MIRA
INFORM REPORT
|
Report Date : |
31.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
JERSAN ORME SANAYI A.S. |
|
|
|
|
Registered Office : |
Guvenc Sok. No:4 Bomonti Sisli Istanbul |
|
|
|
|
Country : |
Turkey |
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|
|
|
Financials (as on) : |
31.12.2007 |
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|
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|
Date of Incorporation : |
12.02.1979 |
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|
Com. Reg. No.: |
161063 |
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|
|
|
Legal Form : |
Joint Stock Company |
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|
|
|
Line of Business : |
Manufacture and Trade of Mercerized Knitted Fabric |
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 |
|
Maximum Credit Limit : |
USD 1 million |
|
|
|
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
JERSAN ORME SANAYI A.S. |
|
ADDRESS |
: |
Head Office/Production Plant: Guvenc Sok.
No:4 Bomonti Sisli Istanbul/Turkey |
|
PHONE NUMBER |
: |
90-212-225 17 31 (pbx) |
|
FAX NUMBER |
: |
90-212-225 17 39 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Bogazici Kurumlar / 4840029953 |
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|
|
REGISTRATION NUMBER |
: |
161063 |
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|
|
REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce Istanbul Chamber of Industry |
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|
|
DATE ESTABLISHED |
: |
12.02.1979 |
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|
|
LEGAL FORM |
: |
Joint Stock Company |
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|
TYPE OF COMPANY |
: |
Private |
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|
REGISTERED CAPITAL |
: |
YTL 2,180,000 |
|
|
|
PAID-IN CAPITAL |
: |
YTL 2,176,342 (as of 31.12.2007) |
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|
|
HISTORY |
: |
|
|
|
|
|
|
Previous
Registered Capital |
:YTL 1,980,000 |
|
|
|
|
Regist. Capital Changed on |
:07.08.2006 (Commercial Registry Gazette
Date/No: 10.08.2006/6618) |
|
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Hayim Beskinazi Davit Beskinazi Rifat Beskinazi Others |
|
|
SISTER COMPANIES |
: |
Declared to be: None |
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|
GROUP PARENT COMPANY |
: |
None |
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|
SUBSIDIARIES |
: |
None |
|
|
BOARD OF DIRECTORS |
: |
Hayim Beskinazi Davit Beskinazi Avram Erginbas |
Chairman Vice-Chairman Member |
|
DIRECTORS |
: |
Hayim Beskinazi Davit Beskinazi |
|
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Manufacture and trade of mercerized
knitted fabric |
|
|
TRADEMARK(S) |
: |
“Jersan” |
|
|
NUMBER OF
EMPLOYEES |
: |
50 |
|
|
NET SALES |
: |
(YTL) 3,451,014 3,884,975 4,208,873 2,167,061 |
(2005) (2006) (2007) (01.01-31.03.2008) |
|
PRODUCTION |
: |
(Tons)
300 |
|
|
IMPORT VALUE |
: |
(YTL) 907,250 1,093,708 331,906 |
(2006) (2007) (01.01-31.03.2008) |
|
IMPORT COUNTRIES |
: |
Egypt, India |
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|
MERCHANDISE
IMPORTED |
: |
Yarn |
|
|
EXPORT VALUE |
: |
(YTL) 103,620 227,822 559,674 298,709 |
(2005) (2006) (2007) (01.01-31.03.2008) |
|
EXPORT COUNTRIES |
: |
Greece, France, Italy, Romania, Slovenia,
Belgium... |
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|
MERCHANDISE
EXPORTED |
: |
Knitted fabric, jerseys, pullovers,
t-shirts... |
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|
PREMISES |
: |
Head Office/Production Plant: Guvenc Sok.
