MIRA
INFORM REPORT
|
Report Date : |
06.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
SOZDEMIR TEKSTIL BOYA APRE SANAYI VE TICARET A.S. |
|
|
|
|
Registered Office : |
Yenibosna Merkez Mah. Koyalti Mevkii Cinar Cad. Sedir Sok. No:18/1 Bahcelievler-Istanbul |
|
|
|
|
Country : |
Turkey |
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
29.02.2000 |
|
|
|
|
Com. Reg. No.: |
434160 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Dying and finishing |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
SOZDEMIR TEKSTIL BOYA APRE SANAYI VE TICARET A.S. |
|
ADDRESS |
: |
Head Office/Dying Plant: Yenibosna Merkez
Mah. Koyalti Mevkii Cinar Cad. Sedir Sok. No:18/1
Bahcelievler-Istanbul/Turkey |
|
PHONE NUMBER |
: |
90-212-639 20 80 |
|
FAX NUMBER |
: |
90-212-639 15 21 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Yenibosna/7800102453 |
|
REGISTRATION NUMBER |
: |
434160 |
|
REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
|
DATE ESTABLISHED |
: |
29.02.2000 (Commercial Registry Gazette Date/No:03.03.2000/4996) |
|
LEGAL FORM |
: |
Joint Stock Company |
|
TYPE OF COMPANY |
: |
Private |
|
REGISTERED CAPITAL |
: |
YTL 500,000 |
|
HISTORY |
: |
The registered capital was increased from YTL
100,000 to YTL 500,000 on 27.06.2005 (Commercial Registry Gazette
Date/No:30.06.2005/6336) |
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Mehmet Savas Salih Ekren Seyfettin Ozdemir Sefa Sukran Yasar Ata Kiliccioglu |
|
|
GROUP PARENT COMPANY |
: |
None |
|
|
SUBSIDIARIES |
: |
None |
|
|
BOARD OF DIRECTORS |
: |
Seyfettin Ozdemir Salih Ekren Mehmet Savas |
Chairman Vice-Chairman Member |
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Dying and finishing |
|
|
SECTOR |
: |
Textile |
|
|
NUMBER OF
EMPLOYEES |
: |
73 |
|
|
NET SALES |
: |
(YTL) 6,724,181 7,257,784 5,501,197 |
(2005) (2006) (01.01.-30.09.2007) |
|
CAPACITY |
: |
(Tons/Yr) 3,000 3,000 3,000 |
(2005) (2006) (2007) |
|
PRODUCTION |
: |
(Tons) 2,350 1,980 1,493 |
(2005) (2006) (01.01.-30.09.2007) |
|
IMPORT VALUE |
: |
USD 133,000 EUR 108,676 USD 146,425 |
(2005) (2006) (01.01.-30.09.2007) |
|
IMPORT COUNTRIES |
: |
India |
|
|
MERCHANDISE
IMPORTED |
: |
Dye |
|
|
EXPORT VALUE |
: |
(YTL) None 553,317 273,867 |
(2005) (2006) (01.01.-30.09.2007) |
|
EXPORT COUNTRIES |
: |
Austria, UK, Germany, Netherlands, Norway |
|
|
MERCHANDISE
EXPORTED |
: |
Jerseys, pullovers, t-shirts |
|
|
PREMISES |
: |
Head Office/Dying Plant: Yenibosna Merkez Mah.
Koyalti Mevkii Cinar Cad. Sedir Sok. No:18/1 Bahcelievler-Istanbul (5,000
sqm) (rented) |
|
|
FIXED CAPITAL
INVESTMENTS |
: |
None |
|
TREND OF BUSINESS : There was a slowdown at sales volume in real terms in 2006 and there
appears a slowdown at sales volume in the first 9 months of 2007
COMMERCIAL MORALITY : Fair
SIZE OF BUSINESS : Moderate
FINANCE
|
MAIN DEALING BANKERS |
: |
Turkiye Is Bankasi Kanarya branch in
Istanbul Finansbank Gunesli branch in Istanbul |
|
CREDIT FACILITIES |
: |
The subject company makes use of
credit facilities. |
|
PAYMENT BEHAVIOUR |
: |
According to the official
registries since its establishment on 29.02.2000 till 15.10.2007, there are 12 non-paid cheques in 2001 registered
in the name of “Sozdemir Tekstil”.
