MIRA INFORM REPORT

 

Report Date :

14.12.2011

 

IDENTIFICATION DETAILS

 

Name :

SOKTAS TEKSTIL SANAYI VE TICARET A.S.

 

 

Formerly Known As :

SOKTAS  PAMUK VE TARIM  URUNLERINI DEGERLENDIRME TICARET VE SANAYI A.S.

 

 

Registered Office :

Cumhuriyet Mahallesi Akeller Caddesi No:54 09201 Soke Aydin

 

 

Country :

Turkey

 

 

Financials (as on) :

30.09.2011

 

 

Date of Incorporation :

24.02.1971

 

 

Com. Reg. No.:

958- Soke

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of yarn, and also management and investment of subsidiaries.

 

 

No. of Employees :

1811

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

19.100.000 USD

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 30, 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

 

COMPANY IDENTIFICATION

 

NAME

:

SOKTAS TEKSTIL SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Cumhuriyet Mahallesi Akeller Caddesi No:54 09201 Soke Aydin / Turkey

PHONE NUMBER

:

90-256-518 22 55

 

FAX NUMBER

:

90-256-518 45 39

 

WEB-ADDRESS

:

www.soktas.com.tr

E-MAIL

:

soktas@soktas.com.tr

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Soke

TAX NO

:

7780013436

REGISTRATION NUMBER

:

958- Soke

REGISTERED OFFICE

:

Soke Chamber of Commerce

DATE ESTABLISHED

:

24.02.1971

 

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

AUTHORIZED CAPITAL

:

TL   32.000.000

PAID-IN CAPITAL

:

TL   27.120.000

HISTORY

:

Previous Name

:

SOKTAS  PAMUK VE TARIM  URUNLERINI DEGERLENDIRME TICARET VE SANAYI A.S.

Changed On

:

10.04.2003 (Commercial Gazette Date /Number 15.04.2003/ 5778)

Other Changes

:

The authorized capital was increased from TL 8.000.000 to TL 32.000.00

Changed On

:

06.05.2005 (Commercial Gazette Date /Number 13.05.2005/ 6303)

Other Changes

:

The paid- in capital was increased from TL 2.400.000 to TL 12.000.000

Changed On

:

25.04.2006 (Commercial Gazette Date /Number 28.04.2006/ 6545)

Other Changes

:

The paid- in capital was increased from TL 12.000.000 to TL 13.560.000

Changed On

:

29.06.2009 (Commercial Gazette Date /Number 08.07.2009/ 7349)

Other Changes

:

The paid in capital was increased from TL 13.560.000 to TL 27.120.000

Changed On

:

05.07.2011 (Commercial Gazette Date /Number 13.07.2011/ 7857)

 

 

OWNERSHIP / MANAGEMENT

 

NOTES ON OWNERSHIP / MANAGEMENT

:

Quoted at Stock Exchange.

 

 

SHAREHOLDERS

:

Kayhan Holding A.S.

21,18 %

Arife Seda Kayhan

10 %

Gonen Kayhan

8,90 %

Eyup Hilmi Kayhan

8,25 %

Muharrem Hilmi Kayhan

8,25 %

Others

43,42 %

 

 

REMARKS ON SHAREHOLDERS

:

“Kayhan Holding A.S.” is a large company which was founded by members of Kayhan Family. “Kayhan Holding A.S.” became a shareholder of “Soktas” in May 1997 as Kayhan Family members transferred their shares at “Soktas” to “Kayhan A.S.”.

 

SISTER COMPANIES

:

BLACK SEA BLUE DANUBE ROM SRL

EFELER CIFTLIGI TARIM VE HAYVANCILIK A.S.

MOOVA GIDA SANAYI VE TICARET A.S.

SOKTAS DOKUMA ISLETMELERI SANAYI VE TICARET A.S.

