MIRA INFORM REPORT

 

 

Report Date :           

02.12.2011

 

IDENTIFICATION DETAILS

 

Name :

GAMATEKS TEKSTIL SANAYI VE TICARET A.S.

 

 

Registered Office :

Karakurt Yolu Uzeri 1891 Sokak No:52 Merkez Denizli

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

22.03.1990

 

 

Com. Reg. No.:

10141

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of home textile products and ready-wear

 

 

No. of Employees :

1250 Persons

 

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 :

11.700.000 USD

 

 

Status :

Good

 

 

Payment Behaviour :

No Complaints

 

 

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

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

:

GAMATEKS TEKSTIL SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Karakurt Yolu Uzeri 1891 Sokak No:52 Merkez Denizli / Turkey

PHONE NUMBER

:

90-258-211 56 50-52

90-258-211 56 54

90-258-211 56 55

 

FAX NUMBER

:

90-258-211 56 36

 

WEB-ADDRESS

:

www.gamateks.com.tr

E-MAIL

:

gamateks@gamateks.com.tr

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Saraylar

TAX NO

:

3880084184

REGISTRATION NUMBER

:

10141

REGISTERED OFFICE

:

Denizli Chamber of Commerce

DATE ESTABLISHED

:

22.03.1990

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   15.000.000

PAID-IN CAPITAL

:

TL   15.000.000

HISTORY

:

Previous Registered Capital

:

TL 6.000.000

Changed On

:

26.12.2007 (Commercial Gazette Date /Number 03.01.2008/ 6969)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Osman Aydinli

66 %

Ozgur Aydinli

16 %

Mustafa Korkut Aydinli

16 %

Gulistan Aydinli

1,70 %

Husniye Aydinli

0,30 %

 

 

SISTER COMPANIES

:

GAMA TRAVERTEN SANAYI VE TICARET A.S.

 

GAMASAN TEKSTIL SANAYI VE TICARET A.S.

 

GAMMA GIYIM EV TEKSTILI GIDA VE TARIM URUNLERI SANAYI TICARET LTD. STI.

 

SUBSIDIARIES

:

GAMMA GIYIM EV TEKSTILI GIDA VE TARIM URUNLERI SANAYI TICARET LTD. STI.  ( 72 % )

 

BOARD OF DIRECTORS

:

Osman Aydinli

Chairman

Ozgur Aydinli

Vice-Chairman

Mustafa Korkut Aydinli

Member

 

 

DIRECTORS

:

Osman Aydinli

General Manager

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of home textile products and ready-wear.

 

NACE CODE

:

DB.17.00

 

SECTOR

:

Textile

 

NUMBER OF EMPLOYEES

:

1.250

 

NET SALES

:

81.106.030 TL

(2007) 

80.220.826 TL

(2008) 

89.576.453 TL

(2009) 

113.037.928 TL

(2010) 

93.859.441 TL

(01.01-30.09.2011) 

 

 

 

IMPORT VALUE

:

8.087.305 USD

(2010)

4.822.000 USD

(01.01-30.09.2011)

 

 

IMPORT COUNTRIES

:

India

Pakistan

Germany

Netherlands

China

 

MERCHANDISE IMPORTED

:

Dye

Machinery

Yarn

 

EXPORT VALUE

:

55.332.651 TL

(2007)

44.634.037 TL

(2008)

46.798.886 TL

(2009)

43.226.373 TL

(2010)

37.266.503 TL

(01.01-30.09.2011)

 

 

EXPORT COUNTRIES

:

U.S.A.

Germany

Netherlands

U.K.

Switzerland

Austria

Belgium

Canada

France

Middle East Countries

Romania

Northern Cyprus Turkish Republic

Egypt

Moldova

Russia

 

MERCHANDISE  EXPORTED

:

Bathrobe

Bedspreads

Fabric

Home textiles

Ready-wear

Towel

 

HEAD OFFICE ADDRESS

:

Karakurt Yolu Uzeri 1891 Sokak No:52 Merkez  Denizli / Turkey  (owned)

 

BRANCHES

:

Factory  :  Organize Sanayi Bolgesi Ahmet Uz Cad. Jandarma Karakolu Yani No:60 Denizli/Turkey (rented)

 

Head Office/Factory  :  Karakurt Yolu Uzeri 1891 Sokak No:52 Denizli/Turkey (owned) (1.350 sqm)

 

INVESTMENTS

:

Machinery investments are going on.

