MIRA INFORM REPORT

 

 

Report No. :

340910

Report Date :

16.09.2015

 

IDENTIFICATION DETAILS

 

Name :

FERSAN TEKSTIL TICARET VE SANAYI LTD. STI.

 

 

Registered Office :

Merkez Mah. Bakircilar Sitesi Hurriyet Cad. No:12 Yakuplu Beylikduzu Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

29.11.1982

 

 

Com. Reg. No.:

191289

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacture, Dying and Trade of Knitted Fabric.  

 

 

No. of Employees :

457

 

 

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 :

Unknown

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, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Turkey

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

TURKEY - ECONOMIC OVERVIEW

 

Turkey's largely free-market economy is increasingly driven by its industry and service sectors, although its traditional agriculture sector still accounts for about 25% of employment. An aggressive privatization program has reduced state involvement in basic industry, banking, transport, and communication, and an emerging cadre of middle-class entrepreneurs is adding dynamism to the economy and expanding production beyond the traditional textiles and clothing sectors. The automotive, construction, and electronics industries are rising in importance and have surpassed textiles within Turkey's export mix.

 

Oil began to flow through the Baku-Tbilisi-Ceyhan pipeline in May 2006, marking a major milestone that has brought up to 1 million barrels per day from the Caspian region to market. Several gas pipeline projects also are moving forward to help transport Caspian gas to Europe through Turkey, which over the long term will help address Turkey's dependence on imported oil and gas, which currently meets 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. Two rating agencies upgraded Turkey's debt to investment grade in 2012 and 2013, and Turkey's public sector debt to GDP ratio fell to 33% in 2014. The stock value of Foreign Direct Investment reached nearly $195 billion at year-end 2014.

 

Despite these positive trends, GDP growth dropped to 4.4% in 2013 and 2.9% in 2014. Growth slowed considerably in the last quarter of 2014, largely due to lackluster consumer demand both domestically and in Europe, Turkey’s most important export market. High interest rates have also contributed to the slowdown in growth, as Turkey sharply increased interest rates in January 2014 in order to strengthen the country’s currency and reduce inflation. Turkey then cut rates in February 2015 in a bid to spur economic growth.

 

The Turkish economy retains significant weaknesses. Specifically, 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. Turkey also remains dependent on often volatile, short-term investment to finance its large current account deficit.

 

Source : CIA

 

 

COMPANY IDENTIFICATION

 

 

NAME

:

FERSAN TEKSTIL TICARET VE SANAYI LTD. STI.

HEAD OFFICE ADDRESS

:

Merkez Mah. Bakircilar Sitesi Hurriyet Cad. No:12 Yakuplu Beylikduzu Istanbul / Turkey

PHONE NUMBER

:

90-212-875 43 13

 

FAX NUMBER

:

90-212-875 08 38

 

WEB-ADDRESS

:

www.fersantekstil.com

E-MAIL

:

info@fersantekstil.com

 

LEGAL STATUS AND HISTORY

 

 

NOTES ON LEGAL STATUS AND HISTORY

:

The paid-in capital is declared by the subject. There is no certification for the paid-in capital.

 

 

TAX OFFICE

:

Marmara Kurumlar

TAX NO

:

3850062063

REGISTRATION NUMBER

:

191289

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

29.11.1982

ESTABLISHMENT GAZETTE DATE/NO

:

06.12.1982/642

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   25.000.000

PAID-IN CAPITAL

:

TL   25.000.000

HISTORY

:

Previous Registered Capital

:

TL 3.000.000

Changed On

:

03.09.2007 (Commercial Gazette Date /Number 06.09.2007/ 6889)

Previous Registered Capital

:

TL 10.000.000

Changed On

:

15.02.2013 (Commercial Gazette Date /Number 21.02.2013/ 8263)

Previous Shareholder

:

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

Changed On

:

28.01.2013 (Commercial Gazette Date /Number 01.02.2013/ 8249)

Merger

:

The subject took over and merged with “Sada Tekstil Sanayi ve Ticaret A.S.''

