MIRA INFORM REPORT

 

 

Report Date :

13.07.2012

 

IDENTIFICATION DETAILS

 

Name :

COATS (TURKIYE) IPLIK SANAYII A.S.

 

 

Registered Office :

Organize Sanayi Bolgesi Mavi Cad. No:2 Merkez Bursa

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

28.03.1939

 

 

Com. Reg. No.:

14375

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of embroidery yarn and zipper. 

 

 

No. of Employees :

717

 

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 – September 30, 2011

 

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

:

COATS (TURKIYE) IPLIK SANAYII A.S.

HEAD OFFICE ADDRESS

:

Organize Sanayi Bolgesi Mavi Cad. No:2 Merkez Bursa / Turkey

PHONE NUMBER

:

90-224-243 15 50 (3 lines)

 

FAX NUMBER

:

90-224-243 15 54

 

WEB-ADDRESS

:

www.coatsturkiye.com.tr

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Ertugrulgazi

TAX NO

:

2110056608

REGISTRATION NUMBER

:

14375

REGISTERED OFFICE

:

Bursa Chamber of Commerce and Industry

DATE ESTABLISHED

:

28.03.1939

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   14.400.000

PAID-IN CAPITAL

:

TL   14.400.000

HISTORY

:

Previous Registered Capital

:

TL 4.800.000

Changed On

:

28.01.2009 (Commercial Gazette Date /Number 30.01.2009/ 7239)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Coats Southern Holdings B.V

91,78 %

Coats Industrial Thread Holding B.V

 

Turgay Seremet

 

Ilhan Alanyali

 

Omer Avunduk

 

Zeynep Avunduk

 

Others

 

 

 

REMARKS ON SHAREHOLDERS

:

We are informed that, the shareholders “Coats Southern Holdings B.V" and  “Coats Industrial Thread Holding B.V" are foreign companies located in Netherlands.

 

BOARD OF DIRECTORS

:

Meric Ulgen

Chairman

Kevin Patrick Finn

Vice-Chairman

Massimo Petronio

Member

Roger Bevan

Member

Timothy Patrick Saunt

Member

Adrian John Elliott

Member

 

 

DIRECTORS

:

Kevin Patrick Finn

General Manager

Arif Aygun

Finance Director

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of embroidery yarn and zipper. 

 

NACE CODE

:

DB.17.11

 

SECTOR

:

Textile

 

TRADEMARKS OWNED

:

Anchor

Astra

Coats

Domino

Drima

Dual Duty

Epic

Opti

 

NUMBER OF EMPLOYEES

:

717

 

 

NET SALES

:

85.679 TL Thousand

(2005) 

92.909 TL Thousand

(2006) 

85.730 TL Thousand

(2007) 

85.574 TL Thousand

(2008) 

79.463.731 TL

(2009) 

85.062.552 TL

(2010) 

103.158.824 TL

(2011) 

 

 

IMPORT COUNTRIES

:

China

South Africa

Thailand

Malaysia

 

MERCHANDISE IMPORTED

:

Chemicals

Raw materials

 

EXPORT VALUE

:

14.124.000 USD

(2005)

16.076.000 USD

(2006)

16.790.000 USD

(2007)

20.792.000 USD

(2008)

24.164.197 TL

(2009)

33.132.979 TL

(2010)

44.324.213 TL

(2011)

 

 

EXPORT COUNTRIES

:

Romania

Poland

Belgium

Georgia

Italy

Germany

Spain

China

Egypt

Bulgaria

France

Netherlands

Tunisia

Pakistan

Iran

Indonesia

India

Middle East Countries

 

MERCHANDISE  EXPORTED

:

Yarn

Zipper

 

HEAD OFFICE ADDRESS

:

Organize Sanayi Bolgesi Mavi Cad. No:2 Merkez Bursa / Turkey (owned)

 

 

BRANCHES

:

Warehouse  :   Istanbul/Turkey

 

Head Office/Factory  :  Organize Sanayi Bolgesi Mavi Cad. No:2 Merkez Bursa/Turkey (owned) (73.125 sqm)

 

Branch Office  :  Kavacik Mah. Ekinciler Cad. Necip Fazil Sok. No:8 Beykoz Istanbul/Turkey (rented) (640 sqm)

 

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2011.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Fomara Branch

T. Is Bankasi Bursa Kurumsal Branch

Yapi ve Kredi Bankasi Heykel 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

:

 

(2009) TL

(2010) TL

(2011) TL

 

 

Net Sales

79.463.731

85.062.552

103.158.824

 

 

Profit (Loss) Before Tax

8.213.860

7.638.550

4.771.617

 

 

Stockholders' Equity

45.305.221

52.943.771

 

 

 

Total Assets

76.545.898

76.013.631

 

 

 

Current Assets

51.819.419

52.145.835

 

 

 

Non-Current Assets

24.726.479

23.867.796

 

 

 

Current Liabilities

28.977.677

23.069.860

 

 

 

Long-Term Liabilities

2.263.000

0

 

 

 

Gross Profit (loss)

20.291.268

22.409.111

27.259.318

 

