MIRA INFORM REPORT

 

 

Report No. :

330943

Report Date :

13.07.2015

 

IDENTIFICATION DETAILS

 

Name :

FIBER IPLIK MENSUCAT SANAYI VE TICARET A.S.

 

 

Registered Office :

Demirtas Organize Sanayi Bolgesi Sardunya 2. Sok No:6/A Osmangazi  Bursa

 

 

Country :

Turkey

 

 

Date of Incorporation :

21.05.2009

 

 

Com. Reg. No.:

69431

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Wholesale Trade of Yarn.

 

 

No. of Employees :

10

 

 

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 will bring 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 FDI 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. It is clear from these developments that 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

:

FIBER IPLIK MENSUCAT SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Demirtas Organize Sanayi Bolgesi Sardunya 2. Sok No:6/A Osmangazi  Bursa / Turkey

PHONE NUMBER

:

90-224-261 61 10

 

FAX NUMBER

:

90-224-261 61 11

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Uludag

TAX NO

:

3870563201

REGISTRATION NUMBER

:

69431

REGISTERED OFFICE

:

Bursa Chamber of Commerce and Industry

DATE ESTABLISHED

:

21.05.2009

ESTABLISHMENT GAZETTE DATE/NO

:

04.06.2009/7325

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   1.100.000

 

HISTORY

:

Previous Registered Capital

:

TL 50.000

Changed On

:

28.05.2012 (Commercial Gazette Date /Number 04.06.2012/ 8082)

Previous Address

:

Demirtas Organize Sanayi Bolgesi Zambak Sok. No:2/B Bursa

Changed On

:

10.11.2010 (Commercial Gazette Date /Number 22.11.2010/ 7691)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Orhan Bilici

 

Ferudun Kahraman

 

Mehmet Kahraman

 

Others

 

 

 

BOARD OF DIRECTORS

:

Ferudun Kahraman

Chairman

Orhan Bilici

Vice-Chairman

Rafet Kahraman

Member

Mehmet Kahraman

Member

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Wholesale Trade of Yarn.

 

NACE CODE

:

G .51.41

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

10

 

NET SALES

:

61.639.200 TL

(2012) 

71.217.650 TL

(2013) 

78.146.586 TL

(2014) 

 

 

REMARKS ON NET SALES

:

The sales figure of 2014 is declared by the company. There is no certification for this figure.

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT COUNTRIES

:

Indonesia

Vietnam

China

 

MERCHANDISE IMPORTED

:

Yarn

 

HEAD OFFICE ADDRESS

:

Demirtas Organize Sanayi Bolgesi Sardunya 2. Sok No:6/A Osmangazi  Bursa / Turkey

 

INVESTMENTS

:

None

 

 

TREND OF BUSINESS

:

There was an upwards trend in 2014.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

T. Vakiflar Bankasi Demirtas Branch

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2012) TL

(2013) TL

(2014) TL

 

 

Net Sales

61.639.200

71.217.650

78.146.586

 

 

Profit (Loss) Before Tax

5.836.295

6.961.644

8.748.729

 

 

Stockholders' Equity

16.730.121

22.297.149

29.277.749

 

 

Total Assets

32.733.201

53.405.697

59.568.666

 

 

 

 

REMARKS ON KEY FINANCIAL ELEMENTS

:

Some of the key financial figures of 2014 are declared by the company. There is no certification for these figures.

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

In Order As of 31.12.2014

Profitability

High Net Profitability  in 2012

High Net Profitability  in 2013

High Net Profitability  in 2014

 

General Financial Position

Fair

 

 

 

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

 ( 2014 )

6,36 %

2,1891

2,8989

3,6060

 ( 01.01-30.06.2015)

5,49 %

2,5568

2,8727

3,9250

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.38

UK Pound

1

Rs.97.65

Euro

1

Rs.70.43

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

TPT

 

               

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.