MIRA INFORM REPORT

 

 

Report No. :

344719

Report Date :

14.10.2015

 

IDENTIFICATION DETAILS

 

Name :

ANKA TEKSTIL HAMMADDE VE ENERJI DIS TICARET LTD. STI.

 

 

Registered Office :

Bahcelievler Mah. Adnan Kahveci Bulvari No:43/13 Bahcelievler  Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

17.07.2007

 

 

Com. Reg. No.:

633010

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Wholesale trade of textile materials such as yarn, fabric and raw materials.

 

 

No. of Employees :

5

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate 

 

 

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

 

 

COMPANY IDENTIFICATION

 

 

NAME

:

ANKA TEKSTIL HAMMADDE VE ENERJI DIS TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Bahcelievler Mah. Adnan Kahveci Bulvari No:43/13 Bahcelievler  Istanbul / Turkey

PHONE NUMBER

:

90-212-482 62 05

FAX NUMBER

:

90-212-482 62 25

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Merter

TAX NO

:

0690425267

REGISTRATION NUMBER

:

633010

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

17.07.2007

ESTABLISHMENT GAZETTE DATE/NO

:

23.07.2007/6857

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   1.000.000

PAID-IN CAPITAL

:

TL   1.000.000

 

HISTORY

:

Previous Registered Capital

:

TL 40.000

Changed On

:

26.09.2013 (Commercial Gazette Date /Number 02.10.2013/ 8417)

Previous Address

:

Unkapani H. Kadin Mah. Ist. Manifaturacilar Carsisi 2. Blk. K:2 No:2604 Fatih Istanbul

Changed On

:

05.02.2010 (Commercial Gazette Date /Number 10.02.2010/ 7498)

Previous Address

:

A.Nazif Gurman Mah. A.Riza Gurcan Cad. No.27/12 Merter Istanbul

Changed On

:

30.01.2015 (Commercial Gazette Date /Number 05.02.2015/ 8752)

Previous Shareholder

:

Please vide Previous Shareholders section for the former shareholders' names.

Changed On

:

15.04.2013 (Commercial Gazette Date /Number 19.04.2013/ 8304)

 

 

 

PREVIOUS SHAREHOLDERS

:

Alper Tunga Anil

90 %

Mustafa Keskin

10 %

 

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Alper Tunga Anil

80 %

Samil Ozturk

10 %

Mustafa Keskin

10 %

 

 

SISTER COMPANIES

:

ANKA GAYRIMENKUL INSAAT TEKSTIL DIS TICARET LTD. STI.

 

DIRECTORS

:

Samil Ozturk                                                                                                                                                                                                                                                                                   

 

Mustafa Keskin                                                                                                                                                                                                                                                                                   

 

Alper Tunga Anil                                                                                                                                                                                                                                                                                   

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Wholesale trade of textile materials such as yarn, fabric and raw materials.

NACE CODE

:

G .51.41

SECTOR

:

Commerce

NUMBER OF EMPLOYEES

:

5

 

NET SALES

:

2.609.687 TL

(2010) 

4.998.139 TL

(2011) 

6.645.121 TL

(2012) 

32.744 TL Thousand

(2013) 

26.988 TL Thousand

(2014) 

10.201 TL Thousand

(01.01-30.06.2015) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT COUNTRIES

:

China

Indonesia

Thailand

Sri Lanka

 

MERCHANDISE IMPORTED

:

Fabric

Yarn

 

EXPORT VALUE

:

0 TL

(2013)

533 TL Thousand

(2014)

82 TL Thousand

(01.01-30.06.2015)

 

 

EXPORT COUNTRIES

:

Myanmar

 

MERCHANDISE  EXPORTED

:

Textile

 

HEAD OFFICE ADDRESS

:

Bahcelievler Mah. Adnan Kahveci Bulvari No:43/13 Bahcelievler   Istanbul / Turkey

 

INVESTMENTS

:

None

 

 

 

TREND OF BUSINESS

:

There was a decline at business volume in nominal terms in 2014. There appears a decline at business volume in nominal terms in 1.1 - 30.6.2015.

SIZE OF BUSINESS

:

Upper-Medium

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Akbank Bahcekapi Branch

Asya Katilim Bankasi Karakoy Branch

 

CREDIT FACILITIES

:

The subject company is making active use of credit facilities.

 

PAYMENT BEHAVIOUR

:

Slow but correct

 

KEY FINANCIAL ELEMENTS

:

 

(2011) TL

(2012) TL

(2013) TL Thousand

(2014) TL Thousand

(01.01-30.06.2015) TL Thousand

Net Sales

4.998.139

6.645.121

32.744

26.988

10.201

Profit (Loss) Before Tax

41.579

50.656

174

200

105

Stockholders' Equity

77.068

117.595

1.187

1.376

 

Total Assets

2.471.138

1.847.892

7.181

7.501

 

Current Assets

2.432.505

1.745.310

7.087

7.425

 

Non-Current Assets

38.633

102.582

94

76

 

Current Liabilities

2.394.070

1.730.297

5.994

6.125

 

Long-Term Liabilities

0

0

0

0

 

Gross Profit (loss)

357.860

217.544

503

871

586

Operating Profit (loss)

55.736

31.784

210

560

232

Net Profit (loss)

33.052

40.527

139

160

105

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Insufficient As of 31.12.2014

Liquidity

Fair As of 31.12.2014

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

Low 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

Fair Operating Profitability  in 2014

Low Net Profitability  in 2014

Fair Operating Profitability (01.01-30.06.2015)

Low Net Profitability (01.01-30.06.2015)

 

