MIRA INFORM REPORT

 

 

Report Date :           

04.09.2011

 

IDENTIFICATION DETAILS

 

Name :

GAAT DIS TICARET VE SANAYI A.S.

 

 

Registered Office :

Bomonti Silahsor Cad. No:38  1.Bodrum Kat Giris Kat 1 ve 8. Normal Kat Sisli  Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

20.04.1999

 

 

Com. Reg. No.:

418541

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Design and trade 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 :

4.500.000 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 – 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

COMPANY IDENTIFICATION

 

NAME

:

GAAT DIS TICARET VE SANAYI A.S.

HEAD OFFICE ADDRESS

:

Bomonti Silahsor Cad. No:38  1.Bodrum Kat Giris Kat 1 ve 8. Normal Kat Sisli  Istanbul / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The door number was changed from“42” to“38” by the Municipality.

PHONE NUMBER

:

90-212-315 47 00

 

FAX NUMBER

:

90-212-315 48 99

 

WEB-ADDRESS

:

www.gaat.com

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Dis Ticaret

TAX NO

:

3880175017

REGISTRATION NUMBER

:

418541

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

20.04.1999

ESTABLISHMENT GAZETTE DATE/NO

:

26.04.1999/4777

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 3.052.000

Changed On

:

22.07.2009 (Commercial Gazette Date /Number 28.07.2009/ 7363)

Other Changes

:

The registered capital was reduced from TL 41.450.000 to TL 3.052.000 with the approval of 6th Court of First Instance no: 2008/1061 as a consequence of partial division.

Changed On

:

24.12.2008 (Commercial Gazette Date /Number 30.12.2008/ 7217)

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Atila Turkmen

62,52 %

Aytul Turkmen

9,37 %

Onder Turkmen

9,37 %

Dogu Turkmen

9,37 %

Yaman Turkmen

9,37 %

 

 

GROUP PARENT COMPANY

:

TURKMEN HOLDING A.S.

 

SISTER COMPANIES

:

ACT TEKSTIL SANAYI VE TICARET A.S.

ATM YATCILIK VE TURIZM ISLETME A.S.

ATT TEKSTIL SANAYI VE TICARET A.S.

GAAT GAYRIMENKUL A.S.

GAAT TEDARIK HIZMETLERI A.S.

GAAT ULUSLARARASI TEKSTIL YATIRIMLARI A.S.

MODA KUMAS TEKSTIL SANAYI VE TICARET A.S.

TURKMEN HAVACILIK TASIMACILIK VE TICARET A.S.

TURKMEN HOLDING A.S.

 

BOARD OF DIRECTORS

:

Atila Turkmen

Chairman

Onder Turkmen

Vice-Chairman

Aytul Turkmen

Member

Dogu Turkmen

Member

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Design and trade of ready-wear. 

 

NACE CODE

:

G .51.42

 

 

NUMBER OF EMPLOYEES

:

200

 

NET SALES

:

315.317.602 TL

(2004) 

309.340.069 TL

(2005) 

319.382.758 TL

(2006) 

386.839.116 TL

(2007) 

326.557.593 TL

(2008) 

394.637.543 TL

(2009) 

431.821.413 TL

(2010) 

96.171.171 TL

(01.01-31.03.2011) 

 

 

PRODUCTION

:

None

 

IMPORT COUNTRIES

:

India

China

Korea

 

MERCHANDISE IMPORTED

:

Accessories

Dress-stands

Fabric

 

EXPORT VALUE

:

307.136.424 TL

(2004)

295.430.624 TL

(2005)

305.248.757 TL

(2006)

370.763.647 TL

(2007)

314.285.272 TL

(2008)

385.024.702 TL

(2009)

418.691.687 TL

(2010)

93.296.647 TL

(01.01-31.03.2011)

 

 

EXPORT COUNTRIES

:

U.K.

