MIRA INFORM REPORT

 

 

Report Date :

12.04.2014

 

 

 

Tel. No.:

90 212 520 19 77

Fax No.:

90 212 520 13 01

 

IDENTIFICATION DETAILS

 

Name :

FARUK TEKSTIL TICARET VE SANAYI LTD. STI. 

 

 

Registered Office :

Asirefendi Cad. Katip Han No:41 Eminonu Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2012 (Balance Sheets)

2013 (Income Statements)

 

 

Date of Incorporation :

16.12.1993

 

 

Com. Reg. No.:

306939

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Wholesale trader of curtain and tulle. 

 

 

No. of Employees

34

 

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 – december 01, 2013

 

Country Name

Previous Rating

(30.09.2013)

Current Rating

(01.12.2013)

Turkey  

B2

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 around 9% in 2010-11, as exports returned to normal levels following the recession. Growth dropped to roughly 3% in 2012-13. Turkey's public sector debt to GDP ratio has fallen below 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 reached nearly $195 billion at year-end 2013, reflecting Turkey's good growth even in the face of 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

:

FARUK TEKSTIL TICARET VE SANAYI LTD. STI.

HEAD OFFICE ADDRESS

:

Asirefendi Cad. Katip Han No:41 Eminonu Istanbul / Turkey

PHONE NUMBER

:

90-212-520 19 77 (pbx)

 

FAX NUMBER

:

90-212-520 13 01

 

WEB-ADDRESS

:

www.faruktekstil.com

E-MAIL

:

info@faruktekstil.com

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Hocapasa

TAX NO

:

3850012137

REGISTRATION NUMBER

:

306939

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

16.12.1993

ESTABLISHMENT GAZETTE DATE /NO

:

22.12.1993/3432

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   3.000.000

PAID-IN CAPITAL

:

TL   3.000.000

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Omer Faruk Parlak

30 %

Mehmet Ugur Parlak

20 %

Fatma Jale Parlak

20 %

Ahmet Cem Parlak

15 %

Kadir Can Parlak

15 %

 

 

DIRECTORS

:

Ahmet Cem Parlak

 

Mehmet Ugur Parlak

 

Omer Faruk Parlak

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Wholesale trader of curtain and tulle. 

 

NACE CODE

:

G .51.41

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

34

 

NET SALES

:

11.932.934 TL

(2011)  

14.325.987 TL

(2012) 

17.329 TL Thousand

(2013) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT COUNTRIES

:

India

Italy

Spain

Northern Cyprus Turkish Republic

 

MERCHANDISE IMPORTED

:

Tulles

 

EXPORT VALUE

:

98.489 TL

(2011)

222.414 TL

(2012)

241.178 TL

(2013)

 

 

EXPORT COUNTRIES

:

Romania

Serbia

Georgia

U.A.E.

 

MERCHANDISE  EXPORTED

:

Tulles

 

HEAD OFFICE ADDRESS

:

Asirefendi Cad. Katip Han No:41 Eminonu Istanbul / Turkey

 

BRANCHES

:

Head Office/Store  :  Asirefendi Cad. Katip Han No:41 Eminonu Istanbul/Turkey

INVESTMENTS

:

None

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2013.

SIZE OF BUSINESS

:

Upper-Medium

 

FINANCE

 

MAIN DEALING BANKS

:

Garanti Bankasi Sirkeci Branch

T. Is Bankasi Sultanhamam Branch

Yapi ve Kredi Bankasi Sultanhamam Branch

 

CREDIT FACILITIES

:

The subject rarely makes use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2011) TL

(2012) TL

(2013) TL Thousand

 

 

Net Sales

11.932.934

14.325.987

17.329

 

 

Profit (Loss) Before Tax

415.012

560.145

647

 

 

Stockholders' Equity

4.552.716

5.058.969

 

 

 

Total Assets

7.220.835

7.696.365

 

 

 

Current Assets

7.005.805

7.461.440

 

 

 

Non-Current Assets

215.030

234.925

 

 

 

Current Liabilities

2.668.119

2.637.396

 

 

 

Long-Term Liabilities

0

0

 

 

 

Gross Profit (loss)

1.725.671

2.417.878

2.516

 

 

Operating Profit (loss)

421.614

520.262

658

 

 

Net Profit (loss)

323.232

445.571

647

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

High As of 31.12.2012

Liquidity

High As of 31.12.2012

Remarks On Liquidity

The favorable gap between average collection and average payable period has a positive effect on liquidity.

