MIRA
INFORM REPORT
|
Report Date : |
17.09.2007 |
IDENTIFICATION DETAILS
|
Name : |
BERSA TEKSTIL VE KIMYA SANAYI LTD STI |
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|
Registered Office : |
407/1 Sok No:1 Pinarbasi-Izmir |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1984 |
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Com. Reg. No.: |
93293 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacture and trade of textile dye |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
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|
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Payment Behaviour : |
Regular |
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|
Litigation : |
Clear |
COMPANY
IDENTIFICATION
|
NAME |
: |
BERSA TEKSTIL VE KIMYA SANAYI LTD STI |
|
ADDRESS |
: |
Head Office: 407/1 Sok No:1
Pinarbasi-Izmir / Production Plant: 407/4 Sok No:5
Pinarbasi- |
|
PHONE NUMBER |
: |
90-232-479 34 80 |
|
FAX NUMBER |
: |
90-232-479 34 84 |
LEGAL STATUS AND
HISTORY
|
TAX OFFICE / NO |
: |
Bornova / 1660011429 |
|
REGISTRATION NUMBER |
: |
93293 |
|
REGISTERED OFFICE |
: |
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|
DATE ESTABLISHED |
: |
1984 |
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LEGAL FORM |
: |
Limited Company |
|
TYPE OF COMPANY |
: |
Private |
|
REGISTERED CAPITAL |
: |
YTL 800,000 |
|
|
|
As the financial statements of 2004 are subjected to inflation adjustment,
capital figure at the balance sheets is shown with the adjusted value.
Although inflation adjustment has not been applied to the financial
statements of 31.12.2005 and 31.12.2006, the capital is still shown with the
adjusted value at the balance sheet of 31.12.2005 and 31.12.2006 (as it was
once positioned at the balance sheet when the statements were reflected in
real terms due to inflation adjustment in 2004) |
|
HISTORY |
: |
The shareholder Abdullah Hasan Sarioglu
sold 5 % shares to Irfan Guray on 05.10.2005 (Commercial Registry Gazette
Date/No: 13.10.2005/6410) |
OWNERSHIP /
MANAGEMENT
|
SHAREHOLDERS |
: |
Abdullah Hasan Sarioglu Irfan Guray Er-sa Kimyevi Maddeler Sanayi ve Ticaret
Ltd Sti Adil Sarioglu |
66,303125 % 25 % 8,69375 % 0,003125 % |
|
SISTER COMPANIES |
: |
Er-sa Kimyevi Maddeler Sanayi ve Ticaret
Ltd Sti |
|
|
GROUP PARENT COMPANY |
: |
None |
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SUBSIDIARIES |
: |
None |
|
|
DIRECTORS |
: |
Irfan Guray |
|
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Manufacture and trade of textile dye |
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|
SECTOR |
: |
Chemicals |
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|
TRADEMARK(S) |
: |
“Bercolin” |
|
|
NUMBER OF
EMPLOYEES |
: |
28 |
|
|
NET SALES |
: |
(YTL) 3,176,492 3,994,059 2,676,778 |
(2005) (2006) (01.01-30.06.2007) |
|
CAPACITY |
: |
(Tons/Yr) 845 1,127 1,127 |
(2005) (2006) (2007) |
|
PRODUCTION |
: |
(Tons) 765 810 550 |
(2005) (2006) (01.01.-30.06.2007) |
|
IMPORT VALUE |
: |
(YTL) 1,671,719 1,860,422 1,527,539 |
(2005) (2006) (01.01.-30.06.2007) |
|
IMPORT COUNTRIES |
: |
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|
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MERCHANDISE
IMPORTED |
: |
Chemicals |
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EXPORT VALUE |
: |
(YTL) 746,279 1,058,775 474,845 |
(2005) (2006) (01.01-30.06.2007) |
|
EXPORT COUNTRIES |
: |
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MERCHANDISE
EXPORTED |
: |
Pigments |
|
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PREMISES |
: |
Head Office: 407/1 Sok No:1
Pinarbasi-Izmir (rented) Production Plant: 407/4 Sok No:5
Pinarbasi- |
|
|
FIXED CAPITAL
INVESTMENTS |
: |
None |
|
TREND OF BUSINESS : Upwards in 2006
COMMERCIAL MORALITY : Good
SIZE OF BUSINESS : Upper-moderate
FINANCE
|
MAIN DEALING BANKERS |
: |
T.Is Bankasi Kordon branch in Yapi ve Kredi Bankasi 9 Eylul branch in |
|
CREDIT FACILITIES |
: |
The subject company rarely makes use of credit facilities. |
|
PAYMENT BEHAVIOUR |
: |
No complaints have been heard regarding
payments from banks. According to the official registries between 01.01.2000-15.07.2007, there are no protested bills and non-paid cheques registered in the name of “Bersa Tekstil” |
COMMENT ON FINANCIAL
POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
||||
|
High |
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 |
||||
|
High |
In 2006 |
Good |
Between 01.01.-30.06.2007 |
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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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Good |
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CREDIT OPINION
CREDIT OPINION WITHOUT OBLIGATION : We are of the opinion that, a max. credit of USD 650,000 may be
granted to the subject company.
