MIRA
INFORM REPORT
|
Report Date : |
14.11.2008 |
IDENTIFICATION
DETAILS
|
Name : |
BAHARIYE MENSUCAT SANAYI VE TICARET A.S. |
|
|
|
|
Registered Office : |
Ikitelli Halkali Yolu Mehmet Akif Mahallesi Bahariye Cad. No:33 34670
Kucukcekmece- Istanbul |
|
|
|
|
Country : |
Turkey |
|
|
|
|
Financials (as on) : |
31.12.2007 |
|
|
|
|
Date of Incorporation : |
03.12.1973 |
|
|
|
|
Com. Reg. No.: |
124956 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacture and Trade of Fabric and Machine Made Carpets |
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 : |
EUR 15 million |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
BAHARIYE MENSUCAT SANAYI VE TICARET A.S. |
|
ADDRESS |
: |
Head Office & Fabric Factory: Ikitelli
Halkali Yolu Mehmet Akif Mahallesi Bahariye Cad. No:33 34670
Kucukcekmece- Istanbul / Turkey |
|
PHONE NUMBER |
: |
90-212-548 20 10 |
|
FAX NUMBER |
: |
90-212-548 30 40 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Halkali / 1310046860 |
|
REGISTRATION NUMBER |
: |
124956 |
|
REGISTERED OFFICE |
: |
Istanbul Chamber of Industry Istanbul Chamber of Commerce |
|
DATE ESTABLISHED |
: |
03.12.1973 |
|
LEGAL FORM |
: |
Joint Stock Company |
|
TYPE OF COMPANY |
: |
Private |
|
REGISTERED CAPITAL |
: |
YTL 60.000.000 |
|
PAID-IN CAPITAL |
: |
The paid-in capital is declared to be YTL
57.500.000. There is no certification for the paid-in capital. |
|
HISTORY |
: |
|
|
|
|
|
Previous Registered Capital |
:YTL 20.000.000 |
|
|
|
Regist. Capital Changed on |
:17.06.2004(Commercial Registry Gazette
Date/No:22.06.2004/6076) |
|
|
|
Previous Registered Capital |
:YTL 25.000.000 |
|
|
|
Regist. Capital Changed on |
:28.06.2005(Commercial Registry Gazette
Date/No:01.07.2005/6337) |
|
|
|
Previous Registered Capital |
:YTL 33.000.000 |
|
|
|
Regist. Capital Changed on |
:27.12.2005(Commercial Registry Gazette
Date/No: 30.12.2005/6464) |
|
|
|
Previous Registered Capital |
: YTL 42.000.000 |
|
|
|
Regist. Capital Changed on |
:26.04.2007(Commercial Registry Gazette
Date/No: 01.05.2007/6798) |
|
|
|
Previous Registered Capital |
: YTL 50.000.000 |
|
|
|
Regist. Capital Changed on |
:10.06.2008 (Commercial Registry Gazette
Date/No: 13.06.2008/7083) All of this increase is decided to be
financed by cash. According to the capital increase decision, ¼ of the
increase has to be paid up in 3 months following date of capital increase,
the rest has to be paid up until the end of 2008. |
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Ahmet Afif Topbas Mustafa Latif Topbas Ahmet Hamdi Topbas Fatma Nur Topbas Nergis Topbas Fatma Fitnat Topbas Ayse Seniha Cizmeci Zeynep Dina Topbas (Sakir) Fitnat Fazila Bahar (Topbas) Esra Habbab (Topbas) Ebubekir Aydin Nuri Aydin Nigar Fusun Topbas Firdevis Cizmeci Omer Hulusi Topbas |
18,3 % 18,2 % 15,3 %
7,7 %
6,1 %
5,1 %
4,4 %
4,4 %
4 %
4 % 3,5 % 3,5 % 2,5
% 2,2 % 0,8 % |
|
GROUP PARENT COMPANY |
: |
None |
|
|
SISTER COMPANIES |
: |
Bahar Tekstil Urunleri Ticareti ve
Pazarlama Ahmet Hamdi Topbas-Omer Hulusi Topbas Kollektif Sirketi
