MIRA INFORM REPORT

 

 

Report Date :

15.01.2011

 

IDENTIFICATION DETAILS

 

Correct Name :

TEMA MAGAZACILIK HIZMETLERI TICARET A.S.

 

 

Registered Office :

Evren Mah. Gulbahar Cad. Sehit Cengiz Karci Sok. No:4 K:5 Bagcilar Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

26.11.1996

 

 

Com. Reg. No.:

357092

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Trader of ready-wear

 

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 :

226.000.000 USD

Status :

Satisfactory

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 – June 30, 2010

 

Country Name

Previous Rating

                   (01.04.2010)                  

Current Rating

(30.06.2010)

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

:

TEMA MAGAZACILIK HIZMETLERI TICARET A.S.

HEAD OFFICE ADDRESS

:

Evren Mah. Gulbahar Cad. Sehit Cengiz Karci Sok. No:4 K:5 Bagcilar Istanbul / Turkey

PHONE NUMBER

:

90-212-657 55 55

 

FAX NUMBER

:

90-212-630 96 08

90-212-657 00 60

 

WEB-ADDRESS

:

www.lcwaikiki.com

E-MAIL

:

info@lcwaikiki.com

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Buyuk Mukellefler

TAX NO

:

8370071817

REGISTRATION NUMBER

:

357092

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

26.11.1996

ESTABLISHMENT GAZETTE DATE/NO

:

02.12.1996/4178

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   18.250.000

PAID-IN CAPITAL

:

TL   18.250.000

HISTORY

:

Previous Registered Capital

:

TL 15.000.000

Changed On

:

10.05.2006 (Commercial Gazette Date /Number 15.05.2006/ 6556)

Previous Registered Capital

:

TL 18.000.000

Changed On

:

12.01.2010 (Commercial Gazette Date /Number 15.01.2010/ 7480)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

 

Tema Holding A.S.

95,46 %

Ismail Hakki Kisacik

 

Ayse Purlen Dizdar

 

Muzaffer Mustafa Iscan

 

Mustafa Kucuk

 

Sefik Yilmaz Dizdar

 

Vahap Kucuk

 

 

 

GROUP

:

TAHA GROUP OF COMPANIES

 

SISTER COMPANIES

:

BURCU TRIKO SANAYI VE TICARET LTD. STI.

EBRU TEKSTIL NAKIS SANAYI VE TICARET LTD. STI.

ELESTAS ELEKTRIK URETIM A.S.

FATIH EMPRIME BOYA SANAYI VE TICARET LTD. STI.

FATIH TEKSTIL BASKI SANAYI VE TICARET LTD. STI.

FETIH TEKSTIL SANAYI VE TICARET LTD. STI.

KARTOZ SU ISLETMELERI SANAYI VE TICARET LTD. STI.

MAKRO AMBALAJ SANAYI VE TICARET A.S.

MODERN STIL TRIKO TEKSTIL SANAYI VE TICARET A.S.

OZEN MENSUCAT BOYA TERBIYE ISLETMELERI A.S.

PURPA METAL SANAYI VE TICARET A.S.

TAHA DIS GIYIM SANAYI VE TICARET LTD. STI.

TAHA GIYIM SANAYI VE TICARET A.S.

TAHA HOLDING A.S.

TAHA KONFEKSIYON SANAYI VE TICARET LTD. STI.

TAHA PAZARLAMA VE MAGAZACILIK A.S.

TAHA TEKSTIL SANAYI VE TICARET A.S.

TALU TEKSTIL SANAYI VE TICARET A.S.

TEMA HOLDING A.S.

TEMA-TREND TEKSTIL AKSESUAR SANAYI VE TICARET LTD. STI.

TRIKOTEK TEKSTIL SANAYI VE TICARET A.S.

TUR-KAP TURIZM REKLAM KAPTANLIK VE HAVACILIK HIZMETLERI LTD. STI.

YAVUZ TEKSTIL SANAYI VE TICARET A.

