MIRA
INFORM REPORT
|
Report Date : |
17.10.2007 |
IDENTIFICATION DETAILS
|
Name : |
GOLDMEN DERI VE TEKSTIL SANAYI TICARET LTD. STI. |
|
|
|
|
Registered Office : |
Koska Cad. No:17/A Laleli-Eminonu-Istanbul |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
25.02.1987 |
|
|
|
|
Com. Reg. No.: |
231752 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Manufacture and trade of women ready-wear |
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 |
COMPANY
IDENTIFICATION
|
NAME |
: |
GOLDMEN DERI VE TEKSTIL SANAYI TICARET LTD. STI. |
|
ADDRESS |
: |
Head Office & Store: Koska Cad.
No:17/A Laleli-Eminonu-Istanbul/Turkey Production Plant: Park Sok. No:11
Caglayan-Istanbul/Turkey |
|
PHONE NUMBER |
: |
90-212-219 92 53 (pbx) |
|
FAX NUMBER |
: |
90-212-219 92 56 |
LEGAL STATUS AND
HISTORY
|
TAX NO |
: |
3960056271 |
|
|
|
REGISTRATION NUMBER |
: |
231752 |
|
|
|
REGISTERED OFFICE |
: |
|
|
|
|
DATE ESTABLISHED |
: |
25.02.1987 (Commercial Registry Gazette
Date/No:03.03.1987/1715) |
|
|
|
LEGAL FORM |
: |
Limited Company |
|
|
|
TYPE OF COMPANY |
: |
Private |
|
|
|
REGISTERED CAPITAL |
: |
YTL 1,000,000 |
|
|
|
PAID-IN CAPITAL |
: |
YTL 1,000,000 |
|
|
|
HISTORY |
: |
|
|
|
|
|
|
Previous
Registered Capital |
:YTL 5,000 |
|
|
|
|
Regist. Capital Changed on |
: 27.07.2004(Commercial Registry Gazette
Date/No: 30.07.2004/6104) |
|
OWNERSHIP /
MANAGEMENT
|
SHAREHOLDERS |
: |
Tarik Durucan Sevim Durucan Sahin Ildeniz |
75 % 20 % 4 % 1 % |
|
SISTER COMPANIES |
: |
-Ekim Turizm Ins. Gida Sanayi ve Ticaret
Ltd. Sti. -Sim Turizm Ins. Sanayi ve Ticaret A.S. |
|
|
GROUP PARENT COMPANY |
: |
None |
|
|
SUBSIDIARIES |
: |
None |
|
|
DIRECTORS |
: |
Tarik Durucan Sahin Ildeniz |
General Manager Deputy General Manager Deputy General Manager |
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Manufacture and trade of women ready-wear |
|
|
SECTOR |
: |
Ready-wear |
|
|
TRADEMARK(S) |
: |
“diMare” |
|
|
NUMBER OF
EMPLOYEES |
: |
64 |
|
|
NET SALES |
: |
(YTL) 956,411 801,997 345,561 |
(2005) (2006) (1.1.-30.06.2007) |
|
CAPACITY |
: |
(Units/Yr) 85,500 85,500 85,500 |
(2005) (2006) (2007) |
|
PRODUCTION |
: |
(Units) 145,420 136,530 52,000 |
(2005) (2006) (1.1.-30.06.2007) |
|
|
|
The firm manufactured over its normal
capacity (in one shift) in 2005 and 2006. |
|
|
IMPORT VALUE |
: |
(USD) 205,200 156,420 |
(2005) (2006) |
|
IMPORT COUNTRIES |
: |
|
|
|
MERCHANDISE
IMPORTED |
: |
Fabric |
|
|
EXPORT VALUE |
: |
(YTL) 5,571 3,220 108,801 |
(2005) (2006) (1.1.-30.06.2007) |
|
EXPORT COUNTRIES |
: |
|
|
|
MERCHANDISE
EXPORTED |
: |
Skirts, divided skirts, jackets, blazers,
dresses, trousers, breeches |
|
|
PREMISES |
: |
Head Office&Store: Koska Cad. No:17/A Laleli-Eminonu-Istanbul
(360 sqm) (owned by shareholder Tarik Durucan) Showroom: Koska Cad. No:17/4
Laleli-Eminonu-Istanbul (130 sqm) (owned by shareholder Sahin Ildeniz) Warehouse: Koska Cad. No:17/5
Laleli-Eminonu-Istanbul (130 sqm) (owned by shareholder Tarik Durucan) Warehouse: Koska Cad. No:17/6
Laleli-Eminonu-Istanbul (130 sqm) (owned by shareholder Tarik Durucan) Warehouse: Koska Cad. No:17/7
Laleli-Eminonu-Istanbul (130 sqm) (owned by shareholder Sahin Ildeniz) Store: Sair Nigar Cad. No:66/1 Nisantasi-Istanbul
(270 sqm) (rented) Store: Fevziye Cad. Nanda Is Merkezi No:1
Laleli-Istanbul (90 sqm) (rented) Store: Mesihpasa Mah. Aksaray Cad. No:42
Aksaray-Istanbul (800 sqm) (owned) Production Plant: Park Sok. No:11
Caglayan-Istanbul (750 sqm) (rented) Workshop: Caglayan Mah. Vatan Cad. No:77/2
Kagithane-Istanbul (500 sqm) (rented) |
|
|
FIXED CAPITAL
INVESTMENTS |
: |
None |
|
TREND OF BUSINESS : There was a decline at sales volume in nominal terms in 2006 and there
appears a decline at sales volume in the first 6 months of 2007.
