MIRA
INFORM REPORT
|
Report Date : |
16.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
HALIS TEKSTIL BOYA APRE SANAYI VE TICARET LTD.STI. |
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|
|
|
Registered Office : |
E-5 Karayolu Uzeri Vakiflar Koyu Mevkii Corlu Tekirdag |
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Country : |
Turkey |
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|
Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
2000 |
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Com. Reg. No.: |
6328 |
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|
Legal Form : |
Limited Company |
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|
Line of Business : |
Dying and Finishing of Fabric |
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 |
|
Maximum Credit Limit : |
USD 300,000 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTE: The name of the firm was missing at your inquiry. According to
Commercial Registry there is no company under the name “ HELIS TEKSTIL BOYA APRE
SANAYI TICARET LTD .STI.”.
The phone number stated at your additional information belongs to the
branch office of “HALIS TEKSTIL BOYA APRE SANAYI VE TICARET LTD.STI” whose head
office address is stated at your inquiry.
COMPANY IDENTIFICATION
|
NAME |
: |
HALIS TEKSTIL BOYA APRE SANAYI VE TICARET LTD.STI. |
|
ADDRESS |
: |
Head Office & Production Plant: E-5
Karayolu Uzeri Vakiflar Koyu Mevkii Corlu Tekirdag / Turkey Branch: Merkez Mah. Mithatpasa Cad. Altundag
Is Merkezi No:144 Yenibosna-Istanbul / Turkey |
|
TELEPHONE NUMBER |
: |
90-282-672 24 19 (Head Office) 90-212-652 28 70 (Branch) |
|
FAX NUMBER |
: |
90-282-672 22 03 (Head Office) 90-212 451 90 98 (Branch) |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Corlu / 4560148770 |
|
REGISTRATION NUMBER |
: |
6328 |
|
REGISTERED OFFICE |
: |
Corlu Chamber of Commerce |
|
DATE ESTABLISHED |
: |
2000 (Commercial Registry Gazette
Date/No:09.08.2000/5106) |
|
LEGAL FORM |
: |
Limited Company |
|
TYPE OF COMPANY |
: |
Private |
|
REGISTERED CAPITAL |
: |
YTL 1,500,000 |
|
|
|
PAID-IN CAPITAL |
: |
YTL 1,500,000 |
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|
|
HISTORY |
: |
|
|
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|
|
|
Previous
Registered Capital |
:YTL 500,000 |
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|
|
|
Regist. Capital
Changed on |
: 20.12.2005 (Commercial Registry Gazette
Date/No:28.12.2005/6462) |
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Previous
Shareholders |
:Mehmet Faruk Tunc 50 % Veysi Tunc 50 % |
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Shareholders Changed On |
: 20.02.2007 (Commercial Registry Gazette
Date/No:28.02.2007/6755) |
|
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Mehmet Halis Tunc Veysi Tunc |
50 % 50 % |
|
GROUP PARENT COMPANY |
: |
None |
|
|
SUBSIDIARY |
|
None |
|
|
DIRECTORS |
: |
Veysi Tunc Mehmet Tahir Altun |
General Manager Deputy General Manager |
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Dying and finishing of fabric |
|
|
SECTOR |
: |
Textile |
|
|
NUMBER OF
EMPLOYEES |
: |
80 |
|
|
NET SALES |
: |
(YTL) 7,424,472 6,040,862 7,442,952 |
(2005) (2006) (2007) |
|
IMPORT COUNTRIES |
: |
India |
|
|
MERCHANDISE
IMPORTED |
: |
Dye |
|
|
EXPORT VALUE |
: |
(YTL) 1,343,450 1,055,077 953,897 |
(2005) (2006) (2007) |
|
EXPORT COUNTRIES |
: |
Russia, Kazakhstan, Bulgaria, Ukraine,
Romania, Poland, UK, Istanbul-Trakya Free Zone, Ireland, Germany |
|
|
MERCHANDISE
EXPORTED |
: |
Fabric, yarn |
|
|
PREMISES |
: |
Head Office & Dying Plant : E-5
Karayolu Uzeri Vakiflar Koyu Mevkii
Corlu Tekirdag (rented) Branch: Merkez Mah.Mithatpasa Cad.
