MIRA INFORM REPORT

 

 

Report Date :           

21.04.2012

 

IDENTIFICATION DETAILS

 

Correct Name :

TAMTEKS TEKSTIL KONFEKSIYON IMALATI VE TICARET A.S.

 

 

Registered Office :

Cerkezkoy Yolu Haci Seramet Mevkii Corlu Tekirdag

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

08.07.1998

 

 

Com. Reg. No.:

7720

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Dyeing, printing, knitting, manufacture and trade of ready-wear

 

 

No. of Employees :

390

 

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 :

7.000.000 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

:

TAMTEKS TEKSTIL KONFEKSIYON IMALATI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Cerkezkoy Yolu Haci Seramet Mevkii Corlu Tekirdag / Turkey

PHONE NUMBER

:

90-212-875 78 30 (Branch)

90-282-676 44 45 (3 Lines) (Head Office)

 

FAX NUMBER

:

90-212-875 78 45 (Branch)

90-282-676 44 48 (Head Office)

 

WEB-ADDRESS

:

www.tamteks.com  

E-MAIL

:

info@tamteks.com.tr

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Corlu 

TAX NO

:

8180067141

REGISTRATION NUMBER

:

7720

REGISTERED OFFICE

:

Corlu Chamber of Commerce and Industry

DATE ESTABLISHED

:

08.07.1998

ESTABLISHMENT GAZETTE DATE/NO

:

13.07.1998/4581

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   12.500.000

PAID-IN CAPITAL

:

TL   12.500.000

HISTORY

:

Previous Registered Capital

:

TL 160.000

Changed On

:

30.06.2010 (Commercial Gazette Date /Number 07.07.2010/ 7601)

Other Changes

:

The company was firstly established in Istanbul and registered at Istanbul Commercial Registry with registration number 398955.Then the firm moved to Corlu and registered at Corlu Commercial Registry with registration number 7720.

Changed On

:

06.07.2004 (Commercial Gazette Date /Number 15.07.2004/ 6093)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Hasan Can

97 %

Reyhan Akcay

 

Mustafa Ugur Akman

 

Musa Kerim Akman

 

Others

 

 

 

REMARKS ON SHAREHOLDERS

:

The subject has 21 shareholders in total.

SUBSIDIARIES

:

GISAD DIS TICARET A.S.  ( 1 % )

 

BOARD OF DIRECTORS

:

Hasan Can

Chairman

Mustafa Ugur Akman

Vice-Chairman

Musa Kerim Akman

Member

 

 

DIRECTORS

:

Hasan Can                                                                                                                                                                                                                                                                                   

General Manager

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Dyeing, printing, knitting, manufacture and trade of ready-wear. 

 

NACE CODE

:

DB.18.22

 

SECTOR

:

Ready-wear

 

 

NUMBER OF EMPLOYEES

:

390

 

NET SALES

:

47.405 TL Thousand

(2002) 

51.860 TL Thousand

(2003) 

28.446 TL Thousand

(2004) 

42.282 TL Thousand

(2005) 

58.583 TL Thousand

(2006) 

63.921 TL Thousand

(2007) 

57.431 TL Thousand

(2008) 

57.614 TL Thousand

(2009) 

68.949.217 TL

(2010) 

82.236.931 TL

(2011) 

 

 

IMPORT VALUE

:

2.500.000 USD

(2010)

2.980.000 USD

(2011)

 

 

IMPORT COUNTRIES

:

Germany

Italy

Far East Countries

 

MERCHANDISE IMPORTED

:

Accessories

Chemicals

Paint

Secondary products of textile

 

EXPORT VALUE

:

25.278 TL Thousand

(2002)

25.470 TL Thousand

(2003)

13.270 TL Thousand

(2004)

25.614 TL Thousand

(2005)

40.429 TL Thousand

(2006)

48.332 TL Thousand

(2007)

45.346 TL Thousand

(2008)

47.671 TL Thousand

(2009)

59.955 TL Thousand

(2010)

72.259 TL Thousand

(2011)

 

 

EXPORT COUNTRIES

:

Bulgaria

Germany

Mexico

Netherlands

Canada

U.A.E.

China

Hong-Kong

 

MERCHANDISE  EXPORTED

:

Ready-wear

 

 

HEAD OFFICE ADDRESS

:

Cerkezkoy Yolu Haci Seramet Mevkii Corlu  Tekirdag / Turkey ( rented )

 

BRANCHES

:

Head Office/Factory  :  Cerkezkoy Yolu Haci Seramet Mevkii Corlu Tekirdag/Turkey (rented) (17.537 sqm)

 

Branch Office  :  Birlik Sanayi Sitesi 2. Cad. Migros Yani Kelesoglu Plaza Z Kat Beylikduzu Istanbul/Turkey (rented)

                                                                                

INVESTMENTS

:

None

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2011.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Anadolubank Beylikduzu Branch

