MIRA
INFORM REPORT
|
Report Date : |
18.12.2008 |
IDENTIFICATION
DETAILS
|
Name : |
OZON TRIKO SANAYI VE TICARET A.S. |
|
|
|
|
Formerly Known As : |
OZCANLAR TRIKO SANAYI VE TICARET AS |
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Registered Office : |
Namik Kemal Mah. Orhan Veli Cad. No: 9 Buyukcekmece-Istanbul |
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Country : |
Turkey |
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Financials (as on) : |
30.09.2008 |
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Year of Establishment : |
1993 |
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Com. Reg. No.: |
438742 |
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|
Legal Form : |
Joint Stock Company |
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Line of Business : |
Manufacture and Trade of Ready-Wear |
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 |
|
Maximum Credit Limit : |
USD 165.000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
OZON TRIKO SANAYI VE TICARET A.S. |
|
ADDRESS |
: |
Head Office: Namik Kemal Mah. Orhan Veli
Cad. No: 9 Buyukcekmece-Istanbul/Turkey |
|
PHONE NUMBER |
: |
90-212-886 69 86 |
|
FAX NUMBER |
: |
90-212-886 69 93 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Beylikduzu / 7890003687 |
|
REGISTRATION NUMBER |
: |
438742 |
|
REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
|
DATE ESTABLISHED |
: |
1993 (Commercial Registry Gazette Date/No:
25.01.1993/3206) |
|
LEGAL FORM |
: |
Joint Stock Company |
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TYPE OF COMPANY |
: |
Private |
|
REGISTERED CAPITAL |
: |
YTL 12.000.000 |
|
HISTORY |
: |
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|
Previous Name |
: Sadilar Tekstil Sanayi ve Ticaret AS |
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Name Changed On |
: 2000 |
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Previous Name |
: Ozcanlar Triko Sanayi ve Ticaret AS |
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Name Changed On |
:15.12.2004 (Commercial Registry Gazette
Date/No: 20.12.2004/6201) |
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Other Historical Events |
: The subject which
was established in Corlu Tekirdag and registered at Corlu Commercial Registry
under the registration number 427-Cerkezkoy moved to Istanbul and registered
at Istanbul Commercial Registry under the registration number 438742 on
25.05.2000 (Commercial Registry Gazette Date/No: 30.05.2000/5055) |
|
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Zeki Cemal Ozen Muhammed Ozen Zekeriya Ozen Sezai Rustem Ozen Selami Ozen |
97 % 1 % 1 % 0,5 % 0,5 % |
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GROUP PARENT COMPANY |
: |
None |
||
|
SISTER COMPANIES |
: |
Ozon Giyim Sanayi ve Ticaret A.S. Ozon Tekstil Sanayi ve Ticaret Ltd Sti Dortgen Tekstil Sanayi ve Ticaret Ltd Sti |
||
|
SUBSIDIARIES |
: |
None |
||
|
BOARD OF DIRECTORS |
: |
Zeki Cemal Ozen Sezai Rustem Ozen Idris Ozcelik |
Chairman Member Member |
|
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
The firm which was dealing with
manufacture and trade of ready-wear such as pullover, buttoned sweater,
sweater… transferred its manufacturing activity and most of its employees to the
sister company “Dortgen Tekstil Sanayi ve Ticaret Ltd Sti” at the beginning
of 2008. The company deals with only trade of
ready-wear manufactured by its sister company since then. |
|
SECTOR |
: |
Commerce |
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TRADEMARKS
TRADED |
: |
Defacto |
|
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NUMBER OF
EMPLOYEES |
: |
5 |
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|
NET SALES |
: |
(YTL) 8.839.839 12.682.944 5.325.049 1.063.616 |
(2005) (2006) (2007) (01.01-30.09.2008) |
|
CAPACITY |
: |
None |
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PRODUCTION |
: |
None |
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EXPORT VALUE |
: |
None |
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PREMISES |
: |
Head Office: Namik Kemal Mah. Orhan Veli
Cad. No: 9 Buyukcekmece-Istanbul (10.000 sqm) (owned) |
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|
FIXED CAPITAL
INVESTMENTS |
: |
None |
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|
