MIRA INFORM REPORT

 

 

Report Date :

25.10.2013

 

IDENTIFICATION DETAILS

 

Name :

GORSEL ILETISIM MALZEMELERI LTD. STI.

 

 

Registered Office :

Seyrantepe Mah. Nato Cad. Caliskan Sok. No:4 Kagithane Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

20.11.2002

 

 

Com. Reg. No.:

486506

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Wholesale trade of advertisement materials to be used at processing of signboard. 

 

 

No. of Employees :

16

 

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

 

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, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Turkey

B2

B2

 

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 9.2% in 2010, as exports returned to normal levels following the recession. Growth dropped to approximately 3% in 2012. Turkey's public sector debt to GDP ratio has fallen to about 40%, and at least one rating agency upgraded Turkey's debt to investment grade in 2012. Turkey remains dependent on often volatile, short-term investment to finance its large trade deficit. The stock value of FDI stood at $117 billion at year-end 2012. Inflows have slowed because of continuing economic turmoil in Europe, the source of much of Turkey's FDI. 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

 

COMPANY IDENTIFICATION

 

 

NAME

:

GORSEL ILETISIM MALZEMELERI LTD. STI.

HEAD OFFICE ADDRESS

:

Seyrantepe Mah. Nato Cad. Caliskan Sok. No:4 Kagithane Istanbul / Turkey

PHONE NUMBER

:

90-212-295 46 12

 

FAX NUMBER

:

90-212-321 89 94

 

WEB-ADDRESS

:

www.gorsel-iletisim.com

E-MAIL

:

info@gorsel-iletisim.com

 

 

LEGAL STATUS AND HISTORY

 

 

 

TAX OFFICE

:

Maslak

TAX NO

:

4100459138

REGISTRATION NUMBER

:

486506

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

20.11.2002

ESTABLISHMENT GAZETTE DATE/NO

:

25.11.2002/5684

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   1.000.000

PAID-IN CAPITAL

:

TL   1.000.000

HISTORY

:

Previous Registered Capital

:

TL 350.000

Changed On

:

11.01.2007 (Commercial Gazette Date /Number 16.01.2007/ 6724)

Previous Address

:

Cendere Yolu No:31 Kagithane Istanbul (Before the door number had been changed from 57 to "29" and then to "31" by the Municipality)

Changed On

:

07.03.2013 (Commercial Gazette Date /Number 13.03.2013/ 8277)

Previous Shareholder

:

Please vide Previous Shareholders section for the former shareholders' names.

Changed On

:

29.04.2008 (Commercial Gazette Date /Number 02.05.2008/ 7054)

 

 

 

PREVIOUS SHAREHOLDERS

:

Levent Yuksel Sezik

31,50 %

Senol Celik

31,50 %

Vitali Mesulam

27 %

Moiz Fransez

10 %

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Moiz Fransez

98 %

Oren Fransez

1 %

Melih Fransez

1 %

 

 

SISTER COMPANIES

:

ADMATTERS REKLAM VE TANITIM HIZMETLERI TICARET VE SANAYI LTD. STI.

 

FRANCES DIS TICARET VE REKLAMCILIK LTD. STI.

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Oren Fransez                                                                                                                                                                                                                                                                                   

 

Melih Fransez                                                                                                                                                                                                                                                                                   

 

Moiz Fransez                                                                                                                                                                                                                                                                                   

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Wholesale trade of advertisement materials to be used at processing of signboard. 

 

NACE CODE

:

G .51.90

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

16

NET SALES

:

6.200.907 TL

(2007) 

7.849.945 TL

(2008) 

7.472.685 TL

(2009) 

12.126.411 TL

(2010) 

13.245.355 TL

(2011) 

11.782.934 TL

(2012) 

6.658.756 TL

(01.01-30.06.2013) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT VALUE

:

3.004.921 USD + 2.572.601 EUR

(2010)

1.547.228 EUR + 4.339.965 USD

(2011)

 

 

IMPORT COUNTRIES

:

Israel

Italy

Germany

Thailand

 

MERCHANDISE IMPORTED

:

Acrylic

Polycarbon sheet

 

EXPORT VALUE

:

0 TL

(2007)

45.376 TL

(2008)

92.785 TL

(2009)

47.078 TL

(2010)

108.116 TL

(2011)

171.003 TL

(2012)

66.091 TL

(01.01-30.06.2013)

 

 

EXPORT COUNTRIES

:

Northern Cyprus Turkish Republic

 

MERCHANDISE  EXPORTED

:

Advertisement materials

 

HEAD OFFICE ADDRESS

:

Seyrantepe Mah. Nato Cad. Caliskan Sok. No:4 Kagithane  Istanbul / Turkey ( rented )

 

BRANCHES

:

Warehouse  :  Kemerburgaz Istanbul/Turkey

 

           

INVESTMENTS

:

None

 

TREND OF BUSINESS

:

There was a decline at business volume in nominal terms in  2012. There appears an upwards trend in  1.1 - 30.6.2013.

