MIRA
INFORM REPORT
|
Report Date : |
08.03.2008 |
IDENTIFICATION
DETAILS
|
Name : |
GECEM CAMASIR SANAYI VE TICARET LTD. STI. |
|
|
|
|
Formerly Known As : |
HAMLE TEKSTIL SANAYI VE TICARET LTD. STI. |
|
|
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|
Registered Office : |
Yukari Dudullu Mah. Serif Ali Cift. Barbaros Cad. Soylesi Sk. No:33
Umraniye- Istanbul |
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Country : |
Turkey |
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|
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|
Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
07.01.1988 |
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Com. Reg. No.: |
240684 |
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|
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|
Legal Form : |
Limited Company |
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|
|
|
Line of Business : |
Manufacture and Trader of Ready-Wear and Underwear Mainly for Women |
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 |
|
Maximum Credit Limit : |
USD 885,000 |
|
|
|
|
Status : |
Satisfactory |
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|
|
|
Payment Behaviour : |
No Complaints |
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|
|
|
Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
GECEM CAMASIR SANAYI VE TICARET LTD. STI. |
|
ADDRESS |
: |
Head Office: Yukari Dudullu Mah. Serif Ali
Cift. Barbaros Cad. Soylesi Sk. No:33 Umraniye- Istanbul / Turkey Branch: Bakkal Sk. Ugurlu Han Zemin Kat No:3-4
Eminonu – Istanbul / Turkey |
|
PHONE NUMBER |
: |
90-216-466 42 30 (Head Office) 90-212-522 52 04 (Branch) |
|
FAX NUMBER |
: |
90-212-527 80 21 (Branch) |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Sarigazi / 4560031132 |
|
REGISTRATION NUMBER |
: |
240684 |
|
REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce Istanbul Chamber of Industry |
|
DATE ESTABLISHED |
: |
07.01.1988 (Commercial Registry Gazette
Date/No: 12.01.1988 / 1932) |
|
LEGAL FORM |
: |
Limited Company |
|
TYPE OF COMPANY |
: |
Private |
|
REGISTERED CAPITAL |
: |
YTL 2,000,000 |
|
PAID-IN CAPITAL |
: |
YTL 2,000,000 |
|
HISTORY |
: |
|
|
|
|
|
|
Previous Name |
:Hamle Tekstil Sanayi ve Ticaret Ltd. Sti. |
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|
Name Changed On |
: 08.07.1998 (Commercial Registry Gazette Date/No: 13.07.1998 / 4581) |
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Previous Registered Capital |
: YTL 600,000 |
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|
|
|
Regist. Capital Changed on |
: 16.12.2004 (Commercial Registry Gazette
Date/No: 23.12.2004 / 6204) |
|
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Celal Alabalik Gunay Alabalik Cem Alabalik Yesim Alabalik Cenk Alabalik |
40 % |
|
SISTER COMPANIES |
: |
-Aslim Giyim Sanayi ve Ticaret A.S. |
|
|
SUBSIDIARIES |
: |
None |
|
|
DIRECTORS |
: |
Celal Alabalik Cem Alabalik Yesim Alabalik Cenk Alabalik |
|
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Manufacture and trade of ready-wear and
underwear mainly for women. |
|
|
SECTOR |
: |
Ready-wear |
|
|
TRADEMARK(S) |
: |
“New night” |
|
|
NUMBER OF
EMPLOYEES |
: |
38 |
|
|
NET SALES |
: |
(YTL) 2,985,932 4,731,258 6,292,796 |
(2005) (2006) (2007) |
|
IMPORT VALUE |
: |
YTL 35,000 |
(2007) |
|
IMPORT COUNTRIES |
: |
China, Italy |
|
|
MERCHANDISE
IMPORTED |
: |
Yarn, packaging materials.. |
|
|
EXPORT VALUE |
: |
(YTL) 1,128,617 576,458 601,365 |
(2005) (2006) (2007) |
|
EXPORT COUNTRIES |
: |
Malta, Spain, Bahrain, Greece, Yemen,
Northern Cyprus Turkish Republic, Poland, Syria, Belgium |
|
|
MERCHANDISE
EXPORTED |
: |
Ready-wear and underwear |
|
|
PREMISES |
: |
Head Office: Yukari Dudullu Mah. Serif Ali
Cift. Barbaros Cad. Soylesi Sk. No:33 Umraniye- Istanbul (rented from the
shareholder Celal Alabalik) Branch: Bakkal Sk. Ugurlu Han Zemin Kat
No:3-4 Eminonu – Istanbul Production Plant: Emek Mah. Ataturk Cad.