 

 

 

TREND OF BUSINESS

:

There was an upwards trend in 2010. Trend of business appears to be steady in 1.1 - 30.9.2011.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Denizli Branch

T. Halk Bankasi Denizli Branch

T. Is Bankasi Denizli Branch

T. Vakiflar Bankasi Denizli Branch

 

CREDIT FACILITIES

:

The subject company is making use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2008) TL

(2009) TL

(2010) TL

(01.01-30.09.2011) TL

 

Net Sales

80.220.826

89.576.453

113.037.928

93.859.441

 

Profit (Loss) Before Tax

2.921.651

8.163.764

12.011.640

9.176.544

 

Stockholders' Equity

23.775.615

29.783.503

39.112.840

 

 

Total Assets

56.781.484

56.529.479

76.185.411

 

 

Current Assets

34.676.954

34.327.076

51.604.853

 

 

Non-Current Assets

22.104.530

22.202.403

24.580.558

 

 

Current Liabilities

31.956.389

26.196.265

32.621.140

 

 

Long-Term Liabilities

1.049.480

549.711

4.451.431

 

 

Gross Profit (loss)

10.973.155

14.532.232

20.303.214

13.215.753

 

Operating Profit (loss)

6.256.311

9.267.576

14.308.015

9.472.914

 

Net Profit (loss)

2.319.338

6.508.622

9.579.337

9.176.544

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Good As of 31.12.2010

Liquidity

High As of 31.12.2010

Remarks On Liquidity

The unfavorable gap between average collection and average payable period has an adverse effect on liquidity.

Profitability

Good Operating Profitability  in 2008

In Order Net Profitability  in 2008

High Operating Profitability  in 2009

High Net Profitability  in 2009

High Operating Profitability  in 2010

High Net Profitability  in 2010

High Operating Profitability (01.01-30.09.2011)

High Net Profitability (01.01-30.09.2011)

 

Gap between average collection and payable periods

Unfavorable in 2010

General Financial Position

Good

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 11.700.000 USD may be granted to the subject company.

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2007 )

5,94 %

1,3075

1,7901

2,6133

 ( 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

 ( 01.01-30.09.2011)

9,72 %

1,6335

2,3016

2,6294

 ( 01.01-31.10.2011)

11,48 %

1,6444

2,3157

2,6459

 

 

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

34.676.954

0,61

34.327.076

0,61

51.604.853

0,68

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

Cash and Banks

3.650.545

0,06

1.920.570

0,03

5.447.622

0,07

Marketable Securities

290.798

0,01

295.271

0,01

660.577

0,01

Account Receivable

21.495.259

0,38

21.001.637

0,37

29.386.665

0,39

Other Receivable

0

0,00

0

0,00

0

0,00

Inventories

7.062.187

0,12

0

0,00

11.726.765

0,15

Advances Given

1.519.514

0,03

7.409.749

0,13

1.332.398

0,02

Accumulated Construction Expense

0

0,00

1.558.279

0,03

0

0,00

Other Current Assets

658.651

0,01

2.141.570

0,04

3.050.826

0,04

NON-CURRENT ASSETS

22.104.530

0,39

22.202.403

0,39

24.580.558

0,32

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

0

0,00

Financial Assets

6.353.101

0,11

6.353.102

0,11

6.381.187

0,08

Tangible Fixed Assets (net)