(Co-partnership) Bahariye Tekstil Sanayi ve Ticaret A.S. Elsan Elyaf Sanayi ve Ticaret A.S. Elsan Pazarlama A.S. Kadifeteks Mensucat Sanayi A.S. MKS-Marmara Entegre
Kimya Sanayi A.S. |
|
|
SUBSIDIARIES |
: |
None |
|
|
BOARD OF DIRECTORS |
: |
Ahmet Hamdi Topbas Omer Hulusi Topbas Ahmet Afif Topbas |
Chairman Vice-Chairman Member |
|
DIRECTORS |
: |
Omer Hulusi Topbas |
General Manager |
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Manufacture and trade of fabric and
machine made carpets |
|
|
SECTOR |
: |
Textile |
|
|
TRADEMARKS OWNED |
: |
"Bahariye" |
|
|
NUMBER OF
EMPLOYEES |
: |
1.200 |
|
|
NET SALES |
: |
(YTL Thousand) 4.216 7.943 14.757 20.974 27.106 42.851 42.448 54.511 76.188 82.678 99.480 108.754 55.622 |
(1996) (1997) (1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (01.01-30.06.2008) |
|
IMPORT VALUE |
: |
USD 14.000.000 USD 23.000.000 USD 22.000.000 USD 26.000.000 USD 25.000.000 USD 25.000.000 USD 12.500.000 |
(2002) (2003) (2004) (2005) (2006) (2007) (01.01-30.06.2008) |
|
IMPORT COUNTRIES |
: |
Germany, Italy, UK, France, Romania, Brazil, Hong
Kong, Canada, USA, Saudi Arabia… |
|
|
MERCHANDISE
IMPORTED |
: |
Wool, fibers, fabric, dye, other
intermediary goods and carpet, spare
parts of machinery |
|
|
EXPORT VALUE |
: |
(YTL Thousand) 22.787 25.030 39.366 51.196 65.164 69.992 13.398 |
(2002) (2003) (2004) (2005) (2006) (2007) (01.01-30.06.2008) |
|
EXPORT COUNTRIES |
: |
Belgium, Greece, Germany, Canada, France,
U.K, U.S.A., Bulgaria, Denmark, Finland, Hong Kong, Netherlands, Poland, Portugal,
Spain, UAE, Egypt, Tunisia, Morocco, Ukraine, Romania, Hungary, Slovakia,
Czech Republic, Estonia, Switzerland, Austria, Sweden, Ireland, Italy,
Australia, Taiwan, Japan, South Korea, China, Philippines, Thailand, India,
Syria, South Africa, Uzbekistan, Saudi Arabia, Kazakhstan, Norway, Russia |
|
|
MERCHANDISE
EXPORTED |
: |
Fabric, yarn… |
|
|
PREMISES |
: |
Head Office & Fabric Factory: Ikitelli
Halkali Yolu M.Akif Mahallesi No:33
34670 Kucukcekmece- Istanbul (125,000
sqm) (owned by shareholders) Carpet Factory: IETT Otobusu Garaji Yani
Kucukcekmece Istanbul (owned by shareholders) |
|
|
FIXED CAPITAL
INVESTMENTS |
: |
Investments are going on. |
|
|
TREND OF
BUSINESS |
: |
Upwards |
|
|
|
|
|
|
|
SIZE OF BUSINESS |
: |
Giant |
|
FINANCE
|
MAIN DEALING BANKERS |
: |
Garanti Bankasi
Yenibosna branch in Istanbul Yapi ve Kredi Bankasi
Yenibosna branch in Istanbul Albaraka Turk Katilim
Bankasi Merkez branch in Istanbul Albaraka Turk Katilim
Bankasi Ikitelli branch in Istanbul Akbank Gunesli branch in Istanbul Ziraat Bankasi Eyup branch in Istanbul |
|
CREDIT FACILITIES |
: |
The subject company is making use of
credit facilities. |
|
PAYMENT BEHAVIOR |
: |
No payment delays have come to our knowledge. |
COMMENT ON FINANCIAL POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
|||
|
Capitalization was high as of 31.12.2007. Furthermore
the registered capital was increased from YTL 50.000.000 to YTL 60.000.000 on
10.06.2008 and all of this increase is decided to be financed by cash.
