MIRA INFORM REPORT

 

 

Report Date :

05.04.2012

 

IDENTIFICATION DETAILS

 

Name :

RODI GIYIM SANAYI VE TICARET A.S.

 

 

Registered Office :

Namik Kemal Mah. Adile Nasit Bulvari No:62 Esenyurt Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

18.12.1991

 

 

Com. Reg. No.:

373564

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Trade of ready-wear

 

 

No. of Employees :

2.000

 

 

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 :

Slow but 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 – September 30, 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

 

COMPANY IDENTIFICATION

 

NAME

:

RODI GIYIM SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Namik Kemal Mah. Adile Nasit Bulvari No:62 Esenyurt Istanbul / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The address was changed from "No:2 " to "No:62 " by the Municipality.

PHONE NUMBER

:

90-212-456 60 00

 

FAX NUMBER

:

90-212-428 37 08

 

WEB-ADDRESS

:

www.rodimood.net

E-MAIL

:

info@rodimood.com

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Buyuk Mukellefler

TAX NO

:

7350015984

REGISTRATION NUMBER

:

373564

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

18.12.1991

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   47.000.000

PAID-IN CAPITAL

:

TL   47.000.000

HISTORY

:

Previous Registered Capital

:

TL 10.000.000

Changed On

:

31.12.2004 (Commercial Gazette Date /Number 06.01.2005/ 6214)

Previous Registered Capital

:

TL 25.000.000

Changed On

:

01.06.2010 (Commercial Gazette Date /Number 07.06.2010/ 7579)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Fetin Kazanci

25 %

Fatih Kazanci

25 %

Fetah Kazanci

25 %

Cetin Kazanci

24 %

Nermin Kazanci

1 %

 

 

REMARKS ON SHAREHOLDERS

:

According to a press release dated 07.09.2011 a Corporate Consultancy firm named "Daruma" has signed an agreement with the firm to sell 30 % shares of the firm to a new investor . So the consultancy firm will seek a new shareholder to the firm.

 

BOARD OF DIRECTORS

:

Fetin Kazanci

Chairman

Cetin Kazanci

Vice-Chairman

Fetah Kazanci

Member

Fatih Kazanci

Member

 

 

 

 

OPERATIONS

 

NOTES ON OPERATIONS

:

The firm orders production to contract manufacturers.

 

 

BUSINESS ACTIVITIES

:

Trade of ready-wear.

 

The firm which was dealing with manufacture and trade of ready-wear has stopped manufacturing activity in 2007 and orders ready-wear to be manufactured in the name of the subject company to contract manufacturers.  The subject has 140 stores inTurkey.

 

NACE CODE

:

G .52.42

 

 

SECTOR

:

Commerce

 

TRADEMARKS OWNED

:

Rodi

Rodimood

Yards

 

NUMBER OF EMPLOYEES

:

2.000

 

NET SALES

:

136.237.679 TL

(2006) 

123.173.810 TL

(2007) 

121.750.048 TL

(2008) 

149.255.081 TL

(2009) 

245.769.078 TL

(2010) 

217.249.337 TL

(01.01-30.09.2011) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT VALUE

:

24.947.719 TL

(01.01-30.06.2008)

 

 

IMPORT COUNTRIES

:

Bangladesh

China

India

 

MERCHANDISE IMPORTED

:

Ready-wear

 

EXPORT VALUE

:

5.646.778 TL

(2006)

4.490.772 TL

(2007)

9.449.876 TL

(2008)

2.800.414 TL

(2009)

2.363.272 TL

(2010)

1.621.986 TL

(01.01-30.09.2011)

 

 

 

EXPORT COUNTRIES

:

Belgium

Germany

Slovenia

Greece

Northern Cyprus Turkish Republic

Canada

Morocco

Russia

Switzerland

Ukraine

Macedonia Republic

Croatia

Jordan

Kazakhstan

Lithuania

Syria

France

Bosnia and Herzegovina

 

MERCHANDISE  EXPORTED

:

Ready-wear

 

HEAD OFFICE ADDRESS

:

Namik Kemal Mah. Adile Nasit Bulvari No:62 Esenyurt  Istanbul / 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

:

Giant

 

 

FINANCE

 

MAIN DEALING BANKS

:

Asya Katilim Bankasi Trakya Kurumsal Branch

Garanti Bankasi Avcilar Branch

Yapi ve Kredi Bankasi Buyukcekmece Branch

 

CREDIT FACILITIES

:

The subject company is making active use of credit facilities.