Profitability

In Order Operating Profitability  in 2011

In Order Net Profitability  in 2011

In Order Operating Profitability  in 2012

In Order Net Profitability  in 2012

In Order Operating Profitability  in 2013

In Order Net Profitability  in 2013

 

Gap between average collection and payable periods

Favorable in 2012

General Financial Position

Good

 

 

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

 ( 2013 )

6,97 %

1,9179

2,5530

3,0178

 ( 01.01-31.03.2014)

5,52 %

2,1961

3,0116

3,6488

 

 

BALANCE SHEETS

 

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL

 

 

 

CURRENT ASSETS

7.005.805

0,97

7.461.440

0,97

 

 

Not Detailed Current Assets

0

0,00

0

0,00

 

 

Cash and Banks

605.767

0,08

845.661

0,11

 

 

Marketable Securities

0

0,00

0

0,00

 

 

Account Receivable

1.889.743

0,26

1.986.117

0,26

 

 

Other Receivable

115.556

0,02

0

0,00

 

 

Inventories

4.129.105

0,57

4.340.059

0,56

 

 

Advances Given

76.450

0,01

135.418

0,02

 

 

Accumulated Construction Expense

0

0,00

0

0,00

 

 

Other Current Assets

189.184

0,03

154.185

0,02

 

 

NON-CURRENT ASSETS

215.030

0,03

234.925

0,03

 

 

Not Detailed Non-Current Assets

0

0,00

0

0,00

 

 

Long-term Receivable

1.069

0,00

1.069

0,00

 

 

Financial Assets

0

0,00

0

0,00

 

 

Tangible Fixed Assets (net)

206.735

0,03

227.999

0,03

 

 

Intangible Assets

7.226

0,00

5.857

0,00

 

 

Deferred Tax Assets

0

0,00

0

0,00

 

 

Other Non-Current Assets

0

0,00

0

0,00

 

 

TOTAL ASSETS

7.220.835

1,00

7.696.365

1,00

 

 

CURRENT LIABILITIES

2.668.119

0,37

2.637.396

0,34

 

 

Not Detailed Current Liabilities

0

0,00

0

0,00

 

 

Financial Loans

40

0,00

325

0,00

 

 

Accounts Payable

2.116.592

0,29

1.964.730

0,26

 

 

Loans from Shareholders

0

0,00

0

0,00

 

 

Other Short-term Payable

0

0,00

0

0,00

 

 

Advances from Customers

509.386

0,07

617.456

0,08

 

 

Accumulated Construction Income

0

0,00

0

0,00

 

 

Taxes Payable

14.280

0,00

20.339

0,00

 

 

Provisions

25.371

0,00

31.937

0,00

 

 

Other Current Liabilities

2.450

0,00

2.609

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

4.552.716

0,63

5.058.969

0,66

 

 

Not Detailed Stockholders' Equity

0

0,00

0

0,00

 

 

Paid-in Capital

3.000.000

0,42

3.000.000

0,39

 

 

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

1.798.310

0,25

2.182.224

0,28

 

 

Revaluation Fund

0

0,00

0

0,00

 

 

Accumulated Losses(-)

-568.826

-0,08

-568.826

-0,07

 

 

Net Profit (loss)

323.232

0,04

445.571

0,06

 

 

TOTAL LIABILITIES AND EQUITY

7.220.835

1,00

7.696.365

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. 

 

In the sub-items of "Account Receivable", TL 0 is "Doubtful Trade Receivables" at the last balance sheet. 

 

TL 0 of "Tax Payable" is due to "Overdue, Delayed or Deferred Tax by Installments and Other Liabilities" at the last balance sheet.

 

INCOME STATEMENTS

 

 

(2011) TL

 

(2012) TL

 

(2013) TL Thousand

 

Net Sales

11.932.934

1,00

14.325.987

1,00

17.329

1,00

Cost of Goods Sold

10.207.263

0,86

11.908.109

0,83

14.813

0,85

Gross Profit

1.725.671

0,14

2.417.878

0,17

2.516

0,15

Operating Expenses

1.304.057

0,11

1.897.616

0,13

1.858

0,11

Operating Profit

421.614

0,04

520.262

0,04

658

0,04

Other Income

63.874

0,01

64.120

0,00

32

0,00

Other Expenses

70.476

0,01

24.237

0,00

43

0,00

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

415.012

0,03

560.145

0,04

647

0,04

Tax Payable

91.780

0,01

114.574

0,01

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

323.232

0,03

445.571

0,03

647

0,04

 

 

FINANCIAL RATIOS

 

 

(2011)

(2012)

 

LIQUIDITY RATIOS

 

 

Current Ratio

2,63

2,83

 

Acid-Test Ratio

0,98

1,07

 

Cash Ratio

0,23

0,32

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,57

0,56

 

Short-term Receivable/Total Assets

0,28

0,26

 

Tangible Assets/Total Assets

0,03

0,03

 

TURNOVER RATIOS

 

 

Inventory Turnover

2,47

2,74

 

Stockholders' Equity Turnover

2,62

2,83

 

Asset Turnover

1,65

1,86

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,63

0,66

 

Current Liabilities/Total Assets

0,37

0,34

 

Financial Leverage

0,37

0,34

 

Gearing Percentage

0,59

0,52

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,07

0,09

 

Operating Profit Margin

0,04

0,04

 

Net Profit Margin

0,03

0,03

 

Interest Cover

 

 

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

57,04

49,94

 

Average Payable Period (days)

74,65

59,40

 

WORKING CAPITAL

4337686,00

4824044,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.26

UK Pound

1

Rs.101.09

Euro

1

Rs.83.73

                

INFORMATION DETAILS

 

Analysis Done by :

sub

 

 

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.