MIRA
INFORM REPORT
|
Report Date : |
26.07.2007 |
IDENTIFICATION DETAILS
|
Name : |
CEM IPLIK SANAYI VE TICARET A.S |
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Registered Office : |
Kahramanmaras Yolu Uzeri 2. Km. Pazarcik – Kahramanmaras / |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1995 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Manufacture and trade of yarn |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COMPANY
IDENTIFICATION
|
NAME |
: |
CEM IPLIK SANAYI VE TICARET A.S. |
|
ADDRESS |
: |
Head Office / Factory: Kahramanmaras Yolu Uzeri 2. Km.
Pazarcik – Kahramanmaras / Branch: Merter Is Merkezi General Ali Riza Gurcan Cad. No:2 Kat:8
Daire:50 Merter – |
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PHONE NUMBER |
: |
90-344-311 55 68 |
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FAX NUMBER |
: |
90-344-311 55 69 |
LEGAL STATUS AND
HISTORY
|
TAX OFFICE / NO |
: |
Pazarcik / 2050065598 |
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REGISTRATION NUMBER |
: |
P.645 |
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REGISTERED OFFICE |
: |
Kahramanmaras Chamber of Commerce |
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DATE ESTABLISHED |
: |
1995 (Commercial Registry Gazette Date/No: 29.11.1995 / 3925) |
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LEGAL FORM |
: |
Joint Stock Company |
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TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
YTL 3,000,000 |
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PAID-IN CAPITAL |
: |
YTL 1,406,025 (As of 31.12.2006) |
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HISTORY |
: |
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Previous Registered Capital |
: YTL 516,840 |
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Regist. Capital Changed on |
: 06.11.2006 (Commercial Registry Gazette Date/No: 15.11.2006 / 6683) |
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OWNERSHIP /
MANAGEMENT
|
SHAREHOLDERS |
: |
Ibrahim Tumer Duran Tumer Ali Ozturk Ali Tumer Ali Kosak Ismail Davutoglu Fidan Ozsonmez Cemal Ozsonmez Demirci Ozturk |
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SISTER COMPANIES |
: |
-Tumer Hali Sanayi ve Ticaret A.S. |
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GROUP PARENT COMPANY |
: |
None |
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SUBSIDIARIES |
: |
None |
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BOARD OF DIRECTORS |
: |
Ibrahim Tumer Ali Ozturk Duran Tumer Ali Tumer |
Chairman Vice-Chairman Member Member |
OPERATIONS
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BUSINESS ACTIVITIES |
: |
Manufacture and trade of yarn |
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SECTOR |
: |
Textile |
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NUMBER OF EMPLOYEES |
: |
100 |
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NET SALES |
: |
(YTL) 11,776,082 17,094,149 6,287,919 |
(2005) (2006) (01.01.-31.03.2007) |
|
CAPACITY |
: |
(Tons/Yr) 2,000 |
(2007) |
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IMPORT VALUE |
: |
USD 7.6 million USD 4,022,000 |
(2006) (01.01.-31.03.2007) |
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IMPORT COUNTRIES |
: |
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MERCHANDISE IMPORTED |
: |
Intermediary goods |
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EXPORT VALUE |
: |
(YTL) 2,233,842 6,947,236 2,990,085 |
(2005) (2006) (01.01.-31.03.2007) |
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EXPORT COUNTRIES |
: |
Germany, Tunisia, Belgium, France, Portugal, Bosnia-Herzegovina, South Africa, Brazil, Spain, Greece, UK, Italy, USA… |
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MERCHANDISE EXPORTED |
: |
Yarn |
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PREMISES |
: |
Head Office / Factory: Kahramanmaras Yolu Uzeri 2. Km. Pazarcik – Kahramanmaras (owned) Branch: Merter Is Merkezi General Ali Riza Gurcan Cad. No:2
Kat:8 Daire:50 Merter – |
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TREND OF BUSINESS |
: |
Upwards in 2006 |
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COMMERCIAL MORALITY |
: |
Good |
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SIZE OF BUSINESS |
: |
Upper-medium |
FINANCE
|
MAIN DEALING BANKERS |
: |
Turkiye Is Bankasi Kahramanmaras branch in Kahramanmaras Finansbank Kahramanmaras branch in Kahramanmaras Garanti Bankasi Kahramanmaras branch in Kahramanmaras Fortisbank Gaziantep branch in Akbank Gaziantep branch in Oyakbank Kahramanmaras branch in Kahramanmaras |
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CREDIT FACILITIES |
: |
The subject company is making use of credit facilities. |
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PAYMENT BEHAVIOUR |
: |
No complaints have been heard regarding payments from banks. According to the official registries between 01.01.2000-15.06.2007, there are no protested bills and non-paid cheques registered in the name of “Cem Iplik” |
COMMENT ON FINANCIAL
POSITION
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FINANCIAL STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
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Fair (44 %) |
As of 31.12.2006 |
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LIQUIDITY |
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High |
As of 31.12.2006 |
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PROFITABILITY |
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Fair |
In 2006 |
High |
Between 01.01.-31.03.2007 |
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GAP BETWEEN COLLECTION-PAYMENT PERIODS |
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Unfavorable |
In 2006 |
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GENERAL FINANCIAL POSITION |
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Satisfactory |
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CREDIT OPINION
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CREDIT OPINION WITHOUT OBLIGATION |
: |
We are of the opinion that, a max. credit of USD 1.3 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 |
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(2006) |
11.58 % |
1.4309 |
1.7987 |
2.6377 |
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(1.1.-31.03.2007) |
1.88 % |
1.4068 |
1.8521 |
2.7609 |
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(1.1.-30.06.2007) |
2.98 % |
1.3733 |
1.8275 |
2.7117 |
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BALANCE SHEETS |
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YTL |
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YTL |
