MIRA
INFORM REPORT
|
Report Date : |
03.08.2007 |
IDENTIFICATION DETAILS
|
Name : |
KENDAL TEKSTIL SANAYI VE TICARET A.S. |
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Registered Office : |
Halit Ziya Turkkan Sok. |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
16.04.1998 |
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Com. Reg. No.: |
393609 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Trade of textile raw materials and representativeness of companies
operating at machinery sector. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
Company
identification
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NAME |
: |
KENDAL TEKSTIL SANAYI VE TICARET A.S. |
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ADDRESS |
: |
Head Office: Halit Ziya Turkkan Sok. Post Box Address: PK 178 Beyoglu |
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PHONE NUMBER |
: |
90-212-221 42 00 |
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FAX NUMBER |
: |
90-212-222 12 58 |
LEGAL STATUS AND
HISTORY
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TAX OFFICE / NO |
: |
Sisli/5440098759 |
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REGISTRATION NUMBER |
: |
393609 |
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REGISTERED OFFICE |
: |
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DATE ESTABLISHED |
: |
16.04.1998 (Commercial Registry Gazette Date/No:
24.04.1998/4526) |
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LEGAL FORM |
: |
Joint Stock Company |
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TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
YTL 1,000,000 |
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HISTORY |
: |
The registered capital was increased from YTL
20,000 to YTL 1,000,000 on 25.06.2004 (Commercial Registry Gazette Date/No:
30.06.2004/6082) |
OWNERSHIP /
MANAGEMENT
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SHAREHOLDERS |
: |
Bulent Akyuz Edip Akyuz Ahmet Bulent Tuzun Funda Posbiyikoglu Aysegul Akyuz Aydin Ozer |
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GROUP PARENT COMPANY |
: |
None |
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SUBSIDIARIES |
: |
None |
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BOARD OF DIRECTORS |
: |
Bulent Akyuz Ahmet Bulent Tuzun Funda Posbiyikoglu |
Chairman Member Member |
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GENERAL MANAGER |
: |
Bulent Akyuz |
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OPERATIONS
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BUSINESS
ACTIVITIES |
: |
Trade of textile raw materials and
representativeness of companies operating at machinery sector. The firm declared that it is the
distributor and representative of the following companies: -BWK Elders GmbH ( -Worsted Yarns ( -Furhmann Nz ( -Tenpow ( -Inter -Gretag Macbeth ( -Tandematic Solutions ( -Ugolini SRL ( -Laros ( -Eurovista ( -Golden Eagle ( |
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SECTOR |
: |
Commerce |
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TRADEMARK(S) |
: |
None |
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NUMBER OF
EMPLOYEES |
: |
18 |
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NET SALES |
: |
(YTL) 4,359,721 5,380,546 |
(2005) (2006) |
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CAPACITY |
: |
None |
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PRODUCTION |
: |
None |
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IMPORT VALUE |
: |
USD 312,163 +
EUR 14,432 USD 145,257 |
(2005) (2006) |
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IMPORT COUNTRIES |
: |
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MERCHANDISE
IMPORTED |
: |
Textile raw materials, machinery |
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EXPORT VALUE |
: |
YTL 1,256,394 YTL 2,065,711 |
(2005) (2006) |
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EXPORT COUNTRIES |
: |
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MERCHANDISE
EXPORTED |
: |
Wool tops, yarn, spectrophotometers,
spectrometers…. |
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PREMISES |
: |
Head Office: Halit Ziya Turkkan Sok. |
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TREND OF BUSINESS : Upwards in 2006
COMMERCIAL MORALITY : Good
SIZE OF BUSINESS : Moderate
FINANCE
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MAIN DEALING BANKERS |
: |
Turkiye Is Bankasi Levent branch in |
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CREDIT FACILITIES |
: |
No credit facility has come to our
knowledge. |
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PAYMENT BEHAVIOR |
: |
No complaints have been heard regarding
payments from the bank. According to the official registries
between 01.01.2000-15.06.2007, there are no protested bills and non-paid
cheques registered in the name of
“Kendal Tekstil”. |
COMMENT ON FINANCIAL
POSITION
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FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
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High |
As of 31.12.2006 |
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LIQUIDITY |
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High |
As of 31.12.2006 |
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PROFITABILITY |
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Good |
In 2006 |
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GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
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Unfavorable |
In 2006 |
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GENERAL
FINANCIAL POSITION |
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Good |
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CREDIT OPINION
CREDIT OPINION WITHOUT OBLIGATION : We are of the opinion that, a max. credit of USD 700,000 may be
granted to the subject company.