|
|
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.-31.08.2007) |
3.93 % |
1.3597 |
1.8186 |
2.6959 |
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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 |
1.618.623 |
|
0,94 |
|
2.480.321 |
|
0,96 |
|
|
|
Cash and Banks |
5.055 |
|
0,00 |
|
41.040 |
|
0,02 |
|
|
|
Marketable Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account Receivable |
538.525 |
|
0,31 |
|
965.507 |
|
0,37 |
|
|
|
Other Receivable |
0 |
|
0,00 |
|
6.021 |
|
0,00 |
|
|
|
Inventories |
1.003.953 |
|
0,58 |
|
1.267.075 |
|
0,49 |
|
|
|
Advances Given |
1.966 |
|
0,00 |
|
191.988 |
|
0,07 |
|
|
|
Other Current Assets |
69.124 |
|
0,04 |
|
8.690 |
|
0,00 |
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|
|
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|
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|
NON-CURRENT ASSETS |
104.291 |
|
0,06 |
|
113.185 |
|
0,04 |
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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) |
103.702 |
|
0,06 |
|
111.006 |
|
0,04 |
|
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Intangible Assets |
589 |
|
0,00 |
|
0 |
|
0,00 |
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Other Non-Current Assets |
0 |
|
0,00 |
|
2.179 |
|
0,00 |
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TOTAL ASSETS |
1.722.914 |
|
1,00 |
|
2.593.506 |
|
1,00 |
|
|
|
|
|
|
|
|
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|
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|
CURRENT LIABILITIES |
69.258 |
|
0,04 |
|
703.477 |
|
0,27 |
|
|
|
Financial Loans |
8.414 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accounts Payable |
14.357 |
|
0,01 |
|
231.875 |
|
0,09 |
|
|
|
Loans from Shareholders |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other Short-term Payable |
912 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Advances from Customers |
29.168 |
|
0,02 |
|
427.773 |
|
0,16 |
|
|
|
Taxes Payable |
16.407 |
|
0,01 |
|
30.283 |
|
0,01 |
|
|
|
Provisions |
0 |
|
0,00 |
|
13.546 |
|
0,01 |
|
|
|
Other Current Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
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LONG-TERM LIABILITIES |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
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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 |
|
|
|
|
|
|
|
|
|
|
|
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|
STOCKHOLDERS' EQUITY |
1.653.656 |
|
0,96 |
|
1.890.029 |
|
0,73 |
|
|
|
Paid-in Capital |
1.112.169 |
|
0,65 |
|
1.112.169 |
|
0,43 |
|
|
|
Reserves |
525.856 |
|
0,31 |
|
541.486 |
|
0,21 |
|
|
|
Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accumulated Losses(-) |
-82.933 |
|
-0,05 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
98.564 |
|
0,06 |
|
236.374 |
|
0,09 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
1.722.914 |
|
1,00 |
|
2.593.506 |
|
1,00 |
|
|
|
INCOME STATEMENTS |
||||||||||||
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
1.1.-30.06.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Sales |
3.176.492 |
|
1,00 |
|
3.994.059 |
|
1,00 |
|
2.676.778 |
|
1,00 |
|
|
|
Cost of Goods Sold |
2.456.530 |
|
0,77 |
|
3.022.998 |
