MIRA INFORM REPORT

 

 

Report Date :           

18.07.2011

 

IDENTIFICATION DETAILS

 

Name :

YEK TEKSTIL SANAYI VE MAGAZACILIK A.S.

 

 

Registered Office :

Merkez Mah.Develi Sok.No.14 Kagithane Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

05.03.2008

 

 

Com. Reg. No.:

657929

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Trader of ladies' underwear and swimwear.

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

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 – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

Turkey

b1

b1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 Bottom of Form

 

REMARKS

:

The address at your inquiry is the former administrative office address of the firm.

 

 

COMPANY IDENTIFICATION

 

NAME

:

YEK TEKSTIL SANAYI VE MAGAZACILIK A.S.

HEAD OFFICE ADDRESS

:

Merkez Mah.Develi Sok.No.14 Kagithane Istanbul / Turkey

PHONE NUMBER

:

90-212-321 22 00

 

FAX NUMBER

:

90-212-321 45 35

 

WEB-ADDRESS

:

www.kyomyfriend.com.tr

E-MAIL

:

info@kyomyfriend.com.tr

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Kagithane

TAX NO

:

9470459164

REGISTRATION NUMBER

:

657929

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

05.03.2008

ESTABLISHMENT GAZETTE DATE/NO

:

11.03.2008/7017

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   5.000.000

PAID-IN CAPITAL

:

TL   5.000.000

HISTORY

:

Previous Registered Capital

:

TL 100.000

Changed On

:

23.08.2010 (Commercial Gazette Date /Number 27.08.2010/ 7638)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Denizcilik Holding A.S.

99,99 %

Fatmagul Karadeniz

 

Zeynep Harezi

 

Orhan Remzi Karadeniz

 

Osman Murat Karadeniz

 

 

 

GROUP PARENT COMPANY

:

KARADENIZ HOLDING A.S.

 

SISTER COMPANIES

:

DEBI ENERJI ELEKTRIK URETIM DAGITIM INSAAT MUHENDISLIK TICARET A.S.

DENIZCILIK HOLDING A.S.

DOSTLAR ENERJI HARITA URETIM DAGITIM MUHENDISLIK TICARET LTD. STI.

EDA GLOBAL ENERJI YATIRIMLARI SANAYI VE TICARET A.S.

ETI YATIRIM A.S.

IDIL ENERJI SANAYI VE TICARET A.S.

KARADENIZ EMTIA YONETIMI IC VE DIS TICARET A.S.

KARADENIZ HOLDING A.S.

KAREGE KARADENIZ EGE ELEKTRIK URETIM A.S.

KARES KARADENIZ ENERJI SERVISLERI VE MAKINE TICARET A.S.

KARHES KARADENIZ HIDRO ELEKTRIK URETIM A.S.

KARKEY KARADENIZ ELEKTRIK URETIM A.S.

KARMARINE KARADENIZ DENIZCILIK VE TICARET A.S.

KARMAVI ELEKTRIK URETIM A.S.

KARMINE KARADENIZ MADENCILIK VE DIS TICARET A.S.

KARTET KARADENIZ TOPTAN ELEKTRIK TICARETI A.S.

KARYAT KARADENIZ YATCILIK VE TURIZM A.S.

KARYEK KARADENIZ ELEKTRIK URETIM A.S.

OZ HITIT ENERJI URETIM DAGITIM MUHENDISLIK INSAAT TICARET LTD. STI.

OZ MIR ENERJI URETIM DAGITIM MUHENDISLIK INSAAT TICARET LTD. STI.

OZMIDAS ENERJI URETIM DAGITIM MUHENDISLIK INSAAT TICARET LTD. STI.

PAMUK FACTORING A.S.

PAMUK FINANSAL KIRALAMA A.S.

PAMUK GAYRIMENKUL YATIRIMLARI TICARET A.S.

