MIRA INFORM REPORT

 

 

Report Date :           

27.12.2011

 

IDENTIFICATION DETAILS

 

Name :

GOKCAG KUMASCILIK SANAYI VE TICARET A.S. 

 

 

Registered Office :

2. Organize Sanayi Bolgesi G.O.P. Mah. Ulusoy Cad. No:20 Cerkezkoy Tekirdag

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

14.01.2003

 

 

Com. Reg. No.:

1499-Cerkezkoy

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

deals with dying and finishing of fabric

 

 

No. of Employees :

85

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Moderate

Payment Behaviour :

Slow

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

 

NOTES

:

Address at your inquiry is the former address.

 

 

COMPANY IDENTIFICATION

 

NAME

:

GOKCAG KUMASCILIK SANAYI VE TICARET A.S. 

HEAD OFFICE ADDRESS

:

2. Organize Sanayi Bolgesi G.O.P. Mah. Ulusoy Cad. No:20 Cerkezkoy Tekirdag / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The address was changed from "Sabanci Cad. No:26" to "Ulusoy Cad. No:20" by the Authority.

 

PHONE NUMBER

:

90-282-758 37 50 (5 Line)

 

FAX NUMBER

:

90-282-758 37 49

 

WEB-ADDRESS

:

www.gokcagtekstil.com

E-MAIL

:

info@gokcagtekstil.com

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Cerkezkoy

TAX NO

:

3990262962

REGISTRATION NUMBER

:

1499-Cerkezkoy

REGISTERED OFFICE

:

Cerkezkoy Chamber of Commerce and Industry

 

DATE ESTABLISHED

:

14.01.2003

ESTABLISHMENT GAZETTE DATE /NO

:

24.01.2003/5725

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   2.500.000

PAID-IN CAPITAL

:

TL   2.500.000

HISTORY

:

Previous Registered Capital

:

TL 2.000.000

Changed On

:

02.06.2010 (Commercial Gazette Date /Number 09.06.2010/ 7581)

Previous Address

:

Organize Sanayi Bolgesi 1.Yol No: 11 Cerkezkoy Tekirdag

Changed On

:

21.02.2005 (Commercial Gazette Date /Number 02.03.2005/ 6251)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Yasar Caliskan

79,94 %

Aysen Caliskan

20 %

Emine Gokce Caliskan

 

Hasan Cagatay Caliskan

 

Talip Akar

 

 

 

SUBSIDIARIES

:

None

 

BOARD OF DIRECTORS

:

Yasar Caliskan

Chairman

Ayse Caliskan

Vice-Chairman

Talip Akar

Member

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

The firm deals with dying and finishing of fabric.

 

NACE CODE

:

DB.17.30

 

SECTOR

:

Textile

 

NUMBER OF EMPLOYEES

:

85

 

NET SALES

:

5.489.395 TL

(2009) 

6.692.549 TL

(2010) 

12.888.378 TL

(01.01-30.09.2011) 

 

 

CAPACITY

:

  ( tons/yr)

 

216.000

(2009)

240.000

(2010)

264.000

(2011)

 

 

IMPORT VALUE

:

0 TL

(2009)

0 TL

(2010)

100.000 EUR

(01.01-30.09.2011)

 

 

IMPORT COUNTRIES

:

India

 

MERCHANDISE IMPORTED

:

Machinery

 

EXPORT VALUE

:

0 TL

(2009)

0 TL

(2010)

0 TL

(01.01-30.09.2011)

 

 

HEAD OFFICE ADDRESS

:

2. Organize Sanayi Bolgesi G.O.P. Mah. Ulusoy Cad. No:20 Cerkezkoy Tekirdag / Turkey (owned)

 

BRANCHES

:

Head Office/Processing Plant  :  2. Organize Sanayi Bolgesi G.O.P. Mah. Ulusoy Cad. No:20 Cerkezkoy Tekirdag/Turkey (owned)

 

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2010. There appears an upwards trend in  1.1 - 30.9.2011.

SIZE OF BUSINESS

:

Medium

 

 

FINANCE

 

MAIN DEALING BANKS

:

Asya Katilim Bankasi Cerkezkoy Branch

 

CREDIT FACILITIES

:

The subject rarely makes use of credit facilities.

 

PAYMENT BEHAVIOUR

:

We are informed about numerous payment delays in the former years some of which were resolved later on

 

KEY FINANCIAL ELEMENTS

:

 

(2009) TL

(2010) TL

(01.01-30.09.2011) TL

 

 

Net Sales

5.489.395

6.692.549

12.888.378

 

 

Profit (Loss) Before Tax

52.133

-607.127

364.906

 

 

Stockholders' Equity

2.643.064

2.038.938

 

 

 

Total Assets

6.600.104

5.719.493

 

 

 

Current Assets

3.534.441

2.758.375

 

 

 

Non-Current Assets

3.065.663

2.961.118

 

 

 

Current Liabilities

3.957.040

3.680.555

 

 

 

Long-Term Liabilities

0

0

 

 

 

Gross Profit (loss)

1.033.219

-36.906

549.672

 

 

Operating Profit (loss)

618.732

-594.933

385.430

 

 

Net Profit (loss)

41.706

-607.127

364.906

 

 

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Good As of 31.12.2010

Remarks on Capitalization

A part of total liabilities and equity consist of loans from shareholders rather than liabilities to third parties indicating not too high indebtedness to third parties.

