MIRA INFORM REPORT

 

 

Report Date :

02.06.2012

 

IDENTIFICATION DETAILS

 

Name :

CAK TEKSTIL SANAYI VE TICARET A.S.

 

 

Registered Office :

Gunesli Baglar Mah. Mimar Sinan Cad. No: 3 Bagcilar Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

14.10.1983

 

 

Com. Reg. No.:

197678

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of ready-wear. 

 

 

No. of Employees :

2.200

 

 

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

:

CAK TEKSTIL SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Gunesli Baglar Mah. Mimar Sinan Cad. No: 3 Bagcilar Istanbul / Turkey

PHONE NUMBER

:

90-212-410 04 10

 

FAX NUMBER

:

90-212-410 22 01

 

WEB-ADDRESS

:

www.caktekstil.com.tr

E-MAIL

:

info@caktekstil.com.tr

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Buyuk Mukellefler

TAX NO

:

2200012496

REGISTRATION NUMBER

:

197678

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

14.10.1983

ESTABLISHMENT GAZETTE DATE/NO

:

21.10.1983/864

 

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   85.000.000

PAID-IN CAPITAL

:

TL   85.000.000

HISTORY

:

Previous Registered Capital

:

TL 65.000.000

Changed On

:

02.03.2009 (Commercial Gazette Date /Number 05.03.2009/ 7263)

Previous Registered Capital

:

TL 71.000.000

Changed On

:

30.06.2010 (Commercial Gazette Date /Number 06.07.2010/ 7600)

Merger

:

The subject took over and merged with “Cak Giyim Sanayi ve Dis Ticaret A.S.”

Changed On

:

31.01.2009 (Commercial Gazette Date /Number 05.02.2009/ 7243)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Fatih Cakoglu

25 %

Ahmet Cakoglu

25 %

Huseyin Yilmaz Cakoglu

25 %

Yigit Cakoglu

12,50 %

Tamer Cakoglu

12,50 %

 

 

GROUP

:

CAK GROUP OF COMPANIES

 

SISTER COMPANIES

:

ARKIM KIMYA SANAYI A.S.

CAKOGLU SIGORTA ARACILIK HIZMETLERI LTD. STI.

CAKOGLU YAPI INSAAT SANAYI VE TICARET A.S.

ERCIN ENERJI URETIM LTD. STI.

ERVA ENERJI ELEKTRIK URETIM A.S.

EYLUL ELEKTRIK URETIM SANAYI VE TICARET LTD. STI.

NETT ENERJI ELEKTRIK URETIM VE DAGITIM SANAYI TICARET A.S.

TAMER MOBILYA DEKORASYON REKLAM VE GIDA SANAYI TICARET LTD. STI.

YIGIT SPOR GIYIM SANAYI VE TICARET KOLLEKTIF SIRKETI HUSEYIN YILMAZ CAKOGLU VE AHMET CAKOGLU

 

 

SUBSIDIARIES

:

ARKIM KIMYA SANAYI A.S.

CAK BV (NETHERLANDS)

CAK DEVELOPMEN BV. ZOO (POLAND)

CAK TEKSTIL (U.S.A.)

ERCIN ENERJI URETIM LTD. STI.

ERVA ENERJI ELEKTRIK URETIM A.S.

GSD DIS TICARET A.S.

INTERNASYONEL EXPRESS SRL (ROMANIA)

LITTLE BIG (ITALY)

LITTLE BIG (RUSSIA)

NETT ENERJI ELEKTRIK URETIM VE DAGITIM SANAYI TICARET A.S.

 

BOARD OF DIRECTORS

:

Huseyin Yilmaz Cakoglu

Chairman

Ahmet Cakoglu

Vice-Chairman

Fatih Cakoglu

Member

 

 

DIRECTORS

:

Suleyman Sirri Ozcebi                                                                                                                                                                                                                                                                                   

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of ready-wear. 

 

The firm has 80 stores around Turkey. 