Egypt

Romania

Hungary

Poland

Italy

Morocco

Macedonia Republic

Spain

Belgium

Portugal

Denmark

Latvia

Lithuania

Germany

Netherlands

Bulgaria

Mexico

 

 

MERCHANDISE  EXPORTED

:

Bed linen

Blankets

Knitted crochet

Knitted fabric

Ready-wear

 

HEAD OFFICE ADDRESS

:

Bomonti Silahsor Cad. No:38  1.Bodrum Kat Giris Kat 1 ve 8. Normal Kat Sisli   Istanbul / Turkey ( rented ) (6.590 sqm)

 

BRANCHES

:

Warehouse  :  Catalca Yolu Muratbey Koyu Catalca Istanbul/Turkey (rented) (6.292 sqm)

                                                                                

INVESTMENTS

:

None

 

TREND OF BUSINESS

:

Trend of business was steady in  2010.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Gayrettepe Branch

Garanti Bankasi Istanbul 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

(2008) TL

(2009) TL

(2010) TL

(01.01-31.03.2011) TL

Net Sales

386.839.116

326.557.593

394.637.543

431.821.413

96.171.171

Profit (Loss) Before Tax

11.297.107

5.668.184

9.113.252

242.881

2.119.004

Stockholders' Equity

43.734.080

11.923.384

19.164.436

16.717.212

 

Total Assets

85.552.787

35.720.722

54.394.959

51.636.989

 

Current Assets

35.032.290

26.366.453

50.910.642

46.877.402

 

Non-Current Assets

50.520.497

9.354.269

3.484.317

4.759.587

 

Current Liabilities

34.648.881

22.296.578

35.229.840

33.402.070

 

Long-Term Liabilities

7.169.826

1.500.760

683

1.517.707

 

Gross Profit (loss)

39.765.648

33.958.866

31.851.055

34.560.988

8.089.989

Operating Profit (loss)

6.557.331

1.733.936

5.163.369

3.880.587

924.345

Net Profit (loss)

10.770.268

5.587.304

8.441.051

-1.228.133

2.119.004

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Fair As of 31.12.2010

Liquidity

Good As of 31.12.2010

Profitability

Fair Operating Profitability  in 2007

In Order Net Profitability  in 2007

Low Operating Profitability  in 2008

Fair Net Profitability  in 2008

Low Operating Profitability  in 2009

Fair Net Profitability  in 2009

Low Operating Profitability  in 2010

Net Loss  in 2010

Low Operating Profitability (01.01-31.03.2011)

Fair Net Profitability (01.01-31.03.2011)

 

Gap between average collection and payable periods

Favorable in 2010

General Financial Position

Satisfactory

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 4.500.000 USD may be granted to the subject company.

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 ( 01.01-31.03.2011)

5,40 %

1,5753

2,1664

2,5072

 ( 01.01-31.07.2011)

6,18 %

1,5901

2,2465

2,5668

 

 

BALANCE SHEETS

 

 

 ( 31.12.2007 )  TL

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

31.12.2010   TL

 

CURRENT ASSETS

35.032.290

0,41

26.366.453

0,74

50.910.642

0,94

46.877.402

0,91

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

12.211.727

0,14

3.504.844

0,10

4.575.660

0,08

12.545.304

0,24

Marketable Securities

1.014.184

0,01

1.159.452

0,03

1.159.398

0,02

204.413

0,00

Account Receivable

10.865.602

0,13

12.212.989

0,34

25.362.616

0,47

23.900.125

0,46

Other Receivable

3.775.261

0,04

3.825.599

0,11

7.689.453

0,14

1.832.524

0,04

Inventories

6.254.419

0,07

4.906.744

0,14

11.329.196

0,21

7.742.212

0,15

Advances Given

137

0,00

0

0,00

639

0,00

163.846

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

910.960

0,01

756.825

0,02

793.680

0,01

488.978

0,01

NON-CURRENT ASSETS

50.520.497

0,59

9.354.269

0,26

3.484.317

0,06

4.759.587

0,09

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

2.711.263

0,03

68.361

0,00

70.971

0,00

1.750.127

0,03

Financial Assets

7.995.144

0,09

30.205

0,00

30.205

0,00

45.255

0,00

Tangible Fixed Assets (net)

