MIRA INFORM REPORT

 

 

Report Date :

11.04.2012

 

IDENTIFICATION DETAILS

 

Name :

GAMA IPLIK VE DOKUMA SANAYI A.S.

 

 

Registered Office :

2. Organize Sanayi Bolgesi 83224 nolu Cadde No: 11 Sehitkamil Gaziantep

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

23.11.2001

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of yarn and fiber.

 

 

No. of Employees :

74

 

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 :

2.240.000 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, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

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

:

GAMA IPLIK VE DOKUMA SANAYI A.S.

HEAD OFFICE ADDRESS

:

2. Organize Sanayi Bolgesi 83224 nolu Cadde No: 11 Sehitkamil Gaziantep / Turkey

PHONE NUMBER

:

90-342-337 43 12-13-14

 

FAX NUMBER

:

90-342-337 22 79

 

WEB-ADDRESS

:

www.gamaiplik.com

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Gazikent

TAX NO

:

3880305061

REGISTRATION NUMBER

:

23219

REGISTERED OFFICE

:

Gaziantep Chamber of Commerce

DATE ESTABLISHED

:

23.11.2001

ESTABLISHMENT GAZETTE DATE/NO

:

03.01.2002/5457

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   7.000.000

 

HISTORY

:

Previous Registered Capital

:

TL 245.000

Changed On

:

12.09.2007 (Commercial Gazette Date /Number 19.09.2007/ 6898)

Previous Registered Capital

:

TL 2.000.000

Changed On

:

15.06.2010 (Commercial Gazette Date /Number 23.06.2010/ 7591)

Previous Registered Capital

:

TL 5.000.000

Changed On

:

22.07.2011 (Commercial Gazette Date /Number 08.08.2011/ 7875)

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Zafer Kaplan

99,89 %

Helin Melisa Kaplan

0,05 %

Gulsen Merve Kaplan

0,05 %

Mustafa Tuncay Kaplan

 

Ilhami Sahin

 

 

 

SISTER COMPANIES

:

GAMA ELYAF VE IPLIK ISLETMELERI SANAYI VE TICARET A.S.

 

KAPTEKS TEKSTIL SANAYI VE TICARET A.S.

 

SUBSIDIARIES

:

None

 

BOARD OF DIRECTORS

:

Zafer Kaplan

Chairman

Mustafa Tuncay Kaplan

Vice-Chairman

Ilhami Sahin

Member

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of yarn and fiber. 

 

NACE CODE

:

DB.17.00

 

SECTOR

:

Textile

 

NUMBER OF EMPLOYEES

:

74

 

NET SALES

:

6.147.221 TL

(2007) 

10.128.737 TL

(2008) 

16.438.034 TL

(2009) 

21.846.641 TL

(2010) 

31.907.390 TL

(2011) 

 

 

IMPORT VALUE

:

592.449 USD

(2010)

1.114.744 USD

(2011)

 

 

IMPORT COUNTRIES

:

China

Malaysia

 

MERCHANDISE IMPORTED

:

Polyester fibre

 

EXPORT VALUE

:

7.687.893 TL

(2009)

9.897.416 TL

(2010)

17.902.154 TL

(2011)

 

 

EXPORT COUNTRIES

:

Saudi Arabia

Indonesia

Spain

Ukraine

Iran

Syria

Germany

U.K.

Iraq

Algeria

Slovakia

Morocco

 

MERCHANDISE  EXPORTED

:

Fibre

Yarn

 

HEAD OFFICE ADDRESS

:

2. Organize Sanayi Bolgesi 83224 nolu Cadde No: 11 Sehitkamil  Gaziantep / Turkey ( owned by shareholder(s) ) (17.000 sqm)

 

BRANCHES

:

Head Office/Factory  :  2. Organize Sanayi Bolgesi 83224 Nolu Cad. No:11 Sehitkamil Gaziantep/Turkey (owned by shareholder(s)) (17.000 sqm)

                                                                                

INVESTMENTS

:

None

 

 

 

TREND OF BUSINESS

:

There was an upwards trend in 2011.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Alternatif Bank Gaziantep Branch

