|
Report Date : |
27.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
SOFITEKS TEKSTIL
SANAYI VE TICARET A.S. |
|
|
|
|
Registered Office : |
Organize Sanayi Bolgesi Kirmizi Cad. No:17 Nilufer Bursa |
|
|
|
|
Country : |
Turkey |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
26.07.1994 |
|
|
|
|
Com. Reg. No.: |
35877 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacturer and trader
of carpet and yarn |
|
|
|
|
No of Employees : |
255 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
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% in 2012-13. Turkey's public sector debt to GDP ratio has fallen below 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 reached nearly $195 billion at year-end 2013, reflecting Turkey's good 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, 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 |
|
NAME |
: |
SOFITEKS TEKSTIL SANAYI VE TICARET A.S. |
|
HEAD OFFICE ADDRESS |
: |
Organize Sanayi Bolgesi Kirmizi Cad. No:17 Nilufer Bursa / Turkey |
|
PHONE NUMBER |
: |
90-224-241 00 20 |
|
FAX NUMBER |
: |
90-224-241 00 24 |
|
WEB-ADDRESS |
: |
|
|
E-MAIL |
: |
|
TAX OFFICE |
: |
Ertugrulgazi |
||||||||||||||||||||||||||||||
|
TAX NO |
: |
7720024761 |
||||||||||||||||||||||||||||||
|
REGISTRATION NUMBER |
: |
35877 |
||||||||||||||||||||||||||||||
|
REGISTERED OFFICE |
: |
Bursa Chamber of Commerce and Industry |
||||||||||||||||||||||||||||||
|
DATE ESTABLISHED |
: |
26.07.1994 |
||||||||||||||||||||||||||||||
|
ESTABLISHMENT GAZETTE DATE/NO |
: |
29.07.1994/3584 |
||||||||||||||||||||||||||||||
|
LEGAL FORM |
: |
Joint Stock Company |
||||||||||||||||||||||||||||||
|
TYPE OF COMPANY |
: |
Private |
||||||||||||||||||||||||||||||
|
REGISTERED CAPITAL |
: |
TL 17.500.000 |
||||||||||||||||||||||||||||||
|
PAID-IN CAPITAL |
: |
TL 17.500.000 |
||||||||||||||||||||||||||||||
|
HISTORY |
: |
|
|
SHAREHOLDERS |
: |
|
||||||
|
SUBSIDIARIES |
: |
Declared to be: None |
||||||
|
BOARD OF DIRECTORS |
: |
|
|
BUSINESS ACTIVITIES |
: |
Manufacture and trade of carpet and yarn. The subject company has been
manufacturing yarn for its own use since 2008. |
||||||||||||||||||||||
|
NACE CODE |
: |
DB.17.60 |
||||||||||||||||||||||
|
SECTOR |
: |
Textile |
||||||||||||||||||||||
|
TRADEMARKS OWNED |
: |
Sofi Sofiteks |
||||||||||||||||||||||
|
NUMBER OF EMPLOYEES |
: |
255 |
||||||||||||||||||||||
|
NET SALES |
: |
|
||||||||||||||||||||||
|
REMARKS ON NET SALES |
: |
The net sales figure of 2011 is declared by the subject. There is no
certification for this figure. |
||||||||||||||||||||||
|
CAPACITY |
: |
|
||||||||||||||||||||||
|
IMPORT VALUE |
: |
|
||||||||||||||||||||||
|
IMPORT COUNTRIES |
: |
Belgium Italy Greece India China |
||||||||||||||||||||||
|
MERCHANDISE IMPORTED |
: |
Granule Jute yarn Machinery Polypropylene yarn |
||||||||||||||||||||||
|
EXPORT VALUE |
: |
|
||||||||||||||||||||||
|
EXPORT COUNTRIES |
: |
Serbia Albania Middle East Countries Bosnia and Herzegovina Azerbaijan Germany South Africa Guyana Mauritius Macedonia Republic Bulgaria Belgium Greece Philippines Malaysia Nepal India Yemen |
||||||||||||||||||||||
|
MERCHANDISE EXPORTED |
: |
Carpet |
||||||||||||||||||||||
|
HEAD OFFICE ADDRESS |
: |
Organize Sanayi Bolgesi Kirmizi Cad. No:17 Nilufer Bursa / Turkey (
owned ) |
||||||||||||||||||||||
|
BRANCHES |
: |
Head Office/Factory : Organize Sanayi Bolgesi Kirmizi Cad. No:17
Nilufer Bursa/Turkey (owned) (14.174 sqm) |
||||||||||||||||||||||
|
INVESTMENTS |
: |
None |
|
TREND OF BUSINESS |
: |
There was an upwards trend in
2013. |
|
SIZE OF BUSINESS |
: |
Large |
|
MAIN DEALING BANKS |
: |
Akbank Fomara Branch Denizbank Bursa Branch Finansbank Bursa Branch ING Bank Demirtas Branch T. Garanti Bankasi Organize Sanayi Bolgesi Branch T. Is Bankasi Bursa Ticari Branch Yapi ve Kredi Bankasi Organize Sanayi 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 |
