MIRA INFORM REPORT

 

 

Report No. :

344722

Report Date :

15.10.2015

 

IDENTIFICATION DETAILS

 

Name :

GIZEM IPLIK SANAYI VE TICARET LTD. STI.     

 

 

Registered Office :

5. Organize Sanayi Bolgesi 83540 Nolu Cad. No:18 Sehitkamil Gaziantep

 

 

Country :

Turkey 

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

23.01.2006

 

 

Com. Reg. No.:

28030

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacture and trade of yarn and winding yarn on reel.

 

 

No. of Employees :

39

 

 

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 :

Unknown

 

 

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, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Turkey 

B1

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 has brought up to 1 million barrels per day from the Caspian region to market. Several gas pipeline projects also are moving forward to help transport Caspian gas to Europe through Turkey, which over the long term will help address Turkey's dependence on imported oil and gas, which currently meets 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. Two rating agencies upgraded Turkey's debt to investment grade in 2012 and 2013, and Turkey's public sector debt to GDP ratio fell to 33% in 2014. The stock value of Foreign Direct Investment reached nearly $195 billion at year-end 2014.

Despite these positive trends, GDP growth dropped to 4.4% in 2013 and 2.9% in 2014. Growth slowed considerably in the last quarter of 2014, largely due to lackluster consumer demand both domestically and in Europe, Turkey’s most important export market. High interest rates have also contributed to the slowdown in growth, as Turkey sharply increased interest rates in January 2014 in order to strengthen the country’s currency and reduce inflation. Turkey then cut rates in February 2015 in a bid to spur economic growth.

The Turkish economy retains significant weaknesses. Specifically, 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. Turkey also remains dependent on often volatile, short-term investment to finance its large current account deficit.

 

 

Source : CIA

 

 

COMPANY IDENTIFICATION

 

 

NAME

:

GIZEM IPLIK SANAYI VE TICARET LTD. STI.        

HEAD OFFICE ADDRESS

:

5. Organize Sanayi Bolgesi 83540 Nolu Cad. No:18 Sehitkamil Gaziantep / Turkey

PHONE NUMBER

:

90-342-337 98 60

 

FAX NUMBER

:

90-342-337 98 61

 

WEB-ADDRESS

:

www.gizemiplik.com (under construction)

E-MAIL

:

info@gizemiplik.com

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Sehitkamil

TAX NO

:

3960553304

REGISTRATION NUMBER

:

28030

REGISTERED OFFICE

:

Gaziantep Chamber of Commerce

DATE ESTABLISHED

:

23.01.2006

ESTABLISHMENT GAZETTE DATE/NO

:

31.01.2006/6482

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   3.700.000


HISTORY

:

Previous Registered Capital

:

TL 50.000

Changed On

:

24.12.2009 (Commercial Gazette Date /Number 05.01.2010/ 7472)

Previous Registered Capital

:

TL 200.000

Changed On

:

30.12.2011 (Commercial Gazette Date /Number 11.01.2012/ 7981)

Previous Registered Capital

:

TL 750.000

Changed On

:

11.12.2014 (Commercial Gazette Date /Number 24.12.2014/ 8722)

Previous Address

:

Gazimuhatarpasa Bulvari Hali Sarayi K:3 No:282 Sehitkamil/Gaziantep

Changed On

:

10.08.2010 (Commercial Gazette Date /Number 18.08.2010/ 7631)

Previous Address

:

2. Organize Sanayi Bolgesi Celal Dogan Bulvari No:34 Sehitkamil Gaziantep

Changed On

:

09.04.2015 (Commercial Gazette Date /Number 22.04.2015/ 8806)

Previous Shareholder

:

Please vide Previous Shareholders section for the former shareholders’ names.

Changed On

:

24.12.2009 (Commercial Gazette Date /Number 05.01.2010/ 7472)

 

 

 

PREVIOUS SHAREHOLDERS

:

Ahmet Siveydinli

90 %

Seyfettin Burak Siveydinli

10 %

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Ahmet Siveydinli

70 %

Mahmut Furkan Siveydinli

20 %

Seyfettin Burak Siveydinli

10 %

 

 

DIRECTORS

:

Seyfettin Burak Siveydinli                                                                                                                                                                                                                                                                                   

 

Mahmut Furkan Siveydinli                                                                                                                                                                                                                                                                                   

 

Ahmet Siveydinli                                                                                                                                                                                                                                                                                   

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Manufacture and trade of yarn and winding yarn on reel.  The firm has declared that it started manufacturing activity in 2010.

