MIRA INFORM REPORT

 

 

Report Date :

20.01.2011

 

IDENTIFICATION DETAILS

 

Name :

ISIKSOY TEKSTIL INSAAT TAAHHUT SANAYI VE TICARET A.S.

 

 

Registered Office :

Demirtas Organize Sanayi Bolgesi (DOSAB) Ali Osman Sonmez Caddesi No:20  Bursa

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2009

 

 

Date of Incorporation :

16.04.1990

 

 

Com. Reg. No.:

29186

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of yarn and fabric, dying of fabric and textile products.

 

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 :

USD  3.200.000

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 – June 30, 2010

 

Country Name

Previous Rating

(01.04.2010)

Current Rating

(30.06.2010)

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

:

ISIKSOY TEKSTIL INSAAT TAAHHUT SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Demirtas Organize Sanayi Bolgesi (DOSAB) Ali Osman Sonmez Caddesi No:20  Bursa / Turkey

PHONE NUMBER

:

90-224-261 17 41

 

FAX NUMBER

:

90-224-261 17 45

 

WEB-ADDRESS

:

www.isiksoytekstil.com.tr

E-MAIL

:

isiksoy@isiksoytekstil.com.tr

 

 

LEGAL STATUS AND HISTORY

 

NOTES ON LEGAL STATUS AND HISTORY

:

Change at tax no .

 

 

TAX OFFICE

:

Ertugrulgazi

TAX NO

:

4680289451

REGISTRATION NUMBER

:

29186

REGISTERED OFFICE

:

Bursa Chamber of Commerce and Industry

DATE ESTABLISHED

:

16.04.1990

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   21.227.965,38

 

HISTORY

:

Previous Legal Type

:

Limited Company

Changed On

:

13.12.2010 (Commercial Gazette Date /Number 21.12.2010/ 7712)

Previous Name

:

Isiksoy Tekstil Insaat Taahhut Sanayi ve Ticaret Ltd. Sti.

Changed On

 

:

13.12.2010 (Commercial Gazette Date /Number 21.12.2010/ 7712)

Previous Registered Capital

:

TL 10.000.000

Changed On

:

28.06.2007 (Commercial Gazette Date /Number 05.07.2007/ 6845)

Previous Registered Capital

:

TL 15.000.000

Changed On

:

13.12.2010 (Commercial Gazette Date /Number 21.12.2010/ 7712)

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Ertugrul Isik

30 %

Mustafa Isik

25 %

Sinan Isik

20 %

Orhan Isik

20 %

Nurhan Isik

5 %

 

 

SISTER COMPANIES

:

E.M.S TEKSTIL IHRACAT ITHALAT VE PAZARLAMA LTD. STI.

 

BOARD OF DIRECTORS

:

Ertugrul Isik

Chairman

Mustafa Isik

Vice-Chairman

Orhan Isik

Member

Sinan Isik

Member

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of yarn and fabric,dying of fabric and textile products.

 

SECTOR

:

Textile

 

TRADEMARKS OWNED

:

Sem Iplik

 

NUMBER OF EMPLOYEES

:

330

 

NET SALES

:

27.922.024 TL

(2006) 

25.494.892 TL

(2007) 

39.756.453 TL

(2008) 

44.088.040 TL

(2009) 

39.840.887 TL

(01.01-30.09.2010) 

 

 

 

IMPORT VALUE

:

176.526 USD

(2002)

1.409.826 USD

(2003)

1.221.000 USD

(2004)

4.500.000 USD

(2005)

8.100.000 USD

(2006)

6.247.000 USD

(2007)

10.000.000 USD

(2008)

8.580.710 USD

(2009)

 

 

IMPORT COUNTRIES

:

China

Italy

Switzerland

South Korea

Israel

 

MERCHANDISE IMPORTED

:

Raw materials of polyester yarn

 

EXPORT VALUE

:

85.178 TL

(2003)

296.857 TL

(2004)

2.873.593 TL

(2005)

