MIRA
INFORM REPORT
|
Report Date : |
06.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
YESIM SATIS MAGAZALARI VE TEKSTIL FABRIKALARI A.S. |
|
|
|
|
Registered Office : |
Ankara Yolu Uzeri Gursu Kavsagi 11. Km Yildirim Bursa |
|
|
|
|
Country : |
Turkey |
|
|
|
|
Financials (as on) : |
31.12.2007 |
|
|
|
|
Date of Incorporation : |
1996 |
|
|
|
|
Com. Reg. No.: |
43403 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Trade of Textile Products |
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 |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
COMPANY
IDENTIFICATION
|
NAME |
: |
YESIM SATIS
MAGAZALARI VE TEKSTIL FABRIKALARI A.S. |
|
ADDRESS |
: |
Head Office: Ankara Yolu Uzeri Gursu Kavsagi 11. Km
Yildirim Bursa / Turkey |
|
PHONE NUMBER |
: |
90-224-331 72 00
(20 lines) 90-224-372 50 00 |
|
FAX NUMBER |
: |
90-224-331 72 19 |
LEGAL
STATUS AND HISTORY
|
TAX NO |
: |
Ertugrulgazi /
9520066543 |
|
REGISTRATION
NUMBER |
: |
43403 |
|
REGISTERED OFFICE |
: |
Bursa Chamber of
Industry and Commerce. |
|
DATE ESTABLISHED |
: |
1996 (Commercial
Registry Gazette Date / No: 25.06.1996/4066) |
|
LEGAL FORM |
: |
Joint Stock
Company |
|
TYPE OF COMPANY |
: |
Private |
|
REGISTERED CAPITAL |
: |
YTL 4,000,000 |
|
PAID-IN CAPITAL |
: |
YTL 4,000,000 |
|
HISTORY |
: |
The firm was firstly established in Ankara
and registered at Ankara Commercial Registry
with registration number 119613 in 1996 (Commercial Registry Gazette Date / No: 25.06.1996/4066). Then the
subject company moved to Bursa in 1997 and registered at Bursa Commercial
Registry with registry number
43403-51486 (Commercial Registry Gazette Date/No:14.07.1997/4331) The registered capital
was increased from YTL 100,000 to YTL 1,000,000 on 05.02.1999 (Commercial
Registry Gazette Date / No: 15.02.1999 / 4731) The firm moved
from “Ankara Yolu Uzeri Gursu Kavsagi Bursa” to “Sari Cad. No:23 Organize Sanayi Bolgesi 16580 Bursa” in February 2001 The registered
capital was increased from YTL 1,000,000 to YTL 2,000,000 on 27.04.2004
(Commercial Registry Gazette Date / No: 30.04.2004 / 6040) The registered
capital was increased from YTL 2,000,000 to YTL 4,000,000 on 21.05.2007
(Commercial Registry Gazette Date / No: 31.05.2007/6820). The subject moved from ”Bursa Organize Sanayi
Bolgesi Sari Cad. No: 23 Bursa/Turkey” to ” Ankara Yolu Uzeri Gursu Kavsagi 11. Km
Yildirim Bursa / Turkey” on 25.03.2008.(Commercial Registry Gazette Date/No: 09.04.2008/7038) |
OWNERSHIP
/ MANAGEMENT
|
SHAREHOLDERS |
: |
Yesim Tekstil
Sanayi ve Ticaret A.S. Nergis Tekstil
Sanayi ve Ticaret A.S. Others |
50 % 25 % 25 % |
|
GROUP PARENT COMPANY |
|
Nergis Holding A.S. |
|
|
REMARKS ON GROUP |
: |
Nergis Holding A.S. is a conglomerate
which was founded to coordinate the financial and administrative operations
of the companies that operate within Nergis group of companies. |
|
|
|
|
Nergis group was a
large group of companies operating at different fields but it is specialized
mainly at textile sector. Nergis group had a
bank named as Interbank AS whose shares were transferred to the Turkish
Republic Central Bank Deposits Insurance Fund on 07.01.1999. So Nergis Group
which had debt to Savings Deposit Insurance Fund signed a protocol on
