MIRA INFORM REPORT

 

 

Report Date :

18.08.2012

 

IDENTIFICATION DETAILS

 

Name :

BOSSA TICARET VE SANAYI ISLETMELERI T.A.S.

 

 

Registered Office :

Guzelevler Mah. Girne Bulvari No:296 Yuregir Adana

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

24.03.1951

 

 

Com. Reg. No.:

1327

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of yarn, grey fabric, outwear, shirting, denim and sportswear fabrics from polyester-viscose, wool, cotton and linen blends. 

 

 

No. of Employees :

1915

 

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 :

Satisfactory

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 – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

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

:

BOSSA TICARET VE SANAYI ISLETMELERI T.A.S.

HEAD OFFICE ADDRESS

:

Guzelevler Mah. Girne Bulvari No:296 Yuregir Adana / Turkey

PHONE NUMBER

:

90-322-355 20 00

 

FAX NUMBER

:

90-322-355 75 33

 

WEB-ADDRESS

:

www.bossa.com.tr

E-MAIL

:

maliisler@bossa.com.tr

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Yuregir

TAX NO

:

1800041427

REGISTRATION NUMBER

:

1327

REGISTERED OFFICE

:

Adana Chamber of Commerce

DATE ESTABLISHED

:

24.03.1951

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

AUTHORIZED CAPITAL

:

TL   135.000.000

PAID-IN CAPITAL

:

TL   108.000.000

 

HISTORY

:

Previous Registered Capital

:

TL 67.500.000

Changed On

:

03.06.2005 (Commercial Gazette Date /Number 08.06.2005/ 6320)

Previous Address

:

Ilbey Gunes Cad. No:130 Yuregir-Adana

Changed On

:

04.04.2005 (Commercial Gazette Date /Number 07.04.2005/ 6277)

Other Changes

:

The former shareholders “Haci Omer Sabanci Holding A.S” and “Sabanci Family” sold their shares at the company to “Akkardan San. ve Tic. A.S.”. As a consequence of this change, the subject company is not operating with “Haci Omer Sabanci Holding A.S” anymore since then.

Changed On

:

22.10.2008

 

OWNERSHIP / MANAGEMENT

 

NOTES ON OWNERSHIP / MANAGEMENT

:

Quoted at Stock Exchange.

 

 

SHAREHOLDERS

:

Akkardan Sanayi ve Ticaret A.S.

90,37 %

Open to Public

 

 

 

BOARD OF DIRECTORS

:

Can Ugurcan Kantul

Chairman

Serap Kantul

Vice-Chairman

Hamdullah Merdane

Member

Cevat Can Piyale

Member

Mete Yigin

Member

 

 

DIRECTORS

:

Cevat Can Piyale

General Manager

Lutfi Soyupak

Deputy General Manager

Semsi Atagan

Finance Director

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of yarn, grey fabric, outwear, shirting, denim and sportswear fabrics from polyester-viscose, wool, cotton and linen blends. 

 

NACE CODE

:

DB.17.20

 

SECTOR

:

Textile

 

TRADEMARKS OWNED

:

Bossa

 

NUMBER OF EMPLOYEES

:

1.915

 

 

NET SALES

:

293.033.402 TL

(2006) 

328.775.284 TL

(2007) 

271.083.293 TL

(2008) 

240.414.767 TL

(2009) 

311.395.636 TL

(2010) 

338.887.305 TL

(2011) 

 

 

CAPACITY

:

  ( ms/yr)

 

 

 

84.500.000

 

 

(2009)

84.500.000

 

 

(2010)

84.500.000

 

 

(2011)

 

 

 

 

IMPORT VALUE

:

49.157.169 USD

(1995)

42.549.771 USD

(1996)

57.049.342 USD

(1997)

42.448.482 USD

(1998)

29.818.805 USD

(1999)

35.386.132 USD

(2000)

29.041.712 USD

(2001)

41.848.806 USD

(2002)

39.199.890 USD

(2003)

38.070.145 USD

(2004)

32.883.218 USD

(2005)

35.900.416 USD

(2006)

48.464.585 USD

(2007)

47.570.792 USD

(2008)

36.237.564 TL

(2009)

88.590.329 TL

(2010)

112.842.693 TL

(2011)

 

 

IMPORT COUNTRIES

:

Germany

China

U.S.A.