Gap between average collection and payable periods

Unfavorable in 2014

General Financial Position

Passable

 

 

BALANCE SHEETS

 

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL

 

 ( 31.12.2013 )  TL Thousand

 

 ( 31.12.2014 )  TL Thousand

 

 

 

CURRENT ASSETS

2.432.505

0,98

1.745.310

0,94

7.087

0,99

7.425

0,99

 

 

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Cash and Banks

16.149

0,01

908.628

0,49

1.048

0,15

330

0,04

 

 

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Account Receivable

2.294.708

0,93

156.538

0,08

5.029

0,70

2.848

0,38

 

 

Other Receivable

0

0,00

0

0,00

0

0,00

19

0,00

 

 

Inventories

0

0,00

236.069

0,13

139

0,02

473

0,06

 

 

Advances Given

0

0,00

306.915

0,17

655

0,09

3.225

0,43

 

 

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Other Current Assets

121.648

0,05

137.160

0,07

216

0,03

530

0,07

 

 

NON-CURRENT ASSETS

38.633

0,02

102.582

0,06

94

0,01

76

0,01

 

 

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)

38.030

0,02

101.979

0,06

93

0,01

75

0,01

 

 

Intangible Assets

603

0,00

603

0,00

1

0,00

1

0,00

 

 

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

2.471.138

1,00

1.847.892

1,00

7.181

1,00

7.501

1,00

 

 

CURRENT LIABILITIES

2.394.070

0,97

1.730.297

0,94

5.994

0,83

6.125

0,82

 

 

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Financial Loans

0

0,00

747.617

0,40

3.336

0,46

4.498

0,60

 

 

Accounts Payable

2.385.542

0,97

945.955

0,51

2.124

0,30

1.447

0,19

 

 

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Other Short-term Payable

0

0,00

2.972

0,00

0

0,00

5

0,00

 

 

Advances from Customers

0

0,00

21.561

0,01

495

0,07

154

0,02

 

 

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Taxes Payable

0

0,00

2.061

0,00

0

0,00

14

0,00

 

 

Provisions

8.528

0,00

10.131

0,01

39

0,01

7

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

77.068

0,03

117.595

0,06

1.187

0,17

1.376

0,18

 

 

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Paid-in Capital

40.000

0,02

40.000

0,02

970

0,14

1.000

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

5.090

0,00

37.068

0,02

78

0,01

216

0,03

 

 

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Accumulated Losses(-)

-1.074

0,00

0

0,00

0

0,00

0

0,00

 

 

Net Profit (loss)

33.052

0,01

40.527

0,02

139

0,02

160

0,02

 

 

TOTAL LIABILITIES AND EQUITY

2.471.138

1,00

1.847.892

1,00

7.181

1,00

7.501

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: 19, Other Receivable Total: 19

 

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

 

 

(2011) TL

 

(2012) TL

 

(2013) TL Thousand

 

(2014) TL Thousand

 

(01.01-30.06.2015) TL Thousand

 

Net Sales

4.998.139

1,00

6.645.121

1,00

32.744

1,00

26.988

1,00

10.201

1,00

Cost of Goods Sold

4.640.279

0,93

6.427.577

0,97

32.241

0,98

26.117

0,97

9.615

0,94

Gross Profit

357.860

0,07

217.544

0,03

503

0,02

871

0,03

586

0,06

Operating Expenses

302.124

0,06

185.760

0,03

293

0,01

311

0,01

354

0,03

Operating Profit

55.736

0,01

31.784

0,00

210

0,01

560

0,02

232

0,02

Other Income

7.247

0,00

31.156

0,00

125

0,00

169

0,01

57

0,01

Other Expenses

21.375

0,00

12.267

0,00

80

0,00

273

0,01

26

0,00

Financial Expenses

29

0,00

17

0,00

81

0,00

256

0,01

158

0,02

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

41.579

0,01

50.656

0,01

174

0,01

200

0,01

105

0,01

Tax Payable

8.527

0,00

10.129

0,00

35

0,00

40

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)

33.052

0,01

40.527

0,01

139

0,00

160

0,01

105

0,01

 

 

FINANCIAL RATIOS

 

 

(2011)

(2012)

(2013)

(2014)

 

LIQUIDITY RATIOS

 

 

Current Ratio

1,02

1,01

1,18

1,21

 

Acid-Test Ratio

0,97

0,62

1,01

0,52

 

Cash Ratio

0,01

0,53

0,17

0,05

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,00

0,13

0,02

0,06

 

Short-term Receivable/Total Assets

0,93

0,08

0,70

0,38

 

Tangible Assets/Total Assets

0,02

0,06

0,01

0,01

 

TURNOVER RATIOS

 

 

Inventory Turnover

 

27,23

231,95

55,22

 

Stockholders' Equity Turnover

64,85

56,51

27,59

19,61

 

Asset Turnover

2,02

3,60

4,56

3,60

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,03

0,06

0,17

0,18

 

Current Liabilities/Total Assets

0,97

0,94

0,83

0,82

 

Financial Leverage

0,97

0,94

0,83

0,82

 

Gearing Percentage

31,06

14,71

5,05

4,45

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,43

0,34

0,12

0,12

 

Operating Profit Margin

0,01

0,00

0,01

0,02

 

Net Profit Margin

0,01

0,01

0,00

0,01

 

Interest Cover

1434,76

2980,76

3,15

1,78

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

165,28

8,48

55,29

37,99

 

Average Payable Period (days)

185,07

52,98

23,72

19,95

 

WORKING CAPITAL

38435,00

15013,00

1093,00

1300,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.65.02

UK Pound

1

Rs.99.89

Euro

1

Rs.73.92

 

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.