MIRA
INFORM REPORT
|
Report Date : |
20.10.2007 |
IDENTIFICATION DETAILS
|
Name : |
MENSA MENSUCAT SANAYI VE TICARET A.S. |
|
|
|
|
Registered Office : |
Mehmet Nezih Tuzmen Mah. |
|
|
|
|
Country : |
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|
|
|
|
Financials (as on) : |
30.06.2007 |
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|
|
|
Date of Incorporation : |
28.07.1972 |
|
|
|
|
Com. Reg. No.: |
611326 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacture and trade of textile products such as yarn, different
kinds of fabric …etc. |
RATING & COMMENTS
|
MIRA’s Rating : |
C |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
Status : |
Poor |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
COMPANY
IDENTIFICATION
|
NAME |
: |
MENSA MENSUCAT SANAYI VE TICARET A.S. |
|
ADDRESS |
: |
Head Office: Mehmet Nezih Tuzmen Mah. Branch/Factory: |
|
PHONE NUMBER |
: |
90-212-482 67 63 |
|
FAX NUMBER |
: |
90-212-482 90 14 |
LEGAL STATUS AND
HISTORY
|
TAX OFFICE / NO |
: |
Merter / 6150027367 |
|
REGISTRATION NUMBER |
: |
611326 |
|
REGISTERED OFFICE |
: |
|
|
DATE ESTABLISHED |
: |
28.07.1972 |
|
LEGAL FORM |
: |
Joint Stock Company |
|
TYPE OF COMPANY |
: |
Private |
|
AUTHORIZED CAPITAL |
: |
YTL 100,000,000 |
|
PAID-IN CAPITAL |
: |
YTL
63,000,000 |
|
HISTORY |
: |
The firm was owned mainly by T. Is Bankasi
which is one of the leading commercial banks of At the board of directors meeting dated
05.01.2005, the paid-in capital was d The authorized capital was increased from
YTL 40,000,000 to YTL 100,000,000 on 28.04.2006 (Commercial Registry Gazette
Date/No: 03.05.2006 / 6548) The head office was moved from “Mersin Asfalti 14.Km Yolgecen Koyu
Seyhan Adana / The paid-in capital was increased from YTL
46,750,000 to YTL 63,000,000 on 21.03.2007 (Commercial Registry Gazette Date/No:
26.03.2007 / 6773) |
OWNERSHIP /
MANAGEMENT
|
SHAREHOLDERS |
: |
Ulutas Tekstil Sanayi ve Ticaret A.S. Others |
54,53 % 45.47 % |
|
|
|
|
Shares of the firm are quoted at Istanbul
Stock Exchange. |
||
|
GROUP |
: |
Ulutas Group of Companies Some of the companies operating within
Ulutas group are as follows: -Mensa Mensucat San. ve Tic. A.S. -Ulutas Insaat ve Insaat Malzemeleri
Ticaret ve -Ulutas Un ve Unlu Mamuller Gida Sanayi ve
-Ulutas Tekstil Sanayi ve -Ulutas Sigorta Aracilik Hizmetleri AS. -Yesim Insaat Tekstil Gida Sanayi ve |
||
|
SUBSIDIARIES |
: |
None |
||
|
BOARD OF DIRECTORS |
: |
Mehmet Ulutas Umit Celik Kamil Ulutas Zihni Naz |
Chairman Vice-chairman Member Member |
|
|
GENERAL MANAGER |
: |
Umit Celik |
||
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Manufacture and trade of textile products
such as yarn, different kinds of fabric …etc. |
|
|
TRADEMARK(S) |
: |
"Mensa" |
|
|
NUMBER OF
EMPLOYEES |
: |
The number of the employees which was 806
as of 31.12.2006 has declined to 379 as of 30.06.2007. |
|
|
NET SALES |
: |
(YTL) 2,417,340 4,027,707 6,950,551 12,130,482 24,681,400 36,955,156 62,073,617 94,223,882 116,635,575 117,552,970 119,788,568 96,579,864 73,262,739 9,219,277 |
(1994) (1995) (1996) (1997) (1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (01.01.-30.06.2007) |
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|
|
The financial figures of 31.12.2005, 31.12.2006 and
01.01.-30.06.2007 are prepared according to Capital Market Council's
