|
Report Date : |
04.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
VEYSEL KUTUKLU |
|
|
|
|
Registered Office : |
Nato Yolu Cad. Emek Mah. Sivat Yolu No:19 Sancaktepe
Yukari Dudullu Istanbul |
|
|
|
|
Country : |
Turkey |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
01.10.2005 |
|
|
|
|
Com. Reg. No.: |
568196 |
|
|
|
|
Legal Form : |
Sole-Proprietorship |
|
|
|
|
Line of Business : |
Manufacture and trade of spring machinery to be used at
furniture sector. |
|
|
|
|
No. of Employees : |
22 |
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 |
: |
VEYSEL KUTUKLU |
|
HEAD OFFICE
ADDRESS |
: |
Nato Yolu Cad. Emek Mah. Sivat Yolu No:19 Sancaktepe
Yukari Dudullu Istanbul / Turkey |
|
PHONE NUMBER |
: |
90-216-466 36 90 (pbx) |
|
FAX NUMBER |
: |
90-216 415 55 08 |
|
WEB-ADDRESS |
: |
www.veyselkutuklu.com |
|
E-MAIL |
: |
info@veyselkutuklu.com |
|
NOTES ON
LEGAL STATUS AND HISTORY |
: |
Liability of
the subject is not limited to the capital. |
|
TAX OFFICE |
: |
Sultanbeyli |
|
TAX NO |
: |
34654821452 |
|
REGISTRATION NUMBER |
: |
568196 |
|
REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
|
DATE ESTABLISHED |
: |
01.10.2005 |
|
ESTABLISHMENT GAZETTE DATE /NO |
: |
27.10.2005/6420 |
|
LEGAL FORM |
: |
Sole-Proprietorship |
|
TYPE OF COMPANY |
: |
Private |
|
REGISTERED CAPITAL |
: |
TL 50.000 |
|
PAID-IN CAPITAL |
: |
TL 50.000 |
|
SHAREHOLDERS |
: |
|
||||
|
REMARKS ON
SHAREHOLDERS |
: |
The owner "Veysel Kutuklu" was born in 1942 and
graduated from primary school. |
||||
|
PROPERTIES OWNED
BY THE OWNER/PARTNERS |
: |
|
||||
|
DIRECTORS |
: |
|
|
BUSINESS ACTIVITIES |
: |
Manufacture and trade of spring machinery to be used at
furniture sector. |
||||||||
|
NACE CODE |
: |
DK.29.56 |
||||||||
|
TRADEMARKS OWNED |
: |
Vabs |
||||||||
|
NUMBER OF
EMPLOYEES |
: |
22 |
||||||||
|
NET SALES |
: |
|
||||||||
|
IMPORT COUNTRIES |
: |
Serbia |
||||||||
|
MERCHANDISE
IMPORTED |
: |
Raw materials |
||||||||
|
EXPORT VALUE |
: |
|
||||||||
|
EXPORT COUNTRIES |
: |
Iran Paraguay South Africa Egypt Russia Bulgaria Poland U.K. Pakistan Argentina Romania |
||||||||
|
MERCHANDISE EXPORTED |
: |
Machinery |
||||||||
|
HEAD OFFICE
ADDRESS |
: |
Nato Yolu Cad. Emek Mah. Sivat Yolu No:19 Sancaktepe
Yukari Dudullu Istanbul / Turkey (owned) |
||||||||
|
BRANCHES |
: |
Warehouse : Elbasan
Yolu Uzeri Calik Hududu Beldesi Catalca
Istanbul/Turkey Head Office/Production Plant : Nato Yolu Cad. Emek Mah. Sivat Yolu
No:19 Sancaktepe Yukari Dudullu Istanbul/Turkey (owned) |
|
TREND OF BUSINESS |
: |
There was an upwards trend in 2011. There appears a
decline at business volume in nominal terms in 1.1 - 30.9.2012. |
|
SIZE OF BUSINESS |
: |
Upper-Moderate |
|
MAIN DEALING BANKS |
: |
