MIRA
INFORM REPORT
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Report Date : |
28.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
SOKTAS INDIA PRIVATE LIMITED |
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Registered Office : |
46, ARADHNA ENCLAVE, CHANYAKPURI, NEW DELHI – 110066 |
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Country : |
INDIA |
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Date of Incorporation : |
15.02.2007 |
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Com. Reg. No.: |
55-159353 |
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CIN No.: [Company
Identification No.] |
U24233DL2007PTC159353 |
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Legal Form : |
Private limited liability Company (a 100% subsidiary of SOKTAS Tekstil A.S. of Turkey) |
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Line of Business : |
Subject wants to start manufacturing of shirting fabric.. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
New Company |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a new Indian subsidiary of SOKTAS Tekstil Turkey,
commercial operations are expected to start from October 2008. Trade
relations are fair. Payments are reported as slow but correct. The company can be considered for small to mediocre business dealings
at usual trade terms and condition. |
INFORMATION PARTED
BY
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Name : |
Ms. Gopika Pant |
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Designation : |
Promoter Director |
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Date : |
28.02.2008 |
LOCATIONS
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Registered Office : |
46, Aradhna Enclave, Chanyakpuri, New Delhi – 110066 |
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Tel. No.: |
91-11-6871122 / 33 / 44 |
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Mobile No.: |
91-9922970498 |
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Fax No.: |
91-11-26871155 |
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E-Mail : |
manmohan soktasindia@yahoo.com manmohan.singh@soktasindia.com venkatesh.nashi@soktasindia.com |
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Website : |
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Area : |
250 sq mt |
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Location : |
Residential Property Owned by Ms. Gopika Pant one of the Promoter
Director On the above address Ms. Gopika Pant is operating Legal Services in
the name of D S K LEGAL. www.dsklegal.com |
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Office : |
Mr. Man Mohan Singh Flat No. 202; “A” Wing; Ayodhya Park, Kawala Naka, Kolhapur, Maharashtra – 416001 India |
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Tel. No.: |
0231-2520430 |
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Mobile No.: |
91-9922970498 |
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Fax No.: |
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E-Mail : |
Manmohan soktasindia@yahoo.com |
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Factory 1 : |
T-8, Kagal Hathkanangale, 5 Star MIDC, At Po. Kasba Sangaon, Tal.
Kagal, Dist. Kolhapur, Maharashtra – 416001 India |
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Area: |
25 Acer |
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Location: |
Owned |
DIRECTORS
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Name : |
Mr. Eyup Hilmi Kayhan |
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Designation : |
Director |
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Address : |
KAT 7 Kemer Apartment 1378, Sokak No-1, Alsancail, Izmir TU – 035210 |
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Date of Birth/Age : |
16.07.1956 |
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Date of Appointment : |
12.03.2007 |
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Name : |
Mr. Muharrem Hilmi Kayhan |
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Designation : |
Director |
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Address : |
Marti apartment, Sokak no 2/3, Alsanca, Izmir, TU – 035210 |
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Date of Birth/Age : |
02.04.1955 |
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Date of Appointment : |
12.03.2007 |
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Name : |
Mr. Nihat Fadil Erten |
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Designation : |
Director |
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Address : |
Vural Sokak, 7/B, Narlidere, Izmir TU – 035320 |
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Date of Birth/Age : |
16.101967 |
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Name : |
Mr. Mustafa Yavuz Sokun |
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Designation : |
Director |
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Address : |
Cemal Pasa Mahallesi, Sokak no-3, Yilmal apartment, No-26, D-15 Seyhan,
Adana, Tr – 001120 |
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Date of Birth/Age : |
05.11.1956 |
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Name : |
Ms. Gopika Pant |
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Designation : |
Promoter Director |
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Address : |
49 Aradhana, Chankyapri, R K Puram, Sec-13, New Delhi – 110066 |
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Name : |
Mr. Cummuri Yet Mah Akaver Nominee of Soktas Tekstil Sanayi ve Ticaret A. S. |
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Designation : |
Promoter Director |
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Address : |
CAD 88 COKE, 09201, TURKEY |
MAJOR SHAREHOLDERS
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Names of Shareholders |
No. of Shares |
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Soktas Tekstil sanayi ve Ticaret A.S. |
8454623 |
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Ms. Gopika Pant |
1 |
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BUSINESS DETAILS
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Line of Business : |
Subject wants to start manufacturing of shirting fabric. |
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Brand Names : |
SOKTAS |
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Exports : |
Subject wants to start Export |
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Products : |
Machinery |
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Countries : |
Germany |
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Purchasing : |
LC, Cash / credit |
PRODUCTION STATUS
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Particulars |
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Licensed
Capacity |
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The proposed project produce of shirting fabric Implemented in two
phases and completed over a 5 years period. |
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14 million
linear meters annually. |
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GENERAL
INFORMATION
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No. of Employees : |
25 / proposed 750 |
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Bankers : |
BANK OF INDIA, ANDHERI, MUMBAI |
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Banking
Relations : |
Normal |
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Auditors : |
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Name : |
Ms. Radhika Tandon (Chartered Accountant) |
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Address : |
S-365, Greater Kailash-I, New Delhi – 110048 |
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Parent Company : |
Soktas India Private Limited, Turkey |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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60000000 |
Equity Shares |
Rs. 10/- each |
Rs.600.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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8454624 |
Equity Shares |
Rs. 10/-
each |
Rs.84.546
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
New Company
LOCAL AGENCY
FURTHER INFORMATION
Project
The total Greenfield project cost is estimated at $83 million (including
working capital, interest during construction and contingencies for
escalations). The company has requested IFc to consider providing a along term
loan of up to $15.25 million equivalent and an equity participation of up to
$2.5 million equivalent (representing approximately 10% of the share capital)
in the Greenfield investment on India. The company has also requested a long
term corporate loan of up to $25 million equivalent to the existing operation
in Turkey.
PARENT
COMPANY (PROFILE)
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Name : |
Soktas Tekstil Sanayi ve Ticaret A.S. |
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Contact Person : |
Mr. Fadil Erten, Finance and Accounting Manager |
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Address : |
Cumhuriet Mah, Akeller Cad. 88 09201 Soke, Aydin Turkey |
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Phone : |
+90-256-5182255 |
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Fax : |
+90-256-5184539 / 5128913 |
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E-Mail: |
fadil.erten@soktas.com.tr |
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fadil@erten@gmail.com |
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Website : |
www.soktas.com.tr |
Soktas, 1 mid sized Turkish company, was established in 1971 as a cotton
yarn spinner and has evolved into an internationally respected textile mill.
Its fabrics are 83 percent exported directly or as ready – made garments via
Turkish manufacturers. At present, Soktas has a complete textile plant at a
single site at Soke, in Western Turkey, located approximately 80 kilometers
south of Izmir and 400 kilometers south – west of Istanbul. In 2006, Soktas
embarked into a diversification scheme, which involve a diary farm operation.
Soktas is publicly listed on the Istanbul Stock exchange. The Kayhan family
(the sponsores) own approximately 73 percent of the company’s shares, the
remaining 27% are floated on the Instanbul Stock exchange. The sponsores have
been involved in the textile business for over 35 years, and have been successful
in establishing Soktas as one of the leading fabric producers in Turkey. The
Kayhan family has a long and respected presence in the country and is actively
involved in Soktas leadership. Mr. Muzaffer Kayhan, Soktas founder, still acts
has its chairman. He is one of Turkey’s most respected entrepreneurs, having
received several businessman of the year awards. Soktas’ day-today operation is
followd by the two sons of Mr. Muzaffer Kayhan: Mr. Muharrem Kayhan, is one of
Soktas’ Vice Chairman and acts as CEO of its textiles division, whereas, Mr.
Hilmi Kayhan, also a Vice Chairman, Acts as CEO of its agribusiness division.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.39.92 |
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UK Pound |
1 |
Rs.79.31 |
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Euro |
1 |
Rs.60.63 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
-- |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
-- |
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--PROFITABILIRY |
1~10 |
-- |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
Yes |
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--LITIGATION |
YES/NO |
No |
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--OTHER ADVERSE INFORMATION |
YES/NO |
No |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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26 |
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%)
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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