MIRA INFORM REPORT

 

 

Report Date :           

11.01.2012

 

IDENTIFICATION DETAILS

 

Name :

MOTOR TEKSTIL SANAYI VE TICARET A.S.

 

 

Formerly Known As :

Fora Tekstil Sanayi ve Ticaret A.S.

 

 

Registered Office :

Gumussuyu Cad. Ayvalidere Litros Yolu No: 9 Topkapi Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

24.08.1992

 

 

Com. Reg. No.:

289505

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of ready-wear

 

 

No. of Employees :

155

 

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 :

Slow

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

:

MOTOR TEKSTIL SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Gumussuyu Cad. Ayvalidere Litros Yolu No: 9 Topkapi Istanbul / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The address was changed from "Gumussuyu Cad. Litros Yolu No.11 Kat:1/A Topkapi" to "Gumussuyu Cad. Ayvalidere Litros Yolu No: 9 Topkapi" by the Municipality.

PHONE NUMBER

:

90-212-483 30 10

 

FAX NUMBER

:

90-212-483 30 20

 

WEB-ADDRESS

:

www.motortextile.com  

E-MAIL

:

motor@motor-jeans.com

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Dis Ticaret

TAX NO

:

6220077763

REGISTRATION NUMBER

:

289505

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

24.08.1992

ESTABLISHMENT GAZETTE DATE/NO

:

28.08.1992/3102

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

 

REGISTERED CAPITAL

:

TL   9.000.000

PAID-IN CAPITAL

:

TL   9.000.000

HISTORY

:

Previous Name

:

Fora Tekstil Sanayi ve Ticaret A.S.

Changed On

:

15.09.1994 (Commercial Gazette Date /Number 20.09.1994/ 3620)

Previous Registered Capital

:

TL 7.800.000

Changed On

:

12.12.2008 (Commercial Gazette Date /Number 18.12.2008/ 7209)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Zekir Soydan

51 %

Irfan Soydan

16,33 %

Adnan Soydan

16,33 %

Kamuran Soydan

16,32 %

Meliha Soydan

0,02 %

 

 

SISTER COMPANIES

:

RAPID TEKSTIL SANAYI VE DIS TICARET A.S. (not active)

 

SUBSIDIARIES

:

None

 

BOARD OF DIRECTORS

:

Kamuran Soydan

Chairman

Adnan Soydan

Vice-Chairman

Irfan Soydan

Member

 

 

DIRECTORS

:

Hasan Ongelir                                                                                                                                                                                                                                                                                   

General Manager

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of ready-wear. 

 

NACE CODE

:

DB.18.22

 

SECTOR

:

Ready-wear

 

TRADEMARKS OWNED

:

Motor

 

NUMBER OF EMPLOYEES

:

155

 

 

NET SALES

:

19.547.080 TL

(2002) 

16.336.840 TL

(2003) 

21.399.870 TL

(2004) 

20.902.174 TL

(2005) 

22.177.447 TL

(2006) 

27.664.648 TL

(2007) 

23.881.414 TL

(2008) 

18.798.883 TL

(2009) 

19.719.794 TL

(2010) 

17.378.675 TL

(01.01-30.09.2011) 

 

 

CAPACITY

:

Ready-wear 

( units/yr)

 

 

 

 

448.500

 

 

(2009)

448.500

 

 

(2010)

448.500

 

 

(2011)

 

 

 

 

IMPORT VALUE

:

1.926.000 USD

(2003)

14.497.000 USD

(2004)

2.850.000 USD

(2005)

1.348.561 USD

(2006)

1.813.000 USD

(2007)

1.940.000 USD

(2008)

1.977.000 USD

(2009)

2.757.639 USD

(2010)

1.465.355 USD

(01.01-30.09.2011)

 

 

IMPORT COUNTRIES

:

India

Israel

Italy

China

Pakistan

 

MERCHANDISE IMPORTED

:

Accessories

Fabric

Ready-wear

 

EXPORT VALUE

:

16.955.042 TL

(2002)

15.052.839 TL

(2003)

20.301.943 TL

(2004)

20.007.413 TL

(2005)

21.712.129 TL

(2006)

26.657.804 TL

(2007)

22.971.669 TL

(2008)

17.993.676 TL

(2009)

17.798.305 TL

(2010)

16.000.145 TL

(01.01-30.09.2011)

 

 

 

EXPORT COUNTRIES

:

Ukraine

Russia

Romania

 

MERCHANDISE  EXPORTED

:

Ready-wear

 

HEAD OFFICE ADDRESS

:

Gumussuyu Cad. Ayvalidere Litros Yolu No: 9 Topkapi  Istanbul / Turkey

( rented )

