MIRA
INFORM REPORT
|
Report Date : |
13.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
NUREL TEKSTIL SANAYI VE TICARET LTD. STI. |
|
|
|
|
Registered Office : |
Demirtas Organize Sanayi Bolgesi (DOSAB) Karanfil Sok. No: 4 Bursa |
|
|
|
|
Country : |
Turkey |
|
|
|
|
Financials (as on) : |
31.12.2007 |
|
|
|
|
Date of Incorporation : |
05.06.1996 |
|
|
|
|
Com. Reg. No.: |
40677 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Manufacture and Trade of Scarf |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
NUREL TEKSTIL SANAYI VE TICARET LTD. STI. |
|
ADDRESS |
: |
Head Office & Factory: Demirtas
Organize Sanayi Bolgesi (DOSAB) Karanfil Sok. No: 4 Bursa / Turkey |
|
PHONE NUMBER |
: |
90-224-261 11 22 |
|
FAX NUMBER |
: |
90-224-261 19 48 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Ertugrulgazi / 6320066356 |
|
REGISTRATION NUMBER |
: |
40677 |
|
REGISTERED OFFICE |
: |
Bursa Chamber of Commerce and Industry |
|
DATE ESTABLISHED |
: |
05.06.1996 (Commercial Registry Gazette
Date/No: 20.06.1996/4063) |
|
LEGAL FORM |
: |
Limited Company |
|
TYPE OF COMPANY |
: |
Private |
|
REGISTERED CAPITAL |
: |
YTL 14,000,000 |
|
PAID-IN CAPITAL |
: |
YTL 14,000,000 |
|
HISTORY |
: |
|
|
|
|
|
|
Previous
Registered Capital |
: YTL 7,000,000 |
|
|
|
|
Regist. Capital
Changed on |
: 09.12.2004 (Commercial Registry Gazette
Date/No: 17.12.2004/6200) |
|
|
|
|
Previous
Registered Capital |
: YTL 8,000,000 |
|
|
|
|
Regist. Capital
Changed on |
: 06.12.2005 (Commercial Registry Gazette
Date/No: 15.12.2005/6453) |
|
|
|
|
Previous Registered
Capital |
: YTL 11,000,000 |
|
|
|
|
Regist. Capital
Changed on |
: 09.11.2006 (Commercial Registry Gazette
Date/No: 20.11.2006/6686) |
|
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Mehmet Sefik Kar Ridvan Kar Murat Kar Adnan Kar Nurettin Kar Idris Kar |
17 % 17 % 17 % 17 % 16 % 16 % |
|
|
GROUP |
: |
Nurel Group Some of the main companies operating
within this group are declared to be as follows: -Piril Dis Ticaret Ltd.Sti. -Askar Makine Sanayi ve Ticaret A.S. -Karel Doviz Ticaret A.S. -Nurel Medikal Sanayi ve Ticaret Ltd.Sti. -Nurel Tekstil Sanayi ve Ticaret Ltd. Sti. |
|
|
|
SUBSIDIARIES |
: |
Nurel Medikal San.Ve Tic.Ltd.Sti. |
||
|
DIRECTORS |
: |
Mehmet Sefik Kar |
|
|
OPERATIONS
|
BUSINESS ACTIVITIES |
: |
Manufacture and trade of scarf |
|
SECTOR |
: |
Textile |
|
TRADEMARK(S) |
: |
“Nurel Softel” |
|
NUMBER OF
EMPLOYEES |
: |
140 |
|
NET SALES |
|
(YTL) 11,620,238 |
(2007) |
|
IMPORT COUNTRIES |
: |
India, Thailand |
|
|
MERCHANDISE
IMPORTED |
: |
Fabric |
|
|
EXPORT VALUE |
: |
YTL 6,097,034 |
(2007) |
|
EXPORT COUNTRIES |
: |
UK, Malaysia, USA, United Arab Emirates… |
|
|
MERCHANDISE
EXPORTED |
: |
Scarf |
|
|
PREMISES |
: |
Head Office & Factory: Demirtas Organize
Sanayi Bolgesi (DOSAB) Karanfil Sok. No: 4 Bursa (4,553 sqm) (owned) Production Plant: Kucukbalikli Mah.
