MIRA INFORM REPORT

 

 

Report Date :

16.12.2014

 

IDENTIFICATION DETAILS

 

Name :

GAP GUNEYDOGU TEKSTIL SANAYI VE TICARET A.S.

 

 

Registered Office :

Keresteciler Sitesi Fatih Cad. Ladin Sok. No:17 Merter Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

16.10.1987

 

 

Com. Reg. No.:

238276

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and Trade of Yarn, Woven Fabric, Ready-Wear. 

 

 

No. of Employees :

1.326

 

 

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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

NOTES

 

Address at your inquiry is not the registered head office but another premise.

 

 

 

COMPANY IDENTIFICATION

 

 

NAME

:

GAP GUNEYDOGU TEKSTIL SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Keresteciler Sitesi Fatih Cad. Ladin Sok. No:17 Merter Istanbul / Turkey

PHONE NUMBER

:

90-212-459 26 26

90-212-644 00 01 (Pbx)

 

FAX NUMBER

:

90-212-644 03 24

 

WEB-ADDRESS

:

www.calikdenim.com

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Buyuk Mukellefler 

TAX NO

:

3890003015

REGISTRATION NUMBER

:

238276

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

16.10.1987

ESTABLISHMENT GAZETTE DATE/NO

:

22.10.1987/1876

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   164.740.000

PAID-IN CAPITAL

:

TL   164.740.000

HISTORY

:

Previous Registered Capital

:

TL 21.375.000

Changed On

:

29.12.2006 (Commercial Gazette Date /Number 15.01.2007/ 6723)

Previous Registered Capital

:

TL 126.890.000

Changed On

:

29.12.2008 (Commercial Gazette Date /Number 02.01.2009/ 7219)

Previous Address

:

Keresteciler Sitesi Fatih Cad. Selvi Sok. No:18 Merter Istanbul

Changed On

:

30.06.2010 (Commercial Gazette Date /Number 05.07.2010/ 7599)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Calik Holding A.S.

50,23 %

Gap Insaat Yatirim ve Dis Ticaret A.S

25,97 %

Calik Enerji Sanayi Ve Ticaret A.S.

22,98 %

Diniye Calik

 

Cigdem Calik

 

Ahmet Calik

 

 

 

GROUP PARENT COMPANY

:

CALIK HOLDING A.S.

 

SISTER COMPANIES

:

ADACAMI ENERJI ELEKTRIK URETIM SANAYI VE TICARET A.S.

AKCAY ENERJI A.S.

AKTASYAPI INSAAT VE YAPI MALZEMELERI TAAHHUT SANAYI TICARET LTD. STI.

AKTIF DOGAL GAZ TICARET A.S.

AKTIF YATIRIM BANKASI A.S.

ALBTELECOM S.H.A

ANT ENERJI SANAYI VE TICARET LTD. STI.

ATAYURT INSAAT A.S.

ATLAS PETROL GAZ ITHALAT IHRACAT VE PAZARLAMA TICARET A.S.

AYAS RAFINERI VE PETROKIMYA SANAYI VE TICARET A.S.

BASAK YONETIM SISTEMLERI A.S.

BURSAGAZ BURSA SEHIRICI DOGALGAZ DAGITIM, TICARET VE TAAHHUT A.S.

CALIK ELEKTRIK DAGITIM A.S.

CALIK ENERJI ELEKTRIK URETIM VE MADENCILIK A.S.

CALIK ENERJI SANAYI VE TICARET A.S.

CALIK FINANSAL HIZMETLER A.S.

CALIK GAYRIMENKUL TICARET A.S.

CALIK HAVA TASIMACILIK TURIZM SANAYI VE TICARET A.S.

CALIK HOLDING A.S.

CALIK INSAAT A.S.

CALIK NTF ELEKTRIK URETIM VE MADENCILIK A.S.

CALIK PAMUK DOGAL VE SENTETIK ELYAF TICARET A.S.

CALIK PETROL ARAMA URETIM SANAYI VE TICARET A.S.