SOKTAS INDIA PRIVATE LIMITED

 

SUBSIDIARIES

:

BLACK SEA BLUE DANUBE ROM SRL  ( 100 % )

EFELER CIFTLIGI TARIM VE HAYVANCILIK A.S.  ( 99,99 % )

MOOVA GIDA SANAYI VE TICARET A.S.  ( 99,99 % )

SOKTAS DOKUMA ISLETMELERI SANAYI VE TICARET A.S. ( 99,99 % )

SOKTAS INDIA PRIVATE LIMITED  ( 88,20 % )

 

BOARD OF DIRECTORS

:

Muzaffer Mufit Kayhan

Chairman

Eyup Hilmi Kayhan

Vice-Chairman

Muharrem Hilmi Kayhan

Vice-Chairman

Yakup Gungor

Member

M. Nedim Olcer

Member

Korkmaz Ilkorur

Member

Vecdet Kayhan

Member

 

 

DIRECTORS

:

Muzaffer Mufit Kayhan

General Manager

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of yarn, and also management and investment of subsidiaries. The subject was dealing with manufacture and trade of fabric, yarn and milk. The firm has transferred its fabric and milk production facilities (except yarn manufacturing facilities) to "Soktas Dokuma Isletmeleri Sanayi ve Ticaret A.S." and the calf and milk production to "Efeler Ciftligi Tarim ve Hayvancilik A.S." on 26.01.2011. 

 

NACE CODE

:

DB.17.11

 

SECTOR

:

Textile

 

NUMBER OF EMPLOYEES

:

1.811

 

NET SALES

:

1.583.036 TL

(1994) 

2.679.912 TL

(1995) 

5.051.472 TL

(1996) 

9.116.080 TL

(1997) 

13.714.204 TL

(1998) 

20.304.016 TL

(1999) 

29.897.209 TL

(2000) 

67.407.979 TL

(2001) 

92.219.071 TL

(2002) 

108.634.223 TL

(2003) 

106.543.687 TL

(2004) 

86.013.929 TL

(2005) 

86.940.183 TL

(2006) 

114.386.335 TL

(2007) 

125.249.514 TL

(2008) 

117.818.615 TL

(2009) 

155.597.606 TL

(2010) 

151.044.679 TL

(01.01-30.09.2011) 

 

 

PRODUCTION

:

Fabric  ( km )

Milk  ( ton )

 

10.079

22.249

(2009)

13.956

26.137

(2010)

12.158

17.146

(01.01-30.09.2011)

 

 

 

 

IMPORT VALUE

:

25.153.452 USD

(1995)

20.426.931 USD

(1996)

21.779.338 USD

(1997)

19.610.269 USD

(1998)

14.670.575 USD

(1999)

16.006.112 USD

(2000)

13.430.664 USD

(2001)

18.542.766 USD

(2002)

22.153.058 USD

(2003)

19.920.362 USD

(2004)

19.208.513 USD

(2005)

14.989.824 USD

(2006)

27.857.407 USD

(2007)

21.054.738 USD

(2008)

12.612.702 TL

(2009)

16.359.527 TL

(2010)

42.620.694 TL

(01.01-30.09.2011)

 

 

IMPORT COUNTRIES

:

Australia

Israel

U.S.A.

Switzerland

Germany

Argentina

Italy

 

MERCHANDISE IMPORTED

:

Breeding heifers

Dye

Intermediary goods

Machinery

Raw materials

Spare parts

 

EXPORT VALUE

:

20.185.897 USD

(1999)

19.493.302 USD

(2000)

33.875.946 USD

(2001)

40.777.000 USD

(2002)

46.969.000 USD

(2003)

56.381.887 USD

(2004)

70.809.680 TL

(2005)

71.943.436 TL

(2006)

94.732.196 TL

(2007)

95.842.310 TL

(2008)

66.564.877 TL

(2009)

65.959.251 TL

(2010)

72.368.761 TL

(01.01-30.09.2011)

 

 

 

EXPORT COUNTRIES

:

Australia

Belgium

Germany

Italy

Japan

Portugal

Spain

India

Bulgaria

China

Singapore

Malaysia

Indonesia

Vietnam

Thailand

 

MERCHANDISE  EXPORTED

:

Cotton fibers

Fabric

Yarn

 

HEAD OFFICE ADDRESS

:

Cumhuriyet Mahallesi Akeller Caddesi No:54 09201 Soke Aydin / Turkey

 

BRANCHES

:

Head Office/Factory  :  Cumhuriyet Mahallesi Akeller Caddesi No:54 09201 Soke Aydin/Turkey

 

Branch Office  :  Istanbul Ataturk Havalimani Serbest Bolgesi (Free Zone) Bakirkoy Istanbul/Turkey

 

Branch Office  :  Ege Serbest Bolgesi (Free Zone) Izmir/Turkey

 

Branch Office  :  Asmali Mescit Mah. Minare Sok. No: 11/A Beyoglu Istanbul/Turkey

 

INVESTMENTS

:

Investments are going on.

