MIRA INFORM REPORT

 

 

Report Date :

20.02.2014

 

IDENTIFICATION DETAILS

 

Name :

ZORLUTEKS TEKSTIL TICARET VE SANAYI A.S

 

 

Registered Office :

Zorlu Plaza 34310 Avcilar Istanbul 

 

 

Country :

Turkey

 

 

Financials (as on) :

30.09.2013

 

 

Date of Incorporation :

11.02.1982

 

 

Com. Reg. No.:

185410

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of cotton home textile products. 

 

 

No. of Employees :

2,000

 

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 :

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 – September 30, 2013

 

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

Turkey

B2

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 9.2% in 2010, as exports returned to normal levels following the recession. Growth dropped to approximately 3% in 2012. Turkey's public sector debt to GDP ratio has fallen to about 40%, and at least one rating agency upgraded Turkey's debt to investment grade in 2012. Turkey remains dependent on often volatile, short-term investment to finance its large trade deficit. The stock value of FDI stood at $117 billion at year-end 2012. Inflows have slowed because of continuing economic turmoil in Europe, the source of much of Turkey's FDI. 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

 

 

 

 

 

NOTES

:

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

 

 

 

COMPANY IDENTIFICATION

 

 

NAME

:

ZORLUTEKS TEKSTIL TICARET VE SANAYI A.S.

HEAD OFFICE ADDRESS

:

Zorlu Plaza 34310 Avcilar Istanbul / Turkey

PHONE NUMBER

:

90-212-456 20 00 (Head Office)

90-288-427 30 00 (Administrative Office/Factory)

 

FAX NUMBER

:

90-212-422 03 31 (Head Office)

90-288-427 30 30 (Administrative Office/Factory)

 

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Buyuk Mukellefler 

TAX NO

:

9990030180

REGISTRATION NUMBER

:

185410

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

11.02.1982

ESTABLISHMENT GAZETTE DATE/NO

:

15.02.1982/441

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   395.000.000

PAID-IN CAPITAL

:

TL   395.000.000

 

HISTORY

:

Previous Registered Capital

:

TL 283.000.000

Changed On

:

31.10.2007 (Commercial Gazette Date /Number 05.11.2007/ 6929)

Previous Registered Capital

:

TL 295.000.000

Changed On

:

24.06.2009 (Commercial Gazette Date /Number 29.06.2009/ 7342)

Previous Address

:

Vasif Cinar Cad. No.91 Eminonu Istanbul

Changed On

:

01.07.2009 (Commercial Gazette Date /Number 06.07.2009/ 7347)

Merger

:

“Korteks Mensucat Sanayi Ve Ticaret A.S.” transferred a part of its assets (such as machineries, vehicles and inventories etc. at Bursa curtain factory and Luleburgaz curtain factory) to the subject.

Changed On

:

02.04.2007 (Commercial Gazette Date /Number 24.05.2007/ 6815)

Merger

:

The subject took over and merged with “Zorluteks Tekstil Ticaret ve Sanayi A.S.”(registration number: 161803). And the name of the subject company changed from “Zorlu Linen Dokuma Emprime Konfeksiyon Sanayi ve Ticaret A.S.” to “Zorluteks Tekstil Ticaret ve Sanayi A.S.”

Changed On

:

31.10.2007 (Commercial Gazette Date /Number 05.11.2007/ 6929)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Korteks Mensucat Sanayi Ve Ticaret A.S.

99,98 %

Ahmet Nazif Zorlu

 

Olgun Zorlu

 

Zorlu Holding A.S.

 

Zeki 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.

CABOT COMMUNICATIONS LTD.

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.

GRUPPO INDUSTRIALE  VESIT

INTERMAR TICARET PAZARLAMA TURIZM SANAYI A.S.

JBR TURIZM BILISIM TICARET A.S.

JULES VERNE FUARCILIK HIZMETLERI A.S.

KORTEKS MENSUCAT SANAYI VE TICARET A.S.

LINENS PAZARLAMA A.S.

MEGAPLEKS EMLAK YATIRIM INSAAT TURIZM MADENCILIK SANAYI VE TICARET A.S.

