|
Report Date : |
15.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
ALFA BETA HERMAN MIHCI |
|
|
|
|
Registered Office : |
Silahsor Cad. Bomonti Plaza No:38/3 Sisli Istanbul |
|
|
|
|
Country : |
Turkey |
|
|
|
|
Financials (as on) : |
30.06.2012 |
|
|
|
|
Date of Incorporation : |
28.05.1990 |
|
|
|
|
Com. Reg. No.: |
265622 |
|
|
|
|
Legal Form : |
Sole-Proprietorship |
|
|
|
|
Line of Business : |
Manufacture and trade of ready-wear |
|
|
|
|
No. of Employees : |
46 employees |
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 |
|
NAME |
: |
ALFA BETA HERMAN MIHCI |
|
HEAD OFFICE ADDRESS |
: |
Silahsor Cad. Bomonti Plaza No:38/3 Sisli Istanbul / Turkey |
|
PHONE NUMBER |
: |
90-212-219 09 13 90-212-219 09 18 |
|
FAX NUMBER |
: |
90-212-247 20 18 |
|
NOTES ON LEGAL STATUS AND HISTORY |
: |
Liability of the subject is not limited to
the capital. |
||||||||
|
TAX OFFICE |
: |
Sisli |
||||||||
|
TAX NO |
: |
33148758212 |
||||||||
|
REGISTRATION NUMBER |
: |
265622 |
||||||||
|
REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
||||||||
|
DATE ESTABLISHED |
: |
28.05.1990 |
||||||||
|
ESTABLISHMENT GAZETTE DATE/NO |
: |
08.06.1990/2544 |
||||||||
|
LEGAL FORM |
: |
Sole-Proprietorship |
||||||||
|
TYPE OF COMPANY |
: |
Private |
||||||||
|
REGISTERED CAPITAL |
: |
TL 4.000.000 |
||||||||
|
PAID-IN CAPITAL |
: |
TL 4.000.000 |
||||||||
|
HISTORY |
: |
|
||||||||
|
SHAREHOLDERS |
: |
|
||||
|
REMARKS ON SHAREHOLDERS |
: |
The owner Herman Mihci was born on 08.01.1958. |
||||
|
PROPERTIES OWNED BY THE OWNER/PARTNERS |
: |
|
||||
|
DIRECTORS |
: |
|
|
BUSINESS ACTIVITIES |
: |
Manufacture and trade of ready-wear. |
||||||||
|
NACE CODE |
: |
DB.18.22 |
||||||||
|
SECTOR |
: |
Ready-wear |
||||||||
|
TRADEMARKS OWNED |
: |
Alfabeta |
||||||||
|
NUMBER OF EMPLOYEES |
: |
46 |
||||||||
|
NET SALES |
: |
|
||||||||
|
IMPORT COUNTRIES |
: |
U.S.A. Italy South Korea India |
||||||||
|
MERCHANDISE IMPORTED |
: |
Accessories Fabric Shop-window dummies |
||||||||
|
EXPORT VALUE |
: |
|
||||||||
|
EXPORT COUNTRIES |
: |
U.K. Italy Lebanon Romania Austria Sweden U.S.A. Japan China Portugal Greece Denmark Middle East Countries France Netherlands U.A.E. |
||||||||
|
MERCHANDISE EXPORTED |
: |
Knitted crochet fabrics Ready-wear |
||||||||
|
HEAD OFFICE ADDRESS |
: |
Silahsor Cad. Bomonti Plaza No:38/3 Sisli Istanbul / Turkey ( rented )
|
||||||||
|
BRANCHES |
: |
Store : City's AVM Nisantasi Istanbul/Turkey
(rented) Head Office/Production Plant
: Merkez Mah. Silahsor Cad.
Bomonti Plaza No:38/3 Sisli Istanbul/Turkey (rented) (3.000 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 |
: |
Large |
|
MAIN DEALING BANKS |
: |
Akbank Pangalti Branch Finansbank Osmanbey Branch Garanti Bankasi Harbiye Branch Yapi ve Kredi Bankasi Pangalti 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 |
: |
|
|
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 |
High As of 31.12.2011 |
|
Remarks On Liquidity |
The favorable gap between average collection and average payable period
has a positive effect on liquidity. |
|
Profitability |
High Operating Profitability in
2011 High Net Profitability in 2011 Good Operating Profitability (01.01-30.06.2012) High Net Profitability (01.01-30.06.2012) |
|
Gap between average collection and payable periods |
Favorable in 2011 |
|
General Financial Position |
Good |
|
|
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 |
|
( 01.01-30.06.2012) |
1,95 % |
1,8028 |
2,3463 |
2,8462 |
|
( 01.01-30.09.2012) |
3,34 % |
1,8028 |
2,3233 |
2,8527 |
|
|
( 31.12.2011 ) TL |
|
|
CURRENT ASSETS |
12.628.340 |
0,94 |
|
Not Detailed Current Assets |
0 |
0,00 |
|
Cash and Banks |
1.329.163 |
0,10 |
|
Marketable Securities |