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2010. There appears an upwards trend in  1.1 - 30.9.2011.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Soke Branch

Akbank Merkez Branch

T. Is Bankasi Soke Branch

T. Is Bankasi Yenicami Branch

Yapi ve Kredi Bankasi Soke Branch

Yapi ve Kredi Bankasi Levent Branch

 

CREDIT FACILITIES

:

The subject company is making active use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2009) TL

(2010) TL

(01.01-30.09.2011) TL

Net Sales

117.818.615

155.597.606

151.044.679

Profit (Loss) Before Tax

231.630

13.176.344

8.926.241

Stockholders' Equity

116.387.956

126.167.190

142.043.694

Total Assets

273.061.357

288.893.195

366.216.682

Current Assets

82.346.041

90.917.384

107.143.840

Non-Current Assets

190.715.316

197.975.811

259.072.842

Current Liabilities

59.417.391

67.171.307

106.632.367

Long-Term Liabilities

97.256.010

95.554.698

117.540.621

Gross Profit (loss)

31.676.156

45.081.506

52.256.002

Operating Profit (loss)

9.918.275

17.731.331

25.175.483

Net Profit (loss)

2.465.832

9.174.564

15.245.228

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Satisfactory As of 30.09.2011

Liquidity

Insufficient As of 30.09.2011

Remarks On Liquidity

The favorable gap between average collection and average payable period has a positive effect on liquidity.

Profitability

Good Operating Profitability  in 2009

Fair Net Profitability  in 2009

High Operating Profitability  in 2010

High Net Profitability  in 2010

High Operating Profitability (01.01-30.09.2011)

High Net Profitability (01.01-30.09.2011)

 

Gap between average collection and payable periods

Favorable in 01.01-30.09.2011

General Financial Position

Passable

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT LIMIT

 

:

19.100.000 USD

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 19.100.000 USD may be granted to the subject company.

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 1998 )

54,30 %

0,2657

0,2967

0,4410

 ( 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

 ( 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

 ( 01.01-30.09.2011)

9,72 %

1,6335

2,3016

2,6294

 ( 01.01-30.11.2011)

12,20 %

1,6616

2,3280

2,6658

 

 

NOTES ON FINANCIAL STATEMENTS

:

Financial statements are consolidated..

 

 

BALANCE SHEETS

 

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 30.09.2011 )  TL

 

CURRENT ASSETS

82.346.041

0,30

90.917.384

0,31

107.143.840

0,29

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

Cash and Banks

17.128.782

0,06

15.248.469

0,05

12.288.010

0,03

Marketable Securities

0

0,00

0

0,00

0

0,00

Account Receivable

22.494.577

0,08

26.363.975

0,09

26.788.420

0,07

Other Receivable

87.596

0,00

125.098

0,00

471.716

0,00

Inventories

29.494.082

0,11

35.491.253

0,12

51.263.289

0,14

Advances Given

0

0,00

0

0,00

0

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

Other Current Assets

13.141.004

0,05

13.688.589

0,05

16.332.405

0,04

NON-CURRENT ASSETS

190.715.316

0,70

197.975.811

0,69

259.072.842

0,71

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

Long-term Receivable

25.098

0,00

25.098

0,00

0

0,00

Financial Assets

0

0,00

0

0,00

25.098

0,00

Tangible Fixed Assets (net)

