MIRA INFORM REPORT

 

 

Report Date :

29.05.2012

 

IDENTIFICATION DETAILS

 

Name :

YURTBAY SERAMIK SANAYI VE TICARET A.S.

 

 

Registered Office :

Ankara Cad. No:171 Caycuma (Istasyon Cad. Terminal Karsisi)   Zonguldak

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

25.05.1995

 

 

Com. Reg. No.:

992-8234

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of ceramic sanitary products and ceramic tiles

 

 

No. of Employees :

750

 

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 :

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

 

 

 

NOTES

:

Address at your inquiry is not the registered head office but another premise.

 

 

COMPANY IDENTIFICATION

 

NAME

:

YURTBAY SERAMIK SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Ankara Cad. No:171 Caycuma (Istasyon Cad. Terminal Karsisi)   Zonguldak / Turkey

PHONE NUMBER

:

90-222-596 62 00 (Administrative Office/Factory)

90-372-615 08 36 (Head Office)

 

FAX NUMBER

:

90-222-596 61 99 (Administrative Office/Factory)

90-372-615 74 97 (Head Office)

 

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Caycuma

TAX NO

:

9860025813

REGISTRATION NUMBER

:

992-8234

REGISTERED OFFICE

:

Caycuma Chamber of Commerce and Industry

DATE ESTABLISHED

:

25.05.1995

ESTABLISHMENT GAZETTE DATE/NO

:

07.06.1995/3801

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   21.000.000

PAID-IN CAPITAL

:

TL   21.000.000

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

 

Zeki Yurtbay

22,87 %

Emel Yurtbay

21,05 %

Delta Toprak Sanayi ve Ticaret A.S.

20,03 %

Yurtbay Tugla ve Toprak Sanayi Ticaret A.S.

20 %

Yurtbay Pazarlama ve Tarim Urunleri Sanayi ve Ticaret A.S.

6 %

Others

 

 

 

SISTER COMPANIES

:

DELTA TOPRAK SANAYI VE TICARET A.S.

YURTBAY ELEKTRIK URETIM A.S.

YURTBAY PAZARLAMA VE TARIM URUNLERI  SANAYI TIC.ARET A.S.

YURTBAY SERAMIK PAZARLAMA A.S.

YURTBAY TOPRAK SANAYI VE TICARET A.S.

YURTBAY TUGLA VE TOPRAK SANAYI TICARET A.S.

YURTBAY YEM SANAYI VE TAVUKCULUK TICARET LTD. STI.

 

SUBSIDIARIES

:

YURTBAY ELEKTRIK URETIM A.S.  ( 68 % )

 

BOARD OF DIRECTORS

:

Zeki Yurtbay

Chairman

Mustafa Girgin

Member

Omer Yurtbay

Member

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of ceramic sanitary products and ceramic tiles.

 

NACE CODE

:

DI.26.30

 

NUMBER OF EMPLOYEES

:

750

 

NET SALES

:

36.121.774 TL

(2002) 

55.274.594 TL

(2003) 

65.077.298 TL

(2004) 

74.552.176 TL

(2005) 

94.432.497 TL

(2006) 

80.768.751 TL

(2007) 

96.352.184 TL

(2008) 

105.650.613 TL

(2009) 

117.872.004 TL

(2010) 

132.184.384 TL

(2011) 

 

 

IMPORT VALUE

:

5.435.000 USD

(2009)

6.750.000 USD

(2010)

7.500.000 USD

(2011)

IMPORT COUNTRIES

:

Italy

U.K.

China

Spain

Germany

 

MERCHANDISE IMPORTED

:

Raw materials

 

EXPORT VALUE

:

23.705.980 TL

(2003)

29.814.538 TL

(2004)

27.120.234 TL

(2005)

38.977.936 TL

(2006)

39.142.710 TL

(2007)

44.768.110 TL

(2008)

47.470.424 TL

(2009)

52.555.420 TL

(2010)

55.920.877 TL

(2011)

 

 

EXPORT COUNTRIES

:

Northern Cyprus Turkish Republic

Oman

France

Bahrain

 

MERCHANDISE  EXPORTED

:

Ceramic tile

 

HEAD OFFICE ADDRESS

:

Ankara Cad. No:171 Caycuma (Istasyon Cad. Terminal Karsisi)    Zonguldak / Turkey  (owned)

 

BRANCHES

:

Administrative Office / Factory  :  Oklubali Koyu Inonu Eskisehir/Turkey (owned) (53.400 sqm)

