MIRA
INFORM REPORT
|
Report Date : |
24.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
INCI DERI MAMULLERI SANAYI VE TICARET A.S. |
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Formerly Known As : |
INCI DERI MAMULLERI SAN. VE TIC. LTD. STI. |
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Registered Office : |
Cakmakli Mah. 4. Bolge 9. Cad. 117. Sk. Hadimkoy – Istanbul |
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Country : |
Turkey |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
19.12.1984 |
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Com. Reg. No.: |
208587 |
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|
Legal Form : |
Joint Stock Company |
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Line of Business : |
Manufacture and Trade of Footwear |
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 |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
INCI DERI MAMULLERI SANAYI VE TICARET A.S. |
|
ADDRESS |
: |
Head Office/Factory: Cakmakli Mah. 4.
Bolge 9. Cad. 117. Sk. Hadimkoy – Istanbul / Turkey |
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PHONE NUMBER |
: |
90-212-886 21 51 |
|
FAX NUMBER |
: |
90-212-886 21 71 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Marmara Kurumlar / 4780465837 |
|
REGISTRATION NUMBER |
: |
208587 |
|
REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
|
DATE ESTABLISHED |
: |
19.12.1984 (Commercial Registry Gazette
Date/No: 31.12.1984 / 1169) |
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LEGAL FORM |
: |
Joint Stock Company |
|
TYPE OF COMPANY |
: |
Private |
|
REGISTERED CAPITAL |
: |
YTL 11,000,000 |
|
PAID-IN CAPITAL |
: |
YTL 11,000,000 |
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HISTORY |
: |
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Previous Legal Form |
:Limited Company |
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|
Legal Form Changed On |
:21.10.2005 (Commercial Registry Gazette
Date/No: 28.10.2005 / 6421) |
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Previous Name |
:Inci Deri Mamulleri San. Ve Tic. Ltd.
Sti. |
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Name Changed On |
: 21.10.2005 (Commercial Registry Gazette
Date/No: 28.10.2005 / 6421) |
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Previous
Registered Capital |
:YTL 2,875,538 |
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Regist. Capital
Changed on |
: 17.05.2007 (Commercial Registry Gazette
Date/No: 23.05.2007 / 6814) |
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Previous Address |
:Macar Kardesler Cad. N:55 Fatih Istanbul |
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Address Changed
On |
: 01.10.2002(Commercial Registry Gazette
Date/No: 04.10.2002/5649) |
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Previous Address |
: Hasan Halife Mah. Fevzipasa Cad. No:31/1 Fatih Istanbul |
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Address Changed
On |
: 26.02.2007 (Commercial Registry Gazette
Date/No: 01.03.2007 / 6756) |
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Other Historical
Events |
:The firm took over and merged with
“Balans Ayakkabicilik San. Ve Tic. AS” on 16.01.2006(Commercial Registry Gazette
Date/No: 20.01.2006/6475) |
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OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Ali Murad Kiziltas Ipek Kiziltas Muhlis Orhan Tuncer Others |
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SISTER COMPANIES |
: |
-Inci Ayakkabi Malzemeleri San. Ve Tic.
Ltd. Sti -Bal Say Sayacilik Hizmetleri San. Ve Tic.
A.S. -Bal Tab Taban San. Ve Tic. A.S. -Demar Ayakkabi Sanayi ve Dis Tic. A.S. |
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|
BOARD OF DIRECTORS |
: |
Ali Murad Kiziltas Muhlis Orhan Tuncer Ipek Kiziltas |
Chairman Vice-Chairman Member |
OPERATIONS
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BUSINESS
ACTIVITIES |
: |
Manufacture and trade of footwear |
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SECTOR |
: |
Footwear |
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NUMBER OF
EMPLOYEES |
: |
512 |
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NET SALES |
: |
(YTL) 48,772,843 64,772,329 |
(2006) |
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IMPORT COUNTRIES |
: |
Italy, Spain, Portugal, China |
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MERCHANDISE
IMPORTED |
: |
Materials of shoe, leather, lining, sole |
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EXPORT VALUE |
: |
(YTL) 5,295,453 7,558,046 |
(2006) (2007) |
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EXPORT COUNTRIES |
: |
Italy, Greece, Northern Cyprus Turkish Republic,
Belgium… |
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MERCHANDISE
EXPORTED |
: |
Footwear |
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PREMISES |
: |
Head Office/Factory: Cakmakli Mah. 4.
