.

MIRA INFORM REPORT

 

 

Report Date :

29.01.2014

 

IDENTIFICATION DETAILS

 

Name :

GELAL CORAP SANAYI VE TICARET A.S.

 

 

Registered Office :

Akcaburgaz Mah. 117. Sok. No:2 Esenyurt Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

22.01.1987

 

 

Com. Reg. No.:

230493

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of socks and sale of real estate

 

 

No. of Employees :

1,800

 

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 – September 30, 2013

 

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

Turkey

B2

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 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

:

GELAL CORAP SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Akcaburgaz Mah. 117. Sok. No:2 Esenyurt Istanbul / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The address was changed from "Cakmakli Mah 2. Cad. 117 Sok. No:2 Kirac Buyukcekmece" to "Akcaburgaz Mah. 117. Sok. No:2 Esenyurt" by the municipality.

PHONE NUMBER

:

90-212-886 65 35

 

FAX NUMBER

:

90-212-886 63 65

 

WEB-ADDRESS

:

www.gelalcorap.com.tr

E-MAIL

:

info@gelalcorap.com.tr

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Dis Ticaret 

TAX NO

:

3900037162

REGISTRATION NUMBER

:

230493

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

22.01.1987

ESTABLISHMENT GAZETTE DATE/NO

:

28.01.1987/1691

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

 

REGISTERED CAPITAL

:

TL   57.000.000

PAID-IN CAPITAL

:

TL   57.000.000

HISTORY

:

Previous Registered Capital

:

TL 5.000.000

Changed On

:

04.04.2005 (Commercial Gazette Date /Number 07.04.2005/ 6277)

Previous Registered Capital

:

TL 20.000.000

Changed On

:

12.06.2008 (Commercial Gazette Date /Number 17.06.2008/ 7085)

Previous Registered Capital

:

TL 56.000.000

Changed On

:

24.03.2010 (Commercial Gazette Date /Number 30.03.2010/ 7532)

Previous Address

:

Terazidere Mah. Gunes Sinan Sok. No:1 Bayrampasa- Istanbul

Changed On

:

26.10.2004 (Commercial Gazette Date /Number 01.11.2004/ 6168)

Merger

:

The subject took over and merged with "Gaffaroglu Insaat Sanayi ve Ticaret A.S.

Changed On

:

29.04.2011 (Commercial Gazette Date /Number 05.05.2011/ 7809)

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Salih Bekmezci

33,33 %

Erol Bekmezci

31,43 %

Huseyin Bekmezci

31,43 %

Others

 

 

 

SISTER COMPANIES

:

FALCON TEKSTIL SANAYI VE TICARET A.S.

 

SARLA TEKSTIL FILAMENT SANAYI VE TICARET A.S.

 

SUBSIDIARIES

:

FALCON TEKSTIL SANAYI VE TICARET A.S.  ( 94 % )

 

SARLA TEKSTIL FILAMENT SANAYI VE TICARET A.S.  ( 27 % )

 

BOARD OF DIRECTORS

:

Salih Bekmezci

Chairman

Erol Bekmezci

Vice-Chairman

Erdem Bekmezci

Member

Abdullah Bekmezci

Member

Huseyin Bekmezci

Member

Serdar Bekmezci

Member

 

 

OPERATIONS

 

 

NOTES ON OPERATIONS

:

A new business activity has been added.

 

 

BUSINESS ACTIVITIES

:

Manufacture and trade of socks and sale of real estate.

 

Sale of real estate has been added to the subjects' business line after the merger.

 

NACE CODE

:

DB.17.71

 

TRADEMARKS OWNED

:

Gelal

 

NUMBER OF EMPLOYEES

:

1.800

 

NET SALES

:

36.826.688 TL

(2005) 

43.232.819 TL

(2006) 

55.088.433 TL

(2007) 

61.690.390 TL

(2008) 

77.491.509 TL

(2009) 

97.104.625 TL

(2010) 

28.666.988 TL

(01.01-31.03.2011) 

 

 

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

:

Children’s Socks  (dozens/yr)

Men’s and Women’s Socks  ( dozens/yr)

 

 

399.600

1.829.400

 

(2006)

399.600

1.829.400

 

(2007)

399.600

2.660.400

 

(2008)

399.600

2.660.400

 

(2009)

399.600

2.660.400

 

(2010)

399.600

2.660.400

 

(2011)

 

 

 

 

IMPORT VALUE

:

6.095.219 USD

(2006)

7.350.000 USD

(2007)

9.250.000 USD

(2008)

10.768.135 USD

(2009)

12.000.000 USD

(2010)

 

 

 

IMPORT COUNTRIES

:

India

Germany

Italy

Switzerland

Spain

Austria

 

MERCHANDISE IMPORTED

:

Label

Machinery spare parts

Yarn

 

EXPORT VALUE

:

188.411 TL

(2006)

343.798 TL

(2007)

0 TL

(2008)