ZIRVE MIMARLIK INSAAT VE SANAYI LTD. STI.

 

BOARD OF DIRECTORS

:

Vahap Kucuk

Chairman

Muhammet Mazlum Yildirim

Member

Muzaffer Mustafa Iscan

Member

Murat Misirli

Member

 

 

DIRECTORS

:

Muhammet Mazlum Yildirim                                                                                                                                                                                                                                                                                   

Director

Murat Misirli                                                                                                                                                                                                                                                                                   

Director

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Trade of ready-wear. 

 

The firm has declared that it has 280 stores in Turkey.

 

NACE CODE

:

G.51.42

 

SECTOR

:

Commerce

 

TRADEMARKS TRADED

:

Lc Waikiki-Lcw

Southblue

Xside

 

NUMBER OF EMPLOYEES

:

10.000

 

NET SALES

:

40.790 TL Thousand

(2002) 

149.904 TL Thousand

(2003) 

255.187 TL Thousand

(2004) 

346.420 TL Thousand

(2005) 

495.096 TL Thousand

(2006) 

719.186 TL Thousand

(2007) 

1.048.885 TL Thousand

(2008) 

1.427.923 TL Thousand

(2009) 

1.458.153 TL Thousand

(01.01-30.09.2010) 

 

 

IMPORT VALUE

:

23.441.054 USD

(2004)

37.162.850 USD

(2005)

55.206.400 USD

(2006)

102.452.670 USD

(2007)

173.509.224 USD

(2008)

 

 

IMPORT COUNTRIES

:

Bangladesh

China

Sri Lanka

 

MERCHANDISE IMPORTED

:

Knitted wear

Ready-wear

 

EXPORT VALUE

:

2.231.928 USD

(2004)

4.665.921 TL

(2005)

6.250.385 TL

(2006)

10.877.315 TL

(2007)

19.508.778 TL

(2008)

6.292.378 TL

(2009)

907.386 TL

(01.01-30.09.2010)

 

 

EXPORT COUNTRIES

:

Bangladesh

Bulgaria

Kuwait

Northern Cyprus Turkish Republic

Pakistan

Romania

Russia

Ukraine

Jordan

Greece

China

Georgia

Poland

Kazakhstan

Mongolia

 

MERCHANDISE  EXPORTED

:

Knitted wear

Ready-wear

 

HEAD OFFICE ADDRESS

:

Evren Mah. Gulbahar Cad. Sehit Cengiz Karci Sok. No:4 K:5 Bagcilar  Istanbul / Turkey ( rented )

 

BRANCHES

:

Warehouse  :  Esenyurt Istanbul/Turkey (owned) 

                                                                                

INVESTMENTS

:

None

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2009. There appears an upwards trend in  1.1 - 30.9.2010.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

MAIN DEALING BANKS

:

Fortisbank Avrupa Kurumsal Branch

Garanti Bankasi Bakirkoy Branch

HSBC Bank Gunesli Kurumsal Branch

Turk Ekonomi Bankasi Trakya Kurumsal 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

:

 

(2007) TL Thousand

(2008) TL Thousand

(2009) TL Thousand

 

 

Net Sales

719.186

1.048.885

1.427.923

 

 

Profit (Loss) Before Tax

160.401

230.135

307.467

 

 

Stockholders' Equity

309.890

528.303

695.276

 

 

Total Assets

446.667

699.345

902.186

 

 

Current Assets

301.784

454.498

638.540

 

 

Non-Current Assets

144.883

244.847

263.646

 

 

Current Liabilities

59.567

80.752

103.165

 

 

Long-Term Liabilities

77.210

90.290

103.745

 

 

Gross Profit (loss)

392.977

583.173

739.022

 

 

Operating Profit (loss)

164.662

253.169

311.322

 

 

Net Profit (loss)

128.180

230.135

245.338

 

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

High As of 31.03.2010

Liquidity

High As of 31.03.2010

Remarks On Liquidity

The favorable gap between average collection and average payable period has a positive effect on liquidity.

