MIRA
INFORM REPORT
|
Report Date : |
17.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
GOKCELIK MARKET VE MAGAZA DONANIMLARI DIS TICARET LTD.STI. |
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|
|
|
Registered Office : |
Nilufer Organize Sanayi Bolgesi Nilufer Bulvari No:128 Nilufer-Bursa |
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Country : |
Turkey |
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|
Financials (as on) : |
31.12.2006 |
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|
Date of Incorporation : |
2002 |
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Com. Reg. No.: |
52081 |
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|
Legal Form : |
Limited Company |
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|
Line of Business : |
Trade of racks and warehousing systems of supermarkets |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
Status : |
Small Company |
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|
|
|
Payment Behaviour : |
Slow but correct |
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|
|
|
Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
GOKCELIK MARKET VE MAGAZA DONANIMLARI DIS TICARET LTD.STI. |
|
ADDRESS |
: |
Head Office: Nilufer Organize Sanayi
Bolgesi Nilufer Bulvari No:128 Nilufer-Bursa / Turkey |
|
PHONE NUMBER |
: |
90-224-411 20 00 |
|
FAX NUMBER |
: |
90-224-411 20 05 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Nilufer / 0800192004 |
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|
|
REGISTRATION NUMBER |
: |
52081 |
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|
|
REGISTERED OFFICE |
: |
Bursa Chamber of Commerce and Industry |
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|
DATE ESTABLISHED |
: |
2002 (Commercial Registry Gazette
Date/No:24.04.2002/5533) |
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LEGAL FORM |
: |
Limited Company |
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|
TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
YTL 50,000 |
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|
|
PAID-IN CAPITAL |
: |
YTL 50,000 |
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|
|
HISTORY |
: |
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|
Previous Name |
:Armetal Pazarlama Ticaret Ltd.Sti. |
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Name Changed On |
: 24.09.2004 (Commercial Registry Gazette
Date/No: 30.09.2004/6147) |
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Previous Address |
: Gazcilar Cad. No:97 Bursa |
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Address Changed On |
: 08.07.2004 (Commercial Registry Gazette
Date/No: 16.07.2004/6094) |
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OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Yalcin Aras Mehtap Aras |
80 % 20 % |
|
SISTER COMPANIES |
: |
Declared to be: Gokcelik Celik Esya Sanayi ve Ticaret Ltd.Sti. |
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GROUP PARENT COMPANY |
: |
None |
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|
SUBSIDIARIES |
: |
None |
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|
DIRECTORS |
: |
Yalcin Aras Mehtap Aras |
|
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Trade of racks and warehousing systems of
supermarkets |
|
|
SECTOR |
: |
Commerce |
|
|
NUMBER OF
EMPLOYEES |
: |
8 |
|
|
NET SALES |
: |
(YTL) 108,068 104,450 1,299,767 878,424 2,291,453 |
(2003) (2004) (2005) (2006) (01.01-30.09.2007) |
|
CAPACITY |
: |
None |
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|
PRODUCTION |
: |
None |
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|
IMPORT |
: |
None |
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|
EXPORT VALUE |
: |
None YTL 70,450 YTL 1,288,000 YTL 878,424 YTL 2,280,000 |
(2003) (2004) (2005) (2006) (01.01-30.09.2007) |
|
EXPORT COUNTRIES |
: |
Kuwait, Hungary, Greece, Moldavia,
Romania… |
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|
MERCHANDISE
EXPORTED |
: |
Racks and warehousing systems of supermarkets
|
|
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PREMISES |
: |
Head Office: Nilufer Organize Sanayi
