MIRA INFORM REPORT

 

 

Report Date :           

15.09.2011

 

IDENTIFICATION DETAILS

 

Name :

YESIM SATIS MAGAZALARI VE TEKSTIL FABRIKALARI A.S.

 

 

Registered Office :

Ankara Yolu Uzeri Gursu Kavsagi 11. Km Yildirim Bursa

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Year of Establishment :

1996

 

 

Com. Reg. No.:

43403

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Trade of textile products.

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Poor

Payment Behaviour :

Unknown

Litigation :

---

 

 

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 – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

Turkey

b1

b1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 Bottom of Form

COMPANY IDENTIFICATION

 

NAME

:

YESIM SATIS MAGAZALARI VE TEKSTIL FABRIKALARI A.S.

HEAD OFFICE ADDRESS

:

Ankara Yolu Uzeri Gursu Kavsagi 11. Km Yildirim Bursa / Turkey

PHONE NUMBER

:

90-224-280 86 00

 

FAX NUMBER

:

90-224-331 72 22

 

 

 

LEGAL STATUS AND HISTORY

 

NOTES ON LEGAL STATUS AND HISTORY

:

Change at registration no .

 

 

TAX OFFICE

:

Ertugrulgazi

TAX NO

:

9520066543

REGISTRATION NUMBER

:

43403

REGISTERED OFFICE

:

Bursa Chamber of Commerce and Industry

DATE ESTABLISHED

:

1996

ESTABLISHMENT GAZETTE DATE/NO

:

25.06.1996/4066

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   4.000.000

PAID-IN CAPITAL

:

TL   4.000.000

HISTORY

:

Previous Registered Capital

:

TL 2.000.000

Changed On

:

21.05.2007 (Commercial Gazette Date /Number 31.05.2007/ 6820)

Previous Address

:

Bursa Organize Sanayi Bolgesi Sari Cad. No: 23 Bursa

Changed On

:

25.03.2008 (Commercial Gazette Date /Number 09.04.2008/ 7038)

Other Changes

:

The firm was firstly established in Ankara and registered at Ankara Commercial Registry  with registration number 119613 in 1996. Then the subject company moved to Bursa and registered at Bursa Commercial Registry with  registration number 43403-51486.

Changed On

:

02.07.1997 (Commercial Gazette Date /Number 14.07.1997/ 4331)

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Yesim Tekstil Sanayi ve Ticaret A.S.

50 %

Nergis Tekstil Sanayi ve Ticaret A.S.

25 %

Others

 

 

 

GROUP PARENT COMPANY

:

NERGIS HOLDING A.S.

 

REMARKS ON GROUP PARENT COMPANY

:

Nergis Holding A.S. is a conglomerate which was founded to coordinate the financial and administrative operations of the companies that operate within Nergis group of companies.           

 

Nergis group was a large group of companies operating at different fields but it is specialized mainly at textile sector. Nergis group had a bank named as Interbank AS whose shares were transferred to the Turkish Republic Central Bank Deposits Insurance Fund on 07.01.1999. Since then Nergis Group, has financial difficulties. The group has signed protocols with some of the banks to extend the credit maturity.

 

SISTER COMPANIES

:

NERGIS HAVACILIK A.S.

NERGIS HOLDING A.S.

NERGIS INSAAT VE TICARET A.S.

NERGIS TEKSTIL SANAYI VE TICARET A.S.

OLAY BASIN VE YAYINCILIK A.S.

OLAY RADYO VE TELEVIZYON YAYINCILIK A.S.

POLYLEN SENTETIK IPLIK SANAYII A.S.

SIFAS SENTETIK IPLIK FABRIKALARI A.S.

YESIM ITHALAT IHRACAT VE DIS TICARET A.S.

YESIM TEKSTIL SANAYI VE TICARET A.S.

 

BOARD OF DIRECTORS

:

Necmi Yesilova

Chairman

Macit Safi

Vice-Chairman

Ahmet Gurmeric

Member

Ahmet Bican Guclu

Member

 

 

DIRECTORS

:

Ahmet Bican Guclu                                                                                                                                                                                                                                                                                   

General Manager

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Trade of textile products.   

 

NACE CODE

:

G .52.41

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

47

 

NET SALES

:

125.010.117 TL

(1999) 

18.358.370 TL

(2000) 

434.263.959 TL

(2001) 

636.651.845 TL

(2002) 

713.407.477 TL

(2003) 

875.943.678 TL

(2004) 

702.734.960 TL

(2005) 

712.537.401 TL

(2006) 

658.465.295 TL

(2007) 

470.864.464 TL

(2008) 

451.878.571 TL

(2009) 

457.482.666 TL

(2010) 

135.837.352 TL

(01.01-31.03.2011) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT VALUE

:

90.000.000 USD

(2003)

120.000.000 USD

(2004)

123.000.000 USD

(2005)

93.926.281 USD

(2006)

98.737.263 USD

(2007)

58.939.382 USD

(2008)

28.254.000 USD

(2009)

 

 

 

IMPORT COUNTRIES

:

U.S.A.

