MIRA INFORM REPORT

 

 

Report Date :           

07.12.2011

 

IDENTIFICATION DETAILS

 

Name :

ORTA ANADOLU TICARET VE SANAYI ISLETMESI TURK A.S.

 

 

Registered Office :

Orta Sanayi Bolgesi Aydinlikevler Civari Osman Kavuncu Mah. Mensucat Cad. No:8 P.K.31 Melikgazi Kayseri

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2008

 

 

Date of Incorporation :

28.01.1958

 

 

Com. Reg. No.:

43

 

 

Legal Form :

Joint Stock Company    

 

 

Line of Business :

Manufacture, dyeing and trade of denim fabric, cotton textiles, blue-jeans fabric

 

 

No. of Employees :

1.350 Persons

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

Turkey

b1

b1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

NOTES

:

Address at your inquiry is not the registered head office but another premise.

 

 

COMPANY IDENTIFICATION

                       

NAME

:

ORTA ANADOLU TICARET VE SANAYI ISLETMESI TURK A.S.

HEAD OFFICE ADDRESS

:

Orta Sanayi Bolgesi Aydinlikevler Civari Osman Kavuncu Mah. Mensucat Cad. No:8 P.K.31 Melikgazi Kayseri / Turkey

PHONE NUMBER

:

90-352-336 26 80

 

FAX NUMBER

:

90-352-336 26 85

 

WEB-ADDRESS

:

www.ortaanadolu.com

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Mimarsinan

TAX NO

:

6470035963

REGISTRATION NUMBER

:

43

REGISTERED OFFICE

:

Kayseri Chamber of Commerce

DATE ESTABLISHED

:

28.01.1958

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   50.000.000

PAID-IN CAPITAL

:

TL   50.000.000

 

HISTORY

:

Previous Registered Capital

:

TL 33.557.046,58

Changed On

:

23.06.2005 (Commercial Gazette Date /Number 01.07.2005/ 6337)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Karamanci Holding A.S.

98 %

Faruk Demirel

 

Emin Altay

 

Mehmet Felekoglu

 

Murat Karamanci

 

Mehmet Fatih Karamanci

 

Esma Karamanci

 

Demir Karamanci

 

Others

 

 

 

GROUP PARENT COMPANY

:

KARAMANCI HOLDING A.S.

 

SISTER COMPANIES

:

DENIMKO TEKSTIL KONFEKSIYON VE EKOLOJIK TARIM URUNLERI SANAYI VE TICARET A.S.

INTERSOURCE TEKSTIL VE KONFEKSIYON SANAYI VE TICARET A.S.

KARAMANCI HOLDING A.S.

KAREL ELEKTRIK URETIM A.S.

MATEZ TEKNIK MALZEME TURK A.S.

METAL HOLDING A.S.

ORKAR TEKSTIL PAZARLAMA SANAYI A.S.

ORTA ANADOLU TEKSTIL VE DIS YATIRIMLAR LTD. STI.

SUPERLIT BORU SANAYI A.S.

SUPERLIT ULUSLARARASI ALTYAPI VE TEKNOLOJI YATIRIMLARI A.S.

 

SUBSIDIARIES

:

ORTA ANADOLU TEKSTIL VE DIS YATIRIMLAR LTD. STI.

 

BOARD OF DIRECTORS

:

Mehmet Fatih Karamanci

Chairman

Murat Karamanci

Vice-Chairman

Atilla Kiyat

Member

Bulent Corapci

Member

 

 

DIRECTORS

:

Atilla Kiyat

General Manager

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture, dyeing and trade of denim fabric, cotton textiles, blue-jeans fabric.  The subject has declared that it also started manufacturing of yarn in 2010.

 

NACE CODE

:

DB.17.00

 

SECTOR

:

Textile

 

TRADEMARKS OWNED

:

Denimus

Orcotton

Ordenim

 

NUMBER OF EMPLOYEES

:

1.350

 

NET SALES

:

200.178 TL Thousand

(2002) 

230.660 TL Thousand

(2003) 

282.644 TL Thousand

(2004) 

254.146 TL Thousand

(2005) 

241.901 TL Thousand

(2006) 

299.645 TL Thousand

(2007) 

320.214.545 TL 

(2008) 

292.023.648 TL

(2009) 

331.349.760 TL

(2010) 

389.804.772 TL

(01.01-31.10.2011) 

 

 

REMARKS ON NET SALES

:

The net sale figure of 01.01.-31.10.2011 is declared by the company. There is no certification for this figure.