 

Operating Profit (loss)

1.433.033

7.245.143

8.335.615

 

 

Net Profit (loss)

8.213.860

7.638.550

4.771.617

 

 

 

 

 

 

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

Fair Operating Profitability  in 2009

High Net Profitability  in 2009

Good Operating Profitability  in 2010

High Net Profitability  in 2010

Good Operating Profitability  in 2011

Good Net Profitability  in 2011

 

Gap between average collection and payable periods

Unfavorable in 2010

General Financial Position

Good

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 01.01-30.06.2012)

1,95 %

1,8028

2,3463

2,8462

 

 

BALANCE SHEETS

 

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

51.819.419

0,68

52.145.835

0,69

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

9.386.800

0,12

6.097.501

0,08

Marketable Securities

0

0,00

0

0,00

Account Receivable

26.788.348

0,35

24.261.368

0,32

Other Receivable

144.201

0,00

1.270.134

0,02

Inventories

12.160.200

0,16

16.368.312

0,22

Advances Given

910.124

0,01

1.380.921

0,02

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

2.429.746

0,03

2.767.599

0,04

NON-CURRENT ASSETS

24.726.479

0,32

23.867.796

0,31

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

Financial Assets

62.087

0,00

62.087

0,00

Tangible Fixed Assets (net)

23.211.898

0,30

23.114.804

0,30

Intangible Assets

1.423.451

0,02

669.924

0,01

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

29.043

0,00

20.981

0,00

TOTAL ASSETS

76.545.898

1,00

76.013.631

1,00

CURRENT LIABILITIES

28.977.677

0,38

23.069.860

0,30

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

12.798.451

0,17

5.411.000

0,07

Accounts Payable

12.829.594

0,17

14.811.197

0,19

Loans from Shareholders

28.862

0,00

28.862

0,00

Other Short-term Payable

1.062.271

0,01

1.248.694

0,02

Advances from Customers

81.208

0,00

93.284

0,00

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

1.059.650

0,01

1.225.580

0,02

Provisions

747.761

0,01

191.907

0,00

Other Current Liabilities

369.880

0,00

59.336

0,00

LONG-TERM LIABILITIES

2.263.000

0,03

0

0,00

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

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

0

0,00

0

0,00

Provisions

2.263.000

0,03

0

0,00

STOCKHOLDERS' EQUITY

45.305.221

0,59

52.943.771

0,70

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

14.400.000

0,19

14.400.000

0,19

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

13.263.731

0,17

13.263.731

0,17

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

25.015.191

0,33

25.015.191

0,33

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

-15.587.561

-0,20

-7.373.701

-0,10

Net Profit (loss)

8.213.860

0,11

7.638.550

0,10

TOTAL LIABILITIES AND EQUITY

76.545.898

1,00

76.013.631

1,00

 

REMARKS ON FINANCIAL STATEMENT

:

At the last income statement TL 3.801.634 of the other expenses is due to "Loss from Foreign Currency Exchange" .

 

 

INCOME STATEMENTS

 

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

Net Sales

79.463.731

1,00

85.062.552

1,00

103.158.824

1,00

Cost of Goods Sold

59.172.463

0,74

62.653.441

0,74

75.899.506

0,74

Gross Profit

20.291.268

0,26

22.409.111

0,26

27.259.318

0,26

Operating Expenses

18.858.235

0,24

15.163.968

0,18

18.923.703

0,18

Operating Profit

1.433.033

0,02

7.245.143

0,09

8.335.615

0,08

Other Income

12.426.833

0,16

3.151.462

0,04

3.725.112

0,04

Other Expenses

4.859.865

0,06

2.139.079

0,03

5.054.311

0,05

Financial Expenses

786.141

0,01

618.976

0,01

2.234.799

0,02

Minority Interests

0

0,00

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

0

0,00

Profit (loss) Before Tax

8.213.860

0,10

7.638.550

0,09

4.771.617

0,05

Tax Payable

0

0,00

0

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

8.213.860

0,10

7.638.550

0,09

4.771.617

0,05

 

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

LIQUIDITY RATIOS

 

 

Current Ratio

1,79

2,26

Acid-Test Ratio

1,25

1,37

Cash Ratio

0,32

0,26

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,16

0,22

Short-term Receivable/Total Assets

0,35

0,34

Tangible Assets/Total Assets

0,30

0,30

TURNOVER RATIOS

 

 

Inventory Turnover

4,87

3,83

Stockholders' Equity Turnover

1,75

1,61

Asset Turnover

1,04

1,12

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,59

0,70

Current Liabilities/Total Assets

0,38

0,30

Financial Leverage

0,41

0,30

Gearing Percentage

0,69

0,44

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,18

0,14

Operating Profit Margin

0,02

0,09

Net Profit Margin

0,10

0,09

Interest Cover

11,45

13,34

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

121,36

102,68

Average Payable Period (days)

78,05

85,10

WORKING CAPITAL

22841742,00

29075975,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.70

UK Pound

1

Rs.86.28

Euro

1

Rs.68.15

 

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

----

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.