MIRA INFORM REPORT

 

 

Report Date :

02.10.2012

 

IDENTIFICATION DETAILS

 

Name :

AKBULUT MENSUCAT ABDULLAH AKBULUT

 

 

Registered Office :

Bogazkoy Ataturk Mah. Yildirim Beyazit Cad. 284. Sok. No:32 Arnavutkoy Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

30.06.2012

 

 

Date of Incorporation :

20.11.1995

 

 

Com. Reg. No.:

431804

 

 

Legal Form :

Sole-Proprietorship

 

 

Line of Business :

Manufacture and trade of upholstery velvet

 

 

No. of Employees :

49

 

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

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

COMPANY IDENTIFICATION

 

 

NAME

:

AKBULUT MENSUCAT ABDULLAH AKBULUT

HEAD OFFICE ADDRESS

:

Bogazkoy Ataturk Mah. Yildirim Beyazit Cad. 284. Sok. No:32 Arnavutkoy Istanbul / Turkey

PHONE NUMBER

:

90-212-685 21 58

 

FAX NUMBER

:

90-212-685 21 50

 

 

Note:

REMARKS

:

Full name of the firm was missing at your inquiry. The registered full name of the firm having the address stated at your inquiry is "AKBULUT MENSUCAT ABDULLAH AKBULUT" which is a sole-proprietorship.

 

 

 

LEGAL STATUS AND HISTORY

 

 

NOTES ON LEGAL STATUS AND HISTORY

:

Liability of the subject is not limited to the capital.

 

 

TAX OFFICE

:

Kucukkoy

TAX NO

:

53251589558

REGISTRATION NUMBER

:

431804

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

 

DATE ESTABLISHED

:

The subject sole-proprietorship is declared to be established on 20.11.1995. As the sole-proprietorship are not obliged to be registered at commercial registry, it has not registered at Commercial Registry until January 2000. It was registered at Istanbul Commercial Registry on 13.01.2000 (Commercial Registry Gazete Data/No: 18.01.2000/4963).

LEGAL FORM

:

Sole-Proprietorship

TYPE OF COMPANY

:

Private

HISTORY

:

Previous Address

:

Karayollari Mah. 562 Sok. No:16/1 34255 Gaziosmanpasa - Istanbul

Changed On

:

07.06.2010 (Commercial Gazette Date /Number 11.06.2010/ 7583)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Abdullah Akbulut

100 %

 

 

REMARKS ON SHAREHOLDERS

:

The owner, Abdullah Akbulut was born on 23.10.1967.

PROPERTIES OWNED BY THE OWNER/PARTNERS

:

 

Property Type

A car

A pickup

4 flats

DIRECTORS

:

Abdullah Akbulut                                                                                                                                                                                                                                                                                   

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Manufacture and trade of upholstery velvet.

 

NACE CODE

:

DB.17.20

 

SECTOR

:

Textile

 

NUMBER OF EMPLOYEES

:

49

 

NET SALES

:

3.857.188 TL

(2007) 

4.159.858 TL

(2008) 

5.025.896 TL

(2009) 

3.688.393 TL

(2010) 

7.725.543 TL

(2011) 

5.060.744 TL

(01.01-30.06.2012) 

 

 

 

CAPACITY

:

  ( Sqm/yr)

 

 

 

 

670.923

 

 

(2007)

670.923

 

 

(2008)

670.923

 

 

(2009)

 

 

 

 

PRODUCTION

:

  ( Sqm )

 

 

 

 

796.285

 

 

(2007)

981.981

 

 

(2008)

1.224.709

 

 

(2009)

 

 

 

 

REMARKS ON PRODUCTION

:

The firm manufactured over its normal capacity (in one shift) in 2007, 2008 and 2009.

