MIRA
INFORM REPORT
|
Report Date : |
18.09.2007 |
IDENTIFICATION DETAILS
|
Name : |
YAKAR TEKSTIL SANAYI VE TICARET LTD.STI. |
|
|
|
|
Registered Office : |
Gurpinar Istanbul Cad. Erdem Sok.No:4 Buyukcekmece |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
30.06.2007 |
|
|
|
|
Date of Incorporation : |
21.05.1998 |
|
|
|
|
Com. Reg. No.: |
395743 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Manufacture and trade of velvet fabric for upholstery |
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 |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
COMPANY
IDENTIFICATION
|
NAME |
: |
YAKAR TEKSTIL SANAYI VE TICARET LTD.STI. |
|
ADDRESS |
: |
Head Office /
Factory: Gurpinar Istanbul Cad. Erdem Sok.No:4 Buyukcekmece |
|
PHONE NUMBER |
: |
90-212-880 65 81 (8 lines) |
|
FAX NUMBER |
: |
90-212-880 65 90 |
LEGAL STATUS AND
HISTORY
|
TAX OFFICE / NO |
: |
Marmara Kurumlar / 9280070203 |
|
|
|
REGISTRATION NUMBER |
: |
395743 |
|
|
|
REGISTERED OFFICE |
: |
|
|
|
|
DATE ESTABLISHED |
: |
21.05.1998 (Commercial Registry Gazette
Date/No: 26.05.1998 / 4547) |
|
|
|
LEGAL FORM |
: |
Limited Company |
|
|
|
TYPE OF COMPANY |
: |
Private |
|
|
|
REGISTERED CAPITAL |
: |
YTL 5,000,000 |
|
|
|
PAID-IN CAPITAL |
: |
YTL 5,000,000 |
|
|
|
HISTORY |
: |
|
||
|
|
|
Previous
Registered Capital |
:YTL 150,000 |
|
|
|
|
Regist.Capital
Changed On |
:03.10.2002 (Commercial Registry Gazette
Date/No:08.10.2002 / 5611) |
|
|
|
|
Previous
Registered Capital |
:YTL 1,000,000 |
|
|
|
|
Regist.Capital
Changed On |
:08.09.2003 (Commercial Registry Gazette
Date/No:11.09.2003 / 5883) |
|
|
|
|
Previous Address |
:Karadeniz Mah.Cebeci Cad. 173/2 Kucukkoy
Istanbul |
|
|
|
|
Address Changed On |
:21.03.2002 (Commercial Registry Gazette
Date/No:26.03.2002 / 5513) |
|
|
|
|
Previous Shareholders |
:Yahya Yakar 58 % Islim Gulten Yakar 20 % Vedat Cakar 13,5 % Mesut Turan 8,5 % |
|
|
|
|
Shareholders Changed On |
:04.05.2006 (Commercial Registry Gazette
Date/No:09.05.2006 / 6552) |
|
OWNERSHIP /
MANAGEMENT
|
SHAREHOLDERS |
: |
Yahya Yakar Islim Gulten Yakar |
80 % 20 % |
|
SISTER COMPANIES |
: |
-Kerem Tekstil
Dis Ticaret Ltd. Sti. |
|
|
GROUP PARENT COMPANY |
: |
None |
|
|
GENERAL MANAGER |
: |
Yahya Yakar |
|
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Manufacture and trade of velvet fabric for
upholstery |
||
|
SECTOR |
: |
Textile |
||
|
TRADEMARK(S) |
: |
“Yakar” |
||
|
NUMBER OF
EMPLOYEES |
: |
302 |
||
|
NET SALES |
: |
(YTL) 24,273,125 29,202,259 12,568,152 |
(2005) (2006) (01.01.-30.06.2007) |
|
|
CAPACITY |
: |
(Sqm/Yr.) 2,652,877 2,652,877 2,652,877 2,652,877 |
(2004) (2005) (2006) (2007) |
|
|
IMPORT VALUE |
: |
USD 4,290,000 USD 3,214,060 |
(2006) (01.01.-31.07.2007) |
|
|
IMPORT COUNTRIES |
: |
|
||
|
MERCHANDISE
IMPORTED |
: |
Yarn, raw materials |
||
|
EXPORT VALUE |
: |
(YTL) 21,790,651 24,528,171 10,910,193 |
(2005) (2006) (01.01.-30.06.2007) |
|
|
EXPORT COUNTRIES |
: |
Ukraine, Russia, Belgium, Moldavia,
Hungary, USA, Bosnia-Herzegovina, Germany, Saudi Arabia, Iran, China, Spain,
Jordan, Libya, Morocco, Algeria, Bulgaria, Romania, Slovakia, Poland, Greece,
Italy, South Korea, Malaysia, Indonesia, Bangladesh, Canada, South Africa |
||
|
MERCHANDISE
EXPORTED |
: |
Fabric, yarn |
||
|
PREMISES |
: |
Head Office/Factory:Gurpinar Istanbul Cad.
