MIRA
INFORM REPORT
|
Report Date : |
08.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
RASA TEKSTIL SANAYI VE TICARET LTD.STI. |
|
|
|
|
Registered Office : |
Ikitelli Organize Sanayi Bolgesi Depo Ve Ardiyeciler Yapi Kooperatifi
101.Ada 1.Parsel Ikitelli-Istanbul |
|
|
|
|
Country : |
Turkey |
|
|
|
|
Financials (as on) : |
31.12.2007 |
|
|
|
|
Date of Incorporation : |
22.10.1993 |
|
|
|
|
Com. Reg. No.: |
304981 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
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 1.5 million |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
RASA TEKSTIL SANAYI VE TICARET LTD.STI. |
|
ADDRESS |
: |
Head Office&Factory: Ikitelli Organize
Sanayi Bolgesi Depo Ve Ardiyeciler Yapi Kooperatifi 101.Ada 1.Parsel
Ikitelli-Istanbul/Turkey |
|
PHONE NUMBER |
: |
90-212-675 15 60 |
|
FAX NUMBER |
: |
90-212-675 15 68 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Ikitelli / 7340035689 |
|
|
|
REGISTRATION NUMBER |
: |
304981 |
|
|
|
REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce Istanbul Chamber of Industry |
|
|
|
DATE ESTABLISHED |
: |
22.10.1993 (Commercial Registry Gazette
Date/No:27.10.1993/3393 ) |
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|
|
LEGAL FORM |
: |
Limited Company |
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|
|
TYPE OF COMPANY |
: |
Private |
|
|
|
REGISTERED CAPITAL |
: |
YTL 1,500,000 |
|
|
|
PAID-IN CAPITAL |
: |
YTL 1,499,447 (As of 31.12.2007) |
|
|
|
HISTORY |
: |
|
|
|
|
|
|
Previous
Registered Capital |
:YTL 800,000 |
|
|
|
|
Regist. Capital
Changed on |
: 15.12.2003 (Commercial Registry Gazette
Date/No: 18.12.2003/5949) |
|
|
|
|
Previous
Registered Capital |
:YTL 934,400 |
|
|
|
|
Regist. Capital
Changed on |
: 22.09.2006 (Commercial Registry Gazette
Date/No: 27.09.2006/6651) |
|
|
|
|
Previous Address |
:Terazidere Mah.Hakan Sk.No:25/3-4
Bayrampasa-Istanbul |
|
|
|
Address Changed On |
: 07.10.2003 (Commercial Registry Gazette
Date/No: 10.10.2003/5904) |
|
|
|
Other Historical Events |
: The shareholder Ahmet Aksoy sold 16 %
shares to Mustafa Aksoy on 25.12.2006 (Commercial Registry Gazette Date/No: 28.12.2006
/ 6714) |
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Mustafa Aksoy Ramazan Aksoy Mehmet Hanifi Yilmaz Uzeyir Aksoy Mehmet Aksoy |
31 % 19 % 18 % 18 % 14 % |
|
SISTER COMPANIES |
: |
Sim Dis Ticaret ve Tekstil Pazarlama Ltd
Sti |
|
|
GROUP PARENT COMPANY |
: |
None |
|
|
SUBSIDIARIES |
: |
None |
|
|
GENERAL MANAGER |
: |
Mehmet Hanifi Yilmaz |
|
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Manufacture and trade of ready-wear |
|
|
SECTOR |
: |
Ready-wear |
|
|
NUMBER OF
EMPLOYEES |
: |
180 |
|
|
NET SALES |
: |
(YTL) 3,144,245 4,818,065 7,847,998 8,291,944 10,787,098 12,285,782 12,590,207 7,936,677 |
(2001) (2002) (2003) (2004) (2005) (2006) (2007) (01.01.-31.03.2008) |
|
CAPACITY |
: |
(Units/Yr) 1,238,100 1,238,100 |
(2006) (2007) |
|
IMPORT VALUE |
: |
(USD) 599,662 485,870 307,000 303,000 338,000 510,000 |
(2002) (2003) (2004) (2005) (2006) (2007) |
|
|
IMPORT COUNTRIES |
: |
Italy, UK, India, Egypt… |
|
|
|
MERCHANDISE
IMPORTED |
: |
Yarn, machinery |
|
|
|
EXPORT VALUE |
: |
None YTL 10,945,941 YTL 7,390,619 |
(2006) (2007) (01.01.-31.03.2008) |
|
|
EXPORT COUNTRIES |
: |
Egypt, Germany… |
|
|
|
MERCHANDISE
EXPORTED |
: |
Yarn, fabric, label |
|
|
|
PREMISES |
: |
Head Office&Factory: Ikitelli Organize
Sanayi Bolgesi Depo Ve Ardiyeciler Yapi Kooperatifi 101.Ada 1.Parsel
Ikitelli-Istanbul (owned) Branch: Mesrutiyet Mah Samanyolu Sok No:10
