MIRA INFORM REPORT

 

 

Report Date :

12.11.2013

 

IDENTIFICATION DETAILS

 

Name :

MS MENSUCAT DIS TICARET LTD. STI.

 

 

Registered Office :

Turgut Reis Mah.Tekstilkent Bulvari Barbaros Cad.A1 Blok No:51 Esenler Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

04.05.2011

 

 

Com. Reg. No.:

775941

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Wholesale trade of yarn.

 

 

No. of Employees :

05

 

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

Payment Behaviour :

Slow but 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 – 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

:

MS MENSUCAT DIS TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Turgut Reis Mah.Tekstilkent Bulvari Barbaros Cad.A1 Blok No:51 Esenler Istanbul / Turkey

PHONE NUMBER

:

90-212-438 36 00

 

FAX NUMBER

:

90-212-438 12 13

 

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Atisalani

TAX NO

:

6230324400

REGISTRATION NUMBER

:

775941

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

04.05.2011

ESTABLISHMENT GAZETTE DATE /NO

:

10.05.2011/7812

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   2.000.000

PAID-IN CAPITAL

:

TL   2.000.000

 

 

HISTORY

:

Previous Registered Capital

:

TL 50.000

Changed On

:

17.04.2012 (Commercial Gazette Date /Number 24.04.2012/ 8054)

Previous Registered Capital

:

TL 400.000

Changed On

:

17.10.2012 (Commercial Gazette Date /Number 23.10.2012/ 8180)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Sabri Farimaz

50 %

Musa Simsek

50 %

 

 

SISTER COMPANIES

:

IMRAN IPLIK KUMAS SANAYI VE DIS TICARET LTD. STI.

MS TICARET MUSA SIMSEK

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Sabri Farimaz

 

Musa Simsek

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Wholesale trade of yarn.

 

NACE CODE

:

G .51.41

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

5

 

NET SALES

:

20.094.608 TL

(04.05-31.12.2011) 

61.738.695 TL

(2012) 

15.474.493 TL

(01.01-30.06.2013) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT COUNTRIES

:

China

Vietnam

Indonesia

 

MERCHANDISE IMPORTED

:

Yarn

 

 

 

EXPORT VALUE

:

0 TL

(04.05-31.12.2011)

0 TL

(2012)

0 TL

(01.01-30.06.2013)

 

 

HEAD OFFICE ADDRESS

:

Turgut Reis Mah.Tekstilkent Bulvari Barbaros Cad.A1 Blok No:51 Esenler Istanbul / Turkey

 

INVESTMENTS

:

None

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2012. There appears a decline at business volume in nominal terms in  1.1 - 30.6.2013.

SIZE OF BUSINESS

:

Large

 

FINANCE

 

 

MAIN DEALING BANKS

:

Garanti Bankasi Tekstilkent 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

:

 

(04.05-31.12.2011) TL

(2012) TL

(01.01-30.06.2013) TL

 

 

Net Sales

20.094.608

61.738.695

15.474.493

 

 

Profit (Loss) Before Tax

101.876

1.454.792

154.359

 

 

Stockholders' Equity

91.732

3.245.245

 

 

 

Total Assets

4.104.545

14.151.283

 

 

 

Current Assets

4.102.416

13.886.377

 

 

 

Non-Current Assets

2.129

264.906

 

 

 

Current Liabilities

4.012.813

10.906.038

 

 

 

Long-Term Liabilities

0

0

 

 

 

Gross Profit (loss)

170.157

1.918.178

525.062

 

 

Operating Profit (loss)

104.155

1.430.844

200.805

 

 

Net Profit (loss)

101.876

1.163.512

154.359

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Insufficient As of 31.12.2012

Liquidity

Insufficient As of 31.12.2012

Remarks On Liquidity

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

 

The liquid assets consist mainly of receivables the amount of cash&banks or marketable securities (which are more liquid) are low.