0 |
0,00 |
|
Account Receivable |
1.947.784 |
0,15 |
|
Other Receivable |
2.072.593 |
0,15 |
|
Inventories |
6.330.282 |
0,47 |
|
Advances Given |
0 |
0,00 |
|
Accumulated Construction Expense |
0 |
0,00 |
|
Other Current Assets |
948.518 |
0,07 |
|
NON-CURRENT ASSETS |
787.414 |
0,06 |
|
Not Detailed Non-Current Assets |
0 |
0,00 |
|
Long-term Receivable |
8.097 |
0,00 |
|
Financial Assets |
0 |
0,00 |
|
Tangible Fixed Assets (net) |
524.190 |
0,04 |
|
Intangible Assets |
108.262 |
0,01 |
|
Deferred Tax Assets |
0 |
0,00 |
|
Other Non-Current Assets |
146.865 |
0,01 |
|
TOTAL ASSETS |
13.415.754 |
1,00 |
|
CURRENT LIABILITIES |
2.212.428 |
0,16 |
|
Not Detailed Current Liabilities |
0 |
0,00 |
|
Financial Loans |
0 |
0,00 |
|
Accounts Payable |
1.991.795 |
0,15 |
|
Loans from Shareholders |
0 |
0,00 |
|
Other Short-term Payable |
52.065 |
0,00 |
|
Advances from Customers |
76.976 |
0,01 |
|
Accumulated Construction Income |
0 |
0,00 |
|
Taxes Payable |
91.592 |
0,01 |
|
Provisions |
0 |
0,00 |
|
Other Current Liabilities |
0 |
0,00 |
|
LONG-TERM LIABILITIES |
730.514 |
0,05 |
|
Not Detailed Long-term Liabilities |
0 |
0,00 |
|
Financial Loans |
730.514 |
0,05 |
|
Securities Issued |
0 |
0,00 |
|
Long-term Payable |
0 |
0,00 |
|
Loans from Shareholders |
0 |
0,00 |
|
Other Long-term Liabilities |
0 |
0,00 |
|
Provisions |
0 |
0,00 |
|
STOCKHOLDERS' EQUITY |
10.472.812 |
0,78 |
|
Not Detailed Stockholders' Equity |
0 |
0,00 |
|
Paid-in Capital |
4.000.000 |
0,30 |
|
Cross Shareholding Adjustment of Capital |
0 |
0,00 |
|
Inflation Adjustment of Capital |
0 |
0,00 |
|
Equity of Consolidated Firms |
0 |
0,00 |
|
Reserves |
0 |
0,00 |
|
Revaluation Fund |
4.829.694 |
0,36 |
|
Accumulated Losses(-) |
0 |
0,00 |
|
Net Profit (loss) |
1.643.118 |
0,12 |
|
TOTAL LIABILITIES AND EQUITY |
13.415.754 |
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. |
|
|
(2011) TL |
|
(01.01-30.06.2012)
TL |
|
|
Net Sales |
15.171.693 |
1,00 |
9.889.888 |
1,00 |
|
Cost of Goods Sold |
11.542.103 |
0,76 |
7.622.106 |
0,77 |
|
Gross Profit |
3.629.590 |
0,24 |
2.267.782 |
0,23 |
|
Operating Expenses |
2.034.306 |
0,13 |
1.438.167 |
0,15 |
|
Operating Profit |
1.595.284 |
0,11 |
829.615 |
0,08 |
|
Other Income |
150.974 |
0,01 |
128.414 |
0,01 |
|
Other Expenses |
100.771 |
0,01 |
137.436 |
0,01 |
|
Financial Expenses |
2.369 |
0,00 |
27.788 |
0,00 |
|
Minority Interests |
0 |
0,00 |
0 |
0,00 |
|
Profit (loss) of consolidated firms |
0 |
0,00 |
0 |
0,00 |
|
Profit (loss) Before Tax |
1.643.118 |
0,11 |
792.805 |
0,08 |
|
Tax Payable |
0 |
0,00 |
0 |
0,00 |
|
Postponed Tax Gain |
0 |
0,00 |
0 |
0,00 |
|
Net Profit (loss) |
1.643.118 |
0,11 |
792.805 |
0,08 |
|
|
(2011) |
|
LIQUIDITY RATIOS |
|
|
Current Ratio |
5,71 |
|
Acid-Test Ratio |
2,42 |
|
Cash Ratio |
0,60 |
|
ASSET STRUCTURE RATIOS |
|
|
Inventory/Total Assets |
0,47 |
|
Short-term Receivable/Total Assets |
0,30 |
|
Tangible Assets/Total Assets |
0,04 |
|
TURNOVER RATIOS |
|
|
Inventory Turnover |
1,82 |
|
Stockholders' Equity Turnover |
1,45 |
|
Asset Turnover |
1,13 |
|
FINANCIAL STRUCTURE |
|
|
Stockholders' Equity/Total Assets |
0,78 |
|
Current Liabilities/Total Assets |
0,16 |
|
Financial Leverage |
0,22 |
|
Gearing Percentage |
0,28 |
|
PROFITABILITY RATIOS |
|
|
Net Profit/Stockholders' Eq. |
0,16 |
|
Operating Profit Margin |
0,11 |
|
Net Profit Margin |
0,11 |
|
Interest Cover |
694,59 |
|
COLLECTION-PAYMENT |
|
|
Average Collection Period (days) |
46,41 |
|
Average Payable Period (days) |
62,12 |
|
WORKING CAPITAL |
10415912,00 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.70 |
|
UK Pound |
1 |
Rs.84.51 |
|
Euro |
1 |
Rs.68.16 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.