MIRA
INFORM REPORT
|
Report Date : |
19.02.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SULEYMAN BURSALI TEKSTIL SANAYI VE TICARET A.S. |
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Registered Office : |
Demirtas Organize Sanayi Bolgesi Cigdem 1 Sok. No: 14 Merkez-Bursa |
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Country : |
Turkey |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
05.10.1988 |
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Com. Reg. No.: |
27826 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Manufacture and Trade of Bathrobes and
Towels |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
|
Maximum Credit Limit : |
USD 2.9 million |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
SULEYMAN BURSALI TEKSTIL SANAYI VE TICARET A.S. |
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ADDRESS |
: |
Head Office / Factory: Demirtas Organize
Sanayi Bolgesi Cigdem 1 Sok. No: 14 Merkez-Bursa / Turkey |
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PHONE NUMBER |
: |
90-224-261 07 49 |
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FAX NUMBER |
: |
90-224-261 22 36 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Ertugrulgazi / 7850012115 |
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REGISTRATION NUMBER |
: |
27826 |
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REGISTERED OFFICE |
: |
Bursa Chamber of Commerce and Industry |
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DATE ESTABLISHED |
: |
05.10.1988 (Commercial Registry Gazette
Date:31.10.1988) |
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LEGAL FORM |
: |
Joint Stock Company |
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TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
YTL 8,000,000 |
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PAID-IN CAPITAL |
: |
YTL 8,000,000 |
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HISTORY |
: |
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Previous Registered Capital |
:YTL
3,500,000 |
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Regist. Capital Changed on |
:31.12.2003 (Commercial Registry Gazette
Date/No:21.01.2004/5972) |
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Previous Address |
:Demirtas Organize Sanayi Bolgesi Sardunya
2 Sok. No:13 Bursa |
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Address Changed On |
:28.02.2005 (Commercial Registry Gazette
Date/No:11.03.2005/6258) |
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OWNERSHIP / MANAGEMENT
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SHAREHOLDERS |
: |
Fuat Bursali Nihat Bursali Mehmet Murat Sungur Mithat Bursali Saliha Bursali |
92,44 % 7,5 % 0,02 % 0,02 % 0,02 % |
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SISTER COMPANIES |
: |
-Nihat Bursali Teks. San. ve Tic. A.S. -Funiteks Boya Tekstil San. ve Tic. Ltd.
Sti. |
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GROUP PARENT COMPANY |
: |
None |
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BOARD OF DIRECTORS |
: |
Fuat Bursali Nihat Bursali Mehmet Murat Sungur |
Chairman Member Member |
OPERATIONS
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BUSINESS
ACTIVITIES |
: |
Manufacture and trade of bathrobes and
towels. |
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SECTOR |
: |
Textile |
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NUMBER OF
EMPLOYEES |
: |
415 |
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NET SALES |
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(YTL) 11,023,381 17,131,136 21,090,409 29,783,111 26,090,835 |
(2003) (2004) (2005) (2006) (01.01.-30.09.2007) |
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CAPACITY |
: |
(Kg/Yr) 1,210,014 1,210,014 1,210,014 |
(2005) (2006) (2007) |
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PRODUCTION |
: |
(Kg) 2,043,078 3,498,597 2,384,108 |
(2005) (2006) (01.01-30.09.2007) |
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The subject manufactured over its normal
capacity in 2005, 2006 and in the first 9 months of 2007 |
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IMPORT VALUE |
: |
USD 2,205,000 USD 2,987,344 USD 4,095,964 USD 3,185,205 USD 7,456,320 |
(2003) (2004) (2005) (2006) (01.01.-30.09.2007) |
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IMPORT COUNTRIES |
: |
Turkmenistan, Pakistan, Uzbekistan… |
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MERCHANDISE
IMPORTED |
: |
Machinery, yarn and dye. |
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EXPORT VALUE |
: |
YTL 1,400,705 YTL 14,438,325 YTL 17,199,938 YTL 23,077,467 YTL 16,932,665 |
(2003) (2004) (2005) (2006) (01.01.-30.09.2007) |
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EXPORT COUNTRIES |
: |
Bulgaria, Germany, France, Russia, USA,
Italy, UK, Spain, Sweden, Hungary, Denmark, Netherlands…. |
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MERCHANDISE
EXPORTED |
: |
Towels, bathrobes, bed linen, other linen
of cotton, and other textiles… |
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PREMISES |
: |
Head Office / Factory: Demirtas Organize
Sanayi Bolgesi Cigdem 1 Sok. No: 14 Merkez Bursa (19,500 sqm) (owned) |
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TREND OF
BUSINESS |
: |
Upwards |
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SIZE OF BUSINESS |
: |
Large |
FINANCE
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MAIN DEALING BANKERS |
: |
Garanti Bankasi Bursa branch in Bursa Asya Finans Katilim Bankasi Bursa branch
in Bursa |
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CREDIT FACILITIES |
: |
The subject company is making active use of credit
facilities. |
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PAYMENT BEHAVIOUR |
: |
No payment delays have come to our knowledge. |
COMMENT ON FINANCIAL POSITION
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FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
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In Order |
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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Fair |
In 2006 |
Good |
Between 01.01.-30.09.2007 |
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GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
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Unfavorable |
In 2006 |
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GENERAL
FINANCIAL POSITION |
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In order |
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CREDIT OPINION
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CREDIT OPINION WITHOUT OBLIGATION |
: |
We are of the opinion that, a max. credit
of USD 2.9 million may be granted to the subject company. |
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Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(2003) |
13.90 % |
1.5302 |
1.7141 |
2.4982 |
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(2004) |
13.84 % |
1.4266 |
1.7666 |
2.6001 |
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(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 |
|
(1.1.-31.01.2008) |
0.42 % |
1.1741 |
1.7303 |
2.3417 |
BALANCE SHEETS
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YTL |
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31.12.06 |
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CURRENT ASSETS |
16.685.982 |
|
0,58 |
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Cash and
Banks |
155.002 |
|
0,01 |
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Marketable Securities |
0 |
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0,00 |
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Account
Receivable |
10.164.123 |
|
0,35 |
