MIRA
INFORM REPORT
|
Report Date : |
04.10.2007 |
IDENTIFICATION DETAILS
|
Name : |
SAF HALICILIK TICARET VE SANAYI LTD. STI. |
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Registered Office : |
Klodfarer Cad. No:34 Cemberlitas |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
13.10.1992 |
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Com. Reg. No.: |
290977 |
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Legal Form : |
Limited Company |
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Line of Business : |
Import and domestic trade of carpet. |
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 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
COMPANY
IDENTIFICATION
|
NAME |
: |
SAF HALICILIK TICARET VE SANAYI LTD. STI. |
|
ADDRESS |
: |
Head Office/Store: Klodfarer Cad. No:34
Cemberlitas Branch Office: Bagdat Cad. Fener Yolu
No:114 Kadikoy |
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PHONE NUMBER |
: |
90-212-517 40 60 (Head Office) 90-216-449 41 36 (Branch Office) |
|
FAX NUMBER |
: |
90-216-449 09 56 |
LEGAL STATUS AND
HISTORY
|
TAX OFFICE / NO |
: |
Beyazit / 7360065382 |
|
REGISTRATION NUMBER |
: |
290977 |
|
REGISTERED OFFICE |
: |
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|
DATE ESTABLISHED |
: |
13.10.1992 (Commercial Registry Gazette Date/No:19.10.1992
/ 3138 ) |
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LEGAL FORM |
: |
Limited Company |
|
TYPE OF COMPANY |
: |
Private |
|
REGISTERED CAPITAL |
: |
YTL 1,500,000 |
|
PAID-IN CAPITAL |
: |
The subject has
declared that the paid-in capital is YTL 1,500,000 now. There is no certification
for the paid-in capital |
|
HISTORY |
: |
The registered capital was increased from
YTL 500 to YTL 150,000 on 17.05.2000 (Commercial Registry Gazette Date/No:
23.05.2000 / 5050) The registered capital was increased from
YTL 150,000 to YTL 1,500,000 on 06.12.2006 (Commercial Registry Gazette
Date/No: 11.12.2006/6701) |
OWNERSHIP /
MANAGEMENT
|
SHAREHOLDERS |
: |
Cuma Ali Altan Ibrahim Altan Suna Altan |
65 % 30 % 5 % |
|
SISTER COMPANIES |
: |
Declared to be: None |
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GROUP PARENT COMPANY |
: |
None |
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SUBSIDIARIES |
: |
None |
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DIRECTORS |
: |
Cuma Ali Altan Ibrahim Altan |
|
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Import and domestic trade of carpet |
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SECTOR |
: |
Commerce |
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TRADEMARK(S) |
: |
None |
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|
NUMBER OF
EMPLOYEES |
: |
6 |
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|
NET SALES |
: |
(YTL) 55,129 355,702 136,976 762,343 734,822 145,737 |
(2002) (2003) (2004) (2005) |
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CAPACITY |
: |
None |
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PRODUCTION |
: |
None |
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IMPORT COUNTRIES |
: |
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MERCHANDISE
IMPORTED |
: |
Carpet |
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EXPORT |
: |
None |
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PREMISES |
: |
Head Office/Store: Klodfarer Cad. No:34
Cemberlitas Store: Bagdat Cad. Fener Yolu No:114
Kadikoy |
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FIXED CAPITAL
INVESTMENTS |
: |
None |
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TREND OF BUSINESS : Fluctuating
COMMERCIAL MORALITY : Good
SIZE OF BUSINESS : Lower-moderate
FINANCE
|
MAIN DEALING BANKERS |
: |
T. Is Bankasi Nuruosmaniye branch in Akbank Nuruosmaniye branch in |
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CREDIT FACILITIES |
: |
The subject company rarely makes use of
credit facilities. |
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PAYMENT BEHAVIOUR |
: |
No complaints have been heard regarding payments
from banks. According to the official
registries between 01.01.2000-15.08.2007, there are no protested bills and
non-paid cheques registered in the name of “Saf Halicilik”. |
COMMENT ON
FINANCIAL POSITION
|
FINANCIAL STRUCTURE
(SUFFICENCY OF OWN RESOURCES) |
|
|
Capitalization was low as of 31.12.2006.
