MIRA
INFORM REPORT
|
Report Date : |
09.08.2007 |
IDENTIFICATION DETAILS
|
Name : |
SELENTEKS TEKSTIL SANAYI VE TICARET A.S. |
|
|
|
|
Registered Office : |
1.Organize Sanayi Bolgesi 29.Cad. No:2 Melikgazi |
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|
Country : |
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|
|
|
|
Financials (as on) : |
30.06.2007 |
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|
Date of Incorporation : |
02.06.1999 (Commercial Registry Gazette Date/No: 21.06.1999/ 4816) |
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|
|
Legal Form : |
Joint Stock Company |
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|
Line of Business : |
Manufacture and trade of yarn and fabric |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
SELENTEKS TEKSTIL SANAYI VE TICARET A.S. |
|
ADDRESS |
: |
Head Office & Factory: 1.Organize Sanayi Bolgesi 29.Cad. No:2
Melikgazi The address of head office/factory was changed from “1.Organize Sanayi
Bolgesi 24.Cad. No:1 Melikgazi Factory/Warehouse: Organize Sanayi Bolgesi 14.Cad. No:15 Melikgazi The address of the factory/warehouse
was changed from “Organize Sanayi Bolgesi 8.Cad. No:11 Melikgazi |
|
PHONE NUMBER |
: |
90-352-321 10 59 |
|
FAX NUMBER |
: |
90-352-321 24 39 |
LEGAL STATUS AND
HISTORY
|
TAX OFFICE / NO |
: |
Mimarsinan / 7600136671 |
|
|
|
REGISTRATION NUMBER |
: |
22913 |
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|
|
REGISTERED OFFICE |
: |
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|
|
DATE ESTABLISHED |
: |
02.06.1999 (Commercial Registry Gazette Date/No: 21.06.1999/ 4816) |
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LEGAL FORM |
: |
Joint Stock Company |
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|
|
TYPE OF COMPANY |
: |
Private |
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|
|
REGISTERED CAPITAL |
: |
YTL 15,000,000 |
|
|
|
PAID-IN CAPITAL |
: |
YTL 12,400,000 |
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|
|
HISTORY |
: |
|
|
|
|
|
|
Previous Registered Capital |
:YTL 2,500,000 |
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|
|
|
Regist. Capital Changed on |
:14.06.2002 (Commercial Registry Gazette Date/No: 28.06.2002/ 5580) |
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|
|
|
Previous Registered Capital |
:YTL 3,500,000 |
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|
|
|
Regist. Capital Changed on |
: 05.08.2003 (Commercial Registry Gazette Date/No: 15.08.2003/5864) |
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|
|
|
Previous Registered Capital |
:YTL 10,000,000 |
|
|
|
|
Regist. Capital Changed on |
: 24.08.2006 (Commercial Registry Gazette Date/No:07.09.2006/6637) |
|
OWNERSHIP /
MANAGEMENT
|
SHAREHOLDERS |
: |
Suleyman Katartas Yavuz Katartas Selim Katartas Sahin Kahraman Khaled Nasrallah |
|
|
SISTER COMPANIES |
: |
Basak Tekstil Sanayi ve Ticaret A.S. |
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|
GROUP PARENT COMPANY |
: |
None |
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|
SUBSIDIARIES |
