MIRA INFORM REPORT

 

 

Report Date :

11.04.2012

 

IDENTIFICATION DETAILS

 

Name :

GOLDAS KUYUMCULUK SANAYI ITHALAT IHRACAT A.S.

 

 

Registered Office :

Keresteciler Sitesi Ihlamur Sok. No:4-6 Merter Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

21.01.1993

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of gold jewellery and silver jewellery.

 

 

No. of Employees :

259

 

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, 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

:

GOLDAS KUYUMCULUK SANAYI ITHALAT IHRACAT A.S.

HEAD OFFICE ADDRESS

:

Keresteciler Sitesi Ihlamur Sok. No:4-6 Merter Istanbul / Turkey

PHONE NUMBER

:

90-212-637 40 00 (7 lines)

 

FAX NUMBER

:

90-212-637 40 07-08

 

WEB-ADDRESS

:

www.goldas.com

E-MAIL

:

info@goldas.com

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Buyuk Mukellefler

TAX NO

:

3960055358

REGISTRATION NUMBER

:

294792

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

21.01.1993

ESTABLISHMENT GAZETTE DATE /NO

:

26.01.1993/3207

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

AUTHORIZED CAPITAL

:

TL   250.000.000

PAID-IN CAPITAL

:

TL   200.000.000

HISTORY

:

Previous Address

:

Keresteciler Sitesi Kayalar Sok. No:24 Gungoren-Istanbu

Changed On

:

24.08.2007 (Commercial Gazette Date /Number 31.08.2007/ 6885)

Other Changes

:

The paid-in capital was increased from TL 80.000.000 to TL 120.000.000.

Changed On

:

30.12.2010 (Commercial Gazette Date /Number 05.01.2011/ 7723)

Other Changes

:

The paid-in capital was increased from TL 120.000.000 to TL 200.000.000.

Changed On

:

20.02.2012 (Commercial Gazette Date /Number 24.02.2012/ 8013)

 

 

OWNERSHIP / MANAGEMENT

 

NOTES ON OWNERSHIP / MANAGEMENT

:

Quoted at Stock Exchange.

 

 

SHAREHOLDERS

:

Goldart Holding A.S.

43,82 %

Others

56,18 %

 

 

GROUP

:

YALINKAYA GROUP OF COMPANIES

 

GROUP PARENT COMPANY

:

YALINKAYA HOLDING A.S.

 

SISTER COMPANIES

:

AK-YUN MENSUCAT SANAYI VE TICARET A.S.

BERR PAZARLAMA A.S.

GALLO DIS TICARET A.S.

GOLDART HOLDING A.S.

GOLDAS DAGITIM VE PAZARLAMA A.S.

GOLDAS DIS TICARET A.S.

GOLDAS KIYMETLI MADENLER TICARETI A.S.

GOLDAS MAGAZACILIK VE PAZARLAMA A.S.

GOLDAS ULUSLARARASI MADEN TICARETI A.S.

GOLDORO ALTIN RAFINERISI A.S.

KAYALI DIS TICARET A.S.

KEYMOR ULUSLARARASI PATENT MARKA TESCIL YONETIM VE DANISMANLIK HIZMETLERI LTD.STI.

MEYDAN DOVIZ VE KIYMETLI MADEN TICARETI A.S.

PREGOLD MADENCILIK A.S.

RIZBAS ENERJI URETIM A.S.

YALIN YATIRIM HOLDING A.S.

YALINKAYA DIS TICARET A.S.

YALINKAYA HOLDING A.S

YALINKAYA INSAAT TURIZM SANAYI VE TICARET A.S.

YALINNET BILISIM BILGISAYAR SANAYI VE TICARET A.S.

ZER PAZARLAMA A.S.

 

 

 

BOARD OF DIRECTORS

:

Hasan Yalinkaya

Chairman

Mehmet SedatYalinkaya

Vice-Chairman

Mustafa Sezayi Hamamci

Member

Ahmet Ali Celik

Member

Osman Saner Seyman

Member

Yavuz Yagci

Member

Husnu Naci Bozkurt

Member

 

 

DIRECTORS

:

Mehmet Sedat Yalinkaya

General Manager

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of gold jewellery and silver jewellery.