Altundag Is Merkezi No:144 Yenibosna-Istanbul (2,000 sqm) (rented) |
|
|
TREND OF
BUSINESS |
: |
There was a decline at sales volume in
nominal terms in 2006.The sales volume increased in 2007 but it indicates a stagnating trend when compared to the
sales volume of 2005. |
|
SIZE OF BUSINESS |
: |
Upper-medium |
FINANCE
|
MAIN DEALING BANKERS |
: |
Halk Bankasi Gunesli branch in Istanbul |
|
CREDIT FACILITIES |
: |
The subject company is making use of credit facilities. |
|
PAYMENT BEHAVIOUR |
: |
We are informed about a few payment delays in the former years
which was resolved later on but no payment delays have come to our knowledge
in the last years. |
COMMENT ON FINANCIAL POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
||
|
The capitalization was insufficient as of 31.12.2007. A part of
liabilities was due to loans from shareholders but the major part of
liabilities was due to third parties. |
||
|
LIQUIDITY |
||
|
Satisfactory |
As of 31.12.2007 |
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PROFITABILITY |
||
|
Low |
In 2007 |
|
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GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
||
|
Favorable |
In 2007 |
|
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GENERAL
FINANCIAL POSITION |
||
|
Passable |
||
CREDIT OPINION
|
CREDIT OPINION WITHOUT OBLIGATION |
: |
We are of the opinion that, a max. credit of
USD 300,000 may be granted to the subject company. |
|
|
Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(2005) |
2.66 % |
1.3499 |
1.6882 |
2.4623 |
|
(2006) |
11.58 % |
1.4309 |
1.7987 |
2.6377 |
|
(2007) |
5.94 % |
1.3075 |
1.7901 |
2.6133 |
|
(1.1.-30.04.2008) |
11.04 % |
1.2193 |
1.8541 |
2.4257 |
BALANCE
SHEETS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
31.12.06 |
|
|
|
31.12.07 |
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|
|
|
|
|
|
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|
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|
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CURRENT ASSETS |
5.742.515 |
|
0,82 |
|
6.577.103 |
|
0,81 |
|
|
|
Cash and
Banks |
1.545 |
|
0,00 |
|
75.577 |
|
0,01 |
|
|
|
Marketable Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account
Receivable |
2.958.130 |
|
0,42 |
|
3.265.915 |
|
0,40 |
|
|
|
Other
Receivable |
308.548 |
|
0,04 |
|
56.080 |
|
0,01 |
|
|
|
Inventories |
2.000.075 |
|
0,29 |
|
2.448.788 |
|
0,30 |
|
|
|
Advances
Given |
427.306 |
|
0,06 |
|
720.095 |
|
0,09 |
|
|
|
Other Current
Assets |
46.911 |
|
0,01 |
|
10.648 |
|
0,00 |
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|
|
|
|
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|
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NON-CURRENT ASSETS |
1.250.936 |
|
0,18 |
|
1.521.341 |
|
0,19 |
|
|
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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) |
1.202.292 |
|
0,17 |
|
1.220.565 |
|
0,15 |
|
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Intangible Assets |
43.837 |
|
0,01 |
|
300.550 |
|
0,04 |
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Other
Non-Current Assets |
4.807 |
|
0,00 |
|
226 |
|
0,00 |
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|
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TOTAL ASSETS |
6.993.451 |
|
1,00 |
|
8.098.444 |
|
1,00 |
|
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|
|
|
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|
|
|
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CURRENT LIABILITIES |
5.099.593 |
|
0,73 |
|
6.166.723 |
|
0,76 |
|
|
|
Financial
Loans |
228.544 |
|
0,03 |
|
371.166 |
|
0,05 |
|
|
|
Accounts
Payable |
2.966.580 |
|
0,42 |
|
3.694.942 |
|
0,46 |
|
|
|
Loans
from Shareholders |
396.688 |
|
0,06 |
|
428.562 |
|
0,05 |
|
|
|
Other
Short-term Payable |
27.486 |
|
0,00 |
|
0 |
|
0,00 |
|
|
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Advances
from Customers |
862.932 |
|
0,12 |
|
1.339.409 |
|
0,17 |
|
|
|
Taxes
Payable |
586.556 |
|
0,08 |
|
277.899 |
|
0,03 |
|
|
|
Provisions |
30.807 |
|
0,00 |
