MIRA
INFORM REPORT
|
Report Date : |
28.02.2008 |
IDENTIFICATION
DETAILS
|
Name : |
BURGAZLI TEKSTIL SANAYI VE TICARET LTD. STI. |
|
|
|
|
Registered Office : |
Merkez Mah. Ardic Sok. No: 15 K:2-3-4-5 Kagithane-Istanbul |
|
|
|
|
Country : |
Turkey |
|
|
|
|
Financials (as on) : |
31.12.2007 |
|
|
|
|
Date of Incorporation : |
04.03.2004 |
|
|
|
|
Com. Reg. No.: |
517324 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Manufacture and Trader 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 1.6 million |
|
|
|
|
Status : |
Small Company |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
BURGAZLI TEKSTIL SANAYI VE TICARET LTD. STI. |
|
ADDRESS |
: |
Head Office & Production Plant: Merkez
Mah. Ardic Sok. No: 15 K:2-3-4-5 Kagithane-Istanbul / Turkey |
|
PHONE NUMBER |
: |
90-212-295 63 63-64 |
|
FAX NUMBER |
: |
90-212-321 06 11 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Kagithane / 1910414821 |
|
|
|
REGISTRATION NUMBER |
: |
517324 |
|
|
|
REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce Istanbul Chamber of Industry |
|
|
|
DATE ESTABLISHED |
: |
04.03.2004 (Commercial Registry Gazette
Date/No: 09.03.2004/6003) |
|
|
|
LEGAL FORM |
: |
Limited Company |
|
|
|
TYPE OF COMPANY |
: |
Private |
|
|
|
REGISTERED CAPITAL |
: |
YTL 5,000,000 |
|
|
|
PAID-IN CAPITAL |
: |
YTL 5,000,000 |
|
|
|
HISTORY |
: |
|
|
|
|
|
|
Previous
Registered Capital |
: YTL 100,000 |
|
|
|
|
Regist. Capital
Changed on |
: 06.09.2006 (Commercial Registry Gazette
Date/No: 11.09.2006/6639 ) |
|
|
|
|
Previous Address |
: Merkez Mah. Efe Sok. No: 15 K:2-3-4-5 |
|
|
|
|
Address Changed On |
: 08.03.2004 (Commercial Registry Gazette
Date/No: 11.03.2004/6005) |
|
|
|
|
Other Historical Events |
: The shareholder Mustafa Bilgin sold 16 %
shares to Faik Gungor on 26.06.2006 (Commercial Registry Gazette Date/No:
28.06.2006/6587 ) |
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Faik Gungor Mustafa Bilgin |
66 % 34 % |
|
SISTER COMPANIES |
: |
Declared to be: None |
|
|
GROUP PARENT COMPANY |
: |
None |
|
|
GENERAL MANAGER |
: |
Mustafa Bilgin |
|
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Manufacture and trade of ready-wear |
|
|
SECTOR |
: |
Ready-wear |
|
|
TRADEMARK(S) |
: |
“JUNKER” |
|
|
NUMBER OF
EMPLOYEES |
: |
“42 |
|
|
NET SALES |
: |
(YTL) 10,309,061 13,365,463 14,672,264 |
(2005) (2006) (2007) |
|
CAPACITY |
: |
(Units/Yr) 90,900 90,900 90,900 |
(2005) (2006) (2007) |
|
IMPORT VALUE |
: |
(USD) 958,009 1,404,801 2,933,404 |
(2005) (2006) (2007) |
|
IMPORT COUNTRIES |
: |
Indian, China… |
|
|
MERCHANDISE
IMPORTED |
: |
Ready-wear |
|
|
EXPORT VALUE |
: |
(YTL) 5,915,447 7,946,663 10,286,114 |
(2005) (2006) (2007) |
|
EXPORT COUNTRIES |
: |
Russia, Ukraine, Romania… |
|
|
MERCHANDISE
EXPORTED |
: |
Ready-wear |
|
|
PREMISES |
: |
Head Office & Production Plant: Merkez
Mah. Ardic Sok. No: 15 K:2-3-4-5 Kagithane-Istanbul ( 2,500 sqm) (rented) Showroom: M Kemalettin Mah. Koska Cad. No: 39 Laleli -Istanbul (800 sqm) (rented) Showroom: Matbaaci Osmanbey Sok. No: 39/A
Osmanbey -Istanbul (500 sqm) (rented) |
|
|
FIXED CAPITAL
INVESTMENTS |
: |
None |
|
|
TREND OF
BUSINESS |
: |
Upwards |
|
SIZE OF BUSINESS |
: |
Large |
FINANCE
|
MAIN DEALING BANKERS |
: |
Turkiye Finans Katilim Bankasi Ankara
branch in Istanbul Yapi ve Kredi Bankasi Aksaray Ordu Cad.