SIZE OF BUSINESS

:

Medium

 

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Garanti Bankasi Gultepe Branch

T. Is Bankasi Kagithane 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

:

 

(2009) TL

(2010) TL

(2011) TL

(2012) TL

(01.01-30.06.2013) TL

Net Sales

7.472.685

12.126.411

13.245.355

11.782.934

6.658.756

Profit (Loss) Before Tax

608.567

1.259.911

650.748

528.205

382.296

Stockholders' Equity

2.815.850

3.813.563

4.148.639

4.456.920

 

Total Assets

4.996.496

7.717.690

8.105.141

6.774.906

 

Current Assets

4.730.865

7.356.245

7.757.527

6.189.202

 

Non-Current Assets

265.631

361.445

347.614

585.704

 

Current Liabilities

2.180.646

3.904.127

3.956.502

2.317.986

 

Long-Term Liabilities

0

0

0

0

 

Gross Profit (loss)

1.669.287

2.686.020

2.978.858

2.680.863

1.451.916

Operating Profit (loss)

799.962

1.410.603

1.275.372

862.120

558.429

Net Profit (loss)

480.161

997.714

515.076

408.281

382.296

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

High As of 31.12.2012

Liquidity

High As of 31.12.2012

Remarks On Liquidity

The unfavorable gap between average collection and average payable period has an adverse 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 2009

High Net Profitability  in 2009

High Operating Profitability  in 2010

High Net Profitability  in 2010

High Operating Profitability  in 2011

Good Net Profitability  in 2011

Good Operating Profitability  in 2012

In Order Net Profitability  in 2012

Good Operating Profitability (01.01-30.06.2013)

Good Net Profitability (01.01-30.06.2013)

 

Gap between average collection and payable periods

Unfavorable in 2012

General Financial Position

Good

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 ( 01.01-30.06.2013)

2,46 %

1,8251

2,3936

2,8262

 ( 01.01-30.09.2013)

4,43 %

1,8785

2,4774

2,9189

 

 

BALANCE SHEETS

 

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL

 

 

 

CURRENT ASSETS

4.730.865

0,95

7.356.245

0,95

7.757.527

0,96

6.189.202

0,91

 

 

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Cash and Banks

1.489.271

0,30

2.802.758

0,36

79.489

0,01

163.222

0,02

 

 

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Account Receivable

1.503.073

0,30

1.805.742

0,23

4.187.926

0,52

4.049.650

0,60

 

 

Other Receivable

45.000

0,01

45.000

0,01

45.000

0,01

45.000

0,01

 

 

Inventories

1.226.637

0,25

2.054.058

0,27

3.405.453

0,42

1.865.543

0,28

 

 

Advances Given

418.055

0,08

636.256

0,08

2.963

0,00

17.425

0,00

 

 

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Other Current Assets

48.829

0,01

12.431

0,00

36.696

0,00

48.362

0,01

 

 

NON-CURRENT ASSETS

265.631

0,05

361.445

0,05

347.614

0,04

585.704

0,09

 

 

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

2.560

0,00

 

 

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Tangible Fixed Assets (net)

236.529

0,05

243.758

0,03

242.871

0,03

410.288

0,06

 

 

Intangible Assets

20.849

0,00

103.552

0,01

87.051

0,01

98.361

0,01

 

 

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Other Non-Current Assets

8.253

0,00

14.135

0,00

17.692

0,00

74.495

0,01

 

 

TOTAL ASSETS

4.996.496

1,00

7.717.690

1,00

8.105.141

1,00

6.774.906

1,00

 

 

CURRENT LIABILITIES

2.180.646

0,44

3.904.127

0,51

3.956.502

0,49

2.317.986

0,34

 

 

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Financial Loans

836.626

0,17

2.453.840

0,32

2.880.186

0,36

2.075.468

0,31

 

 

Accounts Payable

1.168.668

0,23

1.256.315

0,16

782.133

0,10

56.730

0,01

 