COMMERCIAL MORALITY : Good
SIZE OF BUSINESS : Moderate
FINANCE
|
MAIN DEALING BANKERS |
: |
Anadolubank Taksim branch in Yapi ve Kredi Bankasi Laleli branch in |
|
CREDIT FACILITIES |
: |
The subject company rarely makes use of
credit facilities. |
|
PAYMENT BEHAVIOUR |
: |
No complaints have been heard regarding
payments from banks. According to the official registries
between 01.01.2000-15.09.2007, there are no protested bills and non-paid
cheques registered in the name of
“Goldmen Deri” |
COMMENT ON
FINANCIAL POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
|
|
Capitalization was good as of 31.12.2006. Furthermore 38 % of total liabilities
and equity was consisting of loans from shareholders rather than liabilities
to third parties indicating low indebtedness to third parties. |
|
|
LIQUIDITY |
|
|
Liquidity may be regarded as being high as of 31.12.2006 disregarding
“loans from shareholders” from “current liabilities”. |
|
|
PROFITABILITY |
|
|
The subject which had operating loss had good net profitability in 2006 due to other
income. However the subject had operating and net losses in the first 6
months of 2007. |
|
|
GAP BETWEEN COLLECTION-PAYMENT PERIODS |
|
|
Unfavorable |
In 2006 |
|
GENERAL
FINANCIAL POSITION |
|
|
Although indebtedness to third parties low in 2006, the subject had
operating loss in 2006 and operating and net losses in the first 6 months of 2007
and there was a decline at sales volume in nominal terms in 2006 and there
appears a decline at sales volume in the first 6 months of 2007. |
|
|
|
Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(2005) |
2.66 % |
1.3499 |
1.6882 |
2.4623 |
|
(2006) |
11.58 % |
1.4309 |
1.7987 |
2.6377 |
|
(1.1.-30.06.2007) |
2.98 % |
1.3733 |
1.8275 |
2.7117 |
|
(1.1.-30.09.2007) |
4.98 % |
1.3447 |
1.8084 |
2.6720 |
|
|
BALANCE SHEETS |
||||||||
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
31.12.05 |
|
|
|
31.12.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
661.082 |
|
0,39 |
|
1.269.208 |
|
0,51 |
|
|
|
Cash and
Banks |
-14.232 |
|
-0,01 |
|
351.735 |
|
0,14 |
|
|
|
Marketable
Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account
Receivable |
206.656 |
|
0,12 |
|
354.341 |
|
0,14 |
|
|
|
Other
Receivable |
3.434 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Inventories |
381.150 |
|
0,23 |
|
469.134 |
|
0,19 |
|
|
|
Advances
Given |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Current Assets |
84.074 |
|
0,05 |
|
93.998 |
|
0,04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
1.019.904 |
|
0,61 |
|
1.225.880 |
|
0,49 |
|
|
|
Long-term
Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Financial
Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Tangible
Fixed Assets (net) |
978.245 |
|
0,58 |
|
1.184.801 |
|
0,47 |
|
|
|
Intangible
Assets |
41.079 |
|
0,02 |
|
41.079 |
|
0,02 |
|
|
|
Other
Non-Current Assets |
580 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
1.680.986 |
|
1,00 |
|
2.495.088 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
450.376 |
|
0,27 |
|
1.221.928 |
|
0,49 |
|
|
|
Financial
Loans |
5.081 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accounts
Payable |
144.163 |
|
0,09 |
|
227.747 |
|
0,09 |
|
|
|
Loans from
Shareholders |
280.811 |
|
0,17 |
|
947.856 |
|
0,38 |
|
|
|
Other
