MIRA
INFORM REPORT
|
Report Date : |
11.02.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ALTINDAS TEKSTIL MAKINA SANAYI VE TICARET LTD. STI. |
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Registered Office : |
Meydan Cad.
Kurtulus Mah. Bilgili Sok. No:21-23 Gursu-Bursa |
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Country : |
Turkey |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
07.10.2004 |
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Com. Reg. No.: |
56706 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacture and
Trade of Brode and Oulted Shuttle
Yarns |
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 |
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Maximum Credit Limit : |
USD 115,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
ALTINDAS TEKSTIL
MAKINA SANAYI VE TICARET LTD. STI. |
|
ADDRESS |
: |
Head Office & Production Plant: Meydan Cad. Kurtulus Mah. Bilgili
Sok. No:21-23 Gursu-Bursa/Turkey |
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PHONE NUMBER |
: |
90-224-376 15 57 |
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FAX NUMBER |
: |
90-224-376 15 58 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Gokdere / 06202217078 |
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REGISTRATION NUMBER |
: |
56706 |
|
REGISTERED OFFICE |
: |
Bursa Chamber of Commerce and Industry |
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DATE ESTABLISHED |
: |
07.10.2004 (Commercial Registry Gazette Date/No: 14.10.2004/6157) |
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LEGAL FORM |
: |
Limited Company |
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TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
YTL 300,000 |
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PAID-IN CAPITAL |
: |
YTL 300,000 |
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HISTORY |
: |
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Previous Registered Capital |
: YTL 20,000 |
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Regist. Capital Changed on |
: 04.12.2006 (Commercial Registry Gazette Date/No:13.12.2006/6703 ) |
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OWNERSHIP / MANAGEMENT
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SHAREHOLDERS |
: |
Muhammet Dede Huseyin Altindas |
50 % 50 % |
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SISTER COMPANIES |
: |
Declared to be: None |
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GROUP PARENT COMPANY |
: |
None |
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SUBSIDIARIES |
: |
None |
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GENERAL MANAGER |
: |
Muhammet Dede |
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OPERATIONS
|
BUSINESS ACTIVITIES |
: |
Manufacture and trade of
brode and oulted shuttle yarns |
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SECTOR |
: |
Textile |
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TRADEMARK(S) |
: |
Altindas |
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NUMBER OF EMPLOYEES |
: |
9 |
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NET SALES |
: |
(YTL) 123,194 492,306 895,753 |
(2005) (2006) (01.01.-30.09.2007) |
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CAPACITY |
: |
Oulted shuttle yarns (Kgs/Yr) 18,278 18,278 18,278 |
(2006) (2007) (2008) |
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EXPORT VALUE |
: |
(YTL) 151,181 329,349 |
(2006) (01.01.-30.09.2007) |
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EXPORT COUNTRIES |
: |
Greece, Indian, Egypt, Pakistan, Switzerland, Austria |
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MERCHANDISE EXPORTED |
: |
Filament yarn, polyesters |
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PREMISES |
: |
Head Office & Production Plant: Meydan Cad. Kurtulus Mah. Bilgili
Sok. No:21-23 Gursu-Bursa (300 sqm closed area over a land of 200 sqm)
(rented) |
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FIXED CAPITAL INVESTMENTS |
: |
None |
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TREND OF BUSINESS |
: |
Upwards |
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SIZE OF BUSINESS |
: |
Modest |
FINANCE
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MAIN DEALING BANKERS |
: |
Garanti Bankasi Kestel branch in Bursa |
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CREDIT FACILITIES |
: |
No credit facility has come to our knowledge. |
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PAYMENT BEHAVIOUR |
: |
We are
informed about a few payment delays which were resolved later on. |
COMMENT ON FINANCIAL POSITION
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FINANCIAL STRUCTURE (SUFFICENCY OF OWN
RESOURCES) |
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High |
As of 31.12.2006 |
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LIQUIDITY |
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High |
As of 31.12.2006 |
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PROFITABILITY |
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Good |
In 2006 |
Fair |
Between
01.01.-30.09.2007 |
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GAP BETWEEN COLLECTION-PAYMENT PERIODS |
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In order |
In 2006 |
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GENERAL FINANCIAL POSITION |
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Good |
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CREDIT OPINION
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PROPOSED CREDIT AMOUNT |
: |
USD 15,000,000 DA |
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CREDIT OPINION WITHOUT OBLIGATION |
: |
We are of the opinion that, a max. credit of USD 115,000 may be
granted to the subject company. |
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|
Incr. in producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(2005) |
2.66 % |
1.3499 |
1.6882 |
2.4623 |
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(2006) |
11.58 % |
1.4309 |
1.7987 |
2.6377 |
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(1.1.-30.09.2007) |
4.98 % |
1.3447 |
1.8084 |
2.6720 |
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(2007) |
5.94 % |
1.3075 |
1.7901 |
2.6133 |
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(1.1.-31.01.2008) |
0.42 % |
1.1741 |
1.7303 |
2.3417 |
BALANCE SHEET
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YTL |
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31.12.06 |
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CURRENT ASSETS |
351.151 |
|
0,75 |
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Cash and Banks |
38.896 |
|
0,08 |
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Marketable Securities |
0 |
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0,00 |
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Account Receivable |
122.904 |
|
0,26 |
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Other Receivable |
6.894 |
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0,01 |
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Inventories |
141.010 |
|
0,30 |
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Advances Given |
0 |
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0,00 |
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Other Current Assets |
41.447 |
|
0,09 |
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NON-CURRENT
ASSETS |
116.848 |
|
0,25 |
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Long-term Receivable |
0 |
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0,00 |
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Financial Assets |
0 |
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0,00 |
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Tangible Fixed Assets (net) |
116.301 |
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0,25 |
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Intangible Assets |
547 |
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0,00 |
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Other Non-Current Assets |
0 |
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0,00 |
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TOTAL ASSETS |
467.999 |
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1,00 |
