MIRA
INFORM REPORT
|
Report Date : |
21.09.2007 |
IDENTIFICATION DETAILS
|
Name : |
GIPTA OFIS KIRTASIYE VE PROMOSYON URUNLERI IMALAT SANAYI A.S |
|
|
|
|
Registered Office : |
Kazim Karabekir Cad. Kultur Han No:7/82-83
Iskitler Altindag- Ankara |
|
|
|
|
Country : |
Turkey |
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|
|
|
Financials (as on) : |
31.12.2006 |
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|
|
|
Date of Incorporation : |
12.03.1990 |
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|
|
|
Com. Reg. No.: |
95940 |
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|
|
|
Legal Form : |
Joint Stock Company |
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|
|
|
Line of Business : |
Manufacture and trade of promotional materials and stationery
products. |
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 : |
Regular |
|
|
|
|
Litigation : |
Clear |
COMPANY
IDENTIFICATION
|
NAME |
: |
GIPTA OFIS KIRTASIYE VE PROMOSYON URUNLERI
IMALAT SANAYI A.S |
|
ADDRESS |
: |
Head Office: Kazim
Karabekir Cad. Kultur Han No:7/82-83 Iskitler Altindag- Ankara/ Turkey Factory: Ankara
Eskisehir Karayolu 52.Km Temelli- Ankara/ Turkey Branch Office: A.Riza
Gurcan Cad. Cirpici Yolu Meridyen Is Merkezi No: 1/108-110-111-112-113 D. B 6
Zeytinburnu- Istanbul/ Turkey |
|
PHONE NUMBER |
: |
90-312-384 53 40 (Head Office) 90-312-645 19 00 (Factory) 90-212-482 03 13 (Branch Office) |
|
FAX NUMBER |
: |
90-312-34112 78 (Head Office) 90-212-482 02 67 (Branch Office) |
LEGAL STATUS AND HISTORY
|
TAX NO |
: |
3950067062 |
|
|
REGISTRATION NUMBER |
: |
95940 |
|
|
REGISTERED OFFICE |
: |
|
|
|
DATE ESTABLISHED |
: |
12.03.1990 |
|
|
LEGAL FORM |
: |
Joint Stock Company |
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|
TYPE OF COMPANY |
: |
Private |
|
|
REGISTERED CAPITAL |
: |
YTL 2,408,800.68 |
|
|
PAID- IN CAPITAL |
: |
YTL 2,408,800.68 |
|
|
HISTORY |
: |
|
|
|
|
|
Previous Name |
: Gipta Takvim
Ajanda Hediyelik Esya Imalat Sanayi A.S. |
|
|
|
Name Changed On |
: 01.10.1999
(Commercial Registry Gazette Date/No: 05.10.1999/4891) |
|
|
|
Previous Name |
: Gipta
Hediyelik Reklam Urunleri Imalat Sanayi A.S. |
|
|
|
Name Changed On |
: 07.04.2006
(Commercial Registry Gazette Date/No: 12.04.2006/6533) |
|
|
|
Previous Registered Capital |
: YTL 120,000 |
|
|
|
Regist. Capital Changed on |
: 07.06.2000
(Commercial Registry Gazette Date/No: 09.06.2000/5063) |
|
|
|
Previous Registered Capital |
: YTL 240,000 |
|
|
|
Regist. Capital Changed on |
: 08.04.2002
(Commercial Registry Gazette Date/No: 11.04.2002/5525) |
|
|
|
Previous Registered Capital |
: YTL 360,000 |
|
|
|
Regist. Capital Changed on |
: 2003
(Commercial Registry Gazette Date/No: 18.08.2003/5865) |
|
|
|
Previous Registered Capital |
: YTL 720,000 |
|
|
|
Regist. Capital Changed on |
: 07.04.2006
(Commercial Registry Gazette Date/No: 12.04.2006/6533) |
|
|
|
Other Historical Events |
: The company
was firstly established in |
OWNERSHIP /
MANAGEMENT
|
SHAREHOLDERS |
: |
Vecdet Fehmi Sendil Nazim Pinar Nafiz Pinar Serkan Pinar Mahir Damatlar Hasan Caglayan Dogan Urgup |
34,65 % 30,75 % 10 % 7
%
6,3 %
6,3 % 5
% |
|
SISTER COMPANIES |
: |
