MIRA INFORM REPORT

 

 

Report Date :

06.09.2012

 

IDENTIFICATION DETAILS

 

Name :

KORTEKS MENSUCAT SANAYI VE TICARET A.S.

 

 

Registered Office :

Organize Sanayi Bolgesi Sari Cad. No:3 Merkez Bursa / Turkey

 

 

Country :

Turkey

 

 

Financials (as on) :

30.06.2012

 

 

Date of Incorporation :

24.03.1976

 

 

Com. Reg. No.:

17801

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of polyester yarn

 

 

No. of Employees :

2.100 employees

 

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

 

 

turkey - ECONOMIC OVERVIEW

 

Turkey's largely free-market economy is increasingly driven by its industry and service sectors, although its traditional agriculture sector still accounts for about 25% of employment. An aggressive privatization program has reduced state involvement in basic industry, banking, transport, and communication, and an emerging cadre of middle-class entrepreneurs is adding dynamism to the economy and expanding production beyond the traditional textiles and clothing sectors. The automotive, construction, and electronics industries, are rising in importance and have surpassed textiles within Turkey's export mix. Oil began to flow through the Baku-Tbilisi-Ceyhan pipeline in May 2006, marking a major milestone that will bring up to 1 million barrels per day from the Caspian to market. Several gas pipelines projects also are moving forward to help transport Central Asian gas to Europe through Turkey, which over the long term will help address Turkey's dependence on imported oil and gas to meet 97% of its energy needs. After Turkey experienced a severe financial crisis in 2001, Ankara adopted financial and fiscal reforms as part of an IMF program. The reforms strengthened the country's economic fundamentals and ushered in an era of strong growth - averaging more than 6% annually until 2008. Global economic conditions and tighter fiscal policy caused GDP to contract in 2009, but Turkey's well-regulated financial markets and banking system helped the country weather the global financial crisis and GDP rebounded strongly to 8.2% in 2010, as exports returned to normal levels following the recession. Turkey's public sector debt to GDP ratio has fallen to roughly 40%. Continued strong growth has pushed inflation to the 8% level, however, and worsened an already high current account deficit. Turkey remains dependent on often volatile, short-term investment to finance its large trade deficit. The stock value of FDI stood at $99 billion at year-end 2011. Inflows have slowed considerably in light of continuing economic turmoil in Europe, the source of much of Turkey's FDI. Further economic and judicial reforms and prospective EU membership are expected to boost Turkey's attractiveness to foreign investors. However, Turkey's relatively high current account deficit, uncertainty related to monetary policy-making, and political turmoil within Turkey's neighborhood leave the economy vulnerable to destabilizing shifts in investor confidence.

 

Source : CIA

 

 

COMPANY IDENTIFICATION

 

NAME

:

KORTEKS MENSUCAT SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Organize Sanayi Bolgesi Sari Cad. No:3 Merkez Bursa / Turkey

PHONE NUMBER

:

90-224-243 25 50

 

FAX NUMBER

:

90-224-243 56 25

 

WEB-ADDRESS

:

www.korteks.com.tr

E-MAIL

:

korteks.iplik@zorlu.com

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Ertugrulgazi

TAX NO

:

5790051647

REGISTRATION NUMBER

:

17801

REGISTERED OFFICE

:

Bursa Chamber of Commerce and Industry

DATE ESTABLISHED

:

24.03.1976

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   330.000.000

PAID-IN CAPITAL

:

TL   330.000.000

HISTORY

:

Previous Registered Capital

:

TL 110.000.000

Changed On

:

27.12.2006 (Commercial Gazette Date /Number 12.01.2007/ 6722)

Other Changes

:

The firm was dealing with manufacture and trade of polyester yarn and home textiles mainly curtains. However the subject transferred a part of its tangible fixed assets, receivable and liabilities related to home textile manufacturing activity to “ZORLU LINEN DOKUMA EMPRIME KONF. SAN VE TIC. A.S”. So home textile manufacturing activity of the subject was transferred to “ZORLU LINEN DOKUMA EMPRIME KONF. SAN VE TIC. A.S”

Changed On

:

30.03.2007 (Commercial Gazette Date /Number 10.04.2007/ 6784)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Zorlu Holding A.S.