7.625.387 TL

(2006)

3.370.062 TL

(2007)

6.795.874 TL

(2008)

4.915.065 TL

(2009)

1.647.590 TL

(01.01-30.09.2010)

 

 

EXPORT COUNTRIES

:

France

Greece

Lebanon

Poland

Romania

Ukraine

 

MERCHANDISE  EXPORTED

:

Cotton fibers

Fabric

 

HEAD OFFICE ADDRESS

:

Demirtas Organize Sanayi Bolgesi (DOSAB) Ali Osman Sonmez Caddesi No:20   Bursa / Turkey ( owned )

 

BRANCHES

:

Processing Plant  :  Demirtas Organize Sanayi Bolgesi (DOSAB) Ali Osman Sonmez Cad. No:20 A Bursa/Turkey (owned) (22.000 sqm)

 

Head Office/Factory  :  Demirtas Organize Sanayi Bolgesi (DOSAB) Ali Osman Sonmez Cad. No:20 Bursa/Turkey (owned) (13.000 sqm)

                                                                                

INVESTMENTS

:

The firm is making an expansion investment.

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2009. There appears an upwards trend in  1.1 - 30.9.2010.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Bursa Ticari Branch

Finansbank Bursa Ticari Branch

Garanti Bankasi DOSAB Branch

Halk Bankasi Uludag Ticari Branch

ING Bank Bursa Branch

T. Is Bankasi Buttim Branch

Vakiflar Bankasi Cumhuriyet Branch

Yapi ve Kredi Bankasi Nilufer Branch

 

CREDIT FACILITIES

:

The subject company is making use of credit facilities.

 

PAYMENT BEHAVIOUR

:

We are informed about a single payment delay in the former years which was resolved later on but no payment delays have come to our knowledge in the last years.

 

KEY FINANCIAL ELEMENTS

:

 

(2006) TL

(2007) TL

(2008) TL

(2009) TL

(01.01-30.09.2010) TL

Net Sales

27.922.024

25.494.892

39.756.453

44.088.040

39.840.887

Profit (Loss) Before Tax

483.529

523.685

803.473

1.332.033

1.976.330

Stockholders' Equity

11.561.026

14.380.831

15.972.601

19.250.049

 

Total Assets

25.670.554

32.701.305

37.265.896

36.425.623

 

Current Assets

16.423.013

18.935.801

23.694.086

23.618.580

 

Non-Current Assets

9.247.541

13.765.504

13.571.810

12.807.043

 

Current Liabilities

7.502.515

13.665.259

15.304.307

12.687.737

 

Long-Term Liabilities

6.607.013

4.655.215

5.988.988

4.487.837

 

Gross Profit (loss)

1.547.785

1.433.898

5.275.680

4.949.210

4.111.289

Operating Profit (loss)

1.260.344

874.855

4.588.063

3.972.685

3.311.041

Net Profit (loss)

439.825

414.575

640.236

1.054.558

1.976.330

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Good As of 31.12.2009

Liquidity

Insufficient As of 31.12.2009

Remarks On Liquidity

The unfavorable gap between average collection and average payable period has an adverse effect on liquidity. 

 

The liquid assets consist mainly of receivables the amount of cash&banks or marketable securities (which are more liquid) are low.

 

Profitability

In Order Operating Profitability  in 2006

Fair Net Profitability  in 2006

Fair Operating Profitability  in 2007

Fair Net Profitability  in 2007

High Operating Profitability  in 2008

Fair Net Profitability  in 2008

Good Operating Profitability  in 2009

Fair Net Profitability  in 2009

Good Operating Profitability (01.01-30.09.2010)

Good Net Profitability (01.01-30.09.2010)

 

Gap between average collection and payable periods

Unfavorable in 2009

General Financial Position

Passable

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT LIMIT

 

:

3.200.000 USD

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 3.200.000 USD may be granted to the subject company.

