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Report Date : |
29.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
AKYIGIT
MAGAZACILIK A.S. |
|
|
|
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Formerly Known as : |
Ekrem Akyigit Tekstil Sanayi ve Ticaret Ltd.
Sti. |
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Registered Office : |
Demirkapi Mah. Inonu Cad. No:44-48 Mahmutbey Bagcilar |
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Country : |
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|
|
|
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
14.06.1993 |
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|
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Com. Reg. No.: |
300095 |
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Legal Form : |
Joint Stock Company |
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|
|
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Line of Business : |
Retail trader of
Ready-Wear and administration
of Chain Stores under the name of "Collezione". |
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|
|
|
No of Employees : |
1.600 |
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 |
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|
|
|
Payment Behaviour : |
No Complaints |
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|
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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 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Turkey |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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
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||
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NAME |
: |
AKYIGIT MAGAZACILIK A.S. |
|
HEAD OFFICE ADDRESS |
: |
Demirkapi Mah. Inonu Cad. No:44-48 Mahmutbey Bagcilar Istanbul /
Turkey |
|
PHONE NUMBER |
: |
90-212-447 12 12 |
|
FAX NUMBER |
: |
90-212-447 02 96 |
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WEB-ADDRESS |
: |
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E-MAIL |
: |
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LEGAL STATUS AND HISTORY
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NOTES ON
LEGAL STATUS AND HISTORY |
: |
The paid-in
capital is declared by the subject. There is no certification for the paid-in
capital.. |
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TAX OFFICE |
: |
Buyuk Mukellefler |
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TAX NO |
: |
3300016584 |
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REGISTRATION NUMBER |
: |
300095 |
||||||||||||||||||||||||||||||||||||||||||||||||||
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REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
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DATE ESTABLISHED |
: |
14.06.1993 |
||||||||||||||||||||||||||||||||||||||||||||||||||
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ESTABLISHMENT GAZETTE DATE/NO |
: |
17.06.1993/3300 |
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LEGAL FORM |
: |
Joint Stock Company |
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TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
TL 70.000.000 |
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|
PAID-IN CAPITAL |
: |
TL 70.000.000 |
||||||||||||||||||||||||||||||||||||||||||||||||||
|
HISTORY |
: |
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OWNERSHIP / MANAGEMENT
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SHAREHOLDERS |
: |
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|
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SISTER COMPANIES |
: |
Declared to be: None |
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BOARD OF DIRECTORS |
: |
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OPERATIONS
|
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|
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BUSINESS ACTIVITIES |
: |
Retail trade of ready-wear and administration of chain stores under
the name of "Collezione". The firm has 70 stores in Turkey and 6 stores in abroad. The subject which was dealing with manufacture and trade of ready-wear
has declared that, it stopped manufacturing activity in 2007 and started to
deal with trade of ready-wear and administration of stores. |
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NACE CODE |
: |
G .52.42 |
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SECTOR |
: |
Commerce |
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TRADEMARKS TRADED |
: |
Collezione |
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NUMBER OF EMPLOYEES |
: |
1.600 |
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NET SALES |
: |
|
||||||
|
REMARKS ON NET SALES |
: |
The sales figures of 2012 and 2013 are declared by the company. There
is no certification for these figures. |
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CAPACITY |
: |
None |
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PRODUCTION |
: |
None |
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IMPORT COUNTRIES |
: |
China Indonesia India Vietnam Pakistan Bangladesh |
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MERCHANDISE IMPORTED |
: |
Footwear Ready-wear |
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EXPORT COUNTRIES |
: |
