MIRA
INFORM REPORT
|
Report Date : |
27.08.2007 |
IDENTIFICATION DETAILS
|
Name : |
ZORLU LINEN DOKUMA EMPRIME KONFEKSIYON SANAYI VE TICARET A.S. |
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Registered Office : |
Vasifcinar Cad. No: 91 Eminonu- |
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Country : |
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Financials (as on) : |
30.06.2007 |
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Date of Incorporation : |
11.02.1982 |
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Com. Reg. No.: |
185410 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Manufacture and trade of cotton home textile
mainly; Bed-Linen (quilt-cover, flat-fitted sheet, all kinds of pillow cases,
etc...), Table-Linen, Upholstery, Drapery –Ready made curtains and Curtain |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COMPANY
IDENTIFICATION
|
NAME |
: |
ZORLU LINEN DOKUMA EMPRIME KONFEKSIYON SANAYI VE TICARET A.S. |
|
ADDRESS |
: |
Registered Head Office: Vasifcinar Cad.
No: 91 Eminonu- Istanbul/ Administrative Office/Factory:
Buyukkaristiran Koyu Tayyare Meydani Mevkii Luleburgaz Kirklareli/ Branch Office: Petrol Ofisi Ambarli Dolum
Tesisleri Yolu Avcilar 34840 |
|
PHONE NUMBER |
: |
90-212-422 03 03 (Branch Office) 90-212-520 67 33 (Head Office) 90-288-436 22 90 (Administrative
Office/Factory) |
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FAX NUMBER |
: |
90-212-512 17 12 (Head Office) 90-288-436 22 88 (Administrative
Office/Factory) |
LEGAL STATUS AND
HISTORY
|
TAX OFFICE / NO |
: |
Buyuk Mukellefler / 9990030180 |
|
REGISTRATION NUMBER |
: |
185410 |
|
REGISTERED OFFICE |
: |
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DATE ESTABLISHED |
: |
11.02.1982 (Commercial Registry Gazette
Date / No: 15.02.1982 / 441) |
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LEGAL FORM |
: |
Joint Stock Company |
|
TYPE OF COMPANY |
: |
Private |
|
REGISTERED CAPITAL |
: |
YTL 283,000,000 |
|
PAID-IN CAPITAL |
: |
YTL 283,000,000 |
|
HISTORY |
: |
On 11.02.1982, the company was founded
under the name of “Trakya Orme Sanayi ve
Ticaret A.S.”. The name of the subject was changed from “Trakya Orme Sanayi
ve Ticaret A.S.” to “Zorlu Boya ve Apre Sanayi A.S.” on 23.06.1989
(Commercial Registry Gazette Date / No: 29.06.1989 / 2305). The subject was
engaging with textile dyeing and finishing. The firm changed its line of business to
manufacture and trade of cotton home textile on 05.04.1996 (Commercial
Registry Gazette Date / No: 10.04.1996 / 4016). Meanwhile the name of the
company was changed from “Zorlu Boya ve Apre Sanayi A.S.” to “Zorlu Linen
Dokuma Emprime Konfeksiyon San. ve Tic. A.S.” on 05.04.1996 (Commercial
Registry Gazette Date / No: 10.04.1996 / 4016). In 1996 the company was at
the stage of investment. The factory of the firm was constructed in
Luleburgaz at which Zorlu Linen makes manufacture of cotton home textile. The
firm started manufacturing in the second week of May 1997. The registered capital which was increased
to YTL 15,000,000 on 28.04.1999 (Commercial Registry Gazette Date / No:
03.05.1999 / 4782) was further increased to YTL 55,000,000 on 21.09.2001.