CALIK RUZGAR ENERJISI ELEKTRIK URETIM LTD. STI.

CALIK TURIZM KULTUR INSAAT SANAYI VE TICARET A.S.

CALIK USA.INC.

CEDAS ELEKTRIK DAGITIM YATIRIMLARI A.S.

CEP PETROL DAGITIM SANAYI VE TICARET A.S.

CETEL CALIK ENERJI TELEKOMUNIKASYON HIZMETLERI A.S.

CETEL TELEKOM ILETISIM SANAYI VE TICARET A.S.

DOGU AKDENIZ PETRO KIMYA VE RAFINERI SANAYI TICARET A.S.

DORE ALTIN VE MADEN A.S.

EAGLE MOBILE S.H.A

E-KENT TEKNOLOJI VE ODEME SISTEMLERI SANAYI VE TICARET A.S.

EPOST ELEKTRONIK PERAKENDE OTOMASYON SATIS TICARET A.S.

GAP ELEKTRIK DAGITIM SANAYI VE TICARET A.S.

GAP INSAAT CONSTRUCTION AND INVESTMENT CO. LTD.

GAP INSAAT YATIRIM VE DIS TICARET A.S.

GAP PAZARLAMA A.S.

GAPPA TEXTILES INC

GAPYAPI INSAAT A.S.

IKIDENIZ PETROL VE GAZ SANAYI VE TICARET A.S.

IRMAK YONETIM SISTEMLERI A.S.

JAPAN INTERNATIONAL ENERJI NETWORK A.S.

KARTALTEPE MADENCILIK SANAYI VE TICARET A.S.

KAYSERI GAZ KAYSERI DOGALGAZ DAGITIM PAZARLAMA VE TICARET A.S.

KENTSEL DONUSUM INSAAT A.S.

KIZILIRMAK ELEKTRIK URETIM A.S.

LIDYA MADENCILIK SANAYI VE TICARET A.S.

MOMENTUM ENERJI ELEKTRIK URETIM SANAYI VE TICARET A.S.

ORTUR ELEKTRIK URETIM VE TICARET LTD. STI.

PETROTRANS ENERJI A.S.

SEMBOL ENERJI A.S.

TAPCO PETROL BORU HATTI SANAYI VE TICARET A.S.

TELEMED TELEKOM A.S.

TUNCPINAR MADENCILIK SANAYI VE TICARET A.S.

TURA MADENCILIK A.S.

TURKMEN’IN ALTIN ASRI ELEKTRIK ENERJISI TOPTAN SATIS A.S.

VADI ELEKTRIK URETIM SANAYI VE TICARET LTD. STI.

YENIKOM TELEKOMUNIKASYON HIZMETLERI A.S.

YESILCAY ENERJI ELEKTRIK URETIM SANAYI VE TICARET A.S.

YESILIRMAK ELEKTRIK DAGITIM A.S.

 

SUBSIDIARIES

:

AKTIF YATIRIM BANKASI A.S.

CALIK ENERJI SANAYI VE TICARET A.S.

CALIK KOREA INCH

CALIK USA

GAP ELEKTRIK DAGITIM SANAYI VE TICARET A.S.

GAP INSAAT DUBAI FZE

GAP TURKMEN A.O.

 

BOARD OF DIRECTORS

:

Ahmet Calik

Chairman

Calik Holding A.S. (representative:Mehmet Ertugrul Gurler)

Vice-Chairman

GAP Insaat Yatirim ve Dis Ticaret A.S. (representative: Ali Cureoglu)

Member

 

 

DIRECTORS

:

Onder Oksuz                                                                                                                                                                                                                                                                                   

General Manager

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Manufacture and trade of yarn, woven fabric, ready-wear. 