 

SUBSIDIARIES

:

None

 

BOARD OF DIRECTORS

:

Fatmagul Karadeniz

Chairman

Selma Akdogan

Vice-Chairman

Ibrahim Selami Colak

Member

Ebru Cetinkaya

Member

Suat Kirant

Member

 

 

DIRECTORS

:

Ayhan Gorgulu

General Manager

 

 

OPERATIONS

 

NOTES ON OPERATIONS

:

The firm orders production to contract manufacturers.

 

BUSINESS ACTIVITIES

:

Trade of ladies' underwear and swimwear.

 

The company orders underwear and swimwear to be manufactured in the name of the company to contract manufacturers.

 

NACE CODE

:

G.52.42      

 

SECTOR

:

Commerce

 

TRADEMARKS TRADED

:

Kyo My Friend

 

NUMBER OF EMPLOYEES

:

35

 

NET SALES

:

2.538.757 TL

(05.03-31.12.2008) 

2.216.696 TL

(2009) 

4.253.281 TL

(2010) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT VALUE

:

100.000 USD + 163.000 EUR

(2010)

 

 

IMPORT COUNTRIES

:

Spain

Italy

China

 

MERCHANDISE IMPORTED

:

Fabric

Ladies'underwear

 

EXPORT VALUE

:

230.934 TL

(05.03-31.12.2008)

94.031 TL

(2009)

109.218 TL

(2010)

 

 

EXPORT COUNTRIES

:

Georgia

Northern Cyprus Turkish Republic

Italy

 

MERCHANDISE  EXPORTED

:

Ladies'underwear

Swimwear

 

HEAD OFFICE ADDRESS

:

Merkez Mah.Develi Sok.No.14 Kagithane Istanbul / Turkey ( rented )

 

BRANCHES

:

Store  :  Erenkoy Istanbul/Turkey (rented) (95 sqm)

 

Store  :  Nisantasi Istanbul/Turkey (rented) (265 sqm)

 

Store  :  Ortakoy Istanbul/Turkey (rented) (40 sqm)

 

Store  :  Karsiyaka Izmir/Turkey (rented) (115 sqm)

 

Head Office/Warehouse  :  Merkez Mah.Develi Sok.No.14 Kagithane Istanbul/Turkey (rented) (1.000 sqm)

 

Administrative Office  :  Ayazma Yahya Kemal Mah. Demet Is Merkezi No: 33 Ka: 4 Kagithane Istanbul/Turkey

 

INVESTMENTS

:

None

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2010.

SIZE OF BUSINESS

:

Lower-Medium

 

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Kozyatagi Branch

Garanti Bankasi Kagithane Branch

Yapi ve Kredi Bankasi Mercan 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

:

 

(2009) TL

(2010) TL

 

 

 

Net Sales

2.216.696

4.253.281

 

 

 

Profit (Loss) Before Tax

-1.160.369

-1.915.909

 

 

 

Stockholders' Equity

-1.522.774

1.461.316

 

 

 

Total Assets

1.839.371

3.830.628

 

 

 

Current Assets

1.782.744

3.415.085

 

 

 

Non-Current Assets

56.627

415.543

 

 

 

Current Liabilities

3.362.145

2.278.090

 

 

 

Long-Term Liabilities

0

91.222

 

 

 

Gross Profit (loss)

723.440

1.773.198

 

 

 

Operating Profit (loss)

-513.914

-1.470.010

 

 

 

Net Profit (loss)

-1.160.369

-1.915.909

 

 

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Satisfactory As of 31.12.2010

Liquidity

Insufficient As of 31.12.2010

Remarks On Liquidity

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

Profitability

Operating Loss  in 2009

Net Loss  in 2009

Operating Loss  in 2010

Net Loss  in 2010

 

Gap between average collection and payable periods

Favorable in 2010

General Financial Position

Unsatisfactory

 

 

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

 ( 01.01-30.06.2011)

6,21 %

1,5771

2,2246

2,5422

 

