MIRA
INFORM REPORT
|
Report Date : |
01.08.2007 |
IDENTIFICATION DETAILS
|
Name : |
TEKEREKOGLU TEKSTIL SANAYI VE TICARET A.S. |
|
|
|
|
Registered Office : |
Karsiyaka Mah. Ogretmen Sok.No: 72 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
October 1985 (Commercial Registry Gazette Date: 30.10.1985) |
|
|
|
|
Com. Reg. No.: |
11426 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacture and trade of home textile products |
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 : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
TEKEREKOGLU TEKSTIL SANAYI VE TICARET A.S. |
|
ADDRESS |
: |
Head Office & Factory: Karsiyaka Mah. Ogretmen Sok.No: 72
Gaziantep-Turkey Factory: 2. Organize Sanayi Bolgesi Baspinar Branch Office: Genc Turk Cad. No: 55 Laleli |
|
PHONE NUMBER |
: |
90-342-323 12 77 (Head Office/Factory) 90-212-511 82 20 (Branch) |
|
FAX NUMBER |
: |
90-342-323 20 30 (Head Office) 90-212-527 27 29 (Branch) |
LEGAL STATUS AND
HISTORY
|
TAX OFFICE / NO |
: |
Gazikent / 8340048313 |
|
REGISTRATION NUMBER |
: |
11426 |
|
REGISTERED OFFICE |
: |
|
|
DATE ESTABLISHED |
: |
October 1985 (Commercial Registry Gazette Date: 30.10.1985) |
|
LEGAL FORM |
: |
Joint Stock Company |
|
TYPE OF COMPANY |
: |
Private |
|
REGISTERED CAPITAL |
: |
YTL 10,300,000 |
|
|||
|
|
|
As the financial statements of
2004 are subjected to inflation adjustment, capital figure at the
balance sheets is shown with the adjusted value. Although inflation
adjustment has not been applied to the financial statements of 31.12.2005 and
31.12.2006, the capital is still shown with the adjusted value at the balance
sheet of 31.12.2005 and 31.12.2006 (as it was once positioned at the balance
sheet when the statements were reflected in real terms due to inflation
adjustment in 2004) |
||||
|
HISTORY |
: |
|
|
|||
|
|
|
Previous Registered Capital |
: YTL 5,000,000 |
|||
|
|
|
Regist. Capital Changed on |
: 07.05.2002 (Commercial Registry Gazette Date/No: 24.05.2002 / 5555) |
|||
|
|
|
Previous Registered Capital |
: YTL 7,500,000 |
|||
|
|
|
Regist. Capital Changed on |
: 06.06.2006 (Commercial Registry Gazette Date/No: 13.06.2006 / 6576) |
|||
|
|
|
Previous Registered Capital |
: YTL 10,150,000 |
|||
|
|
|
Regist. Capital Changed on |
: 24.08.2006 (Commercial Registry Gazette Date/No: 12.09.2006 / 6640) |
|||
OWNERSHIP /
MANAGEMENT
|
SHAREHOLDERS |
: |
Arif Tekerekoglu Mustafa Tekerekoglu Cemal Tekerekoglu Mehmet Nuri Tekerekoglu Fitnat Tekerekoglu |
25 % 25 % 25 % 15 % 10 % |
|
|
SISTER COMPANIES |
: |
Declared to be: None |
||
|
GROUP PARENT COMPANY |
: |
None |
||
|
SUBSIDIARIES |
: |
None |
||
|
BOARD OF DIRECTORS |
: |
Arif Tekerekoglu Mustafa Tekerekoglu Cemal Tekerekoglu |
Chairman Member Member |
|
|
DIRECTORS |
: |
Ahmet Nuri Tekerekoglu Fitnat Tekerekoglu |
General Manager Deputy General Manager |
|
OPERATIONS
|
BUSINESS ACTIVITIES |
: |
Manufacture and trade of home textile products |
|
||
|
SECTOR |
: |
Textile |
|
||
|
TRADEMARK |
: |
Elegant |
|
||
|
NUMBER OF EMPLOYEES |
: |
1,203 |
|
||
|
NET SALES |
: |
(YTL) 4,962,173 9,180,410 18,997,311 22,704,038 29,322,401 34,946,571 38,568,326 48,200,148 15,239,352 |
(1999) (2000) (2001) (2002) (2003) (2004) |
|
|
|
CAPACITY |
: |
(Meters/Yr) 6,015,000 6,015,000 |
(2005) (2006) |
||
|
PRODUCTION |
: |
(Meters) 5,413,500 5,112,750 |
(2005) (2006) |
||
|
IMPORT VALUE |
: |
YTL 13,182,886 YTL 17,665,563 USD 3,484,432 YTL 1,915,385 |
(2004) (2005) (2006) |
|
|
|
IMPORT COUNTRIES |
: |
|
|
||
|
MERCHANDISE IMPORTED |
: |
Yarn, machinery spare parts |
|
||
|
EXPORT VALUE |
: |
YTL 2,916,605 YTL 6,115,641 USD 10,883,000 USD 13,132,000 USD 14,742,000 YTL 27,699,276 YTL 27,311,904 YTL 42,755,897 YTL 13,177,689 |
(1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (01.01.-31.03.2007) |