 

NACE CODE

:

DB.17.00

 

SECTOR

:

Textile

 

TRADEMARKS OWNED

:

Calik Denim

Cheery-three

 

NUMBER OF EMPLOYEES

:

1.326

 

NET SALES

:

33.835 TL Thousand

(2000) 

127.522 TL Thousand

(2001) 

167.991 TL Thousand

(2002) 

150.667 TL Thousand

(2003) 

239.303 TL Thousand

(2004) 

235.962 TL Thousand

(2005) 

247.722 TL Thousand

(2006) 

234.561.925 TL

(2007) 

240.319.321 TL

(2008) 

227.395.910 TL

(2009) 

260.819.206 TL

(2010) 

326.392.880 TL

(2011) 

282.717.685 TL

(2012) 

306.632 TL Thousand

(2013) 

205.878 TL Thousand

(01.01-30.09.2014)  

 

 

 

 

CAPACITY

:

Cotton Yarn

 (kgs/yr)

Fabric Dying Finishing 

( kgs/yr)

Indigo Dying 

( kgs/yr)

 

6.967.348

50.544.000

6.635.571

(2011)

6.967.348

50.544.000

6.635.571

(2012)

6.967.348

50.544.000

6.635.571

(2013)

 

 

 

 

Other Yarn

 ( kgs/yr)

Ready-wear 

( units/yr)

 

 

4.415.210

720.000

 

(2011)

4.415.210

720.000

 

(2012)

4.415.210

720.000

 

(2013)

 

 

 

 

PRODUCTION

:

Fabric  ( m )

Ready-wear  ( units )

Yarn  ( kgs )

 

30.898.790

621.788

11.528.622

(2012)

16.542.835

274.212

5.565.254

(01.01-30.06.2013)

 

 

 

 

IMPORT VALUE

:

20.690.000 USD

(2012)

14.826.498 USD

(01.01-30.06.2013)

 

 

IMPORT COUNTRIES

:

Germany

Spain

U.S.A.

Switzerland

Italy

 

MERCHANDISE IMPORTED

:

Cotton

Dye

Spare parts

Yarn

 

EXPORT VALUE

:

112.268.000 TL

(2005)

138.181.000 TL

(2006)

118.745.000 TL

(2007)

154.690.822 TL

(2008)

152.761.920 TL

(2009)

160.452.037 TL

(2010)

202.007.391 TL

(2011)

168.469.412 TL

(2012)

168.008.635 TL

(2013)

123.301 TL Thousand

(01.01-30.09.2014)

 

EXPORT COUNTRIES

:

Turkmenistan

Free Zone

Egypt

European Countries

Morocco

Tunisia

Far East Countries

U.S.A.

 

MERCHANDISE  EXPORTED

:

Ready-wear

Woven fabric

 

HEAD OFFICE ADDRESS

:

Keresteciler Sitesi Fatih Cad. Ladin Sok. No:17 Merter  Istanbul / Turkey

 

BRANCHES

:

Factory  :  1. Organize Sanayi Bolgesi 2. Cad. Malatya/Turkey (owned) (364.803 sqm)

                                                                                

 

TREND OF BUSINESS

:

There was an upwards trend in  2013. There appears a decline at business volume in nominal terms in  1.1 - 30.9.2014.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

MAIN DEALING BANKS

:

Aktif Yatirim Bankasi Merkez Branch

Kuveyt Turk Katilim Bankasi Merter Branch

T. Garanti Bankasi Merter Branch

T. Is Bankasi Yenicami Branch

T. Vakiflar Bankasi Merter 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

(2013) TL Thousand

(01.01-30.09.2014) TL Thousand

Net Sales

260.819.206

326.392.880

282.717.685

306.632

205.878

Profit (Loss) Before Tax

14.597.372

52.248.105

24.113.134

3.031

9.864

Stockholders' Equity

191.348.225

223.065.496

206.081.009

191.264

 

Total Assets

322.672.365

368.272.692

441.223.245

520.681

 

Current Assets

205.166.250

256.132.398

299.431.253

342.288

 

Non-Current Assets

117.506.115

112.140.294

141.791.992

178.393

 

Current Liabilities

123.254.924

145.207.196

233.788.410

312.590

 

Long-Term Liabilities

8.069.216

0

1.353.826

16.827

 

Gross Profit (loss)

56.436.484

102.598.447

81.361.016

95.861

73.566

Operating Profit (loss)

22.402.910

64.825.881

41.995.931

50.152

36.732

Net Profit (loss)

11.128.389

42.055.744

19.690.338

3.031

9.864

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Satisfactory As of 31.12.2013

Liquidity

Insufficient As of 31.12.2013

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

Good Operating Profitability  in 2010

Good Net Profitability  in 2010

High Operating Profitability  in 2011

High Net Profitability  in 2011

High Operating Profitability  in 2012

High Net Profitability  in 2012

High Operating Profitability  in 2013

Low Net Profitability  in 2013

High Operating Profitability (01.01-30.09.2014)

Good Net Profitability (01.01-30.09.2014)

 

Gap between average collection and payable periods

Unfavorable in 2013

General Financial Position

Passable

 

EXPORT COUNTRIES

:

Turkmenistan

Free Zone

Egypt

European Countries

Morocco

Tunisia

Far East Countries

U.S.A.

 

MERCHANDISE  EXPORTED

:

Ready-wear

Woven fabric

 

HEAD OFFICE ADDRESS

:

Keresteciler Sitesi Fatih Cad. Ladin Sok. No:17 Merter  Istanbul / Turkey

 

BRANCHES

:

Factory :  1. Organize Sanayi Bolgesi 2. Cad. Malatya/Turkey (owned) (364.803 sqm)

                                                                                

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2013. There appears a decline at business volume in nominal terms in  1.1 - 30.9.2014.

SIZE OF BUSINESS

:

Giant

 


 

FINANCE

 

 

MAIN DEALING BANKS

:

Aktif Yatirim Bankasi Merkez Branch

Kuveyt Turk Katilim Bankasi Merter Branch

T. Garanti Bankasi Merter Branch

T. Is Bankasi Yenicami Branch

T. Vakiflar Bankasi Merter 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

(2013) TL Thousand

(01.01-30.09.2014) TL Thousand

Net Sales

260.819.206

326.392.880

282.717.685

306.632

205.878

Profit (Loss) Before Tax

14.597.372

52.248.105

24.113.134

3.031

9.864

Stockholders' Equity

191.348.225

223.065.496

206.081.009

191.264

 

Total Assets

322.672.365

368.272.692

441.223.245

520.681

 

Current Assets

205.166.250

256.132.398

299.431.253

342.288

 

Non-Current Assets

117.506.115

112.140.294

141.791.992

178.393

 

Current Liabilities

123.254.924

145.207.196

233.788.410

312.590

 

Long-Term Liabilities

8.069.216

0

1.353.826

16.827

 

Gross Profit (loss)

56.436.484

102.598.447

81.361.016

95.861

73.566

Operating Profit (loss)

22.402.910

64.825.881

41.995.931

50.152

36.732

Net Profit (loss)

11.128.389

42.055.744

19.690.338

3.031

9.864

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Satisfactory As of 31.12.2013

Liquidity

Insufficient As of 31.12.2013

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

Good Operating Profitability  in 2010

Good Net Profitability  in 2010

High Operating Profitability  in 2011

High Net Profitability  in 2011

High Operating Profitability  in 2012

High Net Profitability  in 2012

High Operating Profitability  in 2013

Low Net Profitability  in 2013

High Operating Profitability (01.01-30.09.2014)

Good Net Profitability (01.01-30.09.2014)

 

Gap between average collection and payable periods

Unfavorable in 2013

General Financial Position

Passable

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 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

 ( 2013 )

6,97 %

1,9179

2,5530

3,0178

 (01.01-30.09.2014)

7,24 %

2,1706

2,9323

3,6222

 (01.01-30.11.2014)

7,18 %

2,1773

2,9044

3,6032

 

 

BALANCE SHEETS

 

 

 (31.12.2010)  TL

 

 (31.12.2011)  TL

 