 

Branch Office  :  Hasanpasa Mah. Yeniyol Sok. No:2 Kadikoy Istanbul/Turkey (owned)

 

 

 

TREND OF BUSINESS

:

Trend of business was steady in  2011.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Adapazari Kurumsal Branch

Denizbank Anadolu Kurumsal Branch

T.Is Bankasi Caycuma Branch

Yapi Ve Kredi Bankasi Kozyatagi 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

96.352.184

105.650.613

117.872.004

132.184.384

 

Profit (Loss) Before Tax

7.166.683

15.396.251

22.194.165

17.216.144

 

Stockholders' Equity

70.596.939

82.905.287

101.085.216

115.292.570

 

Total Assets

110.145.514

111.092.683

136.007.126

159.587.181

 

Current Assets

73.041.847

74.012.905

86.875.835

109.074.106

 

Non-Current Assets

37.103.667

37.079.778

49.131.291

50.513.075

 

Current Liabilities

36.308.509

26.791.189

33.525.703

42.898.404

 

Long-Term Liabilities

3.240.066

1.396.207

1.396.207

1.396.207

 

Gross Profit (loss)

27.241.654

33.610.086

39.323.405

39.570.026

 

Operating Profit (loss)

14.237.185

19.610.228

21.354.854

18.465.836

 

Net Profit (loss)

7.166.683

12.308.348

18.179.928

14.207.354

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

High As of 31.12.2011

Liquidity

Insufficient As of 31.12.2011

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 amount of cash&banks or marketable securities (which are more liquid) are low.

 

Profitability

High Operating Profitability  in 2008

High Net Profitability  in 2008

High Operating Profitability  in 2009

High Net Profitability  in 2009

High Operating Profitability  in 2010

High 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

Passable

 

 

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

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 01.01-30.04.2012)

0,73 %

1,7910

2,3688

2,8440

 

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

73.041.847

0,66

74.012.905

0,67

86.875.835

0,64

109.074.106

0,68

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

1.150.438

0,01

1.401.136

0,01

695.721

0,01

938.598

0,01

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

39.173.705

0,36

40.770.663

0,37

46.250.807

0,34

57.864.601

0,36

Other Receivable

1.294.907

0,01

375.913

0,00

639.195

0,00

659.229

0,00

Inventories

27.850.016

0,25

28.604.418

0,26

36.013.460

0,26

45.236.710

0,28

Advances Given

406.883

0,00

1.082.704

0,01

1.319.491

0,01

1.931.459

0,01

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

3.165.898

0,03

1.778.071

0,02

1.957.161

0,01

2.443.509

0,02

NON-CURRENT ASSETS

37.103.667

0,34

37.079.778

0,33

49.131.291

0,36

50.513.075

0,32

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

229.619

0,00

631.240

0,01

8.708

0,00

8.708

0,00

Financial Assets

234.410

0,00

234.410

0,00

234.410

0,00

234.410

0,00

Tangible Fixed Assets (net)

36.639.638

0,33

36.214.128

0,33

48.888.173

0,36

50.269.957

0,31

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

0

0,00

0

0,00

0

0,00

0

0,00

TOTAL ASSETS

110.145.514

1,00

111.092.683

1,00

136.007.126

1,00

159.587.181

1,00

CURRENT LIABILITIES

36.308.509

0,33

26.791.189

0,24

33.525.703

0,25

42.898.404

0,27

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

15.888.378

0,14

8.362.523

0,08

16.208.843

0,12

23.876.814

0,15

Accounts Payable

11.126.847

0,10

9.384.629

0,08

10.618.957

0,08

12.038.601

0,08

Loans from Shareholders

4.445.318

0,04

3.492.875

0,03

2.711.513

0,02

2.203.163

0,01

Other Short-term Payable

0

0,00

4.025

0,00

4.026

0,00

4.025

0,00

Advances from Customers

3.374.100

0,03

2.577.814

0,02

1.323.887

0,01

1.593.068

0,01

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

614.246

0,01

683.629

0,01

749.431

0,01

927.463

0,01

Provisions

0

0,00

1.401.219

0,01

841.132

0,01

953.415

0,01

Other Current Liabilities

859.620

0,01

884.475

0,01

1.067.914

0,01

1.301.855

0,01

LONG-TERM LIABILITIES

3.240.066

0,03

1.396.207

0,01

1.396.207

0,01

1.396.207

0,01

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

1.843.859

0,02

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

1.396.207

0,01

1.396.207

0,01

1.396.207

0,01

1.396.207

0,01

STOCKHOLDERS' EQUITY

70.596.939

0,64

82.905.287

0,75

101.085.216

0,74

115.292.570

0,72

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

21.000.000

0,19

21.000.000

0,19

21.000.000

0,15

21.000.000

0,13

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

8.699.286

0,08

8.699.286

0,08

8.699.286

0,06

8.699.286

0,05

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

35.663.077

0,32

40.897.653

0,37

53.206.002

0,39

71.385.930

0,45

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

-1.932.107

-0,02

0

0,00

0

0,00

0

0,00

Net Profit (loss)