: |
None |
|
|
BOARD OF DIRECTORS |
: |
Suleyman Katartas Yavuz Katartas Sahin Kahraman Khaled Nasrallah |
Chairman Member Member Member |
|
GENERAL MANAGER |
: |
Suleyman Katartas Yavuz Katartas |
|
OPERATIONS
|
BUSINESS ACTIVITIES |
: |
Manufacture and trade of yarn and fabric The subject which was dealing only with trading of yarn and fabric,
started manufacturing in 2002. |
||
|
SECTOR |
: |
Textile |
||
|
NUMBER OF EMPLOYEES |
|
427 |
||
|
NET SALES |
: |
(YTL) 474,407 2,370,308 7,568,830 21,428,492 36,637,303 33,783,552 39,999,543 55,173,928 35,719,433 |
(2.6.-31.12.1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) |
|
|
CAPACITY |
: |
(Tons/Yr.) 7,779 7,779 |
(2005) (2006) |
|
|
IMPORT VALUE |
: |
(USD) 8,568,522 11,785,160 8,107,186 |
(2005) (2006) |
|
|
IMPORT COUNTRIES |
: |
|
||
|
MERCHANDISE IMPORTED |
: |
Cotton, polyester |
||
|
EXPORT VALUE |
: |
(YTL) 1,564,903 6,138,730 2,731,081 6,498,209 6,671,965 7,614,618 16,480,122 12,632,320 |
(2000) (2001) (2002) (2003) (2004) (2005) (2006) |
|
|
EXPORT COUNTRIES |
: |
Germany, Greece, Egypt, Tunisia, Macedonia, Slovenia, Bulgaria,
Romania, Hungary, Czech Republic, Poland, Sweden, Belgium, Spain, Portugal… |
||
|
MERCHANDISE EXPORTED |
: |
Yarn, non-woven fabrics… |
|
PREMISES |
: |
Head Office & Factory: 1.Organize Sanayi Bolgesi 29.Cad. No:2
Melikgazi Factory/Warehouse: Organize Sanayi Bolgesi 14.Cad. No:15 Melikgazi |
|
TREND OF BUSINESS |
: |
There was a decline at sales volume in nominal terms in 2004 but there
was an upwards trend in 2005 and 2006. |
|
COMMERCIAL MORALITY |
: |
Good |
|
SIZE OF BUSINESS |
: |
Large |
FINANCE
|
MAIN DEALING BANKERS |
: |
T. Is Bankasi Kayseri branch in Kayseri Sekerbank Kayseri branch in Kayseri Akbank Kayseri branch in Kayseri Tekstilbank Kaseri branch in Kayseri T.Finans Katilim Bankasi Kaseri branch in Kayseri |
|
CREDIT FACILITIES |
: |
The subject company is making use of credit facilities. |
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PAYMENT BEHAVIOUR |
: |
No complaints have been heard regarding payments from banks. According to the official registries between 01.01.2000-30.06.2007, there
are no protested bills and non-paid cheques registered in the name of
“Selenteks Tekstil”. |
COMMENT ON FINANCIAL
POSITION
|
FINANCIAL STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
||
|
Good |
As of 30.06.2007 |
|
|
LIQUIDITY |
||
|
In order |
As of 30.06.2007 |
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PROFITABILITY |
||
|
High |
Between 01.01-30.06.2007 |
|
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GAP BETWEEN COLLECTION-PAYMENT PERIODS |
||
|
Favorable |
Between 01.01-30.06.2007 |
|
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GENERAL FINANCIAL POSITION |
||
|
In order |
||
CREDIT OPINION
|
CREDIT OPINION WITHOUT OBLIGATION |
: |
We are of the opinion that, a max. credit of USD 7 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.-30.06.2007) |
2.98 % |
1.3733 |
1.8275 |
2.7117 |
|
(1.1.-31.07.2007) |
3,05 % |
1.3633 |
1.8196 |
2.6989 |
|
BALANCE SHEETS |