Osmanbey-Istanbul (rented) |
|
|
|
FIXED CAPITAL
INVESTMENTS |
: |
None |
|
|
|
|
|
|
|
|
|
TREND OF BUSINESS |
: |
Steady |
|
SIZE
OF BUSINESS |
: |
Large |
FINANCE
|
MAIN DEALING BANKERS |
: |
Asya Katilim Bankasi
Ikitelli branch in Istanbul Garanti Bankasi Masko
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 31.12.2007 |
||||
|
LIQUIDITY |
|||||
|
Fair |
As of 31.12.2007 |
||||
|
PROFITABILITY |
|||||
|
In order |
In 2007 |
High |
Between 01.01.-31.03.2008 |
||
|
GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
|||||
|
Favorable |
In 2007 |
||||
|
GENERAL
FINANCIAL POSITION |
|||||
|
Satisfactory |
|||||
CREDIT OPINION
|
CREDIT
OPINION WITHOUT OBLIGATION |
: |
We
are of the opinion that, a max. credit of USD 1.5 million may be granted to
the subject company. |
|
|
Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(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 |
|
(2007) |
5.94 % |
1.3075 |
1.7901 |
2.6133 |
|
(1.1.-31.03.2008) |
6.26 % |
1.2033 |
1.8179 |
2.3972 |
|
(1.1.-31.05.2008) |
13.39 % |
1.2181 |
1.8583 |
2.4201 |
BALANCE
SHEETS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
31.12.05 |
|
|
|
31.12.06 |
|
|
|
31.12.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
4.772.797 |
|
0,58 |
|
6.126.042 |
|
0,65 |
|
7.454.374 |
|
0,73 |
|
|
|
Cash and
Banks |
593.139 |
|
0,07 |
|
564.296 |
|
0,06 |
|
188.738 |
|
0,02 |
|
|
|
Marketable Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account
Receivable |
1.271.750 |
|
0,15 |
|
2.121.368 |
|
0,22 |
|
2.136.910 |
|
0,21 |
|
|
|
Other
Receivable |
433 |
|
0,00 |
|
332.504 |
|
0,04 |
|
103.711 |
|
0,01 |
|
|
|
Inventories |
2.879.320 |
|
0,35 |
|
2.496.359 |
|
0,26 |
|
4.091.438 |
|
0,40 |
|
|
|
Advances
Given |
28.155 |
|
0,00 |
|
91.291 |
|
0,01 |
|
105.891 |
|
0,01 |
|
|
|
Other
Current Assets |
0 |
|
0,00 |
|
520.224 |
|
0,06 |
|
827.686 |
|
0,08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
3.444.933 |
|
0,42 |
|
3.314.757 |
|
0,35 |
|
2.799.456 |
|
0,27 |
|
|
|
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) |
3.378.970 |
|
0,41 |
|
3.232.595 |
|
0,34 |
|
2.738.918 |
|
0,27 |
|
|
|
Intangible Assets |
59.574 |
|
0,01 |
|
47.737 |
|
0,01 |
|
31.215 |
|
0,00 |
|
|
|
Other
Non-Current Assets |
6.389 |
|
0,00 |
|
34.425 |
|
0,00 |
|
29.323 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
8.217.730 |
|
1,00 |
|
9.440.799 |
|
1,00 |
|
10.253.830 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
3.732.702 |
|
0,45 |
|
3.925.742 |
|
0,42 |
|
4.319.969 |
|
0,42 |
|
|
|
Financial
Loans |
786.632 |
|
0,10 |
|
380.844 |
|
0,04 |
|
548.308 |
|
0,05 |
|
|
|
Accounts
Payable |
2.276.733 |
|
0,28 |
|
2.291.958 |
|
0,24 |
|
3.130.711 |
|
0,31 |
|
|
|
Loans
from Shareholders |
367.012 |
|
0,04 |
|
184.619 |
|
0,02 |
|
61.035 |
|
0,01 |
|
|
|
Other
Short-term Payable |
107.189 |
|
0,01 |
|
205.334 |
|
0,02 |
|
113.362 |
|
0,01 |
|
|
|
Advances
from Customers |
0 |
|
0,00 |
|
421.722 |
|
0,04 |
|
18.443 |
|
0,00 |
|
|
|
Taxes
Payable |
137.952 |
|
0,02 |
|
65.772 |
|
0,01 |
|
61.296 |
|
0,01 |
|
|
|
Provisions |
46.457 |
|
0,01 |
|
31.426 |
|
0,00 |
|
-544 |
|
0,00 |
|
|
|
Other
Current Liabilities |
10.727 |
|
0,00 |
|
344.067 |
|
0,04 |
|
387.358 |
|
0,04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Financial
Loans |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
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 |
4.485.028 |
|
0,55 |
|
5.515.057 |
|
0,58 |
|
5.933.861 |
|
0,58 |
|
|
|
Paid-in
Capital |
934.400 |
|
0,11 |
|
1.475.600 |
|
0,16 |
|
1.499.447 |
|
0,15 |
|
|
|
Inflation
