MIRA
INFORM REPORT
|
Report Date : |
31st
January, 2007 |
IDENTIFICATION
DETAILS
|
Name : |
DADU
TEKSTIL SANAYI VE TICARET LTD. STI. |
|
|
|
|
Formerly Known as: |
TEKSTAR
TEKSTIL ULUSLARARASI SANAYI VE TICARET LTD. STI |
|
|
|
|
Registered Office : |
Evren
Mah. Bahar Cad. Polat Is Merkezi B Blok No:10 Kat:2 D:5 Gunesli, Bagcilar –
Istanbul / Turkey |
|
|
|
|
Country : |
Turkey |
|
|
|
|
Financials (as on) : |
31.12.2005 |
|
|
|
|
Date of Incorporation : |
05.07.2000 |
|
|
|
|
Com. Reg. No.: |
441078 - 388660 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Trade of ready-wear. |
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/normal. |
Small |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually
Correct |
|
|
|
|
Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
DUDU
TEKSTIL SANAYI VE TICARET LTD. STI. |
|
ADDRESS |
: |
Head Office: Evren Mah. Bahar Cad. Polat Is Merkezi B Blok No:10 Kat:2
D:5 Gunesli, Bagcilar – Istanbul / Turkey |
|
PHONE NUMBER |
: |
90-212-630 08 08 |
|
FAX NUMBER |
: |
90-212-657 57 07 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Halkali / 8360152256 |
|
REGISTRATION
NUMBER |
: |
441078 - 388660 |
|
REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
|
DATE ESTABLISHED |
: |
05.07.2000 (Commercial Registry Gazette Date/No: 10.07.2000 / 5084) |
|
LEGAL FORM |
: |
Limited Company |
|
TYPE OF COMPANY |
: |
Private |
|
REGISTERED
CAPITAL |
: |
YTL 500,000 |
HISTORY
|
Previous Name |
: TEKSTAR TEKSTIL ULUSLARARASI SANAYI VE TICARET LTD. STI |
|
Name Changed On |
: 28.07.2004 (Commercial Registry Gazette Date/No: 02.08.2004 /6105) |
|
Previous
Registered Capital |
: YTL 25,000 |
|
Regist. Capital
Changed on |
: 16.05.2005 (Commercial Registry Gazette Date/No: 20.05.2005 / 6307) |
|
Previous
Registered Capital |
: YTL 100,000 |
|
Regist. Capital
Changed on |
: 08.09.2006 (Commercial Registry Gazette Date/No: 13.09.2006 / 6641) The increase is decided to be financed by cash. According to capital
increase decision, ¼ of the increase has to be paid up within 3 months
following the date of capital increase and the rest has to be paid up
before 28.08.2009. |
|
Other Historical
Events |
: Necdet Ozdayi acquired 50 % shares on 08.09.2006 (Commercial
Registry Gazette Date/No: 13.09.2006 / 6641) The former distribution of
shares was: Aykut Tarakcioglu (80 %) Aytul Tarakcioglu (20 %) |
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Necdet Ozdayi Aykut Tarakcioglu Aytul Tarakcioglu |
50 % 40 % 10 % |
|
SISTER COMPANIES |
: |
-Tekstilci Tekstil Sanayi ve Ticaret Ltd. Sti. -SBS Tekstil Ticaret Ltd. Sti. |
|
|
GROUP PARENT
COMPANY |
: |
None |
|
|
SUBSIDIARIES |
: |
None |
|
|
DIRECTORS |
: |
Necdet Ozdayi Aykut Tarakcioglu Aytul Tarakcioglu |
|
OPERATIONS
|
BUSINESS ACTIVITIES |
: |
Trade of ready-wear |
|
|
SECTOR |
: |
Commerce |
|
|
NUMBER OF EMPLOYEES |
: |
12 |
|
|
NET SALES |
: |
(YTL) 836,414 3,546,094 6,151,282 |
(2004) (2005) (1.1.-30.09.2006) |
|
CAPACITY |
: |
None |
|
|
PRODUCTION |
: |
None |
|
|
IMPORT VALUE |
: |
None USD 1,188,930 USD 2,052,525 |
(2004) (2005) (1.1.-30.09.2006) |
|
IMPORT COUNTRIES |
: |
Uzbekistan, Egypt, China, U.K. |
|
|
MERCHANDISE IMPORTED |
: |
Ready-wear |
|
|
EXPORT VALUE |
: |
(YTL) 719,838 526,284 81,643 |
(2004) (2005) (1.1.-30.09.2006) |
|
EXPORT COUNTRIES |
: |
Russia, Canada, Jordan |
|
|
MERCHANDISE EXPORTED |
: |
Ready-wear |
|
|
PREMISES |
: |
Head Office: Evren Mah. Bahar Cad. Polat Is Merkezi B Blok No:10 Kat:2
D:5 Gunesli, Bagcilar – Istanbul (rented) Warehouse: Tekstilkent – Istanbul (rented) (180 sqm) |
|
|
TREND OF BUSINESS |
: |
Upwards |
|
COMMERCIAL
MORALITY |
: |
Good |
|
SIZE OF BUSINESS |
: |
Moderate |
FINANCE
|
MAIN DEALING
BANKERS |
: |
Turk Ekonomi Bankasi Gunesli branch in Istanbul Garanti Bankasi
Gunesli branch in Istanbul HSBC Bank Gunesli branch in Istanbul Tekfenbank