|||||||||||||
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
31.12.05 |
|
|
|
31.12.06 |
|
|
|
30.6.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
10.036.064 |
|
0,37 |
|
17.056.830 |
|
0,51 |
|
17.418.376 |
|
0,53 |
|
|
|
Cash and
Banks |
1.077.288 |
|
0,04 |
|
3.449.727 |
|
0,10 |
|
5.069.614 |
|
0,15 |
|
|
|
Marketable
Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account
Receivable |
3.957.893 |
|
0,14 |
|
4.787.047 |
|
0,14 |
|
2.732.235 |
|
0,08 |
|
|
|
Other
Receivable |
0 |
|
0,00 |
|
651.548 |
|
0,02 |
|
1.444.443 |
|
0,04 |
|
|
|
Inventories |
1.416.365 |
|
0,05 |
|
4.643.773 |
|
0,14 |
|
7.090.208 |
|
0,21 |
|
|
|
Advances
Given |
1.697.074 |
|
0,06 |
|
1.519.811 |
|
0,05 |
|
0 |
|
0,00 |
|
|
|
Other
Current Assets |
1.887.444 |
|
0,07 |
|
2.004.924 |
|
0,06 |
|
1.081.876 |
|
0,03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
17.416.289 |
|
0,63 |
|
16.191.523 |
|
0,49 |
|
15.585.448 |
|
0,47 |
|
|
|
Long-term
Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Financial
Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Tangible
Fixed Assets (net) |
17.364.766 |
|
0,63 |
|
16.142.552 |
|
0,49 |
|
15.530.953 |
|
0,47 |
|
|
|
Intangible
Assets |
16.302 |
|
0,00 |
|
29.444 |
|
0,00 |
|
30.867 |
|
0,00 |
|
|
|
Other Non-Current
Assets |
35.221 |
|
0,00 |
|
19.527 |
|
0,00 |
|
23.628 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
27.452.353 |
|
1,00 |
|
33.248.353 |
|
1,00 |
|
33.003.824 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
8.008.667 |
|
0,29 |
|
13.736.313 |
|
0,41 |
|
11.199.836 |
|
0,34 |
|
|
|
Financial
Loans |
2.099.338 |
|
0,08 |
|
5.749.664 |
|
0,17 |
|
7.348.245 |
|
0,22 |
|
|
|
Accounts
Payable |
4.299.711 |
|
0,16 |
|
6.472.350 |
|
0,19 |
|
3.528.311 |
|
0,11 |
|
|
|
Loans from
Shareholders |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Short-term Payable |
138.557 |
|
0,01 |
|
163.408 |
|
0,00 |
|
189.752 |
|
0,01 |
|
|
|
Advances
from Customers |
1.043.779 |
|
0,04 |
|
789.793 |
|
0,02 |
|
0 |
|
0,00 |
|
|
|
Taxes
Payable |
249.933 |
|
0,01 |
|
203.927 |
|
0,01 |
|
133.528 |
|
0,00 |
|
|
|
Provisions |
0 |
|
0,00 |
|
357.171 |
|
0,01 |
|
0 |
|
0,00 |
|
|
|
Other
Current Liabilities |
177.349 |
|
0,01 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
4.426.801 |
|
0,16 |
|
901.400 |
|
0,03 |
|
851.158 |
|
0,03 |
|
|
|
Financial
Loans |
0 |
|
0,00 |
|
229.582 |
|
0,01 |
|
213.085 |
|
0,01 |
|
|
|
Securities
Issued |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Long-term
Payable |
2.251.471 |
|
0,08 |
|
671.818 |
|
0,02 |
|
638.073 |
|
0,02 |
|
|
|
Loans from
Shareholders |
2.175.330 |
|
0,08 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Long-term Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Provisions |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
15.016.885 |
|
0,55 |
|
18.610.640 |
|
0,56 |
|
20.952.830 |
|
0,63 |
|
|
|
Paid-in
Capital |
10.000.000 |
|
0,36 |
|
12.400.000 |
|
0,37 |
|
12.400.000 |
|
0,38 |
|
|
|
Inflation
Adjustment of Capital |
4.335.166 |
|
0,16 |
|
4.335.166 |
|
