MIRA INFORM REPORT

 

 

Report No. :

346008

Report Date :

20.10.2015

 

IDENTIFICATION DETAILS

 

Name :

GAP GUNEYDOGU TEKSTIL SANAYI VE TICARET A.S.

 

 

Registered Office :

Keresteciler Sitesi Fatih Cad. Ladin Sok. No:17 Merter Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

16.10.1987

 

 

Com. Reg. No.:

238276

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of yarn, woven fabric, ready-wear. 

 

 

No. of Employee :

1.326

 

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, 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

:

GAP GUNEYDOGU TEKSTIL SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Keresteciler Sitesi Fatih Cad. Ladin Sok. No:17 Merter Istanbul / Turkey

PHONE NUMBER

:

90-212-459 26 26

90-212-644 00 01 (Pbx)

 

FAX NUMBER

:

90-212-644 03 24

 

WEB-ADDRESS

:

www.calikdenim.com

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Buyuk Mukellefler 

TAX NO

:

3890003015

REGISTRATION NUMBER

:

238276

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

16.10.1987

ESTABLISHMENT GAZETTE DATE/NO

:

22.10.1987/1876

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   164.740.000

PAID-IN CAPITAL

:

TL   164.740.000

HISTORY

:

Previous Registered Capital

:

TL 21.375.000

Changed On

:

29.12.2006 (Commercial Gazette Date /Number 15.01.2007/ 6723)

Previous Registered Capital

:

TL 126.890.000

Changed On

:

29.12.2008 (Commercial Gazette Date /Number 02.01.2009/ 7219)

Previous Address

:

Keresteciler Sitesi Fatih Cad. Selvi Sok. No:18 Merter Istanbul

Changed On

:

30.06.2010 (Commercial Gazette Date /Number 05.07.2010/ 7599)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Calik Holding A.S.

50,23 %

Gap Insaat Yatirim ve Dis Ticaret A.S

25,97 %

Calik Enerji Sanayi Ve Ticaret A.S.

22,98 %

Diniye Calik

 

Cigdem Calik

 

Ahmet Calik

 

 

 

GROUP PARENT COMPANY

:

CALIK HOLDING A.S.

 

SISTER COMPANIES

:

ADACAMI ENERJI ELEKTRIK URETIM SANAYI VE TICARET A.S.

AKCAY ENERJI A.S.

AKTASYAPI INSAAT VE YAPI MALZEMELERI TAAHHUT SANAYI TICARET LTD. STI.

AKTIF DOGAL GAZ TICARET A.S.

AKTIF YATIRIM BANKASI A.S.

ALBTELECOM

ALBTELECOM & EAGLE MOBILE

ANT ENERJI SANAYI VE TICARET LTD. STI.

ATAYURT INSAAT A.S.

ATLAS PETROL GAZ ITHALAT IHRACAT VE PAZARLAMA TICARET A.S.

AYAS RAFINERI VE PETROKIMYA SANAYI VE TICARET A.S.

BALKAN DOKUMA A/O

BASAK YONETIM SISTEMLERI A.S.

BKT (BANKA KOMBETARE TREGTARE)

CALIK DIAMOND SOLAR ENERJI ELEKTRIK URETIM A.S.

CALIK ELEKTRIK DAGITIM A.S.

CALIK ENERJI ELEKTRIK URETIM VE MADENCILIK A.S.

CALIK ENERJI FZE

CALIK ENERJI SANAYI VE TICARET A.S.

CALIK FINANSAL HIZMETLER A.S.

CALIK GAYRIMENKUL TICARET A.S.

CALIK HAVA TASIMACILIK TURIZM SANAYI VE TICARET A.S.

CALIK HOLDING A.S.

CALIK INSAAT A.S.

CALIK NTF ELEKTRIK URETIM VE MADENCILIK A.S.

CALIK PAMUK DOGAL VE SENTETIK ELYAF TICARET A.S.

CALIK PETROL ARAMA URETIM SANAYI VE TICARET A.S.

CALIK RUZGAR ENERJISI ELEKTRIK URETIM LTD. STI.

CALIK TURIZM KULTUR INSAAT SANAYI VE TICARET A.S.

CALIK USA.INC.

CEDAS ELEKTRIK DAGITIM YATIRIMLARI A.S.

