MIRA
INFORM REPORT
|
Report Date : |
03.09.2007 |
IDENTIFICATION
DETAILS
|
Name : |
GENMAK GENEL MAKINA TEKSTIL SANAYI VE TICARET LTD. STI. |
|
|
|
|
Registered Office : |
Fatih Cad. |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
19.01.1989 |
|
|
|
|
Com. Reg. No.: |
252194 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Manufacture and trade of fabric |
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 : |
Moderate |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
COMPANY
IDENTIFICATION
|
NAME |
: |
GENMAK GENEL MAKINA TEKSTIL SANAYI VE TICARET LTD. STI. |
|
ADDRESS |
: |
Head Office/Warehouse: Fatih Cad. |
|
PHONE NUMBER |
: |
90-212-656 45 48 |
|
FAX NUMBER |
: |
90-212-656 48 49 |
LEGAL STATUS AND
HISTORY
|
TAX OFFICE / NO |
: |
Gunesli / 3940012649 |
|
|
|
REGISTRATION NUMBER |
: |
252194 |
|
|
|
REGISTERED OFFICE |
: |
|
|
|
|
DATE ESTABLISHED |
: |
19.01.1989 (Commercial Registry Gazette
Date/No: 25.01.1989 / 2196) |
|
|
|
LEGAL FORM |
: |
Limited Company |
|
|
|
TYPE OF COMPANY |
: |
Private |
|
|
|
REGISTERED CAPITAL |
: |
YTL 25,000 |
|
|
|
PAID-IN CAPITAL |
: |
YTL 25,000 |
|
|
|
HISTORY |
: |
|
|
|
|
|
|
Previous Name |
: GENMAK GENEL MAKINA SANAYI VE TICARET
LTD. STI. |
|
|
|
|
Name Changed On |
: 18.08.1998 (Commercial Registry Gazette
Date/No: 21.08.1998 / 4610) |
|
OWNERSHIP /
MANAGEMENT
|
SHAREHOLDERS |
: |
Mustafa Cengiz Gerzen Cezmi Gerzen |
50 % 50 % |
|
SISTER COMPANIES |
: |
-Renk Petrol Sanayi ve Ticaret Ltd. Sti. |
|
|
DIRECTORS |
: |
Mustafa Cengiz Gerzen Cezmi Gerzen |
|
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Manufacture and trade of fabric |
|
|
SECTOR |
: |
Textile |
|
|
NUMBER OF
EMPLOYEES |
: |
120 |
|
|
NET SALES |
: |
(YTL) 7,967,113 11,811,259 11,144,194 14,226,616 10,599,275 |
(2003) (2004) (2005) (2006) (01.01.-30.06.2007) |
|
CAPACITY |
: |
(Tons/Yr) 2,000 2,000 2,500 |
(2005) (2006) (2007) |
|
PRODUCTION |
: |
(Tons) 1,000 1,200 |
(2005) (2006) |
|
IMPORT VALUE |
: |
USD 2,054,000 USD 2,700,000 YTL 5,337,473 YTL 2,301,312 YTL 1,009,822 |
(2003) (2004) (2005) (2006) (01.01.-30.06.2007) |
|
IMPORT COUNTRIES |
: |
|
|
|
MERCHANDISE
IMPORTED |
: |
Yarn, textile dye |
|
|
EXPORT VALUE |
: |
USD 37,100 USD 420,000 YTL 1,287,384 YTL 2,372,185 YTL 406,624 |
(2003) (2004) (2005) (2006) (01.01.-30.06.2007) |
|
EXPORT COUNTRIES |
: |
|
|
|
MERCHANDISE
EXPORTED |
: |
Fabric |
|
|
PREMISES |
: |
Head Office/Warehouse : Fatih Cad. Factory: Trakya Cam Fabrikasi Karsisi
Buyukkaristiran – Luleburgaz Tekirdag (rented from shareholders) (40,000 sqm) |
|
|
FIXED CAPITAL
INVESTMENTS |
: |
Investments are going on |
|
TREND OF BUSINESS : There was a decline at sales volume in nominal terms in 2005 but there
was upwards trend in 2006 and in the first 6 months of 2007.
