MIRA INFORM REPORT

 

 

Report Date :

04.06.2013

 

IDENTIFICATION DETAILS

 

Name :

AKSANDER DERI URUNLERI VE TEKSTIL SANAYI TICARET LTD. STI.

 

 

Registered Office :

Akcay Cad. No:267/2 Gaziemir Izmir

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

18.01.1995

 

 

Com. Reg. No.:

74045-MRK

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Wholesale trade of hardware, bag, suitcase, belt, wallet etc

 

 

No. of Employees :

13

 

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 :

Good

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, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Turkey

B2

B2

 

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 9.2% in 2010, as exports returned to normal levels following the recession. Growth dropped to approximately 3% in 2012. Turkey's public sector debt to GDP ratio has fallen to about 40%, and at least one rating agency upgraded Turkey's debt to investment grade in 2012. Turkey remains dependent on often volatile, short-term investment to finance its large trade deficit. The stock value of FDI stood at $117 billion at year-end 2012. Inflows have slowed because of continuing economic turmoil in Europe, the source of much of Turkey's FDI. 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

:

AKSANDER DERI URUNLERI VE TEKSTIL SANAYI TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Akcay Cad. No:267/2 Gaziemir Izmir / Turkey

PHONE NUMBER

:

90-232-274 58 60

 

FAX NUMBER

:

90-232-274 58 61

 

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Gaziemir

TAX NO

:

0340029397

REGISTRATION NUMBER

:

74045-MRK

REGISTERED OFFICE

:

Izmir Chamber of Commerce

DATE ESTABLISHED

:

1995

ESTABLISHMENT GAZETTE DATE /NO

:

18.01.1995/3706

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   100.000

PAID-IN CAPITAL

:

TL   100.000

HISTORY

:

Previous Address

:

1316 Sok. No:14/4-16 Cankaya-Izmir

Changed On

:

18.04.2012 (Commercial Gazette Date /Number 25.04.2012/ 8055)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Recep Akay

30 %

Abdullah Yuksel Akay

30 %

Ali Riza Akay

30 %

Harun Ceylanoglu

10 %

 

 

SISTER COMPANIES

:

AKAYTEKS TEKSTIL DERI URUNLERI INSAAT ISLERI VE TURIZM HIZMETLERI SANAYI TICARET LTD. STI.

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Ali Riza Akay

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Wholesale trade of hardware, bag, suitcase, belt, wallet etc. 

 

NACE CODE

:

G .51.90

 

SECTOR

:

Commerce

 

TRADEMARKS TRADED

:

U.S. Polo Assn.

 

NUMBER OF EMPLOYEES

:

13

 

NET SALES

:

610.881 TL

(2006) 

544.471 TL

(2007) 

882.359 TL

(2008) 

2.538.491 TL

(2009) 

5.408.789 TL

(2010) 

8.672.864 TL

(2011) 

9.738.089 TL

(2012) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT VALUE

:

858.795 TL

(2010)

 

 

IMPORT COUNTRIES

:

India

China

Italy

Hong-Kong

 

MERCHANDISE IMPORTED

:

Bag

Belt

Wallet

 

EXPORT VALUE

:

8.369 TL

(2009)

32.795 TL

(2010)

62.789 TL

(2011)

82.449 TL

(2012)

 

 

EXPORT COUNTRIES

:

Bosnia and Herzegovina

 

MERCHANDISE  EXPORTED

:

Handbag

Suit-case

 

HEAD OFFICE ADDRESS

:

Akcay Cad. No:267/2 Gaziemir Izmir / Turkey (rented)

 

BRANCHES

:

Warehouse  :  Akcay Cad. No: 273/265 Gaziemir Izmir/Turkey (rented) 

 

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2012.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Asya Katilim Bankasi Cankaya Branch

Kuveyt Turk Katilim Bankasi Cankaya Branch

T. Finans Katilim Bankasi Cankaya Branch

 

CREDIT FACILITIES

:

The subject company is making use of credit facilities.

 

PAYMENT BEHAVIOUR

:

We are informed about a single payment delay in the former years which was resolved later on but no payment delays have come to our knowledge in the last years.

 

KEY FINANCIAL ELEMENTS

:

 

(2010) TL

(2011) TL

(2012) TL

 

 

Net Sales

5.408.789

8.672.864

9.738.089

 

 

Profit (Loss) Before Tax

385.859

71.775

685.533

 

 

Stockholders' Equity

727.857

5.790.112

8.488.905

 

 

Total Assets

4.173.113

8.480.732

11.297.143

 

 

Current Assets

3.498.736

6.982.438

9.628.810

 

 

Non-Current Assets

674.377

1.498.294

1.668.333

 

 

Current Liabilities

3.232.569

1.252.497

719.407

 

 

Long-Term Liabilities

212.687

1.438.123

2.088.831

 

 

Gross Profit (loss)

1.555.981

1.834.799

2.066.976

 

 

Operating Profit (loss)

385.313

65.312

433.873

 

 

Net Profit (loss)

308.687

56.699

546.593

 

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

High As of 31.12.2012

Remarks on Capitalization

A part of total liabilities and equity consist of loans from shareholders rather than liabilities to third parties indicating not too high indebtedness to third parties.

