MIRA
INFORM REPORT
|
Report Date : |
04.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
TERGAN DERI URUNLERI SANAYI VE TICARET A.S. |
|
|
|
|
Registered Office : |
Ayranci Sanayi Sitesi Esenler Cad. Yasar Dogu Sk. No:8 Bayrampasa –
Istanbul |
|
|
|
|
Country : |
Turkey |
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
15.01.1988 |
|
|
|
|
Com. Reg. No.: |
241090 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacture and trade of leather goods such as wallets, belts, bond
type attaché and pilot cases, ladies handbags, suitcases and various leather
accessories. |
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 : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
NOTE
The full name of the firm was missing at your inquiry. According to the
commercial registry there is only one company whose name starts with “TERGAN”.
This is “TERGAN DERI URUNLERI SANAYI VE TICARET A.S.”. The address at your
inquiry is the head office address of this company.
COMPANY IDENTIFICATION
|
NAME |
: |
TERGAN DERI URUNLERI SANAYI VE TICARET A.S. |
|
ADDRESS |
: |
Head Office/Factory: Ayranci Sanayi Sitesi
Esenler Cad. Yasar Dogu Sk. No:8 Bayrampasa – Istanbul / Turkey |
|
PHONE NUMBER |
: |
90-212-613 25 25 |
|
FAX NUMBER |
: |
90-212-612 87 12 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Dis Ticaret / 8400003748 |
|
|
|
REGISTRATION NUMBER |
: |
241090 |
|
|
|
REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce Istanbul Chamber of Industry |
|
|
|
DATE ESTABLISHED |
: |
15.01.1988 (Commercial Registry Gazette
Date/No: 20.01.1988 / 1938) |
|
|
|
LEGAL FORM |
: |
Joint Stock Company |
|
|
|
TYPE OF COMPANY |
: |
Private |
|
|
|
REGISTERED CAPITAL |
: |
YTL 1,500,000 |
|
|
|
PAID-IN CAPITAL |
: |
YTL 1,500,000 |
|
|
|
HISTORY |
: |
|
|
|
|
|
|
Previous Legal Form |
: Limited Company |
|
|
|
|
Legal Form Changed On |
: 26.11.1999 (Commercial Registry Gazette
Date/No: 01.12.1999 / 4931) |
|
|
|
|
Previous Name |
: TERGAN DERI URUNLERI SANAYI VE TICARET
LTD. STI. |
|
|
|
|
Name Changed On |
: 26.11.1999 (Commercial Registry Gazette
Date/No: 01.12.1999 / 4931) |
|
|
|
|
Previous
Registered Capital |
: YTL 350,000 |
|
|
|
|
Regist. Capital Changed on |
: 01.11.2004 (Commercial Registry Gazette
Date/No: 04.11.2004 / 6171) |
|
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Mumin Tergan Mustafa Tergan Ahmet Tergan Ayse Tergan Fatma Tergan |
35,40 % 32,00 % 31,86 % |
|
SISTER COMPANIES |
: |
Declared to be: None |
|
|
GROUP PARENT COMPANY |
: |
None |
|
|
SUBSIDIARIES |
: |
-DSD Deri Sanayicileri Dis Ticaret A.S. |
|
|
BOARD OF DIRECTORS |
: |
Mumin Tergan Mustafa Tergan Ahmet Tergan |
Chairman Member Member |
|
DIRECTOR |
: |
Mumin Tergan |
|
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Manufacture and trade of leather goods
such as wallets, belts, bond type attaché and pilot cases, ladies handbags,
suitcases and various leather accessories. |
|
|
TRADEMARK(S) |
: |
“Tergan” |
|
|
NUMBER OF
EMPLOYEES |
: |
150 |
|
|
NET SALES |
: |
(YTL) 10,142,516 11,106,450 8,470,234 |
(2005) (2006) (01.01.-30.09.2007) |
|
CAPACITY |
: |
(Units/Yr) 226,350 226,350 226,350 |
(2005) (2006) (2007) |
|
PRODUCTION |
: |
(Units) 169,763 122,606 |
(2006) (01.01.-30.09.2007) |
|
IMPORT VALUE |
: |
USD 320,000 USD 250,000 USD 225,000 |
(2005) (2006) (01.01.-30.09.2007) |
|
IMPORT COUNTRIES |
: |
Italy, Switzerland, Germany, Spain,
Portugal… |
|
|
MERCHANDISE
IMPORTED |
: |
Metal accessories, leather, line… |
|
|
EXPORT VALUE |
: |
(YTL) 4,237,235 3,490,292 2,190,990 |
(2005) (2006) (01.01.-30.09.2007) |
|
EXPORT COUNTRIES |
: |
Estonia, Finland, Switzerland, UK,
Iceland, Russia, Romania… |
|
|
MERCHANDISE
EXPORTED |
: |
Leather goods |
|
|
PREMISES |
: |
Head Office/Factory: Ayranci Sanayi Sitesi
Esenler Cad. Yasar Dogu Sk. No:8 Bayrampasa – Istanbul (rented from the
shareholders Mumin Tergan, Mustafa Tergan, Ahmet Tergan) (5,000 sqm) Store: Bayrampasa – Istanbul (75 sqm)
(rented from the shareholders) Store: Mithatpasa Cad. Dumer Apt. No:31
D:2-5 Beyazit – Istanbul (150 sqm) (rented) Store: Cemal Sahir Sk. No:1 Has Center
Alisveris Merkezi Z-28 Mecidiyekoy – Istanbul (72 sqm) (rented) Store: Kadikoy – Istanbul (45 sqm)
(rented) Store: Halaskargazi Mah. Rumeli Cad.