 

MERCHANDISE IMPORTED

:

Chemicals

Raw materials

 

 

EXPORT VALUE

:

63.553.316 USD

(1994)

68.373.805 USD

(1995)

79.334.319 USD

(1996)

86.888.398 USD

(1997)

65.516.412 USD

(1998)

21.318.318 TL

(1999)

35.129.315 TL

(2000)

101.086.562 TL

(2001)

104.773.138 USD

(2002)

115.423.374 USD

(2003)

124.924.027 USD

(2004)

129.571.801 TL

(2005)

135.506.297 TL

(2006)

151.360.718 TL

(2007)

133.913.505 TL

(2008)

119.641.471 TL

(2009)

156.394.091 TL

(2010)

181.115.754 TL

(2011)

 

 

EXPORT COUNTRIES

:

Greece

Belgium

Germany

Morocco

Serbia

Portugal

Netherlands

Tunisia

Hungary

Finland

Egypt

France

Italy

Denmark

China

Indonesia

Hong-Kong

India

 

MERCHANDISE  EXPORTED

:

Fabric

Ready-wear

 

HEAD OFFICE ADDRESS

:

Guzelevler Mah. Girne Bulvari No:296 Yuregir  Adana / Turkey

 

BRANCHES

:

Factory  :  Haci Sabanci Org. San. Bolgesi N:2 01300 Yakapinar Adana/Turkey

 

Factory  :  Mersin Yolu Uzeri 13. Km 01323 Zeytinli Adana/Turkey

 

Head Office/Factory  :  Guzelevler Mah. Girne Bulvari No:296   Yuregir Adana/Turkey

 

Branch Office  :  Ataturk Hava Limani Serbest Bolgesi A Blok Ilave Kat No:402 Yesilkoy Istanbul/Turkey

 

 

TREND OF BUSINESS

:

There was a slowdown at business volume in real terms in  2011.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Merkez Branch

Garanti Bankasi Merkez 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

(2011) TL

 

Net Sales

271.083.293

240.414.767

311.395.636

338.887.305

 

Profit (Loss) Before Tax

30.804.565

-9.676.365

4.662.883

58.152.433

 

Stockholders' Equity

291.182.041

277.790.448

282.040.380

330.951.493

 

Total Assets

357.597.446

385.256.750

428.152.545

478.890.986

 

Current Assets

180.138.684

189.601.936

241.929.341

292.875.364

 

Non-Current Assets

177.458.762

195.654.814

186.223.204

186.015.622

 

Current Liabilities

49.195.522

77.250.236

134.302.882

125.674.471

 

Long-Term Liabilities

17.219.883

30.216.066

11.809.283

22.265.022

 

Gross Profit (loss)

62.393.241

45.753.072

60.006.490

94.958.261

 

Operating Profit (loss)

16.896.524

-14.013.824

4.475.408

52.794.694

 

Net Profit (loss)

26.143.831

-4.391.593

4.249.932

48.911.113

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

High As of 31.12.2011

Liquidity

Satisfactory As of 31.12.2011

Remarks On Liquidity

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

Profitability

Good Operating Profitability  in 2008

High Net Profitability  in 2008

Operating Loss  in 2009

Net Loss  in 2009

Low Operating Profitability  in 2010

Low Net Profitability  in 2010

High Operating Profitability  in 2011

High Net Profitability  in 2011

 

Gap between average collection and payable periods

Unfavorable in 2011

General Financial Position

In Order

 

 

 

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

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 01.01-31.03.2012)

0,65 %

1,7995

2,3799

2,8402

 

