MIRA
INFORM REPORT
|
Report Date : |
24.09.2007 |
IDENTIFICATION DETAILS
|
Name : |
AKAYTEKS DOKUMACILIK VE
EMPRIMECILIK A.S. |
|
|
|
|
Registered Office : |
Yeni Yalova Yolu 9.Km |
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|
Country : |
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|
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|
Financials (as on) : |
30.06.2007 |
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|
Date of Incorporation : |
21.08.1974 |
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Com. Reg. No.: |
16885 |
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|
Legal Form : |
Joint Stock Company |
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|
Line of Business : |
Weaving, dying, finishing, color printing, manufacture and trade of
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 : |
No Complaints |
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|
|
|
Litigation : |
Clear |
COMPANY
IDENTIFICATION
|
NAME |
: |
AKAYTEKS DOKUMACILIK VE
EMPRIMECILIK A.S. |
|
ADDRESS |
: |
Head office / Factory: Yeni Yalova Yolu
9.Km |
|
PHONE NUMBER |
: |
90-224-261 07 12 (Pbx) |
|
FAX NUMBER |
: |
90-224-261 07 17 |
LEGAL STATUS AND
HISTORY
|
TAX OFFICE / NO |
: |
Ertugrulgazi / 0140028663 |
|
REGISTRATION NUMBER |
: |
16885 |
|
REGISTERED OFFICE |
: |
|
|
DATE ESTABLISHED |
: |
21.08.1974 |
|
LEGAL FORM |
: |
Joint Stock Company |
|
TYPE OF COMPANY |
: |
Private |
|
REGISTERED CAPITAL |
: |
YTL 11,000,000 |
|
PAID-IN CAPITAL |
: |
YTL 11,000,000 |
|
HISTORY |
: |
The company which was operating as a
limited company under the title of “Akay Teks Emprimecilik Ltd. Sti.” changed
into a joint stock company in 1976 and it was retitled as “Akayteks
Dokumacilik Ve Emprimecilik A.S.”. (Commercial Registry Gazette Date/No: 09.08.1976
/ 28) The registered capital was increased from
YTL 8,000,000 to YTL 11,000,000 on 27.12.2004 (Commercial Registry Gazette
Date / No: 06.01.2005 / 6214) |
OWNERSHIP /
MANAGEMENT
|
SHAREHOLDERS |
: |
S.I.S. Sayilgan Iplik, Tekstil, Turizm,
Insaat San. Ve Tic. A.S. Ertan Sayilgan Selim Sayilgan Zeynep Tunay Sayilgan Holding A.S. |
91 % 5 % 2 % 1 % 1 % |
|
|
GROUP PARENT COMPANY |
: |
Sayilgan Holding A.S. Some of the main companies operating at Sayilgan
Group are declared to be as follows: -Sayilgan Holding A.S. -Akayteks Dokumacilik Ve Emprimecilik A.S. -S.I.S. Sayilgan Iplik, Tekstil, Turizm,
Insaat Sanayi Ve Ticaret A.S. -Bahar Dosem Tekstil Sanayi Ve Ticaret
A.S. -Sayilgan Enerji Uretimi Otoproduktor
Grubu A.S -Bursa Otelcilik Turizm ve Tekstil Sanayi
ve Ticaret A.S. -Mintay Tekstil Konfeksiyon Sanayi Ve
Ticaret A.S. -Mintay Dis Ticaret A.S. -Alan Tekstil Konfeksiyon Ithalat Ihracat
Sanayi ve Ticaret A.S. |
||
|
BOARD OF DIRECTORS |
: |
Ertan Sayilgan Selim Sayilgan Cetin Tumer Ahmet Riza Yurdanur |
Chairman Vice-Chairman Member Member |
|
|
DIRECTORS |
: |
Ertan Sayilgan Selim Sayilgan |
||
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Weaving, dying, finishing, color printing,
manufacture and trade of fabric |
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SECTOR |
: |
Textile |
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NUMBER OF
EMPLOYEES |
: |
340 |
||||||||
|
NET SALES |
: |
(YTL Thousand) 13,207 10,454 11,963 13,009 17,068 31,831 55,072 23,818 |
(2000) (2001) (2002) (2003) (2004) (2005) (2006) (01.01.-30.06.2007) |
