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Report Date : |
29.09.2012 |
IDENTIFICATION DETAILS
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Name : |
FON BOYA TEKSTIL SANAYI VE TICARET A.S. |
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Registered Office : |
Misinli Kavsagi Fabrikalar Yolu No:14 Corlu Tekirdag |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
30.03.2006 |
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Com. Reg. No.: |
8989 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Dying, printing and trade of fabric. |
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No. of Employees : |
110 |
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RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
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
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NAME |
: |
FON BOYA TEKSTIL SANAYI VE TICARET A.S. |
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HEAD OFFICE ADDRESS |
: |
Misinli Kavsagi Fabrikalar Yolu No:14 Corlu Tekirdag / Turkey |
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PHONE NUMBER |
: |
90-282-675 11 38 |
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FAX NUMBER |
: |
90-282-675 11 47 |
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NOTES ON LEGAL STATUS AND HISTORY |
: |
Change at registration no . |
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TAX OFFICE |
: |
Corlu |
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TAX NO |
: |
3880536417 |
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REGISTRATION NUMBER |
: |
8989 |
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REGISTERED OFFICE |
: |
Corlu Chamber of Commerce and Industry |
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DATE ESTABLISHED |
: |
30.03.2006 |
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ESTABLISHMENT GAZETTE DATE/NO |
: |
05.04.2006/6528 |
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LEGAL FORM |
: |
Joint Stock Company |
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TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
TL 6.500.000 |
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PAID-IN CAPITAL |
: |
TL 6.500.000 |
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HISTORY |
: |
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SHAREHOLDERS |
: |
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SISTER COMPANIES |
: |
CEVHER TEKSTIL INSAAT ULASIM ILETISIM SANAYI VE TICARET LTD. STI. DOGAN TEKSTIL LTD. STI. |
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SUBSIDIARIES |
: |
None |
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BOARD OF DIRECTORS |
: |
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BUSINESS ACTIVITIES |
: |
Dying, printing and trade of fabric. |
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NACE CODE |
: |
DB.17.30 |
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SECTOR |
: |
Textile |
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NUMBER OF EMPLOYEES |
: |
110 |
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NET SALES |
: |
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IMPORT COUNTRIES |
: |
India |
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MERCHANDISE IMPORTED |
: |
Dye |
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EXPORT VALUE |
: |
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HEAD OFFICE ADDRESS |
: |
Misinli Kavsagi Fabrikalar Yolu No:14 Corlu Tekirdag / Turkey |
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BRANCHES |
: |
Warehouse : Istanbul/Turkey Head Office/Factory : Misinli Kavsagi Fabrikalar Yolu No:14 Corlu
Tekirdag/Turkey |
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INVESTMENTS |
: |
None |
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TREND OF BUSINESS |
: |
There was a decline at business volume in nominal terms in 2011. There appears a slowdown at business
volume in real terms in 1.1 -
30.6.2012. |
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SIZE OF BUSINESS |
: |
Upper-Medium |
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MAIN DEALING BANKS |
: |
Asya Katilim Bankasi Merter Branch Denizbank Merter Branch |
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CREDIT FACILITIES |
: |
The subject company is making use of credit facilities. |
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PAYMENT BEHAVIOUR |
: |
No payment delays have come to our knowledge. |
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KEY FINANCIAL ELEMENTS |
: |
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Capitalization |
High As of 31.12.2011 |
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Liquidity |
Good As of 31.12.2011 |
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Remarks On Liquidity |
The favorable gap between average collection and average payable
period has a positive effect on liquidity. |
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Profitability |
High Operating Profitability in
2011 High Net Profitability in 2011 Operating Loss (01.01-30.06.2012) Net Loss (01.01-30.06.2012) |
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Gap between average collection and payable periods |
Favorable in 2011 |
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General Financial Position |
Unsatisfactory |
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Incr. in producers’ price index |
Average USD/TL |
Average EUR/TL |
Average GBP/ TL |
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( 2010 ) |
8,87 % |
1,5128 |
2,0096 |
2,3410 |
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( 2011 ) |
13,33 % |
1,6797 |
2,3378 |
2,6863 |
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( 01.01-30.06.2012) |
1,95 % |
1,8028 |
2,3463 |
2,8462 |
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( 01.01-31.08.2012) |
2,28 % |
1,8038 |
2,3238 |
2,8465 |
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( 31.12.2011 ) TL |
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CURRENT ASSETS |
3.830.184 |
0,41 |
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Not Detailed Current Assets |
0 |
0,00 |
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Cash and Banks |
756.521 |
0,08 |
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Marketable Securities |
0 |
0,00 |
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Account Receivable |
1.984.670 |
0,21 |
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Other Receivable |
0 |
0,00 |
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Inventories |
83.893 |
0,01 |
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Advances Given |
733.168 |
0,08 |
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Accumulated Construction Expense |
0 |
0,00 |
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Other Current Assets |
271.932 |
0,03 |
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NON-CURRENT ASSETS |
5.410.749 |
0,59 |
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Not Detailed Non-Current Assets |
0 |
0,00 |
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Long-term Receivable |
0 |
0,00 |
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Financial Assets |
0 |
0,00 |
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Tangible Fixed Assets (net) |
4.422.899 |
0,48 |
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Intangible Assets |
965.503 |
0,10 |
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Deferred Tax Assets |