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

CURRENT ASSETS

180.138.684

0,50

189.601.936

0,49

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

31.781.586

0,09

21.953.130

0,06

Marketable Securities

0

0,00

0

0,00

Account Receivable

67.927.963

0,19

77.688.386

0,20

Other Receivable

678.386

0,00

16.162.313

0,04

Inventories

71.021.663

0,20

65.428.281

0,17

Advances Given

0

0,00

0

0,00

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

8.729.086

0,02

8.369.826

0,02

NON-CURRENT ASSETS

177.458.762

0,50

195.654.814

0,51

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

0

0,00

20.000.000

0,05

Financial Assets

86.062

0,00

86.062

0,00

Tangible Fixed Assets (net)

176.292.113

0,49

174.624.102

0,45

Intangible Assets

1.080.587

0,00

944.650

0,00

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

0

0,00

TOTAL ASSETS

357.597.446

1,00

385.256.750

1,00

CURRENT LIABILITIES

49.195.522

0,14

77.250.236

0,20

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

27.593.683

0,08

49.982.529

0,13

Accounts Payable

15.139.636

0,04

21.099.253

0,05

Loans from Shareholders

0

0,00

0

0,00

Other Short-term Payable

1.086.030

0,00

1.169.452

0,00

Advances from Customers

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

0

0,00

0

0,00

Provisions

875.100

0,00

1.255.633

0,00

Other Current Liabilities

4.501.073

0,01

3.743.369

0,01

LONG-TERM LIABILITIES

17.219.883

0,05

30.216.066

0,08

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

352.870

0,00

20.000.000

0,05

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

9.037.860

0,03

2.094.438

0,01

Provisions

7.829.153

0,02

8.121.628

0,02

STOCKHOLDERS' EQUITY

291.182.041

0,81

277.790.448

0,72

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

108.000.000

0,30

108.000.000

0,28

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

23.436.587

0,07

33.945.028

0,09

Revaluation Fund

149.108.174

0,42

149.108.174

0,39

Accumulated Losses(-)

-15.506.551

-0,04

-8.871.161

-0,02

Net Profit (loss)

26.143.831

0,07

-4.391.593

-0,01

TOTAL LIABILITIES AND EQUITY

357.597.446

1,00

385.256.750

1,00

 

 

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

241.929.341

0,57

292.875.364

0,61

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

22.482.127

0,05

23.662.500

0,05

Marketable Securities

0

0,00

0

0,00

Account Receivable

82.840.393

0,19

100.364.955

0,21

Other Receivable

37.103.573

0,09

65.297.879

0,14

Inventories

89.077.430

0,21

98.808.675

0,21

Advances Given

0

0,00

0

0,00

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

10.425.818

0,02

4.741.355

0,01

NON-CURRENT ASSETS

186.223.204

0,43

186.015.622

0,39

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

0

0,00

10.388.950

0,02

Financial Assets

86.062

0,00

86.062

0,00

Tangible Fixed Assets (net)

180.185.865

0,42

170.546.761

0,36

Intangible Assets

4.241.457

0,01

4.993.849

0,01

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

1.709.820

0,00

0

0,00

TOTAL ASSETS

428.152.545

1,00

478.890.986

1,00

CURRENT LIABILITIES

134.302.882

0,31

125.674.471

0,26

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

90.647.987

0,21

79.608.416

0,17

Accounts Payable

36.721.183

0,09

37.164.138

0,08

Loans from Shareholders

0

0,00

0

0,00

Other Short-term Payable

1.267.907

0,00

1.530.969

0,00

Advances from Customers

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

851.663

0,00

789.297

0,00

Provisions

1.734.945

0,00

2.031.001

0,00

Other Current Liabilities

3.079.197

0,01

4.550.650

0,01

LONG-TERM LIABILITIES

11.809.283

0,03

22.265.022

0,05

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

2.333.333

0,01

11.166.727

0,02

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

1.729.774

0,00

3.184.754

0,01

Provisions

7.746.176

0,02

7.913.541

0,02

STOCKHOLDERS' EQUITY

282.040.380

0,66

330.951.493

0,69

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

108.000.000

0,25

108.000.000

0,23

Cross Shareholding Adjustment of Capital

149.104.739

0,35

149.104.739

0,31

Inflation Adjustment of Capital

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

34.394.022

0,08

34.728.473

0,07

Revaluation Fund

3.435

0,00

3.435

0,00

Accumulated Losses(-)

