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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

489973

Report Date :

06.02.2018

 

 

IDENTIFICATION DETAILS

 

Name :

MERT TEKSTIL ITHALAT VE IHRACAT LTD. STI.

 

 

Registered Office :

Sirakapilar Mah. Saltak Cad. No:72 Kat:5 D:9 Merkezefendi 20010  Denizli

 

 

Country :

Turkey

 

 

Financials (as on) :

30.09.2017 

 

 

Date of Incorporation :

26.06.1979

 

 

Com. Reg. No.:

19224

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Subject engaged in Manufacturing stopped

 

 

No. of Employees :

1

 

 

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

B

 

Credit Rating

Explanation

Rating Comments

B

Medium Risk

Business dealings permissible on a regular monitoring basis

 

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

 

Country Name

Previous Rating

(30.06.2017)

Current Rating

(30.09.2017)

Turkey

B2

B2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

D

 

 

TURKEY - ECONOMIC OVERVIEW

 

Turkey's largely free-market economy is driven by its industry and, increasingly, service sectors, although its traditional agriculture sector still accounts for about 25% of employment. The automotive, petrochemical, and electronics industries have risen in importance and surpassed the traditional textiles and clothing sectors within Turkey's export mix. However, the recent period of political stability and economic dynamism has given way to domestic uncertainty and security concerns, which are generating financial market volatility and weighing on Turkey’s economic outlook.

Current government policies emphasize populist spending measures and credit breaks, while implementation of structural economic reforms has slowed. The government is playing a more active role in some strategic sectors and has used economic institutions and regulators to target political opponents, undermining private sector confidence in the judicial system. Between July 2016 and March 2017, three credit ratings agencies downgraded Turkey’s sovereign credit ratings, citing concerns about the rule of law and the pace of economic reforms.

Turkey remains highly dependent on imported oil and gas but is pursuing energy relationships with a broader set of international partners and taking steps to increase use of domestic energy sources including renewables, nuclear, and coal. The joint Turkish-Azerbaijani Trans-Anatolian Natural Gas Pipeline is moving forward to increase transport of Caspian gas to Turkey and Europe, and when completed will help diversify Turkey's sources of imported gas.

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. An aggressive privatization program also reduced state involvement in basic industry, banking, transport, power generation, and communication. 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 growth rebounded to around 9% in 2010 and 2011, as exports and investment recovered following the crisis.

Since 2014, productivity and growth has slowed to reveal persistent underlying imbalances in the Turkish economy. In particular, Turkey’s large current account deficit means it must rely on external investment inflows to finance growth, leaving the economy vulnerable to destabilizing shifts in investor confidence. Other troublesome trends include rising unemployment and inflation, which increased in 2017, given the Turkish lira’s continuing depreciation against the dollar. Although government debt remains low at about 30% of GDP, bank and corporate borrowing has almost tripled as a percent of GDP during the past decade, outpacing its emerging-market peers and prompting investor concerns about its long-term sustainability.

 

Source : CIA

 

NOTES

 

NOTES

 Address at your inquiry is the former address.                                                                                                                                                                         

 

 

COMPANY IDENTIFICATION

 

 

 

NAME

MERT TEKSTIL ITHALAT VE IHRACAT LTD. STI.

HEAD OFFICE ADDRESS

Sirakapilar Mah. Saltak Cad. No:72 Kat:5 D:9 Merkezefendi 20010  Denizli / Turkey

PHONE NUMBER

90-258-211 35 50

 

FAX NUMBER

90-258-211 89 50

 

WEB-ADDRESS

www.merttex.com

E-MAIL

info@merttex.com

 

 

LEGAL STATUS AND HISTORY

 

 

NOTES ON LEGAL STATUS AND HISTORY

Change at registration no.                                                                                                                                                                          

 

TAX OFFICE

Pamukkale

TAX NO

6180038825

REGISTRATION NUMBER

19224

REGISTERED OFFICE

Denizli Chamber of Commerce

COMMERCIAL REGISTRY

Denizli Commercial Registry

DATE ESTABLISHED

26.06.1979

LEGAL FORM

Limited Company

TYPE OF COMPANY

Private

REGISTERED CAPITAL

TL   750.000

HISTORY

Previous Registered Capital   :  

TL 10.000    / Changed on : 30.09.2011/(Commercial Gazette Date /Number 05.10.2011 /7914)

Previous Registered Capital   :  