Short-term Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Advances
from Customers |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Taxes
Payable |
20.322 |
|
0,01 |
|
35.687 |
|
0,01 |
|
|
|
Provisions |
-1 |
|
0,00 |
|
10.638 |
|
0,00 |
|
|
|
Other
Current Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
1.230.610 |
|
0,73 |
|
1.273.160 |
|
0,51 |
|
|
|
Paid-in
Capital |
1.000.000 |
|
0,59 |
|
1.000.000 |
|
0,40 |
|
|
|
Inflation
Adjustment of Capital |
97.010 |
|
0,06 |
|
97.010 |
|
0,04 |
|
|
|
Reserves |
97.946 |
|
0,06 |
|
133.600 |
|
0,05 |
|
|
|
Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accumulated Losses(-) |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net Profit
(loss) |
35.654 |
|
0,02 |
|
42.550 |
|
0,02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
1.680.986 |
|
1,00 |
|
2.495.088 |
|
1,00 |
|
|
|
INCOME STATEMENTS |
||||||||||||
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
1.1.-30.06.2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
956.411 |
|
1,00 |
|
801.997 |
|
1,00 |
|
345.561 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
808.513 |
|
0,85 |
|
657.495 |
|
0,82 |
|
279.753 |
|
0,81 |
|
|
|
Gross Profit |
147.898 |
|
0,15 |
|
144.502 |
|
0,18 |
|
65.808 |
|
0,19 |
|
|
|
Operating
Expenses |
92.061 |
|
0,10 |
|
182.673 |
|
0,23 |
|
96.199 |
|
0,28 |
|
|
|
Operating Profit |
55.837 |
|
0,06 |
|
-38.171 |
|
-0,05 |
|
-30.391 |
|
-0,09 |
|
|
|
Other
Income |
0 |
|
0,00 |
|
91.621 |
|
0,11 |
|
1 |
|
0,00 |
|
|
|
Other
Expenses |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
1 |
|
0,00 |
|
|
|
Financial
Expenses |
4.904 |
|
0,01 |
|
263 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Profit (loss) Before Tax |
50.933 |
|
0,05 |
|
53.187 |
|
0,07 |
|
-30.391 |
|
-0,09 |
|
|
|
Tax
Payable |
15.279 |
|
0,02 |
|
10.637 |
|
0,01 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
35.654 |
|
0,04 |
|
42.550 |
|
0,05 |
|
-30.391 |
|
-0,09 |
|
|
|
FINANCIAL RATIOS |
||||||||||||
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
1.1.-30.06.2007 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Ratio |
1,47 |
|
|
|
1,04 |
|
|
|
-- |
|
|
|
|
|
Acid-Test Ratio |
0,43 |
|
|
|
0,58 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,23 |
|
|
|
0,19 |
|
|
|
-- |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,12 |
|
|
|
0,14 |
|
|
|
-- |
|
|
|
|
|
Tangible Assets/Total Assets |
0,58 |
|
|
|
0,47 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
2,12 |
|
|
|
1,40 |
|
|
|
-- |
|
|
|
|
|
Stockholders' Equity Turnover |
0,78 |
|
|
|
0,63 |
|
|
|
-- |
|
|
|
|
|
Asset Turnover |
0,57 |
|
|
|
0,32 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,73 |
|
|
|
0,51 |
|
|
|
-- |
|
|
|
|
|
Current Liabilities/Total Assets |
0,27 |
|
|
|
0,49 |
|
|
|
-- |
|
|
|
|
|
Financial Leverage |
0,27 |
|
|
|
0,49 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
0,03 |
|
|
|
0,03 |
|
|
|
-- |
|
|
|
|
|
Operating Profit Margin |
0,06 |
|
|
|
-0,05 |
|
|
|
-0,09 |
|
|
|
|
|
Net Profit Margin |
0,04 |
|
|
|
0,05 |
|
|
|
-0,09 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
77,79 |
|
|
|
159,06 |
|
|
|
-- |
|
|
|
|
|
Average Payable Period (days) |
64,19 |
|
|
|
124,70 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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%)