No:42/A Sisli – Istanbul (160 sqm) (rented) Store: Beylikduzu – Istanbul (149 sqm)
(rented) Store: Gungoren – Istanbul (110 sqm)
(rented) Store: Karsiyaka – Izmir (90 sqm) (rented) Store: Alsancak – Izmir (130 sqm) (rented) Store: Selcuklu – Konya (102 sqm) (rented) Store: Melikgazi – Kayseri (86 sqm)
(rented) Store: Sehitkamil – Gaziantep (130 sqm)
(rented) Store: Osmangazi – Bursa ( 106 sqm)
(rented) Store: Ikitelli – Istanbul (225 sqm)
(rented) Store: Kecioren – Ankara (134 sqm)
(rented) |
|
FIXED CAPITAL
INVESTMENTS |
: |
None |
TREND OF BUSINESS : Steady
COMMERCIAL MORALITY : Good
SIZE OF BUSINESS : Medium
FINANCE
|
MAIN DEALING BANKERS |
: |
Finansbank Bayrampasa branch in Istanbul Yapi ve Kredi Bankasi Bayrampasa branch in
Istanbul HSBC Bank Bayrampasa branch in Istanbul Vakiflar Bankasi Bayrampasa branch in
Istanbul Turkiye Is Bankasi Beyazit branch in
Istanbul Akbank Beyazit branch in Istanbul Garanti Bankasi Samalcilar branch in
Istanbul |
|
CREDIT FACILITIES |
: |
The
subject company is making use of credit facilities. |
|
PAYMENT BEHAVIOUR |
: |
No complaints have been heard regarding
payments from banks. According to the official
registries between 01.01.2000-15.10.2007, there are no protested bills and
non-paid cheques registered in the name of
“Tergan Deri” |
COMMENT ON FINANCIAL POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
||||
|
High |
As of 31.12.2006 |
|||
|
LIQUIDITY |
||||
|
Good |
As of 31.12.2006 |
|||
|
PROFITABILITY |
||||
|
High |
In 2006 |
High |
Between 01.01.-30.09.2007 |
|
|
GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
||||
|
Unfavorable |
In 2006 |
|||
|
GENERAL
FINANCIAL POSITION |
||||
|
Good |
||||
CREDIT OPINION
PROPOSED CREDIT AMOUNT : EUR 500,000
CREDIT OPINION WITHOUT OBLIGATION : We are of the opinion that, the proposed amount of credit is
admissible.
|
|
Incr. in producers’
price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(2005) |
2.66 % |
1.3499 |
1.6882 |
2.4623 |
|
(2006) |
11.58 % |
1.4309 |
1.7987 |
2.6377 |
|
(1.1.-30.09.2007) |
4.98 % |
1.3447 |
1.8084 |
2.6720 |
|
(1.1.-30.11.2007) |
5.78 % |
1.3190 |
1.7961 |
2.6363 |
(All statements are
prepared according to TAS)
|
|
BALANCE SHEETS |
||||||||
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
31.12.05 |
|
|
|
31.12.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
4.948.796 |
|
0,83 |
|
5.861.414 |
|
0,85 |
|
|
|
Cash and
Banks |
613.989 |
|
0,10 |
|
566.868 |
|
0,08 |
|
|
|
Marketable Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account
Receivable |
920.155 |
|
0,15 |
|
1.216.843 |
|
0,18 |
|
|
|
Other
Receivable |
168.572 |
|
0,03 |
|
195.503 |
|
0,03 |
|
|
|
Inventories |
2.950.160 |
|
0,50 |
|
3.382.793 |
|
0,49 |
|
|
|
Advances
Given |
128.638 |
|
0,02 |
|
148.335 |
|
0,02 |
|
|
|
Other Current
Assets |
167.282 |
|
0,03 |
|
351.072 |
|
0,05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
993.053 |
|
0,17 |
|
1.014.341 |
|
0,15 |
|
|
|
Long-term
Receivable |
75.373 |
|
0,01 |
|
65.502 |
|
0,01 |
|
|
|
Financial
Assets |
66.794 |
|
0,01 |
|
66.794 |
|
0,01 |
|
|
|
Tangible
Fixed Assets (net) |
663.511 |
|
0,11 |
|
645.476 |
|
0,09 |
|
|
|
Intangible Assets |
173.778 |
|
0,03 |
|
226.488 |
|
0,03 |
|
|
|
Other
Non-Current Assets |
13.597 |
|
0,00 |
|
10.081 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
5.941.849 |
|
1,00 |
|
6.875.755 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
2.244.277 |
|
0,38 |
|
2.084.165 |
|
0,30 |
|
|
|
Financial
Loans |
344.815 |
|
0,06 |
|
985.523 |
|
0,14 |
|
|
|
Accounts
Payable |
834.924 |
|
0,14 |
|
461.584 |
|
0,07 |
|
|
|
Loans
from Shareholders |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Short-term Payable |
32.635 |
|
0,01 |
|
15.939 |
|
0,00 |