0 |
0,00 |
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Other Non-Current Assets |
22.347 |
0,00 |
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TOTAL ASSETS |
9.240.933 |
1,00 |
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CURRENT LIABILITIES |
3.041.862 |
0,33 |
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Not Detailed Current Liabilities |
0 |
0,00 |
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Financial Loans |
0 |
0,00 |
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Accounts Payable |
2.871.977 |
0,31 |
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Loans from Shareholders |
0 |
0,00 |
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Other Short-term Payable |
74.373 |
0,01 |
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Advances from Customers |
52.037 |
0,01 |
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Accumulated Construction Income |
0 |
0,00 |
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Taxes Payable |
43.475 |
0,00 |
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Provisions |
0 |
0,00 |
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Other Current Liabilities |
0 |
0,00 |
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LONG-TERM LIABILITIES |
512.817 |
0,06 |
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Not Detailed Long-term Liabilities |
0 |
0,00 |
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Financial Loans |
449.601 |
0,05 |
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Securities Issued |
0 |
0,00 |
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Long-term Payable |
56.353 |
0,01 |
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Loans from Shareholders |
0 |
0,00 |
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Other Long-term Liabilities |
6.863 |
0,00 |
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Provisions |
0 |
0,00 |
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STOCKHOLDERS' EQUITY |
5.686.254 |
0,62 |
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Not Detailed Stockholders' Equity |
0 |
0,00 |
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Paid-in Capital |
6.500.000 |
0,70 |
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Cross Shareholding Adjustment of Capital |
0 |
0,00 |
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Inflation Adjustment of Capital |
0 |
0,00 |
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Equity of Consolidated Firms |
0 |
0,00 |
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Reserves |
0 |
0,00 |
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Revaluation Fund |
0 |
0,00 |
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Accumulated Losses(-) |
-1.612.749 |
-0,17 |
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Net Profit (loss) |
799.003 |
0,09 |
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TOTAL LIABILITIES AND EQUITY |
9.240.933 |
1,00 |
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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. |
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(2011) TL |
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(01.01-30.06.2012)
TL |
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Net Sales |
6.980.108 |
1,00 |
3.502.219 |
1,00 |
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Cost of Goods Sold |
5.491.361 |
0,79 |
3.359.534 |
0,96 |
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Gross Profit |
1.488.747 |
0,21 |
142.685 |
0,04 |
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Operating Expenses |
452.846 |
0,06 |
234.263 |
0,07 |
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Operating Profit |
1.035.901 |
0,15 |
-91.578 |
-0,03 |
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Other Income |
83.579 |
0,01 |
51.964 |
0,01 |
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Other Expenses |
281.382 |
0,04 |
103.930 |
0,03 |
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Financial Expenses |
39.095 |
0,01 |
14.071 |
0,00 |
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Minority Interests |
0 |
0,00 |
0 |
0,00 |
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Profit (loss) of consolidated firms |
0 |
0,00 |
0 |
0,00 |
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Profit (loss) Before Tax |
799.003 |
0,11 |
-157.615 |
-0,05 |
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Tax Payable |
0 |
0,00 |
0 |
0,00 |
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Postponed Tax Gain |
0 |
0,00 |
0 |
0,00 |
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Net Profit (loss) |
799.003 |
0,11 |
-157.615 |
-0,05 |
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(2011) |
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LIQUIDITY RATIOS |
|
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Current Ratio |
1,26 |
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Acid-Test Ratio |
0,90 |
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Cash Ratio |
0,25 |
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ASSET STRUCTURE RATIOS |
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Inventory/Total Assets |
0,01 |
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Short-term Receivable/Total Assets |
0,21 |
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Tangible Assets/Total Assets |
0,48 |
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TURNOVER RATIOS |
|
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Inventory Turnover |
65,46 |
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Stockholders' Equity Turnover |
1,23 |
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Asset Turnover |
0,76 |
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FINANCIAL STRUCTURE |
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Stockholders' Equity/Total Assets |
0,62 |
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Current Liabilities/Total Assets |
0,33 |
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Financial Leverage |
0,38 |
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Gearing Percentage |
0,63 |
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PROFITABILITY RATIOS |
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Net Profit/Stockholders' Eq. |
0,14 |
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Operating Profit Margin |
0,15 |
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Net Profit Margin |
0,11 |
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Interest Cover |
21,44 |
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COLLECTION-PAYMENT |
|
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Average Collection Period (days) |
102,36 |
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Average Payable Period (days) |
191,97 |
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WORKING CAPITAL |
788322,00 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.69 |
|
|
1 |
Rs.85.71 |
|
Euro |
1 |
Rs.68.15 |
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 |
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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 |
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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 |
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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 |
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-- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.