MIRA INFORM REPORT

 

 

Report Date :           

19.10.2011

 

IDENTIFICATION DETAILS

 

Name :

BOYTEKS TEKSTIL SANAYI VE TICARET A.S.

 

 

Registered Office :

Organize Sanayi Bolgesi 8.Cad No: 60 Melikgazi Kayseri

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

28.08.2000

 

 

Com. Reg. No.:

23878

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of mattress ticking, upholstery fabric, bedspread

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Good

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

 

COMPANY IDENTIFICATION

 

NAME

:

BOYTEKS TEKSTIL SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Organize Sanayi Bolgesi 8.Cad No: 60 Melikgazi Kayseri / Turkey

PHONE NUMBER

:

90-352-322 05 88 (Pbx)

 

FAX NUMBER

:

90-352-322 05 89

 

WEB-ADDRESS

:

www.boyteks.com

E-MAIL

:

info@boyteks.com

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Mimarsinan

TAX NO

:

1820154222

REGISTRATION NUMBER

:

23878

REGISTERED OFFICE

:

Kayseri Chamber of Commerce

DATE ESTABLISHED

:

28.08.2000

ESTABLISHMENT GAZETTE DATE/NO

:

11.09.2000/5128

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   68.000.000

PAID-IN CAPITAL

:

TL   68.000.000

 

HISTORY

:

Previous Registered Capital

:

TL 25.000.000

Changed On

:

09.04.2004 (Commercial Gazette Date /Number 27.04.2004/ 6037)

Previous Registered Capital

:

TL 35.000.000

Changed On

:

15.05.2007 (Commercial Gazette Date /Number 31.05.2007/ 6820)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Boydak Holding AS

70 %

Merkez Celik Sanayi ve Ticaret A.S.

20 %

Nazif Turkoglu

 

Haci Boydak

 

Sami Boydak

 

Fethi Unal

 

Mustafa Yildirim

 

Mustafa Boydak

 

Yusuf Boydak

 

Bekir Boydak

 

Sukru Boydak

 

Memduh Boydak

 

 

 

GROUP PARENT COMPANY

:

BOYDAK HOLDING A.S.

 

SISTER COMPANIES

:

ADAKAR DAYANIKLI TUKETIM MALLARI PAZARLAMA VE TICARET A.S.

ALFA MOBEL VERTRIEBS GMBH

ANADOLU DORTLER MOBILYA VE MAGAZACILIK TICARET VE SANAYI A.S.

BEPAS DAYANIKLI TUKETIM MALLARI PAZARLAMA A.S.

BIZIM MENKUL DEGERLER A.S.

BOYCELIK METAL SANAYI VE TICARET A.S.

BOYDAK DIS TICARET A.S.

BOYDAK ENERJI URETIM VE TICARET A.S.

BOYDAK HAVACILIK TASIMACILIK VE TICARET A.S.

BOYDAK HOLDING A.S.

BOYPAS DAYANIKLI TUKETIM MALLARI PAZARLAMA A.S.

BOYSER SERVIS HIZMETLERI SANAYI VE TICARET A.S.

BOYTAS MOBILYA SANAYI VE TICARET A.S.

BOYTRANS LOJISTIK HIZMETLERI VE TICARET A.S.

DOGA DAYANIKLI TUKETIM MALLARI TICARET A.S.

ERCIYES CELIK HALAT TEL SANAYI VE TICARET A.S.

FORM SUNGER VE YATAK SANAYI VE TICARET A.S.

HCS KABLOLAMA SISTEMLERI SANAYI VE TICARET A.S.

HES HACILAR ELEKTRIK SANAYI VE TICARET A.S.

ISPAS DAYANIKLI TUKETIM MALLARI PAZARLAMA A.S.

ISTIKBAL MOBILYA SANAYI VE TICARET A.S.

MERKEZ CELIK SANAYI VE TICARET A.S.

MONDI YATAK YORGAN SANAYI VE TICARET A.S.

MURADIYE ELEKTRIK URETIM A.S.

ORPAS PAZARLAMA A.S.

PORTAS INSAAT YATIRIMLARI TICARET VE SANAYI A.S.

