MIRA
INFORM REPORT
|
Report Date : |
17.03.2008 |
IDENTIFICATION
DETAILS
|
Name : |
KAPLAN GIYIM SANAYI VE TICARET LTD. STI. |
|
|
|
|
Registered Office : |
Mesrutiyet Mah. Hacimansur Sok. No:96-98-100 Sisli-Istanbul |
|
|
|
|
Country : |
Turkey |
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|
|
|
Financials (as on) : |
31.12.2006 |
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|
|
|
Date of Incorporation : |
13.01.1995 |
|
|
|
|
Com. Reg. No.: |
3324817 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Trade of Women’s Ready-Wear. |
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 |
|
Maximum Credit Limit : |
USD 70,000 |
|
|
|
|
Status : |
Small Company |
|
|
|
|
Payment Behaviour : |
No Complaints |
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|
|
|
Litigation : |
Clear |
NOTE
According to Commercial Registry, there is no company named as “Piena Kaplan Giyim San Tic Ltd Sti” in Turkey. The registered name of the firm having the phone numbers at your inquiry is “KAPLAN GIYIM SANAYI VE TICARET LTD. STI.”
COMPANY IDENTIFICATION
|
NAME |
: |
KAPLAN GIYIM SANAYI VE TICARET LTD. STI. |
|
ADDRESS |
: |
Head Office & Cutting Plant:
Mesrutiyet Mah. Hacimansur Sok. No:96-98-100 Sisli-Istanbul/Turkey |
|
PHONE NUMBER |
: |
90-212-231 09 75 |
|
FAX NUMBER |
: |
90-212-231 22 88 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Mecidiyekoy/4980074443 |
|
REGISTRATION NUMBER |
: |
324817 |
|
REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
|
DATE ESTABLISHED |
: |
13.01.1995 (Commercial Registry Gazette
Date/No:18.01.1995/3706) |
|
LEGAL FORM |
: |
Limited Company |
|
TYPE OF COMPANY |
: |
Private |
|
REGISTERED CAPITAL |
: |
YTL 500,000 |
|
HISTORY |
: |
|
|
|
|
|
|
Previous Registered Capital |
:YTL 20,000 |
|
|
|
|
Regist. Capital Changed on |
:07.06.2007 (Commercial Registry Gazette
Date/No:12.06.2007/6828) This increase is decided to be financed by cash. According to the
capital increase decision ¼ of the increase has to be paid within 3 months
following the date of capital increase and the rest has to be paid until
18.05.2010. |
|
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Adnan Kaplan Aziz Karakollukci |
99,9 % |
|
SISTER COMPANIES |
: |
Kaplan Insaat Tasimacilik Turizm Tarim Ltd
Sti |
|
|
GROUP PARENT COMPANY |
: |
None |
|
|
SUBSIDIARIES |
: |
None |
|
|
DIRECTORS |
: |
Adnan Kaplan |
|
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Trade of women’s ready-wear. The subject cuts fabric and orders sewing
to contact manufacturers. |
|
|
SECTOR |
: |
Ready-wear |
|
|
NUMBER OF
EMPLOYEES |
: |
33 |
|
|
NET SALES |
: |
(YTL) 804,455 1,804,526 1,879,994 |
(2005) (2006) (01.01.-30.09.2007) |
|
IMPORT VALUE |
: |
YTL 1,078,364 |
(01.01.-30.11.2007) |
|
IMPORT COUNTRIES |
: |
Korea |
|
|
MERCHANDISE
IMPORTED |
: |
Fabric |
|
|
EXPORT VALUE |
: |
(YTL) 9,358 54,638 22,319 |
(2005) (2006) (01.01.-30.09.2007) |
|
EXPORT COUNTRIES |
: |
Russia, France |
|
|
MERCHANDISE
EXPORTED |
: |
Jackets, blazers, dresses, skirts,
trousers etc. |
|
|
PREMISES |
: |
Head Office & Cutting Plant:
Mesrutiyet Mah. Hacimansur Sok. No:96-98-100 Sisli-Istanbul Branch: Mesih Pasa Mah. Kiziltas Sok. No:6
D:2-3-4-5-6 Laleli-Eminonu-Istanbul Branch: Merkez Mah. Kazim Orbay Cad. No:67
A Blok D:2 Sisli-Istanbul |
|
|
TREND OF
BUSINESS |
: |
Upwards |
|
SIZE OF BUSINESS |
: |
Moderate |
FINANCE
|
MAIN DEALING BANKERS |
: |
Turkiye Finans Katilim Bankasi Sisli
branch in Istanbul Garanti Bankasi Sisli branch in Istanbul |
|
CREDIT FACILITIES |
: |
The
subject company rarely makes use of credit facilities. |
|
PAYMENT BEHAVIOUR |
: |
No
payment delays have come to our knowledge. |
COMMENT ON FINANCIAL POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
||||
|
The firm had negative stockholders’ equity
as of 31.12.2006. However it has to be noted that, 84 % 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. The
registered capital was increased from YTL 20,000 to YTL 500,000 on 07.06.2007
. This increase is decided to be financed by cash. According to the capital
increase decision ¼ of the increase has to be paid within 3 months following
the date of capital increase and the rest has to be paid until 18.05.2010.
