logo

 

MIRA INFORM REPORT

 

 

Report Date :            

14.04.2011

 

IDENTIFICATION DETAILS

 

Name :

GSD DIS TICARET A.S.

 

 

Formerly Known As :

GSD Giyim Sanayicileri Dis Ticaret A.S.

 

 

Registered Office :

Aydinevler Mah. Inonu Cad. Gokce Sok. GSD Binasi No:14 Kucukyali Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

11.10.1995

 

 

Com. Reg. No.:

335948

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

the foreign trade activities of G.S.D. Holding's shareholders which are ready-wear manufacturers

 

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 2.000.000

Status :

Satisfactory

Payment Behaviour :

Usually Correct 

Litigation :

Clear

 

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – December 31, 2010

 

Country Name

Previous Rating

                   (30.09.2010)                  

Current Rating

(31.12.2010)

Turkey

b1

b1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

 

COMPANY IDENTIFICATION

 

NAME

:

GSD DIS TICARET A.S.

HEAD OFFICE ADDRESS

:

Aydinevler Mah. Inonu Cad. Gokce Sok. GSD Binasi No:14 Kucukyali Istanbul / Turkey

PHONE NUMBER

:

90-216-489 97 50

 

FAX NUMBER

:

90-216-489 97 91-92

 

WEB-ADDRESS

:

www.gsddisticaret.com.tr

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Dis Ticaret

TAX NO

:

4110044106

REGISTRATION NUMBER

:

335948

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

11.10.1995

ESTABLISHMENT GAZETTE DATE/NO

:

17.10.1995/3894

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   10.000.000

PAID-IN CAPITAL

:

TL   10.000.000

HISTORY

:

Previous Name

:

GSD Giyim Sanayicileri Dis Ticaret A.S.

Changed On

:

25.11.1997 (Commercial Gazette Date /Number 28.11.1997/ 4429)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

G.S.D.Holding A.S.

99,99 %

Gsd Reklam Ve Halkla Iliskiler Hizmetleri A.S.

 

GSD Yatirim Bankasi A.S.

 

Tekstil Finansal Kiralama A.S.

 

Others

 

 

 

GROUP PARENT COMPANY

:

G.S.D.HOLDING A.S.

 

SISTER COMPANIES

:

BIRAND GIYIM SANAYI VE TICARET A.S.

DELTA ARSA VE BINA GELISTIRME TICARET A.S.

DELTA HOLDING A.S.

G.S.D.HOLDING A.S.

GSD EGITIM VAKFI

GSD SIGORTA ARACILIK HIZMETLERI A.S.

GSD YATIRIM BANKASI A.S.

TEKSTIL BANKASI A.S.

TEKSTIL FACTORING HIZMETLERI A.S.

TEKSTIL FINANSAL KIRALAMA A.S.

TEKSTIL YATIRIM MENKUL DEGERLER A.S.

 

SUBSIDIARIES

:

G.S.D.HOLDING A.S.

GSD SIGORTA ARACILIK HIZMETLERI A.S.

GSD YATIRIM BANKASI A.S.

 

BOARD OF DIRECTORS

:

Mehmet Turgut Yilmaz

Chairman

Alper Alp

Vice-Chairman

Cezmi Ozturk

Member

Eyup Murat Gezgin

Member

Nihat Yalcintas

Member

 

 

DIRECTORS

:

Nihat Yalcintas

General Manager

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

The subject performs the foreign trade activities of G.S.D. Holding's shareholders which are ready-wear manufacturers.

 

It also dealing with foreign trade of metal, furniture parts, raw leather, fur etc.  

 

NACE CODE

:

G .51.42

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

14

 

NET SALES

:

792.399.946 TL

(2008) 

1.139.350.299 TL

(2009) 

1.471.155.526 TL

(2010) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

EXPORT VALUE

:

792.379.799 TL

(2008)

1.139.180.961 TL

(2009)

1.471.155.526 TL

(2010)

 

 

EXPORT COUNTRIES

:

Australia

Austria

Azerbaijan

Belgium

Bulgaria

Canada

Chile

Denmark

Egypt

Germany

France

Greece

 

MERCHANDISE  EXPORTED

:

Leather

Ready-wear

Textile

 

HEAD OFFICE ADDRESS

:

Aydinevler Mah. Inonu Cad. Gokce Sok. GSD Binasi No:14 Kucukyali Istanbul / Turkey ( rented ) (500 sqm)

 

INVESTMENTS

:

None

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2010.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

MAIN DEALING BANKS

:

Garanti Bankasi Ustbostanci Branch

Tekstil Bankasi E-5 Kucukyali Branch

Yapi ve Kredi Bankasi Bayar Cad. Branch

Ziraat Bankasi Aksaray Branch

 

CREDIT FACILITIES

:

The subject rarely makes use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2009) TL

(2010) TL

 

 

 

Net Sales

1.139.350.299

1.471.155.526

 

 

 

Profit (Loss) Before Tax

534.321

2.554.416

 

 

 

Stockholders' Equity

19.212.687

21.295.707

 

 

 

Total Assets

285.763.598

353.776.508

 

 

 

Current Assets

282.684.037

341.579.125

 

 

 

Non-Current Assets

3.079.561

12.197.383

 

 

 

Current Liabilities

266.230.856

332.210.229

 

 

 

Long-Term Liabilities

320.055

270.572

 

 

 

Gross Profit (loss)

-1.762.946

-1.811.592

 

 

 

Operating Profit (loss)

-2.094.082

-2.047.548

 

 

 

Net Profit (loss)

362.961

2.083.018

 

 

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Low As of 31.12.2010

Remarks on Capitalization

As the firm buys and exports the products mainly of GSD Group the accounts payable mainly consists of the debts to the group companies.

