MIRA
INFORM REPORT
|
Report Date : |
20.08.2007 |
IDENTIFICATION DETAILS
|
Name : |
EDIP IPLIK SANAYI VE TICARET A.S. |
|
|
|
|
Registered Office : |
Ambarli Petrol Ofisi Dolum Tesisleri Yolu No:10 Avcilar- Istanbul/ |
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|
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|
Country : |
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|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
27.12.1971 |
|
|
|
|
Legal Form : |
Joint Stock Company |
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|
|
|
Line of Business : |
Manufacture and trade of
yarn. |
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 : |
Regular |
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|
|
|
Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
EDIP IPLIK SANAYI VE TICARET A.S. |
|
ADDRESS |
: |
Head Office: Ambarli Petrol Ofisi Dolum Tesisleri Yolu No:10 Avcilar-
Istanbul/ |
|
PHONE NUMBER |
: |
90-212-422 50 00 (pbx) |
|
FAX NUMBER |
: |
90-212-422 50 01 |
LEGAL STATUS AND
HISTORY
|
TAX OFFICE / NO |
: |
Dis Ticaret / 3240032709 |
|
REGISTRATION NUMBER |
: |
112966 |
|
REGISTERED OFFICE |
: |
|
|
DATE ESTABLISHED |
: |
27.12.1971 |
|
LEGAL FORM |
: |
Joint Stock Company |
|
TYPE OF COMPANY |
: |
Private |
|
PAID-IN CAPITAL |
: |
YTL 17,595,000 |
|
HISTORY |
: |
|
|
|
|
|
Previous Name |
: Edip Edirne Iplik Sanayi ve Ticaret A.S. |
|
|
|
Previous Paid-in Capital |
: YTL 1,530,000 |
|
|
|
Paid-in. Capital Changed on |
: 31.05.2000 (Commercial Registry Gazette Date/No: 05.06.2000/5059) |
|
|
|
Previous Paid-in Capital |
: YTL 7,650,000 |
|
|
|
Paid-in Capital Changed on |
: 25.03.2002 (Commercial Registry Gazette Date/No: 28.03.2002/5515) |
|
|
|
Previous Address |
: Mahmutbey Merkez Mah. Tasocaklari Cad. No: 5 Bagcilar 34550 |
|
|
|
Address Changed On |
: 07.07.2006 (Commercial Registry Gazette Date/No: 12.07.2006/6597) |
OWNERSHIP /
MANAGEMENT
|
SHAREHOLDERS |
: |
Akin Holding A.S. Feza Holding A.S. Nuri Akin Others |
30,00 % 12,00 % 6,22 % 51,78 % |
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|
|
|
Shares of the company are quoted at Istanbul Stock Exchange. |
||
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|
|
-Akin Holding A.S. is a well-known conglomerate which coordinates the financial
and administrative operations of Akin group of companies. Some of the companies operating within Akin Group are as follows: Akin Isi ve Tesisat Sanayi Ticaret Ltd. Sti. Akin Holding A.S. Akin Tekstil A.S. Edpa Pazarlama A.S. Aktek Giyim Sanayi ve Ticaret A.S. Edpa USA Inc. Haydar Akin Holding A.S Edip Uluslararasi Gayrimenkul ve Turizm A.S Edpa Kimya Sanayi
ve Ticaret A.S. Edpa Tekstil
Ticaret A.S. |
||
|
|
|
-Feza Holding A.S. is a conglomerate which was established on 26.01.1978 |
||
|
BOARD OF DIRECTORS |
: |
Nuri Akin Ibrahim Celebi Ali Esat Yonder Kenan Koc Ertugrul Boydak Munip Yucel |
Chairman Vice- Chairman Member Member Member Member |
|
OPERATIONS
|
BUSINESS ACTIVITIES |
: |
Manufacture and trade of yarn. As there is a dispute between the company and the workers, on
13.08.2007 the Union of Workers decided to go on a strike and on 14.08.2007
the firm has decided to go on a lockout. The date when they will be applied
has not been announced yet. |
|
|
SECTOR |
: |
Textile |
|
|
TRADEMARK(S) |
: |
“Edip”, “Korip”, “Spectra”, “Centra”, “Edpa” |
|
