|
Report No. : |
344848 |
|
Report Date : |
16.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
SEVIMLI TEKSTIL TICARET VE SANAYI LTD. STI. |
|
|
|
|
Registered Office : |
Mehmet Nesih Ozmen Mah. Fatih Cad. No:25/A Gungoren Istanbul |
|
|
|
|
Country : |
Turkey |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
30.10.1987 |
|
|
|
|
Com. Reg. No.: |
238503 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Wholesale trade of fabric. |
|
|
|
|
No. of Employees : |
11 |
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 |
|
NAME |
: |
SEVIMLI
TEKSTIL TICARET VE SANAYI LTD. STI. |
|
HEAD OFFICE ADDRESS |
: |
Mehmet Nesih Ozmen Mah. Fatih Cad. No:25/A Gungoren Istanbul /
Turkey |
|
PHONE NUMBER |
: |
90-212-248 20 85 |
|
FAX NUMBER |
: |
90-212-248 51 23 |
|
TAX OFFICE |
: |
Merter |
|
TAX NO |
: |
7650076600 |
|
REGISTRATION NUMBER |
: |
238503 |
|
REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
|
DATE ESTABLISHED |
: |
23.10.1987 |
|
ESTABLISHMENT GAZETTE DATE /NO |
: |
30.10.1987/1881 |
|
LEGAL FORM |
: |
Limited Company |
|
TYPE OF COMPANY |
: |
Private |
|
REGISTERED CAPITAL |
: |
TL 2.000.000 |
|
PAID-IN CAPITAL |
: |
TL 2.000.000 |
|
HISTORY |
: |
|
|
SHAREHOLDERS |
: |
|
||||||
|
DIRECTORS |
: |
|
|
BUSINESS ACTIVITIES |
: |
Wholesale trade of fabric. |
||||||||
|
NACE CODE |
: |
G .51.41 |
||||||||
|
SECTOR |
: |
Commerce |
||||||||
|
NUMBER OF EMPLOYEES |
: |
11 |
||||||||
|
NET SALES |
: |
|
||||||||
|
REMARKS ON CAPACITY |
: |
None |
||||||||
|
REMARKS ON PRODUCTION |
: |
None |
||||||||
|
IMPORT COUNTRIES |
: |
China Pakistan |
||||||||
|
MERCHANDISE IMPORTED |
: |
Fabric |
||||||||
|
EXPORT VALUE |
: |
|
|
HEAD OFFICE ADDRESS |
: |
Mehmet Nesih Ozmen Mah. Fatih Cad. No:25/A Gungoren Istanbul /
Turkey |
|
BRANCHES |
: |
Warehouse : Muratpasa Mah.Sengul Sok. No:8 Bayrampasa
Istanbul/Turkey |
|
INVESTMENTS |
: |
None |
|
TREND OF BUSINESS |
: |
There was a decline at business volume in nominal terms in 2014. Trend of business appears to be
steady in 1.1 - 30.6.2015. |
|
SIZE OF BUSINESS |
: |
Upper-Medium |
|
MAIN DEALING BANKS |
: |
Akbank Sisli Ticari Branch Albaraka Turk Katilim Bankasi Osmanbey Branch Garanti Bankasi Sisli Branch T. Halk Bankasi Sisli Branch |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
CREDIT FACILITIES |
: |
The subject company is making use of credit facilities. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
PAYMENT BEHAVIOUR |
: |
No payment delays have come to our knowledge. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
KEY FINANCIAL ELEMENTS |
: |
|
|
Capitalization |
High As of 31.12.2014 |
|
Remarks on Capitalization |
A part of total liabilities and equity consist of loans from
shareholders rather than liabilities to third parties indicating not too high
indebtedness to third parties. |
|
Liquidity |
High As of 31.12.2014 |
|
Remarks On Liquidity |
A part of current liabilities consist of short-term loans from
shareholders rather than liabilities to third parties. The unfavorable gap between average collection and average
payable period has an adverse effect on liquidity. |
|
Profitability |
In Order Operating Profitability
in 2013 In Order Net Profitability
in 2013 In Order Operating Profitability
in 2014 In Order Net Profitability
in 2014 Good Operating Profitability (01.01-30.06.2015) Good Net Profitability (01.01-30.06.2015) |
|
Gap between average collection and payable periods |
Unfavorable in 2014 |
|
General Financial Position |
Good |
|
|
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 |
|
( 01.01-30.06.2015) |
5,49 % |
2,5568 |
2,8727 |
3,9250 |
|
( 01.01-30.09.2015) |
7,81 % |
2,6640 |
2,9843 |
4,0944 |
|
|
( 31.12.2013 ) TL Thousand |
|
( 31.12.2014 ) TL Thousand |
|
|
|
|
CURRENT ASSETS |
8.799 |
0,96 |
9.307 |
0,96 |
|
|
|
Not Detailed Current Assets |
0 |
0,00 |
0 |
0,00 |
|
|
|
Cash and Banks |
117 |
0,01 |
795 |
0,08 |
|
|
|
Marketable Securities |
0 |
0,00 |
0 |
0,00 |
|
|
|
Account Receivable |
3.560 |
0,39 |
2.951 |
0,30 |
|
|
|
Other Receivable |
85 |
0,01 |
1 |
0,00 |