Erdem Sok.No:4 Buyukcekmece Store:IMC Bloklari
1.Blok 1453 Unkapani Istanbul (120 sqm) (rented) Warehouse: Istanbul
Cad. No:72 Buyukcekmece – Istanbul (rented) |
||
|
FIXED CAPITAL
INVESTMENTS |
: |
None |
||
TREND OF BUSINESS : There was an upwards trend at sales volume in 2006 but there appears
a slowdown at sales volume in the first 6 months of 2007.
COMMERCIAL MORALITY : Good
SIZE OF BUSINESS : Large
FINANCE
|
MAIN DEALING BANKERS |
: |
Yapi ve Kredi Bankasi
Hadimkoy and Beylikduzu branches in Istanbul Asya Katilim Bankasi
Gaziosmanpasa branch in Istanbul Denizbank Sefakoy
branch in Istanbul Garanti Bankasi
Beylikduzu branch in Istanbul Oyakbank Hadimkoy
branch in Istanbul Tekstilbank Avcilar branch
in Istanbul |
|
CREDIT FACILITIES |
: |
The subject company is making active use
of credit facilities. |
|
PAYMENT BEHAVIOUR |
: |
No complaints have been heard regarding
payments from banks. According to the official registries
between 01.01.2000-15.08.2007, there are no protested bills and non-paid
cheques registered in the name of “Yakar Tekstil” |
COMMENT ON FINANCIAL
POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
||
|
Fair |
As of 30.06.2007 |
|
|
LIQUIDITY |
||
|
Low |
As of 30.06.2007 |
|
|
PROFITABILITY |
||
|
Good |
Between 01.01.-30.06.2007 |
|
|
GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
||
|
Unfavorable |
Between 01.01.-30.06.2007 |
|
|
GENERAL
FINANCIAL POSITION |
||
|
Fair |
||
|
|
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.-31.08.2007) |
3.93 % |
1.3597 |
1.8186 |
2.6959 |
|
BALANCE SHEETS |
|||||||||||||
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
31.12.05 |
|
|
|
31.12.06 |
|
|
|
30.6.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
14.199.419 |
|
0,67 |
|
17.263.952 |
|
0,77 |
|
17.296.434 |
|
0,77 |
|
|
|
Cash and
Banks |
807.736 |
|
0,04 |
|
4.608.409 |
|
0,21 |
|
1.967.721 |
|
0,09 |
|
|
|
Marketable
Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account
Receivable |
803.178 |
|
0,04 |
|
1.574.054 |
|
0,07 |
|
2.148.021 |
|
0,10 |
|
|
|
Other
Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Inventories |
11.089.920 |
|
0,52 |
|
10.290.386 |
|
0,46 |
|
12.825.989 |
|
0,57 |
|
|
|
Advances
Given |
1.020.384 |
|
0,05 |
|
569.563 |
|
0,03 |
|
16.529 |
|
0,00 |
|
|
|
Other
Current Assets |
478.201 |
|
0,02 |
|
221.540 |
|
0,01 |
|
338.174 |
|
0,02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
6.961.315 |
|
0,33 |
|
5.166.466 |
|
0,23 |
|
5.105.215 |
|
0,23 |
|
|
|
Long-term
Receivable |
3.490 |
|
0,00 |
|
3.490 |
|
0,00 |
|
3.490 |
|