Adjustment of Capital |
1.049.618 |
|
0,13 |
|
1.049.618 |
|
0,11 |
|
1.049.618 |
|
0,10 |
|
|
|
Reserves |
2.300.646 |
|
0,28 |
|
2.494.814 |
|
0,26 |
|
3.003.366 |
|
0,29 |
|
|
|
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) |
200.364 |
|
0,02 |
|
495.025 |
|
0,05 |
|
381.430 |
|
0,04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
8.217.730 |
|
1,00 |
|
9.440.799 |
|
1,00 |
|
10.253.830 |
|
1,00 |
|
INCOME STATEMENTS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
10.787.098 |
|
1,00 |
|
12.285.782 |
|
1,00 |
|
12.590.207 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
9.081.886 |
|
0,84 |
|
10.348.409 |
|
0,84 |
|
10.546.513 |
|
0,84 |
|
|
|
Gross Profit |
1.705.212 |
|
0,16 |
|
1.937.373 |
|
0,16 |
|
2.043.694 |
|
0,16 |
|
|
|
Operating
Expenses |
1.176.137 |
|
0,11 |
|
751.626 |
|
0,06 |
|
980.916 |
|
0,08 |
|
|
|
Operating Profit |
529.075 |
|
0,05 |
|
1.185.747 |
|
0,10 |
|
1.062.778 |
|
0,08 |
|
|
|
Other
Income |
158.003 |
|
0,01 |
|
314.808 |
|
0,03 |
|
202.329 |
|
0,02 |
|
|
|
Other
Expenses |
291.900 |
|
0,03 |
|
536.365 |
|
0,04 |
|
744.108 |
|
0,06 |
|
|
|
Financial
Expenses |
70.568 |
|
0,01 |
|
342.705 |
|
0,03 |
|
28.426 |
|
0,00 |
|
|
|
Profit (loss) Before Tax |
324.610 |
|
0,03 |
|
621.485 |
|
0,05 |
|
492.573 |
|
0,04 |
|
|
|
Tax
Payable |
124.246 |
|
0,01 |
|
126.460 |
|
0,01 |
|
111.143 |
|
0,01 |
|
|
|
Net Profit (loss) |
200.364 |
|
0,02 |
|
495.025 |
|
0,04 |
|
381.430 |
|
0,03 |
|
FINANCIAL RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
2007 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Ratio |
1,28 |
|
|
|
1,56 |
|
|
|
1,73 |
|
|
|
|
|
Acid-Test Ratio |
0,50 |
|
|
|
0,77 |
|
|
|
0,56 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,35 |
|
|
|
0,26 |
|
|
|
0,40 |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,15 |
|
|
|
0,26 |
|
|
|
0,22 |
|
|
|
|
|
Tangible Assets/Total Assets |
0,41 |
|
|
|
0,34 |
|
|
|
0,27 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
3,15 |
|
|
|
4,15 |
|
|
|
2,58 |
|
|
|
|
|
Stockholders' Equity Turnover |
2,41 |
|
|
|
2,23 |
|
|
|
2,12 |
|
|
|
|
|
Asset Turnover |
1,31 |
|
|
|
1,30 |
|
|
|
1,23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,55 |
|
|
|
0,58 |
|
|
|
0,58 |
|
|
|
|
|
Current Liabilities/Total Assets |
0,45 |
|
|
|
0,42 |
|
|
|
0,42 |
|
|
|
|
|
Financial Leverage |
0,45 |
|
|
|
0,42 |
|
|
|
0,42 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
0,04 |
|
|
|
0,09 |
|
|
|
0,06 |
|
|
|
|
|
Operating Profit Margin |
0,05 |
|
|
|
0,10 |
|
|
|
0,08 |
|
|
|
|
|
Net Profit Margin |
0,02 |
|
|
|
0,04 |
|
|
|
0,03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
42,44 |
|
|
|
62,16 |
|
|
|
61,10 |
|
|
|
|
|
Average Payable Period (days) |
90,25 |
|
|
|
79,73 |
|
|
|
106,87 |
|
|
|
INCOME STATEMENT
|
|
|
YTL |
|
|
|
|
|
|
1.1-31.03.2008 |
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
7.936.677 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
6.269.217 |
|
0,79 |
|
|
|
Gross Profit |
1.667.460 |
|
0,21 |
|
|
|
Operating
Expenses |
360.640 |
|
0,05 |
|
|
|
Operating Profit |
1.306.820 |
|
0,16 |
|
|
|
Other
Income |
52.253 |
|
0,01 |
|
|
|
Other
Expenses |
636.725 |
|
0,08 |
|
|
|
Financial
Expenses |
90.789 |
|
0,01 |
|
|
|
Profit (loss) Before Tax |
631.559 |
|
0,08 |
|
|
|
Tax
Payable |
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
631.559 |
|
0,08 |
|
|
|
|
|
|
|
|
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.43.37 |
|
UK Pound |
1 |
Rs.85.51 |
|
Euro |
1 |
Rs.68.08 |
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%)