MEHMET ZORLU EGITIM, SAGLIK, KULTUR VE YARDIMLASMA VAKFI

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.

VESTEK ELEKTRONIK ARASTIRMA GELISTIRME A.S.

VESTEL BENELUX BV

VESTEL BEYAZ ESYA SANAYI VE TICARET A.S.

VESTEL CENTRAL ASIA

VESTEL CIS LTD.

VESTEL ELEKTRONIK SANAYI VE TICARET A.S.

VESTEL FRANCE  SA (FRANCE)

VESTEL GERMANY GMBH

VESTEL HOLLAND B.V.

VESTEL IBERIA SL

VESTEL KOMUNIKASYON SANAYI VE TICARET A.S.

VESTEL SAVUNMA SANAYI A.S.

VESTEL SCANDINAVIA

VESTEL TICARET A.S.

VESTEL TRADE LTD.

VESTEL UK LTD.

ZORLU AIR HAVACILIK A.S.

ZORLU AMBALAJ SANAYI VE TICARET A.S.

ZORLU CENTER OTELCILIK A.S.

ZORLU CENTER SANAT MERKEZI 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 PETROKIMYA URUNLERI PETROL INSAAT SANAYI VE 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 FAKTORING A.S.

ZORLU FINANCIAL SERVICES( IRELAND)

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 GRAND HOTEL ISLETMELERI A.S.

ZORLU HIDROELEKTRIK ENERJI URETIM A.S.

ZORLU HOLDING A.S.

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

ZORLU RUZGAR ENERJISI ELEKTRIK URETIMI A.S.

ZORLU SIGORTA ARACILIK HIZMETLERI A.S.

ZORLU TEKSTIL URUNLERI PAZARLAMA A.S.

ZORLU TESIS YONETIM A.S.

ZORLU UK LTD.

ZORLU USA INC. (USA)

ZORLU YAPI YATIRIM A.S.

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

 

SUBSIDIARIES

:

GAZDAS GAZIANTEP DOGAL GAZ DAGITIM A.S.  ( 38 % )

LINENS PAZARLAMA A.S.  ( 70 % )

SICHUAN ZORLUTEKS YINHUA  ( 50 % )

TRAKYA BOLGESI DOGAL GAZ DAGITIM A.S.  ( 13 % )

ZORLU DIS TICARET A.S.  ( 74,65 % )

ZORLU O/M ENERJI TESISLERI ISLETME VE BAKIM HIZMETLERI A.S.  ( 10 % )

ZORLU SNG  ( 100 % )

ZORLUTEKS BALKAN DOOEL  ( 100 % )

ZORLUTEKS D.O.O  ( 83 % )

 

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 cotton home textile products. 

 

NACE CODE

:

DB.17.40

 

SECTOR

:

Textile

 

REPRESENTATIVE OF

:

Benetton   (Italy)

Sisley   (U.S.A.)

 

TRADEMARKS OWNED

:

Linens

Tac

 

NUMBER OF EMPLOYEES

:

2.000

 

NET SALES

:

50 TL Thousand

(1994) 

97 TL Thousand

(1995) 

30 TL Thousand

(1996) 

1.514 TL Thousand

(1997) 

16.352 TL Thousand

(1998) 

41.831 TL Thousand

(1999) 

77.341 TL Thousand

(2000) 

167.084 TL Thousand

(2001) 

250.222 TL Thousand

(2002) 

321.610 TL Thousand

(2003) 

473.079 TL Thousand

(2004) 

374.764 TL Thousand

(2005) 

399.065 TL Thousand

(2006) 

448.311 TL Thousand

(2007) 

485.912 TL Thousand

(2008) 

430.724 TL Thousand

(2009) 

499.110.647 TL

(2010) 

597.844.199 TL

(2011) 

541.049.032 TL

(2012) 

507.031 TL Thousand

(01.01-30.09.2013) 

 

 

IMPORT VALUE

:

34.888.137 USD

(2002)

60.205.493 USD

(2003)

101.769.488 USD

(2004)

79.718.498 USD

(2005)