COMMERCIAL MORALITY : Good
SIZE OF BUSINESS : Large
FINANCE
|
MAIN DEALING BANKERS |
: |
Garanti Bankasi Yenibosna branch in
Isanbul Yap ve Kredi Bankasi Ikitelli Organize
branch in Oyakbank Gaziosmanpasa branch in Tekstilbank Beyazit branch in |
|
CREDIT FACILITIES |
: |
The
subject company is making use of credit facilities. |
|
PAYMENT BEHAVIOUR |
: |
No complaints have been heard regarding
payments from banks. According to the official registries between 01.01.2000-15.07.2007, there are no protested bills and non-paid cheques registered in the name of “Genmak Genel” |
COMMENT ON FINANCIAL
POSITION
|
FINANCIAL STRUCTURE
(SUFFICENCY OF OWN RESOURCES) |
|
|
Capitalization was low (7 %) as of 31.12.2006. However it has to be
noted that 68 % of total liabilities and equity was consisting of loans from
shareholders rather than liabilities to third parties as of 31.12.2006
indicating not too high 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 firm had gross, operating and net losses in 2005 and 2006 but the
firm had high profitability in the first half of 2007. |
|
|
GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
|
|
Unfavorable - Long |
In 2006 |
|
GENERAL
FINANCIAL POSITION |
|
|
Liquidity may be regarded as being high and indebtedness to third
parties was not too high but capitalization was very low as of 31.12.2006.
The subject had gross losses, operating losses and consequently net losses in
2005 and 2006. Profitability was high in the first 6 months of 2007. |
|
CREDIT OPINION
CREDIT OPINION WITHOUT OBLIGATION : We are of the opinion that, the subject is suitable for dealing on
secured terms for any amount of business.
|
|
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.-30.06.2007) |
2.98 % |
1.3733 |
1.8275 |
2.7117 |
|
(1.1.-31.07.2007) |
3,05 % |
1.3633 |
1.8196 |
2.6989 |
|
|
BALANCE SHEETS |
||||||||
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
31.12.05 |
|
|
|
31.12.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
8.935.446 |
|
0,65 |
|
12.211.386 |
|
0,78 |
|
|
|
Cash and
Banks |
776.527 |
|
0,06 |
|
914.533 |
|
0,06 |
|
|
|
Marketable Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account
Receivable |
2.276.212 |
|
0,17 |
|
5.223.617 |
|
0,33 |
|
|
|
Other
Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Inventories |
4.645.374 |
|
0,34 |
|
4.494.019 |
|
0,29 |
|
|
|
Advances
Given |
679.138 |
|
0,05 |
|
511.532 |
|
0,03 |
|
|
|
Other
Current Assets |
558.195 |
|
0,04 |
|
1.067.685 |
|
0,07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
4.722.444 |
|
0,35 |
|
3.507.406 |
|
0,22 |
|
|
|
Long-term
Receivable |
143 |
|
0,00 |
|
143 |
|
0,00 |
|
|
|
Financial
Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Tangible
Fixed Assets (net) |
4.036.042 |
|
0,30 |
|
2.925.645 |
|
0,19 |
|
|
|
Intangible Assets |
686.259 |
|
0,05 |
|
581.618 |
|
0,04 |
|
|
|
Other
Non-Current Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
13.657.890 |
|
1,00 |
|
15.718.792 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
10.284.122 |
|
0,75 |
|
14.054.234 |
|
0,89 |
|
|
|
Financial
Loans |
2.419.169 |
|
0,18 |
|
1.923.958 |
|
0,12 |
|
|
|
Accounts
Payable |
582.560 |
|
0,04 |
|
934.250 |
|
0,06 |
|
|
|
Loans
from Shareholders |
7.165.299 |
|
0,52 |
|
10.660.246 |
|
0,68 |
|
|
|
Other
Short-term Payable |
0 |
|
0,00 |
|
96 |
|
0,00 |
|
|
|
Advances
from Customers |
52.900 |
|
0,00 |
|
501.657 |
|
0,03 |
|
|
|
Taxes
Payable |
33.398 |
|
0,00 |
|
32.323 |
|
0,00 |
|
|
|
Provisions |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Current Liabilities |
30.796 |
