MIRA INFORM REPORT

 

 

Report Date :

15.03.2013

 

IDENTIFICATION DETAILS

 

Name :

GUCLU KIRTASIYE SANAYI VE TICARET LTD. STI.

 

 

Formerly Known As :

GUCLU KIRTASIYE KOLLEKTIF SIRKETI FERDI ONAL,KADIR SUMER

 

 

Registered Office :

Yilanli Ayazma Yolu No: 4/A-1 ve 2 Davutpasa Zeytinburnu  Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

24.01.1977

 

 

Com. Reg. No.:

144123

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Wholesale trade of stationery products.

 

 

No. of Employees :

55

 

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 :

Slow but correct

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

Turkey

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

TURKEY - ECONOMIC OVERVIEW

 

Turkey's largely free-market economy is increasingly driven by its industry and service sectors, although its traditional agriculture sector still accounts for about 25% of employment. An aggressive privatization program has reduced state involvement in basic industry, banking, transport, and communication, and an emerging cadre of middle-class entrepreneurs is adding dynamism to the economy and expanding production beyond the traditional textiles and clothing sectors. The automotive, construction, and electronics industries, are rising in importance and have surpassed textiles within Turkey's export mix. Oil began to flow through the Baku-Tbilisi-Ceyhan pipeline in May 2006, marking a major milestone that will bring up to 1 million barrels per day from the Caspian to market. Several gas pipelines projects also are moving forward to help transport Central Asian gas to Europe through Turkey, which over the long term will help address Turkey's dependence on imported oil and gas to meet 97% of its energy needs. After Turkey experienced a severe financial crisis in 2001, Ankara adopted financial and fiscal reforms as part of an IMF program. The reforms strengthened the country's economic fundamentals and ushered in an era of strong growth - averaging more than 6% annually until 2008. Global economic conditions and tighter fiscal policy caused GDP to contract in 2009, but Turkey's well-regulated financial markets and banking system helped the country weather the global financial crisis and GDP rebounded strongly to 8.2% in 2010, as exports returned to normal levels following the recession. Turkey's public sector debt to GDP ratio has fallen to roughly 40%. Continued strong growth has pushed inflation to the 8% level, however, and worsened an already high current account deficit. Turkey remains dependent on often volatile, short-term investment to finance its large trade deficit. The stock value of FDI stood at $99 billion at year-end 2011. Inflows have slowed considerably in light of continuing economic turmoil in Europe, the source of much of Turkey's FDI. Further economic and judicial reforms and prospective EU membership are expected to boost Turkey's attractiveness to foreign investors. However, Turkey's relatively high current account deficit, uncertainty related to monetary policy-making, and political turmoil within Turkey's neighborhood leave the economy vulnerable to destabilizing shifts in investor confidence.

Source : CIA

 

NOTES

:

Full name of the firm was missing at your inquiry.

 

 

COMPANY IDENTIFICATION

 

 

NAME

:

GUCLU KIRTASIYE SANAYI VE TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Yilanli Ayazma Yolu No: 4/A-1 ve 2 Davutpasa Zeytinburnu  Istanbul / Turkey

PHONE NUMBER

:

90-212-482 31 31

 

FAX NUMBER

:

90-212-482 30 29

 

WEB-ADDRESS

:

www.guclukirtasiye.com

E-MAIL

:

info@guclukirtasiye.com

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Davutpasa

TAX NO

:

4120437561

REMARKS ON TAX NO

:

As the subject changed its legal status from co-partnership to limited company, the tax number was changed from 4120044138 to 4120437561.

REGISTRATION NUMBER

:

144123

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

24.01.1977

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

 

REGISTERED CAPITAL

:

TL   1.800.000

PAID-IN CAPITAL

:

TL   1.800.000

HISTORY

:

Previous Legal Type

:

Co-Partnership

Changed On

:

09.05.2008 (Commercial Gazette Date /Number 15.05.2008/ 7063)

Previous Name

:

Guclu Kirtasiye Kollektif Sirketi Ferdi Onal,Kadir Sumer

Changed On

:

09.05.2008 (Commercial Gazette Date /Number 15.05.2008/ 7063)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Ferdi Onal

50 %

Kadir Sumer

50 %

 

 

SISTER COMPANIES

:

KRAF KLASOR SISTEMLERI SANAYI VE TICARET LTD. STI.

 

ONER KIRTASIYE TICARET VE SANAYI LTD. STI.

 

SUBSIDIARIES

:

Declared to be: None

 

DIRECTORS

:

Ferdi Onal

 

Kadir Sumer

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Wholesale trade of stationery products.

 

NACE CODE

:

G .51.47

 

SECTOR

:

Commerce

 

 

TRADEMARKS TRADED

:

Gipta

Johann Faber

Kum

Kw Trio

Mead

Milan

Monami

Nova Color

Parker

Pritt

Rapid

Reiner

Sirdas

Tipp-ex

Tombo

Trodat

Varta

Waterman

 

NUMBER OF EMPLOYEES

:

55

 

NET SALES

:

42.628.248 TL

(2010) 

53.400.719 TL

(2011) 

61.104.361 TL

(2012) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT COUNTRIES

:

Far East Countries

 

MERCHANDISE IMPORTED

:

Stationery products

 

EXPORT VALUE

:

0 TL

(2011)

0 TL

(2012)

0 TL

(01.01-28.02.2013)

 

 

HEAD OFFICE ADDRESS

:

Yilanli Ayazma Yolu No: 4/A-1 ve 2 Davutpasa Zeytinburnu  Istanbul / Turkey

 

BRANCHES

:

Branch Office  :  Karacaoglan Mah. 6166 Sk. No: 23/C Isikkent Bornava Izmir/Turkey

