MIRA INFORM REPORT

 

 

Report Date :           

15.10.2011

 

IDENTIFICATION DETAILS

 

Name :

PERSAN TEKSTIL SANAYI VE TICARET A.S.

 

 

Formerly Known As :

Persan Perdelik Sanayi Ve Ticaret A.S.

 

 

Registered Office :

Keyap Carsisi No:50 K:2 Yukaridudullu Umraniye Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

22.09.1982

 

 

Com. Reg. No.:

190249

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Sewing and trade of curtain, trade of upholstery fabric and other home 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

 

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 the former address.

 

 

COMPANY IDENTIFICATION

 

NAME

:

PERSAN TEKSTIL SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Keyap Carsisi No:50 K:2 Yukaridudullu Umraniye Istanbul / Turkey

PHONE NUMBER

:

90-216-540 70 51

90-216-540 70 52

 

FAX NUMBER

:

90-216-540 71 54

 

WEB-ADDRESS

:

www.persan.com.tr

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Anadolu Kurumlar

TAX NO

:

7280047001

REGISTRATION NUMBER

:

190249

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

22.09.1982

ESTABLISHMENT GAZETTE DATE/NO

:

24.09.1982/596

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   9.000.000

PAID-IN CAPITAL

:

TL   8.753.909

HISTORY

:

Previous Name

:

Persan Perdelik Sanayi Ve Ticaret A.S.

Changed On

:

10.06.1991 (Commercial Gazette Date /Number 13.06.1991/ 2797)

Previous Registered Capital

:

TL 2.400.000

Changed On

:

13.12.2005 (Commercial Gazette Date /Number 16.12.2005/ 6454)

Previous Registered Capital

:

TL 8.000.000

Changed On

:

29.06.2009 (Commercial Gazette Date /Number 03.07.2009/ 7346)

Previous Address

:

Halaskargazi Cad. Hidayet Sk. No:4/2 Harbiye Istanbul

Changed On

:

02.09.2004 (Commercial Gazette Date /Number 07.09.2004/ 6130)

Previous Address

:

Keyap Carsisi No:49 Yukaridudullu Umraniye Istanbul

Changed On

:

30.04.2010 (Commercial Gazette Date /Number 07.05.2010/ 7559)

Merger

:

The firm took over and merged with "Ekol Tekstil Ticaret ve Sanayi A.S."

Changed On

:

29.06.2009 (Commercial Gazette Date /Number 03.07.2009/ 7346)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Ahmet Kis

40 %

Mahmut Kis

23 %

Recep Kis

22 %

Nuray Kis

10 %

Aysegul Kis

5 %

 

 

BOARD OF DIRECTORS

:

Ahmet Kis

Chairman

Mahmut Kis

Vice-Chairman

Recep Kis

Member

 

 

DIRECTORS

:

Ahmet Kis

General Manager

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Sewing and trade of curtain, trade of upholstery fabric and other home textile products. 

 

NUMBER OF EMPLOYEES

:

245

 

NET SALES

:

21.259.304 TL

(2008) 

23.542.728 TL

(2009) 

23.586.570 TL

(2010) 

11.602.150 TL

(01.01-30.06.2011) 

IMPORT VALUE

:

1.291.432 TL

(2009)

749.132 TL

(01.01-30.06.2010)

 

 

IMPORT COUNTRIES

:

Germany

U.K.

Spain

Italy

India

 

MERCHANDISE IMPORTED

:

Fabric

 

EXPORT VALUE

:

1.838.077 TL

(2008)

1.670.926 TL

(2009)

1.495.635 TL

(2010)

873.448 TL

(01.01-30.06.2011)

 

 

EXPORT COUNTRIES

:

Germany

Hungary

Kazakhstan

Bulgaria

Romania

Poland

Belgium

Greece

Italy

France

Hong-Kong

South Korea

U.A.E.

Kuwait

Saudi Arabia

Iran

Syria

Northern Cyprus Turkish Republic

Lebanon

Netherlands

Thailand

Spain

 

MERCHANDISE  EXPORTED

:

Curtains

Upholstery fabric

 

HEAD OFFICE ADDRESS

:

Keyap Carsisi No:50 K:2 Yukaridudullu Umraniye  Istanbul / Turkey  (rented)

 

BRANCHES

:

Workshop  :  Kayisdagi Cad. Kutup Sok. No: 53 Yukaridudullu Umraniye Istanbul/Turkey

 

Workshop  :  Senkal Sok. No: 19/3 Siteler Ankara/Turkey

 

