MIRA INFORM REPORT

 

 

Report No. :

356341

Report Date :

25.12.2015

 

IDENTIFICATION DETAILS

 

Name :

TUNC TEKSTIL SANAYI VE TICARET A.S.

 

 

Registered Office :

Abay Cad. No:56 Onalti Dokuz C Blok K:3 D:8 Kazlicesme Zeytinburnu Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

01.03.2010

 

 

Com. Reg. No.:

726625

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Wholesale trade of yarn.

 

 

No. of Employee :

20

 

 

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 – 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

 

NOTES

 

The registered full name of the firm having the phone and fax number stated at your inquiry is "TUNC TEKSTIL SANAYI VE TICARET A.S.".

 

Address is different from the address at your inquiry.

 

 

COMPANY IDENTIFICATION

 

 

NAME

:

TUNC TEKSTIL SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Abay Cad. No:56 Onalti Dokuz C Blok K:3 D:8 Kazlicesme Zeytinburnu Istanbul / Turkey

PHONE NUMBER

:

90-212-544 10 10

 

FAX NUMBER

:

90-212 613 64 76

 

 

 

LEGAL STATUS AND HISTORY

 

 

NOTES ON LEGAL STATUS AND HISTORY

:

Change at tax no.

 

 

TAX OFFICE

:

Zeytinburnu

TAX NO

:

8620266397

REMARKS ON TAX NO

:

As the subject changed its legal status from limited company to joint stock company, the tax number was changed from 8620260043 to 8620266397.

 

 

REGISTRATION NUMBER

:

726625

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

01.03.2010

ESTABLISHMENT GAZETTE DATE /NO

:

05.03.2010/7515

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   3.000.000

PAID-IN CAPITAL

:

TL   3.000.000

HISTORY

:

Previous Legal Type

:

Limited Company

Changed On

:

20.11.2015 (Commercial Gazette Date /Number 26.11.2015/ 8955)

Previous Name

:

Tunc Tekstil Sanayi ve Ticaret Ltd. Sti.

Changed On

:

20.11.2015 (Commercial Gazette Date /Number 26.11.2015/ 8955)

Previous Registered Capital

:

TL 10.000

Changed On

:

10.11.2011 (Commercial Gazette Date /Number 16.11.2011/ 7941)

Previous Address

:

Mecidiye Mahallesi Fatih Bulvari 466/2 Sultanbeyli-Istanbul

Changed On

:

22.10.2010 (Commercial Gazette Date /Number 28.10.2010/ 7679)

Previous Address

:

M. Fenari Mah. A.Pasa Sokak N7 Dukkan No:464 Yeni Kurt Ishani Cagaloglu Fatih Istanbul

Changed On

:

07.05.2013 (Commercial Gazette Date /Number 10.05.2013/ 8317)

Previous Address

:

Mahmutbey Mah. Halkali Cad. Atlas Sok. No:4 Giris Kat 1/C  Bagcilar Istanbul

Changed On

:

21.05.2014 (Commercial Gazette Date /Number 27.05.2014/ 8577)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Sena Tunc

50 %

Kubra Tunc

50 %

 

 

SISTER COMPANIES

:

OREN IPLIK KUMAS TEKSTIL PAZARLAMA SANAYI VE TICARET LTD. STI.

 

BOARD OF DIRECTORS

:

Mehmet Tunc

Chairman

 

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Wholesale trade of yarn.

 

NACE CODE

:

G .51.41

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

20

 

NET SALES

:

27.772 TL Thousand

(2013) 

46.565 TL Thousand

(2014) 

42.809 TL Thousand

(01.01-30.09.2015) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT COUNTRIES

:

Indonesia

India

Pakistan

Nepal

Egypt

China

 

MERCHANDISE IMPORTED

:

Yarn

 

EXPORT VALUE

:

0 TL

(2013)

0 TL

(2014)

0 TL

(01.01-30.11.2015)

 

 

HEAD OFFICE ADDRESS

:

Abay Cad. No:56 Onalti Dokuz C Blok K:3 D:8 Kazlicesme Zeytinburnu Istanbul / Turkey

 

INVESTMENTS

:

None

 

 

 

TREND OF BUSINESS

:

There was an upwards trend in 2014. There appears an upwards trend in 1.1 - 30.9.2015.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Akbank Zeytinburnu Branch

T. Is Bankasi Bayrampasa Branch

 

CREDIT FACILITIES

:

The subject rarely makes use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2013) TL Thousand

(2014) TL Thousand

(01.01-30.09.2015) TL Thousand

 

 

Net Sales

27.772

46.565

42.809

 

 

Profit (Loss) Before Tax

-173

-755

210

 

 

Stockholders' Equity

5.837

5.081

 

 

 

Total Assets

14.442

15.315

 

 

 

Current Assets

13.810

12.958

 

 

 

Non-Current Assets

632

2.357

 

 

 

Current Liabilities

8.575

9.658

 

 

 

Long-Term Liabilities

30

576

 

 

 

Gross Profit (loss)

1.111

1.632

2.313

 

 

Operating Profit (loss)

563

764

1.534

 

 

Net Profit (loss)

-173

-755

210

 

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Fair As of 31.12.2014

Remarks on Capitalization

A part of liabilities consist of loans from shareholders.