Notification Series XI No: 25 based IAS. |
|
|
PRODUCTION |
: |
Yarn (Tons) 5,214 3,837 3,822 3,063 2,823 2,148 1,135 |
Weaving (1.000 Mt) 14,895 10,398 10,410 8,809 6,168 5,709 2,142 |
Finishing 20,698 16,962 19,260 18,618 16,841 14,778 8,738 |
(2000) (2001) (2002) (2003) (2004) (2005) (2006) |
|
|
|
|
Capacity utilization rate was 71 % in 2005 but because of financial
problems, the subject had difficulties in supplying raw materials in 2006. So
the capacity utilization rate has declined from 71 % in 2005 to 56 % in 2006. |
||||
|
IMPORT VALUE |
: |
(USD) 11,553,942 12,712,195 12,206,363 13,026,917 8,024,643 3,031,059 |
(2001) (2002) (2003) (2004) (2005) (2006) |
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IMPORT COUNTRIES |
: |
|
||||
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MERCHANDISE
IMPORTED |
: |
Fabric, intermediary goods and machinery |
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|
EXPORT VALUE |
: |
USD 45,708,148 USD 37,356,193 YTL 30,691,317 YTL 18,577,689 YTL 608,283 |
(2003) (2004) (2005) (2006) (01.01.-30.06.2007) |
|||
|
EXPORT COUNTRIES |
: |
Bangladesh, Belgium, Bulgaria, Canada,
Chech Republic, Germany, France, Hong Kong, Hungary, Indonesia, Italy,
Netherlands, Poland, Romania, Russia, Spain, Sweden, Tunisia, UK, USA,
Mexico, South Africa, Malaysia, Portugal, Ireland, Slovakia, China, UAE, Jordan,
Egypt, Morocco, Bosnia-Herzegovina, Denmark, Taiwan, India |
||||
|
MERCHANDISE
EXPORTED |
: |
Fabric, yarn and ready wear |
||||
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PREMISES |
: |
Head Office: Mehmet Nezih Tuzmen Mah. Branch/Factory: Branch Office: Branch: Merter/Istanbul Liaison Office: |
||||
TREND OF BUSINESS : Downwards
COMMERCIAL MORALITY : Not in order
SIZE OF BUSINESS : Giant
FINANCE
|
MAIN DEALING BANKERS |
: |
Halkbank in Is Bankasi in Vakiflar Bankasi Kuveyt Turk Katilim Bankasi |
|
CREDIT FACILITIES |
: |
The subject company makes active use
credit facilities. The firm has difficulties at paying its
debt to banks. The firm is making negotiations with its creditor banks to
re-schedule the maturity of the debts. |
|
PAYMENT BEHAVIOUR |
: |
According to the official registries
between 01.01.2000-15.09.2007, there are 43 protested bills in 2006, 51
protested bills in 2007 and lots of non-paid cheques in 2006 and 2007
registered in the name of the subject . Some of the cheques were paid later
on. The firm has unpaid debts to public
establishments, banks and suppliers. |
COMMENT ON
FINANCIAL POSITION
BASIS OF PRESENTATION OF THE FINANCIAL STATEMENTS
The statements of 31.12.2005, 31.12.2006 and
30.06.2007 are prepared according to Capital Market Council's Notification
Series XI No: 25 based IAS.
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
|
|
Fair |
As of 30.06.2007 |
|
LIQUIDITY |
|
|
Low |
As of 30.06.2007 |
|
PROFITABILITY |
|
|
The firm had gross loss, operating loss and net loss in 2006 and
between 01.01.-30.06.2007. |
|
|
GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
|
|
Favorable |
Between 01.01.-30.06.2007 |
|
GENERAL
FINANCIAL POSITION |
|
|
Not in order |
|
CREDIT OPINION
CREDIT OPINION WITHOUT OBLIGATION : We are of the opinion that, business relation is not admissible
with the subject unless there is full security.