Workshop  :  Bilginler Sok. Hudavandigar Mah. No: 46 / A Bursa/Turkey

 

Store  :  Balabanaga Mah. Harikzedeler Sk. No: 48 Laleli Eminonu Istanbul/Turkey

 

Store  :  Keyap Carsi Sitesi C1 Blok No:50 Yukaridudullu Umraniye Istanbul/Turkey

 

Store  :  Bagdat Cad. No:100/B Kiziltoprak Istanbul/Turkey

 

Store  :  Halaskargazi Cad. no: 25/B Harbiye Istanbul/Turkey

 

Store  :  Ugur Mumcu Cad. No: 52 Gaziosmanpasa Ankara/Turkey

 

Store  :  Cekirge Cad. No: 27/B Cekirge Bursa/Turkey

 

Store  :  Kusdili Cad. No:53 Kadikoy Istanbul/Turkey

 

Store  :  Yakuplu Merkez Mah. Hurriyet Bulvari 1/6 Skyport 34520 Beylikduzu Istanbul/Turkey

 

Branch Office  :  Kayisdagi Cad. Kutup Sk. No: 51 Yukaridudullu Umraniye Istanbul/Turkey 

 

INVESTMENTS

:

None

 

 

 

TREND OF BUSINESS

:

There was a slowdown at business volume in real terms in  2010. There appears a decline at business volume in nominal terms in  1.1 - 30.6.2011.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Asya Katilim Bankasi Sisli Branch

Garanti Bankasi Imes Branch

T. Is Bankasi Dudullu Ticari Branch

Yapi ve Kredi Bankasi Osmanbey Cad. Branch

 

CREDIT FACILITIES

:

The subject company is making use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2008) TL

(2009) TL

(2010) TL

(01.01-30.06.2011) TL

 

Net Sales

21.259.304

23.542.728

23.586.570

11.602.150

 

Profit (Loss) Before Tax

-474.263

163.816

537.212

-908.698

 

Stockholders' Equity

9.172.843

10.241.632

10.761.963

 

 

Total Assets

17.815.728

19.591.586

24.212.283

 

 

Current Assets

17.020.648

18.605.191

21.297.831

 

 

Non-Current Assets

795.080

986.395

2.914.452

 

 

Current Liabilities

6.273.168

7.392.294

11.262.882

 

 

Long-Term Liabilities

2.369.717

1.957.660

2.187.438

 

 

Gross Profit (loss)

7.371.718

7.816.564

6.446.137

3.357.790

 

Operating Profit (loss)

791.271

1.251.271

1.344.330

809.841

 

Net Profit (loss)

-490.471

163.816

520.331

-908.698

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Satisfactory

Remarks on Capitalization

The loss at the last period is expected to have a negative effect on equity total since the date of last stockholders’ equity.

Liquidity

Fair As of 31.12.2010

Remarks 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 2008

Net Loss  in 2008

In Order Operating Profitability  in 2009

Low Net Profitability  in 2009

Good Operating Profitability  in 2010

Fair Net Profitability  in 2010

Good Operating Profitability (01.01-30.06.2011)

Net Loss (01.01-30.06.2011)

 

Gap between average collection and payable periods

Favorable in 2010

General Financial Position

Unsatisfactory

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2008 )

8,11 %

1,2858

1,8876

2,3708

 ( 2009 )

5,93 %

1,5460

2,1529

2,4094

 ( 01.01-30.06.2010)

4,93 %

1,5268

2,0325

2,3444

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 ( 01.01-30.06.2011)

6,21 %

1,5771

2,2246

2,5422

 ( 01.01-30.09.2011)

9,72 %

1,6335

2,3016

2,6294

 

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

17.020.648

0,96

18.605.191

0,95

21.297.831

0,88

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

Cash and Banks

386.852

0,02

415.189

0,02

398.071

0,02

Marketable Securities

0

0,00

0

0,00

0

0,00

Account Receivable

5.139.888

0,29

6.690.463

0,34

7.183.975

0,30

Other Receivable

0

0,00

580.160

0,03

980.160

0,04

Inventories

10.925.311

0,61

10.873.026

0,55

12.701.419

0,52

Advances Given

568.597

0,03

0

0,00

0

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

Other Current Assets

0

0,00

46.353

0,00

34.206

0,00

NON-CURRENT ASSETS

795.080

0,04

986.395

0,05

2.914.452

0,12

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

0

0,00

Financial Assets

20.099

0,00

20.099

0,00

20.099

0,00

Tangible Fixed Assets (net)