 

NACE CODE

:

DB.18.22

 

SECTOR

:

Ready- wear

 

TRADEMARKS OWNED

:

LTB Jeans

Volume

 

NUMBER OF EMPLOYEES

:

2.200

 

NET SALES

:

102.409 TL Thousand

(2002) 

110.447 TL Thousand

(2003) 

160.288 TL Thousand

(2004) 

162.107 TL Thousand

(2005) 

199.992.198 TL

(2006) 

233.073.953 TL

(2007) 

236.034.625 TL

(2008) 

224.007.780 TL

(2009) 

250.764.832 TL

(2010) 

293.087.274 TL

(2011) 

74.225.956 TL

(01.01-31.03.2012) 

 

 

 

IMPORT VALUE

:

39.122.384 USD

(2005)

16.351.725 USD

(2006)

10.479.000 USD

(2007)

22.025.806 USD

(2008)

19.730.037 USD

(2009)

27.841.162 USD

(2010)

16.785.926 USD

(01.01-05.12.2011)

 

 

IMPORT COUNTRIES

:

China

Italy

France

Netherlands

Spain

Russia

India

 

MERCHANDISE IMPORTED

:

Accessories        

Fabric        

Ready-wear

 

EXPORT VALUE

:

96.894.000 TL

(2004)

95.378.000 TL

(2005)

119.972.000 TL

(2006)

131.280.795 TL

(2007)

151.274.407 TL

(2008)

109.360.739 TL

(2009)

105.867.892 TL

(2010)

67.825.323 TL

(2011)

21.591.245 TL

(01.01-31.03.2012)

 

 

EXPORT COUNTRIES

:

U.S.A.

Romania

Germany

Italy

Lebanon

Netherlands

Egypt

Albania

Poland

Spain

Slovenia

Bulgaria

Saudi Arabia

Denmark

Cameroon

Macedonia Republic

Moldova

Ukraine

 

 

MERCHANDISE  EXPORTED

:

Ready-wear

 

HEAD OFFICE ADDRESS

:

Gunesli Baglar Mah. Mimar Sinan Cad. No: 3 Bagcilar  Istanbul / Turkey ( rented )

 

BRANCHES

:

Factory  :  Kucucek Beldesi Kisla Alani  Akyazi Sakarya/Turkey (owned) (150.000 sqm)

 

Factory  :  Kucucek beldesi Istiklal Mah. Fabrikalar Cad. No: 47/A Akyazi Sakarya/Turkey

 

Head Office/Factory  :  Gunesli-Baglar Mah. Mimar Sinan Cad. No: 3 Bagcilar Istanbul/Turkey (rented) (10.000 sqm)

                                                                                

INVESTMENTS

:

None

 

TREND OF BUSINESS

:

There was an upwards trend in  2011.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Bakirkoy Branch

Finansbank Gunesli Branch

Garanti Bankasi Gunesli Branch

Yapi ve Kredi Bankasi Esentepe 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

:

 

(2008) TL

(2009) TL

(2010) TL

(2011) TL

(01.01-31.03.2012) TL

Net Sales

236.034.625

224.007.780

250.764.832

293.087.274

74.225.956

Profit (Loss) Before Tax

16.197.418

7.748.332

7.753.901

10.904.786

-1.208.842

Stockholders' Equity

88.420.445

143.179.935

149.308.944

158.878.982

 

Total Assets

163.034.849

230.028.098

267.246.586

285.302.952

 

Current Assets

111.881.480

179.128.466

214.600.850

224.299.040

 

Non-Current Assets

51.153.369

50.899.632

52.645.736

61.003.912

 

Current Liabilities

74.420.383

85.522.856

110.228.353

119.992.569

 

Long-Term Liabilities

194.021

1.325.307

7.709.289

6.431.401

 

Gross Profit (loss)

36.635.971

52.140.404

56.521.646

66.363.200

12.922.349

Operating Profit (loss)

17.494.165

6.766.536

6.320.047

9.189.664

-2.750.025

Net Profit (loss)

