MIRA
INFORM REPORT
|
Report Date : |
19.05.2007 |
IDENTIFICATION DETAILS
|
Name : |
SOKTAS TEKSTIL SANAYI VE TICARET A.S. |
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|
Registered Office : |
Cumhuriyet Mahallesi Akeller Caddesi No:54 09201
Soke- Aydin |
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Country : |
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|
Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
24.02.1971 |
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Com. Reg. No.: |
958- Soke |
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|
Legal Form : |
Joint Stock Company |
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|
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|
Line of Business : |
Manufacture and trade of 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 : |
Regular |
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|
|
|
Litigation : |
Clear |
COMPANY
IDENTIFICATION
|
NAME |
: |
SOKTAS TEKSTIL SANAYI VE TICARET A.S. |
|
ADDRESS
|
: |
Head Office & Factory: Cumhuriyet Mahallesi Akeller Caddesi No:54 09201 Soke-
Aydin
/ The door number was changed from “88” to
“54” by the Municipality. |
|
PHONE
NUMBER |
: |
90-256-518 22 55 |
|
FAX
NUMBER |
: |
90-256-518 45 39 90-256-512 89 13 |
LEGAL STATUS AND
HISTORY
|
TAX
OFFICE / NO |
: |
Soke / 7780013436 |
|
REGISTRATION
NUMBER |
: |
958- Soke |
|
REGISTERED
OFFICE |
: |
Soke Chamber of Commerce |
|
DATE
ESTABLISHED |
: |
24.02.1971 |
|
LEGAL
FORM |
: |
Joint Stock Company |
|
TYPE
OF COMPANY |
: |
Private |
|
AUTHORIZED
CAPITAL |
: |
YTL 32,000,000 |
|
PAID-IN
CAPITAL |
: |
YTL 12,000,000 |
|
HISTORY |
: |
The head office address was firstly
changed from “Cumhuriyet Mahallesi
Karasuluk Mevkii PK.32 09201 Soke-Aydin” to “Cumhuriyet Mahallesi Akeller Caddesi No:88 09201 Soke-Aydin” by the Municipality.
After that on 05.02.2007, the door number of the head office was changed from
“88” to “54” by the Municipality. The authorized
capital was increased from YTL 1,000,000 to YTL 8,000,000 with the d The authorized capital
was increased from YTL
8,000,000 to YTL 32,000,000 on 06.05.2005. (Commercial
Registry Gazette Date/No: 13.05.2005/6303) The name of the firm was changed from “SOKTAS PAMUK VE TARIM URUNLERINI DEGERLENDIRME TICARET VE SANAYI
A.S.” to “SOKTAS TEKSTIL SANAYI VE TICARET A.S.” on 10.04.2003. (Commercial
Registry Gazette Date/No: 15.04.2003/5778) The paid- in capital was increased from YTL 2,400,000 to YTL
12,000,000 on 25.04.2006. (Commercial
Registry Gazette Date / No: 28.04.2006 / 6545) |
OWNERSHIP /
MANAGEMENT
|
SHAREHOLDERS |
: |
Kayhan Holding A.S. Muharrem Hilmi Kayhan Eyup Hilmi Kayhan Others |
21,18 % 14,12 % 14,12 % 50,58 % |
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|
Shares of the company are quoted at Istanbul
Stock Exchange |
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|
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|
Kayhan Holding A.S. is a large company
which was founded by members of Kayhan Family. Kayhan Holding A.S. became a
shareholder of “Soktas” in May 1997 as Kayhan Family members transferred their
shares on “Soktas” to Kayhan A.S. as non-cash capital. |
||
|
SUBSIDIARIES |
: |
EGS Holding A.S. (0,01 %) Tekstil Sanayicileri Dis Ticaret A.S. (1,57 %) Tepekule Depo ve Isletm Alsancak Denizcilik Romorkaj ve Liman Isl. A.S. (0,02
%) Soktas Pazarlama A.S. (99,99 %) Soktas India Private Limited (99,99 %) |
||
|
BOARD
OF DIRECTORS |
: |
Muzaffer Mufit
Kayhan Muharrem Hilmi
Kayhan Eyup Hilmi Kayhan Korkmaz Ilkorur Vecdet Kayhan Levend Beriker Mustafa Yavuz
Sokun |
Chairman Member Member Member Member Member Member |
|
OPERATIONS
|
BUSINESS ACTIVITIES |
: |
Manufacture and trade of yarn and fabric |
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NUMBER OF EMPLOYEES |
: |
1,118 |
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NET SALES |
: |
(YTL) 1,583,036 2,679,912 5,051,472 9,116,080 13,714,204 20,304,016 29,897,209 67,407,979 92,219,071 108,634,223 106,543,687 86,013,929 86,940,183 |
(1994) (1995) (1996) (1997) (1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) |
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The financial figures of 31.12.2003 and
31.12.2004, 31.12.2005 and 31.12.2006 are prepared according to Capital