0,00 |
|
|
|
Financial
Assets |
21.168 |
|
0,00 |
|
21.168 |
|
0,00 |
|
21.168 |
|
0,00 |
|
|
|
Tangible
Fixed Assets (net) |
5.808.296 |
|
0,27 |
|
4.497.563 |
|
0,20 |
|
4.534.890 |
|
0,20 |
|
|
|
Intangible
Assets |
724.599 |
|
0,03 |
|
299.251 |
|
0,01 |
|
306.806 |
|
0,01 |
|
|
|
Other Non-Current
Assets |
403.762 |
|
0,02 |
|
344.994 |
|
0,02 |
|
238.861 |
|
0,01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
21.160.734 |
|
1,00 |
|
22.430.418 |
|
1,00 |
|
22.401.649 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
6.548.438 |
|
0,31 |
|
8.035.696 |
|
0,36 |
|
9.641.169 |
|
0,43 |
|
|
|
Financial
Loans |
3.898.142 |
|
0,18 |
|
5.554.448 |
|
0,25 |
|
7.423.438 |
|
0,33 |
|
|
|
Accounts
Payable |
2.237.279 |
|
0,11 |
|
2.079.673 |
|
0,09 |
|
1.013.728 |
|
0,05 |
|
|
|
Loans from
Shareholders |
34.716 |
|
0,00 |
|
11.246 |
|
0,00 |
|
35.701 |
|
0,00 |
|
|
|
Other
Short-term Payable |
100.193 |
|
0,00 |
|
117.057 |
|
0,01 |
|
237.861 |
|
0,01 |
|
|
|
Advances
from Customers |
198.172 |
|
0,01 |
|
176.356 |
|
0,01 |
|
-1.180 |
|
0,00 |
|
|
|
Taxes
Payable |
79.936 |
|
0,00 |
|
96.916 |
|
0,00 |
|
71.896 |
|
0,00 |
|
|
|
Provisions |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
859.725 |
|
0,04 |
|
|
|
Other
Current Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
7.549.982 |
|
0,36 |
|
6.692.472 |
|
0,30 |
|
4.289.549 |
|
0,19 |
|
|
|
Financial
Loans |
3.925.137 |
|
0,19 |
|
3.393.830 |
|
0,15 |
|
2.620.861 |
|
0,12 |
|
|
|
Securities
Issued |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Long-term
Payable |
617.296 |
|
0,03 |
|
466.937 |
|
0,02 |
|
327.971 |
|
0,01 |
|
|
|
Loans from
Shareholders |
3.007.549 |
|
0,14 |
|
2.831.705 |
|
0,13 |
|
1.340.717 |
|
0,06 |
|
|
|
Other
Long-term Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Provisions |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
7.062.314 |
|
0,33 |
|
7.702.250 |
|
0,34 |
|
8.470.931 |
|
0,38 |
|
|
|
Paid-in
Capital |
5.000.000 |
|
0,24 |
|
5.000.000 |
|
0,22 |
|
5.000.000 |
|
0,22 |
|
|
|
Inflation
Adjustment of Capital |
1.670.213 |
|
0,08 |
|
1.670.213 |
|
0,07 |
|
1.670.213 |
|
0,07 |
|
|
|
Reserves |
22.449 |
|
0,00 |
|
441.235 |
|
0,02 |
|
1.081.171 |
|
0,05 |
|
|
|
Revaluation
Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accumulated Losses(-) |
-49.134 |
|
0,00 |
|
-49.134 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net Profit
(loss) |
418.786 |
|
0,02 |
|
639.936 |
|
0,03 |
|
719.547 |
|
0,03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQ. |
21.160.734 |
|
1,00 |
|
22.430.418 |
