MIRA INFORM REPORT

 

 

Report Date :

30.03.2013

 

IDENTIFICATION DETAILS

 

Name :

FLOKSER TEKSTIL SANAYI VE TICARET A.S.

 

 

Registered Office :

Ataturk Sanayi Bolgesi Hadimkoy Mah. Urguplu Cad. No:7 34860 Arnavutkoy Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

19.03.1984

 

 

Com. Reg. No.:

201592

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of jib, artificial leather and artificial suede.

 

 

No. of Employees :

1.000

 

 

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 :

Good

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

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

:

FLOKSER TEKSTIL SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Ataturk Sanayi Bolgesi Hadimkoy Mah. Urguplu Cad. No:7 34860 Arnavutkoy Istanbul / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The door number has been changed from "No:1" to "No:7"  by the municipality.

PHONE NUMBER

:

90-212-866 49 00

 

FAX NUMBER

:

90-212-771 32 37

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Buyuk Mukellefler

TAX NO

:

3880036774

REGISTRATION NUMBER

:

201592

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

19.03.1984

ESTABLISHMENT GAZETTE DATE /NO

:

30.03.1984/979

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   93.313.000

PAID-IN CAPITAL

:

TL   93.313.000

HISTORY

:

Previous Name

:

Hasat Dekoratif Yapi Malzemeleri Uretim    ve Pazarlama A.S

Changed On

:

12.09.2002 (Commercial Gazette Date /Number 17.09.2002/ 5636)

Previous Registered Capital

:

TL 82.500.000

Changed On

:

11.06.2009 (Commercial Gazette Date /Number 16.06.2009/ 7333)

Previous Registered Capital

:

TL 91.050.000

Changed On

:

10.06.2010 (Commercial Gazette Date /Number 16.06.2010/ 7586)

Previous Registered Capital

:

TL 91.150.000

Changed On

:

25.08.2011 (Commercial Gazette Date /Number 06.09.2011/ 7893)

Merger

:

The subject took over and merged with "Artser Tekstil ve Insaat Sanayi Dis Ticaret A.S."

Changed On

:

25.08.2011 (Commercial Gazette Date /Number 06.09.2011/ 7893)

Other Changes

:

The registered capital was reduced from TL 86.000.000 to  TL 82.500.000 on 25.09.2008 with the decision of Istanbul 2.Commercial Court of First Instance dated 18.03.2008 numbered 2008/425.

Changed On

:

25.09.2008 (Commercial Gazette Date /Number 06.10.2008/ 7161)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Rafet Tukek

37,99 %

Yasin Tukek

31,08 %

Ahmet Rasim Tukek

24,67 %

Ekin Tukek

1,04 %

Guliz Tukek

1,04 %

Zeynep Tukek

1,04 %

Ilknur Tukek

1,04 %

Aysim Tukek

1,04 %

Oguz Tukek

1,04 %

 

 

SISTER COMPANIES

:

ETKIN SUNI DERI TEKSTIL PAZARLAMA VE TICARET A.S.

 

FLOKSER TEKSTIL DIS TICARET A.S.

 

SERCO TEKSTIL PAZARLAMA BASIN YAYIN HIZMETLERI VE TICARET LTD. STI.

 

 

BOARD OF DIRECTORS

:

Rafet Tukek

Chairman

Yasin Tukek

Vice-Chairman

Ahmet Rasim Tukek

Member

 

 

DIRECTORS

:

Rafet Tukek

General Manager

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Manufacture and trade of jib, artificial leather and artificial suede.

 

NACE CODE

:

DC.19.10

 

TRADEMARKS OWNED

:

Crea

Flokser

Poliser

Sedir

Sertex

Welleather

 

NUMBER OF EMPLOYEES

:

1.000

 

NET SALES

:

38.908.359 TL

(2001) 

52.289.855 TL

(2002) 

66.521.537 TL

(2003) 

78.642.858 TL

(2004) 

84.381.174 TL

(2005) 

117.323.465 TL

(2006) 

117.815.846 TL

(2007) 

136.775.824 TL

(2008) 

124.041.054 TL

(2009) 

169.815.603 TL

(2010) 

256.700.645 TL

(2011) 

197.318.519 TL

(01.01-30.09.2012) 

 

 

IMPORT VALUE

:

13.000.000 USD

(2003)