CEP PETROL DAGITIM SANAYI VE TICARET A.S.

CETEL CALIK ENERJI TELEKOMUNIKASYON HIZMETLERI A.S.

CETEL TELEKOM ILETISIM SANAYI VE TICARET A.S.

DOGU AKDENIZ PETRO KIMYA VE RAFINERI SANAYI TICARET A.S.

DOGU ARAS ENERJI YATIRIMLARI A.S.

DORE ALTIN VE MADEN A.S.

EAGLE MOBILE S.H.A

E-KENT TEKNOLOJI VE ODEME SISTEMLERI SANAYI VE TICARET A.S.

EPOST ELEKTRONIK PERAKENDE OTOMASYON SATIS TICARET A.S.

GAP ELEKTRIK DAGITIM SANAYI VE TICARET A.S.

GAP INSAAT CONSTRUCTION AND INVESTMENT CO. LTD.

GAP INSAAT DUBAI FZE

GAP INSAAT YATIRIM VE DIS TICARET A.S.

GAP PAZARLAMA A.S.

GAPPA TEXTILES INC

GAPYAPI INSAAT A.S.

IKIDENIZ PETROL VE GAZ SANAYI VE TICARET A.S.

IRMAK YONETIM SISTEMLERI A.S.

JAPAN INTERNATIONAL ENERJI NETWORK A.S.

KARTALTEPE MADENCILIK SANAYI VE TICARET A.S.

KENTSEL DONUSUM INSAAT A.S.

KIZILIRMAK ELEKTRIK URETIM A.S.

LIDYA MADENCILIK SANAYI VE TICARET A.S.

MOMENTUM ENERJI ELEKTRIK URETIM SANAYI VE TICARET A.S.

ORTUR ELEKTRIK URETIM VE TICARET LTD. STI.

PETROTRANS ENERJI A.S.

SEMBOL ENERJI A.S.

TAPCO PETROL BORU HATTI SANAYI VE TICARET A.S.

TELEMED TELEKOM A.S.

TUNCPINAR MADENCILIK SANAYI VE TICARET A.S.

TURA MADENCILIK A.S.

TURKMEN’IN ALTIN ASRI ELEKTRIK ENERJISI TOPTAN SATIS A.S.

VADI ELEKTRIK URETIM SANAYI VE TICARET LTD. STI.

YENIKOM BILISIM TELEKOMUNIKASYON HIZMETLERI A.S.

YESILCAY ENERJI ELEKTRIK URETIM SANAYI VE TICARET A.S.

YESILIRMAK ELEKTRIK DAGITIM A.S.

 

SUBSIDIARIES

:

AKTIF YATIRIM BANKASI A.S.

CALIK ALEXANDRIA FOR READY MADE GARMENT

CALIK PAMUK DOGAL VE SENTETIK ELYAF TICARET A.S.

CALIK TEXTILE AB

CALIK USA

GAP GUNEYDOGU FZE Jebel

GAP TURKMEN A.O.

 

BOARD OF DIRECTORS

:

 

Ahmet Calik

Chairman

Calik Holding A.S. (Representative:Mehmet Ertugrul Gurler)

Vice-Chairman

GAP Insaat Yatirim ve Dis Ticaret A.S. (Representative: Ali Cureoglu)

Member

 

 

DIRECTORS

:

Onder Oksuz                                                                                                                                                                                                                                                                                   

General Manager

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of yarn, woven fabric, ready-wear. 

 

NACE CODE

:

DB.17.00

 

SECTOR

:

Textile

 

TRADEMARKS OWNED

:

Calik Denim

Cheery-three

 

NUMBER OF EMPLOYEES

:

1.326

 

NET SALES

:

33.835 TL Thousand

(2000) 

127.522 TL Thousand

(2001) 

167.991 TL Thousand

(2002) 

150.667 TL Thousand

(2003) 

239.303 TL Thousand

(2004) 

235.962 TL Thousand

(2005) 

247.722 TL Thousand

(2006) 

234.561.925 TL

(2007) 

240.319.321 TL

(2008) 

227.395.910 TL

(2009) 

260.819.206 TL

(2010) 

326.392.880 TL

(2011) 

282.717.685 TL

(2012) 

306.632 TL Thousand

(2013) 

283.760 TL Thousand

(2014) 