No:4/B K:1-2 Sarigazi, Umraniye –
Istanbul Warehouse: Sarigazi, Umraniye – Istanbul |
|
|
TREND OF
BUSINESS |
: |
Upwards |
|
SIZE OF BUSINESS |
: |
Medium |
FINANCE
|
MAIN DEALING BANKERS |
: |
Vakiflar Bankasi Istanbul branch in Istanbul Yapi ve Kredi Bankasi Imes branch in
Istanbul Akbank Beyoglu branch in Istanbul Garanti Bankasi Osmaniye branch in
Istanbul |
|
CREDIT FACILITIES |
: |
The subject company is making use of credit facilities. |
|
PAYMENT BEHAVIOUR |
: |
No payment delays have come to our knowledge except an
one off delay in the last years which was resolved later on. |
COMMENT ON FINANCIAL POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
||||
|
Satisfactory |
As of 31.12.2006 |
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LIQUIDITY |
||||
|
High |
As of 31.12.2006 |
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PROFITABILITY |
||||
|
Fair |
In 2006 |
Low |
In 2007 |
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GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
||||
|
Unfavorable |
In 2006 |
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GENERAL
FINANCIAL POSITION |
||||
|
Satisfactory |
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CREDIT OPINION
|
CREDIT OPINION WITHOUT OBLIGATION |
: |
We are of the opinion that, a max. credit
of USD 885,000 may be granted to the subject company. |
|
|
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 |
|
(2007) |
5.94 % |
1.3075 |
1.7901 |
2.6133 |
|
(1.1.-29.02.2008) |
3 % |
1.1768 |
1.7488 |
2.3424 |
BALANCE SHEETS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
31.12.05 |
|
|
|
31.12.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
3.510.856 |
|
0,79 |
|
5.115.666 |
|
0,83 |
|
|
|
Cash and
Banks |
313.135 |
|
0,07 |
|
481.984 |
|
0,08 |
|
|
|
Marketable
Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account
Receivable |
287.025 |
|
0,06 |
|
2.294.283 |
|
0,37 |
|
|
|
Other
Receivable |
55.233 |
|
0,01 |
|
26.146 |
|
0,00 |
|
|
|
Inventories |
2.711.568 |
|
0,61 |
|
1.951.603 |
|
0,32 |
|
|
|
Advances
Given |
132.154 |
|
0,03 |
|
304.382 |
|
0,05 |
|
|
|
Other
Current Assets |
11.741 |
|
0,00 |
|
57.268 |
|
0,01 |
|
|
|
|
|
|
|
|
|
|
|
|
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|
NON-CURRENT ASSETS |
933.598 |
|
0,21 |
|
1.012.643 |
|
0,17 |
|
|
|
Long-term
Receivable |
0 |
|
0,00 |
|
52.483 |
|
0,01 |
|
|
|
Financial
Assets |
49.067 |
|
0,01 |
|
0 |
|
0,00 |
|
|
|
Tangible
Fixed Assets (net) |
874.476 |
|
0,20 |
|
885.723 |
|
0,14 |
|
|
|
Intangible
Assets |
0 |
|
0,00 |
|
65.737 |
|
0,01 |
|
|
|
Other
Non-Current Assets |
10.055 |
|
0,00 |
|
8.700 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
4.444.454 |
|
1,00 |
|
6.128.309 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
1.884.156 |
|
0,42 |
|
2.422.630 |
|
0,40 |
|
|
|
Financial
Loans |
654.331 |
|
0,15 |
|
4.418 |
|
0,00 |
|
|
|
Accounts
Payable |
906.106 |
|
0,20 |
|
1.668.418 |
|
0,27 |
|
|
|
Loans from
Shareholders |
210.564 |
|
0,05 |
|
105.278 |
|
0,02 |
|
|
|
Other
Short-term Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Advances
from Customers |
85.703 |
|
0,02 |
|
594.482 |
|
0,10 |
|
|
|
Taxes
Payable |
27.452 |
|
0,01 |
|
47.196 |
|
0,01 |
|
|
|
Provisions |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Current Liabilities |
0 |
|
0,00 |
|
2.838 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
0 |
|
0,00 |
|
1.045.748 |
|
0,17 |
|
|
|
Financial
Loans |
0 |
|
0,00 |
|