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CAPACITY |
: |
Dying (Kg/Yr) 2,628,000 2,628,000 2,628,000 |
Color Printing (Mt/Yr) 16,128,000 16,128,000 16,128,000 |
Weaving (Mt/Yr) 2,997,702 2,997,702 2,997,702 |
(2003) (2004) (2005) |
|
||||
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PRODUCTION |
: |
Raw Cloth (Mt) 4,282,138 |
Coloured
Fabric(Mt) 5,140,500 |
(2005) |
|
|||||
|
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|
Dying (Mt) 1,809,451 |
Weaving (Mt) 35,022 |
(2005) |
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|||||
|
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Sizing (Kg) 462,778 |
(2005) |
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||||||
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IMPORT VALUE |
: |
USD 3,670,000 USD 2,906,776 USD 4,745,108 USD 16,114,214 USD 3,193,618 |
(2003) (2004) (2005) (2006) (01.01.-30.06.2007) |
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IMPORT COUNTRIES |
: |
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MERCHANDISE
IMPORTED |
: |
Raw fabric, dye, chemicals |
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EXPORT VALUE |
: |
(YTL Thousand) 4,917 4,439 5,183 1,530 2,737 8,526 5,271 1,006 |
(2000) (2001) (2002) (2003) (2004) (2005) (2006) (01.01.-30.06.2007) |
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EXPORT COUNTRIES |
: |
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MERCHANDISE
EXPORTED |
: |
Fabric |
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PREMISES |
: |
Head office / Factory: Yeni Yalova Yolu
9.Km Weaving Factory: Dosab 3. Sanayi Bolgesi
Ali Osman Sonmez Cad. Feslegen Sok. Bila No Branch: M. Akif Cad. Simsir Sok. No: 11
Masalaci Han Merter Branch: Yildiz Mah. Sair Nafi Sok. No: 10
Besiktas |
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|||||||
TREND OF BUSINESS : Upwards
COMMERCIAL MORALITY : Fair
SIZE OF BUSINESS : Giant
FINANCE
|
MAIN DEALING BANKERS |
: |
Yapi ve Kredi Bankasi Heykel branch in Halk Bankasi Bursa branch in Turk Ekonomi Bankasi Marmara Kurumsal
branch in Asya Katilim Bankasi Bursa branch in |
|
CREDIT FACILITIES |
: |
The subject company is making active use
of credit facilities. |
|
PAYMENT BEHAVIOR |
: |
According to the official registries between
01.01.2000-15.08.2007, there are 11 non-paid cheques in 2006 registered in
the name of “Akayteks
Dokumacilik”.They were paid later on. |
COMMENT ON
FINANCIAL POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
||
|
Capitalization was insufficient as of 30.06.2007. 11 % of total
liabilities and equity was due to loans from shareholders but major part was
due to liabilities to third parties as of 30.06.2007. |
||
|
LIQUIDITY |
||
|
Good |
As of 30.06.2007 |
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PROFITABILITY |
||
|
High |
Between 01.01.-30.06.2007 |
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GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
||
|
Unfavorable |
Between 01.01.-30.06.2007 |
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GENERAL
FINANCIAL POSITION |
||
|
Capitalization was insufficient but 11 % of total liabilities and equity
was due to loans from shareholders as of 30.06.2007. Liquidity was good and
profitability was high in the first half of 2007. |
||
CREDIT OPINION
CREDIT OPINION WITHOUT OBLIGATION : We are of the opinion that, a max. credit of USD 4.5 million may be
granted to the subject company.
