MIRA INFORM REPORT

 

 

Report Date :

26.05.2014              

 

IDENTIFICATION DETAILS

 

Name :

MENDERES TEKSTIL SANAYI VE TICARET A.S.

 

 

Registered Office :

Universite Cad. No:84 35100 Bornova Izmir

 

 

Country :

Turkey

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

18.01.1984

 

 

Com. Reg. No.:

10464-K-2622

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of bedlinen, sheet, pillowcase and other home textiles, yarn, raw fabric and cloth. 

 

 

No. of Employees :

4.128

 

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 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Turkey

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate High Risk

 

C1

High Risk

 

C2

Very High Risk

 

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 around 9% in 2010-11, as exports returned to normal levels following the recession. Growth dropped to roughly 3-4% in 2012-13. Turkey's public sector debt to GDP ratio has fallen below 40%, and two rating agencies upgraded Turkey's debt to investment grade in 2012 and 2013. Turkey remains dependent on often volatile, short-term investment to finance its large current account deficit. The stock value of FDI reached nearly $195 billion at year-end 2013, reflecting Turkey's robust growth even in the face of economic turmoil in Europe, the source of much of Turkey's FDI. Turkey's relatively high current account deficit, domestic political uncertainty, and turmoil within Turkey's neighborhood leave the economy vulnerable to destabilizing shifts in investor confidence.

 

Source : CIA

 

 

 

COMPANY IDENTIFICATION

 

NAME

:

MENDERES TEKSTIL SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Universite Cad. No:84 35100 Bornova Izmir / Turkey

PHONE NUMBER

:

90-232-435 05 65 (5 Line)

90-258-429 12 12 (Factory)

 

FAX NUMBER

:

90-232-486 49 67

90-258-429 12 30 (Factory)

 

WEB-ADDRESS

:

www.menderes.com

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Hasan Tahsin

TAX NO

:

6140066220

REGISTRATION NUMBER

:

10464-K-2622

REGISTERED OFFICE

:

Izmir Chamber of Commerce

DATE ESTABLISHED

:

18.01.1984

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

AUTHORIZED CAPITAL

:

TL   250.000.000

PAID-IN CAPITAL

:

TL   250.000.000

 

 

HISTORY

:

Other Changes

:

The authorized capital was increased from TL 200.000.000 to TL 250.000.000

Changed On

:

13.04.2011 (Commercial Gazette Date /Number 19.04.2011/ 7797)

Other Changes

:

The paid-in capital was increased from TL 184.000.000 to TL 225.000.000.

Changed On

:

20.06.2011 (Commercial Gazette Date /Number 24.06.2011/ 7844)

Other Changes

:

The paid-in capital was increased from TL 225.000.000 to TL 250.000.000.

Changed On

:

18.09.2012 (Commercial Gazette Date /Number 01.10.2012/ 8164)

 

 

OWNERSHIP / MANAGEMENT

 

NOTES ON OWNERSHIP / MANAGEMENT

:

Quoted at Stock Exchange.

 

 

SHAREHOLDERS

:

 

Open to Public

51,93 %

Akca Holding A.S.

45,68 %

Others

2,39 %

 

 

GROUP PARENT COMPANY

:

AKCA HOLDING A.S.

 

SISTER COMPANIES

:

AKCA ENERJI URETIM OTOPRODUKTOR GRUBU A.S.

AKCA HOLDING A.S.

AKCA SARAYLI TEKSTIL SANAYI VE TICARET LTD. STI.

AKCAMEN TEKSTIL SANAYI VE TICARET A.S.

AK-SAN SIGORTA ARACILIK HIZMETLERI LTD. STI.

AKTUR ARAC MUAYENE ISTASYONLARI ISLETMECILIGI A.S.

MENDERES BULGARIA LTD.

MENDERES TEKSTIL PAZARLAMA A.S.

OSMAN AKCA TARIM URUNLERI ITHALAT IHRACAT SANAYI VE TICARET A.S.

SELIN TEKSTIL SANAYI VE TICARET A.S.

SMYRNA SERACILIK TICARET A.S.

TAN ELEKTRIK URETIM A.S.

 

BOARD OF DIRECTORS

:

Riza Akca

Chairman

Ahmet Bilge Goksan

Vice-Chairman

Kemal Zabunoglu

Member

Altan Kocer

Member

Ali Atlamaz

Member

Cemal Ipekoglu

Member

 

 

DIRECTORS

:

Ali Atlamaz                                                                                                                                                                                                                                                                                   

General Manager

Mehmet Tahran                                                                                                                                                                                                                                                                                   

Finance Director

Ilknur Elmastas                                                                                                                                                                                                                                                                                   

Export Manager

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of bedlinen, sheet, pillowcase and other home textiles, yarn, raw fabric and cloth. 

 

The subject also deals with generation of electricity for its own use.