 (31.12.2012)  TL

 

 (31.12.2013)  TL Thousand

 

CURRENT ASSETS

205.166.250

0,64

256.132.398

0,70

299.431.253

0,68

342.288

0,66

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

2.790.742

0,01

3.969.643

0,01

6.186.705

0,01

2.419

0,00

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

61.913.537

0,19

72.860.188

0,20

75.797.772

0,17

169.988

0,33

Other Receivable

76.242.515

0,24

103.966.863

0,28

104.293.783

0,24

29.657

0,06

Inventories

56.444.087

0,17

67.357.099

0,18

91.307.046

0,21

97.048

0,19

Advances Given

4.213.896

0,01

3.349.232

0,01

7.912.607

0,02

34.387

0,07

Accumulated Construction Expense

402.784

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

3.158.689

0,01

4.629.373

0,01

13.933.340

0,03

8.789

0,02

NON-CURRENT ASSETS

117.506.115

0,36

112.140.294

0,30

141.791.992

0,32

178.393

0,34

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

65.390.516

0,20

65.367.569

0,18

80.975.070

0,18

85.319

0,16

Tangible Fixed Assets (net)

51.662.018

0,16

45.008.797

0,12

57.316.623

0,13

87.797

0,17

Intangible Assets

406.700

0,00

1.136.302

0,00

3.171.656

0,01

4.839

0,01

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

46.881

0,00

627.626

0,00

328.643

0,00

438

0,00

TOTAL ASSETS

322.672.365

1,00

368.272.692

1,00

441.223.245

1,00

520.681

1,00

CURRENT LIABILITIES

123.254.924

0,38

145.207.196

0,39

233.788.410

0,53

312.590

0,60

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

84.327.496

0,26

110.192.933

0,30

188.021.212

0,43

157.068

0,30

Accounts Payable

31.579.725

0,10

23.473.223

0,06

35.721.574

0,08

27.209

0,05

Loans from Shareholders

19.321

0,00

0

0,00

1.819.268

0,00

0

0,00

Other Short-term Payable

1.132.715

0,00

1.888.946

0,01

2.183.773

0,00

124.521

0,24

Advances from Customers

124.544

0,00

2.468.418

0,01

1.000.554

0,00

451

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

2.824.309

0,01

5.168.901

0,01

2.306.848

0,01

2.007

0,00

Provisions

0

0,00

0

0,00

21.544

0,00

0

0,00

Other Current Liabilities

3.246.814

0,01

2.014.775

0,01

2.713.637

0,01

1.334

0,00

LONG-TERM LIABILITIES

8.069.216

0,03

0

0,00

1.353.826

0,00

16.827

0,03

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

8.044.458

0,02

0

0,00

1.353.826

0,00

16.827

0,03

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

24.758

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

191.348.225

0,59

223.065.496

0,61

206.081.009

0,47

191.264

0,37

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

164.740.000

0,51

164.740.000

0,45

164.740.000

0,37

164.740

0,32

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

15.187.336

0,05

15.977.252

0,04

21.358.171

0,05

23.347

0,04

Revaluation Fund

292.500

0,00

292.500

0,00

292.500

0,00

146

0,00

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

11.128.389

0,03

42.055.744

0,11

19.690.338

0,04

3.031

0,01

TOTAL LIABILITIES AND EQUITY

322.672.365

1,00

368.272.692

1,00

441.223.245

1,00

520.681

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. 

 

In the sub-items of "Account Receivable", TL thousand 2.272 is "Doubtful Trade Receivables" and -TL thousand 545 is "Provision for Doubtful Trade Receivables" at the last balance sheet.                                                                                                                                                                   

The details of "Other Receivable" figure at the last balance sheet (TL Thousand): Due From Shareholders:0,Due From Participations:0,Due From Affiliated Companies:14.878,Due From Personnel:0,Other Miscellaneous Receivables:14.779,Other Receivable Total:29.657 

 

TL thousand 0 of "Tax Payable" is due to "Overdue, Delayed or Deferred Tax by Installments and Other Liabilities" at the last balance sheet.                                                                                                                                

 

At the last income statement TL thousand 20.423 of the other income is due to "Profit from Foreign Currency Exchange".                                                                                                    

 

At the last income statement, TL thousand  1.448 of the other income is due to "Other Extraordinary Income" .                                                                                                

At the last income statement, TL thousand 20.655 of the other income is due to "Other Ordinary Income" .        

