MIRA
INFORM REPORT
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Report Date : |
26.07.2007 |
IDENTIFICATION DETAILS
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Name : |
HERIS SERAMIK VE TURIZM SANAYI A.S. |
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Registered Office : |
Kutahya Chamber of Industry and Commerce |
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Country : |
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Financials (as on) : |
30.09.2006 |
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Date of Incorporation : |
09.05.1973 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Manufacturing of tiles and bricks with two tileries |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COMPANY IDENTIFICATION
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NAME |
: |
HERIS SERAMIK VE TURIZM SANAYI A.S. |
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ADDRESS |
: |
Head Office & Production Plant: |
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PHONE NUMBER |
: |
90-274-225 03 00 (10 lines) |
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FAX NUMBER |
: |
90-274-225 03 16 |
LEGAL STATUS AND
HISTORY
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TAX OFFICE / NO |
: |
Cinili / 4610057513 |
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REGISTRATION NUMBER |
: |
1645 |
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REGISTERED OFFICE |
: |
Kutahya Chamber of Industry and Commerce |
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DATE ESTABLISHED |
: |
09.05.1973 |
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LEGAL FORM |
: |
Joint Stock Company |
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TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
YTL 29,000,000 |
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PAID-IN CAPITAL |
: |
YTL 29,000,000 |
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HISTORY |
: |
The head office of the firm has moved from “Sanayi Bolgesi No:355
Kutahya” to “Eskisehir Karayolu 5. Km. Kutahya”. The subject transferred manufacturing activity of tiles and bricks
with two tileries; the factory buildings, machineries and equipments,
vehicles and inventories of these tileries, at “Bolcek Koyu Karayer Mevkii
Merkez – Kutahya” and “In Koyu Bakacak Mevkii Merkez – Kutahya” to “GURAL
INTERNET VE BILGISAYAR HIZMETLERI TOPRAK SANAYI VE TICARET A.S.” on
15.01.2007. This partial division was published at the Commercial Registry
Gazette Date/No: 25.01.2007 / 6731. The net worth transferred to “GURAL
INTERNET VE BILGISAYAR HIZMETLERI TOPRAK SANAYI VE TICARET A.S.” was YTL
1,650,000 so the capital of “HERIS SERAMIK VE TURIZM SANAYI A.S.” was decreased
from YTL 29,000,000 to YTL 27,350,000 on 15.01.2007. On the same date, the
capital was increased from YTL 27,350,000 to YTL 29,000,000 and the increase
is decided to be financed by reserves. (Commercial Registry Gazette Date/No:
25.01.2007 / 6731) |
OWNERSHIP /
MANAGEMENT
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SHAREHOLDERS |
: |
Riza Gural Ismet Gural Nafi Gural Harika Gural Ali Gural Sami Gural Erol Gural Sevim Gural Olgun Esin Gural Gurok Turizm ve Madencilik A.S. |
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GROUP |
: |
Gural Group of Companies Some of the main companies operating within “Gural Group” are declared
to be as follows: Gurok Turizm ve Madencilik A.S. Kutahya Porselen Sanayii A.S. Gural Internet ve Bilgisayar Hizmetleri Toprak San.ve Tic.A.S Heris Seramik ve Turizm Sanayi A.S. Gural Porselen, Turizm ve Vitrifiye Sanayi A.S. Gurallar Yapi Malzemeleri ve Kimya Sanayi A.S. Kutahya Seramik Porselen Turizm A.S. Emir Turizm ve Ev Gerecleri Ticaret A.S. |
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BOARD OF DIRECTORS |
: |
Riza Gural Ismet Gural Erol Gural Harika Gural |
Chairman Vice-Chairman Member Member |
OPERATIONS
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BUSINESS ACTIVITIES |
: |
The subject transferred manufacturing activity of tiles and bricks
with two tileries; the factory buildings, machineries and equipments, vehicles
and inventories of these tileries, at “Bolcek Koyu Karayer Mevkii Merkez –
Kutahya” and “In Koyu Bakacak Mevkii Merkez – Kutahya” to “GURAL INTERNET VE
BILGISAYAR HIZMETLERI TOPRAK SANAYI VE TICARET A.S.” on 15.01.2007. Now, the subject is dealing with production of porcelain table sets,
kitchenware made of porcelain and bathroom ceramic materials such as bath
tub. |
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NET SALES |
: |
YTL 118,835,000 |
(2006) |
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The net sales figure is declared by the company. There is no
certification for this figure. |
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TRADEMARK(S) |
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“Gural Porselen” |
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NUMBER OF EMPLOYEES |
: |
1,830 |
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IMPORT VALUE |
: |
EUR 6,103,210 EUR 10.5 million EUR 6.2 million |
(2005) (2006) |
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IMPORT COUNTRIES |
: |
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MERCHANDISE IMPORTED |
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Raw materials and machinery spare parts. |
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EXPORT VALUE |
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EUR 13,473,206 EUR 6.6 million EUR 750,000 |
(2005) (01.01.-30.06.2007) |
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EXPORT COUNTRIES |
: |
Australia, UK, Egypt, Morocco, Slovenia, Azerbaijan, Georgia, Russia,
Moldavia, Ukraine, Albania, Bulgaria, Romania, Hungary, Czech Republic,
Poland, Ireland, Italy, Germany, Netherlands, France, UAE, Oman, Kuwait,
Saudi Arabia, Jordan, Switzerland, Austria, Finland, Sweden, Norway, Belgium,
Spain, Portugal, Greece, Denmark, Syria, Northern Cyprus Turkish Republic,
Chile, USA, South Africa |
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MERCHANDISE EXPORTED |
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Porcelain kitchenware, ceramic house wares… |
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PREMISES |
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The firm owns a head office/production plant located at “Eskisehir
Karayolu 5. Km. Kutahya”. Store: Ataturk Bulvari 5. Km Kutahya (owned) Store: Ataturk Bulvari 7. Km Kutahya (rented) Store: Afyon Yolu 10 km Kutahya (owned) Stores: Kadikoy – |