Liquidity

Satisfactory As of 31.12.2010

Profitability

Gross Loss  in 2009

Operating Loss  in 2009

Low Net Profitability  in 2009

Gross Loss  in 2010

Operating Loss  in 2010

Low Net Profitability  in 2010

 

Remarks on Profitability

As the subject company exports the products mainly of group companies, it buys the products nearly at the export price so the subject had gross loss due to high cost of goods sold.

 

Gap between average collection and payable periods

Favorable in 2010

General Financial Position

Passable

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of USD 2.000.000 may be granted to the subject company

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2008 )

8,11 %

1,2858

1,8876

2,3708

 ( 2009 )

5,93 %

1,5460

2,1529

2,4094

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 ( 01.01-31.03.2011)

5,40 %

1,5753

2,1664

2,5072

 

 

BALANCE SHEETS

 

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

282.684.037

0,99

341.579.125

0,97

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

19.414.524

0,07

6.560.061

0,02

Marketable Securities

144.806

0,00

231.516

0,00

Account Receivable

230.050.606

0,81

295.071.195

0,83

Other Receivable

11.067.386

0,04

27.201.700

0,08

Inventories

10.933.568

0,04

0

0,00

Advances Given

0

0,00

0

0,00

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

11.073.147

0,04

12.514.653

0,04

NON-CURRENT ASSETS

3.079.561

0,01

12.197.383

0,03

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

Financial Assets

3.061.516

0,01

12.153.668

0,03

Tangible Fixed Assets (net)

9.189

0,00

35.615

0,00

Intangible Assets

2.002

0,00

1.002

0,00

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

6.854

0,00

7.098

0,00

TOTAL ASSETS

285.763.598

1,00

353.776.508

1,00

CURRENT LIABILITIES

266.230.856

0,93

332.210.229

0,94

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

2.995.000

0,01

8.000.000

0,02

Accounts Payable

262.884.589

0,92

323.209.883

0,91

Loans from Shareholders

0

0,00

0

0,00

Other Short-term Payable

315.609

0,00

587.763

0,00

Advances from Customers

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

32.689

0,00

31.910

0,00

Provisions

0

0,00

61.502

0,00

Other Current Liabilities

2.969

0,00

319.171

0,00

LONG-TERM LIABILITIES

320.055

0,00

270.572

0,00

Not Detailed 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

320.055

0,00

270.572

0,00

STOCKHOLDERS' EQUITY

19.212.687

0,07

21.295.707

0,06

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

10.000.000

0,03

10.000.000

0,03

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

8.729.704

0,03

8.729.704

0,02

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

7.458.761

0,03

7.458.761

0,02

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

-7.338.739

-0,03

-6.975.776

-0,02

Net Profit (loss)

362.961

0,00

2.083.018

0,01

TOTAL LIABILITIES AND EQUITY

285.763.598

1,00

353.776.508

1,00

 

 

REMARKS ON FINANCIAL STATEMENT

:

The financial statements of 2010 have not become certain yet.

 

 

INCOME STATEMENTS

 

 

(2009) TL

 

(2010) TL

 

Net Sales

1.139.350.299

1,00

1.471.155.526

1,00

Cost of Goods Sold

1.141.113.245

1,00

1.472.967.118

1,00

Gross Profit

-1.762.946

0,00

-1.811.592

0,00

Operating Expenses

331.136

0,00

235.956

0,00

Operating Profit

-2.094.082

0,00

-2.047.548

0,00

Other Income

4.548.353

0,00

5.032.417

0,00

Other Expenses

1.177.467

0,00

64.565

0,00

Financial Expenses

742.483

0,00

365.888

0,00

Minority Interests

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

Profit (loss) Before Tax

534.321

0,00

2.554.416

0,00

Tax Payable

171.360

0,00

471.398

0,00

Postponed Tax Gain

0

0,00

0

0,00

Net Profit (loss)

362.961

0,00

2.083.018

0,00

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

LIQUIDITY RATIOS

Current Ratio

1,06

1,03

Acid-Test Ratio

0,98

0,99

Cash Ratio

0,07

0,02

ASSET STRUCTURE RATIOS

Inventory/Total Assets

0,04

0,00

Short-term Receivable/Total Assets

0,84

0,91

Tangible Assets/Total Assets

0,00

0,00

TURNOVER RATIOS

Inventory Turnover

104,37

 

Stockholders' Equity Turnover

59,30

69,08

Asset Turnover

3,99

4,16

FINANCIAL STRUCTURE

Stockholders' Equity/Total Assets

0,07

0,06

Current Liabilities/Total Assets

0,93

0,94

Financial Leverage

0,93

0,94

Gearing Percentage

13,87

15,61

PROFITABILITY RATIOS

Net Profit/Stockholders' Eq.

0,02

0,10

Operating Profit Margin

0,00

0,00

Net Profit Margin

0,00

0,00

Interest Cover

1,72

7,98

COLLECTION-PAYMENT

Average Collection Period (days)

72,69

72,21

Average Payable Period (days)

82,94

78,99

WORKING CAPITAL

16453181,00

9368896,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.48

UK Pound

1

Rs.72.37

Euro

1

Rs.64.42

 

 

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

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

 

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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.