 

BRANCHES

:

Store  :  Mesihpasa Mah. Laleli Cad. Kalvan Is Merkezi No:36 K:1 Eminonu Istanbul/Turkey (rented)

 

Head Office/Factory  :  Gumussuyu Cad. Ayvalidere Litros Yolu No: 9 Topkapi Istanbul/Turkey (rented) (9.500 sqm)

                                                                                

INVESTMENTS

:

None

 

 

TREND OF BUSINESS

:

There was a slowdown at business volume in real terms in  2010. There appears an upwards trend in  1.1 - 30.9.2011.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Garanti Bankasi Bayrampasa Ticari Branch

HSBC Bank Bayrampasa Branch

Turk Ekonomi Bankasi Davutpasa Branch

Yapi ve Kredi Bankasi Hadimkoy Branch

 

CREDIT FACILITIES

:

The subject company is making active use of credit facilities.

 

PAYMENT BEHAVIOUR

:

We are informed about numerous payment delays in the last years some of which were resolved later on.

 

 

KEY FINANCIAL ELEMENTS

:

 

(2007) TL

(2008) TL

(2009) TL

(2010) TL

(01.01-30.09.2011) TL

Net Sales

27.664.648

23.881.414

18.798.883

19.719.794

17.378.675

Profit (Loss) Before Tax

427.148

490.789

200.691

308.992

329.492

Stockholders' Equity

9.669.292

10.270.081

11.551.140

12.004.132

 

Total Assets

15.030.235

20.688.728

21.102.455

25.418.307

 

Current Assets

14.594.502

20.398.648

20.789.249

25.105.191

 

Non-Current Assets

435.733

290.080

313.206

313.116

 

Current Liabilities

3.031.543

9.114.708

6.103.262

5.065.775

 

Long-Term Liabilities

2.329.400

1.303.939

3.448.053

8.348.400

 

Gross Profit (loss)

4.330.456

2.900.188

3.155.779

2.857.646

1.485.288

Operating Profit (loss)

1.325.869

-773.209

850.998

277.297

-431.460

Net Profit (loss)

321.460

490.789

148.928

308.992

329.492

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

In Order As of 31.12.2010

Liquidity

Insufficient As of 31.12.2010

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 firm has negative cash&banks

 

Profitability

In Order Operating Profitability  in 2007

Low Net Profitability  in 2007

Operating Loss  in 2008

Fair Net Profitability  in 2008

In Order Operating Profitability  in 2009

Low Net Profitability  in 2009

Low Operating Profitability  in 2010

Low Net Profitability  in 2010

Operating Loss (01.01-30.09.2011)

Fair Net Profitability (01.01-30.09.2011)

 

Gap between average collection and payable periods

Unfavorable in 2010

General Financial Position

Unsatisfactory

 

 

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

 ( 01.01-30.09.2011)

9,72 %

1,6335

2,3016

2,6294

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 

 

BALANCE SHEETS

 

 