|
|
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.-30.06.2007) |
2.98 % |
1.3733 |
1.8275 |
2.7117 |
|
(1.1.-30.09.2007) |
4.98 % |
1.3447 |
1.8084 |
2.6720 |
Statements of
31.12.2005, 31.12.2006 and 30.06.2007 are prepared according to Capital Market
Council's Notification Series XI No: 25 based IAS
|
BALANCE SHEETS |
|||||||||||||
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
31.12.05 |
|
|
|
31.12.06 |
|
|
|
30.6.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
86.439.078 |
|
0,55 |
|
77.464.835 |
|
0,32 |
|
55.942.516 |
|
0,27 |
|
|
|
Cash
and Banks |
519.264 |
|
0,00 |
|
240.224 |
|
0,00 |
|
244.592 |
|
0,00 |
|
|
|
Marketable Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account
Receivable (net) |
26.923.259 |
|
0,17 |
|
16.159.315 |
|
0,07 |
|
14.043.347 |
|
0,07 |
|
|
|
Due
from Related Parties |
0 |
|
0,00 |
|
6.699.590 |
|
0,03 |
|
73.075 |
|
0,00 |
|
|
|
Other
Receivable |
826.973 |
|
0,01 |
|
2.691.225 |
|
0,01 |
|
2.758.061 |
|
0,01 |
|
|
|
Inventories |
56.220.687 |
|
0,36 |
|
47.568.502 |
|
0,20 |
|
37.652.917 |
|
0,18 |
|
|
|
Deferred Tax Assets |
1.367.459 |
|
0,01 |
|
3.705.285 |
|
0,02 |
|
546.233 |
|
0,00 |
|
|
|
Other
Current Assets |
581.436 |
|
0,00 |
|
400.694 |
|
0,00 |
|
624.291 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
69.908.563 |
|
0,45 |
|
162.161.179 |
|
0,68 |
|
154.524.998 |
|
0,73 |
|
|
|
Long-term Receivable |
12.848 |
|
0,00 |
|
6.798 |
|
0,00 |
|
6.798 |
|
0,00 |
|
|
|
Financial Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Tangible Fixed Assets (net) |
62.435.703 |
|
0,40 |
|
157.585.008 |
|
0,66 |
|
149.991.878 |
|
0,71 |
|
|
|
Intangible
Assets |
4.844.038 |
|
0,03 |
|
4.248.158 |
|
0,02 |
|
4.264.716 |
|
0,02 |
|
|
|
Deferred Tax Assets |
2.615.491 |
|
0,02 |
|
320.732 |
|
0,00 |
|
261.606 |
|
0,00 |
|
|
|
Other
Non-Current Assets |
483 |
|
0,00 |
|
483 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
156.347.641 |
|
1,00 |
|
239.626.014 |
|
1,00 |
|
210.467.514 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
87.197.779 |
|
0,56 |
|
76.607.022 |
|
0,32 |
|
52.580.667 |
|
0,25 |
|
|
|
Financial Loans |
20.507.260 |
|
0,13 |
|
4.735.346 |
|
0,02 |
|
7.534.486 |
|
0,04 |
|
|
|
Accounts Payable (net) |
31.992.279 |
|
0,20 |
|
49.159.793 |
|
0,21 |
|
17.754.123 |
|
0,08 |
|
|
|
Due to
Related Parties |
8.878.261 |
|
0,06 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Advances from Customers |
13.657.023 |
|
0,09 |
|
2.758.301 |
|
0,01 |
|
3.240.852 |
|
0,02 |
|
|
|
Provisions |
1.567.455 |
|
0,01 |
|
6.869.683 |
|
0,03 |
|
8.290.632 |
|
0,04 |
|
|
|
Deferred Tax Liability |
2.997.675 |
|
0,02 |
|
1.451.861 |
|
0,01 |
|
956.336 |
|
0,00 |
|
|
|
Other
Current Liabilities |
7.597.826 |
|
0,05 |
|
11.632.038 |
|
0,05 |
|
14.804.238 |
|
0,07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
54.144.482 |
|
0,35 |
|
75.417.738 |
|
0,31 |
|
84.570.943 |
|
0,40 |
|
|
|
Financial Loans |
52.404.389 |
|
0,34 |
|
73.814.074 |
|
0,31 |
|
83.262.911 |
|
0,40 |
|
|
|
Long-term Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Provisions |
1.740.093 |
|
0,01 |
|
1.603.664 |
|
0,01 |
|
1.308.032 |
|
0,01 |
|
|
|
Deferred Tax Liability |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Long-term Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
15.005.380 |
