MIRA INFORM REPORT

 

 

Report Date :

06.09.2011

 

IDENTIFICATION DETAILS

 

Name :

GOKHAN TEKSTIL SANAYI VE TICARET A.S.

 

 

Registered Office :

Ankara Asfalti Uzeri 6.Km.  Denizli

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

31.12.1984

 

 

Com. Reg. No.:

7614

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

The subject is an integrated manufacturer of woven terry towels and bathrobes.

 

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 :

9.200.000 USD

Status :

Satisfactory

Payment Behaviour :

Usually Correct

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

 

COMPANY IDENTIFICATION

 

NAME

:

GOKHAN TEKSTIL SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Ankara Asfalti Uzeri 6.Km.  Denizli / Turkey

PHONE NUMBER

:

90-258-268 06 57

 

FAX NUMBER

:

90-258-268 49 23

 

WEB-ADDRESS

:

www.gokhan.com.tr

E-MAIL

:

gokhan@gokhan.com.tr

 

 

LEGAL STATUS AND HISTORY

 

NOTES ON LEGAL STATUS AND HISTORY

:

Capital reduction.

 

 

TAX OFFICE

:

Saraylar

TAX NO

:

4030005828

REGISTRATION NUMBER

:

7614

REGISTERED OFFICE

:

Denizli Chamber of Commerce

DATE ESTABLISHED

:

31.12.1984

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

 

REGISTERED CAPITAL

:

TL   25.000.000

PAID-IN CAPITAL

:

TL   25.000.000

HISTORY

:

Merger

:

The subject took over and merged with "Atilim Tekstil Sanayi ve Dis Ticaret A.S".

Changed On

:

23.05.2006 (Commercial Gazette Date /Number 30.05.2006/ 6566)

Other Changes

:

The registered capital was reduced from TL 55.000.000 to TL 25.000.000 with the decision of Denizli Commercial Court of First Instance dated 18.03.2009 numbered 2009/364.

Changed On

:

07.07.2009 (Commercial Gazette Date /Number 15.07.2009/ 7354)

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Ahmet Goksin

65 %

Fahri Goksin

14,50 %

Gokhan Goksin

14,50 %

Halil Ibrahim Akgunduz

5 %

Melek Goksin

1 %

 

 

SISTER COMPANIES

:

GOKSIN GAYRIMENKUL YATIRIM INSAAT VE TURIZM A.S.

RIHEN TEKSTIL GIDA SANAYI VE TICARET LTD. STI.

 

BOARD OF DIRECTORS

:

Ahmet Goksin

Chairman

Gokhan Goksin

Vice-Chairman

Fahri Goksin

Member

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

The subject is an integrated manufacturer of woven terry towels and bathrobes.

 

NACE CODE

:

DB.17.21 

 

SECTOR

:

Textile

 

NUMBER OF EMPLOYEES

:

700

 

NET SALES

:

44.162.437 TL

(2009) 

56.383.297 TL

(2010) 

32.702.390 TL

(01.01-30.06.2011) 

 

 

 

IMPORT COUNTRIES

:

Free Zone

Germany

Netherlands

India

Syria

 

MERCHANDISE IMPORTED

:

Raw material

 

EXPORT VALUE

:

13.691.248 TL

(2009)

15.120.720 TL

(2010)

7.672.752 TL

(01.01-30.06.2011)

 

 

EXPORT COUNTRIES

:

France

Russia

U.S.A.

Germany

Italy

Bulgaria

Ukraine

Czech Republic

Egypt

Romania

Taiwan

Tunisia

Hong-Kong

Poland

Portugal

Greece

 

MERCHANDISE  EXPORTED

:

Textile

 

HEAD OFFICE ADDRESS

:

Ankara Asfalti Uzeri 6.Km.  Denizli / Turkey

 

BRANCHES

:

Factory  :  Organize Sanayi Bolgesi Denizli/Turkey

 

Head Office/Factory  :  Ankara Asfalti Uzeri 6. Km. Denizli/Turkey

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2010. There appears an upwards trend in  1.1 - 30.6.2011.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Finans Bank Denizli Branch

Garanti Bankasi Denizli Branch

ING Bank Denizli Branch

Turk Ekonomi Bankasi Denizli Branch

 

CREDIT FACILITIES

:

The subject rarely makes use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2009) TL

(2010) TL

(01.01-30.06.2011) TL

Net Sales

44.162.437

56.383.297

32.702.390

Profit (Loss) Before Tax

8.408.650

6.302.649

5.446.568

Stockholders' Equity

50.805.075

55.600.215

 

Total Assets

57.079.861

61.210.487

 

Current Assets

30.311.749

34.072.461

 

Non-Current Assets

26.768.112

27.138.026

 

Current Liabilities

6.274.786

5.610.272

 

Long-Term Liabilities

0

0

 

Gross Profit (loss)

10.511.727

12.390.552

5.147.451

Operating Profit (loss)

5.876.333

7.682.416

2.342.154

Net Profit (loss)

6.692.818

5.034.607

5.446.568

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

High 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

High Operating Profitability  in 2009

High Net Profitability  in 2009

High Operating Profitability  in 2010

High Net Profitability  in 2010

Good Operating Profitability (01.01-30.06.2011)

High Net Profitability (01.01-30.06.2011)

 

Gap between average collection and payable periods

Unfavorable in 2010

General Financial Position

Good

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT LIMIT

 

:

9.200.000 USD

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 9.200.000 USD may be granted to the subject company.

