MIRA INFORM REPORT

 

 

Report Date :

30.03.2013

 

IDENTIFICATION DETAILS

 

Name :

IYON TEKSTIL VE KIMYA SANAYI TICARET LTD. STI. 

 

 

Registered Office :

Turgut Reis Mah. Giyimkent Sitesi E-6 Blok B 161-77 Esenler Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

2012

 

 

Date of Incorporation :

17.09.1998

 

 

Com. Reg. No.:

403265

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Trade of textile chemicals

 

 

No. of Employees :

07

 

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 :

Usually Correct 

 

 

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

:

IYON TEKSTIL VE KIMYA SANAYI TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Turgut Reis Mah. Giyimkent Sitesi E-6 Blok B 161-77 Esenler Istanbul / Turkey

PHONE NUMBER

:

90-212-438 42 84

 

FAX NUMBER

:

90-212-438 40 98

 

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Atisalani

TAX NO

:

4830082705

REGISTRATION NUMBER

:

403265

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

17.09.1998

ESTABLISHMENT GAZETTE DATE/NO

:

22.09.1998/4632

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   1.794.500

PAID-IN CAPITAL

:

TL   1.794.500

 

HISTORY

:

Previous Registered Capital

:

TL 1.074.000

Changed On

:

14.05.2010 (Commercial Gazette Date /Number 21.05.2010/ 7568)

Previous Registered Capital

:

TL 1.474.000

Changed On

:

22.09.2010 (Commercial Gazette Date /Number 28.09.2010/ 7657)

Previous Address

:

Ikitelli Organize Sanayi Bolgesi Ataturk Bulvari Isteks  Sanayi Sitesi C-6 Blok No:13 Kucukcekmece-Istanbul

Changed On

:

04.11.2009 (Commercial Gazette Date /Number 10.11.2009/ 7435)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Yasar Gol

90 %

Yusuf Gol

10 %

 

 

SISTER COMPANIES

:

IYON DYES KOLLEKTIF SIRKETI YASAR GOLVE ORTAGI

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Yusuf Gol                                                                                                                                                                                                                                                                                   

 

Yasar Gol                                                                                                                                                                                                                                                                                   

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Trade of textile chemicals.

 

NACE CODE

:

G .51.55

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

7

 

NET SALES

:

3.965.549 TL

(2008) 

4.463.190 TL

(2009) 

6.124.483 TL

(2010) 

5.209.974 TL

(2011) 

8.199.326 TL

(2012) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT COUNTRIES

:

India

China

 

MERCHANDISE IMPORTED

:

Chemicals

 

EXPORT VALUE

:

0 TL

(2010)

0 TL

(2011)

578.410 TL

(2012)

 

 

EXPORT COUNTRIES

:

Russia

 

MERCHANDISE  EXPORTED

:

Dye Machine

 

HEAD OFFICE ADDRESS

:

Turgut Reis Mah. Giyimkent Sitesi E-6 Blok B 161-77 Esenler  Istanbul / Turkey ( rented )

 

INVESTMENTS

:

None

 

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2012.

SIZE OF BUSINESS

:

Medium

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Halk Bankasi Gunesli Branch

Kuveyt Turk Katilim Bankasi Beylikduzu 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

(2012) TL

Net Sales

3.965.549

4.463.190

6.124.483

5.209.974

8.199.326

Profit (Loss) Before Tax

90.546

236.984

510.450

538.466

450.135

Stockholders' Equity

1.294.696

1.883.873

2.291.234

2.701.342

 

Total Assets

4.236.127

4.526.708

4.610.663

5.301.340

 

Current Assets

4.013.740

4.267.738

4.319.711

4.933.775

 

Non-Current Assets

222.387

258.970

290.952

367.565

 

Current Liabilities

2.941.431

2.642.835

2.319.429

2.599.998

 

Long-Term Liabilities

0

0

0

0

 

Gross Profit (loss)

507.587

540.598

934.113

1.029.077

1.169.438

Operating Profit (loss)

130.406

263.128

534.409

708.505

660.099

Net Profit (loss)

70.246

189.177

407.360

410.108

450.135

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Good As of 31.12.2011

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

Fair Operating Profitability  in 2008

Fair Net Profitability  in 2008

Good Operating Profitability  in 2009

Good Net Profitability  in 2009

Good Operating Profitability  in 2010

High Net Profitability  in 2010

High Operating Profitability  in 2011

High Net Profitability  in 2011

Good Operating Profitability  in 2012

Good Net Profitability  in 2012

 

Gap between average collection and payable periods

Unfavorable in 2011

General Financial Position

Good

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 01.01-28.02.2013)

-0,31 %

1,7828

2,3690

2,8041

 

