MIRA INFORM REPORT

 

 

Report No. :

356334

Report Date :

25.12.2015

           

IDENTIFICATION DETAILS

 

Name :

NIL ORME SANAYI VE TICARET A.S.

 

 

Registered Office :

Cihangir Mah. Sehit J. Kom. Er Zafer Kiziltas Sok. No: 1 K:4 Avcilar Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

07.05.1987

 

 

Com. Reg. No.:

233741

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Woolen and cotton fabric weaving, manufacture, dyeing, pressing and trade of knitted fabric.  

 

 

No. of Employee :

290

 

 

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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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 has brought up to 1 million barrels per day from the Caspian region to market. Several gas pipeline projects also are moving forward to help transport Caspian gas to Europe through Turkey, which over the long term will help address Turkey's dependence on imported oil and gas, which currently meets 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. Two rating agencies upgraded Turkey's debt to investment grade in 2012 and 2013, and Turkey's public sector debt to GDP ratio fell to 33% in 2014. The stock value of Foreign Direct Investment reached nearly $195 billion at year-end 2014.

Despite these positive trends, GDP growth dropped to 4.4% in 2013 and 2.9% in 2014. Growth slowed considerably in the last quarter of 2014, largely due to lackluster consumer demand both domestically and in Europe, Turkey’s most important export market. High interest rates have also contributed to the slowdown in growth, as Turkey sharply increased interest rates in January 2014 in order to strengthen the country’s currency and reduce inflation. Turkey then cut rates in February 2015 in a bid to spur economic growth.

The Turkish economy retains significant weaknesses. Specifically, 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. Turkey also remains dependent on often volatile, short-term investment to finance its large current account deficit.

 

Source : CIA

 

COMPANY IDENTIFICATION

 

 

NAME

:

NIL ORME SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Cihangir Mah. Sehit J. Kom. Er Zafer Kiziltas Sok. No: 1 K:4 Avcilar Istanbul / Turkey

PHONE NUMBER

:

90-212-422 58 78

 

FAX NUMBER

:

90-212-422 83 63

90-212-422 83 64

 

WEB-ADDRESS

:

www.nilorme.com

E-MAIL

:

info@nilorme.com

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Marmara Kurumlar

TAX NO

:

6310048085

REGISTRATION NUMBER

:

233741

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

07.05.1987

ESTABLISHMENT GAZETTE DATE/NO

:

12.05.1987/1764

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   17.000.000

PAID-IN CAPITAL

:

TL   17.000.000

 

HISTORY

:

Previous Registered Capital

:

TL 3.000.000

Changed On

:

31.10.2008 (Commercial Gazette Date /Number 05.11.2008/ 7182)

Previous Registered Capital

:

TL 6.000.000

Changed On

:

04.06.2010 (Commercial Gazette Date /Number 10.06.2010/ 7582)

Previous Registered Capital

:

TL 6.500.000

Changed On

:

26.12.2011 (Commercial Gazette Date /Number 30.12.2011/ 7973)

Previous Address

:

Keresteciler Sitesi, Ozgen Sokak (Akasya Sokak) No: 13 Merter- Istanbul

Changed On

:

15.10.2008 (Commercial Gazette Date /Number 20.10.2008/ 7171)

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Selim Ozersoy

34 %

Erdal Ozersoy

33 %

Sait Cemil Ozersoy

33 %

 

 

BOARD OF DIRECTORS

:

Erdal Ozersoy

Chairman

Sait Cemil Ozersoy

Vice-Chairman

Selim Ozersoy

Member

 

 

DIRECTORS

:

Selim Ozersoy                                                                                                                                                                                                                                                                                   

General Manager

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Woolen and cotton fabric weaving, manufacture, dyeing, pressing and trade of knitted fabric.  

 

NACE CODE

:

DB.17.60

 

SECTOR

:

Textile

 

NUMBER OF EMPLOYEES

:

290

 

 

NET SALES

:

45.740.375 TL

(2005) 

40.565.553 TL

(2006) 

53.301.766 TL

(2007) 

55.907.439 TL

(2008) 

78.559.637 TL

(2009) 

107.128.801 TL

(2010) 

117.074.216 TL

(2011) 

128.718.374 TL

(2012) 

112.610 TL Thousand

(2013) 

125.314 TL Thousand

(2014) 

26.450 TL Thousand

(01.01-31.03.2015) 

 

 

CAPACITY

:

  ( kgs/yr)

 

 

 

5.795.740

 

 

(2014)

5.795.740

 

 

(2015)

 

 

 

 

IMPORT VALUE

:

4.333.747 USD

(2013)

2.367.179 USD

(2014)

612.085 USD

(01.01-31.03.2015)

 

 

IMPORT COUNTRIES

:

Germany

India

Uzbekistan

Indonesia

Vietnam

Taiwan

 

MERCHANDISE IMPORTED

:

Machinery

Yarn

 

EXPORT VALUE

:

21.588.822 TL

(2005)

8.107.700 TL

(2006)

