|
Report No. : |
339275 |
|
Report Date : |
03.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
ALPRESS KALIPCILIK DANISMANLIK ITHALAT IHRACAT SANAYI VE
TICARET LTD. STI. |
|
|
|
|
Registered Office : |
Demirciler Sitesi. 2. Cad. No:35 Zeytinburnu Istanbul |
|
|
|
|
Country : |
Turkey |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
12.11.2003 |
|
|
|
|
Com. Reg. No.: |
509346 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Manufacture and trade of mould for to be
used at jewellery production. |
|
|
|
|
No. of Employees : |
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 |
|
NAME |
: |
ALPRESS KALIPCILIK DANISMANLIK ITHALAT IHRACAT
SANAYI VE TICARET LTD. STI. |
|
HEAD OFFICE ADDRESS |
: |
Demirciler Sitesi. 2. Cad. No:35
Zeytinburnu Istanbul / Turkey |
|
PHONE NUMBER |
: |
90-212-416 65 05 |
|
FAX NUMBER |
: |
90-212-416 65 54 |
|
WEB-ADDRESS |
: |
www.alpress.net |
|
E-MAIL |
: |
info@alpress.com.tr |
|
TAX OFFICE |
: |
Davutpasa |
|
TAX NO |
: |
0580122032 |
|
REGISTRATION NUMBER |
: |
509346 |
|
REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
|
DATE ESTABLISHED |
: |
12.11.2003 |
|
ESTABLISHMENT GAZETTE DATE /NO |
: |
17.11.2003/5929 |
|
LEGAL FORM |
: |
Limited Company |
||||||||||||
|
TYPE OF COMPANY |
: |
Private |
||||||||||||
|
REGISTERED CAPITAL |
: |
TL
500.000 |
||||||||||||
|
PAID-IN CAPITAL |
: |
TL
500.000 |
||||||||||||
|
HISTORY |
: |
|
|
SHAREHOLDERS |
: |
|
||||||
|
DIRECTORS |
: |
|
|
BUSINESS ACTIVITIES |
: |
Manufacture and trade of mould for to be
used at jewellery production. |
||||||||
|
NACE CODE |
: |
DK.29.56 |
||||||||
|
NUMBER OF EMPLOYEES |
: |
20 |
||||||||
|
NET SALES |
: |
|
||||||||
|
IMPORT VALUE |
: |
|
||||||||
|
EXPORT VALUE |
: |
|
||||||||
|
EXPORT COUNTRIES |
: |
India Vietnam |
||||||||
|
MERCHANDISE
EXPORTED |
: |
Mould |
||||||||
|
HEAD OFFICE ADDRESS |
: |
Demirciler Sitesi. 2. Cad. No:35
Zeytinburnu Istanbul / Turkey |
||||||||
|
BRANCHES |
: |
Head Office/Production Plant : Demirciler
Sitesi. 2. Cad. No:35 Zeytinburnu Istanbul/Turkey |
|
TREND OF BUSINESS |
: |
Trend of business was steady in 2014. There
appears an upwards trend in 1.1 - 30.6.2015. |
|
SIZE OF BUSINESS |
: |
Lower-Medium |
|
MAIN DEALING BANKS |
: |
Turk Ekonomi Bankasi Demirciler Sitesi
Branch Yapi ve Kredi Bankasi Nuruosmaniye Branch |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
CREDIT FACILITIES |
: |
The subject company is making active use of
credit facilities. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
PAYMENT BEHAVIOUR |
: |
We are informed about a few payment delays in
the former years which were resolved later on but no payment delays have come
to our knowledge in the last years. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
KEY FINANCIAL ELEMENTS |
: |
|
|
Capitalization |
Insufficient As of 31.12.2014 |
|
Liquidity |
Insufficient As of 31.12.2014 |
|
Remarks On Liquidity |
The unfavorable gap between average collection
and average payable period has an adverse effect on liquidity. |
|
Profitability |
Good Operating Profitability in 2013 In Order Net Profitability in 2013 Low Operating Profitability in 2014 In Order Net Profitability in 2014 Good 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 |
Passable |
|
|
(
31.12.2013 ) TL Thousand |
|
(
31.12.2014 ) TL Thousand |
|
|
CURRENT ASSETS |
3.727 |
0,92 |
3.482 |
0,93 |
|
Not Detailed Current Assets |
0 |
0,00 |
0 |
0,00 |
|
Cash and Banks |
30 |
0,01 |
40 |
0,01 |
|
Marketable Securities |
0 |
0,00 |
0 |
0,00 |
|
Account Receivable |
2.179 |
0,54 |
1.231 |
0,33 |
|
Other Receivable |
1 |
0,00 |
1 |
0,00 |
|
Inventories |
1.140 |
0,28 |
1.700 |
0,45 |
|
Advances Given |
220 |
0,05 |
242 |
0,06 |
|
Accumulated Construction Expense |
0 |
0,00 |
0 |
0,00 |
|
Other Current Assets |
157 |
0,04 |
268 |
0,07 |
|
NON-CURRENT ASSETS |
304 |
0,08 |
278 |
0,07 |
|
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) |