Georgia Belgium Jordan Northern Cyprus Turkish Republic Iraq Macedonia Republic Malta Moldova Saudi Arabia U.K. |
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MERCHANDISE EXPORTED |
: |
Footwear Ready-wear |
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HEAD OFFICE ADDRESS |
: |
Demirkapi Mah. Inonu Cad. No:44-48 Mahmutbey Bagcilar Istanbul / Turkey ( rented ) |
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BRANCHES |
: |
Warehouse : Kirac Istanbul/Turkey (rented) Head Office/Warehouse : Demirkapi Mah. Inonu Cad. No:44-48 Mahmutbey
Bagcilar Istanbul/Turkey (rented) |
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INVESTMENTS |
: |
None |
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TREND OF BUSINESS |
: |
There was an upwards trend in
2009. Trend of business appears to be steady in 1.1 - 30.6.2010. |
|
SIZE OF BUSINESS |
: |
Giant |
FINANCE
|
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|
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MAIN DEALING BANKS |
: |
Akbank Bati Kurumsal Branch Garanti Bankasi Yenibosna Branch T. Is Bankasi Gunesli Kurumsal Branch Yapi ve Kredi Bankasi Medya Branch |
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CREDIT FACILITIES |
: |
The subject company is making use of credit facilities. |
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PAYMENT BEHAVIOUR |
: |
No payment delays have come to our knowledge. |
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KEY FINANCIAL ELEMENTS |
: |
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Capitalization |
Low As of 31.03.2012 |
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Remarks on Capitalization |
There has been capital increase after the date of last balance sheet,
the increase was financed mainly by the merger. A part of liabilities consist of loans from shareholders. |
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Liquidity |
Insufficient As of 31.03.2012 |
|
Remarks On Liquidity |
A part of current liabilities consist of short-term loans from shareholders rather
than liabilities to third parties. |
|
General Financial Position |
Unsatisfactory |
|
Remarks on General Financial Position |
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 |
|
( 01.01-31.03.2012) |
0,65 % |
1,7995 |
2,3799 |
2,8402 |
|
( 2012 ) |
2,45 % |
1,7995 |
2,3265 |
2,8593 |
|
( 2013 ) |
6,97 % |
1,9179 |
2,5530 |
3,0178 |
|
( 01.01-30.06.2014) |
5,12 % |
2,1608 |
2,9618 |
3,6153 |
BALANCE SHEETS
|
||
|
|
( 31.03.2012 ) TL |
|
|
CURRENT ASSETS |
61.741.727 |
0,75 |
|
Not Detailed Current Assets |
0 |
0,00 |
|
Cash and Banks |
5.530.533 |
0,07 |
|
Marketable Securities |
0 |
0,00 |
|
Account Receivable |
8.591.487 |
0,10 |
|
Other Receivable |
3.735.040 |
0,05 |
|
Inventories |
35.298.840 |
0,43 |
|
Advances Given |
21.056 |
0,00 |
|
Accumulated Construction Expense |
0 |
0,00 |
|
Other Current Assets |
8.564.771 |
0,10 |
|
NON-CURRENT ASSETS |
21.008.973 |
0,25 |
|
Not Detailed Non-Current Assets |
0 |
0,00 |
|
Long-term Receivable |
426.447 |
0,01 |
|
Financial Assets |
27.000 |
0,00 |
|
Tangible Fixed Assets (net) |
9.502.904 |
0,11 |
|
Intangible Assets |
9.818.249 |
0,12 |
|
Deferred Tax Assets |
0 |
0,00 |
|
Other Non-Current Assets |
1.234.373 |
0,01 |
|
TOTAL ASSETS |
82.750.700 |
1,00 |
|
CURRENT LIABILITIES |
59.644.090 |
0,72 |
|
Not Detailed Current Liabilities |
0 |
0,00 |
|
Financial Loans |
13.944.747 |
0,17 |
|
Accounts Payable |
38.035.688 |
0,46 |
|
Loans from Shareholders |
2.121.689 |
0,03 |
|
Other Short-term Payable |
1.854.044 |
0,02 |
|
Advances from Customers |
90.944 |
0,00 |
|
Accumulated Construction Income |
0 |
0,00 |
|
Taxes Payable |
1.736.004 |
0,02 |
|
Provisions |
0 |
0,00 |
|
Other Current Liabilities |
1.860.974 |
0,02 |
|
LONG-TERM LIABILITIES |
11.514.374 |
0,14 |
|
Not Detailed Long-term Liabilities |
0 |
0,00 |
|
Financial Loans |
10.221.763 |
0,12 |
|
Securities Issued |
0 |
0,00 |
|
Long-term Payable |
0 |
0,00 |
|
Loans from Shareholders |
0 |
0,00 |
|
Other Long-term Liabilities |
1.292.611 |
0,02 |
|
Provisions |
0 |
0,00 |
|
STOCKHOLDERS' EQUITY |
11.592.236 |
0,14 |
|
Not Detailed Stockholders' Equity |
11.592.236 |
0,14 |
|
Paid-in Capital |
0 |
0,00 |
|
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) |
0 |
0,00 |
|
TOTAL LIABILITIES AND EQUITY |
82.750.700 |
1,00 |
|
REMARKS ON FINANCIAL STATEMENT |
: |
The income statement of 01.01.-31.03.2012 is not available. 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 77.211 is
"Doubtful Trade Receivables" at the last balance sheet. TL 0 of "Tax Payable" is due to "Overdue, Delayed or
Deferred Tax by Installments and Other Liabilities" at the last balance
sheet. |
FINANCIAL
RATIOS
|
|
|
|
(01.01-31.03.2012) |
|
LIQUIDITY RATIOS |
|
|
Current Ratio |
1,04 |
|
Acid-Test Ratio |
0,30 |
|
Cash Ratio |
0,09 |
|
ASSET STRUCTURE RATIOS |
|
|
Inventory/Total Assets |
0,43 |
|
Short-term Receivable/Total Assets |
0,15 |
|
Tangible Assets/Total Assets |
0,11 |
|
FINANCIAL STRUCTURE |
|
|
Stockholders' Equity/Total Assets |
0,14 |
|
Current Liabilities/Total Assets |
0,72 |
|
Financial Leverage |
0,86 |
|
Gearing Percentage |
6,14 |
|
WORKING CAPITAL |
2097637,00 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.10 |
|
UK Pound |
1 |
Rs.102.04 |
|
Euro |
1 |
Rs.80.74 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
MNL |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.