MIRA
INFORM REPORT
|
Report Date : |
05.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
EVA NILTEKS TEKSTIL SANAYI VE TICARET A.S. |
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Registered Office : |
Zafer Mah. 1063 Sok. No:30 Gumusler Denizli |
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Country : |
Turkey |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
16.01.2007 |
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Com. Reg. No.: |
24793 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Manufacture and Trade of Towel and Bathrobe and Trade of Yarn. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 735,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
COMPANY IDENTIFICATION
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NAME |
: |
EVA NILTEKS TEKSTIL SANAYI VE TICARET A.S. |
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ADDRESS |
: |
Head Office & Factory: Zafer Mah. 1063
Sok. No:30 Gumusler Denizli / Turkey |
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PHONE NUMBER |
: |
90-258-371 55 90 |
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FAX NUMBER |
: |
90-258-371 55 89 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Gokpinar / 3810415595 |
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REGISTRATION NUMBER |
: |
24793 |
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REGISTERED OFFICE |
: |
Denizli Chamber of Commerce |
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DATE ESTABLISHED |
: |
16.01.2007 (Commercial Registry Gazette
Date/No:24.01.2007/6730) |
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LEGAL FORM |
: |
Joint Stock Company |
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TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
YTL 5,000,000 |
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PAID-IN CAPITAL |
: |
YTL 3,109,010 (as of 31.12.2007) |
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Veli Yagci Abdullah Yagci Zahide Yagci Safa Yagci Ramazan Samed Yagci Feray Yagci |
45 % 45 % 5
% 2
% 2
% 1
% |
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SISTER COMPANIES |
: |
-Ucgul Corapcilik Sanayi ve Ticaret A.S. |
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GROUP PARENT COMPANY |
: |
None |
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SUBSIDIARIES |
: |
None |
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BOARD OF DIRECTORS |
: |
Abdullah Yagci Veli Yagci Feray Yagci |
Chairman Vice-Chairman Member |
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OPERATIONS
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BUSINESS
ACTIVITIES |
: |
Manufacture and trade of towel &
bathrobe and trade of yarn. |
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SECTOR |
: |
Textile |
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NUMBER OF
EMPLOYEES |
: |
100 |
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NET SALES |
: |
(YTL) 9,466,589 3,547,310 |
(16.01.-31.12.2007) (01.01.-31.03.2008) |
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CAPACITY |
: |
(Units/Yr) 294,000 |
(Kg/Yr) 679,041 |
(2008) |
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IMPORT COUNTRIES |
: |
China, Pakistan, Syria, Egypt, Uzbekistan… |
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MERCHANDISE
IMPORTED |
: |
Yarn, velvet fabric. |
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EXPORT VALUE |
: |
(YTL) 4,203,314 1,358,421 |
(16.01.-31.12.2007) (01.01.-31.03.2008) |
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EXPORT COUNTRIES |
: |
Russia, Sweden, Austria, Japan, USA,
United Arab Emirates, UK, Italy, Germany… |
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MERCHANDISE
EXPORTED |
: |
Towel and bathrobe |
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PREMISES |
: |
Head Office & Factory: Zafer Mah. 1063
Sok. No:30 Gumusler Denizli The subject company also has 2 warehouses
in Denizli. |
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FIXED CAPITAL
INVESTMENTS |
: |
None |
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TREND OF BUSINESS |
: |
Undetermined,
young business. |
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SIZE
OF BUSINESS |
: |
Medium
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FINANCE
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MAIN DEALING BANKERS |
: |
Asya Katilim Bankasi Merkez branch in
Denizli Kuveyt Turk Katilim Bankasi Merkez branch
in Denizli Turkiye Finans Katilim Bankasi Bayramyeri
branch in Denizli Albaraka Turk Katilim Bankasi Merkez
branch in Denizli |
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CREDIT FACILITIES |
: |
The subject company is making 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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Good |
As of 31.12.2007 |
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LIQUIDITY |
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Liquidity was high as of 31.12.2007 but
there was an unfavorable gap between the collection and payment periods
adversely affecting liquidity. |
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PROFITABILITY |
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The subject company which had operating loss but low net profitability
between 16.01.-31.12.2007, had low profitability in the first 3 months of
2008. |
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GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
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Unfavorable & Long |
Between 16.01.-31.12.2007 |
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GENERAL
FINANCIAL POSITION |
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Satisfactory |
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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 735,000 may be granted to the subject company. |
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|
Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(2007) |
5.94 % |
1.3075 |
1.7901 |
2.6133 |
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(1.1.-31.03.2008) |
6.26 % |
1.2033 |
1.8179 |
2.3972 |
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(1.1.-30.04.2008) |
11.04 % |
1.2193 |
1.8541 |
2.4257 |
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(1.1.-31.05.2008) |
13.39 % |
1.2181 |
1.8583 |
2.4201 |
BALANCE SHEETS
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YTL |
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31.12.07 |
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CURRENT ASSETS |
5.484.469 |
|
0,87 |
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Cash and
Banks |
126.498 |
|
0,02 |
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Marketable Securities |
0 |
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0,00 |
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Account
Receivable |
3.543.493 |
|
0,56 |
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Other
Receivable |
33.651 |
|
0,01 |
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Inventories |
996.200 |
|
0,16 |
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Advances
Given |
502.634 |
|
0,08 |
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Other
Current Assets |
281.993 |
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0,04 |
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NON-CURRENT ASSETS |
841.438 |
|
0,13 |
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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) |
492.306 |
|
0,08 |
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Intangible Assets |