Garanti Bankasi Des Branch T. Is Bankasi Des Branch |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
CREDIT FACILITIES |
: |
No credit facility has come to our knowledge. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
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 unfavorable gap between average collection and average
payable period has an adverse effect on liquidity. |
|
Profitability |
High Operating Profitability in 2010 High Net Profitability in 2010 High Operating Profitability in 2011 High Net Profitability in 2011 High Operating Profitability (01.01-30.09.2012) High Net Profitability (01.01-30.09.2012) |
|
Gap between
average collection and payable periods |
Unfavorable in 2011 |
|
General Financial
Position |
Good |
|
Remarks on General
Financial Position |
Financial ratios are good but there appears a decline at business
volume in nominal terms in 1.1.-30.9.2012. |
|
|
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 |
|
( 01.01-30.09.2012) |
3,34 % |
1,8029 |
2,3233 |
2,8527 |
|
( 2012 ) |
2,45 % |
1,7995 |
2,3265 |
2,8593 |
|
|
( 31.12.2010 ) TL |
|
( 31.12.2011 ) TL |
|
|
|
|
CURRENT ASSETS |
1.773.332 |
0,84 |
2.651.658 |
0,92 |
|
|
|
Not Detailed Current Assets |
0 |
0,00 |
0 |
0,00 |
|
|
|
Cash and Banks |
118.947 |
0,06 |
200.315 |
0,07 |
|
|
|
Marketable Securities |
0 |
0,00 |
0 |
0,00 |
|
|
|
Account Receivable |
1.320.838 |
0,63 |
1.341.067 |
0,46 |
|
|
|
Other Receivable |
169.731 |
0,08 |
229.595 |
0,08 |
|
|
|
Inventories |
125.434 |
0,06 |
795.818 |
0,27 |
|
|
|
Advances Given |
20.652 |
0,01 |
7.015 |
0,00 |
|
|
|
Accumulated Construction Expense |
0 |
0,00 |
0 |
0,00 |
|
|
|
Other Current Assets |
17.730 |
0,01 |
77.848 |
0,03 |
|
|
|
NON-CURRENT ASSETS |
331.078 |
0,16 |
245.633 |
0,08 |
|
|
|
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) |
138.808 |
0,07 |
105.191 |
0,04 |
|
|
|
Intangible Assets |
192.270 |
0,09 |
140.442 |
0,05 |
|
|
|
Deferred Tax Assets |
0 |
0,00 |
0 |
0,00 |
|
|
|
Other Non-Current Assets |
0 |
0,00 |
0 |
0,00 |
|
|
|
TOTAL ASSETS |
2.104.410 |
1,00 |
2.897.291 |
1,00 |
|
|
|
CURRENT LIABILITIES |
1.665.859 |
0,79 |
450.621 |
0,16 |
|
|
|
Not Detailed Current Liabilities |
0 |
0,00 |
0 |
0,00 |
|
|
|
Financial Loans |
0 |
0,00 |
0 |
0,00 |
|
|
|
Accounts Payable |
250.788 |
0,12 |
245.907 |
0,08 |
|
|
|
Loans from Shareholders |
1.347.042 |
0,64 |
4.856 |
0,00 |
|
|
|
Other Short-term Payable |
0 |
0,00 |
0 |
0,00 |
|
|
|
Advances from Customers |
62.888 |
0,03 |
191.511 |
0,07 |
|
|
|
Accumulated Construction Income |
0 |
0,00 |
0 |
0,00 |
|
|
|
Taxes Payable |
5.141 |
0,00 |
8.347 |
0,00 |
|
|
|
Provisions |
0 |
0,00 |
0 |
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 |
438.551 |
0,21 |
2.446.670 |
0,84 |
|
|
|
Not Detailed Stockholders' Equity |
0 |
0,00 |
0 |
0,00 |
|
|
|
