MIRA INFORM REPORT

 

 

Report Date :

27.05.2014

 

IDENTIFICATION DETAILS

 

Name :

ALTINDAS TEKSTIL MAKINA SANAYI VE TICARET LTD. STI.

 

 

Registered Office :

Gursu Organize Sanayi Bolgesi Gaziosmanpasa Cad. No: 4 K: 1 Gursu Bursa

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

07.10.2004

 

 

Com. Reg. No.:

56706

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacture and trade of yarn.

 

 

No of Employees :

55

 

 

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

(30.09.2013)

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

 

 

 

NOTES

:

Address at your inquiry is the former address.

 

 

COMPANY IDENTIFICATION

 

 

NAME

:

ALTINDAS TEKSTIL MAKINA SANAYI VE TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Gursu Organize Sanayi Bolgesi Gaziosmanpasa Cad. No: 4 K: 1 Gursu Bursa / Turkey

PHONE NUMBER

:

90-224-376 15 57

 

FAX NUMBER

:

90-224-376 15 58

 

WEB-ADDRESS

:

www.altindas.com

E-MAIL

:

info@altindas.com

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Gokdere

TAX NO

:

0620217078

REGISTRATION NUMBER

:

56706

REGISTERED OFFICE

:

Bursa Chamber of Commerce and Industry

DATE ESTABLISHED

:

07.10.2004

ESTABLISHMENT GAZETTE DATE/NO

:

14.10.2004/6157

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   5.500.000

PAID-IN CAPITAL

:

TL   5.500.000

HISTORY

:

Previous Registered Capital

:

TL 20.000

Changed On

:

04.12.2006 (Commercial Gazette Date /Number 13.12.2006/ 6703)

Previous Registered Capital

:

TL 300.000

Changed On

:

10.12.2009 (Commercial Gazette Date /Number 22.12.2009/ 7463)

Previous Registered Capital

:

TL 1.000.000

Changed On

:

19.07.2013 (Commercial Gazette Date /Number 29.07.2013/ 8373)

Previous Address

:

Meydan Cad. Kurtulus Mah. Bilgili Sok. No: 21-23 Gursu Bursa

Changed On

:

17.07.2008 (Commercial Gazette Date /Number 25.07.2008/ 7113)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Huseyin Altindas

50 %

Muhammet Dede

50 %

 

 

SISTER COMPANIES

:

Declared to be: None

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Muhammet Dede

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Manufacture and trade of yarn.

 

 

NACE CODE

:

DB.17.10

 

 

SECTOR

:

Textile

 

 

NUMBER OF EMPLOYEES

:

55

 

 

NET SALES

:

4.463.263 TL

(2010) 

8.185.567 TL

(2011) 

8.345 TL Thousand

(2012) 

9.106 TL Thousand

(2013) 

 

IMPORT COUNTRIES

:

Switzerland

 

 

MERCHANDISE IMPORTED

:

Machinery

 

 

EXPORT VALUE

:

1.528.076 TL

(2010)

1.469.010 TL

(2011)

1.714.984 TL

(2012)

1.978.065 TL

(2013)

 

 

 

EXPORT COUNTRIES

:

Greece

India

Egypt

 

 

MERCHANDISE  EXPORTED

:

Yarn

 

 

HEAD OFFICE ADDRESS

:

Gursu Organize Sanayi Bolgesi Gaziosmanpasa Cad. No: 4 K: 1 Gursu  Bursa / Turkey 

 

 

BRANCHES

:

Head Office/Production Plant  :  Gursu Organize Sanayi Bolgesi Gaziosmanpasa Cad. No: 4 K: 1 Gursu Bursa/Turkey

 

Production Plant  :  Kestel Organize Sanayi Bolgesi Bursa/Turkey

 

 

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2013.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Akbank Gursu Branch

Denizbank Yildirim Branch

Garanti Bankasi Kestel Branch

 

CREDIT FACILITIES

:

The subject company is making use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2010) TL

(2011) TL

(2012) TL Thousand

(2013) TL Thousand

 

Net Sales

4.463.263

8.185.567

8.345

9.106

 

Profit (Loss) Before Tax

269.666

812.376

632

366

 

Stockholders' Equity

1.285.986

1.931.810

2.436

5.789

 

Total Assets

2.809.598

5.388.763

8.218

10.799

 

Current Assets

2.194.072

4.810.179

7.386

8.413

 

Non-Current Assets

615.526

578.584

832

2.386

 

Current Liabilities

1.523.612

3.456.953

5.782

5.010

 

Long-Term Liabilities

0

0

0

0

 

Gross Profit (loss)

568.204

1.378.160

1.095

752

 

Operating Profit (loss)

338.728

964.984

748

250

 

Net Profit (loss)

214.919

645.823

504

289

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Good As of 31.12.2013

Remarks on Capitalization

A part of total liabilities and equity consist of loans from shareholders rather than liabilities to third parties indicating not too high indebtedness to third parties.

 

Liquidity

High As of 31.12.2013

Remarks On Liquidity

A part of current liabilities consist of short-term loans from shareholders rather than liabilities to third parties.

 

The unfavorable gap between average collection and average payable period has an adverse effect on liquidity.

