MIRA INFORM REPORT

 

 

Report Date :

08.06.2012

 

IDENTIFICATION DETAILS

 

Name :

TGS DIS TICARET A.S.

 

 

Formerly Known As :

Trakya Tekstil ve Giyim Sanayicileri ve Dis Ticaret A.S.

 

 

Registered Office :

Baglar Mah. Osmanpasa Cad. No:95 Isistanbul 34 Plaza A Blk K:9 Bagcilar Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

21.05.1999

 

 

Com. Reg. No.:

420610

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

subject acts as an intermediary for the export of the companies mainly operate at textile and ready wear sector

 

 

No. of Employees :

16

 

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

:

TGS DIS TICARET A.S.

HEAD OFFICE ADDRESS

:

Baglar Mah. Osmanpasa Cad. No:95 Isistanbul 34 Plaza A Blk K:9 Bagcilar Istanbul / Turkey

PHONE NUMBER

:

90-212-644 58 58

 

FAX NUMBER

:

90-212-504 63 55

 

WEB-ADDRESS

:

www.tgsas.com

E-MAIL

:

info@tgsas.com

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Dis Ticaret

TAX NO

:

8590147356

REGISTRATION NUMBER

:

420610

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

21.05.1999

ESTABLISHMENT GAZETTE DATE/NO

:

26.05.1999/4798

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

AUTHORIZED CAPITAL

:

TL   50.000.000

PAID-IN CAPITAL

:

TL   7.500.000

HISTORY

:

Previous Name

:

Trakya Tekstil ve Giyim Sanayicileri ve Dis Ticaret A.S.

Changed On

:

11.07.2011 (Commercial Gazette Date /Number 15.07.2011/ 7859)

Previous Address

:

Keresteciler Sitesi Fatih Cad. Alaybey Sok. No:9 Kat:3 Merter

Changed On

:

04.08.2008 (Commercial Gazette Date /Number 07.08.2008/ 7122)

Previous Address

:

Keresteciler Sitesi Fatih Cad. Alaybey Sok. No:9 Kat:1 Merter Istanbul

Changed On

:

18.11.2011 (Commercial Gazette Date /Number 24.11.2011/ 7947)

Other Changes

:

The paid in capital was increased from "TL 5.000.0000" to "TL 7.500.000" .

Changed On

:

24.04.2012 (Commercial Gazette Date /Number 30.04.2012/ 8058)

 

OWNERSHIP / MANAGEMENT

 

NOTES ON OWNERSHIP / MANAGEMENT

:

Quoted at Stock Exchange.

SHAREHOLDERS

:

Open to public

33,33 %

Tanriverdi Yatirim Holding A.S.

20,10 %

Burak Tanriverdi

15,30 %

Inci Tekstil Urunleri Sanayi ve Ticaret A.S.

13,70 %

Cagla Polat

6,48 %

Others

11,09 %

 

 

REMARKS ON SHAREHOLDERS

 

:

The subject was quoted at Stock Exchange in June 2012.

GROUP PARENT COMPANY

:

TANRIVERDI YATIRIM HOLDING A.S.

 

SISTER COMPANIES

:

ETILER INCI BUFE GIDA SANAYI VE DIS TICARET A.S.

GARAJANS STUDYO REKLAM ORGANIZASYON YAYINCILIK DANISMANLIK VE PAZARLAMA LTD. STI.

INCI TEKSTIL URUNLERI SANAYI VE TICARET A.S.

INCIKON GIYIM SANAYI VE TICARET A.S.

STRATEJI MADENCILIK VE MAKINE SANAYI TICARET A.S.

TANRIVERDI FERMUAR VE METAL AKSESUAR SANAYI VE TICARET A.S.

TANRIVERDI HAZIR GIYIM TEKSTIL KONFEKSIYON SANAYI VE TICARET LTD. STI.

TANRIVERDI YATIRIM HOLDING A.S.

TGS KUMAS URUNLERI PAZARLAMA A.S.

 

SUBSIDIARIES

:

TGS  KUMAS URUNLERI PAZARLAMA A.S.  ( 99 % )

 

BOARD OF DIRECTORS

:

Veysi Selcuk Yalcin

 

Ali Naki Sazak

 

Namik Bahri Ugras

 

Hidayet Cicek

 

Ali Tanriverdi

 

Burak Tanriverdi

 

Enes Percin

 

 

 

DIRECTORS

:

Cagla Polat

Finance Director

Cemil Evciman

Export Manager

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

The subject acts as an intermediary for the export of the companies mainly operate at textile and ready wear sector.

 

NACE CODE

:

G .51.16

 

NUMBER OF EMPLOYEES

:

16

 

NET SALES

:

3.662.607 TL

(2010) 

5.840.131 TL

(2011) 

2.294.100 TL

(01.01-31.03.2012) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

HEAD OFFICE ADDRESS

:

Baglar Mah. Osmanpasa Cad. No:95 Isistanbul 34 Plaza A Blk K:9 Bagcilar Istanbul / Turkey

 

INVESTMENTS

:

None

 

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2011.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

MAIN DEALING BANKS

:

Denizbank Gunesli 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

:

 

(2011) TL

(01.01-31.03.2012) TL

 

 

 

Net Sales

5.840.131

2.294.100

 

 

 

Profit (Loss) Before Tax

2.569.187

665.625

 

 

 

Stockholders' Equity

3.840.189

4.357.575

 

 

 

Total Assets

372.345.014

584.994.515

 

 

 

Current Assets

372.090.064

584.738.419

 

 

 

Non-Current Assets

254.950

256.096

 

 

 

Current Liabilities

368.476.998

580.606.080

 

 

 

Long-Term Liabilities

27.827

30.860

 

 

 

Gross Profit (loss)

4.552.536

1.469.933

 

 

 

Operating Profit (loss)

2.680.332

1.080.327

 

 

 

Net Profit (loss)

1.981.496

517.070

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Not in order

Remarks on Capitalization

There has been capital increase after the last balance sheet date. The capital increase is expected to have a slight positive effect on equity total since the last balance sheet date.

