MIRA INFORM REPORT

 

 

Report Date :

17.12.2014

 

IDENTIFICATION DETAILS

 

Name :

IPTAS TEKSTIL SANAYI VE TICARET A.S.

 

 

Registered Office :

Eski Kalburcular Cad. No:5 Merkez Bursa /

 

 

Country :

Turkey

 

 

Date of Incorporation :

1990

 

 

Com. Reg. No.:

29623

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of bathrope and towel.

 

 

No. of Employees :

48

 

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 :

Unknown

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

 

NOTES

:

Address at your inquiry is not the registered head office but another premise.

 

 

COMPANY IDENTIFICATION

 

 

NAME

:

IPTAS TEKSTIL SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Eski Kalburcular Cad. No:5 Merkez Bursa / Turkey

PHONE NUMBER

:

90-224-220 46 94 (Head office)

90-224-261 06 64 (Factory)

 

FAX NUMBER

:

90-224-261 21 49

 

 

 

LEGAL STATUS AND HISTORY

 

 

NOTES ON LEGAL STATUS AND HISTORY

:

The paid-in capital is declared by the subject. There is no certification for the paid-in capital..

 

 

TAX OFFICE

:

Ertugrulgazi

TAX NO

:

4800006443

REGISTRATION NUMBER

:

29623

REGISTERED OFFICE

:

Bursa Chamber of Commerce and Industry

DATE ESTABLISHED

:

1990

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

 

REGISTERED CAPITAL

:

TL   3.500.000

PAID-IN CAPITAL

:

TL   3.500.000

HISTORY

:

Previous Registered Capital

:

TL 2.000.000

Changed On

:

29.12.2010 (Commercial Gazette Date /Number 07.01.2011/ 7725)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Cabir Sokucu

20 %

Yusuf Sokucu

20 %

Mahmut Sokucu

20 %

Others

 

 

 

SISTER COMPANIES

:

SOKUCULER TEKSTIL SANAYI VE TICARET A.S.

 

SUBSIDIARIES

:

Declared to be: None

 

BOARD OF DIRECTORS

:

Yusuf Sokucu

Chairman

Cabir Sokucu

Vice-Chairman

Mahmut Sokucu

Member

 

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Manufacture and trade of bathrope and towel.

 

NACE CODE

:

DB.17.54

 

SECTOR

:

Textile

 

NUMBER OF EMPLOYEES

:

48

 

REMARKS ON NET SALES

:

In Turkey, there is no public registry on companies’ financial and detailed general data. So, to collect a firm’s data, an information agency has to contact the company and get its authorization. 

 

However the company strictly declines to give us an authorization to gather its financial data. As the firm’s shares are not open to public it is not obliged to announce its data.

 

IMPORT COUNTRIES

:

Pakistan

Turkmenistan

 

MERCHANDISE IMPORTED

:

Yarn

 

HEAD OFFICE ADDRESS

:

Eski Kalburcular Cad. No:5 Merkez Bursa / Turkey

 

BRANCHES

:

Head Office/Store  :  Eski Kalburcular Cad. No:5 Merkez Bursa/Turkey

 

Production Plant  :   Denizli/Turkey

 

Production Plant  :  Demirtas Organize Sanayi Bolgesi Gul Sok. No:21 Osmangazi Bursa/Turkey

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Finansbank Demirtas Branch

T. Is Bankasi Demirtas Branch

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

 

 

COMMENT ON FINANCIAL POSITION

 

General Financial Position

General financial position is undetermined the firm declines to give us an authorization to gather its financial data. As the shares of the firm are not open to public, it is not obliged to announce its data.

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 01.01-30.11.2014)

7,18 %

2,1773

2,9044

3,6032

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.41

UK Pound

1

Rs.99.31

Euro

1

Rs.79.00

 

INFORMATION DETAILS

 

Analysis Done by :

SUM

 

 

Report Prepared by :

NIS

 

               

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.