349.132 |
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0,06 |
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Other
Non-Current Assets |
0 |
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0,00 |
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TOTAL ASSETS |
6.325.907 |
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1,00 |
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CURRENT LIABILITIES |
3.180.518 |
|
0,50 |
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Financial
Loans |
2.070.744 |
|
0,33 |
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Accounts Payable |
1.002.836 |
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0,16 |
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Loans
from Shareholders |
0 |
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0,00 |
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Other
Short-term Payable |
30.248 |
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0,00 |
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Advances
from Customers |
9.270 |
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0,00 |
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Taxes
Payable |
28.766 |
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0,00 |
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Provisions |
0 |
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0,00 |
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Other
Current Liabilities |
38.654 |
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0,01 |
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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 |
3.145.389 |
|
0,50 |
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Paid-in
Capital |
3.109.010 |
|
0,49 |
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Reserves |
1.819 |
|
0,00 |
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Revaluation Fund |
0 |
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0,00 |
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Accumulated Losses(-) |
0 |
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0,00 |
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Net
Profit (loss) |
34.560 |
|
0,01 |
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TOTAL LIABILITIES AND EQUITY |
6.325.907 |
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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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|
16.01.-31.12.2007 |
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01.01-31.03.2008 |
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Net Sales |
9.466.589 |
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1,00 |
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3.547.310 |
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1,00 |
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Cost of
Goods Sold |
9.065.772 |
|
0,96 |
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2.990.562 |
|
0,84 |
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Gross Profit |
400.817 |
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0,04 |
|
556.748 |
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0,16 |
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Operating
Expenses |
497.303 |
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0,05 |
|
247.978 |
|
0,07 |
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Operating Profit |
-96.486 |
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-0,01 |
|
308.770 |
|
0,09 |
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Other
Income |
318.757 |
|
0,03 |
|
36.994 |
|
0,01 |
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Other
Expenses |
80.037 |
|
0,01 |
|
265.550 |
|
0,07 |
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Financial
Expenses |
96.853 |
|
0,01 |
|
49.199 |
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0,01 |
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Profit (loss) Before Tax |
45.381 |
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0,00 |
|
31.015 |
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0,01 |
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Tax
Payable |
10.821 |
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0,00 |
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0 |
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0,00 |
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Net Profit (loss) |
34.560 |
|
0,00 |
|
31.015 |
|
0,01 |
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FINANCIAL RATIOS
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16.01.-31.12.2007 |
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01.01-31.03.2008 |
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LIQUIDITY RATIOS |
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Current Ratio |
1,72 |
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-- |
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Acid-Test Ratio |
1,16 |
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-- |
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ASSET STRUCTURE RATIOS |
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Inventory/Total Assets |
0,16 |
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-- |
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Short-term Receivable/Total Assets |
0,57 |
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|
-- |
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Tangible Assets/Total Assets |
0,08 |
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-- |
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TURNOVER RATIOS |
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Inventory Turnover |
9,10 |
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-- |
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Stockholders' Equity Turnover |
3,01 |
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-- |
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Asset Turnover |
1,50 |
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-- |
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FINANCIAL STRUCTURE |
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Stockholders' Equity/Total Assets |
0,50 |
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-- |
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Current Liabilities/Total Assets |
0,50 |
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-- |
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Financial Leverage |
0,50 |
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-- |
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PROFITABILITY RATIOS |
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Net Profit/Stockholders' Eq. |
0,01 |
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|
-- |
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Operating Profit Margin |
-0,01 |
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|
0,09 |
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Net Profit Margin |
0,00 |
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|
0,01 |
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COLLECTION-PAYMENT |
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Average Collection Period (days) |
134,75 |
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-- |
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Average Payable Period (days) |
39,82 |
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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%)