MIRA INFORM REPORT

 

 

Report Date :

27.05.2014

 

IDENTIFICATION DETAILS

 

Name :

AGBABA TEKSTIL SANAYI VE TICARET LTD. STI.

 

 

Registered Office :

Havuzbasi Cesme Sok. No:17 Rami Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

05.01.1995

 

 

Com. Reg. No.:

323759

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Weaving and trade of upholstery fabric and prayer rug

 

 

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 :

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

(30.09.2013)

Current Rating

(01.12.2013)

Turkey

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate High Risk

 

C1

High Risk

C2

Very High Risk

 

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

:

AGBABA TEKSTIL SANAYI VE TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Havuzbasi Cesme Sok. No:17 Rami Istanbul / Turkey

PHONE NUMBER

:

90-212-563 33 02

90-212-563 33 12

 

FAX NUMBER

:

90-212-563 33 23

 

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Gaziosmanpasa

TAX NO

:

0090025671

REGISTRATION NUMBER

:

323759

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

05.01.1995

ESTABLISHMENT GAZETTE DATE/NO

:

12.01.1995/3702

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   4.000.000

PAID-IN CAPITAL

:

TL   4.000.000

HISTORY

:

Previous Registered Capital

:

TL 30.000

Changed On

:

02.11.2009 (Commercial Gazette Date /Number 06.11.2009/ 7433)

Previous Registered Capital

:

TL 230.000

Changed On

:

18.03.2011 (Commercial Gazette Date /Number 24.03.2011/ 7779)

Previous Registered Capital

:

TL 1.000.000

Changed On

:

21.09.2012 (Commercial Gazette Date /Number 27.09.2012/ 8162)

Previous Registered Capital

:

TL 2.000.000

Changed On

:

10.09.2013 (Commercial Gazette Date /Number 16.09.2013/ 8405)

Previous Registered Capital

:

TL 3.000.000

Changed On

:

31.12.2013 (Commercial Gazette Date /Number 09.01.2014/ 8482)

Previous Address

:

Esentepe Mah. Gaziosmanpasa Kucuk San. Sit. 13-Blok. No:5  Kucukkoy Istanbul

Changed On

:

10.05.2010 (Commercial Gazette Date /Number 14.05.2010/ 7564)

Previous Shareholder

:

Please vide Previous Shareholders section for the former shareholders' names.

Changed On

:

20.06.2012 (Commercial Gazette Date /Number 26.06.2012/ 8098)

 

 

 

PREVIOUS SHAREHOLDERS

:

Yakup Agbaba

99,90 %

Ersin Agbaba

0,10 %

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Ersin Agbaba

50 %

Yakup Agbaba

50 %

 

 

SISTER COMPANIES

:

ERSIN MENSUCAT DOKUMA SANAYI VE TICARET LTD. STI.

MAHMUTOGLU MENSUCAT DOKUMA SANAYI VE TICARET LTD. STI.

 

DIRECTORS

:

Ersin Agbaba

 

Yakup Agbaba

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Weaving and trade of upholstery fabric and prayer rug. 

 

 

NACE CODE

:

DB.17.20

 

 

SECTOR

:

Textile

 

 

NUMBER OF EMPLOYEES

:

48

 

 

NET SALES

:

10.803 TL Thousand

(2012) 

11.958 TL Thousand

(2013) 

 

 

 

IMPORT COUNTRIES

:

China

India

 

 

MERCHANDISE IMPORTED

:

Yarn

 

 

HEAD OFFICE ADDRESS

:

Havuzbasi Cesme Sok. No:17 Rami Istanbul / Turkey ( rented )

 

 

BRANCHES

:

Head Office/Production Plant  :  Havuzbasi Cesme Sok. No:17 Rami Istanbul/Turkey (rented)

 

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2013.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Asya Katilim Bankasi Gaziosmanpasa Branch

Garanti Bankasi Gaziosmanpasa Branch

Turkiye Finans Katilim Bankasi Gaziosmanpasa 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

:

 

(2012) TL Thousand

(2013) TL Thousand

Net Sales

10.803

11.958

Profit (Loss) Before Tax

263

330

Stockholders' Equity

2.211

4.264

Total Assets

14.016

22.654

Current Assets

11.270

19.021

Non-Current Assets

2.746

3.633

Current Liabilities

11.105

5.120

Long-Term Liabilities

700

13.270

Gross Profit (loss)

1.335

1.845

Operating Profit (loss)

916

1.468

Net Profit (loss)