 

NACE CODE

:

DN.36.22

 

TRADEMARKS OWNED

:

Goldas

 

NUMBER OF EMPLOYEES

:

259

 

REMARKS ON NUMBER OF EMPLOYEES

:

The number of employees is the consolidated figure as of 31.12.2011.

 

 

NET SALES

:

2.305.598.691 TL

(2005) 

3.156.033.013 TL

(2006) 

4.489.209.931 TL

(2007) 

3.240.137.143 TL

(2008) 

2.366.883.851 TL

(2009) 

2.500.691.609 TL

(2010) 

1.606.306.487 TL

(2011) 

 

 

PRODUCTION

:

Gold Jewellery  (Gram) 

Silver Jewellery  (Gram)

 

 

 

26.564.000

10.589.000

 

(2007)

35.333.107

10.201.643

 

(2008)

27.638.537

8.307.806

 

(2009)

24.916.572

2.228.834

 

(2010)

19.159.397

2.651.622

 

(2011)

 

 

 

 

IMPORT VALUE

:

662.570.577 USD

(2005)

1.494.108.949 USD

(2006)

2.512.082.720 USD

(2007)

854.378.525 USD

(2008)

0 TL

(2009)

0 TL

(2010)

0 TL

(2011)

 

 

IMPORT COUNTRIES

:

Germany

France

Sweden

 

EXPORT VALUE

:

76.282.597 TL

(2005)

165.045.030 TL

(2006)

160.903.384 TL

(2007)

95.704.092 TL

(2008)

16.293.319 TL

(2009)

13.109.828 TL

(2010)

5.522.657 TL

(2011)

 

 

EXPORT COUNTRIES

:

U.A.E.

Middle East Countries

 

MERCHANDISE  EXPORTED

:

Jewellery

 

HEAD OFFICE ADDRESS

:

Keresteciler Sitesi Ihlamur Sok. No:4-6 Merter Istanbul / Turkey (rented)

 

BRANCHES

:

Head Office/Processing Plant  :  Keresteciler Sitesi Ihlamur Sok. No:4-6 Merter Istanbul/Turkey (rented) (8.739 sqm)

 

Branch Office  :  Ataturk Hava Limani Serbest Bolgesi (Free Zone) Istanbul/Turkey

 

TREND OF BUSINESS

:

There was a decline at business volume in nominal terms in  2011.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

MAIN DEALING BANKS

:

T. Is Bankasi Merter Branch

Yapi ve Kredi Bankasi Merter Branch

 

CREDIT FACILITIES

:

The subject rarely makes use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge in the last years.

 

 

KEY FINANCIAL ELEMENTS

:

 

(2009) TL

(2010) TL

(2011) TL

Net Sales

2.366.883.851

2.500.691.609

1.606.306.487

Profit (Loss) Before Tax

5.770.242

3.850.425

6.336.876

Stockholders' Equity

175.018.386

222.435.134

229.588.538

Total Assets

654.355.129

704.078.901

525.096.963

Current Assets

580.919.581

630.903.750

453.360.646

Non-Current Assets

73.435.548

73.175.151

71.736.317

Current Liabilities

470.419.500

474.273.409

291.357.060

Long-Term Liabilities

8.917.243

7.370.358

4.151.365

Gross Profit (loss)

22.540.097

12.861.158

4.495.769

Operating Profit (loss)

14.132.549

5.667.277

10.573.283

Net Profit (loss)

6.983.964

5.385.615

10.105.606

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

THE DETAILS OF THE CAPITAL INCREASE  AFTER LAST BALANCE SHEET

 

:

Cash Part

:80.000.000 TL

Equity Part

:

Payment Due Date

:20.02.2012

 

 

Capitalization

Good

Remarks on Capitalization

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

Insufficient As of 31.12.2011

Remarks On Liquidity

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

 

The liquid assets consist mainly of receivables the amount of cash&banks or marketable securities (which are more liquid) are low.

 

Profitability

Low 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 2011

General Financial Position

Passable

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 01.01-31.03.2012)

0,65 %

1,7995

2,3799

2,8402

 

 

NOTES ON FINANCIAL STATEMENTS

:

Financial statements are consolidated..