The capital increase is expected to have a positive effect on equity total
since 2006 as the increase is decided to be financed mainly by cash. |
||||
|
LIQUIDITY |
||||
|
Liquidity may be regarded as being high as of 31.12.2006 disregarding
“loans from shareholders” from “current liabilities”. |
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PROFITABILITY |
||||
|
Fair |
In 2006 |
Operating Loss/ Net Loss |
Between 01.01.-30.09.2007 |
|
|
GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
||||
|
Unfavorable |
In 2006 |
|||
|
GENERAL
FINANCIAL POSITION |
||||
|
The firm had negative stockholders’ equity as of 31.12.2006. However,
84 % 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. The registered capital was increased from YTL 20,000 to YTL
500,000 on 07.06.2007. We expect an improvement at equity total since 2006 as
the increase is decided to be financed mainly by cash. The firm had fair
profitability in 2006 but operating loss/net loss in the first 9 months of
2007. Liquidity may be regarded as being high as of 31.12.2006 disregarding
“loans from shareholders” from “current liabilities”. |
||||
CREDIT OPINION
|
CREDIT OPINION WITHOUT OBLIGATION |
: |
We are of the opinion that, a max. credit
of USD 70,000 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 |
|
(1.1.-30.09.2007) |
4.98 % |
1.3447 |
1.8084 |
2.6720 |
|
(2007) |
5.94 % |
1.3075 |
1.7901 |
2.6133 |
|
(1.1.-29.02.2008) |
3 % |
1.1768 |
1.7488 |
2.3424 |
(All statements are prepared
according to TAS)
BALANCE SHEETS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
31.12.05 |
|
|
|
31.12.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
816.232 |
|
0,85 |
|
1.907.140 |
|
0,94 |
|
|
|
Cash and
Banks |
232.587 |
|
0,24 |
|
74.542 |
|
0,04 |
|
|
|
Marketable Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account
Receivable |
351.443 |
|
0,37 |
|
832.285 |
|
0,41 |
|
|
|
Other
Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Inventories |
172.763 |
|
0,18 |
|
845.320 |
|
0,42 |
|
|
|
Advances
Given |
59.439 |
|
0,06 |
|
113.849 |
|
0,06 |
|
|
|
Other
Current Assets |
0 |
|
0,00 |
|
41.144 |
|
0,02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
143.675 |
|
0,15 |
|
113.574 |
|
0,06 |
|
|
|
Long-term
Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Financial
Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Tangible
Fixed Assets (net) |
139.067 |
|
0,14 |
|
101.537 |
|
0,05 |
|
|
|
Intangible Assets |
4.282 |
|
0,00 |
|
11.062 |
|
0,01 |
|
|
|
Other
Non-Current Assets |
326 |
|
0,00 |
|
975 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
959.907 |
|
1,00 |
|
2.020.714 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
1.078.319 |
|
1,12 |
|
2.099.973 |
|
1,04 |
|
|
|
Financial
Loans |
29.505 |
|
0,03 |
|
6.796 |
|
0,00 |
|
|
|
Accounts
Payable |
181.349 |
|
0,19 |
|
374.922 |
|
0,19 |
|
|
|
Loans
from Shareholders |
847.658 |
|
0,88 |
|
1.687.658 |
|
0,84 |
|
|
|
Other
Short-term Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Advances
from Customers |
12.763 |
|
0,01 |
|
10.370 |