 

Liquidity

Satisfactory As of 31.12.2010

Remarks On Liquidity

A part of current liabilities consist of short-term loans from shareholders rather than liabilities to third parties. 

 

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

 

Profitability

High Operating Profitability  in 2009

Low Net Profitability  in 2009

Gross Loss  in 2010

Operating Loss  in 2010

Net Loss  in 2010

Fair Operating Profitability (01.01-30.09.2011)

Fair Net Profitability (01.01-30.09.2011)

 

Gap between average collection and payable periods

Unfavorable in 2010

General Financial Position

In Order

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 01.01-30.11.2011)

12,20 %

1,6616

2,3280

2,6658

 

BALANCE SHEETS

 

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

3.534.441

0,54

2.758.375

0,48

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

33.592

0,01

145.225

0,03

Marketable Securities

0

0,00

0

0,00

Account Receivable

950.332

0,14

1.340.271

0,23

Other Receivable

0

0,00

0

0,00

Inventories

1.859.457

0,28

999.441

0,17

Advances Given

687.902

0,10

263.412

0,05

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

3.158

0,00

10.026

0,00

NON-CURRENT ASSETS

3.065.663

0,46

2.961.118

0,52

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

275

0,00

275

0,00

Financial Assets

0

0,00

0

0,00

Tangible Fixed Assets (net)

2.945.486

0,45

2.975.106

0,52

Intangible Assets

119.902

0,02

-14.263

0,00

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

0

0,00

TOTAL ASSETS

6.600.104

1,00

5.719.493

1,00

CURRENT LIABILITIES

3.957.040

0,60

3.680.555

0,64

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

35.127

0,01

3.775

0,00

Accounts Payable

2.046.268

0,31

861.791

0,15

Loans from Shareholders

846.466

0,13

1.969.722

0,34

Other Short-term Payable

56.402

0,01

62.083

0,01

Advances from Customers

232.990

0,04

280.867

0,05

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

739.787

0,11

502.317

0,09

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

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

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

2.643.064

0,40

2.038.938

0,36

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

2.000.000

0,30

2.500.000

0,44

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

601.358

0,09

146.065

0,03

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

Net Profit (loss)

41.706

0,01

-607.127

-0,11

TOTAL LIABILITIES AND EQUITY

6.600.104

1,00

5.719.493

1,00

 

 

INCOME STATEMENTS

 

 

(2009) TL

 

(2010) TL

 

(01.01-30.09.2011) TL

 

Net Sales

5.489.395

1,00

6.692.549

1,00

12.888.378

1,00

Cost of Goods Sold

4.456.176

0,81

6.729.455

1,01

12.338.706

0,96

Gross Profit

1.033.219

0,19

-36.906

-0,01

549.672

0,04

Operating Expenses

414.487

0,08

558.027

0,08

164.242

0,01

Operating Profit

618.732

0,11

-594.933

-0,09

385.430

0,03

Other Income

10.243

0,00

33.128

0,00

86.901

0,01

Other Expenses

6.979

0,00

13.199

0,00

10.929

0,00

Financial Expenses

569.863

0,10

32.123

0,00

96.496

0,01

Minority Interests

0

0,00

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

0

0,00

Profit (loss) Before Tax

52.133

0,01

-607.127

-0,09

364.906

0,03

Tax Payable

10.427

0,00

0

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

41.706

0,01

-607.127

-0,09

364.906

0,03

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

LIQUIDITY RATIOS

 

Current Ratio

0,89

0,75

Acid-Test Ratio

0,25

0,40

Cash Ratio

0,01

0,04

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,28

0,17

Short-term Receivable/Total Assets

0,14

0,23

Tangible Assets/Total Assets

0,45

0,52

TURNOVER RATIOS

 

Inventory Turnover

2,40

6,73

Stockholders' Equity Turnover

2,08

3,28

Asset Turnover

0,83

1,17

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,40

0,36

Current Liabilities/Total Assets

0,60

0,64

Financial Leverage

0,60

0,64

Gearing Percentage

1,50

1,81

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,02

-0,30

Operating Profit Margin

0,11

-0,09

Net Profit Margin

0,01

-0,09

Interest Cover

1,09

-17,90

COLLECTION-PAYMENT

 

Average Collection Period (days)

62,34

72,11

Average Payable Period (days)

165,31

46,10

WORKING CAPITAL

-422599,00

-922180,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.52.82

UK Pound

1

Rs.82.07

Euro

1

Rs.68.93

 

 

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.