MIRA
INFORM REPORT
|
Report Date : |
21.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
TRITEKS TRIKO TEKSTIL SANAYI VE TICARET A.S. |
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|
Registered Office : |
Perpa Is Mrk B-1 Blok K:12 No:2084 Okmeydani Istanbul |
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Country : |
Turkey |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
23.08.1972 |
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Com. Reg. No.: |
116249 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Import and Domestic Trade of Yarn. |
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 : |
Small Company |
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|
Payment Behaviour : |
No Complaints |
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|
Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
TRITEKS TRIKO TEKSTIL SANAYI VE TICARET A.S. |
|
ADDRESS |
: |
Head Office: Perpa Is Mrk B-1 Blok K:12
No:2084 Okmeydani Istanbul / Turkey |
|
PHONE NUMBER |
: |
90-212-221 42 90 |
|
FAX NUMBER |
: |
90-212-221 42 90 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Marmara Kurumlar / 8590061550 |
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|
REGISTRATION NUMBER |
: |
116249 |
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|
REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
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DATE ESTABLISHED |
: |
23.08.1972 |
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LEGAL FORM |
: |
Joint Stock Company |
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TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
YTL 100,000 |
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PAID-IN CAPITAL |
: |
YTL 100,000 |
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HISTORY |
: |
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Previous Address |
:Gumussuyu Caddesi Isik Sanayi Sitesi 21/2
Topkapi Bayrampasa Istanbul |
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Address Changed On |
: 02.06.2004(Commercial Registry Gazette Date/No:
07.06.2004/6065) |
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OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Ibrahim Bardavit Suleyman
Bardavit Izel Bardavit Edda Bardavit Beki Bardavit |
37 % 37 % |
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SISTER COMPANIES |
: |
Declared to be: None |
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GROUP PARENT COMPANY |
: |
None |
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SUBSIDIARIES |
: |
None |
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BOARD OF DIRECTORS |
: |
Ibrahim Bardavit Suleyman
Bardavit Izel Bardavit |
Chairman Vice-Chairman Member |
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
The subject which was dealing with manufacture
and trade of yarn, stopped manufacturing activity in 2003 and since then it
only deals with import and domestic trade of yarn. However, it has to be noted that, the
subject has not been operating very actively in the last years. |
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|
NUMBER OF
EMPLOYEES |
: |
The subject has no employees. Operations
are carried out by the shareholders |
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|
NET SALES |
: |
YTL 253,319 YTL 15,322 None |
(2006) (2007) (01.01-31.03.2008) |
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CAPACITY |
: |
None |
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PRODUCTION |
: |
None |
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IMPORT VALUE |
: |
USD 160,000 None |
(2006) (2007) |
|
IMPORT COUNTRIES |
: |
India |
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MERCHANDISE
IMPORTED |
: |
Yarn |
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EXPORT VALUE |
: |
None |
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PREMISES |
: |
Head Office: Perpa Is Mrk B-1 Blok K:12
No:2084 Okmeydani Istanbul (owned) |
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FIXED CAPITAL
INVESTMENTS |
: |
None |
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|
TREND OF
BUSINESS |
: |
Downwards |
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SIZE OF BUSINESS |
: |
Small |
FINANCE
|
MAIN DEALING BANKERS |
: |
Garanti Bankasi Etiler branch in Istanbul |
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CREDIT FACILITIES |
: |
No credit facility has come to our
knowledge. |
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PAYMENT BEHAVIOUR |
: |
No payment delays have come to our knowledge. |
COMMENT ON FINANCIAL POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
||
|
High |
As of 31.12.2007 |
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LIQUIDITY |
||
|
High |
As of 31.12.2007 |
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PROFITABILITY |
||
|
The firm which had heavy operating loss, had high profitability due to
other income in 2007 but it had operating loss and net loss in the fist 3
months of 2008. |
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GAP BETWEEN COLLECTION-PAYMENT PERIODS |
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|
Unfavorable |
In 2007 |
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GENERAL
FINANCIAL POSITION |
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|
The subject which has not been operating
very actively in the last years had high capitalization and liquidity but had
heavy operating loss in 2007.The subject had operating and net loss in the
first 3 months of 2008. |
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|
Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(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
|
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|
YTL |
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YTL |
|
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|
|
|
31.12.06 |
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|
31.12.07 |
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CURRENT ASSETS |
157.602 |
|
1,00 |
|
70.442 |
|
1,00 |
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Cash and Banks |
175 |
|
0,00 |
|
4.766 |
|
0,07 |
|
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Marketable Securities |
18.949 |
|
0,12 |
|
40.810 |
|
0,58 |
|
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Account Receivable |
137.491 |
|
0,87 |
|
24.246 |
|
0,34 |
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Other Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Inventories |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Advances Given |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Other Current Assets |
987 |
|
0,01 |
|
620 |
|
0,01 |
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NON-CURRENT ASSETS |
166 |
|
0,00 |
|
181 |
|
0,00 |
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Long-term Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Financial Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Tangible Fixed Assets (net) |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Intangible Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Other Non-Current Assets |
166 |
|
0,00 |
|
181 |
|
0,00 |
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TOTAL ASSETS |
