MIRA INFORM REPORT

 

 

Report Date :

11.01.2014

 

IDENTIFICATION DETAILS

 

Name :

CALIK PAMUK DOGAL VE SENTETIK ELYAF TICARET A.S.

 

 

Registered Office :

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

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

30.11.2011

 

 

Com. Reg. No.:

798330

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Wholesale trade of yarn and cotton.

 

 

No. of Employees :

16

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Moderate

Payment Behaviour :

Slow

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, 2013

 

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

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 name and address

 

 

NAME

:

CALIK PAMUK DOGAL VE SENTETIK ELYAF TICARET A.S.

HEAD OFFICE ADDRESS

:

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

PHONE NUMBER

:

90-212-459 26 26

 

FAX NUMBER

:

90-212-677 41 17

 

 

 

LEGAL STATUS AND HISTORY

 

 

NOTES ON LEGAL STATUS AND HISTORY

:

The paid-in capital is declared by the subject. There is no certification for the paid-in capital.

 

 

TAX OFFICE

:

Merter

TAX NO

:

2250557212

REGISTRATION NUMBER

:

798330

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

30.11.2011

ESTABLISHMENT GAZETTE DATE/NO

:

06.12.2011/7955

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

 

 

REGISTERED CAPITAL

:

TL   10.000.000

PAID-IN CAPITAL

:

TL   10.000.000

HISTORY

:

Previous Registered Capital

:

TL 50.000

Changed On

:

28.02.2012 (Commercial Gazette Date /Number 05.03.2012/ 8019)

Previous Registered Capital

:

TL 2.000.000

Changed On

:

30.03.2012 (Commercial Gazette Date /Number 05.04.2012/ 8042)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Gap Guneydogu Tekstil Sanayi ve Ticaret A.S.

55 %

Mahmut Can Calik

42 %

Gap Insaat Yatirim ve Dis Ticaret A.S.

1 %

Calik Holding A.S.

1 %

Ahmet Calik

1 %

 

 

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

ANATEKS HOLDING A.S.

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 RUZGAR ENERJISI ELEKTRIK URETIM LTD. STI.

CALIK TURIZM KULTUR INSAAT SANAYI VE TICARET A.S.

CALIK USA.INC.

CALIK YONETIM SISTEMLERI A.S.

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 GUNEYDOGU TEKSTIL 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.

TURKUVAZ AKTIF TELEVIZYON PRODUKSIYON A.S.

TURKUVAZ ATV SABAH GMBH

TURKUVAZ ATV TELEVIZYON PRODUKSIYON A.S.

TURKUVAZ DAGITIM PAZARLAMA A.S.

TURKUVAZ FILMCILIK PRODUKSIYON SANAYI TICARET A.S.

TURKUVAZ GAZETE DERGI BASIM A.S.

TURKUVAZ GORSEL VE ISITSEL ILETISIM A.S.

TURKUVAZ HABER AJANSI A.S.

TURKUVAZ IZMIR GAZETE DERGI BASIM YAYIN A.S.

TURKUVAZ IZMIR TELEVIZYON PRODUKSIYON VE RADYOCULUK A.S.

TURKUVAZ KITAPCILIK YAYINCILIK A.S.

TURKUVAZ MATBAACILIK YAYINCILIK A.S.

TURKUVAZ MEDYA YAYIN HIZMETLERI A.S.

TURKUVAZ MOBIL HIZMETLER A.S.

TURKUVAZ MOTOR PRESSE DERGI YAYINCILIK LTD. STI.

TURKUVAZ RADYO TELEVIZYON HABERLESME VE YAYINCILIK A.S.

TURKUVAZ REKLAM PAZARLAMA DANISMANLIK A.S.

TURKUVAZ TEKNIK HIZMETLER SANAYI VE TICARET A.S.

TURKUVAZ TELEVIZYON VE RADYO ISLETMECILIGI A.S.

TURKUVAZ TV HIZMETLERI A.S.

TURKUVAZ YAYIN HIZMETLERI VE TICARET A.S.

TURKUVAZ YENI ASIR TELEVIZYON PRODUKSIYON 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.

 

BOARD OF DIRECTORS

:

Gap Guneydogu Tekstil Sanayi ve Ticaret A.S. (Representative: Mehmet Ertugrul Gurler)

Chairman

Mahmut Can Calik

Vice-Chairman

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Wholesale trade of yarn and cotton.

 

NACE CODE

:

G .51.41

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

16

 

NET SALES

:

417.405 TL

(30.11-31.12.2011) 

 

 

REMARKS ON NET SALES

:

In Turkey there is no public registry on companies' financial and detailed general data. So, to collect a firm's data, an information agency has to contact the company and get its authorization. 

 

However the company strictly declines to give us an authorization to gather its fresh financial data. As the firm's shares are not open to public it is not obliged to announce its data.

 

CAPACITY

:

None

 

PRODUCTION

 

:

None

IMPORT COUNTRIES

:

U.S.A.