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

4.013.740

0,95

4.267.738

0,94

4.319.711

0,94

4.933.775

0,93

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

691.733

0,16

1.662.729

0,37

1.927.250

0,42

1.329.306

0,25

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

2.409.691

0,57

1.558.697

0,34

1.591.597

0,35

2.833.121

0,53

Other Receivable

9.520

0,00

9.520

0,00

9.520

0,00

0

0,00

Inventories

817.503

0,19

868.910

0,19

660.405

0,14

532.768

0,10

Advances Given

2.133

0,00

43.039

0,01

122.097

0,03

238.256

0,04

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

83.160

0,02

124.843

0,03

8.842

0,00

324

0,00

NON-CURRENT ASSETS

222.387

0,05

258.970

0,06

290.952

0,06

367.565

0,07

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

0

0,00

0

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

220.259

0,05

256.842

0,06

283.706

0,06

335.498

0,06

Intangible Assets

2.128

0,00

2.128

0,00

2.289

0,00

32.067

0,01

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

0

0,00

4.957

0,00

0

0,00

TOTAL ASSETS

4.236.127

1,00

4.526.708

1,00

4.610.663

1,00

5.301.340

1,00

CURRENT LIABILITIES

2.941.431

0,69

2.642.835

0,58

2.319.429

0,50

2.599.998

0,49

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

552.554

0,13

188.613

0,04

535.227

0,12

693.367

0,13

Accounts Payable

1.369.207

0,32

1.578.045

0,35

1.190.799

0,26

1.495.092

0,28

Loans from Shareholders

501.358

0,12

392.347

0,09

93.475

0,02

13.789

0,00

Other Short-term Payable

163.208

0,04

172.396

0,04

188.535

0,04

0

0,00

Advances from Customers

340.920

0,08

288.356

0,06

247.617

0,05

271.159

0,05

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

13.996

0,00

19.918

0,00

38.022

0,01

126.247

0,02

Provisions

188

0,00

3.160

0,00

25.754

0,01

344

0,00

Other Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

LONG-TERM LIABILITIES

0

0,00

0

0,00

0

0,00

0

0,00

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

0

0,00

0

0,00

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

1.294.696

0,31

1.883.873

0,42

2.291.234

0,50

2.701.342

0,51

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

1.074.000

0,25

1.074.000

0,24

1.794.500

0,39

1.794.500

0,34

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

233

0,00

233

0,00

233

0,00

233

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

238.532

0,06

708.778

0,16

89.141

0,02

496.501

0,09

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

-88.315

-0,02

-88.315

-0,02

0

0,00

0

0,00

Net Profit (loss)

70.246

0,02

189.177

0,04

407.360

0,09

410.108

0,08

TOTAL LIABILITIES AND EQUITY

4.236.127

1,00

4.526.708

1,00

4.610.663

1,00

5.301.340

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.

 

 

INCOME STATEMENTS

 

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

(2012) TL

 

Net Sales

3.965.549

1,00

4.463.190

1,00

6.124.483

1,00

5.209.974

1,00

8.199.326

1,00

Cost of Goods Sold

3.457.962

0,87

3.922.592

0,88

5.190.370

0,85

4.180.897

0,80

7.029.888

0,86

Gross Profit

507.587

0,13

540.598

0,12

934.113

0,15

1.029.077

0,20

1.169.438

0,14

Operating Expenses

377.181

0,10

277.470

0,06

399.704

0,07

320.572

0,06

509.339

0,06

Operating Profit

130.406

0,03

263.128

0,06

534.409

0,09

708.505

0,14

660.099

0,08

Other Income

31.335

0,01

68.889

0,02

23.695

0,00

64.509

0,01

37.186

0,00

Other Expenses

71.195

0,02

17.123

0,00

16.158

0,00

152.230

0,03

76.065

0,01

Financial Expenses

0

0,00

77.910

0,02

31.496

0,01

82.318

0,02

171.085

0,02

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

90.546

0,02

236.984

0,05

510.450

0,08

538.466

0,10

450.135

0,05

Tax Payable

20.300

0,01

47.807

0,01

103.090

0,02

128.358

0,02

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

70.246

0,02

189.177

0,04

407.360

0,07

410.108

0,08

450.135

0,05

 

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

(2011)

LIQUIDITY RATIOS

 

Current Ratio

1,36

1,61

1,86

1,90

Acid-Test Ratio

1,06

1,22

1,52

1,60

Cash Ratio

0,24

0,63

0,83

0,51

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,19

0,19

0,14

0,10

Short-term Receivable/Total Assets

0,57

0,35

0,35

0,53

Tangible Assets/Total Assets

0,05

0,06

0,06

0,06

TURNOVER RATIOS

 

Inventory Turnover

4,23

4,51

7,86

7,85

Stockholders' Equity Turnover

3,06

2,37

2,67

1,93

Asset Turnover

0,94

0,99

1,33

0,98

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,31

0,42

0,50

0,51

Current Liabilities/Total Assets

0,69

0,58

0,50

0,49

Financial Leverage

0,69

0,58

0,50

0,49

Gearing Percentage

2,27

1,40

1,01

0,96

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,05

0,10

0,18

0,15

Operating Profit Margin

0,03

0,06

0,09

0,14

Net Profit Margin

0,02

0,04

0,07

0,08

Interest Cover

 

4,04

17,21

7,54

COLLECTION-PAYMENT

 

Average Collection Period (days)

218,76

125,72

93,55

195,76

Average Payable Period (days)

142,54

144,83

82,59

128,74

WORKING CAPITAL

1072309,00

1624903,00

2000282,00

2333777,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.39

UK Pound

1

Rs.82.32

Euro

1

Rs.69.54

 

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%)

 

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.