Bolgesi Nilufer Bulvari No:128 Nilufer-Bursa (rented) |
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|
FIXED CAPITAL
INVESTMENTS |
: |
None |
|
TREND OF BUSINESS : Fluctuating
COMMERCIAL MORALITY : Satisfactory
SIZE OF BUSINESS : Small
FINANCE
|
MAIN DEALING BANKERS |
: |
Oyakbank Heykel branch in Bursa Yapi ve Kredi Bankasi Nilufer branch in
Bursa |
|
CREDIT FACILITIES |
: |
No credit facility has come to our
knowledge. |
|
PAYMENT BEHAVIOUR |
: |
According to the official
registries since its establishment in 2002 until 15.10.2007, there are 2
non-paid cheques in 2003 registered in the name of the subject. However 1 of
the cheques was paid later on and no payment delays have been registered in
the former name (Armetal Pazarlama) or current name (Gokcelik Market ) of the
firm since then. |
COMMENT ON FINANCIAL POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
||
|
The firm had negative stockholders’ equity
as of 31.12.2006. |
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LIQUIDITY |
||
|
Low |
As of 31.12.2006 |
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|
PROFITABILITY |
||
|
The firm had operating and net losses in
2005 and 2006. Profitability was in order between 01.01.-30.09.2007. |
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|
GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
||
|
Favorable |
In 2006 |
|
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GENERAL
FINANCIAL POSITION |
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|
Poor |
||
CREDIT OPINION
|
|
Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(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 |
|
(1.1.-30.09.2007) |
4.98 % |
1.3447 |
1.8084 |
2.6720 |
|
(1.1.-30.11.2007) |
5.78 % |
1.3190 |
1.7961 |
2.6363 |
|
BALANCE SHEETS |
|||||||||
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
31.12.05 |
|
|
|
31.12.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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CURRENT ASSETS |
201.794 |
|
0,77 |
|
302.258 |
|
0,89 |
|
|
|
Cash and
Banks |
22.526 |
|
0,09 |
|
8.366 |
|
0,02 |
|
|
|
Marketable Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account
Receivable |
149.514 |
|
0,57 |
|
233.806 |
|
0,69 |
|
|
|
Other
Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Inventories |
26.291 |
|
0,10 |
|
55.890 |
|
0,16 |
|
|
|
Advances
Given |
64 |
|
0,00 |
|
64 |
|
0,00 |
|
|
|
Other
Current Assets |
3.399 |
|
0,01 |
|
4.132 |
|
0,01 |
|
|
|
|
|
|
|
|
|
|
|
|
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|
NON-CURRENT ASSETS |
60.851 |
|
0,23 |
|
38.366 |
|
0,11 |
|
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|
Long-term
Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Financial
Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Tangible
Fixed Assets (net) |
59.103 |
|
0,23 |
|
36.937 |
|
0,11 |
|
|
|
Intangible Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Non-Current Assets |
1.748 |
|
0,01 |
|
1.429 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
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TOTAL ASSETS |
262.645 |
|
1,00 |
|
340.624 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
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|
CURRENT LIABILITIES |
468.524 |
|
1,78 |
|
575.172 |
|
1,69 |
|
|
|
Financial
Loans |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accounts
Payable |
341.119 |
|
1,30 |
|
535.808 |
|
1,57 |
|
|
|
Loans from
Shareholders |
120.704 |
|
0,46 |
|
0 |
|
0,00 |
|
|
|
Other
Short-term Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Advances
from Customers |
0 |
|
0,00 |
|
33.088 |
|
0,10 |
|
|
|
Taxes
Payable |
3.596 |
|
0,01 |
|
4.272 |
|
0,01 |
|
|
|
Provisions |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Current Liabilities |
3.105 |
|
0,01 |
|
2.004 |
|
0,01 |
|
|
|
|
|
|
|
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|
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|
LONG-TERM LIABILITIES |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
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|
Financial
Loans |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
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|
STOCKHOLDERS' EQUITY |