TL 250.000    / Changed on : 17.09.2015/(Commercial Gazette Date /Number 23.09.2015 /8912)

Previous Address   :  

Camlaralti Mah. Kinikli Cad. No: 1 Merkez - Denizli    / Changed on : 23.06.2008/(Commercial Gazette Date /Number 02.07.2008 /7096)

Previous Address   :  

Camlik Mah. Camlik Cad. Yesilkent Sitesi No:94 Merkez Denizli    / Changed on : 08.04.2015/(Commercial Gazette Date /Number 15.04.2015 /8801)

Previous Address   :  

Bozburun Mah. 7068. Sok. No:17/A Merkezefendi Denizli    / Changed on : 10.06.2016/(Commercial Gazette Date /Number 15.06.2016 /9097)

Previous Shareholder   :  

Please vide Previous Shareholders section for the former shareholders' names.    / Changed on : 23.08.2007/(Commercial Gazette Date /Number 29.08.2007 /6884)

Previous Commercial Registry   :  

Istanbul Commercial Registry    / Changed on : 10.05.2001/(Commercial Gazette Date /Number 23.05.2001 /5301)

Previous Registration Number   :   

164690    / Changed on : 10.05.2001/(Commercial Gazette Date /Number 23.05.2001 /5301)

PREVIOUS SHAREHOLDERS

Hakan Mogul

99 %

Alaaddin Tokel

1 %

 

 

OWNERSHIP / MANAGEMENT

 

 

 

SHAREHOLDERS

Hakan Mogul

50 %

Yavuz Mogul

50 %

 

DIRECTORS

 

Yavuz Mogul 

Hakan Mogul 

Huseyin Mogul ( General Manager )

 

 

OPERATIONS

 

 

NOTES ON OPERATIONS

Manufacturing stopped.                                                                                                                                                                          

 

BUSINESS ACTIVITIES

Trade of weaving and textile machineries and dye.  The subject was dealing with manufacture of fabric but we are informed that  it has stopped manufacturing activity in April 2016.

 

NACE CODE

G .51.83

 

NUMBER OF EMPLOYEES

1

 

NET SALES

4.251.773 TL

(2010) 

7.716.736 TL

(2011) 

5.464 TL Thousand

(2012) 

9.722 TL Thousand

(2013) 

4.005 TL Thousand

(2014) 

6.672 TL Thousand

(2015) 

5.229 TL Thousand

(2016) 

4.004 TL Thousand

(01.01-30.09.2017) 

CAPACITY

None

 

PRODUCTION

None

 

IMPORT VALUE

17.152 TL

(2017)

 

IMPORT COUNTRIES

European Countries

 

MERCHANDISE IMPORTED

Weaving and textile machinery

 

EXPORT VALUE

3.910.976 TL

(2010)

6.813.925 TL

(2011)

5.193.261 TL

(2012)

9.224 TL Thousand

(2013)

3.556 TL Thousand

(2014)

3.245 TL Thousand

(2015)

3.743 TL Thousand

(2016)

2.433 TL Thousand

(01.01-30.09.2017)

 

EXPORT COUNTRIES

Pakistan

India

 

MERCHANDISE  EXPORTED

Weaving machinery

 

HEAD OFFICE ADDRESS

Sirakapilar Mah. Saltak Cad. No:72 Kat:5 D:9 Merkezefendi  Denizli / Turkey

 

NOTES ON INVESTMENTS

None                                                                                                                                                              

 

TREND OF BUSINESS

There was an upwards trend in 2015. There was a decline at business volume in nominal terms in 2016. There appears a slowdown at business volume in real terms in the first 9 months of 2017.

SIZE OF BUSINESS

Lower-Medium

 

 

 

 

FINANCE

 

 

 

MAIN DEALING BANKS

Turk Ekonomi Bankasi Denizli Sanayi Branch

Turkiye Finans Katilim Bankasi Denizli Branch

Yapi ve Kredi Bankasi Kinikli Branch

Finansbank Bayramyeri Branch

 

CREDIT FACILITIES

 

The subject company is making use of credit facilities.