19.08.2004 with Savings Deposit Insurance Fund for paying back USD 1,678
million. Nergis Group has paid USD 144 million until 22.02.2008. Due to the
protocol, shares of some of the group companies are being pawned by Savings
Deposit Insurance Fund. |
|
|
SISTER COMPANIES |
: |
-Nergis Tekstil
Sanayi ve Ticaret A.S. -Nergis Holding
A.S. -Polylen Sentetik
Iplik Sanayi A.S. -Sifas Sentetik
Iplik Fabrikalari A.S. -Yesim Tekstil
Sanayi ve Ticaret A.S. |
|
|
BOARD OF DIRECTORS |
: |
Necmi Yesilova Macit Safi Ahmet Bican Guclu Ahmet Gurmeric Faith Calik |
Chairman Vice-Chairman Member Member Member |
|
GENERAL MANAGER |
: |
Ahmet Bican Guclu |
|
OPERATIONS
|
BUSINESS ACTIVITIES |
: |
Trade of textile
products |
|
|
TRADEMARK(S) |
: |
None |
|
|
NUMBER OF EMPLOYEES |
: |
43 |
|
|
ET SALES |
: |
(YTL) 125,010,117 18,358,370 434,263,959 636,651,845 713,407,477 875,943,678 702,734,960 712,537,401 658,465,295 |
(1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) |
|
CAPACITY |
: |
None |
||
|
PRODUCTION |
: |
None |
||
|
IMPORT VALUE |
: |
USD 90 million USD 120 million USD 123 million USD 93,926,281 USD 98,737,263 USD 17,438,385 |
(2003) (2004) (2005) (2006) (2007) (01.01.-31.03.2008) |
|
|
IMPORT COUNTRIES |
: |
Europe, USA… |
||
|
MERCHANDISE EXPORTED |
: |
Textile products
and raw materials |
||
|
EXPORT VALUE |
: |
(YTL) 209,096,113 302,214,476 378,538,789 463,699,079 334,700,124 369,677,210 (USD) 279,059,296 59,438,837 |
(2001) (2002) (2003) (2004) (2005) (2006) (2007) (01.01.-31.03.2008) |
|
|
EXPORT COUNTRIES |
: |
China, Argentina,
Brazil, Japan, Taiwan, Sweden, Finland, Ukraine, Kuwait, Croatia, Slovenia, Russia,
Romania, Hungary, Czech Republic, Poland, Estonia, Belgium, Spain, Portugal,
Greece, U.K, Italy, France, UAE, U.S.A, Switzerland, Denmark, Slovakia,
Austria, Moldovia, Egypt, Germany, Netherlands... |
||
|
MERCHANDISE EXPORTED |
: |
Ready-wear, curtain,
yarn |
||
|
PREMISES |
: |
Head Office: Ankara Yolu
Uzeri Gursu Kavsagi 11. Km Yildirim
Bursa (rented) |
||
|
FIXED CAPITAL INVESTMENTS |
: |
None |
||
|
|
|
|
||
|
TREND OF BUSINESS |
: |
Fluctuating |
||
|
SIZE OF BUSINESS |
: |
Giant |
||
FINANCE
|
MAIN DEALING
BANKERS |
: |
Finansbank Bursa
branch in Bursa Turkiye Is Bankasi
Bursa branch in Bursa |
|
CREDIT FACILITIES |
: |
The subject
company is making active use of credit facilities. |
|
PAYMENT BEHAVIOUR |
: |
Although there is no payment delay registry in
the name of the subject, the group of the firm, Nergis Group, has financial
difficulties. The group has signed protocols with some of the banks to extend
the credit maturity. |
COMMENT
ON FINANCIAL POSITION
|
FINANCIAL STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
||
|
Negative
Stockholders’ Equity |
As of 31.12.2007 |
|
|
LIQUIDITY |
||
|
Low |
As of 31.12.2007 |
|
|
PROFITABILITY |
||
|
The firm had net loss in
2007. |
||
|
GAP BETWEEN COLLECTION-PAYMENT PERIODS |
||
|
In order |
In 2007 |
|
|
GENERAL FINANCIAL POSITION |
||
|
Poor |
||
CREDIT OPINION
|
|
Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(1999) |
62.90 % |
0.4278 |
0.4518 |
0.6843 |
|
(2000) |
32.70 % |
0.6251 |
0.5774 |
0.9480 |
|
(2001) |
88.60 % |
1.1991 |
1.0714 |
1.7300 |
|
(2002) |
