MIRA INFORM REPORT

 

 

Report Date :

01.10.2012

 

IDENTIFICATION DETAILS

 

Name :

RASIH CELIK TEKSTIL SANAYI VE TICARET LTD. STI.

 

 

 

 

Registered Office :

Kestel Org. San. Bol. Bursa Cad. Acar Sok. No:4 Kestel Bursa

 

 

 

 

Country :

Turkey

 

 

 

 

Year of Establishment :

1996

 

 

 

 

Com. Reg. No.:

40453

 

 

 

 

Legal Form :

Limited Company

 

 

 

 

Line of Business :

Dyeing and trade of fabric.

 

 

 

 

No. of Employees :

200

 

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Moderate

Payment Behaviour :

Unknown

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

Turkey

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

TURKEY - ECONOMIC OVERVIEW

 

Turkey's largely free-market economy is increasingly driven by its industry and service sectors, although its traditional agriculture sector still accounts for about 25% of employment. An aggressive privatization program has reduced state involvement in basic industry, banking, transport, and communication, and an emerging cadre of middle-class entrepreneurs is adding dynamism to the economy and expanding production beyond the traditional textiles and clothing sectors. The automotive, construction, and electronics industries, are rising in importance and have surpassed textiles within Turkey's export mix. Oil began to flow through the Baku-Tbilisi-Ceyhan pipeline in May 2006, marking a major milestone that will bring up to 1 million barrels per day from the Caspian to market. Several gas pipelines projects also are moving forward to help transport Central Asian gas to Europe through Turkey, which over the long term will help address Turkey's dependence on imported oil and gas to meet 97% of its energy needs. After Turkey experienced a severe financial crisis in 2001, Ankara adopted financial and fiscal reforms as part of an IMF program. The reforms strengthened the country's economic fundamentals and ushered in an era of strong growth - averaging more than 6% annually until 2008. Global economic conditions and tighter fiscal policy caused GDP to contract in 2009, but Turkey's well-regulated financial markets and banking system helped the country weather the global financial crisis and GDP rebounded strongly to 8.2% in 2010, as exports returned to normal levels following the recession. Turkey's public sector debt to GDP ratio has fallen to roughly 40%. Continued strong growth has pushed inflation to the 8% level, however, and worsened an already high current account deficit. Turkey remains dependent on often volatile, short-term investment to finance its large trade deficit. The stock value of FDI stood at $99 billion at year-end 2011. Inflows have slowed considerably in light of continuing economic turmoil in Europe, the source of much of Turkey's FDI. Further economic and judicial reforms and prospective EU membership are expected to boost Turkey's attractiveness to foreign investors. However, Turkey's relatively high current account deficit, uncertainty related to monetary policy-making, and political turmoil within Turkey's neighborhood leave the economy vulnerable to destabilizing shifts in investor confidence.

Source : CIA

 

NOTES

:

Address at your inquiry is not the registered head office but another premise.

 

 

COMPANY IDENTIFICATION

 

 

NAME

:

RASIH CELIK TEKSTIL SANAYI VE TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Kestel Org. San. Bol. Bursa Cad. Acar Sok. No:4 Kestel Bursa / Turkey

PHONE NUMBER

:

90-224-372 17 84

 

FAX NUMBER

:

90-224-372 02 25

 

WEB-ADDRESS

:

www.rasihcelik.com

E-MAIL

:

info@rasihcelik.com

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Gokdere

TAX NO

:

7340096055

REGISTRATION NUMBER

:

40453

REGISTERED OFFICE

:

Bursa Chamber of Commerce and Industry

DATE ESTABLISHED

:

1996

ESTABLISHMENT GAZETTE DATE/NO

:

06.05.1996/4030

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   35.000.000

HISTORY

:

Previous Registered Capital

:

TL 20.000.000

Changed On

:

15.05.2012 (Commercial Gazette Date /Number 23.05.2012/ 8074)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Rasih Celik

80 %

Omer Celik

20 %

 

 

SISTER COMPANIES

:

Declared to be: None

 

SUBSIDIARIES

:

Declared to be: None

 

DIRECTORS

:

Rasih Celik

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Dyeing and trade of fabric.

 

NACE CODE

:

DB.17.30

 

SECTOR

:

Textile

 

NUMBER OF EMPLOYEES

:

200

 

REMARKS ON NET SALES

:

In Turkey, there is no public registry on companies’ financial and detailed general data. So, to collect a firm’s data, an information agency has to contact the company and get its authorization.

 

However the company strictly declines to give us an authorization to gather its financial data. As the firm’s shares are not open to public it is not obliged to announce its data.

 

IMPORT VALUE

:

0 TL

(2011)

0 TL

(01.01-31.08.2012)

 

 

EXPORT VALUE

:

0 TL

(2011)

0 TL

(01.01-31.08.2012)

 

 

HEAD OFFICE ADDRESS

:

Kestel Org. San. Bol. Bursa Cad. Acar Sok. No:4 Kestel Bursa / Turkey

 

BRANCHES

:

Head Office/Processing Plant  :  Kestel Org. San. Bol. Bursa Cad. Acar Sok. No:4 Kestel Bursa/Turkey

 

Administrative Office  :  Kestel Org. San. Bol. Bursa Cad. Acar Sok. No:2 Kestel Bursa/Turkey

 

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

T. Garanti Bankasi Bursa Branch

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

 

 

COMMENT ON FINANCIAL POSITION

 

General Financial Position

General financial position is undetermined the firm declines to give us an authorization to gather its financial data. As the shares of the firm are not open to public, it is not obliged to announce its data.

 

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 01.01-31.08.2012)

2,28 %

1,8038

2,3238

2,8465

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.52.69

UK Pound

1

Rs.85.71

Euro

1

Rs.68.15

 

 

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.