MIRA
INFORM REPORT
|
Report Date : |
12.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
A-R HALICILIK TURIZM SANAYI VE TICARET A.S. |
|
|
|
|
Registered Office : |
Acipayam Yol Kavsagi Tavas Denizli |
|
|
|
|
Country : |
Turkey |
|
|
|
|
Financials (as on) : |
31.12.2007 |
|
|
|
|
Date of Incorporation : |
26.06.2006 |
|
|
|
|
Com. Reg. No.: |
1256 |
|
|
|
|
Legal Form : |
Joint Stock Company |
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|
|
|
Line of Business : |
Weaving and Trade of Silk and Wool 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 |
|
Status : |
Small Company |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
A-R HALICILIK TURIZM SANAYI VE TICARET A.S. |
|
ADDRESS |
: |
Head Office & Weaving Plant: Acipayam
Yol Kavsagi Tavas Denizli / Turkey |
|
PHONE NUMBER |
: |
90-258-637 45 00 |
|
FAX NUMBER |
: |
90-258-637 44 98 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Tavas / 0010579790 |
|
REGISTRATION NUMBER |
: |
1256 |
|
REGISTERED OFFICE |
: |
Tavas Chamber of Commerce |
|
DATE ESTABLISHED |
: |
26.06.2006 (Commercial Registry Gazette
Date/No:27.07.2006/6608) |
|
LEGAL FORM |
: |
Joint Stock Company |
|
TYPE OF COMPANY |
: |
Private |
|
REGISTERED CAPITAL |
: |
YTL 500,000 |
|
PAID-IN CAPITAL |
: |
YTL 500,000 |
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Kimball Ltd Mehmet Asim Gumusgerdan Senol Dalancikar Sedat Aksamaz Mehmet Pasayigit |
99 % 0,25 % 0,25 % 0,25 % 0,25 % |
|
GROUP PARENT COMPANY |
: |
None |
|
|
SISTER COMPANIES |
: |
Declared to be : None |
|
|
SUBSIDIARIES |
: |
None |
|
|
BOARD OF DIRECTORS |
: |
Mehmet Pasayigit Mehmet Asim Gumusgerdan Senol Dalancikar Sedat Aksamaz |
Chairman Member Member Member |
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Weaving and trade of silk and wool carpet |
|
|
TRADEMARK(S) |
: |
None |
|
|
NUMBER OF
EMPLOYEES |
: |
121 |
|
|
NET SALES |
: |
(YTL) 582,746 7,896,446 4,547,233 |
(26.06.-31.12.2006) (2007) (01.01.-30.06.2008) |
|
CAPACITY |
: |
(M²/Yr) 930 930 |
(2007) (2008) |
|
IMPORT VALUE |
: |
(YTL) 300,000 |
(2007) |
|
IMPORT COUNTRIES |
: |
China, India |
|
|
MERCHANDISE
IMPORTED |
: |
Silk and wool carpet |
|
|
EXPORT VALUE |
: |
(YTL) 285,615 6,942,508 3,991,774 |
(26.06.-31.12.2006) (2007) (01.01.-30.06.2008) |
|
EXPORT COUNTRIES |
: |
Northern Cyprus Turkish Republic |
|
MERCHANDISE
EXPORTED |
: |
Carpet, wood ornaments |
|
PREMISES |
: |
Head Office & Weaving Plant: Acipayam
Yol Kavsagi Tavas Denizli (11,000 sqm) (rented) Branch: Mustafa Pasa Kasabasi
Urgup (rented) Branch: Kucuk Belki
Koyu Kurtali Mevkii Serik Antalya |
|
FIXED CAPITAL
INVESTMENTS |
: |
None |
|
|
|
|
|
TREND OF
BUSINESS |
: |
Trend of business appears to be steady in
the first 6 months of 2008 |
|
SIZE OF BUSINESS |
: |
Medium |
FINANCE
|
MAIN DEALING BANKERS |
: |
Akbank Denizli branch
in Denizli Garanti Bankasi
Denizli branch in Denizli |
|
CREDIT FACILITIES |
: |
The subject company is making use of credit facilities. |
|
PAYMENT BEHAVIOUR |
: |
No payment delays have come to our knowledge. |
COMMENT ON FINANCIAL POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
||
|
YTL 528,008 of total liabilities and equity was due to loans from
shareholders but the firm had negative stockholders equity as of 31.12.2007. |
||
|
LIQUIDITY |
||
|
Low |
As of 31.12.2007 |
|
|
PROFITABILITY |
||
|
The firm had operating and net losses between 26.06.-31.12.2006 and 2007
due to operating expenses. Profitability was in order in the first 6 months
of 2008 |
||
|
GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
||
|
Favorable |
In 2007 |
|
|
GENERAL
FINANCIAL POSITION |
||
|
Poor |
||
|
|
Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(2006) |
11.58 % |
1.4309 |
1.7987 |
2.6377 |
|
(2007) |
5.94 % |
1.3075 |
1.7901 |
2.6133 |
|
(1.1.-30.06.2008) |
13.76 % |
1.2197 |
1.8695 |
2.4232 |
|
(1.1.-31.08.2008) |
12.49 % |
1.2121 |
1.8537 |
2.3867 |
BALANCE SHEETS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
31.12.06 |
|
|
|
31.12.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
5.452.636 |
|
0,99 |
|
6.137.822 |
|
0,98 |
|
|
|
Cash and
Banks |
30.960 |
|
0,01 |
|
200.667 |
|
0,03 |
|
|
|
Marketable Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account
Receivable |
5.909 |
|
0,00 |
|
125.993 |
|
0,02 |
|
|
|
Other
Receivable |
853 |
|
0,00 |
|
133.551 |
|
0,02 |
|
|
|
Inventories |
4.830.619 |
|
0,88 |
|
4.551.304 |
|
0,73 |
|
|
|
Advances
Given |
146.269 |
|
0,03 |
|
3.990 |
|
0,00 |
|
|
|
Other
Current Assets |
438.026 |
|
0,08 |
|
1.122.317 |
