MIRA INFORM REPORT

 

 

Report Date :

03.05.2012

 

IDENTIFICATION DETAILS

 

Name :

AY-KAR TEKSTIL SANAYI VE TICARET A.S.

 

 

Formerly Known As :

FERRARA AYAKKABI SANAYI VE TICARET A.S.

 

 

Registered Office :

Karadeniz Mah. Ertugrul Gazi Cad. No:14 Bodrum Kat No:1 Gaziosmanpasa Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

06.07.1992

 

 

Com. Reg. No.:

288040

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Knitting and trade of fabric; trade of yarn and fabric. 

 

 

No. of Employees :

78

 

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

:

AY-KAR TEKSTIL SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Karadeniz Mah. Ertugrul Gazi Cad. No:14 Bodrum Kat No:1 Gaziosmanpasa Istanbul / Turkey

PHONE NUMBER

:

90-212-538 15 09

90-212-538 53 03

 

FAX NUMBER

:

90-212-537 96 14

 

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Marmara Kurumlar

TAX NO

:

3850060916

REGISTRATION NUMBER

:

288040

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

06.07.1992

ESTABLISHMENT GAZETTE DATE/NO

:

10.07.1992/3067

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   7.500.000

 

HISTORY

:

Previous Name

:

Ferrara Ayakkabi Sanayi Ve Ticaret A.S.

Changed On

:

15.05.1997 (Commercial Gazette Date /Number 22.05.1997/ 4294)

Previous Registered Capital

:

TL 2.500.000

Changed On

:

31.12.2008 (Commercial Gazette Date /Number 08.01.2009/ 7223)

Previous Registered Capital

:

TL 4.500.000

Changed On

:

26.10.2011 (Commercial Gazette Date /Number 01.11.2011/ 7933)

Previous Address

:

Evren Mah. Gulbahar Cad. Tufan Sok. No:26 (Cihangir Koleji Yani) Kat:1-Zemin-Bodrum  Gunesli-Istanbul

Changed On

:

12.06.2009 (Commercial Gazette Date /Number 18.06.2009/ 7335)

Previous Address

:

Karadeniz Mah. Ertugrul Gazi Cad. No:13 Bodrum Kat No:1 Gaziosmanpasa-Istanbul

Changed On

:

09.07.2009 (Commercial Gazette Date /Number 15.07.2009/ 7354)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Dogan Karatimur

35 %

Ayhan Karatimur

30 %

Selma Karatimur

25 %

Neslihan Karatimur

8 %

Fethiye Sibel Kocum

2 %

 

 

SISTER COMPANIES

:

ME-KAR TEKSTIL SANAYI VE TICARET LTD. STI.

SENKAR TEKSTIL DIS TICARET LTD. STI.

 

SUBSIDIARIES

:

None

 

BOARD OF DIRECTORS

:

Dogan Karatimur

Chairman

Ayhan Karatimur

Vice-Chairman

Neslihan Karatimur

Member

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Knitting and trade of fabric; trade of yarn and fabric. 

 

NACE CODE

:

DB.17.60

 

SECTOR

:

Textile

 

 

NUMBER OF EMPLOYEES

:

78

 

NET SALES

:

16.206.021 TL

(2006) 

12.768.606 TL

(2007) 

13.180.038 TL

(2008) 

11.742.771 TL

(2009) 

12.497.581 TL

(2010) 

28.039.698 TL

(2011) 

 

 

IMPORT VALUE

:

7.000.000 USD

(2010)

8.037.758 TL

(2011)

 

 

IMPORT COUNTRIES

:

China

Korea

Spain

Taiwan

Uzbekistan

 

MERCHANDISE IMPORTED

:

Fiber

Yarn

 

EXPORT VALUE

:

1.156.638 TL

(2006)

431.988 TL

(2007)

53.894 TL

(2008)

1.781.704 TL

(2009)

1.509.491 TL

(2010)

3.421.963 TL

(2011)

 

 

EXPORT COUNTRIES

:

Serbia

Bulgaria

Russia

Poland

 

MERCHANDISE  EXPORTED

:

Fabric

 

HEAD OFFICE ADDRESS

:

Karadeniz Mah. Ertugrul Gazi Cad. No:14 Bodrum Kat No:1 Gaziosmanpasa  Istanbul / Turkey

 

BRANCHES

:

Processing Plant  :  3. Organize Sanayi Bolgesi 6 Nolu Cad. No:6 Baspinar Gaziantep/Turkey

 

Store  :  Telsiz Mah. G-2 Sok. No:42 Zeytinburnu Istanbul/Turkey

 

Head Office/Processing Plant  :  Karadeniz Mah. Ertugrul Gazi Cad. No:14 Bodrum Kat No:1 Gaziosmanpasa Istanbul/Turkey

