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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

485987

Report Date :

17.01.2018

 

IDENTIFICATION DETAILS

 

Name :

TGS DIS TICARET A.S.

 

 

Formerly Known As :

TRAKYA TEKSTIL VE GIYIM SANAYICILERI VE DIS TICARET A.S.   

 

 

Registered Office :

Basin Ekspres Yolu N:9 Capital Tower K:1 D:11/12/13/14 Halkali  Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

30.09.2017

 

 

Date of Incorporation :

21.05.1999

 

 

Com. Reg. No.:

420610

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

The subject acts as an intermediary for export of the companies mainly operating at textile and ready-wear sectors.

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

C

 

Credit Rating

Explanation

Rating Comments

C

Medium High Risk

Business dealings permissible preferably on secured basis

 

Status :

Moderate

 

 

Payment Behaviour :

Slow 

 

 

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

 

Country Name

Previous Rating

(30.06.2017)

Current Rating

(30.09.2017)

Turkey

B2

B2

 

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 driven by its industry and, increasingly, service sectors, although its traditional agriculture sector still accounts for about 25% of employment. The automotive, petrochemical, and electronics industries have risen in importance and surpassed the traditional textiles and clothing sectors within Turkey's export mix. However, the recent period of political stability and economic dynamism has given way to domestic uncertainty and security concerns, which are generating financial market volatility and weighing on Turkey’s economic outlook.

 

Current government policies emphasize populist spending measures and credit breaks, while implementation of structural economic reforms has slowed. The government is playing a more active role in some strategic sectors and has used economic institutions and regulators to target political opponents, undermining private sector confidence in the judicial system. Between July 2016 and March 2017, three credit ratings agencies downgraded Turkey’s sovereign credit ratings, citing concerns about the rule of law and the pace of economic reforms.

 

Turkey remains highly dependent on imported oil and gas but is pursuing energy relationships with a broader set of international partners and taking steps to increase use of domestic energy sources including renewables, nuclear, and coal. The joint Turkish-Azerbaijani Trans-Anatolian Natural Gas Pipeline is moving forward to increase transport of Caspian gas to Turkey and Europe, and when completed will help diversify Turkey's sources of imported gas.

 

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. An aggressive privatization program also reduced state involvement in basic industry, banking, transport, power generation, and communication. 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 growth rebounded to around 9% in 2010 and 2011, as exports and investment recovered following the crisis.

 

Since 2014, productivity and growth has slowed to reveal persistent underlying imbalances in the Turkish economy. In particular, Turkey’s low domestic savings and large current account deficit means it must rely on external investment inflows to finance growth, leaving the economy vulnerable to destabilizing shifts in investor confidence. The economy contracted in the third quarter of 2016 for the first time since 2009, in part due to a sharp decline in the tourism sector, and growth is likely to remain below potential in 2017. Other troublesome trends include rising unemployment and elevated inflation, which is likely to increase in 2017 given the Turkish lira’s recent depreciation against the dollar. Although government debt remains low at about 32% of GDP, bank and corporate borrowing has almost tripled as a percent of GDP during the past decade, outpacing its emerging-market peers and prompting investor concerns about its long-term sustainability.

 

Source : CIA

 

 

 

 

 

 

 

COMPANY IDENTIFICATION

 

 

 

NAME

TGS DIS TICARET A.S.

HEAD OFFICE ADDRESS

Basin Ekspres Yolu N:9 Capital Tower K:1 D:11/12/13/14 Halkali  Istanbul / Turkey

PHONE NUMBER

90-212-644 58 58

 

FAX NUMBER

90-212-504 63 55

90-212-504 84 15

 

WEB-ADDRESS

www.tgsas.com

E-MAIL

info@tgsas.com

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

Marmara Kurumlar

TAX NO

8590147356

REGISTRATION NUMBER

420610

REGISTERED OFFICE

Istanbul Chamber of Commerce

COMMERCIAL REGISTRY

Istanbul Commercial Registry

DATE ESTABLISHED

21.05.1999

ESTABLISHMENT GAZETTE DATE/NO

26.05.1999/4798

LEGAL FORM

Joint Stock Company

TYPE OF COMPANY

Private

AUTHORIZED CAPITAL

TL   50.000.000

PAID-IN CAPITAL

TL   7.500.000

HISTORY

Previous Name   :  

Trakya Tekstil ve Giyim Sanayicileri ve Dis Ticaret A.S.    / Changed on : 11.07.2011/(Commercial Gazette Date /Number 15.07.2011 /7859)

Previous Registered Capital   :  

The paid in capital was increased from "TL 5.000.000" to "TL 7.500.000" .    / Changed on : 17.07.2012/(Commercial Gazette Date /Number 23.07.2012 /8117)

Previous Address   :  

