MIRA INFORM REPORT

 

 

Report Date :

31.05.2014

 

IDENTIFICATION DETAILS

 

Name :

ABC TEKSTIL GIYIM SANAYI VE TICARET LTD. STI.

 

 

Registered Office :

Sahinler Mah. Kume Evler No:136 20145 Pinarkent Merkez Denizli

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2013

 

 

Year of Establishment :

1996

 

 

Com. Reg. No.:

15458

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacture, weaving and trade of towel, bathrobe, bed covers

 

 

No of Employees :

175

 

 

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 – March 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Turkey

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately  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

:

ABC TEKSTIL GIYIM SANAYI VE TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Sahinler Mah. Kume Evler No:136 20145 Pinarkent Merkez Denizli / Turkey

PHONE NUMBER

:

90-258-286 56 91

 

FAX NUMBER

:

90-258-286 58 25

 

WEB-ADDRESS

:

www.abctekstil.com

E-MAIL

:

abc@abctekstil.com

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Saraylar

TAX NO

:

0010080464

REGISTRATION NUMBER

:

15458

REGISTERED OFFICE

:

Denizli Chamber of Commerce

DATE ESTABLISHED

:

1996

ESTABLISHMENT GAZETTE DATE /NO

:

12.12.1996/4186

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   8.500.000

PAID-IN CAPITAL

:

TL   8.500.000

HISTORY

:

Previous Registered Capital

:

TL 4.000.000

Changed On

:

08.12.2009 (Commercial Gazette Date /Number 16.12.2009/ 7459)

Previous Registered Capital

:

TL 5.000.000

Changed On

:

22.06.2012 (Commercial Gazette Date /Number 27.06.2012/ 8099)

Previous Registered Capital

:

TL 7.850.000

Changed On

:

25.06.2013 (Commercial Gazette Date /Number 04.07.2013/ 8356)

Previous Address

:

Babadaglilar Ishani No:34 Merkez

Changed On

:

16.08.2013 (Commercial Gazette Date /Number 21.08.2013/ 8388)

Merger

:

The subject took over and merged with ''Havlum Tekstil Giyim Sanayi ve Ticaret Ltd. Sti.''

Changed On

:

24.06.2013 (Commercial Gazette Date /Number 04.07.2013/ 8356)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Cemal Gursel Ozdemir

95 %

Atilla Ozdemir

5 %

 

 

SISTER COMPANIES

:

Declared to be: None

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Filiz Ozdemir

 

Atilla Ozdemir

 

Cemal Gursel Ozdemir

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture, weaving and trade of towel, bathrobe, bed covers.

 

NACE CODE

:

DB.17.00

 

TRADEMARKS OWNED

:

Ladik

 

NUMBER OF EMPLOYEES

:

175

 

 

NET SALES

:

22.949 TL Thousand

(2012) 

23.131 TL Thousand

(2013) 

7.475 TL Thousand

(01.01-31.03.2014) 

 

 

IMPORT COUNTRIES

:

Turkmenistan

Pakistan

 

MERCHANDISE IMPORTED

:

Yarn

 

EXPORT VALUE

:

18.965.147 TL

(2012)

20.107.646 TL

(2013)

6.031.126 TL

(01.01-31.03.2014)

 

 

EXPORT COUNTRIES

:

U.S.A.

Canada

Germany

U.K.

Belgium

Netherlands

Bulgaria

Italy

Spain

Finland

MERCHANDISE  EXPORTED

:

Bathrobe

Towel

HEAD OFFICE ADDRESS

:

Sahinler Mah. Kume Evler No:136 20145 Pinarkent Merkez Denizli / Turkey

BRANCHES

:

Factory  :  Sahinler Koyu 20250 Pinarkent Denizli/Turkey  (7.500 sqm)

 

Branch Office  :  Babadaglilar Ishani No:34 Merkez Denizli/Turkey

 

TREND OF BUSINESS

:

There was a slowdown at business volume in real terms in  2013.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

CREDIT FACILITIES

:

The subject company is making use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2012) TL Thousand

(2013) TL Thousand

(01.01-31.03.2014) TL Thousand

 

 

Net Sales

22.949

23.131

7.475

 

 

Profit (Loss) Before Tax

516

432

113

 

 

Stockholders' Equity

9.176

10.016

 

 

 

Total Assets

15.878

21.648

 

 

 

Current Assets

9.396

15.204

 

 

 

Non-Current Assets

6.482

6.444

 

 

 

Current Liabilities

3.671

9.430

 

 

 

Long-Term Liabilities

3.031

2.202

 

 

 

Gross Profit (loss)

3.730

4.545

1.172

 

 

Operating Profit (loss)

554

1.436

261

 

 

Net Profit (loss)

409

341

113

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

In Order As of 31.12.2013

Liquidity

Fair As of 31.12.2013

Remarks On Liquidity

The favorable gap between average collection and average payable period has a positive effect on liquidity.