Profitability

High Operating Profitability  in 2007

High Net Profitability  in 2007

High Operating Profitability  in 2008

High Net Profitability  in 2008

High Operating Profitability  in 2009

High Net Profitability  in 2009

High Operating Profitability (01.01-30.09.2010)

High Net Profitability (01.01-30.09.2010)

 

Gap between average collection and payable periods

Favorable in 01.01-31.03.2010

General Financial Position

Good

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 226.000.000 USD may be granted to the subject company.

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2002 )

30,80 %

1,5168

1,3741

2,2001

 ( 2003 )

13,90 %

1,5302

1,7141

2,4982

 ( 2004 )

13,84 %

1,4266

1,7666

2,6001

 ( 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

 ( 2008 )

8,11 %

1,2858

1,8876

2,3708

 ( 2009 )

5,93 %

1,5460

2,1529

2,4094

 ( 01.01-31.03.2010)

4,24 %

1,5128

2,0953

2,3698

 ( 01.01-30.09.2010)

6,52 %

1,5178

2,0112

2,3426

 ( 01.01-30.11.2010)

7,47 %

1,5101

2,0050

2,3365

 

 

BALANCE SHEETS

 

 

 31.12.2007  TL Thousand

 

 31.12.2008  TL Thousand

 

 31.12.2009  TL Thousand

 

 31.03.2010   TL Thousand

 

CURRENT ASSETS

301.784

0,68

454.498

0,65

638.540

0,71

620.500

0,69

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

139.020

0,31

185.915

0,27

297.195

0,33

249.000

0,28

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

13.241

0,03

24.517

0,04

10.875

0,01

17.705

0,02

Other Receivable

2.841

0,01

843

0,00

7.635

0,01

6.542

0,01

Inventories

120.844

0,27

168.181

0,24

253.994

0,28

287.472

0,32

Advances Given

16.012

0,04

22.584

0,03

43.810

0,05

27.503

0,03

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

9.826

0,02

52.458

0,08

25.031

0,03

32.278

0,04

NON-CURRENT ASSETS

144.883

0,32

244.847

0,35

263.646

0,29

281.013

0,31

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

175

0,00

365

0,00

478

0,00

492

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

82.592

0,18

150.577

0,22

156.535

0,17

167.440

0,19

Intangible Assets

61.070

0,14

91.744

0,13

103.681

0,11

112.041

0,12

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

1.046

0,00

2.161

0,00

2.952

0,00

1.040

0,00

TOTAL ASSETS

446.667

1,00

699.345

1,00

902.186

1,00

901.513

1,00

CURRENT LIABILITIES

59.567

0,13

80.752

0,12

103.165

0,11

62.775

0,07

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

2.141

0,00

1.962

0,00

3.719

0,00

5.797

0,01

Accounts Payable

24.965

0,06

25.345

0,04

63.384

0,07

32.969

0,04

Loans from Shareholders

340

0,00

0

0,00

0

0,00

0

0,00

Other Short-term Payable

2.536

0,01

837

0,00

3.149

0,00

-142

0,00

Advances from Customers

5.924

0,01

12.455

0,02

1.223

0,00

55

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

4.456

0,01

5.661

0,01

6.114

0,01

5.364

0,01

Provisions

13.933

0,03

28.417

0,04

18.865

0,02

9.375

0,01

Other Current Liabilities

5.272

0,01

6.075

0,01

6.711

0,01

9.357

0,01

LONG-TERM LIABILITIES

77.210

0,17

90.290

0,13

103.745

0,11

85.525

0,09

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

77.195

0,17

90.275

0,13

103.730

0,11

85.510

0,09

Securities Issued

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Payable

15

0,00

15

0,00

15

0,00

15

0,00

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

309.890

0,69

528.303

0,76

695.276

0,77

753.213

0,84

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

18.000

0,04

18.000

0,03

18.000

0,02

18.250

0,02

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

8.226

0,02

8.226

0,01

8.226

0,01

8.226

0,01

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

155.484

0,35

271.942

0,39

423.712

0,47

668.801

0,74

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

128.180

0,29

230.135

0,33

245.338

0,27

57.936

0,06

TOTAL LIABILITIES AND EQUITY

446.667

1,00

699.345

1,00

902.186

1,00

901.513

1,00

 

