MIRA INFORM REPORT

 

 

Report Date :

15.02.2014

 

IDENTIFICATION DETAILS

 

Name :

KILIM IC VE DIS TICARET LTD. STI.

 

 

Registered Office :

Karacakaya Cad. No:137 Siteler Altindag Ankara

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

19.11.1991

 

 

Com. Reg. No.:

84803

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Trade of hand-woven rug and carpet.

 

 

No. of Employees :

9

 

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 – September 30, 2013

 

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

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 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

:

KILIM IC VE DIS TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Karacakaya Cad. No:137 Siteler Altindag Ankara / Turkey

PHONE NUMBER

:

90-312-350 06 07

 

FAX NUMBER

:

90-312-350 01 78

 

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Kavaklidere

TAX NO

:

5630000822

REGISTRATION NUMBER

:

84803

REGISTERED OFFICE

:

Ankara Chamber of Commerce

DATE ESTABLISHED

:

19.11.1991

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL  2.280.000

HISTORY

:

Previous Registered Capital

:

TL 1.000.000

Changed On

:

27.03.2009 (Commercial Gazette Date /Number 01.04.2009/ 7282)

Previous Registered Capital

:

TL 2.000.000

Changed On

:

28.06.2010 (Commercial Gazette Date /Number 01.07.2010/ 7597)

Previous Address

:

Birlik Mah. 8. Cad. No:5/12 Cankaya - Ankara

Changed On

:

15.01.2009 (Commercial Gazette Date /Number 20.01.2009/ 7231)

Merger

:

The subject company took over and merged with "Kilim Koleksiyon Ve Ticaret Ltd. Sti"

Changed On

:

08.10.2003 (Commercial Gazette Date /Number 14.10.2003/ 5906)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Ibrahim Geyikoglu

81,27 %

Eren Geyikoglu

18,72 %

 

 

SISTER COMPANIES

:

Declared to be: None

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Ibrahim Geyikoglu                                                                                                                                                                                                                                                                                   

 

 

 

OPERATIONS

 

NOTES ON OPERATIONS

:

The firm orders production to contract manufacturers.

 

 

BUSINESS ACTIVITIES

:

Trade of hand-woven rug and carpet.

 

The subject orders hand-woven rugs and carpets to be manufactured in the name of the subject company to third parties.

 

NACE CODE

:

G .52.48

 

NUMBER OF EMPLOYEES

:

9

 

NET SALES

:

8.100.524 TL

(2007) 

7.568.615 TL

(2008) 

7.353.313 TL

(2009) 

6.476.476 TL

(2010) 

8.629.330 TL

(2011) 

9.062.748 TL

(2012) 

4.462.154 TL

(01.01-30.06.2013) 

 

 

IMPORT COUNTRIES

:

China

Pakistan

Afghanistan

India

Nepal

 

 

MERCHANDISE IMPORTED

:

Rug

Wool carpet

 

EXPORT VALUE

:

3.234.285 TL

(2007)

2.048.090 TL

(2008)

1.900.895 TL

(2009)

1.218.315 TL

(2010)

2.573.006 TL

(2011)

3.130.710 TL

(2012)

984.126 TL

(01.01-30.06.2013)

 

 

EXPORT COUNTRIES

:

Australia

Canada

Germany

France

Italy

Japan

Netherlands

New Zealand

Romania

Switzerland

Uruguay

 

MERCHANDISE  EXPORTED

:

Carpet

Hand-woven rugs

 

HEAD OFFICE ADDRESS

:

Karacakaya Cad. No:137 Siteler Altindag  Ankara / Turkey

 

BRANCHES

:

Head Office/Store:  Karacakaya Cad. No:137 Siteler Altindag Ankara/Turkey (rented)

                                                                                

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 Siteler Branch

T. Is Bankasi Yildiz Branch

 

CREDIT FACILITIES

:

The subject company is making active use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

 

