MIRA INFORM REPORT

 

 

Report Date :

24.05.2012

 

IDENTIFICATION DETAILS

 

Name :

BTA TEKSTIL SANAYI VE DIS TICARET LTD. STI.

 

 

Registered Office :

M. Nesih Ozmen Mah. Savas Cad. Mese Sok. No:7/Bodrum ve Giris Sol Dukkan Merter Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

06.06.2008

 

 

Com. Reg. No.:

668615

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Wholesale trade of fabric.

 

 

No. of Employees :

22

 

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

:

BTA TEKSTIL SANAYI VE DIS TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

M. Nesih Ozmen Mah. Savas Cad. Mese Sok. No:7/Bodrum ve Giris Sol Dukkan Merter Istanbul / Turkey

PHONE NUMBER

:

90-212-644 63 82

 

FAX NUMBER

:

90-212-644 94 62

 

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Merter

TAX NO

:

1870604496

REGISTRATION NUMBER

:

668615

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

06.06.2008

ESTABLISHMENT GAZETTE DATE/NO

:

12.06.2008/7082

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   1.000.000

PAID-IN CAPITAL

:

TL   1.000.000

 

HISTORY

:

Previous Registered Capital

:

TL 100.000

Changed On

:

12.05.2010 (Commercial Gazette Date /Number 18.05.2010/ 7566)

Previous Registered Capital

:

TL 300.000

Changed On

:

15.02.2011 (Commercial Gazette Date /Number 21.02.2011/ 7756)

Previous Address

:

Siyavuspasa Mah. Sarmasik Sok. Sabir Apt. No:31-1 Bahcelievler Istanbul

Changed On

:

10.02.2010 (Commercial Gazette Date /Number 15.02.2010/ 7501)

Previous Address

:

Keresteciler Sitesi Fatih Cad. Limon Sok. No:7 Merter Istanbul

Changed On

:

11.01.2012 (Commercial Gazette Date /Number 17.01.2012/ 7985)

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Taner Temelkuran

85 %

Burcu Temelkuran

15 %

 

 

SISTER COMPANIES

:

Declared to be: None

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Taner Temelkuran

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Wholesale trade of fabric.

 

NACE CODE

:

G .51.41

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

22

 

NET SALES

:

7.365.318 TL

(2010) 

15.960.905 TL

(2011) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

 

IMPORT VALUE

:

1.600.000 USD

(2011)

 

 

IMPORT COUNTRIES

:

Pakistan

Italy

 

MERCHANDISE IMPORTED

:

Fabric

 

EXPORT VALUE

:

0 TL

(2011)

0 TL

(01.01-30.04.2012)

 

 

HEAD OFFICE ADDRESS

:

M. Nesih Ozmen Mah. Savas Cad. Mese Sok. No:7/Bodrum ve Giris Sol Dukkan Merter Istanbul / Turkey

 

INVESTMENTS

:

None

 

TREND OF BUSINESS

:

There was an upwards trend in  2011.

SIZE OF BUSINESS

:

Upper-Medium

  FINANCE

 

MAIN DEALING BANKS

:

Asya Katilim Bankasi Merter Branch

ING Bank Merter Branch

Kuveyt Turk Katilim Bankasi Merter 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

:

 

(2010) TL

(2011) TL

Net Sales

7.365.318

15.960.905

Profit (Loss) Before Tax

106.385

344.577

Stockholders' Equity

392.195

1.366.915

Total Assets

2.808.991

8.763.616

Current Assets

2.738.309

8.569.400

Non-Current Assets

70.682

194.216

Current Liabilities

2.416.796

7.396.701

Long-Term Liabilities

0

0

Gross Profit (loss)

438.394

926.937

Operating Profit (loss)

95.569

453.365

Net Profit (loss)

84.175

274.720

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Low As of 31.12.2011

Remarks on Capitalization

A part of liabilities consist of loans from shareholders.

Liquidity

Insufficient As of 31.12.2011

Remarks On Liquidity

A part of current liabilities consist of short-term loans from shareholders rather than liabilities to third parties. 

 

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

Low Operating Profitability  in 2010

Low Net Profitability  in 2010

Fair Operating Profitability  in 2011

Fair Net Profitability  in 2011

 

Gap between average collection and payable periods

Favorable in 2011

General Financial Position

Unsatisfactory

 

 

 

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

2.738.309

0,97

8.569.400

0,98

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

6.316

0,00

91.573

0,01

Marketable Securities

0

0,00

0

0,00

Account Receivable

945.770

0,34

3.610.029

0,41

Other Receivable

0

0,00

0

0,00

Inventories

1.429.158

0,51

4.157.230

0,47

Advances Given

211.545

0,08

338.142

0,04

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

145.520

0,05

372.426

0,04

NON-CURRENT ASSETS

70.682

0,03

194.216

0,02

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)

59.359

0,02

187.217

0,02

Intangible Assets

11.323

0,00

6.999

0,00

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

0

0,00

TOTAL ASSETS

2.808.991

1,00

8.763.616

1,00

CURRENT LIABILITIES

2.416.796

0,86

7.396.701

0,84

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

100.740

0,04

969.803

0,11

Accounts Payable

1.705.830

0,61

4.386.756

0,50

Loans from Shareholders

538.548

0,19

1.454.312

0,17

Other Short-term Payable

1.729

0,00

13.628

0,00

Advances from Customers

48.162

0,02

545.797

0,06

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

6.089

0,00

6.218

0,00

Provisions

15.698

0,01

20.187

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

392.195

0,14

1.366.915

0,16

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

300.000

0,11

1.000.000

0,11

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

8.020

0,00

92.195

0,01

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

Net Profit (loss)

84.175

0,03

274.720

0,03

TOTAL LIABILITIES AND EQUITY

2.808.991

1,00

8.763.616

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

7.365.318

1,00

15.960.905

1,00

Cost of Goods Sold

6.926.924

0,94

15.033.968

0,94

Gross Profit

438.394

0,06

926.937

0,06

Operating Expenses

342.825

0,05

473.572

0,03

Operating Profit

95.569

0,01

453.365

0,03

Other Income

35.225

0,00

302.103

0,02

Other Expenses

15.001

0,00

268.151

0,02

Financial Expenses

9.408

0,00

142.740

0,01

Minority Interests

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

Profit (loss) Before Tax

106.385

0,01

344.577

0,02

Tax Payable

22.210

0,00

69.857

0,00

Postponed Tax Gain

0

0,00

0

0,00

Net Profit (loss)

84.175

0,01

274.720

0,02

 

 

FINANCIAL RATIOS

 

 

(2010)

(2011)

LIQUIDITY RATIOS

 

Current Ratio

1,13

1,16

Acid-Test Ratio

0,39

0,50

Cash Ratio

0,00

0,01

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,51

0,47

Short-term Receivable/Total Assets

0,34

0,41

Tangible Assets/Total Assets

0,02

0,02

TURNOVER RATIOS

 

Inventory Turnover

4,85

3,62

Stockholders' Equity Turnover

18,78

11,68

Asset Turnover

2,62

1,82

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,14

0,16

Current Liabilities/Total Assets

0,86

0,84

Financial Leverage

0,86

0,84

Gearing Percentage

6,16

5,41

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,21

0,20

Operating Profit Margin

0,01

0,03

Net Profit Margin

0,01

0,02

Interest Cover

12,31

3,41

COLLECTION-PAYMENT

 

Average Collection Period (days)

46,23

81,42

Average Payable Period (days)

88,65

105,04

WORKING CAPITAL

321513,00

1172699,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.93

UK Pound

1

Rs.88.15

Euro

1

Rs.70.88

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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.