 

PAYMENT BEHAVIOUR

:

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

 

 

KEY FINANCIAL ELEMENTS

:

 

(2007) TL

(2008) TL

(2009) TL

(2010) TL

(01.01-30.09.2011) TL

Net Sales

123.173.810

121.750.048

149.255.081

245.769.078

217.249.337

Profit (Loss) Before Tax

2.810.764

-21.118.584

-10.506.029

-8.059.177

-37.419.064

Stockholders' Equity

47.064.537

25.945.953

23.939.925

16.280.066

 

Total Assets

99.448.166

174.857.801

162.348.956

196.186.099

 

Current Assets

91.498.280

112.487.969

89.691.793

115.259.800

 

Non-Current Assets

7.949.886

62.369.832

72.657.163

80.926.299

 

Current Liabilities

34.619.594

79.693.566

83.099.113

89.459.460

 

Long-Term Liabilities

17.764.035

69.218.282

55.309.918

90.446.573

 

Gross Profit (loss)

42.723.077

44.523.737

49.834.755

87.583.608

69.769.953

Operating Profit (loss)

4.068.574

4.863.053

-8.166.999

-7.002.128

-3.055.646

Net Profit (loss)

2.086.718

-21.118.584

-10.506.029

-8.059.177

-37.419.064

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Negative Stockholders’ Equity As of 31.12.2010

Remarks on Capitalization

The loss at the last period is expected to have a negative effect on equity total since the date of last stockholders’ equity.

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

Fair Operating Profitability  in 2007

Fair Net Profitability  in 2007

In Order Operating Profitability  in 2008

Net Loss  in 2008

Operating Loss  in 2009

Net Loss  in 2009

Operating Loss  in 2010

Net Loss  in 2010

Operating Loss (01.01-30.09.2011)

Net Loss (01.01-30.09.2011)

 

Gap between average collection and payable periods

Favorable in 2010

General Financial Position

Poor

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2006 )

11,58 %

1,4309

1,7987

2,6377

 ( 2007 )

5,94 %

1,3075

1,7901

2,6133

 ( 01.01-30.06.2008)

13,76 %

1,2197

1,8695

2,4232

 ( 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

 ( 01.01-30.09.2011)

9,72 %

1,6335

2,3016

2,6294

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 01.01-31.03.2012)

0,65 %

1,7995

2,3799

2,8402

 

 

BALANCE SHEETS

 

 

 ( 31.12.2007 )  TL

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

91.498.280

0,92

112.487.969

0,64

89.691.793

0,55

115.259.800

0,59

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

15.135.436

0,15

12.615.469

0,07

4.097.901

0,03

-6.747.621

-0,03

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

31.100.546

0,31

45.470.515

0,26

34.721.057

0,21

36.945.757

0,19

Other Receivable

2.063.323

0,02

2.847.397

0,02

7.774.353

0,05

12.310.467

0,06

Inventories

22.556.223

0,23

24.195.900

0,14

35.857.292

0,22

58.923.804

0,30

Advances Given

15.513.472

0,16

2.102.381

0,01

1.533.368

0,01

7.967.568

0,04

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

5.129.280

0,05

25.256.307

0,14

5.707.822

0,04

5.859.825

0,03

NON-CURRENT ASSETS

7.949.886

0,08

62.369.832

0,36

72.657.163

0,45

80.926.299

0,41

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

30.000

0,00

30.000

0,00

Financial Assets

72.978

0,00

53.604.118

0,31

57.754.018

0,36

57.204.118

0,29

Tangible Fixed Assets (net)

