MIRA
INFORM REPORT
|
Report Date : |
12.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
INCEDAL AMBALAJ SANAYI VE TICARET LTD. STI. |
|
|
|
|
Registered Office : |
Ismetpasa Mah. Inonu Cad. No:203/C |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
23.12.1996 |
|
|
|
|
Com. Reg. No.: |
18982 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Sewing of sack and trade of packaging materials |
|
|
|
|
No. of Employees : |
Not Available |
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 : |
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 – June 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
|
|
|
|
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'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
|
Source
: CIA |
COMPANY IDENTIFICATION
|
|
||
|
NAME |
: |
INCEDAL AMBALAJ SANAYI VE TICARET LTD. STI. |
|
HEAD OFFICE ADDRESS |
: |
Ismetpasa Mah. Inonu Cad. No:203/C |
|
PHONE NUMBER |
: |
90-342-232 77 03 |
|
FAX NUMBER |
: |
90-342-232 65 51 |
LEGAL STATUS AND HISTORY
|
|
||
|
TAX OFFICE |
: |
Suburcu |
|
TAX NO |
: |
4770028185 |
|
REGISTRATION NUMBER |
: |
18982 |
|
REGISTERED OFFICE |
: |
|
|
DATE ESTABLISHED |
: |
23.12.1996 |
|
ESTABLISHMENT GAZETTE DATE /NO |
: |
03.01.1997/4201 |
|
LEGAL FORM |
: |
Limited Company |
|
TYPE OF COMPANY |
: |
Private |
|
REGISTERED CAPITAL |
: |
TL 1.250.000 |
|
PAID-IN CAPITAL |
: |
TL 1.250.000 |
|
HISTORY |
: |
|
OWNERSHIP / MANAGEMENT
|
|
||||||||
|
SHAREHOLDERS |
: |
|
||||||
|
DIRECTORS |
: |
|
||||||
OPERATIONS
|
|
||||||||||
|
BUSINESS ACTIVITIES |
: |
Sewing of sack and trade of packaging materials. |
||||||||
|
NET SALES |
: |
|
||||||||
|
IMPORT COUNTRIES |
: |
|
||||||||
|
MERCHANDISE IMPORTED |
: |
Hessian |
||||||||
|
HEAD OFFICE ADDRESS |
: |
Ismetpasa Mah. Inonu Cad. No:203/C |
||||||||
|
BRANCHES |
: |
Head Office/Workshop : Ismetpasa Mah. Inonu Cad. No:203/C
Gaziantep/Turkey |
||||||||
|
INVESTMENTS |
: |
None |
||||||||
|
TREND OF BUSINESS |
: |
There was a decline at business volume in nominal terms in 2013. There appears an upwards trend
in 1.1 - 30.6.2014. |
|
SIZE OF BUSINESS |
: |
Upper-Moderate |
FINANCE
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
MAIN DEALING BANKS |
: |
Finansbank Gaziantep 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 |
: |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
COMMENT ON FINANCIAL POSITION
|
Capitalization |
Satisfactory As of 31.12.2013 |
|
Liquidity |
Insufficient As of 31.12.2013 |
|
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 |
In Order Operating Profitability
in 2012 Fair Net Profitability in 2012 In Order Operating Profitability
in 2013 Fair Net Profitability in 2013 Fair Operating Profitability (01.01-30.06.2014) Fair Net Profitability (01.01-30.06.2014) |
|
Gap between average collection and payable periods |
Unfavorable in 2013 |
|
General Financial Position |
Unsatisfactory |
|
|
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 |
|
( 01.01-30.06.2014) |
5,12 % |
2,1608 |
2,9618 |
3,6153 |
|
( 01.01-31.08.2014) |
6,33 % |
2,1583 |
2,9382 |
3,6128 |
BALANCE SHEETS
|
|
( 31.12.2012 ) TL Thousand |
|
( 31.12.2013 ) TL Thousand |
|
|
CURRENT ASSETS |
3.299 |
1,00 |
3.359 |
1,00 |
|
Not Detailed Current Assets |
0 |
0,00 |
0 |
0,00 |
|
Cash and Banks |
24 |
0,01 |
50 |
0,01 |
|
Marketable Securities |
0 |
0,00 |
0 |
0,00 |
|
Account Receivable |
1.300 |
0,39 |
1.624 |
0,48 |
|
Other Receivable |
0 |
0,00 |
0 |
0,00 |
|
Inventories |
1.926 |
0,58 |
1.615 |
0,48 |
|
Advances Given |
7 |
0,00 |
51 |
0,02 |
|
Accumulated Construction Expense |
0 |
0,00 |
0 |
0,00 |
|
Other Current Assets |
42 |
0,01 |
19 |
0,01 |
|
NON-CURRENT ASSETS |
2 |
0,00 |
2 |
0,00 |
|
