MIRA INFORM REPORT

 

 

Report Date :

31.05.2014

 

 

 

IDENTIFICATION DETAILS

 

Name :

GOKHAN TEKSTIL SANAYI VE TICARET A.S.

 

 

Registered Office :

Akhan Mah. Ataturk Blv. No:1 Merkez  Denizli

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2013 (Balance Sheets)

31.03.2014 (Income Statements)

 

 

Date of Incorporation :

31.12.1984

 

 

Com. Reg. No.:

7614

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

subject is an integrated manufacturer of woven terry towels and bathrobes   

 

 

No of Employees :

650

 

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

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% in 2012-13. Turkey's public sector debt to GDP ratio has fallen below 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 reached nearly $195 billion at year-end 2013, reflecting Turkey's good 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, 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

 

 

NOTES

:

Address at your inquiry was changed by the authority/municipality.

 

 

COMPANY IDENTIFICATION

 

NAME

:

GOKHAN TEKSTIL SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Akhan Mah. Ataturk Blv. No:1 Merkez  Denizli / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The address was changed from "Ankara Asfalti Uzeri 6. Km. Denizli" to "Akhan Mah. Ataturk Blv. No:1 Merkez Denizli" by the municipality.

PHONE NUMBER

:

90-258-268 06 57

 

FAX NUMBER

:

90-258-268 49 23

 

WEB-ADDRESS

:

www.gokhan.com.tr

E-MAIL

:

gokhan@gokhan.com.tr   

 

 

LEGAL STATUS AND HISTORY

 

NOTES ON LEGAL STATUS AND HISTORY

:

Capital reduction.

 

 

TAX OFFICE

:

Saraylar

TAX NO

:

4030005828

REGISTRATION NUMBER

:

7614

REGISTERED OFFICE

:

Denizli Chamber of Commerce

DATE ESTABLISHED

:

31.12.1984

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   25.000.000

PAID-IN CAPITAL

:

TL   25.000.000

HISTORY

:

Merger

:

The subject took over and merged with "Atilim Tekstil Sanayi ve Dis Ticaret A.S".

Changed On

:

23.05.2006 (Commercial Gazette Date /Number 30.05.2006/ 6566)

Other Changes

:

The registered capital was reduced from TL 55.000.000 to TL 25.000.000 with the decision of Denizli Commercial Court of First Instance dated 18.03.2009 numbered 2009/364.

Changed On

:

07.07.2009 (Commercial Gazette Date /Number 15.07.2009/ 7354)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Ahmet Goksin

70 %

Fahri Goksin

15,50 %

Gokhan Goksin

14,50 %

 

 

SISTER COMPANIES

:

GOKSIN GAYRIMENKUL YATIRIM INSAAT VE TURIZM A.S.

 

SUBSIDIARIES

:

GOKSIN GAYRIMENKUL YATIRIM INSAAT VE TURIZM A.S.

 

BOARD OF DIRECTORS

:

Ahmet Goksin

Chairman

Gokhan Goksin

Vice-Chairman

Fahri Goksin

Member

 

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

The subject is an integrated manufacturer of woven terry towels and bathrobes.  The firm has 5 factories in Denizli.

 

NACE CODE

:

DB.17.21 

 

SECTOR

:

Textile

 

NUMBER OF EMPLOYEES

:

650

 

NET SALES

:

44.162.437 TL

(2009) 

56.383.297 TL

(2010) 

61.834.852 TL

(2011) 

75.131 TL Thousand

(2012) 

86.922 TL Thousand

(2013) 

24.323 TL Thousand

(01.01-31.03.2014) 

 

 

IMPORT VALUE

:

3.920.000 USD

(2011)

7.556.000 USD

(2012)

 

 

IMPORT COUNTRIES

:

Free Zone

Germany

Netherlands

India

Syria

China

Turkish Republics

Far East Countries

 

MERCHANDISE IMPORTED

:

Raw materials

Yarn

 

EXPORT VALUE

:

13.691.248 TL

(2009)

15.120.720 TL

(2010)

12.130.637 TL

(2011)

8.630.417 TL

(2012)

16.358.401 TL

(2013)

3.958.058 TL

(01.01-31.03.2014)

 

 

EXPORT COUNTRIES

:

France

Russia

U.S.A.