|
(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.-31.08.2007) |
3.93 % |
1.3597 |
1.8186 |
2.6959 |
|
BALANCE SHEETS |
|||||||||||||
|
|
|
YTL Thousand |
|
|
|
YTL Thousand |
|
|
|
YTL Thousand |
|
|
|
|
|
|
31.12.05 |
|
|
|
31.12.06 |
|
|
|
30.06.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
37.128 |
|
0,60 |
|
62.829 |
|
0,68 |
|
75.715 |
|
0,73 |
|
|
|
Cash and Banks |
51 |
|
0,00 |
|
344 |
|
0,00 |
|
5.123 |
|
0,05 |
|
|
|
Marketable Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account Receivable |
20.015 |
|
0,32 |
|
31.231 |
|
0,34 |
|
32.941 |
|
0,32 |
|
|
|
Other Receivable |
1 |
|
0,00 |
|
0 |
|
0,00 |
|
47 |
|
0,00 |
|
|
|
Inventories |
13.972 |
|
0,23 |
|
28.162 |
|
0,31 |
|
33.134 |
|
0,32 |
|
|
|
Advances Given |
2.510 |
|
0,04 |
|
2.585 |
|
0,03 |
|
3.285 |
|
0,03 |
|
|
|
Other Current Assets |
579 |
|
0,01 |
|
507 |
|
0,01 |
|
1.185 |
|
0,01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
24.503 |
|
0,40 |
|
29.092 |
|
0,32 |
|
28.545 |
|
0,27 |
|
|
|
Long-term Receivable |
183 |
|
0,00 |
|
571 |
|
0,01 |
|
571 |
|
0,01 |
|
|
|
Financial Assets |
1.446 |
|
0,02 |
|
1.446 |
|
0,02 |
|
1.446 |
|
0,01 |
|
|
|
Tangible Fixed Assets (net) |
22.487 |
|
0,36 |
|
26.578 |
|
0,29 |
|
26.168 |
|
0,25 |
|
|
|
Intangible Assets |
357 |
|
0,01 |
|
329 |
|
0,00 |
|
348 |
|
0,00 |
|
|
|
Other Non-Current Assets |
30 |
|
0,00 |
|
168 |
|
0,00 |
|
12 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
61.631 |
|
1,00 |
|
91.921 |
|
1,00 |
|
104.260 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
33.021 |
|
0,54 |
|
29.790 |
|
0,32 |
|
41.234 |
|
0,40 |
|
|
|
Financial Loans |
9.247 |
|
0,15 |
|
9.022 |
|
0,10 |
|
15.636 |
|
0,15 |
|
|
|
Accounts Payable |
15.723 |
|
0,26 |
|
13.266 |
|
0,14 |
|
12.933 |
|
0,12 |
|
|
|
Loans from Shareholders |
1.372 |
|
0,02 |
|
6.557 |
|
0,07 |
|
11.285 |
|
0,11 |
|
|
|
Other Short-term Payable |
5.692 |
|
0,09 |
|
12 |
|
0,00 |
|
104 |
|
0,00 |
|
|
|
Advances from Customers |
725 |
|
0,01 |
|
502 |
|
0,01 |
|
996 |
|
0,01 |
|
|
|
Taxes Payable |
79 |
|
0,00 |
|
200 |
|
0,00 |
|
208 |
|
0,00 |
|
|
|
Provisions |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other Current Liabilities |
183 |
|
0,00 |
|
231 |
|
0,00 |
|
72 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
11.732 |
|
0,19 |
|
42.177 |
|
0,46 |
|
40.062 |
|
0,38 |
|
|
|
Financial Loans |
11.111 |
|
0,18 |
|
42.105 |
|
0,46 |
|
40.028 |
|
0,38 |
|
|
|
Securities Issued |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Long-term Payable |
612 |
|
0,01 |
|
63 |
|
0,00 |
|
30 |
|
0,00 |
|
|
|
Loans from Shareholders |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other Long-term Liabilities |
9 |
|
0,00 |
|
9 |
|
0,00 |
|
4 |
|
0,00 |
|
|
|
Provisions |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
16.878 |
|
0,27 |
|
19.954 |
|
0,22 |
|
22.964 |
|
0,22 |
|
|
|
Paid-in Capital |
11.000 |
|
0,18 |
|
11.000 |
|
0,12 |
|
11.000 |
|
0,11 |
|
|
|
Inflation Adjustment of Capital |
6.781 |
|
0,11 |
|
6.781 |
|
0,07 |
|
6.781 |
|
0,07 |
|
|
|
Reserves |
622 |
|
0,01 |
|
1.511 |
|
0,02 |
|
4.670 |
|
0,04 |
|
|
|
Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accumulated Losses(-) |
-2.414 |
|
-0,04 |
|
-2.414 |
|
-0,03 |
|
-2.496 |
|
-0,02 |
|
|
|
Net Profit (loss) |
889 |
|
0,01 |
|
3.076 |
|
0,03 |
|
3.009 |
|
0,03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQ. |
61.631 |
|
1,00 |
|
91.921 |
|
1,00 |
|
104.260 |
|
1,00 |
|
|
|
INCOME STATEMENTS |