Market Council's Notification Series XI No: 25 based IAS. |
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PRODUCTION |
: |
Yarn (Ring+Oe) Tons 10,184 9,542 8,951 9,452 6,373 5,683 6,058 4,726 2,800 2,927 2,498 1,835 1,291 |
Raw fabric (Km) 14,361 15,483 18,270 20,051 17,208 17,701 19,867 18,614 16,474 14,054 12,825 10,611 8,869 |
Finished
Fabric (Km) 3,389 6,620 8,705 10,848 11,609 13,106 15,765 17,619 18,756 15,563 15,086 12,316 11,163 |
(1994) (1995) (1996) (1997) (1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) |
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IMPORT VALUE |
: |
(USD) 25,153,452 20,426,931 21,779,338 19,610,269 14,670,575 16,006,112 13,430,664 18,542,766 22,153,058 19,920,362 19,208,513 |
(1995) (1996) (1997) (1998) (1999) (2000) (2001) (2002) (2004) (2005) |
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IMPORT COUNTRIES |
: |
Israel, USA,
Switzerland, Belgium-Luxembourg, Germany, Argentina, Italy... |
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MERCHANDISE IMPORTED |
: |
Intermediary goods, raw materials, dye
chemicals, machinery and spare parts. |
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EXPORT VALUE |
: |
USD 20,185,897 USD 19,493,302 USD 33,875,946 USD 40,777,000 USD 46,969,000 USD 56,381,887 YTL 70,809,680 YTL 71,943,436 |
(1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) |
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EXPORT COUNTRIES |
: |
Australia,
Belgium, Germany, UK, Hong Kong, Italy, Japan, Portugal, Spain, USA, Free
Zones... |
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MERCHANDISE EXPORTED |
: |
Cotton fibers, yarn and fabric |
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PREMISES |
: |
Head Office & Factory: Cumhuriyet Mahallesi Akeller Caddesi No:54 09201
Soke-Aydin Branch Office: Branch Office: Ege Serbest Bolgesi (Free
Zone) Offices: -Kayhan Is Hani No:42
Halit Ziya Bulvari Cankaya- -Basin Ekspres Yolu Onura Is Merkezi Kat:5 Daire: 501 Ikitelli-
Istanbul ( However it has to be noted that,
the office of the firm will be moved to “Asmalimescit Mah. Minare Sk. No:15
Beyoglu- Istanbul” after the date of 01 June, 2007 ) |
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FIXED CAPITAL INVESTMENTS |
: |
The firm is making an investment for diary
farming. Total investment amount is expected to be YTL 24,152,400. |
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TREND OF BUSINESS |
: |
There was decline at sales volume in
nominal terms in 2004 and 2005 and there was a slowdown at sales volume in
real terms in 2006. |
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COMMERCIAL
MORALITY |
: |
Good |
|
SIZE
OF BUSINESS |
: |
Giant |
FINANCE
|
MAIN
DEALING BANKERS |
: |
Akbank Soke branch in Aydin Akbank Merkez branch
in Izmir Akbank Merkez branch
in Istanbul Yapi ve Kredi Bankasi Soke branch in Aydin Yapi ve Kredi Bankasi Levent branch in T. Is Bankasi Soke branch in Aydin T. Is Bankasi Yenicami branch in |
|
CREDIT
FACILITIES |
: |
The subject company is making use of
short-term and long-term credit facilities. |
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PAYMENT
BEHAVIOUR |
: |
No complaints have been heard regarding
payments from banks. According to the official registries
between 01.01.2000-15.04.2007, there are no protested bills and non-paid
cheques registered in the name former name (Soktas Pamuk) or the current name
(Soktas Tekstil) of the subject company. |
COMMENT ON FINANCIAL
POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
|
|
High |
As of
31.12.2006 |
|
LIQUIDITY |
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|
High |
As of
31.12.2006 |
|
PROFITABILITY |
|
|
In order |
In 2006 |
|
GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
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Unfavorable |
In 2006 |
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GENERAL
FINANCIAL POSITION |
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|
There was decline at sales volume in
nominal terms in 2004 and 2005 and there was a slowdown at sales volume in real
terms in 2006. However financial ratios were good in 2006 |
|
CREDIT OPINION
CREDIT OPINION WITHOUT OBLIGATION : We
are of the opinion that, a max. credit of USD
11 million may
be
granted to the subject company.
