MIRA
INFORM REPORT
|
Report Date : |
29.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
MERSU TESKTIL TICARET SANAYI LTD STI |
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Registered Office : |
Haramidere Beysan Sanayi Sitesi Dereboyu Caddesi No:39 K:4
Avcilar Istanbul |
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Country : |
Turkey |
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Financials (as on) : |
2007 |
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Date of Incorporation : |
28.04.1997 (Commercial Registry Gazette Date/No: 02.05.1997/4281) |
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Com. Reg. No.: |
369375 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacture and trade of dyed yarn and fabric |
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 |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
COMPANY
IDENTIFICATION
|
NAME |
: |
MERSU TESKTIL TICARET SANAYI LTD STI |
|
ADDRESS |
: |
Head Office: Haramidere Beysan Sanayi Sitesi Dereboyu Caddesi No:39
K:4 Avcilar Istanbul / Turkey The name of the address changed from “Dereboyu Cad. 538 Ada 1 Parsel
No:6 K:1 Haramidere Avcilar” to “Haramidere Beysan Sanayi Sitesi Dereboyu
Caddesi No:39 K:4 Avcilar Istanbul” by the Municipality. |
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PHONE NUMBER |
: |
90-212-422 86 22 |
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FAX NUMBER |
: |
90-212-422 77 22 |
LEGAL STATUS AND
HISTORY
|
TAX OFFICE / NO |
: |
Beylikduzu / 6180058926 |
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REGISTRATION NUMBER |
: |
369375 |
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REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
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DATE ESTABLISHED |
: |
28.04.1997 (Commercial Registry Gazette Date/No: 02.05.1997/4281) |
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LEGAL FORM |
: |
Limited Company |
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TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
YTL 2,000,000 |
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PAID-IN CAPITAL |
: |
YTL 2,000,000 |
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|
HISTORY |
: |
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Previous Registered Capital |
:YTL 75,000 |
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Regist. Capital Changed on |
:04.11.2004 (Commercial Registry Gazette Date/No: 09.11.2004/6174) |
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OWNERSHIP /
MANAGEMENT
|
SHAREHOLDERS |
: |
Gokhan Kucukdemir Bekir Tasova Guzide Tasova |
50 % 25 % 25 % |
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SISTER COMPANIES |
: |
Declared to be: None |
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GROUP PARENT COMPANY |
: |
None |
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SUBSIDIARIES |
: |
None |
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DIRECTORS |
: |
Gokhan Kucukdemir Bekir Tasova Guzide Tasova Gurkan Kucukdemir |
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OPERATIONS
|
BUSINESS ACTIVITIES |
: |
Manufacture and trade of dyed yarn and fabric |
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SECTOR |
: |
Textile |
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TRADEMARK(S) |
: |
None |
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||
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NUMBER OF EMPLOYEES |
: |
105 (23 Administratives + 82 Workers) |
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NET SALES |
: |
(YTL) 24,165,478 27,519,181 24,066,159 |
(2005) (2006) (01.01.-30.09.2007) |
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CAPACITY |
: |
(Kg/Yr) 4,750,000 4,750,000 4,750,000 |
(2005) (2006) (2007) |
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PRODUCTION |
: |
(Kg) 3,469,854 3,640,684 3,008,202 |
(2005) (2006) (01.01.-30.09.2007) |
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IMPORT VALUE |
: |
USD 242,211+EUR 48,000 USD 596,855+EUR 843 USD 1,013,002+EUR 56,655 |
(2005) (2006) (01.01.-30.09.2007) |
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IMPORT COUNTRIES |
: |
India, Germany, Corlu Free Zone, Mersin Free Zone |
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MERCHANDISE IMPORTED |
: |
Machinery, dye, yarn |
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EXPORT VALUE |
: |
YTL 767,393 YTL 1,377,381 YTL 1,583,578 |
(2005) (2006) (01.01.-30.09.2007) |
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EXPORT COUNTRIES |
: |
Bulgaria, Romania, Poland, Greece, France… |