Bolge 9. Cad. 117. Sk. Hadimkoy – Istanbul The firm has several stores. |
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TREND OF BUSINESS |
: |
Upwards
in 2007 |
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SIZE
OF BUSINESS |
: |
Large |
FINANCE
|
MAIN DEALING BANKERS |
: |
Yapi Ve Kredi Bankasi
Fatih branch in Istanbul Oyakbank Davutpasa
branch in Istanbul Denizbank Gunesli
branch in Istanbul Fortisbank Merter
branch in Istanbul Finansbank Topkapi branch
in Istanbul Garantie Bankasi
Bayrampasa branch in Istanbul |
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CREDIT FACILITIES |
: |
The subject company is making active use of
credit facilities. |
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PAYMENT BEHAVIOUR |
: |
We are informed about some payment delay ; some of
them were resolved later on. |
COMMENT ON FINANCIAL POSITION
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FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
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Insufficient |
As of 31.12.2007 |
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LIQUIDITY |
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Current ratio was good but acid-test ratio was low as of 31.12.2007 as
a main part of current assets was due to inventories which is not a very liquid item. |
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PROFITABILITY |
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Low |
In 2007 |
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GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
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Favorable |
In 2007 |
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GENERAL
FINANCIAL POSITION |
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Unsatisfactory |
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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.-30.04.2008) |
11.04 % |
1.2193 |
1.8541 |
2.4257 |
BALANCE SHEETS
|
|
|
YTL |
|
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|
YTL |
|
|
|
|
|
|
31.12.06 |
|
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|
31.12.07 |
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CURRENT ASSETS |
26.029.990 |
|
0.62 |
|
35.289.706 |
|
0.64 |
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Cash and Banks |
945.471 |
|
0.02 |
|
2.855.927 |
|
0.05 |
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Marketable Securities |
695 |
|
0.00 |
|
0 |
|
0.00 |
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Account Receivable |
4.051.614 |
|
0.10 |
|
3.936.062 |
|
0.07 |
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Other Receivable |
199.650 |
|
0.00 |
|
271.915 |
|
0.00 |
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Inventories |
18.008.410 |
|
0.43 |
|
22.352.364 |
|
0.41 |
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Advances Given |
1.079.151 |
|
0.03 |
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1.717.662 |
|
0.03 |
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Other Current Assets |
1.744.999 |
|
0.04 |
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4.155.776 |
|
0.08 |
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NON-CURRENT ASSETS |
16.219.408 |
|
0.38 |
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19.581.426 |
|
0.36 |
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Long-term Receivable |
85.437 |
|
0.00 |
|
129.310 |
|
0.00 |
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Financial Assets |
93.072 |
|
0.00 |
|
93.072 |
|
0.00 |
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Tangible Fixed Assets (net) |
9.829.471 |
|
0.23 |
|
11.104.797 |
|
0.20 |
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Intangible Assets |
5.985.335 |
|
0.14 |
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8.195.393 |
|
0.15 |
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Other Non-Current Assets |
226.093 |
|
0.01 |
|
58.854 |
|
0.00 |
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TOTAL ASSETS |
42.249.398 |
|
1.00 |
|
54.871.132 |
|
1.00 |
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CURRENT LIABILITIES |
25.066.764 |
|
0.59 |
|
33.502.216 |
|
0.61 |
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Financial Loans |
9.234.105 |
|
0.22 |
|
9.433.528 |
|
0.17 |
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Accounts Payable |
13.941.809 |
|
0.33 |
|
20.935.923 |
|
0.38 |
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Loans from Shareholders |
122.903 |
|
0.00 |
|
1.231.322 |
|
0.02 |
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Other Short-term Payable |
94.516 |
|
0.00 |
|
330.828 |
|
0.01 |
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Advances from Customers |
735.975 |
|
0.02 |
|
925.131 |
|
0.02 |
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Taxes Payable |
641.774 |
|
0.02 |
|
584.635 |
|
0.01 |
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Provisions |
0 |
|
0.00 |
|
0 |
|
0.00 |
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Other Current Liabilities |
295.682 |
|
0.01 |
|
60.849 |
|
0.00 |
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LONG-TERM LIABILITIES |
11.536.555 |
|
0.27 |
|
9.918.105 |
|
0.18 |