|
|
Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(1998) |
54.30 % |
0.2657 |
0.2967 |
0.4410 |
|
(1999) |
62.90 % |
0.4278 |
0.4518 |
0.6843 |
|
(2000) |
32.70 % |
0.6251 |
0.5774 |
0.9480 |
|
(2001) |
88.60 % |
1.1991 |
1.0714 |
1.7300 |
|
(2002) |
30.80 % |
1.5168 |
1.3741 |
2.2001 |
|
(2003) |
13.90 % |
1.5302 |
1.7141 |
2.4982 |
|
(2004) |
13.84 % |
1.4266 |
1.7666 |
2.6001 |
|
(2005) |
2.66 % |
1.3499 |
1.6882 |
2.4623 |
|
(2006) |
11.58 % |
1.4309 |
1.7987 |
2.6377 |
|
(1.1.-31.03.2007) |
1.88 % |
1.4068 |
1.8521 |
2.7609 |
|
(1.1.-30.04.2007) |
2.69 % |
1.3922 |
1.8451 |
2.7411 |
Statements of 31.12.2005 and 31.12.2006 are prepared
according to Capital Market Council's Notification Series XI No: 25 based IAS
|
BALANCE SHEETS |
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|
|
YTL |
|
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|
YTL |
|
|
|
|
|
|
31.12.05 |
|
|
|
31.12.06 |
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|
|
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|
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CURRENT ASSETS |
43.960.506 |
|
0,31 |
|
51.905.796 |
|
0,33 |
|
|
|
Cash and Cash Equivalents |
1.834.470 |
|
0,01 |
|
3.977.797 |
|
0,03 |
|
|
|
Marketable Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account Receivable (net) |
17.834.885 |
|
0,13 |
|
19.408.337 |
|
0,12 |
|
|
|
Due from Related Parties |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Inventories |
23.254.295 |
|
0,16 |
|
25.342.244 |
|
0,16 |
|
|
|
Other Current Assets |
1.036.856 |
|
0,01 |
|
3.177.418 |
|
0,02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
98.610.511 |
|
0,69 |
|
103.683.291 |
|
0,67 |
|
|
|
Long-term Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Due from Related Parties |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Financial Assets |
33.847 |
|
0,00 |
|
25.098 |
|
0,00 |
|
|
|
Tangible Fixed Assets (net) |
98.325.577 |
|
0,69 |
|
103.185.445 |
|
0,66 |
|
|
|
Intangible Assets |
237.922 |
|
0,00 |
|
297.635 |
|
0,00 |
|
|
|
Other Non-Current Assets |
13.165 |
|
0,00 |
|
175.113 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
142.571.017 |
|
1,00 |
|
155.589.087 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
21.104.805 |
|
0,15 |
|
15.721.420 |
|
0,10 |
|
|
|
Financial Loans |
6.457.025 |
|
0,05 |
|
3.243.677 |
|
0,02 |
|
|
|
Accounts Payable |
12.130.928 |
|
0,09 |
|
9.767.455 |
|
0,06 |
|
|
|
Due to Related Parties |
197.445 |
|
0,00 |
|
148.928 |
|
0,00 |
|
|
|
Advances from Customers |
1.949 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Provisions |
278.804 |
|
0,00 |
|
216.923 |
|
0,00 |
|
|
|
Other Current Liabilities |
2.038.654 |
|
0,01 |
|
2.344.437 |
|
0,02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
25.515.105 |
|
0,18 |
|
41.980.471 |
|
0,27 |
|
|
|
Financial Loans |
16.782.640 |
|
0,12 |
|
36.358.111 |
|
0,23 |
|
|
|
Long Term Payable |
71.864 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other Long-term Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Provisions |
5.700.266 |
|
0,04 |
|
4.173.129 |
|
0,03 |
|
|
|
Deferred Tax Liability |
2.960.335 |