|
0,76 |
|
2.065.027 |
|
0,77 |
|
|
|
Gross
Profit |
719.962 |
|
0,23 |
|
971.061 |
|
0,24 |
|
611.751 |
|
0,23 |
|
|
|
Operating Expenses |
604.932 |
|
0,19 |
|
579.224 |
|
0,15 |
|
389.864 |
|
0,15 |
|
|
|
Operating
Profit |
115.030 |
|
0,04 |
|
391.837 |
|
0,10 |
|
221.887 |
|
0,08 |
|
|
|
Other Income |
12.933 |
|
0,00 |
|
6.052 |
|
0,00 |
|
12.764 |
|
0,00 |
|
|
|
Other Expenses |
15.397 |
|
0,00 |
|
91.715 |
|
0,02 |
|
16.672 |
|
0,01 |
|
|
|
Financial Expenses |
5.280 |
|
0,00 |
|
10.592 |
|
0,00 |
|
19.896 |
|
0,01 |
|
|
|
Profit
(loss) Before Tax |
107.286 |
|
0,03 |
|
295.582 |
|
0,07 |
|
198.083 |
|
0,07 |
|
|
|
Tax Payable |
8.722 |
|
0,00 |
|
59.208 |
|
0,01 |
|
0 |
|
0,00 |
|
|
|
Net
Profit (loss) |
98.564 |
|
0,03 |
|
236.374 |
|
0,06 |
|
198.083 |
|
0,07 |
|
|
|
FINANCIAL RATIOS |
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|
2005 |
|
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|
2006 |
|
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|
1.1.-30.06.07 |
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LIQUIDITY
RATIOS |
|
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Current
Ratio |
23,37 |
|
|
|
3,53 |
|
|
|
-- |
|
|
|
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Acid-Test
Ratio |
7,85 |
|
|
|
1,44 |
|
|
|
-- |
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ASSET
STRUCTURE RATIOS |
|
|
|
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|
|
|
|
|
|
|
|
|
|
Inventory/Total
Assets |
0,58 |
|
|
|
0,49 |
|
|
|
-- |
|
|
|
|
|
Short-term
Receivable/Total Assets |
0,31 |
|
|
|
0,37 |
|
|
|
-- |
|
|
|
|
|
Tangible
Assets/Total Assets |
0,06 |
|
|
|
0,04 |
|
|
|
-- |
|
|
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TURNOVER
RATIOS |
|
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|
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|
|
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|
|
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|
|
|
Inventory
Turnover |
2,45 |
|
|
|
2,39 |
|
|
|
-- |
|
|
|
|
|
Stockholders'
Equity Turnover |
1,92 |
|
|
|
2,11 |
|
|
|
-- |
|
|
|
|
|
Asset
Turnover |
1,84 |
|
|
|
1,54 |
|
|
|
-- |
|
|
|
|
|
|
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FINANCIAL
STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
Equity/Total Assets |
0,96 |
|
|
|
0,73 |
|
|
|
-- |
|
|
|
|
|
Current
Liabilities/Total Assets |
0,04 |
|
|
|
0,27 |
|
|
|
-- |
|
|
|
|
|
Financial
Leverage |
0,04 |
|
|
|
0,27 |
|
|
|
-- |
|
|
|
|
|
|
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PROFITABILITY
RATIOS |
|
|
|
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|
|
|
|
|
|
|
|
Net
Profit/Stockholders' Eq. |
0,06 |
|
|
|
0,13 |
|
|
|
-- |
|
|
|
|
|
Operating
Profit Margin |
0,04 |
|
|
|
0,10 |
|
|
|
0,08 |
|
|
|
|
|
Net
Profit Margin |
0,03 |
|
|
|
0,06 |
|
|
|
0,07 |
|
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|
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COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
Collection Period (days) |
61,03 |
|
|
|
87,02 |
|
|
|
-- |
|
|
|
|
|
Average
Payable Period (days) |
2,10 |
|
|
|
27,61 |
|
|
|
-- |
|
|
|
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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%)