 

PAYMENT BEHAVIOUR

 

Slow but Correct 

KEY FINANCIAL ELEMENTS

 

(2013)                                                                                TL Thousand

(2014)                                                                                TL Thousand

(2015)                                                                                TL Thousand

(2016)                                                                                TL Thousand

(01.01-30.09.2017)                                                                                TL Thousand

Net Sales

9.722

4.005

6.672

5.229

4.004

Profit (Loss) Before Tax

31

-342

237

-297

143

Stockholders' Equity

274

-68

310

87

421

Total Assets

6.597

2.700

3.338

7.059

4.745

Current Assets

6.554

2.604

2.356

6.874

4.571

Non-Current Assets

43

96

982

185

174

Current Liabilities

6.209

2.510

2.758

6.924

3.272

Long-Term Liabilities

114

258

270

48

1.052

Gross Profit (loss)

1.178

471

1.138

939

980

Operating Profit (loss)

287

58

340

282

536

Net Profit (loss)

31

-342

185

-324

143

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Low As of 30.09.2017

Liquidity

Satisfactory As of 30.09.2017

Profitability

Fair Operating Profitability  in 2013

Low Net Profitability  in 2013

Low Operating Profitability  in 2014

Net Loss  in 2014

In Order Operating Profitability  in 2015

Fair Net Profitability  in 2015

In Order Operating Profitability  in 2016

Net Loss  in 2016

High Operating Profitability (01.01-30.09.2017)

Fair Net Profitability (01.01-30.09.2017)

 

General Financial Position

Passable

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 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

 ( 2015 )

5,71 %

2,7230

3,0254

4,1661

 ( 2016 )

9,94 %

3,0292

3,3349

4,1006

 ( 01.01-30.09.2017)

9,78 %

3,5731

3,9855

4,5746

 ( 2017 )

15,47 %

3,6337

4,1120

4,7059

 

 

Financials

 

BALANCE SHEETS

 

 

31.12.2013  ( Full Year  )  TL Thousand

 

31.12.2014  ( Full Year  )  TL Thousand

 

31.12.2015  ( Full Year  )  TL Thousand

 

31.12.2016  ( Full Year  )  TL Thousand

 

30.09.2017  ( Interim Period )  TL Thousand

 

CURRENT ASSETS

6.554

0,99

2.604

0,96

2.356

0,71

6.874

0,97

4.571

0,96

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

1.211

0,18

274

0,10

412

0,12

390

0,06

516

0,11

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

273

0,04

349

0,13

391

0,12

480

0,07

951

0,20

Other Receivable

704

0,11

346

0,13

464

0,14

894

0,13

654

0,14

Inventories

3.385

0,51

1.353

0,50

608

0,18

2.555

0,36

1.379

0,29

Advances Given

786

0,12

124

0,05

130

0,04

1.928

0,27

699

0,15

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

195

0,03

158

0,06

351

0,11

627

0,09

372

0,08

NON-CURRENT ASSETS

43

0,01

96

0,04

982

0,29

185

0,03

174

0,04

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

0

0,00

6

0,00

6

0,00

6

0,00

0

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

43

0,01

45

0,02

937

0,28

172

0,02

161

0,03

Intangible Assets

0

0,00

45

0,02

39

0,01

7

0,00

8

0,00

Deferred Tax Assets

0

0,00

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

5

0,00

TOTAL ASSETS

6.597

1,00

2.700

1,00

3.338

1,00

7.059

1,00

4.745

1,00

CURRENT LIABILITIES

6.209

0,94

2.510

0,93

2.758

0,83

6.924

0,98

3.272

0,69

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

1.950

0,30

1.221

0,45

1.231

0,37

1.315

0,19

357

0,08

Accounts Payable

484

0,07

310

0,11

1.335

0,40

5.498

0,78

2.744

0,58

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Short-term Payable

0

0,00

9

0,00

17

0,01

1

0,00

2

0,00

Advances from Customers

3.769

0,57

957

0,35

120

0,04

88

0,01

150

0,03

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

6

0,00

13

0,00

11

0,00

2

0,00

3

0,00

Provisions

0

0,00

0

0,00

44

0,01

20

0,00

1

0,00

Other Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

15

0,00

LONG-TERM LIABILITIES

114

0,02

258

0,10

270

0,08

48

0,01

1.052

0,22

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

114

0,02

253

0,09

255

0,08

0

0,00

1.051

0,22

Securities Issued

0

0,00

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

0

0,00

Loans from Shareholders

0

0,00

5

0,00

15

0,00

48

0,01

1

0,00

Other Long-term Liabilities

0

0,00

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

0

0,00

STOCKHOLDERS' EQUITY

274

0,04

-68

-0,03

310

0,09

87

0,01

421

0,09

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

250

0,04

250

0,09

443

0,13

544

0,08

735

0,15

Cross Shareholding Adjustment of Capital

0

0,00

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

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

102

0,02

103

0,04

103

0,03

209

0,03

209

0,04

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

-109

-0,02

-79

-0,03

-421

-0,13

-342

-0,05

-666

-0,14

Net Profit (loss)