 

IMPORT VALUE

:

619.958 USD

(2008)

643.764 USD

(2009)

 

 

IMPORT COUNTRIES

:

Egypt

India

China

Indonesia

 

MERCHANDISE IMPORTED

:

Weaving machine

Yarn

 

EXPORT VALUE

:

3.849.222 TL

(2007)

4.159.858 TL

(2008)

5.023.431 TL

(2009)

3.666.250 TL

(2010)

7.724.525 TL

(2011)

5.059.994 TL

(01.01-30.06.2012)

 

 

EXPORT COUNTRIES

:

Saudi Arabia

 

MERCHANDISE  EXPORTED

:

Carpet

Rug

 

HEAD OFFICE ADDRESS

:

Bogazkoy Ataturk Mah. Yildirim Beyazit Cad. 284. Sok. No:32 Arnavutkoy  Istanbul / Turkey

 

BRANCHES

:

Head Office/Production Plant  :  Bogazkoy Ataturk Mah. Yildirim Beyazit Cad. 284. Sok. No:32 Arnavutkoy Istanbul/Turkey (1.200 sqm)

                                                                                

 

TREND OF BUSINESS

:

There was an upwards trend in  2011. There appears an upwards trend in  1.1 - 30.6.2012.

SIZE OF BUSINESS

:

Medium

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Akbank Besyuzevler Branch

T. Vakiflar Bankasi Sultanciftligi 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

:

 

(2008) TL

(2009) TL

(2010) TL

(2011) TL

(01.01-30.06.2012) TL

Net Sales

4.159.858

5.025.896

3.688.393

7.725.543

5.060.744

Profit (Loss) Before Tax

127.134

193.741

25.726

26.441

244.207

Stockholders' Equity

1.440.812

1.634.553

1.850.278

4.166.492

 

Total Assets

2.477.509

2.947.699

4.148.310

5.298.732

 

Current Assets

2.374.313

2.094.382

2.974.517

3.804.459

 

Non-Current Assets

103.196

853.317

1.173.793

1.494.273

 

Current Liabilities

1.036.697

1.090.618

1.707.875

890.590

 

Long-Term Liabilities

0

222.528

590.157

241.650

 

Gross Profit (loss)

541.933

608.417

266.709

409.183

601.394

Operating Profit (loss)

345.354

336.875

-22.546

5.389

312.108

Net Profit (loss)

127.134

193.741

25.726

26.441

244.207

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Good As of 31.12.2011

Remarks on Capitalization

The liability of the sole-proprietorships is not limited to the capital. The owners of the sole-proprietorships are responsible for the debts of the sole-proprietorships with all of their personal wealth.

 

The owner possesses property.

 

Liquidity

Satisfactory As of 31.12.2011

Remarks On Liquidity

The unfavorable gap between average collection and average payable period has an adverse effect on liquidity.

 

Profitability

Good Operating Profitability  in 2008

Fair Net Profitability  in 2008

Good Operating Profitability  in 2009

In Order Net Profitability  in 2009

Operating Loss  in 2010

Low Net Profitability  in 2010

Low Operating Profitability  in 2011

Low Net Profitability  in 2011

Good Operating Profitability (01.01-30.06.2012)

Good Net Profitability (01.01-30.06.2012)

 

Gap between average collection and payable periods

Unfavorable in 2011

General Financial Position

In Order

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 01.01-30.06.2012)

1,95 %

1,8028

2,3463

2,8462

 ( 01.01-31.08.2012)

2,28 %

1,8038

2,3238

2,8465

 