 

 

BALANCE SHEETS

 

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

580.919.581

0,89

630.903.750

0,90

453.360.646

0,86

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

Cash and Banks

46.850

0,00

41.957

0,00

59.648

0,00

Marketable Securities

0

0,00

0

0,00

0

0,00

Account Receivable

568.126.673

0,87

616.770.668

0,88

439.709.548

0,84

Other Receivable

214.634

0,00

111.721

0,00

28.556

0,00

Inventories

11.606.881

0,02

13.824.944

0,02

13.211.472

0,03

Advances Given

0

0,00

0

0,00

0

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

Other Current Assets

924.543

0,00

154.460

0,00

351.422

0,00

NON-CURRENT ASSETS

73.435.548

0,11

73.175.151

0,10

71.736.317

0,14

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

Long-term Receivable

30.735

0,00

30.803

0,00

35.416

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

11.115.429

0,02

9.446.084

0,01

3.326.899

0,01

Intangible Assets

56.435.339

0,09

56.300.130

0,08

57.569.481

0,11

Deferred Tax Assets

5.852.198

0,01

7.398.134

0,01

10.797.877

0,02

Other Non-Current Assets

1.847

0,00

0

0,00

6.644

0,00

TOTAL ASSETS

654.355.129

1,00

704.078.901

1,00

525.096.963

1,00

CURRENT LIABILITIES

470.419.500

0,72

474.273.409

0,67

291.357.060

0,55

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

10.748.281

0,02

8.489.025

0,01

5.499.348

0,01

Accounts Payable

459.106.019

0,70

465.027.357

0,66

284.671.866

0,54

Loans from Shareholders

0

0,00

0

0,00

0

0,00

Other Short-term Payable

174.707

0,00

409.072

0,00

513.260

0,00

Advances from Customers

0

0,00

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

Taxes Payable

3.261

0,00

2.533

0,00

0

0,00

Provisions

0

0,00

0

0,00

0

0,00

Other Current Liabilities

387.232

0,00

345.422

0,00

672.586

0,00

LONG-TERM LIABILITIES

8.917.243

0,01

7.370.358

0,01

4.151.365

0,01

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

8.218.495

0,01

6.089.078

0,01

2.947.098

0,01

Securities Issued

0

0,00

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

0

0,00

Loans from Shareholders

0

0,00

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

0

0,00

Provisions

698.748

0,00

1.281.280

0,00

1.204.267

0,00

STOCKHOLDERS' EQUITY

175.018.386

0,27

222.435.134

0,32

229.588.538

0,44

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

Paid-in Capital

80.000.000

0,12

120.000.000

0,17

120.000.000

0,23

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

52.548.607

0,08

52.548.607

0,07

52.548.607

0,10

Equity of Consolidated Firms

70.473

0,00

101.606

0,00

145.966

0,00

Reserves

35.415.342

0,05

42.399.306

0,06

44.788.359

0,09

Revaluation Fund

0

0,00

2.000.000

0,00

2.000.000

0,00

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

Net Profit (loss)

6.983.964

0,01

5.385.615

0,01

10.105.606

0,02

TOTAL LIABILITIES AND EQUITY

654.355.129

1,00

704.078.901

1,00

525.096.963

1,00

 

 

REMARKS ON FINANCIAL STATEMENT

:

The financial statements of 2009 and 2010 of "GOLDAS KUYUMCULUK SANAYI ITHALAT IHRACAT A.S." have been prepared by the consolidation of the financial statements of "Goldas Kiymetli Madenler Ticareti A.S. (99,99 %) and "Belgium Trading Company (70 %)".

 

The financial statements of 2011 have been prepared by the consolidation of the financial statements of  "Belgium Trading Company (70 %)".

 

 

INCOME STATEMENTS

 