54 |
0,01 |
63 |
0,02 |
|
Intangible Assets |
235 |
0,06 |
211 |
0,06 |
|
Deferred Tax Assets |
0 |
0,00 |
0 |
0,00 |
|
Other Non-Current Assets |
15 |
0,00 |
4 |
0,00 |
|
TOTAL ASSETS |
4.031 |
1,00 |
3.760 |
1,00 |
|
CURRENT LIABILITIES |
3.058 |
0,76 |
2.736 |
0,73 |
|
Not Detailed Current Liabilities |
0 |
0,00 |
0 |
0,00 |
|
Financial Loans |
1.446 |
0,36 |
1.424 |
0,38 |
|
Accounts Payable |
1.226 |
0,30 |
718 |
0,19 |
|
Loans from Shareholders |
0 |
0,00 |
0 |
0,00 |
|
Other Short-term Payable |
19 |
0,00 |
17 |
0,00 |
|
Advances from Customers |
114 |
0,03 |
263 |
0,07 |
|
Accumulated Construction Income |
0 |
0,00 |
0 |
0,00 |
|
Taxes Payable |
240 |
0,06 |
308 |
0,08 |
|
Provisions |
13 |
0,00 |
6 |
0,00 |
|
Other Current Liabilities |
0 |
0,00 |
0 |
0,00 |
|
LONG-TERM LIABILITIES |
150 |
0,04 |
94 |
0,03 |
|
Not Detailed Long-term Liabilities |
0 |
0,00 |
0 |
0,00 |
|
Financial Loans |
117 |
0,03 |
81 |
0,02 |
|
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 |
33 |
0,01 |
13 |
0,00 |
|
Provisions |
0 |
0,00 |
0 |
0,00 |
|
STOCKHOLDERS' EQUITY |
823 |
0,20 |
930 |
0,25 |
|
Not Detailed Stockholders' Equity |
0 |
0,00 |
0 |
0,00 |
|
Paid-in Capital |
500 |
0,12 |
500 |
0,13 |
|
Cross Shareholding Adjustment of Capital |
0 |
0,00 |
0 |
0,00 |
|
Inflation Adjustment of Capital |
2 |
0,00 |
2 |
0,00 |
|
Equity of Consolidated Firms |
0 |
0,00 |
0 |
0,00 |
|
Reserves |
245 |
0,06 |
321 |
0,09 |
|
Revaluation Fund |
0 |
0,00 |
0 |
0,00 |
|
Accumulated Losses(-) |
0 |
0,00 |
0 |
0,00 |
|
Net Profit (loss) |
76 |
0,02 |
107 |
0,03 |
|
TOTAL LIABILITIES AND EQUITY |
4.031 |
1,00 |
3.760 |
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 295 of "Tax Payable"
is due to "Overdue, Delayed or Deferred Tax by Installments and Other
Liabilities" at the last balance sheet. |
|
|
||||||
|
|
(2013) TL Thousand |
|
(2014) TL Thousand |
|
(01.01-30.06.2015) TL Thousand |
|
|
Net Sales |
2.934 |
1,00 |
3.094 |
1,00 |
2.013 |
1,00 |
|
Cost of Goods Sold |
2.466 |
0,84 |
2.724 |
0,88 |
1.731 |
0,86 |
|
Gross Profit |
468 |
0,16 |
370 |
0,12 |
282 |
0,14 |
|
Operating Expenses |
287 |
0,10 |
357 |
0,12 |
120 |
0,06 |
|
Operating Profit |
181 |
0,06 |
13 |
0,00 |
162 |
0,08 |
|
Other Income |
81 |
0,03 |
386 |
0,12 |
88 |
0,04 |
|
Other Expenses |
27 |
0,01 |
34 |
0,01 |
25 |
0,01 |
|
Financial Expenses |
140 |
0,05 |
231 |
0,07 |
173 |
0,09 |
|
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 |
95 |
0,03 |
134 |
0,04 |
52 |
0,03 |
|
Tax Payable |
19 |
0,01 |
27 |
0,01 |
0 |
0,00 |
|
Postponed Tax Gain |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Net Profit (loss) |
76 |
0,03 |
107 |
0,03 |
52 |
0,03 |
|
|
(2013) |
(2014) |
|
|
LIQUIDITY RATIOS |
|
|
|
|
Current Ratio |
1,22 |
1,27 |
|
|
Acid-Test Ratio |
0,72 |
0,46 |
|
|
Cash Ratio |
0,01 |
0,01 |
|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
Inventory/Total Assets |
0,28 |
0,45 |
|
|
Short-term Receivable/Total Assets |
0,54 |
0,33 |
|
|
Tangible Assets/Total Assets |
0,01 |
0,02 |
|
|
TURNOVER RATIOS |
|
|
|
|
Inventory Turnover |
2,16 |
1,60 |
|
|
Stockholders' Equity Turnover |
3,57 |
3,33 |
|
|
Asset Turnover |
0,73 |
0,82 |
|
|
FINANCIAL STRUCTURE |
|
|
|
|
Stockholders' Equity/Total Assets |
0,20 |
0,25 |
|
|
Current Liabilities/Total Assets |
0,76 |
0,73 |
|
|
Financial Leverage |
0,80 |
0,75 |
|
|
Gearing Percentage |
3,90 |
3,04 |
|
|
PROFITABILITY RATIOS |
|
|
|
|
Net Profit/Stockholders' Eq. |
0,09 |
0,12 |
|
|
Operating Profit Margin |
0,06 |
0,00 |
|
|
Net Profit Margin |
0,03 |
0,03 |
|
|
Interest Cover |
1,68 |
1,58 |
|
|
COLLECTION-PAYMENT |
|
|
|
|
Average Collection Period (days) |
267,36 |
143,23 |
|
|
Average Payable Period (days) |
178,98 |
94,89 |
|
|
WORKING CAPITAL |
669,00 |
746,00 |
|
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.16 |
|
UK Pound |
1 |
Rs.101.22 |
|
Euro |
1 |
Rs.74.61 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.