79.800.000 USD

(2006)

102.900.000 USD

(2007)

103.369.028 USD

(2008)

60.000.000 USD

(2009)

98.000.000 USD

(2010)

 

 

IMPORT COUNTRIES

:

India

China

Pakistan

Turkmenistan

 

MERCHANDISE IMPORTED

:

Raw cloth

 

 

 

EXPORT VALUE

:

1.098.000 TL

(1997)

11.680.000 TL

(1998)

28.935.000 TL

(1999)

77.760.731 USD

(2000)

128.832.000 TL

(2001)

131.095.473 USD

(2002)

148.532.998 USD

(2003)

215.168.963 USD

(2004)

245.352.000 TL

(2005)

255.242.000 TL

(2006)

283.524.000 TL

(2007)

217.860.009 USD

(2008)

269.681.948 TL

(2009)

283.077.954 TL

(2010)

365.767.885 TL

(2011)

287.485.237 TL

(2012)

290.568.597 TL

(01.01-30.09.2013)

 

 

EXPORT COUNTRIES

:

Bulgaria

Austria

Germany

Bosnia and Herzegovina

Tunisia

France

Switzerland

Italy

U.S.A.

 

MERCHANDISE  EXPORTED

:

Bed linen

Curtains

Table linen

 

HEAD OFFICE ADDRESS

:

Zorlu Plaza 34310 Avcilar  Istanbul / Turkey ( rented ) (1.500 sqm)

 

BRANCHES

:

Administrative Office / Factory  :  Buyukkaristiran Koyu Tayyare Meydani Mevkii Luleburgaz Kirklareli/Turkey (owned)

           

INVESTMENTS

:

None

 

 

TREND OF BUSINESS

:

There was a decline at business volume in nominal terms in  2012. There appears an upwards trend in  1.1 - 30.9.2013.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Akbank Rumeli Kurumsal Branch

Denizbank Istanbul Kurumsal Branch

T. Garanti Bankasi Bakirkoy Kurumsal Branch

T. Halk Bankasi Gunesli Kurumsal Branch

T.Is Bankasi Gunesli Kurumsal Branch

Vakiflar Bankasi Avrupa Kurumsal Merkezi Branch

Yapi ve Kredi Bankasi Esentepe 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

:

 

(2009) TL Thousand

(2010) TL

(2011) TL

(2012) TL

(01.01-30.09.2013) TL Thousand

Net Sales

430.724

499.110.647

597.844.199

541.049.032

507.031

Profit (Loss) Before Tax

-2.868

-9.942.239

40.438.421

26.087.577

50.757

Stockholders' Equity

530.647

520.705.009

561.143.430

582.015.157

631.518

Total Assets

671.111

705.302.512

749.896.285

914.023.332

1.166.598

Current Assets

416.249

428.184.652

457.482.002

645.115.266

897.713

Non-Current Assets

254.862

277.117.860

292.414.283

268.908.066

268.885

Current Liabilities

127.066

173.194.059

167.576.511

290.481.694

512.744

Long-Term Liabilities

13.398

11.403.444

21.176.344

41.526.481

22.336

Gross Profit (loss)

56.679

61.778.505

106.879.273

77.362.158

74.838

Operating Profit (loss)

6.836

9.761.483

49.317.584

25.930.142

35.842

Net Profit (loss)

-2.868

-9.942.239

40.438.421

20.871.725

50.757

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Good As of 30.09.2013

Liquidity

Satisfactory As of 30.09.2013

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

Fair Operating Profitability  in 2009

Net Loss  in 2009

Fair Operating Profitability  in 2010

Net Loss  in 2010

Good Operating Profitability  in 2011

Good Net Profitability  in 2011

In Order Operating Profitability  in 2012

Good Net Profitability  in 2012

Good Operating Profitability (01.01-30.09.2013)

High Net Profitability (01.01-30.09.2013)

 

Gap between average collection and payable periods

Unfavorable in 01.01-30.09.2013

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

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 ( 01.01-30.09.2013)

4,43 %

1,8785

2,4774

2,9189

 ( 2013 )