                                                                                

INVESTMENTS

:

None

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2011.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Albaraka Turk Katilim Bankasi Besyuzevler Branch

Asya Katilim Bankasi Gaziosmanpasa Branch

Garanti Bankasi Ikitelli Organize Branch

Turk Ekonomi Bankasi Demirciler Sitesi 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

(2011) TL

Net Sales

12.768.606

13.180.038

11.742.771

12.497.581

28.039.698

Profit (Loss) Before Tax

206.394

355.840

440.510

597.373

283.351

Stockholders' Equity

2.915.112

4.887.255

5.239.541

5.716.686

 

Total Assets

6.171.370

8.198.712

8.829.517

12.151.583

 

Current Assets

5.939.430

8.070.634

8.795.005

12.010.451

 

Non-Current Assets

231.940

128.078

34.512

141.132

 

Current Liabilities

3.256.258

3.311.457

3.589.976

6.434.897

 

Long-Term Liabilities

0

0

0

0

 

Gross Profit (loss)

609.030

811.200

993.230

1.125.179

1.950.012

Operating Profit (loss)

115.768

391.671

618.046

626.952

1.054.495

Net Profit (loss)

165.047

283.675

352.286

477.145

225.443

 

 

COMMENT ON FINANCIAL POSITION

 

THE DETAILS OF THE CAPITAL INCREASE  AFTER LAST BALANCE SHEET

 

:

Cash Part

:

Equity Part

:3.000.000 TL

Payment Due Date

:26.10.2011

 

 

Capitalization

In Order As of 31.12.2010

Remarks on Capitalization

There has been capital increase after the last balance sheet date. The increase is decided to be financed by equity items so the capital increase is not expected to have a positive effect on equity total.

 

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

Low Operating Profitability  in 2007

Low Net Profitability  in 2007

Fair Operating Profitability  in 2008

Fair Net Profitability  in 2008

In Order Operating Profitability  in 2009

In Order Net Profitability  in 2009

In Order Operating Profitability  in 2010

Good Net Profitability  in 2010

In Order Operating Profitability  in 2011

Low Net Profitability  in 2011

 

Gap between average collection and payable periods

Unfavorable in 2010

General Financial Position

In Order

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 

 

 ( 31.12.2007 )  TL

 

 ( 31.12.2008 )  TL

 

CURRENT ASSETS

5.939.430

0,96

8.070.634

0,98

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

904.003

0,15

487.653

0,06

Marketable Securities

0

0,00

0

0,00

Account Receivable

3.461.514

0,56

5.281.951

0,64

Other Receivable

20.796

0,00

135.642

0,02

Inventories

1.271.748

0,21

1.555.877

0,19

Advances Given

15.615

0,00

109.587

0,01

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

265.754

0,04

499.924

0,06

NON-CURRENT ASSETS

231.940

0,04

128.078

0,02

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

100

0,00

100

0,00

Financial Assets

0

0,00

0

0,00

Tangible Fixed Assets (net)

213.852

0,03

108.382

0,01

Intangible Assets

7.660

0,00

6.065

0,00

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

10.328

0,00

13.531

0,00

TOTAL ASSETS

6.171.370

1,00

8.198.712

1,00

CURRENT LIABILITIES

3.256.258

0,53

3.311.457

0,40

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

31.108

0,01

167.801

0,02

Accounts Payable

3.183.375

0,52

1.980.114

0,24

Loans from Shareholders

0

0,00

634.975

0,08

Other Short-term Payable

0

0,00

5.032

0,00

Advances from Customers

13.272

0,00

485.872

0,06

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

28.503

0,00

37.663

0,00

Provisions

0

0,00

0

0,00

Other Current Liabilities

0

0,00

0

0,00

LONG-TERM LIABILITIES

0

0,00

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

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

2.915.112

0,47

4.887.255

0,60

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

2.500.000

0,41

4.500.000

0,55

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

250.065

0,04

103.580

0,01

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

Net Profit (loss)

165.047

0,03

283.675

0,03

TOTAL LIABILITIES AND EQUITY

6.171.370

1,00

8.198.712

1,00

 

 

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

8.795.005

1,00

12.010.451

0,99

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

50.380

0,01

1.501.083

0,12

Marketable Securities

0

0,00

0

0,00

Account Receivable

6.730.837

0,76

5.305.503

0,44

Other Receivable

0

0,00

0

0,00

Inventories

993.122

0,11

3.886.545

0,32

Advances Given

479.939

0,05

425.489

0,04

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

540.727

0,06

891.831

0,07

NON-CURRENT ASSETS

34.512

0,00

141.132

0,01

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

Financial Assets

0

0,00

0

0,00

Tangible Fixed Assets (net)

