MIRA INFORM REPORT

 

 

Report Date :

19.04.2012

 

IDENTIFICATION DETAILS

 

Name :

IPEKYOL GIYIM SANAYI PAZARLAMA VE TICARET A.S.

 

 

Registered Office :

Kazim Orbay Cad. No:35 Bomonti  Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

30.06.2011

 

 

Date of Incorporation :

20.01.1988

 

 

Com. Reg. No.:

241296

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Trade of ready-wear

 

 

No. of Employees :

750

 

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 :

6.600.000 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

:

IPEKYOL GIYIM SANAYI PAZARLAMA VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Kazim Orbay Cad. No:35 Bomonti  Istanbul / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The door number was changed from “43” to “35” by the Municipality.

PHONE NUMBER

:

90-212-368 01 01

 

FAX NUMBER

:

90-212-296 24 25

 

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Bogazici Kurumlar

TAX NO

:

4790044094

REGISTRATION NUMBER

:

241296

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

20.01.1988

ESTABLISHMENT GAZETTE DATE/NO

:

01.02.1988/1946

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   46.818.398

 

HISTORY

:

Previous Legal Type

:

Limited Company

Changed On

:

31.12.1998 (Commercial Gazette Date /Number 11.01.1999/ 4709)

Previous Name

:

Ipekyol Giyim Sanayi Pazarlama ve Ticaret Ltd.Sti.

Changed On

:

31.12.1998 (Commercial Gazette Date /Number 11.01.1999/ 4709)

Previous Registered Capital

:

TL 27.094.000

Changed On

:

25.12.2008 (Commercial Gazette Date /Number 30.12.2008/ 7217)

Previous Registered Capital

:

TL 27.196.400

Changed On

:

30.12.2011 (Commercial Gazette Date /Number 05.01.2012/ 7977)

Merger

:

The firm took over and merged with "Macka Giyim Sanayi Pazarlama ve Ticaret A.S." and "Tvist Giyim Sanayi Pazarlama ve Ticaret A.S."

Changed On

:

30.12.2011 (Commercial Gazette Date /Number 05.01.2012/ 7977)

Other Changes

:

The subject transferred some real estates, with total value TL 5.288.140,59 , to “Ayaydin Giyim San. Ve Tic. A.S."

Changed On

:

23.05.2008 (Commercial Gazette Date /Number 29.05.2008/ 7072)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

 

Miroglio Istanbul Tekstil Dis Ticaret Ltd. Sti.

50 %

Yalcin Ayaydin

26 %

Berk Tunc

6 %

Ugur Ayaydin

6 %

Nejdet Ayaydin

6 %

Servet Tunc

6 %

 

 

REMARKS ON SHAREHOLDERS

:

The shares of “Miroglio Istanbul Tekstil Dis Ticaret Ltd. Sti.” are held by foreign companies.

 

GROUP

:

AYAYDIN GROUP OF COMPANIES

 

SISTER COMPANIES

:

AYAYDIN GIYIM PAZARLAMA SANAYI VE TICARET A.S.

EDIRNE GAYRIMENKUL TICARET A.S.

YOL GIYIM SANAYI PAZARLAMA VE TICARET A.S.

 

SUBSIDIARIES

:

IPEKYOL (RUSSIA)

IPEKYOL (UK)

IPEKYOL HELLAS (GREECE)

IPEKYOL ROMANIA SRL (ROMANIA)

 

BOARD OF DIRECTORS

:

Yalcin Ayaydin

Chairman

Giuseppe Miroglio

Vice-Chairman

Paolo Matteini

Member

Nejdet Ayaydin

Member

 

 

DIRECTORS

:

Ugur Ayaydin

General Manager

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Trade of ready-wear.

 

The subject which was dealing with manufacture and trade of ready-wear, stopped manufacturing activity at the end of 2007. Manufacturing activity of the subject transferred to its sister company named as “Yol Giyim Sanayi Pazarlama Ve Ticaret A.S.” The subject has 65 stores in Turkey. 

 

NACE CODE

:

G .52.42

 

SECTOR

:

Commerce

 

TRADEMARKS TRADED

:

Ipekyol

Machka

 

NUMBER OF EMPLOYEES

:

750

 

NET SALES

:

26.098.511 TL

(2003) 

34.848.033 TL

(2004) 

34.842.161 TL

(2005) 

46.769.754 TL

(2006) 

66.334.100 TL

(2007) 

60.157.899 TL

(2008) 

65.060.538 TL

(2009) 

74.647.083 TL

(2010) 

95.474.817 TL

(2011) 

 

 

REMARKS ON NET SALES

:

The net sales figures of 2010 and 2011 are declared by the company.There is no certification for these figures.