Garanti Bankasi Beylikduzu Branch

Turk Ekonomi Bankasi Beylikduzu Branch

Yapi ve Kredi Bankasi Ikitelli 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 Thousand

(2008) TL Thousand

(2009) TL Thousand

(2010) TL

(2011) TL

Net Sales

63.921

57.431

57.614

68.949.217

82.236.931

Profit (Loss) Before Tax

1.905

1.758

1.518

1.938.967

3.000.455

Stockholders' Equity

10.392

11.961

13.162

24.362.887

26.715.307

Total Assets

24.842

27.661

31.185

46.402.616

49.604.841

Current Assets

12.243

16.809

19.235

25.611.792

25.520.171

Non-Current Assets

12.599

10.852

11.950

20.790.824

24.084.670

Current Liabilities

11.130

14.357

13.119

21.604.456

20.857.394

Long-Term Liabilities

3.320

1.343

4.904

435.273

2.032.140

Gross Profit (loss)

7.091

7.581

5.807

6.424.574

8.269.430

Operating Profit (loss)

3.329

3.496

1.458

1.993.362

3.260.991

Net Profit (loss)

1.513

1.409

1.201

1.538.923

2.352.420

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Good As of 31.12.2011

Liquidity

Satisfactory As of 31.12.2011

Profitability

In Order Operating Profitability  in 2007

Fair Net Profitability  in 2007

Good Operating Profitability  in 2008

Fair Net Profitability  in 2008

Fair Operating Profitability  in 2009

Fair Net Profitability  in 2009

Fair Operating Profitability  in 2010

Fair Net Profitability  in 2010

In Order Operating Profitability  in 2011

In Order Net Profitability  in 2011

 

Gap between average collection and payable periods

Favorable in 2011

General Financial Position

In Order

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 7.000.000 USD may be granted to the subject company.

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2002 )

30,80 %

1,5168

1,3741

2,2001

 ( 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

 ( 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 Thousand

 

 ( 31.12.2008 )  TL Thousand

 

 ( 31.12.2009 )  TL Thousand

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

12.243

0,49

16.809

0,61

19.235

0,62

25.611.792

0,55

25.520.171

0,51

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

1.754

0,07

2.392

0,09

1.281

0,04

3.612.374

0,08

2.539.598

0,05

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

7.180

0,29

11.820

0,43

11.177

0,36

17.176.514

0,37

15.977.482

0,32

Other Receivable

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Inventories

3.121

0,13

2.534

0,09

5.908

0,19

4.807.813

0,10

6.304.555

0,13

Advances Given

0

0,00

0

0,00

233

0,01

0

0,00

0

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

188

0,01

63

0,00

636

0,02

15.091

0,00

698.536

0,01

NON-CURRENT ASSETS

12.599

0,51

10.852

0,39

11.950

0,38

20.790.824

0,45

24.084.670

0,49

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

17

0,00

17

0,00

39

0,00

16.433

0,00

16.433

0,00

Financial Assets

8.146

0,33

6.743

0,24

6.743

0,22

6.798.965

0,15

6.798.965

0,14

Tangible Fixed Assets (net)

3.243

0,13

2.861

0,10

3.912

0,13

12.822.199

0,28

15.842.596

0,32

Intangible Assets

1.144

0,05

1.145

0,04

1.216

0,04

1.122.462

0,02

1.122.462

0,02

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

30.765

0,00

304.214

0,01

Other Non-Current Assets

49

0,00

86

0,00

40

0,00

0

0,00

0

0,00

TOTAL ASSETS

24.842

1,00

27.661

1,00

31.185

1,00

46.402.616

1,00

49.604.841

1,00

CURRENT LIABILITIES

11.130

0,45

14.357

0,52

13.119

0,42

21.604.456

0,47

20.857.394

0,42

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

0

0,00

7.075.264

0,15

6.583.179

0,13

Accounts Payable

10.652

0,43

13.551

0,49

12.624

0,40

13.875.228

0,30

13.409.120

0,27

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Short-term Payable

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Advances from Customers

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

163

0,01

164

0,01

147

0,00

179.456

0,00

423.056

0,01

Provisions

0

0,00

17

0,00

-14

0,00

40.482

0,00

29.863

0,00

Other Current Liabilities

315

0,01

625

0,02

362

0,01

434.026

0,01

412.176

0,01

LONG-TERM LIABILITIES

3.320

0,13

1.343

0,05

4.904

0,16

435.273

0,01

2.032.140

0,04

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

3.320

0,13

1.343

0,05

4.904

0,16

435.273

0,01

37.446

0,00

Securities Issued

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

0

0,00

0

0,00

1.994.694

0,04

Loans from Shareholders

0

0,00

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

0

0,00

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

10.392

0,42

11.961

0,43

13.162

0,42

24.362.887

0,53

26.715.307

0,54

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

160

0,01

160

0,01

160

0,01

12.500.000

0,27

12.500.000

0,25

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

669

0,03

669

0,02

669

0,02

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

8.882

0,36

10.555

0,38

11.964

0,38

662.256

0,01

2.201.179

0,04

Revaluation Fund

271

0,01

271

0,01

271

0,01

9.661.708

0,21

9.661.708

0,19

Accumulated Losses(-)