99,99 %

Zulal Zorlu

 

Mehmet Emre Zorlu

 

Selen Zorlu Melik

 

Zeki Zorlu

 

Ahmet Nazif Zorlu

 

Olgun Zorlu

 

 

 

GROUP

:

ZORLU GROUP OF COMPANIES

 

GROUP PARENT COMPANY

:

ZORLU HOLDING A.S.

 

SISTER COMPANIES

:

ABH TURIZM TEMSILCILIK VE TICARET A.S.

AYDIN YAZILIM VE ELEKTRONIK SANAYI A.S.

BIRIM BILGI TEKNOLOJILERI TICARET A.S.

CABOT IZMIR YAZILIM VE DONANIM TICARET S ANAYI A.S.

COLLAR HOLDING B.V.

DEKSAR MULTIMEDYA VE TELEKOMUNIKASYON A.S.

DEKSARNET TELEKOMUNIKASYON A.S.

DENIZ DESTEK OTO ALIM SATIM KIRALAMA TEMIZLIK HIZMETLERI VE INSAAT A.S.

GAZDAS GAZIANTEP DOGAL GAZ DAGITIM A.S.

INTERMAR TICARET PAZARLAMA TURIZM SANAYI A.S.

JULES VERNE FUARCILIK HIZMETLERI A.S.

LINENS PAZARLAMA A.S.

META NIKEL KOBALT MADENCILIK SANAYI VE TICARET A.S.

PASSTEL GIDA VE IHTIYAC MADDELERI PAZARLAMA INSAAT MUHENDISLIK TURIZM SANAYI TICARET A.S.

ROTOR ELEKTRIK URETIM A.S.

TAC EV TEKSTIL URUNLERI SANAYI VE TICARET A.S.

TRAKYA BOLGESI DOGAL GAZ DAGITIM A.S.

VESTEL BEYAZ ESYA SANAYI VE TICARET A.S.

VESTEL DAYANIKLI TUKETIM MALLARI PAZARLAMA A.S.

VESTEL DIJITAL URETIM SANAYI A.S.

VESTEL DIS TICARET A.S.

VESTEL ELECTRONICS INDIA PRIVATE LTD.

VESTEL ELEKTRONIK ARASTIRMA GELISTIRME A.S.

VESTEL ELEKTRONIK SANAYI VE TICARET A.S.

VESTEL FRANCE  SA (FRANCE)

VESTEL HOLLAND B.V.

VESTEL KOMUNIKASYON SANAYI VE TICARET A.S.

VESTEL SAVUNMA SANAYI A.S.

VESTEL UK LDT.(UK)

ZORLU AIR HAVACILIK A.S.

ZORLU AMBALAJ SANAYI VE TICARET A.S.

ZORLU DIS TICARET A.S.

ZORLU DOGAL ELEKTRIK URETIMI A.S.

ZORLU DOGAL GAZ ITHALAT IHRACAT VE TOPTAN TICARET A.S.

ZORLU DOGAL GAZ TEDARIK TICARET A.S.

ZORLU ELEKTRIK ENERJISI ITHALAT IHRACAT VE TOPTAN TICARET A.S.

ZORLU ENDUSTRIYEL VE ENERJI TESISLERI INSAAT TICARET A.S.

ZORLU ENERJI ELEKTRIK URETIM A.S.

ZORLU ENERJI VE INSAAT SANAYI VE TICARET A.S.

ZORLU EV TEKSTIL URUNLERI TICARET A.S.

ZORLU GAYRIMENKUL GELISTIRME VE YATIRIM A.S.

ZORLU GAYRIMENKUL OTELCILIK INSAAT TAAHHUT VE TURIZM A.S.

ZORLU GAYRIMENKUL PROJE TAAHHUT A.S.