: |
|
|
Capitalization |
Satisfactory As of 31.12.2013 |
|
Remarks on Capitalization |
A part of liabilities consist of loans from shareholders. |
|
Liquidity |
Insufficient As of 31.12.2013 |
|
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 |
In Order Operating Profitability
in 2012 High Net Profitability in 2012 Low Operating Profitability in
2013 Low Net Profitability in 2013 |
|
Gap between average collection and payable periods |
Unfavorable in 2013 |
|
General Financial Position |
Passable |
|
|
Incr. in producers’ price index |
Average USD/TL |
Average EUR/TL |
Average GBP/ TL |
|
( 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 |
|
( 01.01-31.03.2012) |
0,65 % |
1,7995 |
2,3799 |
2,8402 |
|
( 2012 ) |
2,45 % |
1,7995 |
2,3265 |
2,8593 |
|
( 2013 ) |
6,97 % |
1,9179 |
2,5530 |
3,0178 |
|
( 01.01-30.04.2014) |
5,61 % |
2,1807 |
2,9954 |
3,6333 |
BALANCE SHEETS |
||||
|
|
( 31.12.2012 ) TL Thousand |
|
( 31.12.2013 ) TL Thousand |
|
|
CURRENT ASSETS |
37.055 |
0,87 |
38.337 |
0,81 |
|
Not Detailed Current Assets |
0 |
0,00 |
0 |
0,00 |
|
Cash and Banks |
2.883 |
0,07 |
986 |
0,02 |
|
Marketable Securities |
0 |
0,00 |
0 |
0,00 |
|
Account Receivable |
11.451 |
0,27 |
12.955 |
0,28 |
|
Other Receivable |
521 |
0,01 |
815 |
0,02 |
|
Inventories |
20.861 |
0,49 |
22.083 |
0,47 |
|
Advances Given |
366 |
0,01 |
84 |
0,00 |
|
Accumulated Construction Expense |
0 |
0,00 |
0 |
0,00 |
|
Other Current Assets |
973 |
0,02 |
1.414 |
0,03 |
|
NON-CURRENT ASSETS |
5.388 |
0,13 |
8.762 |
0,19 |
|
Not Detailed Non-Current Assets |
0 |
0,00 |
0 |
0,00 |
|
Long-term Receivable |
0 |
0,00 |
0 |
0,00 |
|
Financial Assets |
0 |
0,00 |
0 |
0,00 |
|
Tangible Fixed Assets (net) |
2.692 |
0,06 |
4.263 |
0,09 |
|
Intangible Assets |
2.693 |
0,06 |
4.172 |
0,09 |
|
Deferred Tax Assets |
0 |
0,00 |
0 |
0,00 |
|
Other Non-Current Assets |
3 |
0,00 |
327 |
0,01 |
|
TOTAL ASSETS |
42.443 |
1,00 |
47.099 |
1,00 |
|
CURRENT LIABILITIES |
19.587 |
0,46 |
24.765 |
0,53 |
|
Not Detailed Current Liabilities |
0 |
0,00 |
0 |
0,00 |
|
Financial Loans |
5.519 |
0,13 |
12.904 |
0,27 |
|
Accounts Payable |
10.599 |
0,25 |
9.330 |
0,20 |
|
Loans from Shareholders |
0 |
0,00 |
1.454 |
0,03 |
|
Other Short-term Payable |
235 |
0,01 |
306 |
0,01 |
|
Advances from Customers |
2.152 |
0,05 |
160 |
0,00 |
|
Accumulated Construction Income |
0 |
0,00 |
0 |
0,00 |
|
Taxes Payable |
256 |
0,01 |
198 |
0,00 |
|
Provisions |
826 |
0,02 |
413 |
0,01 |
|
Other Current Liabilities |
0 |
0,00 |
0 |
0,00 |
|
LONG-TERM LIABILITIES |
4.885 |
0,12 |
3.976 |
0,08 |
|
Not Detailed Long-term Liabilities |
0 |
0,00 |
0 |
0,00 |
|
Financial Loans |
4.885 |
0,12 |
3.976 |
0,08 |
|
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 |
0 |
0,00 |
0 |
0,00 |
|
Provisions |
0 |
0,00 |
0 |
0,00 |
|
STOCKHOLDERS' EQUITY |
17.971 |
0,42 |
18.358 |
0,39 |
|
Not Detailed Stockholders' Equity |
17.971 |
0,42 |
0 |
0,00 |
|
Paid-in Capital |
0 |
0,00 |
17.500 |
0,37 |
|
Cross Shareholding Adjustment of Capital |
0 |
0,00 |
0 |
0,00 |
|
Inflation Adjustment of Capital |
0 |
0,00 |
754 |
0,02 |
|
Equity of Consolidated Firms |
0 |
0,00 |
0 |
0,00 |
|
Reserves |
0 |
0,00 |
6.659 |
0,14 |
|
Revaluation Fund |
0 |
0,00 |
0 |
0,00 |
|
Accumulated Losses(-) |
0 |
0,00 |
-6.942 |
-0,15 |
|
Net Profit (loss) |
0 |
0,00 |
387 |
0,01 |
|
TOTAL LIABILITIES AND EQUITY |
42.443 |
1,00 |
47.099 |
1,00 |
|
REMARKS ON FINANCIAL STATEMENT |
: |
The financial statements of 2013 have not become certain yet. 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 5.586 of the other income is
due to "Profit from Foreign Currency Exchange". At the last income statement, TL thousand 2.387 of the other income is due to
"Other Extraordinary Income" .
