MIRA INFORM REPORT

 

 

 

Report Date :

06.09.2008

 

IDENTIFICATION DETAILS

 

Name :

AY-TIM TEKSTIL SANAYI VE DIS TICARET A.S.

 

 

Registered Office :

Mahmutbey Mah. Hacibostan Cad. No:9 Bagcilar-Istanbul

 

 

Country :

Turkey

 

 

Date of Incorporation :

08.11.1995

 

 

Com. Reg. No.:

337150

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and Trade of Ready-Wear

 

 

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 :

2.8 million

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

 

COMPANY IDENTIFICATION

 

NAME

:

AY-TIM TEKSTIL SANAYI VE DIS TICARET A.S.

ADDRESS

:

Head Office & Factory: Mahmutbey Mah. Hacibostan Cad. No:9 Bagcilar-Istanbul / Turkey

PHONE NUMBER

:

90-212-447 50 01-02

FAX NUMBER

:

90-212-447 50 18

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE / NO

:

Dis Ticaret / 1060060816

 

REGISTRATION NUMBER

:

337150

 

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

 

DATE ESTABLISHED

:

08.11.1995 (Commercial Registry Gazette Date/No:17.11.1995/3917)

 

LEGAL FORM

:

Joint Stock Company

 

TYPE OF COMPANY

:

Private

 

REGISTERED CAPITAL

:

YTL 18,000,000

 

PAID-IN CAPITAL

:

The paid-in capital is declared to be YTL 18,000,000 by the company. There is no certification for this figure.

 

HISTORY

:

 

 

 

 

Previous Registered Capital

:YTL 13,000,000

 

 

Regist. Capital Changed on

:17.06.2008 (Commercial Registry Gazette Date/No:20.06.2008/7088)

 

 

 

Previous Address

:Keresteciler Sitesi Mehmet Akif Cad. Kiraz Sok. No:8 Gungoren-Istanbul

 

 

Address Changed On

:05.06.2007 (Commercial Registry Gazette Date/No:08.06.2007/6826)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

 

:

Gulbey Aydin

Kerem Aydin

Huseyin Aydin

Nuh Aydin

Bunyamin Aydin

Ibrahim Aydin

 

33 %

30 %

20 %

14 %

  2 %

  1 %

GROUP PARENT COMPANY

 

:

None

SISTER COMPANIES

:

-Yonca-Tim Tekstil Tarim San. ve Tic. A.S.

 

SUBSIDIARIES

 

:

-Gisad Dis Ticaret A.S.

-Gisad Telekomunikasyon Hizmetleri A.S.

 

BOARD OF DIRECTORS

:

Gulbey Aydin

Nuh Aydin

Huseyin Aydin

Ibrahim Aydin

Chairman

Vice-Chairman

Member

Member

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of ready-wear.

 

SECTOR

 

:

Ready-wear

NUMBER OF EMPLOYEES

:

250

 

NET SALES

:

(YTL)

72,269,769

67,617,275

 

 

(2006)

(2007)

 

IMPORT COUNTRIES

:

Pakistan

 

MERCHANDISE IMPORTED

 

:

Yarn, fabric

EXPORT VALUE

:

(USD)

24,628,000

37,010,000

 

(2006)

(2007)

 

EXPORT COUNTRIES

 

:

Germany, Netherlands, Switzerland, Austria, Kazakhstan…

 

MERCHANDISE EXPORTED

 

:

Ready-wear

PREMISES

:

Head Office & Factory: Mahmutbey Mah. Hacibostan Cad. No:9 Bagcilar-Istanbul

 

Store: Derekoy Mev. 267 Ada 3 par. KC Sehri Bazaar AVM F Blok No:14-15 Bahcesehir-Istanbul

 

 

 

 

TREND OF BUSINESS

:

There was a decline at sales volume in nominal terms in 2007.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKERS

:

Turk Ekonomi Bankasi Trakya Kurumsal branch in Istanbul

Yapi ve Kredi Bankasi Gunesli Kurumsal branch in Istanbul

 

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

 

KEY FINANCIAL ELEMENTS  

:

 

 

Net Sales

Profit (Loss) Before Tax

Stockholders’ Equity

Total Assets

2006

(YTL)

72,269,769

1,537,011

15,250,011

24,058,209

2007

(YTL)

67,617,275

2,688,868

17,397,093

32,544,110

 

 

COMMENT ON FINANCIAL POSITION

 

FINANCIAL STRUCTURE (SUFFICENCY OF OWN RESOURCES)

 

Good

 

As of 31.12.2007

PROFITABILITY

 

Fair

 

In 2007

GENERAL FINANCIAL

POSITION

 

The subject had good capitalization and fair profitability in 2007.

 

 

 

CREDIT OPINION

 

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of USD 2.8 million may be granted to the subject company.

 

 

 

 

 

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.-31.07.2008)

15.18 %

1.2161

1.8679

2.4151

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.37

UK Pound

1

Rs.78.09

Euro

1

Rs.63.41

 

 

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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions