MIRA
INFORM REPORT
|
Report Date : |
30.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
PAMEKS GIYIM SANAYI A.S. |
|
|
|
|
Formerly Known As : |
PAMEKS GIYIM SANAYI LTD. STI. |
|
|
|
|
Registered Office : |
Halkali Saray Mevkii Papaz Koprusu Yani Dereboyu Cad. No:6 Kucukcekmece Istanb |
|
|
|
|
Country : |
Turkey |
|
|
|
|
Financials (as on) : |
31.12.2007 |
|
|
|
|
Date of Incorporation : |
13.05.1986 |
|
|
|
|
Com. Reg. No.: |
224389 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacture and Trade of Ladies’ Ready-Wear |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 3 million |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
PAMEKS GIYIM SANAYI A.S. |
|
ADDRESS |
: |
Head Office / Factory: Halkali Saray
Mevkii Papaz Koprusu Yani Dereboyu Cad. No:6
Kucukcekmece Istanbul / Turkey |
|
PHONE NUMBER |
: |
90-212-548 40 24 (14 lines) |
|
FAX NUMBER |
: |
90-212-548 15 18 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Dis Ticaret / 7200197469 |
|
REGISTRATION NUMBER |
: |
224389 |
|
REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
|
DATE ESTABLISHED |
: |
13.05.1986 (Commercial Registry Gazette
Date/No: 20.05.1986/1517) |
|
LEGAL FORM |
: |
Joint Stock Company |
|
TYPE OF COMPANY |
: |
Private |
|
REGISTERED CAPITAL |
: |
YTL 3,750,000 |
|
PAID-IN CAPITAL |
: |
YTL 3,750,000 |
|
HISTORY |
: |
|
|
|
|
|
Previous Legal Form |
:Limited Company |
|
|
|
Legal Form Changed On |
:01.06.2001 (Commercial Registry Gazette
Date/No: 06.06.2001/5311) |
|
|
|
Previous Name |
:Pameks Giyim Sanayi Ltd. Sti. |
|
|
|
Name Changed On |
:01.06.2001(Commercial Registry Gazette
Date/No: 06.06.2001/5311) |
|
|
|
Previous
Registered Capital |
:YTL 7,600 |
|
|
|
Regist. Capital
Changed on |
:31.08.2001 (Commercial Registry Gazette Date/No:
05.09.2001 / 5375) |
|
|
|
Previous
Registered Capital |
:YTL 96,100 |
|
|
|
Regist. Capital
Changed on |
:26.03.2002 (Commercial Registry Gazette
Date/No: 29.03.2002/5516) |
|
|
|
Previous
Registered Capital |
:YTL 2,250,000 |
|
|
|
Regist. Capital
Changed on |
:18.03.2003 (Commercial Registry Gazette
Date/No: 21.03.2003/5761) |
|
|
|
Other Historical
Events |
:The subject company took over and merged
with its subsidiary “Panel Tekstil San A.S.”on 15.08.2001 (Commercial Registry
Gazette Date/No:20.08.2001/5364) |
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Halil Goksel Cevat Karahasanoglu Zubeyir Ozbay Mehmet Cevdet Karahasanoglu Yasemin Alkan |
25 % 25 % 25 % 23 % 2
% |
|
|
SISTER COMPANIES |
: |
Plato Turizm ve Otelcilik A.S.
(not active) Pagi Pamuklu Orme ve Giyim San. A.S. |
|
|
|
GROUP PARENT COMPANY |
: |
None |
|
|
|
SUBSIDIARIES |
: |
Plato Turizm ve Otelcilik A.S.