Keresteciler Sitesi Fatih Cad. Alaybey Sok. No:9 Kat:3 Merter    / Changed on : 04.08.2008/(Commercial Gazette Date /Number 07.08.2008 /7122)

Previous Address   :  

Keresteciler Sitesi Fatih Cad. Alaybey Sok. No:9 Kat:1 Merter Istanbul    / Changed on : 18.11.2011/(Commercial Gazette Date /Number 24.11.2011 /7947)

Previous Address   :  

Baglar Mah. Osmanpasa Cad. No:95 Istanbul 34 Plaza A Blk K:9 Bagcilar Istanbul    / Changed on : 12.01.2015/(Commercial Gazette Date /Number 16.01.2015 /8738)

 

 

OWNERSHIP / MANAGEMENT

 

 

NOTES ON OWNERSHIP / MANAGEMENT

 

Quoted at Stock Exchange.                                                                                                                                                                         

 

 

 

SHAREHOLDERS

Burak Tanriverdi

28,56 %

Cagla Polat

19,44 %

Sedat Ozdemirci

5,75 %

Tgs Dis Ticaret A.S.

2,67 %

Ali Tanriverdi

0,01 %

Open to public and others

43,57 %

 

 

- Name Of Shareholder:

 

Tgs Dis Ticaret A.S.

Origin of Shareholder:

Turkey

Tax Number Of Shareholder:

8590147356

Registration Number Of Shareholder:

 

420610

 

REMARKS ON SHAREHOLDERS

 

The subject was quoted at Stock Exchange in June 2012.

 

SUBSIDIARIES

 

 

 

- TGS KUMAS URUNLERI PAZARLAMA A.S.  ( Tax Number: 8430347475,  Registration Number: 785017,  Origin: Turkey )

 

 

BOARD OF DIRECTORS

 

Ali Tanriverdi ( Chairman )

Burak Tanriverdi ( Vice-Chairman )

Mustafa Ozcinar ( Member )

Engin Nukan ( Member )

Ebubekir Dogan ( Member )

 

DIRECTORS

 

Ali Tanriverdi ( General Manager )

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

The subject acts as an intermediary for export of the companies mainly operating at textile and ready-wear sectors.

 

NACE CODE

G .51.16

 

NET SALES

3.662.607 TL

(2010) 

5.840.131 TL

(2011) 

12.091.324 TL

(2012) 

5.056 TL Thousand

(2013) 

6.640 TL Thousand

(2014) 

12.876 TL Thousand

(2015) 

9.325 TL Thousand

(2016) 

7.343 TL Thousand

(01.01-30.09.2017) 

CAPACITY

None

 

PRODUCTION

None

 

 

HEAD OFFICE ADDRESS

Basin Ekspres Yolu N:9 Capital Tower K:1 D:11/12/13/14 Halkali  Istanbul / Turkey

 

BRANCHES

Regional Directorate  :  Adalet Mah. Manas Bulvari No:47 K:23 D:04 Bayrakli Izmir/Turkey  

           

NOTES ON INVESTMENTS

None                                                                                                                                                              

 

 

 

TREND OF BUSINESS

There was an upwards trend in 2015. There was a decline at business volume in nominal terms in 2016. There appears a slowdown at business volume in real terms in the first 9 months of 2017.

SIZE OF BUSINESS

Giant

 

 

FINANCE

 

 

 

MAIN DEALING BANKS

Denizbank Gunesli Branch

 

CREDIT FACILITIES

 

The subject company is making use of credit facilities.

 

PAYMENT BEHAVIOUR

 

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

 

(2016)                                                                                TL Thousand

(01.01-30.09.2017)                                                                                TL Thousand

Net Sales

9.325

7.343

Profit (Loss) Before Tax

3.470

2.456

Stockholders' Equity

27.180

28.924

Total Assets

1.243.159

1.364.612

Current Assets

1.238.413

1.360.317

Non-Current Assets

4.746

4.295

Current Liabilities

1.215.831

1.335.517

Long-Term Liabilities

148

171

Gross Profit (loss)

9.325

7.343

Operating Profit (loss)

5.158

3.972

Net Profit (loss)

2.841

1.749

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Not in order As of 30.09.2017

Liquidity

Insufficient As of 30.09.2017

Remarks On Liquidity

 

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

 

Profitability

High Operating Profitability  in 2016

High Net Profitability  in 2016

High Operating Profitability (01.01-30.09.2017)

High Net Profitability (01.01-30.09.2017)

 

General Financial Position

Unsatisfactory

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 2014 )

6,36 %

2,1891

2,8989

3,6060

 ( 2015 )

5,71 %

2,7230

3,0254

4,1661

 ( 2016 )

9,94 %

3,0292

3,3349

4,1006

 ( 01.01-30.09.2017)

9,78 %

3,5731

3,9855

4,5746

 ( 2017 )