690.661

0,04

643.363

0,03

2.580.191

0,11

Intangible Assets

69.124

0,00

304.440

0,02

294.558

0,01

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

15.196

0,00

18.493

0,00

19.604

0,00

TOTAL ASSETS

17.815.728

1,00

19.591.586

1,00

24.212.283

1,00

CURRENT LIABILITIES

6.273.168

0,35

7.392.294

0,38

11.262.882

0,47

Not Detailed Current Liabilities

25.725

0,00

0

0,00

0

0,00

Financial Loans

431.552

0,02

747.973

0,04

5.367.732

0,22

Accounts Payable

5.329.119

0,30

6.345.324

0,32

5.463.528

0,23

Loans from Shareholders

0

0,00

0

0,00

0

0,00

Other Short-term Payable

0

0,00

180.671

0,01

200.892

0,01

Advances from Customers

325.500

0,02

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

Taxes Payable

160.436

0,01

118.326

0,01

213.849

0,01

Provisions

836

0,00

0

0,00

16.881

0,00

Other Current Liabilities

0

0,00

0

0,00

0

0,00

LONG-TERM LIABILITIES

2.369.717

0,13

1.957.660

0,10

2.187.438

0,09

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

2.369.717

0,13

1.957.660

0,10

2.187.438

0,09

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

0

0,00

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

9.172.843

0,51

10.241.632

0,52

10.761.963

0,44

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

Paid-in Capital

8.000.000

0,45

8.753.909

0,45

8.753.909

0,36

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

Reserves

1.674.844

0,09

1.674.844

0,09

1.674.844

0,07

Revaluation Fund

0

0,00

151.064

0,01

151.064

0,01

Accumulated Losses(-)

-11.530

0,00

-502.001

-0,03

-338.185

-0,01

Net Profit (loss)

-490.471

-0,03

163.816

0,01

520.331

0,02

TOTAL LIABILITIES AND EQUITY

17.815.728

1,00

19.591.586

1,00

24.212.283

1,00

 

 

INCOME STATEMENTS

 

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(01.01-30.06.2011) TL

 

Net Sales

21.259.304

1,00

23.542.728

1,00

23.586.570

1,00

11.602.150

1,00

Cost of Goods Sold

13.887.586

0,65

15.726.164

0,67

17.140.433

0,73

8.244.360

0,71

Gross Profit

7.371.718

0,35

7.816.564

0,33

6.446.137

0,27

3.357.790

0,29

Operating Expenses

6.580.447

0,31

6.565.293

0,28

5.101.807

0,22

2.547.949

0,22

Operating Profit

791.271

0,04

1.251.271

0,05

1.344.330

0,06

809.841

0,07

Other Income

429.609

0,02

169.127

0,01

375.889

0,02

100.004

0,01

Other Expenses

630.235

0,03

42.737

0,00

93.456

0,00

1.265.173

0,11

Financial Expenses

1.064.908

0,05

1.213.845

0,05

1.089.551

0,05

553.370

0,05

Minority Interests

0

0,00

0

0,00

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

0

0,00

0

0,00

Profit (loss) Before Tax

-474.263

-0,02

163.816

0,01

537.212

0,02

-908.698

-0,08

Tax Payable

16.208

0,00

0

0,00

16.881

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

-490.471

-0,02

163.816

0,01

520.331

0,02

-908.698

-0,08

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

LIQUIDITY RATIOS

 

 

Current Ratio

2,71

2,52

1,89

Acid-Test Ratio

0,88

1,04

0,76

Cash Ratio

0,06

0,06

0,04

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,61

0,55

0,52

Short-term Receivable/Total Assets

0,29

0,37

0,34

Tangible Assets/Total Assets

0,04

0,03

0,11

TURNOVER RATIOS

 

 

Inventory Turnover

1,27

1,45

1,35

Stockholders' Equity Turnover

2,32

2,30

2,19

Asset Turnover

1,19

1,20

0,97

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,51

0,52

0,44

Current Liabilities/Total Assets

0,35

0,38

0,47

Financial Leverage

0,49

0,48

0,56

Gearing Percentage

0,94

0,91

1,25

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

-0,05

0,02

0,05

Operating Profit Margin

0,04

0,05

0,06

Net Profit Margin

-0,02

0,01

0,02

Interest Cover

0,55

1,13

1,49

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

87,04

102,31

109,65

Average Payable Period (days)

138,14

145,26

114,75

WORKING CAPITAL

10747480,00

11212897,00

10034949,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.07

UK Pound

1

Rs.77.42

Euro

1

Rs.67.72

 

 

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.