209.036 TL Thousand

(01.01-30.06.2015) 

 

 

CAPACITY

:

Cotton Yarn 

( kgs/yr)

Fabric Dying Finishing 

( kgs/yr)

 

Indigo Dying 

( kgs/yr)

 

6.967.348

50.544.000

6.635.571

(2011)

6.967.348

50.544.000

6.635.571

(2012)

6.967.348

50.544.000

6.635.571

(2013)

 

 

 

 

Other Yarn 

( kgs/yr)

Ready-wear 

( units/yr)

 

 

 

4.415.210

720.000

 

(2011)

4.415.210

720.000

 

(2012)

4.415.210

720.000

 

(2013)

 

 

 

 

PRODUCTION

:

Fabric  ( m )

Ready-wear 

( units )

 

Yarn  ( kgs )

 

30.898.790

621.788

11.528.622

(2012)

16.542.835

274.212

5.565.254

(01.01-30.06.2013)

 

 

 

 

IMPORT VALUE

:

20.690.000 USD

(2012)

14.826.498 USD

(01.01-30.06.2013)

 

 

IMPORT COUNTRIES

:

Germany

Spain

U.S.A.

Switzerland

Italy

 

MERCHANDISE IMPORTED

:

Cotton

Dye

Spare parts

Yarn

 

EXPORT VALUE

:

112.268.000 TL

(2005)

138.181.000 TL

(2006)

118.745.000 TL

(2007)

154.690.822 TL

(2008)

152.761.920 TL

(2009)

160.452.037 TL

(2010)

202.007.391 TL

(2011)

168.469.412 TL

(2012)

168.008.635 TL

(2013)

162.174 TL Thousand

(2014)

86.451 TL Thousand

(01.01-30.06.2015)

 

 

EXPORT COUNTRIES

:

Turkmenistan

Free Zone

Egypt

European Countries

Morocco

Tunisia

Far East Countries

U.S.A.

 

MERCHANDISE  EXPORTED

:

Ready-wear

Woven fabric

 

HEAD OFFICE ADDRESS

:

Keresteciler Sitesi Fatih Cad. Ladin Sok. No:17 Merter  Istanbul / Turkey

 

BRANCHES

:

Factory  :  1. Organize Sanayi Bolgesi 2. Cad. Malatya/Turkey (owned) (364.803 sqm)

           

 

TREND OF BUSINESS

:

There was a decline at business volume in nominal terms in  2014. There appears an upwards trend in  1.1 - 30.6.2015.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

MAIN DEALING BANKS

:

Aktif Yatirim Bankasi Merkez Branch

Kuveyt Turk Katilim Bankasi Merter Branch

T. Garanti Bankasi Merter Branch

T. Is Bankasi Yenicami Branch

T. Vakiflar Bankasi Merter Branch

 

CREDIT FACILITIES

:

The subject company is making active use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2011) TL

(2012) TL

(2013) TL Thousand

(2014) TL Thousand

(01.01-30.06.2015) TL Thousand

Net Sales

326.392.880

282.717.685

306.632

283.760

209.036

Profit (Loss) Before Tax

52.248.105

24.113.134

3.031

5.661

-1.024

Stockholders' Equity

223.065.496

206.081.009

191.264

196.860

 

Total Assets

368.272.692

441.223.245

520.681

618.217

 

Current Assets

256.132.398

299.431.253

342.288

390.983

 

Non-Current Assets

112.140.294

141.791.992

178.393

227.234

 

Current Liabilities

145.207.196

233.788.410

312.590

374.979

 

Long-Term Liabilities

0

1.353.826

16.827

46.378

 

Gross Profit (loss)

102.598.447

81.361.016

95.861

96.499

64.769

Operating Profit (loss)

64.825.881

41.995.931

50.152

42.784

34.991

Net Profit (loss)

42.055.744

19.690.338

3.031

5.190

-1.024

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

 

Capitalization

Fair As of 31.12.2014

Liquidity

Insufficient As of 31.12.2014

Remarks On Liquidity

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

 

The liquid assets consist mainly of receivables the amount of cash&banks or marketable securities (which are more liquid) are low.