 

INCOME STATEMENTS

 

 

(2007) TL Thousand

 

(2008) TL Thousand

 

(2009) TL Thousand

 

(01.01-31.03.2010) TL Thousand

 

(01.01-30.09.2010) TL Thousand

 

Net Sales

719.186

1,00

1.048.885

1,00

1.427.923

1,00

372.407

1,00

1.458.153

1,00

Cost of Goods Sold

326.209

0,45

465.712

0,44

688.901

0,48

195.909

0,53

715.508

0,49

Gross Profit

392.977

0,55

583.173

0,56

739.022

0,52

176.498

0,47

742.645

0,51

Operating Expenses

228.315

0,32

330.004

0,31

427.700

0,30

115.149

0,31

401.026

0,28

Operating Profit

164.662

0,23

253.169

0,24

311.322

0,22

61.349

0,16

341.619

0,23

Other Income

9.382

0,01

20.078

0,02

25.373

0,02

4.236

0,01

11.648

0,01

Other Expenses

9.140

0,01

17.748

0,02

18.715

0,01

4.979

0,01

22.048

0,02

Financial Expenses

4.503

0,01

25.364

0,02

10.513

0,01

2.670

0,01

7.577

0,01

Minority Interests

0

0,00

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

0

0,00

Profit (loss) Before Tax

160.401

0,22

230.135

0,22

307.467

0,22

57.936

0,16

323.642

0,22

Tax Payable

32.221

0,04

0

0,00

62.129

0,04

0

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

128.180

0,18

230.135

0,22

245.338

0,17

57.936

0,16

323.642

0,22

 

 

FINANCIAL RATIOS

 

 

(2007)

(2008)

(2009)

(01.01-31.03.2010)

LIQUIDITY RATIOS

 

 

 

 

Current Ratio

5,07

5,63

6,19

9,88

Acid-Test Ratio

2,60

2,62

3,06

4,35

Cash Ratio

2,33

2,30

2,88

3,97

ASSET STRUCTURE RATIOS

 

 

 

 

Inventory/Total Assets

0,27

0,24

0,28

0,32

Short-term Receivable/Total Assets

0,04

0,04

0,02

0,03

Tangible Assets/Total Assets

0,18

0,22

0,17

0,19

TURNOVER RATIOS

 

 

 

 

Inventory Turnover

2,70

2,77

2,71

0,68

Stockholders' Equity Turnover

2,32

1,99

2,05

0,49

Asset Turnover

1,61

1,50

1,58

0,41

FINANCIAL STRUCTURE

 

 

 

 

Stockholders' Equity/Total Assets

0,69

0,76

0,77

0,84

Current Liabilities/Total Assets

0,13

0,12

0,11

0,07

Financial Leverage

0,31

0,24

0,23

0,16

Gearing Percentage

0,44

0,32

0,30

0,20

PROFITABILITY RATIOS

 

 

 

 

Net Profit/Stockholders' Eq.

0,41

0,44

0,35

0,08

Operating Profit Margin

0,23

0,24

0,22

0,16

Net Profit Margin

0,18

0,22

0,17

0,16

Interest Cover

36,62

10,07

30,25

22,70

COLLECTION-PAYMENT

 

 

 

 

Average Collection Period (days)

6,72

8,54

2,86

17,59

Average Payable Period (days)

27,57

19,60

33,13

60,61

WORKING CAPITAL

242217,00

373746,00

535375,00

557725,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.30

UK Pound

1

Rs.71.73

Euro

1

Rs.60.40

 

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.