(not active) Pagi Pamuklu Orme ve Giyim San. A.S. |
|
|
|
BOARD OF DIRECTORS |
: |
Mehmet Cevdet Karahasanoglu Halil Goksel Cevat Karahasanoglu Zubeyir Ozbay Yasemin Alkan |
Chairman Vice Chairman Member Member Member |
|
DIRECTORS |
: |
Mehmet Cevdet Karahasanoglu Kayhan Duzoren Erdinc Agyildiz |
|
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Manufacture and trade of ladies’
ready-wear |
|
|
SECTOR |
: |
Ready wear |
|
|
TRADEMARK(S) |
: |
None |
|
|
NUMBER OF
EMPLOYEES |
: |
180 |
|
|
NET SALES |
: |
(YTL Thousand ) 3,502 5,323 5,701 14,829 22,210 18,794 17,766 17,701 19,355 5,422 |
(1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (01.01-31.03.2008) |
|
IMPORT VALUE |
: |
USD 1,670,000 USD 1.2 million USD 1.3 million USD 1 million USD 1 million USD 600,000 |
(2003) (2004) (2005) (2006) (2007) (01.01-30.06.2008) |
|
IMPORT COUNTRIES |
: |
Germany, Italy, Netherlands, France |
|
|
MERCHANDISE
IMPORTED |
: |
Yarn, fabric, accessories and other
intermediary goods |
|
|
EXPORT VALUE |
: |
(YTL Thousand) 2,394 3,841 2,578
10,408 16,082 14,904 14,202 10,299 15,938 5,238 |
(1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (01.01-31.03.2008) |
|
EXPORT COUNTRIES |
: |
Belgium,
Canada, Denmark, Germany, Greece, UK, India, Italy, Sweden, Netherlands,
Switzerland, Other Middle East Countries. |
|
MERCHANDISE EXPORTED |
: |
Ready
wear |
|
PREMISES |
: |
Head
Office/Factory: Halkali Saray Mevkii Papaz Koprusu Yani Dereboyu Cad. No:6 Kucukcekmece / Istanbul (5,400 sqm area)
(owned) |
|
FIXED CAPITAL INVESTMENTS |
: |
None |
|
TREND OF BUSINESS |
: |
Fluctuating |
|
SIZE
OF BUSINESS |
: |
Large |
FINANCE
|
MAIN DEALING BANKERS |
: |
Yapi ve Kredi Bankasi
Gunesli branch in Istanbul Turkiye Is Bankasi
Sefakoy branch in Istanbul |
|
CREDIT FACILITIES |
: |
The subject company is making use of
credit facilities. |
|
PAYMENT BEHAVIOR |
: |
No payment delays have come to our knowledge. |
COMMENT ON FINANCIAL POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
||||
|
High |
As of 31.12.2007 |
|||
|
LIQUIDITY |
||||
|
In Order |
As of 31.12.2007 |
|||
|
PROFITABILITY |
||||
|
Low |
In
2007 |
Good |
Between
01.01.-31.03.2008 |
|
|
GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
||||
|
Favorable |
In
2007 |
|||
|
GENERAL
FINANCIAL POSITION |
||||
|
Good |
||||
CREDIT OPINION
|
CREDIT OPINION WITHOUT OBLIGATION |
: |
We are of the opinion that, a max. credit of
USD 3 million may be granted to the subject company. |
|
|
Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(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 |
|
(2007) |
5.94 % |
1.3075 |
1.7901 |
2.6133 |
|
(1.1.-31.03.2008) |
6.26 % |
1.2033 |
1.8179 |
2.3972 |
|
(1.1.-30.06.2008) |
13.76 % |
1.2197 |
1.8695 |
2.4232 |
BALANCE SHEETS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
31.12.06 |
|
|
|
31.12.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
7.465.805 |
|
0.57 |
|
6.364.567 |
|
0.52 |
|
|
|
Cash and Banks |
1.385.972 |
|
0.11 |
|
1.277.098 |
|
0.11 |
|
|
|
Marketable Securities |
0 |
|
0.00 |
|
0 |
|
0.00 |
|
|
|
Account Receivable |
1.452.232 |
|
0.11 |
|
1.199.201 |
|
0.10 |
|
|
|
Other Receivable |
908.056 |
|
0.07 |
|
770.312 |
|
0.06 |
|
|
|
Inventories |
3.156.908 |
|
0.24 |
|
2.782.000 |
|
0.23 |
|
|
|
Advances Given |
1.308 |
|
0.00 |
|
19.553 |
|
0.00 |
|
|
|
Other Current Assets |
561.329 |
|
0.04 |
|
316.403 |
|
0.03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
5.616.084 |
|
0.43 |
|
5.767.111 |
|
0.48 |
|
|
|
Long-term Receivable |
24.089 |
|
0.00 |
|
27.115 |
|
0.00 |
|
|
|
Financial Assets |
2.627.729 |
|
0.20 |
|
2.819.970 |
|
0.23 |
|
|
|
Tangible Fixed Assets (net) |
2.942.656 |
|
0.22 |
|
2.900.884 |
|
0.24 |
|
|
|
Intangible Assets |
0 |
|
0.00 |
|
