MIRA
INFORM REPORT
|
Report Date : |
10th
February, 2007 |
IDENTIFICATION
DETAILS
|
Name : |
HALIC ULUSLARARASI TASIMACILIK TURIZM VE DIS
TICARET LTD. STI. |
|
|
|
|
Registered Office : |
Sirinevler
Eski Londra Asfalti Pak Apt. No:17/2 Bahcelievler – Istanbul / Turkey. |
|
|
|
|
Country : |
Turkey |
|
|
|
|
Financials (as on) : |
30.09.2006 |
|
|
|
|
Date of Incorporation : |
03.08.2000 |
|
|
|
|
Com. Reg. No.: |
442560
– 390142 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Ø Broker for international
highway and maritime transportation. Ø The firm also deals with trade
of food, machinery etc. |
RATING & COMMENTS
|
MIRA’s Rating : |
C |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
HALIC ULUSLARARASI TASIMACILIK TURIZM VE DIS
TICARET LTD. STI. |
|
ADDRESS |
: |
Head Office: Sirinevler Eski Londra Asfalti Pak Apt. No:17/2
Bahcelievler – Istanbul / Turkey |
|
PHONE NUMBER |
: |
90-212-653 18 53 |
|
FAX NUMBER |
: |
90-212-639 31 99 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Yenibosna / 4550116620 |
|
REGISTRATION
NUMBER |
: |
442560 - 390142 |
|
REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
|
DATE ESTABLISHED |
: |
03.08.2000 (Commercial Registry Gazette Date/No: 08.08.2000 / 5105) |
|
LEGAL FORM |
: |
Limited Company |
|
TYPE OF COMPANY |
: |
Private |
|
REGISTERED
CAPITAL |
: |
YTL 100,000 |
|
PAID-IN CAPITAL |
: |
YTL 100,000 |
HISTORY
|
|
|
|
|
Previous
Registered Capital |
: YTL 30,000 |
|
|
Regist. Capital
Changed on |
: 05.12.2005 (Commercial Registry Gazette Date/No: 08.12.2005 / 6448) |
|
|
Previous
Shareholders |
:Nermin Cakir 45 % Temel Emen 45 % Yakup Ozdemir 10 % |
|
|
Shareholders
Changed On |
: 08.04.2005 (Commercial Registry Gazette Date/No: 13.04.2005 / 6281) |
|
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Nermin Cakir Temel Emen |
50 % 50 % |
|
SISTER COMPANIES |
: |
-Global Makina Tekstil Sanayi ve Dis Ticaret Ltd. Sti. |
|
|
GROUP PARENT
COMPANY |
: |
None |
|
|
SUBSIDIARIES |
: |
None |
|
|
DIRECTORS |
: |
Nermin Cakir Temel Emen |
|
OPERATIONS
|
BUSINESS ACTIVITIES |
: |
Broker for international highway and maritime transportation. The firm
has no vehicles of its owns its rents containers for its customers and works
on commission basis. The firm also deals with trade of food, machinery etc. |
|
|
TRADEMARK(S) |
: |
None |
|
|
NUMBER OF EMPLOYEES |
: |
12 |
|
|
NET SALES |
: |
(YTL) 6,831,952 9,078,207 8,566,496 |
(2004) (2005) (1.1.-30.09.2006) |
|
IMPORT VALUE |
: |
None |
|
|
FOREIGN INCOME |
: |
(YTL) 6,319,808 8,267,909 7,505,238 |
(2004) (2005) (1.1.-30.09.2006) |
|
EXPORT COUNTRIES |
: |
Libya, Egypt, Algeria, U.K, U.A.E, Bahrain, Saudi Arabia, Tunisia,
India, Australia |
|
|
MERCHANDISE EXPORTED |
: |
Food such as biscuits, wafer, nuts, sugar confectionary etc. |
|
|
PREMISES |
: |
Head Office: Sirinevler Eski Londra Asfalti Pak Apt. No:17/2
Bahcelievler – Istanbul (owned by Nermin Cakir) |
|
|
FIXED CAPITAL INVESTMENTS |
: |
None |
|
|
TREND OF BUSINESS |
: |
Upwards |
|
COMMERCIAL
MORALITY |
: |
Fair |
|
SIZE OF BUSINESS |
: |
Upper-moderate |
FINANCE
|
MAIN DEALING
BANKERS |
: |
Akbank Sirinevler branch in Istanbul |
|
CREDIT FACILITIES |
: |
The subject company rarely makes use of credit facilities. |
|
PAYMENT BEHAVIOUR |
: |
According to the official registries since its
establishment on 03.08.2000 until 31.12.2006, there are 4 non-paid cheques in