-Isik Reklam Hediyelik Esya Imalat Sanayi
Ic ve Dis Ticaret Ltd Sti. (not active) |
|
|
GROUP PARENT COMPANY |
: |
None |
|
|
SUBSIDIARIES |
: |
None |
|
|
BOARD OF DIRECTORS |
: |
Nazim Pinar Vecdet Fehmi Sendil Serkan Pinar |
Chairman Vice-Chairman Member |
|
GENERAL MANAGER |
: |
Nazim Pinar |
|
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Manufacture and trade of promotional
materials and stationery products |
|
|
SECTOR |
: |
Stationery |
|
|
TRADEMARK(S) |
: |
“Gipta” |
|
|
NUMBER OF
EMPLOYEES |
: |
260 |
|
|
NET SALES |
: |
(YTL) 584,334 1,079,473 2,933,210 4,127,069 7,947,459 9,485,623 10,626,304 15,735,896 20,377,807 3,452,558 |
(1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (1.1-31.03.2007) |
|
IMPORT VALUE |
: |
USD 970,000 USD 1.7 million EUR 2 million USD 2.4 million |
(2003) (2004) (2005) (2006) |
|
IMPORT COUNTRIES |
: |
|
|
|
MERCHANDISE
IMPORTED |
: |
Paper and raw materials, machinery |
|
|
EXPORT VALUE |
: |
(YTL) 20,231 34,733 169,443 532,317 2,726,008 2,880,474 3,771,836 3,867,708 2,645,763 100,863 |
(1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (1.1-31.03.2007) |
|
EXPORT COUNTRIES |
: |
Greece, Russia, Italy, Leetonia, France,
Serbia, Hungary, U.K., Bahrain, Saudi Arabia, Northern Cyprus Turkish
Republic |
|
|
MERCHANDISE
EXPORTED |
: |
Giftware and stationery goods such as
account books, binders, folders, book covers, paper and paperboard… |
|
|
PREMISES |
: |
Head Office: Kazim
Karabekir Cad. Kultur Han No:7/82-83 Iskitler Altindag- Ankara (owned by shareholders)
Factory: Ankara
Eskisehir Karayolu 52.Km Temelli- Ankara (owned) Branch Office: A.Riza
Gurcan Cad. Cirpici Yolu Meridyen Is Merkezi No: 1/108-110-111-112-113 D. B 6
Zeytinburnu- Istanbul (rented) |
|
TREND OF BUSINESS : Upwards
COMMERCIAL MORALITY : Good
SIZE OF BUSINESS : Large
FINANCE
|
MAIN DEALING BANKERS |
: |
Akbank Ankara Ticari
branch in Ankara Turk Ekonomi Bankasi
Ulus branch in Ankara Oyakbank Ulus branch
in Ankara Finansbank Kavaklidere
branch in Ankara Garanti Bankasi Ulus
branch in Ankara T. Is Bankasi Kizilay
branch in Ankara Yapi ve Kredi Bankasi
Ulus branch in Ankara |
|
CREDIT FACILITIES |
: |
The subject company is making active use
of credit facilities. |
|
PAYMENT BEHAVIOUR |
: |
According to the official registries
between 01.01.2000-15.08.2007, there are no protested bills and non-paid
cheques registered in the former name “Gipta Hediyelik” or the current name”
Gipta Ofis” of the subject company. |
COMMENT ON FINANCIAL
POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
|||
|
Fair |
As of 31.12.2006 |
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|
LIQUIDITY |
|||
|
Good |
As of 31.12.2006 |
||
|
PROFITABILITY |
|||
|
High |
In 2006 |
Good |
Between 1.1.-31.03.2007 |
|
GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
|||
|
Unfavorable |
In 2006 |
||
|
GENERAL
FINANCIAL POSITION |
|||
|
The capitalization was fair but the liquidity was good as of
31.12.2006. Furthermore, the profitability was high in 2006 and good in the first
3 months of 2007. |
|||
CREDIT OPINION
CREDIT OPINION WITHOUT OBLIGATION : We are of the opinion that, a max. credit of USD 2.3 million may be
granted to the subject company.