NACE CODE

:

DB.17.40

 

SECTOR

:

Textile

 

TRADEMARKS OWNED

:

La Notte

Snt

 

NUMBER OF EMPLOYEES

:

4.128

 

NET SALES

:

213.731.188 TL

(2003) 

246.350.444 TL

(2004) 

232.178.704 TL

(2005) 

271.594.403 TL

(2006) 

302.937.104 TL

(2007) 

267.334.233 TL

(2008) 

274.810.450 TL

(2009) 

303.034.200 TL

(2010) 

380.177.701 TL

(2011) 

409.722.402 TL

(2012) 

482.294 TL Thousand

(2013) 

131.025 TL Thousand

(01.01-31.03.2014) 

 

 

CAPACITY

:

Bed lining 

( units/yr)

Duvet covers 

( units/yr)

Electricity 

( kilowatt/yr)

 

28.080.000

2.400.000

161.827.000

(2012)

28.080.000

2.400.000

161.827.000

(2013)

6.600.000

4.200.000

161.827.000

(2014)

 

 

 

 

Knitted fabric

 ( kgs/yr)

Pillow slip 

( units/yr)

Cotton yarn 

( kgs/yr)

 

1.060.200

6.300.000

 

(2012)

1.060.200

6.300.000

 

(2013)

1.001.700

12.600.000

5.227.967

(2014)

 

 

 

 

Raw clothing 

( Sqm/yr)

Textile printing 

( kgs/yr)

 

 

59.151.060

14.811.786

 

(2014)

 

 

 

 

 

PRODUCTION

:

Cloth  ( Sqm )

Electricity 

( kilowatt )

Home textile products  ( units )

 

182.531.539

81.266.377

19.006.903

(2013)

34.533.249

17.505.865

3.980.299

(01.01-31.03.2014)

Husks  ( kgs )

Lining  ( Sqm )

Rag  ( kgs )

 

629.251

25.828.477

6.086.240

(2013)

201.254

8.594.181

1.244.883

(01.01-31.03.2014)

Raw clothing 

( Sqm )

Yarn  ( kgs )

 

 

123.136.024

10.061.861

 

(2013)

34.533.249

3.186.356

 

(01.01-31.03.2014)

 

 

 

 

IMPORT VALUE

:

8.969.320 USD

(2000)

9.309.316 USD

(2001)

14.441.290 USD

(2002)

50.869.821 USD

(2003)

45.128.194 USD

(2004)

60.554.618 USD

(2005)

74.314.914 USD

(2006)

111.931.648 USD

(2007)

89.499.234 TL

(2008)

100.467.129 TL

(2009)

114.830.332 TL

(2010)

150.711.932 TL

(2011)

207.941.173 TL

(2012)

194.440.020 TL

(2013)

64.013.662 TL

(01.01-31.03.2014)

 

 

 

IMPORT COUNTRIES

:

Netherlands

Germany

 

MERCHANDISE IMPORTED

:

Intermediary goods

Machinery

 

 

EXPORT VALUE

:

40.078.196 TL

(2000)

83.941.591 TL

(2001)

83.852.778 USD

(2002)

181.740.747 TL

(2003)

212.221.149 TL

(2004)

198.234.781 TL

(2005)

238.517.840 TL

(2006)

260.385.754 TL

(2007)

228.298.650 TL

(2008)

245.763.864 TL

(2009)

261.859.177 TL

(2010)

308.134.302 TL

(2011)

299.902.477 TL

(2012)

377.875.499 TL

(2013)

88.363.985 TL

(01.01-31.03.2014)

 

 

EXPORT COUNTRIES

:

Germany

U.S.A.

South Korea

Canada

Bulgaria

U.K.

China

Russia

Romania

Slovakia

Switzerland

Sweden

Netherlands

Malaysia

Belgium

Greece

France

Northern Cyprus Turkish Republic

Italy

 

MERCHANDISE  EXPORTED

:

Bed linen

Cotton

Crochet

Fabric

Fibre

Home textiles

Yarn

 

HEAD OFFICE ADDRESS

:

Universite Cad. No:84 35100 Bornova  Izmir / Turkey

 

BRANCHES

:

Factory:  Cumhuriyet Mah. Gazi Mustafa Kemal Pasa Bulvari No: 242 Saraykoy (The address was changed from "Koprubasi Mevki No:146 Saraykoy" by the municipality) Denizli/Turkey

 

TREND OF BUSINESS

:

There was an upwards trend in  2013.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

MAIN DEALING BANKS

:

T. Vakiflar Bankasi Denizli Branch

T.C. Ziraat Bankasi Izmir Branch

Turkiye Finans Katilim Bankasi Izmir 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

(2012) TL

(2013) TL Thousand

(01.01-31.03.2014) TL Thousand

Net Sales

303.034.200

380.177.701

409.722.402

482.294

131.025

Profit (Loss) Before Tax

23.951.256

60.933.040

-7.715.662

29.757

18.089

Stockholders' Equity

253.874.628

278.814.345

272.701.844

297.453

311.014

Total Assets

389.203.666

444.829.650

460.163.575

638.097

675.647

Current Assets

176.366.849

262.305.436

267.512.288

380.792

408.365

Non-Current Assets

212.836.817

182.524.214

192.651.287

257.305

267.282

Current Liabilities

128.345.979

155.836.057

168.614.956

292.912

314.241

Long-Term Liabilities

6.983.059

10.179.248

18.846.775

47.732

50.392

Gross Profit (loss)

39.462.378

87.501.158

34.151.474

59.628

29.212

Operating Profit (loss)

17.611.764

62.389.960

16.553.640

31.551

23.770

Net Profit (loss)

20.055.707

49.412.456

-6.058.552

25.713

14.785

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

In Order As of 31.03.2014

Liquidity

Satisfactory As of 31.03.2014

Remarks On Liquidity

The favorable gap between average collection and average payable period has a positive effect on liquidity.