Karadeniz Sok. No: 14 Bursa (1,635 sqm) (owned by Idris Kar) Store: Cakmakcilar Yokusu Sandalyeciler
Sok. No: 12 Sultanhamam- Istanbul (rented) |
|
|
SIZE
OF BUSINESS |
: |
Large |
FINANCE
|
MAIN DEALING BANKERS |
: |
Fortisbank Demirtas branch in Bursa Garanti Bankasi Demirtas branch in Bursa Garanti Bankasi Tahtakale branch in
Istanbul Yapi ve Kredi Bankasi Demirtas branch in Bursa
|
|
CREDIT FACILITIES |
: |
The subject company is making use of credit facilities. |
|
PAYMENT BEHAVIOUR |
: |
We are informed about a single payment delay in the former
years which was resolved later on but no payment delays have come to our knowledge
in the last years. |
COMMENT ON FINANCIAL POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
|
|
High |
As of 31.12.2007 |
|
LIQUIDITY |
|
|
Good |
As of 31.12.2007 |
|
PROFITABILITY |
|
|
The firm had operating and net losses in 2007. |
|
|
GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
|
|
Unfavorable |
In 2007 |
|
GENERAL
FINANCIAL POSITION |
|
|
Capitalization was high and liquidity was good as of 31.12.2007. However,
the firm had operating and net losses in 2007. |
|
|
|
Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(2007) |
5.94 % |
1.3075 |
1.7901 |
2.6133 |
|
(1.1.-31.05.2008) |
13.39 % |
1.2181 |
1.8583 |
2.4201 |
BALANCE
SHEET
|
|
|
YTL |
|
|
|
|
|
|
31.12.07 |
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
7.444.463 |
|
0,34 |
|
|
|
Cash and Banks |
510.654 |
|
0,02 |
|
|
|
Marketable Securities |
0 |
|
0,00 |
|
|
|
Account Receivable |
2.119.416 |
|
0,10 |
|
|
|
Other Receivable |
0 |
|
0,00 |
|
|
|
Inventories |
3.965.191 |
|
0,18 |
|
|
|
Advances Given |
587.131 |
|
0,03 |
|
|
|
Other Current Assets |
262.071 |
|
0,01 |
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
14.192.172 |
|
0,66 |
|
|
|
Long-term Receivable |
0 |
|
0,00 |
|
|
|
Financial Assets |
1.043.825 |
|
0,05 |
|
|
|
Tangible Fixed Assets (net) |
7.737.782 |
|
0,36 |
|
|
|
Intangible Assets |
5.410.565 |
|
0,25 |
|
|
|
Other Non-Current Assets |
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
21.636.635 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
3.107.739 |
|
0,14 |
|
|
|
Financial Loans |
2.463.217 |
|
0,11 |
|
|
|
Accounts Payable |
589.306 |
|
0,03 |
|
|
|
Loans from Shareholders |
0 |
|
0,00 |
|
|
|
Other Short-term Payable |
0 |
|
0,00 |
|
|
|
Advances from Customers |
0 |
|
0,00 |
|
|
|
Taxes Payable |
50.021 |
|
0,00 |
|
|
|
Provisions |
5.195 |
|
0,00 |
|
|
|
Other Current Liabilities |
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
5.030.706 |
|
0,23 |
|
|
|
Financial Loans |
5.030.706 |
|
0,23 |
|
|
|
Securities Issued |
0 |
|
0,00 |
|
|
|
Long-term Payable |
0 |
|
0,00 |
|
|
|
Loans from Shareholders |
0 |
|
0,00 |
|
|
|
Other Long-term Liabilities |
0 |
|
0,00 |
|
|
|
Provisions |
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
13.498.190 |
|
0,62 |
|
|
|
Paid-in Capital |
14.000.000 |
|
0,65 |
|
|
|
Reserves |
106.292 |
|
0,00 |
|
|
|
Revaluation Fund |
0 |
|
0,00 |
|
|
|
Accumulated Losses(-) |
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
-608.102 |
|
-0,03 |
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
21.636.635 |
|
1,00 |
|
INCOME
STATEMENT
|
|
|
YTL |
|
|
|
|
|
|
2007 |
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
11.620.238 |
|
1,00 |
|
|
|
Cost of Goods Sold |
11.223.501 |
|
0,97 |
|
|
|
Gross Profit |
396.737 |
|
0,03 |
|
|
|
Operating Expenses |
899.263 |
|
0,08 |
|
|
|
Operating Profit |
-502.526 |
|
-0,04 |
|
|
|
Other Income |
776.298 |
|
0,07 |
|
|
|
Other Expenses |
406.674 |
|
0,03 |
|
|
|
Financial Expenses |
475.200 |
|
0,04 |
|
|
|
Profit (loss) Before Tax |
-608.102 |
|
-0,05 |
|
|
|
Tax Payable |
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
-608.102 |
|
-0,05 |
|
FINANCIAL
RATIOS
|
|
|
|
|
|
|
|
|
|
2007 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
Current Ratio |
2,40 |
|
|
|
|
|
Acid-Test Ratio |
0,85 |
|
|
|
|
|
|
|
|
|
|
|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
Inventory/Total Assets |
0,18 |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,10 |
|
|
|
|
|
Tangible Assets/Total Assets |
0,36 |
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER RATIOS |
|
|
|
|
|
|
Inventory Turnover |
2,83 |
|
|
|
|
|
Stockholders' Equity Turnover |
0,86 |
|
|
|
|
|
Asset Turnover |
0,54 |
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,62 |
|
|
|
|
|
Current Liabilities/Total Assets |
0,14 |
|
|
|
|
|
Financial Leverage |
0,38 |
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
-0,05 |
|
|
|
|
|
Operating Profit Margin |
-0,04 |
|
|
|
|
|
Net Profit Margin |
-0,05 |
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
Average Collection Period (days) |
65,66 |
|
|
|
|
|
Average Payable Period (days) |
18,90 |
|
|
|
|
|
|
|
|
|
|
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%)