MIRA INFORM REPORT
|
Report Date : |
29.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
CANPEL DERI SANAYI VE TICARET A.S. |
|
|
|
|
Registered Office : |
Kazlicesme Mah. Prof.Muammer Aksoy Cad. No:4/15 Zeytinburnu Istanbul |
|
|
|
|
Country : |
Turkey |
|
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|
|
Financials (as on) : |
31.12.2012 |
|
|
|
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Date of Incorporation : |
29.01.1987 |
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|
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Com. Reg. No.: |
230694 |
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|
|
|
Legal Form : |
Joint Stock Company |
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|
|
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Line of Business : |
Wholesale trader of leather products. |
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|
|
No. of Employees : |
02 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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|
|
|
Payment Behaviour : |
Slow |
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|
|
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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 |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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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.
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Source : CIA |
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NOTES |
: |
Full name of the firm was missing at your inquiry. |
|
NAME |
: |
CANPEL DERI SANAYI VE TICARET A.S. |
|
HEAD OFFICE ADDRESS |
: |
Kazlicesme Mah. Prof.Muammer Aksoy Cad. No:4/15 Zeytinburnu Istanbul /
Turkey |
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PHONE NUMBER |
: |
90-212-558 02 78 |
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FAX NUMBER |
: |
90-212-558 02 79 |
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WEB-ADDRESS |
: |
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TAX OFFICE |
: |
Zeytinburnu |
||||||
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TAX NO |
: |
2010042236 |
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REGISTRATION NUMBER |
: |
230694 |
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REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
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DATE ESTABLISHED |
: |
29.01.1987 |
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ESTABLISHMENT GAZETTE DATE/NO |
: |
03.02.1987/1695 |
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LEGAL FORM |
: |
Joint Stock Company |
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TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
TL 245.000 |
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PAID-IN CAPITAL |
: |
TL 245.000 |
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HISTORY |
: |
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SHAREHOLDERS |
: |
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||||||||||||
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SISTER COMPANIES |
: |
Declared to be: None |
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BOARD OF DIRECTORS |
: |
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BUSINESS ACTIVITIES |
: |
Wholesale trade of leather products. |
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NACE CODE |
: |
G .51.90 |
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SECTOR |
: |
Commerce |
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NUMBER OF EMPLOYEES |
: |
2 |
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NET SALES |
: |
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CAPACITY |
: |
None |
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PRODUCTION |
: |
None |
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IMPORT COUNTRIES |
: |
Austria China India |
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MERCHANDISE IMPORTED |
: |
Leather products |
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EXPORT VALUE |
: |
|
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HEAD OFFICE ADDRESS |
: |
Kazlicesme Mah. Prof.Muammer Aksoy Cad. No:4/15 Zeytinburnu Istanbul /
Turkey |
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INVESTMENTS |
: |
None |
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TREND OF BUSINESS |
: |
There was a decline at business volume in nominal terms in 2012. |
|
SIZE OF BUSINESS |
: |
Lower-Moderate |
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CREDIT FACILITIES |
: |
No credit facility has come to our knowledge. |
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PAYMENT BEHAVIOUR |
: |
No payment delays have come to our knowledge. |
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KEY FINANCIAL ELEMENTS |
: |
|
|
Capitalization |
In Order 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 low indebtedness to third
parties. |
|
Liquidity |