30.80 % |
1.5168 |
1.3741 |
2.2001 |
|
(2003) |
13.90 % |
1.5302 |
1.7141 |
2.4982 |
|
(2004) |
13.84 % |
1.4266 |
1.7666 |
2.6001 |
|
(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.-31.03.2008) |
6.26 % |
1.2033 |
1.8179 |
2.3972 |
|
(1.1.-31.07.2008) |
15.18 % |
1.2161 |
1.8679 |
2.4151 |
BALANCE SHEETS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
31.12.05 |
|
|
|
31.12.06 |
|
|
|
31.12.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
229.275.150 |
|
0,95 |
|
216.509.696 |
|
0,98 |
|
250.363.146 |
|
0,98 |
|
|
|
Cash and Banks |
21.045.333 |
|
0,09 |
|
18.628.266 |
|
0,08 |
|
16.887.641 |
|
0,07 |
|
|
|
Marketable Securities |
0 |
|
0,00 |
|
865 |
|
0,00 |
|
70.865 |
|
0,00 |
|
|
|
Account Receivable |
150.316.262 |
|
0,62 |
|
101.284.554 |
|
0,46 |
|
95.080.100 |
|
0,37 |
|
|
|
Other Receivable |
47.179.431 |
|
0,20 |
|
92.627.960 |
|
0,42 |
|
132.867.108 |
|
0,52 |
|
|
|
Inventories |
7.151.538 |
|
0,03 |
|
1.256.768 |
|
0,01 |
|
1.872.824 |
|
0,01 |
|
|
|
Advances Given |
52.705 |
|
0,00 |
|
323.675 |
|
0,00 |
|
505.857 |
|
0,00 |
|
|
|
Other Current Assets |
3.529.881 |
|
0,01 |
|
2.387.608 |
|
0,01 |
|
3.078.751 |
|
0,01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
12.182.967 |
|
0,05 |
|
3.883.156 |
|
0,02 |
|
3.825.935 |
|
0,02 |
|
|
|
Long-term Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Financial Assets |
1.365.630 |
|
0,01 |
|
1.365.630 |
|
0,01 |
|
1.365.630 |
|
0,01 |
|
|
|
Tangible Fixed Assets (net) |
10.644.918 |
|
0,04 |
|
2.500.385 |
|
0,01 |
|
2.438.155 |
|
0,01 |
|
|
|
Intangible Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other Non-Current Assets |
172.419 |
|
0,00 |
|
17.141 |
|
0,00 |
|
22.150 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
241.458.117 |
|
1,00 |
|
220.392.852 |
|
1,00 |
|
254.189.081 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
260.198.584 |
|
1,08 |
|
237.571.140 |
|
1,08 |
|
270.118.982 |
|
1,06 |
|
|
|
Financial Loans |
99.235.779 |
|
0,41 |
|
105.221.518 |
|
0,48 |
|
130.886.275 |
|
0,51 |
|
|
|
Accounts Payable |
70.161.801 |
|
0,29 |
|
72.520.259 |
|
0,33 |
|
92.041.414 |
|
0,36 |
|
|
|
Loans from Shareholders |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other Short-term Payable |
53.422.913 |
|
0,22 |
|
49.412.169 |
|
0,22 |
|
36.120.789 |
|
0,14 |
|
|
|
Advances from Customers |
36.231.774 |
|
0,15 |
|
9.270.843 |
|
0,04 |
|
10.104.401 |
|
0,04 |
|
|
|
Taxes Payable |
186.575 |
|
0,00 |
|
113.252 |
|
0,00 |
|
143.948 |
|
0,00 |
|
|
|
Provisions |
959.742 |
|
0,00 |
|
1.033.099 |
|
0,00 |
|
822.155 |
|
0,00 |
|
|
|
Other Current Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
5.242.507 |
|
0,02 |
|
148.127 |
|
0,00 |
|
148.127 |
|
0,00 |
|
|
|
Financial Loans |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Securities Issued |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Long-term Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Loans from Shareholders |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other Long-term Liabilities |
5.094.380 |
|
0,02 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Provisions |
148.127 |
|
0,00 |
|
148.127 |
|
0,00 |
|
148.127 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