|
|
|
Advances
from Customers |
929.980 |
|
0,16 |
|
400.946 |
|
0,06 |
|
|
|
Taxes
Payable |
85.632 |
|
0,01 |
|
219.543 |
|
0,03 |
|
|
|
Provisions |
5.481 |
|
0,00 |
|
630 |
|
0,00 |
|
|
|
Other
Current Liabilities |
10.810 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Financial
Loans |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Securities Issued |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Long-term
Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Loans
from Shareholders |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Long-term Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Provisions |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
3.697.572 |
|
0,62 |
|
4.791.590 |
|
0,70 |
|
|
|
Paid-in
Capital |
1.500.000 |
|
0,25 |
|
1.500.000 |
|
0,22 |
|
|
|
Inflation
Adjustment of Capital |
3.524.482 |
|
0,59 |
|
3.524.482 |
|
0,51 |
|
|
|
Reserves |
3.290.564 |
|
0,55 |
|
3.728.992 |
|
0,54 |
|
|
|
Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accumulated Losses(-) |
-5.055.902 |
|
-0,85 |
|
-5.055.902 |
|
-0,74 |
|
|
|
Net
Profit (loss) |
438.428 |
|
0,07 |
|
1.094.018 |
|
0,16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
5.941.849 |
|
1,00 |
|
6.875.755 |
|
1,00 |
|
|
|
INCOME STATEMENTS |
||||||||||||
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
1.1.-30.09.2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
10.142.516 |
|
1,00 |
|
11.106.450 |
|
1,00 |
|
8.470.234 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
7.349.450 |
|
0,72 |
|
6.620.633 |
|
0,60 |
|
5.741.024 |
|
0,68 |
|
|
|
Gross Profit |
2.793.066 |
|
0,28 |
|
4.485.817 |
|
0,40 |
|
2.729.210 |
|
0,32 |
|
|
|
Operating
Expenses |
2.017.271 |
|
0,20 |
|
3.050.827 |
|
0,27 |
|
1.985.167 |
|
0,23 |
|
|
|
Operating Profit |
775.795 |
|
0,08 |
|
1.434.990 |
|
0,13 |
|
744.043 |
|
0,09 |
|
|
|
Other
Income |
143.519 |
|
0,01 |
|
131.564 |
|
0,01 |
|
168.243 |
|
0,02 |
|
|
|
Other
Expenses |
97.351 |
|
0,01 |
|
30.684 |
|
0,00 |
|
70.622 |
|
0,01 |
|
|
|
Financial
Expenses |
186.772 |
|
0,02 |
|
160.676 |
|
0,01 |
|
213.601 |
|
0,03 |
|
|
|
Profit (loss) Before Tax |
635.191 |
|
0,06 |
|
1.375.194 |
|
0,12 |
|
628.063 |
|
0,07 |
|
|
|
Tax
Payable |
196.763 |
|
0,02 |
|
281.176 |
|
0,03 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
438.428 |
|
0,04 |
|
1.094.018 |
|
0,10 |
|
628.063 |
|
0,07 |
|
|
|
FINANCIAL RATIOS |
||||||||||||
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
1.1.-30.09.2007 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Ratio |
2,21 |
|
|
|
2,81 |
|
|
|
-- |
|
|
|
|
|
Acid-Test Ratio |
0,76 |
|
|
|
0,95 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,50 |
|
|
|
0,49 |
|
|
|
-- |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,18 |
|
|
|
0,21 |
|
|
|
-- |
|
|
|
|
|
Tangible Assets/Total Assets |
0,11 |
|
|
|
0,09 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
2,49 |
|
|
|
1,96 |
|
|
|
-- |
|
|
|
|
|
Stockholders' Equity Turnover |
2,74 |
|
|
|
2,32 |
|
|
|
-- |
|
|
|
|
|
Asset Turnover |
1,71 |
|
|
|
1,62 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,62 |
|
|
|
0,70 |
|
|
|
-- |
|
|
|
|
|
Current Liabilities/Total Assets |
0,38 |
|
|
|
0,30 |
|
|
|
-- |
|
|
|
|
|
Financial Leverage |
0,38 |
|
|
|
0,30 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
0,12 |
|
|
|
0,23 |
|
|
|
-- |
|
|
|
|
|
Operating Profit Margin |
0,08 |
|
|
|
0,13 |
|
|
|
0,09 |
|
|
|
|
|
Net Profit Margin |
0,04 |
|
|
|
0,10 |
|
|
|
0,07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
35,34 |
|
|
|
41,57 |
|
|
|
-- |
|
|
|
|
|
Average Payable Period (days) |
40,90 |
|
|
|
25,10 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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%)