Profitability

Good Operating Profitability  in 2010

High Net Profitability  in 2010

High Operating Profitability  in 2011

High Net Profitability  in 2011

In Order Operating Profitability  in 2012

Net Loss  in 2012

Good Operating Profitability  in 2013

Good Net Profitability  in 2013

High Operating Profitability (01.01-31.03.2014)

High Net Profitability (01.01-31.03.2014)

 

Gap between average collection and payable periods

Favorable in 01.01-31.03.2014

General Financial Position

In Order

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 ( 2013 )

6,97 %

1,9179

2,5530

3,0178

 ( 01.01-31.03.2014)

5,52 %

2,1961

3,0116

3,6488

 ( 01.01-30.04.2014)

5,61 %

2,1807

2,9954

3,6333

 

NOTES ON FINANCIAL STATEMENTS

:

Financial statements are consolidated..

 

 

BALANCE SHEETS

 

 

(31.12.2010 )  TL

 

(31.12.2011 )  TL

 

(31.12.2012 )  TL

 

(31.12.2013 )  TL Thousand

 

(31.03.2014 )  TL Thousand

 

CURRENT ASSETS

176.366.849

0,45

262.305.436

0,59

267.512.288

0,58

380.792

0,60

408.365

0,60

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

11.866.954

0,03

23.347.521

0,05

44.070.580

0,10

59.972

0,09

55.242

0,08

Marketable Securities

0

0,00

0

0,00

0

0,00

5.268

0,01

7.296

0,01

Account Receivable

26.243.591

0,07

50.509.582

0,11

50.449.859

0,11

65.244

0,10

32.847

0,05

Other Receivable

69.010.523

0,18

62.235.065

0,14

48.922.561

0,11

84.554

0,13

96.870

0,14

Inventories

56.234.204

0,14

106.627.727

0,24

109.489.755

0,24

140.987

0,22

188.098

0,28

Advances Given

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

13.011.577

0,03

19.585.541

0,04

14.579.533

0,03

24.767

0,04

28.012

0,04

NON-CURRENT ASSETS

212.836.817

0,55

182.524.214

0,41

192.651.287

0,42

257.305

0,40

267.282

0,40

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

9.448

0,00

17.121

0,00

14.694

0,00

15

0,00

15

0,00

Financial Assets

119.263.077

0,31

96.721.038

0,22

95.485.795

0,21

110.085

0,17

112.127

0,17

Tangible Fixed Assets (net)

89.048.513

0,23

79.646.696

0,18

88.822.175

0,19

134.270

0,21

137.538

0,20

Intangible Assets

209.832

0,00

235.121

0,00

422.892

0,00

167

0,00

141

0,00

Deferred Tax Assets

4.142.536

0,01

5.747.194

0,01

7.580.816

0,02

10.167

0,02

10.394

0,02

Other Non-Current Assets

163.411

0,00

157.044

0,00

324.915

0,00

2.601

0,00

7.067

0,01

TOTAL ASSETS

389.203.666

1,00

444.829.650

1,00

460.163.575

1,00

638.097

1,00

675.647

1,00

CURRENT LIABILITIES

128.345.979

0,33

155.836.057

0,35

168.614.956

0,37

292.912

0,46

314.241

0,47

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

66.751.246

0,17

84.526.623

0,19

87.690.234

0,19

199.309

0,31

205.127

0,30

Accounts Payable

40.414.250

0,10

29.768.021

0,07

60.353.925

0,13

71.573

0,11

90.281

0,13

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Short-term Payable

15.743.621

0,04

28.217.827

0,06

19.971.189

0,04

5.639

0,01

6.899

0,01

Advances from Customers

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

5.222.844

0,01

12.625.354

0,03

167.246

0,00

6.487

0,01

3.178

0,00

Provisions

193.228

0,00

196.380

0,00

46.039

0,00

356

0,00

364

0,00

Other Current Liabilities

20.790

0,00

501.852

0,00

386.323

0,00

9.548

0,01

8.392

0,01

LONG-TERM LIABILITIES

6.983.059

0,02

10.179.248

0,02

18.846.775

0,04

47.732

0,07

50.392

0,07

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

1.664.323

0,00

4.872.920

0,01

12.962.229

0,03

41.058

0,06

42.455

0,06

Securities Issued

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Payable

212.492

0,00

60.240

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

1.019.237

0,00

207.720

0,00

216.986

0,00

281

0,00

308

0,00

Provisions

4.087.007

0,01

5.038.368

0,01

5.667.560

0,01

6.393

0,01

7.629

0,01

STOCKHOLDERS' EQUITY

253.874.628

0,65

278.814.345

0,63

272.701.844

0,59

297.453

0,47

311.014

0,46

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

184.000.000

0,47

225.000.000

0,51

250.000.000

0,54

250.000

0,39

250.000

0,37

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

485.133

0,00

485.133

0,00

485

0,00

485

0,00

Equity of Consolidated Firms

2.252.788

0,01

2.409.946

0,01

2.274.720

0,00

2.146

0,00

2.290

0,00

Reserves

47.081.000

0,12

5.131.675

0,01

26.000.543

0,06

19.428

0,03

45.078

0,07

Revaluation Fund

485.133

0,00

0

0,00

0

0,00

-319

0,00

-1.624

0,00

Accumulated Losses(-)