-205.879 |
|
-0,78 |
|
-234.548 |
|
-0,69 |
|
|
|
Paid-in
Capital |
50.000 |
|
0,19 |
|
50.000 |
|
0,15 |
|
|
|
Inflation
Adjustment of Capital |
21.379 |
|
0,08 |
|
21.379 |
|
0,06 |
|
|
|
Reserves |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accumulated
Losses(-) |
-145.118 |
|
-0,55 |
|
-277.258 |
|
-0,81 |
|
|
|
Net
Profit (loss) |
-132.140 |
|
-0,50 |
|
-28.669 |
|
-0,08 |
|
|
|
|
|
|
|
|
|
|
|
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|
TOTAL LIABILITIES AND EQUITY |
262.645 |
|
1,00 |
|
340.624 |
|
1,00 |
|
|
|
INCOME STATEMENTS |
||||||||||||
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
1.1.-30.09.2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
1.299.767 |
|
1,00 |
|
878.424 |
|
1,00 |
|
2.291.453 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
1.208.531 |
|
0,93 |
|
795.736 |
|
0,91 |
|
2.072.175 |
|
0,90 |
|
|
|
Gross Profit |
91.236 |
|
0,07 |
|
82.688 |
|
0,09 |
|
219.278 |
|
0,10 |
|
|
|
Operating
Expenses |
223.450 |
|
0,17 |
|
121.884 |
|
0,14 |
|
130.993 |
|
0,06 |
|
|
|
Operating Profit |
-132.214 |
|
-0,10 |
|
-39.196 |
|
-0,04 |
|
88.285 |
|
0,04 |
|
|
|
Other
Income |
5.243 |
|
0,00 |
|
16.195 |
|
0,02 |
|
18.170 |
|
0,01 |
|
|
|
Other
Expenses |
1.352 |
|
0,00 |
|
1.711 |
|
0,00 |
|
12.229 |
|
0,01 |
|
|
|
Financial
Expenses |
3.817 |
|
0,00 |
|
3.957 |
|
0,00 |
|
4.102 |
|
0,00 |
|
|
|
Profit (loss) Before Tax |
-132.140 |
|
-0,10 |
|
-28.669 |
|
-0,03 |
|
90.124 |
|
0,04 |
|
|
|
Tax
Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
-132.140 |
|
-0,10 |
|
-28.669 |
|
-0,03 |
|
90.124 |
|
0,04 |
|
|
|
FINANCIAL RATIOS |
||||||||||||
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|
2005 |
|
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|
2006 |
|
|
|
1.1.-30.09.2007 |
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|
LIQUIDITY RATIOS |
|
|
|
|
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|
|
|
|
|
|
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|
Current Ratio |
0,43 |
|
|
|
0,53 |
|
|
|
-- |
|
|
|
|
|
Acid-Test Ratio |
0,37 |
|
|
|
0,42 |
|
|
|
-- |
|
|
|
|
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|
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ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,10 |
|
|
|
0,16 |
|
|
|
-- |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,57 |
|
|
|
0,69 |
|
|
|
-- |
|
|
|
|
|
Tangible Assets/Total Assets |
0,23 |
|
|
|
0,11 |
|
|
|
-- |
|
|
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|
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TURNOVER RATIOS |
|
|
|
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|
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|
Inventory Turnover |
45,97 |
|
|
|
14,24 |
|
|
|
-- |
|
|
|
|
|
Stockholders' Equity Turnover |
-6,31 |
|
|
|
-3,75 |
|
|
|
-- |
|
|
|
|
|
Asset Turnover |
4,95 |
|
|
|
2,58 |
|
|
|
-- |
|
|
|
|
|
|
|
|
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|
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|
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|
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|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
-0,78 |
|
|
|
-0,69 |
|
|
|
-- |
|
|
|
|
|
Current Liabilities/Total Assets |
1,78 |
|
|
|
1,69 |
|
|
|
-- |
|
|
|
|
|
Financial Leverage |
1,78 |
|
|
|
1,69 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
PROFITABILITY RATIOS |
|
|
|
|
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|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
0,64 |
|
|
|
0,12 |
|
|
|
-- |
|
|
|
|
|
Operating Profit Margin |
-0,10 |
|
|
|
-0,04 |
|
|
|
0,04 |
|
|
|
|
|
Net Profit Margin |
-0,10 |
|
|
|
-0,03 |
|
|
|
0,04 |
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
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|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
41,41 |
|
|
|
95,82 |
|
|
|
-- |
|
|
|
|
|
Average Payable Period (days) |
101,61 |
|
|
|
242,41 |
|
|
|
-- |
|
|
|
|
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|
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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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)