30.828

0,00

134.741

0,01

Intangible Assets

1.939

0,00

1.012

0,00

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

1.745

0,00

5.379

0,00

TOTAL ASSETS

8.829.517

1,00

12.151.583

1,00

CURRENT LIABILITIES

3.589.976

0,41

6.434.897

0,53

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

690.047

0,08

1.190.136

0,10

Accounts Payable

1.402.340

0,16

4.290.814

0,35

Loans from Shareholders

0

0,00

8.490

0,00

Other Short-term Payable

5.047

0,00

2.527

0,00

Advances from Customers

1.456.532

0,16

810.486

0,07

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

36.010

0,00

12.216

0,00

Provisions

0

0,00

120.228

0,01

Other Current Liabilities

0

0,00

0

0,00

LONG-TERM LIABILITIES

0

0,00

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

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

5.239.541

0,59

5.716.686

0,47

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

4.500.000

0,51

4.500.000

0,37

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

387.255

0,04

739.541

0,06

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

Net Profit (loss)

352.286

0,04

477.145

0,04

TOTAL LIABILITIES AND EQUITY

8.829.517

1,00

12.151.583

1,00

 

 

REMARKS ON FINANCIAL STATEMENT

:

At the last income statement TL 817.289 of the other expenses is due to "Loss from Foreign Currency Exchange" .                                                                                                                                                                                                                                         

 

 

INCOME STATEMENTS

 

 

(2007) TL

 

(2008) TL

 

(2009) TL

 

Net Sales

12.768.606

1,00

13.180.038

1,00

11.742.771

1,00

Cost of Goods Sold

12.159.576

0,95

12.368.838

0,94

10.749.541

0,92

Gross Profit

609.030

0,05

811.200

0,06

993.230

0,08

Operating Expenses

493.262

0,04

419.529

0,03

375.184

0,03

Operating Profit

115.768

0,01

391.671

0,03

618.046

0,05

Other Income

286.201

0,02

138.645

0,01

133.922

0,01

Other Expenses

152.882

0,01

158.113

0,01

247.542

0,02

Financial Expenses

42.693

0,00

16.363

0,00

63.916

0,01

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

206.394

0,02

355.840

0,03

440.510

0,04

Tax Payable

41.347

0,00

72.165

0,01

88.224

0,01

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

165.047

0,01

283.675

0,02

352.286

0,03

 

 

 

(2010) TL

 

(2011) TL

 

Net Sales

12.497.581

1,00

28.039.698

1,00

Cost of Goods Sold

11.372.402

0,91

26.089.686

0,93

Gross Profit

1.125.179

0,09

1.950.012

0,07

Operating Expenses

498.227

0,04

895.517

0,03

Operating Profit

626.952

0,05

1.054.495

0,04

Other Income

260.637

0,02

773.664

0,03

Other Expenses

160.158

0,01

1.160.949

0,04

Financial Expenses

130.058

0,01

383.859

0,01

Minority Interests

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

Profit (loss) Before Tax

597.373

0,05

283.351

0,01

Tax Payable

120.228

0,01

57.908

0,00

Postponed Tax Gain

0

0,00

0

0,00

Net Profit (loss)

477.145

0,04

225.443

0,01

 

 

FINANCIAL RATIOS

 

 

(2007)

(2008)

(2009)

(2010)

LIQUIDITY RATIOS

 

 

Current Ratio

1,82

2,44

2,45

1,87

Acid-Test Ratio

1,35

1,78

1,89

1,06

Cash Ratio

0,28

0,15

0,01

0,23

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,21

0,19

0,11

0,32

Short-term Receivable/Total Assets

0,56

0,66

0,76

0,44

Tangible Assets/Total Assets

0,03

0,01

0,00

0,01

TURNOVER RATIOS

 

 

Inventory Turnover

9,56

7,95

10,82

2,93

Stockholders' Equity Turnover

4,38

2,70

2,24

2,19

Asset Turnover

2,07

1,61

1,33

1,03

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,47

0,60

0,59

0,47

Current Liabilities/Total Assets

0,53

0,40

0,41

0,53

Financial Leverage

0,53

0,40

0,41

0,53

Gearing Percentage

1,12

0,68

0,69

1,13

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,06

0,06

0,07

0,08

Operating Profit Margin

0,01

0,03

0,05

0,05

Net Profit Margin

0,01

0,02

0,03

0,04

Interest Cover

5,83

22,75

7,89

5,59

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

97,60

144,27

206,35

152,83

Average Payable Period (days)

94,25

57,63

46,96

135,83

WORKING CAPITAL

2683172,00

4759177,00

5205029,00

5575554,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.52.93

UK Pound

1

Rs.85.85

Euro

1

Rs.69.94

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

 

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

 

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.