 

Liquidity

Satisfactory As of 31.03.2012

Remarks On Liquidity

The favorable gap between average collection and average payable period has a positive 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

High Operating Profitability  in 2011

High Net Profitability  in 2011

High Operating Profitability (01.01-31.03.2012)

High Net Profitability (01.01-31.03.2012)

 

Gap between average collection and payable periods

Favorable in 01.01-31.03.2012

General Financial Position

Unsatisfactory

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 

NOTES ON FINANCIAL STATEMENTS

:

Financial statements are consolidated..

 

BALANCE SHEETS

 

 

 ( 31.12.2011 )  TL

 

 ( 31.03.2012 )  TL

 

CURRENT ASSETS

372.090.064

1,00

584.738.419

1,00

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

3.097.726

0,01

7.288.172

0,01

Marketable Securities

0

0,00

0

0,00

Account Receivable

301.145.345

0,81

500.980.508

0,86

Other Receivable

0

0,00

0

0,00

Inventories

21.736.487

0,06

22.282.523

0,04

Advances Given

9.535.901

0,03

7.374.034

0,01

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

36.574.605

0,10

46.813.182

0,08

NON-CURRENT ASSETS

254.950

0,00

256.096

0,00

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

Financial Assets

0

0,00

0

0,00

Tangible Fixed Assets (net)

128.050

0,00

134.666

0,00

Intangible Assets

0

0,00

0

0,00

Deferred Tax Assets

126.900

0,00

121.430

0,00

Other Non-Current Assets

0

0,00

0

0,00

TOTAL ASSETS

372.345.014

1,00

584.994.515

1,00

CURRENT LIABILITIES

368.476.998

0,99

580.606.080

0,99

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

24.132.243

0,06

27.771.850

0,05

Accounts Payable

341.575.187

0,92

550.131.195

0,94

Loans from Shareholders

0

0,00

0

0,00

Other Short-term Payable

0

0,00

0

0,00

Advances from Customers

2.345.749

0,01

2.216.554

0,00

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

221.457

0,00

40.233

0,00

Provisions

0

0,00

0

0,00

Other Current Liabilities

202.362

0,00

446.248

0,00

LONG-TERM LIABILITIES

27.827

0,00

30.860

0,00

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

Securities Issued

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

Loans from Shareholders

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

Provisions

27.827

0,00

30.860

0,00

STOCKHOLDERS' EQUITY

3.840.189

0,01

4.357.575

0,01

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

5.000.000

0,01

5.000.000

0,01

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

Equity of Consolidated Firms

5.153

0,00

5.469

0,00

Reserves

0

0,00

0

0,00

Revaluation Fund

-51.674

0,00

-51.674

0,00

Accumulated Losses(-)

-3.094.786

-0,01

-1.113.290

0,00

Net Profit (loss)

1.981.496

0,01

517.070

0,00

TOTAL LIABILITIES AND EQUITY

372.345.014

1,00

584.994.515

1,00

 

REMARKS ON FINANCIAL STATEMENT

:

Financial statements are consolidated with "TGS KUMAS URUNLERI PAZARLAMA A.S."(%99).

 

 

INCOME STATEMENTS

 

 

(2011) TL

 

(01.01-31.03.2012) TL

 

Net Sales

5.840.131

1,00

2.294.100

1,00

Cost of Goods Sold

1.287.595

0,22

824.167

0,36

Gross Profit

4.552.536

0,78

1.469.933

0,64

Operating Expenses

1.872.204

0,32

389.606

0,17

Operating Profit

2.680.332

0,46

1.080.327

0,47

Other Income

1.404.840

0,24

189.615

0,08

Other Expenses

0

0,00

0

0,00

Financial Expenses

1.515.830

0,26

603.848

0,26

Minority Interests

-155

0,00

-469

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

Profit (loss) Before Tax

2.569.187

0,44

665.625

0,29

Tax Payable

587.691

0,10

148.555

0,06

Postponed Tax Gain

0

0,00

0

0,00

Net Profit (loss)

1.981.496

0,34

517.070

0,23

 

FINANCIAL RATIOS

 

 

(2011)

(01.01-31.03.2012)

LIQUIDITY RATIOS

Current Ratio

1,01

1,01

Acid-Test Ratio

0,83

0,88

Cash Ratio

0,01

0,01

ASSET STRUCTURE RATIOS

Inventory/Total Assets

0,06

0,04

Short-term Receivable/Total Assets

0,81

0,86

Tangible Assets/Total Assets

0,00

0,00

TURNOVER RATIOS

Inventory Turnover

0,06

0,04

Stockholders' Equity Turnover

1,52

0,53

Asset Turnover

0,02

0,00

FINANCIAL STRUCTURE

Stockholders' Equity/Total Assets

0,01

0,01

Current Liabilities/Total Assets

0,99

0,99

Financial Leverage

0,99

0,99

Gearing Percentage

95,96

133,25

PROFITABILITY RATIOS

Net Profit/Stockholders' Eq.

0,52

0,12

Operating Profit Margin

0,46

0,47

Net Profit Margin

0,34

0,23

Interest Cover

2,69

2,10

COLLECTION-PAYMENT

Average Collection Period (days)

18563,34

78616,01

Average Payable Period (days)

95501,36

240299,88

WORKING CAPITAL

3613066,00

4132339,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.15

UK Pound

1

Rs.85.22

Euro

1

Rs.69.24

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.