(Commercial Registry Gazette Date / No: 26.09.2001 / 5390) The registered capital was increased from
YTL 55,000,000 to YTL 130,000,000 on 29.12.2006 (Commercial Registry Gazette
Date/No: 09.01.2007 / 6719) |
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|
The registered capital was increased from
YTL 130,000,000 to YTL 283,000,000 on 02.04.2007 (Commercial Registry Gazette
Date/No: 24.05.2007 / 6815). This increase is decided to be financed by participation
of “Korteks Mensucat Sanayi Ve Ticaret A.S.”. “Korteks Mensucat Sanayi Ve
Ticaret A.S.” transferred a part of its tangible fixed assets, receivable and
inventories such as machineries, vehicles etc. at Bursa curtain factory and
Luleburgaz curtain factory with machineries, vehicles, inventories to “Zorlu
Linen Dokuma Emprime Konf. San Ve Tic. A.S” |
OWNERSHIP /
MANAGEMENT
|
SHAREHOLDERS |
: |
Korteks Mensucat Sanayi Ve Ticaret A.S. Zorlu Holding A.S. Ahmet Nazif Zorlu Olgun Zorlu Zeki Zorlu Turkan Zorlu Zulal Zorlu |
53,712 % 46,286 % |
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The shares are held by large companies
operating within Zorlu Group and members of Zorlu family. |
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GROUP PARENT COMPANY |
: |
Zorlu Holding A.S |
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Zorlu Holding A.S. which was established
on 20.08.1990 is a conglomerate, which coordinates the financial and
administrative operations of Zorlu
group of companies. |
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Zorlu Group is |
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Zorlu Group employs app. 15,000 people and
its textile operations encompass every stage of the curtain manufacturing
process: polyester chips and yarn, lace, voile and embroidered fabric, dyeing,
finishing, and ready-made curtains. The Zorlu Group’s textile capacity: |
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Polyester chips and yarn Textured yarn Jacquard satin fabric Jacquard lace fabric Voile Embroidered curtain fabric Guipure Dying and finishing |
25,000 tons 25,000 tons 3,000,000 m2 70,000,000 m2 30,000,000 m2 15,000,000 m2 8,000,000 m2 120 million m2 |
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Zorlu Group, which is specialized mainly
in textile sector, entered also electronics sector with its acquisition of Vestel
in November 1994. |
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The main companies operating within Zorlu
Group are declared as follows: |
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Anz Insaat Turizm San. Ve Tic. A.S. Atlas –Tac Co. ( Bel Air Gardinen ( Bel Air Industries SA ( Collar Holding B.V. Deksar Multimedya ve Telekomunikasyon A.S. Deniz Destek Oto Kiralama Temizlik Hizm.
Ve Ins. A.S. Gazdas Gaziantep Dogal Gaz Dagitim A.S. Korteks Mensucat Sanayi Ve Ticaret A.S. Korteks Tekstil / |
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Linens Pazarlama A.S. Trakya Birlik Dogalgaz Dagitim A.S. Veseg Video Handelsges GmbH ( Vestek Elektronik Arastirma Gelistirme A.S. Vestel Beyaz Esya Sanayi Ve Ticaret A.S. Vestel Dayanikli Tuketim Mallari Pazarlama
A.S. Vestel Dijital Uretim Sanayi A.S. Vestel Dis Ticaret A.S. Vestel Elektronik Sanayi Ve Ticaret A.S. Vestel France SA (France) Vestel Holland B.V. Vestel Vestel Vestel Komunikasyon Sanayi ve Ticaret A.S. Vestel Vestelnet |
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Zorlu Air Havacilik A.S. Zorlu Ambalaj Sanayi Ve Ticaret A.S. Zorlu Belair A.S Zorlu Dis Ticaret Zorlu Dogalgaz Ithalat Ihracat Ve Toptan
Tic. A.S. Zorlu Elektrik Enerjisi Ith. Ihr. Ve
Toptan Tic. A.S: Zorlu Endustriyel Ve Enerji Tesisleri
Insaat Tic. A.S. Zorlu Enerji Elektrik Uretim A.S. Zorlu Ev Tekstil Urunleri Tic. A.S. Zorlu Financial ( Zorlu Gmbh ( Zorlu Grand Hotel Isletmeleri Zorlu Holland B.V. |
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Zorlu Hometeks Tekstil Urunleri Sanayi ve
Ticaret A.S. Zorlu Linen Dokuma Emprime Konf. San Ve
Tic. A.S Zorlu Linen Pazarlama Zorlu Mensucat Sanayi Ve Ticaret A.S. Zorlu MFG Co. L.L.C. ( Zorlu O/M A.S Zorlu Petrogas A.S Zorlu Polimer Sentetik Iplik San. Ve Tic.