2005 registered in the name of “Halic
Uluslararasi” However these non-paid cheques were paid later on. |
COMMENT ON FINANCIAL POSITION
|
FINANCIAL STRUCTURE (SUFFICENCY
OF OWN RESOURCES) |
||
|
Capitalization
was low as of 30.09.2006. Major part of liabilities was due to accounts
payable as of 30.09.2006. |
||
|
LIQUIDITY |
||
|
Good |
As of
30.09.2006 |
|
|
PROFITABILITY |
||
|
The
firm had operating losses in 2005 and between 1.1.-30.09.2006 but due to
other income the profitability was low in 2005 and between 1.1.-30.09.2006. |
||
|
GAP BETWEEN COLLECTION-PAYMENT PERIODS |
||
|
Favorable |
Between
1.1.-30.09.2006 |
|
|
GENERAL FINANCIAL POSITION |
||
|
Unsatisfactory |
||
CREDIT OPINION
|
OUR RISK OPINION |
: |
C |
|
CREDIT OPINION WITHOUT OBLIGATION |
: |
We are of the opinion that, the subject is suitable for dealing on secured
terms for any amount of business. |
|
|
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 |
|
(1.1.-30.09.2006) |
11.54 % |
1.4266 |
1.7739 |
2.5892 |
|
(2006) |
11.58 % |
1.4309 |
1.7987 |
2.6377 |
|
(1.1.-31.01.2007) |
-0.05 % |
1.4207 |
1.8521 |
2.7900 |
BALANCE SHEETS
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
31.12.04 |
|
|
|
31.12.05 |
|
|
|
30.9.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
631.157 |
|
0,76 |
|
1.451.207 |
|
0,90 |
|
2.465.054 |
|
0,96 |
|
Cash and Banks |
33.923 |
|
0,04 |
|
83.671 |
|
0,05 |
|
16.877 |
|
0,01 |
|
Marketable
Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
Account
Receivable |
271.282 |
|
0,33 |
|
979.757 |
|
0,61 |
|
2.115.779 |
|
0,83 |
|
Other
Receivable |
1.183 |
|
0,00 |
|
230.488 |
|
0,14 |
|
0 |
|
0,00 |
|
Inventories |
163.978 |
|
0,20 |
|
141.897 |
|
0,09 |
|
292.038 |
|
0,11 |
|
Advances Given |
136.300 |
|
0,16 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
Other Current
Assets |
24.491 |
|
0,03 |
|
15.394 |
|
0,01 |
|
40.360 |
|
0,02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
198.708 |
|
0,24 |
|
164.945 |
|
0,10 |
|
97.670 |
|
0,04 |
|
Long-term
Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
Financial
Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
Tangible Fixed Assets
(net) |
184.017 |
|
0,22 |
|
134.985 |
|
0,08 |
|
96.217 |
|
0,04 |
|
Intangible
Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
Other
Non-Current Assets |
14.691 |
|
0,02 |
|
29.960 |
|
0,02 |
|
1.453 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
829.865 |
|
1,00 |
|
1.616.152 |
|
1,00 |
|
2.562.724 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
480.046 |
|
0,58 |
|
1.458.629 |
|
0,90 |
|
2.285.767 |
|
0,89 |
|
Financial Loans |
40.000 |
|
0,05 |
|
43.413 |
|
0,03 |
|
8.459 |
|
0,00 |
|
Accounts
Payable |
431.719 |
|
0,52 |
|
1.401.011 |
|
0,87 |
|
2.267.490 |
|
0,88 |
|
Loans from
Shareholders |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
Other Short-term
Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
Advances from
Customers |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
Taxes Payable |
8.349 |
|
0,01 |
|
14.205 |
|
0,01 |
|
9.818 |
|
0,00 |
|
Provisions |
-22 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
Other Current
Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
251.754 |
|
0,30 |
|
26.832 |
|
0,02 |
|
0 |
|
0,00 |
|
Financial Loans |
51.754 |
|
0,06 |
|
26.832 |
|
0,02 |
|
0 |
|
0,00 |
|
Securities
Issued |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
Long-term
Payable |
200.000 |