 

IMPORT COUNTRIES

:

European Countries

 

MERCHANDISE IMPORTED

:

Chemicals

Dye

Raw materials

Spare parts

 

EXPORT VALUE

:

110.000.000 USD

(2004)

110.000.000 USD

(2005)

95.000.000 USD

(2006)

143.000.000 USD

(2007)

143.852.230 TL

(2008)

80.000.000 USD

(2009)

84.000.000 USD

(2010)

 

 

EXPORT COUNTRIES

:

Bahrain

Spain

Hong-Kong

Japan

India

Pakistan

Paraguay

Colombia

Mexico

France

Thailand

U.S.A.

Tunisia

Poland

Italy

 

MERCHANDISE  EXPORTED

:

Cotton fibers bleaches

Synthetic organic dyes

 

HEAD OFFICE ADDRESS

:

Orta Sanayi Bolgesi Aydinlikevler Civari Osman Kavuncu Mah. Mensucat Cad. No:8 P.K.31 Melikgazi Kayseri / Turkey ( owned )

 

BRANCHES

:

Factory  :  Organize Sanayi Bolgesi Kayseri/Turkey

 

Head Office/Factory  :  Orta Sanayi Bolgesi Aydinlikevler Civari Osman Kavuncu Mah. Mensucat Cad. No:8 P.K.31 Melikgazi Kayseri/Turkey (owned) (156.000 sqm)

 

Administrative Office  :  Cumhuriyet Cad. No:255 K:5 Harbiye Istanbul/Turkey (rented)

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2010. There appears an upwards trend in  1.1 - 31.10.2011.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Harbiye Branch

Anadolubank Merkez Branch

Garanti Bankasi Merkez Branch

T. Is Bankasi Harbiye Branch

 

PAYMENT BEHAVIOUR

 

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2007) TL

(2008) TL

(2009) TL

(2010) TL

(01.01-31.10.2011) TL

Net Sales

299.644.604

320.214.545

292.023.648

331.349.760

389.804.772

Profit (Loss) Before Tax

64.110.002

58.595.496

63.794.772

42.785.041

 

Stockholders' Equity

192.711.504

217.492.961

258.075.516

250.498.909

81.452.000

Total Assets

300.544.020

333.382.303

337.206.751

412.919.616

487.763.000

Current Assets

165.989.517

202.711.528

 

 

138.837.000

Non-Current Assets

134.554.503

130.670.775

 

 

348.926.000

Current Liabilities

62.341.009

66.307.303

 

 

100.426.000

Long-Term Liabilities

45.491.507

49.582.039

 

 

305.885.000

Gross Profit (loss)

92.514.822

108.384.159

 

 

 

Operating Profit (loss)

56.583.674

71.659.802

 

 

47.381.000

Net Profit (loss)

51.944.262

47.000.675

 

 

 

 

 

REMARKS ON KEY FINANCIAL ELEMENTS

:

The key financial figure of 01.01.-31.10.2011 is declared by the company. There is no certification for this figure.

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Low As of 31.10.2011

Liquidity

Good As of 31.10.2011

Remarks On Liquidity

Current ratio is 1,38

Profitability

High Operating Profitability  in 2007

High Net Profitability  in 2007

High Operating Profitability  in 2008

High Net Profitability  in 2008

High Net Profitability  in 2009

High Net Profitability  in 2010

High Operating Profitability (01.01-31.10.2011)

 

General Financial Position

Unsatisfactory

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 2008 )

8,11 %

1,2858

1,8876

2,3708

 ( 2009 )

5,93 %

1,5460

2,1529

2,4094

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 ( 01.01-31.10.2011)

11,48 %

1,6444

2,3157

2,6459

 ( 01.01-30.11.2011)

12,20 %

1,6616

2,3280

2,6658

 

 

BALANCE SHEETS

 

 

 ( 31.12.2007 )  TL

 

 ( 31.12.2008 )  TL

 