No:4 Bomonti Sisli Istanbul (1,200 sqm) (owned) |
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|
FIXED CAPITAL
INVESTMENTS |
: |
None |
|
|
TREND OF
BUSINESS |
: |
Upwards |
|
SIZE OF BUSINESS |
: |
Upper-moderate |
FINANCE
|
MAIN DEALING BANKERS |
: |
Akbank Siracevizler branch in Istanbul |
|
CREDIT FACILITIES |
: |
The subject company is making use of credit facilities. |
|
PAYMENT BEHAVIOUR |
: |
No payment delays have come to our knowledge. |
COMMENT ON FINANCIAL POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
||||
|
High |
As of 31.12.2007 |
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LIQUIDITY |
||||
|
High |
As of 31.12.2007 |
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PROFITABILITY |
||||
|
High |
In 2007 |
High |
Between 01.01.-31.03.2008 |
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GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
||||
|
Unfavorable |
In 2007 |
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GENERAL
FINANCIAL POSITION |
||||
|
Strong |
||||
CREDIT OPINION
|
CREDIT OPINION WITHOUT OBLIGATION |
: |
We are of the opinion that, a max. credit
of USD 1 million 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 |
|
(2007) |
5.94 % |
1.3075 |
1.7901 |
2.6133 |
|
(1.1.-31.03.2008) |
6.26 % |
1.2033 |
1.8179 |
2.3972 |
|
(1.1.-30.06.2008) |
13.76 % |
1.2197 |
1.8695 |
2.4232 |
BALANCE SHEETS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
31.12.06 |
|
|
|
31.12.07 |
|
|
|
|
|
|
|
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|
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|
|
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CURRENT ASSETS |
2.401.796 |
|
0,85 |
|
2.993.869 |
|
0,87 |
|
|
|
Cash and
Banks |
542.602 |
|
0,19 |
|
450.877 |
|
0,13 |
|
|
|
Marketable
Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account
Receivable |
882.778 |
|
0,31 |
|
1.209.503 |
|
0,35 |
|
|
|
Other
Receivable |
0 |
|
0,00 |
|
56.008 |
|
0,02 |
|
|
|
Inventories |
849.638 |
|
0,30 |
|
1.054.959 |
|
0,31 |
|
|
|
Advances
Given |
1.783 |
|
0,00 |
|
9.677 |
|
0,00 |
|
|
|
Other
Current Assets |
124.995 |
|
0,04 |
|
212.845 |
|
0,06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
436.340 |
|
0,15 |
|
436.089 |
|
0,13 |
|
|
|
Long-term
Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Financial
Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Tangible
Fixed Assets (net) |
426.162 |
|
0,15 |
|
428.625 |
|
0,12 |
|
|
|
Intangible Assets |
4.160 |
|
0,00 |
|
1.253 |
|
0,00 |
|
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|
Other
Non-Current Assets |
6.018 |
|
0,00 |
|
6.211 |
|
0,00 |
|
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|
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TOTAL ASSETS |
2.838.136 |
|
1,00 |
|
3.429.958 |
|
1,00 |
|
|
|
|
|
|
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|
|
|
|
|
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|
CURRENT LIABILITIES |
258.962 |
|
0,09 |
|
551.250 |
|
0,16 |
|
|
|
Financial
Loans |
0 |
|
0,00 |
|
100.000 |
|
0,03 |
|
|
|
Accounts
Payable |
165.467 |
|
0,06 |
|
288.994 |
|
0,08 |
|
|
|
Loans
from Shareholders |
0 |
|
0,00 |
|
8.866 |
|
0,00 |
|
|
|
Other
Short-term Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Advances
from Customers |
104.603 |
|
0,04 |
|
128.914 |
|
0,04 |
|
|
|
Taxes
Payable |
8.755 |
|
0,00 |
|
9.769 |
|
0,00 |
|
|
|
Provisions |
-19.863 |
|
-0,01 |
|
14.707 |
|
0,00 |
|
|
|
Other
Current Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
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|
|