|
0,00 |
|
1.704 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
665.758 |
|
0,05 |
|
569.336 |
|
0,04 |
|
|
|
Financial
Loans |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Securities Issued |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Long-term
Payable |
665.758 |
|
0,05 |
|
569.336 |
|
0,04 |
|
|
|
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 |
2.708.010 |
|
0,20 |
|
1.095.222 |
|
0,07 |
|
|
|
Paid-in
Capital |
25.000 |
|
0,00 |
|
25.000 |
|
0,00 |
|
|
|
Inflation
Adjustment of Capital |
230.239 |
|
0,02 |
|
230.239 |
|
0,01 |
|
|
|
Reserves |
4.525.949 |
|
0,33 |
|
4.525.949 |
|
0,29 |
|
|
|
Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accumulated Losses(-) |
0 |
|
0,00 |
|
-2.073.178 |
|
-0,13 |
|
|
|
Net
Profit (loss) |
-2.073.178 |
|
-0,15 |
|
-1.612.788 |
|
-0,10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
13.657.890 |
|
1,00 |
|
15.718.792 |
|
1,00 |
|
|
|
INCOME STATEMENTS |
||||||||||||
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
1.1.-30.06.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
11.144.194 |
|
1,00 |
|
14.226.616 |
|
1,00 |
|
10.599.275 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
12.350.784 |
|
1,11 |
|
14.644.885 |
|
1,03 |
|
8.918.388 |
|
0,84 |
|
|
|
Gross Profit |
-1.206.590 |
|
-0,11 |
|
-418.269 |
|
-0,03 |
|
1.680.887 |
|
0,16 |
|
|
|
Operating
Expenses |
793.444 |
|
0,07 |
|
907.796 |
|
0,06 |
|
430.239 |
|
0,04 |
|
|
|
Operating Profit |
-2.000.034 |
|
-0,18 |
|
-1.326.065 |
|
-0,09 |
|
1.250.648 |
|
0,12 |
|
|
|
Other
Income |
355.382 |
|
0,03 |
|
985.052 |
|
0,07 |
|
57.461 |
|
0,01 |
|
|
|
Other
Expenses |
76.352 |
|
0,01 |
|
310.380 |
|
0,02 |
|
32.955 |
|
0,00 |
|
|
|
Financial
Expenses |
352.174 |
|
0,03 |
|
961.395 |
|
0,07 |
|
339.238 |
|
0,03 |
|
|
|
Profit (loss) Before Tax |
-2.073.178 |
|
-0,19 |
|
-1.612.788 |
|
-0,11 |
|
935.916 |
|
0,09 |
|
|
|
Tax
Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
-2.073.178 |
|
-0,19 |
|
-1.612.788 |
|
-0,11 |
|
935.916 |
|
0,09 |
|
|
|
FINANCIAL RATIOS |
||||||||||||
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|
|||||||||||||
|
|
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|
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|
|
|
|
|
|
|
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
1.1.-30.06.07 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Ratio |
0,87 |
|
|
|
0,87 |
|
|
|
-- |
|
|
|
|
|
Acid-Test Ratio |
0,30 |
|
|
|
0,44 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,34 |
|
|
|
0,29 |
|
|
|
-- |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,17 |
|
|
|
0,33 |
|
|
|
-- |
|
|
|
|
|
Tangible Assets/Total Assets |
0,30 |
|
|
|
0,19 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
2,66 |
|
|
|
3,26 |
|
|
|
-- |
|
|
|
|
|
Stockholders' Equity Turnover |
4,12 |
|
|
|
12,99 |
|
|
|
-- |
|
|
|
|
|
Asset Turnover |
0,82 |
|
|
|
0,91 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,20 |
|
|
|
0,07 |
|
|
|
-- |
|
|
|
|
|
Current Liabilities/Total Assets |
0,75 |
|
|
|
0,89 |
|
|
|
-- |
|
|
|
|
|
Financial Leverage |
0,80 |
|
|
|
0,93 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
-0,77 |
|
|
|
-1,47 |
|
|
|
-- |
|
|
|
|
|
Operating Profit Margin |
-0,18 |
|
|
|
-0,09 |
|
|
|
0,12 |
|
|
|
|
|
Net Profit Margin |
-0,19 |
|
|
|
-0,11 |
|
|
|
0,09 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
73,53 |
|
|
|
132,19 |
|
|
|
-- |
|
|
|
|
|
Average Payable Period (days) |
36,39 |
|
|
|
36,96 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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%)