38.469.811

0,45

7.993.543

0,22

2.072.007

0,04

1.678.298

0,03

Intangible Assets

1.040.889

0,01

872.177

0,02

813.211

0,01

860.384

0,02

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

303.390

0,00

389.983

0,01

497.923

0,01

425.523

0,01

TOTAL ASSETS

85.552.787

1,00

35.720.722

1,00

54.394.959

1,00

51.636.989

1,00

CURRENT LIABILITIES

34.648.881

0,41

22.296.578

0,62

35.229.840

0,65

33.402.070

0,65

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

184.810

0,01

0

0,00

0

0,00

Accounts Payable

32.491.216

0,38

19.923.444

0,56

32.738.544

0,60

30.852.559

0,60

Loans from Shareholders

25.766

0,00

0

0,00

0

0,00

0

0,00

Other Short-term Payable

391.609

0,00

511.494

0,01

386.765

0,01

548.349

0,01

Advances from Customers

7.806

0,00

9.136

0,00

117.750

0,00

135.066

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

618.276

0,01

345.668

0,01

627.222

0,01

711.393

0,01

Provisions

960.331

0,01

1.041.982

0,03

1.283.049

0,02

266.025

0,01

Other Current Liabilities

153.877

0,00

280.044

0,01

76.510

0,00

888.678

0,02

LONG-TERM LIABILITIES

7.169.826

0,08

1.500.760

0,04

683

0,00

1.517.707

0,03

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

7.169.826

0,08

1.500.760

0,04

683

0,00

0

0,00

Securities Issued

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

0

0,00

0

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

1.517.707

0,03

STOCKHOLDERS' EQUITY

43.734.080

0,51

11.923.384

0,33

19.164.436

0,35

16.717.212

0,32

Not Detailed Stockholders' Equity

43.734.080

0,51

11.923.384

0,33

19.164.436

0,35

0

0,00

Paid-in Capital

0

0,00

0

0,00

0

0,00

5.000.000

0,10

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

0

0,00

0

0,00

0

0,00

12.945.345

0,25

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)

0

0,00

0

0,00

0

0,00

-1.228.133

-0,02

TOTAL LIABILITIES AND EQUITY

85.552.787

1,00

35.720.722

1,00

54.394.959

1,00

51.636.989

1,00

 

 

INCOME STATEMENTS

 

 

(2007) TL

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(01.01-31.03.2011) TL

 

Net Sales

386.839.116

1,00

326.557.593

1,00

394.637.543

1,00

431.821.413

1,00

96.171.171

1,00

Cost of Goods Sold

347.073.468

0,90

292.598.727

0,90

362.786.488

0,92

397.260.425

0,92

88.081.182

0,92

Gross Profit

39.765.648

0,10

33.958.866

0,10

31.851.055

0,08

34.560.988

0,08

8.089.989

0,08

Operating Expenses

33.208.317

0,09

32.224.930

0,10

26.687.686

0,07

30.680.401

0,07

7.165.644

0,07

Operating Profit

6.557.331

0,02

1.733.936

0,01

5.163.369

0,01

3.880.587

0,01

924.345

0,01

Other Income

15.940.395

0,04

22.528.309

0,07

15.802.805

0,04

16.335.131

0,04

4.797.614

0,05

Other Expenses

10.477.285

0,03

17.981.352

0,06

11.617.692

0,03

19.846.216

0,05

3.527.961

0,04

Financial Expenses

723.334

0,00

612.709

0,00

235.230

0,00

126.621

0,00

74.994

0,00

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

11.297.107

0,03

5.668.184

0,02

9.113.252

0,02

242.881

0,00

2.119.004

0,02

Tax Payable

526.839

0,00

80.880

0,00

672.201

0,00

1.471.014

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)

10.770.268

0,03

5.587.304

0,02

8.441.051

0,02

-1.228.133

0,00

2.119.004

0,02

 

 

FINANCIAL RATIOS

 

 

(2007)

(2008)

(2009)

(2010)

LIQUIDITY RATIOS

 

 

Current Ratio

1,01

1,18

1,45

1,40

Acid-Test Ratio

0,80

0,93

1,10

1,15

Cash Ratio

0,38

0,21

0,16

0,38

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,07

0,14

0,21

0,15

Short-term Receivable/Total Assets

0,17

0,45

0,61

0,50

Tangible Assets/Total Assets

0,45

0,22

0,04

0,03

TURNOVER RATIOS

 

 

Inventory Turnover

55,49

59,63

32,02

51,31

Stockholders' Equity Turnover

8,85

27,39

20,59

25,83

Asset Turnover

4,52

9,14

7,26

8,36

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,51

0,33

0,35

0,32

Current Liabilities/Total Assets

0,41

0,62

0,65

0,65

Financial Leverage

0,49

0,67

0,65

0,68

Gearing Percentage

0,96

2,00

1,84

2,09

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,25

0,47

0,44

-0,07

Operating Profit Margin

0,02

0,01

0,01

0,01

Net Profit Margin

0,03

0,02

0,02

0,00

Interest Cover

16,62

10,25

39,74

2,92

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

12,63

13,54

23,20

21,38

Average Payable Period (days)

33,70

24,51

32,49

27,96

WORKING CAPITAL

383409,00

4069875,00

15680802,00

13475332,00

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.90

UK Pound

1

Rs.74.31

Euro

1

Rs.65.41

 

 

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.