However no payment delays have been registered in the name of “Sozdemir
Tekstil” since then. |
COMMENT ON FINANCIAL POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
||||
|
Fair |
As of 31.12.2006 |
|||
|
LIQUIDITY |
||||
|
Good |
As of 31.12.2006 |
|||
|
PROFITABILITY |
||||
|
Low |
In 2006 |
Good |
Between 01.01.-30.09.2007 |
|
|
GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
||||
|
In order |
In 2006 |
|||
|
GENERAL
FINANCIAL POSITION |
||||
|
Fair |
||||
CREDIT OPINION
CREDIT OPINION WITHOUT OBLIGATION : We are of the opinion that, a max. credit of USD 200,000 may be
granted to the subject company.
|
|
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 |
|
|
BALANCE SHEETS |
||||||||
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
31.12.05 |
|
|
|
31.12.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
1.535.517 |
|
0,81 |
|
2.034.655 |
|
0,84 |
|
|
|
Cash and Banks |
295.902 |
|
0,16 |
|
481.597 |
|
0,20 |
|
|
|
Marketable Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account
Receivable |
645.667 |
|
0,34 |
|
1.258.977 |
|
0,52 |
|
|
|
Other
Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Inventories |
320.694 |
|
0,17 |
|
90.731 |
|
0,04 |
|
|
|
Advances
Given |
233.430 |
|
0,12 |
|
148.461 |
|
0,06 |
|
|
|
Other
Current Assets |
39.824 |
|
0,02 |
|
54.889 |
|
0,02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
362.735 |
|
0,19 |
|
396.785 |
|
0,16 |
|
|
|
Long-term
Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Financial
Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Tangible
Fixed Assets (net) |
194.432 |
|
0,10 |
|
215.524 |
|
0,09 |
|
|
|
Intangible Assets |
168.303 |
|
0,09 |
|
177.541 |
|
0,07 |
|
|
|
Other
Non-Current Assets |
0 |
|
0,00 |
|
3.720 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
1.898.252 |
|
1,00 |
|
2.431.440 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
1.105.890 |
|
0,58 |
|
1.610.336 |
|
0,66 |
|
|
|
Financial
Loans |
164.233 |
|
0,09 |
|
33.740 |
|
0,01 |
|
|
|
Accounts
Payable |
690.844 |
|
0,36 |
|
1.023.306 |
|
0,42 |
|
|
|
Loans
from Shareholders |
0 |
|
0,00 |
|
99.225 |
|
0,04 |
|
|
|
Other
Short-term Payable |
23.320 |
|
0,01 |
|
23.447 |
|
0,01 |
|
|
|
Advances
from Customers |
137.593 |
|
0,07 |
|
317.365 |
|
0,13 |
|
|
|
Taxes
Payable |
71.385 |
|
0,04 |
|
89.750 |
|
0,04 |
|
|
|
Provisions |
0 |
|
0,00 |
|
7.477 |
|
0,00 |
|
|
|
Other
Current Liabilities |
18.515 |
|
0,01 |
|
16.026 |
|
0,01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
34.607 |
|
0,02 |
|
40.362 |
|
0,02 |
|
|
|
Financial
Loans |
34.607 |
|
0,02 |
|
40.362 |
|
0,02 |
|
|
|
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 |
757.755 |
|
0,40 |
|
780.742 |
|
0,32 |
|
|
|
Paid-in
Capital |
376.176 |
|
0,20 |
|
376.176 |
|
0,15 |
|
|
|
Inflation
Adjustment of Capital |
266.818 |
|
0,14 |
|
266.818 |
|
0,11 |
|
|
|
Reserves |
175.204 |
|
0,09 |