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 |
0,00 |
2 |
0,00 |
|
Intangible Assets |
0 |
0,00 |
0 |
0,00 |
|
Deferred Tax Assets |
0 |
0,00 |
0 |
0,00 |
|
Other Non-Current Assets |
0 |
0,00 |
0 |
0,00 |
|
TOTAL ASSETS |
3.301 |
1,00 |
3.361 |
1,00 |
|
CURRENT LIABILITIES |
1.985 |
0,60 |
1.992 |
0,59 |
|
Not Detailed Current Liabilities |
0 |
0,00 |
0 |
0,00 |
|
Financial Loans |
1.259 |
0,38 |
1.561 |
0,46 |
|
Accounts Payable |
633 |
0,19 |
334 |
0,10 |
|
Loans from Shareholders |
0 |
0,00 |
0 |
0,00 |
|
Other Short-term Payable |
0 |
0,00 |
0 |
0,00 |
|
Advances from Customers |
85 |
0,03 |
93 |
0,03 |
|
Accumulated Construction Income |
0 |
0,00 |
0 |
0,00 |
|
Taxes Payable |
8 |
0,00 |
4 |
0,00 |
|
Provisions |
0 |
0,00 |
0 |
0,00 |
|
Other Current Liabilities |
0 |
0,00 |
0 |
0,00 |
|
LONG-TERM LIABILITIES |
0 |
0,00 |
0 |
0,00 |
|
Not Detailed Long-term Liabilities |
0 |
0,00 |
0 |
0,00 |
|
Financial Loans |
0 |
0,00 |
0 |
0,00 |
|
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 |
1.316 |
0,40 |
1.369 |
0,41 |
|
Not Detailed Stockholders' Equity |
0 |
0,00 |
0 |
0,00 |
|
Paid-in Capital |
1.250 |
0,38 |
1.250 |
0,37 |
|
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 |
0 |
0,00 |
66 |
0,02 |
|
Revaluation Fund |
0 |
0,00 |
0 |
0,00 |
|
Accumulated Losses(-) |
0 |
0,00 |
0 |
0,00 |
|
Net Profit (loss) |
66 |
0,02 |
53 |
0,02 |
|
TOTAL LIABILITIES AND EQUITY |
3.301 |
1,00 |
3.361 |
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.
|
INCOME STATEMENTS
|
|
(2012) TL
Thousand |
|
(2013) TL
Thousand |
|
(01.01-30.06.2014)
TL Thousand |
|
|
Net Sales |
3.015 |
1,00 |
2.677 |
1,00 |
1.614 |
1,00 |
|
Cost of Goods Sold |
2.814 |
0,93 |
2.485 |
0,93 |
1.533 |
0,95 |
|
Gross Profit |
201 |
0,07 |
192 |
0,07 |
81 |
0,05 |
|
Operating Expenses |
59 |
0,02 |
73 |
0,03 |
33 |
0,02 |
|
Operating Profit |
142 |
0,05 |
119 |
0,04 |
48 |
0,03 |
|
Other Income |
0 |
0,00 |
0 |
0,00 |
18 |
0,01 |
|
Other Expenses |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Financial Expenses |
59 |
0,02 |
53 |
0,02 |
16 |
0,01 |
|
Minority Interests |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Profit (loss) of consolidated firms |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Profit (loss) Before Tax |
83 |
0,03 |
66 |
0,02 |
50 |
0,03 |
|
Tax Payable |
17 |
0,01 |
13 |
0,00 |
0 |
0,00 |
|
Postponed Tax Gain |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Net Profit (loss) |
66 |
0,02 |
53 |
0,02 |
50 |
0,03 |
FINANCIAL
RATIOS
|
|
(2012) |
(2013) |
|
LIQUIDITY RATIOS |
|
|
|
Current Ratio |
1,66 |
1,69 |
|
Acid-Test Ratio |
0,67 |
0,84 |
|
Cash Ratio |
0,01 |
0,03 |
|
ASSET STRUCTURE RATIOS |
|
|
|
Inventory/Total Assets |
0,58 |
0,48 |
|
Short-term Receivable/Total Assets |
0,39 |
0,48 |
|
Tangible Assets/Total Assets |
0,00 |
0,00 |
|
TURNOVER RATIOS |
|
|
|
Inventory Turnover |
1,46 |
1,54 |
|
Stockholders' Equity Turnover |
2,29 |
1,96 |
|
Asset Turnover |
0,91 |
0,80 |
|
FINANCIAL STRUCTURE |
|
|
|
Stockholders' Equity/Total Assets |
0,40 |
0,41 |
|
Current Liabilities/Total Assets |
0,60 |
0,59 |
|
Financial Leverage |
0,60 |
0,59 |
|
Gearing Percentage |
1,51 |
1,46 |
|
PROFITABILITY RATIOS |
|
|
|
Net Profit/Stockholders' Eq. |
0,05 |
0,04 |
|
Operating Profit Margin |
0,05 |
0,04 |
|
Net Profit Margin |
0,02 |
0,02 |
|
Interest Cover |
2,41 |
2,25 |
|
COLLECTION-PAYMENT |
|
|
|
Average Collection Period (days) |
155,22 |
218,39 |
|
Average Payable Period (days) |
80,98 |
48,39 |
|
WORKING CAPITAL |
1314,00 |
1367,00 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.19 |
|
|
1 |
Rs.98.65 |
|
Euro |
1 |
Rs.78.63 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
PDT |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.