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Other
Receivable |
99.830 |
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0,00 |
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Inventories |
5.891.666 |
|
0,20 |
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Advances
Given |
226.349 |
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0,01 |
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Other
Current Assets |
149.012 |
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0,01 |
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NON-CURRENT ASSETS |
12.210.881 |
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0,42 |
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Long-term
Receivable |
0 |
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0,00 |
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Financial
Assets |
61.057 |
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0,00 |
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Tangible
Fixed Assets (net) |
11.862.981 |
|
0,41 |
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Intangible Assets |
78.200 |
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0,00 |
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Other
Non-Current Assets |
208.643 |
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0,01 |
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TOTAL ASSETS |
28.896.863 |
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1,00 |
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CURRENT LIABILITIES |
7.788.528 |
|
0,27 |
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Financial
Loans |
4.239.137 |
|
0,15 |
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Accounts
Payable |
2.266.929 |
|
0,08 |
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Loans
from Shareholders |
674.834 |
|
0,02 |
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Other
Short-term Payable |
110.515 |
|
0,00 |
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Advances
from Customers |
296.290 |
|
0,01 |
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Taxes
Payable |
101.719 |
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0,00 |
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Provisions |
-230 |
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0,00 |
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Other
Current Liabilities |
99.334 |
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0,00 |
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LONG-TERM LIABILITIES |
7.478.208 |
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0,26 |
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Financial
Loans |
7.478.208 |
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0,26 |
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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 |
13.630.127 |
|
0,47 |
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Paid-in
Capital |
8.000.000 |
|
0,28 |
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Inflation
Adjustment of Capital |
6.413.216 |
|
0,22 |
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Reserves |
2.479.471 |
|
0,09 |
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Revaluation Fund |
0 |
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0,00 |
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Accumulated Losses(-) |
-4.264.571 |
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-0,15 |
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Net
Profit (loss) |
1.002.011 |
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0,03 |
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TOTAL LIABILITIES AND EQUITY |
28.896.863 |
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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 |
29.783.111 |
|
1,00 |
|
26.090.835 |
|
1,00 |
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Cost of
Goods Sold |
24.111.205 |
|
0,81 |
|
21.984.656 |
|
0,84 |
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Gross Profit |
5.671.906 |
|
0,19 |
|
4.106.179 |
|
0,16 |
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Operating
Expenses |
1.410.439 |
|
0,05 |
|
2.289.954 |
|
0,09 |
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Operating Profit |
4.261.467 |
|
0,14 |
|
1.816.225 |
|
0,07 |
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Other
Income |
2.222.115 |
|
0,07 |
|
1.520.181 |
|
0,06 |
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Other
Expenses |
925.089 |
|
0,03 |
|
899.116 |
|
0,03 |
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Financial
Expenses |
4.556.482 |
|
0,15 |
|
1.020.305 |
|
0,04 |
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Profit (loss) Before Tax |
1.002.011 |
|
0,03 |
|
1.416.985 |
|
0,05 |
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Tax
Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Net Profit (loss) |
1.002.011 |
|
0,03 |
|
1.416.985 |
|
0,05 |
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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 |
2,14 |
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-- |
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Acid-Test Ratio |
1,34 |
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-- |
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ASSET STRUCTURE RATIOS |
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Inventory/Total Assets |
0,20 |
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|
-- |
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Short-term Receivable/Total Assets |
0,36 |
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|
-- |
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Tangible Assets/Total Assets |
0,41 |
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-- |
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TURNOVER RATIOS |
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Inventory Turnover |
4,09 |
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-- |
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Stockholders' Equity Turnover |
2,19 |
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-- |
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Asset Turnover |
1,03 |
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-- |
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FINANCIAL STRUCTURE |
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Stockholders' Equity/Total Assets |
0,47 |
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-- |
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Current Liabilities/Total Assets |
0,27 |
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-- |
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Financial Leverage |
0,53 |
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-- |
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PROFITABILITY RATIOS |
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Net Profit/Stockholders' Eq. |
0,07 |
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-- |
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Operating Profit Margin |
0,14 |
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|
0,07 |
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Net Profit Margin |
0,03 |
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|
0,05 |
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COLLECTION-PAYMENT |
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Average Collection Period (days) |
122,86 |
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-- |
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Average Payable Period (days) |
33,85 |
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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%)