Satisfactory 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 |
Gross Loss in 2011 Operating Loss in 2011 Net Loss in 2011 Operating Loss in 2012 Net Loss in 2012 |
|
Gap between average collection and payable periods |
Unfavorable in 2012 |
|
General Financial Position |
Unsatisfactory |
|
|
Incr. in producers’ price index |
Average USD/TL |
Average EUR/TL |
Average GBP/ TL |
|
( 2011 ) |
13,33 % |
1,6797 |
2,3378 |
2,6863 |
|
( 2012 ) |
2,45 % |
1,7995 |
2,3265 |
2,8593 |
|
( 01.01-31.05.2013) |
0,99 % |
1,8079 |
2,3728 |
2,8064 |
|
|
( 31.12.2011 ) TL |
|
( 31.12.2012 ) TL |
|
|
CURRENT ASSETS |
1.003.002 |
0,91 |
1.165.592 |
0,89 |
|
Not Detailed Current Assets |
0 |
0,00 |
0 |
0,00 |
|
Cash and Banks |
20.727 |
0,02 |
88.317 |
0,07 |
|
Marketable Securities |
0 |
0,00 |
0 |
0,00 |
|
Account Receivable |
354.962 |
0,32 |
291.081 |
0,22 |
|
Other Receivable |
0 |
0,00 |
0 |
0,00 |
|
Inventories |
590.143 |
0,53 |
713.627 |
0,55 |
|
Advances Given |
14.801 |
0,01 |
23.303 |
0,02 |
|
Accumulated Construction Expense |
0 |
0,00 |
0 |
0,00 |
|
Other Current Assets |
22.369 |
0,02 |
49.264 |
0,04 |
|
NON-CURRENT ASSETS |
103.184 |
0,09 |
140.910 |
0,11 |
|
Not Detailed Non-Current Assets |
0 |
0,00 |
0 |
0,00 |
|
Long-term Receivable |
51 |
0,00 |
51 |
0,00 |
|
Financial Assets |
68.671 |
0,06 |
68.671 |
0,05 |
|
Tangible Fixed Assets (net) |
18.462 |
0,02 |
55.489 |
0,04 |
|
Intangible Assets |
0 |
0,00 |
0 |
0,00 |
|
Deferred Tax Assets |
0 |
0,00 |
0 |
0,00 |
|
Other Non-Current Assets |
16.000 |
0,01 |
16.699 |
0,01 |
|
TOTAL ASSETS |
1.106.186 |
1,00 |
1.306.502 |
1,00 |
|
CURRENT LIABILITIES |
2.285 |
0,00 |
167.151 |
0,13 |
|
Not Detailed Current Liabilities |
0 |
0,00 |
0 |
0,00 |
|
Financial Loans |
0 |
0,00 |
0 |
0,00 |
|
Accounts Payable |
1.000 |
0,00 |
142.262 |
0,11 |
|
Loans from Shareholders |
0 |
0,00 |
0 |
0,00 |
|
Other Short-term Payable |
0 |
0,00 |
0 |
0,00 |
|
Advances from Customers |
730 |
0,00 |
24.493 |
0,02 |
|
Accumulated Construction Income |
0 |
0,00 |
0 |
0,00 |
|
Taxes Payable |
555 |
0,00 |
396 |
0,00 |
|
Provisions |
0 |
0,00 |
0 |
0,00 |
|
Other Current Liabilities |
0 |
0,00 |
0 |
0,00 |
|
LONG-TERM LIABILITIES |
914.250 |
0,83 |
976.780 |
0,75 |
|
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 |
914.250 |
0,83 |
976.780 |
0,75 |
|
Other Long-term Liabilities |
0 |
0,00 |
0 |
0,00 |
|
Provisions |
0 |
0,00 |
0 |
0,00 |
|
STOCKHOLDERS' EQUITY |
189.651 |
0,17 |
162.571 |
0,12 |
|
Not Detailed Stockholders' Equity |
0 |
0,00 |
0 |
0,00 |
|
Paid-in Capital |
245.000 |
0,22 |
245.000 |
0,19 |
|
Cross Shareholding Adjustment of Capital |
0 |
0,00 |
0 |
0,00 |
|
Inflation Adjustment of Capital |
0 |
0,00 |
0 |
0,00 |
|
Equity of Consolidated Firms |
0 |
0,00 |
0 |
0,00 |
|
Reserves |
55.931 |
0,05 |
55.931 |
0,04 |
|
Revaluation Fund |
103.959 |
0,09 |
103.959 |
0,08 |
|
Accumulated Losses(-) |
-139.105 |
-0,13 |
-215.239 |
-0,16 |
|
Net Profit (loss) |
-76.134 |
-0,07 |
-27.080 |
-0,02 |
|
TOTAL LIABILITIES AND EQUITY |
1.106.186 |
1,00 |
1.306.502 |
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 7.410 of the other income is due to
"Profit from Foreign Currency Exchange". |
|
|
(2011) TL |
|
(2012) TL |
|
|
Net Sales |
63.776 |
1,00 |
37.417 |
1,00 |
|
Cost of Goods Sold |
109.791 |
1,72 |
35.119 |
0,94 |
|
Gross Profit |
-46.015 |
-0,72 |
2.298 |
0,06 |
|
Operating Expenses |
31.129 |
0,49 |
36.694 |
0,98 |
|
Operating Profit |
-77.144 |
-1,21 |
-34.396 |
-0,92 |
|
Other Income |
3.037 |
0,05 |
7.410 |
0,20 |
|
Other Expenses |
0 |
0,00 |
0 |
0,00 |
|
Financial Expenses |
2.027 |
0,03 |
94 |
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 |
-76.134 |
-1,19 |
-27.080 |
-0,72 |
|
Tax Payable |
0 |
0,00 |
0 |
0,00 |
|
Postponed Tax Gain |
0 |
0,00 |
0 |
0,00 |
|
Net Profit (loss) |
-76.134 |
-1,19 |
-27.080 |
-0,72 |
|
|
(2011) |
(2012) |
|
LIQUIDITY RATIOS |
|
|
|
Current Ratio |
438,95 |
6,97 |
|
Acid-Test Ratio |
164,42 |
2,27 |
|
Cash Ratio |
9,07 |
0,53 |
|
ASSET STRUCTURE RATIOS |
|
|
|
Inventory/Total Assets |
0,53 |
0,55 |
|
Short-term Receivable/Total Assets |
0,32 |
0,22 |
|
Tangible Assets/Total Assets |
0,02 |
0,04 |
|
TURNOVER RATIOS |
|
|
|
Inventory Turnover |
0,19 |
0,05 |
|
Stockholders' Equity Turnover |
0,34 |
0,23 |
|
Asset Turnover |
0,06 |
0,03 |
|
FINANCIAL STRUCTURE |
|
|
|
Stockholders' Equity/Total Assets |
0,17 |
0,12 |
|
Current Liabilities/Total Assets |
0,00 |
0,13 |
|
Financial Leverage |
0,83 |
0,88 |
|
Gearing Percentage |
4,83 |
7,04 |
|
PROFITABILITY RATIOS |
|
|
|
Net Profit/Stockholders' Eq. |
-0,40 |
-0,17 |
|
Operating Profit Margin |
-1,21 |
-0,92 |
|
Net Profit Margin |
-1,19 |
-0,72 |
|
Interest Cover |
-36,56 |
-287,09 |
|
COLLECTION-PAYMENT |
|
|
|
Average Collection Period (days) |
2003,96 |
2801,07 |
|
Average Payable Period (days) |
3,28 |
1458,31 |
|
WORKING CAPITAL |
1000717,00 |
998441,00 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.70 |
|
UK Pound |
1 |
Rs.91.14 |
|
Euro |
1 |
Rs.77.98 |
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.