MIRA
INFORM REPORT
|
Report Date : |
22.05.2007 |
IDENTIFICATION DETAILS
|
Name : |
HALAT BRANDA SANAYI VE TICARET A.S. |
|
|
|
|
Registered Office : |
Kantarcilar Cad. No:19 Eminonu |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
19.09.1984 |
|
|
|
|
Com. Reg. No.: |
205627 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Processing and trade of mat and trade of
rope and yarn |
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 : |
Regular |
|
|
|
|
Litigation : |
Clear |
COMPANY
IDENTIFICATION
|
NAME |
: |
HALAT BRANDA SANAYI VE TICARET A.S. |
|
ADDRESS |
: |
Head Office/Store : Kantarcilar Cad. No:19
Eminonu Workshop/Warehouse: Sanayi Mah. Sancakli
Cad. No:15 Gungoren |
|
PHONE NUMBER |
: |
90-212-514 04 68 (Head Office/Store) 90-212-556 12 11 (Workshop/Warehouse) |
|
FAX NUMBER |
: |
90-212-513 08 07 (Head Office/Store) 90-212-642 99 75 (Workshop/Warehouse) |
LEGAL STATUS AND
HISTORY
|
TAX OFFICE / NO |
: |
Mercan / 7280026434 |
|
REGISTRATION NUMBER |
: |
205627 |
|
REGISTERED OFFICE |
: |
|
|
DATE ESTABLISHED |
: |
19.09.1984 (Commercial Registry Gazette
Date/No: 21.09.1984/1099) |
|
LEGAL FORM |
: |
Joint Stock Company |
|
TYPE OF COMPANY |
: |
Private |
|
REGISTERED CAPITAL |
: |
YTL 500,000 |
|
PAID-IN CAPITAL |
: |
YTL 500,000 |
|
HISTORY |
: |
The name of the subject was changed from
“Penye Mensucat Sanayi ve Ticaret A.S.” to “Halat Branda Sanayi Ve Ticaret A.S.”
on 09.06.1998 (Commercial Registry Gazette Date/No:12.06.1998/4560) The registered capital was increased from
YTL 240 to YTL 500,000 on 23.01.2002 (Commercial Registry Gazette Date / No:
28.01.2002 / 5474) |
OWNERSHIP /
MANAGEMENT
|
SHAREHOLDERS |
: |
Selim Sirri Kisbu Mehmet Zeki Kisbu Baki Kisbu Nedim Kisbu Ayse Kisbu |
75 % 10 % 5 % 5 % 5 % |
|
SISTER COMPANIES |
: |
-Seteks Tekstil Ve Giyim Sanayi Ve Ticaret
A.S. -Limok Ithalat Ihracat Sanayi Ve Ticaret
Ltd Sti -Kisbu Dokusuz Orgusuz Teknik Tekstil
Sanayi Ve Ticaret Ltd Sti |
|
|
GROUP PARENT COMPANY |
: |
None |
|
|
SUBSIDIARIES |
: |
None |
|
|
BOARD OF DIRECTORS |
: |
Selim Sirri Kisbu Baki Kisbu Mehmet Zeki Kisbu Nedim Kisbu |
Chairman Member Member Member |
|
DIRECTORS |
: |
Atakan Parlayan |
General Manager |
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Processing and trade of mat and trade of
rope and yarn The subject orders rope and yarn to be manufactured in the name of the
subject company to contract manufacturers |
|
|
TRADEMARK(S) |
: |
None |
|
|
NUMBER OF
EMPLOYEES |
: |
21 |
|
|
NET SALES |
: |
(YTL) 4,238,552 5,478,784 5,679,895 1,759,943 |
(2004) (2005) (2006) (1.1.-30.4.2007) |
|
|
|
The net sales figure between 1.1.-30.4.2007
is declared by the subject company. There is no certification for this
figure. |
|
|
PRODUCTION |
: |
None |
|
|
IMPORT VALUE |
: |
(USD) 867,098 1,445,008 355,409 |
(2005) (2006) (1.1-30.04.2007) |
|
IMPORT COUNTRIES |
: |
|
|
|
MERCHANDISE
IMPORTED |
: |
Mat, rope, yarn…etc |
|
|
EXPORT VALUE |
: |
(YTL) 139,019 37,637 105,997 24,599 |
(2004) (2005) (2006) (1.1.-30.04.2007) |
|
EXPORT COUNTRIES |
: |
|
|
|
MERCHANDISE
EXPORTED |
: |
Mat and rope |
|
|
PREMISES |
: |
Head Office/Store: Kantarcilar Cad. No:19
Eminonu Workshop/Warehouse: Sanayi Mah. Sancakli
Cad. No:15 Gungoren |
|
|
FIXED CAPITAL
INVESTMENTS |
: |
None |
|
|
TREND OF
BUSINESS |
: |
There was a slowdown at sales volume in
real terms in 2006 |
|
COMMERCIAL MORALITY |
: |
Good |
|
SIZE OF BUSINESS |
: |
Moderate |
FINANCE
|
MAIN DEALING BANKERS |
: |