 

Branch Office  :  Etiler mah. Evliya Celebi Cd. Vahit Ibrahim Doganer Apt. No: 40/2 Antalya/Turkey

 

INVESTMENTS

:

None

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2012.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Akbank Sultanhamam Branch

Finansbank Topkapi Branch

Garanti Bankasi Tahtakale Branch

T. Halk Bankasi Merter Branch

T. Is Bankasi Bayrampasa Branch

Turk Ekonomi Bankasi Tahtakale 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

:

 

(2010) TL

(2011) TL

(2012) TL

Net Sales

42.628.248

53.400.719

61.104.361

Profit (Loss) Before Tax

1.005.233

136.695

1.593.874

Stockholders' Equity

3.207.284

3.112.851

 

Total Assets

18.660.427

27.729.650

 

Current Assets

17.961.854

26.843.601

 

Non-Current Assets

698.573

886.049

 

Current Liabilities

15.453.143

24.616.799

 

Long-Term Liabilities

0

0

 

Gross Profit (loss)

3.746.839

5.079.909

6.316.321

Operating Profit (loss)

1.423.323

809.613

2.955.279

Net Profit (loss)

800.421

-94.433

1.593.874

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Low As of 31.12.2011

Liquidity

Fair As of 31.12.2011

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

Fair Operating Profitability  in 2010

Fair Net Profitability  in 2010

Fair Operating Profitability  in 2011

Net Loss  in 2011

In Order Operating Profitability  in 2012

Fair Net Profitability  in 2012

 

Gap between average collection and payable periods

Favorable in 2011

General Financial Position

Passable

 

 

 

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

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 ( 01.01-28.02.2013)

-0,31 %

1,7828

2,3690

2,8041

 

 

BALANCE SHEETS

 

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

17.961.854

0,96

26.843.601

0,97

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

7.366.065

0,39

1.002.041

0,04

Marketable Securities

0

0,00

0

0,00

Account Receivable

7.936.383

0,43

13.380.794

0,48

Other Receivable

483.723

0,03

2.006

0,00

Inventories

2.175.683

0,12

3.033.747

0,11

Advances Given

0

0,00

9.425.013

0,34

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

0

0,00

0

0,00

NON-CURRENT ASSETS

698.573

0,04

886.049

0,03

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)

410.033

0,02

496.340

0,02

Intangible Assets

234.561

0,01

248.543

0,01

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

53.979

0,00

141.166

0,01

TOTAL ASSETS

18.660.427

1,00

27.729.650

1,00

CURRENT LIABILITIES

15.453.143

0,83

24.616.799

0,89

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

4.397.206

0,24

4.815.810

0,17

Accounts Payable

10.642.604

0,57

18.463.536

0,67

Loans from Shareholders

0

0,00

736.573

0,03

Other Short-term Payable

0

0,00

0

0,00

Advances from Customers

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

356.502

0,02

538.154

0,02

Provisions

0

0,00

0

0,00

Other Current Liabilities

56.831

0,00

62.726

0,00

LONG-TERM LIABILITIES

0

0,00

0

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

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

3.207.284

0,17

3.112.851

0,11

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

1.800.000

0,10

1.800.000

0,06

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

0

0,00

0

0,00

Reserves

606.863

0,03

1.407.284

0,05

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

Net Profit (loss)

800.421

0,04

-94.433

0,00

TOTAL LIABILITIES AND EQUITY

18.660.427

1,00

27.729.650

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 are given under "Account Receivable" figure and "Account Payable" figure respectively. 

 

 

 

INCOME STATEMENTS

 

 

(2010) TL

 

(2011) TL

 

(2012) TL

 

Net Sales

42.628.248

1,00

53.400.719

1,00

61.104.361

1,00

Cost of Goods Sold

38.881.409

0,91

48.320.810

0,90

54.788.040

0,90

Gross Profit

3.746.839

0,09

5.079.909

0,10

6.316.321

0,10

Operating Expenses

2.323.516

0,05

4.270.296

0,08

3.361.042

0,06

Operating Profit

1.423.323

0,03

809.613

0,02

2.955.279

0,05

Other Income

51.594

0,00

46.799

0,00

42.135

0,00

Other Expenses

1.845

0,00

37

0,00

144.744

0,00

Financial Expenses

467.839

0,01

719.680

0,01

1.258.796

0,02

Minority Interests

0

0,00

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

0

0,00

Profit (loss) Before Tax

1.005.233

0,02

136.695

0,00

1.593.874

0,03

Tax Payable

204.812

0,00

231.128

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

800.421

0,02

-94.433

0,00

1.593.874

0,03

 

 

FINANCIAL RATIOS

 

 

(2010)

(2011)

LIQUIDITY RATIOS

 

 

Current Ratio

1,16

1,09

Acid-Test Ratio

1,02

0,58

Cash Ratio

0,48

0,04

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,12

0,11

Short-term Receivable/Total Assets

0,45

0,48

Tangible Assets/Total Assets

0,02

0,02

TURNOVER RATIOS

 

 

Inventory Turnover

17,87

15,93

Stockholders' Equity Turnover

13,29

17,15

Asset Turnover

2,28

1,93

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,17

0,11

Current Liabilities/Total Assets

0,83

0,89

Financial Leverage

0,83

0,89

Gearing Percentage

4,82

7,91

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,25

-0,03

Operating Profit Margin

0,03

0,02

Net Profit Margin

0,02

0,00

Interest Cover

3,15

1,19

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

67,02

90,21

Average Payable Period (days)

98,54

137,56

WORKING CAPITAL

2508711,00

2226802,00

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.44

UK Pound

1

Rs.81.33

Euro

1

Rs.70.50

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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.