MIRA
INFORM REPORT
|
Report Date : |
24.08.2007 |
IDENTIFICATION DETAILS
|
Name : |
ADAK TEKSTIL SANAYI VE TICARET LTD STI |
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Registered Office : |
Vatan Mah. Villa Sok. No : 1 |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
05.06.1995 |
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Com. Reg. No.: |
38058 |
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Legal Form : |
Limited Company |
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Line of Business : |
Weaving, manufacture and trade of fabric |
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 : |
Regular |
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Litigation : |
Clear |
COMPANY IDENTIFICATION
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NAME |
: |
ADAK TEKSTIL SANAYI VE TICARET LTD STI |
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ADDRESS |
: |
Head Office: Vatan Mah. Villa Sok. No:1 Production Plant: Kestel Sanayi Bolgesi A.Vefik
Pasa Mah. Hersek Cad. No:6 |
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PHONE NUMBER |
: |
90-224-331 76 16 (3 lines) 90-224-364 10 56-57 |
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FAX NUMBER |
: |
90-224-331 76 19 90-224-364 10 56 |
LEGAL STATUS AND
HISTORY
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TAX OFFICE / NO |
: |
Yildirim / 0070021297 |
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REGISTRATION NUMBER |
: |
38058 |
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REGISTERED OFFICE |
: |
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DATE ESTABLISHED |
: |
05.06.1995 (Commercial Registry Gazette
Date/No:12.06.1995/3804) |
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LEGAL FORM |
: |
Limited Company |
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TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
YTL 1,500,000 |
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PAID-IN CAPITAL |
: |
YTL 1,500,000 |
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HISTORY |
: |
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Previous
Registered Capital |
:YTL 600,000 |
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Regist. Capital
Changed on |
: 18.12.2003 (Commercial
Registry Gazette Date/No: 31.12.2003/5958) |
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Previous
Registered Capital |
: YTL 900,000 |
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Regist. Capital
Changed on |
: 26.12.2006 (Commercial Registry Gazette
Date/No: 12.01.2007/6722) |
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OWNERSHIP / MANAGEMENT
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SHAREHOLDERS |
: |
Alaettin Dagli Mustafa Dagli |
98 % |
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SISTER COMPANIES |
: |
Adapa Tekstil Sanayi ve Ticaret Ltd. Sti. |
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GROUP PARENT COMPANY |
: |
None |
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SUBSIDIARIES |
: |
None |
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DIRECTORS |
: |
Alaettin Dagli |
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OPERATIONS
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BUSINESS
ACTIVITIES |
: |
Weaving, manufacture and trade of fabric |
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SECTOR |
: |
Textile |
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TRADEMARK(S) |
: |
None |
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NUMBER OF
EMPLOYEES |
: |
30 |
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NET SALES |
: |
(YTL) 1,976,331 1,292,109 891,899 |
(2005) (2006) (01.01.-30.06.2007) |
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CAPACITY |
: |
(SqmYr) 2,800,000 2,800,000 3,200,000 |
(2005) (2006) (2007) |
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IMPORT VALUE |
: |
None YTL 182,134 YTL 63,130 |
(2005) (2006) (01.01.-30.06.2007) |
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IMPORT COUNTRIES |
: |
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MERCHANDISE IMPORTED |
: |
Yarn and chemicals |
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EXPORT |
: |
None |
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PREMISES |
: |
Head Office: Vatan Mah. Villa Sok. No:1 Production Plant: Kestel Sanayi Bolgesi A.Vefik
Pasa Mah. Hersek Cad. No:6 |
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TREND OF BUSINESS : There was a decline at sales volume in nominal terms in 2006.
COMMERCIAL MORALITY : Satisfactory
SIZE OF BUSINESS : Upper-moderate
FINANCE
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MAIN DEALING BANKERS |
: |
Garanti Bankasi Ankara Caddesi branch in |
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CREDIT FACILITIES |
: |
The
subject company rarely makes use of credit facilities. |
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PAYMENT BEHAVIOUR |
: |
According to the official registries between 01.01.2000-15.07.2007, there is 1 protested bill in 2005 registered in the name of the subject company. However this bill was paid later on and no payment delays have been registered in the name of “Adak Tekstil” since then. |
COMMENT ON FINANCIAL POSITION
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FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
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Capitalization was high as of 31.12.2006.