Paid-in Capital |
50.000 |
0,02 |
50.000 |
0,02 |
|
|
|
Cross Shareholding Adjustment of Capital |
0 |
0,00 |
0 |
0,00 |
|
|
|
Inflation Adjustment of Capital |
163.041 |
0,08 |
163.041 |
0,06 |
|
|
|
Equity of Consolidated Firms |
0 |
0,00 |
0 |
0,00 |
|
|
|
Reserves |
0 |
0,00 |
1.400.475 |
0,48 |
|
|
|
Revaluation Fund |
0 |
0,00 |
0 |
0,00 |
|
|
|
Accumulated Losses(-) |
0 |
0,00 |
0 |
0,00 |
|
|
|
Net Profit (loss) |
225.510 |
0,11 |
833.154 |
0,29 |
|
|
|
TOTAL LIABILITIES AND EQUITY |
2.104.410 |
1,00 |
2.897.291 |
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. |
|
|
(2010) TL |
|
(2011) TL |
|
(01.01-30.09.2012) TL |
|
|
Net Sales |
2.225.390 |
1,00 |
2.781.015 |
1,00 |
888.077 |
1,00 |
|
Cost of Goods Sold |
1.842.142 |
0,83 |
1.901.805 |
0,68 |
643.062 |
0,72 |
|
Gross Profit |
383.248 |
0,17 |
879.210 |
0,32 |
245.015 |
0,28 |
|
Operating Expenses |
164.266 |
0,07 |
169.761 |
0,06 |
125.563 |
0,14 |
|
Operating Profit |
218.982 |
0,10 |
709.449 |
0,26 |
119.452 |
0,13 |
|
Other Income |
67.462 |
0,03 |
187.873 |
0,07 |
20.690 |
0,02 |
|
Other Expenses |
60.934 |
0,03 |
64.168 |
0,02 |
48.101 |
0,05 |
|
Financial Expenses |
0 |
0,00 |
0 |
0,00 |
0 |
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 |
225.510 |
0,10 |
833.154 |
0,30 |
92.041 |
0,10 |
|
Tax Payable |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Postponed Tax Gain |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Net Profit (loss) |
225.510 |
0,10 |
833.154 |
0,30 |
92.041 |
0,10 |
|
|
(2010) |
(2011) |
|
|
LIQUIDITY RATIOS |
|
|
|
|
Current Ratio |
1,06 |
5,88 |
|
|
Acid-Test Ratio |
0,97 |
3,93 |
|
|
Cash Ratio |
0,07 |
0,44 |
|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
Inventory/Total Assets |
0,06 |
0,27 |
|
|
Short-term Receivable/Total Assets |
0,71 |
0,54 |
|
|
Tangible Assets/Total Assets |
0,07 |
0,04 |
|
|
TURNOVER RATIOS |
|
|
|
|
Inventory Turnover |
14,69 |
2,39 |
|
|
Stockholders' Equity Turnover |
5,07 |
1,14 |
|
|
Asset Turnover |
1,06 |
0,96 |
|
|
FINANCIAL STRUCTURE |
|
|
|
|
Stockholders' Equity/Total Assets |
0,21 |
0,84 |
|
|
Current Liabilities/Total Assets |
0,79 |
0,16 |
|
|
Financial Leverage |
0,79 |
0,16 |
|
|
Gearing Percentage |
3,80 |
0,18 |
|
|
PROFITABILITY RATIOS |
|
|
|
|
Net Profit/Stockholders' Eq. |
0,51 |
0,34 |
|
|
Operating Profit Margin |
0,10 |
0,26 |
|
|
Net Profit Margin |
0,10 |
0,30 |
|
|
Interest Cover |
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
Average Collection Period (days) |
213,67 |
173,60 |
|
|
Average Payable Period (days) |
49,01 |
46,55 |
|
|
WORKING CAPITAL |
107473,00 |
2201037,00 |
|
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.42 |
|
UK Pound |
1 |
Rs.88.29 |
|
Euro |
1 |
Rs.71.49 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.