KEY FINANCIAL ELEMENTS

:

 

(2009) TL

(2010) TL

(2011) TL

(2012) TL

(01.01-30.06.2013) TL

Net Sales

7.353.313

6.476.476

8.629.330

9.062.748

4.462.154

Profit (Loss) Before Tax

107.798

116.497

28.921

123.741

35.669

Stockholders' Equity

1.795.682

2.479.607

4.990.286

5.088.622

 

Total Assets

5.338.406

4.956.091

9.407.019

10.104.837

 

Current Assets

5.231.111

4.888.688

9.333.326

10.066.686

 

Non-Current Assets

107.295

67.403

73.693

38.151

 

Current Liabilities

3.513.102

2.452.837

4.386.129

4.988.843

 

Long-Term Liabilities

29.622

23.647

30.604

27.372

 

Gross Profit (loss)

862.697

806.107

1.195.991

1.261.820

403.590

Operating Profit (loss)

108.257

254.133

155.718

616.819

148.599

Net Profit (loss)

85.839

88.024

8.462

98.336

35.669

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Good 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  in 2009

Low Net Profitability  in 2009

In Order Operating Profitability  in 2010

Low Net Profitability  in 2010

Fair Operating Profitability  in 2011

Low Net Profitability  in 2011

Good Operating Profitability  in 2012

Low Net Profitability  in 2012

Fair 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

 ( 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

 (01.01-30.06.2013)

2,46 %

1,8251

2,3936

2,8262

 (01.01-30.09.2013)

4,43 %

1,8785

2,4774

2,9189

 

 

BALANCE SHEETS

 

 

 (31.12.

2009 )  TL

 

 (31.12.

2010 )  TL

 

 (31.12.

2011 )  TL

 

 (31.12.

2012 )  TL

 

CURRENT ASSETS

5.231.111

0,98

4.888.688

0,99

9.333.326

0,99

10.066.686

1,00

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

58.086

0,01

104.477

0,02

36.581

0,00

39.582

0,00

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

2.859.115

0,54

2.518.678

0,51

3.857.574

0,41

6.390.855

0,63

Other Receivable

58.516

0,01

21.231

0,00

47.752

0,01

165.409

0,02

Inventories

466.884

0,09

648.033

0,13

1.566.330

0,17

1.008.700

0,10

Advances Given

1.267.464

0,24

1.027.164

0,21

3.231.229

0,34

1.881.605

0,19

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

521.046

0,10

569.105

0,11

593.860

0,06

580.535

0,06

NON-CURRENT ASSETS

107.295

0,02

67.403

0,01

73.693

0,01

38.151

0,00

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

1.158

0,00

1.158

0,00

1.158

0,00

1.158

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

42.785

0,01

31.167

0,01

44.270

0,00

16.058

0,00

Intangible Assets

39.156

0,01

31.516

0,01

24.257

0,00

16.998

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

24.196

0,00

3.562

0,00

4.008

0,00

3.937

0,00

TOTAL ASSETS

5.338.406

1,00

4.956.091

1,00

9.407.019

1,00

10.104.837

1,00

CURRENT LIABILITIES

3.513.102

0,66

2.452.837

0,49

4.386.129

0,47

4.988.843

0,49

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

2.086.369

0,39

1.940.451

0,39

3.386.792

0,36

4.212.838

0,42

Accounts Payable

487.408

0,09

52.763

0,01

17.062

0,00

43.061

0,00

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

Other Short-term Payable

198.822

0,04

55.109

0,01

313.094

0,03

91.000

0,01

Advances from Customers

686.599

0,13

376.437

0,08

579.476

0,06

614.482

0,06

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

48.988

0,01

28.077

0,01

89.694

0,01

28.555

0,00

Provisions

4.916

0,00

0

0,00

11

0,00

-1.093

0,00

Other Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

LONG-TERM LIABILITIES

29.622

0,01

23.647

0,00

30.604

0,00

27.372

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

29.622

0,01

23.647

0,00

30.604

0,00

27.372

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

1.795.682

0,34

2.479.607

0,50

4.990.286

0,53

5.088.622

0,50

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

1.250.000

0,23

2.144.347

0,43

2.279.805

0,24

2.279.805

0,23

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

533.930

0,10

321.323

0,06

409.348

0,04

417.810

0,04

Revaluation Fund

0

0,00

0

0,00

2.366.758

0,25

2.366.758

0,23

Accumulated Losses(-)