 

BALANCE SHEETS

 

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

1.782.744

0,97

3.415.085

0,89

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

28.284

0,02

165.774

0,04

Marketable Securities

0

0,00

0

0,00

Account Receivable

281.210

0,15

337.034

0,09

Other Receivable

870

0,00

0

0,00

Inventories

1.012.654

0,55

2.121.775

0,55

Advances Given

16.725

0,01

81.721

0,02

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

443.001

0,24

708.781

0,19

NON-CURRENT ASSETS

56.627

0,03

415.543

0,11

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

20.769

0,01

60.883

0,02

Financial Assets

0

0,00

0

0,00

Tangible Fixed Assets (net)

32.673

0,02

61.887

0,02

Intangible Assets

24

0,00

291.189

0,08

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

3.161

0,00

1.584

0,00

TOTAL ASSETS

1.839.371

1,00

3.830.628

1,00

CURRENT LIABILITIES

3.362.145

1,83

2.278.090

0,59

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

0

0,00

308.056

0,08

Accounts Payable

3.287.077

1,79

950.424

0,25

Loans from Shareholders

0

0,00

0

0,00

Other Short-term Payable

44.572

0,02

945.097

0,25

Advances from Customers

910

0,00

5.503

0,00

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

29.586

0,02

52.510

0,01

Provisions

0

0,00

0

0,00

Other Current Liabilities

0

0,00

16.500

0,00

LONG-TERM LIABILITIES

0

0,00

91.222

0,02

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

0

0,00

91.222

0,02

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

-1.522.774

-0,83

1.461.316

0,38

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

100.000

0,05

5.000.000

1,31

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

0

0,00

0

0,00

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

-462.405

-0,25

-1.622.775

-0,42

Net Profit (loss)

-1.160.369

-0,63

-1.915.909

-0,50

TOTAL LIABILITIES AND EQUITY

1.839.371

1,00

3.830.628

1,00

 

 

INCOME STATEMENTS

 

 

(2009) TL

 

(2010) TL

 

Net Sales

2.216.696

1,00

4.253.281

1,00

Cost of Goods Sold

1.493.256

0,67

2.480.083

0,58

Gross Profit

723.440

0,33

1.773.198

0,42

Operating Expenses

1.237.354

0,56

3.243.208

0,76

Operating Profit

-513.914

-0,23

-1.470.010

-0,35

Other Income

49.658

0,02

33.942

0,01

Other Expenses

237.823

0,11

49.380

0,01

Financial Expenses

458.290

0,21

430.461

0,10

Minority Interests

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

Profit (loss) Before Tax

-1.160.369

-0,52

-1.915.909

-0,45

Tax Payable

0

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

Net Profit (loss)

-1.160.369

-0,52

-1.915.909

-0,45

 

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

LIQUIDITY RATIOS

 

Current Ratio

0,53

1,50

Acid-Test Ratio

0,09

0,22

Cash Ratio

0,01

0,07

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,55

0,55

Short-term Receivable/Total Assets

0,15

0,09

Tangible Assets/Total Assets

0,02

0,02

TURNOVER RATIOS

 

Inventory Turnover

1,47

1,17

Stockholders' Equity Turnover

-1,46

2,91

Asset Turnover

1,21

1,11

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

-0,83

0,38

Current Liabilities/Total Assets

1,83

0,59

Financial Leverage

1,83

0,62

Gearing Percentage

-2,21

1,62

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,76

-1,31

Operating Profit Margin

-0,23

-0,35

Net Profit Margin

-0,52

-0,45

Interest Cover

-1,53

-3,45

COLLECTION-PAYMENT

 

Average Collection Period (days)

49,04

33,68

Average Payable Period (days)

792,46

137,96

WORKING CAPITAL

-1579401,00

1136995,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.53

UK Pound

1

Rs.71.91

Euro

1

Rs.62.98

 

 

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.