Germany

Italy

Bulgaria

Ukraine

Czech Republic

Egypt

Romania

Taiwan

Tunisia

Hong-Kong

Poland

Portugal

Greece

China

Saudi Arabia

 

MERCHANDISE  EXPORTED

:

Textile

 

HEAD OFFICE ADDRESS

:

Akhan Mah. Ataturk Blv. No:1 Merkez   Denizli / Turkey

 

BRANCHES

:

Factory  :  Organize Sanayi Bolgesi Denizli/Turkey

 

Head Office/Factory  :  Akhan Mah. Ataturk Blv. No:1 Merkez Denizli/Turkey        

 

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2013.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

MAIN DEALING BANKS

:

Finans Bank Denizli Branch

Garanti Bankasi Denizli Branch

ING Bank Denizli Branch

Tekstil Bankasi Denizli Branch

Turk Ekonomi Bankasi Denizli Branch

 

CREDIT FACILITIES

:

The subject rarely makes use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2010) TL

(2011) TL

(2012) TL Thousand

(2013) TL Thousand

(01.01-31.03.2014) TL Thousand

Net Sales

56.383.297

61.834.852

75.131

86.922

24.323

Profit (Loss) Before Tax

6.302.649

8.281.690

5.853

17.620

3.924

Stockholders' Equity

55.600.215

68.960.832

73.925

82.370

 

Total Assets

61.210.487

76.295.219

83.245

99.265

 

Current Assets

34.072.461

51.243.454

47.838

70.749

 

Non-Current Assets

27.138.026

25.051.765

35.407

28.516

 

Current Liabilities

5.610.272

7.334.387

9.320

16.895

 

Long-Term Liabilities

0

0

0

0

 

Gross Profit (loss)

12.390.552

10.044.482

13.127

16.180

4.384

Operating Profit (loss)

7.682.416

3.823.041

4.903

7.607

2.350

Net Profit (loss)

5.034.607

6.997.718

4.667

14.253

3.924

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

High As of 31.12.2013

Liquidity

High As of 31.12.2013

Remarks On Liquidity

The unfavorable gap between average collection and average payable period has an adverse effect on liquidity.

Profitability

High Operating Profitability  in 2010

High Net Profitability  in 2010

Good Operating Profitability  in 2011

High Net Profitability  in 2011

Good Operating Profitability  in 2012

High Net Profitability  in 2012

Good Operating Profitability  in 2013

High Net Profitability  in 2013

High Operating Profitability (01.01-31.03.2014)

High Net Profitability (01.01-31.03.2014)

 

Gap between average collection and payable periods

Unfavorable in 2013

General Financial Position

Good

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 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

 

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL Thousand

 

 ( 31.12.2013 )  TL Thousand

 

 

 

CURRENT ASSETS

34.072.461

0,56

51.243.454

0,67

47.838

0,57

70.749

0,71

 

 

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Cash and Banks

4.549.629

0,07

8.798.629

0,12

10.047

0,12

14.562

0,15

 

 

Marketable Securities

1.020.950

0,02

1.267.614

0,02

1.172

0,01

3.597

0,04

 

 

Account Receivable

15.253.174

0,25

24.290.628

0,32

24.263

0,29

26.362

0,27

 

 

Other Receivable

833.647

0,01

4.540.142

0,06

123

0,00

1.019

0,01

 

 

Inventories

12.067.778

0,20

12.031.390

0,16

11.275

0,14

23.691

0,24

 

 

Advances Given

9.508

0,00

84

0,00

16

0,00

0

0,00

 

 

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Other Current Assets

337.775

0,01

314.967

0,00

942

0,01

1.518

0,02

 

 

NON-CURRENT ASSETS

27.138.026

0,44

25.051.765

0,33

35.407

0,43

28.516

0,29

 

 

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Long-term Receivable

4.036

0,00

3.550

0,00

6

0,00

4

0,00

 

 

Financial Assets

3.598.109

0,06

3.598.109

0,05

3.597

0,04

3.598

0,04

 

 

Tangible Fixed Assets (net)

23.468.101

0,38

21.417.095

0,28

31.799

0,38

24.653

0,25

 

 

Intangible Assets

67.780

0,00

33.011

0,00

5

0,00

66

0,00

 

 

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Other Non-Current Assets

0

0,00

0

0,00

0

0,00

195

0,00

 

 

TOTAL ASSETS

61.210.487

1,00

76.295.219

1,00

83.245

1,00

99.265

1,00

 

 

CURRENT LIABILITIES

5.610.272

0,09

7.334.387

0,10

9.320

0,11

16.895

0,17

 

 

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Financial Loans

252.102

0,00

51.693

0,00

326

0,00

343

0,00

 

 

Accounts Payable

2.957.956

0,05

5.318.714

0,07

5.536

0,07

13.219

0,13

 

 

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Other Short-term Payable

43.534

0,00

41.780

0,00

50

0,00

59

0,00

 

 

Advances from Customers

428.025

0,01

0

0,00

0

0,00

0

0,00

 

 

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Taxes Payable

1.123.265

0,02

631.764

0,01

520

0,01

603

0,01

 

 

Provisions

115.540

0,00

513.689

0,01

477

0,01

1.922

0,02

 

