MIRA INFORM REPORT

 

 

Report Date :

09.12.2014

 

IDENTIFICATION DETAILS

 

Name :

YILTEKS IC VE DIS TICARET A.S.

 

 

Formerly Known As :

YILMAK IC VE DIS TICARET A.S.

 

 

Registered Office :

Evren Mah. Gulbahar Cad. Yesiltepe Sok. No:7 34212 Gunesli Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

09.12.2002

 

 

Com. Reg. No.:

487364

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Wholesale trade of denim ready-wear and machinery. 

 

 

No of Employees :

Not Available

 

 

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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 around 9% in 2010-11, as exports returned to normal levels following the recession. Growth dropped to roughly 3-4% in 2012-13. Turkey's public sector debt to GDP ratio has fallen below 40%, and two rating agencies upgraded Turkey's debt to investment grade in 2012 and 2013. Turkey remains dependent on often volatile, short-term investment to finance its large current account deficit. The stock value of FDI reached nearly $195 billion at year-end 2013, reflecting Turkey's robust 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, domestic political uncertainty, and turmoil within Turkey's neighborhood leave the economy vulnerable to destabilizing shifts in investor confidence.

 

Source : CIA

 

 

 

 

 

COMPANY IDENTIFICATION

 

 

NAME

:

YILTEKS IC VE DIS TICARET A.S.

HEAD OFFICE ADDRESS

:

Evren Mah. Gulbahar Cad. Yesiltepe Sok. No:7 34212 Gunesli Istanbul / Turkey

PHONE NUMBER

:

90-212-410 17 00

90-212-489 44 94

 

FAX NUMBER

:

90-212-489 44 82

90-212-550 62 68

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Gunesli

TAX NO

:

9660210684

REGISTRATION NUMBER

:

487364

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

09.12.2002

ESTABLISHMENT GAZETTE DATE/NO

:

12.12.2002/5695

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   300.000

PAID-IN CAPITAL

:

TL   300.000

HISTORY

:

Previous Name

:

Yilmak Ic ve Dis Ticaret A.S.

Changed On

:

31.12.2009 (Commercial Gazette Date /Number 07.01.2010/ 7474)

Previous Registered Capital

:

TL 50.000

Changed On

:

31.12.2008 (Commercial Gazette Date /Number 07.01.2009/ 7222)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Feyruz Yilmaz

33,33 %

Ihsan Yilmaz

33,32 %

Haydar Burak Yilmaz

16,67 %

Neslihan Yilmaz

16,67 %

Mustafa Yilmaz

0,01 %

 

 

GROUP

:

YILTEKS  GROUP OF COMPANIES

 

SISTER COMPANIES

:

ALBATROS TURIZM VE OTELCILIK A.S.

UZUMLU LOJISTIK HIZMETLERI LTD. STI.

YILMAK MAKINA SANAYI VE TICARET A.S.

YILSU MAKINA SANAYI VE TICARET LTD. STI.

YILTEKS KONFEKSIYON TICARET VE SANAYI A.S.

YILTEKS YIKAMA SANAYI VE TICARET A.S.

YILTEM KONFEKSIYON SANAYI VE TICARET A.S.

 

BOARD OF DIRECTORS

:

Feyruz Yilmaz

Chairman

Mustafa Yilmaz

Vice-Chairman

Haydar Burak Yilmaz

Member

 

 

OPERATIONS

 

 

NOTES ON OPERATIONS

:

Paused active operation and started operating again..

 

 

BUSINESS ACTIVITIES

:

Wholesale trade of denim ready-wear and machinery. 

 

The subject has declared that, it stopped active operation at the beginning of 2012 and sold inventories in this period and it was not active in 2013. However, it has also declared that, it re-started active operation on 01.01.2014.

 

NACE CODE

:

G .51.42

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

0

 

REMARKS ON NUMBER OF EMPLOYEES

:

 The subject has no employees, operations are carried out by the shareholders.

NET SALES

:

4.958.768 TL

(2006) 

2.234.209 TL

(2007) 

7.635.273 TL

(2008) 

48.543.642 TL

(2009) 

59.697.747 TL

(2010) 

103.499.468 TL

(2011) 

2.792.485 TL

(2012) 

0 TL Thousand

(2013) 

95.663 TL Thousand

(01.01-30.09.2014) 

 

 

REMARKS ON NET SALES

:

The subject has declared that, it stopped active operation at the beginning of 2012 and sold inventories in this period and it was not active in 2013. However, it has also declared that, it re-started active operation on 01.01.2014.