15.000.000 USD

(2004)

20.000.000 USD

(2005)

32.679.255 USD

(2006)

24.918.359 USD

(2007)

42.406.000 USD

(2008)

13.064.000 EUR + 7.420.000 USD

(2009)

13.000.000 USD + 20.130.000 EUR

(2010)

19.700.000 USD + 25.040.000 EUR

(2011)

53.596.350 USD

(01.01-30.09.2012)

 

 

 

IMPORT COUNTRIES

:

Italy

India

China

Korea

 

MERCHANDISE IMPORTED

:

Fiber

Polyurethane

PVC

 

EXPORT VALUE

:

27.808.868 TL

(2001)

34.159.500 TL

(2002)

45.551.256 TL

(2003)

58.577.930 TL

(2004)

60.535.418 TL

(2005)

72.250.824 TL

(2006)

67.859.365 TL

(2007)

77.930.047 TL

(2008)

34.441.000 USD

(2009)

39.600 USD Thousand

(2010)

47.210.000 USD

(2011)

64.021.339 TL

(01.01-30.09.2012)

 

 

EXPORT COUNTRIES

:

Spain

India

Russia

Ukraine

Romania

 

MERCHANDISE  EXPORTED

:

Polyesters nes

Weawing machines

 

HEAD OFFICE ADDRESS

:

Ataturk Sanayi Bolgesi Hadimkoy Mah. Urguplu Cad. No:7 34860 Arnavutkoy Istanbul / Turkey (owned)

 

BRANCHES

:

Factory  :  Organize Sanayi Bolgesi Gaziosmanpasa Mah. Sehit Emniyet Muduru Gaffar Okan Cad. No:3 Cerkezkoy Tekirdag/Turkey (owned) (110.000 sqm)

 

Head Office/Factory  :  Ataturk Sanayi Bolgesi Hadimkoy Mah. Urguplu Cad. No:7 34860 Arnavutkoy Istanbul/Turkey (owned) (65.000 sqm)

 

 

TREND OF BUSINESS

:

There was an upwards trend in 2011. Trend of business appears to be steady in 1.1 - 30.9.2012.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Garanti Bankasi Beylikduzu Branch

Yapi ve Kredi Bankasi Hadimkoy Branch

 

CREDIT FACILITIES

:

The subject company is making active use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2010) TL

(2011) TL

(01.01-30.09.2012) TL

 

 

Net Sales

169.815.603

256.700.645

197.318.519

 

 

Profit (Loss) Before Tax

3.394.217

4.751.668

2.324.972

 

 

Stockholders' Equity

115.569.220

121.936.719

 

 

 

Total Assets

205.287.932

248.247.263

 

 

 

Current Assets

129.938.375

166.072.595

 

 

 

Non-Current Assets

75.349.557

82.174.668

 

 

 

Current Liabilities

18.906.658

10.926.101

 

 

 

Long-Term Liabilities

70.812.054

115.384.443

 

 

 

Gross Profit (loss)

25.229.471

52.603.697

24.067.045

 

 

Operating Profit (loss)

12.600.152

36.121.134

9.923.815

 

 

Net Profit (loss)

2.682.747

3.578.069

1.688.349

 

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

In Order As of 31.12.2011

Liquidity

High As of 31.12.2011

Remarks On Liquidity

The unfavorable gap between average collection and average payable period has an adverse effect on liquidity.

Profitability

Good Operating Profitability  in 2010

Fair Net Profitability  in 2010

High Operating Profitability  in 2011

Low Net Profitability  in 2011

In Order Operating Profitability (01.01-30.09.2012)

Low Net Profitability (01.01-30.09.2012)

 

Gap between average collection and payable periods

Unfavorable in 2011

General Financial Position

In Order

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 01.01-30.09.2012)

3,34 %

1,8029

2,3233

2,8527

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 ( 01.01-28.02.2013)

-0,31 %

1,7828

2,3690

2,8041

 

 

BALANCE SHEETS

 

