MIRA INFORM REPORT

 

 

Report Date :

21.05.2014

 

IDENTIFICATION DETAILS

 

Name :

ADIL ISIK HAZIR GIYIM SANAYI VE TICARET A.S.

 

 

Registered Office :

Cendere Yolu No:23 Kagithane Istanbul

 

 

Country :

Turkey

 

 

Date of Incorporation :

20.01.1997

 

 

Com. Reg. No.:

361905

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacturer and Trader of women ready-wear. 

 

 

No of Employees :

1.150

 

 

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, 2013

 

Country Name

Previous Rating

(30.09.2013)

Current Rating

(01.12.2013)

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

 

 

NAME

:

ADIL ISIK HAZIR GIYIM SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Cendere Yolu No:23 Kagithane Istanbul / Turkey

PHONE NUMBER

:

90-212 295 42 60

 

FAX NUMBER

:

90-212-295 43 47

 

WEB-ADDRESS

:

www.adilisik.com

E-MAIL

:

info@adilisik.com

 

 

LEGAL STATUS AND HISTORY

 

 

NOTES ON LEGAL STATUS AND HISTORY

:

Change at tax no .

 

 

TAX OFFICE

:

Bogazici Kurumlar

TAX NO

:

0080792700

REMARKS ON TAX NO

:

The tax number was changed from "0080093142" to "0080792700" as the legal form changed from limited company to joint stock company.

REGISTRATION NUMBER

:

361905

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

20.01.1997

ESTABLISHMENT GAZETTE DATE/NO

:

23.01.1997/4215

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   28.000.000

HISTORY

:

Previous Legal Type

:

Limited Company

Changed On

:

31.10.2012 (Commercial Gazette Date /Number 06.11.2012/ 8187)

Previous Name

:

Adil Isik Hazir Giyim Sanayi ve Ticaret Ltd. Sti.

Changed On

:

31.10.2012 (Commercial Gazette Date /Number 06.11.2012/ 8187)

Previous Registered Capital

:

TL 20.000.000

Changed On

:

27.12.2011 (Commercial Gazette Date /Number 02.01.2012/ 7974)

Previous Address

:

Mesrutiyet Mah. Baytar Ahmet Sok. No:15 Sisli Istanbul

Changed On

:

31.10.2012 (Commercial Gazette Date /Number 06.11.2012/ 8187)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Adil Isik

99,98 %

Zehra Isik

0,01 %

Aysel Isik

0,01 %

 

 

SISTER COMPANIES

:

ADIL ISIK TEKSTIL DIS TICARET VE SANAYI LTD. STI.

HAYALYOLU TURIZM SANAYI VE TICARET LTD. STI.

 

BOARD OF DIRECTORS

:

Adil Isik

 

 

 

 

 

OPERATIONS

 

 

NOTES ON OPERATIONS

:

The firm orders production to contract manufacturers.

 

 

BUSINESS ACTIVITIES

:

Manufacture and trade of women ready-wear. 

 

The subject also orders women ready-wear to be manufactured in the name of the subject company to contract manufacturers. 

 

The subject has declared that, it has totally 2 wholesale trade stores and 67 retail stores in Turkey.

 

 

NACE CODE

:

DB.18.22

 

 

SECTOR

:

Ready-wear

 

 

NUMBER OF EMPLOYEES

:

1.150

 

 

NET SALES

:

72.878.279 TL

(2008) 

77.879.720 TL

(2009) 

99.177.693 TL

(2010) 

125.466.832 TL

(2011) 

131.347.000 TL

(2012) 

 

 

 

REMARKS ON NET SALES

:

The sales figure of 2012 is declared by the subject. There is no certification for this figure.

 

 

IMPORT COUNTRIES

:

Spain

Italy

Syria

 

 

MERCHANDISE IMPORTED

:

Fabric

Yarn

 

 

EXPORT VALUE

:

10.570 USD Thousand

(2008)

6.128 USD Thousand

(2009)

10.013 USD Thousand

(2010)

7.585 USD Thousand

(2011)

 

 

 

EXPORT COUNTRIES

:

Northern Cyprus Turkish Republic

Croatia

U.A.E.

Ukraine

Bulgaria

Albania

France

 

 

MERCHANDISE  EXPORTED

:

Ready-wear

 

 

HEAD OFFICE ADDRESS

:

Cendere Yolu No:23 Kagithane Istanbul / Turkey

 

 

BRANCHES

:

Head Office/Factory  :  Cendere Yolu No:23 Kagithane Istanbul/Turkey

 

 

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2012.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Akbank Galata Branch

Garanti Bankasi Rumeli Caddesi Branch

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2008) TL

(2009) TL

(2010) TL

(2011) TL

 

Net Sales

72.878.279

77.879.720

99.177.693

125.466.832

 

Profit (Loss) Before Tax

3.954.034

475.466

-420.588

1.029.532

 

Stockholders' Equity

15.195.783

15.431.301

14.665.285

28.611.810

 

Total Assets

36.315.330

38.513.604

52.552.249

72.535.617

 

 

 

COMMENT ON FINANCIAL POSITION

 

 

Capitalization

Satisfactory As of 31.12.2011

Profitability

Good Net Profitability  in 2008

Low Net Profitability  in 2009

Net Loss  in 2010

Low Net Profitability  in 2011

 

General Financial Position

Fair

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

 ( 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

 ( 01.01-30.04.2014)

5,61 %

2,1807

2,9954

3,6333

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs. 58.74

UK Pound

1

Rs. 98.77

Euro

1

Rs. 80.52

 

 

INFORMATION DETAILS

 

Analysis Done by :

KRN

 

 

Report Prepared by :

DPT

 

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.