|
0,18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
41.747 |
|
0,01 |
|
106.189 |
|
0,02 |
|
|
|
Long-term
Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Financial
Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Tangible
Fixed Assets (net) |
41.747 |
|
0,01 |
|
88.604 |
|
0,01 |
|
|
|
Intangible Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Non-Current Assets |
0 |
|
0,00 |
|
17.585 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
5.494.383 |
|
1,00 |
|
6.244.011 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
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|
CURRENT LIABILITIES |
5.384.580 |
|
0,98 |
|
6.632.685 |
|
1,06 |
|
|
|
Financial
Loans |
720.062 |
|
0,13 |
|
501.952 |
|
0,08 |
|
|
|
Accounts
Payable |
3.159.936 |
|
0,58 |
|
3.136.977 |
|
0,50 |
|
|
|
Loans
from Shareholders |
166.279 |
|
0,03 |
|
528.008 |
|
0,08 |
|
|
|
Other
Short-term Payable |
91.995 |
|
0,02 |
|
164.734 |
|
0,03 |
|
|
|
Advances from
Customers |
1.157.558 |
|
0,21 |
|
2.246.248 |
|
0,36 |
|
|
|
Taxes
Payable |
88.750 |
|
0,02 |
|
54.766 |
|
0,01 |
|
|
|
Provisions |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Current Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
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 |
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 |
109.803 |
|
0,02 |
|
-388.674 |
|
-0,06 |
|
|
|
Paid-in
Capital |
500.000 |
|
0,09 |
|
500.000 |
|
0,08 |
|
|
|
Reserves |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accumulated Losses(-) |
0 |
|
0,00 |
|
-390.197 |
|
-0,06 |
|
|
|
Net
Profit (loss) |
-390.197 |
|
-0,07 |
|
-498.477 |
|
-0,08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
5.494.383 |
|
1,00 |
|
6.244.011 |
|
1,00 |
|
INCOME STATEMENTS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
26.6.-31.12.2006 |
|
|
|
2007 |
|
|
|
1.1.-30.6.2008 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
582.746 |
|
1,00 |
|
7.896.446 |
|
1,00 |
|
4.547.233 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
257.615 |
|
0,44 |
|
3.496.715 |
|
0,44 |
|
1.201.528 |
|
0,26 |
|
|
|
Gross Profit |
325.131 |
|
0,56 |
|
4.399.731 |
|
0,56 |
|
3.345.705 |
|
0,74 |
|
|
|
Operating
Expenses |
672.076 |
|
1,15 |
|
4.581.102 |
|
0,58 |
|
2.974.077 |
|
0,65 |
|
|
|
Operating Profit |
-346.945 |
|
-0,60 |
|
-181.371 |
|
-0,02 |
|
371.628 |
|
0,08 |
|
|
|
Other
Income |
45.159 |
|
0,08 |
|
242.775 |
|
0,03 |
|
379.592 |
|
0,08 |
|
|
|
Other
Expenses |
15.518 |
|
0,03 |
|
371.131 |
|
0,05 |
|
514.834 |
|
0,11 |
|
|
|
Financial
Expenses |
72.893 |
|
0,13 |
|
188.750 |
|
0,02 |
|
69.457 |
|
0,02 |
|
|
|
Profit (loss) Before Tax |
-390.197 |
|
-0,67 |
|
-498.477 |
|
-0,06 |
|
166.929 |
|
0,04 |
|
|
|
Tax
Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
-390.197 |
|
-0,67 |
|
-498.477 |
|
-0,06 |
|
166.929 |
|
0,04 |
|
FINANCIAL
RATIOS
|
|
|
26.06.-31.12.2006 |
|
|
|
2007 |
|
|
|
1.1.-30.06.2008 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Ratio |
1,01 |
|
|
|
0,93 |
|
|
|
-- |
|
|
|
|
|
Acid-Test Ratio |
0,01 |
|
|
|
0,07 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
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|
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|
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|
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|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,88 |
|
|
|
0,73 |
|
|
|
-- |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,00 |
|
|
|
0,04 |
|
|
|
-- |
|
|
|
|
|
Tangible Assets/Total Assets |
0,01 |
|
|
|
0,01 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
0,05 |
|
|
|
0,77 |
|
|
|
-- |
|
|
|
|
|
Stockholders' Equity Turnover |
5,31 |
|
|
|
-20,32 |
|
|
|
-- |
|
|
|
|
|
Asset Turnover |
0,11 |
|
|
|
1,26 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,02 |
|
|
|
-0,06 |
|
|
|
-- |
|
|
|
|
|
Current Liabilities/Total Assets |
0,98 |
|
|
|
1,06 |
|
|
|
-- |
|
|
|
|
|
Financial Leverage |
0,98 |
|
|
|
1,06 |
|
|
|
-- |
|
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
-3,55 |
|
|
|
1,28 |
|
|
|
-- |
|
|
|
|
|
Operating Profit Margin |
-0,60 |
|
|
|
-0,02 |
|
|
|
0,08 |
|
|
|
|
|
Net Profit Margin |
-0,67 |
|
|
|
-0,06 |
|
|
|
0,04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
3,65 |
|
|
|
5,74 |
|
|
|
-- |
|
|
|
|
|
Average Payable Period (days) |
4415,80 |
|
|
|
322,96 |
|
|
|
-- |
|
|
|
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.77 |
|
UK Pound |
1 |
Rs.80.67 |
|
Euro |
1 |
Rs.64.20 |
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%)