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

EXPORT VALUE

:

3.943.350 TL

(2006)

2.017.139 TL

(2007)

7.096.561 TL

(2008)

48.400.469 TL

(2009)

58.990.055 TL

(2010)

100.672.664 TL

(2011)

2.743.718 TL

(2012)

0 TL Thousand

(2013)

94.446 TL Thousand

(01.01-30.09.2014)

 

 

EXPORT COUNTRIES

:

Germany

Denmark

Sweden

Pakistan

Iran

India

Greece

Poland

Bangladesh

Egypt

Jamaica

Italy

Colombia

Bulgaria

 

 

MERCHANDISE  EXPORTED

:

Jean

Machinery

Skirt

 

HEAD OFFICE ADDRESS

:

Evren Mah. Gulbahar Cad. Yesiltepe Sok. No:7 34212 Gunesli  Istanbul / Turkey  (rented) (225 sqm)

 

INVESTMENTS

:

None

 

TREND OF BUSINESS

:

The subject has declared that, it stopped active operation at the beginning of 2012 and sold inventories in this period and it was not active in 2013. However, it has also declared that, it re-started active operation on 01.01.2014. So, there was a decline at business volume in nominal terms in  2012.

SIZE OF BUSINESS

:

Moderate

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

T.Is Bankasi Gunesli Kurumsal Branch

 

CREDIT FACILITIES

:

No credit facility has come to our knowledge.

 

PAYMENT BEHAVIOUR

:

Slow but correct

 

KEY FINANCIAL ELEMENTS

:

 

(2011) TL

(2012) TL

(2013) TL Thousand

(01.01-30.09.2014) TL Thousand

 

Net Sales

103.499.468

2.792.485

0

95.663

 

Profit (Loss) Before Tax

163.450

210.214

-33

160

 

Stockholders' Equity

241.064

381.752

349

 

 

Total Assets

16.122.064

1.465.411

1.771

 

 

Current Assets

16.122.064

1.465.411

1.771

 

 

Non-Current Assets

0

0

0

 

 

Current Liabilities

15.881.000

1.083.659

1.422

 

 

Long-Term Liabilities

0

0

0

 

 

Gross Profit (loss)

2.738.840

266.645

0

695

 

Operating Profit (loss)

802.566

40.049

-33

29

 

Net Profit (loss)

158.428

140.688

-33

160

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Insufficient As of 31.12.2013

 

Liquidity

Insufficient As of 31.12.2013

 

Remarks 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  in 2011

Low Net Profitability  in 2011

Low Operating Profitability  in 2012

Good Net Profitability  in 2012

Operating Loss  in 2013

Net Loss  in 2013

Low Operating Profitability (01.01-30.09.2014)

Low Net Profitability (01.01-30.09.2014)

 

General Financial Position

Passable

 

 

 

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

 ( 2013 )

6,97 %

1,9179

2,5530

3,0178

 ( 01.01-30.09.2014)

7,24 %

2,1706

2,9323

3,6222

 ( 01.01-30.11.2014)

7,18 %

2,1773

2,9044

3,6032

 

 

BALANCE SHEETS

 

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL

 

 ( 31.12.2013 )  TL Thousand

 

 

 

CURRENT ASSETS

16.122.064

1,00

1.465.411

1,00

1.771

1,00

 

 

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

 

 

Cash and Banks

564.820

0,04

19.726

0,01

69

0,04

 

 

Marketable Securities

0

0,00

0

0,00

0

0,00

 

 

Account Receivable

10.497.535

0,65

1.083.235

0,74

1.353

0,76

 

 

Other Receivable

3.320.384

0,21

667

0,00

0

0,00

 

 

Inventories

1.728.943

0,11

0

0,00

0

0,00

 

 

Advances Given

1.411

0,00

356.144

0,24

333

0,19

 

 

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

 

 

Other Current Assets

8.971

0,00

5.639

0,00

16

0,01

 

 

NON-CURRENT ASSETS

0

0,00

0

0,00

0

0,00

 

 

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)

0

0,00

0

0,00

0

0,00

 

 

Intangible Assets

0

0,00

0

0,00

0

0,00

 

 

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

 

 

Other Non-Current Assets

0

0,00

0

0,00

0

0,00

 

 

TOTAL ASSETS

16.122.064

1,00

1.465.411

1,00

1.771

1,00

 

 

CURRENT LIABILITIES

15.881.000

0,99

1.083.659

0,74

1.422

0,80

 

 

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

 

 

Financial Loans

0

0,00

0

0,00

0

0,00

 

 

Accounts Payable

14.612.816

0,91

6.327

0,00

5

0,00

 

 