A.S. Zorlu Polimer-Neva Inc. Zorlu Sigorta Aracilik Hizmetleri A.S. Zorlu Srl Zorlu Tekstil Urunleri Pazarlama A.S. Zorlu Turizm Ve Ticaret A.S. Zorlu Zorlu UK Ltd. ( |
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Zorlu USA Inc. ( Zorluteks D.O.O. ( Zorluteks Tekstil Tic. Ve San. A.S. Zorpas Sanayi Urunleri Ihracat Ve Tic.
A.S. Zorpet Zorlu Petrolculuk Nakliyat Oto
Kiralama Insaat Gida San. Ve Tic. A.S. |
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On 30.05.2006, Zorlu Holding AS signed an agreement with Dexia SA/NV for
selling 74,9965 % shares of Denizbank A.S. On 17.10.2006 74,9965 % shares of |
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SUBSIDIARIES |
: |
Name of the Subsidiary Zorlu Enerji Elektrik Uretim A.S. Zorlu O/M Enerji Tesisleri Isletme Ve
Bakim Hizm. A.S Zorlu Endustriyel Ve Enerji Tesisleri Ins.
Tic. A.S Zorluteks Tekstil Tic.Ve San. A.S. Zorlu Dis Ticaret A.S. |
Share 0,53 %
10 %
1 %
46 % 25,5 % |
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BOARD OF DIRECTORS |
: |
Zeki Zorlu Ahmet Nazif Zorlu Olgun Zorlu |
Chairman Vice-Chairman Member |
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GENERAL MANAGER |
: |
Yilmaz Tunc |
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OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Manufacture and trade of cotton home
textile mainly; -Bed-Linen (quilt-cover, flat-fitted
sheet, all kinds of pillow cases, etc...) -Table-Linen -Upholstery -Drapery –Ready made curtains -Curtain The firm manufactures home textiles in a
vertically integrated way, starting from weaving, dying and printing of
fabric. The subject has started to manufacturing
curtain in 2007 after taking the tangible fixed assets, receivable and
inventories of “Korteks Mensucat Sanayi Ve Ticaret A.S.” |
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SECTOR |
: |
Textile |
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TRADEMARKS |
: |
“Tac”, “Linens” |
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NUMBER OF
EMPLOYEES |
: |
2,548 |
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NET SALES |
: |
(YTL Thousand) 50 97 30 1,514 16,352 41,831 77,341 167,084 250,222 321,610 473,079 374,764 399,065 209,965 |
(1994) (1995) (1996) (1997) (1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) |
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CAPACITY |
: |
Woven Fabric (cotton+polyester) Woven Fabric (artificial) Woven Fabric (cotton) |
2004 / 2005/ 2006 (Meters/Yr.) 668,980 1,337,921 11,372,327 |
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Bed Sheet-weaving Sheet for guilt cover-weaving Fitted bed sheet weaving Sheet for cushion weaving Sleeping set weaving Curtain weaving Guilt weaving Bed cover Baby Blanket Sheet for guilt cover knitting Sheet for cushion knitting Fitted bed sheet knitting Bed sheet knitting |
2004 / 2005 / 2006 (Units/Yr.) 1,440,000 4,368,000 1,416,000 3,168,000
108,000 1,248,000
432,000
288,000
240,000
480,000 2,016,000 1,716,000
768,000 |
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Fabric Bleaching weaving- cotton Fabric dying, weaving- of cotton Fabric dying-knitting- of cotton Printing on fabric |