0

0,00

-3.624.865

-0,01

0

0,00

0

0,00

0

0,00

Net Profit (loss)

20.055.707

0,05

49.412.456

0,11

-6.058.552

-0,01

25.713

0,04

14.785

0,02

TOTAL LIABILITIES AND EQUITY

389.203.666

1,00

444.829.650

1,00

460.163.575

1,00

638.097

1,00

675.647

1,00

 

REMARKS ON FINANCIAL STATEMENT

:

The financial statements of “MENDERES TEKSTIL SANAYI VE TICARET A.S” have been prepared by the consolidation of the financial statements of the following firms: Menderes Bulgaria Ltd (*On 06.12.2005, Menderes Bulgaria Ltd has been decided to be liquidated but the legal procedure has not been completed yet.), Menderes Tekstil Pazarlama A.S., Aktur Arac Muayene Istasyon Isletmeleri A.S., Smyrna Seracilik Ticaret A.S., Akca Enerji Uretim Otoproduktor Grubu A.S.

 

 

INCOME STATEMENTS

 

 

(2010) TL

 

(2011) TL

 

(2012) TL

 

(2013) TL Thousand

 

(01.01-31.03.2014) TL Thousand

 

Net Sales

303.034.200

1,00

380.177.701

1,00

409.722.402

1,00

482.294

1,00

131.025

1,00

Cost of Goods Sold

263.571.822

0,87

292.676.543

0,77

375.570.928

0,92

422.666

0,88

101.813

0,78

Gross Profit

39.462.378

0,13

87.501.158

0,23

34.151.474

0,08

59.628

0,12

29.212

0,22

Operating Expenses

21.850.614

0,07

25.111.198

0,07

17.597.834

0,04

28.077

0,06

5.442

0,04

Operating Profit

17.611.764

0,06

62.389.960

0,16

16.553.640

0,04

31.551

0,07

23.770

0,18

Other Income

32.603.702

0,11

51.595.759

0,14

22.240.590

0,05

65.524

0,14

16.860

0,13

Other Expenses

0

0,00

0

0,00

8.878.743

0,02

0

0,00

0

0,00

Financial Expenses

26.143.393

0,09

52.860.790

0,14

37.774.479

0,09

67.395

0,14

22.391

0,17

Minority Interests

-120.817

0,00

-191.889

0,00

143.330

0,00

77

0,00

-150

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

23.951.256

0,08

60.933.040

0,16

-7.715.662

-0,02

29.757

0,06

18.089

0,14

Tax Payable

5.222.844

0,02

12.658.782

0,03

167.246

0,00

6.487

0,01

3.178

0,02

Postponed Tax Gain

1.327.295

0,00

1.138.198

0,00

1.824.356

0,00

2.443

0,01

-126

0,00

Net Profit (loss)

20.055.707

0,07

49.412.456

0,13

-6.058.552

-0,01

25.713

0,05

14.785

0,11

 

 

FINANCIAL RATIOS

 

 

(2010)

(2011)

(2012)

(2013)

(01.01-31.03.2014)

LIQUIDITY RATIOS

 

Current Ratio

1,37

1,68

1,59

1,30

1,30

Acid-Test Ratio

0,83

0,87

0,85

0,73

0,61

Cash Ratio

0,09

0,15

0,26

0,22

0,20

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,14

0,24

0,24

0,22

0,28

Short-term Receivable/Total Assets

0,24

0,25

0,22

0,23

0,19

Tangible Assets/Total Assets

0,23

0,18

0,19

0,21

0,20

TURNOVER RATIOS

 

Inventory Turnover

4,69

2,74

3,43

3,00

0,54

Stockholders' Equity Turnover

1,19

1,36

1,50

1,62

0,42

Asset Turnover

0,78

0,85

0,89

0,76

0,19

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,65

0,63

0,59

0,47

0,46

Current Liabilities/Total Assets

0,33

0,35

0,37

0,46

0,47

Financial Leverage

0,35

0,37

0,41

0,53

0,54

Gearing Percentage

0,53

0,60

0,69

1,15

1,17

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,08

0,18

-0,02

0,09

0,05

Operating Profit Margin

0,06

0,16

0,04

0,07

0,18

Net Profit Margin

0,07

0,13

-0,01

0,05

0,11

Interest Cover

1,92

2,15

0,80

1,44

1,81

COLLECTION-PAYMENT

 

Average Collection Period (days)

31,19

47,85

44,34

48,71

90,29

Average Payable Period (days)

55,49

36,69

57,85

60,96

319,22

WORKING CAPITAL

48020870,00

106469379,00

98897332,00

87880,00

94124,00

 

 

 

 

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.58.48

UK Pound

1

Rs.98.67

Euro

1

Rs.79.81

 

INFORMATION DETAILS

 

Analysis Done by :

SUM

 

 

Report Prepared by :

NIT

 

               

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%)

 

   MIRA INFORM REPORT

 

 

Report Date :

26.05.2014              

 

 

IDENTIFICATION DETAILS

 

Name :

MENDERES TEKSTIL SANAYI VE TICARET A.S.