 

Profitability

Low Operating Profitability (04.05-31.12.2011)

Low Net Profitability (04.05-31.12.2011)

Fair Operating Profitability  in 2012

Fair Net Profitability  in 2012

Low Operating Profitability (01.01-30.06.2013)

Low Net Profitability (01.01-30.06.2013)

 

Gap between average collection and payable periods

Unfavorable in 2012

General Financial Position

Passable

 

 

 

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

 ( 01.01-30.06.2013)

2,46 %

1,8251

2,3936

2,8262

 ( 01.01-31.08.2013)

3,52 %

1,8605

2,4465

2,8765

 

 

BALANCE SHEETS

 

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL

 

CURRENT ASSETS

4.102.416

1,00

13.886.377

0,98

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

48.688

0,01

86.492

0,01

Marketable Securities

0

0,00

0

0,00

Account Receivable

2.829.852

0,69

7.881.143

0,56

Other Receivable

0

0,00

0

0,00

Inventories

1.106.873

0,27

2.187.958

0,15

Advances Given

0

0,00

3.674.616

0,26

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

117.003

0,03

56.168

0,00

NON-CURRENT ASSETS

2.129

0,00

264.906

0,02

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)

943

0,00

264.115

0,02

Intangible Assets

1.186

0,00

791

0,00

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

0

0,00

TOTAL ASSETS

4.104.545

1,00

14.151.283

1,00

CURRENT LIABILITIES

4.012.813

0,98

10.906.038

0,77

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

32.809

0,01

2.725.355

0,19

Accounts Payable

3.087.106

0,75

5.188.024

0,37

Loans from Shareholders

20.300

0,00

0

0,00

Other Short-term Payable

0

0,00

7.011

0,00

Advances from Customers

852.740

0,21

2.921.350

0,21

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

19.858

0,00

64.272

0,00

Provisions

0

0,00

0

0,00

Other Current Liabilities

0

0,00

26

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

91.732

0,02

3.245.245

0,23

Not Detailed Stockholders' Equity

91.732

0,02

0

0,00

Paid-in Capital

0

0,00

2.000.000

0,14

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

0

0,00

81.733

0,01

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

Net Profit (loss)

0

0,00

1.163.512

0,08

TOTAL LIABILITIES AND EQUITY

4.104.545

1,00

14.151.283

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

 

 

(04.05-31.12.2011) TL

 

(2012) TL

 

(01.01-30.06.2013) TL

 

Net Sales

20.094.608

1,00

61.738.695

1,00

15.474.493

1,00

Cost of Goods Sold

19.924.451

0,99

59.820.517

0,97

14.949.431

0,97

Gross Profit

170.157

0,01

1.918.178

0,03

525.062

0,03

Operating Expenses

66.002

0,00

487.334

0,01

324.257

0,02

Operating Profit

104.155

0,01

1.430.844

0,02

200.805

0,01

Other Income

0

0,00

336.554

0,01

223.383

0,01

Other Expenses

2.279

0,00

78.053

0,00

33.836

0,00

Financial Expenses

0

0,00

234.553

0,00

235.993

0,02

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

101.876

0,01

1.454.792

0,02

154.359

0,01

Tax Payable

0

0,00

291.280

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

101.876

0,01

1.163.512

0,02

154.359

0,01

 

 

FINANCIAL RATIOS

 

 

(04.05-31.12.2011)

(2012)

LIQUIDITY RATIOS

 

 

Current Ratio

1,02

1,27

Acid-Test Ratio

0,72

0,73

Cash Ratio

0,01

0,01

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,27

0,15

Short-term Receivable/Total Assets

0,69

0,56

Tangible Assets/Total Assets

0,00

0,02

TURNOVER RATIOS

 

 

Inventory Turnover

18,00

27,34

Stockholders' Equity Turnover

219,06

19,02

Asset Turnover

4,90

4,36

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,02

0,23

Current Liabilities/Total Assets

0,98

0,77

Financial Leverage

0,98

0,77

Gearing Percentage

43,74

3,36

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

1,11

0,36

Operating Profit Margin

0,01

0,02

Net Profit Margin

0,01

0,02

Interest Cover

 

7,20

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

50,70

45,96

Average Payable Period (days)

55,78

31,22

WORKING CAPITAL

89603,00

2980339,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.30

UK Pound

1

Rs.101.36

Euro

1

Rs.84.60

 

 

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%)

 

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.