2004 / 2005 / 2006 (Tons/Yr.) 8,165 5,187 514 2004 / 2005 / 2006 (Meters/Yr.) 28,784,000 |
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Circular weaving fabric |
2004 / 2005 / 2006 (Kg/Yr) 585,900 |
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IMPORT VALUE |
: |
USD 34,888,137 USD 60,205,493 USD 101,769,488 USD 79,718,498 USD 79.8 million USD 55.5 million |
(2002) (2003) (2004) (2005) (2006) |
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MERCHANDISE
IMPORTED |
: |
Raw materials |
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IMPORT COUNTRIES |
: |
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EXPORT VALUE |
: |
YTL 1,098,430 YTL 11,680,059 YTL 28,935,968 USD
77,760,730.96 YTL 128,832,340 USD
131,095,472.93 USD 148,532,998 USD 215,168,963 YTL 245,352,368 YTL 255,242,652 YTL 128,890,829 |
(1997) (1998) (1999) (2000) (2001) (2003) (2004) (2005) (2006) |
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MERCHANDISE
EXPORTED |
: |
Bed linen, knitted crochet, curtains,
interior blinds, furnishing articles… |
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EXPORT COUNTRIES |
: |
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PREMISES |
: |
Head Office: Vasifcinar Cad. No: 91
Eminonu- Administrative Office/Factory:
Buyukkaristiran Koyu Tayyare Meydani Mevkii Luleburgaz- Kirklareli (owned) Branch Office: Petrol Ofisi Ambarli Dolum
Tesisleri Yolu Avcilar 34840 Istanbul (1,500 sqm) |
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FIXED CAPITAL
INVESTMENTS |
: |
Investments are going on. |
||
TREND OF BUSINESS : Stagnating
COMMERCIAL MORALITY : Good
SIZE OF BUSINESS : Giant
FINANCE
|
MAIN DEALING BANKERS |
: |
T.Is Bankasi Gunesli Kurumsal branch in HSBC Bank Merkez branch in Akbank Bati Kurumsal branch in Yapi ve Finansbank Merkez branch in Denizbank Istanbul Kurumsal branch in |
|
CREDIT FACILITIES |
: |
The subject rarely makes use of credit
facilities. |
|
PAYMENT BEHAVIOR |
: |
Prompt; banks report satisfactory
experiences. 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 “Zorlu Linen”. |
COMMENT ON FINANCIAL
POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
|
|
Good |
As of 30.06.2007 |
|
LIQUIDITY |
|
|
High |
As of 30.06.2007 |
|
PROFITABILITY |
|
|
The firm had operating and net losses in
2006 and between 01.01.-30.06.2007. |
|
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GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
|
|
Unfavorable - Long |
Between 01.01.-30.06.2007 |
|
GENERAL
FINANCIAL POSITION |
|
|
The firm had operating and net losses in
2006 and between 01.01.-30.06.2007 but capitalization was good and liquidity
was high as of 30.06.2007. |
|
CREDIT OPINION
CREDIT OPINION WITHOUT OBLIGATION : The subject is a giant company which operates within a reputable
group. Although the firm had losses in 2006 and in the first half of 2007, we consider a max. credit of USD 15 million may be granted to the subject in view of its size, reputation, business background, capitalization and liquidity.