HSBC Bank Merter branch in Turkiye Is Bankasi Tekstil Merkezi branch
in |
|
CREDIT FACILITIES |
: |
No credit facility has come to our
knowledge. |
|
PAYMENT BEHAVIOUR |
: |
No complaints have been heard regarding
payments from banks. According
to the official registries between 01.01.2000-15.04.2007, there are no
protested bills and non-paid cheques registered in the name of “Halat Branda” |
COMMENT ON FINANCIAL
POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
||
|
Capitalization was good as of 31.12.2006. Furthermore 43 % of total
liabilities and equity was due to loans from shareholders rather than liabilities
to third parties. So the firm’s indebtedness to third parties was low as of
31.12.2006. |
||
|
LIQUIDITY |
||
|
Liquidity may be regarded as being good as of 31.12.2006 disregarding
“loans from shareholders” from “current liabilities”. |
||
|
PROFITABILITY |
||
|
Good |
In 2006 |
|
|
GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
||
|
Unfavorable |
In 2006 |
|
|
GENERAL
FINANCIAL POSITION |
||
|
Good |
||
CREDIT OPINION
CREDIT OPINION WITHOUT OBLIGATION : We are of the opinion that, a max. credit of
EUR 275,000 may be
granted to the subject company.
|
|
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.-30.04.2007) |
2.69 % |
1.3922 |
1.8451 |
2.7411 |
|
BALANCE SHEETS |
|||||||||||||
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
31.12.04 |
|
|
|
31.12.05 |
|
|
|
31.12.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
1.743.762 |
|
0,99 |
|
1.329.076 |
|
0,94 |
|
2.332.665 |
|
0,95 |
|
|
|
Cash and
Banks |
156.143 |
|
0,09 |
|
75.727 |
|
0,05 |
|
88.704 |
|
0,04 |
|
|
|
Marketable
Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account
Receivable |
619.437 |
|
0,35 |
|
301.262 |
|
0,21 |
|
577.937 |
|
0,23 |
|
|
|
Other
Receivable |
0 |
|
0,00 |
|
28.018 |
|
0,02 |
|
28.018 |
|
0,01 |
|
|
|
Inventories |
944.362 |
|
0,54 |
|
844.473 |
|
0,60 |
|
1.381.217 |
|
0,56 |
|
|
|
Advances
Given |
0 |
|
0,00 |
|
79.289 |
|
0,06 |
|
225.872 |
|
0,09 |
|
|
|
Other
Current Assets |
23.820 |
|
0,01 |
|
307 |
|
0,00 |
|
30.917 |
|
0,01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
9.113 |
|
0,01 |
|
86.140 |
|
0,06 |
|
134.469 |
|
0,05 |
|
|
|
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) |
6.228 |
|
0,00 |
|
82.688 |
|
0,06 |
|
126.516 |
|
0,05 |
|
|
|
Intangible
Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
847 |
|
0,00 |
|
|
|
Other
Non-Current Assets |
2.885 |
|
0,00 |
|
3.452 |
|
0,00 |
|
7.106 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
1.752.875 |
|
1,00 |
|
1.415.216 |
|
1,00 |
|
2.467.134 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
885.241 |
|
0,51 |
|
446.775 |
|
0,32 |
|
1.198.242 |
|
0,49 |
|
|
|
Financial
Loans |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accounts
Payable |
563.863 |
|
0,32 |
|
110.866 |
|
0,08 |
|
100.935 |
|
0,04 |
|
|
|
Loans from
Shareholders |
326.494 |
|
0,19 |
|
300.763 |
|
0,21 |
|
1.071.125 |
|
0,43 |
|
|
|
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 |
5.282 |
|
0,00 |
|
14.270 |
|
0,01 |
|
11.976 |
|
0,00 |
|
|
|
Provisions |
-10.398 |
|
-0,01 |
|
20.876 |
|
0,01 |
|
14.206 |
|
0,01 |
|
|
|
Other
Current Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Financial
Loans |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Securities
Issued |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Long-term Payable |
0 |
|
0,00 |
|
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 |
867.634 |