 

Profitability

High Operating Profitability  in 2011

High Net Profitability  in 2011

High Operating Profitability  in 2012

High Net Profitability  in 2012

High Operating Profitability  in 2013

Low Net Profitability  in 2013

High Operating Profitability  in 2014

Fair Net Profitability  in 2014

High Operating Profitability (01.01-30.06.2015)

Net Loss (01.01-30.06.2015)

 

Gap between average collection and payable periods

Unfavorable in 2014

General Financial Position

Passable

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2004 )

13,84 %

1,4266

1,7666

2,6001

 ( 2005 )

2,66 %

1,3499

1,6882

2,4623

 ( 2006 )

11,58 %

1,4309

1,7987

2,6377

 ( 2007 )

5,94 %

1,3075

1,7901

2,6133

 ( 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

 ( 01.01-30.06.2013)

2,46 %

1,8251

2,3936

2,8262

 ( 2013 )

6,97 %

1,9179

2,5530

3,0178

 ( 2014 )

6,36 %

2,1891

2,8989

3,6060

 ( 01.01-30.06.2015)

5,49 %

2,5568

2,8727

3,9250

 ( 01.01-30.09.2015)

7,81 %

2,6640

2,9843

4,0944

 

 

 

BALANCE SHEETS

 

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL

 

 ( 31.12.2013 )  TL Thousand

 

 ( 31.12.2014 )  TL Thousand

 

 

 

CURRENT ASSETS

256.132.398

0,70

299.431.253

0,68

342.288

0,66

390.983

0,63

 

 

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Cash and Banks

3.969.643

0,01

6.186.705

0,01

2.419

0,00

12.249

0,02

 

 

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Account Receivable

72.860.188

0,20

75.797.772

0,17

169.988

0,33

193.732

0,31

 

 

Other Receivable

103.966.863

0,28

104.293.783

0,24

29.657

0,06

41.684

0,07

 

 

Inventories

67.357.099

0,18

91.307.046

0,21

97.048

0,19

115.516

0,19

 

 

Advances Given

3.349.232

0,01

7.912.607

0,02

34.387

0,07

14.631

0,02

 

 

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Other Current Assets

4.629.373

0,01

13.933.340

0,03

8.789

0,02

13.171

0,02

 

 

NON-CURRENT ASSETS

112.140.294

0,30

141.791.992

0,32

178.393

0,34

227.234

0,37

 

 

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

65.367.569

0,18

80.975.070

0,18

85.319

0,16

95.839

0,16

 

 

Tangible Fixed Assets (net)

45.008.797

0,12

57.316.623

0,13

87.797

0,17

122.489

0,20

 

 

Intangible Assets

1.136.302

0,00

3.171.656

0,01

4.839

0,01

8.315

0,01

 

 

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Other Non-Current Assets

627.626

0,00

328.643

0,00

438

0,00

591

0,00

 

 

TOTAL ASSETS

368.272.692

1,00

441.223.245

1,00

520.681

1,00

618.217

1,00

 

 

CURRENT LIABILITIES

145.207.196

0,39

233.788.410

0,53

312.590

0,60

374.979

0,61

 

 

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Financial Loans

110.192.933

0,30

188.021.212

0,43

157.068

0,30

289.105

0,47

 

 

Accounts Payable

23.473.223

0,06

35.721.574

0,08

27.209

0,05

47.755

0,08

 

 

Loans from Shareholders

0

0,00

1.819.268

0,00

0

0,00

0

0,00

 

 

Other Short-term Payable

1.888.946

0,01

2.183.773

0,00

124.521

0,24

29.635

0,05

 

 

Advances from Customers

2.468.418

0,01

1.000.554

0,00

451

0,00

4.202

0,01

 

 

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Taxes Payable

5.168.901

0,01

2.306.848

0,01

2.007

0,00

3.367

0,01

 

 

Provisions

0

0,00

21.544

0,00

0

0,00

0

0,00

 

 

Other Current Liabilities

2.014.775

0,01

2.713.637

0,01

1.334

0,00

915

0,00

 

 

LONG-TERM LIABILITIES

0

0,00

1.353.826

0,00

16.827

0,03

46.378

0,08

 

 

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Financial Loans

0

0,00

1.353.826

0,00

16.827

0,03

46.378

0,08

 

 

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

223.065.496

0,61

206.081.009

0,47

191.264

0,37

196.860

0,32

 

 