Changed On

:

15.02.2013 (Commercial Gazette Date /Number 21.02.2013/ 8263)

 

 

 

PREVIOUS SHAREHOLDERS

:

Sadik Agca

50 %

Ulvi Halim Kadioglu

50 %

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Ulvi Halim Kadioglu

24,80 %

Emin Kadioglu

24,80 %

Sadik Agca

17 %

Yavuz Agca

16,50 %

Yakup Agca

16,50 %

Ali Kadioglu

0,40 %

 

 

DIRECTORS

:

Sadik Agca                                                                                                                                                                                                                                                                                   

 

Yakup Agca                                                                                                                                                                                                                                                                                   

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Manufacture, dying and trade of knitted fabric.  

 

After the merger dated 15.02.2013, dyeing of fabric was added to its business line.

 

NACE CODE

:

DB.17.00

 

SECTOR

:

Textile

 

NUMBER OF EMPLOYEES

:

457

 

NET SALES

:

43.847.135 TL

(2009) 

44.522.012 TL

(2010) 

60.028.993 TL

(2011) 

65.439.118 TL

(2012) 

63.567 TL Thousand

(01.01-30.09.2013) 

 

 

REMARKS ON NET SALES

:

In Turkey there is no public registry on companies' financial and detailed general data. So, to collect a firm's data, an information agency has to contact the company and get its authorization. 

 

However the company strictly declines to give us an authorization to gather its fresh financial data. As the firm's shares are not open to public it is not obliged to announce its data.

 

IMPORT COUNTRIES

:

Indonesia

China

India

 

MERCHANDISE IMPORTED

:

Polyester yarn

 

EXPORT VALUE

:

1.673.788 TL

(2009)

1.510.585 TL

(2010)

3.315.873 TL

(2011)

5.546.021 TL

(2012)

4.940.751 TL

(01.01-30.09.2013)

 

 

EXPORT COUNTRIES

:

Greece

Serbia

Croatia

Slovenia

Russia

Bulgaria

Italy

Moldova

Egypt

Turkmenistan

Belarus

Czech Republic

Romania

Albania

Portugal

Spain

Sweden

Free Zone

 

MERCHANDISE  EXPORTED

:

Knitted fabric

 

 

HEAD OFFICE ADDRESS

:

Merkez Mah. Bakircilar Sitesi Hurriyet Cad. No:12 Yakuplu Beylikduzu  Istanbul / Turkey ( rented ) (6.000 sqm)

 

BRANCHES

:

Factory  :  Haci Seremet Mevkii Velimese Organize Sanayi Bolgesi 311 Ada 1 Parsel Corlu Tekirdag/Turkey (rented) (5.916 sqm)

 

Factory  :  Haci Seremet Mevkii Velimese Organize Sanayi Bolgesi 311 Ada 2 Parsel Corlu Tekirdag/Turkey     

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2012. There appears an upwards trend in  1.1 - 30.9.2013.

SIZE OF BUSINESS

:

Large

 

FINANCE

 

 

MAIN DEALING BANKS

:

Albaraka Turk Katilim Bankasi Beylikduzu Branch

Garanti Bankasi Beylikduzu Branch

Yapi ve Kredi Bankasi Avcilar E5 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

(2010) TL

(2011) TL

(2012) TL

(01.01-30.09.2013) TL Thousand

Net Sales

43.847.135

44.522.012

60.028.993

65.439.118

63.567

Profit (Loss) Before Tax

12.766.430

7.617.345

10.867.667

11.592.489

10.089

Stockholders' Equity

24.101.064

30.186.275

39.704.007

48.917.615

 

Total Assets

33.629.747

37.346.566

46.602.145

65.641.082

 

Current Assets

24.506.351

28.066.041

37.115.243

49.476.949

 

Non-Current Assets

9.123.396

9.280.525

9.486.902

16.164.133

 