ZORLU GMBH (GERMANY)

ZORLU GRANT HOTEL ISLETMELERI A.S

ZORLU HIDROELEKTRIK ENERJI URETIM A.S.

ZORLU HOLDING A.S.

ZORLU HOLLAND B.V.

ZORLU HOMETEKS TEKSTIL URUNLERI SANAYI VE TICARET A.S.

ZORLU INSAAT ENDUSTRI VE ENERJI TESISLERI SANAYI TICARET A.S.

ZORLU JEOTERMAL ENERJI ELEKTRIK URETIMI A.S.

ZORLU MFG CO. L.L.C. (USA)

ZORLU O/M ENERJI TESISLERI ISLETME VE BAKIM HIZMETLERI A.S.

ZORLU POLIMER-NEVA INC.

ZORLU RUZGAR ENERJISI ELEKTRIK URETIMI A.S.

ZORLU SIGORTA ARACILIK HIZMETLERI A.S.

ZORLU TEKSTIL URUNLERI PAZARLAMA A.S.

ZORLU USA INC. (USA)

ZORLU YAPI YATIRIM A.S.

ZORLUTEKS TEKSTIL TICARET VE SANAYI A.S.

ZORPET ZORLU PETROLCULUK NAKLIYAT OTO KIRALAMA INSAAT GIDA SANAYII VE TICARET A.S.

 

SUBSIDIARIES

:

ZORLU AIR HAVACILIK A.S.

ZORLU DOGALGAZ ITHALAT IHRACAT VE TOPTAN TICARET A.S.

ZORLU ELEKTRIK ENERJISI ITHALAT IHRACAT VE TOPTAN TICARET A.S.

ZORLU ENDUSTRIYEL VE ENERJI TESISLERI INSAAT TICARET A.S.

ZORLU ENERJI ELEKTRIK URETIM A.S.

ZORLU O/M ENERJI TESISLERI ISLETME VE BAKIM HIZMETLERI A.S.

ZORLUTEKS TEKSTIL TICARET VE SANAYI A.S.

 

BOARD OF DIRECTORS

:

Zeki Zorlu

Chairman

Ahmet Nazif Zorlu

Vice-Chairman

Mehmet Emre Zorlu

Member

Selen Zorlu Melik

Member

Olgun Zorlu

Member

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of polyester yarn.

 

NACE CODE

:

DB.17.10

 

SECTOR

:

Textile

 

NUMBER OF EMPLOYEES

:

2.100

 

NET SALES

:

2.735.206 TL

(1994) 

5.466.557 TL

(1995) 

9.802.447 TL

(1996) 

19.603.870 TL

(1997) 

38.966.207 TL

(1998) 

104.467.943 TL

(1999) 

194.217.791 TL

(2000) 

332.897.259 TL

(2001) 

425.032.233 TL

(2002) 

510.680.197 TL

(2003) 

620.269.918 TL

(2004) 

600.899.140 TL

(2005) 

625.635.865 TL

(2006) 

503.061.829 TL

(2007) 

470.016.243 TL

(2008) 

477.950.686 TL

(2009) 

598.360.541 TL

(2010) 

783.546.735 TL

(2011) 

346.316.232 TL

(01.01-30.06.2012) 

 

 

IMPORT VALUE

:

127.000.000 USD

(2009)

177.000.000 USD

(2010)

 

 

IMPORT COUNTRIES

:

U.K.

Spain

Belgium

 

MERCHANDISE IMPORTED

:

Raw materials

 

EXPORT VALUE

:

36.332.945 USD

(1995)

42.666.971 USD

(1996)

49.088.029 USD

(1997)

88.407.856 USD

(1998)

112.556.948 USD

(1999)

135.100.000 USD

(2000)

114.224.687 USD

(2001)

158.761.611 TL

(2002)

157.917.055 TL

(2003)

179.473.651 TL

(2004)

143.701.582 TL

(2005)

134.599.582 TL

(2006)

89.126.793 TL

(2007)

67.184.196 TL

(2008)

47.679.505 TL

(2009)

57.891.690 TL

(2010)

75.173.542 TL

(2011)

38.796.261 TL

(01.01-30.06.2012)

 

 

EXPORT COUNTRIES

:

Germany

Spain

Romania

Morocco

U.K.