|
|
Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(1998) |
54.30 % |
0.2657 |
0.2967 |
0.4410 |
|
(1999) |
62.90 % |
0.4278 |
0.4518 |
0.6843 |
|
(2000) |
32.70 % |
0.6251 |
0.5774 |
0.9480 |
|
(2001) |
88.60 % |
1.1991 |
1.0714 |
1.7300 |
|
(2002) |
30.80 % |
1.5168 |
1.3741 |
2.2001 |
|
(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.-31.03.2007) |
1.88 % |
1.4068 |
1.8521 |
2.7609 |
|
(1.1.-31.08.2007) |
3.93 % |
1.3597 |
1.8186 |
2.6959 |
|
|
BALANCE SHEETS |
|||||||||||||
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
|
31.12.04 |
|
|
|
31.12.05 |
|
|
|
31.12.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
2.684.530 |
|
0,38 |
|
5.665.321 |
|
0,47 |
|
11.141.555 |
|
0,58 |
|
|
|
|
Cash and
Banks |
228.308 |
|
0,03 |
|
1.651.220 |
|
0,14 |
|
1.780.068 |
|
0,09 |
|
|
|
|
Marketable
Securities |
163.537 |
|
0,02 |
|
509.117 |
|
0,04 |
|
0 |
|
0,00 |
|
|
|
|
Account
Receivable |
1.274.344 |
|
0,18 |
|
3.067.710 |
|
0,25 |
|
5.864.220 |
|
0,31 |
|
|
|
|
Other Receivable |
17.779 |
|
0,00 |
|
0 |
|
0,00 |
|
32.749 |
|
0,00 |
|
|
|
|
Inventories |
963.552 |
|
0,14 |
|
358.396 |
|
0,03 |
|
1.230.998 |
|
0,06 |
|
|
|
|
Advances
Given |
4.114 |
|
0,00 |
|
0 |
|
0,00 |
|
1.843.574 |
|
0,10 |
|
|
|
|
Other
Current Assets |
32.896 |
|
0,00 |
|
78.878 |
|
0,01 |
|
389.946 |
|
0,02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
4.292.504 |
|
0,62 |
|
6.391.054 |
|
0,53 |
|
7.971.528 |
|
0,42 |
|
|
|
|
Long-term
Receivable |
1.023 |
|
0,00 |
|
9.567 |
|
0,00 |
|
13.721 |
|
0,00 |
|
|
|
|
Financial
Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
Tangible
Fixed Assets (net) |
4.259.112 |
|
0,61 |
|
6.256.091 |
|
0,52 |
|
7.836.849 |
|
0,41 |
|
|
|
|
Intangible
Assets |
32.369 |
|
0,00 |
|
124.644 |
|
0,01 |
|
120.578 |
|
0,01 |
|
|
|
|
Other
Non-Current Assets |
|
|
0,00 |
|
752 |
|
0,00 |
|
380 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
6.977.034 |
|
1,00 |
|
12.056.375 |
|
1,00 |
|
19.113.083 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
2.300.279 |
|
0,33 |
|
4.045.725 |
|
0,34 |
|
8.970.223 |
|
0,47 |
|
|
|
|
Financial
Loans |
484.949 |
|
0,07 |
|
1.698.516 |
|
0,14 |
|
4.460.686 |
|
0,23 |
|
|
|
|
Accounts
Payable |
1.347.861 |
|
0,19 |
|
1.668.828 |
|
0,14 |
|
3.069.209 |
|
0,16 |
|
|
|
|
Loans from
Shareholders |
280.464 |
|
0,04 |
|
259.515 |
|
0,02 |
|
0 |
|
0,00 |
|
|
|
|
Other
Short-term Payable |
29.076 |
|
0,00 |
|
28.157 |
|
0,00 |
|
127.925 |
|
0,01 |
|
|
|
|
Advances
from Customers |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
794.922 |
|
0,04 |
|
|
|
|
Taxes
Payable |
157.929 |
|
0,02 |
|
386.968 |
|
0,03 |
|
117.745 |
|
0,01 |
|
|
|
|
Provisions |
0 |
|
0,00 |
|
3.741 |
|
0,00 |
|
399.736 |
|
0,02 |
|
|
|
|
Other Current
Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
91 |
|
0,00 |
|
1.772.799 |
|
0,15 |
|
3.055.068 |
|
0,16 |
|
|
|
|
Financial
Loans |
0 |
|
0,00 |
|
1.772.708 |
|
0,15 |
|
3.054.977 |
|
0,16 |
|
|
|
|
Securities
Issued |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
Long-term
Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
Loans from
Shareholders |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
Other
Long-term Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
Provisions |
91 |
|
0,00 |
|
91 |
|
0,00 |
|
91 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
4.676.664 |
|
0,67 |
|
6.237.851 |
|
0,52 |
|
7.087.792 |
|
0,37 |
|
|
|
|
Paid-in
Capital |
720.000 |
|
0,10 |
|
720.000 |
|
0,06 |
|
2.408.801 |
|
0,13 |
|
|
|
|
Inflation
Adjustment of Capital |
1.341.467 |
|
0,19 |
|
1.341.467 |
|
0,11 |
|
1.341.466 |
|
0,07 |
|
|
|
|
Reserves |
1.637.179 |
|
0,23 |
|
2.420.264 |