Profitability

Fair Operating Profitability  in 2012

Fair Net Profitability  in 2012

Good Operating Profitability  in 2013

Low Net Profitability  in 2013

Fair Operating Profitability (01.01-31.03.2014)

Low Net Profitability (01.01-31.03.2014)

 

Gap between average collection and payable periods

Favorable in 2013

General Financial Position

Fair

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 ( 2013 )

6,97 %

1,9179

2,5530

3,0178

 ( 01.01-31.03.2014)

5,52 %

2,1961

3,0116

3,6488

 ( 01.01-30.04.2014)

5,61 %

2,1807

2,9954

3,6333

 

 

BALANCE SHEETS

 

 

 ( 31.12.2012 )  TL Thousand

 

 ( 31.12.2013 )  TL Thousand

 

CURRENT ASSETS

9.396

0,59

15.204

0,70

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

958

0,06

1.180

0,05

Marketable Securities

109

0,01

85

0,00

Account Receivable

2.644

0,17

4.338

0,20

Other Receivable

162

0,01

310

0,01

Inventories

5.316

0,33

9.106

0,42

Advances Given

103

0,01

36

0,00

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

104

0,01

149

0,01

NON-CURRENT ASSETS

6.482

0,41

6.444

0,30

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

0

0,00

1

0,00

Financial Assets

480

0,03

480

0,02

Tangible Fixed Assets (net)

5.936

0,37

5.919

0,27

Intangible Assets

46

0,00

27

0,00

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

20

0,00

17

0,00

TOTAL ASSETS

15.878

1,00

21.648

1,00

CURRENT LIABILITIES

3.671

0,23

9.430

0,44

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

1.040

0,07

2.349

0,11

Accounts Payable

2.289

0,14

6.095

0,28

Loans from Shareholders

17

0,00

268

0,01

Other Short-term Payable

154

0,01

199

0,01

Advances from Customers

11

0,00

299

0,01

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

94

0,01

190

0,01

Provisions

26

0,00

0

0,00

Other Current Liabilities

40

0,00

30

0,00

LONG-TERM LIABILITIES

3.031

0,19

2.202

0,10

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

2.470

0,16

2.202

0,10

Securities Issued

0

0,00

0

0,00

Long-term Payable

561

0,04

0

0,00

Loans from Shareholders

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

9.176

0,58

10.016

0,46

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

7.850

0,49

8.500

0,39

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

357

0,02

615

0,03

Revaluation Fund

560

0,04

560

0,03

Accumulated Losses(-)

0

0,00

0

0,00

Net Profit (loss)

409

0,03

341

0,02

TOTAL LIABILITIES AND EQUITY

15.878

1,00

21.648

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 289 is "Doubtful Trade Receivables" and -TL thousand 289 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:0, Due From Personnel:0, Other Miscellaneous Receivables:310, Other Receivable Total:310. 

 

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

 

 

INCOME STATEMENTS

 

 

(2012) TL Thousand

 

(2013) TL Thousand

 

(01.01-31.03.2014) TL Thousand

 

Net Sales

22.949

1,00

23.131

1,00

7.475

1,00

Cost of Goods Sold

19.219

0,84

18.586

0,80

6.303

0,84

Gross Profit

3.730

0,16

4.545

0,20

1.172

0,16

Operating Expenses

3.176

0,14

3.109

0,13

911

0,12

Operating Profit

554

0,02

1.436

0,06

261

0,03

Other Income

600

0,03

395

0,02

116

0,02

Other Expenses

371

0,02

210

0,01

117

0,02

Financial Expenses

267

0,01

1.189

0,05

147

0,02

Minority Interests

0

0,00

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

0

0,00

Profit (loss) Before Tax

516

0,02

432

0,02

113

0,02

Tax Payable

107

0,00

91

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

409

0,02

341

0,01

113

0,02

 

 

FINANCIAL RATIOS

 

 

(2012)

(2013)

 

LIQUIDITY RATIOS

 

 

Current Ratio

2,56

1,61

 

Acid-Test Ratio

1,06

0,63

 

Cash Ratio

0,29

0,13

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,33

0,42

 

Short-term Receivable/Total Assets

0,18

0,21

 

Tangible Assets/Total Assets

0,37

0,27

 

TURNOVER RATIOS

 

 

Inventory Turnover

3,62

2,04

 

Stockholders' Equity Turnover

2,50

2,31

 

Asset Turnover

1,45

1,07

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,58

0,46

 

Current Liabilities/Total Assets

0,23

0,44

 

Financial Leverage

0,42

0,54

 

Gearing Percentage

0,73

1,16

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,04

0,03

 

Operating Profit Margin

0,02

0,06

 

Net Profit Margin

0,02

0,01

 

Interest Cover

2,93

1,36

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

41,48

67,53

 

Average Payable Period (days)

53,38

118,06

 

WORKING CAPITAL

5725,00

5774,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.59.03

UK Pound

1

Rs.98.91

Euro

1

Rs.80.33

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

SHG

 

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.