5.678.855

0,06

6.230.258

0,04

7.941.966

0,05

10.350.677

0,05

Intangible Assets

1.856.366

0,02

2.535.456

0,01

6.900.252

0,04

13.341.504

0,07

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

341.687

0,00

0

0,00

30.927

0,00

0

0,00

TOTAL ASSETS

99.448.166

1,00

174.857.801

1,00

162.348.956

1,00

196.186.099

1,00

CURRENT LIABILITIES

34.619.594

0,35

79.693.566

0,46

83.099.113

0,51

89.459.460

0,46

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

12.495.655

0,13

38.751.826

0,22

38.457.970

0,24

3.053.028

0,02

Accounts Payable

13.405.498

0,13

20.670.382

0,12

35.024.043

0,22

76.929.101

0,39

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

Other Short-term Payable

598.699

0,01

785.557

0,00

1.641.014

0,01

1.338.341

0,01

Advances from Customers

4.677.709

0,05

14.839.521

0,08

547.865

0,00

237.910

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

1.916.017

0,02

2.748.244

0,02

7.428.221

0,05

7.423.097

0,04

Provisions

692.866

0,01

0

0,00

0

0,00

0

0,00

Other Current Liabilities

833.150

0,01

1.898.036

0,01

0

0,00

477.983

0,00

LONG-TERM LIABILITIES

17.764.035

0,18

69.218.282

0,40

55.309.918

0,34

90.446.573

0,46

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

17.764.035

0,18

69.218.282

0,40

55.279.918

0,34

88.647.382

0,45

Securities Issued

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

30.000

0,00

1.799.191

0,01

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

47.064.537

0,47

25.945.953

0,15

23.939.925

0,15

16.280.066

0,08

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

25.000.000

0,25

25.000.000

0,14

25.000.000

0,15

47.000.000

0,24

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

722.963

0,01

722.963

0,00

722.963

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

7.786.341

0,08

9.873.058

0,06

18.373.059

0,11

8.963.855

0,05

Revaluation Fund

11.468.515

0,12

11.468.516

0,07

11.468.516

0,07

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

-21.118.584

-0,13

-31.624.612

-0,16

Net Profit (loss)

2.086.718

0,02

-21.118.584

-0,12

-10.506.029

-0,06

-8.059.177

-0,04

TOTAL LIABILITIES AND EQUITY

99.448.166

1,00

174.857.801

1,00

162.348.956

1,00

196.186.099

1,00

 

 

REMARKS ON FINANCIAL STATEMENT

:

At the income statement of 1.1.-30.09.2011,  TL 5.766.154  of the other expenses is due to "Loss from Foreign Currency Exchange" .

 

 

INCOME STATEMENTS

 

 

(2007) TL

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(01.01-30.09.2011) TL

 

Net Sales

123.173.810

1,00

121.750.048

1,00

149.255.081

1,00

245.769.078

1,00

217.249.337

1,00

Cost of Goods Sold

80.450.733

0,65

77.226.311

0,63

99.420.326

0,67

158.185.470

0,64

147.479.384

0,68

Gross Profit

42.723.077

0,35

44.523.737

0,37

49.834.755

0,33

87.583.608

0,36

69.769.953

0,32

Operating Expenses

38.654.503

0,31

39.660.684

0,33

58.001.754

0,39

94.585.736

0,38

72.825.599

0,34

Operating Profit

4.068.574

0,03

4.863.053

0,04

-8.166.999

-0,05

-7.002.128

-0,03

-3.055.646

-0,01

Other Income

7.268.356

0,06

5.956.120

0,05

19.620.848

0,13

24.656.408

0,10

3.559.554

0,02

Other Expenses

1.631.710

0,01

17.295.892

0,14

915.968

0,01

2.243.301

0,01

9.062.366

0,04

Financial Expenses

6.894.456

0,06

14.641.865

0,12

21.043.910

0,14

23.470.156

0,10

28.860.606

0,13

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

2.810.764

0,02

-21.118.584

-0,17

-10.506.029

-0,07

-8.059.177

-0,03

-37.419.064

-0,17

Tax Payable

724.046

0,01

0

0,00

0

0,00

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)

2.086.718

0,02

-21.118.584

-0,17

-10.506.029

-0,07

-8.059.177

-0,03

-37.419.064

-0,17

 

 

FINANCIAL RATIOS

 

 

(2007)

(2008)

(2009)

(2010)

LIQUIDITY RATIOS

 

 

Current Ratio

2,64

1,41

1,08

1,29

Acid-Test Ratio

1,40

0,76

0,56

0,48

Cash Ratio

0,44

0,16

0,05

-0,08

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,23

0,14

0,22

0,30

Short-term Receivable/Total Assets

0,33

0,28

0,26

0,25

Tangible Assets/Total Assets

0,06

0,04

0,05

0,05

TURNOVER RATIOS

 

 

Inventory Turnover

3,57

3,19

2,77

2,68

Stockholders' Equity Turnover

2,62

4,69

6,23

15,10

Asset Turnover

1,24

0,70

0,92

1,25

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,47

0,15

0,15

0,08

Current Liabilities/Total Assets

0,35

0,46

0,51

0,46

Financial Leverage

0,53

0,85

0,85

0,92

Gearing Percentage

1,11

5,74

5,78

11,05

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,04

-0,81

-0,44

-0,50

Operating Profit Margin

0,03

0,04

-0,05

-0,03

Net Profit Margin

0,02

-0,17

-0,07

-0,03

Interest Cover

1,41

-0,44

0,50

0,66

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

90,90

134,45

83,82

54,16

Average Payable Period (days)

59,99

96,36

126,93

179,17

WORKING CAPITAL

56878686,00

32794403,00

6592680,00

25800340,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.04

UK Pound

1

Rs.81.08

Euro

1

Rs.67.39

 

 

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.