MIRA
INFORM REPORT
|
Report Date : |
14.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
ILTEKS TEKSTIL TICARET VE SANAYI A.S. |
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|
|
Registered Office : |
Bomonti Iyiniyet Sok. No:4-6 Sisli- Istanbul/ |
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Country : |
Turkey |
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Financials (as on) : |
30.09.2007 |
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Date of Incorporation : |
19.10.1978 (Commercial Registry Gazette Date: 27.10.1978) |
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Com. Reg. No.: |
158219 |
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|
Legal Form : |
Joint Stock Company |
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Line of Business : |
Manufacture and trade of knitted fabric |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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|
|
Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
ILTEKS TEKSTIL TICARET VE SANAYI A.S. |
|
ADDRESS |
: |
Head Office & Production Plant: Bomonti Iyiniyet Sok. No:4-6
Sisli- Istanbul/ Turkey |
|
PHONE NUMBER |
: |
90-212-224 95 06 |
|
FAX NUMBER |
: |
90-212-224 51 61 |
LEGAL STATUS AND
HISTORY
|
TAX OFFICE / NO |
: |
Dis Ticaret / 4730038634 |
|
REGISTRATION NUMBER |
: |
158219 |
|
REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce Istanbul Chamber of Industry |
|
DATE ESTABLISHED |
: |
19.10.1978 (Commercial Registry Gazette Date: 27.10.1978) |
|
LEGAL FORM |
: |
Joint Stock Company |
|
TYPE OF COMPANY |
: |
Private |
|
REGISTERED CAPITAL |
: |
YTL 240,000 |
|
PAID-IN CAPITAL |
: |
YTL 240,000 |
|
HISTORY |
: |
The registered capital was increased from YTL 20,000 to YTL 240,000 on
15.07.2002(Commercial Registry Gazette Date/No: 18.07.2002/5594) |
OWNERSHIP /
MANAGEMENT
|
SHAREHOLDERS |
: |
Ilya Kohen Moris Kohen Rafi Kohen Sara Kohen Neli Nil Kohen Sara Kohen (Daughter of Hayim ) |
22 % 20 % 20 % 18 % 10 % 10 % |
|
GROUP PARENT COMPANY |
: |
None |
|
|
SUBSIDIARIES |
: |
None |
|
|
BOARD OF DIRECTORS |
: |
Ilya Kohen Moris Kohen Rafi Kohen |
Chairman Member Member |
OPERATIONS
|
BUSINESS ACTIVITIES |
: |
Manufacture and trade of knitted fabric |
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SECTOR |
: |
Textile |
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TRADEMARK(S) |
: |
None |
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|
NUMBER OF EMPLOYEES |
: |
29 |
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|
NET SALES |
: |
(YTL) 6,078,652 8,351,041 8,579,296 |
(2005) (2006) (01.01.-30.09.2007) |
|
PRODUCTION |
: |
(Kg) 196,458,500 273,358,700 230,238,300 |
(2005) (2006) (01.01.-30.09.2007) |
|
IMPORT VALUE |
: |
(YTL) 2,036,792 2,043,017 2,101,335 |
(2005) (2006) (01.01.-30.09.2007) |
|
IMPORT COUNTRIES |
: |
India, Egypt… |
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|
MERCHANDISE IMPORTED |
: |
Yarn |
|
|
EXPORT VALUE |
: |
(YTL) 3,893,447 4,283,103 4,708,685 |
(2005) (2006) (01.01.-30.09.2007) |
|
EXPORT COUNTRIES |
: |
Spain, Slovenia, Bulgaria, Poland, Portugal, Greece, Denmark, Italy,
Germany, Hong Kong, Taiwan, China, Singapore, India, Canada, U.S.A., UK,
Netherlands, France… |
|
|
MERCHANDISE EXPORTED |
: |
Knitted fabric |
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|
PREMISES |
: |
Head Office & Production Plant: Bomonti Iyiniyet Sok. No:4-6 Sisli-
Istanbul (1,500 sqm) (owned by shareholders) |
|
|
FIXED CAPITAL INVESTMENTS |
: |
The firm is investing in a new production plant in Adile Nasit Bulvari
Yurtici Kargo Bitisigi Esenyurt- Istanbul. |
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TREND OF BUSINESS |
: |
Upwards |
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COMMERCIAL MORALITY |
: |
Good |
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SIZE OF BUSINESS |
: |
Medium |
FINANCE
|
MAIN DEALING BANKERS |
: |
Yapi ve Kredi Bankasi Harbiye branch in Istanbul Akbank Sisli Ticari branch in Istanbul Garanti Bankasi Siracevizler branch in Istanbul |
|
CREDIT FACILITIES |
: |
The subject company is making use of short- term and long- term 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 “Ilteks Tekstil”. |
