MIRA
INFORM REPORT
|
Report Date : |
06.11.2007 |
IDENTIFICATION
DETAILS
|
Name : |
NET TEKSTIL SANAYI VE TICARET LTD. STI. |
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|
Registered Office : |
Gazi Mustafa Kemal Bulvari Adana Yolu Uzeri 2.Km Kahramanmaras |
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Country : |
Turkey |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
2000 |
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Com. Reg. No.: |
6428 |
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Legal Form : |
Limited Company |
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Line of Business : |
Weaving, dying, manufacture and trade of fabric |
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. |
Small |
|
Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
NET TEKSTIL SANAYI VE TICARET LTD. STI. |
|
ADDRESS |
: |
Head Office & Weaving and Dying Plant:
Gazi Mustafa Kemal Bulvari Adana Yolu Uzeri 2.Km Kahramanmaras/ Turkey |
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PHONE NUMBER |
: |
90-344-237 66 68 |
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FAX NUMBER |
: |
90-344-237 73 73 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Arslanbey / 6320187285 |
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REGISTRATION NUMBER |
: |
6428 |
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REGISTERED OFFICE |
: |
Kahramanmaras Chamber of Commerce and
Industry |
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DATE ESTABLISHED |
: |
2000 (Commercial Registry Gazette Date/No:
26.04.2000/5032) |
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LEGAL FORM |
: |
Limited Company |
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TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
YTL 750,000 |
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HISTORY |
: |
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Previous
Registered Capital |
: YTL 300,000 |
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Regist. Capital Changed on |
: 06.06.2007 (Commercial Registry Gazette Date/No:
20.06.2007/6834). This increase is decided to be financed by cash. According
to the capital increase decision ¼ of the increase has to be paid within 3
months following the date of capital increase and the rest has to be paid
until 06.09.2009. |
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|
|
|
Other Historical Events |
: Erkan Sartik sold 25 % shares to Melike
Toprak and Mustafa Sartik sold 25 % shares to Gulsen Toprak on 19.01.2006
(Commercial Registry Gazette Date/No: 13.01.2006/6491) |
|
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Melike Toprak Gulsen Toprak Nevzat Toprak |
50 % 48 % 2
% |
|
SISTER COMPANIES |
: |
Net Tekstil Boya Kasar Orgu Konfeksiyon
Sanayi ve Ticaret A.S. (the subject has declared that this company is not
active) |
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GROUP PARENT COMPANY |
: |
None |
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SUBSIDIARIES |
: |
None |
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DIRECTORS |
: |
Nevzat Toprak |
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OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Weaving, dying, manufacture and trade of
fabric |
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SECTOR |
: |
Textile |
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NUMBER OF
EMPLOYEES |
: |
70 |
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|
NET SALES |
: |
(YTL) 3,771,099 5,545,321 3,680,867 |
(2005) (2006) (01.01.-30.06.2007) |
|
IMPORT COUNTRIES |
: |
Italy |
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|
MERCHANDISE
IMPORTED |
: |
Machinery |
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EXPORT VALUE |
: |
YTL 31,427 None None |
(2005) (2006) (01.01-30.06.2007) |
|
EXPORT COUNTRIES |
: |
Mersin Free Zone |
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|
MERCHANDISE
EXPORTED |
: |
Fabric |
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PREMISES |
: |
Head Office & Weaving and Dying Plant:
Gazi Mustafa Kemal Bulvari Adana Yolu Uzeri 2.km Kahramanmaras (owned by its sister
company “Net Tekstil Boya Kasar Orgu Konfeksiyon Sanayi ve Ticaret A.S.) |
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FIXED CAPITAL
INVESTMENTS |
: |
Investments are going on. |
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TREND OF BUSINESS : Upwards
COMMERCIAL MORALITY : Fair
SIZE OF BUSINESS : Lower- medium
FINANCE
|
MAIN DEALING BANKERS |
: |
Yapi ve Kredi Bankasi Istasyon branch in
Kahramanmaras HSBC Merkez branch in Kahramanmaras |
|
CREDIT FACILITIES |
: |
The subject company is making use
of credit facilities. |
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PAYMENT BEHAVIOUR |
: |
According to the official
registries since its establishment in
2000 until 15.09.2007, there are 15 non-paid cheques in 2002 (were paid later
on) and 1 non paid cheque in 2003 and there are 2 protested bills in 2006
(were paid later on) registered in the name of “Net Tekstil”. |
COMMENT ON FINANCIAL POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
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|
The capitalization was low (11 %) as of 31.12.2006. A part of liabilities
was due to loans from shareholders but major part of liabilities was to third
parties. The registered capital was increased from YTL 300,000 to YTL 750,000
on 06.06.2007. This increase is decided to be financed by cash. According to
the capital increase decision ¼ of the increase has to be paid within 3
months following the date of capital increase and the rest has to be paid
until 06.09.2009. However, the current amount of capital is still
insufficient in comparison to asset size of the subject. |
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LIQUIDITY |
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Liquidity was still low as of 31.12.2006 even if disregarding loans
from shareholders from current liabilities. |
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PROFITABILITY |
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Fair |
In 2006 |
Fair |
Between 01.01.-30.06.2007 |
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GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
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Favorable |
In 2006 |
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GENERAL
FINANCIAL POSITION |
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Unsatisfactory |
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CREDIT OPINION
CREDIT OPINION WITHOUT OBLIGATION : We are of the opinion that, the subject is suitable for dealing on
secured terms for any amount of business.