172.805.292

0,63

168.616.448

0,58

202.073.834

0,55

Intangible Assets

958.006

0,00

1.038.644

0,00

969.275

0,00

Deferred Tax Assets

0

0,00

2.332.320

0,01

13.285.983

0,04

Other Non-Current Assets

16.926.920

0,06

25.963.301

0,09

42.718.652

0,12

TOTAL ASSETS

273.061.357

1,00

288.893.195

1,00

366.216.682

1,00

CURRENT LIABILITIES

59.417.391

0,22

67.171.307

0,23

106.632.367

0,29

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

43.062.493

0,16

40.953.471

0,14

46.307.462

0,13

Accounts Payable

10.927.059

0,04

19.695.674

0,07

52.387.725

0,14

Loans from Shareholders

0

0,00

0

0,00

0

0,00

Other Short-term Payable

2.697.473

0,01

3.648.336

0,01

4.837.139

0,01

Advances from Customers

0

0,00

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

Taxes Payable

984.587

0,00

1.235.935

0,00

1.754.575

0,00

Provisions

1.696.097

0,01

1.637.891

0,01

1.345.466

0,00

Other Current Liabilities

49.682

0,00

0

0,00

0

0,00

LONG-TERM LIABILITIES

97.256.010

0,36

95.554.698

0,33

117.540.621

0,32

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

89.756.408

0,33

83.731.034

0,29

104.212.906

0,28

Securities Issued

0

0,00

0

0,00

0

0,00

Long-term Payable

199.892

0,00

98.892

0,00

141.678

0,00

Loans from Shareholders

0

0,00

0

0,00

0

0,00

Other Long-term Liabilities

2.774.964

0,01

6.478.292

0,02

7.196.654

0,02

Provisions

4.524.746

0,02

5.246.480

0,02

5.989.383

0,02

STOCKHOLDERS' EQUITY

116.387.956

0,43

126.167.190

0,44

142.043.694

0,39

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

Paid-in Capital

13.560.000

0,05

13.560.000

0,05

27.120.000

0,07

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

28.098.548

0,10

28.098.548

0,10

18.395.552

0,05

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

Reserves

72.079.729

0,26

75.150.231

0,26

78.341.460

0,21

Revaluation Fund

183.847

0,00

183.847

0,00

2.941.454

0,01

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

Net Profit (loss)

2.465.832

0,01

9.174.564

0,03

15.245.228

0,04

TOTAL LIABILITIES AND EQUITY

273.061.357

1,00

288.893.195

1,00

366.216.682

1,00

 

 

REMARKS ON FINANCIAL STATEMENT

:

The financial statements of the subject are consolidated with the statements of its subsidiaries.

 

INCOME STATEMENTS

 

 

(2009) TL

 

(2010) TL

 

(01.01-30.09.2011) TL

 

Net Sales

117.818.615

1,00

155.597.606

1,00

151.044.679

1,00

Cost of Goods Sold

86.142.459

0,73

110.516.100

0,71

98.788.677

0,65

Gross Profit

31.676.156

0,27

45.081.506

0,29

52.256.002

0,35

Operating Expenses

21.757.881

0,18

27.350.175

0,18

27.080.519

0,18

Operating Profit

9.918.275

0,08

17.731.331

0,11

25.175.483

0,17

Other Income

14.973.338

0,13

11.406.175

0,07

3.267.525

0,02

Other Expenses

0

0,00

0

0,00

0

0,00

Financial Expenses

24.988.652

0,21

16.179.202

0,10

19.775.349

0,13

Minority Interests

0

0,00

0

0,00

258.582

0,00

Profit (loss) of consolidated firms

328.669

0,00

218.040

0,00

0

0,00

Profit (loss) Before Tax

231.630

0,00

13.176.344

0,08

8.926.241

0,06

Tax Payable

1.254.122

0,01

4.001.780

0,03

3.742.954

0,02

Postponed Tax Gain

3.488.324

0,03

0

0,00

10.061.941

0,07

Net Profit (loss)

2.465.832

0,02

9.174.564

0,06

15.245.228

0,10

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

(01.01-30.09.2011)

LIQUIDITY RATIOS

 

Current Ratio

1,39

1,35

1,00

Acid-Test Ratio

0,67

0,62

0,37

Cash Ratio

0,29

0,23

0,12

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,11

0,12

0,14

Short-term Receivable/Total Assets

0,08

0,09

0,07

Tangible Assets/Total Assets

0,63

0,58

0,55

TURNOVER RATIOS

 

Inventory Turnover

2,92

3,11

1,93

Stockholders' Equity Turnover

1,01

1,23

1,06

Asset Turnover

0,43

0,54

0,41

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,43

0,44

0,39

Current Liabilities/Total Assets

0,22

0,23

0,29

Financial Leverage

0,57

0,56

0,61

Gearing Percentage

1,35

1,29

1,58

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,02

0,07

0,11

Operating Profit Margin

0,08

0,11

0,17

Net Profit Margin

0,02

0,06

0,10

Interest Cover

1,01

1,81

1,45

COLLECTION-PAYMENT

 

Average Collection Period (days)

68,81

61,06

63,85

Average Payable Period (days)

46,50

64,48

191,42

WORKING CAPITAL

22928650,00

23746077,00

511473,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.40

UK Pound

1

Rs.83.32

Euro

1

Rs.70.44

 

 

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.