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TREND OF
BUSINESS |
: |
Downwards |
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SIZE OF BUSINESS |
: |
Large |
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FINANCE
|
MAIN DEALING BANKERS |
: |
Kuveyt Turk Katilim Bankasi Beylikduzu
branch in Istanbul Denizbank Hadimkoy branch in Istanbul Garanti Bankasi Beylikduzu branch in
Istanbul |
|
CREDIT FACILITIES |
: |
The subject company rarely makes 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 30.09.2008 |
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LIQUIDITY |
||
|
Liquidity ratios were high as of 30.09.2008 but the unfavorable and long gap between
average collection and average payable period has an adverse effect on
liquidity. |
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PROFITABILITY |
||
|
The firm had gross loss, heavy operating loss and heavy net loss in
2007. But it had high profitability
in the first 9 months of 2008. |
||
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GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
||
|
Unfavorable and long |
Between 01.01.-30.09.2008 |
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GENERAL FINANCIAL POSITION |
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Fair |
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CREDIT OPINION
|
CREDIT OPINION WITHOUT OBLIGATION |
: |
We are of the opinion that, a max. credit
of USD 165.000 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 |
|
(2007) |
5.94 % |
1.3075 |
1.7901 |
2.6133 |
|
(1.1.-30.09.2008) |
11.48 % |
1.2146 |
1.8490 |
2.3755 |
|
(1.1.-30.11.2008) |
12.08 % |
1.2682 |
1.8727 |
2.3877 |
BALANCE SHEETS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
31.12.07 |
|
|
|
30.9.08 |
|
|
|
|
|
|
|
|
|
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|
|
|
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CURRENT ASSETS |
8.836.551 |
|
0,72 |
|
8.795.428 |
|
0,78 |
|
|
|
Cash and Banks |
1.100.887 |
|
0,09 |
|
53.886 |
|
0,00 |
|
|
|
Marketable Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account Receivable |
7.682.478 |
|
0,62 |
|
8.736.316 |
|
0,78 |
|
|
|
Other Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
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Inventories |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
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Advances Given |
47.960 |
|
0,00 |
|
0 |
|
0,00 |
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Other Current Assets |
5.226 |
|
0,00 |
|
5.226 |
|
0,00 |
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NON-CURRENT
ASSETS |
3.502.107 |
|
0,28 |
|
2.419.142 |
|
0,22 |
|
|
|
Long-term Receivable |
1.026.134 |
|
0,08 |
|
66.134 |
|
0,01 |
|
|
|
Financial Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Tangible Fixed Assets (net) |
2.458.998 |
|
0,20 |
|
2.362.958 |
|
0,21 |
|
|
|
Intangible Assets |
13.477 |
|
0,00 |
|
-9.950 |
|
0,00 |
|
|
|
Other Non-Current Assets |
3.498 |
|
0,00 |
|
0 |
|
0,00 |
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|
|
|
|
|
|
|
|
|
|
|
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TOTAL ASSETS |
12.338.658 |
|
1,00 |
|
11.214.570 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
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|
CURRENT
LIABILITIES |
1.331.319 |
|
0,11 |
|
67.123 |
|
0,01 |
|
|
|
Financial Loans |
51.785 |
|
0,00 |
|
9.897 |
|
0,00 |
|
|
|
Accounts Payable |
372.243 |
|
0,03 |
|
42.711 |
|
0,00 |
|
|
|
Loans from Shareholders |
900.000 |
|
0,07 |
|
0 |
|
0,00 |
|
|
|
Other Short-term Payable |
405 |
|
0,00 |
|
2.692 |
|
0,00 |
|
|
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Advances from Customers |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
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|
Taxes Payable |
6.886 |
|
0,00 |
|
11.823 |
|
0,00 |
|
|
|
Provisions |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Other Current Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
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LONG-TERM
LIABILITIES |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Financial Loans |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
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Securities Issued |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