||||||||||||
|
|
|
YTL Thousand |
|
|
|
YTL Thousand |
|
|
|
YTL Thousand |
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
1.1.-30.06.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
31.831 |
|
1,00 |
|
55.072 |
|
1,00 |
|
23.818 |
|
1,00 |
|
|
|
Cost of Goods Sold |
29.312 |
|
0,92 |
|
42.512 |
|
0,77 |
|
20.879 |
|
0,88 |
|
|
|
Gross Profit |
2.519 |
|
0,08 |
|
12.560 |
|
0,23 |
|
2.939 |
|
0,12 |
|
|
|
Operating Expenses |
1.595 |
|
0,05 |
|
2.118 |
|
0,04 |
|
1.269 |
|
0,05 |
|
|
|
Operating Profit |
924 |
|
0,03 |
|
10.442 |
|
0,19 |
|
1.670 |
|
0,07 |
|
|
|
Other Income |
3.111 |
|
0,10 |
|
4.919 |
|
0,09 |
|
4.546 |
|
0,19 |
|
|
|
Other Expenses |
1.417 |
|
0,04 |
|
4.142 |
|
0,08 |
|
1.722 |
|
0,07 |
|
|
|
Financial Expenses |
1.729 |
|
0,05 |
|
8.143 |
|
0,15 |
|
1.485 |
|
0,06 |
|
|
|
Profit (loss) Before Tax |
889 |
|
0,03 |
|
3.076 |
|
0,06 |
|
3.009 |
|
0,13 |
|
|
|
Tax Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
889 |
|
0,03 |
|
3.076 |
|
0,06 |
|
3.009 |
|
0,13 |
|
|
|
FINANCIAL RATIOS |
||||||||||||
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|
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|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
1.1.-30.06.07 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Ratio |
1,12 |
|
|
|
2,11 |
|
|
|
1,84 |
|
|
|
|
|
Acid-Test Ratio |
0,61 |
|
|
|
1,06 |
|
|
|
0,92 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,23 |
|
|
|
0,31 |
|
|
|
0,32 |
|
|
|
|
|
Short-term
Receivable/Total Assets |
0,32 |
|
|
|
0,34 |
|
|
|
0,32 |
|
|
|
|
|
Tangible Assets/Total
Assets |
0,36 |
|
|
|
0,29 |
|
|
|
0,25 |
|
|
|
|
|
|
|
|
|
|
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|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
2,10 |
|
|
|
1,51 |
|
|
|
0,63 |
|
|
|
|
|
Stockholders' Equity
Turnover |
1,89 |
|
|
|
2,76 |
|
|
|
1,04 |
|
|
|
|
|
Asset Turnover |
0,52 |
|
|
|
0,60 |
|
|
|
0,23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
Equity/Total Assets |
0,27 |
|
|
|
0,22 |
|
|
|
0,22 |
|
|
|
|
|
Current Liabilities/Total
Assets |
0,54 |
|
|
|
0,32 |
|
|
|
0,40 |
|
|
|
|
|
Financial Leverage |
0,73 |
|
|
|
0,78 |
|
|
|
0,78 |
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PROFITABILITY RATIOS |
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Net Profit/Stockholders'
Eq. |
0,05 |
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0,15 |
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0,13 |
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Operating Profit Margin |
0,03 |
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0,19 |
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0,07 |
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Net Profit Margin |
0,03 |
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0,06 |
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0,13 |
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COLLECTION-PAYMENT |
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Average Collection Period
(days) |
228,43 |
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207,89 |
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506,52 |
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Average Payable Period
(days) |
200,62 |
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112,87 |
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223,51 |
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RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)