Bulgaria

Switzerland

Luxembourg

 

MERCHANDISE  EXPORTED

:

Polyester yarn

 

HEAD OFFICE ADDRESS

:

Organize Sanayi Bolgesi Sari Cad. No:3 Merkez  Bursa / Turkey ( owned )

 

BRANCHES

:

Head Office/Factory  :  Organize Sanayi Bolgesi Sari Cad. No:3 Merkez Bursa/Turkey

 

Branch Office  :  Zorlu Plaza Ambarli Petrol Dolum Tesisleri Yolu Avcilar Istanbul/Turkey

                                                                                

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2011. There appears a decline at business volume in nominal terms in  1.1 - 30.6.2012.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

MAIN DEALING BANKS

:

Denizbank Istanbul Kurumsal Branch

Garanti Bankasi Bakirkoy Kurumsal Branch

HSBC Bank Genel Mudurluk Kurumsal Branch

T. Is Bankasi Gunesli Kurumsal Branch

T. Vakiflar Bankasi Avrupa Kurumsal Branch

Yapi ve Kredi Bankasi Gunesli 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

(01.01-30.06.2012) TL

Net Sales

470.016.243

477.950.686

598.360.541

783.546.735

346.316.232

Profit (Loss) Before Tax

-47.360.566

29.936.623

88.341.173

138.006.456

62.949.271

Stockholders' Equity

705.013.481

735.821.034

824.371.944

949.810.706

790.178.485

Total Assets

951.792.769

949.735.120

1.135.817.893

1.394.433.364

1.239.847.797

Current Assets

318.736.088

336.394.747

564.913.470

624.305.547

447.899.177

Non-Current Assets

633.056.681

613.340.373

570.904.423

770.127.817

791.948.620

Current Liabilities

183.536.651

172.918.654

287.327.146

433.380.479

447.398.204

Long-Term Liabilities

63.242.637

40.995.432

24.118.803

11.242.179

2.271.108

Gross Profit (loss)

38.462.807

72.926.278

108.480.323

216.855.587

81.772.885

Operating Profit (loss)

16.538.886

52.650.113

85.849.530

188.824.332

67.990.292

Net Profit (loss)

-47.360.566

29.936.623

88.341.173

125.320.510

62.949.271

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

High As of 30.06.2012

Liquidity

Insufficient As of 30.06.2012

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

In Order Operating Profitability  in 2008

Net Loss  in 2008

High Operating Profitability  in 2009

Good Net Profitability  in 2009

High Operating Profitability  in 2010

High Net Profitability  in 2010

High Operating Profitability  in 2011

High Net Profitability  in 2011

High Operating Profitability (01.01-30.06.2012)

High Net Profitability (01.01-30.06.2012)

 

Gap between average collection and payable periods

Unfavorable in 01.01-30.06.2012

General Financial Position

Passable

 

 

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

 ( 01.01-30.06.2012)

1,95 %

1,8028

2,3463

2,8462

 ( 01.01-31.07.2012)

1,71 %

1,8018

2,3285

2,8424

 

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

(30.06.2012)  TL

 