|
0,02 |
|
1.449.231 |
|
0,01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
95.951.107 |
|
0,67 |
|
97.887.196 |
|
0,63 |
|
|
|
Paid-in Capital |
2.400.000 |
|
0,02 |
|
12.000.000 |
|
0,08 |
|
|
|
Reserves |
11.419.900 |
|
0,08 |
|
14.676.703 |
|
0,09 |
|
|
|
Revaulation Fund |
78.268.016 |
|
0,55 |
|
68.668.016 |
|
0,44 |
|
|
|
Accumulated Profits (Losses) |
2.329.611 |
|
0,02 |
|
|
|
0,00 |
|
|
|
Net Profit (loss) |
1.533.580 |
|
0,01 |
|
2.542.477 |
|
0,02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND
EQUITY |
142.571.017 |
|
1,00 |
|
155.589.087 |
|
1,00 |
|
|
|
INCOME STATEMENTS |
||||||||
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
86.013.929 |
|
1,00 |
|
86.940.183 |
|
1,00 |
|
|
|
Cost of Goods Sold |
69.603.839 |
|
0,81 |
|
63.047.084 |
|
0,73 |
|
|
|
Gross Profit |
16.410.090 |
|
0,19 |
|
23.893.099 |
|
0,27 |
|
|
|
Operating Expenses |
14.939.817 |
|
0,17 |
|
18.404.840 |
|
0,21 |
|
|
|
Operating Profit |
1.470.273 |
|
0,02 |
|
5.488.259 |
|
0,06 |
|
|
|
Other Income |
341.205 |
|
0,00 |
|
871.861 |
|
0,01 |
|
|
|
Other Expenses |
1.030.061 |
|
0,01 |
|
1.270.535 |
|
0,01 |
|
|
|
Financial Income-Expenses(net) |
66.000 |
|
0,00 |
|
-4.058.212 |
|
-0,05 |
|
|
|
Net Monetary Position Gain (Loss) |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Profit (loss) Before Tax |
847.417 |
|
0,01 |
|
1.031.373 |
|
0,01 |
|
|
|
Deferred Tax Income |
686.163 |
|
0,01 |
|
1.511.104 |
|
0,02 |
|
|
|
Net Profit (loss) |
1.533.580 |
|
0,02 |
|
2.542.477 |
|
0,03 |
|
|
|
FINANCIAL RATIOS |
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|
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|
2005 |
|
|
|
2006 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
Current Ratio |
2,08 |
|
|
|
3,30 |
|
|
|
|
|
Acid-Test Ratio |
0,93 |
|
|
|
1,49 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,16 |
|
|
|
0,16 |
|
|
|
|
|
Short-term
Receivable/Total Assets |
0,13 |
|
|
|
0,12 |
|
|
|
|
|
Tangible Assets/Total
Assets |
0,69 |
|
|
|
0,66 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
2,99 |
|
|
|
2,49 |
|
|
|
|
|
Stockholders' Equity
Turnover |
0,90 |
|
|
|
0,89 |
|
|
|
|
|
Asset Turnover |
0,60 |
|
|
|
0,56 |
|
|
|
|
|
|
|
|
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|
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|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
Stockholders'
Equity/Total Assets |
0,67 |
|
|
|
0,63 |
|
|
|
|
|
Current Liabilities/Total
Assets |
0,15 |
|
|
|
0,10 |
|
|
|
|
|
Financial Leverage |
0,33 |
|
|
|
0,37 |
|
|
|
|
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|
|
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|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders'
Eq. |
0,02 |
|
|
|
0,03 |
|
|
|
|
|
Operating Profit Margin |
0,02 |
|
|
|
0,06 |
|
|
|
|
|
Net Profit Margin |
0,02 |
|
|
|
0,03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
Average Collection Period
(days) |
74,65 |
|
|
|
80,37 |
|
|
|
|
|
Average Payable Period
(days) |
63,11 |
|
|
|
55,77 |
|
|
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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%)