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Paid-in Capital

164.740.000

0,45

164.740.000

0,37

164.740

0,32

164.740

0,27

 

 

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

15.977.252

0,04

21.358.171

0,05

23.347

0,04

26.784

0,04

 

 

Revaluation Fund

292.500

0,00

292.500

0,00

146

0,00

146

0,00

 

 

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Net Profit (loss)

42.055.744

0,11

19.690.338

0,04

3.031

0,01

5.190

0,01

 

 

TOTAL LIABILITIES AND EQUITY

368.272.692

1,00

441.223.245

1,00

520.681

1,00

618.217

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 2.255 is "Doubtful Trade Receivables" and -TL thousand 559 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:41.684, Other Receivable Total:41.684        

 

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 42.960 of the other income is due to "Profit from Foreign Currency Exchange". 

 

At the last income statement, TL thousand 10.529 of the other income is due to "Other Ordinary Income" . 

 

At the last income statement TL thousand 18.730 of the other expenses is due to "Loss from Foreign Currency Exchange" .

 

 

INCOME STATEMENTS

 

 

(2011) TL

 

(2012) TL

 

(2013) TL Thousand

 

(2014) TL Thousand

 

(01.01-30.06.2015) TL Thousand

 

Net Sales

326.392.880

1,00

282.717.685

1,00

306.632

1,00

283.760

1,00

209.036

1,00

Cost of Goods Sold

223.794.433

0,69

201.356.669

0,71

210.771

0,69

187.261

0,66

144.267

0,69

Gross Profit

102.598.447

0,31

81.361.016

0,29

95.861

0,31

96.499

0,34

64.769

0,31

Operating Expenses

37.772.566

0,12

39.365.085

0,14

45.709

0,15

53.715

0,19

29.778

0,14

Operating Profit

64.825.881

0,20

41.995.931

0,15

50.152

0,16

42.784

0,15

34.991

0,17

Other Income

74.199.845

0,23

53.951.940

0,19

79.701

0,26

51.744

0,18

53.609

0,26

Other Expenses

51.126.106

0,16

47.424.550

0,17

64.402

0,21

41.638

0,15

25.301

0,12

Financial Expenses

35.651.515

0,11

24.410.187

0,09

62.420

0,20

47.229

0,17

64.323

0,31

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

52.248.105

0,16

24.113.134

0,09

3.031

0,01

5.661

0,02

-1.024

0,00

Tax Payable

10.192.361

0,03

4.422.796

0,02

0

0,00

471

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

42.055.744

0,13

19.690.338

0,07

3.031

0,01

5.190

0,02

-1.024

0,00

 

 

FINANCIAL RATIOS

 

 

(2011)

(2012)

(2013)

(2014)

 

LIQUIDITY RATIOS

 

 

Current Ratio

1,76

1,28

1,10

1,04

 

Acid-Test Ratio

1,25

0,80

0,65

0,66

 

Cash Ratio

0,03

0,03

0,01

0,03

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,18

0,21

0,19

0,19

 

Short-term Receivable/Total Assets

0,48

0,41

0,38

0,38

 

Tangible Assets/Total Assets

0,12

0,13

0,17

0,20

 

TURNOVER RATIOS

 

 

Inventory Turnover

3,32

2,21

2,17

1,62

 

Stockholders' Equity Turnover

1,46

1,37

1,60

1,44

 

Asset Turnover

0,89

0,64

0,59

0,46

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,61

0,47

0,37

0,32

 

Current Liabilities/Total Assets

0,39

0,53

0,60

0,61

 

Financial Leverage

0,39

0,53

0,63

0,68

 

Gearing Percentage

0,65

1,14

1,72

2,14

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,19

0,10

0,02

0,03

 

Operating Profit Margin

0,20

0,15

0,16

0,15

 

Net Profit Margin

0,13

0,07

0,01

0,02

 

Interest Cover

2,47

1,99

1,05

1,12

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

80,36

96,52

199,57

245,78

 

Average Payable Period (days)

37,76

63,87

46,47

91,81

 

WORKING CAPITAL

110925202,00

65642843,00

29698,00

16004,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.64.82

UK Pound

1

Rs.100.12

Euro

1

Rs.73.75

 

INFORMATION DETAILS

 

Analysis Done by :

KAS

 

 

Report Prepared by :

SDA

 

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.