CURRENT ASSETS

318.736.088

0,33

336.394.747

0,35

564.913.470

0,50

624.305.547

0,45

447.899.177

0,36

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

94.627.839

0,10

114.362.899

0,12

140.173.552

0,12

36.997.153

0,03

25.334.298

0,02

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

66.091.174

0,07

44.590.155

0,05

65.853.646

0,06

244.760.985

0,18

213.423.040

0,17

Other Receivable

171.488

0,00

85.288.206

0,09

256.537.323

0,23

138.080.537

0,10

11.251.678

0,01

Inventories

118.705.554

0,12

83.300.416

0,09

76.495.036

0,07

170.045.482

0,12

161.806.857

0,13

Advances Given

28.388.168

0,03

3.748.802

0,00

7.767.460

0,01

7.665.063

0,01

10.957.228

0,01

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

10.751.865

0,01

5.104.269

0,01

18.086.453

0,02

26.756.327

0,02

25.126.076

0,02

NON-CURRENT ASSETS

633.056.681

0,67

613.340.373

0,65

570.904.423

0,50

770.127.817

0,55

791.948.620

0,64

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

378

0,00

378

0,00

378

0,00

378

0,00

377

0,00

Financial Assets

182.985.775

0,19

318.080.704

0,33

318.086.954

0,28

553.001.096

0,40

591.332.010

0,48

Tangible Fixed Assets (net)

447.134.220

0,47

293.422.204

0,31

251.589.363

0,22

216.206.154

0,16

199.794.496

0,16

Intangible Assets

2.930.671

0,00

1.832.913

0,00

1.225.611

0,00

894.235

0,00

804.280

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

5.637

0,00

4.174

0,00

2.117

0,00

25.954

0,00

17.457

0,00

TOTAL ASSETS

951.792.769

1,00

949.735.120

1,00

1.135.817.893

1,00

1.394.433.364

1,00

1.239.847.797

1,00

CURRENT LIABILITIES

183.536.651

0,19

172.918.654

0,18

287.327.146

0,25

433.380.479

0,31

447.398.204

0,36

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

157.468.276

0,17

151.016.967

0,16

254.738.185

0,22

391.806.532

0,28

358.709.054

0,29

Accounts Payable

10.566.565

0,01

15.345.827

0,02

22.243.966

0,02

23.051.424

0,02

76.730.772

0,06

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

2.294

0,00

Other Short-term Payable

5.544.099

0,01

1.851.904

0,00

2.050.003

0,00

2.707.109

0,00

3.756.318

0,00

Advances from Customers

5.183.208

0,01

1.576.397

0,00

3.935.356

0,00

2.227.726

0,00

1.912.708

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

1.333.488

0,00

1.324.923

0,00

1.467.069

0,00

1.783.684

0,00

1.663.275

0,00

Provisions

0

0,00

0

0,00

23.025

0,00

7.085.370

0,01

185.348

0,00

Other Current Liabilities

3.441.015

0,00

1.802.636

0,00

2.869.542

0,00

4.718.634

0,00

4.438.435

0,00

LONG-TERM LIABILITIES

63.242.637

0,07

40.995.432

0,04

24.118.803

0,02

11.242.179

0,01

2.271.108

0,00

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

60.772

0,00

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

0

0,00

Long-term Payable

61.422.765

0,06

40.583.660

0,04

23.907.602

0,02

11.115.898

0,01

2.250.683

0,00

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Long-term Liabilities

1.759.100

0,00

411.772

0,00

211.201

0,00

126.281

0,00

20.425

0,00

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

705.013.481

0,74

735.821.034

0,77

824.371.944

0,73

949.810.706

0,68

790.178.485

0,64

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

330.000.000

0,35

330.000.000

0,35

330.000.000

0,29

330.000.000

0,24

330.000.000

0,27

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

333.875.828

0,35

333.875.828

0,35

333.875.827

0,29

333.875.828

0,24

333.875.828

0,27

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

130.627.622

0,14

131.498.552

0,14

161.644.913

0,14

133.969.988

0,10

36.709.007

0,03

Revaluation Fund

26.644.380

0,03

26.644.380

0,03

26.644.380

0,02

26.644.380

0,02

26.644.379

0,02

Accumulated Losses(-)

-68.773.783

-0,07

-116.134.349

-0,12

-116.134.349

-0,10

0

0,00

0

0,00

Net Profit (loss)

-47.360.566

-0,05

29.936.623

0,03

88.341.173

0,08

125.320.510

0,09

62.949.271

0,05

TOTAL LIABILITIES AND EQUITY

951.792.769

1,00

949.735.120

1,00

1.135.817.893

1,00

1.394.433.364

1,00

1.239.847.797

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 are given under "Account Receivable" figure and "Account Payable" figure respectively.

