MIRA
INFORM REPORT
|
Report Date : |
08.02.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ISIL TEKSTIL SANAYI VE TICARET LTD.STI. |
|
|
|
|
Registered Office : |
Beysan Sanayi
Sitesi Birlik Caddesi No:1 Haramidere, Buyukcekmece - Istanbul |
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|
Country : |
Turkey |
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|
|
Financials (as on) : |
31.12.2006 |
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|
Date of Incorporation : |
25.12.1989 |
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|
Com. Reg. No.: |
260448 |
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|
|
|
Legal Form : |
Limited Company |
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|
|
|
Line of Business : |
Manufacture and Trade of Fabric, Dying and
Finishing |
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 7 million |
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|
|
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
ISIL TEKSTIL SANAYI VE TICARET LTD.STI. |
|
ADDRESS |
: |
Head Office/Factory: Beysan Sanayi Sitesi Birlik Caddesi
No:1 Haramidere, Buyukcekmece - Istanbul / Turkey 2nd Factory: Vakiflar Koyu
Bademlik Mevkii Ulas Corlu Tekirdag / Turkey |
|
PHONE NUMBER |
: |
90-212-422 18 10 |
|
FAX NUMBER |
: |
90-212-456 00 99 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Marmara Kurumlar / 4680026111 |
|
REGISTRATION NUMBER |
: |
260448 |
|
REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce Istanbul Chamber of Industry |
|
DATE ESTABLISHED |
: |
25.12.1989 (Commercial Registry Gazette
Date/No:02.01.1990/2434) |
|
LEGAL FORM |
: |
Limited Company |
|
TYPE OF COMPANY |
: |
Private |
|
REGISTERED CAPITAL |
: |
YTL 15,000,000 |
|
PAID-IN CAPITAL |
: |
YTL 15,000,000 |
|
HISTORY |
: |
|
|
|
|
|
|
Previous
Registered Capital |
: YTL 5,000,000 |
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|
|
|
Regist. Capital
Changed on |
: 14.07.2003 (Commercial Registry Gazette Date/No:
17.07.2003 / 5843) |
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|
|
|
Previous
Registered Capital |
: YTL 7,000,000 |
|
|
|
|
Regist. Capital
Changed on |
: 06.07.2004 (Commercial Registry Gazette
Date/No: 09.07.2004 / 6089) |
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|
|
|
Previous
Registered Capital |
: YTL 9,000,000 |
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|
|
|
Regist. Capital
Changed on |
: 30.03.2005 (Commercial Registry Gazette
Date/No: 04.04.2005 / 6274) |
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|
|
|
Previous
Registered Capital |
: YTL 12,000,000 |
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|
|
|
Regist. Capital
Changed on |
: 05.06.2006 (Commercial Registry Gazette Date/No:
08.06.2006 / 6573) |
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|
Previous Address |
: Beysan Sanayi Sitesi Dereboyu Caddesi
No:17/A Haramidere, Buyukcekmece - Istanbul |
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|
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|
Address Changed On |
: 05.07.2005 (Commercial Registry Gazette
Date/No: 08.07.2005 / 6342) |
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OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Metin Isil Mesut Isil |
65 % 35 % |
|
|
SISTER COMPANIES |
: |
-Alban Tekstil Sanayi ve Ticaret A.S. -Isil Enerji Elektrik Uretim Sanayi ve
Ticaret A.S. -Merve Enerji Elektrik Uretim Sanayi ve Ticaret
A.S. -MTN Enerji Elektrik Uretim Sanayi ve
Ticaret Ltd. Sti. -MST Enerji Elektrik Uretim Sanayi ve
Ticaret Ltd. Sti. -Mercan Enerji Elektrik Uretim Sanayi ve
Ticaret A.S. -Bahar ve Isil Insaat Turizm Enerji Dis
Ticaret Ltd. Sti. |
||
|
SUBSIDIARIES |
: |
None |
||
|
DIRECTORS |
: |
Metin Isil Mesut Isil |
General Manager Deputy General Manager |
|
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Manufacture and trade of fabric, dying and
finishing |
|
SECTOR |
: |