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Long-term Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Loans from Shareholders |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
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|
Other Long-term Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Provisions |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
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|
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|
STOCKHOLDERS'
EQUITY |
11.007.339 |
|
0,89 |
|
11.147.447 |
|
0,99 |
|
|
|
Paid-in Capital |
12.000.000 |
|
0,97 |
|
12.000.000 |
|
1,07 |
|
|
|
Inflation Adjustment of Capital |
24.425 |
|
0,00 |
|
24.425 |
|
0,00 |
|
|
|
Reserves |
68.971 |
|
0,01 |
|
68.971 |
|
0,01 |
|
|
|
Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accumulated Losses(-) |
-105.111 |
|
-0,01 |
|
-1.086.057 |
|
-0,10 |
|
|
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Net Profit (loss) |
-980.946 |
|
-0,08 |
|
140.108 |
|
0,01 |
|
|
|
|
|
|
|
|
|
|
|
|
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TOTAL
LIABILITIES AND EQUITY |
12.338.658 |
|
1,00 |
|
11.214.570 |
|
1,00 |
|
INCOME STATEMENTS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2007 |
|
|
|
1.1.-30.09.2008 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Net Sales |
5.325.049 |
|
1,00 |
|
1.063.616 |
|
1,00 |
|
|
|
Cost of Goods Sold |
5.469.427 |
|
1,03 |
|
434.212 |
|
0,41 |
|
|
|
Gross Profit |
-144.378 |
|
-0,03 |
|
629.404 |
|
0,59 |
|
|
|
Operating Expenses |
903.315 |
|
0,17 |
|
529.872 |
|
0,50 |
|
|
|
Operating Profit |
-1.047.693 |
|
-0,20 |
|
99.532 |
|
0,09 |
|
|
|
Other Income |
467.474 |
|
0,09 |
|
75.719 |
|
0,07 |
|
|
|
Other Expenses |
381.364 |
|
0,07 |
|
30.743 |
|
0,03 |
|
|
|
Financial Expenses |
19.363 |
|
0,00 |
|
4.400 |
|
0,00 |
|
|
|
Profit (loss)
Before Tax |
-980.946 |
|
-0,18 |
|
140.108 |
|
0,13 |
|
|
|
Tax Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
-980.946 |
|
-0,18 |
|
140.108 |
|
0,13 |
|
FINANCIAL RATIOS
|
|
|
2007 |
|
|
|
1.1.-30.09.2008 |
|
|
|
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|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
Current Ratio |
6,64 |
|
|
|
131,03 |
|
|
|
|
|
Acid-Test Ratio |
6,60 |
|
|
|
130,96 |
|
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ASSET STRUCTURE RATIOS |
|
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Inventory/Total Assets |
0,00 |
|
|
|
0,00 |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,62 |
|
|
|
0,78 |
|
|
|
|
|
Tangible Assets/Total Assets |
0,20 |
|
|
|
0,21 |
|
|
|
|
|
|
|
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|
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|
TURNOVER RATIOS |
|
|
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|
|
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|
Inventory Turnover |
-- |
|
|
|
-- |
|
|
|
|
|
Stockholders' Equity Turnover |
0,48 |
|
|
|
0,10 |
|
|
|
|
|
Asset Turnover |
0,43 |
|
|
|
0,09 |
|
|
|
|
|
|
|
|
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|
|
|
|
|
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|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,89 |
|
|
|
0,99 |
|
|
|
|
|
Current Liabilities/Total Assets |
0,11 |
|
|
|
0,01 |
|
|
|
|
|
Financial Leverage |
0,11 |
|
|
|
0,01 |
|
|
|
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PROFITABILITY RATIOS |
|
|
|
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|
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|
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|
Net Profit/Stockholders' Eq. |
-0,09 |
|
|
|
0,01 |
|
|
|
|
|
Operating Profit Margin |
-0,20 |
|
|
|
0,09 |
|
|
|
|
|
Net Profit Margin |
-0,18 |
|
|
|
0,13 |
|
|
|
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|
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COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
588,75 |
|
|
|
2979,35 |
|
|
|
|
|
Average Payable Period (days) |
24,50 |
|
|
|
35,41 |
|
|
|
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|
|
|
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FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.47.08 |
|
UK Pound |
1 |
Rs.71.17 |
|
Euro |
1 |
Rs.66.98 |
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%)