 

 

 

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

 ( 01.01-30.09.2010)

6,52 %

1,5178

2,0112

2,3426

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 

 

BALANCE SHEETS

 

 

 ( 31.12.2006 )  TL

 

 

 ( 31.12.2007 )  TL

 

CURRENT ASSETS

16.423.013

0,64

18.935.801

0,58

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

845.327

0,03

504.640

0,02

Marketable Securities

0

0,00

0

0,00

Account Receivable

12.068.014

0,47

12.748.870

0,39

Other Receivable

0

0,00

0

0,00

Inventories

2.980.430

0,12

4.883.158

0,15

Advances Given

0

0,00

0

0,00

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

529.242

0,02

799.133

0,02

NON-CURRENT ASSETS

9.247.541

0,36

13.765.504

0,42

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

Financial Assets

0

0,00

0

0,00

Tangible Fixed Assets (net)

8.102.355

0,32

12.460.026

0,38

Intangible Assets

1.054.355

0,04

1.191.465

0,04

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

90.831

0,00

114.013

0,00

TOTAL ASSETS

25.670.554

1,00

32.701.305

1,00

CURRENT LIABILITIES

7.502.515

0,29

13.665.259

0,42

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

977.362

0,04

7.636.366

0,23

Accounts Payable

4.904.002

0,19

3.699.905

0,11

Loans from Shareholders

990.479

0,04

1.065.962

0,03

Other Short-term Payable

438.627

0,02

735.515

0,02

Advances from Customers

42.025

0,00

341.493

0,01

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

106.315

0,00

76.908

0,00

Provisions

43.705

0,00

109.110

0,00

Other Current Liabilities

0

0,00

0

0,00

LONG-TERM LIABILITIES

6.607.013

0,26

4.655.215

0,14

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

6.607.013

0,26

4.655.215

0,14

Securities Issued

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

Loans from Shareholders

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

11.561.026

0,45

14.380.831

0,44

Not Detailed Stockholders' Equity

11.561.026

0,45

14.380.831

0,44

Paid-in Capital

0

0,00

0

0,00

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

0

0,00

0

0,00

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

Net Profit (loss)

0

0,00

0

0,00

TOTAL LIABILITIES AND EQUITY

25.670.554

1,00

32.701.305

1,00

 

 

 

 

 ( 31.12.2008 )  TL

 

 

 ( 31.12.2009 )  TL

 

CURRENT ASSETS

23.694.086

0,64

23.618.580

0,65

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

238.724

0,01

904.068

0,02

Marketable Securities

0

0,00

0

0,00

Account Receivable

20.961.615

0,56

21.425.642

0,59

Other Receivable

103.133

0,00

80.270

0,00

Inventories

2.114.531

0,06

396.080

0,01

Advances Given

0

0,00

541.286

0,01

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

276.083

0,01

271.234

0,01

NON-CURRENT ASSETS

13.571.810

0,36

12.807.043

0,35

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

Financial Assets

0

0,00

0

0,00

Tangible Fixed Assets (net)

10.839.667

0,29

10.062.395

0,28

Intangible Assets

2.659.321

0,07

2.659.341

0,07

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

72.822

0,00

85.307

0,00

TOTAL ASSETS

37.265.896

1,00

36.425.623

1,00

CURRENT LIABILITIES

15.304.307

0,41

12.687.737

0,35

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

10.226.471

0,27

4.843.177

0,13

Accounts Payable

2.810.481

0,08

5.974.572

0,16

Loans from Shareholders

12.446

0,00

0

0,00

Other Short-term Payable

779.301

0,02

1.192.478

0,03

Advances from Customers

1.247.170

0,03

411.034

0,01

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

65.201

0,00

244.945

0,01

Provisions

163.237

0,00

21.531

0,00

Other Current Liabilities

0

0,00

0

0,00

LONG-TERM LIABILITIES

5.988.988

0,16

4.487.837

0,12

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

5.988.988

0,16

4.487.837

0,12

Securities Issued

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

Loans from Shareholders

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

15.972.601

0,43

19.250.049

0,53

Not Detailed Stockholders' Equity

15.972.601

0,43

19.250.049

0,53

Paid-in Capital

0

0,00

0

0,00

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

0

0,00

0

0,00

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

Net Profit (loss)