 

Loans from Shareholders

56.775

0,01

32.266

0,00

82.770

0,01

59.078

0,01

 

 

Other Short-term Payable

1.913

0,00

9.157

0,00

16.931

0,00

12.774

0,00

 

 

Advances from Customers

63.107

0,01

59.523

0,01

46.885

0,01

29.063

0,00

 

 

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Taxes Payable

52.906

0,01

91.028

0,01

144.385

0,02

83.048

0,01

 

 

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Other Current Liabilities

651

0,00

1.998

0,00

3.212

0,00

1.825

0,00

 

 

LONG-TERM LIABILITIES

0

0,00

0

0,00

0

0,00

0

0,00

 

 

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

0

0,00

0

0,00

 

 

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

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

 

 

STOCKHOLDERS' EQUITY

2.815.850

0,56

3.813.563

0,49

4.148.639

0,51

4.456.920

0,66

 

 

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Paid-in Capital

1.000.000

0,20

1.000.000

0,13

1.000.000

0,12

1.000.000

0,15

 

 

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Inflation Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Reserves

1.335.689

0,27

1.815.849

0,24

2.633.563

0,32

3.048.639

0,45

 

 

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Net Profit (loss)

480.161

0,10

997.714

0,13

515.076

0,06

408.281

0,06

 

 

TOTAL LIABILITIES AND EQUITY

4.996.496

1,00

7.717.690

1,00

8.105.141

1,00

6.774.906

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

 

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

(2012) TL

 

(01.01-30.06.2013) TL

 

Net Sales

7.472.685

1,00

12.126.411

1,00

13.245.355

1,00

11.782.934

1,00

6.658.756

1,00

Cost of Goods Sold

5.803.398

0,78

9.440.391

0,78

10.266.497

0,78

9.102.071

0,77

5.206.840

0,78

Gross Profit

1.669.287

0,22

2.686.020

0,22

2.978.858

0,22

2.680.863

0,23

1.451.916

0,22

Operating Expenses

869.325

0,12

1.275.417

0,11

1.703.486

0,13

1.818.743

0,15

893.487

0,13

Operating Profit

799.962

0,11

1.410.603

0,12

1.275.372

0,10

862.120

0,07

558.429

0,08

Other Income

73.919

0,01

211.147

0,02

87.515

0,01

105.407

0,01

6.980

0,00

Other Expenses

175.472

0,02

209.090

0,02

361.078

0,03

78.747

0,01

53.722

0,01

Financial Expenses

89.842

0,01

152.749

0,01

351.061

0,03

360.575

0,03

129.391

0,02

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

608.567

0,08

1.259.911

0,10

650.748

0,05

528.205

0,04

382.296

0,06

Tax Payable

128.406

0,02

262.197

0,02

135.672

0,01

119.924

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)

480.161

0,06

997.714

0,08

515.076

0,04

408.281

0,03

382.296

0,06

 

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

(2011)

(2012)

 

LIQUIDITY RATIOS

 

 

Current Ratio

2,17

1,88

1,96

2,67

 

Acid-Test Ratio

1,39

1,19

1,09

1,84

 

Cash Ratio

0,68

0,72

0,02

0,07

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,25

0,27

0,42

0,28

 

Short-term Receivable/Total Assets

0,31

0,24

0,52

0,60

 

Tangible Assets/Total Assets

0,05

0,03

0,03

0,06

 

TURNOVER RATIOS

 

 

Inventory Turnover

4,73

4,60

3,01

4,88

 

Stockholders' Equity Turnover

2,65

3,18

3,19

2,64

 

Asset Turnover

1,50

1,57

1,63

1,74

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,56

0,49

0,51

0,66

 

Current Liabilities/Total Assets

0,44

0,51

0,49

0,34

 

Financial Leverage

0,44

0,51

0,49

0,34

 

Gearing Percentage

0,77

1,02

0,95

0,52

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,17

0,26

0,12

0,09

 

Operating Profit Margin

0,11

0,12

0,10

0,07

 

Net Profit Margin

0,06

0,08

0,04

0,03

 

Interest Cover

7,77

9,25

2,85

2,46

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

72,41

53,61

113,83

123,81

 

Average Payable Period (days)

72,50

47,91

27,43

2,24

 

WORKING CAPITAL

2550219,00

3452118,00

3801025,00

3871216,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.41

UK Pound

1

Rs.99.53

Euro

1

Rs.84.82

 

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

 

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.