MIRA INFORM REPORT

 

 

Report No. :

496950

Report Date :

15.03.2018

 

 

IDENTIFICATION DETAILS

 

Name :

INTER TEKSTIL TICARET LTD. STI.

 

 

Registered Office :

Cumhuriyet Mah. Halaskargazi Cad. Yasan Ism. No:101/70-71-72-73-74 Osmanbey 34380 Istanbul / Turkey

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.216

 

 

Date of Incorporation :

29.04.1985

 

 

Com. Reg. No.:

214715

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Wholesale trade of yarn

 

 

No. of Employees :

5

 

 

RATING & COMMENTS

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

 

MIRA’s Rating :

A

 

 

Credit Rating

Explanation

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

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

(30.09.2017)

Current Rating

(31.12.2017)

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.

The growth of Turkish GDP since 2016 has revealed the 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

 

 

COMPANY summery

 

 

 

NAME

INTER TEKSTIL TICARET LTD. STI.

HEAD OFFICE ADDRESS

Cumhuriyet Mah. Halaskargazi Cad. Yasan Ism. No:101/70-71-72-73-74 Osmanbey 34380 Istanbul / Turkey

REMARKS ON HEAD OFFICE ADDRESS

The door number was changed from "243" to "101" by the Municipality.

PHONE NUMBER

90-212-231 67 62

 

FAX NUMBER

90-212-230 83 42

 

WEB-ADDRESS

www.intertekstil.net

E-MAIL

info@intertekstil.net

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

Sisli

TAX NO

4780064552

REGISTRATION NUMBER

214715

REGISTERED OFFICE

Istanbul Chamber of Commerce

COMMERCIAL REGISTRY

Istanbul Commercial Registry

DATE ESTABLISHED

29.04.1985

ESTABLISHMENT GAZETTE DATE/NO

04.06.1985/1278

LEGAL FORM

Limited Company

TYPE OF COMPANY

Private

REGISTERED CAPITAL

TL   5.400.000

PAID-IN CAPITAL

TL   5.400.000

HISTORY

Previous Registered Capital   :  

TL 1.620.000    / Changed on : 10.08.2009/(Commercial Gazette Date /Number 13.08.2009 /7375)

Previous Registered Capital   :  

TL 2.520.000    / Changed on : 17.12.2009/(Commercial Gazette Date /Number 22.12.2009 /7463)

Previous Registered Capital   :  

TL 2.700.000    / Changed on : 02.11.2016/(Commercial Gazette Date /Number 08.11.2016 /9193)

Previous Address   :  

Rumeli Cad. Cenani Ishani No:116 Kat:1 Osmanbey Sisli - Istanbul    / Changed on : 10.04.2007/(Commercial Gazette Date /Number 13.04.2007 /6787)

 

 

OWNERSHIP / MANAGEMENT

 

 

 

SHAREHOLDERS

Davit Peso

70 %

Matild Peso

29 %

Ester Peso

1 %

 

DIRECTORS

 

Davit Peso ( General Manager )

 

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

Wholesale trade of yarn. 

 

NACE CODE

G .51.41

 

SECTOR

Commerce

 

NUMBER OF EMPLOYEES

5

 

NET SALES

7.687.971 TL

(2007) 

5.795.819 TL

(2008) 

6.522.334 TL

(2009) 

8.412.327 TL

(2010) 

9.528.111 TL

(2011) 

11.344 TL Thousand

(2012) 

12.455 TL Thousand

(2013) 

17.748 TL Thousand

(2014) 

21.621 TL Thousand

(2015) 

20.343 TL Thousand

(2016) 

36.704 TL Thousand

(2017) 

 

CAPACITY

None

 

PRODUCTION

None

 

IMPORT COUNTRIES

India

Egypt

Indonesia

 

MERCHANDISE IMPORTED

Yarn

 

EXPORT VALUE

0 TL

(2008)

0 TL

(2009)

0 TL

(2010)

0 TL

(2011)

0 TL

(2012)

0 TL

(2013)

0 TL

(2014)

0 TL

(2015)

0 TL

(2016)

0 TL

(2017)

 

HEAD OFFICE ADDRESS

Cumhuriyet Mah. Halaskargazi Cad. Yasan Ism. No:101/70-71-72-73-74 Osmanbey  Istanbul / Turkey

 

BRANCHES

Warehouse  :  Nisanca Mah. Pasmakci Cayiri Birlik Is Hani No:37 Eyup Istanbul/Turkey ( 12.000  sqm )

           

NOTES ON INVESTMENTS

None                                                                                                                                                               

 

TREND OF BUSINESS

There was a decline at business volume in nominal terms in 2016. There was an upwards trend in 2017.