|
0,24 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
Loans from
Shareholders |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
Other Long-term
Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
Provisions |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
98.065 |
|
0,12 |
|
130.691 |
|
0,08 |
|
276.957 |
|
0,11 |
|
Paid-in Capital |
30.000 |
|
0,04 |
|
30.000 |
|
0,02 |
|
100.000 |
|
0,04 |
|
Inflation
Adjustment of Capital |
29.592 |
|
0,04 |
|
29.592 |
|
0,02 |
|
29.592 |
|
0,01 |
|
Reserves |
6.074 |
|
0,01 |
|
6.074 |
|
0,00 |
|
39.371 |
|
0,02 |
|
Revaluation
Fund |
0 |
|
0,00 |
|
31.728 |
|
0,02 |
|
31.728 |
|
0,01 |
|
Accumulated
Losses(-) |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
Net Profit
(loss) |
32.399 |
|
0,04 |
|
33.297 |
|
0,02 |
|
76.266 |
|
0,03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
829.865 |
|
1,00 |
|
1.616.152 |
|
1,00 |
|
2.562.724 |
|
1,00 |
INCOME STATEMENTS
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
2004 |
|
|
|
2005 |
|
|
|
1.1.-30.9.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
6.831.952 |
|
1,00 |
|
9.078.207 |
|
1,00 |
|
8.566.496 |
|
1,00 |
|
Cost of Goods
Sold |
6.649.884 |
|
0,97 |
|
8.988.627 |
|
0,99 |
|
8.298.474 |
|
0,97 |
|
Gross Profit |
182.068 |
|
0,03 |
|
89.580 |
|
0,01 |
|
268.022 |
|
0,03 |
|
Operating
Expenses |
145.994 |
|
0,02 |
|
99.875 |
|
0,01 |
|
339.636 |
|
0,04 |
|
Operating Profit |
36.074 |
|
0,01 |
|
-10.295 |
|
0,00 |
|
-71.614 |
|
-0,01 |
|
Other Income |
32.056 |
|
0,00 |
|
145.707 |
|
0,02 |
|
639.393 |
|
0,07 |
|
Other Expenses |
18.726 |
|
0,00 |
|
85.594 |
|
0,01 |
|
479.806 |
|
0,06 |
|
Financial
Expenses |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
11.707 |
|
0,00 |
|
Profit (loss) Before Tax |
49.404 |
|
0,01 |
|
49.818 |
|
0,01 |
|
76.266 |
|
0,01 |
|
Tax Payable |
17.005 |
|
0,00 |
|
16.521 |
|
0,00 |
|
0 |
|
0,00 |
|
Net Profit (loss) |
32.399 |
|
0,00 |
|
33.297 |
|
0,00 |
|
76.266 |
|
0,01 |
FINANCIAL RATIOS
|
|
|
2004 |
|
|
|
2005 |
|
|
|
1.1.-30.9.06 |
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
Current Ratio |
1,31 |
|
|
|
0,99 |
|
|
|
1,08 |
|
|
|
Acid-Test Ratio |
0,64 |
|
|
|
0,89 |
|
|
|
0,93 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,20 |
|
|
|
0,09 |
|
|
|
0,11 |
|
|
|
Short-term Receivable/Total Assets |
0,33 |
|
|
|
0,75 |
|
|
|
0,83 |
|
|
|
Tangible Assets/Total Assets |
0,22 |
|
|
|
0,08 |
|
|
|
0,04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
40,55 |
|
|
|
63,35 |
|
|
|
28,42 |
|
|
|
Stockholders' Equity Turnover |
69,67 |
|
|
|
69,46 |
|
|
|
30,93 |
|
|
|
Asset Turnover |
8,23 |
|
|
|
5,62 |
|
|
|
3,34 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,12 |
|
|
|
0,08 |
|
|
|
0,11 |
|
|
|
Current Liabilities/Total Assets |
0,58 |
|
|
|
0,90 |
|
|
|
0,89 |
|
|
|
Financial Leverage |
0,88 |
|
|
|
0,92 |
|
|
|
0,89 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
0,33 |
|
|
|
0,25 |
|
|
|
0,28 |
|
|
|
Operating Profit Margin |
0,01 |
|
|
|
0,00 |
|
|
|
-0,01 |
|
|
|
Net Profit Margin |
0,00 |
|
|
|
0,00 |
|
|
|
0,01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
14,29 |
|
|
|
38,85 |
|
|
|
88,91 |
|
|
|
Average Payable Period (days) |
34,20 |
|
|
|
56,11 |
|
|
|
98,37 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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/normal. |
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 |
|