|
|
|
Inventories |
3.366 |
0,37 |
4.251 |
0,44 |
|
|
|
Advances Given |
1.352 |
0,15 |
790 |
0,08 |
|
|
|
Accumulated Construction Expense |
0 |
0,00 |
0 |
0,00 |
|
|
|
Other Current Assets |
319 |
0,03 |
519 |
0,05 |
|
|
|
NON-CURRENT ASSETS |
400 |
0,04 |
375 |
0,04 |
|
|
|
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) |
389 |
0,04 |
368 |
0,04 |
|
|
|
Intangible Assets |
2 |
0,00 |
2 |
0,00 |
|
|
|
Deferred Tax Assets |
0 |
0,00 |
0 |
0,00 |
|
|
|
Other Non-Current Assets |
9 |
0,00 |
5 |
0,00 |
|
|
|
TOTAL ASSETS |
9.199 |
1,00 |
9.682 |
1,00 |
|
|
|
CURRENT LIABILITIES |
5.681 |
0,62 |
5.937 |
0,61 |
|
|
|
Not Detailed Current Liabilities |
0 |
0,00 |
0 |
0,00 |
|
|
|
Financial Loans |
1.736 |
0,19 |
467 |
0,05 |
|
|
|
Accounts Payable |
1.185 |
0,13 |
1.206 |
0,12 |
|
|
|
Loans from Shareholders |
2.502 |
0,27 |
4.044 |
0,42 |
|
|
|
Other Short-term Payable |
0 |
0,00 |
0 |
0,00 |
|
|
|
Advances from Customers |
202 |
0,02 |
177 |
0,02 |
|
|
|
Accumulated Construction Income |
0 |
0,00 |
0 |
0,00 |
|
|
|
Taxes Payable |
56 |
0,01 |
42 |
0,00 |
|
|
|
Provisions |
0 |
0,00 |
0 |
0,00 |
|
|
|
Other Current Liabilities |
0 |
0,00 |
1 |
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 |
3.518 |
0,38 |
3.745 |
0,39 |
|
|
|
Not Detailed Stockholders' Equity |
0 |
0,00 |
0 |
0,00 |
|
|
|
Paid-in Capital |
2.000 |
0,22 |
2.000 |
0,21 |
|
|
|
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 |
1.239 |
0,13 |
1.517 |
0,16 |
|
|
|
Revaluation Fund |
0 |
0,00 |
0 |
0,00 |
|
|
|
Accumulated Losses(-) |
0 |
0,00 |
0 |
0,00 |
|
|
|
Net Profit (loss) |
279 |
0,03 |
228 |
0,02 |
|
|
|
TOTAL LIABILITIES AND EQUITY |
9.199 |
1,00 |
9.682 |
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:1,Other Receivable Total:1 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 215 of the other income
is due to "Profit from Foreign Currency Exchange". |
|
|
(2013)
TL Thousand |
|
(2014)
TL Thousand |
|
(01.01-30.06.2015)
TL Thousand |
|
|
Net Sales |
9.021 |
1,00 |
7.846 |
1,00 |
4.359 |
1,00 |
|
Cost of Goods Sold |
7.829 |
0,87 |
6.526 |
0,83 |
3.694 |
0,85 |
|
Gross Profit |
1.192 |
0,13 |
1.320 |
0,17 |
665 |
0,15 |
|
Operating Expenses |
847 |
0,09 |
960 |
0,12 |
382 |
0,09 |
|
Operating Profit |
345 |
0,04 |
360 |
0,05 |
283 |
0,06 |
|
Other Income |
246 |
0,03 |
251 |
0,03 |
216 |
0,05 |
|
Other Expenses |
165 |
0,02 |
221 |
0,03 |
186 |
0,04 |
|
Financial Expenses |
77 |
0,01 |
102 |
0,01 |
17 |
0,00 |
|
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 |
349 |
0,04 |
288 |
0,04 |
296 |
0,07 |
|
Tax Payable |
70 |
0,01 |
60 |
0,01 |
0 |
0,00 |
|
Postponed Tax Gain |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Net Profit (loss) |
279 |
0,03 |
228 |
0,03 |
296 |
0,07 |
|
|
(2013) |
(2014) |
|
|
LIQUIDITY RATIOS |
|
|
|
|
Current Ratio |
1,55 |
1,57 |
|
|
Acid-Test Ratio |
0,66 |
0,63 |
|
|
Cash Ratio |
0,02 |
0,13 |
|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
Inventory/Total Assets |
0,37 |
0,44 |
|
|
Short-term Receivable/Total Assets |
0,40 |
0,30 |
|
|
Tangible Assets/Total Assets |
0,04 |
0,04 |
|
|
TURNOVER RATIOS |
|
|
|
|
Inventory Turnover |
2,33 |
1,54 |
|
|
Stockholders' Equity Turnover |
2,56 |
2,10 |
|
|
Asset Turnover |
0,98 |
0,81 |
|
|
FINANCIAL STRUCTURE |
|
|
|
|
Stockholders' Equity/Total Assets |
0,38 |
0,39 |
|
|
Current Liabilities/Total Assets |
0,62 |
0,61 |
|
|
Financial Leverage |
0,62 |
0,61 |
|
|
Gearing Percentage |
1,61 |
1,59 |
|
|
PROFITABILITY RATIOS |
|
|
|
|
Net Profit/Stockholders' Eq. |
0,08 |
0,06 |
|
|
Operating Profit Margin |
0,04 |
0,05 |
|
|
Net Profit Margin |
0,03 |
0,03 |
|
|
Interest Cover |
5,53 |
3,82 |
|
|
COLLECTION-PAYMENT |
|
|
|
|
Average Collection Period (days) |
142,07 |
135,40 |
|
|
Average Payable Period (days) |
54,49 |
66,53 |
|
|
WORKING CAPITAL |
3118,00 |
3370,00 |
|
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.82 |
|
UK Pound |
1 |
Rs.100.41 |
|
Euro |
1 |
Rs.74.50 |
INFORMATION DETAILS
|
Analysis Done by
: |
HNA |
|
|
|
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.