SERKO TEKSTIL GIDA ORMAN URUNLERI DEMIR CELIK SANAYI VE TICARET LTD. STI.

SUNSET INTERNATIONAL TRADE L.L.C.

TURKIYE FINANS KATILIM BANKASI  A.S.

 

SUBSIDIARIES

:

None

 

BOARD OF DIRECTORS

:

Haci Boydak

Chairman

Memduh Boydak

Vice-Chairman

Erol Boydak

Member

Mustafa Yildirim

Member

Fethi Unal

Member

Mustafa Boydak

Member

Yusuf Boydak

Member

 

 

DIRECTORS

:

Mustafa Yildirim                                                                                                                                                                                                                                                                                   

General Manager

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of mattress ticking, upholstery fabric, bedspread. The subject has declared that, it also started manufacturing of carpet on 01.08.2011.

 

NACE CODE

:

DB.17.40

 

SECTOR

:

Textile

 

NUMBER OF EMPLOYEES

:

1.000

 

NET SALES

:

18.888 TL Thousand

(2002) 

38.555 TL Thousand

(2003) 

78.981 TL Thousand

(2004) 

86.070 TL Thousand

(2005) 

116.239.725 TL

(2006) 

131.573.120 TL

(2007) 

142.036.243 TL

(2008) 

178.316.139 TL

(2009) 

227.637.993 TL

(2010) 

143.007.117 TL

(01.01-30.06.2011) 

 

 

IMPORT VALUE

:

75.000.000 USD

(2002)

18.000.000 USD

(2003)

24.048.277 USD

(2004)

16.178.053 USD

(2005)

17.000.000 USD

(2006)

25.000.000 USD

(2007)

29.002.555 USD

(2008)

27.737.000 USD

(2009)

42.446.418 USD

(2010)

24.920.633 USD

(01.01-30.06.2011)

 

 

IMPORT COUNTRIES

:

Germany

Belgium

India

Indonesia

China

Vietnam

Greece

 

MERCHANDISE IMPORTED

:

Machinery

Raw materials

Spare parts

Yarn

 

 

EXPORT VALUE

:

8.611.000 TL

(2002)

18.889.000 TL

(2003)

20.420.446 USD

(2004)

32.012.283 TL

(2005)

41.823.135 TL

(2006)

66.804.932 TL

(2007)

87.702.326 TL

(2008)

114.723.256 TL

(2009)

156.507.495 TL

(2010)

101.769.130 TL

(01.01-30.06.2011)

 

 

EXPORT COUNTRIES

:

Australia

Azerbaijan

Egypt

Estonia

Germany

France

Greece

Iran

Ireland

Italy

Jordan

Lebanon

Mexico

Netherlands

Poland

Romania

Russia

Spain

Thailand

Ukraine

U.K.

U.S.A.

 

MERCHANDISE  EXPORTED

:

Bedspreads

Fabric

Yarn

 

HEAD OFFICE ADDRESS

:

Organize Sanayi Bolgesi 8.Cad No: 60 Melikgazi  Kayseri / Turkey ( owned )

 

BRANCHES

:

Factory  :  Organize Sanayi Bolgesi Gri Cad. 4. Sok No: 1 Bursa/Turkey (owned) (23.102 sqm)

 

Factory  :   Kayseri/Turkey

 

Head Office/Factory  :  Organize Sanayi Bolgesi 8.Cad No:60 Melikgazi Kayseri/Turkey (owned)

                                                                                

 

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2010. There appears an upwards trend in  1.1 - 30.6.2011.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Ticari Branch

Finansbank Sanayi Branch

Garanti Bankasi Organize Sanayi Branch

T. Is Bankasi Kurumsal Branch

Turkiye Finans Katilim Bankasi Kayseri Branch

Vakiflar Bankasi Merkez Branch

Yapi ve Kredi Bankasi Kurumsal 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

:

 

(2007) TL

(2008) TL

(2009) TL

(2010) TL

(01.01-30.06.2011) TL

Net Sales

131.573.120

142.036.243

178.316.139

227.637.993

143.007.117

Profit (Loss) Before Tax

12.072.183

10.061.702

36.717.209

39.225.491

26.009.503

Stockholders' Equity

89.936.939

93.854.669

124.555.257

156.794.707

 