12.815.567

6.121.535

6.129.009

8.490.241

-1.208.842

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Good As of 31.12.2011

Liquidity

High As of 31.12.2011

Remarks On Liquidity

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

Profitability

Good Operating Profitability  in 2008

Good Net Profitability  in 2008

Fair Operating Profitability  in 2009

In Order Net Profitability  in 2009

Fair Operating Profitability  in 2010

Fair Net Profitability  in 2010

Fair Operating Profitability  in 2011

In Order Net Profitability  in 2011

Operating Loss (01.01-31.03.2012)

Net Loss (01.01-31.03.2012)

 

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

 ( 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

 ( 01.01-30.06.2010)

4,93 %

1,5268

2,0325

2,3444

 ( 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

 ( 01.01-30.04.2012)

0,73 %

1,7910

2,3688

2,8440

 

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

111.881.480

0,69

179.128.466

0,78

214.600.850

0,80

224.299.040

0,79

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

1.325.252

0,01

33.663.311

0,15

47.873.020

0,18

59.093.027

0,21

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

67.742.272

0,42

75.127.378

0,33

70.336.421

0,26

48.708.765

0,17

Other Receivable

2.923.203

0,02

9.804.748

0,04

20.932.742

0,08

51.800.254

0,18

Inventories

32.650.200

0,20

53.229.362

0,23

67.704.594

0,25

58.483.726

0,20

Advances Given

0

0,00

0

0,00

0

0,00

1.729.593

0,01

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

7.240.553

0,04

7.303.667

0,03

7.754.073

0,03

4.483.675

0,02

NON-CURRENT ASSETS

51.153.369

0,31

50.899.632

0,22

52.645.736

0,20

61.003.912

0,21

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

36.520.445

0,22

25.730.320

0,11

26.206.089

0,10

26.218.589

0,09

Tangible Fixed Assets (net)

14.210.922

0,09

22.910.059

0,10

23.355.097

0,09

30.267.217

0,11

Intangible Assets

164.363

0,00

1.263.112

0,01

2.070.249

0,01

2.236.603

0,01

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

257.639

0,00

996.141

0,00

1.014.301

0,00

2.281.503

0,01

TOTAL ASSETS

163.034.849

1,00

230.028.098

1,00

267.246.586

1,00

285.302.952

1,00

CURRENT LIABILITIES

74.420.383

0,46

85.522.856

0,37

110.228.353

0,41

119.992.569

0,42

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

22.668.000

0,14

31.259.250

0,14

60.613.600

0,23

58.602.000

0,21

Accounts Payable

18.887.538

0,12

19.649.762

0,09

19.896.791

0,07

28.113.253

0,10

Loans from Shareholders

0

0,00

5.840.000

0,03

1.256.011

0,00

782.802

0,00

Other Short-term Payable

30.265.427

0,19

24.977.314

0,11

25.434.254

0,10

27.024.478

0,09

Advances from Customers

33.266

0,00

1.154.942

0,01

539.702

0,00

2.175.733

0,01

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

2.453.319

0,02

2.354.427

0,01

2.092.801

0,01

3.276.189

0,01

Provisions

112.833

0,00

227.938

0,00

23.501

0,00

18.114

0,00

Other Current Liabilities

0

0,00

59.223

0,00

371.693

0,00

0

0,00

LONG-TERM LIABILITIES

194.021

0,00

1.325.307

0,01

7.709.289

0,03

6.431.401

0,02

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

6.184.000

0,02

5.694.000

0,02

Securities Issued

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

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

Other Long-term Liabilities

194.021

0,00

1.325.307

0,01

1.525.289

0,01

737.401

0,00

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

88.420.445

0,54

143.179.935

0,62

149.308.944

0,56

158.878.982

0,56

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

65.000.000

0,40

71.000.000

0,31

85.000.000

0,32

85.000.000

0,30

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

6.408.213

0,03

5.648.193

0,02

6.408.213

0,02

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

10.604.878

0,07

59.650.187

0,26

52.531.742

0,20

58.651.828

0,21

Revaluation Fund

0

0,00

0

0,00

0

0,00

328.700

0,00

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

12.815.567

0,08

6.121.535

0,03

6.129.009

0,02

8.490.241

0,03

TOTAL LIABILITIES AND EQUITY

163.034.849

1,00

230.028.098

1,00

267.246.586

1,00

285.302.952

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.                                                                                                                                                                                      

At the last income statement TL 3.460.489 of the other income is due to "Profit from Foreign Currency Exchange".