 

MERCHANDISE IMPORTED

:

Cotton

Yarn

 

 

EXPORT VALUE

:

0 TL

(30.11-31.12.2011)

0 TL

(2012)

0 TL

(01.01-31.10.2013)

 

 

HEAD OFFICE ADDRESS

:

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

 

BRANCHES

:

Warehouse  :   Malatya/Turkey 

 

INVESTMENTS

:

None

 

 

SIZE OF BUSINESS

:

Lower-Medium

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Garanti Bankasi Merter Branch

 

CREDIT FACILITIES

:

No credit facility has come to our knowledge.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(30.11-31.12.2011) TL

 

 

 

 

Net Sales

417.405

 

 

 

 

Profit (Loss) Before Tax

-62.183

 

 

 

 

Stockholders' Equity

-12.183

 

 

 

 

Total Assets

461.958

 

 

 

 

Current Assets

262.805

 

 

 

 

Non-Current Assets

199.153

 

 

 

 

Current Liabilities

474.141

 

 

 

 

Long-Term Liabilities

0

 

 

 

 

Gross Profit (loss)

9.002

 

 

 

 

Operating Profit (loss)

-62.435

 

 

 

 

Net Profit (loss)

-62.183

 

 

 

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

General Financial Position

The subject had operating and net losses between 30.11.-31.12.2011 but it has to be noted that it is established on 30.11.2011.Furthermore there has been capital increases after the last balance sheet date. The capital increases financed by cash are expected to have an improvement at equity total since the last balance sheet date.

 

Recent financial figures are not available the firm declines to provide fresh financial data.

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 ( 01.01-31.10.2013)

5,15 %

1,8889

2,4999

2,9446

 ( 2013 )

6,97 %

1,9179

2,5530

3,0178

 

 

BALANCE SHEETS

 

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

262.805

0,57

Not Detailed Current Assets

0

0,00

Cash and Banks

23.766

0,05

Marketable Securities

0

0,00

Account Receivable

70.881

0,15

Other Receivable

30.053

0,07

Inventories

80.892

0,18

Advances Given

0

0,00

Accumulated Construction Expense

0

0,00

Other Current Assets

57.213

0,12

NON-CURRENT ASSETS

199.153

0,43

Not Detailed Non-Current Assets

0

0,00

Long-term Receivable

0

0,00

Financial Assets

0

0,00

Tangible Fixed Assets (net)

179.513

0,39

Intangible Assets

19.640

0,04

Deferred Tax Assets

0

0,00

Other Non-Current Assets

0

0,00

TOTAL ASSETS

461.958

1,00

CURRENT LIABILITIES

474.141

1,03

Not Detailed Current Liabilities

0

0,00

Financial Loans

0

0,00

Accounts Payable

438.099

0,95

Loans from Shareholders

0

0,00

Other Short-term Payable

0

0,00

Advances from Customers

0

0,00

Accumulated Construction Income

0

0,00

Taxes Payable

35.229

0,08

Provisions

0

0,00

Other Current Liabilities

813

0,00

LONG-TERM LIABILITIES

0

0,00

Not Detailed Long-term Liabilities

0

0,00

Financial Loans

0

0,00

Securities Issued

0

0,00

Long-term Payable

0

0,00

Loans from Shareholders

0

0,00

Other Long-term Liabilities

0

0,00

Provisions

0

0,00

STOCKHOLDERS' EQUITY

-12.183

-0,03

Not Detailed Stockholders' Equity

0

0,00

Paid-in Capital

50.000

0,11

Cross Shareholding Adjustment of Capital

0

0,00

Inflation Adjustment of Capital

0

0,00

Equity of Consolidated Firms

0

0,00

Reserves

0

0,00

Revaluation Fund

0

0,00

Accumulated Losses(-)

0

0,00

Net Profit (loss)

-62.183

-0,13

TOTAL LIABILITIES AND EQUITY

461.958

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 STATEMENT

 

 

(30.11-31.12.2011) TL

 

Net Sales

417.405

1,00

Cost of Goods Sold

408.403

0,98

Gross Profit

9.002

0,02

Operating Expenses

71.437

0,17

Operating Profit

-62.435

-0,15

Other Income

301

0,00

Other Expenses

0

0,00

Financial Expenses

49

0,00

Minority Interests

0

0,00

Profit (loss) of consolidated firms

0

0,00

Profit (loss) Before Tax

-62.183

-0,15

Tax Payable

0

0,00

Postponed Tax Gain

0

0,00

Net Profit (loss)

-62.183

-0,15

 

 

FINANCIAL RATIOS

 

 

(30.11-31.12.2011)

LIQUIDITY RATIOS

 

Current Ratio

0,55

Acid-Test Ratio

0,26

Cash Ratio

0,05

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,18

Short-term Receivable/Total Assets

0,22

Tangible Assets/Total Assets

0,39

TURNOVER RATIOS

 

Inventory Turnover

5,05

Stockholders' Equity Turnover

-34,26

Asset Turnover

0,90

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

-0,03

Current Liabilities/Total Assets

1,03

Financial Leverage

1,03

Gearing Percentage

-38,92

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

5,10

Operating Profit Margin

-0,15

Net Profit Margin

-0,15

Interest Cover

-1268,04

COLLECTION-PAYMENT

 

Average Collection Period (days)

61,13

Average Payable Period (days)

386,18

WORKING CAPITAL

-211336,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.94

UK Pound

1

Rs.102.06

Euro

1

Rs.84.31

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIS

 

 

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.