European Countries

 

MERCHANDISE IMPORTED

:

Raw materials

Textile products

 

EXPORT VALUE

:

0 TL

(2001)

302.214.476 TL

(2002)

378.538.789 TL

(2003)

463.699.079 TL

(2004)

334.700.124 TL

(2005)

369.677.210 TL

(2006)

361.692.134 TL

(2007)

294.833.624 TL

(2008)

310.463.779 TL

(2009)

300.770.043 TL

(2010)

85.387.886 TL

(01.01-31.03.2011)

 

 

EXPORT COUNTRIES

:

Egypt

Free Zone

Moldova

 

MERCHANDISE  EXPORTED

:

Plate

Sheet

Textile chemicals

 

HEAD OFFICE ADDRESS

:

Ankara Yolu Uzeri Gursu Kavsagi 11. Km Yildirim  Bursa / Turkey ( rented )

 

INVESTMENTS

:

None

 

 

 

TREND OF BUSINESS

:

There was a slowdown at business volume in real terms in 2010.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

MAIN DEALING BANKS

:

Finansbank Bursa Branch

Turkiye Is Bankasi Bursa 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

:

 

(2007) TL

(2008) TL

(2009) TL

(2010) TL

(01.01-31.03.2011) TL

Net Sales

658.465.295

470.864.464

451.878.571

457.482.666

135.837.352

Profit (Loss) Before Tax

-751.614

-4.164.028

-3.706.030

-5.509.532

-321.162

Stockholders' Equity

-16.078.028

5.811.739

2.105.709

-3.403.823

 

Total Assets

254.189.081

253.637.114

249.818.975

360.599.847

 

Current Assets

250.363.146

249.669.954

243.737.636

353.882.654

 

Non-Current Assets

3.825.935

3.967.160

6.081.339

6.717.193

 

Current Liabilities

270.118.982

247.723.543

247.611.434

363.913.726

 

Long-Term Liabilities

148.127

101.832

101.832

89.944

 

Gross Profit (loss)

20.380.463

16.732.543

16.909.407

14.380.571

3.519.642

Operating Profit (loss)

1.402.474

3.020.221

1.622.779

-137.521

262.493

Net Profit (loss)

-751.614

-4.164.028

-3.706.030

-5.509.532

-321.162

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Negative Stockholders’ Equity

Liquidity

Insufficient As of 31.12.2010

Remarks On Liquidity

The favorable gap between average collection and average payable period has a positive 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

Low Operating Profitability  in 2007

Net Loss  in 2007

Low Operating Profitability  in 2008

Net Loss  in 2008

Low Operating Profitability  in 2009

Net Loss  in 2009

Operating Loss  in 2010

Net Loss  in 2010

Low Operating Profitability (01.01-31.03.2011)

Net Loss (01.01-31.03.2011)

 

Gap between average collection and payable periods

Favorable in 2010

General Financial Position

Poor

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 01.01-31.03.2011)

5,40 %

1,5753

2,1664

2,5072

 ( 01.01-31.08.2011)

8,05 %

1,6083

2,2781

2,5994

 

 

BALANCE SHEETS

 

 

 ( 31.12.2007 )  TL

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

250.363.146

0,98

249.669.954

0,98

243.737.636

0,98

353.882.654

0,98

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

16.887.641

0,07

8.270.572

0,03

6.573.461

0,03

6.512.035

0,02

Marketable Securities

70.865

0,00

865

0,00

2.181.500

0,01

7.000

0,00

Account Receivable

95.080.100

0,37

76.228.936

0,30

67.652.050

0,27

99.170.268

0,28

Other Receivable

132.867.108

0,52

149.871.047

0,59

158.275.493

0,63

238.555.348

0,66

Inventories

1.872.824

0,01

7.444.327

0,03

6.315.264

0,03

5.014.471

0,01

Advances Given

505.857

0,00

3.005.961

0,01

1.951.182

0,01

2.119.759

0,01

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

3.078.751

0,01

4.848.246

0,02

788.686

0,00

2.503.773

0,01

NON-CURRENT ASSETS

3.825.935

0,02

3.967.160

0,02

6.081.339

0,02

6.717.193

0,02

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

2.279.631

0,01

2.872.365

0,01

Financial Assets

1.365.630

0,01

1.365.630

0,01

1.365.630

0,01

1.365.630

0,00

Tangible Fixed Assets (net)