Liquidity

In Order As of 31.12.2014

Remarks On Liquidity

The favorable gap between average collection and average payable period has a positive effect on liquidity.

 

Profitability

Fair Operating Profitability  in 2013

Net Loss  in 2013

Fair Operating Profitability  in 2014

Net Loss  in 2014

In Order Operating Profitability (01.01-30.09.2015)

Low Net Profitability (01.01-30.09.2015)

 

Gap between average collection and payable periods

Favorable in 2014

General Financial Position

Satisfactory

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2013 )

6,97 %

1,9179

2,5530

3,0178

 ( 2014 )

6,36 %

2,1891

2,8989

3,6060

 ( 01.01-30.09.2015)

7,81 %

2,6640

2,9843

4,0944

 ( 01.01-30.11.2015)

6,06 %

2,7064

3,0117

4,1515

 

 

BALANCE SHEETS

 

 

 ( 31.12.2013 )  TL Thousand

 

 ( 31.12.2014 )  TL Thousand

 

CURRENT ASSETS

13.810

0,96

12.958

0,85

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

405

0,03

752

0,05

Marketable Securities

0

0,00

500

0,03

Account Receivable

6.456

0,45

6.610

0,43

Other Receivable

0

0,00

4

0,00

Inventories

3.792

0,26

3.524

0,23

Advances Given

3.091

0,21

1.492

0,10

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

66

0,00

76

0,00

NON-CURRENT ASSETS

632

0,04

2.357

0,15

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

0

0,00

3

0,00

Financial Assets

0

0,00

0

0,00

Tangible Fixed Assets (net)

511

0,04

2.271

0,15

Intangible Assets

120

0,01

82

0,01

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

1

0,00

1

0,00

TOTAL ASSETS

14.442

1,00

15.315

1,00

CURRENT LIABILITIES

8.575

0,59

9.658

0,63

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

14

0,00

255

0,02

Accounts Payable

7.183

0,50

8.728

0,57

Loans from Shareholders

656

0,05

0

0,00

Other Short-term Payable

148

0,01

169

0,01

Advances from Customers

566

0,04

497

0,03

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

6

0,00

8

0,00

Provisions

0

0,00

0

0,00

Other Current Liabilities

2

0,00

1

0,00

LONG-TERM LIABILITIES

30

0,00

576

0,04

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

30

0,00

30

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

546

0,04

Other Long-term Liabilities

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

5.837

0,40

5.081

0,33

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

3.000

0,21

3.000

0,20

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

3.761

0,26

3.761

0,25

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

24

0,00

24

0,00

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

-775

-0,05

-949

-0,06

Net Profit (loss)

-173

-0,01

-755

-0,05

TOTAL LIABILITIES AND EQUITY

14.442

1,00

15.315

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 1.348 is "Doubtful Trade Receivables" and -TL thousand 940 is "Provision for 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:4,Other Receivable Total:4.

 

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

 

 

(2013) TL Thousand

 

(2014) TL Thousand

 

(01.01-30.09.2015) TL Thousand

 

Net Sales

27.772

1,00

46.565

1,00

42.809

1,00

Cost of Goods Sold

26.661

0,96

44.933

0,96

40.496

0,95

Gross Profit

1.111

0,04

1.632

0,04

2.313

0,05

Operating Expenses

548

0,02

868

0,02

779

0,02

Operating Profit

563

0,02

764

0,02

1.534

0,04

Other Income

205

0,01

167

0,00

760

0,02

Other Expenses

410

0,01

462

0,01

134

0,00

Financial Expenses

531

0,02

1.224

0,03

1.950

0,05

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

-173

-0,01

-755

-0,02

210

0,00

Tax Payable

0

0,00

0

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

-173

-0,01

-755

-0,02

210

0,00

 

 

FINANCIAL RATIOS

 

 

(2013)

(2014)

 

LIQUIDITY RATIOS

 

 

Current Ratio

1,61

1,34

 

Acid-Test Ratio

0,80

0,81

 

Cash Ratio

0,05

0,13

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,26

0,23

 

Short-term Receivable/Total Assets

0,45

0,43

 

Tangible Assets/Total Assets

0,04

0,15

 

TURNOVER RATIOS

 

 

Inventory Turnover

7,03

12,75

 

Stockholders' Equity Turnover

4,76

9,16

 

Asset Turnover

1,92

3,04

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,40

0,33

 

Current Liabilities/Total Assets

0,59

0,63

 

Financial Leverage

0,60

0,67

 

Gearing Percentage

1,47

2,01

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

-0,03

-0,15

 

Operating Profit Margin

0,02

0,02

 

Net Profit Margin

-0,01

-0,02

 

Interest Cover

0,67

0,38

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

83,69

51,13

 

Average Payable Period (days)

96,99

69,93

 

WORKING CAPITAL

5235,00

3300,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.20

UK Pound

1

Rs.98.30

Euro

1

Rs.72.41

Lira 

1

Rs.22.59

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAS

 

 

Report Prepared by :

ANK

 

 

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.