MIRA
INFORM REPORT
|
Report Date : |
16.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
NURYILDIZ TEKSTIL SANAYI VE TICARET A.S. |
|
|
|
|
Registered Office : |
Gunesli Evren Mah. Gulbahar Cad. No:5 Bagcilar-Istanbul |
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|
Country : |
Turkey |
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|
Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
11.11.1980 |
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Com. Reg. No.: |
176176 |
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|
Legal Form : |
Joint Stock Company |
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|
Line of Business : |
Dying, finishing and Trade of Yarn and Fabric. |
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 2.5 million |
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|
|
|
Status : |
Satisfactory |
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|
|
Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
NURYILDIZ TEKSTIL SANAYI VE TICARET A.S. |
|
ADDRESS |
: |
Head Office: Gunesli Evren Mah. Gulbahar Cad.
No:5 Bagcilar-Istanbul / Turkey The
address was changed from “Kirazli Mah. 2148 Parsel 20 Pafta Gunesli-Istanbul”
to “Gunesli Evren Mah. Gulbahar Cad. No:5 Bagcilar / Istanbul” by the
Municipality. |
|
PHONE NUMBER |
: |
90-212-550 26 55 |
|
FAX NUMBER |
: |
90-212-550 25 37 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Marmara Kurumlar / 6320048000 |
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|
|
REGISTRATION NUMBER |
: |
176176 |
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|
|
REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
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DATE ESTABLISHED |
: |
11.11.1980 (Commercial Registry Gazette Date/No: 14.11.1980/122) |
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LEGAL FORM |
: |
Joint Stock Company |
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TYPE OF COMPANY |
: |
Private |
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|
REGISTERED CAPITAL |
: |
YTL 11,200,000 |
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|
|
PAID-IN CAPITAL |
: |
YTL 11,200,000 |
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|
|
HISTORY |
: |
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|
|
|
|
|
Previous
Registered Capital |
: YTL 35,000 |
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|
|
|
Regist. Capital Changed on |
: 18.09.2000 (Commercial Registry Gazette
Date/No: 20.10.2000/5157) |
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|
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Previous
Registered Capital |
: YTL 1,100,000 |
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|
|
Regist. Capital
Changed on |
: 13.06.2001 (Commercial Registry Gazette
Date/No: 18.06.2001/5319) |
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|
|
Previous
Registered Capital |
: YTL 2,225,000 |
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|
|
Regist. Capital
Changed on |
: 02.05.2003 (Commercial Registry Gazette
Date/No: 07.05.2003/5793) |
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Mehmet Sahin Nalbant Mehmet Nurkan Nalbant Nesrin Tuna Jale Nalbant Sevim Nalbant |
67 %
30 %
1,5 %
1 % 0,5 % |
|
SISTER COMPANIES |
: |
Declared to be: None |
|
|
GROUP PARENT COMPANY |
: |
None |
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|
SUBSIDIARIES |
: |
None |
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|
BOARD OF DIRECTORS |
: |
Mehmet Sahin Nalbant Mehmet Nurkan Nalbant Nesrin Tuna Jale Nalbant Ogun Kalayci |
Chairman Vice-Chairman Member Member Member |
|
DIRECTORS |
: |
Ogun Kalayci Solmaz Akgul |
General Manager Deputy General Manager |
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Dying, finishing and trade of yarn and
fabric. |
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|
SECTOR |
: |
Textile |
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TRADEMARK(S) |
: |
None |
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|
NUMBER OF
EMPLOYEES |
: |
230 |
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|
NET SALES |
: |
(YTL) 12,419,579 20,032,538 21,833,375 |
(2005) (2006) (2007) |
|
|
|
The net sales figure of 2005 is declared
by the company. There is no certification for this figure. |
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|
CAPACITY |
: |
(Kg/Yr) 4,992,000 4,992,000 4,992,000 |
(2005) (2006) (2007) |
|
PRODUCTION |
: |
(Kg) 3,175,412 3,359,095 3,978,287 |