|
0,49 |
|
968.441 |
|
0,68 |
|
1.268.892 |
|
0,51 |
|
|
|
Paid-in
Capital |
500.000 |
|
0,29 |
|
500.000 |
|
0,35 |
|
500.000 |
|
0,20 |
|
|
|
Inflation Adjustment of Capital |
69.201 |
|
0,04 |
|
69.201 |
|
0,05 |
|
69.201 |
|
0,03 |
|
|
|
Reserves |
282.377 |
|
0,16 |
|
325.754 |
|
0,23 |
|
426.561 |
|
0,17 |
|
|
|
Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accumulated Losses(-) |
-27.321 |
|
-0,02 |
|
-27.321 |
|
-0,02 |
|
-27.321 |
|
-0,01 |
|
|
|
Net Profit
(loss) |
43.377 |
|
0,02 |
|
100.807 |
|
0,07 |
|
300.451 |
|
0,12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
1.752.875 |
|
1,00 |
|
1.415.216 |
|
1,00 |
|
2.467.134 |
|
1,00 |
|
|
|
INCOME STATEMENTS |
||||||||||||
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2004 |
|
|
|
2005 |
|
|
|
2006 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
4.238.552 |
|
1,00 |
|
5.478.784 |
|
1,00 |
|
5.679.895 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
3.854.173 |
|
0,91 |
|
5.048.244 |
|
0,92 |
|
4.964.363 |
|
0,87 |
|
|
|
Gross Profit |
384.379 |
|
0,09 |
|
430.540 |
|
0,08 |
|
715.532 |
|
0,13 |
|
|
|
Operating
Expenses |
223.629 |
|
0,05 |
|
293.172 |
|
0,05 |
|
339.082 |
|
0,06 |
|
|
|
Operating Profit |
160.750 |
|
0,04 |
|
137.368 |
|
0,03 |
|
376.450 |
|
0,07 |
|
|
|
Other
Income |
5.615 |
|
0,00 |
|
8.720 |
|
0,00 |
|
1.799 |
|
0,00 |
|
|
|
Other
Expenses |
96.881 |
|
0,02 |
|
0 |
|
0,00 |
|
1.696 |
|
0,00 |
|
|
|
Financial
Expenses |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Profit (loss) Before Tax |
69.484 |
|
0,02 |
|
146.088 |
|
0,03 |
|
376.553 |
|
0,07 |
|
|
|
Tax
Payable |
26.107 |
|
0,01 |
|
45.281 |
|
0,01 |
|
76.102 |
|
0,01 |
|
|
|
Net Profit (loss) |
43.377 |
|
0,01 |
|
100.807 |
|
0,02 |
|
300.451 |
|
0,05 |
|
|
|
FINANCIAL RATIOS |
||||||||||||
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|||||||||||||
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|
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|
|
|
|
|
|
|
2004 |
|
|
|
2005 |
|
|
|
2006 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Ratio |
1,97 |
|
|
|
2,97 |
|
|
|
1,95 |
|
|
|
|
|
Acid-Test Ratio |
0,88 |
|
|
|
0,91 |
|
|
|
0,58 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,54 |
|
|
|
0,60 |
|
|
|
0,56 |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,35 |
|
|
|
0,23 |
|
|
|
0,25 |
|
|
|
|
|
Tangible Assets/Total Assets |
0,00 |
|
|
|
0,06 |
|
|
|
0,05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
4,08 |
|
|
|
5,98 |
|
|
|
3,59 |
|
|
|
|
|
Stockholders' Equity Turnover |
4,89 |
|
|
|
5,66 |
|
|
|
4,48 |
|
|
|
|
|
Asset Turnover |
2,42 |
|
|
|
3,87 |
|
|
|
2,30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,49 |
|
|
|
0,68 |
|
|
|
0,51 |
|
|
|
|
|
Current Liabilities/Total Assets |
0,51 |
|
|
|
0,32 |
|
|
|
0,49 |
|
|
|
|
|
Financial Leverage |
0,51 |
|
|
|
0,32 |
|
|
|
0,49 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
0,05 |
|
|
|
0,10 |
|
|
|
0,24 |
|
|
|
|
|
Operating Profit Margin |
0,04 |
|
|
|
0,03 |
|
|
|
0,07 |
|
|
|
|
|
Net Profit Margin |
0,01 |
|
|
|
0,02 |
|
|
|
0,05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
52,61 |
|
|
|
19,80 |
|
|
|
36,63 |
|
|
|
|
|
Average Payable Period (days) |
52,67 |
|
|
|
7,91 |
|
|
|
7,32 |
|
|
|
|
|
|
|
|
|
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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 |
|
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 |
|
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%)