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CURRENT
LIABILITIES |
157.464 |
|
0,34 |
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Financial Loans |
0 |
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0,00 |
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Accounts Payable |
116.043 |
|
0,25 |
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Loans from Shareholders |
0 |
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0,00 |
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Other Short-term Payable |
31.242 |
|
0,07 |
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Advances from Customers |
0 |
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0,00 |
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Taxes Payable |
5.507 |
|
0,01 |
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Provisions |
4.672 |
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0,01 |
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Other Current Liabilities |
0 |
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0,00 |
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LONG-TERM
LIABILITIES |
0 |
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0,00 |
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Financial Loans |
0 |
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0,00 |
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Securities Issued |
0 |
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0,00 |
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Long-term Payable |
0 |
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0,00 |
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Loans from Shareholders |
0 |
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0,00 |
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Other Long-term Liabilities |
0 |
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0,00 |
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Provisions |
0 |
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0,00 |
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STOCKHOLDERS'
EQUITY |
310.535 |
|
0,66 |
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Paid-in Capital |
300.000 |
|
0,64 |
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Inflation Adjustment of Capital |
51 |
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0,00 |
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Reserves |
23 |
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0,00 |
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Revaluation Fund |
0 |
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0,00 |
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Accumulated Losses(-) |
-7.626 |
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-0,02 |
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Net Profit (loss) |
18.087 |
|
0,04 |
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TOTAL
LIABILITIES AND EQUITY |
467.999 |
|
1,00 |
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INCOME
STATEMENTS
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YTL |
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YTL |
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|
2006 |
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|
1.1.-30.09.2007 |
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Net Sales |
492.306 |
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1,00 |
|
895.753 |
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1,00 |
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Cost of Goods Sold |
450.860 |
|
0,92 |
|
835.033 |
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0,93 |
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Gross Profit |
41.446 |
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0,08 |
|
60.720 |
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0,07 |
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Operating Expenses |
19.559 |
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0,04 |
|
27.052 |
|
0,03 |
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Operating Profit |
21.887 |
|
0,04 |
|
33.668 |
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0,04 |
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Other Income |
1.612 |
|
0,00 |
|
464 |
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0,00 |
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Other Expenses |
601 |
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0,00 |
|
4.012 |
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0,00 |
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Financial Expenses |
139 |
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0,00 |
|
462 |
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0,00 |
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Profit (loss) Before Tax |
22.759 |
|
0,05 |
|
29.658 |
|
0,03 |
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Tax Payable |
4.672 |
|
0,01 |
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0 |
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0,00 |
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Net Profit (loss) |
18.087 |
|
0,04 |
|
29.658 |
|
0,03 |
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FINANCIAL RATIOS
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2006 |
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|
1.1.-30.09.2007 |
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LIQUIDITY RATIOS |
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Current Ratio |
2,23 |
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-- |
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Acid-Test Ratio |
1,07 |
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-- |
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ASSET STRUCTURE RATIOS |
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Inventory/Total Assets |
0,30 |
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-- |
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Short-term Receivable/Total Assets |
0,28 |
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-- |
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Tangible Assets/Total Assets |
0,25 |
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-- |
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TURNOVER RATIOS |
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Inventory Turnover |
3,20 |
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-- |
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Stockholders' Equity Turnover |
1,59 |
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-- |
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Asset Turnover |
1,05 |
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-- |
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FINANCIAL STRUCTURE |
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Stockholders' Equity/Total Assets |
0,66 |
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|
-- |
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Current Liabilities/Total Assets |
0,34 |
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-- |
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Financial Leverage |
0,34 |
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-- |
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PROFITABILITY RATIOS |
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Net Profit/Stockholders' Eq. |
0,06 |
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|
-- |
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Operating Profit Margin |
0,04 |
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|
0,04 |
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Net Profit Margin |
0,04 |
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|
0,03 |
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COLLECTION-PAYMENT |
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Average Collection Period (days) |
89,87 |
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-- |
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Average Payable Period (days) |
92,66 |
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-- |
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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%)