(2005) (2006) (2007) |
|
IMPORT VALUE |
: |
(USD) 761,000 754,572 1,784,000 |
(2005) (2006) (2007) |
|
IMPORT COUNTRIES |
: |
India, Uzbekstan |
|
|
MERCHANDISE
IMPORTED |
: |
Yarn, dye |
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|
EXPORT VALUE |
: |
EUR 1,364,621 YTL 4,221,931 YTL 4,439,851 |
(2005) (2006) (2007) |
|
EXPORT COUNTRIES |
: |
Bulgaria, Romania, France, Israel,
Denmark, Morocco, Holland, Italy, UK, Russia, Belgium, Greece, Honk Kong, Indonesia,
Tunisia, Slovenia, Lithuania, Spain, Netherlands… |
|
|
MERCHANDISE
EXPORTED |
: |
Yarn, fabric |
|
|
PREMISES |
: |
Head Office: Gunesli Evren Mah. Gulbahar
Cad. No:5 Bagcilar-Istanbul (8,902 sqm) (owned) Dying & Finishing Plant: Velimese Haciseremet
Mevkii Corlu-Tekirdag (53,992 sqm) (owned) |
|
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TREND OF BUSINESS |
: |
Upwards
|
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SIZE
OF BUSINESS |
: |
Large
|
FINANCE
|
MAIN DEALING BANKERS |
: |
Yapi ve Kredi Bankasi Gunesli branch in
Istanbul Turkiye Is Bankasi Carsi Gunesli branch in
Istanbul Denizbank Gunesli Ticari Merkez branch in
Istanbul |
|
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
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
||
|
Capitalization was fair as of 31.12.2007. It
has to be noted that, 39 % of total liabilities and equity was consisting of
long-term loans from shareholders and 6 % of total liabilities and equity was
consisting of short-term loans from shareholders rather than liabilities to
third parties as of 31.12.2007 indicating not too high indebtedness to third
parties. |
||
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LIQUIDITY |
||
|
In order |
As of 31.12.2007 |
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PROFITABILITY |
||
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High |
In 2007 |
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GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
||
|
Unfavorable |
In 2007 |
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GENERAL
FINANCIAL POSITION |
||
|
Capitalization was fair but indebtnedness
to third parties was not too high, liquidity was in order and profitability
was high in 2007. |
||
CREDIT OPINION
|
CREDIT OPINION WITHOUT OBLIGATION |
: |
We are of the opinion that, a max. credit
of USD 2.5 million may be granted to the subject company. |
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|
Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(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.-30.04.2008) |
11.04 % |
1.2193 |
1.8541 |
2.4257 |
BALANCE SHEETS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
31.12.06 |
|
|
|
31.12.07 |
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|
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CURRENT ASSETS |
9.248.207 |
|
0,44 |
|
10.194.457 |
|
0,41 |
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|
Cash and
Banks |
1.958.770 |
|
0,09 |
|
1.794.481 |
|
0,07 |
|
|
|
Marketable
Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Account
Receivable |
3.575.926 |
|
0,17 |
|
4.303.675 |
|
0,17 |
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Other
Receivable |
16.040 |
|
0,00 |
|
4.599 |
|
0,00 |
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Inventories |
3.054.177 |
|
0,15 |
|
3.378.707 |
|
0,14 |
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Advances
Given |
375.684 |
|
0,02 |
|
136.109 |
|
0,01 |
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Other
Current Assets |
267.610 |
|
0,01 |
|
576.886 |
|
0,02 |
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NON-CURRENT ASSETS |
11.660.158 |
|
0,56 |
|
14.557.000 |
|
0,59 |
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|
Long-term
Receivable |
753 |
|
0,00 |
|
753 |
|
0,00 |
|
|
|
Financial
Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
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|
Tangible
Fixed Assets (net) |
10.568.180 |
|
0,51 |
|
13.502.071 |
|
0,55 |
|
|
|
Intangible
Assets |
1.085.519 |
|
0,05 |
|
1.051.168 |
|
0,04 |
|
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|
Other
Non-Current Assets |
5.706 |
|
0,00 |
|
3.008 |
|
0,00 |
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TOTAL ASSETS |
20.908.365 |
|
1,00 |
|
24.751.457 |
|
1,00 |
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CURRENT LIABILITIES |
2.658.713 |
|
0,13 |
|
7.746.139 |
|
0,31 |
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Financial
Loans |