Gunesli branch in Istanbul Tekstil Bankasi Etiler branch in Istanbul Asya
Katilim Bankasi Caglayan 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 since its
establishment on 05.07.2000 until 30.11.2006, there are no protested bills
and non-paid cheques registered in the former name (Tekstar Tekstil) or the
current name (Dudu Tekstil) of the subject. |
COMMENT ON FINANCIAL POSITION
|
FINANCIAL STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
|
|
Capitalization was low (4 %) as of 31.12.2005. However it has to be
noted that, 22 % of total liabilities and equity was consisting of loans from
shareholders rather than liabilities to third parties as of 31.12.2005. The
registered capital was increased from YTL 100,000 to YTL 500,000 on
08.09.2006. The increase is decided to be financed by cash. According to
capital increase decision, ¼ of the increase has to be paid up within 3
months following the date of capital increase and the rest has to be paid up
before 28.08.2009. So we expect an
improvement at equity total since then but the equity total is expected to be
still low in comparison to asset total even after the capital increase. |
|
|
LIQUIDITY |
|
|
Liquidity
may be regarded as being good as of 31.12.2005 disregarding “loans from shareholders”
from “current liabilities”. Moreover the capital increase is expected to have
a positive effect on liquidity since then as the increase is decided to be
financed by cash. |
|
|
PROFITABILITY |
|
|
The
firm had operating and net losses in 2004 but profitability was fair in 2005
and between 1.1.30.09.2006. |
|
|
GAP BETWEEN COLLECTION-PAYMENT PERIODS |
|
|
Favorable - Long |
In
2005 |
|
GENERAL FINANCIAL POSITION |
|
|
Capitalization
was low (4 %) as of 31.12.2005. As there has been a capital increase since
than, we expect an improvement at equity total but the equity total is
expected to be still low in comparison to asset total even after the capital
increase. Liquidity may be regarded as being good as of 31.12.2005
disregarding “loans from shareholders” from “current liabilities”. Moreover
the capital increase is expected to have a positive effect on liquidity since
then as the increase is decided to be financed by cash. The firm had
operating and net losses in 2004 but profitability was fair in 2005 and
between 1.1.30.09.2006. |
|
CREDIT OPINION
|
OUR RISK OPINION |
: |
B |
|
CREDIT OPINION
WITHOUT OBLIGATION |
: |
We are of the opinion that, a max. credit of USD 70,000 may be granted
to the subject company. |
|
|
Incr. in producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(2004) |
13.84 % |
1.4266 |
1.7666 |
2.6001 |
|
(2005) |
2.66 % |
1.3499 |
1.6882 |
2.4623 |
|
(1.1.-30.09.2006) |
11.54 % |
1.4266 |
1.7739 |
2.5892 |
|
(2006) |
11.58 % |
1.4309 |
1.7987 |
2.6377 |
BALANCE SHEETS
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
31.12.04 |
|
|
|
31.12.05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT
ASSETS |
129.617 |
|
0,67 |
|
2.350.020 |
|
0,97 |
|
|
Cash and Banks |
12.337 |
|
0,06 |
|
1.172.752 |
|
0,48 |
|
|
Marketable Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
Account Receivable |
34.012 |
|
0,18 |
|
398.077 |
|
0,16 |
|
|
Other Receivable |
0 |
|
0,00 |
|
19.000 |
|
0,01 |
|
|
Inventories |
41.679 |
|
0,22 |
|
531.577 |
|
0,22 |
|
|
Advances Given |
10.062 |
|
0,05 |
|
223.287 |
|
0,09 |
|
|
Other Current Assets |
31.527 |
|
0,16 |
|
5.327 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT
ASSETS |
62.568 |
|
0,33 |
|
68.382 |
|
0,03 |
|
|
Long-term Receivable |
7.970 |
|
0,04 |
|
8.040 |
|
0,00 |
|
|
Financial Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
Tangible Fixed Assets (net) |
28.573 |
|
0,15 |
|
38.254 |
|
0,02 |
|
|
Intangible Assets |
19.331 |
|
0,10 |
|
15.394 |
|
0,01 |
|
|
Other Non-Current Assets |
6.694 |
|
0,03 |
|
6.694 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS |
192.185 |
|
1,00 |
|