|
281.465 |
|
0,12 |
|
|
|
Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accumulated Losses(-) |
-167.623 |
|
-0,09 |
|
-167.623 |
|
-0,07 |
|
|
|
Net
Profit (loss) |
107.180 |
|
0,06 |
|
23.906 |
|
0,01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
1.898.252 |
|
1,00 |
|
2.431.440 |
|
1,00 |
|
|
|
INCOME STATEMENTS |
||||||||||||
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
1.1.-30.09.2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
6.724.181 |
|
1,00 |
|
7.257.784 |
|
1,00 |
|
5.501.197 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
5.966.977 |
|
0,89 |
|
6.519.033 |
|
0,90 |
|
4.408.062 |
|
0,80 |
|
|
|
Gross Profit |
757.204 |
|
0,11 |
|
738.751 |
|
0,10 |
|
1.093.135 |
|
0,20 |
|
|
|
Operating
Expenses |
403.370 |
|
0,06 |
|
457.022 |
|
0,06 |
|
350.860 |
|
0,06 |
|
|
|
Operating Profit |
353.834 |
|
0,05 |
|
281.729 |
|
0,04 |
|
742.275 |
|
0,13 |
|
|
|
Other
Income |
103.518 |
|
0,02 |
|
94.042 |
|
0,01 |
|
201.432 |
|
0,04 |
|
|
|
Other
Expenses |
1.661 |
|
0,00 |
|
44.461 |
|
0,01 |
|
268.869 |
|
0,05 |
|
|
|
Financial
Expenses |
348.511 |
|
0,05 |
|
283.880 |
|
0,04 |
|
270.085 |
|
0,05 |
|
|
|
Profit (loss) Before Tax |
107.180 |
|
0,02 |
|
47.430 |
|
0,01 |
|
404.753 |
|
0,07 |
|
|
|
Tax
Payable |
0 |
|
0,00 |
|
23.524 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
107.180 |
|
0,02 |
|
23.906 |
|
0,00 |
|
404.753 |
|
0,07 |
|
|
|
FINANCIAL RATIOS |
||||||||||||
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|||||||||||||
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|
|
|
|
|
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
1.1.-30.09.2007 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Ratio |
1,39 |
|
|
|
1,26 |
|
|
|
-- |
|
|
|
|
|
Acid-Test Ratio |
0,85 |
|
|
|
1,08 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,17 |
|
|
|
0,04 |
|
|
|
-- |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,34 |
|
|
|
0,52 |
|
|
|
-- |
|
|
|
|
|
Tangible Assets/Total Assets |
0,10 |
|
|
|
0,09 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
18,61 |
|
|
|
71,85 |
|
|
|
-- |
|
|
|
|
|
Stockholders' Equity Turnover |
8,87 |
|
|
|
9,30 |
|
|
|
-- |
|
|
|
|
|
Asset Turnover |
3,54 |
|
|
|
2,98 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,40 |
|
|
|
0,32 |
|
|
|
-- |
|
|
|
|
|
Current Liabilities/Total Assets |
0,58 |
|
|
|
0,66 |
|
|
|
-- |
|
|
|
|
|
Financial Leverage |
0,60 |
|
|
|
0,68 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
0,14 |
|
|
|
0,03 |
|
|
|
-- |
|
|
|
|
|
Operating Profit Margin |
0,05 |
|
|
|
0,04 |
|
|
|
0,13 |
|
|
|
|
|
Net Profit Margin |
0,02 |
|
|
|
0,00 |
|
|
|
0,07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
34,57 |
|
|
|
62,45 |
|
|
|
-- |
|
|
|
|
|
Average Payable Period (days) |
41,68 |
|
|
|
56,51 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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%)