-23.982.974 |
|
-0,10 |
|
-17.326.415 |
|
-0,08 |
|
-16.078.028 |
|
-0,06 |
|
|
|
Paid-in Capital |
2.000.000 |
|
0,01 |
|
2.000.000 |
|
0,01 |
|
4.000.000 |
|
0,02 |
|
|
|
Inflation Adjustment of Capital |
5.642.940 |
|
0,02 |
|
5.642.940 |
|
0,03 |
|
5.642.940 |
|
0,02 |
|
|
|
Reserves |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
332.828 |
|
0,00 |
|
|
|
Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accumulated Losses(-) |
-27.684.419 |
|
-0,11 |
|
-31.625.914 |
|
-0,14 |
|
-25.302.182 |
|
-0,10 |
|
|
|
Net Profit (loss) |
-3.941.495 |
|
-0,02 |
|
6.656.559 |
|
0,03 |
|
-751.614 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES
&EQUITY |
241.458.117 |
|
1,00 |
|
220.392.852 |
|
1,00 |
|
254.189.081 |
|
1,00 |
|
INCOME STATEMENTS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
702.734.960 |
|
1,00 |
|
712.537.401 |
|
1,00 |
|
658.465.295 |
|
1,00 |
|
|
|
Cost of Goods Sold |
700.816.786 |
|
1,00 |
|
686.401.930 |
|
0,96 |
|
638.084.832 |
|
0,97 |
|
|
|
Gross Profit |
1.918.174 |
|
0,00 |
|
26.135.471 |
|
0,04 |
|
20.380.463 |
|
0,03 |
|
|
|
Operating Expenses |
24.961.627 |
|
0,04 |
|
21.679.464 |
|
0,03 |
|
18.977.989 |
|
0,03 |
|
|
|
Operating Profit |
-23.043.453 |
|
-0,03 |
|
4.456.007 |
|
0,01 |
|
1.402.474 |
|
0,00 |
|
|
|
Other Income |
50.068.309 |
|
0,07 |
|
40.182.061 |
|
0,06 |
|
20.288.445 |
|
0,03 |
|
|
|
Other Expenses |
15.053.612 |
|
0,02 |
|
24.775.206 |
|
0,03 |
|
18.206.272 |
|
0,03 |
|
|
|
Financial Expenses |
15.912.739 |
|
0,02 |
|
13.206.303 |
|
0,02 |
|
4.236.261 |
|
0,01 |
|
|
|
Profit (loss) Before Tax |
-3.941.495 |
|
-0,01 |
|
6.656.559 |
|
0,01 |
|
-751.614 |
|
0,00 |
|
|
|
Tax Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
-3.941.495 |
|
-0,01 |
|
6.656.559 |
|
0,01 |
|
-751.614 |
|
0,00 |
|
FINANCIAL RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
2007 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Ratio |
0,88 |
|
|
|
0,91 |
|
|
|
0,93 |
|
|
|
|
|
Acid-Test Ratio |
0,84 |
|
|
|
0,89 |
|
|
|
0,91 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,03 |
|
|
|
0,01 |
|
|
|
0,01 |
|
|
|
|
|
Short-term Receivable/Total
Assets |
0,82 |
|
|
|
0,88 |
|
|
|
0,90 |
|
|
|
|
|
Tangible Assets/Total
Assets |
0,04 |
|
|
|
0,01 |
|
|
|
0,01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
98,00 |
|
|
|
546,16 |
|
|
|
340,71 |
|
|
|
|
|
Stockholders' Equity
Turnover |
-29,30 |
|
|
|
-41,12 |
|
|
|
-40,95 |
|
|
|
|
|
Asset Turnover |
2,91 |
|
|
|
3,23 |
|
|
|
2,59 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
Equity/Total Assets |
-0,10 |
|
|
|
-0,08 |
|
|
|
-0,06 |
|
|
|
|
|
Current Liabilities/Total
Assets |
1,08 |
|
|
|
1,08 |
|
|
|
1,06 |
|
|
|
|
|
Financial Leverage |
1,10 |
|
|
|
1,08 |
|
|
|
1,06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders'
Eq. |
0,16 |
|
|
|
-0,38 |
|
|
|
0,05 |
|
|
|
|
|
Operating Profit Margin |
-0,03 |
|
|
|
0,01 |
|
|
|
0,00 |
|
|
|
|
|
Net Profit Margin |
-0,01 |
|
|
|
0,01 |
|
|
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Collection Period
(days) |
77,00 |
|
|
|
51,17 |
|
|
|
51,98 |
|
|
|
|
|
Average Payable Period
(days) |
36,04 |
|
|
|
38,03 |
|
|
|
51,93 |
|
|
|
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%)