1.916 |
|
0,00 |
|
2.903.500 |
|
0,12 |
|
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Accounts
Payable |
2.564.258 |
|
0,12 |
|
2.936.655 |
|
0,12 |
|
|
|
Loans
from Shareholders |
0 |
|
0,00 |
|
1.508.571 |
|
0,06 |
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Other
Short-term Payable |
2.608 |
|
0,00 |
|
77.989 |
|
0,00 |
|
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Advances
from Customers |
7.571 |
|
0,00 |
|
8.913 |
|
0,00 |
|
|
|
Taxes
Payable |
82.360 |
|
0,00 |
|
129.955 |
|
0,01 |
|
|
|
Provisions |
0 |
|
0,00 |
|
297 |
|
0,00 |
|
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Other
Current Liabilities |
0 |
|
0,00 |
|
180.259 |
|
0,01 |
|
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|
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LONG-TERM LIABILITIES |
12.665.226 |
|
0,61 |
|
9.690.619 |
|
0,39 |
|
|
|
Financial
Loans |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Securities Issued |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Long-term
Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Loans
from Shareholders |
12.665.226 |
|
0,61 |
|
9.690.619 |
|
0,39 |
|
|
|
Other
Long-term Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Provisions |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
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|
STOCKHOLDERS' EQUITY |
5.584.426 |
|
0,27 |
|
7.314.699 |
|
0,30 |
|
|
|
Paid-in
Capital |
11.200.000 |
|
0,54 |
|
11.200.000 |
|
0,45 |
|
|
|
Reserves |
5.922.426 |
|
0,28 |
|
7.391.887 |
|
0,30 |
|
|
|
Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accumulated Losses(-) |
-13.007.461 |
|
-0,62 |
|
-13.007.461 |
|
-0,53 |
|
|
|
Net
Profit (loss) |
1.469.461 |
|
0,07 |
|
1.730.273 |
|
0,07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
20.908.365 |
|
1,00 |
|
24.751.457 |
|
1,00 |
|
INCOME STATEMENTS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2006 |
|
|
|
2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
20.032.538 |
|
1,00 |
|
21.833.375 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
17.353.456 |
|
0,87 |
|
18.605.518 |
|
0,85 |
|
|
|
Gross Profit |
2.679.082 |
|
0,13 |
|
3.227.857 |
|
0,15 |
|
|
|
Operating
Expenses |
1.565.006 |
|
0,08 |
|
1.658.865 |
|
0,08 |
|
|
|
Operating Profit |
1.114.076 |
|
0,06 |
|
1.568.992 |
|
0,07 |
|
|
|
Other
Income |
645.817 |
|
0,03 |
|
694.432 |
|
0,03 |
|
|
|
Other
Expenses |
273.107 |
|
0,01 |
|
500.010 |
|
0,02 |
|
|
|
Financial
Expenses |
17.325 |
|
0,00 |
|
33.141 |
|
0,00 |
|
|
|
Profit (loss) Before Tax |
1.469.461 |
|
0,07 |
|
1.730.273 |
|
0,08 |
|
|
|
Tax
Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
1.469.461 |
|
0,07 |
|
1.730.273 |
|
0,08 |
|
FINANCIAL RATIOS
|
|
|
2006 |
|
|
|
2007 |
|
|
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|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
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|
Current Ratio |
3,48 |
|
|
|
1,32 |
|
|
|
|
|
Acid-Test Ratio |
2,09 |
|
|
|
0,79 |
|
|
|
|
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|
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ASSET STRUCTURE RATIOS |
|
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|
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|
|
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|
Inventory/Total Assets |
0,15 |
|
|
|
0,14 |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,17 |
|
|
|
0,17 |
|
|
|
|
|
Tangible Assets/Total Assets |
0,51 |
|
|
|
0,55 |
|
|
|
|
|
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|
|
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|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
5,68 |
|
|
|
5,51 |
|
|
|
|
|
Stockholders' Equity Turnover |
3,59 |
|
|
|
2,98 |
|
|
|
|
|
Asset Turnover |
0,96 |
|
|
|
0,88 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,27 |
|
|
|
0,30 |
|
|
|
|
|
Current Liabilities/Total Assets |
0,13 |
|
|
|
0,31 |
|
|
|
|
|
Financial Leverage |
0,73 |
|
|
|
0,70 |
|
|
|
|
|
|
|
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|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
0,26 |
|
|
|
0,24 |
|
|
|
|
|
Operating Profit Margin |
0,06 |
|
|
|
0,07 |
|
|
|
|
|
Net Profit Margin |
0,07 |
|
|
|
0,08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
64,28 |
|
|
|
70,97 |
|
|
|
|
|
Average Payable Period (days) |
53,20 |
|
|
|
56,82 |
|
|
|
|
|
|
|
|
|
|
|
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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%)