 

At the last income statement TL 2.601.972 of the other expenses is due to "Loss from Foreign Currency Exchange" .

 

INCOME STATEMENTS

 

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

(01.01-31.03.2012) TL

 

Net Sales

236.034.625

1,00

224.007.780

1,00

250.764.832

1,00

293.087.274

1,00

74.225.956

1,00

Cost of Goods Sold

199.398.654

0,84

171.867.376

0,77

194.243.186

0,77

226.724.074

0,77

61.303.607

0,83

Gross Profit

36.635.971

0,16

52.140.404

0,23

56.521.646

0,23

66.363.200

0,23

12.922.349

0,17

Operating Expenses

19.141.806

0,08

45.373.868

0,20

50.201.599

0,20

57.173.536

0,20

15.672.374

0,21

Operating Profit

17.494.165

0,07

6.766.536

0,03

6.320.047

0,03

9.189.664

0,03

-2.750.025

-0,04

Other Income

10.385.893

0,04

11.880.492

0,05

12.076.534

0,05

20.450.962

0,07

5.599.999

0,08

Other Expenses

3.141.756

0,01

3.709.207

0,02

10.560.342

0,04

12.096.696

0,04

2.955.729

0,04

Financial Expenses

8.540.884

0,04

7.189.489

0,03

82.338

0,00

6.639.144

0,02

1.103.087

0,01

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

16.197.418

0,07

7.748.332

0,03

7.753.901

0,03

10.904.786

0,04

-1.208.842

-0,02

Tax Payable

3.381.851

0,01

1.626.797

0,01

1.624.892

0,01

2.414.545

0,01

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

12.815.567

0,05

6.121.535

0,03

6.129.009

0,02

8.490.241

0,03

-1.208.842

-0,02

 

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

(2011)

 

LIQUIDITY RATIOS

 

 

Current Ratio

1,50

2,09

1,95

1,87

 

Acid-Test Ratio

0,97

1,39

1,26

1,33

 

Cash Ratio

0,02

0,39

0,43

0,49

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,20

0,23

0,25

0,20

 

Short-term Receivable/Total Assets

0,43

0,37

0,34

0,35

 

Tangible Assets/Total Assets

0,09

0,10

0,09

0,11

 

TURNOVER RATIOS

 

 

Inventory Turnover

6,11

3,23

2,87

3,88

 

Stockholders' Equity Turnover

2,67

1,56

1,68

1,84

 

Asset Turnover

1,45

0,97

0,94

1,03

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,54

0,62

0,56

0,56

 

Current Liabilities/Total Assets

0,46

0,37

0,41

0,42

 

Financial Leverage

0,46

0,38

0,44

0,44

 

Gearing Percentage

0,84

0,61

0,79

0,80

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,14

0,04

0,04

0,05

 

Operating Profit Margin

0,07

0,03

0,03

0,03

 

Net Profit Margin

0,05

0,03

0,02

0,03

 

Interest Cover

2,90

2,08

95,17

2,64

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

103,32

120,74

100,98

59,83

 

Average Payable Period (days)

34,10

41,16

36,88

44,64

 

WORKING CAPITAL

37461097,00

93605610,00

104372497,00

104306471,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.91

UK Pound

1

Rs.86.03

Euro

1

Rs.69.12

 

 

INFORMATION DETAILS

 

Report Prepared by :

PDT

 

 

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

 

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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.