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|
|
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|
LONG-TERM LIABILITIES |
351.400 |
|
0,12 |
|
291.175 |
|
0,08 |
|
|
|
Financial
Loans |
351.400 |
|
0,12 |
|
291.175 |
|
0,08 |
|
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
2.227.774 |
|
0,78 |
|
2.587.533 |
|
0,75 |
|
|
|
Paid-in
Capital |
2.176.342 |
|
0,77 |
|
2.176.342 |
|
0,63 |
|
|
|
Reserves |
43.230 |
|
0,02 |
|
218.085 |
|
0,06 |
|
|
|
Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accumulated Losses(-) |
-166.653 |
|
-0,06 |
|
-166.653 |
|
-0,05 |
|
|
|
Net
Profit (loss) |
174.855 |
|
0,06 |
|
359.759 |
|
0,10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
2.838.136 |
|
1,00 |
|
3.429.958 |
|
1,00 |
|
INCOME STATEMENTS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2006 |
|
|
|
2007 |
|
|
|
01.01.-31.03.08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
3.884.975 |
|
1,00 |
|
4.208.873 |
|
1,00 |
|
2.167.061 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
3.467.934 |
|
0,89 |
|
3.572.455 |
|
0,85 |
|
1.773.505 |
|
0,82 |
|
|
|
Gross Profit |
417.041 |
|
0,11 |
|
636.418 |
|
0,15 |
|
393.556 |
|
0,18 |
|
|
|
Operating
Expenses |
181.466 |
|
0,05 |
|
229.368 |
|
0,05 |
|
59.253 |
|
0,03 |
|
|
|
Operating Profit |
235.575 |
|
0,06 |
|
407.050 |
|
0,10 |
|
334.303 |
|
0,15 |
|
|
|
Other
Income |
71.362 |
|
0,02 |
|
90.410 |
|
0,02 |
|
614 |
|
0,00 |
|
|
|
Other
Expenses |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Financial
Expenses |
87.881 |
|
0,02 |
|
47.246 |
|
0,01 |
|
34.546 |
|
0,02 |
|
|
|
Profit (loss) Before Tax |
219.056 |
|
0,06 |
|
450.214 |
|
0,11 |
|
300.371 |
|
0,14 |
|
|
|
Tax
Payable |
44.201 |
|
0,01 |
|
90.455 |
|
0,02 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
174.855 |
|
0,05 |
|
359.759 |
|
0,09 |
|
300.371 |
|
0,14 |
|
FINANCIAL
RATIOS
|
|
|
2006 |
|
|
|
2007 |
|
|
|
01.01.-31.03.08 |
|
|
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|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
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|
Current Ratio |
9,27 |
|
|
|
5,43 |
|
|
|
-- |
|
|
|
|
|
Acid-Test Ratio |
5,50 |
|
|
|
3,11 |
|
|
|
-- |
|
|
|
|
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|
|
|
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|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,30 |
|
|
|
0,31 |
|
|
|
-- |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,31 |
|
|
|
0,37 |
|
|
|
-- |
|
|
|
|
|
Tangible Assets/Total Assets |
0,15 |
|
|
|
0,12 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
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|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
4,08 |
|
|
|
3,39 |
|
|
|
-- |
|
|
|
|
|
Stockholders' Equity Turnover |
1,74 |
|
|
|
1,63 |
|
|
|
-- |
|
|
|
|
|
Asset Turnover |
1,37 |
|
|
|
1,23 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,78 |
|
|
|
0,75 |
|
|
|
-- |
|
|
|
|
|
Current Liabilities/Total Assets |
0,09 |
|
|
|
0,16 |
|
|
|
-- |
|
|
|
|
|
Financial Leverage |
0,22 |
|
|
|
0,25 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
0,08 |
|
|
|
0,14 |
|
|
|
-- |
|
|
|
|
|
Operating Profit Margin |
0,06 |
|
|
|
0,10 |
|
|
|
0,15 |
|
|
|
|
|
Net Profit Margin |
0,05 |
|
|
|
0,09 |
|
|
|
0,14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
81,80 |
|
|
|
103,45 |
|
|
|
-- |
|
|
|
|
|
Average Payable Period (days) |
17,18 |
|
|
|
29,12 |
|
|
|
-- |
|
|
|
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.49 |
|
UK Pound |
1 |
Rs.84.21 |
|
Euro |
1 |
Rs.66.33 |
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%)