According to the capital increase decision, ¼ of the increase has to be paid
up in 3 months following date of capital increase, the rest has to be paid up
until the end of 2008. |
|||
|
LIQUIDITY |
|||
|
High |
As of 31.12.2007 |
||
|
PROFITABILITY |
|||
|
High |
In 2007 |
High |
Between 1.1.-30.06.2008 |
|
GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
|||
|
Unfavorable |
In 2007 |
||
|
GENERAL
FINANCIAL POSITION |
|||
|
Good |
|||
CREDIT OPINION
|
CREDIT
OPINION WITHOUT OBLIGATION |
: |
We
are of the opinion that, a max. credit of EUR 15 million may be granted to
the subject company. |
|
|
Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(1998) |
54.30 % |
0.2657 |
0.2967 |
0.4410 |
|
(1999) |
62.90 % |
0.4278 |
0.4518 |
0.6843 |
|
(2000) |
32.70 % |
0.6251 |
0.5774 |
0.9480 |
|
(2001) |
88.60 % |
1.1991 |
1.0714 |
1.7300 |
|
(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.-30.06.2008) |
13.76 % |
1.2197 |
1.8695 |
2.4232 |
|
(1.1.-31.10.2008) |
12.11 % |
1.2408 |
1.8598 |
2.3855 |
BALANCE SHEETS
|
|
|
YTL Thousand |
|
|
|
YTL Thousand |
|
|
|
|
|
|
31.12.06 |
|
|
|
31.12.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
81.921 |
|
0,78 |
|
87.656 |
|
0,77 |
|
|
|
Cash and
Banks |
13.243 |
|
0,13 |
|
14.112 |
|
0,12 |
|
|
|
Marketable Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account Receivable |
33.787 |
|
0,32 |
|
30.855 |
|
0,27 |
|
|
|
Other
Receivable |
781 |
|
0,01 |
|
660 |
|
0,01 |
|
|
|
Inventories |
33.177 |
|
0,32 |
|
40.556 |
|
0,35 |
|
|
|
Advances
Given |
410 |
|
0,00 |
|
768 |
|
0,01 |
|
|
|
Other
Current Assets |
523 |
|
0,00 |
|
705 |
|
0,01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
22.996 |
|
0,22 |
|
26.875 |
|
0,23 |
|
|
|
Long-term
Receivable |
102 |
|
0,00 |
|
77 |
|
0,00 |
|
|
|
Financial
Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Tangible
Fixed Assets (net) |
22.722 |
|
0,22 |
|
26.573 |
|
0,23 |
|
|
|
Intangible Assets |
151 |
|
0,00 |
|
225 |
|
0,00 |
|
|
|
Other
Non-Current Assets |
21 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
104.917 |
|
1,00 |
|
114.531 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
25.079 |
|
0,24 |
|
20.191 |
|
0,18 |
|
|
|
Financial
Loans |
3.372 |
|
0,03 |
|
3.141 |
|
0,03 |
|
|
|
Accounts
Payable |
10.835 |
|
0,10 |
|
7.038 |
|
0,06 |
|
|
|
Loans
from Shareholders |
7.076 |
|
0,07 |
|
7.570 |
|
0,07 |
|
|
|
Other
Short-term Payable |
0 |
|
0,00 |
|
668 |
|
0,01 |
|
|
|
Advances from
Customers |
1.580 |
|
0,02 |
|
612 |
|
0,01 |
|
|
|
Taxes
Payable |
1.708 |
|
0,02 |
|
831 |
|
0,01 |
|
|
|
Provisions |
508 |
|
0,00 |
|
209 |
|
0,00 |
|
|
|
Other
Current Liabilities |
0 |
|
0,00 |
|
122 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
9.136 |
|
0,09 |
|
7.535 |
|
0,07 |
|
|
|
Financial
Loans |
9.136 |
|
0,09 |
|
7.535 |
|
0,07 |
|
|
|
Securities Issued |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Long-term
Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
70.702 |
|
0,67 |
|
86.805 |
|
0,76 |
|
|
|
Paid-in
Capital |
42.000 |
|
0,40 |
|
50.000 |
|
0,44 |
|
|
|
Reserves |
71.610 |
|
0,68 |
|
81.882 |
|
0,71 |
|
|
|
Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accumulated Losses(-) |
-53.175 |
|
-0,51 |
|
-53.175 |
|
-0,46 |
|
|
|
Net
Profit (loss) |
10.267 |
|
0,10 |
|
8.098 |
|
0,07 |
|
|
|
TOTAL LIABILITIES AND EQUITY |
104.917 |
|
1,00 |
|
114.531 |
|
1,00 |
|
INCOME
STATEMENTS
|
|
|
YTL Thousand |
|
|
|
YTL Thousand |
|
|
|
YTL Thousand |
|
|
|
|
|
|
2006 |
|
|
|
2007 |
|
|
|
1.1.-30.06.08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
99.480 |
|
1,00 |
|
108.754 |
|
1,00 |
|
55.622 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
79.439 |
|
0,80 |
|
91.738 |
|
0,84 |
|
41.860 |
|
0,75 |
|
|
|
Gross Profit |
20.041 |
|
0,20 |
|
17.016 |
|
0,16 |
|
13.762 |
|
0,25 |
|
|
|
Operating
Expenses |
7.630 |
|
0,08 |
|
8.339 |
|
0,08 |
|
4.163 |
|
0,07 |
|
|
|
Operating Profit |
12.411 |
|
0,12 |
|
8.677 |
|
0,08 |
|
9.599 |
|
0,17 |
|
|
|
Other
Income |
4.580 |
|
0,05 |
|
5.787 |
|
0,05 |
|
2.230 |
|
0,04 |
|
|
|
Other
Expenses |
1.650 |
|
0,02 |
|
2.213 |
|
0,02 |
|
698 |
|
0,01 |
|
|
|
Financial
Expenses |
4.566 |
|
0,05 |
|
1.977 |
|
0,02 |
|
1.833 |
|
0,03 |
|
|
|
Profit (loss) Before Tax |
10.775 |
|
0,11 |
|
10.274 |
|
0,09 |
|
9.298 |
|
0,17 |
|
|
|
Tax
Payable |
508 |
|
0,01 |
|
2.176 |
|
0,02 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
10.267 |
|
0,10 |
|
8.098 |
|
0,07 |
|
9.298 |
|
0,17 |
|
FINANCIAL
RATIOS
|
|
|
2006 |
|
|
|
2007 |
|
|
|
1.1.-30.06.08 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Ratio |
3,27 |
|
|
|
4,34 |
|
|
|
-- |
|
|
|
|
|
Acid-Test Ratio |
1,91 |
|
|
|
2,26 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,32 |
|
|
|
0,35 |
|
|
|
-- |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,33 |
|
|
|
0,28 |
|
|
|
-- |
|
|
|
|
|
Tangible Assets/Total Assets |
0,22 |
|
|
|
0,23 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
2,39 |
|
|
|
2,26 |
|
|
|
-- |
|
|
|
|
|
Stockholders' Equity Turnover |
1,41 |
|
|
|
1,25 |
|
|
|
-- |
|
|
|
|
|
Asset Turnover |
0,95 |
|
|
|
0,95 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,67 |
|
|
|
0,76 |
|
|
|
-- |
|
|
|
|
|
Current Liabilities/Total Assets |
0,24 |
|
|
|
0,18 |
|
|
|
-- |
|
|
|
|
|
Financial Leverage |
0,33 |
|
|
|
0,24 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
0,15 |
|
|
|
0,09 |
|
|
|
-- |
|
|
|
|
|
Operating Profit Margin |
0,12 |
|
|
|
0,08 |
|
|
|
0,17 |
|
|
|
|
|
Net Profit Margin |
0,10 |
|
|
|
0,07 |
|
|
|
0,17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
122,64 |
|
|
|
102,39 |
|
|
|
-- |
|
|
|
|
|
Average Payable Period (days) |
49,10 |
|
|
|
27,62 |
|
|
|
-- |
|
|
|
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.46 |
|
UK Pound |
1 |
Rs.73.17 |
|
Euro |
1 |
Rs.62.96 |
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%)