 

Liquidity

High As of 31.12.2012

Remarks On Liquidity

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

Profitability

Good Operating Profitability  in 2010

High Net Profitability  in 2010

Low Operating Profitability  in 2011

Low Net Profitability  in 2011

In Order Operating Profitability  in 2012

High Net Profitability  in 2012

 

Gap between average collection and payable periods

Unfavorable in 2012

General Financial Position

Good

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2006 )

11,58 %

1,4309

1,7987

2,6377

 ( 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

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 ( 01.01-30.04.2013)

-0,01 %

1,7920

2,3566

2,7927

 

 

BALANCE SHEETS

 

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL

 

CURRENT ASSETS

3.498.736

0,84

6.982.438

0,82

9.628.810

0,85

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

Cash and Banks

7.052

0,00

151.310

0,02

4.357.629

0,39

Marketable Securities

0

0,00

0

0,00

0

0,00

Account Receivable

3.433.878

0,82

4.020.805

0,47

3.949.928

0,35

Other Receivable

0

0,00

1.278

0,00

1.027

0,00

Inventories

42.482

0,01

2.500.266

0,29

761.096

0,07

Advances Given

0

0,00

179.916

0,02

499.956

0,04

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

Other Current Assets

15.324

0,00

128.863

0,02

59.174

0,01

NON-CURRENT ASSETS

674.377

0,16

1.498.294

0,18

1.668.333

0,15

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

0

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

581.101

0,14

1.458.505

0,17

1.606.274

0,14

Intangible Assets

56.291

0,01

1.903

0,00

1.903

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

36.985

0,01

37.886

0,00

60.156

0,01

TOTAL ASSETS

4.173.113

1,00

8.480.732

1,00

11.297.143

1,00

CURRENT LIABILITIES

3.232.569

0,77

1.252.497

0,15

719.407

0,06

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

780.247

0,19

0

0,00

0

0,00

Accounts Payable

2.283.784

0,55

1.002.747

0,12

636.973

0,06

Loans from Shareholders

0

0,00

0

0,00

0

0,00

Other Short-term Payable

0

0,00

14.887

0,00

9.865

0,00

Advances from Customers

102.959

0,02

212.264

0,03

10.109

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

Taxes Payable

4.711

0,00

12.545

0,00

5.682

0,00

Provisions

60.868

0,01

10.054

0,00

56.778

0,01

Other Current Liabilities

0

0,00

0

0,00

0

0,00

LONG-TERM LIABILITIES

212.687

0,05

1.438.123

0,17

2.088.831

0,18

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

1.000.004

0,12

1.524.915

0,13

Securities Issued

0

0,00

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

0

0,00

Loans from Shareholders

212.687

0,05

438.119

0,05

563.916

0,05

Other Long-term Liabilities

0

0,00

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

727.857

0,17

5.790.112

0,68

8.488.905

0,75

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

Paid-in Capital

100.000

0,02

100.000

0,01

100.000

0,01

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

78.146

0,02

78.146

0,01

78.146

0,01

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

Reserves

241.024

0,06

549.711

0,06

606.410

0,05

Revaluation Fund

0

0,00

5.005.556

0,59

7.157.756

0,63

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

Net Profit (loss)

308.687

0,07

56.699

0,01

546.593

0,05

TOTAL LIABILITIES AND EQUITY

4.173.113

1,00

8.480.732

1,00

11.297.143

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 46.391 of the other income is due to "Other Extraordinary Income" .

 

 

INCOME STATEMENTS

 

 

(2010) TL

 

(2011) TL

 

(2012) TL

 

Net Sales

5.408.789

1,00

8.672.864

1,00

9.738.089

1,00

Cost of Goods Sold

3.852.808

0,71

6.838.065

0,79

7.671.113

0,79

Gross Profit

1.555.981

0,29

1.834.799

0,21

2.066.976

0,21

Operating Expenses

1.170.668

0,22

1.769.487

0,20

1.633.103

0,17

Operating Profit

385.313

0,07

65.312

0,01

433.873

0,04

Other Income

4.850

0,00

58.511

0,01

384.957

0,04

Other Expenses

4.304

0,00

17.485

0,00

47.417

0,00

Financial Expenses

0

0,00

34.563

0,00

85.880

0,01

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

385.859

0,07

71.775

0,01

685.533

0,07

Tax Payable

77.172

0,01

15.076

0,00

138.940

0,01

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

308.687

0,06

56.699

0,01

546.593

0,06

 

 

FINANCIAL RATIOS

 

 

(2010)

(2011)

(2012)

LIQUIDITY RATIOS

 

Current Ratio

1,08

5,57

13,38

Acid-Test Ratio

1,06

3,33

11,55

Cash Ratio

0,00

0,12

6,06

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,01

0,29

0,07

Short-term Receivable/Total Assets

0,82

0,47

0,35

Tangible Assets/Total Assets

0,14

0,17

0,14

TURNOVER RATIOS

 

Inventory Turnover

90,69

2,73

10,08

Stockholders' Equity Turnover

7,43

1,50

1,15

Asset Turnover

1,30

1,02

0,86

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,17

0,68

0,75

Current Liabilities/Total Assets

0,77

0,15

0,06

Financial Leverage

0,83

0,32

0,25

Gearing Percentage

4,73

0,46

0,33

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,42

0,01

0,06

Operating Profit Margin

0,07

0,01

0,04

Net Profit Margin

0,06

0,01

0,06

Interest Cover

 

3,08

8,98

COLLECTION-PAYMENT

 

Average Collection Period (days)

228,55

166,90

146,02

Average Payable Period (days)

213,39

52,79

29,89

WORKING CAPITAL

266167,00

5729941,00

8909403,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.56.57

UK Pound

1

Rs.86.15

Euro

1

Rs.73.64

 

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%)

 

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.