-1.103

-0,04

-1.103

-0,04

-1.103

-0,04

0

0,00

0

0,00

Net Profit (loss)

1.513

0,06

1.409

0,05

1.201

0,04

1.538.923

0,03

2.352.420

0,05

TOTAL LIABILITIES AND EQUITY

24.842

1,00

27.661

1,00

31.185

1,00

46.402.616

1,00

49.604.841

1,00

 

REMARKS ON FINANCIAL STATEMENT

:

At the financial statements according to TAS,  "Cheques Received" and "Outstanding Cheques"  figures are under “Cash And Banks" figure.  Beginning from the financial statements of 31.12.2011, "Cheques Received" and "Outstanding Cheques"  figures  will be given under  "Account Receivable" figure and  "Account Payable" figure respectively.

 

 

INCOME STATEMENTS

 

 

(2007) TL Thousand

 

(2008) TL Thousand

 

(2009) TL Thousand

 

(2010) TL

 

(2011) TL

 

Net Sales

63.921

1,00

57.431

1,00

57.614

1,00

68.949.217

1,00

82.236.931

1,00

Cost of Goods Sold

56.830

0,89

49.850

0,87

51.807

0,90

62.524.643

0,91

73.967.501

0,90

Gross Profit

7.091

0,11

7.581

0,13

5.807

0,10

6.424.574

0,09

8.269.430

0,10

Operating Expenses

3.762

0,06

4.085

0,07

4.349

0,08

4.431.212

0,06

5.008.439

0,06

Operating Profit

3.329

0,05

3.496

0,06

1.458

0,03

1.993.362

0,03

3.260.991

0,04

Other Income

653

0,01

3.617

0,06

2.404

0,04

2.763.974

0,04

4.772.470

0,06

Other Expenses

25

0,00

1.873

0,03

636

0,01

2.252.573

0,03

4.668.846

0,06

Financial Expenses

2.052

0,03

3.482

0,06

1.708

0,03

565.796

0,01

364.160

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

1.905

0,03

1.758

0,03

1.518

0,03

1.938.967

0,03

3.000.455

0,04

Tax Payable

392

0,01

349

0,01

317

0,01

400.044

0,01

648.035

0,01

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

1.513

0,02

1.409

0,02

1.201

0,02

1.538.923

0,02

2.352.420

0,03

 

FINANCIAL RATIOS

 

 

(2007)

(2008)

(2009)

(2010)

(2011)

LIQUIDITY RATIOS

 

 

 

 

 

Current Ratio

1,10

1,17

1,47

1,19

1,22

Acid-Test Ratio

0,80

0,99

0,95

0,96

0,89

Cash Ratio

0,16

0,17

0,10

0,17

0,12

ASSET STRUCTURE RATIOS

 

 

 

 

 

Inventory/Total Assets

0,13

0,09

0,19

0,10

0,13

Short-term Receivable/Total Assets

0,29

0,43

0,36

0,37

0,32

Tangible Assets/Total Assets

0,13

0,10

0,13

0,28

0,32

TURNOVER RATIOS

 

 

 

 

 

Inventory Turnover

18,21

19,67

8,77

13,00

11,73

Stockholders' Equity Turnover

6,15

4,80

4,38

2,83

3,08

Asset Turnover

2,57

2,08

1,85

1,49

1,66

FINANCIAL STRUCTURE

 

 

 

 

 

Stockholders' Equity/Total Assets

0,42

0,43

0,42

0,53

0,54

Current Liabilities/Total Assets

0,45

0,52

0,42

0,47

0,42

Financial Leverage

0,58

0,57

0,58

0,47

0,46

Gearing Percentage

1,39

1,31

1,37

0,90

0,86

PROFITABILITY RATIOS

 

 

 

 

 

Net Profit/Stockholders' Eq.

0,15

0,12

0,09

0,06

0,09

Operating Profit Margin

0,05

0,06

0,03

0,03

0,04

Net Profit Margin

0,02

0,02

0,02

0,02

0,03

Interest Cover

1,93

1,50

1,89

4,43

9,24

COLLECTION-PAYMENT

 

 

 

 

 

Average Collection Period (days)

40,53

74,20

70,08

89,77

70,01

Average Payable Period (days)

67,48

97,86

87,72

79,89

74,97

WORKING CAPITAL

1113,00

2452,00

6116,00

4007336,00

4662777,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.99

UK Pound

1

Rs.83.54

Euro

1

Rs.63.40

 

 

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%)

 

 

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.