0

0,00

0

0,00

TOTAL LIABILITIES AND EQUITY

37.265.896

1,00

36.425.623

1,00

 

 

INCOME STATEMENTS

 

 

(2006) TL

 

 

(2007) TL

 

Net Sales

27.922.024

1,00

25.494.892

1,00

Cost of Goods Sold

26.374.239

0,94

24.060.994

0,94

Gross Profit

1.547.785

0,06

1.433.898

0,06

Operating Expenses

287.441

0,01

559.043

0,02

Operating Profit

1.260.344

0,05

874.855

0,03

Other Income

739.206

0,03

1.226.204

0,05

Other Expenses

1.211.897

0,04

888.692

0,03

Financial Expenses

304.124

0,01

688.682

0,03

Minority Interests

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

Profit (loss) Before Tax

483.529

0,02

523.685

0,02

Tax Payable

43.704

0,00

109.110

0,00

Postponed Tax Gain

0

0,00

0

0,00

Net Profit (loss)

439.825

0,02

414.575

0,02

 

 

 

 

(2008) TL

 

(2009) TL

 

(01.01-30.09.2010) TL

 

 

Net Sales

39.756.453

1,00

44.088.040

1,00

39.840.887

1,00

Cost of Goods Sold

34.480.773

0,87

39.138.830

0,89

35.729.598

0,90

Gross Profit

5.275.680

0,13

4.949.210

0,11

4.111.289

0,10

Operating Expenses

687.617

0,02

976.525

0,02

800.248

0,02

Operating Profit

4.588.063

0,12

3.972.685

0,09

3.311.041

0,08

Other Income

1.191.772

0,03

672.153

0,02

640.736

0,02

Other Expenses

2.175.440

0,05

2.144.926

0,05

1.619.375

0,04

Financial Expenses

2.800.922

0,07

1.167.879

0,03

356.072

0,01

Minority Interests

0

0,00

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

0

0,00

Profit (loss) Before Tax

803.473

0,02

1.332.033

0,03

1.976.330

0,05

Tax Payable

163.237

0,00

277.475

0,01

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

640.236

0,02

1.054.558

0,02

1.976.330

0,05

 

 

FINANCIAL RATIOS

 

 

(2006)

(2007)

(2008)

(2009)

LIQUIDITY RATIOS

 

 

Current Ratio

2,19

1,39

1,55

1,86

Acid-Test Ratio

1,72

0,97

1,39

1,77

Cash Ratio

0,11

0,04

0,02

0,07

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,12

0,15

0,06

0,01

Short-term Receivable/Total Assets

0,47

0,39

0,57

0,59

Tangible Assets/Total Assets

0,32

0,38

0,29

0,28

TURNOVER RATIOS

 

 

Inventory Turnover

8,85

4,93

16,31

98,82

Stockholders' Equity Turnover

2,42

1,77

2,49

2,29

Asset Turnover

1,09

0,78

1,07

1,21

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,45

0,44

0,43

0,53

Current Liabilities/Total Assets

0,29

0,42

0,41

0,35

Financial Leverage

0,55

0,56

0,57

0,47

Gearing Percentage

1,22

1,27

1,33

0,89

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,04

0,03

0,04

0,05

Operating Profit Margin

0,05

0,03

0,12

0,09

Net Profit Margin

0,02

0,02

0,02

0,02

Interest Cover

2,59

1,76

1,29

2,14

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

155,59

180,02

189,81

174,95

Average Payable Period (days)

66,94

55,36

29,34

54,95

WORKING CAPITAL

8920498,00

5270542,00

8389779,00

10930843,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.38

UK Pound

1

Rs.72.71

Euro

1

Rs.61.15

 

 

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

 

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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.