2.438.155

0,01

2.578.218

0,01

2.416.671

0,01

2.463.441

0,01

Intangible Assets

0

0,00

0

0,00

0

0,00

0

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

22.150

0,00

23.312

0,00

19.407

0,00

15.757

0,00

TOTAL ASSETS

254.189.081

1,00

253.637.114

1,00

249.818.975

1,00

360.599.847

1,00

CURRENT LIABILITIES

270.118.982

1,06

247.723.543

0,98

247.611.434

0,99

363.913.726

1,01

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

130.886.275

0,51

150.615.676

0,59

98.390.757

0,39

129.379.549

0,36

Accounts Payable

92.041.414

0,36

77.427.923

0,31

61.096.087

0,24

147.001.620

0,41

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

Other Short-term Payable

36.120.789

0,14

430.325

0,00

44.594.425

0,18

45.425.185

0,13

Advances from Customers

10.104.401

0,04

11.595.439

0,05

36.750.399

0,15

35.167.879

0,10

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

143.948

0,00

40.756

0,00

102.087

0,00

116.317

0,00

Provisions

822.155

0,00

7.613.424

0,03

6.677.679

0,03

6.823.176

0,02

Other Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

LONG-TERM LIABILITIES

148.127

0,00

101.832

0,00

101.832

0,00

89.944

0,00

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

0

0,00

0

0,00

Securities Issued

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

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

148.127

0,00

101.832

0,00

101.832

0,00

89.944

0,00

STOCKHOLDERS' EQUITY

-16.078.028

-0,06

5.811.739

0,02

2.105.709

0,01

-3.403.823

-0,01

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

4.000.000

0,02

4.000.000

0,02

4.000.000

0,02

4.000.000

0,01

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

5.642.940

0,02

5.642.940

0,02

5.642.940

0,02

5.642.940

0,02

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

332.828

0,00

26.386.623

0,10

26.386.623

0,11

26.386.623

0,07

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

-25.302.182

-0,10

-26.053.796

-0,10

-30.217.824

-0,12

-33.923.854

-0,09

Net Profit (loss)

-751.614

0,00

-4.164.028

-0,02

-3.706.030

-0,01

-5.509.532

-0,02

TOTAL LIABILITIES AND EQUITY

254.189.081

1,00

253.637.114

1,00

249.818.975

1,00

360.599.847

1,00

 

 

INCOME STATEMENTS

 

 

(2007) TL

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(01.01-31.03.2011) TL

 

Net Sales

658.465.295

1,00

470.864.464

1,00

451.878.571

1,00

457.482.666

1,00

135.837.352

1,00

Cost of Goods Sold

638.084.832

0,97

454.131.921

0,96

434.969.164

0,96

443.102.095

0,97

132.317.710

0,97

Gross Profit

20.380.463

0,03

16.732.543

0,04

16.909.407

0,04

14.380.571

0,03

3.519.642

0,03

Operating Expenses

18.977.989

0,03

13.712.322

0,03

15.286.628

0,03

14.518.092

0,03

3.257.149

0,02

Operating Profit

1.402.474

0,00

3.020.221

0,01

1.622.779

0,00

-137.521

0,00

262.493

0,00

Other Income

20.288.445

0,03

30.261.686

0,06

16.587.269

0,04

13.849.226

0,03

5.198.111

0,04

Other Expenses

18.206.272

0,03

28.996.131

0,06

17.535.753

0,04

15.668.477

0,03

5.400.027

0,04

Financial Expenses

4.236.261

0,01

8.449.804

0,02

4.380.325

0,01

3.552.760

0,01

381.739

0,00

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

-751.614

0,00

-4.164.028

-0,01

-3.706.030

-0,01

-5.509.532

-0,01

-321.162

0,00

Tax Payable

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

-751.614

0,00

-4.164.028

-0,01

-3.706.030

-0,01

-5.509.532

-0,01

-321.162

0,00

 

FINANCIAL RATIOS

 

 

(2007)

(2008)

(2009)

(2010)

 

LIQUIDITY RATIOS

 

 

Current Ratio

0,93

1,01

0,98

0,97

 

Acid-Test Ratio

0,91

0,95

0,95

0,95

 

Cash Ratio

0,06

0,03

0,04

0,02

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,01

0,03

0,03

0,01

 

Short-term Receivable/Total Assets

0,90

0,89

0,90

0,94

 

Tangible Assets/Total Assets

0,01

0,01

0,01

0,01

 

TURNOVER RATIOS

 

 

Inventory Turnover

340,71

61,00

68,88

88,36

 

Stockholders' Equity Turnover

-40,95

81,02

214,60

-134,40

 

Asset Turnover

2,59

1,86

1,81

1,27

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

-0,06

0,02

0,01

-0,01

 

Current Liabilities/Total Assets

1,06

0,98

0,99

1,01

 

Financial Leverage

1,06

0,98

0,99

1,01

 

Gearing Percentage

-16,81

42,64

117,64

-106,94

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,05

-0,72

-1,76

1,62

 

Operating Profit Margin

0,00

0,01

0,00

0,00

 

Net Profit Margin

0,00

-0,01

-0,01

-0,01

 

Interest Cover

0,82

0,51

0,15

-0,55

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

51,98

58,28

55,71

80,30

 

Average Payable Period (days)

51,93

61,38

50,57

119,43

 

WORKING CAPITAL

-19755836,00

1946411,00

-3873798,00

-10031072,00

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.47.81

UK Pound

1

Rs.75.16

Euro

1

Rs.65.11

 

 

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.