 

 

 

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

 ( 01.01-30.06.2011)

6,21 %

1,5771

2,2246

2,5422

 ( 01.01-31.08.2011)

8,05 %

1,6083

2,2781

2,5994

 

 

BALANCE SHEETS

 

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

30.311.749

0,53

34.072.461

0,56

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

9.442.160

0,17

4.549.629

0,07

Marketable Securities

1.076.571

0,02

1.020.950

0,02

Account Receivable

13.022.707

0,23

15.253.174

0,25

Other Receivable

83.064

0,00

833.647

0,01

Inventories

6.603.117

0,12

12.067.778

0,20

Advances Given

84

0,00

9.508

0,00

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

84.046

0,00

337.775

0,01

NON-CURRENT ASSETS

26.768.112

0,47

27.138.026

0,44

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

3.626

0,00

4.036

0,00

Financial Assets

3.598.109

0,06

3.598.109

0,06

Tangible Fixed Assets (net)

23.057.938

0,40

23.468.101

0,38

Intangible Assets

13.254

0,00

67.780

0,00

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

95.185

0,00

0

0,00

TOTAL ASSETS

57.079.861

1,00

61.210.487

1,00

CURRENT LIABILITIES

6.274.786

0,11

5.610.272

0,09

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

993.691

0,02

252.102

0,00

Accounts Payable

3.062.084

0,05

2.957.956

0,05

Loans from Shareholders

0

0,00

0

0,00

Other Short-term Payable

37.148

0,00

43.534

0,00

Advances from Customers

84.090

0,00

428.025

0,01

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

450.269

0,01

1.123.265

0,02

Provisions

867.269

0,02

115.540

0,00

Other Current Liabilities

780.235

0,01

689.850

0,01

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

50.805.075

0,89

55.600.215

0,91

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

25.000.000

0,44

25.000.000

0,41

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

973.878

0,02

973.878

0,02

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

18.209.972

0,32

24.663.323

0,40

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

-71.593

0,00

-71.593

0,00

Net Profit (loss)

6.692.818

0,12

5.034.607

0,08

TOTAL LIABILITIES AND EQUITY

57.079.861

1,00

61.210.487

1,00

 

 

INCOME STATEMENTS

 

 

(2009) TL

 

(2010) TL

 

(01.01-30.06.2011) TL

 

Net Sales

44.162.437

1,00

56.383.297

1,00

32.702.390

1,00

Cost of Goods Sold

33.650.710

0,76

43.992.745

0,78

27.554.939

0,84

Gross Profit

10.511.727

0,24

12.390.552

0,22

5.147.451

0,16

Operating Expenses

4.635.394

0,10

4.708.136

0,08

2.805.297

0,09

Operating Profit

5.876.333

0,13

7.682.416

0,14

2.342.154

0,07

Other Income

7.203.511

0,16

5.231.349

0,09

4.265.020

0,13

Other Expenses

4.550.566

0,10

6.518.740

0,12

1.148.537

0,04

Financial Expenses

120.628

0,00

92.376

0,00

12.069

0,00

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

8.408.650

0,19

6.302.649

0,11

5.446.568

0,17

Tax Payable

1.715.832

0,04

1.268.042

0,02

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

6.692.818

0,15

5.034.607

0,09

5.446.568

0,17

 

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

LIQUIDITY RATIOS

 

 

Current Ratio

4,83

6,07

Acid-Test Ratio

3,76

3,86

Cash Ratio

1,68

0,99

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,12

0,20

Short-term Receivable/Total Assets

0,23

0,26

Tangible Assets/Total Assets

0,40

0,38

TURNOVER RATIOS

 

 

Inventory Turnover

5,10

3,65

Stockholders' Equity Turnover

0,87

1,01

Asset Turnover

0,77

0,92

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,89

0,91

Current Liabilities/Total Assets

0,11

0,09

Financial Leverage

0,11

0,09

Gearing Percentage

0,12

0,10

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,13

0,09

Operating Profit Margin

0,13

0,14

Net Profit Margin

0,15

0,09

Interest Cover

70,71

69,23

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

106,19

97,42

Average Payable Period (days)

32,76

24,21

WORKING CAPITAL

24036963,00

28462189,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.46.12

UK Pound

1

Rs.74.18

Euro

1

Rs.64.87

 

 

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.