CURRENT ASSETS

165.989.517

0,55

202.711.528

0,61

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

48.601.178

0,16

83.320.023

0,25

Marketable Securities

0

0,00

0

0,00

Account Receivable

45.850.371

0,15

43.714.081

0,13

Other Receivable

246.956

0,00

316.372

0,00

Inventories

56.375.373

0,19

64.827.542

0,19

Advances Given

6.330.069

0,02

2.161.055

0,01

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

8.585.570

0,03

8.372.455

0,03

NON-CURRENT ASSETS

134.554.503

0,45

130.670.775

0,39

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

160.417

0,00

205.794

0,00

Financial Assets

27.683.239

0,09

27.683.229

0,08

Tangible Fixed Assets (net)

104.375.065

0,35

100.247.414

0,30

Intangible Assets

2.009.344

0,01

1.943.989

0,01

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

326.438

0,00

590.349

0,00

TOTAL ASSETS

300.544.020

1,00

333.382.303

1,00

CURRENT LIABILITIES

62.341.009

0,21

66.307.303

0,20

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

30.261.987

0,10

33.004.324

0,10

Accounts Payable

16.429.894

0,05

12.816.388

0,04

Loans from Shareholders

26.061

0,00

30.223

0,00

Other Short-term Payable

989.398

0,00

1.195.887

0,00

Advances from Customers

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

2.648.237

0,01

3.053.621

0,01

Provisions

11.903.323

0,04

16.001.416

0,05

Other Current Liabilities

82.109

0,00

205.444

0,00

LONG-TERM LIABILITIES

45.491.507

0,15

49.582.039

0,15

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

18.650.000

0,06

23.617.500

0,07

Securities Issued

0

0,00

0

0,00

Long-term Payable

9.899.950

0,03

6.049.200

0,02

Loans from Shareholders

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

Provisions

16.941.557

0,06

19.915.339

0,06

STOCKHOLDERS' EQUITY

192.711.504

0,64

217.492.961

0,65

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

50.000.000

0,17

50.000.000

0,15

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

31.462.412

0,10

31.462.412

0,09

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

95.838.934

0,32

125.563.978

0,38

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

-36.534.104

-0,12

-36.534.104

-0,11

Net Profit (loss)

51.944.262

0,17

47.000.675

0,14

TOTAL LIABILITIES AND EQUITY

300.544.020

1,00

333.382.303

1,00

 

 

INCOME STATEMENTS

 

 

(2007) TL

 

(2008) TL

 

Net Sales

299.644.604

1,00

320.214.545

1,00

Cost of Goods Sold

207.129.782

0,69

211.830.386

0,66

Gross Profit

92.514.822

0,31

108.384.159

0,34

Operating Expenses

35.931.148

0,12

36.724.357

0,11

Operating Profit

56.583.674

0,19

71.659.802

0,22

Other Income

20.122.577

0,07

19.579.868

0,06

Other Expenses

10.379.556

0,03

9.571.969

0,03

Financial Expenses

2.216.693

0,01

23.072.205

0,07

Minority Interests

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

Profit (loss) Before Tax

64.110.002

0,21

58.595.496

0,18

Tax Payable

12.165.740

0,04

11.594.821

0,04

Postponed Tax Gain

0

0,00

0

0,00

Net Profit (loss)

51.944.262

0,17

47.000.675

0,15

 

 

FINANCIAL RATIOS

 

 

(2007)

(2008)

LIQUIDITY RATIOS

 

 

Current Ratio

2,66

3,06

Acid-Test Ratio

1,52

1,92

Cash Ratio

0,78

1,26

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,19

0,19

Short-term Receivable/Total Assets

0,15

0,13

Tangible Assets/Total Assets

0,35

0,30

TURNOVER RATIOS

 

 

Inventory Turnover

3,67

3,27

Stockholders' Equity Turnover

1,55

1,47

Asset Turnover

1,00

0,96

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,64

0,65

Current Liabilities/Total Assets

0,21

0,20

Financial Leverage

0,36

0,35

Gearing Percentage

0,56

0,53

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,27

0,22

Operating Profit Margin

0,19

0,22

Net Profit Margin

0,17

0,15

Interest Cover

29,92

3,54

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

55,28

49,38

Average Payable Period (days)

45,76

32,06

WORKING CAPITAL

103648508,00

136404225,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.39

UK Pound

1

Rs.80.20

Euro

1

Rs.68.92

 

 

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

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

----

NB

New Business

----

 

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.