157.768 |
|
1,00 |
|
70.623 |
|
1,00 |
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CURRENT LIABILITIES |
91.385 |
|
0,58 |
|
100 |
|
0,00 |
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Financial Loans |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Accounts Payable |
90.640 |
|
0,57 |
|
0 |
|
0,00 |
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Loans from Shareholders |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Other Short-term Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Advances from Customers |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Taxes Payable |
169 |
|
0,00 |
|
100 |
|
0,00 |
|
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Provisions |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Other Current Liabilities |
576 |
|
0,00 |
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0 |
|
0,00 |
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LONG-TERM LIABILITIES |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Financial Loans |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
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Securities Issued |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Long-term Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Loans from Shareholders |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Other Long-term Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Provisions |
0 |
|
0,00 |
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0 |
|
0,00 |
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STOCKHOLDERS' EQUITY |
66.383 |
|
0,42 |
|
70.523 |
|
1,00 |
|
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Paid-in Capital |
100.000 |
|
0,63 |
|
100.000 |
|
1,42 |
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Reserves |
28.659 |
|
0,18 |
|
28.659 |
|
0,41 |
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Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Accumulated Losses(-) |
-70.126 |
|
-0,44 |
|
-62.276 |
|
-0,88 |
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Net Profit (loss) |
7.850 |
|
0,05 |
|
4.140 |
|
0,06 |
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TOTAL LIABILITIES AND EQUITY |
157.768 |
|
1,00 |
|
70.623 |
|
1,00 |
|
INCOME
STATEMENTS
|
|
|
YTL |
|
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|
YTL |
|
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|
YTL |
|
|
|
|
|
|
2006 |
|
|
|
2007 |
|
|
|
1.1-31.03.2008 |
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Net Sales |
253.319 |
|
1,00 |
|
15.322 |
|
1,00 |
|
0 |
|
-- |
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Cost of
Goods Sold |
230.534 |
|
0,91 |
|
10.712 |
|
0,70 |
|
0 |
|
-- |
|
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|
Gross Profit |
22.785 |
|
0,09 |
|
4.610 |
|
0,30 |
|
0 |
|
-- |
|
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|
Operating
Expenses |
10.427 |
|
0,04 |
|
8.934 |
|
0,58 |
|
2.401 |
|
-- |
|
|
|
Operating Profit |
12.358 |
|
0,05 |
|
-4.324 |
|
-0,28 |
|
-2.401 |
|
-- |
|
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|
Other
Income |
11.966 |
|
0,05 |
|
9.534 |
|
0,62 |
|
1.105 |
|
-- |
|
|
|
Other
Expenses |
16.474 |
|
0,07 |
|
1.070 |
|
0,07 |
|
120 |
|
-- |
|
|
|
Financial
Expenses |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
-- |
|
|
|
Profit (loss) Before Tax |
7.850 |
|
0,03 |
|
4.140 |
|
0,27 |
|
-1.416 |
|
-- |
|
|
|
Tax
Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
-- |
|
|
|
Net Profit (loss) |
7.850 |
|
0,03 |
|
4.140 |
|
0,27 |
|
-1.416 |
|
-- |
|
FINANCIAL
RATIOS
|
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2006 |
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|
2007 |
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|
1.1-31.03.2008 |
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LIQUIDITY RATIOS |
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Current Ratio |
1,72 |
|
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|
704,42 |
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|
-- |
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Acid-Test Ratio |
1,71 |
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|
698,22 |
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|
-- |
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ASSET STRUCTURE RATIOS |
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Inventory/Total Assets |
0,00 |
|
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|
0,00 |
|
|
|
-- |
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Short-term Rec./Total Assets |
0,87 |
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|
0,34 |
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|
|
-- |
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Tangible Assets/Total Assets |
0,00 |
|
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|
0,00 |
|
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|
-- |
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TURNOVER RATIOS |
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Inventory Turnover |
-- |
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|
-- |
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|
-- |
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Stockholders' Equity Turnover |
3,82 |
|
|
|
0,22 |
|
|
|
-- |
|
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Asset Turnover |
1,61 |
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|
0,22 |
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|
-- |
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FINANCIAL STRUCTURE |
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Stockholders' Equity/Total Assets |
0,42 |
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|
1,00 |
|
|
|
-- |
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Current Liabilities/Total Assets |
0,58 |
|
|
|
0,00 |
|
|
|
-- |
|
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Financial Leverage |
0,58 |
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|
0,00 |
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|
-- |
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PROFITABILITY RATIOS |
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Net Profit/Stockholders' Eq. |
0,12 |
|
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|
0,06 |
|
|
|
-- |
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Operating Profit Margin |
0,05 |
|
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|
-0,28 |
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|
|
-- |
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Net Profit Margin |
0,03 |
|
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|
0,27 |
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|
-- |
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COLLECTION-PAYMENT |
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Average Collection Period (days) |
195,39 |
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|
569,67 |
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|
-- |
|
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Average Payable Period (days) |
141,54 |
|
|
|
0,00 |
|
|
|
-- |
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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%)