|
EXPORT COUNTRIES |
: |
Germany, USA, Morocco, France, South Africa, Switzerland, Italy, UK, Uzbekisthan,
Russia, Egypt, India, Bulgaria, Ukraine, Romania, Kazakhstan, Bangladesh,
China, Australia, Portugal, Greece, Mexico, Iran, Thailand, Singapore,
Malaysia, South Korea, Hong Kong, Netherlands, Bosnia-Herzegovina,
Kyrgyzstan, Azerbaijan, UAE, Canada, Libya, Turkmenistan, Hungary, Czech
Republic, Iceland, Spain |
|
|
MERCHANDISE EXPORTED |
: |
Home textiles |
|
|
PREMISES |
: |
Head Office & Factory : Karsiyaka Mah. Ogretmen Sok.No: 72 Branch/Store: Genc Turk Cad. No: 55 Laleli Factory: Unaldi Mah. 1. Sanayi Cad. No:122 Unaldi – Factory: 2. Organize Sanayi Bolgesi Baspinar Branch/Store: Gazi Mustafapasa Bulvari
Tekerekoglu Is Merkezi No: 16/6-7-8-26 Sehitkamil – Branch/Store: Karatas Mah. 400 nolu Cad. |
|
|
TREND OF BUSINESS |
: |
Upwards |
|
COMMERCIAL MORALITY |
: |
Satisfactory |
|
SIZE OF BUSINESS |
: |
Large |
FINANCE
|
MAIN DEALING BANKERS |
: |
Akbank Gaziantep branch in Gaziantep Finansbank Gaziantep branch in Gaziantep Yapi ve Kredi Bankasi Gaziantep branch in
Gaziantep |
|
CREDIT FACILITIES |
: |
The subject company is making use of credit facilities. |
|
PAYMENT BEHAVIOR |
: |
According to the official registries between 01.01.2000-15.06.2007,
there are 2 non-paid cheques in 2007 registered in the name of “Tekerekoglu
Tekstil”. However, they were paid later on. |
COMMENT ON FINANCIAL
POSITION
|
FINANCIAL STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
||||
|
In order |
As of 31.12.2006 |
|||
|
LIQUIDITY |
||||
|
High |
As of 31.12.2006 |
|||
|
PROFITABILITY |
||||
|
High |
In 2006 |
Good |
Between 01.01.-31.03.2007 |
|
|
GAP BETWEEN COLLECTION-PAYMENT PERIODS |
||||
|
Unfavorable |
In 2006 |
|||
|
GENERAL FINANCIAL POSITION |
||||
|
In order |
||||
CREDIT OPINION
|
OUR RISK OPINION |
: |
B |
|
CREDIT OPINION WITHOUT OBLIGATION |
: |
We are of the opinion that, a max. credit of USD 5 million may be
granted to the subject company. |
|
|
Incr. in producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(1999) |
62.90 % |
0.4278 |
0.4518 |
0.6843 |
|
(2000) |
32.70 % |
0.6251 |
0.5774 |
0.9480 |
|
(2001) |
88.60 % |
1.1991 |
1.0714 |
1.7300 |
|
(2002) |
30.80 % |
1.5168 |
1.3741 |
2.2001 |
|
(2003) |
13.90 % |
1.5302 |
1.7141 |
2.4982 |
|
(2004) |
13.84 % |
1.4266 |
1.7666 |
2.6001 |
|
(2005) |
2.66 % |
1.3499 |
1.6882 |
2.4623 |
|
(2006) |
11.58 % |
1.4309 |
1.7987 |
2.6377 |
|
(1.1.-31.03.2007) |
1.88 % |
1.4068 |
1.8521 |
2.7609 |
|
(1.1.-30.06.2007) |
2.98 % |
1.3733 |
1.8275 |
2.7117 |
|
BALANCE SHEETS |
|||||||||
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
31.12.05 |
|
|
|
31.12.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
30.016.937 |
|
0,47 |
|
30.089.408 |
|
0,41 |
|
|
|
Cash and
Banks |
1.445.143 |
|
0,02 |
|
1.304.757 |
|
0,02 |
|
|
|
Marketable
Securities |
104.699 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account
Receivable |
14.522.176 |
|
0,23 |
|
19.539.763 |
|
0,27 |
|
|
|
Other
Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Inventories |
12.974.796 |
|
0,20 |
|
8.605.910 |
|
0,12 |
|
|
|
Advances
Given |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Current Assets |
970.123 |
|
0,02 |
|
638.978 |
|
0,01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
34.102.204 |
|
0,53 |
|
42.496.229 |
|
0,59 |
|
|
|
Long-term
Receivable |
1.784.235 |
|
0,03 |
|
13.636.980 |
|
0,19 |
|
|
|
Financial
Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Tangible
Fixed Assets (net) |
31.634.028 |
|
0,49 |
|
26.405.348 |
|
0,36 |
|
|
|
Intangible
Assets |
333.822 |
|
0,01 |
|
333.822 |
|
0,00 |
|
|
|
Other
Non-Current Assets |
350.119 |
|
0,01 |
|
2.120.079 |
|
