MIRA INFORM REPORT

 

 

Report No. :

345814

Report Date :

21.10.2015

 

IDENTIFICATION DETAILS

 

Name :

AMANULLAH HALICILIK TEKSTIL TASIMACILIK SANAYI VE DIS TICARET LTD. STI.

 

 

Registered Office :

Emin Sinan Mah. Cami Sok. Yenal Is Merkezi No:64/6 Eminonu Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

22.07.2008

 

 

Com. Reg. No.:

673010

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Subject is engaged in wholesale trade of carpet.

 

 

No. of Employee :

1

 

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 :

Small Company

 

 

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

:

AMANULLAH HALICILIK TEKSTIL TASIMACILIK SANAYI VE DIS TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Emin Sinan Mah. Cami Sok. Yenal Is Merkezi No:64/6 Eminonu Istanbul / Turkey

PHONE NUMBER

:

90-212-458 82 86

 

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Beyazit

TAX NO

:

0680780214

REGISTRATION NUMBER

:

673010

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

22.07.2008

ESTABLISHMENT GAZETTE DATE /NO

:

28.07.2008/7114

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   200.000

PAID-IN CAPITAL

:

TL   200.000

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Achal Haji Khali

75 %

Mohamamd Salam Wali Nazar

20 %

Rahimullah Argun

5 %

 

 

DIRECTORS

:

Mohamamd Salam Wali Nazar

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Wholesale trade of carpet.

 

NACE CODE

:

G .51.47

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

1

 

NET SALES

:

144.495 TL

(2013) 

407.079 TL

(2014) 

141.646 TL

(01.01-30.06.2015) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT COUNTRIES

:

Afghanistan

 

MERCHANDISE IMPORTED

:

Carpet

 

HEAD OFFICE ADDRESS

:

Emin Sinan Mah. Cami Sok. Yenal Is Merkezi No:64/6 Eminonu Istanbul / Turkey

 

INVESTMENTS

:

None

 

 

 

TREND OF BUSINESS

:

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

SIZE OF BUSINESS

:

Modest

 

 

FINANCE

 

 

CREDIT FACILITIES

:

No credit facility has come to our knowledge.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2013) TL

(2014) TL

(01.01-30.06.2015) TL

 

 

 

Net Sales

144.495

407.079

141.646

 

 

 

Profit (Loss) Before Tax

2.484

15.778

3.091

 

 

 

Stockholders' Equity

216.392

232.170

 

 

 

 

Total Assets

407.563

690.706

 

 

 

 

Current Assets

406.296

689.100

 

 

 

 

Non-Current Assets

1.267

1.606

 

 

 

 

Current Liabilities

191.171

458.536

 

 

 

 

Long-Term Liabilities

0

0

 

 

 

 

Gross Profit (loss)

16.211

79.808

14.809

 

 

 

Operating Profit (loss)

2.028

15.837

3.091

 

 

 

Net Profit (loss)

1.965

15.778

3.091

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Satisfactory 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

Satisfactory 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.

 

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 2013

Low Net Profitability  in 2013

In Order Operating Profitability  in 2014

In Order Net Profitability  in 2014

Fair Operating Profitability (01.01-30.06.2015)

Fair Net Profitability (01.01-30.06.2015)

 

Gap between average collection and payable periods

Unfavorable in 2014

General Financial Position

Satisfactory

Remarks on General Financial Position

Financial ratios were satisfactory but there appears a decline at business volume in nominal terms in 1.1 - 30.6.2015.

 

 

 

 

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

 

 

BALANCE SHEETS

 

 

 ( 31.12.2013 )  TL

 

 ( 31.12.2014 )  TL

 

CURRENT ASSETS

406.296

1,00

689.100

1,00

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

583

0,00

6.306

0,01

Marketable Securities

0

0,00

0

0,00

Account Receivable

126.079

0,31

470.110

0,68

Other Receivable

0

0,00

9.824

0,01

Inventories

112.112

0,28

33.120

0,05

Advances Given

77.909

0,19

77.909

0,11

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

89.613

0,22

91.831

0,13

NON-CURRENT ASSETS

1.267

0,00

1.606

0,00

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)

0

0,00

0

0,00

Intangible Assets

1.267

0,00

1.267

0,00

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

339

0,00

TOTAL ASSETS

407.563

1,00

690.706

1,00

CURRENT LIABILITIES

191.171

0,47

458.536

0,66

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

Accounts Payable

23.638

0,06

277.763

0,40

Loans from Shareholders

134.603

0,33

146.744

0,21

Other Short-term Payable

0

0,00

0

0,00

Advances from Customers

29.391

0,07

29.391

0,04

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

3.484

0,01

4.583

0,01

Provisions

55

0,00

55

0,00

Other Current Liabilities

0

0,00

0

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

216.392

0,53

232.170

0,34

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

200.000

0,49

200.000

0,29

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

20.058

0,05

22.023

0,03

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

-5.631

-0,01

-5.631

-0,01

Net Profit (loss)

1.965

0,00

15.778

0,02

TOTAL LIABILITIES AND EQUITY

407.563

1,00

690.706

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 0 is "Doubtful Trade Receivables" at the last balance sheet.

 

The details of "Other Receivable" figure at the last balance sheet (TL): Due From Shareholders: 0, Due From Participations: 0, Due From Affiliated Companies: 0, Due From Personnel: 0, Other Miscellaneous Receivables: 9.824, Other Receivable Total: 9.824

 

TL 4.853 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

 

(2014) TL

 

(01.01-30.06.2015) TL

 

Net Sales

144.495

1,00

407.079

1,00

141.646

1,00

Cost of Goods Sold

128.284

0,89

327.271

0,80

126.837

0,90

Gross Profit

16.211

0,11

79.808

0,20

14.809

0,10

Operating Expenses

14.183

0,10

63.971

0,16

11.718

0,08

Operating Profit

2.028

0,01

15.837

0,04

3.091

0,02

Other Income

1.547

0,01

0

0,00

0

0,00

Other Expenses

186

0,00

59

0,00

0

0,00

Financial Expenses

905

0,01

0

0,00

0

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

2.484

0,02

15.778

0,04

3.091

0,02

Tax Payable

519

0,00

0

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

1.965

0,01

15.778

0,04

3.091

0,02

 

 

FINANCIAL RATIOS

 

 

(2013)

(2014)

 

LIQUIDITY RATIOS

 

 

Current Ratio

2,13

1,50

 

Acid-Test Ratio

0,66

1,06

 

Cash Ratio

0,00

0,01

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,28

0,05

 

Short-term Receivable/Total Assets

0,31

0,69

 

Tangible Assets/Total Assets

0,00

0,00

 

TURNOVER RATIOS

 

 

Inventory Turnover

1,14

9,88

 

Stockholders' Equity Turnover

0,67

1,75

 

Asset Turnover

0,35

0,59

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,53

0,34

 

Current Liabilities/Total Assets

0,47

0,66

 

Financial Leverage

0,47

0,66

 

Gearing Percentage

0,88

1,98

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,01

0,07

 

Operating Profit Margin

0,01

0,04

 

Net Profit Margin

0,01

0,04

 

Interest Cover

3,74

 

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

314,12

415,74

 

Average Payable Period (days)

66,33

305,54

 

WORKING CAPITAL

215125,00

230564,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.64.89

UK Pound

1

Rs.100.39

Euro

1

Rs.73.52

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAS

 

 

Report Prepared by :

ASH

 

 

 

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.