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MERCHANDISE EXPORTED |
: |
Fabric, yarn… |
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PREMISES |
: |
Head Office: Haramidere Beysan Sanayi Sitesi Dereboyu Caddesi No:39
K:4 Avcilar Istanbul (700 sqm) (rented) Factory: Evrensekiz Beldesi Kokluk Mevkii Luleburgaz Kirklareli (4,800
sqm closed raea over a land of 22,000 sqm) (owned by the shareholders) Warehouse:Haramidere Beysan Sanayi Sitesi Dereboyu Caddesi No:39 K:1
Avcilar Istanbul (1,400 sqm) (rented) |
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FIXED CAPITAL INVESTMENTS |
: |
None |
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TREND OF BUSINESS |
: |
Upwards |
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SIZE OF BUSINESS |
: |
Upper-medium |
FINANCE
|
MAIN DEALING BANKERS |
: |
Garanti Bankasi Beylikduzu branch in Istanbul Halkbank Avcilar Ticari branch in Istanbul |
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CREDIT FACILITIES |
: |
The subject company is making use of credit facilities. |
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PAYMENT BEHAVIOUR |
: |
No payment delays have come to our knowledge in the last years. |
COMMENT ON FINANCIAL
POSITION
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FINANCIAL STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
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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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Good |
Between 01.01.-30.09.2007 |
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GAP BETWEEN COLLECTION-PAYMENT PERIODS |
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Unfavorable |
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 1.9 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
|
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|
YTL |
|
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|
YTL |
|
|
|
|
|
|
31.12.06 |
|
|
|
30.9.07 |
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CURRENT ASSETS |
5.735.334 |
|
0,69 |
|
7.184.754 |
|
0,72 |
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Cash and
Banks |
90.002 |
|
0,01 |
|
220.767 |
|
0,02 |
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Marketable Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Account
Receivable |
2.794.818 |
|
0,34 |
|
3.758.695 |
|
0,38 |
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Other
Receivable |
360.281 |
|
0,04 |
|
501.522 |
|
0,05 |
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Inventories |
2.166.248 |
|
0,26 |
|
2.404.570 |
|
0,24 |
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Advances
Given |
192.608 |
|
0,02 |
|
135 |
|
0,00 |
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Other Current
Assets |
131.377 |
|
0,02 |
|
299.065 |
|
0,03 |
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NON-CURRENT ASSETS |
2.600.651 |
|
0,31 |
|
2.763.483 |
|
0,28 |
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Long-term
Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Financial
Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Tangible
Fixed Assets (net) |
2.354.962 |
|
0,28 |
|
2.407.815 |
|
0,24 |
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Intangible Assets |
223.658 |
|
0,03 |
|
337.312 |
|
0,03 |
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Other
Non-Current Assets |
22.031 |
|
0,00 |
|
18.356 |
|
0,00 |
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TOTAL ASSETS |
8.335.985 |
|
1,00 |
|
9.948.237 |
|
1,00 |
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CURRENT LIABILITIES |
3.151.667 |
|
0,38 |
|
3.890.261 |
|
0,39 |
|
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Financial
Loans |
142.941 |
|
0,02 |
|
412.763 |
|
0,04 |
|
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Accounts
Payable |
2.631.241 |
|
0,32 |
|
3.015.548 |
|
0,30 |
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Loans
from Shareholders |
3.780 |
|
0,00 |
|
0 |
|
0,00 |
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Other
Short-term Payable |
92.816 |
|
0,01 |
|
174.961 |
|
0,02 |
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Advances
from Customers |
144.797 |
|
0,02 |
|
0 |
|
0,00 |
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Taxes
Payable |
41.840 |
|
0,01 |
|
62.940 |
|
0,01 |
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Provisions |
94.252 |
|
0,01 |
|
224.049 |
|
0,02 |
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Other Current
Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
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LONG-TERM LIABILITIES |
