MIRA INFORM REPORT

 

 

Report Date :

31.05.2014

 

IDENTIFICATION DETAILS

 

Name :

ORJINAL TEKSTIL GIDA SANAYI VE TICARET LTD. STI.

 

 

Registered Office :

2. Organize Sanayi Bolgesi Sani Konukoglu Bulvari 83211 Nolu Cad. No:22 Sehitkamil Gaziantep

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

21.04.2004

 

 

Com. Reg. No.:

25794

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacture and trade of polyester yarn and machine-made carpet, also trade of construction Mould.

 

 

No of Employees :

70

 

 

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

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately  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

:

ORJINAL TEKSTIL GIDA SANAYI VE TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

2. Organize Sanayi Bolgesi Sani Konukoglu Bulvari 83211 Nolu Cad. No:22 Sehitkamil Gaziantep / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The address was changed from "11 Nolu Cad. No:3" to "83211 Nolu Cad. No:22" by the municipality.

PHONE NUMBER

:

90-342-337 46 17-18

 

FAX NUMBER

:

90-342-337 46 19

 

WEB-ADDRESS

:

www.orjinaltekstil.com

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Gazikent

TAX NO

:

6470255272

REGISTRATION NUMBER

:

25794

REGISTERED OFFICE

:

Gaziantep Chamber of Commerce

DATE ESTABLISHED

:

21.04.2004

ESTABLISHMENT GAZETTE DATE/NO

:

10.05.2004/6046

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   5.000.000

PAID-IN CAPITAL

:

TL   5.000.000

 

HISTORY

:

Previous Registered Capital

:

TL 990.000

Changed On

:

20.09.2007 (Commercial Gazette Date /Number 26.09.2007/ 6903)

Previous Registered Capital

:

TL 3.000.000

Changed On

:

21.12.2011 (Commercial Gazette Date /Number 02.01.2012/ 7974)

Previous Registered Capital

:

TL 3.760.000

Changed On

:

20.12.2013 (Commercial Gazette Date /Number 31.12.2013/ 8476)

Previous Address

:

2.Organize Sanayi Bolgesi Bati 3. Cadde No:3 Sehitkamil Gaziantep

Changed On

:

01.12.2008 (Commercial Gazette Date /Number 31.12.2008/ 7218)

Previous Shareholder

:

Please vide Previous Shareholders section for the former shareholders' names.

Changed On

:

04.05.2011 (Commercial Gazette Date /Number 17.05.2011/ 7817)

 

 

 

PREVIOUS SHAREHOLDERS

:

Dogan Cil

33,33 %

Abdullah Ozsever

33,33 %

Kamil Orkun Findik

33,33 %

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Dogan Cil

50 %

Abdullah Ozsever

50 %

 

 

SISTER COMPANIES

:

FORMAT TEKSTIL SANAYI VE TICARET LTD. STI.

 

UNALDI TEKSTIL BOYA SANAYI VE TICARET A.S.

 

DIRECTORS

:

Abdullah Ozsever                                                                                                                                                                                                                                                                                   

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of polyester yarn and machine-made carpet, also trade of construction mould.  

NACE CODE

:

DG.24.70

 

NUMBER OF EMPLOYEES

:

70

 

 

NET SALES

:

13.160.832 TL

(2007) 

23.655.930 TL

(2008) 

20.052.626 TL

(2009) 

20.694.650 TL

(2010) 

37.490.972 TL

(2011) 

35.473.316 TL

(2012) 

58.532 TL Thousand

(2013) 

17.194 TL Thousand

(01.01-31.03.2014) 

 

 

CAPACITY

:

Polyester yarn 

( kgs/yr)

 

 

 

506.880

 

 

(2010)

506.880

 

 

(2011)

506.880

 

 

(2012)

506.880

 

 

(2013)

 

 

 

 

IMPORT VALUE

:

6.827.000 USD + 164.000 EUR

(2010)

14.422.000 USD + 1.120.000 EUR

(2011)

 

 

IMPORT COUNTRIES

:

India

China

Indonesia

Malaysia

U.K.