branch in Istanbul |
|
CREDIT FACILITIES |
: |
The subject company is making active use of credit
facilities. |
|
PAYMENT BEHAVIOUR |
: |
No payment delays have come to our knowledge except an one off delay
which was resolved later on. |
COMMENT ON FINANCIAL POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
||
|
Satisfactory |
As of 31.12.2007 |
|
|
LIQUIDITY |
||
|
High |
As of 31.12.2007 |
|
|
PROFITABILITY |
||
|
Low |
In 2007 |
|
|
GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
||
|
Unfavorable |
In 2007 |
|
|
GENERAL
FINANCIAL POSITION |
||
|
Satisfactory |
||
CREDIT OPINION
|
CREDIT OPINION WITHOUT OBLIGATION |
: |
We are of the opinion that, a max. credit
of USD 1.6 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.-31.01.2008) |
0.42 % |
1.1741 |
1.7303 |
2.3417 |
BALANCE SHEETS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
31.12.05 |
|
|
|
31.12.06 |
|
|
|
31.12.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
5.859.700 |
|
0,91 |
|
8.335.551 |
|
0,90 |
|
11.391.866 |
|
0,95 |
|
|
|
Cash and
Banks |
271.068 |
|
0,04 |
|
586.249 |
|
0,06 |
|
260.733 |
|
0,02 |
|
|
|
Marketable Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account
Receivable |
2.004.639 |
|
0,31 |
|
3.619.777 |
|
0,39 |
|
4.378.900 |
|
0,37 |
|
|
|
Other
Receivable |
235.047 |
|
0,04 |
|
174.289 |
|
0,02 |
|
385.099 |
|
0,03 |
|
|
|
Inventories |
2.877.542 |
|
0,45 |
|
3.489.878 |
|
0,38 |
|
5.771.314 |
|
0,48 |
|
|
|
Advances
Given |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
627 |
|
0,00 |
|
|
|
Other
Current Assets |
471.404 |
|
0,07 |
|
465.358 |
|
0,05 |
|
595.193 |
|
0,05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
602.435 |
|
0,09 |
|
966.462 |
|
0,10 |
|
558.498 |
|
0,05 |
|
|
|
Long-term
Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Financial
Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Tangible
Fixed Assets (net) |
522.040 |
|
0,08 |
|
861.109 |
|
0,09 |
|
205.124 |
|
0,02 |
|
|
|
Intangible Assets |
50.833 |
|
0,01 |
|
46.036 |
|
0,00 |
|
167.144 |
|
0,01 |
|
|
|
Other
Non-Current Assets |
29.562 |
|
0,00 |
|
59.317 |
|
0,01 |
|
186.230 |
|
0,02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
6.462.135 |
|
1,00 |
|
9.302.013 |
|
1,00 |
|
11.950.364 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
6.223.232 |
|
0,96 |
|
4.223.199 |
|
0,45 |
|
2.220.116 |
|
0,19 |
|
|
|
Financial
Loans |
1.269.739 |
|
0,20 |
|
1.682.055 |
|
0,18 |
|
59.691 |
|
0,00 |
|
|
|
Accounts
Payable |
845.901 |
|
0,13 |
|
1.887.513 |
|
0,20 |
|
2.296.643 |
|
0,19 |
|
|
|
Loans
from Shareholders |
4.059.069 |
|
0,63 |
|
605.661 |
|
0,07 |
|
3.527 |
|
0,00 |
|
|
|
Other
Short-term Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
27.734 |
|
0,00 |
|
|
|
Advances
from Customers |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Taxes
Payable |
28.430 |
|
0,00 |
|
45.568 |
|
0,00 |
|
29.928 |
|
0,00 |
|
|
|
Provisions |
20.093 |
|
0,00 |
|
2.402 |
|
0,00 |
|
13.675 |
|
0,00 |
|
|
|
Other
Current Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
-211.082 |
|
-0,02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
4.642.867 |
|
0,39 |
|
|
|
Financial
Loans |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
4.642.867 |
|
0,39 |
|
|
|
Securities Issued |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Long-term
Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Loans
from Shareholders |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Long-term Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Provisions |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
238.903 |
|
0,04 |
|
5.078.814 |
|
0,55 |
|
5.087.381 |
|
0,43 |
|
|
|
Paid-in
Capital |
100.000 |
|
0,02 |
|
5.000.000 |
|
0,54 |
|
5.000.000 |
|
0,42 |
|
|
|
Inflation Adjustment of Capital |
4.820 |
|
0,00 |
|
4.820 |
|
0,00 |
|
4.820 |
|
0,00 |
|
|
|
Reserves |
75.751 |
|
0,01 |
|
8.084 |
|
0,00 |
|
73.993 |
|
0,01 |
|
|
|
Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accumulated Losses(-) |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net
Profit (loss) |
58.332 |
|
0,01 |
|
65.910 |
|
0,01 |
|
8.568 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
6.462.135 |
|
1,00 |
|
9.302.013 |
|
1,00 |
|
11.950.364 |
|
1,00 |
|
INCOME
STATEMENTS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
10.309.061 |
|
1,00 |
|
13.365.463 |
|
1,00 |
|
14.672.264 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
8.890.538 |
|
0,86 |
|
11.739.328 |
|
0,88 |
|
12.899.277 |
|
0,88 |
|
|
|
Gross Profit |
1.418.523 |
|
0,14 |
|
1.626.135 |
|
0,12 |
|
1.772.987 |
|
0,12 |
|
|
|
Operating
Expenses |
1.333.013 |
|
0,13 |
|
1.497.569 |
|
0,11 |
|
1.712.006 |
|
0,12 |
|
|
|
Operating Profit |
85.510 |
|
0,01 |
|
128.566 |
|
0,01 |
|
60.981 |
|
0,00 |
|
|
|
Other
Income |
233.857 |
|
0,02 |
|
215.766 |
|
0,02 |
|
1.232.123 |
|
0,08 |
|
|
|
Other
Expenses |
222.161 |
|
0,02 |
|
187.909 |
|
0,01 |
|
831.348 |
|
0,06 |
|
|
|
Financial
Expenses |
2.582 |
|
0,00 |
|
70.278 |
|
0,01 |
|
419.562 |
|
0,03 |
|
|
|
Profit (loss) Before Tax |
94.624 |
|
0,01 |
|
86.145 |
|
0,01 |
|
42.194 |
|
0,00 |
|
|
|
Tax
Payable |
36.292 |
|
0,00 |
|
20.235 |
|
0,00 |
|
33.626 |
|
0,00 |
|
|
|
Net Profit (loss) |
58.332 |
|
0,01 |
|
65.910 |
|
0,00 |
|
8.568 |
|
0,00 |
|
FINANCIAL RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
2007 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Ratio |
0,94 |
|
|
|
1,97 |
|
|
|
5,13 |
|
|
|
|
|
Acid-Test Ratio |
0,40 |
|
|
|
1,04 |
|
|
|
2,26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,45 |
|
|
|
0,38 |
|
|
|
0,48 |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,35 |
|
|
|
0,41 |
|
|
|
0,40 |
|
|
|
|
|
Tangible Assets/Total Assets |
0,08 |
|
|
|
0,09 |
|
|
|
0,02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
3,09 |
|
|
|
3,36 |
|
|
|
2,24 |
|
|
|
|
|
Stockholders' Equity Turnover |
43,15 |
|
|
|
2,63 |
|
|
|
2,88 |
|
|
|
|
|
Asset Turnover |
1,60 |
|
|
|
1,44 |
|
|
|
1,23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,04 |
|
|
|
0,55 |
|
|
|
0,43 |
|
|
|
|
|
Current Liabilities/Total Assets |
0,96 |
|
|
|
0,45 |
|
|
|
0,19 |
|
|
|
|
|
Financial Leverage |
0,96 |
|
|
|
0,45 |
|
|
|
0,57 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
0,24 |
|
|
|
0,01 |
|
|
|
0,00 |
|
|
|
|
|
Operating Profit Margin |
0,01 |
|
|
|
0,01 |
|
|
|
0,00 |
|
|
|
|
|
Net Profit Margin |
0,01 |
|
|
|
0,00 |
|
|
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
70,00 |
|
|
|
97,50 |
|
|
|
107,44 |
|
|
|
|
|
Average Payable Period (days) |
34,25 |
|
|
|
57,88 |
|
|
|
64,10 |
|
|
|
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%)