13.086.500

0,23

12.913.107

0,23

13.777.623

0,18

Intangible Assets

2.542.226

0,04

2.804.976

0,05

4.277.409

0,06

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

122.703

0,00

131.218

0,00

144.339

0,00

TOTAL ASSETS

56.781.484

1,00

56.529.479

1,00

76.185.411

1,00

CURRENT LIABILITIES

31.956.389

0,56

26.196.265

0,46

32.621.140

0,43

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

15.516.270

0,27

7.589.686

0,13

10.993.541

0,14

Accounts Payable

14.477.913

0,25

15.226.958

0,27

17.865.853

0,23

Loans from Shareholders

0

0,00

0

0,00

0

0,00

Other Short-term Payable

0

0,00

365.003

0,01

493.424

0,01

Advances from Customers

1.121.453

0,02

963.523

0,02

401.960

0,01

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

Taxes Payable

238.440

0,00

395.953

0,01

434.059

0,01

Provisions

602.313

0,01

1.655.142

0,03

2.432.303

0,03

Other Current Liabilities

0

0,00

0

0,00

0

0,00

LONG-TERM LIABILITIES

1.049.480

0,02

549.711

0,01

4.451.431

0,06

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

1.049.480

0,02

549.711

0,01

4.451.431

0,06

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

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

23.775.615

0,42

29.783.503

0,53

39.112.840

0,51

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

Paid-in Capital

15.000.000

0,26

15.000.000

0,27

15.000.000

0,20

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

Reserves

6.456.277

0,11

8.274.881

0,15

14.533.503

0,19

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)

2.319.338

0,04

6.508.622

0,12

9.579.337

0,13

TOTAL LIABILITIES AND EQUITY

56.781.484

1,00

56.529.479

1,00

76.185.411

1,00

 

 

INCOME STATEMENTS

 

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(01.01-30.09.2011) TL

 

Net Sales

80.220.826

1,00

89.576.453

1,00

113.037.928

1,00

93.859.441

1,00

Cost of Goods Sold

69.247.671

0,86

75.044.221

0,84

92.734.714

0,82

80.643.688

0,86

Gross Profit

10.973.155

0,14

14.532.232

0,16

20.303.214

0,18

13.215.753

0,14

Operating Expenses

4.716.844

0,06

5.264.656

0,06

5.995.199

0,05

3.742.839

0,04

Operating Profit

6.256.311

0,08

9.267.576

0,10

14.308.015

0,13

9.472.914

0,10

Other Income

1.651.872

0,02

1.776.213

0,02

1.104.545

0,01

817.335

0,01

Other Expenses

1.637.348

0,02

447.041

0,00

1.967.153

0,02

89.816

0,00

Financial Expenses

3.349.184

0,04

2.432.984

0,03

1.433.767

0,01

1.023.889

0,01

Minority Interests

0

0,00

0

0,00

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

0

0,00

0

0,00

Profit (loss) Before Tax

2.921.651

0,04

8.163.764

0,09

12.011.640

0,11

9.176.544

0,10

Tax Payable

602.313

0,01

1.655.142

0,02

2.432.303

0,02

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

2.319.338

0,03

6.508.622

0,07

9.579.337

0,08

9.176.544

0,10

 

 

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

LIQUIDITY RATIOS

 

 

 

Current Ratio

1,09

1,31

1,58

Acid-Test Ratio

0,80

0,89

1,09

Cash Ratio

0,12

0,08

0,19

ASSET STRUCTURE RATIOS

 

 

 

Inventory/Total Assets

0,12

0,00

0,15

Short-term Receivable/Total Assets

0,38

0,37

0,39

Tangible Assets/Total Assets

0,23

0,23

0,18

TURNOVER RATIOS

 

 

 

Inventory Turnover

9,81

 

7,91

Stockholders' Equity Turnover

3,37

3,01

2,89

Asset Turnover

1,41

1,58

1,48

FINANCIAL STRUCTURE

 

 

 

Stockholders' Equity/Total Assets

0,42

0,53

0,51

Current Liabilities/Total Assets

0,56

0,46

0,43

Financial Leverage

0,58

0,47

0,49

Gearing Percentage

1,39

0,90

0,95

PROFITABILITY RATIOS

 

 

 

Net Profit/Stockholders' Eq.

0,10

0,22

0,24

Operating Profit Margin

0,08

0,10

0,13

Net Profit Margin

0,03

0,07

0,08

Interest Cover

1,87

4,36

9,38

COLLECTION-PAYMENT

 

 

 

Average Collection Period (days)

96,46

84,40

93,59

Average Payable Period (days)

75,27

73,05

69,36

WORKING CAPITAL

2720565,00

8130811,00

18983713,00

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.65

UK Pound

1

Rs.81.06

Euro

1

Rs.69.51

 

 

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

----

NB

New Business

----

 

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.