SIZE OF BUSINESS

Large

 

 

FINANCE

 

 

 

MAIN DEALING BANKS

T. Garanti Bankasi Rumeli Caddesi Branch

Akbank  Rumeli Caddesi Branch

Yapi ve Kredi Bankasi Osmanbey Branch

 

CREDIT FACILITIES

 

The subject company is making active use of credit facilities.

 

PAYMENT BEHAVIOUR

 

Regular

KEY FINANCIAL ELEMENTS

 

(2013)                                                                                TL Thousand

(2014)                                                                                TL Thousand

(2015)                                                                                TL Thousand

(2016)                                                                                TL Thousand

(2017)                                                                                TL Thousand

Net Sales

12.455

17.748

21.621

20.343

36.704

Profit (Loss) Before Tax

254

902

1.559

1.119

3.089

Stockholders' Equity

4.027

4.749

5.996

6.889

 

Total Assets

10.103

12.988

16.132

16.434

 

Current Assets

9.883

12.797

16.073

16.302

 

Non-Current Assets

220

191

59

132

 

Current Liabilities

6.076

8.239

10.136

9.545

 

Gross Profit (loss)

1.129

1.912

3.015

2.624

5.023

Operating Profit (loss)

766

1.435

2.543

2.033

4.020

Net Profit (loss)

202

721

1.246

893

3.089

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Satisfactory As of 31.12.2016

Liquidity

High As of 31.12.2016

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

Low Net Profitability  in 2013

Good Operating Profitability  in 2014

Good Net Profitability  in 2014

High Operating Profitability  in 2015

Good Net Profitability  in 2015

Good Operating Profitability  in 2016

Good Net Profitability  in 2016

High Operating Profitability  in 2017

High Net Profitability  in 2017

 

Gap between average collection and payable periods

Unfavorable in 2016

General Financial Position

In Order

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2007 )

5,94 %

1,3075

1,7901

2,6133

 ( 2008 )

8,11 %

1,2858

1,8876

2,3708

 ( 2009 )

5,93 %

1,5460

2,1529

2,4094

 ( 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

 ( 2017 )

15,47 %

3,6337

4,1120

4,7059

 ( 01.01-28.02.2018)

3,69 %

3,7820

4,6191

5,2464

 

 

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

 

CURRENT ASSETS

9.883

0,98

12.797

0,99

16.073

1,00

16.302

0,99

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

388

0,04

556

0,04

415

0,03

231

0,01

Marketable Securities

0

0,00

0

0,00

1

0,00

1

0,00

Account Receivable

7.013

0,69

10.103

0,78

14.105

0,87

13.224

0,80

Other Receivable

0

0,00

0

0,00

0

0,00

0

0,00

Inventories

1.799

0,18

2.006

0,15

1.432

0,09

2.542

0,15

Advances Given

575

0,06

0

0,00

3

0,00

0

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

108

0,01

132

0,01

117

0,01

304

0,02

NON-CURRENT ASSETS

220

0,02

191

0,01

59

0,00

132

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)

186

0,02

154

0,01

15

0,00

89

0,01

Intangible Assets

5

0,00

8

0,00

15

0,00

11

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

29

0,00

29

0,00

29

0,00

32

0,00

TOTAL ASSETS

10.103

1,00

12.988

1,00

16.132

1,00

16.434

1,00

CURRENT LIABILITIES

6.076

0,60

8.239

0,63

10.136

0,63

9.545

0,58

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

5.765

0,57

8.052

0,62

9.851

0,61

8.875

0,54

Accounts Payable

210

0,02

108

0,01

50

0,00

452

0,03

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

Other Short-term Payable

0

0,00

0

0,00

0

0,00

0

0,00

Advances from Customers

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

14

0,00

15

0,00

114

0,01

75

0,00

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Liabilities

87

0,01

64

0,00

121

0,01

143

0,01

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

4.027

0,40

4.749

0,37

5.996

0,37

6.889

0,42

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

2.700

0,27

2.700

0,21

2.700

0,17

5.400

0,33

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

3.430

0,34

3.430

0,26

3.430

0,21

3.430

0,21

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

1.095

0,11

1.298

0,10

2.020

0,13

566

0,03

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

-3.400

-0,34

-3.400

-0,26

-3.400

-0,21

-3.400

-0,21

Net Profit (loss)