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|
31.12.05 |
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|
31.12.06 |
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CURRENT ASSETS |
8.332.037 |
|
0,74 |
|
7.431.104 |
|
0,75 |
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Cash and Banks |
629.448 |
|
0,06 |
|
561.271 |
|
0,06 |
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Marketable Securities |
0 |
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0,00 |
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0 |
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0,00 |
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Account Receivable |
5.414.462 |
|
0,48 |
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4.864.799 |
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0,49 |
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Other Receivable |
9.828 |
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0,00 |
|
62.531 |
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0,01 |
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Inventories |
2.154.254 |
|
0,19 |
|
1.794.702 |
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0,18 |
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Advances Given |
124.045 |
|
0,01 |
|
147.801 |
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0,01 |
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Other Current Assets |
0 |
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0,00 |
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0 |
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0,00 |
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NON-CURRENT ASSETS |
2.963.916 |
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0,26 |
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2.538.958 |
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0,25 |
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Long-term Receivable |
12.483 |
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0,00 |
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12.483 |
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0,00 |
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Financial Assets |
0 |
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0,00 |
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0 |
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0,00 |
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Tangible Fixed Assets (net) |
2.870.334 |
|
0,25 |
|
2.051.419 |
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0,21 |
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Intangible Assets |
51.404 |
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0,00 |
|
424.246 |
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0,04 |
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Other Non-Current Assets |
29.695 |
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0,00 |
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50.810 |
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0,01 |
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TOTAL ASSETS |
11.295.953 |
|
1,00 |
|
9.970.062 |
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1,00 |
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CURRENT
LIABILITIES |
6.602.454 |
|
0,58 |
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4.576.866 |
|
0,46 |
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Financial Loans |
2.461.430 |
|
0,22 |
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2.547.149 |
|
0,26 |
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Accounts Payable |
1.514.255 |
|
0,13 |
|
1.528.807 |
|
0,15 |
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Loans from Shareholders |
1.973.408 |
|
0,17 |
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0 |
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0,00 |
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Other Short-term Payable |
0 |
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0,00 |
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0 |
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0,00 |
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Advances from Customers |
623.842 |
|
0,06 |
|
474.450 |
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0,05 |
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Taxes Payable |
29.519 |
|
0,00 |
|
26.460 |
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0,00 |
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Provisions |
0 |
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0,00 |
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0 |
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0,00 |
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Other Current Liabilities |
0 |
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0,00 |
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0 |
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0,00 |
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LONG-TERM
LIABILITIES |
1.464.805 |
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0,13 |
|
972.063 |
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0,10 |
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Financial Loans |
285.899 |
|
0,03 |
|
290.696 |
|
0,03 |
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Securities Issued |
0 |
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0,00 |
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0 |
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0,00 |
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Long-term Payable |
1.178.906 |
|
0,10 |
|
681.367 |
|
0,07 |
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Loans from Shareholders |
0 |
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0,00 |
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0 |
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0,00 |
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Other Long-term Liabilities |
0 |
|
0,00 |
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0 |
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0,00 |
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Provisions |
0 |
|
0,00 |
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0 |
|
0,00 |
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STOCKHOLDERS'
EQUITY |
3.228.694 |
|
0,29 |
|
4.421.133 |
|
0,44 |
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Paid-in Capital |
516.840 |
|
0,05 |
|
1.406.025 |
|
0,14 |
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Inflation Adjustment of Capital |
2.993.774 |