At the last income statement TL thousand 7.105 of the other expenses
is due to "Loss from Foreign Currency Exchange" . |
INCOME STATEMENTS |
||||
|
|
(2012) TL Thousand |
|
(2013) TL Thousand |
|
|
Net Sales |
35.141 |
1,00 |
40.703 |
1,00 |
|
Cost of Goods Sold |
30.503 |
0,87 |
36.303 |
0,89 |
|
Gross Profit |
4.638 |
0,13 |
4.400 |
0,11 |
|
Operating Expenses |
2.834 |
0,08 |
4.241 |
0,10 |
|
Operating Profit |
1.804 |
0,05 |
159 |
0,00 |
|
Other Income |
4.325 |
0,12 |
8.053 |
0,20 |
|
Other Expenses |
2.866 |
0,08 |
7.347 |
0,18 |
|
Financial Expenses |
624 |
0,02 |
478 |
0,01 |
|
Minority Interests |
0 |
0,00 |
0 |
0,00 |
|
Profit (loss) of consolidated firms |
0 |
0,00 |
0 |
0,00 |
|
Profit (loss) Before Tax |
2.639 |
0,08 |
387 |
0,01 |
|
Tax Payable |
231 |
0,01 |
0 |
0,00 |
|
Postponed Tax Gain |
0 |
0,00 |
0 |
0,00 |
|
Net Profit (loss) |
2.408 |
0,07 |
387 |
0,01 |
FINANCIAL RATIOS |
||
|
|
(2012) |
(2013) |
|
LIQUIDITY RATIOS |
|
|
|
Current Ratio |
1,89 |
1,55 |
|
Acid-Test Ratio |
0,76 |
0,60 |
|
Cash Ratio |
0,15 |
0,04 |
|
ASSET STRUCTURE RATIOS |
|
|
|
Inventory/Total Assets |
0,49 |
0,47 |
|
Short-term Receivable/Total Assets |
0,28 |
0,29 |
|
Tangible Assets/Total Assets |
0,06 |
0,09 |
|
TURNOVER RATIOS |
|
|
|
Inventory Turnover |
1,46 |
1,64 |
|
Stockholders' Equity Turnover |
1,96 |
2,22 |
|
Asset Turnover |
0,83 |
0,86 |
|
FINANCIAL STRUCTURE |
|
|
|
Stockholders' Equity/Total Assets |
0,42 |
0,39 |
|
Current Liabilities/Total Assets |
0,46 |
0,53 |
|
Financial Leverage |
0,58 |
0,61 |
|
Gearing Percentage |
1,36 |
1,57 |
|
PROFITABILITY RATIOS |
|
|
|
Net Profit/Stockholders' Eq. |
0,13 |
0,02 |
|
Operating Profit Margin |
0,05 |
0,00 |
|
Net Profit Margin |
0,07 |
0,01 |
|
Interest Cover |
5,23 |
1,81 |
|
COLLECTION-PAYMENT |
|
|
|
Average Collection Period (days) |
117,31 |
114,58 |
|
Average Payable Period (days) |
125,09 |
92,52 |
|
WORKING CAPITAL |
17468,00 |
13572,00 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.58 |
|
UK Pound |
1 |
Rs.98.66 |
|
Euro |
1 |
Rs.79.81 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.