MIRA INFORM REPORT

 

 

Report Date :

06.12.2014

 

IDENTIFICATION DETAILS

 

Name :

VF EGE GIYIM SANAYI VE TICARET A.S.

 

 

Registered Office :

Soke-Milas Yolu Uzeri 3. Km Soke (Yenidogan Beldesi Milas Karayolu 3. Km Soke) Aydin

 

 

Country :

Turkey

 

 

Date of Incorporation :

05.04.1990

 

 

Com. Reg. No.:

2382

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and Trade of Jeans.

 

 

No of Employees :

900

 

 

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 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

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 around 9% in 2010-11, as exports returned to normal levels following the recession. Growth dropped to roughly 3-4% in 2012-13. Turkey's public sector debt to GDP ratio has fallen below 40%, and two rating agencies upgraded Turkey's debt to investment grade in 2012 and 2013. Turkey remains dependent on often volatile, short-term investment to finance its large current account deficit. The stock value of FDI reached nearly $195 billion at year-end 2013, reflecting Turkey's robust growth even in the face of economic turmoil in Europe, the source of much of Turkey's FDI. Turkey's relatively high current account deficit, domestic political uncertainty, and turmoil within Turkey's neighborhood leave the economy vulnerable to destabilizing shifts in investor confidence.

 

Source : CIA

 

 

COMPANY IDENTIFICATION

 

 

NAME

:

VF EGE GIYIM SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Soke-Milas Yolu Uzeri 3. Km  Soke (Yenidogan Beldesi Milas Karayolu 3. Km Soke) Aydin / Turkey

PHONE NUMBER

:

90-232-483 22 74 (Branch Office)

90-256-521 12 51 (Head Office)

 

FAX NUMBER

:

90-232-483 40 01 (Branch Office)

 

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Soke

TAX NO

:

6130027780

REGISTRATION NUMBER

:

2382-Soke

REGISTERED OFFICE

:

Soke Chamber of Commerce

DATE ESTABLISHED

:

05.04.1990

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL  11.980.365

PAID-IN CAPITAL

:

TL  11.980.365

HISTORY

:

Previous Name

:

VF-Ege Giyim Sanayi Ve Ticaret A.S.

Changed On

:

14.06.2012 (Commercial Gazette Date /Number 20.06.2012/ 8094)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

VF Germany Textil-Handels GmbH

99 %

TI Venture Group Inc.

 

Wrangler Apparel Corp.

 

Ring Company Inc.

 

 

 

REMARKS ON SHAREHOLDERS

:

We are informed that, the main shareholder "VF Germany Textil-Handels GmbH" is a company located in Germany.

 

SUBSIDIARIES

:

BEYKO KONFEKSIYON IC VE DIS TICARET LTD. STI.

 

BOARD OF DIRECTORS

:

Hans-Dieter Jacobfeuerborn

Chairman

Geert Bert Jean Marie Hendrickx

Vice-Chairman

Bahri Gokhan Ilkkutlu

Member

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Manufacture and Trade of Jeans.

 

NACE CODE

:

DB.18.22

 

SECTOR

:

Ready-wear

 

TRADEMARKS OWNED

:

Jansports

Lee

The Northern Face

Vans

Wrangler

 

NUMBER OF EMPLOYEES

:

900

 

NET SALES

:

108.262 TL Thousand

(2005) 

124.432 TL Thousand

(2006) 

131.404 TL Thousand

(2007) 

140.469 TL Thousand

(2008) 

135.590 TL Thousand

(2009) 

109.552 TL Thousand

(2010)  

143.465.158 TL

(2011) 

166.353.300 TL

(2012) 

181.470.096 TL

(2013) 

150.767.603 TL

(01.01-30.09.2014) 

 

 

REMARKS ON NET SALES

:

The net sales figures of 2010, 2011, 2012, 2013 and 01.01.-30.09.2014 are declared by the company. There is no certification for these figures.

 

 

IMPORT COUNTRIES

:

Belgium

Italy

France

China

Hong-Kong

 

MERCHANDISE IMPORTED

:

Fabric

Yarn

 

EXPORT COUNTRIES

:

Croatia

Belarus

Romania

Belgium

Poland

Georgia

Italy

Germany

Spain

Azerbaijan

Bahrain

Bangladesh

U.K.

Czech Republic

China

Northern Cyprus Turkish Republic

U.A.E.

Serbia

 

MERCHANDISE  EXPORTED

:

Jeans

Ready-wear

 

HEAD OFFICE ADDRESS

:

Soke-Milas Yolu Uzeri 3. Km  Soke (Yenidogan Beldesi Milas Karayolu 3. Km Soke) Aydin / Turkey (owned)

 

BRANCHES

:

Warehouse  :   Izmir/Turkey

 

Head Office/Factory  :  Soke-Milas Yolu Uzeri 3. Km  Soke (Yenidogan Beldesi Milas Karayolu 3. Km Soke) Aydin/Turkey (owned)

 

Branch Office  :  Halit Ziya Bulvari Kayhan Ishani No:42 K:3/301 Izmir/Turkey (rented)

 

Branch Office  :   Istanbul/Turkey

 

 

 

TREND OF BUSINESS

:

There was an upwards trend in 2013. Trend of business appears to be steady in 1.1 - 30.9.2014.

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Akbank Ege Kurumsal Branch

Citibank Izmir Branch

Garanti Bankasi Izmir Branch

Yapi ve Kredi Bankasi Ege Branch

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(01.01-30.09.2014) TL

 

 

 

 

Net Sales

150.767.603

 

 

 

 

Net Profit (loss)

14.753.535

 

 

 

 

 

 

REMARKS ON KEY FINANCIAL ELEMENTS

:

The key financial figures of 01.01.-30.09.2014 are declared by the company. There is no certification for these figures.

 

 

 

COMMENT ON FINANCIAL POSITION

 

 

Profitability

High Net Profitability (01.01-30.09.2014)

 

General Financial Position

The firm has profit but general financial position is undetermined.

 

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 ( 2013 )

6,97 %

1,9179

2,5530

3,0178

 ( 01.01-30.09.2014)

7,24 %

2,1706

2,9323

3,6222

 ( 01.01-31.10.2014)

8,22 %

2,1739

2,9177

3,6143

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.85

UK Pound

1

Rs.96.70

Euro

1

Rs.76.53

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

TPT

 

 

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.