COMMENT ON FINANCIAL
POSITION
|
FINANCIAL STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
|
|
Good |
As of 30.09.2007 |
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LIQUIDITY |
|
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High |
As of 30.09.2007 |
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PROFITABILITY |
|
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High |
Between 01.01.-30.09.2007 |
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GAP BETWEEN COLLECTION-PAYMENT PERIODS |
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Unfavorable / Short |
Between 01.01.-30.09.2007 |
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GENERAL FINANCIAL POSITION |
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Good |
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CREDIT OPINION
|
CREDIT OPINION WITHOUT OBLIGATION |
: |
We are of the opinion that, a max. credit of USD 1.5 million may be
granted to the subject company. |
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|
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 |
|
|
|
|
|
|
31.12.06 |
|
|
|
30.9.07 |
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|
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|
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CURRENT ASSETS |
4.818.188 |
|
0,88 |
|
5.922.005 |
|
0,86 |
|
|
|
Cash and
Banks |
134.764 |
|
0,02 |
|
1.458.851 |
|
0,21 |
|
|
|
Marketable Securities |
0 |
|
0,00 |
|
-138 |
|
0,00 |
|
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|
Account
Receivable |
1.788.105 |
|
0,33 |
|
1.272.862 |
|
0,18 |
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Other
Receivable |
10.762 |
|
0,00 |
|
54.237 |
|
0,01 |
|
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Inventories |
2.555.145 |
|
0,47 |
|
2.434.725 |
|
0,35 |
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Advances
Given |
81.969 |
|
0,01 |
|
11.305 |
|
0,00 |
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Other
Current Assets |
247.443 |
|
0,05 |
|
690.163 |
|
0,10 |
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NON-CURRENT ASSETS |
655.063 |
|
0,12 |
|
967.321 |
|
0,14 |
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Long-term
Receivable |
1.189 |
|
0,00 |
|
1.189 |
|
0,00 |
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Financial
Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Tangible
Fixed Assets (net) |
606.629 |
|
0,11 |
|
896.026 |
|
0,13 |
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Intangible Assets |
32.356 |
|
0,01 |
|
41.255 |
|
0,01 |
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Other
Non-Current Assets |
14.889 |
|
0,00 |
|
28.851 |
|
0,00 |
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TOTAL ASSETS |
5.473.251 |
|
1,00 |
|
6.889.326 |
|
1,00 |
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CURRENT LIABILITIES |
3.631.547 |
|
0,66 |
|
1.621.095 |
|
0,24 |
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Financial
Loans |
586.926 |
|
0,11 |
|
381.451 |
|
0,06 |
|
|
|
Accounts
Payable |
2.626.419 |
|
0,48 |
|
703.909 |
|
0,10 |
|
|
|
Loans
from Shareholders |
0 |
|
0,00 |
|
289.338 |
|
0,04 |
|
|
|
Other
Short-term Payable |
0 |
|
0,00 |
|
18 |
|
0,00 |
|
|
|
Advances
from Customers |
343.267 |
|
0,06 |
|
0 |
|
0,00 |
|
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|
Taxes
Payable |
34.731 |
|
0,01 |
|
21.332 |
|
0,00 |
|
|
|
Provisions |
40.204 |
|
0,01 |
|
183.142 |
|
0,03 |
|
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Other
Current Liabilities |
0 |
|
0,00 |
|
41.905 |
|
0,01 |
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LONG-TERM LIABILITIES |
0 |
|
0,00 |
|
1.196.020 |
|
0,17 |
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Financial
Loans |
0 |
|
0,00 |
|
1.196.020 |
|
0,17 |
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Securities Issued |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Long-term
Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Loans
from Shareholders |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
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|