15,47 %

3,6337

4,1120

4,7059

 

 

NOTES ON FINANCIAL STATEMENTS

Financial statements are consolidated.                                                                                                                                  

 

 

Financials

 

BALANCE SHEETS

 

 

31.12.2016  ( Full Year  )  TL Thousand

 

30.09.2017  ( Interim Period )  TL Thousand

 

CURRENT ASSETS

1.238.413

1,00

1.360.317

1,00

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

73.382

0,06

11.607

0,01

Marketable Securities

0

0,00

0

0,00

Account Receivable

1.020.719

0,82

1.191.866

0,87

Other Receivable

31

0,00

68

0,00

Inventories

39.370

0,03

60.476

0,04

Advances Given

0

0,00

0

0,00

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

104.911

0,08

96.300

0,07

NON-CURRENT ASSETS

4.746

0,00

4.295

0,00

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

Financial Assets

0

0,00

0

0,00

Tangible Fixed Assets (net)

3.621

0,00

3.520

0,00

Intangible Assets

1

0,00

1

0,00

Deferred Tax Assets

1.124

0,00

774

0,00

Other Non-Current Assets

0

0,00

0

0,00

TOTAL ASSETS

1.243.159

1,00

1.364.612

1,00

CURRENT LIABILITIES

1.215.831

0,98

1.335.517

0,98

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

81.502

0,07

4.752

0,00

Accounts Payable

1.113.465

0,90

1.328.776

0,97

Loans from Shareholders

0

0,00

0

0,00

Other Short-term Payable

7.481

0,01

2.080

0,00

Advances from Customers

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

0

0,00

356

0,00

Provisions

846

0,00

0

0,00

Other Current Liabilities

12.537

0,01

-447

0,00

LONG-TERM LIABILITIES

148

0,00

171

0,00

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

Securities Issued

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

Loans from Shareholders

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

Provisions

148

0,00

171

0,00

STOCKHOLDERS' EQUITY

27.180

0,02

28.924

0,02

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

7.500

0,01

7.500

0,01

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

-56

0,00

-56

0,00

Equity of Consolidated Firms

-4

0,00

-4

0,00

Reserves

6.433

0,01

9.274

0,01

Revaluation Fund

10.466

0,01

10.461

0,01

Accumulated Losses(-)

0

0,00

0

0,00

Net Profit (loss)

2.841

0,00

1.749

0,00

TOTAL LIABILITIES AND EQUITY

1.243.159

1,00

1.364.612

1,00

 

 

INCOME STATEMENTS

 

 

(2016)  ( Full Year  )  TL Thousand

 

(01.01-30.09.2017)  ( Interim Period )  TL Thousand

 

Net Sales

9.325

1,00

7.343

1,00

Cost of Goods Sold

0

0,00

0

0,00

Gross Profit

9.325

1,00

7.343

1,00

Operating Expenses

4.167

0,45

3.371

0,46

Operating Profit

5.158

0,55

3.972

0,54

Other Income

6.334

0,68

937

0,13

Other Expenses

8.019

0,86

2.453

0,33

Financial Expenses

0

0,00

0

0,00

Minority Interests

-3

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

Profit (loss) Before Tax

3.470

0,37

2.456

0,33

Tax Payable

846

0,09

707

0,10

Postponed Tax Gain

217

0,02

0

0,00

Net Profit (loss)

2.841

0,30

1.749

0,24

 

REMARKS ON FINANCIAL STATEMENT

Financial statements are consolidated with "TGS KUMAS URUNLERI PAZARLAMA A.S."(%99).

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

(2016)

(01.01-30.09.2017)

LIQUIDITY RATIOS

 

Current Ratio

1,02

1,02

Acid-Test Ratio

0,90

0,90

Cash Ratio

0,06

0,01

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,03

0,04

Short-term Receivable/Total Assets

0,82

0,87

Tangible Assets/Total Assets

0,00

0,00

TURNOVER RATIOS

 

Inventory Turnover

0,00

0,00

Stockholders' Equity Turnover

0,34

0,25

Asset Turnover

0,01

0,01

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,02

0,02

Current Liabilities/Total Assets

0,98

0,98

Financial Leverage

0,98

0,98

Gearing Percentage

44,74

46,18

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,10

0,06

Operating Profit Margin

0,55

0,54

Net Profit Margin

0,30

0,24

Interest Cover

 

 

COLLECTION-PAYMENT

 

Average Collection Period (days)

39405,77

58432,76

Average Payable Period (days)

 

 

WORKING CAPITAL

22582,00

24800,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 63.76

UK Pound

1

INR 87.91

Euro

1

INR 78.20

TRY

1

INR 16.77

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

VAR

 

 

Report Prepared by :

DNS

 

 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

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 are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

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.