31

0,00

-342

-0,13

185

0,06

-324

-0,05

143

0,03

TOTAL LIABILITIES AND EQUITY

6.597

1,00

2.700

1,00

3.338

1,00

7.059

1,00

4.745

1,00

 

 

 

INCOME STATEMENTS

 

 

(2013)  ( Full Year  )  TL Thousand

 

(2014)  ( Full Year  )  TL Thousand

 

(2015)  ( Full Year  )  TL Thousand

 

(2016)  ( Full Year  )  TL Thousand

 

(01.01-30.09.2017)  ( Interim Period )  TL Thousand

 

Net Sales

9.722

1,00

4.005

1,00

6.672

1,00

5.229

1,00

4.004

1,00

Cost of Goods Sold

8.544

0,88

3.534

0,88

5.534

0,83

4.290

0,82

3.024

0,76

Gross Profit

1.178

0,12

471

0,12

1.138

0,17

939

0,18

980

0,24

Operating Expenses

891

0,09

413

0,10

798

0,12

657

0,13

444

0,11

Operating Profit

287

0,03

58

0,01

340

0,05

282

0,05

536

0,13

Other Income

420

0,04

360

0,09

577

0,09

567

0,11

300

0,07

Other Expenses

474

0,05

484

0,12

441

0,07

920

0,18

525

0,13

Financial Expenses

202

0,02

276

0,07

239

0,04

226

0,04

168

0,04

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

31

0,00

-342

-0,09

237

0,04

-297

-0,06

143

0,04

Tax Payable

0

0,00

0

0,00

52

0,01

27

0,01

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

31

0,00

-342

-0,09

185

0,03

-324

-0,06

143

0,04

 

LAST FINANCIAL STATEMENT DETAILS

 

 

TL Thousand

Cash

426

Banks

90

Doubtful Trade Receivables

0

Other Miscellaneous Receivables (in Other Receivable)

654

Overdue, Delayed or Deferred Tax by Installments and Other Liabilities

0

Profit from Foreign Currency Exchange

288

Loss from Foreign Currency Exchange

486

 

FINANCIAL RATIOS

 

 

(2013)

(2014)

(2015)

(2016)

(01.01-30.09.2017)

LIQUIDITY RATIOS

 

Current Ratio

1,06

1,04

0,85

0,99

1,40

Acid-Test Ratio

0,35

0,39

0,46

0,25

0,65

Cash Ratio

0,20

0,11

0,15

0,06

0,16

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,51

0,50

0,18

0,36

0,29

Short-term Receivable/Total Assets

0,15

0,26

0,26

0,19

0,34

Tangible Assets/Total Assets

0,01

0,02

0,28

0,02

0,03

TURNOVER RATIOS

 

Inventory Turnover

2,52

2,61

9,10

1,68

2,19

Stockholders' Equity Turnover

35,48

-58,90

21,52

60,10

9,51

Asset Turnover

1,47

1,48

2,00

0,74

0,84

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,04

-0,03

0,09

0,01

0,09

Current Liabilities/Total Assets

0,94

0,93

0,83

0,98

0,69

Financial Leverage

0,96

1,03

0,91

0,99

0,91

Gearing Percentage

23,08

-40,71

9,77

80,14

10,27

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,11

5,03

0,60

-3,72

0,34

Operating Profit Margin

0,03

0,01

0,05

0,05

0,13

Net Profit Margin

0,00

-0,09

0,03

-0,06

0,04

Interest Cover

1,15

-0,24

1,99

-0,31

1,85

COLLECTION-PAYMENT

 

Average Collection Period (days)

10,11

31,91

21,42

33,46

85,50

Average Payable Period (days)

20,39

31,58

86,84

461,37

326,67

WORKING CAPITAL

345,00

94,00

-402,00

-50,00

1299,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 63.03

UK Pound

1

INR 90.40

Euro

1

INR 79.73

TRY

1

INR 17.02

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

NIY

 

 

Report Prepared by :

KET

 

 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

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 are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

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.