Turkiye Garanti Bankasi Gatem Branch

Yapi ve Kredi Bankasi Gatem 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

(2011) TL

Net Sales

6.147.221

10.128.737

16.438.034

21.846.641

31.907.390

Profit (Loss) Before Tax

103.468

180.208

256.246

309.528

368.479

Stockholders' Equity

751.294

1.394.183

2.915.430

5.460.597

 

Total Assets

4.146.546

4.996.430

8.126.405

11.853.248

 

Current Assets

4.038.432

4.862.366

7.797.007

11.371.058

 

Non-Current Assets

108.114

134.064

329.398

482.190

 

Current Liabilities

2.741.493

2.816.584

3.187.677

4.314.600

 

Long-Term Liabilities

653.759

785.663

2.023.298

2.078.051

 

Gross Profit (loss)

314.392

938.266

1.063.700

1.233.716

1.868.582

Operating Profit (loss)

89.092

436.235

319.587

282.218

297.343

Net Profit (loss)

82.260

143.089

204.997

247.622

368.479

 

 

COMMENT ON FINANCIAL POSITION

 

THE DETAILS OF THE CAPITAL INCREASE  AFTER LAST BALANCE SHEET

 

:

Cash Part

:2.000.000 TL

Equity Part

:

Payment Due Date

:23.07.2014

Number of Days To Pay First Portion of The Cash Part of Capital Increase

:90

 

Capitalization

Good

Remarks on Capitalization

A part of total liabilities and equity consist of loans from shareholders rather than liabilities to third parties indicating not too high indebtedness to third parties.

 

There has been capital increase after the last balance sheet date. The capital increase financed by cash is expected to have an improvement at equity total since the last balance sheet date.

 

Liquidity

High

Remarks On Liquidity

The capital increase after the last balance sheet is expected to have a positive effect on liquidity since the last balance sheet date. 

 

The unfavorable gap between average collection and average payable period has an adverse effect on liquidity.

 

Profitability

Low Operating Profitability  in 2007

Low Net Profitability  in 2007

In Order Operating Profitability  in 2008

Low Net Profitability  in 2008

Fair Operating Profitability  in 2009

Low Net Profitability  in 2009

Low Operating Profitability  in 2010

Low Net Profitability  in 2010

Low Operating Profitability  in 2011

Low Net Profitability  in 2011

 

Gap between average collection and payable periods

Unfavorable in 2010

General Financial Position

Good

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT LIMIT

 

:

2.240.000 USD

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 2.240.000 USD may be granted to the subject company.

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 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