 

 

Registered Office :

Universite Cad. No:84 35100 Bornova Izmir

 

 

Country :

Turkey

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

18.01.1984

 

 

Com. Reg. No.:

10464-K-2622

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of bedlinen, sheet, pillowcase and other home textiles, yarn, raw fabric and cloth. 

 

 

No. of Employees :

4.128

 

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 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Turkey

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate High Risk

 

C1

High Risk

 

C2

Very High Risk

 

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 around 9% in 2010-11, as exports returned to normal levels following the recession. Growth dropped to roughly 3-4% in 2012-13. Turkey's public sector debt to GDP ratio has fallen below 40%, and two rating agencies upgraded Turkey's debt to investment grade in 2012 and 2013. Turkey remains dependent on often volatile, short-term investment to finance its large current account deficit. The stock value of FDI reached nearly $195 billion at year-end 2013, reflecting Turkey's robust growth even in the face of economic turmoil in Europe, the source of much of Turkey's FDI. Turkey's relatively high current account deficit, domestic political uncertainty, and turmoil within Turkey's neighborhood leave the economy vulnerable to destabilizing shifts in investor confidence.

 

Source : CIA

 

 

 

COMPANY IDENTIFICATION

 

NAME

:

MENDERES TEKSTIL SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Universite Cad. No:84 35100 Bornova Izmir / Turkey

PHONE NUMBER

:

90-232-435 05 65 (5 Line)

90-258-429 12 12 (Factory)

 

FAX NUMBER

:

90-232-486 49 67

90-258-429 12 30 (Factory)

 

WEB-ADDRESS

:

www.menderes.com

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Hasan Tahsin

TAX NO

:

6140066220

REGISTRATION NUMBER

:

10464-K-2622

REGISTERED OFFICE

:

Izmir Chamber of Commerce

DATE ESTABLISHED

:

18.01.1984

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

AUTHORIZED CAPITAL

:

TL   250.000.000

PAID-IN CAPITAL

:

TL   250.000.000

 

 

HISTORY

:

Other Changes

:

The authorized capital was increased from TL 200.000.000 to TL 250.000.000

Changed On

:

13.04.2011 (Commercial Gazette Date /Number 19.04.2011/ 7797)

Other Changes

:

The paid-in capital was increased from TL 184.000.000 to TL 225.000.000.

Changed On

:

20.06.2011 (Commercial Gazette Date /Number 24.06.2011/ 7844)

Other Changes

:

The paid-in capital was increased from TL 225.000.000 to TL 250.000.000.

Changed On

:

18.09.2012 (Commercial Gazette Date /Number 01.10.2012/ 8164)

 

 

OWNERSHIP / MANAGEMENT

 

NOTES ON OWNERSHIP / MANAGEMENT

:

Quoted at Stock Exchange.

 

 

SHAREHOLDERS

:

 

Open to Public

51,93 %

Akca Holding A.S.

45,68 %

Others

2,39 %

 

 

GROUP PARENT COMPANY

:

AKCA HOLDING A.S.

 

SISTER COMPANIES

:

AKCA ENERJI URETIM OTOPRODUKTOR GRUBU A.S.

AKCA HOLDING A.S.

AKCA SARAYLI TEKSTIL SANAYI VE TICARET LTD. STI.

AKCAMEN TEKSTIL SANAYI VE TICARET A.S.

AK-SAN SIGORTA ARACILIK HIZMETLERI LTD. STI.

AKTUR ARAC MUAYENE ISTASYONLARI ISLETMECILIGI A.S.

MENDERES BULGARIA LTD.

MENDERES TEKSTIL PAZARLAMA A.S.

OSMAN AKCA TARIM URUNLERI ITHALAT IHRACAT SANAYI VE TICARET A.S.

SELIN TEKSTIL SANAYI VE TICARET A.S.

SMYRNA SERACILIK TICARET A.S.

TAN ELEKTRIK URETIM A.S.

 

BOARD OF DIRECTORS

:

Riza Akca

Chairman

Ahmet Bilge Goksan

Vice-Chairman

Kemal Zabunoglu

Member

Altan Kocer

Member

Ali Atlamaz

Member

Cemal Ipekoglu

Member

 

 

DIRECTORS

:

Ali Atlamaz                                                                                                                                                                                                                                                                                   

General Manager

Mehmet Tahran                                                                                                                                                                                                                                                                                   

Finance Director

Ilknur Elmastas                                                                                                                                                                                                                                                                                   

Export Manager

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of bedlinen, sheet, pillowcase and other home textiles, yarn, raw fabric and cloth. 

 

The subject also deals with generation of electricity for its own use.