 

At the last income statement TL 48.906.960 of the other income is due to "Profit from Foreign Currency Exchange".

 

At the last income statement TL 26.882.287 of the other expenses is due to "Loss from Foreign Currency Exchange".

 

 

 

 

INCOME STATEMENTS

 

 

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

(01.01-30.06.2012) TL

 

Net Sales

470.016.243

1,00

477.950.686

1,00

598.360.541

1,00

783.546.735

1,00

346.316.232

1,00

Cost of Goods Sold

431.553.436

0,92

405.024.408

0,85

489.880.218

0,82

566.691.148

0,72

264.543.347

0,76

Gross Profit

38.462.807

0,08

72.926.278

0,15

108.480.323

0,18

216.855.587

0,28

81.772.885

0,24

Operating Expenses

21.923.921

0,05

20.276.165

0,04

22.630.793

0,04

28.031.255

0,04

13.782.593

0,04

Operating Profit

16.538.886

0,04

52.650.113

0,11

85.849.530

0,14

188.824.332

0,24

67.990.292

0,20

Other Income

77.726.766

0,17

59.026.616

0,12

87.328.742

0,15

104.638.575

0,13

55.947.351

0,16

Other Expenses

44.036.240

0,09

44.873.477

0,09

34.119.484

0,06

40.136.148

0,05

30.990.376

0,09

Financial Expenses

97.589.978

0,21

36.866.629

0,08

50.717.615

0,08

115.320.303

0,15

29.997.996

0,09

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

-47.360.566

-0,10

29.936.623

0,06

88.341.173

0,15

138.006.456

0,18

62.949.271

0,18

Tax Payable

0

0,00

0

0,00

0

0,00

12.685.946

0,02

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

-47.360.566

-0,10

29.936.623

0,06

88.341.173

0,15

125.320.510

0,16

62.949.271

0,18

 

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

(2011)

(01.01-30.06.2012)

LIQUIDITY RATIOS

 

 

 

 

 

Current Ratio

1,74

1,95

1,97

1,44

1,00

Acid-Test Ratio

0,88

1,41

1,61

0,97

0,56

Cash Ratio

0,52

0,66

0,49

0,09

0,06

ASSET STRUCTURE RATIOS

 

 

 

 

 

Inventory/Total Assets

0,12

0,09

0,07

0,12

0,13

Short-term Receivable/Total Assets

0,07

0,14

0,28

0,27

0,18

Tangible Assets/Total Assets

0,47

0,31

0,22

0,16

0,16

TURNOVER RATIOS

 

 

 

 

 

Inventory Turnover

3,64

4,86

6,40

3,33

1,63

Stockholders' Equity Turnover

0,67

0,65

0,73

0,82

0,44

Asset Turnover

0,49

0,50

0,53

0,56

0,28

FINANCIAL STRUCTURE

 

 

 

 

 

Stockholders' Equity/Total Assets

0,74

0,77

0,73

0,68

0,64

Current Liabilities/Total Assets

0,19

0,18

0,25

0,31

0,36

Financial Leverage

0,26

0,23

0,27

0,32

0,36

Gearing Percentage

0,35

0,29

0,38

0,47

0,57

PROFITABILITY RATIOS

 

 

 

 

 

Net Profit/Stockholders' Eq.

-0,07

0,04

0,11

0,13

0,08

Operating Profit Margin

0,04

0,11

0,14

0,24

0,20

Net Profit Margin

-0,10

0,06

0,15

0,16

0,18

Interest Cover

0,51

1,81

2,74

2,20

3,10

COLLECTION-PAYMENT

 

 

 

 

 

Average Collection Period (days)

50,62

33,59

39,62

112,46

221,86

Average Payable Period (days)

60,05

49,71

33,92

21,71

107,48

WORKING CAPITAL

135199437,00

163476093,00

277586324,00

190925068,00

500973,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.89

UK Pound

1

Rs.88.63

Euro

1

Rs.70.03

 

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.