-13.711.748

-0,03

-9.796.267

-0,02

Net Profit (loss)

4.249.932

0,01

48.911.113

0,10

TOTAL LIABILITIES AND EQUITY

428.152.545

1,00

478.890.986

1,00

 

 

INCOME STATEMENTS

 

 

(2008) TL

 

(2009) TL

 

Net Sales

271.083.293

1,00

240.414.767

1,00

Cost of Goods Sold

208.690.052

0,77

194.661.695

0,81

Gross Profit

62.393.241

0,23

45.753.072

0,19

Operating Expenses

45.496.717

0,17

59.766.896

0,25

Operating Profit

16.896.524

0,06

-14.013.824

-0,06

Other Income

31.624.560

0,12

14.819.263

0,06

Other Expenses

0

0,00

0

0,00

Financial Expenses

17.716.519

0,07

10.481.804

0,04

Minority Interests

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

Profit (loss) Before Tax

30.804.565

0,11

-9.676.365

-0,04

Tax Payable

6.726.105

0,02

1.658.650

0,01

Postponed Tax Gain

2.065.371

0,01

6.943.422

0,03

Net Profit (loss)

26.143.831

0,10

-4.391.593

-0,02

 

 

 

(2010) TL

 

(2011) TL

 

Net Sales

311.395.636

1,00

338.887.305

1,00

Cost of Goods Sold

251.389.146

0,81

243.929.044

0,72

Gross Profit

60.006.490

0,19

94.958.261

0,28

Operating Expenses

55.531.082

0,18

42.163.567

0,12

Operating Profit

4.475.408

0,01

52.794.694

0,16

Other Income

14.682.115

0,05

30.833.960

0,09

Other Expenses

0

0,00

25.476.221

0,08

Financial Expenses

14.494.640

0,05

0

0,00

Minority Interests

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

Profit (loss) Before Tax

4.662.883

0,01

58.152.433

0,17

Tax Payable

1.053.776

0,00

7.860.403

0,02

Postponed Tax Gain

640.825

0,00

-1.380.917

0,00

Net Profit (loss)

4.249.932

0,01

48.911.113

0,14

 

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

(2011)

LIQUIDITY RATIOS

 

Current Ratio

3,66

2,45

1,80

2,33

Acid-Test Ratio

2,04

1,50

1,06

1,51

Cash Ratio

0,65

0,28

0,17

0,19

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,20

0,17

0,21

0,21

Short-term Receivable/Total Assets

0,19

0,24

0,28

0,35

Tangible Assets/Total Assets

0,49

0,45

0,42

0,36

TURNOVER RATIOS

 

Inventory Turnover

2,94

2,98

2,82

2,47

Stockholders' Equity Turnover

0,93

0,87

1,10

1,02

Asset Turnover

0,76

0,62

0,73

0,71

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,81

0,72

0,66

0,69

Current Liabilities/Total Assets

0,14

0,20

0,31

0,26

Financial Leverage

0,19

0,28

0,34

0,31

Gearing Percentage

0,23

0,39

0,52

0,45

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,09

-0,02

0,02

0,15

Operating Profit Margin

0,06

-0,06

0,01

0,16

Net Profit Margin

0,10

-0,02

0,01

0,14

Interest Cover

2,74

0,08

1,32

 

COLLECTION-PAYMENT

 

Average Collection Period (days)

90,21

146,28

95,77

117,65

Average Payable Period (days)

26,12

39,02

52,59

54,85

WORKING CAPITAL

130943162,00

112351700,00

107626459,00

167200893,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.70

UK Pound

1

Rs.87.55

Euro

1

Rs.68.85

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

 

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

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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.