|
22.952 |
|
0,00 |
|
|
|
Other Current
Liabilities |
0 |
|
0,00 |
|
31.793 |
|
0,00 |
|
|
|
|
|
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LONG-TERM LIABILITIES |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Financial
Loans |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
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|
Securities Issued |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Long-term
Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
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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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|
STOCKHOLDERS' EQUITY |
1.893.858 |
|
0,27 |
|
1.931.721 |
|
0,24 |
|
|
|
Paid-in
Capital |
1.500.000 |
|
0,21 |
|
1.500.000 |
|
0,19 |
|
|
|
Inflation
Adjustment of Capital |
333.977 |
|
0,05 |
|
333.977 |
|
0,04 |
|
|
|
Reserves |
38.435 |
|
0,01 |
|
59.881 |
|
0,01 |
|
|
|
Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accumulated Losses(-) |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net
Profit (loss) |
21.446 |
|
0,00 |
|
37.863 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
6.993.451 |
|
1,00 |
|
8.098.444 |
|
1,00 |
|
INCOME
STATEMENTS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2006 |
|
|
|
2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
6.040.862 |
|
1,00 |
|
7.442.952 |
|
1,00 |
|
|
|
Cost of Goods Sold |
4.817.761 |
|
0,80 |
|
5.679.244 |
|
0,76 |
|
|
|
Gross Profit |
1.223.101 |
|
0,20 |
|
1.763.708 |
|
0,24 |
|
|
|
Operating Expenses |
1.041.835 |
|
0,17 |
|
1.336.520 |
|
0,18 |
|
|
|
Operating Profit |
181.266 |
|
0,03 |
|
427.188 |
|
0,06 |
|
|
|
Other Income |
137.045 |
|
0,02 |
|
79.325 |
|
0,01 |
|
|
|
Other Expenses |
96.826 |
|
0,02 |
|
120.227 |
|
0,02 |
|
|
|
Financial Expenses |
169.020 |
|
0,03 |
|
312.381 |
|
0,04 |
|
|
|
Profit (loss) Before Tax |
52.465 |
|
0,01 |
|
73.905 |
|
0,01 |
|
|
|
Tax Payable |
31.019 |
|
0,01 |
|
36.042 |
|
0,00 |
|
|
|
Net Profit (loss) |
21.446 |
|
0,00 |
|
37.863 |
|
0,01 |
|
FINANCIAL RATIOS
|
|
|
2006 |
|
|
|
2007 |
|
|
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|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
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|
Current Ratio |
1,13 |
|
|
|
1,07 |
|
|
|
|
|
Acid-Test Ratio |
0,64 |
|
|
|
0,55 |
|
|
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ASSET STRUCTURE RATIOS |
|
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|
|
|
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|
Inventory/Total Assets |
0,29 |
|
|
|
0,30 |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,47 |
|
|
|
0,41 |
|
|
|
|
|
Tangible Assets/Total Assets |
0,17 |
|
|
|
0,15 |
|
|
|
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|
|
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|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
2,41 |
|
|
|
2,32 |
|
|
|
|
|
Stockholders' Equity Turnover |
3,19 |
|
|
|
3,85 |
|
|
|
|
|
Asset Turnover |
0,86 |
|
|
|
0,92 |
|
|
|
|
|
|
|
|
|
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|
|
|
|
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|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,27 |
|
|
|
0,24 |
|
|
|
|
|
Current Liabilities/Total Assets |
0,73 |
|
|
|
0,76 |
|
|
|
|
|
Financial Leverage |
0,73 |
|
|
|
0,76 |
|
|
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PROFITABILITY RATIOS |
|
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|
|
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|
|
|
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|
Net Profit/Stockholders' Eq. |
0,01 |
|
|
|
0,02 |
|
|
|
|
|
Operating Profit Margin |
0,03 |
|
|
|
0,06 |
|
|
|
|
|
Net Profit Margin |
0,00 |
|
|
|
0,01 |
|
|
|
|
|
|
|
|
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|
|
|
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|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
176,29 |
|
|
|
157,97 |
|
|
|
|
|
Average Payable Period (days) |
221,67 |
|
|
|
234,22 |
|
|
|
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%)