Total Assets

130.619.205

158.430.311

178.115.208

233.648.554

 

Current Assets

59.250.724

78.350.194

91.045.157

119.362.914

 

Non-Current Assets

71.368.481

80.080.117

87.070.051

114.285.640

 

Current Liabilities

30.797.855

40.879.363

47.997.114

53.709.335

 

Long-Term Liabilities

9.884.411

23.696.279

5.562.837

23.144.512

 

Gross Profit (loss)

20.704.373

31.283.559

52.895.003

59.396.108

36.971.596

Operating Profit (loss)

13.723.816

21.747.308

39.685.002

41.242.563

25.938.733

Net Profit (loss)

10.179.638

8.008.915

29.166.559

32.239.450

21.715.575

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

High As of 31.12.2010

Liquidity

High As of 31.12.2010

Remarks On Liquidity

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

Profitability

High Operating Profitability  in 2007

High Net Profitability  in 2007

High Operating Profitability  in 2008

High Net Profitability  in 2008

High Operating Profitability  in 2009

High Net Profitability  in 2009

High Operating Profitability  in 2010

High Net Profitability  in 2010

High Operating Profitability (01.01-30.06.2011)

High Net Profitability (01.01-30.06.2011)

 

Gap between average collection and payable periods

Unfavorable in 2010

General Financial Position

Good

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 41.000.000 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

 ( 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

 

 