Egypt

Brazil

Russia

 

MERCHANDISE IMPORTED

:

Construction mould

Polyester yarn

 

EXPORT VALUE

:

10.359.356 TL

(2009)

10.425.052 TL

(2010)

5.060.000 TL + 247.000 EUR + 7.979.000 USD

(2011)

20.099.430 TL

(2012)

31.123.957 TL

(2013)

6.674.654 TL

(01.01-31.03.2014)

 

 

EXPORT COUNTRIES

:

Macedonia Republic

Free Zone

Saudi Arabia

Canada

 

MERCHANDISE  EXPORTED

:

Polyester yarn

 

HEAD OFFICE ADDRESS

:

2. Organize Sanayi Bolgesi Sani Konukoglu Bulvari 83211 Nolu Cad. No:22 Sehitkamil  Gaziantep / Turkey ( owned )

 

BRANCHES

:

Head Office/Production Plant  :  2. Organize Sanayi Bolgesi Sani Konukoglu Bulvari 83211 Nolu Cad. No:22 Sehitkamil Gaziantep/Turkey (owned) (8.000 sqm)

           

 

TREND OF BUSINESS

:

There was an upwards trend in  2013.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Albaraka Turk Katilim Bankasi Gaziantep Branch

Alternatifbank Gaziantep Branch

Asya Katilim Bankasi Gaziantep Branch

Denizbank Gaziantep Branch

Kuveyt Turk Katilim Bankasi Karagoz Branch

T. Finans Katilim Bankasi Gaziantep Branch

T. Is Bankasi Gaziantep Ticari Branch

T. Vakiflar Bankasi Binevler Branch

Turk Ekonomi Bankasi Gaziantep Branch

Yapi ve Kredi Bankasi Gaziantep 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

20.694.650

37.490.972

35.473.316

58.532

17.194

Profit (Loss) Before Tax

371.583

283.044

147.241

202

125

Stockholders' Equity

4.029.422

3.968.513

3.950.311

5.248

 

Total Assets

16.249.029

23.742.233

28.556.947

53.693

 

Current Assets

14.230.380

21.232.946

22.276.048

44.707

 

Non-Current Assets

2.018.649

2.509.287

6.280.899

8.986

 

Current Liabilities

11.729.755

19.563.638

18.090.355

44.143

 

Long-Term Liabilities

489.852

210.082

6.516.281

4.302

 

Gross Profit (loss)

1.156.474

2.014.001

2.595.526

4.311

1.149

Operating Profit (loss)

824.379

1.628.266

2.111.308

3.462

959

Net Profit (loss)

295.925

141.496

102.768

155

125

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Low As of 31.12.2013

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 2010

Low Net Profitability  in 2010

In Order Operating Profitability  in 2011

Low Net Profitability  in 2011

Good Operating Profitability  in 2012

Low Net Profitability  in 2012

Good Operating Profitability  in 2013

Low Net Profitability  in 2013

Good Operating Profitability (01.01-31.03.2014)

Low Net Profitability (01.01-31.03.2014)

 

Gap between average collection and payable periods

Unfavorable in 2013

General Financial Position

Unsatisfactory

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 

BALANCE SHEETS

 

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL

 

 ( 31.12.2013 )  TL Thousand

 