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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.-30.06.2007) |
2.98 % |
1.3733 |
1.8275 |
2.7117 |
|
(1.1.-30.09.2007) |
4.98 % |
1.3447 |
1.8084 |
2.6720 |
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|
BALANCE SHEETS |
||||||||
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|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
31.12.05 |
|
|
|
31.12.06 |
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|
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CURRENT ASSETS |
2.090.554 |
|
0,79 |
|
1.912.501 |
|
0,54 |
|
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Cash and
Banks |
42.380 |
|
0,02 |
|
454.808 |
|
0,13 |
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Marketable Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Account
Receivable |
1.195.432 |
|
0,45 |
|
821.680 |
|
0,23 |
|
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Other
Receivable |
1.484 |
|
0,00 |
|
0 |
|
0,00 |
|
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Inventories |
827.688 |
|
0,31 |
|
469.518 |
|
0,13 |
|
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Advances
Given |
3.051 |
|
0,00 |
|
54.287 |
|
0,02 |
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Other
Current Assets |
20.519 |
|
0,01 |
|
112.208 |
|
0,03 |
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NON-CURRENT ASSETS |
556.826 |
|
0,21 |
|
1.652.166 |
|
0,46 |
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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) |
470.841 |
|
0,18 |
|
1.339.768 |
|
0,38 |
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Intangible Assets |
84.760 |
|
0,03 |
|
312.398 |
|
0,09 |
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Other
Non-Current Assets |
1.225 |
|
0,00 |
|
0 |
|
0,00 |
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|
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TOTAL ASSETS |
2.647.380 |
|
1,00 |
|
3.564.667 |
|
1,00 |
|
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CURRENT LIABILITIES |
2.346.202 |
|
0,89 |
|
2.644.199 |
|
0,74 |
|
|
|
Financial
Loans |
29.736 |
|
0,01 |
|
0 |
|
0,00 |
|
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Accounts
Payable |
1.917.670 |
|
0,72 |
|
2.350.204 |
|
0,66 |
|
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Loans
from Shareholders |
204.048 |
|
0,08 |
|
176.289 |
|
0,05 |
|
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Other
Short-term Payable |
25.038 |
|
0,01 |
|
28.061 |
|
0,01 |
|
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Advances
from Customers |
117.256 |
|
0,04 |
|
62.133 |
|
0,02 |
|
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Taxes
Payable |
52.388 |
|
0,02 |
|
27.386 |
|
0,01 |
|
|
|
Provisions |
0 |
|
0,00 |
|
126 |
|
0,00 |
|
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Other
Current Liabilities |
66 |
|
0,00 |
|
0 |
|
0,00 |
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LONG-TERM LIABILITIES |
19.835 |
|
0,01 |
|
545.573 |
|
0,15 |
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Financial
Loans |
19.835 |
|
0,01 |
|
545.573 |
|
0,15 |
|
|
|
Securities
Issued |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
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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 |
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STOCKHOLDERS' EQUITY |
281.343 |
|
0,11 |
|
374.895 |
|
0,11 |
|
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Paid-in
Capital |
300.000 |
|
0,11 |
|
300.000 |
|
0,08 |
|
|
|
Reserves |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
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Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
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Accumulated Losses(-) |
-65.350 |
|
-0,02 |
|
-18.656 |
|
-0,01 |
|
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|
Net
Profit (loss) |
46.693 |
|
0,02 |
|
93.551 |
|
0,03 |
|
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TOTAL LIABILITIES AND EQUITY |
2.647.380 |
|
1,00 |
|
3.564.667 |
|
1,00 |
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INCOME STATEMENTS |
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|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
1.1.-30.06.2007 |
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Net Sales |
3.771.099 |
|
1,00 |
|
5.545.321 |
|
1,00 |
|
3.680.867 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
3.676.528 |
|
0,97 |
|
5.303.482 |
|
0,96 |
|
3.528.734 |
|
0,96 |
|
|
|