NACE CODE

:

DB.17.40

 

SECTOR

:

Textile

 

TRADEMARKS OWNED

:

La Notte

Snt

 

NUMBER OF EMPLOYEES

:

4.128

 

NET SALES

:

213.731.188 TL

(2003) 

246.350.444 TL

(2004) 

232.178.704 TL

(2005) 

271.594.403 TL

(2006) 

302.937.104 TL

(2007) 

267.334.233 TL

(2008) 

274.810.450 TL

(2009) 

303.034.200 TL

(2010) 

380.177.701 TL

(2011) 

409.722.402 TL

(2012) 

482.294 TL Thousand

(2013) 

131.025 TL Thousand

(01.01-31.03.2014) 

 

 

CAPACITY

:

Bed lining 

( units/yr)

Duvet covers 

( units/yr)

Electricity 

( kilowatt/yr)

 

28.080.000

2.400.000

161.827.000

(2012)

28.080.000

2.400.000

161.827.000

(2013)

6.600.000

4.200.000

161.827.000

(2014)

 

 

 

 

Knitted fabric

 ( kgs/yr)

Pillow slip 

( units/yr)

Cotton yarn 

( kgs/yr)

 

1.060.200

6.300.000

 

(2012)

1.060.200

6.300.000

 

(2013)

1.001.700

12.600.000

5.227.967

(2014)

 

 

 

 

Raw clothing 

( Sqm/yr)

Textile printing 

( kgs/yr)

 

 

59.151.060

14.811.786

 

(2014)

 

 

 

 

 

PRODUCTION

:

Cloth  ( Sqm )

Electricity 

( kilowatt )

Home textile products  ( units )

 

182.531.539

81.266.377

19.006.903

(2013)

34.533.249

17.505.865

3.980.299

(01.01-31.03.2014)

Husks  ( kgs )

Lining  ( Sqm )

Rag  ( kgs )

 

629.251

25.828.477

6.086.240

(2013)

201.254

8.594.181

1.244.883

(01.01-31.03.2014)

Raw clothing 

( Sqm )

Yarn  ( kgs )

 

 

123.136.024

10.061.861

 

(2013)

34.533.249

3.186.356

 

(01.01-31.03.2014)

 

 

 

 

IMPORT VALUE

:

8.969.320 USD

(2000)

9.309.316 USD

(2001)

14.441.290 USD

(2002)

50.869.821 USD

(2003)

45.128.194 USD

(2004)

60.554.618 USD

(2005)

74.314.914 USD

(2006)

111.931.648 USD

(2007)

89.499.234 TL

(2008)

100.467.129 TL

(2009)

114.830.332 TL

(2010)

150.711.932 TL

(2011)

207.941.173 TL

(2012)

194.440.020 TL

(2013)

64.013.662 TL

(01.01-31.03.2014)

 

 

 

IMPORT COUNTRIES

:

Netherlands

Germany

 

MERCHANDISE IMPORTED

:

Intermediary goods

Machinery

 

 

EXPORT VALUE

:

40.078.196 TL

(2000)

83.941.591 TL

(2001)

83.852.778 USD

(2002)

181.740.747 TL

(2003)

212.221.149 TL

(2004)

198.234.781 TL

(2005)

238.517.840 TL

(2006)

260.385.754 TL

(2007)

228.298.650 TL

(2008)

245.763.864 TL

(2009)

261.859.177 TL

(2010)

308.134.302 TL

(2011)

299.902.477 TL

(2012)

377.875.499 TL

(2013)

88.363.985 TL

(01.01-31.03.2014)

 

 

EXPORT COUNTRIES

:

Germany

U.S.A.

South Korea

Canada

Bulgaria

U.K.

China

Russia

Romania

Slovakia

Switzerland

Sweden

Netherlands

Malaysia

Belgium

Greece

France

Northern Cyprus Turkish Republic

Italy

 

MERCHANDISE  EXPORTED

:

Bed linen

Cotton

Crochet

Fabric

Fibre

Home textiles

Yarn

 

HEAD OFFICE ADDRESS

:

Universite Cad. No:84 35100 Bornova  Izmir / Turkey

 

BRANCHES

:

Factory:  Cumhuriyet Mah. Gazi Mustafa Kemal Pasa Bulvari No: 242 Saraykoy (The address was changed from "Koprubasi Mevki No:146 Saraykoy" by the municipality) Denizli/Turkey

 

TREND OF BUSINESS

:

There was an upwards trend in  2013.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

MAIN DEALING BANKS

:

T. Vakiflar Bankasi Denizli Branch

T.C. Ziraat Bankasi Izmir Branch

Turkiye Finans Katilim Bankasi Izmir 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

(2012) TL

(2013) TL Thousand

(01.01-31.03.2014) TL Thousand

Net Sales

303.034.200

380.177.701

409.722.402

482.294

131.025

Profit (Loss) Before Tax

23.951.256

60.933.040

-7.715.662

29.757

18.089

Stockholders' Equity

253.874.628

278.814.345

272.701.844

297.453

311.014

Total Assets

389.203.666

444.829.650

460.163.575

638.097

675.647

Current Assets

176.366.849

262.305.436

267.512.288

380.792

408.365

Non-Current Assets

212.836.817

182.524.214

192.651.287

257.305

267.282

Current Liabilities

128.345.979

155.836.057

168.614.956

292.912

314.241

Long-Term Liabilities

6.983.059

10.179.248

18.846.775

47.732

50.392

Gross Profit (loss)

39.462.378

87.501.158

34.151.474

59.628

29.212

Operating Profit (loss)

17.611.764

62.389.960

16.553.640

31.551

23.770

Net Profit (loss)

20.055.707

49.412.456

-6.058.552

25.713

14.785

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

In Order As of 31.03.2014

Liquidity

Satisfactory As of 31.03.2014

Remarks On Liquidity

The favorable gap between average collection and average payable period has a positive effect on liquidity.