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COMMERCIAL MORALITY |
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Good |
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SIZE OF BUSINESS |
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Giant |
FINANCE
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MAIN DEALING BANKERS |
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Garanti Bankasi Marmara branch in Istanbul Yapi ve Kredi Bankasi Eskisehir branch in
Eskisehir Akbank Kutahya branch in Kutahya Yapi ve Kredi Bankasi Kutahya branch in Kutahya |
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CREDIT FACILITIES |
: |
No credit facility has come to our knowledge. |
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PAYMENT BEHAVIOR |
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No complaints have been heard regarding payments from banks. According to the official registries between 01.01.2000-15.06.2007,
there are no protested bills and non-paid cheques registered in the name of
“Heris Seramik”. |
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KEY FINANCIAL ELEMENTS |
: |
Net Sales Profit (Loss) Before Tax Stockholders’ Equity Total Assets |
(2006) (YTL) 118,835,000 19,836,000 134,500,000 162,030,000 |
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The a.m. figures are declared by the company. There is no
certification for these figures. |
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COMMENT ON FINANCIAL
POSITION
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FINANCIAL STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
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Capitalization was high as of 30.09.2006. According to the figures declared
by the company, capitalization was high as of 31.12.2006 as well. |
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LIQUIDITY |
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High |
As of 30.09.2006 |
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PROFITABILITY |
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Profitability was high in the first 9 months of 2006. According to the
figures declared by the company, profitability was high in 2006 as well. |
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GENERAL FINANCIAL POSITION |
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Strong |
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CREDIT OPINION
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CREDIT OPINION WITHOUT OBLIGATION |
: |
We are of the opinion that, a max. credit of USD 41 million may be
granted to the subject company. |
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Incr. in producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
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(2005) |
2.66 % |
1.3499 |
1.6882 |
2.4623 |
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(1.1.-30.09.2006) |
11.54 % |
1.4266 |
1.7739 |
2.5892 |
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(2006) |
11.58 % |
1.4309 |
1.7987 |
2.6377 |
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(1.1.-30.06.2007) |
2.98 % |
1.3733 |
1.8275 |
2.7117 |
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BALANCE SHEETS |
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YTL |
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30.9.06 |
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CURRENT ASSETS |
96.849.121 |
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0,60 |
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Cash and
Banks |
35.119.676 |
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0,22 |
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Marketable
Securities |
0 |
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0,00 |
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Account
Receivable |
23.063.423 |
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0,14 |
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Other
Receivable |
19.865 |
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0,00 |
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Inventories |
33.816.880 |
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0,21 |
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Advances
Given |
2.400.443 |
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0,01 |
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Other
Current Assets |
2.428.834 |
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0,01 |
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NON-CURRENT ASSETS |
65.613.441 |
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0,40 |
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Long-term Receivable |
4.821 |
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0,00 |
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Financial
Assets |
29.468 |
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0,00 |
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Tangible
Fixed Assets (net) |
64.457.641 |
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0,40 |
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Intangible
Assets |
861.687 |
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0,01 |
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Other
Non-Current Assets |
259.824 |
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0,00 |
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TOTAL ASSETS |
162.462.562 |
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1,00 |
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CURRENT LIABILITIES |
22.927.734 |
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0,14 |
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Financial
Loans |
0 |
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0,00 |
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Accounts
Payable |
13.570.782 |
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0,08 |
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Loans from
Shareholders |
0 |
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0,00 |
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Other
Short-term Payable |
144.551 |
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0,00 |
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Advances
from Customers |
2.980.671 |
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0,02 |