Current Liabilities

9.528.683

2.205.864

3.376.581

12.845.772

 

Long-Term Liabilities

0

4.954.427

3.521.557

3.877.695

 

Gross Profit (loss)

14.965.925

9.174.388

13.269.872

13.249.851

13.506

Operating Profit (loss)

14.225.758

8.017.075

12.086.637

11.857.150

11.191

Net Profit (loss)

10.188.346

6.085.211

8.653.223

9.213.608

10.089

 

 

COMMENT ON FINANCIAL POSITION

 

General Financial Position

General financial position is undetermined the firm declines to give us an authorization to gather its financial data. As the shares of the firm are not open to public, it is not obliged to announce its data.

 

CREDIT OPINION WITHOUT OBLIGATION

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 01.01-31.08.2015)

6,19 %

2,6233

2,9381

4,0377

 

BALANCE SHEETS

 

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL

 

 

 

CURRENT ASSETS

24.506.351

0,73

28.066.041

0,75

37.115.243

0,80

49.476.949

0,75

 

 

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Cash and Banks

10.531.890

0,31

11.095.769

0,30

1.243.505

0,03

1.957.592

0,03

 

 

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Account Receivable

10.739.138

0,32

10.136.282

0,27

28.552.241

0,61

34.764.424

0,53

 

 

Other Receivable

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Inventories

2.506.965

0,07

5.516.079

0,15

5.623.053

0,12

10.151.245

0,15

 

 

Advances Given

44.198

0,00

161.690

0,00

218.186

0,00

216.801

0,00

 

 

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Other Current Assets

684.160

0,02

1.156.221

0,03

1.478.258

0,03

2.386.887

0,04

 

 

NON-CURRENT ASSETS

9.123.396

0,27

9.280.525

0,25

9.486.902

0,20

16.164.133

0,25

 

 

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)

8.746.095

0,26

8.953.189

0,24

9.216.567

0,20

15.973.973

0,24

 

 

Intangible Assets

342.477

0,01

288.572

0,01

232.337

0,00

190.160

0,00

 

 

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Other Non-Current Assets

34.824

0,00

38.764

0,00

37.998

0,00

0

0,00

 

 

TOTAL ASSETS

33.629.747

1,00

37.346.566

1,00

46.602.145

1,00

65.641.082

1,00

 

 

CURRENT LIABILITIES

9.528.683

0,28

2.205.864

0,06

3.376.581

0,07

12.845.772

0,20

 

 

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Financial Loans

6.838.353

0,20

100

0,00

0

0,00

3.890.312

0,06

 

 

Accounts Payable

476.952

0,01

1.683.527

0,05

2.700.015

0,06

7.986.236

0,12

 

 

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Other Short-term Payable

63.868

0,00

71.972

0,00

81.270

0,00

180.947

0,00

 

 

Advances from Customers

1.524.034

0,05

0

0,00

0

0,00

0

0,00

 

 

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Taxes Payable

624.776

0,02

448.107

0,01

541.429

0,01

783.559

0,01

 

 

Provisions

700

0,00

2.158

0,00

53.867

0,00

4.718

0,00

 

 

Other Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

LONG-TERM LIABILITIES

0

0,00

4.954.427

0,13

3.521.557

0,08

3.877.695

0,06

 

 

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Financial Loans

0

0,00

3.392.912

0,09

2.204.795

0,05

0

0,00

 

 

Securities Issued

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Long-term Payable

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

 

 

Other Long-term Liabilities

0

0,00

1.561.515

0,04

1.316.762

0,03

3.877.695

0,06

 

 

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

 

 

STOCKHOLDERS' EQUITY

24.101.064

0,72

30.186.275

0,81

39.704.007

0,85

48.917.615

0,75

 

 

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Paid-in Capital

9.135.492

0,27

9.135.492

0,24

10.000.000

0,21

10.000.000

0,15

 

 

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

4.777.226

0,14

14.965.572

0,40

21.050.784

0,45

29.704.007

0,45

 

 

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)

10.188.346

0,30

6.085.211

0,16

8.653.223

0,19

9.213.608

0,14

 

 

TOTAL LIABILITIES AND EQUITY

33.629.747

1,00

37.346.566

1,00

46.602.145

1,00

65.641.082

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 1.833.521 is "Doubtful Trade Receivables" and -TL 1.833.521 is "Provision for Doubtful Trade Receivables" at the last balance sheet.