4.038.432

0,97

4.862.366

0,97

7.797.007

0,96

11.371.058

0,96

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

21.876

0,01

200.108

0,04

1.665.184

0,20

2.146.575

0,18

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

3.192.941

0,77

4.255.935

0,85

4.487.522

0,55

5.273.854

0,44

Other Receivable

7.684

0,00

150.612

0,03

66.601

0,01

130.658

0,01

Inventories

788.743

0,19

206.578

0,04

1.359.734

0,17

3.325.183

0,28

Advances Given

0

0,00

7.320

0,00

0

0,00

0

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

27.188

0,01

41.813

0,01

217.966

0,03

494.788

0,04

NON-CURRENT ASSETS

108.114

0,03

134.064

0,03

329.398

0,04

482.190

0,04

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

0

0,00

0

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

47.283

0,01

79.697

0,02

281.435

0,03

440.560

0,04

Intangible Assets

60.831

0,01

54.367

0,01

47.963

0,01

41.630

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

TOTAL ASSETS

4.146.546

1,00

4.996.430

1,00

8.126.405

1,00

11.853.248

1,00

CURRENT LIABILITIES

2.741.493

0,66

2.816.584

0,56

3.187.677

0,39

4.314.600

0,36

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

0

0,00

0

0,00

Accounts Payable

2.652.092

0,64

2.782.444

0,56

3.145.885

0,39

4.257.964

0,36

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

Other Short-term Payable

18.038

0,00

0

0,00

5.469

0,00

6.336

0,00

Advances from Customers

49.662

0,01

0

0,00

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

13.682

0,00

13.813

0,00

19.054

0,00

21.988

0,00

Provisions

8.019

0,00

20.327

0,00

17.269

0,00

28.312

0,00

Other Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

LONG-TERM LIABILITIES

653.759

0,16

785.663

0,16

2.023.298

0,25

2.078.051

0,18

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

88.966

0,02

785.663

0,16

1.310.619

0,16

1.399.580

0,12

Securities Issued

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Payable

276.878

0,07

0

0,00

0

0,00

0

0,00

Loans from Shareholders

287.915

0,07

0

0,00

712.679

0,09

678.471

0,06

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

751.294

0,18

1.394.183

0,28

2.915.430

0,36

5.460.597

0,46

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

683.750

0,16

1.183.750

0,24

2.000.000

0,25

4.797.545

0,40

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

14.725

0,00

14.725

0,00

14.724

0,00

14.724

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

111.508

0,03

52.619

0,01

695.709

0,09

400.706

0,03

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

-140.949

-0,03

0

0,00

0

0,00

0

0,00

Net Profit (loss)

82.260

0,02

143.089

0,03

204.997

0,03

247.622

0,02

TOTAL LIABILITIES AND EQUITY

4.146.546

1,00

4.996.430

1,00

8.126.405

1,00

11.853.248

1,00

 

 

INCOME STATEMENTS

 

 

(2007) TL

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

Net Sales

6.147.221

1,00

10.128.737

1,00

16.438.034

1,00

21.846.641

1,00

31.907.390

1,00

Cost of Goods Sold

5.832.829

0,95

9.190.471

0,91

15.374.334

0,94

20.612.925

0,94

30.038.808

0,94

Gross Profit

314.392

0,05

938.266

0,09

1.063.700

0,06

1.233.716

0,06

1.868.582

0,06

Operating Expenses

225.300

0,04

502.031

0,05

744.113

0,05

951.498

0,04

1.571.239

0,05

Operating Profit

89.092

0,01

436.235

0,04

319.587

0,02

282.218

0,01

297.343

0,01

Other Income

41.784

0,01

51.149

0,01

32.489

0,00

136.168

0,01

211.375

0,01

Other Expenses

4.653

0,00

25.574

0,00

7.058

0,00

9.986

0,00

23.658

0,00

Financial Expenses

22.755

0,00

281.602

0,03

88.772

0,01

98.872

0,00

116.581

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

103.468

0,02

180.208

0,02

256.246

0,02

309.528

0,01

368.479

0,01

Tax Payable

21.208

0,00

37.119

0,00

51.249

0,00

61.906

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)

82.260

0,01

143.089

0,01

204.997

0,01

247.622

0,01

368.479

0,01

 

 

FINANCIAL RATIOS

 

 

(2007)

(2008)

(2009)

(2010)

LIQUIDITY RATIOS

 

 

Current Ratio

1,47

1,73

2,45

2,64

Acid-Test Ratio

1,18

1,64

1,95

1,75

Cash Ratio

0,01

0,07

0,52

0,50

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,19

0,04

0,17

0,28

Short-term Receivable/Total Assets

0,77

0,88

0,56

0,46

Tangible Assets/Total Assets

0,01

0,02

0,03

0,04

TURNOVER RATIOS

 

 

Inventory Turnover

7,40

44,49

11,31

6,20

Stockholders' Equity Turnover

8,18

7,26

5,64

4,00

Asset Turnover

1,48

2,03

2,02

1,84

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,18

0,28

0,36

0,46

Current Liabilities/Total Assets

0,66

0,56

0,39

0,36

Financial Leverage

0,82

0,72

0,64

0,54

Gearing Percentage

4,52

2,58

1,79

1,17

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,11

0,10

0,07

0,05

Operating Profit Margin

0,01

0,04

0,02

0,01

Net Profit Margin

0,01

0,01

0,01

0,01

Interest Cover

5,55

1,64

3,89

4,13

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

186,99

151,27

98,28

86,91

Average Payable Period (days)

180,77

108,99

73,66

74,36

WORKING CAPITAL

1296939,00

2045782,00

4609330,00

7056458,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.20

UK Pound

1

Rs.81.50

Euro

1

Rs.67.15

 

 

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.