 

                                                                                                 

At the last income statement TL thousand 16.548 of the other expenses is due to "Loss from Foreign Currency Exchange" .

                                                                                   

At the last income statement TL thousand 11.727 of the other expenses is due to "Other Ordinary Expenses and Losses".

 

 

INCOME STATEMENTS

 

 

(2010) TL

 

(2011) TL

 

(2012) TL

 

(2013) TL Thousand

 

(01.01-30.09.2014) TL Thousand

 

Net Sales

260.819.206

1,00

326.392.880

1,00

282.717.685

1,00

306.632

1,00

205.878

1,00

Cost of Goods Sold

204.382.722

0,78

223.794.433

0,69

201.356.669

0,71

210.771

0,69

132.312

0,64

Gross Profit

56.436.484

0,22

102.598.447

0,31

81.361.016

0,29

95.861

0,31

73.566

0,36

Operating Expenses

34.033.574

0,13

37.772.566

0,12

39.365.085

0,14

45.709

0,15

36.834

0,18

Operating Profit

22.402.910

0,09

64.825.881

0,20

41.995.931

0,15

50.152

0,16

36.732

0,18

Other Income

52.584.822

0,20

74.199.845

0,23

53.951.940

0,19

79.701

0,26

42.986

0,21

Other Expenses

47.887.882

0,18

51.126.106

0,16

47.424.550

0,17

64.402

0,21

34.122

0,17

Financial Expenses

12.502.478

0,05

35.651.515

0,11

24.410.187

0,09

62.420

0,20

35.732

0,17

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

14.597.372

0,06

52.248.105

0,16

24.113.134

0,09

3.031

0,01

9.864

0,05

Tax Payable

3.468.983

0,01

10.192.361

0,03

4.422.796

0,02

0

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

11.128.389

0,04

42.055.744

0,13

19.690.338

0,07

3.031

0,01

9.864

0,05

 

 

FINANCIAL RATIOS

 

 

(2010)

(2011)

(2012)

(2013)

 

LIQUIDITY RATIOS

 

 

Current Ratio

1,66

1,76

1,28

1,10

 

Acid-Test Ratio

1,14

1,25

0,80

0,65

 

Cash Ratio

0,02

0,03

0,03

0,01

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,17

0,18

0,21

0,19

 

Short-term Receivable/Total Assets

0,43

0,48

0,41

0,38

 

Tangible Assets/Total Assets

0,16

0,12

0,13

0,17

 

TURNOVER RATIOS

 

 

Inventory Turnover

3,62

3,32

2,21

2,17

 

Stockholders' Equity Turnover

1,36

1,46

1,37

1,60

 

Asset Turnover

0,81

0,89

0,64

0,59

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,59

0,61

0,47

0,37

 

Current Liabilities/Total Assets

0,38

0,39

0,53

0,60

 

Financial Leverage

0,41

0,39

0,53

0,63

 

Gearing Percentage

0,69

0,65

1,14

1,72

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,06

0,19

0,10

0,02

 

Operating Profit Margin

0,09

0,20

0,15

0,16

 

Net Profit Margin

0,04

0,13

0,07

0,01

 

Interest Cover

2,17

2,47

1,99

1,05

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

85,46

80,36

96,52

199,57

 

Average Payable Period (days)

55,62

37,76

63,87

46,47

 

WORKING CAPITAL

81911326,00

110925202,00

65642843,00

29698,00

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.65

UK Pound

1

Rs.98.53

Euro

1

Rs.78.02

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

NIT

 

               

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.