However it has to be noted that, 40 % of total liabilities and equity was due
to long-term loans from shareholders rather than liabilities to third parties.
So the firm’s indebtedness to third parties was not too high as of
31.12.2006. |
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LIQUIDITY |
|
|
Current ratio was high but acid test ratio was low as of
31.12.2006 as a considerable part of “current assets” was consisting of
“inventories” which is not a very
liquid item. |
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PROFITABILITY |
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|
The firm which
had high profitability in 2006, had operating loss and net loss between
01.01-30.06.2007. |
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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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|
Indebtedness to
third parties was not too high but capitalization and liquidity were low as
of 31.12.2006. The firm which had high profitability in 2006, had operating
loss and net loss between 01.01-30.06.2007. |
|
|
|
Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(2002) |
30.80 % |
1.5168 |
1.3741 |
2.2001 |
|
(2003) |
13.90 % |
1.5302 |
1.7141 |
2.4982 |
|
(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.-30.06.2007) |
2.98 % |
1.3733 |
1.8275 |
2.7117 |
|
(1.1.-31.08.2007) |
3.93 % |
1.3597 |
1.8186 |
2.6959 |
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|
BALANCE SHEETS |
||||||||
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|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
31.12.05 |
|
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|
31.12.06 |
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CURRENT ASSETS |
1.715.953 |
|
0,98 |
|
1.217.659 |
|
1,00 |
|
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|
Cash and
Banks |
12.281 |
|
0,01 |
|
29.964 |
|
0,02 |
|
|
|
Marketable
Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
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|
Account
Receivable |
563.714 |
|
0,32 |
|
0 |
|
0,00 |
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Other
Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Inventories |
952.202 |
|
0,54 |
|
1.001.079 |
|
0,82 |
|
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Advances
Given |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
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Other
Current Assets |
187.756 |
|
0,11 |
|
186.616 |
|
0,15 |
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NON-CURRENT ASSETS |
41.251 |
|
0,02 |
|
5.300 |
|
0,00 |
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Long-term
Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Financial
Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Tangible
Fixed Assets (net) |
41.251 |
|
0,02 |
|
5.300 |
|
0,00 |
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Intangible
Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Other
Non-Current Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
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|
|
|
|
|
|
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|
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TOTAL ASSETS |
1.757.204 |
|
1,00 |
|
1.222.959 |
|
1,00 |
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|
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|
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|
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CURRENT LIABILITIES |
393.252 |
|
0,22 |
|
527.711 |
|
0,43 |
|
|
|
Financial
Loans |
0 |
|
0,00 |
|
18.586 |
|
0,02 |
|
|
|
Accounts
Payable |
380.314 |
|
0,22 |
|
492.248 |
|
0,40 |
|
|
|
Loans from
Shareholders |
8.450 |
|
0,00 |
|
6.827 |
|
0,01 |
|
|
|
Other
Short-term Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Advances
from Customers |
0 |
|
0,00 |
|
7.372 |
|
0,01 |
|
|
|
Taxes
Payable |
4.488 |
|
0,00 |
|
2.678 |
|
0,00 |
|
|
|
Provisions |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Current Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
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LONG-TERM LIABILITIES |
1.285.569 |
|
0,73 |
|
486.640 |
|
0,40 |
|
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|
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 |
1.285.569 |
|
0,73 |
|
486.640 |
|
0,40 |
|
|
|
Other
Long-term Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Provisions |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
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|
STOCKHOLDERS' EQUITY |
78.383 |
|
0,04 |
|
208.608 |
|
0,17 |
|
|
|
Paid-in
Capital |
150.000 |
|
0,09 |
|
191.100 |
|
0,16 |
|
|
|
Inflation Adjustment
of Capital |
392.098 |
|
0,22 |
|
392.098 |
|
0,32 |
|
|
|
Reserves |
0 |
|
0,00 |
|
96.428 |
|
0,08 |
|
|
|
Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
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|