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Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
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(2005) |
2.66 % |
1.3499 |
1.6882 |
2.4623 |
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(2006) |
11.58 % |
1.4309 |
1.7987 |
2.6377 |
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(1.1.-30.06.2007) |
2.98 % |
1.3733 |
1.8275 |
2.7117 |
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BALANCE SHEETS |
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YTL |
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YTL |
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31.12.05 |
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31.12.06 |
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CURRENT ASSETS |
544.219 |
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0,28 |
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752.537 |
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0,36 |
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Cash and
Banks |
41.630 |
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0,02 |
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53.978 |
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0,03 |
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Marketable
Securities |
0 |
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0,00 |
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0 |
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0,00 |
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Account
Receivable |
357.515 |
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0,18 |
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507.984 |
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0,24 |
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Other
Receivable |
291 |
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0,00 |
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0 |
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0,00 |
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Inventories |
129.204 |
|
0,07 |
|
119.245 |
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0,06 |
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Advances
Given |
381 |
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0,00 |
|
56.510 |
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0,03 |
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Other
Current Assets |
15.198 |
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0,01 |
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14.820 |
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0,01 |
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NON-CURRENT ASSETS |
1.413.333 |
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0,72 |
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1.343.420 |
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0,64 |
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Long-term
Receivable |
953 |
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0,00 |
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953 |
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0,00 |
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Financial
Assets |
0 |
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0,00 |
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0 |
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0,00 |
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Tangible
Fixed Assets (net) |
1.347.535 |
|
0,69 |
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1.284.096 |
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0,61 |
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Intangible
Assets |
57.519 |
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0,03 |
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58.371 |
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0,03 |
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Other
Non-Current Assets |
7.326 |
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0,00 |
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0 |
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0,00 |
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TOTAL ASSETS |
1.957.552 |
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1,00 |
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2.095.957 |
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1,00 |
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CURRENT LIABILITIES |
195.414 |
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0,10 |
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70.482 |
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0,03 |
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Financial
Loans |
0 |
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0,00 |
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0 |
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0,00 |
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Accounts
Payable |
63.128 |
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0,03 |
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37.532 |
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0,02 |
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Loans from
Shareholders |
0 |
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0,00 |
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0 |
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0,00 |
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Other
Short-term Payable |
0 |
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0,00 |
|
4.087 |
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0,00 |
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Advances
from Customers |
68.761 |
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0,04 |
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11.766 |
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0,01 |
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Taxes Payable |
12.620 |
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0,01 |
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17.097 |
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0,01 |
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Provisions |
50.408 |
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0,03 |
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0 |
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0,00 |
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Other
Current Liabilities |
497 |
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0,00 |
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0 |
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0,00 |
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LONG-TERM LIABILITIES |
0 |
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0,00 |
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0 |
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0,00 |
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Financial
Loans |
0 |
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0,00 |
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0 |
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0,00 |
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Securities
Issued |
0 |
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0,00 |
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0 |
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0,00 |
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Long-term
Payable |
0 |
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0,00 |
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0 |
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0,00 |
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Loans from
Shareholders |
0 |
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0,00 |
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0 |
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0,00 |
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Other
Long-term Liabilities |
0 |
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0,00 |
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0 |
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0,00 |
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Provisions |
0 |
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0,00 |
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0 |
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0,00 |
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STOCKHOLDERS' EQUITY |
1.762.138 |
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0,90 |
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2.025.475 |
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0,97 |
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TOTAL LIABILITIES AND EQUITY |
1.957.552 |
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1,00 |
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2.095.957 |
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1,00 |
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INCOME STATEMENTS |
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YTL |
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YTL |
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2005 |
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2006 |
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Net Sales |
4.359.721 |
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1,00 |
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5.380.546 |
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1,00 |
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Cost of
Goods Sold |
3.358.720 |
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0,77 |
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4.318.393 |
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0,80 |
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Gross Profit |
1.001.001 |
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0,23 |
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1.062.153 |
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0,20 |
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Operating
Expenses |
656.225 |
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0,15 |
|
760.722 |
|
0,14 |
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Operating Profit |
344.776 |
|
0,08 |
|
301.431 |
|
0,06 |
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Other
Income |
30.846 |
|
0,01 |
|
109.153 |
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0,02 |
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Other Expenses |
60.572 |
|
0,01 |
|
67.460 |
|
0,01 |
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Financial
Expenses |
0 |
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0,00 |
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0 |
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0,00 |
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Profit (loss) Before Tax |
315.050 |
|
0,07 |
|
343.124 |
|
0,06 |
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Tax
Payable |
63.011 |
|
0,01 |
|
68.625 |
|
0,01 |
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Net Profit (loss) |
252.039 |
|
0,06 |
|
274.499 |
|
0,05 |
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FINANCIAL RATIOS |
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2005 |
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2006 |
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LIQUIDITY RATIOS |
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Current Ratio |
2,78 |
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|
10,68 |
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Acid-Test Ratio |
2,04 |
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|
7,97 |
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ASSET STRUCTURE RATIOS |
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Inventory/Total Assets |
0,07 |
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0,06 |
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Short-term Receivable/Total Assets |
0,18 |
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|
0,24 |
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Tangible Assets/Total Assets |
0,69 |
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|
0,61 |
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TURNOVER RATIOS |
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Inventory Turnover |
26,00 |
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|
36,21 |
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Stockholders' Equity Turnover |
2,47 |
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|
2,66 |
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Asset Turnover |
2,23 |
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|
2,57 |
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FINANCIAL STRUCTURE |
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Stockholders' Equity/Total Assets |
0,90 |
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|
0,97 |
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Current Liabilities/Total Assets |
0,10 |
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|
0,03 |
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Financial Leverage |
0,10 |
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|
0,03 |
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PROFITABILITY RATIOS |
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Net Profit/Stockholders' Eq. |
0,14 |
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|
0,14 |
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Operating Profit Margin |
0,08 |
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|
0,06 |
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Net Profit Margin |
0,06 |
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|
0,05 |
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COLLECTION-PAYMENT |
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Average Collection Period (days) |
29,60 |
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|
34,05 |
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Average Payable Period (days) |
6,77 |
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|
3,13 |
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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%)