 ( 31.12.2007 )  TL

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

14.594.502

0,97

20.398.648

0,99

20.789.249

0,99

25.105.191

0,99

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

-2.177.002

-0,14

-1.685.219

-0,08

-2.929.809

-0,14

-3.074.402

-0,12

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

8.588.407

0,57

14.936.423

0,72

15.553.815

0,74

16.528.107

0,65

Other Receivable

245.414

0,02

26.723

0,00

28.360

0,00

806.978

0,03

Inventories

7.064.953

0,47

5.964.520

0,29

6.823.885

0,32

9.103.869

0,36

Advances Given

8.861

0,00

15.469

0,00

8.068

0,00

61.073

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

863.869

0,06

1.140.732

0,06

1.304.930

0,06

1.679.566

0,07

NON-CURRENT ASSETS

435.733

0,03

290.080

0,01

313.206

0,01

313.116

0,01

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

734

0,00

734

0,00

371

0,00

371

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

123.480

0,01

108.175

0,01

84.084

0,00

76.341

0,00

Intangible Assets

147.891

0,01

170.827

0,01

217.887

0,01

131.290

0,01

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

163.628

0,01

10.344

0,00

10.864

0,00

105.114

0,00

TOTAL ASSETS

15.030.235

1,00

20.688.728

1,00

21.102.455

1,00

25.418.307

1,00

CURRENT LIABILITIES

3.031.543

0,20

9.114.708

0,44

6.103.262

0,29

5.065.775

0,20

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

1.788.213

0,12

7.025.981

0,34

4.626.099

0,22

2.290.731

0,09

Accounts Payable

824.812

0,05

1.645.843

0,08

705.803

0,03

2.339.719

0,09

Loans from Shareholders

0

0,00

156.250

0,01

147.580

0,01

0

0,00

Other Short-term Payable

0

0,00

0

0,00

257.880

0,01

133.465

0,01

Advances from Customers

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

312.830

0,02

286.634

0,01

278.908

0,01

257.659

0,01

Provisions

105.688

0,01

0

0,00

51.763

0,00

0

0,00

Other Current Liabilities

0

0,00

0

0,00

35.229

0,00

44.201

0,00

LONG-TERM LIABILITIES

2.329.400

0,15

1.303.939

0,06

3.448.053

0,16

8.348.400

0,33

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

2.329.400

0,15

1.303.939

0,06

3.448.053

0,16

8.348.400

0,33

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

0

0,00

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

9.669.292

0,64

10.270.081

0,50

11.551.140

0,55

12.004.132

0,47

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

7.800.000

0,52

7.910.000

0,38

8.856.000

0,42

9.000.000

0,35

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

1.754.631

0,12

1.754.631

0,08

1.754.631

0,08

1.754.631

0,07

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

3.037.017

0,20

3.358.477

0,16

4.035.397

0,19

4.184.325

0,16

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

-3.243.816

-0,22

-3.243.816

-0,16

-3.243.816

-0,15

-3.243.816

-0,13

Net Profit (loss)

321.460

0,02

490.789

0,02

148.928

0,01

308.992

0,01

TOTAL LIABILITIES AND EQUITY

15.030.235

1,00

20.688.728

1,00

21.102.455

1,00

25.418.307

1,00

 

 

INCOME STATEMENTS

 

 

(2007) TL

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(01.01-30.09.2011) TL

 

Net Sales

27.664.648

1,00

23.881.414

1,00

18.798.883

1,00

19.719.794

1,00

17.378.675

1,00

Cost of Goods Sold

23.334.192

0,84

20.981.226

0,88

15.643.104

0,83

16.862.148

0,86

15.893.387

0,91

Gross Profit

4.330.456

0,16

2.900.188

0,12

3.155.779

0,17

2.857.646

0,14

1.485.288

0,09

Operating Expenses

3.004.587

0,11

3.673.397

0,15

2.304.781

0,12

2.580.349

0,13

1.916.748

0,11

Operating Profit

1.325.869

0,05

-773.209

-0,03

850.998

0,05

277.297

0,01

-431.460

-0,02

Other Income

2.247.838

0,08

5.354.668

0,22

2.279.471

0,12

3.240.374

0,16

3.847.985

0,22

Other Expenses

2.723.030

0,10

1.459.042

0,06

1.906.220

0,10

1.745.096

0,09

253.634

0,01

Financial Expenses

423.529

0,02

2.631.628

0,11

1.023.558

0,05

1.463.583

0,07

2.833.399

0,16

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

427.148

0,02

490.789

0,02

200.691

0,01

308.992

0,02

329.492

0,02

Tax Payable

105.688

0,00

0

0,00

51.763

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)

321.460

0,01

490.789

0,02

148.928

0,01

308.992

0,02

329.492

0,02

 

 

FINANCIAL RATIOS

 

 

(2007)

(2008)

(2009)

(2010)

LIQUIDITY RATIOS

 

Current Ratio

4,81

2,24

3,41

4,96

Acid-Test Ratio

2,20

1,46

2,07

2,82

Cash Ratio

-0,72

-0,18

-0,48

-0,61

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,47

0,29

0,32

0,36

Short-term Receivable/Total Assets

0,59

0,72

0,74

0,68

Tangible Assets/Total Assets

0,01

0,01

0,00

0,00

TURNOVER RATIOS

 

Inventory Turnover

3,30

3,52

2,29

1,85

Stockholders' Equity Turnover

2,86

2,33

1,63

1,64

Asset Turnover

1,84

1,15

0,89

0,78

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,64

0,50

0,55

0,47

Current Liabilities/Total Assets

0,20

0,44

0,29

0,20

Financial Leverage

0,36

0,50

0,45

0,53

Gearing Percentage

0,55

1,01

0,83

1,12

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,03

0,05

0,01

0,03

Operating Profit Margin

0,05

-0,03

0,05

0,01

Net Profit Margin

0,01

0,02

0,01

0,02

Interest Cover

2,01

1,19

1,20

1,21

COLLECTION-PAYMENT

 

Average Collection Period (days)

111,77

225,17

297,86

301,74

Average Payable Period (days)

12,73

28,24

16,24

49,95

WORKING CAPITAL

11562959,00

11283940,00

14685987,00

20039416,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.52.23

UK Pound

1

Rs.80.84

Euro

1

Rs.66.79

 

 

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.