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

129.938.375

0,63

166.072.595

0,67

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

41.423.913

0,20

8.980.897

0,04

Marketable Securities

0

0,00

0

0,00

Account Receivable

33.074.614

0,16

87.375.040

0,35

Other Receivable

2.871.235

0,01

3.386.673

0,01

Inventories

42.850.181

0,21

55.783.962

0,22

Advances Given

572.241

0,00

1.248.207

0,01

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

9.146.191

0,04

9.297.816

0,04

NON-CURRENT ASSETS

75.349.557

0,37

82.174.668

0,33

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

0

0,00

855

0,00

Financial Assets

105.868

0,00

105.868

0,00

Tangible Fixed Assets (net)

73.569.347

0,36

80.567.613

0,32

Intangible Assets

1.674.342

0,01

1.404.648

0,01

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

95.684

0,00

TOTAL ASSETS

205.287.932

1,00

248.247.263

1,00

CURRENT LIABILITIES

18.906.658

0,09

10.926.101

0,04

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

8.799.447

0,04

64.920

0,00

Accounts Payable

8.118.245

0,04

7.481.180

0,03

Loans from Shareholders

123.514

0,00

109.648

0,00

Other Short-term Payable

605.272

0,00

757.169

0,00

Advances from Customers

3.952

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

309.430

0,00

373.005

0,00

Provisions

-111.029

0,00

574.859

0,00

Other Current Liabilities

1.057.827

0,01

1.565.320

0,01

LONG-TERM LIABILITIES

70.812.054

0,34

115.384.443

0,46

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

69.057.800

0,34

112.826.514

0,45

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

1.754.254

0,01

2.557.929

0,01

Provisions

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

115.569.220

0,56

121.936.719

0,49

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

91.150.000

0,44

93.313.000

0,38

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

8.475.654

0,04

8.960.891

0,04

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

14.384.862

0,07

17.070.081

0,07

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

-1.124.043

-0,01

-985.322

0,00

Net Profit (loss)

2.682.747

0,01

3.578.069

0,01

TOTAL LIABILITIES AND EQUITY

205.287.932

1,00

248.247.263

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 4.209.079 of the other expenses is due to "Loss from Foreign Currency Exchange".

 

 At the last income statement TL 4.936.089  of the other expenses is due to "Idle Capacity Expenses and Losses".

 

 

INCOME STATEMENTS

 

 

(2010) TL

 

(2011) TL

 

(01.01-30.09.2012) TL

 

Net Sales

169.815.603

1,00

256.700.645

1,00

197.318.519

1,00

Cost of Goods Sold

144.586.132

0,85

204.096.948

0,80

173.251.474

0,88

Gross Profit

25.229.471

0,15

52.603.697

0,20

24.067.045

0,12

Operating Expenses

12.629.319

0,07

16.482.563

0,06

14.143.230

0,07

Operating Profit

12.600.152

0,07

36.121.134

0,14

9.923.815

0,05

Other Income

3.227.948

0,02

4.434.292

0,02

4.436.515

0,02

Other Expenses

8.265.973

0,05

11.457.762

0,04

10.031.481

0,05

Financial Expenses

4.167.910

0,02

24.345.996

0,09

2.003.877

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

3.394.217

0,02

4.751.668

0,02

2.324.972

0,01

Tax Payable

711.470

0,00

1.173.599

0,00

636.623

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

2.682.747

0,02

3.578.069

0,01

1.688.349

0,01

 

 

FINANCIAL RATIOS

 

 

(2010)

(2011)

LIQUIDITY RATIOS

 

 

Current Ratio

6,87

15,20

Acid-Test Ratio

4,09

9,13

Cash Ratio

2,19

0,82

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,21

0,22

Short-term Receivable/Total Assets

0,18

0,37

Tangible Assets/Total Assets

0,36

0,32

TURNOVER RATIOS

 

 

Inventory Turnover

3,37

3,66

Stockholders' Equity Turnover

1,47

2,11

Asset Turnover

0,83

1,03

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,56

0,49

Current Liabilities/Total Assets

0,09

0,04

Financial Leverage

0,44

0,51

Gearing Percentage

0,78

1,04

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,02

0,03

Operating Profit Margin

0,07

0,14

Net Profit Margin

0,02

0,01

Interest Cover

1,81

1,20

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

70,12

122,54

Average Payable Period (days)

20,21

13,20

WORKING CAPITAL

111031717,00

155146494,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.38

UK Pound

1

Rs.82.32

Euro

1

Rs.69.54

 

 

INFORMATION DETAILS

 

Report Prepared by :

PDT

 

 

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.