Gross Profit |
94.571 |
|
0,03 |
|
241.839 |
|
0,04 |
|
152.133 |
|
0,04 |
|
|
|
Operating
Expenses |
72.979 |
|
0,02 |
|
152.404 |
|
0,03 |
|
93.690 |
|
0,03 |
|
|
|
Operating Profit |
21.592 |
|
0,01 |
|
89.435 |
|
0,02 |
|
58.443 |
|
0,02 |
|
|
|
Other
Income |
54.483 |
|
0,01 |
|
84.451 |
|
0,02 |
|
40.309 |
|
0,01 |
|
|
|
Other
Expenses |
19.258 |
|
0,01 |
|
50.225 |
|
0,01 |
|
8.355 |
|
0,00 |
|
|
|
Financial
Expenses |
10.124 |
|
0,00 |
|
22.531 |
|
0,00 |
|
17.156 |
|
0,00 |
|
|
|
Profit (loss) Before Tax |
46.693 |
|
0,01 |
|
101.130 |
|
0,02 |
|
73.241 |
|
0,02 |
|
|
|
Tax
Payable |
0 |
|
0,00 |
|
7.579 |
|
0,00 |
|
15.173 |
|
0,00 |
|
|
|
Net Profit (loss) |
46.693 |
|
0,01 |
|
93.551 |
|
0,02 |
|
58.068 |
|
0,02 |
|
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FINANCIAL RATIOS |
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2005 |
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|
2006 |
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|
1.1.-30.06.2007 |
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LIQUIDITY RATIOS |
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Current Ratio |
0,89 |
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|
0,72 |
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|
-- |
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Acid-Test Ratio |
0,53 |
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|
0,48 |
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|
-- |
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ASSET STRUCTURE RATIOS |
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Inventory/Total Assets |
0,31 |
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|
0,13 |
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|
|
-- |
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Short-term Receivable/Total Assets |
0,45 |
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|
0,23 |
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|
|
-- |
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Tangible Assets/Total Assets |
0,18 |
|
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|
0,38 |
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|
-- |
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TURNOVER RATIOS |
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Inventory Turnover |
4,44 |
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|
11,30 |
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|
-- |
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Stockholders' Equity Turnover |
13,40 |
|
|
|
14,79 |
|
|
|
-- |
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Asset Turnover |
1,42 |
|
|
|
1,56 |
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|
|
-- |
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FINANCIAL STRUCTURE |
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Stockholders' Equity/Total Assets |
0,11 |
|
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|
0,11 |
|
|
|
-- |
|
|
|
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Current Liabilities/Total Assets |
0,89 |
|
|
|
0,74 |
|
|
|
-- |
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Financial Leverage |
0,89 |
|
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|
0,89 |
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|
|
-- |
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PROFITABILITY RATIOS |
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Net Profit/Stockholders' Eq. |
0,17 |
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|
0,25 |
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|
-- |
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Operating Profit Margin |
0,01 |
|
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|
0,02 |
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|
0,02 |
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Net Profit Margin |
0,01 |
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|
0,02 |
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|
0,02 |
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COLLECTION-PAYMENT |
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Average Collection Period (days) |
114,12 |
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|
53,34 |
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|
|
-- |
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Average Payable Period (days) |
187,78 |
|
|
|
159,53 |
|
|
|
-- |
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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%)