Textile |
|
TRADEMARK(S) |
: |
“Isil” |
|
NUMBER OF
EMPLOYEES |
: |
500 |
|
NET SALES |
: |
(YTL Thousand) 5,149 15,203 24,365 38,704 43,008 47,394 68,874 |
(2000) (2001) (2002) (2003) (2004) (2005) (2006) |
|
|
|
CAPACITY |
: |
(Kg/Yr) 2,468,280 2,468,280 2,468,280 |
(2005) (2006) (2007) |
||
|
IMPORT VALUE |
: |
USD 362,555 USD 762,276 USD 1,228,560 YTL 1,939
thousand YTL 3,901
thousand YTL 11,500 thousand YTL 16,100 thousand YTL 5,612 thousand |
(2000) (2001) (2002) (2003) (2004) (2005) (2006) (1.1.-31.05.2007) |
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IMPORT COUNTRIES |
: |
Germany, Italy |
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||
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MERCHANDISE
IMPORTED |
: |
Machinery, dye |
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||
|
EXPORT VALUE |
: |
USD 758,337 USD 2,512,740 USD 3,637,618 YTL 14,844 thousand YTL 12,180,806 YTL 11,533,831 YTL 16,173,136 YTL 8,440 thousand |
(2000) (2001) (2002) (2003) (2004) (2005) (2006) (1.1.-31.05.2007) |
|
|
|
EXPORT COUNTRIES |
: |
Austria, Bulgaria, Canada, Czech Republic,
Croatia, Denmark, Germany, Egypt, UK, Greece, Italy, Romania, Spain, Tunisia,
Serbia, Slovenia, Russia, Ukraine, Poland, France, UAE, USA, Portugal, Iran,
Taiwan, Netherlands |
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||
|
MERCHANDISE
EXPORTED |
: |
Knitted fabric and ready-wear |
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||
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PREMISES |
: |
Head Office/Factory: Beysan Sanayi Sitesi Birlik
Caddesi No:1 Haramidere, Buyukcekmece - Istanbul (7,900 sqm) (rented) 2nd Factory:Vakiflar Koyu Bademlik Mevkii
Ulas Corlu Tekirdag / Turkey (35,400 sqm) (owned) |
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||
|
TREND OF
BUSINESS |
: |
Upwards |
|
SIZE OF BUSINESS |
: |
Large |
FINANCE
|
MAIN DEALING BANKERS |
: |
Turk Ekonomi Bankasi
Gunesli branch in Istanbul Anadolubank Trakya Kurumsal 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) |
||
|
Good |
As of 31.12.2006 |
|
|
LIQUIDITY |
||
|
In order |
As of 31.12.2006 |
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PROFITABILITY |
||
|
Fair |
In 2006 |
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|
GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
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|
Favorable |
In 2006 |
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GENERAL
FINANCIAL POSITION |
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|
In Order |
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CREDIT OPINION
|
CREDIT OPINION
WITHOUT OBLIGATION |
: |
We are of the opinion that, a max. credit of
USD 7 million may be granted to the subject company. |
|
|
Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(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.-31.03.2007) |
1.88 % |
1.4068 |
1.8521 |
2.7609 |
|
(2007) |
5.94 % |
1.3075 |
1.7901 |
2.6133 |
|
(1.1.-31.01.2008) |
0.42 % |
1.1741 |
1.7303 |
2.3417 |
BALANCE
SHEETS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
31.12.05 |
|
|
|
31.12.06 |
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|
|
|
|
|
|
|
|
|
|
|
|
|
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CURRENT ASSETS |
23.148.100 |
|
0,53 |
|
25.024.409 |
|
0,50 |
|
|
|
Cash and
Banks |
4.822.943 |
|
0,11 |
|
1.561.641 |
|
0,03 |
|
|
|
Marketable Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account
Receivable |
6.951.057 |
|
0,16 |
|
13.511.201 |
|
0,27 |
|
|
|
Other
Receivable |
0 |
|
0,00 |
|
770.563 |
|
0,02 |
|
|
|
Inventories |
8.663.776 |
|
0,20 |
|
6.333.691 |
|
0,13 |
|
|
|
Advances
Given |
905.073 |
|
0,02 |
|
476.979 |
|
0,01 |
|
|
|
Other
Current Assets |
1.805.251 |
|
0,04 |
|
2.370.334 |
|
0,05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
20.393.060 |
|
0,47 |
|
24.805.070 |
|
0,50 |
|
|
|
Long-term
Receivable |
6.530 |