 

Other Current Liabilities

689.850

0,01

776.747

0,01

2.411

0,03

749

0,01

 

 

LONG-TERM LIABILITIES

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

 

 

Financial Loans

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

 

 

Long-term Payable

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

 

 

Other Long-term Liabilities

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

 

 

STOCKHOLDERS' EQUITY

55.600.215

0,91

68.960.832

0,90

73.925

0,89

82.370

0,83

 

 

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Paid-in Capital

25.000.000

0,41

25.000.000

0,33

25.000

0,30

25.000

0,25

 

 

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Inflation Adjustment of Capital

973.878

0,02

973.879

0,01

974

0,01

974

0,01

 

 

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Reserves

24.663.323

0,40

36.060.828

0,47

43.356

0,52

42.215

0,43

 

 

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Accumulated Losses(-)

-71.593

0,00

-71.593

0,00

-72

0,00

-72

0,00

 

 

Net Profit (loss)

5.034.607

0,08

6.997.718

0,09

4.667

0,06

14.253

0,14

 

 

TOTAL LIABILITIES AND EQUITY

61.210.487

1,00

76.295.219

1,00

83.245

1,00

99.265

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 2.372 is "Doubtful Trade Receivables" and -TL thousand 2.346 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:918,Due From Participations:0,Due From Affiliated Companies:0,Due From Personnel:0,Other Miscellaneous Receivables:101,Other Receivable Total:1.019                                                                                                                                                   

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

 

At the last income statement TL thousand 1.683 of the other income is due to "Profit from Foreign Currency Exchange".                                                                                                                                                                                                                                                               

 

 

INCOME STATEMENTS

 

 

(2010) TL

 

(2011) TL

 

(2012) TL Thousand

 

(2013) TL Thousand

 

(01.01-31.03.2014) TL Thousand

 

Net Sales

56.383.297

1,00

61.834.852

1,00

75.131

1,00

86.922

1,00

24.323

1,00

Cost of Goods Sold

43.992.745

0,78

51.790.370

0,84

62.004

0,83

70.742

0,81

19.939

0,82

Gross Profit

12.390.552

0,22

10.044.482

0,16

13.127

0,17

16.180

0,19

4.384

0,18

Operating Expenses

4.708.136

0,08

6.221.441

0,10

8.224

0,11

8.573

0,10

2.034

0,08

Operating Profit

7.682.416

0,14

3.823.041

0,06

4.903

0,07

7.607

0,09

2.350

0,10

Other Income

5.231.349

0,09

6.891.041

0,11

2.935

0,04

11.624

0,13

2.227

0,09

Other Expenses

6.518.740

0,12

2.381.124

0,04

1.979

0,03

1.552

0,02

649

0,03

Financial Expenses

92.376

0,00

51.268

0,00

6

0,00

59

0,00

4

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

6.302.649

0,11

8.281.690

0,13

5.853

0,08

17.620

0,20

3.924

0,16

Tax Payable

1.268.042

0,02

1.283.972

0,02

1.186

0,02

3.367

0,04

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

5.034.607

0,09

6.997.718

0,11

4.667

0,06

14.253

0,16

3.924

0,16

 

FINANCIAL RATIOS

 

 

(2010)

(2011)

(2012)

(2013)

 

LIQUIDITY RATIOS

 

 

Current Ratio

6,07

6,99

5,13

4,19

 

Acid-Test Ratio

3,86

5,30

3,82

2,70

 

Cash Ratio

0,99

1,37

1,20

1,07

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,20

0,16

0,14

0,24

 

Short-term Receivable/Total Assets

0,26

0,38

0,29

0,28

 

Tangible Assets/Total Assets

0,38

0,28

0,38

0,25

 

TURNOVER RATIOS

 

 

Inventory Turnover

3,65

4,30

5,50

2,99

 

Stockholders' Equity Turnover

1,01

0,90

1,02

1,06

 

Asset Turnover

0,92

0,81

0,90

0,88

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,91

0,90

0,89

0,83

 

Current Liabilities/Total Assets

0,09

0,10

0,11

0,17

 

Financial Leverage

0,09

0,10

0,11

0,17

 

Gearing Percentage

0,10

0,11

0,13

0,21

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,09

0,10

0,06

0,17

 

Operating Profit Margin

0,14

0,06

0,07

0,09

 

Net Profit Margin

0,09

0,11

0,06

0,16

 

Interest Cover

69,23

162,54

976,50

299,64

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

97,42

141,44

116,29

109,20

 

Average Payable Period (days)

24,21

36,97

32,14

67,27

 

WORKING CAPITAL

28462189,00

43909067,00

38518,00

53854,00

 

 

 

 

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 :

SUM

 

 

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%)

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.