CURRENT ASSETS

14.230.380

0,88

21.232.946

0,89

22.276.048

0,78

44.707

0,83

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

6.622.510

0,41

393.396

0,02

1.123.346

0,04

416

0,01

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

4.230.742

0,26

17.896.436

0,75

17.642.639

0,62

36.132

0,67

Other Receivable

200.186

0,01

710.370

0,03

124.770

0,00

768

0,01

Inventories

1.288.937

0,08

762.293

0,03

1.326.371

0,05

5.221

0,10

Advances Given

1.565.623

0,10

1.334.263

0,06

1.651.015

0,06

1.749

0,03

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

322.382

0,02

136.188

0,01

407.907

0,01

421

0,01

NON-CURRENT ASSETS

2.018.649

0,12

2.509.287

0,11

6.280.899

0,22

8.986

0,17

Not Detailed Non-Current Assets

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

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

2.013.461

0,12

2.468.352

0,10

2.857.571

0,10

4.432

0,08

Intangible Assets

848

0,00

0

0,00

3.423.328

0,12

4.517

0,08

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

4.340

0,00

40.935

0,00

0

0,00

37

0,00

TOTAL ASSETS

16.249.029

1,00

23.742.233

1,00

28.556.947

1,00

53.693

1,00

CURRENT LIABILITIES

11.729.755

0,72

19.563.638

0,82

18.090.355

0,63

44.143

0,82

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

5.326.770

0,33

14.479.428

0,61

13.066.221

0,46

36.021

0,67

Accounts Payable

6.264.899

0,39

4.849.088

0,20

4.584.499

0,16

6.480

0,12

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

Other Short-term Payable

52.989

0,00

56.274

0,00

67.404

0,00

145

0,00

Advances from Customers

36.447

0,00

52.333

0,00

309.978

0,01

1.406

0,03

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

7.076

0,00

49.096

0,00

35.086

0,00

45

0,00

Provisions

26.716

0,00

49.484

0,00

0

0,00

0

0,00

Other Current Liabilities

14.858

0,00

27.935

0,00

27.167

0,00

46

0,00

LONG-TERM LIABILITIES

489.852

0,03

210.082

0,01

6.516.281

0,23

4.302

0,08

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

489.852

0,03

210.082

0,01

3.930.606

0,14

4.302

0,08

Securities Issued

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

2.585.675

0,09

0

0,00

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

4.029.422

0,25

3.968.513

0,17

3.950.311

0,14

5.248

0,10

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

3.000.000

0,18

3.760.000

0,16

3.760.000

0,13

5.000

0,09

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

733.497

0,05

67.017

0,00

87.543

0,00

93

0,00

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

295.925

0,02

141.496

0,01

102.768

0,00

155

0,00

TOTAL LIABILITIES AND EQUITY

16.249.029

1,00

23.742.233

1,00

28.556.947

1,00

53.693

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.                 

In the sub-items of "Account Receivable", TL thousand 332 is "Doubtful Trade Receivables" and -TL thousand 187 is "Provision for Doubtful Trade Receivables" at the last balance sheet.                                                                                                                                                                       

The details of "Other Receivable" figure at the last balance sheet (TL Thousand): Due From Shareholders:0,Due From Participations:0,Due From Affiliated Companies:0,Due From Personnel:0,Other Miscellaneous Receivables:768,Other Receivable Total:768 

 

TL thousand 0 of "Tax Payable" is due to "Overdue, Delayed or Deferred Tax by Installments and Other Liabilities" at the last balance sheet.     

 

At the last income statement TL thousand 753 of the other income is due to "Profit from Foreign Currency Exchange".                                                                                                     

At the last income statement TL thousand 1.268 of the other expenses is due to "Loss from Foreign Currency Exchange"                                                                   

INCOME STATEMENTS

 

 

(2010) TL

 

(2011) TL

 

(2012) TL

 

(2013) TL Thousand

 

(01.01-31.03.2014) TL Thousand

 

Net Sales

20.694.650

1,00

37.490.972

1,00

35.473.316

1,00

58.532

1,00

17.194

1,00

Cost of Goods Sold

19.538.176

0,94

35.476.971

0,95

32.877.790

0,93

54.221

0,93

16.045

0,93

Gross Profit

1.156.474

0,06

2.014.001

0,05

2.595.526

0,07

4.311

0,07

1.149

0,07

Operating Expenses

332.095

0,02

385.735

0,01

484.218

0,01

849

0,01

190

0,01

Operating Profit

824.379

0,04

1.628.266

0,04

2.111.308

0,06

3.462

0,06

959

0,06

Other Income

567.754

0,03

2.459.383

0,07

1.817.317

0,05

3.703

0,06

765

0,04

Other Expenses

723.572

0,03

3.213.936

0,09

2.639.428

0,07

5.596

0,10

1.269

0,07

Financial Expenses

296.978

0,01

590.669

0,02

1.141.956

0,03

1.367

0,02

330

0,02

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

371.583

0,02

283.044

0,01

147.241

0,00

202

0,00

125

0,01

Tax Payable

75.658

0,00

141.548

0,00

44.473

0,00

47

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

295.925

0,01

141.496

0,00

102.768

0,00

155

0,00

125

0,01

 

 

FINANCIAL RATIOS

 

 

(2010)

(2011)

(2012)

(2013)

 

LIQUIDITY RATIOS

 

 

Current Ratio

1,21

1,09

1,23

1,01

 

Acid-Test Ratio

0,94

0,97

1,04

0,85

 

Cash Ratio

0,56

0,02

0,06

0,01

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,08

0,03

0,05

0,10

 

Short-term Receivable/Total Assets

0,27

0,78

0,62

0,69

 

Tangible Assets/Total Assets

0,12

0,10

0,10

0,08

 

TURNOVER RATIOS

 

 

Inventory Turnover

15,16

46,54

24,79

10,39

 

Stockholders' Equity Turnover

5,14

9,45

8,98

11,15

 

Asset Turnover

1,27

1,58

1,24

1,09

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,25

0,17

0,14

0,10

 

Current Liabilities/Total Assets

0,72

0,82

0,63

0,82

 

Financial Leverage

0,75

0,83

0,86

0,90

 

Gearing Percentage

3,03

4,98

6,23

9,23

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,07

0,04

0,03

0,03

 

Operating Profit Margin

0,04

0,04

0,06

0,06

 

Net Profit Margin

0,01

0,00

0,00

0,00

 

Interest Cover

2,25

1,48

1,13

1,15

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

73,60

171,85

179,05

222,23

 

Average Payable Period (days)

115,43

49,21

78,51

43,02

 

WORKING CAPITAL

2500625,00

1669308,00

4185693,00

564,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.59.03

UK Pound

1

Rs.98.91

Euro

1

Rs.80.33

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

SHG

 

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

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NB

                                       New Business

 

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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.