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

2.374.313

0,96

2.094.382

0,71

2.974.517

0,72

3.804.459

0,72

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

346.046

0,14

887.598

0,30

551.909

0,13

248.999

0,05

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

994.746

0,40

368.741

0,13

76.887

0,02

974.229

0,18

Other Receivable

117.133

0,05

94.318

0,03

67.972

0,02

106.963

0,02

Inventories

553.197

0,22

335.978

0,11

1.819.399

0,44

2.016.881

0,38

Advances Given

308.220

0,12

261.461

0,09

182.436

0,04

180.707

0,03

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

54.971

0,02

146.286

0,05

275.914

0,07

276.680

0,05

NON-CURRENT ASSETS

103.196

0,04

853.317

0,29

1.173.793

0,28

1.494.273

0,28

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

7.294

0,00

8.200

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

95.545

0,04

829.885

0,28

1.142.729

0,28

1.457.375

0,28

Intangible Assets

7.651

0,00

4.639

0,00

21.286

0,01

27.655

0,01

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

18.793

0,01

2.484

0,00

1.043

0,00

TOTAL ASSETS

2.477.509

1,00

2.947.699

1,00

4.148.310

1,00

5.298.732

1,00

CURRENT LIABILITIES

1.036.697

0,42

1.090.618

0,37

1.707.875

0,41

890.590

0,17

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

158.666

0,06

0

0,00

0

0,00

0

0,00

Accounts Payable

877.083

0,35

684.831

0,23

986.751

0,24

762.719

0,14

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

Other Short-term Payable

0

0,00

16.292

0,01

27.165

0,01

29.996

0,01

Advances from Customers

0

0,00

421.243

0,14

682.448

0,16

70.717

0,01

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

6.666

0,00

8.533

0,00

11.511

0,00

31.962

0,01

Provisions

-5.718

0,00

-40.281

-0,01

0

0,00

-4.804

0,00

Other Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

LONG-TERM LIABILITIES

0

0,00

222.528

0,08

590.157

0,14

241.650

0,05

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

222.528

0,08

590.157

0,14

241.650

0,05

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

1.440.812

0,58

1.634.553

0,55

1.850.278

0,45

4.166.492

0,79

Not Detailed Stockholders' Equity

1.440.812

0,58

1.634.553

0,55

1.850.278

0,45

4.166.492

0,79

Paid-in Capital

0

0,00

0

0,00

0

0,00

0

0,00

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

0

0,00

0

0,00

0

0,00

0

0,00

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

0

0,00

0

0,00

0

0,00

0

0,00

TOTAL LIABILITIES AND EQUITY

2.477.509

1,00

2.947.699

1,00

4.148.310

1,00

5.298.732

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 are given under "Account Receivable" figure and "Account Payable" figure respectively.

 

At the last income statement TL 114.432 of the other expenses is due to "Loss from Foreign Currency Exchange".

 

 

 

INCOME STATEMENTS

 

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

(01.01-30.06.2012) TL

 

Net Sales

4.159.858

1,00

5.025.896

1,00

3.688.393

1,00

7.725.543

1,00

5.060.744

1,00

Cost of Goods Sold

3.617.925

0,87

4.417.479

0,88

3.421.684

0,93

7.316.360

0,95

4.459.350

0,88

Gross Profit

541.933

0,13

608.417

0,12

266.709

0,07

409.183

0,05

601.394

0,12

Operating Expenses

196.579

0,05

271.542

0,05

289.255

0,08

403.794

0,05

289.286

0,06

Operating Profit

345.354

0,08

336.875

0,07

-22.546

-0,01

5.389

0,00

312.108

0,06

Other Income

90.805

0,02

143.160

0,03

174.439

0,05

260.926

0,03

49.685

0,01

Other Expenses

309.025

0,07

282.633

0,06

126.167

0,03

224.543

0,03

114.432

0,02

Financial Expenses

0

0,00

3.661

0,00

0

0,00

15.331

0,00

3.154

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

127.134

0,03

193.741

0,04

25.726

0,01

26.441

0,00

244.207

0,05

Tax Payable

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

127.134

0,03

193.741

0,04

25.726

0,01

26.441

0,00

244.207

0,05

 

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

(2011)

 

LIQUIDITY RATIOS

 

 

Current Ratio

2,29

1,92

1,74

4,27

 

Acid-Test Ratio

1,41

1,24

0,41

1,49

 

Cash Ratio

0,33

0,81

0,32

0,28

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,22

0,11

0,44

0,38

 

Short-term Receivable/Total Assets

0,45

0,16

0,03

0,20

 

Tangible Assets/Total Assets

0,04

0,28

0,28

0,28

 

TURNOVER RATIOS

 

 

Inventory Turnover

6,54

13,15

1,88

3,63

 

Stockholders' Equity Turnover

2,89

3,07

1,99

1,85

 

Asset Turnover

1,68

1,71

0,89

1,46

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,58

0,55

0,45

0,79

 

Current Liabilities/Total Assets

0,42

0,37

0,41

0,17

 

Financial Leverage

0,42

0,45

0,55

0,21

 

Gearing Percentage

0,72

0,80

1,24

0,27

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,09

0,12

0,01

0,01

 

Operating Profit Margin

0,08

0,07

-0,01

0,00

 

Net Profit Margin

0,03

0,04

0,01

0,00

 

Interest Cover

 

53,92

 

2,72

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

86,09

26,41

8,22

45,78

 

Average Payable Period (days)

87,27

55,81

103,82

37,53

 

WORKING CAPITAL

1337616,00

1003764,00

1266642,00

2913869,00

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.52.78

UK Pound

1

Rs.85.16

Euro

1

Rs.67.78

 

 

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.