ratio

1,15

1,27

1,27

Acid-Test Ratio

0,31

0,39

0,63

Cash Ratio

0,04

0,03

0,02

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,58

0,56

0,38

Short-term Receivable/Total Assets

0,20

0,25

0,42

Tangible Assets/Total Assets

0,08

0,07

0,06

TURNOVER RATIOS

 

Inventory Turnover

0,92

1,21

1,81

Stockholders' Equity Turnover

3,35

3,02

3,20

Asset Turnover

0,90

0,97

1,00

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,27

0,32

0,31

Current Liabilities/Total Assets

0,73

0,68

0,69

Financial Leverage

0,73

0,68

0,69

Gearing Percentage

2,71

2,11

2,20

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,16

0,14

0,12

Operating Profit Margin

0,06

0,06

0,06

Net Profit Margin

0,05

0,05

0,04

Interest Cover

8,37

29,29

355,99

COLLECTION-PAYMENT

 

Average Collection Period (days)

78,98

89,38

152,14

Average Payable Period (days)

478,02

351,70

344,77

WORKING CAPITAL

112111,00

224997,00

266455,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.38

UK Pound

1

Rs.86.57

Euro

1

Rs.69.30

 

 

INFORMATION DETAILS

 

Report Prepared by :

PDT

 

 

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.