2.418.402 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES |
282.095 |
|
1,47 |
|
2.324.919 |
|
0,96 |
|
|
Financial Loans |
52 |
|
0,00 |
|
583.892 |
|
0,24 |
|
|
Accounts Payable |
62.374 |
|
0,32 |
|
1.079.200 |
|
0,45 |
|
|
Loans from Shareholders |
215.117 |
|
1,12 |
|
542.087 |
|
0,22 |
|
|
Other Short-term Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
Advances from Customers |
0 |
|
0,00 |
|
105.382 |
|
0,04 |
|
|
Taxes Payable |
4.552 |
|
0,02 |
|
10.068 |
|
0,00 |
|
|
Provisions |
0 |
|
0,00 |
|
3.921 |
|
0,00 |
|
|
Other Current Liabilities |
0 |
|
0,00 |
|
369 |
|
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 |
-89.910 |
|
-0,47 |
|
93.483 |
|
0,04 |
|
|
Paid-in Capital |
5.000 |
|
0,03 |
|
100.000 |
|
0,04 |
|
|
Inflation Adjustment of Capital |
11.001 |
|
0,06 |
|
11.001 |
|
0,00 |
|
|
Reserves |
1.629 |
|
0,01 |
|
1.629 |
|
0,00 |
|
|
Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
Accumulated Losses(-) |
-68.216 |
|
-0,35 |
|
-107.540 |
|
-0,04 |
|
|
Net Profit (loss) |
-39.324 |
|
-0,20 |
|
88.393 |
|
0,04 |
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES AND EQUITY |
192.185 |
|
1,00 |
|
2.418.402 |
|
1,00 |
|
INCOME STATEMENTS
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
2004 |
|
|
|
2005 |
|
|
|
1.1.-30.9.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Sales |
836.414 |
|
1,00 |
|
3.546.094 |
|
1,00 |
|
6.151.282 |
|
1,00 |
|
|
Cost of Goods Sold |
368.200 |
|
0,44 |
|
2.780.769 |
|
0,78 |
|
4.071.973 |
|
0,66 |
|
|
Gross
Profit |
468.214 |
|
0,56 |
|
765.325 |
|
0,22 |
|
2.079.309 |
|
0,34 |
|
|
Operating Expenses |
516.080 |
|
0,62 |
|
602.287 |
|
0,17 |
|
1.553.329 |
|
0,25 |
|
|
Operating
Profit |
-47.866 |
|
-0,06 |
|
163.038 |
|
0,05 |
|
525.980 |
|
0,09 |
|
|
Other Income |
35.920 |
|
0,04 |
|
21.491 |
|
0,01 |
|
91.628 |
|
0,01 |
|
|
Other Expenses |
27.378 |
|
0,03 |
|
34.738 |
|
0,01 |
|
222.024 |
|
0,04 |
|
|
Financial Expenses |
0 |
|
0,00 |
|
57.477 |
|
0,02 |
|
217.633 |
|
0,04 |
|
|
Profit
(loss) Before Tax |
-39.324 |
|
-0,05 |
|
92.314 |
|
0,03 |
|
177.951 |
|
0,03 |
|
|
Tax Payable |
0 |
|
0,00 |
|
3.921 |
|
0,00 |
|
36.695 |
|
0,01 |
|
|
Net
Profit (loss) |
-39.324 |
|
-0,05 |
|
88.393 |
|
0,02 |
|
141.256 |
|
0,02 |
|
FINANCIAL RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2004 |
|
|
2005 |
|
|
1.1.-30.9.06 |
|
|
|
|
LIQUIDITY
RATIOS |
|
|
|
|
|
|
|
|
|
|
|
Current
Ratio |
0,46 |
|
|
1,01 |
|
|
-- |
|
|
|
|
Acid-Test
Ratio |
0,16 |
|
|
0,68 |
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET
STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total
Assets |
0,22 |
|
|
0,22 |
|
|
-- |
|
|
|
|
Short-term
Receivable/Total Assets |
0,18 |
|
|
0,17 |
|
|
-- |
|
|
|
|
Tangible
Assets/Total Assets |
0,15 |
|
|
0,02 |
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER
RATIOS |
|
|
|
|
|
|
|
|
|
|
|
Inventory
Turnover |
8,83 |
|
|
5,23 |
|
|
-- |
|
|
|
|
Stockholders'
Equity Turnover |
-9,30 |
|
|
37,93 |
|
|
-- |
|
|
|
|
Asset
Turnover |
4,35 |
|
|
1,47 |
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL
STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
Equity/Total Assets |
-0,47 |
|
|
0,04 |
|
|
-- |
|
|
|
|
Current
Liabilities/Total Assets |
1,47 |
|
|
0,96 |
|
|
-- |
|
|
|
|
Financial
Leverage |
1,47 |
|
|
0,96 |
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY
RATIOS |
|
|
|
|
|
|
|
|
|
|
|
Net
Profit/Stockholders' Eq. |
0,44 |
|
|
0,95 |
|
|
-- |
|
|
|
|
Operating
Profit Margin |
-0,06 |
|
|
0,05 |
|
|
0,09 |
|
|
|
|
Net
Profit Margin |
-0,05 |
|
|
0,02 |
|
|
0,02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
Average
Collection Period (days) |
18,07 |
|
|
41,23 |
|
|
-- |
|
|
|
|
Average
Payable Period (days) |
60,98 |
|
|
139,71 |
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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/normal. |
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 |
|