1.045.748 |
|
0,17 |
|
|
|
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 |
2.560.298 |
|
0,58 |
|
2.659.931 |
|
0,43 |
|
|
|
Paid-in Capital |
2.000.000 |
|
0,45 |
|
2.000.000 |
|
0,33 |
|
|
|
Inflation
Adjustment of Capital |
391.823 |
|
0,09 |
|
391.823 |
|
0,06 |
|
|
|
Reserves |
27.363 |
|
0,01 |
|
181.627 |
|
0,03 |
|
|
|
Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accumulated Losses(-) |
-41.794 |
|
-0,01 |
|
-41.794 |
|
-0,01 |
|
|
|
Net
Profit (loss) |
182.906 |
|
0,04 |
|
128.275 |
|
0,02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
4.444.454 |
|
1,00 |
|
6.128.309 |
|
1,00 |
|
INCOME STATEMENTS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
2.985.932 |
|
1,00 |
|
4.731.258 |
|
1,00 |
|
6.292.796 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
2.128.842 |
|
0,71 |
|
3.882.583 |
|
0,82 |
|
5.195.582 |
|
0,83 |
|
|
|
Gross Profit |
857.090 |
|
0,29 |
|
848.675 |
|
0,18 |
|
1.097.214 |
|
0,17 |
|
|
|
Operating
Expenses |
707.455 |
|
0,24 |
|
749.953 |
|
0,16 |
|
1.104.576 |
|
0,18 |
|
|
|
Operating Profit |
149.635 |
|
0,05 |
|
98.722 |
|
0,02 |
|
-7.362 |
|
0,00 |
|
|
|
Other
Income |
126.989 |
|
0,04 |
|
43.926 |
|
0,01 |
|
136.920 |
|
0,02 |
|
|
|
Other
Expenses |
68.015 |
|
0,02 |
|
11.582 |
|
0,00 |
|
22.102 |
|
0,00 |
|
|
|
Financial
Expenses |
25.703 |
|
0,01 |
|
2.791 |
|
0,00 |
|
86.875 |
|
0,01 |
|
|
|
Profit (loss) Before Tax |
182.906 |
|
0,06 |
|
128.275 |
|
0,03 |
|
20.581 |
|
0,00 |
|
|
|
Tax
Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
182.906 |
|
0,06 |
|
128.275 |
|
0,03 |
|
20.581 |
|
0,00 |
|
FINANCIAL RATIOS
|
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|
2005 |
|
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|
2006 |
|
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|
2007 |
|
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|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
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|
Current Ratio |
1,86 |
|
|
|
2,11 |
|
|
|
-- |
|
|
|
|
|
Acid-Test Ratio |
0,35 |
|
|
|
1,16 |
|
|
|
-- |
|
|
|
|
|
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|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,61 |
|
|
|
0,32 |
|
|
|
-- |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,08 |
|
|
|
0,38 |
|
|
|
-- |
|
|
|
|
|
Tangible Assets/Total Assets |
0,20 |
|
|
|
0,14 |
|
|
|
-- |
|
|
|
|
|
|
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TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
0,79 |
|
|
|
1,99 |
|
|
|
-- |
|
|
|
|
|
Stockholders' Equity Turnover |
1,17 |
|
|
|
1,78 |
|
|
|
-- |
|
|
|
|
|
Asset Turnover |
0,67 |
|
|
|
0,77 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,58 |
|
|
|
0,43 |
|
|
|
-- |
|
|
|
|
|
Current Liabilities/Total Assets |
0,42 |
|
|
|
0,40 |
|
|
|
-- |
|
|
|
|
|
Financial Leverage |
0,42 |
|
|
|
0,57 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
0,07 |
|
|
|
0,05 |
|
|
|
-- |
|
|
|
|
|
Operating Profit Margin |
0,05 |
|
|
|
0,02 |
|
|
|
0,00 |
|
|
|
|
|
Net Profit Margin |
0,06 |
|
|
|
0,03 |
|
|
|
0,00 |
|
|
|
|
|
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|
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COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
34,61 |
|
|
|
178,56 |
|
|
|
-- |
|
|
|
|
|
Average Payable Period (days) |
153,23 |
|
|
|
154,70 |
|
|
|
-- |
|
|
|
|
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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%)