 

NACE CODE

:

DB.17.10

 

SECTOR

:

Textile

 

TRADEMARKS TRADED

:

 

NUMBER OF EMPLOYEES

:

39

 

NET SALES

:

5.243.515 TL

(2009) 

3.127.539 TL

(2010) 

6.200 TL Thousand

(2011) 

9.473 TL Thousand

(2012) 

12.117 TL Thousand

(01.01-30.09.2013) 

 

 

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.

 

IMPORT COUNTRIES

:

China

India

 

MERCHANDISE IMPORTED

:

Raw materials

 

EXPORT COUNTRIES

:

Syria

 

MERCHANDISE  EXPORTED

:

Yarn

 

HEAD OFFICE ADDRESS

:

5. Organize Sanayi Bolgesi 83540 Nolu Cad. No:18 Sehitkamil  Gaziantep / Turkey

 

BRANCHES

:

Head Office/Production Plant  :  5. Organize Sanayi Bolgesi 83540 Nolu Cad. No:18 Sehitkamil Gaziantep/Turkey

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Asya Katilim Bankasi Gatem Branch

Kuveyt Turk Katilim Bankasi Karagoz Branch

T. Finans Katilim Bankasi Gaziantep Branch

Yapi ve Kredi Bankasi Gaziantep Branch

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2009) TL

(2010) TL

(2011) TL Thousand

(2012) TL Thousand

(01.01-30.09.2013) TL Thousand

Net Sales

5.243.515

3.127.539

6.200

9.473

12.117

Profit (Loss) Before Tax

68.228

60.293

121

236

304

Stockholders' Equity

211.002

302.816

400

1.136

 

Total Assets

1.598.040

1.651.873

6.710

10.705

 

Current Assets

1.407.261

1.023.618

6.057

8.659

 

Non-Current Assets

190.779

628.255

653

2.046

 

Current Liabilities

1.368.214

1.023.576

5.944

8.778

 

Long-Term Liabilities

18.824

325.481

366

791

 

Gross Profit (loss)

139.539

168.729

287

612

552

Operating Profit (loss)

68.510

70.233

132

544

513

Net Profit (loss)

54.582

48.234

97

187

304

 

 

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

 ( 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

 ( 01.01-30.09.2013)

4,43 %

1,8785

2,4774

2,9189

 ( 2013 )

6,97 %

1,9179

2,5530

3,0178

 ( 01.01-30.09.2015)

7,81 %

2,6640

2,9843

4,0944

 

 

BALANCE SHEETS

 

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL Thousand

 

 ( 31.12.2012 )  TL Thousand

 

