MIRA
INFORM REPORT
|
Report Date : |
15.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
BERKE HALICILIK TURIZM SANAYI VE TICARET LTD. STI. |
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Registered Office : |
Cankurtaran Mevkii Acipayam- Tavas Yol Kavsagi No:2 Tavas- Denizli |
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Country : |
Turkey |
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Financials (as on) : |
30.09.2007 |
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Date of Incorporation : |
2002 |
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Com. Reg. No.: |
1143 |
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Legal Form : |
Limited Company |
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Line of Business : |
Trade of hand-woven carpets, rugs. |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
BERKE HALICILIK TURIZM SANAYI VE TICARET LTD. STI. |
|
ADDRESS |
: |
Head Office: Cankurtaran Mevkii Acipayam-
Tavas Yol Kavsagi No:2 Tavas- Denizli/ Turkey |
|
PHONE NUMBER |
: |
90-258-637 45 01 |
|
FAX NUMBER |
: |
90-258-637 42 93 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Tavas / 1650173824 |
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REGISTRATION NUMBER |
: |
1143 |
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REGISTERED OFFICE |
: |
Tavas Chamber of Commerce |
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DATE ESTABLISHED |
: |
2002 (Commercial Registry Gazette Date/No:
04.09.2002/5627) |
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LEGAL FORM |
: |
Limited Company |
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TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
YTL 200,000 |
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PAID-IN CAPITAL |
: |
YTL 200,000 |
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HISTORY |
: |
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|
Previous
Registered Capital |
: YTL 10,000 |
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Regist. Capital Changed on |
: 14.10.2003 (Commercial Registry Gazette Date/No:
06.11.2003/5922) |
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Previous Shareholders |
: Ahmet Rasim Gumusgerdan (90 %) Bulent Corbez (10 %) |
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Shareholders Changed On |
: 02.11.2004 (Commercial Registry Gazette
Date/No: 09.11.2004/6174) |
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OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Ahmet Rasim Gumusgerdan Artin Kesisyan |
90 % 10 % |
|
SISTER COMPANIES |
: |
Kesisyan ve Gumusgerdan Hali Sanayi ve
Ticaret Ltd. Sti. |
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GROUP PARENT COMPANY |
: |
None |
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SUBSIDIARIES |
: |
None |
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DIRECTORS |
: |
Ahmet Rasim Gumusgerdan Artin Kesisyan |
|
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Trade of hand-woven carpets, rugs |
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|
SECTOR |
: |
Commerce |
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TRADEMARK(S) |
: |
None |
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NUMBER OF
EMPLOYEES |
: |
5 |
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|
NET SALES |
: |
(YTL) 10,709,046 13,965,153 3,902,630 |
(2005) (2006) (01.01-30.09.2007) |
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CAPACITY |
: |
None |
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PRODUCTION |
: |
None |
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IMPORT VALUE |
: |
None |
(01.01-10.12.2007) |
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IMPORT COUNTRIES |
: |
China |
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MERCHANDISE IMPORTED |
: |
Hand-woven carpet |
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EXPORT VALUE |
: |
(YTL) 7,501,103 6,997,089 2,261,919 |
(2005) (2006) (01.01-30.09.2007) |
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EXPORT COUNTRIES |
: |
Free Zones |
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MERCHANDISE
EXPORTED |
: |
Hand-woven carpets, rugs |
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PREMISES |
: |
Head Office: Cankurtaran Mevkii Acipayam-
Tavas Yol Kavsagi No:2 Tavas- Denizli |
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FIXED CAPITAL
INVESTMENTS |
: |
None |
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TREND OF BUSINESS : There was an upwards trend at business volume in 2006 but there was a
decline at sales volume in the first 9 months of 2007.
COMMERCIAL MORALITY : Good
SIZE OF BUSINESS : Lower- medium
FINANCE
|
MAIN DEALING BANKERS |
: |
Garanti Bankasi Denizli Ticari branch in
Denizli Akbank Denizli Ticari branch in Denizli |
|
CREDIT FACILITIES |
: |
The subject company is making use
of short-term credit facilities. |
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PAYMENT BEHAVIOUR |
: |
No complaints have been heard regarding
payments from banks. According to the official registries
since its establishment in 2002 until 15.10.2007, there are no protested
bills and non-paid cheques registered in the name of “Berke Halicilik” |
COMMENT ON FINANCIAL POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
|
|
Capitalization was insufficient as of
30.09.2007. A part of liabilities was due to loans from shareholders but major
part of liabilities was to third parties.