Other
Long-term Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Provisions |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
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STOCKHOLDERS' EQUITY |
1.841.704 |
|
0,34 |
|
4.072.211 |
|
0,59 |
|
|
|
Paid-in
Capital |
240.000 |
|
0,04 |
|
240.000 |
|
0,03 |
|
|
|
Reserves |
785.532 |
|
0,14 |
|
1.601.704 |
|
0,23 |
|
|
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Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Accumulated
Losses(-) |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Net
Profit (loss) |
816.172 |
|
0,15 |
|
2.230.507 |
|
0,32 |
|
|
|
|
|
|
|
|
|
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TOTAL LIABILITIES AND EQUITY |
5.473.251 |
|
1,00 |
|
6.889.326 |
|
1,00 |
|
INCOME STATEMENTS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2006 |
|
|
|
1.1.-30.9.2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Net Sales |
8.351.041 |
|
1,00 |
|
8.579.296 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
6.035.150 |
|
0,72 |
|
5.662.164 |
|
0,66 |
|
|
|
Gross Profit |
2.315.891 |
|
0,28 |
|
2.917.132 |
|
0,34 |
|
|
|
Operating
Expenses |
884.570 |
|
0,11 |
|
737.722 |
|
0,09 |
|
|
|
Operating Profit |
1.431.321 |
|
0,17 |
|
2.179.410 |
|
0,25 |
|
|
|
Other
Income |
97.879 |
|
0,01 |
|
204.286 |
|
0,02 |
|
|
|
Other
Expenses |
0 |
|
0,00 |
|
36.530 |
|
0,00 |
|
|
|
Financial
Expenses |
503.001 |
|
0,06 |
|
116.659 |
|
0,01 |
|
|
|
Profit (loss) Before Tax |
1.026.199 |
|
0,12 |
|
2.230.507 |
|
0,26 |
|
|
|
Tax
Payable |
210.027 |
|
0,03 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
816.172 |
|
0,10 |
|
2.230.507 |
|
0,26 |
|
FINANCIAL RATIOS
|
|
|
2006 |
|
|
|
1.1.-30.9.2007 |
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|
LIQUIDITY RATIOS |
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|
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|
Current Ratio |
1,33 |
|
|
|
3,65 |
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Acid-Test Ratio |
0,53 |
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|
|
1,72 |
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ASSET STRUCTURE RATIOS |
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Inventory/Total Assets |
0,47 |
|
|
|
0,35 |
|
|
|
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|
Short-term Receivable/Total Assets |
0,33 |
|
|
|
0,19 |
|
|
|
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|
Tangible Assets/Total Assets |
0,11 |
|
|
|
0,13 |
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TURNOVER RATIOS |
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|
|
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|
|
Inventory Turnover |
2,36 |
|
|
|
2,33 |
|
|
|
|
|
Stockholders' Equity Turnover |
4,53 |
|
|
|
2,11 |
|
|
|
|
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Asset Turnover |
1,53 |
|
|
|
1,25 |
|
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|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
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Stockholders' Equity/Total Assets |
0,34 |
|
|
|
0,59 |
|
|
|
|
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Current Liabilities/Total Assets |
0,66 |
|
|
|
0,24 |
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|
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Financial Leverage |
0,66 |
|
|
|
0,41 |
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PROFITABILITY RATIOS |
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Net Profit/Stockholders' Eq. |
0,44 |
|
|
|
0,55 |
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|
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Operating Profit Margin |
0,17 |
|
|
|
0,25 |
|
|
|
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|
Net Profit Margin |
0,10 |
|
|
|
0,26 |
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COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
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Average Collection Period (days) |
77,13 |
|
|
|
53,46 |
|
|
|
|
|
Average Payable Period (days) |
156,67 |
|
|
|
44,75 |
|
|
|
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%)