CURRENT ASSETS

1.407.261

0,88

1.023.618

0,62

6.057

0,90

8.659

0,81

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

286.834

0,18

231.897

0,14

81

0,01

296

0,03

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

1.026.135

0,64

642.650

0,39

4.922

0,73

7.224

0,67

Other Receivable

0

0,00

0

0,00

1.052

0,16

0

0,00

Inventories

92.316

0,06

138.326

0,08

0

0,00

1.114

0,10

Advances Given

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

1.976

0,00

10.745

0,01

2

0,00

25

0,00

NON-CURRENT ASSETS

190.779

0,12

628.255

0,38

653

0,10

2.046

0,19

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

0

0,00

0

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

82.423

0,05

82.423

0,05

274

0,04

517

0,05

Intangible Assets

108.356

0,07

545.832

0,33

379

0,06

1.529

0,14

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

0

0,00

TOTAL ASSETS

1.598.040

1,00

1.651.873

1,00

6.710

1,00

10.705

1,00

CURRENT LIABILITIES

1.368.214

0,86

1.023.576

0,62

5.944

0,89

8.778

0,82

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

36.108

0,02

597.751

0,36

2.424

0,36

3.360

0,31

Accounts Payable

712.618

0,45

417.985

0,25

3.509

0,52

4.962

0,46

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

Other Short-term Payable

0

0,00

0

0,00

0

0,00

37

0,00

Advances from Customers

610.376

0,38

0

0,00

0

0,00

387

0,04

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

9.126

0,01

7.878

0,00

6

0,00

11

0,00

Provisions

-14

0,00

-38

0,00

5

0,00

18

0,00

Other Current Liabilities

0

0,00

0

0,00

0

0,00

3

0,00

LONG-TERM LIABILITIES

18.824

0,01

325.481

0,20

366

0,05

791

0,07

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

18.824

0,01

325.481

0,20

366

0,05

791

0,07

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

211.002

0,13

302.816

0,18

400

0,06

1.136

0,11

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

156.420

0,10

200.000

0,12

200

0,03

750

0,07

Cross Shareholding Adjustment of Capital

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

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

0

0,00

54.582

0,03

103

0,02

199

0,02

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

54.582

0,03

48.234

0,03

97

0,01

187

0,02

TOTAL LIABILITIES AND EQUITY

1.598.040

1,00

1.651.873

1,00

6.710

1,00

10.705

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 53  is "Doubtful Trade Receivables" at the last balance sheet.    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 881 of the other income is due to "Profit from Foreign Currency Exchange".    At the last income statement TL thousand 741 of the other expenses is due to "Loss from Foreign Currency Exchange" 

 

 

INCOME STATEMENTS

 

 

(2009) TL

 

(2010) TL

 

(2011) TL Thousand

 

(2012) TL Thousand

 

(01.01-30.09.2013) TL Thousand

 

Net Sales

5.243.515

1,00

3.127.539

1,00

6.200

1,00

9.473

1,00

12.117

1,00

Cost of Goods Sold

5.103.976

0,97

2.958.810

0,95

5.913

0,95

8.861

0,94

11.565

0,95

Gross Profit

139.539

0,03

168.729

0,05

287

0,05

612

0,06

552

0,05

Operating Expenses

71.029

0,01

98.496

0,03

155

0,03

68

0,01

39

0,00

Operating Profit

68.510

0,01

70.233

0,02

132

0,02

544

0,06

513

0,04

Other Income

0

0,00

3

0,00

0

0,00

271

0,03

881

0,07

Other Expenses

0

0,00

0

0,00

0

0,00

360

0,04

744

0,06

Financial Expenses

282

0,00

9.943

0,00

11

0,00

219

0,02

346

0,03

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

68.228

0,01

60.293

0,02

121

0,02

236

0,02

304

0,03

Tax Payable

13.646

0,00

12.059

0,00

24

0,00

49

0,01

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

54.582

0,01

48.234

0,02

97

0,02

187

0,02

304

0,03

 

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

(2011)

(2012)

LIQUIDITY RATIOS

 

 

Current Ratio

1,03

1,00

1,02

0,99

Acid-Test Ratio

0,96

0,85

1,02

0,86

Cash Ratio

0,21

0,23

0,01

0,03

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,06

0,08

0,00

0,10

Short-term Receivable/Total Assets

0,64

0,39

0,89

0,67

Tangible Assets/Total Assets

0,05

0,05

0,04

0,05

TURNOVER RATIOS

 

 

Inventory Turnover

55,29

21,39

 

7,95

Stockholders' Equity Turnover

24,85

10,33

15,50

8,34

Asset Turnover

3,28

1,89

0,92

0,88

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,13

0,18

0,06

0,11

Current Liabilities/Total Assets

0,86

0,62

0,89

0,82

Financial Leverage

0,87

0,82

0,94

0,89

Gearing Percentage

6,57

4,46

15,78

8,42

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,26

0,16

0,24

0,16

Operating Profit Margin

0,01

0,02

0,02

0,06

Net Profit Margin

0,01

0,02

0,02

0,02

Interest Cover

242,94

7,06

12,00

2,08

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

70,45

73,97

285,79

274,53

Average Payable Period (days)

50,26

50,86

213,64

201,59

WORKING CAPITAL

39047,00

42,00

113,00

-119,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.65.11

UK Pound

1

Rs.99.50

Euro

1

Rs.74.24

 

INFORMATION DETAILS

 

Analysis Done by :

KAS

 

 

Report Prepared by :

VNT

 

               

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.