0,03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
64.119.141 |
|
1,00 |
|
72.585.637 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
14.150.202 |
|
0,22 |
|
19.068.513 |
|
0,26 |
|
|
|
Financial
Loans |
4.583.640 |
|
0,07 |
|
5.973.679 |
|
0,08 |
|
|
|
Accounts
Payable |
8.731.851 |
|
0,14 |
|
11.041.248 |
|
0,15 |
|
|
|
Loans from
Shareholders |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Short-term Payable |
489.698 |
|
0,01 |
|
0 |
|
0,00 |
|
|
|
Advances
from Customers |
7.386 |
|
0,00 |
|
7.386 |
|
0,00 |
|
|
|
Taxes
Payable |
337.627 |
|
0,01 |
|
2.046.200 |
|
0,03 |
|
|
|
Provisions |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Current Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
24.004.684 |
|
0,37 |
|
19.531.233 |
|
0,27 |
|
|
|
Financial
Loans |
24.004.684 |
|
0,37 |
|
19.531.233 |
|
0,27 |
|
|
|
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 |
25.964.255 |
|
0,40 |
|
33.985.891 |
|
0,47 |
|
|
|
Paid-in
Capital |
51.907.002 |
|
0,81 |
|
27.072.121 |
|
0,37 |
|
|
|
Reserves |
959 |
|
0,00 |
|
2.029.553 |
|
0,03 |
|
|
|
Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accumulated Losses(-) |
-27.972.256 |
|
-0,44 |
|
0 |
|
0,00 |
|
|
|
Net Profit
(loss) |
2.028.550 |
|
0,03 |
|
4.884.217 |
|
0,07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
64.119.141 |
|
1,00 |
|
72.585.637 |
|
1,00 |
|
|
|
INCOME STATEMENTS |
||||||||||||
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
1.1.-31.03.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
38.568.326 |
|
1,00 |
|
48.200.148 |
|
1,00 |
|
15.239.352 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
25.815.404 |
|
0,67 |
|
36.709.361 |
|
0,76 |
|
12.110.323 |
|
0,79 |
|
|
|
Gross Profit |
12.752.922 |
|
0,33 |
|
11.490.787 |
|
0,24 |
|
3.129.029 |
|
0,21 |
|
|
|
Operating
Expenses |
6.586.777 |
|
0,17 |
|
6.377.292 |
|
0,13 |
|
1.736.971 |
|
0,11 |
|
|
|
Operating Profit |
6.166.145 |
|
0,16 |
|
5.113.495 |
|
0,11 |
|
1.392.058 |
|
0,09 |
|
|
|
Other
Income |
0 |
|
0,00 |
|
11.060.654 |
|
0,23 |
|
998.825 |
|
0,07 |
|
|
|
Other
Expenses |
2.224.030 |
|
0,06 |
|
9.436.969 |
|
0,20 |
|
941.331 |
|
0,06 |
|
|
|
Financial
Expenses |
1.913.565 |
|
0,05 |
|
1.852.963 |
|
0,04 |
|
524.755 |
|
0,03 |
|
|
|
Profit (loss) Before Tax |
2.028.550 |
|
0,05 |
|
4.884.217 |
|
0,10 |
|
924.797 |
|
0,06 |
|
|
|
Tax
Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
2.028.550 |
|
0,05 |
|
4.884.217 |
|
0,10 |
|
924.797 |
|
0,06 |
|
|
|
FINANCIAL RATIOS |
||||||||||||
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
1.1.-31.03.07 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Ratio |
2,12 |
|
|
|
1,58 |
|
|
|
-- |
|
|
|
|
|
Acid-Test Ratio |
1,14 |
|
|
|
1,09 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,20 |
|
|
|
0,12 |
|
|
|
-- |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,23 |
|
|
|
0,27 |
|
|
|
-- |
|
|
|
|
|
Tangible Assets/Total Assets |
0,49 |
|
|
|
0,36 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
1,99 |
|
|
|
4,27 |
|
|
|
-- |
|
|
|
|
|
Stockholders' Equity Turnover |
1,49 |
|
|
|
1,42 |
|
|
|
-- |
|
|
|
|
|
Asset Turnover |
0,60 |
|
|
|
0,66 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,40 |
|
|
|
0,47 |
|
|
|
-- |
|
|
|
|
|
Current Liabilities/Total Assets |
0,22 |
|
|
|
0,26 |
|
|
|
-- |
|
|
|
|
|
Financial Leverage |
0,60 |
|
|
|
0,53 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
0,08 |
|
|
|
0,14 |
|
|
|
-- |
|
|
|
|
|
Operating Profit Margin |
0,16 |
|
|
|
0,11 |
|
|
|
0,09 |
|
|
|
|
|
Net Profit Margin |
0,05 |
|
|
|
0,10 |
|
|
|
0,06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
152,21 |
|
|
|
247,79 |
|
|
|
-- |
|
|
|
|
|
Average Payable Period (days) |
121,77 |
|
|
|
108,28 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)