0 |
|
0.00 |
|
|
|
Other Non-Current Assets |
21.610 |
|
0.00 |
|
19.142 |
|
0.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
13.081.889 |
|
1.00 |
|
12.131.678 |
|
1.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
4.992.027 |
|
0.38 |
|
4.333.176 |
|
0.36 |
|
|
|
Financial Loans |
1.946.807 |
|
0.15 |
|
2.108.567 |
|
0.17 |
|
|
|
Accounts Payable |
2.703.501 |
|
0.21 |
|
2.029.986 |
|
0.17 |
|
|
|
Loans from Shareholders |
0 |
|
0.00 |
|
0 |
|
0.00 |
|
|
|
Other Short-term Payable |
99.377 |
|
0.01 |
|
112.589 |
|
0.01 |
|
|
|
Advances from Customers |
0 |
|
0.00 |
|
0 |
|
0.00 |
|
|
|
Taxes Payable |
234.516 |
|
0.02 |
|
123.059 |
|
0.01 |
|
|
|
Provisions |
877 |
|
0.00 |
|
-41.025 |
|
0.00 |
|
|
|
Other Current Liabilities |
6.949 |
|
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 |
8.089.862 |
|
0.62 |
|
7.798.502 |
|
0.64 |
|
|
|
Paid-in Capital |
3.750.000 |
|
0.29 |
|
3.750.000 |
|
0.31 |
|
|
|
Inflation Adjustment of
Capital |
-2.452.219 |
|
-0.19 |
|
-2.452.219 |
|
-0.20 |
|
|
|
Reserves |
6.409.201 |
|
0.49 |
|
6.409.201 |
|
0.53 |
|
|
|
Revaluation Fund |
0 |
|
0.00 |
|
0 |
|
0.00 |
|
|
|
Accumulated Losses(-) |
0 |
|
0.00 |
|
0 |
|
0.00 |
|
|
|
Net Profit (loss) |
382.880 |
|
0.03 |
|
91.520 |
|
0.01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQ. |
13.081.889 |
|
1.00 |
|
12.131.678 |
|
1.00 |
|
INCOME STATEMENTS
|
|
|
YTL |
|
|
YTL |
|
|
YTL |
|
|
|
|
|
2006 |
|
|
2007 |
|
|
01.01.-31.03.08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
17.700.532 |
1.00 |
|
19.355.363 |
1.00 |
|
5.422.218 |
1.00 |
|
|
|
Cost of Goods Sold |
15.613.619 |
0.88 |
|
16.995.984 |
0.88 |
|
4.620.337 |
0.85 |
|
|
|
Gross Profit |
2.086.913 |
0.12 |
|
2.359.379 |
0.12 |
|
801.881 |
0.15 |
|
|
|
Operating Expenses |
1.720.614 |
0.10 |
|
2.115.948 |
0.11 |
|
505.419 |
0.09 |
|
|
|
Operating Profit |
366.299 |
0.02 |
|
243.431 |
0.01 |
|
296.462 |
0.05 |
|
|
|
Other Income |
803.050 |
0.05 |
|
687.435 |
0.04 |
|
333.577 |
0.06 |
|
|
|
Other Expenses |
436.385 |
0.02 |
|
546.548 |
0.03 |
|
72.569 |
0.01 |
|
|
|
Financial Expenses |
267.291 |
0.02 |
|
269.222 |
0.01 |
|
298.144 |
0.05 |
|
|
|
Profit (loss) Before Tax |
465.673 |
0.03 |
|
115.096 |
0.01 |
|
259.326 |
0.05 |
|
|
|
Tax Payable |
82.793 |
0.00 |
|
23.576 |
0.00 |
|
0 |
0.00 |
|
|
|
Net Profit (loss) |
382.880 |
0.02 |
|
91.520 |
0.00 |
|
259.326 |
0.05 |
|
FINANCIAL RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2006 |
|
|
2007 |
|
|
01.01.-31.03.08 |
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
Current Ratio |
1.50 |
|
|
1.47 |
|
|
-- |
|
|
|
|
Acid-Test Ratio |
0.75 |
|
|
0.75 |
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0.24 |
|
|
0.23 |
|
|
-- |
|
|
|
|
Short-term Receiv./Total Assets |
0.18 |
|
|
0.16 |
|
|
-- |
|
|
|
|
Tangible Assets/Total Assets |
0.22 |
|
|
0.24 |
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
4.95 |
|
|
6.11 |
|
|
-- |
|
|
|
|
Stockholders' Equity Turnover |
2.19 |
|
|
2.48 |
|
|
-- |
|
|
|
|
Asset Turnover |
1.35 |
|
|
1.60 |
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0.62 |
|
|
0.64 |
|
|
-- |
|
|
|
|
Current Liabilities/Total Assets |
0.38 |
|
|
0.36 |
|
|
-- |
|
|
|
|
Financial Leverage |
0.38 |
|
|
0.36 |
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
0.05 |
|
|
0.01 |
|
|
-- |
|
|
|
|
Operating Profit Margin |
0.02 |
|
|
0.01 |
|
|
0.05 |
|
|
|
|
Net Profit Margin |
0.02 |
|
|
0.00 |
|
|
0.05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
30.03 |
|
|
22.81 |
|
|
-- |
|
|
|
|
Average Payable Period (days) |
62.33 |
|
|
43.00 |
|
|
-- |
|
|
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.49 |
|
UK Pound |
1 |
Rs.84.21 |
|
Euro |
1 |
Rs.66.33 |
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%)