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT COUNTRIES

:

Hong-Kong

India

 

MERCHANDISE IMPORTED

:

Ready-wear

 

 

EXPORT VALUE

:

633.195 TL

(2003)

786.308 TL

(2004)

1.394.699 TL

(2005)

2.428.528 TL

(2006)

4.343.150 TL

(2007)

4.986.203 TL

(2008)

4.376.825 TL

(2009)

 

 

EXPORT COUNTRIES

:

Greece

Romania

Russia

Iraq

Northern Cyprus Turkish Republic

 

MERCHANDISE  EXPORTED

:

Ready-wear

 

HEAD OFFICE ADDRESS

:

Kazim Orbay Cad. No:35 Bomonti  Istanbul / Turkey ( owned )

 

INVESTMENTS

:

None

 

TREND OF BUSINESS

:

There was an upwards trend in  2011.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Sisli Branch

Asya Katilim Bankasi Sisli Branch

Finansbank Sisli Branch

Garanti Bankasi Nisantasi Branch

HSBC Bank Merkez Branch

Yapi ve Kredi Bankasi Osmanbey 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

:

 

(01.01-30.06.2011) TL

 

 

 

 

Stockholders' Equity

22.059.521

 

 

 

 

Total Assets

44.545.481

 

 

 

 

Current Assets

28.439.889

 

 

 

 

Non-Current Assets

16.105.592

 

 

 

 

Current Liabilities

22.485.960

 

 

 

 

Long-Term Liabilities

0

 

 

 

 

Gross Profit (loss)

5.239.355

 

 

 

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Good As of 30.06.2011

Liquidity

Good As of 30.06.2011

Profitability

High Operating Profitability (01.01-30.06.2011)

 

General Financial Position

Good

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT LIMIT

 

:

6.600.000 USD

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 6.600.000 USD may be granted to the subject company.

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2003 )

13,90 %

1,5302

1,7141

2,4982

 ( 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

 ( 01.01-30.06.2011)

6,21 %

1,5771

2,2246

2,5422

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 01.01-31.03.2012)

0,65 %

1,7995

2,3799

2,8402

 

BALANCE SHEETS

 

 

 

TL

 

 

 

 

 

01.01.-30.06.2011

 

 

 

 

 

 

 

 

 

 

CURRENT ASSETS

28.439.889

 

0,64

 

 

 Not Detailed Current Assets

0

 

0,00

 

 

 Cash and Banks

14.030.164

 

0,31

 

 

 Marketable Securities

0

 

0,00

 

 

 Account Receivable

5.119.082

 

0,11

 

 

 Other Receivable

8.406.801

 

0,19

 

 

 Inventories

-5.485

 

0,00

 

 

 Advances Given

685.803

 

0,02

 

 

 Accumulated Construction Expense

0

 

0,00

 

 

 Other Current Assets

203.524

 

0,00

 

 

 

 

 

 

 

 

NON-CURRENT ASSETS

16.105.592

 

0,36

 

 

 Not Detailed Non-Current Assets

0

 

0,00

 

 

 Long-term Receivable

2.385.986

 

0,05

 

 

 Financial Assets

1.214.976

 

0,03

 

 

 Tangible Fixed Assets (net)

1.618.969

 

0,04

 

 

 Intangible Assets

10.873.654

 

0,24

 

 

 Deferred Tax Assets

0

 

0,00

 

 

 Other Non-Current Assets

12.007

 

0,00

 

 

 

 

 

 

 

 

TOTAL ASSETS

44.545.481

 

1,00

 

 

 

 

 

 

 

 

CURRENT LIABILITIES

22.485.960

 

0,50

 

 

 Financial Loans

13.500.077

 

0,30

 

 

 Accounts Payable

7.494.666

 

0,17

 

 

 Loans from Shareholders

0

 

0,00

 

 

 Other Short-term Payable

804.444

 

0,02

 

 

 Advances from Customers

71.588

 

0,00

 

 

 Accumulated Construction Income

0

 

0,00

 

 

 Taxes Payable

701.081

 

0,02

 

 

 Provisions

0

 

0,00

 

 

 Other Current Liabilities

-85.896

 

0,00

 

 

 Not Detailed Current Liabilities

0

 

0,00

 

 

 

 

 

 

 

 

LONG-TERM LIABILITIES

0

 

0,00

 

 

 Not Detailed Long-term Current Liabilities

0

 

0,00

 

 

 Financial Loans

0

 

0,00

 

 

 Securities Issued

0

 

0,00

 

 

 Long-term Payable

0

 

0,00

 

 

 Loans from Shareholders

0

 

0,00

 

 

 Other Long-term Liabilities

0

 

0,00

 

 

 Provisions

0

 

0,00

 

 

 

 

 

 

 

 

STOCKHOLDERS' EQUITY

22.059.521

 

0,50

 

 

 Not Detailed Stockholders' Equity

0

 

0,00

 

 

 Paid-in Capital

27.196.400

 

0,61

 

 

 Cross Shareholding Adjustment of Capital

0

 

0,00

 

 

 Inflation Adjustment of Capital

0

 

0,00

 

 

 Equity of Consolidated Firms

0

 

0,00

 

 

 Reserves

940.114

 

0,02

 

 

 Revaluation Fund

9.042.021

 

0,20

 

 

 Accumulated Losses(-)

-23.196.433

 

-0,52

 

 

 Net Profit (loss)

8.077.419

 

0,18

 

 

 

 

 

 

 

 

TOTAL LIABILITIES AND EQUITY

44.545.481

 

1,00

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.50

UK Pound

1

Rs.81.99

Euro

1

Rs.67.54

 

 

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.