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LIQUIDITY |
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|
Liquidity may be regarded as being good as of 30.09.2007 disregarding
“loans from shareholders” from “current liabilities”. |
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PROFITABILITY |
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The firm which had operating loss had low net profitability due to
other income between 01.01-30.09.2007. |
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GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
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Favorable |
In 2006 |
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GENERAL
FINANCIAL POSITION |
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Capitalization was insufficient but liquidity may be
regarded as being good as of 30.09.2007 disregarding “loans from
shareholders” from “current liabilities”. The firm which had operating loss
had low net profitability due to other income between 01.01-30.09.2007. |
|
CREDIT OPINION
CREDIT OPINION WITHOUT OBLIGATION : We are of the opinion that, the subject is suitable for dealing on
secured terms in view of its trend of business and operating loss in
the first 9 months of 2007.
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|
Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|||||||||||
|
(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 |
|||||||||||
|
(1.1.-30.09.2007) |
4.98 % |
1.3447 |
1.8084 |
2.6720 |
|||||||||||
|
(1.1.-30.11.2007) |
5.78 % |
1.3190 |
1.7961 |
2.6363 |
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BALANCE SHEETS |
|
|||||||||||||
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|
YTL |
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|
YTL |
|
|
|
|
||||
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|
31.12.06 |
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|
30.09.07 |
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||||
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CURRENT ASSETS |
6.760.437 |
|
0,98 |
|
4.085.018 |
|
0,99 |
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||||
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Cash and
Banks |
78.791 |
|
0,01 |
|
491.453 |
|
0,12 |
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||||
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Marketable Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
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||||
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Account
Receivable |
3.022.142 |
|
0,44 |
|
1.561.788 |
|
0,38 |
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||||
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Other
Receivable |
157.563 |
|
0,02 |
|
247 |
|
0,00 |
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||||
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Inventories |
1.174.568 |
|
0,17 |
|
520.613 |
|
0,13 |
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Advances
Given |
172.173 |
|
0,02 |
|
196.766 |
|
0,05 |
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||||
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Other
Current Assets |
2.155.200 |
|
0,31 |
|
1.314.151 |
|
0,32 |
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NON-CURRENT ASSETS |
163.148 |
|
0,02 |
|
41.326 |
|
0,01 |
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||||
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Long-term
Receivable |
3.450 |
|
0,00 |
|
0 |
|
0,00 |
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||||
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Financial
Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
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||||
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Tangible
Fixed Assets (net) |
119.943 |
|
0,02 |
|
9.356 |
|
0,00 |
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||||
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Intangible Assets |
39.755 |
|
0,01 |
|
30.227 |
|
0,01 |
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||||
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Other
Non-Current Assets |
0 |
|
0,00 |
|
1.743 |
|
0,00 |
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TOTAL ASSETS |
6.923.585 |
|
1,00 |
|
4.126.344 |
|
1,00 |
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CURRENT LIABILITIES |
6.090.601 |
|
0,88 |
|
3.250.945 |
|
0,79 |
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||||
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Financial
Loans |
1.255.032 |
|
0,18 |
|
729.016 |
|
0,18 |
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||||
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Accounts
Payable |
1.678.720 |
|
0,24 |
|
1.578.687 |
|
0,38 |
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||||
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Loans
from Shareholders |
1.139.427 |
|
0,16 |
|
856.751 |
|
0,21 |
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||||
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Other
Short-term Payable |
5.459 |
|
0,00 |
|
0 |
|
0,00 |
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||||
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Advances from