|
0,10 |
|
87.601.254 |
|
0,37 |
|
73.315.904 |
|
0,35 |
|
|
|
Paid-in
Capital |
46.750.000 |
|
0,30 |
|
46.750.000 |
|
0,20 |
|
63.000.000 |
|
0,30 |
|
|
|
Revaluation Fund |
24.445.250 |
|
0,16 |
|
143.827.662 |
|
0,60 |
|
126.374.939 |
|
0,60 |
|
|
|
Reserves |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accumulated Losses(-) |
-31.027.872 |
|
-0,20 |
|
-56.189.870 |
|
-0,23 |
|
-102.976.408 |
|
-0,49 |
|
|
|
Net
Profit (loss) |
-25.161.998 |
|
-0,16 |
|
-46.786.538 |
|
-0,20 |
|
-13.082.627 |
|
-0,06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQ. |
156.347.641 |
|
1,00 |
|
239.626.014 |
|
1,00 |
|
210.467.514 |
|
1,00 |
|
|
|
INCOME STATEMENTS |
||||||||||||
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
1.1.-30.06.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
96.579.864 |
|
1,00 |
|
73.262.739 |
|
1,00 |
|
9.219.277 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
94.306.318 |
|
0,98 |
|
77.123.376 |
|
1,05 |
|
11.383.743 |
|
1,23 |
|
|
|
Gross Profit |
2.273.546 |
|
0,02 |
|
-3.860.637 |
|
-0,05 |
|
-2.164.466 |
|
-0,23 |
|
|
|
Operating
Expenses |
11.827.083 |
|
0,12 |
|
21.608.582 |
|
0,29 |
|
2.872.639 |
|
0,31 |
|
|
|
Operating Profit |
-9.553.537 |
|
-0,10 |
|
-25.469.219 |
|
-0,35 |
|
-5.037.105 |
|
-0,55 |
|
|
|
Other
Income |
13.701.855 |
|
0,14 |
|
13.555.561 |
|
0,19 |
|
9.010.461 |
|
0,98 |
|
|
|
Other
Expenses |
17.472.280 |
|
0,18 |
|
14.496.709 |
|
0,20 |
|
9.815.547 |
|
1,06 |
|
|
|
Financial Expenses |
9.525.728 |
|
0,10 |
|
21.965.052 |
|
0,30 |
|
4.517.783 |
|
0,49 |
|
|
|
Profit (loss) Before Tax |
-22.849.690 |
|
-0,24 |
|
-48.375.419 |
|
-0,66 |
|
-10.359.974 |
|
-1,12 |
|
|
|
Tax |
2.312.308 |
|
0,02 |
|
-1.588.881 |
|
-0,02 |
|
2.722.653 |
|
0,30 |
|
|
|
Net Profit (loss) |
-25.161.998 |
|
-0,26 |
|
-46.786.538 |
|
-0,64 |
|
-13.082.627 |
|
-1,42 |
|
|
|
FINANCIAL RATIOS |
||||||||||||
|
|
|||||||||||||
|
|
|
2005 |
|
|
|
2006 |
|
|
|
1.1.-30.06.07 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Ratio |
0,99 |
|
|
|
1,01 |
|
|
|
1,06 |
|
|
|
|
|
Acid-Test Ratio |
0,32 |
|
|
|
0,34 |
|
|
|
0,33 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,36 |
|
|
|
0,20 |
|
|
|
0,18 |
|
|
|
|
|
Short-term Receiv./Total Assets |
0,18 |
|
|
|
0,11 |
|
|
|
0,08 |
|
|
|
|
|
Tangible Assets/Total Assets |
0,40 |
|
|
|
0,66 |
|
|
|
0,71 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
1,68 |
|
|
|
1,62 |
|
|
|
0,30 |
|
|
|
|
|
Stockholders' Equity Turnover |
6,44 |
|
|
|
0,84 |
|
|
|
0,13 |
|
|
|
|
|
Asset Turnover |
0,62 |
|
|
|
0,31 |
|
|
|
0,04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity / Total Assets |
0,10 |
|
|
|
0,37 |
|
|
|
0,35 |
|
|
|
|
|
Current Liabilities/Total Assets |
0,56 |
|
|
|
0,32 |
|
|
|
0,25 |
|
|
|
|
|
Financial Leverage |
0,90 |
|
|
|
0,63 |
|
|
|
0,65 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
-1,68 |
|
|
|
-0,53 |
|
|
|
-0,18 |
|
|
|
|
|
Operating Profit Margin |
-0,10 |
|
|
|
-0,35 |
|
|
|
-0,55 |
|
|
|
|
|
Net Profit Margin |
-0,26 |
|
|
|
-0,64 |
|
|
|
-1,42 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
100,36 |
|
|
|
79,40 |
|
|
|
548,37 |
|
|
|
|
|
Average Payable Period (days) |
122,13 |
|
|
|
229,47 |
|
|
|
561,46 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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%)