|
0,20 |
|
1.777.663 |
|
0,09 |
|
|
|
|
Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
Accumulated Losses(-) |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
Net Profit
(loss) |
978.018 |
|
0,14 |
|
1.756.120 |
|
0,15 |
|
1.559.862 |
|
0,08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQ. |
6.977.034 |
|
1,00 |
|
12.056.375 |
|
1,00 |
|
19.113.083 |
|
1,00 |
|
|
|
INCOME STATEMENTS |
|||||||||||||
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2004 |
|
|
|
2005 |
|
|
|
2006 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
10.626.304 |
|
1,00 |
|
15.735.896 |
|
1,00 |
|
20.377.807 |
|
1,00 |
|
|
|
Cost of Goods
Sold |
8.883.061 |
|
0,84 |
|
12.105.349 |
|
0,77 |
|
14.915.111 |
|
0,73 |
|
|
|
Gross Profit |
1.743.243 |
|
0,16 |
|
3.630.547 |
|
0,23 |
|
5.462.696 |
|
0,27 |
|
|
|
Operating
Expenses |
1.163.482 |
|
0,11 |
|
1.801.332 |
|
0,11 |
|
2.733.677 |
|
0,13 |
|
|
|
Operating Profit |
579.761 |
|
0,05 |
|
1.829.215 |
|
0,12 |
|
2.729.019 |
|
0,13 |
|
|
|
Other
Income |
859.745 |
|
0,08 |
|
415.130 |
|
0,03 |
|
1.022.345 |
|
0,05 |
|
|
|
Other
Expenses |
266.753 |
|
0,03 |
|
193.043 |
|
0,01 |
|
538.801 |
|
0,03 |
|
|
|
Financial
Expenses |
194.735 |
|
0,02 |
|
295.182 |
|
0,02 |
|
1.252.965 |
|
0,06 |
|
|
|
Profit (loss) Before Tax |
978.018 |
|
0,09 |
|
1.756.120 |
|
0,11 |
|
1.959.598 |
|
0,10 |
|
|
|
Tax
Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
399.736 |
|
0,02 |
|
|
|
Net Profit (loss) |
978.018 |
|
0,09 |
|
1.756.120 |
|
0,11 |
|
1.559.862 |
|
0,08 |
|
|
|
FINANCIAL RATIOS |
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|
2004 |
|
|
|
2005 |
|
|
|
2006 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Ratio |
1,17 |
|
|
|
1,40 |
|
|
|
1,24 |
|
|
|
|
|
Acid-Test Ratio |
0,73 |
|
|
|
1,29 |
|
|
|
0,86 |
|
|
|
|
|
|
|
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ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,14 |
|
|
|
0,03 |
|
|
|
0,06 |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,19 |
|
|
|
0,25 |
|
|
|
0,31 |
|
|
|
|
|
Tangible Assets/Total Assets |
0,61 |
|
|
|
0,52 |
|
|
|
0,41 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
9,22 |
|
|
|
33,78 |
|
|
|
12,12 |
|
|
|
|
|
Stockholders' Equity Turnover |
2,27 |
|
|
|
2,52 |
|
|
|
2,88 |
|
|
|
|
|
Asset Turnover |
1,52 |
|
|
|
1,31 |
|
|
|
1,07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,67 |
|
|
|
0,52 |
|
|
|
0,37 |
|
|
|
|
|
Current Liabilities/Total Assets |
0,33 |
|
|
|
0,34 |
|
|
|
0,47 |
|
|
|
|
|
Financial Leverage |
0,33 |
|
|
|
0,48 |
|
|
|
0,63 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
0,21 |
|
|
|
0,28 |
|
|
|
0,22 |
|
|
|
|
|
Operating Profit Margin |
0,05 |
|
|
|
0,12 |
|
|
|
0,13 |
|
|
|
|
|
Net Profit Margin |
0,09 |
|
|
|
0,11 |
|
|
|
0,08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
43,21 |
|
|
|
70,40 |
|
|
|
103,84 |
|
|
|
|
|
Average Payable Period (days) |
54,62 |
|
|
|
49,63 |
|
|
|
74,08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME STATEMENT |
||||
|
|
|
YTL |
|
|
|
|
|
|
1.1-31.03.2007 |
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
3.452.558 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
2.683.254 |
|
0,78 |
|
|
|
Gross Profit |
769.304 |
|
0,22 |
|
|
|
Operating
Expenses |
543.038 |
|
0,16 |
|
|
|
Operating Profit |
226.266 |
|
0,07 |
|
|
|
Other
Income |
56.479 |
|
0,02 |
|
|
|
Other
Expenses |
22.775 |
|
0,01 |
|
|
|
Financial
Expenses |
83.983 |
|
0,02 |
|
|
|
Profit (loss) Before Tax |
175.987 |
|
0,05 |
|
|
|
Tax
Payable |
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
175.987 |
|
0,05 |
|
|
|
|
|
|
|
|
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%)