Customers |
1.856.985 |
|
0,27 |
|
78.841 |
|
0,02 |
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||||
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Taxes
Payable |
12.188 |
|
0,00 |
|
7.650 |
|
0,00 |
|
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||||
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Provisions |
142.790 |
|
0,02 |
|
0 |
|
0,00 |
|
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||||
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Other Current
Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
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LONG-TERM LIABILITIES |
0 |
|
0,00 |
|
0 |
|
0,00 |
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|
||||
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Financial
Loans |
0 |
|
0,00 |
|
0 |
|
0,00 |
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||||
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Securities Issued |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
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||||
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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 |
0 |
|
0,00 |
|
0 |
|
0,00 |
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||||
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|
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||||
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STOCKHOLDERS' EQUITY |
832.984 |
|
0,12 |
|
875.399 |
|
0,21 |
|
|
||||
|
|
Paid-in
Capital |
200.000 |
|
0,03 |
|
200.000 |
|
0,05 |
|
|
||||
|
|
Inflation
Adjustment of Capital |
7.958 |
|
0,00 |
|
7.958 |
|
0,00 |
|
|
||||
|
|
Reserves |
201.622 |
|
0,03 |
|
625.026 |
|
0,15 |
|
|
||||
|
|
Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
||||
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|
Accumulated Losses(-) |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
||||
|
|
Net
Profit (loss) |
423.404 |
|
0,06 |
|
42.415 |
|
0,01 |
|
|
||||
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|
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|
||||
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TOTAL LIABILITIES AND EQUITY |
6.923.585 |
|
1,00 |
|
4.126.344 |
|
1,00 |
|
|
||||
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INCOME STATEMENTS |
||||||||
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2006 |
|
|
|
1.1.-30.9.2007 |
|
|
|
|
|
|
|
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|
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|
|
|
|
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Net Sales |
13.965.153 |
|
1,00 |
|
3.902.630 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
6.682.296 |
|
0,48 |
|
2.176.241 |
|
0,56 |
|
|
|
Gross Profit |
7.282.857 |
|
0,52 |
|
1.726.389 |
|
0,44 |
|
|
|
Operating
Expenses |
5.906.508 |
|
0,42 |
|
1.877.320 |
|
0,48 |
|
|
|
Operating Profit |
1.376.349 |
|
0,10 |
|
-150.931 |
|
-0,04 |
|
|
|
Other
Income |
905.127 |
|
0,06 |
|
350.292 |
|
0,09 |
|
|
|
Other
Expenses |
1.650.400 |
|
0,12 |
|
90.303 |
|
0,02 |
|
|
|
Financial
Expenses |
64.882 |
|
0,00 |
|
66.643 |
|
0,02 |
|
|
|
Profit (loss) Before Tax |
566.194 |
|
0,04 |
|
42.415 |
|
0,01 |
|
|
|
Tax
Payable |
142.790 |
|
0,01 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
423.404 |
|
0,03 |
|
42.415 |
|
0,01 |
|
|
|
FINANCIAL RATIOS |
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|
2006 |
|
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|
1.1.-30.9.2007 |
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LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
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|
Current Ratio |
1,11 |
|
|
|
1,26 |
|
|
|
|
|
Acid-Test Ratio |
0,54 |
|
|
|
0,63 |
|
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ASSET STRUCTURE RATIOS |
|
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|
Inventory/Total Assets |
0,17 |
|
|
|
0,13 |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,46 |
|
|
|
0,38 |
|
|
|
|
|
Tangible Assets/Total Assets |
0,02 |
|
|
|
0,00 |
|
|
|
|
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TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
5,69 |
|
|
|
4,18 |
|
|
|
|
|
Stockholders' Equity Turnover |
16,77 |
|
|
|
4,46 |
|
|
|
|
|
Asset Turnover |
2,02 |
|
|
|
0,95 |
|
|
|
|
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|
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|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,12 |
|
|
|
0,21 |
|
|
|
|
|
Current Liabilities/Total Assets |
0,88 |
|
|
|
0,79 |
|
|
|
|
|
Financial Leverage |
0,88 |
|
|
|
0,79 |
|
|
|
|
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|
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PROFITABILITY RATIOS |
|
|
|
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|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
0,51 |
|
|
|
0,05 |
|
|
|
|
|
Operating Profit Margin |
0,10 |
|
|
|
-0,04 |
|
|
|
|
|
Net Profit Margin |
0,03 |
|
|
|
0,01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
78,00 |
|
|
|
144,07 |
|
|
|
|
|
Average Payable Period (days) |
90,44 |
|
|
|
261,15 |
|
|
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|
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)