|
NUMBER OF EMPLOYEES |
: |
692 (consolidated figure with Edip Uluslararasi) |
|
|
NET SALES |
: |
(YTL) 1,979,932 3,577,760 5,915,238 10,189,297 16,149,442 23,680,406 61,635,260 71,914,508 67,129,828 69,730,237 55,950,644 52,500,310 11,881,759 |
(1995) (1996) (1997) (1998) (1999) (2000) (2001) (2004) (2005) (2006) (01.01-31.03.2007) |
|
|
|
The financial figures of 31.12.2003 and 31.12.2004 are prepared
according to Capital Market Council's Notification Series XI No: 20. The financial figures of 31.12.2005, 31.12.2006 and 31.03.2007 are consolidated
and prepared according to Capital Market Council's Notification Series XI No:
25 based IAS |
|
|
PRODUCTION |
: |
(Yarn) (Tons) 4,798 4,557 4,283 4,231 4,453 5,002 6,670 6,191 5,597 5,518 3,354 2,822 |
(1995) (1996) (1997) (1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) |
|
|
IMPORT VALUE |
: |
(USD) 11,863,422 13,241,686 10,516,667 7,516,667 4,798,684 4,367,455 5,310,323 6,547,222 3,771,330 3,330,336 4,052,325 3,122,661 |
(1995) (1996) (1997) (1998) (1999) (2000) (2001) (2003) (2004) (2005) (2006) |
|
|
IMPORT COUNTRIES |
: |
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||
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MERCHANDISE IMPORTED |
: |
Raw materials |
||
|
EXPORT VALUE |
: |
(YTL) 14,741,653 19,032,571 13,365,755 13,800,363 2,282,436 |
(2003) (2004) (2005) (2006) (01.01-31.03.2007) |
|
|
EXPORT COUNTRIES |
: |
Egypt, Tunisia, Macedonia, Serbia, Bosnia- Herzegovina, Bulgaria,
Romania, Hungary, Czech Republic, Austria, Portugal, Greece, Sweden, Spain,
UK, Italy… |
||
|
MERCHANDISE EXPORTED |
: |
Yarn |
|
PREMISES |
: |
Head Office: Ambarli Petrol Ofisi Dolum Tesisleri Yolu No:10 Avcilar- Factory: Buyukkaristiran Beldesi Mevkii E-5 Ustu Luleburgaz- Kirklareli
(owned) (32,000 sqm covered area, over a land of 290,000 sqm area) |
TREND OF BUSINESS |
: |
Downwards |
|
COMMERCIAL MORALITY |
: |
Good |
|
SIZE OF BUSINESS |
: |
Giant |
FINANCE
|
MAIN DEALING BANKERS |
: |
Tekstilbank Merkez branch in |
|
CREDIT FACILITIES |
: |
The subject company is making active use of credit facilities. |
|
PAYMENT BEHAVIOUR |
: |
No complaints have been heard regarding payments from banks. According to the official registries between 01.01.2000-15.07.2007,
there are no protested bills and non-paid cheques registered in the name of
“Edip Iplik”. |
COMMENT ON FINANCIAL
POSITION
BASIS OF PRESENTATION OF THE FINANCIAL STATEMENTS
The financial statements of 31.12.2006 and 31.03.2007 are consolidated
and prepared according to Capital Market Council's Notification Series XI No:
25 based IAS.
The financial statements of “EDIP IPLIK
SANAYI VE TICARET A.S.” have been prepared by the consolidation of the
financial statements of the following firms:
|
|
Consolidated Companies |
Country |
Participation ( % ) |
|
|
|
|
|
|
1. |
Edip Uluslararasi Gayrimenkul ve Turizm A.S. |
TR |
99,99 |
|
FINANCIAL STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
||
|
Good |
As of 31.03.2007 |
|
|
LIQUIDITY |
||
|
Very Low |
As of 31.03.2007 |
|
|
PROFITABILITY |
||
|
The firm had persistent operating and net losses in 2006 and in the
first 3 months of 2007. |
||
|
GAP BETWEEN COLLECTION-PAYMENT PERIODS |
||
|
Unfavorable and Long |
Between 01.01-31.03.2007 |
|
|
GENERAL FINANCIAL POSITION |
||
|
The capitalization was good but liquidity was very low as of 31.03.2007.