-74.087

-0,01

-74.087

-0,01

-74.087

-0,01

-74.087

-0,01

Net Profit (loss)

85.839

0,02

88.024

0,02

8.462

0,00

98.336

0,01

TOTAL LIABILITIES AND EQUITY

5.338.406

1,00

4.956.091

1,00

9.407.019

1,00

10.104.837

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

 

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

(2012) TL

 

(01.01-30.06.2013) TL

 

Net Sales

7.353.313

1,00

6.476.476

1,00

8.629.330

1,00

9.062.748

1,00

4.462.154

1,00

Cost of Goods Sold

6.490.616

0,88

5.670.369

0,88

7.433.339

0,86

7.800.928

0,86

4.058.564

0,91

Gross Profit

862.697

0,12

806.107

0,12

1.195.991

0,14

1.261.820

0,14

403.590

0,09

Operating Expenses

754.440

0,10

551.974

0,09

1.040.273

0,12

645.001

0,07

254.991

0,06

Operating Profit

108.257

0,01

254.133

0,04

155.718

0,02

616.819

0,07

148.599

0,03

Other Income

491.549

0,07

100.267

0,02

557.124

0,06

165.170

0,02

50.336

0,01

Other Expenses

242.755

0,03

121.356

0,02

474.554

0,05

189.476

0,02

524

0,00

Financial Expenses

249.253

0,03

116.547

0,02

209.367

0,02

468.772

0,05

162.742

0,04

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

107.798

0,01

116.497

0,02

28.921

0,00

123.741

0,01

35.669

0,01

Tax Payable

21.959

0,00

28.473

0,00

20.459

0,00

25.405

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

85.839

0,01

88.024

0,01

8.462

0,00

98.336

0,01

35.669

0,01

 

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

(2011)

(2012)

 

LIQUIDITY RATIOS

 

 

Current Ratio

1,49

1,99

2,13

2,02

 

Acid-Test Ratio

0,85

1,08

0,90

1,32

 

Cash Ratio

0,02

0,04

0,01

0,01

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,09

0,13

0,17

0,10

 

Short-term Receivable/Total Assets

0,55

0,51

0,42

0,65

 

Tangible Assets/Total Assets

0,01

0,01

0,00

0,00

 

TURNOVER RATIOS

 

 

Inventory Turnover

13,90

8,75

4,75

7,73

 

Stockholders' Equity Turnover

4,09

2,61

1,73

1,78

 

Asset Turnover

1,38

1,31

0,92

0,90

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,34

0,50

0,53

0,50

 

Current Liabilities/Total Assets

0,66

0,49

0,47

0,49

 

Financial Leverage

0,66

0,50

0,47

0,50

 

Gearing Percentage

1,97

1,00

0,89

0,99

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,05

0,04

0,00

0,02

 

Operating Profit Margin

0,01

0,04

0,02

0,07

 

Net Profit Margin

0,01

0,01

0,00

0,01

 

Interest Cover

1,43

2,00

1,14

1,26

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

140,03

140,07

160,98

253,91

 

Average Payable Period (days)

28,68

4,85

2,31

3,25

 

WORKING CAPITAL

1718009,00

2435851,00

4947197,00

5077843,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.28

UK Pound

1

Rs.103.67

Euro

1

Rs.85.18

 

 

INFORMATION DETAILS

 

Report Prepared by :

NNA

 

 

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.