 

Profitability

Good Operating Profitability  in 2010

Good Net Profitability  in 2010

High Operating Profitability  in 2011

High Net Profitability  in 2011

Good Operating Profitability  in 2012

High Net Profitability  in 2012

Fair Operating Profitability  in 2013

In Order Net Profitability  in 2013

 

Gap between average collection and payable periods

Unfavorable in 2013

General Financial Position

Good

 

 

 

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

 ( 01.01-30.04.2014)

5,61 %

2,1807

2,9954

3,6333

 

 

BALANCE SHEETS

 

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL Thousand

 

 ( 31.12.2013 )  TL Thousand

 

CURRENT ASSETS

2.194.072

0,78

4.810.179

0,89

7.386

0,90

8.413

0,78

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

435.644

0,16

1.345.284

0,25

1.491

0,18

1.373

0,13

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

1.411.488

0,50

3.050.646

0,57

3.123

0,38

3.928

0,36

Other Receivable

9.411

0,00

15.938

0,00

27

0,00

28

0,00

Inventories

67.781

0,02

152.355

0,03

2.213

0,27

2.381

0,22

Advances Given

91.356

0,03

86.13

0,02

155

0,02

44

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

178.392

0,06

159.826

0,03

377

0,05

659

0,06

NON-CURRENT ASSETS

615.526

0,22

578.584

0,11

832

0,10

2.386

0,22

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

0

0,00

0

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

592.107

0,21

555.145

0,10

768

0,09

2.321

0,21

Intangible Assets

22.231

0,01

19.147

0,00

59

0,01

65

0,01

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

1.188

0,00

4.292

0,00

5

0,00

0

0,00

TOTAL ASSETS

2.809.598

1,00

5.388.763

1,00

8.218

1,00

10.799

1,00

CURRENT LIABILITIES

1.523.612

0,54

3.456.953

0,64

5.782

0,70

5.01

0,46

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

377.346

0,13

1.672.752

0,31

1.253

0,15

2.166

0,20

Accounts Payable

449.04

0,16

554.438

0,10

612

0,07

1.096

0,10

Loans from Shareholders

438.782

0,16

0

0,00

2.883

0,35

729

0,07

Other Short-term Payable

0

0,00

26.022

0,00

29

0,00

76

0,01

Advances from Customers

212.866

0,08

1.101.668

0,20

965

0,12

886

0,08

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

45.578

0,02

102.073

0,02

40

0,00

57

0,01

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

LONG-TERM LIABILITIES

0

0,00

0

0,00

0

0,00

0

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

0

0,00

0

0,00

0

0,00

0

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

1.285.986

0,46

1.931.810

0,36

2.436

0,30

5.789

0,54

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

1.000.000

0,36

1.000.000

0,19

1

0,12

5.5

0,51

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

51

0,00

51

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

71.016

0,03

285.936

0,05

932

0,11

0

0,00

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

214.919

0,08

645.823

0,12

504

0,06

289

0,03

TOTAL LIABILITIES AND EQUITY

2.809.598

1,00

5.388.763

1,00

8.218

1,00

10.799

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:28,Other Receivable Total:28

 

 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

 

 

(2010) TL

 

(2011) TL

 

(2012) TL Thousand

 

(2013) TL Thousand

 

Net Sales

4.463.263

1,00

8.185.567

1,00

8.345

1,00

9.106

1,00

Cost of Goods Sold

3.895.059

0,87

6.807.407

0,83

7.25

0,87

8.354

0,92

Gross Profit

568.204

0,13

1.378.160

0,17

1.095

0,13

752

0,08

Operating Expenses

229.476

0,05

413.176

0,05

347

0,04

502

0,06

Operating Profit

338.728

0,08

964.984

0,12

748

0,09

250

0,03

Other Income

47.746

0,01

123.385

0,02

91

0,01

230

0,03

Other Expenses

95.086

0,02

92.103

0,01

169

0,02

51

0,01

Financial Expenses

21.722

0,00

183.89

0,02

38

0,00

63

0,01

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

269.666

0,06

812.376

0,10

632

0,08

366

0,04

Tax Payable

54.747

0,01

166.553

0,02

128

0,02

77

0,01

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

214.919

0,05

645.823

0,08

504

0,06

289

0,03

 

 

FINANCIAL RATIOS

 

 

-2010

-2011

-2012

-2013

LIQUIDITY RATIOS

 

Current Ratio

1,44

1,39

1,28

1,68

Acid-Test Ratio

1,22

1,28

0,80

1,06

Cash Ratio

0,29

0,39

0,26

0,27

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,02

0,03

0,27

0,22

Short-term Receivable/Total Assets

0,51

0,57

0,38

0,37

Tangible Assets/Total Assets

0,21

0,10

0,09

0,21

TURNOVER RATIOS

 

Inventory Turnover

57,47

44,68

3,28

3,51

Stockholders' Equity Turnover

3,47

4,24

3,43

1,57

Asset Turnover

1,59

1,52

1,02

0,84

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,46

0,36

0,30

0,54

Current Liabilities/Total Assets

0,54

0,64

0,70

0,46

Financial Leverage

0,54

0,64

0,70

0,46

Gearing Percentage

1,18

1,79

2,37

0,87

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,17

0,33

0,21

0,05

Operating Profit Margin

0,08

0,12

0,09

0,03

Net Profit Margin

0,05

0,08

0,06

0,03

Interest Cover

13,41

5,42

17,63

6,81

COLLECTION-PAYMENT

 

Average Collection Period (days)

113,85

134,17

134,72

155,29

Average Payable Period (days)

41,50

29,32

30,39

47,23

WORKING CAPITAL

670460,00

1353226,00

1604,00

3403,00

 

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.