209

262

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Insufficient As of 31.12.2013

Liquidity

Satisfactory As of 31.12.2013

Profitability

Good Operating Profitability  in 2012

Fair Net Profitability  in 2012

High Operating Profitability  in 2013

Fair Net Profitability  in 2013

 

Gap between average collection and payable periods

Unfavorable in 2013

General Financial Position

Passable

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 ( 2013 )

6,97 %

1,9179

2,5530

3,0178

 ( 01.01-30.04.2014)

5,61 %

2,1807

2,9954

3,6333

 

 

BALANCE SHEETS

 

 

 ( 31.12.2012 )  TL Thousand

 

 ( 31.12.2013 )  TL Thousand

 

CURRENT ASSETS

11.270

0,80

19.021

0,84

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

1.325

0,09

957

0,04

Marketable Securities

0

0,00

12

0,00

Account Receivable

1.857

0,13

3.924

0,17

Other Receivable

367

0,03

65

0,00

Inventories

5.033

0,36

4.221

0,19

Advances Given

2.688

0,19

9.832

0,43

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

0

0,00

10

0,00

NON-CURRENT ASSETS

2.746

0,20

3.633

0,16

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)

2.746

0,20

3.568

0,16

Intangible Assets

0

0,00

31

0,00

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

34

0,00

TOTAL ASSETS

14.016

1,00

22.654

1,00

CURRENT LIABILITIES

11.105

0,79

5.120

0,23

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

7.881

0,56

1.925

0,08

Accounts Payable

3.069

0,22

3.088

0,14

Loans from Shareholders

0

0,00

0

0,00

Other Short-term Payable

73

0,01

74

0,00

Advances from Customers

45

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

25

0,00

23

0,00

Provisions

12

0,00

10

0,00

Other Current Liabilities

0

0,00

0

0,00

LONG-TERM LIABILITIES

700

0,05

13.270

0,59

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

700

0,05

13.270

0,59

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

2.211

0,16

4.264

0,19

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

2.000

0,14

4.000

0,18

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

2

0,00

2

0,00

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

Net Profit (loss)

209

0,01

262

0,01

TOTAL LIABILITIES AND EQUITY

14.016

1,00

22.654

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.                                                                              

The details of "Other Receivable" figure at the last balance sheet (TL Thousand): Due From Shareholders:0,Due From Participations:     0, Due From Affiliated Companies:  0, Due From Personnel: 0, Other Miscellaneous Receivables: 65, Other Receivable Total: 65           

 

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

 

INCOME STATEMENTS

 

 

(2012) TL Thousand

 

(2013) TL Thousand

 

Net Sales

10.803

1,00

11.958

1,00

Cost of Goods Sold

9.468

0,88

10.113

0,85

Gross Profit

1.335

0,12

1.845

0,15

Operating Expenses

419

0,04

377

0,03

Operating Profit

916

0,08

1.468

0,12

Other Income

108

0,01

91

0,01

Other Expenses

74

0,01

51

0,00

Financial Expenses

687

0,06

1.178

0,10

Minority Interests

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

Profit (loss) Before Tax

263

0,02

330

0,03

Tax Payable

54

0,00

68

0,01

Postponed Tax Gain

0

0,00

0

0,00

Net Profit (loss)

209

0,02

262

0,02

 

 

FINANCIAL RATIOS

 

 

-2012

-2013

LIQUIDITY RATIOS

 

Current Ratio

1,01

3,72

Acid-Test Ratio

0,32

0,97

Cash Ratio

0,12

0,19

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,36

0,19

Short-term Receivable/Total Assets

0,16

0,18

Tangible Assets/Total Assets

0,20

0,16

TURNOVER RATIOS

 

Inventory Turnover

1,88

2,40

Stockholders' Equity Turnover

4,89

2,80

Asset Turnover

0,77

0,53

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,16

0,19

Current Liabilities/Total Assets

0,79

0,23

Financial Leverage

0,84

0,81

Gearing Percentage

5,34

4,31

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,09

0,06

Operating Profit Margin

0,08

0,12

Net Profit Margin

0,02

0,02

Interest Cover

1,38

1,28

COLLECTION-PAYMENT

 

Average Collection Period (days)

61,88

118,13

Average Payable Period (days)

116,69

109,93

WORKING CAPITAL

165,00

13901,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs. 58.58

UK Pound

1

Rs. 98.66

Euro

1

Rs. 79.81

 

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

Report Prepared by :

DPT

 

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.