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Taxes
Payable |
486.526 |
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0,00 |
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Provisions |
0 |
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0,00 |
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Other Current
Liabilities |
5.745.204 |
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0,04 |
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LONG-TERM LIABILITIES |
0 |
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0,00 |
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Financial
Loans |
0 |
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0,00 |
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Securities
Issued |
0 |
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0,00 |
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Long-term
Payable |
0 |
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0,00 |
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Loans from
Shareholders |
0 |
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0,00 |
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Other
Long-term Liabilities |
0 |
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0,00 |
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Provisions |
0 |
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0,00 |
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STOCKHOLDERS' EQUITY |
139.534.828 |
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0,86 |
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Paid-in
Capital |
29.000.000 |
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0,18 |
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Inflation
Adjustment of Capital |
49.144.047 |
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0,30 |
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Reserves |
53.145.399 |
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0,33 |
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Revaluation Fund |
0 |
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0,00 |
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Accumulated Losses(-) |
-12.567.186 |
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-0,08 |
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Net Profit
(loss) |
20.812.568 |
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0,13 |
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TOTAL LIABILITIES AND EQUITY |
162.462.562 |
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1,00 |
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INCOME STATEMENTS |
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YTL |
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01.01.-30.09.2006 |
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Net Sales |
94.604.172 |
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1,00 |
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Cost of
Goods Sold |
55.831.023 |
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0,59 |
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Gross Profit |
38.773.149 |
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0,41 |
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Operating
Expenses |
19.499.794 |
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0,21 |
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Operating Profit |
19.273.355 |
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0,20 |
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Other
Income |
5.492.892 |
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0,06 |
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Other
Expenses |
3.896.626 |
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0,04 |
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Financial
Expenses |
57.053 |
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0,00 |
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Profit (loss) Before Tax |
20.812.568 |
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0,22 |
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Tax
Payable |
0 |
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0,00 |
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Net Profit (loss) |
20.812.568 |
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0,22 |
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FINANCIAL RATIOS |
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01.01.-30.09.2006 |
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LIQUIDITY RATIOS |
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Current Ratio |
4,22 |
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Acid-Test Ratio |
2,54 |
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ASSET STRUCTURE RATIOS |
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Inventory/Total Assets |
0,21 |
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Short-term Receivable/Total Assets |
0,14 |
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Tangible Assets/Total Assets |
0,40 |
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TURNOVER RATIOS |
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Inventory Turnover |
1,65 |
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Stockholders' Equity Turnover |
0,68 |
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Asset Turnover |
0,58 |
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FINANCIAL STRUCTURE |
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Stockholders' Equity/Total Assets |
0,86 |
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Current Liabilities/Total Assets |
0,14 |
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Financial Leverage |
0,14 |
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PROFITABILITY RATIOS |
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Net Profit/Stockholders' Eq. |
0,15 |
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Operating Profit Margin |
0,20 |
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Net Profit Margin |
0,22 |
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COLLECTION-PAYMENT |
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Average Collection Period (days) |
87,78 |
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Average Payable Period (days) |
87,50 |
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RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)