Accumulated Losses(-) |
-560.143 |
|
-0,32 |
|
-560.143 |
|
-0,46 |
|
|
|
Net Profit
(loss) |
96.428 |
|
0,05 |
|
89.125 |
|
0,07 |
|
|
|
|
|
|
|
|
|
|
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|
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TOTAL LIABILITIES AND EQUITY |
1.757.204 |
|
1,00 |
|
1.222.959 |
|
1,00 |
|
|
|
INCOME STATEMENTS |
||||||||||||
|
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|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
1.1.-30.06.2007 |
|
|
|
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|
|
|
|
|
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|
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Net Sales |
762.343 |
|
1,00 |
|
734.822 |
|
1,00 |
|
145.737 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
396.173 |
|
0,52 |
|
456.320 |
|
0,62 |
|
77.906 |
|
0,53 |
|
|
|
Gross Profit |
366.170 |
|
0,48 |
|
278.502 |
|
0,38 |
|
67.831 |
|
0,47 |
|
|
|
Operating Expenses |
269.859 |
|
0,35 |
|
202.699 |
|
0,28 |
|
88.599 |
|
0,61 |
|
|
|
Operating Profit |
96.311 |
|
0,13 |
|
75.803 |
|
0,10 |
|
-20.768 |
|
-0,14 |
|
|
|
Other
Income |
123 |
|
0,00 |
|
13.559 |
|
0,02 |
|
0 |
|
0,00 |
|
|
|
Other
Expenses |
6 |
|
0,00 |
|
237 |
|
0,00 |
|
18 |
|
0,00 |
|
|
|
Financial
Expenses |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Profit (loss) Before Tax |
96.428 |
|
0,13 |
|
89.125 |
|
0,12 |
|
-20.786 |
|
-0,14 |
|
|
|
Tax
Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
96.428 |
|
0,13 |
|
89.125 |
|
0,12 |
|
-20.786 |
|
-0,14 |
|
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FINANCIAL RATIOS |
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2005 |
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|
2006 |
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|
1.1.-30.06.2007 |
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LIQUIDITY RATIOS |
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Current Ratio |
4,36 |
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|
2,31 |
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|
-- |
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Acid-Test Ratio |
1,46 |
|
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|
0,06 |
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|
-- |
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ASSET STRUCTURE RATIOS |
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Inventory/Total Assets |
0,54 |
|
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|
0,82 |
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|
|
-- |
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Short-term Receivable/Total Assets |
0,32 |
|
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|
0,00 |
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|
|
-- |
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Tangible Assets/Total Assets |
0,02 |
|
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|
0,00 |
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|
-- |
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TURNOVER RATIOS |
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Inventory Turnover |
0,42 |
|
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|
0,46 |
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|
|
-- |
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Stockholders' Equity Turnover |
9,73 |
|
|
|
3,52 |
|
|
|
-- |
|
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Asset Turnover |
0,43 |
|
|
|
0,60 |
|
|
|
-- |
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FINANCIAL STRUCTURE |
|
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Stockholders' Equity/Total Assets |
0,04 |
|
|
|
0,17 |
|
|
|
-- |
|
|
|
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|
Current Liabilities/Total Assets |
0,22 |
|
|
|
0,43 |
|
|
|
-- |
|
|
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Financial Leverage |
0,96 |
|
|
|
0,83 |
|
|
|
-- |
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PROFITABILITY RATIOS |
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Net Profit/Stockholders' Eq. |
1,23 |
|
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|
0,43 |
|
|
|
-- |
|
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Operating Profit Margin |
0,13 |
|
|
|
0,10 |
|
|
|
-0,14 |
|
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Net Profit Margin |
0,13 |
|
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|
0,12 |
|
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|
-0,14 |
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COLLECTION-PAYMENT |
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Average Collection Period (days) |
266,20 |
|
|
|
0,00 |
|
|
|
-- |
|
|
|
|
|
Average Payable Period (days) |
345,59 |
|
|
|
388,34 |
|
|
|
-- |
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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%)