|
|
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.-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 |
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|
YTL Thousand |
|
|
|
YTL Thousand |
|
|
|
YTL Thousand |
|
|
|
|
|
|
31.12.2005 |
|
|
|
31.12.06 |
|
|
|
30.6.07 |
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|
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|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
CURRENT ASSETS |
207.559 |
|
0,48 |
|
257.392 |
|
0,56 |
|
437.965 |
|
0,62 |
|
|
|
Cash and Banks |
14.487 |
|
0,03 |
|
32.148 |
|
0,07 |
|
16.869 |
|
0,02 |
|
|
|
Marketable
Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account
Receivable |
70.100 |
|
0,16 |
|
106.142 |
|
0,23 |
|
223.444 |
|
0,32 |
|
|
|
Other
Receivable |
89 |
|
0,00 |
|
1.511 |
|
0,00 |
|
1.575 |
|
0,00 |
|
|
|
Inventories |
113.826 |
|
0,26 |
|
104.613 |
|
0,23 |
|
168.993 |
|
0,24 |
|
|
|
Advances
Given |
4.660 |
|
0,01 |
|
7.688 |
|
0,02 |
|
15.230 |
|
0,02 |
|
|
|
Other
Current Assets |
4.397 |
|
0,01 |
|
5.290 |
|
0,01 |
|
11.854 |
|
0,02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
226.430 |
|
0,52 |
|
198.646 |
|
0,44 |
|
269.430 |
|
0,38 |
|
|
|
Long-term Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Financial
Assets |
3.483 |
|
0,01 |
|
4.022 |
|
0,01 |
|
4.022 |
|
0,01 |
|
|
|
Tangible
Fixed Assets (net) |
167.086 |
|
0,39 |
|
140.384 |
|
0,31 |
|
207.303 |
|
0,29 |
|
|
|
Intangible
Assets |
55.530 |
|
0,13 |
|
53.693 |
|
0,12 |
|
57.912 |
|
0,08 |
|
|
|
Other
Non-Current Assets |
331 |
|
0,00 |
|
547 |
|
0,00 |
|
193 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
433.989 |
|
1,00 |
|
456.038 |
|
1,00 |
|
707.395 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
170.611 |
|
0,39 |
|
122.054 |
|
0,27 |
|
96.264 |
|
0,14 |
|
|
|
Financial
Loans |
118.764 |
|
0,27 |
|
13.707 |
|
0,03 |
|
908 |
|
0,00 |
|
|
|
Accounts
Payable |
45.974 |
|
0,11 |
|
100.112 |
|
0,22 |
|
87.276 |
|
0,12 |
|
|
|
Loans from
Shareholders |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Short-term Payable |
18 |
|
0,00 |
|
91 |
|
0,00 |
|
906 |
|
0,00 |
|
|
|
Advances
from Customers |
190 |
|
0,00 |
|
5.084 |
|
0,01 |
|
3.269 |
|
0,00 |
|
|
|
Taxes
Payable |
1.591 |
|
0,00 |
|
1.337 |
|
0,00 |
|
1.765 |
|
0,00 |
|
|
|
Provisions |
154 |
|
0,00 |
|
0 |
|
0,00 |
|
181 |
|
0,00 |
|
|
|
Other
Current Liabilities |
3.920 |
|
0,01 |
|
1.723 |
|
0,00 |
|
1.959 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
44.248 |
|
0,10 |
|
71.836 |
|
0,16 |
|
201.012 |
|
0,28 |
|
|
|
Financial
Loans |
20.246 |
|
0,05 |
|
3.185 |
|
0,01 |
|
5.313 |
|
0,01 |
|
|
|
Securities
Issued |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Long-term
Payable |
1.455 |
|
0,00 |
|
1.001 |
|
0,00 |
|
11.185 |
|
0,02 |
|
|
|
Loans from
Shareholders |
20.091 |
|
0,05 |
|
63.071 |
|
0,14 |
|
176.917 |
|
0,25 |
|
|
|
Other
Long-term Liabilities |
0 |
|
0,00 |
|
1.798 |
|
0,00 |
|
4.212 |
|
0,01 |
|
|
|
Provisions |
2.456 |
|
0,01 |
|
2.781 |
|
0,01 |
|
3.385 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
219.130 |
|
0,50 |
|
262.148 |
|
0,57 |
|
410.119 |
|
0,58 |
|
|
|