Furthermore 8 % of total liabilities and equity was consisting of loans from shareholders
rather than liabilities to third parties as of 31.12.2006. |
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LIQUIDITY |
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Liquidity was just fair even if
disregarding loans from shareholders from current liabilities as of
31.12.2006. |
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PROFITABILITY |
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High |
In 2006 |
High |
Between 01.01.-30.06.2007 |
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GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
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Favorable |
In 2006 |
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GENERAL
FINANCIAL POSITION |
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Liquidity was just fair even if
disregarding loans from shareholders from current liabilities but capitalization
and profitability were high in 2006. Profitability was high in the first 6
months of 2007. |
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CREDIT OPINION
CREDIT OPINION WITHOUT OBLIGATION : We are of the opinion that, a max. credit of USD 385,000 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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(1.1.-31.07.2007) |
3,05 % |
1.3633 |
1.8196 |
2.6989 |
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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 |
1.553.391 |
|
0,52 |
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1.760.738 |
|
0,51 |
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Cash and
Banks |
77.680 |
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0,03 |
|
289.455 |
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0,08 |
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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 |
674.093 |
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0,23 |
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221.217 |
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0,06 |
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Other
Receivable |
0 |
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0,00 |
|
62.202 |
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0,02 |
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Inventories |
411.987 |
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0,14 |
|
819.928 |
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0,24 |
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Advances
Given |
102.748 |
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0,03 |
|
14.626 |
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0,00 |
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Other
Current Assets |
286.883 |
|
0,10 |
|
353.310 |
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0,10 |
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NON-CURRENT ASSETS |
1.414.576 |
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0,48 |
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1.712.421 |
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0,49 |
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Long-term
Receivable |
16.321 |
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0,01 |
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176.194 |
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0,05 |
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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) |
1.398.255 |
|
0,47 |
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1.536.227 |
|
0,44 |
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Intangible
Assets |
0 |
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0,00 |
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0 |
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0,00 |
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Other Non-Current
Assets |
0 |
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0,00 |
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0 |
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0,00 |
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TOTAL ASSETS |
2.967.967 |
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1,00 |
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3.473.159 |
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1,00 |
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CURRENT LIABILITIES |
1.395.644 |
|
0,47 |
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1.188.386 |
|
0,34 |
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Financial
Loans |
0 |
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0,00 |
|
48.000 |
|
0,01 |
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Accounts
Payable |
535.762 |
|
0,18 |
|
631.979 |
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0,18 |
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Loans from
Shareholders |
373.267 |
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0,13 |
|
262.963 |
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0,08 |
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Other Short-term
Payable |
27.550 |
|
0,01 |
|
5.053 |
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0,00 |
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Advances
from Customers |
420.110 |
|
0,14 |
|
208.987 |
|
0,06 |
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Taxes
Payable |
28.830 |
|
0,01 |
|
22.409 |
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0,01 |
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Provisions |
10.125 |
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0,00 |
|
8.995 |
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0,00 |
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Other
Current Liabilities |
0 |
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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 |
1.572.323 |
|
0,53 |
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2.284.773 |
|
0,66 |
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Paid-in
Capital |
900.000 |
|
0,30 |
|
1.500.000 |
|
0,43 |
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Inflation Adjustment
of Capital |
930.670 |
|
0,31 |
|
930.670 |
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0,27 |
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Reserves |
117.912 |
|
0,04 |
|
219.152 |
|
0,06 |
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Revaluation Fund |
0 |
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0,00 |
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0 |
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0,00 |
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Accumulated Losses(-) |
-477.499 |
|
-0,16 |
|
-477.499 |
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-0,14 |
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Net Profit
(loss) |
101.240 |
|
0,03 |
|
112.450 |
|
0,03 |
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TOTAL LIABILITIES AND EQUITY |
2.967.967 |
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1,00 |
|
3.473.159 |
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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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YTL |
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|
2005 |
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|
2006 |
|
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|
1.1.-30.06.2007 |
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Net Sales |
1.976.331 |
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1,00 |
|
1.292.109 |
|
1,00 |
|
891.899 |
|
1,00 |
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Cost of
Goods Sold |
1.733.607 |
|
0,88 |
|
1.104.910 |
|
0,86 |
|
779.130 |
|
0,87 |
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Gross Profit |
242.724 |
|
0,12 |
|
187.199 |
|
0,14 |
|
112.769 |
|
0,13 |
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Operating
Expenses |
104.281 |
|
0,05 |
|
44.437 |
|
0,03 |
|
22.858 |
|
0,03 |
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Operating Profit |
138.443 |
|
0,07 |
|
142.762 |
|
0,11 |
|
89.911 |
|
0,10 |
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Other
Income |
16.321 |
|
0,01 |
|
0 |
|
0,00 |
|
542 |
|
0,00 |
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Other
Expenses |
5.021 |
|
0,00 |
|
1.515 |
|
0,00 |
|
0 |
|
0,00 |
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Financial
Expenses |
5.115 |
|
0,00 |
|
0 |
|
0,00 |
|
8.766 |
|
0,01 |
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Profit (loss) Before Tax |
144.628 |
|
0,07 |
|
141.247 |
|
0,11 |
|
81.687 |
|
0,09 |
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Tax
Payable |
43.388 |
|
0,02 |
|
28.797 |
|
0,02 |
|
0 |
|
0,00 |
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Net Profit (loss) |
101.240 |
|
0,05 |
|
112.450 |
|
0,09 |
|
81.687 |
|
0,09 |
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FINANCIAL RATIOS |
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2005 |
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2006 |
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1.1.-30.06.2007 |
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LIQUIDITY RATIOS |
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Current Ratio |
1,11 |
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|
1,48 |
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-- |
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Acid-Test Ratio |
0,54 |
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|
0,48 |
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-- |
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ASSET STRUCTURE RATIOS |
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Inventory/Total Assets |
0,14 |
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0,24 |
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-- |
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Short-term Receivable/Total Assets |
0,23 |
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|
0,08 |
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-- |
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Tangible Assets/Total Assets |
0,47 |
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|
0,44 |
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-- |
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TURNOVER RATIOS |
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Inventory Turnover |
4,21 |
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|
1,35 |
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-- |
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Stockholders' Equity Turnover |
1,26 |
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|
0,57 |
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-- |
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Asset Turnover |
0,67 |
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|
0,37 |
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-- |
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FINANCIAL STRUCTURE |
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Stockholders' Equity/Total Assets |
0,53 |
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|
0,66 |
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|
-- |
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Current Liabilities/Total Assets |
0,47 |
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|
0,34 |
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|
-- |
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Financial Leverage |
0,47 |
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|
0,34 |
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-- |
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PROFITABILITY RATIOS |
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Net Profit/Stockholders' Eq. |
0,06 |
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|
0,05 |
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-- |
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Operating Profit Margin |
0,07 |
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|
0,11 |
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|
0,10 |
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Net Profit Margin |
0,05 |
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|
0,09 |
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|
0,09 |
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COLLECTION-PAYMENT |
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Average Collection Period (days) |
125,76 |
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|
110,72 |
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|
-- |
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Average Payable Period (days) |
111,26 |
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|
205,91 |
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-- |
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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. |
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%)