6,97 %

1,9179

2,5530

3,0178

 ( 01.01-31.01.2014)

3,32 %

2,2040

3,0090

3,6415

 

 

BALANCE SHEETS

 

 ( 31.12.2009 )  TL Thousand

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL

 

 ( 30.09.2013 )  TL Thousand

 

CURRENT ASSETS

416.249

0,62

428.184.652

0,61

457.482.002

0,61

645.115.266

0,71

897.713

0,77

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

89.660

0,13

79.030.506

0,11

1.495.117

0,00

4.093.134

0,00

2.746

0,00

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

168.541

0,25

142.436.689

0,20

177.552.045

0,24

211.049.895

0,23

269.244

0,23

Other Receivable

39.595

0,06

67.554.107

0,10

150.609.925

0,20

296.561.626

0,32

477.591

0,41

Inventories

108.888

0,16

119.651.485

0,17

111.197.623

0,15

119.217.923

0,13

127.761

0,11

Advances Given

7.373

0,01

13.063.600

0,02

5.957.680

0,01

8.196.620

0,01

6.185

0,01

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

2.192

0,00

6.448.265

0,01

10.669.612

0,01

5.996.068

0,01

14.186

0,01

NON-CURRENT ASSETS

254.862

0,38

277.117.860

0,39

292.414.283

0,39

268.908.066

0,29

268.885

0,23

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Assets

12.897

0,02

53.661.552

0,08

73.661.552

0,10

62.824.108

0,07

62.824

0,05

Tangible Fixed Assets (net)

185.439

0,28

167.442.747

0,24

161.993.937

0,22

148.287.533

0,16

148.325

0,13

Intangible Assets

55.405

0,08

54.533.688

0,08

54.307.190

0,07

55.510.301

0,06

56.619

0,05

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

1.121

0,00

1.479.873

0,00

2.451.604

0,00

2.286.124

0,00

1.117

0,00

TOTAL ASSETS

671.111

1,00

705.302.512

1,00

749.896.285

1,00

914.023.332

1,00

1.166.598

1,00

CURRENT LIABILITIES

127.066

0,19

173.194.059

0,25

167.576.511

0,22

290.481.694

0,32

512.744

0,44

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

33.320

0,05

62.848.781

0,09

87.845.577

0,12

156.300.016

0,17

379.111

0,32

Accounts Payable

84.127

0,13

94.519.556

0,13

71.139.831

0,09

101.966.656

0,11

117.597

0,10

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Short-term Payable

2.041

0,00

1.927.184

0,00

2.109.042

0,00

2.547.243

0,00

3.718

0,00

Advances from Customers

3.976

0,01

10.967.109

0,02

3.041.267

0,00

20.732.773

0,02

1.056

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

1.730

0,00

1.800.852

0,00

2.064.787

0,00

2.985.036

0,00

6.895

0,01

Provisions

0

0,00

0

0,00

0

0,00

3.935.047

0,00

0

0,00

Other Current Liabilities

1.872

0,00

1.130.577

0,00

1.376.007

0,00

2.014.923

0,00

4.367

0,00

LONG-TERM LIABILITIES

13.398

0,02

11.403.444

0,02

21.176.344

0,03

41.526.481

0,05

22.336

0,02

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

6.939.522

0,01

24.572.904

0,03

3.869

0,00

Securities Issued

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Payable

2.978

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Long-term Liabilities

1.899

0,00

650.975

0,00

481.216

0,00

1.144.237

0,00

622

0,00

Provisions

8.521

0,01

10.752.469

0,02

13.755.606

0,02

15.809.340

0,02

17.845

0,02

STOCKHOLDERS' EQUITY

530.647

0,79

520.705.009

0,74

561.143.430

0,75

582.015.157

0,64

631.518

0,54

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

395.000

0,59

395.000.000

0,56

395.000.000

0,53

395.000.000

0,43

395.000

0,34

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

132.952

0,20

132.952.636

0,19

132.952.636

0,18

132.952.636

0,15

132.953

0,11

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

61.307

0,09

61.307.483

0,09

61.307.483

0,08

60.062.948

0,07

79.680

0,07

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

-55.744

-0,08

-58.612.871

-0,08

-68.555.110

-0,09

-26.872.152

-0,03

-26.872

-0,02

Net Profit (loss)

-2.868

0,00

-9.942.239

-0,01

40.438.421

0,05

20.871.725

0,02

50.757

0,04

TOTAL LIABILITIES AND EQUITY

671.111

1,00

705.302.512

1,00

749.896.285

1,00

914.023.332

1,00

1.166.598

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 thousand 69.495 of the other income is due to "Profit from Foreign Currency Exchange". 