9.763.433 TL

(2007)

7.426.684 TL

(2008)

17.289.997 TL

(2009)

19.346.942 TL

(2010)

20.248.951 TL

(2011)

30.171.325 TL

(2012)

31.178.847 TL

(2013)

38.920 TL Thousand

(2014)

11.799 TL Thousand

(01.01-31.03.2015)

 

EXPORT COUNTRIES

:

Bulgaria

Romania

Russia

Italy

Serbia

Greece

Germany

France

Austria

Sweden

Poland

Georgia

 

MERCHANDISE  EXPORTED

:

Knitted crochet fabrics

Yarn

 

HEAD OFFICE ADDRESS

:

Cihangir Mah. Sehit J. Kom. Er Zafer Kiziltas Sok. No: 1 K:4 Avcilar  Istanbul / Turkey ( owned )

 

BRANCHES

:

Factory  :  Haciseremet Mevkii Onerler Yolu Uzeri Velimese Organize Sanayi Bolgesi Velimese Corlu Tekirdag/Turkey (owned) (32.201 sqm)

           

 

TREND OF BUSINESS

:

There was an upwards trend in  2014.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Garanti Bankasi Merter Branch

T. Finans Katilim Bankasi Zeytinburnu Branch

T. Halk Bankasi Gunesli Branch

T. Vakiflar Bankasi Merter Branch

Yapi ve Kredi Bankasi Merter Tekstil 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

:

 

(2011) TL

(2012) TL

(2013) TL Thousand

(2014) TL Thousand

(01.01-31.03.2015) TL Thousand

Net Sales

117.074.216

128.718.374

112.610

125.314

26.450

Profit (Loss) Before Tax

1.687.075

1.821.064

1.202

1.579

335

Stockholders' Equity

27.029.573

28.813.106

29.761

31.009

 

Total Assets

108.481.436

110.546.997

116.789

134.749

 

Current Assets

76.228.646

78.218.421

86.685

102.241

 

Non-Current Assets

32.252.790

32.328.576

30.104

32.508

 

Current Liabilities

65.883.703

56.204.757

69.609

82.240

 

Long-Term Liabilities

15.568.160

25.529.134

17.419

21.500

 

Gross Profit (loss)

4.546.631

3.222.916

2.803

3.148

1.001

Operating Profit (loss)

2.399.446

985.454

639

435

113

Net Profit (loss)

1.315.282

1.422.046

948

1.249

335

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Insufficient As of 31.12.2014

Liquidity

Good As of 31.12.2014

Remarks On Liquidity

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

Profitability

Fair Operating Profitability  in 2011

Low Net Profitability  in 2011

Low Operating Profitability  in 2012

Low Net Profitability  in 2012

Low Operating Profitability  in 2013

Low Net Profitability  in 2013

Low Operating Profitability  in 2014

Low Net Profitability  in 2014

Low Operating Profitability (01.01-31.03.2015)

Low Net Profitability (01.01-31.03.2015)

 

Gap between average collection and payable periods

Unfavorable in 2014

General Financial Position

Passable

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2005 )

2,66 %

1,3499

1,6882

2,4623

 ( 2006 )

11,58 %

1,4309

1,7987

2,6377

 ( 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

 ( 2013 )

6,97 %

1,9179

2,5530

3,0178

 ( 2014 )

6,36 %

2,1891

2,8989

3,6060

 ( 01.01-31.03.2015)

2,60 %

2,4709

2,8023

3,7626

 ( 01.01-30.11.2015)

6,06 %

2,7064

3,0117

4,1515

 

 

BALANCE SHEETS

 

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL

 

 ( 31.12.2013 )  TL Thousand

 

 ( 31.12.2014 )  TL Thousand

 

CURRENT ASSETS

76.228.646

0,70

78.218.421

0,71

86.685

0,74

102.241

0,76

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

729.816

0,01

548.606

0,00

803

0,01

21.242

0,16

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

48.910.126

0,45

60.930.049

0,55

59.537

0,51

60.328

0,45

Other Receivable

0

0,00

0

0,00

13

0,00

0

0,00

Inventories

22.911.028

0,21

12.012.669

0,11

21.577

0,18

17.792

0,13

Advances Given

26.959

0,00

428.277

0,00

181

0,00

187

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

3.650.717

0,03

4.298.820

0,04

4.574

0,04

2.692

0,02

NON-CURRENT ASSETS

32.252.790

0,30

32.328.576

0,29

30.104

0,26

32.508

0,24

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

33.869

0,00

41

0,00

43

0,00

Tangible Fixed Assets (net)