7.166.683

0,07

12.308.348

0,11

18.179.928

0,13

14.207.354

0,09

TOTAL LIABILITIES AND EQUITY

110.145.514

1,00

111.092.683

1,00

136.007.126

1,00

159.587.181

1,00

 

 

REMARKS ON FINANCIAL STATEMENT

:

At the financial statements according to TAS,  "Cheques Received" and "Outstanding Cheques"  figures are under “Cash And Banks" figure. Beginning from the financial statements of 31.12.2011, "Cheques Received" and "Outstanding Cheques"  figures  will be given under  "Account Receivable" figure and  "Account Payable" figure respectively.                                                                                                                                                                        

 

 

INCOME STATEMENTS

 

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

Net Sales

96.352.184

1,00

105.650.613

1,00

117.872.004

1,00

132.184.384

1,00

Cost of Goods Sold

69.110.530

0,72

72.040.527

0,68

78.548.599

0,67

92.614.358

0,70

Gross Profit

27.241.654

0,28

33.610.086

0,32

39.323.405

0,33

39.570.026

0,30

Operating Expenses

13.004.469

0,13

13.999.858

0,13

17.968.551

0,15

21.104.190

0,16

Operating Profit

14.237.185

0,15

19.610.228

0,19

21.354.854

0,18

18.465.836

0,14

Other Income

3.918.241

0,04

1.419.413

0,01

5.204.996

0,04

6.217.914

0,05

Other Expenses

9.539.296

0,10

2.876.032

0,03

3.851.338

0,03

6.422.989

0,05

Financial Expenses

1.449.447

0,02

2.757.358

0,03

514.347

0,00

1.044.617

0,01

Minority Interests

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

Profit (loss) Before Tax

7.166.683

0,07

15.396.251

0,15

22.194.165

0,19

17.216.144

0,13

Tax Payable

0

0,00

3.087.903

0,03

4.014.237

0,03

3.008.790

0,02

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

7.166.683

0,07

12.308.348

0,12

18.179.928

0,15

14.207.354

0,11

 

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

(2011)

LIQUIDITY RATIOS

 

 

 

 

Current Ratio

2,01

2,76

2,59

2,54

Acid-Test Ratio

1,15

1,59

1,42

1,39

Cash Ratio

0,03

0,05

0,02

0,02

ASSET STRUCTURE RATIOS

 

 

 

 

Inventory/Total Assets

0,25

0,26

0,26

0,28

Short-term Receivable/Total Assets

0,37

0,37

0,34

0,37

Tangible Assets/Total Assets

0,33

0,33

0,36

0,31

TURNOVER RATIOS

 

 

 

 

Inventory Turnover

2,48

2,52

2,18

2,05

Stockholders' Equity Turnover

1,36

1,27

1,17

1,15

Asset Turnover

0,87

0,95

0,87

0,83

FINANCIAL STRUCTURE

 

 

 

 

Stockholders' Equity/Total Assets

0,64

0,75

0,74

0,72

Current Liabilities/Total Assets

0,33

0,24

0,25

0,27

Financial Leverage

0,36

0,25

0,26

0,28

Gearing Percentage

0,56

0,34

0,35

0,38

PROFITABILITY RATIOS

 

 

 

 

Net Profit/Stockholders' Eq.

0,10

0,15

0,18

0,12

Operating Profit Margin

0,15

0,19

0,18

0,14

Net Profit Margin

0,07

0,12

0,15

0,11

Interest Cover

5,94

6,58

44,15

17,48

COLLECTION-PAYMENT

 

 

 

 

Average Collection Period (days)

147,22

141,08

141,28

157,62

Average Payable Period (days)

67,57

46,90

48,67

46,80

WORKING CAPITAL

36733338,00

47221716,00

53350132,00

66175702,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.26

UK Pound

1

Rs.86.80

Euro

1

Rs.69.63

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.