0,13 |
|
4.335.166 |
|
0,13 |
|
|
|
Reserves |
435.542 |
|
0,02 |
|
1.454.959 |
|
0,04 |
|
2.648.716 |
|
0,08 |
|
|
|
Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accumulated Losses(-) |
-773.241 |
|
-0,03 |
|
-773.241 |
|
-0,02 |
|
-773.241 |
|
-0,02 |
|
|
|
Net Profit
(loss) |
1.019.418 |
|
0,04 |
|
1.193.756 |
|
0,04 |
|
2.342.189 |
|
0,07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
27.452.353 |
|
1,00 |
|
33.248.353 |
|
1,00 |
|
33.003.824 |
|
1,00 |
|
|
|
INCOME STATEMENTS |
||||||||||||
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
1.1-30.06.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
39.999.543 |
|
1,00 |
|
55.173.928 |
|
1,00 |
|
35.719.433 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
37.422.941 |
|
0,94 |
|
49.517.671 |
|
0,90 |
|
30.502.915 |
|
0,85 |
|
|
|
Gross Profit |
2.576.602 |
|
0,06 |
|
5.656.257 |
|
0,10 |
|
5.216.518 |
|
0,15 |
|
|
|
Operating
Expenses |
1.675.735 |
|
0,04 |
|
2.541.517 |
|
0,05 |
|
2.009.316 |
|
0,06 |
|
|
|
Operating Profit |
900.867 |
|
0,02 |
|
3.114.740 |
|
0,06 |
|
3.207.202 |
|
0,09 |
|
|
|
Other
Income |
626.127 |
|
0,02 |
|
1.872.089 |
|
0,03 |
|
556.658 |
|
0,02 |
|
|
|
Other
Expenses |
339.717 |
|
0,01 |
|
1.387.817 |
|
0,03 |
|
271.009 |
|
0,01 |
|
|
|
Financial
Expenses |
167.859 |
|
0,00 |
|
2.048.086 |
|
0,04 |
|
1.150.662 |
|
0,03 |
|
|
|
Profit (loss) Before Tax |
1.019.418 |
|
0,03 |
|
1.550.926 |
|
0,03 |
|
2.342.189 |
|
0,07 |
|
|
|
Tax
Payable |
0 |
|
0,00 |
|
357.170 |
|
0,01 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
1.019.418 |
|
0,03 |
|
1.193.756 |
|
0,02 |
|
2.342.189 |
|
0,07 |
|
|
|
FINANCIAL RATIOS |
||||||||||||
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
1.1-30.06.07 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Ratio |
1,25 |
|
|
|
1,24 |
|
|
|
1,56 |
|
|
|
|
|
Acid-Test Ratio |
0,63 |
|
|
|
0,65 |
|
|
|
0,83 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,05 |
|
|
|
0,14 |
|
|
|
0,21 |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,14 |
|
|
|
0,16 |
|
|
|
0,13 |
|
|
|
|
|
Tangible Assets/Total Assets |
0,63 |
|
|
|
0,49 |
|
|
|
0,47 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
26,42 |
|
|
|
10,66 |
|
|
|
4,30 |
|
|
|
|
|
Stockholders' Equity Turnover |
2,66 |
|
|
|
2,96 |
|
|
|
1,70 |
|
|
|
|
|
Asset Turnover |
1,46 |
|
|
|
1,66 |
|
|
|
1,08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,55 |
|
|
|
0,56 |
|
|
|
0,63 |
|
|
|
|
|
Current Liabilities/Total Assets |
0,29 |
|
|
|
0,41 |
|
|
|
0,34 |
|
|
|
|
|
Financial Leverage |
0,45 |
|
|
|
0,44 |
|
|
|
0,37 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
0,07 |
|
|
|
0,06 |
|
|
|
0,11 |
|
|
|
|
|
Operating Profit Margin |
0,02 |
|
|
|
0,06 |
|
|
|
0,09 |
|
|
|
|
|
Net Profit Margin |
0,03 |
|
|
|
0,02 |
|
|
|
0,07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
35,62 |
|
|
|
31,23 |
|
|
|
27,54 |
|
|
|
|
|
Average Payable Period (days) |
63,02 |
|
|
|
51,94 |
|
|
|
49,17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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%)