Loans from Shareholders

116.303

0,01

0

0,00

0

0,00

 

 

Other Short-term Payable

1.124.148

0,07

1.081.782

0,74

1.351

0,76

 

 

Advances from Customers

22.409

0,00

3.736

0,00

66

0,04

 

 

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

 

 

Taxes Payable

5.324

0,00

286

0,00

0

0,00

 

 

Provisions

0

0,00

-8.472

-0,01

0

0,00

 

 

Other Current Liabilities

0

0,00

0

0,00

0

0,00

 

 

LONG-TERM LIABILITIES

0

0,00

0

0,00

0

0,00

 

 

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

 

 

Financial Loans

0

0,00

0

0,00

0

0,00

 

 

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

0

0,00

0

0,00

0

0,00

 

 

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

241.064

0,01

381.752

0,26

349

0,20

 

 

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

 

 

Paid-in Capital

300.000

0,02

300.000

0,20

300

0,17

 

 

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

 

 

Inflation Adjustment of Capital

14.856

0,00

14.856

0,01

15

0,01

 

 

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

 

 

Reserves

122.641

0,01

281.069

0,19

422

0,24

 

 

Revaluation Fund

0

0,00

0

0,00

0

0,00

 

 

Accumulated Losses(-)

-354.861

-0,02

-354.861

-0,24

-355

-0,20

 

 

Net Profit (loss)

158.428

0,01

140.688

0,10

-33

-0,02

 

 

TOTAL LIABILITIES AND EQUITY

16.122.064

1,00

1.465.411

1,00

1.771

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 thousand 0 is "Doubtful Trade Receivables"  at the last balance sheet.                                                                                              

 

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

 

At the last income statement TL thousand 4.203 of the other income is due to "Profit from Foreign Currency Exchange".                                                                                                                                                                                         

At the last income statement TL thousand 4.203 of the other expenses is due to "Loss from Foreign Currency Exchange" .                                                                                

 

 

INCOME STATEMENTS

 

 

(2011) TL

 

(2012) TL

 

(2013) TL Thousand

 

(01.01-30.09.2014) TL Thousand

 

Net Sales

103.499.468

1,00

2.792.485

1,00

0

0,00

95.663

1,00

Cost of Goods Sold

100.760.628

0,97

2.525.840

0,90

0

0,00

94.968

0,99

Gross Profit

2.738.840

0,03

266.645

0,10

0

0,00

695

0,01

Operating Expenses

1.936.274

0,02

226.596

0,08

33

0,00

666

0,01

Operating Profit

802.566

0,01

40.049

0,01

-33

0,00

29

0,00

Other Income

3.732.231

0,04

901.909

0,32

301

0,00

4.601

0,05

Other Expenses

4.371.347

0,04

731.744

0,26

301

0,00

4.470

0,05

Financial Expenses

0

0,00

0

0,00

0

0,00

0

0,00

Minority Interests

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

Profit (loss) Before Tax

163.450

0,00

210.214

0,08

-33

0,00

160

0,00

Tax Payable

5.022

0,00

69.526

0,02

0

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

158.428

0,00

140.688

0,05

-33

0,00

160

0,00

 

 

FINANCIAL RATIOS

 

 

(2011)

(2012)

(2013)

 

LIQUIDITY RATIOS

 

 

Current Ratio

1,02

1,35

1,25

 

Acid-Test Ratio

0,91

1,02

1,00

 

Cash Ratio

0,04

0,02

0,05

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,11

0,00

0,00

 

Short-term Receivable/Total Assets

0,86

0,74

0,76

 

Tangible Assets/Total Assets

0,00

0,00

0,00

 

TURNOVER RATIOS

 

 

Inventory Turnover

58,28

 

 

 

Stockholders' Equity Turnover

429,34

7,31

0,00

 

Asset Turnover

6,42

1,91

0,00

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,01

0,26

0,20

 

Current Liabilities/Total Assets

0,99

0,74

0,80

 

Financial Leverage

0,99

0,74

0,80

 

Gearing Percentage

65,88

2,84

4,07

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,66

0,37

-0,09

 

Operating Profit Margin

0,01

0,01

 

 

Net Profit Margin

0,00

0,05

 

 

Interest Cover

 

 

 

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

36,51

139,65

 

 

Average Payable Period (days)

52,21

0,90

 

 

WORKING CAPITAL

241064,00

381752,00

349,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.93

UK Pound

1

Rs.96.37

Euro

1

Rs.76.10                                  

 

INFORMATION DETAILS

 

Analysis Done by :

SUM

 

 

Report Prepared by :

SMN

 

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.