157.075 |
|
0,02 |
|
164.449 |
|
0,02 |
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Financial
Loans |
157.075 |
|
0,02 |
|
164.449 |
|
0,02 |
|
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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 |
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Provisions |
0 |
|
0,00 |
|
0 |
|
0,00 |
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STOCKHOLDERS' EQUITY |
5.027.243 |
|
0,60 |
|
5.893.527 |
|
0,59 |
|
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Paid-in
Capital |
2.000.000 |
|
0,24 |
|
2.000.000 |
|
0,20 |
|
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Inflation
Adjustment of Capital |
878.975 |
|
0,11 |
|
878.975 |
|
0,09 |
|
|
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Reserves |
1.093.368 |
|
0,13 |
|
2.148.269 |
|
0,22 |
|
|
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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) |
1.054.900 |
|
0,13 |
|
866.283 |
|
0,09 |
|
|
|
|
|
|
|
|
|
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TOTAL LIABILITIES AND EQUITY |
8.335.985 |
|
1,00 |
|
9.948.237 |
|
1,00 |
|
INCOME STATEMENTS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2006 |
|
|
|
1.1.-30.9.2007 |
|
|
|
|
|
|
|
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|
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|
|
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Net Sales |
27.519.181 |
|
1,00 |
|
24.066.159 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
24.745.892 |
|
0,90 |
|
21.744.009 |
|
0,90 |
|
|
|
Gross Profit |
2.773.289 |
|
0,10 |
|
2.322.150 |
|
0,10 |
|
|
|
Operating
Expenses |
1.254.753 |
|
0,05 |
|
1.016.360 |
|
0,04 |
|
|
|
Operating Profit |
1.518.536 |
|
0,06 |
|
1.305.790 |
|
0,05 |
|
|
|
Other
Income |
367.079 |
|
0,01 |
|
194.858 |
|
0,01 |
|
|
|
Other
Expenses |
496.873 |
|
0,02 |
|
317.067 |
|
0,01 |
|
|
|
Financial
Expenses |
63.527 |
|
0,00 |
|
93.249 |
|
0,00 |
|
|
|
Profit (loss) Before Tax |
1.325.215 |
|
0,05 |
|
1.090.332 |
|
0,05 |
|
|
|
Tax
Payable |
270.315 |
|
0,01 |
|
224.049 |
|
0,01 |
|
|
|
Net Profit (loss) |
1.054.900 |
|
0,04 |
|
866.283 |
|
0,04 |
|
FINANCIAL RATIOS
|
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|
2006 |
|
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|
1.1.-30.9.2007 |
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LIQUIDITY RATIOS |
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Current Ratio |
1,82 |
|
|
|
1,85 |
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Acid-Test Ratio |
1,03 |
|
|
|
1,15 |
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ASSET STRUCTURE RATIOS |
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Inventory/Total Assets |
0,26 |
|
|
|
0,24 |
|
|
|
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|
Short-term Receivable/Total Assets |
0,38 |
|
|
|
0,43 |
|
|
|
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Tangible Assets/Total Assets |
0,28 |
|
|
|
0,24 |
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TURNOVER RATIOS |
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|
|
|
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|
Inventory Turnover |
11,42 |
|
|
|
9,04 |
|
|
|
|
|
Stockholders' Equity Turnover |
5,47 |
|
|
|
4,08 |
|
|
|
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|
Asset Turnover |
3,30 |
|
|
|
2,42 |
|
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FINANCIAL STRUCTURE |
|
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|
|
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|
|
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Stockholders' Equity/Total Assets |
0,60 |
|
|
|
0,59 |
|
|
|
|
|
Current Liabilities/Total Assets |
0,38 |
|
|
|
0,39 |
|
|
|
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|
Financial Leverage |
0,40 |
|
|
|
0,41 |
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PROFITABILITY RATIOS |
|
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|
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|
Net Profit/Stockholders' Eq. |
0,21 |
|
|
|
0,15 |
|
|
|
|
|
Operating Profit Margin |
0,06 |
|
|
|
0,05 |
|
|
|
|
|
Net Profit Margin |
0,04 |
|
|
|
0,04 |
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COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
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Average Collection Period (days) |
36,56 |
|
|
|
56,23 |
|
|
|
|
|
Average Payable Period (days) |
38,28 |
|
|
|
49,93 |
|
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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%)