Paid-in
Capital |
55.000 |
|
0,13 |
|
130.000 |
|
0,29 |
|
283.000 |
|
0,40 |
|
|
|
Inflation
Adjustment of Capital |
132.953 |
|
0,31 |
|
132.953 |
|
0,29 |
|
132.953 |
|
0,19 |
|
|
|
Reserves |
29.476 |
|
0,07 |
|
31.177 |
|
0,07 |
|
31.178 |
|
0,04 |
|
|
|
Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accumulated Losses(-) |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
-31.982 |
|
-0,05 |
|
|
|
Net Profit
(loss) |
1.701 |
|
0,00 |
|
-31.982 |
|
-0,07 |
|
-5.030 |
|
-0,01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQ. |
433.989 |
|
1,00 |
|
456.038 |
|
1,00 |
|
707.395 |
|
1,00 |
|
|
|
INCOME STATEMENTS |
||||||||||||
|
|
|
YTL Thousand |
|
|
|
YTL Thousand |
|
|
|
YTL Thousand |
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
1.1.-30.06.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
374.764 |
|
1,00 |
|
399.065 |
|
1,00 |
|
209.965 |
|
1,00 |
|
|
|
Cost of Goods
Sold |
327.803 |
|
0,87 |
|
368.384 |
|
0,92 |
|
188.720 |
|
0,90 |
|
|
|
Gross Profit |
46.961 |
|
0,13 |
|
30.681 |
|
0,08 |
|
21.245 |
|
0,10 |
|
|
|
Operating
Expenses |
37.202 |
|
0,10 |
|
45.791 |
|
0,11 |
|
27.913 |
|
0,13 |
|
|
|
Operating Profit |
9.759 |
|
0,03 |
|
-15.110 |
|
-0,04 |
|
-6.668 |
|
-0,03 |
|
|
|
Other
Income |
19.780 |
|
0,05 |
|
38.729 |
|
0,10 |
|
19.057 |
|
0,09 |
|
|
|
Other
Expenses |
6.286 |
|
0,02 |
|
6.605 |
|
0,02 |
|
6.490 |
|
0,03 |
|
|
|
Financial
Expenses |
21.552 |
|
0,06 |
|
48.996 |
|
0,12 |
|
10.929 |
|
0,05 |
|
|
|
Profit (loss) Before Tax |
1.701 |
|
0,00 |
|
-31.982 |
|
-0,08 |
|
-5.030 |
|
-0,02 |
|
|
|
Tax |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
1.701 |
|
0,00 |
|
-31.982 |
|
-0,08 |
|
-5.030 |
|
-0,02 |
|
|
|
FINANCIAL RATIOS |
||||||||||||
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
1.1.-30.06.07 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Ratio |
1,22 |
|
|
|
2,11 |
|
|
|
4,55 |
|
|
|
|
|
Acid-Test Ratio |
0,50 |
|
|
|
1,15 |
|
|
|
2,51 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,26 |
|
|
|
0,23 |
|
|
|
0,24 |
|
|
|
|
|
Short-term Rec./Total Assets |
0,16 |
|
|
|
0,24 |
|
|
|
0,32 |
|
|
|
|
|
Tangible Assets/Total Assets |
0,39 |
|
|
|
0,31 |
|
|
|
0,29 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
2,88 |
|
|
|
3,52 |
|
|
|
1,12 |
|
|
|
|
|
Stockholders' Equity Turnover |
1,71 |
|
|
|
1,52 |
|
|
|
0,51 |
|
|
|
|
|
Asset Turnover |
0,86 |
|
|
|
0,88 |
|
|
|
0,30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Eq./Total Assets |
0,50 |
|
|
|
0,57 |
|
|
|
0,58 |
|
|
|
|
|
Current Liabilities/Total Assets |
0,39 |
|
|
|
0,27 |
|
|
|
0,14 |
|
|
|
|
|
Financial Leverage |
0,50 |
|
|
|
0,43 |
|
|
|
0,42 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
0,01 |
|
|
|
-0,12 |
|
|
|
-0,01 |
|
|
|
|
|
Operating Profit Margin |
0,03 |
|
|
|
-0,04 |
|
|
|
-0,03 |
|
|
|
|
|
Net Profit Margin |
0,00 |
|
|
|
-0,08 |
|
|
|
-0,02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
67,34 |
|
|
|
95,75 |
|
|
|
383,11 |
|
|
|
|
|
Average Payable Period (days) |
52,09 |
|
|
|
98,81 |
|
|
|
187,82 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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%)