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

Net Sales

2.366.883.851

1,00

2.500.691.609

1,00

1.606.306.487

1,00

Cost of Goods Sold

2.344.343.754

0,99

2.487.830.451

0,99

1.601.810.718

1,00

Gross Profit

22.540.097

0,01

12.861.158

0,01

4.495.769

0,00

Operating Expenses

8.407.548

0,00

7.193.881

0,00

-6.077.514

0,00

Operating Profit

14.132.549

0,01

5.667.277

0,00

10.573.283

0,01

Other Income

10.775.786

0,00

3.885.752

0,00

1.969.029

0,00

Other Expenses

0

0,00

0

0,00

0

0,00

Financial Expenses

19.106.543

0,01

5.671.471

0,00

6.161.076

0,00

Minority Interests

0

0,00

-31.133

0,00

-44.360

0,00

Profit (loss) of consolidated firms

-31.550

0,00

0

0,00

0

0,00

Profit (loss) Before Tax

5.770.242

0,00

3.850.425

0,00

6.336.876

0,00

Tax Payable

0

0,00

10.746

0,00

0

0,00

Postponed Tax Gain

1.213.722

0,00

1.545.936

0,00

3.768.730

0,00

Net Profit (loss)

6.983.964

0,00

5.385.615

0,00

10.105.606

0,01

 

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

(2011)

LIQUIDITY RATIOS

 

Current Ratio

1,23

1,33

1,56

Acid-Test Ratio

1,21

1,30

1,51

Cash Ratio

0,00

0,00

0,00

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,02

0,02

0,03

Short-term Receivable/Total Assets

0,87

0,88

0,84

Tangible Assets/Total Assets

0,02

0,01

0,01

TURNOVER RATIOS

 

Inventory Turnover

201,98

179,95

121,24

Stockholders' Equity Turnover

13,52

11,24

7,00

Asset Turnover

3,62

3,55

3,06

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,27

0,32

0,44

Current Liabilities/Total Assets

0,72

0,67

0,55

Financial Leverage

0,73

0,68

0,56

Gearing Percentage

2,74

2,17

1,29

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,04

0,02

0,04

Operating Profit Margin

0,01

0,00

0,01

Net Profit Margin

0,00

0,00

0,01

Interest Cover

1,30

1,68

2,03

COLLECTION-PAYMENT

 

Average Collection Period (days)

86,42

88,79

98,55

Average Payable Period (days)

70,50

67,29

63,98

WORKING CAPITAL

110500081,00

156630341,00

162003586,00

DIAMOND INDUSTRY – INDIA

 

-          From time immemorial, India is well known in the world as the birthplace for diamonds.  It is difficult to trace the origin of diamonds but history says that in the remote past, diamonds were mined only in India. Diamond production in India can be traced back to almost 8th Century B.C.  India, in fact, remained undisputed leader till 18th Century when Brazilian fields were discovered in 1725 followed by emergence of S. Africa, Russia and Australia.

-          The achievement of the Indian diamond industry was possible only due to combination of the manufacturing skills of the Indian workforce and the untiring and unflagging efforts of the Indian diamantaires, supported by progressive Government policies.

-          The area of study of family owned diamond businesses derives its importance from the huge conglomerate of family run organizations which operate in the diamond industry since many generations.

-          Some of the basic traits of family run business enterprises include spirit of entrepreneurship, mutual trust lowers transaction costs, small, nimble and quick to react, information as a source of advantage and philanthropy.

-          Family owned diamond businesses need to improve on many fronts including higher standard of corporate governance, long-term performance – focused strategies, modern management and technology.

-          The diamond jewellery industry in India today may be more than Rs 60000 mil and is rated amongst the fastest growing  in the world. Indi ranks third in the world in domestic diamond consumption.

-          Utmost caution is to be exercised while dealing with some medium and large diamond traders which are usually engaged in fictitious import – export, inter-company transactions, financially assisted by banks. In the process, several public sector banks lost several hundred million rupees. They mostly diverted borrowed money for diamond business into real estate and capital markets.

-          Excerpts from Times of India dated 30th October 2010 is as under –

 

DIAMOND SAGA – DIRTY DOZEN STUCK WITH 2K CR DEBT

This could be the biggest credibility crisis the Indian diamond industry has ever faced. Fifteen banks run the risk of losing Rs 2000 crore lent to a dozen diamond firms in Surat. Until about two months ago, they had not repaid  these dues. Bankers believe many diamantaires borrowed money during the economic downturn two years ago and diverted funds to businesses like real estate and capital markets. Many of themselves made money from these businesses but their diamond companies have gone sick and declared insolvency.

-          Most of the money borrowed from the banks in the name of their diamond business has been diverted in real estate and the share market. The banks are not in a position to seize their properties because in many cases, these were purchased in the name of their relatives and friends.

 

 

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.