|
1,00 |
|
22.401.649 |
|
1,00 |
|
|
|
INCOME STATEMENTS |
||||||||||||
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
1.1.-30.06.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
24.273.125 |
|
1,00 |
|
29.202.259 |
|
1,00 |
|
12.568.152 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
21.549.915 |
|
0,89 |
|
24.606.828 |
|
0,84 |
|
11.176.776 |
|
0,89 |
|
|
|
Gross Profit |
2.723.210 |
|
0,11 |
|
4.595.431 |
|
0,16 |
|
1.391.376 |
|
0,11 |
|
|
|
Operating
Expenses |
2.270.929 |
|
0,09 |
|
2.247.025 |
|
0,08 |
|
975.331 |
|
0,08 |
|
|
|
Operating Profit |
452.281 |
|
0,02 |
|
2.348.406 |
|
0,08 |
|
416.045 |
|
0,03 |
|
|
|
Other
Income |
1.102.544 |
|
0,05 |
|
1.112.092 |
|
0,04 |
|
904.973 |
|
0,07 |
|
|
|
Other
Expenses |
662.975 |
|
0,03 |
|
2.033.490 |
|
0,07 |
|
200.140 |
|
0,02 |
|
|
|
Financial
Expenses |
473.064 |
|
0,02 |
|
787.072 |
|
0,03 |
|
401.331 |
|
0,03 |
|
|
|
Profit (loss) Before Tax |
418.786 |
|
0,02 |
|
639.936 |
|
0,02 |
|
719.547 |
|
0,06 |
|
|
|
Tax
Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
418.786 |
|
0,02 |
|
639.936 |
|
0,02 |
|
719.547 |
|
0,06 |
|
|
|
FINANCIAL RATIOS |
||||||||||||
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
1.1.-30.06.07 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Ratio |
2,17 |
|
|
|
2,15 |
|
|
|
1,79 |
|
|
|
|
|
Acid-Test Ratio |
0,25 |
|
|
|
0,77 |
|
|
|
0,43 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,52 |
|
|
|
0,46 |
|
|
|
0,57 |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,04 |
|
|
|
0,07 |
|
|
|
0,10 |
|
|
|
|
|
Tangible Assets/Total Assets |
0,27 |
|
|
|
0,20 |
|
|
|
0,20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
1,94 |
|
|
|
2,39 |
|
|
|
0,87 |
|
|
|
|
|
Stockholders' Equity Turnover |
3,44 |
|
|
|
3,79 |
|
|
|
1,48 |
|
|
|
|
|
Asset Turnover |
1,15 |
|
|
|
1,30 |
|
|
|
0,56 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,33 |
|
|
|
0,34 |
|
|
|
0,38 |
|
|
|
|
|
Current Liabilities/Total Assets |
0,31 |
|
|
|
0,36 |
|
|
|
0,43 |
|
|
|
|
|
Financial Leverage |
0,67 |
|
|
|
0,66 |
|
|
|
0,62 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
0,06 |
|
|
|
0,08 |
|
|
|
0,08 |
|
|
|
|
|
Operating Profit Margin |
0,02 |
|
|
|
0,08 |
|
|
|
0,03 |
|
|
|
|
|
Net Profit Margin |
0,02 |
|
|
|
0,02 |
|
|
|
0,06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
11,96 |
|
|
|
19,45 |
|
|
|
61,63 |
|
|
|
|
|
Average Payable Period (days) |
47,69 |
|
|
|
37,26 |
|
|
|
43,22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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%)