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Financial Loans |
11.536.555 |
|
0.27 |
|
9.918.105 |
|
0.18 |
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Securities Issued |
0 |
|
0.00 |
|
0 |
|
0.00 |
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Long-term Payable |
0 |
|
0.00 |
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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 |
|
0 |
|
0.00 |
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STOCKHOLDERS' EQUITY |
5.646.079 |
|
0.13 |
|
11.450.811 |
|
0.21 |
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Paid-in Capital |
2.875.538 |
|
0.07 |
|
11.000.000 |
|
0.20 |
|
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Inflation Adjustment of Capital |
2.614.816 |
|
0.06 |
|
0 |
|
0.00 |
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|
Reserves |
310.553 |
|
0.01 |
|
345.873 |
|
0.01 |
|
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Revaluation Fund |
0 |
|
0.00 |
|
0 |
|
0.00 |
|
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Accumulated Losses(-) |
-783.440 |
|
-0.02 |
|
-630.793 |
|
-0.01 |
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Net Profit (loss) |
628.612 |
|
0.01 |
|
735.731 |
|
0.01 |
|
|
|
|
|
|
|
|
|
|
|
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TOTAL LIABILITIES AND EQ. |
42.249.398 |
|
1.00 |
|
54.871.132 |
|
1.00 |
|
INCOME STATEMENTS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2006 |
|
|
|
2007 |
|
|
|
|
|
|
|
|
|
|
|
|
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Net Sales |
48.772.843 |
|
1.00 |
|
64.772.329 |
|
1.00 |
|
|
|
Cost of Goods Sold |
28.387.543 |
|
0.58 |
|
39.586.681 |
|
0.61 |
|
|
|
Gross Profit |
20.385.300 |
|
0.42 |
|
25.185.648 |
|
0.39 |
|
|
|
Operating Expenses |
17.839.441 |
|
0.37 |
|
23.171.156 |
|
0.36 |
|
|
|
Operating Profit |
2.545.859 |
|
0.05 |
|
2.014.492 |
|
0.03 |
|
|
|
Other
Income |
2.417.811 |
|
0.05 |
|
3.627.590 |
|
0.06 |
|
|
|
Other Expenses |
2.182.362 |
|
0.04 |
|
1.901.018 |
|
0.03 |
|
|
|
Financial Expenses |
2.152.696 |
|
0.04 |
|
3.005.333 |
|
0.05 |
|
|
|
Profit (loss) Before Tax |
628.612 |
|
0.01 |
|
735.731 |
|
0.01 |
|
|
|
Tax Payable |
0 |
|
0.00 |
|
0 |
|
0.00 |
|
|
|
Net Profit (loss) |
628.612 |
|
0.01 |
|
735.731 |
|
0.01 |
|
FINANCIAL RATIOS
|
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|
2006 |
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|
2007 |
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LIQUIDITY RATIOS |
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Current Ratio |
1.04 |
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|
1.05 |
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Acid-Test Ratio |
0.21 |
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|
0.21 |
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ASSET STRUCTURE RATIOS |
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Inventory/Total Assets |
0.43 |
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|
0.41 |
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Short-term Receivable/Total Assets |
0.10 |
|
|
|
0.08 |
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Tangible Assets/Total Assets |
0.23 |
|
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|
0.20 |
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TURNOVER RATIOS |
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Inventory Turnover |
1.58 |
|
|
|
1.77 |
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Stockholders' Equity Turnover |
8.64 |
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|
5.66 |
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Asset Turnover |
1.15 |
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|
1.18 |
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FINANCIAL STRUCTURE |
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Stockholders' Equity/Total Assets |
0.13 |
|
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|
0.21 |
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Current Liabilities/Total Assets |
0.59 |
|
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|
0.61 |
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Financial Leverage |
0.87 |
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|
0.79 |
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PROFITABILITY RATIOS |
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Net Profit/Stockholders' Eq. |
0.11 |
|
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|
0.06 |
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Operating Profit Margin |
0.05 |
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|
0.03 |
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Net Profit Margin |
0.01 |
|
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|
0.01 |
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COLLECTION-PAYMENT |
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Average Collection Period (days) |
30.54 |
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|
|
22.60 |
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|
|
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|
Average Payable Period (days) |
176.80 |
|
|
|
190.39 |
|
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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%)