Furthermore, the firm had persistent operating and net losses in 2006 and in
the first 3 months of 2007. |
||
|
|
Incr. in producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(1998) |
54.30 % |
0.2657 |
0.2967 |
0.4410 |
|
(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.-31.07.2007) |
3,05 % |
1.3633 |
1.8196 |
2.6989 |
Statements
of 31.12.2006 and 31.03.2007 are prepared according to Capital Market Council's
Notification Series XI No: 25 based IAS
CONSOLIDATED BALANCE SHEETS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
31.12.06 |
|
|
|
31.03.2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
24.577.604 |
|
0,25 |
|
28.036.803 |
|
0,28 |
|
|
|
Cash and Cash Equivalents |
1.410.565 |
|
0,01 |
|
4.422.581 |
|
0,04 |
|
|
|
Marketable Securities |
269.995 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account Receivable (net) |
12.022.034 |
|
0,12 |
|
11.641.058 |
|
0,12 |
|
|
|
Due from Related Parties |
73.823 |
|
0,00 |
|
68.778 |
|
0,00 |
|
|
|
Other Receivable |
182.180 |
|
0,00 |
|
266.641 |
|
0,00 |
|
|
|
Inventories |
10.119.045 |
|
0,10 |
|
10.775.785 |
|
0,11 |
|
|
|
Other Current Assets |
499.962 |
|
0,01 |
|
861.960 |
|
0,01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
74.072.029 |
|
0,75 |
|
72.694.658 |
|
0,72 |
|
|
|
Long-term Receivable |
12.272 |
|
0,00 |
|
5.292 |
|
0,00 |
|
|
|
Due from Related Parties |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Financial Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Tangible Fixed Assets (net) |
73.671.083 |
|
0,75 |
|
72.314.602 |
|
0,72 |
|
|
|
Intangible Assets |
388.522 |
|
0,00 |
|
374.676 |
|
0,00 |
|
|
|
Other Non-Current Assets |
152 |
|
0,00 |
|
88 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
98.649.633 |
|
1,00 |
|
100.731.461 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
38.102.048 |
|
0,39 |
|
38.044.451 |
|
0,38 |
|
|
|
Financial Loans |
31.393.529 |
|
0,32 |
|
33.115.052 |
|
0,33 |
|
|
|
Accounts Payable |
5.019.488 |
|
0,05 |
|
3.309.084 |
|
0,03 |
|
|
|
Due to Related Parties |
226.430 |
|
0,00 |
|
264.909 |
|
0,00 |
|
|
|
Advances from Customers |
50.261 |
|
0,00 |
|
55.272 |
|
0,00 |
|
|
|
Provisions |
389.829 |
|
0,00 |
|
164.584 |
|
0,00 |
|
|
|
Other Current Liabilities |
1.022.511 |
|
0,01 |
|
1.135.550 |
|
0,01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
4.577.651 |
|
0,05 |
|
8.042.236 |
|
0,08 |
|
|
|
Financial Loans |
1.860.400 |
|
0,02 |
|
5.541.600 |
|
0,06 |
|
|
|
Long Term Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other Long-term Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Provisions |
632.048 |
|
0,01 |
|
894.602 |
|
0,01 |
|
|
|
Deferred Tax Liability |
2.085.203 |
|
0,02 |
|
1.606.034 |
|
0,02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EQUITY OF CONSOLIDATED
FIRMS |
177 |
|
0,00 |
|
168 |
|
0,00 |
|
|
|
Equity of Consolidated
Firms |
177 |
|
0,00 |
|
168 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