 

At the last income statement TL thousand 19.441  of the other expenses is due to "Rediscounted Interest Expense" . 

 

 

INCOME STATEMENTS

 

 

(2009) TL Thousand

 

(2010) TL

 

(2011) TL

 

(2012) TL

 

(01.01-30.09.2013) TL Thousand

 

Net Sales

430.724

1,00

499.110.647

1,00

597.844.199

1,00

541.049.032

1,00

507.031

1,00

Cost of Goods Sold

374.045

0,87

437.332.142

0,88

490.964.926

0,82

463.686.874

0,86

432.193

0,85

Gross Profit

56.679

0,13

61.778.505

0,12

106.879.273

0,18

77.362.158

0,14

74.838

0,15

Operating Expenses

49.843

0,12

52.017.022

0,10

57.561.689

0,10

51.432.016

0,10

38.996

0,08

Operating Profit

6.836

0,02

9.761.483

0,02

49.317.584

0,08

25.930.142

0,05

35.842

0,07

Other Income

44.814

0,10

29.066.090

0,06

53.114.656

0,09

36.564.534

0,07

100.750

0,20

Other Expenses

38.972

0,09

44.276.361

0,09

54.128.965

0,09

24.016.545

0,04

33.996

0,07

Financial Expenses

15.546

0,04

4.493.451

0,01

7.864.854

0,01

12.390.554

0,02

51.839

0,10

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

-2.868

-0,01

-9.942.239

-0,02

40.438.421

0,07

26.087.577

0,05

50.757

0,10

Tax Payable

0

0,00

0

0,00

0

0,00

5.215.852

0,01

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

-2.868

-0,01

-9.942.239

-0,02

40.438.421

0,07

20.871.725

0,04

50.757

0,10

 

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

(2011)

(2012)

(01.01-30.09.2013)

LIQUIDITY RATIOS

 

Current Ratio

3,28

2,47

2,73

2,22

1,75

Acid-Test Ratio

2,34

1,67

1,97

1,76

1,46

Cash Ratio

0,71

0,46

0,01

0,01

0,01

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,16

0,17

0,15

0,13

0,11

Short-term Receivable/Total Assets

0,31

0,30

0,44

0,56

0,64

Tangible Assets/Total Assets

0,28

0,24

0,22

0,16

0,13

TURNOVER RATIOS

 

Inventory Turnover

3,44

3,66

4,42

3,89

3,38

Stockholders' Equity Turnover

0,81

0,96

1,07

0,93

0,80

Asset Turnover

0,64

0,71

0,80

0,59

0,43

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,79

0,74

0,75

0,64

0,54

Current Liabilities/Total Assets

0,19

0,25

0,22

0,32

0,44

Financial Leverage

0,21

0,26

0,25

0,36

0,46

Gearing Percentage

0,26

0,35

0,34

0,57

0,85

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

-0,01

-0,02

0,07

0,04

0,08

Operating Profit Margin

0,02

0,02

0,08

0,05

0,07

Net Profit Margin

-0,01

-0,02

0,07

0,04

0,10

Interest Cover

0,82

-1,21

6,14

3,11

1,98

COLLECTION-PAYMENT

 

Average Collection Period (days)

140,87

102,74

106,92

140,43

191,17

Average Payable Period (days)

83,83

77,81

52,16

79,17

97,95

WORKING CAPITAL

289183,00

254990593,00

289905491,00

354633572,00

384969,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.12

UK Pound

1

Rs.103.93

Euro

1

Rs.85.17

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIS

 

 

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.