202

0,02

721

0,06

1.246

0,08

893

0,05

TOTAL LIABILITIES AND EQUITY

10.103

1,00

12.988

1,00

16.132

1,00

16.434

1,00

 

INCOME STATEMENTS

 

 

(2013)  ( Full Year  )  TL Thousand

 

(2014)  ( Full Year  )  TL Thousand

 

(2015)  ( Full Year  )  TL Thousand

 

(2016)  ( Full Year  )  TL Thousand

 

(2017)  ( Full Year  )  TL Thousand

 

Net Sales

12.455

1,00

17.748

1,00

21.621

1,00

20.343

1,00

36.704

1,00

Cost of Goods Sold

11.326

0,91

15.836

0,89

18.606

0,86

17.719

0,87

31.681

0,86

Gross Profit

1.129

0,09

1.912

0,11

3.015

0,14

2.624

0,13

5.023

0,14

Operating Expenses

363

0,03

477

0,03

472

0,02

591

0,03

1.003

0,03

Operating Profit

766

0,06

1.435

0,08

2.543

0,12

2.033

0,10

4.020

0,11

Other Income

744

0,06

1.168

0,07

3.060

0,14

2.060

0,10

2.690

0,07

Other Expenses

1.014

0,08

1.464

0,08

3.751

0,17

2.655

0,13

2.960

0,08

Financial Expenses

242

0,02

237

0,01

293

0,01

319

0,02

661

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

254

0,02

902

0,05

1.559

0,07

1.119

0,06

3.089

0,08

Tax Payable

52

0,00

181

0,01

313

0,01

226

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)

202

0,02

721

0,04

1.246

0,06

893

0,04

3.089

0,08

 

LAST FINANCIAL STATEMENT DETAILS

 

 

TL Thousand

Cash

30

Banks

173

Doubtful Trade Receivables

606

Provision for Doubtful Trade Receivables

-606

Overdue, Delayed or Deferred Tax by Installments and Other Liabilities

0

Profit from Foreign Currency Exchange

2.686

Loss from Foreign Currency Exchange

2.924

 

FINANCIAL RATIOS

 

 

(2013)

(2014)

(2015)

(2016)

LIQUIDITY RATIOS

 

Current Ratio

1,63

1,55

1,59

1,71

Acid-Test Ratio

1,22

1,29

1,43

1,41

Cash Ratio

0,06

0,07

0,04

0,02

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,18

0,15

0,09

0,15

Short-term Receivable/Total Assets

0,69

0,78

0,87

0,80

Tangible Assets/Total Assets

0,02

0,01

0,00

0,01

TURNOVER RATIOS

 

Inventory Turnover

6,30

7,89

12,99

6,97

Stockholders' Equity Turnover

3,09

3,74

3,61

2,95

Asset Turnover

1,23

1,37

1,34

1,24

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,40

0,37

0,37

0,42

Current Liabilities/Total Assets

0,60

0,63

0,63

0,58

Financial Leverage

0,60

0,63

0,63

0,58

Gearing Percentage

1,51

1,73

1,69

1,39

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,05

0,15

0,21

0,13

Operating Profit Margin

0,06

0,08

0,12

0,10

Net Profit Margin

0,02

0,04

0,06

0,04

Interest Cover

2,05

4,81

6,32

4,51

COLLECTION-PAYMENT

 

Average Collection Period (days)

202,70

204,93

234,86

234,02

Average Payable Period (days)

6,67

2,46

0,97

9,18

WORKING CAPITAL

3807,00

4558,00

5937,00

6757,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 64.99

UK Pound

1

INR 90.83

Euro

1

INR 80.58

TRY

1

INR 16.74

 

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

NIS

 

 

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.