Profitability

Good Operating Profitability  in 2010

High Net Profitability  in 2010

High Operating Profitability  in 2011

High Net Profitability  in 2011

In Order Operating Profitability  in 2012

Net Loss  in 2012

Good Operating Profitability  in 2013

Good Net Profitability  in 2013

High Operating Profitability (01.01-31.03.2014)

High Net Profitability (01.01-31.03.2014)

 

Gap between average collection and payable periods

Favorable in 01.01-31.03.2014

General Financial Position

In Order

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 ( 2013 )

6,97 %

1,9179

2,5530

3,0178

 ( 01.01-31.03.2014)

5,52 %

2,1961

3,0116

3,6488

 ( 01.01-30.04.2014)

5,61 %

2,1807

2,9954

3,6333

 

NOTES ON FINANCIAL STATEMENTS

:

Financial statements are consolidated..

 

 

BALANCE SHEETS

 

 

(31.12.2010 )  TL

 

(31.12.2011 )  TL

 

(31.12.2012 )  TL

 

(31.12.2013 )  TL Thousand

 

(31.03.2014 )  TL Thousand

 

CURRENT ASSETS

176.366.849

0,45

262.305.436

0,59

267.512.288

0,58

380.792

0,60

408.365

0,60

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

11.866.954

0,03

23.347.521

0,05

44.070.580

0,10

59.972

0,09

55.242

0,08

Marketable Securities

0

0,00

0

0,00

0

0,00

5.268

0,01

7.296

0,01

Account Receivable

26.243.591

0,07

50.509.582

0,11

50.449.859

0,11

65.244

0,10

32.847

0,05

Other Receivable

69.010.523

0,18

62.235.065

0,14

48.922.561

0,11

84.554

0,13

96.870

0,14

Inventories

56.234.204

0,14

106.627.727

0,24

109.489.755

0,24

140.987

0,22

188.098

0,28

Advances Given

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

13.011.577

0,03

19.585.541

0,04

14.579.533

0,03

24.767

0,04

28.012

0,04

NON-CURRENT ASSETS

212.836.817

0,55

182.524.214

0,41

192.651.287

0,42

257.305

0,40

267.282

0,40

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

9.448

0,00

17.121

0,00

14.694

0,00

15

0,00

15

0,00

Financial Assets

119.263.077

0,31

96.721.038

0,22

95.485.795

0,21

110.085

0,17

112.127

0,17

Tangible Fixed Assets (net)

89.048.513

0,23

79.646.696

0,18

88.822.175

0,19

134.270

0,21

137.538

0,20

Intangible Assets

209.832

0,00

235.121

0,00

422.892

0,00

167

0,00

141

0,00

Deferred Tax Assets

4.142.536

0,01

5.747.194

0,01

7.580.816

0,02

10.167

0,02

10.394

0,02

Other Non-Current Assets

163.411

0,00

157.044

0,00

324.915

0,00

2.601

0,00

7.067

0,01

TOTAL ASSETS

389.203.666

1,00

444.829.650

1,00

460.163.575

1,00

638.097

1,00

675.647

1,00

CURRENT LIABILITIES

128.345.979

0,33

155.836.057

0,35

168.614.956

0,37

292.912

0,46

314.241

0,47

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

66.751.246

0,17

84.526.623

0,19

87.690.234

0,19

199.309

0,31

205.127

0,30

Accounts Payable

40.414.250

0,10

29.768.021

0,07

60.353.925

0,13

71.573

0,11

90.281

0,13

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Short-term Payable

15.743.621

0,04

28.217.827

0,06

19.971.189

0,04

5.639

0,01

6.899

0,01

Advances from Customers

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

5.222.844

0,01

12.625.354

0,03

167.246

0,00

6.487

0,01

3.178

0,00

Provisions

193.228

0,00

196.380

0,00

46.039

0,00

356

0,00

364

0,00

Other Current Liabilities

20.790

0,00

501.852

0,00

386.323

0,00

9.548

0,01

8.392

0,01

LONG-TERM LIABILITIES

6.983.059

0,02

10.179.248

0,02

18.846.775

0,04

47.732

0,07

50.392

0,07

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

1.664.323

0,00

4.872.920

0,01

12.962.229

0,03

41.058

0,06

42.455

0,06

Securities Issued

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Payable

212.492

0,00

60.240

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

1.019.237

0,00

207.720

0,00

216.986

0,00

281

0,00

308

0,00

Provisions

4.087.007

0,01

5.038.368

0,01

5.667.560

0,01

6.393

0,01

7.629

0,01

STOCKHOLDERS' EQUITY

253.874.628

0,65

278.814.345

0,63

272.701.844

0,59

297.453

0,47

311.014

0,46

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

184.000.000

0,47

225.000.000

0,51

250.000.000

0,54

250.000

0,39

250.000

0,37

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

485.133

0,00

485.133

0,00

485

0,00

485

0,00

Equity of Consolidated Firms

2.252.788

0,01

2.409.946

0,01

2.274.720

0,00

2.146

0,00

2.290

0,00

Reserves

47.081.000

0,12

5.131.675

0,01

26.000.543

0,06

19.428

0,03

45.078

0,07

Revaluation Fund

485.133

0,00

0

0,00

0

0,00

-319

0,00

-1.624

0,00

Accumulated Losses(-)