14.311 TL

(2009)

87.016.219 TL

(2010)

24.345.868 TL

(01.01-31.03.2011)

 

 

EXPORT COUNTRIES

:

Italy

Germany

India

Sweden

 

MERCHANDISE  EXPORTED

:

Hosiery

 

HEAD OFFICE ADDRESS

:

Akcaburgaz Mah. 117. Sok. No:2 Esenyurt  Istanbul / Turkey (owned)

 

BRANCHES

:

Head Office/Production Plant  :  Akcaburgaz Mah. 117. Sok. No:2 Esenyurt Istanbul/Turkey (owned) (25.000 sqm)

 

Production Plant  :  Sabanozu Cankiri/Turkey

           

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Akbank Hadimkoy Branch

Denizbank Hadimkoy Branch

Finansbank Hadimkoy Branch

Yapi ve Kredi Bankasi Hadimkoy Branch

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

 

KEY FINANCIAL ELEMENTS

:

 

(2007) TL

(2008) TL

(2009) TL

(2010) TL

(01.01-31.03.2011) TL

Net Sales

55.088.433

61.690.390

77.491.509

97.104.625

28.666.988

Profit (Loss) Before Tax

3.994.111

3.222.940

5.230.639

8.109.211

2.926.899

Stockholders' Equity

57.767.757

60.452.722

65.630.424

72.097.091

75.023.989

Total Assets

66.140.777

70.370.578

80.839.940

90.555.581

99.798.770

Current Assets

32.133.048

12.788.289

16.676.662

24.166.528

31.365.201

Non-Current Assets

34.007.729

57.582.289

64.163.278

66.389.053

68.433.569

Current Liabilities

8.234.240

9.917.856

15.209.516

18.458.490

24.774.781

Long-Term Liabilities

138.780

0

0

0

0

Gross Profit (loss)

9.814.659

8.591.434

11.400.998

15.132.940

5.353.797

Operating Profit (loss)

5.134.518

2.349.804

5.381.115

7.147.377

3.571.231

Net Profit (loss)

3.656.158

2.567.052

4.177.701

6.466.667

2.926.899

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

General Financial Position

General financial position is undetermined the firm declines to give us an authorization to gather its financial data. As the shares of the firm are not open to public, it is not obliged to announce its data.

 

 

 

 

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

 ( 01.01-31.03.2011)

5,40 %

1,5753

2,1664

2,5072

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 2013 )

6,97 %

1,9179

2,5530

3,0178

 

 

BALANCE SHEETS

 

 

 ( 31.12.2007 )  TL

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.03.2011 )  TL

 

CURRENT ASSETS

32.133.048

0,49

12.788.289

0,18

16.676.662

0,21

24.166.528

0,27

31.365.201

0,31

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

13.191.403

0,20

144.067

0,00

-4.261.441

-0,05

1.227.292

0,01

2.592.935

0,03

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

7.665.969

0,12

4.428.621

0,06

15.224.776

0,19

16.375.577

0,18

13.594.226

0,14

Other Receivable

343.973

0,01

402.465

0,01

515.302

0,01

673.947

0,01

3.084.497

0,03

Inventories

4.732.538

0,07

7.040.517

0,10

4.329.306

0,05

4.953.533

0,05

6.487.309

0,07

Advances Given

6.193.070

0,09

743.535

0,01

726.464

0,01

848.814

0,01

5.606.234

0,06

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

6.095

0,00

29.084

0,00

142.255

0,00

87.365

0,00

0

0,00

NON-CURRENT ASSETS

34.007.729

0,51

57.582.289

0,82

64.163.278

0,79

66.389.053

0,73

68.433.569

0,69

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

14.835

0,00

15.070

0,00

27.904

0,00

28.214

0,00

28.530

0,00

Financial Assets

0

0,00

20.260.000

0,29

33.300.000

0,41

33.570.000

0,37

33.570.000

0,34

Tangible Fixed Assets (net)