55.969.757 |
|
0,57 |
|
54.644.606 |
|
0,54 |
|
|
|
Paid-in Capital |
17.595.000 |
|
0,18 |
|
17.595.000 |
|
0,17 |
|
|
|
Reserves |
2.636.209 |
|
0,03 |
|
2.635.637 |
|
0,03 |
|
|
|
Revaulation Fund |
55.787.819 |
|
0,57 |
|
55.787.819 |
|
0,55 |
|
|
|
Accumulated Profits (Losses) |
-6.073.302 |
|
-0,06 |
|
-20.049.271 |
|
-0,20 |
|
|
|
Net Profit (loss) |
-13.975.969 |
|
-0,14 |
|
-1.324.579 |
|
-0,01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND
EQUITY |
98.649.633 |
|
1,00 |
|
100.731.461 |
|
1,00 |
|
CONSOLIDATED INCOME STATEMENTS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2006 |
|
|
|
01.01-31.03.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
52.500.310 |
|
1,00 |
|
11.881.759 |
|
1,00 |
|
|
|
Cost of Goods Sold |
48.588.586 |
|
0,93 |
|
10.502.299 |
|
0,88 |
|
|
|
Gross Profit |
3.911.724 |
|
0,07 |
|
1.379.460 |
|
0,12 |
|
|
|
Operating Expenses |
6.616.176 |
|
0,13 |
|
1.575.754 |
|
0,13 |
|
|
|
Operating Profit |
-2.704.452 |
|
-0,05 |
|
-196.294 |
|
-0,02 |
|
|
|
Other Income |
3.202.955 |
|
0,06 |
|
999.959 |
|
0,08 |
|
|
|
Other Expenses |
2.466.691 |
|
0,05 |
|
2.086.521 |
|
0,18 |
|
|
|
Financial Income-Expenses(net) |
-5.827.069 |
|
-0,11 |
|
-520.773 |
|
-0,04 |
|
|
|
Profit (loss) of consolidated firms |
-9 |
|
0,00 |
|
9 |
|
0,00 |
|
|
|
Profit (loss) Before Tax |
-7.795.266 |
|
-0,15 |
|
-1.803.620 |
|
-0,15 |
|
|
|
Tax Payable |
-6.180.703 |
|
-0,12 |
|
479.041 |
|
0,04 |
|
|
|
Net Profit (loss) |
-13.975.969 |
|
-0,27 |
|
-1.324.579 |
|
-0,11 |
|
FINANCIAL RATIOS
|
|
|
2006 |
|
|
|
01.01-31.03.07 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
Current Ratio |
0,65 |
|
|
|
0,74 |
|
|
|
|
|
Acid-Test Ratio |
0,37 |
|
|
|
0,43 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,10 |
|
|
|
0,11 |
|
|
|
|
|
Short-term
Receivable/Total Assets |
0,12 |
|
|
|
0,12 |
|
|
|
|
|
Tangible Assets/Total
Assets |
0,75 |
|
|
|
0,72 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
4,80 |
|
|
|
0,97 |
|
|
|
|
|
Stockholders' Equity
Turnover |
0,94 |
|
|
|
0,22 |
|
|
|
|
|
Asset Turnover |
0,53 |
|
|
|
0,12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
Stockholders'
Equity/Total Assets |
0,57 |
|
|
|
0,54 |
|
|
|
|
|
Current Liabilities/Total
Assets |
0,39 |
|
|
|
0,38 |
|
|
|
|
|
Financial Leverage |
0,43 |
|
|
|
0,46 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders'
Eq. |
-0,25 |
|
|
|
-0,02 |
|
|
|
|
|
Operating Profit Margin |
-0,05 |
|
|
|
-0,02 |
|
|
|
|
|
Net Profit Margin |
-0,27 |
|
|
|
-0,11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
Average Collection Period
(days) |
82,52 |
|
|
|
352,87 |
|
|
|
|
|
Average Payable Period
(days) |
37,19 |
|
|
|
113,43 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTE: The address at your inquiry “Mahmutbey Merkez Mah. Tasocaklari
Cad. No: 5 Bagcilar 34550
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. |
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%)