 

TL 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 1.266 of the other income is due to "Profit from Foreign Currency Exchange".                                                                                                 

 

 At the last income statement TL thousand 2.250 of the other expenses is due to "Loss from Foreign Currency Exchange".

 

INCOME STATEMENTS

 

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

(2012) TL

 

(01.01-30.09.2013) TL Thousand

 

Net Sales

43.847.135

1,00

44.522.012

1,00

60.028.993

1,00

65.439.118

1,00

63.567

1,00

Cost of Goods Sold

28.881.210

0,66

35.347.624

0,79

46.759.121

0,78

52.189.267

0,80

50.061

0,79

Gross Profit

14.965.925

0,34

9.174.388

0,21

13.269.872

0,22

13.249.851

0,20

13.506

0,21

Operating Expenses

740.167

0,02

1.157.313

0,03

1.183.235

0,02

1.392.701

0,02

2.315

0,04

Operating Profit

14.225.758

0,32

8.017.075

0,18

12.086.637

0,20

11.857.150

0,18

11.191

0,18

Other Income

1.237.835

0,03

1.197.795

0,03

1.302.250

0,02

1.544.097

0,02

2.069

0,03

Other Expenses

2.098.579

0,05

1.272.662

0,03

2.238.644

0,04

1.446.838

0,02

3.054

0,05

Financial Expenses

598.584

0,01

324.863

0,01

282.576

0,00

361.920

0,01

117

0,00

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

12.766.430

0,29

7.617.345

0,17

10.867.667

0,18

11.592.489

0,18

10.089

0,16

Tax Payable

2.578.084

0,06

1.532.134

0,03

2.214.444

0,04

2.378.881

0,04

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

10.188.346

0,23

6.085.211

0,14

8.653.223

0,14

9.213.608

0,14

10.089

0,16

 

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

(2011)

(2012)

 

LIQUIDITY RATIOS

 

 

Current Ratio

2,57

12,72

10,99

3,85

 

Acid-Test Ratio

2,23

9,63

8,82

2,86

 

Cash Ratio

1,11

5,03

0,37

0,15

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,07

0,15

0,12

0,15

 

Short-term Receivable/Total Assets

0,32

0,27

0,61

0,53

 

Tangible Assets/Total Assets

0,26

0,24

0,20

0,24

 

TURNOVER RATIOS

 

 

Inventory Turnover

11,52

6,41

8,32

5,14

 

Stockholders' Equity Turnover

1,82

1,47

1,51

1,34

 

Asset Turnover

1,30

1,19

1,29

1,00

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,72

0,81

0,85

0,75

 

Current Liabilities/Total Assets

0,28

0,06

0,07

0,20

 

Financial Leverage

0,28

0,19

0,15

0,25

 

Gearing Percentage

0,40

0,24

0,17

0,34

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,42

0,20

0,22

0,19

 

Operating Profit Margin

0,32

0,18

0,20

0,18

 

Net Profit Margin

0,23

0,14

0,14

0,14

 

Interest Cover

22,33

24,45

39,46

33,03

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

88,17

81,96

171,23

191,25

 

Average Payable Period (days)

5,95

17,15

20,79

55,09

 

WORKING CAPITAL

14977668,00

25860177,00

33738662,00

36631177,00

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.44

UK Pound

1

Rs.102.41

Euro

1

Rs.75.05

 

 

INFORMATION DETAILS

 

Analysis Done by :

TRI

 

 

Report Prepared by :

TPT

 

               

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

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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.