33.862.434

0,51

37.224.623

0,53

30.757.505

0,38

32.627.929

0,36

34.751.872

0,35

Intangible Assets

9.044

0,00

6.596

0,00

16.953

0,00

96.171

0,00

83.167

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

121.416

0,00

76.000

0,00

60.916

0,00

66.739

0,00

0

0,00

TOTAL ASSETS

66.140.777

1,00

70.370.578

1,00

80.839.940

1,00

90.555.581

1,00

99.798.770

1,00

CURRENT LIABILITIES

8.234.240

0,12

9.917.856

0,14

15.209.516

0,19

18.458.490

0,20

24.774.781

0,25

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

5.372.782

0,08

4.810.982

0,07

8.726.020

0,11

6.646.827

0,07

13.659.166

0,14

Accounts Payable

2.067.899

0,03

4.095.188

0,06

5.462.271

0,07

9.466.240

0,10

7.689.555

0,08

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

1.569.955

0,02

Other Short-term Payable

0

0,00

61.541

0,00

88.422

0,00

1.205.394

0,01

1.211.598

0,01

Advances from Customers

0

0,00

0

0,00

75.247

0,00

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

685.033

0,01

773.939

0,01

561.870

0,01

724.991

0,01

644.507

0,01

Provisions

108.526

0,00

176.206

0,00

295.686

0,00

415.038

0,00

0

0,00

Other Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

LONG-TERM LIABILITIES

138.780

0,00

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

0

0,00

Financial Loans

138.780

0,00

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

0

0,00

Long-term Payable

0

0,00

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

0

0,00

Other Long-term Liabilities

0

0,00

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

0

0,00

STOCKHOLDERS' EQUITY

57.767.757

0,87

60.452.722

0,86

65.630.424

0,81

72.097.091

0,80

75.023.989

0,75

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

20.000.000

0,30

56.000.000

0,80

56.000.000

0,69

57.000.000

0,63

57.000.000

0,57

Cross Shareholding Adjustment of Capital

0

0,00

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

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

34.111.599

0,52

1.885.670

0,03

4.452.723

0,06

8.630.424

0,10

15.097.090

0,15

Revaluation Fund

0

0,00

0

0,00

1.000.000

0,01

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

3.656.158

0,06

2.567.052

0,04

4.177.701

0,05

6.466.667

0,07

2.926.899

0,03

TOTAL LIABILITIES AND EQUITY

66.140.777

1,00

70.370.578

1,00

80.839.940

1,00

90.555.581

1,00

99.798.770

1,00

 

 

INCOME STATEMENTS

 

 

(2007) TL

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(01.01-31.03.2011) TL

 

Net Sales

55.088.433

1,00

61.690.390

1,00

77.491.509

1,00

97.104.625

1,00

28.666.988

1,00

Cost of Goods Sold

45.273.774

0,82

53.098.956

0,86

66.090.511

0,85

81.971.685

0,84

23.313.191

0,81

Gross Profit

9.814.659

0,18

8.591.434

0,14

11.400.998

0,15

15.132.940

0,16

5.353.797

0,19

Operating Expenses

4.680.141

0,08

6.241.630

0,10

6.019.883

0,08

7.985.563

0,08

1.782.566

0,06

Operating Profit

5.134.518

0,09

2.349.804

0,04

5.381.115

0,07

7.147.377

0,07

3.571.231

0,12

Other Income

850.120

0,02

2.090.413

0,03

1.819.642

0,02

2.584.046

0,03

242.483

0,01

Other Expenses

1.834.824

0,03

1.026.466

0,02

1.439.412

0,02

1.339.540

0,01

827.642

0,03

Financial Expenses

155.703

0,00

190.811

0,00

530.706

0,01

282.672

0,00

59.173

0,00

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

3.994.111

0,07

3.222.940

0,05

5.230.639

0,07

8.109.211

0,08

2.926.899

0,10

Tax Payable

337.953

0,01

655.888

0,01

1.052.938

0,01

1.642.544

0,02

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

3.656.158

0,07

2.567.052

0,04

4.177.701

0,05

6.466.667

0,07

2.926.899

0,10

 

 

FINANCIAL RATIOS

 

 

(2007)

(2008)

(2009)

(2010)

(01.01-31.03.2011)

LIQUIDITY RATIOS

 

Current Ratio

3,90

1,29

1,10

1,31

1,27

Acid-Test Ratio

2,57

0,50

0,75

0,99

0,78

Cash Ratio

1,60

0,01

-0,28

0,07

0,10

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,07

0,10

0,05

0,05

0,07

Short-term Receivable/Total Assets

0,12

0,07

0,19

0,19

0,17

Tangible Assets/Total Assets

0,51

0,53

0,38

0,36

0,35

TURNOVER RATIOS

 

Inventory Turnover

9,57

7,54

15,27

16,55

3,59

Stockholders' Equity Turnover

0,95

1,02

1,18

1,35

0,38

Asset Turnover

0,83

0,88

0,96

1,07

0,29

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,87

0,86

0,81

0,80

0,75

Current Liabilities/Total Assets

0,12

0,14

0,19

0,20

0,25

Financial Leverage

0,13

0,14

0,19

0,20

0,25

Gearing Percentage

0,14

0,16

0,23

0,26

0,33

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,06

0,04

0,06

0,09

0,04

Operating Profit Margin

0,09

0,04

0,07

0,07

0,12

Net Profit Margin

0,07

0,04

0,05

0,07

0,10

Interest Cover

26,65

17,89

10,86

29,69

50,46

COLLECTION-PAYMENT

 

Average Collection Period (days)

50,19

25,93

70,86

60,81

171,07

Average Payable Period (days)

16,44

27,76

29,75

41,57

118,74

WORKING CAPITAL

23898808,00

2870433,00

1467146,00

5708038,00

6590420,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.99

UK Pound

1

Rs.104.61

Euro

1

Rs.86.17

 

 

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.