21.355.204

0,20

22.360.769

0,20

24.242

0,21

27.697

0,21

Intangible Assets

10.897.586

0,10

9.933.938

0,09

5.821

0,05

4.768

0,04

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

TOTAL ASSETS

108.481.436

1,00

110.546.997

1,00

116.789

1,00

134.749

1,00

CURRENT LIABILITIES

65.883.703

0,61

56.204.757

0,51

69.609

0,60

82.240

0,61

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

33.518.585

0,31

21.942.554

0,20

36.271

0,31

48.686

0,36

Accounts Payable

30.720.022

0,28

32.443.077

0,29

30.640

0,26

31.677

0,24

Loans from Shareholders

45.795

0,00

49.968

0,00

351

0,00

0

0,00

Other Short-term Payable

386.384

0,00

334.494

0,00

11

0,00

381

0,00

Advances from Customers

354.357

0,00

671.777

0,01

1.223

0,01

378

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

582.730

0,01

181.413

0,00

171

0,00

292

0,00

Provisions

-13.500

0,00

-15.637

0,00

0

0,00

0

0,00

Other Current Liabilities

289.330

0,00

597.111

0,01

942

0,01

826

0,01

LONG-TERM LIABILITIES

15.568.160

0,14

25.529.134

0,23

17.419

0,15

21.500

0,16

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

15.568.160

0,14

25.529.134

0,23

17.419

0,15

21.500

0,16

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

27.029.573

0,25

28.813.106

0,26

29.761

0,25

31.009

0,23

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

17.000.000

0,16

17.000.000

0,15

17.000

0,15

17.000

0,13

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

8.714.291

0,08

10.391.060

0,09

11.813

0,10

12.760

0,09

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)

1.315.282

0,01

1.422.046

0,01

948

0,01

1.249

0,01

TOTAL LIABILITIES AND EQUITY

108.481.436

1,00

110.546.997

1,00

116.789

1,00

134.749

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 9.018  is "Doubtful Trade Receivables" and -TL thousand 5.400  is "Provision for 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.                                                                                                          

 

At the last income statement TL thousand 1.268 of the other income is due to "Profit from Foreign Currency Exchange".                                                                                                                                        

 

At the last income statement TL thousand 1.405 of the other expenses is due to "Loss from Foreign Currency Exchange" .

 

 

INCOME STATEMENTS

 

 

(2011) TL

 

(2012) TL

 

(2013) TL Thousand

 

(2014) TL Thousand

 

(01.01-31.03.2015) TL Thousand

 

Net Sales

117.074.216

1,00

128.718.374

1,00

112.610

1,00

125.314

1,00

26.450

1,00

Cost of Goods Sold

112.527.585

0,96

125.495.458

0,97

109.807

0,98

122.166

0,97

25.449

0,96

Gross Profit

4.546.631

0,04

3.222.916

0,03

2.803

0,02

3.148

0,03

1.001

0,04

Operating Expenses

2.147.185

0,02

2.237.462

0,02

2.164

0,02

2.713

0,02

888

0,03

Operating Profit

2.399.446

0,02

985.454

0,01

639

0,01

435

0,00

113

0,00

Other Income

2.179.007

0,02

1.999.267

0,02

2.227

0,02

3.138

0,03

1.781

0,07

Other Expenses

2.517.771

0,02

1.162.976

0,01

1.664

0,01

1.941

0,02

1.417

0,05

Financial Expenses

373.607

0,00

681

0,00

0

0,00

53

0,00

142

0,01

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

1.687.075

0,01

1.821.064

0,01

1.202

0,01

1.579

0,01

335

0,01

Tax Payable

371.793

0,00

399.018

0,00

254

0,00

330

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)

1.315.282

0,01

1.422.046

0,01

948

0,01

1.249

0,01

335

0,01

 

 

FINANCIAL RATIOS

 

(2011)

(2012)

(2013)

(2014)

 

LIQUIDITY RATIOS

 

 

Current Ratio

1,16

1,39

1,25

1,24

 

Acid-Test Ratio

0,75

1,09

0,87

0,99

 

Cash Ratio

0,01

0,01

0,01

0,26

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,21

0,11

0,18

0,13

 

Short-term Receivable/Total Assets

0,45

0,55

0,51

0,45

 

Tangible Assets/Total Assets

0,20

0,20

0,21

0,21

 

TURNOVER RATIOS

 

 

Inventory Turnover

4,91

10,45

5,09

6,87

 

Stockholders' Equity Turnover

4,33

4,47

3,78

4,04

 

Asset Turnover

1,08

1,16

0,96

0,93

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,25

0,26

0,25

0,23

 

Current Liabilities/Total Assets

0,61

0,51

0,60

0,61

 

Financial Leverage

0,75

0,74

0,75

0,77

 

Gearing Percentage

3,01

2,84

2,92

3,35

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,05

0,05

0,03

0,04

 

Operating Profit Margin

0,02

0,01

0,01

0,00

 

Net Profit Margin

0,01

0,01

0,01

0,01

 

Interest Cover

5,52

2675,10

 

30,79

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

150,40

170,41

190,33

173,31

 

Average Payable Period (days)

98,28

93,07

100,45

93,35

 

WORKING CAPITAL

10344943,00

22013664,00

17076,00

20001,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.20

UK Pound

1

Rs.98.30

Euro

1

Rs.72.41

TRY

1

Rs. 22.59

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

TRU

 

 

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.