|
0,27 |
|
2.993.774 |
|
0,30 |
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Reserves |
111.585 |
|
0,01 |
|
111.585 |
|
0,01 |
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Revaluation Fund |
0 |
|
0,00 |
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0 |
|
0,00 |
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Accumulated Losses(-) |
0 |
|
0,00 |
|
-393.505 |
|
-0,04 |
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Net Profit (loss) |
-393.505 |
|
-0,03 |
|
303.254 |
|
0,03 |
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TOTAL LIABILITIES
AND EQUITY |
11.295.953 |
|
1,00 |
|
9.970.062 |
|
1,00 |
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INCOME STATEMENTS |
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YTL |
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YTL |
|
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|
YTL |
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|
|
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|
2005 |
|
|
|
2006 |
|
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|
1.1.-31.03.2007 |
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Net Sales |
11.776.082 |
|
1,00 |
|
17.094.149 |
|
1,00 |
|
6.287.919 |
|
1,00 |
|
|
|
Cost of Goods Sold |
11.966.162 |
|
1,02 |
|
15.970.995 |
|
0,93 |
|
5.420.885 |
|
0,86 |
|
|
|
Gross Profit |
-190.080 |
|
-0,02 |
|
1.123.154 |
|
0,07 |
|
867.034 |
|
0,14 |
|
|
|
Operating Expenses |
349.981 |
|
0,03 |
|
630.615 |
|
0,04 |
|
240.384 |
|
0,04 |
|
|
|
Operating Profit |
-540.061 |
|
-0,05 |
|
492.539 |
|
0,03 |
|
626.650 |
|
0,10 |
|
|
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Other Income |
675.308 |
|
0,06 |
|
1.016.855 |
|
0,06 |
|
132.748 |
|
0,02 |
|
|
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Other Expenses |
229.454 |
|
0,02 |
|
799.493 |
|
0,05 |
|
103.303 |
|
0,02 |
|
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Financial Expenses |
299.298 |
|
0,03 |
|
406.647 |
|
0,02 |
|
87.046 |
|
0,01 |
|
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Profit (loss)
Before Tax |
-393.505 |
|
-0,03 |
|
303.254 |
|
0,02 |
|
569.049 |
|
0,09 |
|
|
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Tax Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
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Net Profit (loss) |
-393.505 |
|
-0,03 |
|
303.254 |
|
0,02 |
|
569.049 |
|
0,09 |
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FINANCIAL RATIOS |
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2005 |
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2006 |
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1.1.-31.03.2007 |
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LIQUIDITY RATIOS |
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Current Ratio |
1,26 |
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|
1,62 |
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-- |
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Acid-Test Ratio |
0,92 |
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|
1,20 |
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-- |
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ASSET STRUCTURE
RATIOS |
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Inventory/Total
Assets |
0,19 |
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|
0,18 |
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|
-- |
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Short-term
Receivable/Total Assets |
0,48 |
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|
0,49 |
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|
-- |
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Tangible
Assets/Total Assets |
0,25 |
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|
0,21 |
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-- |
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TURNOVER RATIOS |
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Inventory Turnover |
5,55 |
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|
8,90 |
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|
-- |
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Stockholders'
Equity Turnover |
3,65 |
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|
3,87 |
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|
-- |
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Asset Turnover |
1,04 |
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|
1,71 |
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|
-- |
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FINANCIAL
STRUCTURE |
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Stockholders'
Equity/Total Assets |
0,29 |
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|
0,44 |
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|
-- |
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Current
Liabilities/Total Assets |
0,58 |
|
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|
0,46 |
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|
|
-- |
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Financial Leverage |
0,71 |
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|
0,56 |
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|
-- |
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PROFITABILITY
RATIOS |
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Net
Profit/Stockholders' Eq. |
-0,12 |
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|
0,07 |
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|
-- |
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Operating Profit
Margin |
-0,05 |
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|
0,03 |
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|
0,10 |
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Net Profit Margin |
-0,03 |
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|
0,02 |
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|
0,09 |
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COLLECTION-PAYMENT |
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Average Collection
Period (days) |
165,90 |
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|
102,71 |
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|
-- |
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Average Payable
Period (days) |
81,02 |
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|
49,82 |
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|
|
-- |
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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/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 |
|
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%)