 ( 31.12.2007 )  TL

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

59.250.724

0,45

78.350.194

0,49

91.045.157

0,51

119.362.914

0,51

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

17.366.174

0,13

15.513.621

0,10

39.624.498

0,22

24.112.635

0,10

Marketable Securities

0

0,00

0

0,00

0

0,00

5.000.000

0,02

Account Receivable

15.098.633

0,12

22.087.725

0,14

27.394.200

0,15

39.922.117

0,17

Other Receivable

2.075.968

0,02

17.389.655

0,11

1.436.915

0,01

11.620.488

0,05

Inventories

22.046.536

0,17

20.647.209

0,13

19.914.006

0,11

25.613.358

0,11

Advances Given

445.938

0,00

291.641

0,00

213.252

0,00

4.521.826

0,02

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

2.217.475

0,02

2.420.343

0,02

2.462.286

0,01

8.572.490

0,04

NON-CURRENT ASSETS

71.368.481

0,55

80.080.117

0,51

87.070.051

0,49

114.285.640

0,49

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

0

0,00

0

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

71.194.885

0,55

79.849.827

0,50

86.715.761

0,49

113.915.933

0,49

Intangible Assets

156.832

0,00

216.904

0,00

339.764

0,00

368.567

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

16.764

0,00

13.386

0,00

14.526

0,00

1.140

0,00

TOTAL ASSETS

130.619.205

1,00

158.430.311

1,00

178.115.208

1,00

233.648.554

1,00

CURRENT LIABILITIES

30.797.855

0,24

40.879.363

0,26

47.997.114

0,27

53.709.335

0,23

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

13.459.010

0,10

15.494.162

0,10

11.465.336

0,06

30.737.276

0,13

Accounts Payable

11.227.306

0,09

20.859.701

0,13

12.841.969

0,07

11.371.311

0,05

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

Other Short-term Payable

2.811.685

0,02

842.343

0,01

19.298.289

0,11

1.788.997

0,01

Advances from Customers

241.613

0,00

766.578

0,00

858.377

0,00

1.005.312

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

502.866

0,00

498.770

0,00

696.087

0,00

925.991

0,00

Provisions

1.892.545

0,01

2.052.787

0,01

2.101.597

0,01

7.873.162

0,03

Other Current Liabilities

662.830

0,01

365.022

0,00

735.459

0,00

7.286

0,00

LONG-TERM LIABILITIES

9.884.411

0,08

23.696.279

0,15

5.562.837

0,03

23.144.512

0,10

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

9.884.411

0,08

2.378.668

0,02

1.440.203

0,01

17.975.500

0,08

Securities Issued

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Payable

0

0,00

18.147.600

0,11

0

0,00

0

0,00

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Provisions

0

0,00

3.170.011

0,02

4.122.634

0,02

5.169.012

0,02

STOCKHOLDERS' EQUITY

89.936.939

0,69

93.854.669

0,59

124.555.257

0,70

156.794.707

0,67

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

68.000.000

0,52

68.000.000

0,43

68.000.000

0,38

68.000.000

0,29

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

11.757.301

0,09

17.845.754

0,11

27.388.698

0,15

56.555.257

0,24

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

10.179.638

0,08

8.008.915

0,05

29.166.559

0,16

32.239.450

0,14

TOTAL LIABILITIES AND EQUITY

130.619.205

1,00

158.430.311

1,00

178.115.208

1,00

233.648.554

1,00

 

 

 

 

INCOME STATEMENTS

 

 

(2007) TL

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(01.01-30.06.2011) TL

 

Net Sales

131.573.120

1,00

142.036.243

1,00

178.316.139

1,00

227.637.993

1,00

143.007.117

1,00

Cost of Goods Sold

110.868.747

0,84

110.752.684

0,78

125.421.136

0,70

168.241.885

0,74

106.035.521

0,74

Gross Profit

20.704.373

0,16

31.283.559

0,22

52.895.003

0,30

59.396.108

0,26

36.971.596

0,26

Operating Expenses

6.980.557

0,05

9.536.251

0,07

13.210.001

0,07

18.153.545

0,08

11.032.863

0,08

Operating Profit

13.723.816

0,10

21.747.308

0,15

39.685.002

0,22

41.242.563

0,18

25.938.733

0,18

Other Income

5.636.842

0,04

11.378.619

0,08

11.533.586

0,06

12.258.940

0,05

9.706.380

0,07

Other Expenses

4.390.752

0,03

10.353.675

0,07

11.713.015

0,07

12.644.261

0,06

8.201.506

0,06

Financial Expenses

2.897.723

0,02

12.710.550

0,09

2.788.364

0,02

1.631.751

0,01

1.434.104

0,01

Minority Interests

0

0,00

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

0

0,00

Profit (loss) Before Tax

12.072.183

0,09

10.061.702

0,07

36.717.209

0,21

39.225.491

0,17

26.009.503

0,18

Tax Payable

1.892.545

0,01

2.052.787

0,01

7.550.650

0,04

6.986.041

0,03

4.293.928

0,03

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

10.179.638

0,08

8.008.915

0,06

29.166.559

0,16

32.239.450

0,14

21.715.575

0,15

 

FINANCIAL RATIOS

 

 

(2007)

(2008)

(2009)

(2010)

 

LIQUIDITY RATIOS

 

 

Current Ratio

1,92

1,92

1,90

2,22

 

Acid-Test Ratio

1,12

1,35

1,43

1,50

 

Cash Ratio

0,56

0,38

0,83

0,54

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,17

0,13

0,11

0,11

 

Short-term Receivable/Total Assets

0,13

0,25

0,16

0,22

 

Tangible Assets/Total Assets

0,55

0,50

0,49

0,49

 

TURNOVER RATIOS

 

 

Inventory Turnover

5,03

5,36

6,30

6,57

 

Stockholders' Equity Turnover

1,46

1,51

1,43

1,45

 

Asset Turnover

1,01

0,90

1,00

0,97

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,69

0,59

0,70

0,67

 

Current Liabilities/Total Assets

0,24

0,26

0,27

0,23

 

Financial Leverage

0,31

0,41

0,30

0,33

 

Gearing Percentage

0,45

0,69

0,43

0,49

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,11

0,09

0,23

0,21

 

Operating Profit Margin

0,10

0,15

0,22

0,18

 

Net Profit Margin

0,08

0,06

0,16

0,14

 

Interest Cover

5,17

1,79

14,17

25,04

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

41,31

55,98

55,31

63,14

 

Average Payable Period (days)

36,46

126,79

36,86

24,33

 

WORKING CAPITAL

28452869,00

37470831,00

43048043,00

65653579,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.14

UK Pound

1

Rs.77.58

Euro

1

Rs.67.58

 

 

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.