0

0,00

-3.624.865

-0,01

0

0,00

0

0,00

0

0,00

Net Profit (loss)

20.055.707

0,05

49.412.456

0,11

-6.058.552

-0,01

25.713

0,04

14.785

0,02

TOTAL LIABILITIES AND EQUITY

389.203.666

1,00

444.829.650

1,00

460.163.575

1,00

638.097

1,00

675.647

1,00

 

REMARKS ON FINANCIAL STATEMENT

:

The financial statements of “MENDERES TEKSTIL SANAYI VE TICARET A.S” have been prepared by the consolidation of the financial statements of the following firms: Menderes Bulgaria Ltd (*On 06.12.2005, Menderes Bulgaria Ltd has been decided to be liquidated but the legal procedure has not been completed yet.), Menderes Tekstil Pazarlama A.S., Aktur Arac Muayene Istasyon Isletmeleri A.S., Smyrna Seracilik Ticaret A.S., Akca Enerji Uretim Otoproduktor Grubu A.S.

 

 

INCOME STATEMENTS

 

 

(2010) TL

 

(2011) TL

 

(2012) TL

 

(2013) TL Thousand

 

(01.01-31.03.2014) TL Thousand

 

Net Sales

303.034.200

1,00

380.177.701

1,00

409.722.402

1,00

482.294

1,00

131.025

1,00

Cost of Goods Sold

263.571.822

0,87

292.676.543

0,77

375.570.928

0,92

422.666

0,88

101.813

0,78

Gross Profit

39.462.378

0,13

87.501.158

0,23

34.151.474

0,08

59.628

0,12

29.212

0,22

Operating Expenses

21.850.614

0,07

25.111.198

0,07

17.597.834

0,04

28.077

0,06

5.442

0,04

Operating Profit

17.611.764

0,06

62.389.960

0,16

16.553.640

0,04

31.551

0,07

23.770

0,18

Other Income

32.603.702

0,11

51.595.759

0,14

22.240.590

0,05

65.524

0,14

16.860

0,13

Other Expenses

0

0,00

0

0,00

8.878.743

0,02

0

0,00

0

0,00

Financial Expenses

26.143.393

0,09

52.860.790

0,14

37.774.479

0,09

67.395

0,14

22.391

0,17

Minority Interests

-120.817

0,00

-191.889

0,00

143.330

0,00

77

0,00

-150

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

23.951.256

0,08

60.933.040

0,16

-7.715.662

-0,02

29.757

0,06

18.089

0,14

Tax Payable

5.222.844

0,02

12.658.782

0,03

167.246

0,00

6.487

0,01

3.178

0,02

Postponed Tax Gain

1.327.295

0,00

1.138.198

0,00

1.824.356

0,00

2.443

0,01

-126

0,00

Net Profit (loss)

20.055.707

0,07

49.412.456

0,13

-6.058.552

-0,01

25.713

0,05

14.785

0,11

 

 

FINANCIAL RATIOS

 

 

(2010)

(2011)

(2012)

(2013)

(01.01-31.03.2014)

LIQUIDITY RATIOS

 

Current Ratio

1,37

1,68

1,59

1,30

1,30

Acid-Test Ratio

0,83

0,87

0,85

0,73

0,61

Cash Ratio

0,09

0,15

0,26

0,22

0,20

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,14

0,24

0,24

0,22

0,28

Short-term Receivable/Total Assets

0,24

0,25

0,22

0,23

0,19

Tangible Assets/Total Assets

0,23

0,18

0,19

0,21

0,20

TURNOVER RATIOS

 

Inventory Turnover

4,69

2,74

3,43

3,00

0,54

Stockholders' Equity Turnover

1,19

1,36

1,50

1,62

0,42

Asset Turnover

0,78

0,85

0,89

0,76

0,19

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,65

0,63

0,59

0,47

0,46

Current Liabilities/Total Assets

0,33

0,35

0,37

0,46

0,47

Financial Leverage

0,35

0,37

0,41

0,53

0,54

Gearing Percentage

0,53

0,60

0,69

1,15

1,17

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,08

0,18

-0,02

0,09

0,05

Operating Profit Margin

0,06

0,16

0,04

0,07

0,18

Net Profit Margin

0,07

0,13

-0,01

0,05

0,11

Interest Cover

1,92

2,15

0,80

1,44

1,81

COLLECTION-PAYMENT

 

Average Collection Period (days)

31,19

47,85

44,34

48,71

90,29

Average Payable Period (days)

55,49

36,69

57,85

60,96

319,22

WORKING CAPITAL

48020870,00

106469379,00

98897332,00

87880,00

94124,00

 

 

 

 

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.58.48

UK Pound

1

Rs.98.67

Euro

1

Rs.79.81

 

INFORMATION DETAILS

 

Analysis Done by :

SUM

 

 

Report Prepared by :

NIT

 

               

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%)