|
0,01 |
|
|
|
Taxes
Payable |
7.044 |
|
0,01 |
|
20.227 |
|
0,01 |
|
|
|
Provisions |
0 |
|
0,00 |
|
0 |
|
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 |
-118.412 |
|
-0,12 |
|
-79.259 |
|
-0,04 |
|
|
|
Paid-in
Capital |
20.000 |
|
0,02 |
|
20.000 |
|
0,01 |
|
|
|
Inflation
Adjustment of Capital |
150.185 |
|
0,16 |
|
150.185 |
|
0,07 |
|
|
|
Reserves |
7.062 |
|
0,01 |
|
23.886 |
|
0,01 |
|
|
|
Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accumulated Losses(-) |
-312.483 |
|
-0,33 |
|
-312.483 |
|
-0,15 |
|
|
|
Net
Profit (loss) |
16.824 |
|
0,02 |
|
39.153 |
|
0,02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
959.907 |
|
1,00 |
|
2.020.714 |
|
1,00 |
|
INCOME
STATEMENTS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
1.1.-30.09.2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
804.455 |
|
1,00 |
|
1.804.526 |
|
1,00 |
|
1.879.994 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
492.011 |
|
0,61 |
|
976.176 |
|
0,54 |
|
1.427.202 |
|
0,76 |
|
|
|
Gross Profit |
312.444 |
|
0,39 |
|
828.350 |
|
0,46 |
|
452.792 |
|
0,24 |
|
|
|
Operating
Expenses |
295.257 |
|
0,37 |
|
742.214 |
|
0,41 |
|
500.070 |
|
0,27 |
|
|
|
Operating Profit |
17.187 |
|
0,02 |
|
86.136 |
|
0,05 |
|
-47.278 |
|
-0,03 |
|
|
|
Other
Income |
428 |
|
0,00 |
|
6.582 |
|
0,00 |
|
32.463 |
|
0,02 |
|
|
|
Other
Expenses |
791 |
|
0,00 |
|
53.565 |
|
0,03 |
|
1.932 |
|
0,00 |
|
|
|
Financial
Expenses |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
9.764 |
|
0,01 |
|
|
|
Profit (loss) Before Tax |
16.824 |
|
0,02 |
|
39.153 |
|
0,02 |
|
-26.511 |
|
-0,01 |
|
|
|
Tax
Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
16.824 |
|
0,02 |
|
39.153 |
|
0,02 |
|
-26.511 |
|
-0,01 |
|
FINANCIAL
RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
1.1.-30.09.2007 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Ratio |
0,76 |
|
|
|
0,91 |
|
|
|
-- |
|
|
|
|
|
Acid-Test Ratio |
0,54 |
|
|
|
0,43 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,18 |
|
|
|
0,42 |
|
|
|
-- |
|
|
|
|
|
Short-term Receiv./Total Assets |
0,37 |
|
|
|
0,41 |
|
|
|
-- |
|
|
|
|
|
Tangible Assets/Total Assets |
0,14 |
|
|
|
0,05 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
2,85 |
|
|
|
1,15 |
|
|
|
-- |
|
|
|
|
|
Stockholders' Equity Turnover |
-6,79 |
|
|
|
-22,77 |
|
|
|
-- |
|
|
|
|
|
Asset Turnover |
0,84 |
|
|
|
0,89 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
-0,12 |
|
|
|
-0,04 |
|
|
|
-- |
|
|
|
|
|
Current Liabilities/Total Assets |
1,12 |
|
|
|
1,04 |
|
|
|
-- |
|
|
|
|
|
Financial Leverage |
1,12 |
|
|
|
1,04 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
-0,14 |
|
|
|
-0,49 |
|
|
|
-- |
|
|
|
|
|
Operating Profit Margin |
0,02 |
|
|
|
0,05 |
|
|
|
-0,03 |
|
|
|
|
|
Net Profit Margin |
0,02 |
|
|
|
0,02 |
|
|
|
-0,01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
157,27 |
|
|
|
166,04 |
|
|
|
-- |
|
|
|
|
|
Average Payable Period (days) |
132,69 |
|
|
|
138,27 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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%)