|
0,00 |
|
12.399 |
|
0,00 |
|
|
|
Financial
Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Tangible
Fixed Assets (net) |
15.966.570 |
|
0,37 |
|
20.931.084 |
|
0,42 |
|
|
|
Intangible Assets |
4.390.478 |
|
0,10 |
|
3.848.818 |
|
0,08 |
|
|
|
Other
Non-Current Assets |
29.482 |
|
0,00 |
|
12.769 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
43.541.160 |
|
1,00 |
|
49.829.479 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
19.062.576 |
|
0,44 |
|
19.156.566 |
|
0,38 |
|
|
|
Financial
Loans |
4.541.444 |
|
0,10 |
|
5.638.319 |
|
0,11 |
|
|
|
Accounts
Payable |
12.387.406 |
|
0,28 |
|
11.529.793 |
|
0,23 |
|
|
|
Loans from
Shareholders |
526.112 |
|
0,01 |
|
0 |
|
0,00 |
|
|
|
Other
Short-term Payable |
410.574 |
|
0,01 |
|
135.325 |
|
0,00 |
|
|
|
Advances
from Customers |
666.564 |
|
0,02 |
|
1.293.256 |
|
0,03 |
|
|
|
Taxes
Payable |
233.556 |
|
0,01 |
|
169.172 |
|
0,00 |
|
|
|
Provisions |
293.997 |
|
0,01 |
|
386.556 |
|
0,01 |
|
|
|
Other
Current Liabilities |
2.923 |
|
0,00 |
|
4.145 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
1.139.879 |
|
0,03 |
|
2.768.462 |
|
0,06 |
|
|
|
Financial
Loans |
234.401 |
|
0,01 |
|
1.071.598 |
|
0,02 |
|
|
|
Securities Issued |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Long-term
Payable |
905.478 |
|
0,02 |
|
1.696.864 |
|
0,03 |
|
|
|
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 |
23.338.705 |
|
0,54 |
|
27.904.451 |
|
0,56 |
|
|
|
Paid-in
Capital |
12.000.000 |
|
0,28 |
|
15.000.000 |
|
0,30 |
|
|
|
Inflation
Adjustment of Capital |
6.653.807 |
|
0,15 |
|
6.653.807 |
|
0,13 |
|
|
|
Reserves |
3.494.061 |
|
0,08 |
|
4.684.899 |
|
0,09 |
|
|
|
Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accumulated Losses(-) |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net
Profit (loss) |
1.190.837 |
|
0,03 |
|
1.565.745 |
|
0,03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
43.541.160 |
|
1,00 |
|
49.829.479 |
|
1,00 |
|
INCOME
STATEMENTS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
47.394.094 |
|
1,00 |
|
68.874.142 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
44.649.573 |
|
0,94 |
|
63.142.270 |
|
0,92 |
|
|
|
Gross Profit |
2.744.521 |
|
0,06 |
|
5.731.872 |
|
0,08 |
|
|
|
Operating
Expenses |
1.962.408 |
|
0,04 |
|
3.133.044 |
|
0,05 |
|
|
|
Operating Profit |
782.113 |
|
0,02 |
|
2.598.828 |
|
0,04 |
|
|
|
Other
Income |
1.371.452 |
|
0,03 |
|
1.224.116 |
|
0,02 |
|
|
|
Other
Expenses |
529.521 |
|
0,01 |
|
1.666.990 |
|
0,02 |
|
|
|
Financial
Expenses |
139.210 |
|
0,00 |
|
203.653 |
|
0,00 |
|
|
|
Profit (loss) Before Tax |
1.484.834 |
|
0,03 |
|
1.952.301 |
|
0,03 |
|
|
|
Tax
Payable |
293.997 |
|
0,01 |
|
386.556 |
|
0,01 |
|
|
|
Net Profit (loss) |
1.190.837 |
|
0,03 |
|
1.565.745 |
|
0,02 |
|
FINANCIAL RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
Current Ratio |
1,21 |
|
|
|
1,31 |
|
|
|
|
|
Acid-Test Ratio |
0,62 |
|
|
|
0,83 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,20 |
|
|
|
0,13 |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,16 |
|
|
|
0,29 |
|
|
|
|
|
Tangible Assets/Total Assets |
0,37 |
|
|
|
0,42 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
5,15 |
|
|
|
9,97 |
|
|
|
|
|
Stockholders' Equity Turnover |
2,03 |
|
|
|
2,47 |
|
|
|
|
|
Asset Turnover |
1,09 |
|
|
|
1,38 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,54 |
|
|
|
0,56 |
|
|
|
|
|
Current Liabilities/Total Assets |
0,44 |
|
|
|
0,38 |
|
|
|
|
|
Financial Leverage |
0,46 |
|
|
|
0,44 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
0,05 |
|
|
|
0,06 |
|
|
|
|
|
Operating Profit Margin |
0,02 |
|
|
|
0,04 |
|
|
|
|
|
Net Profit Margin |
0,03 |
|
|
|
0,02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
52,85 |
|
|
|
70,69 |
|
|
|
|
|
Average Payable Period (days) |
107,18 |
|
|
|
75,41 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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%)