MIRA INFORM REPORT

 

Report Date :

03.12.2011

 

IDENTIFICATION DETAILS

 

Name :

MERINOS HALI SANAYI VE TICARET A.S.

 

 

Formerly Known As :

ERDEMOGLU YUNLU HALI SANAYI VE TICARET A.S.

 

 

Registered Office :

Mervesehir Mah Mehmet Erdemoglu Cad. No:4 Sehitkamil Gaziantep

 

 

Country :

Turkey

 

 

Financials (as on) :

30.09.2011

 

 

Date of Incorporation :

09.02.1990

 

 

Com. Reg. No.:

13543

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of carpet, acrylic yarn and polypropylene yarn, also masterbatch and fiber dyeing.

 

 

No. of Employees :

1.984

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

21.200.000 USD

Status :

Moderate

Payment Behaviour :

No Complaints

Litigation :

Clear

 

 

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Turkey

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

COMPANY IDENTIFICATION

 

NAME

:

MERINOS HALI SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Mervesehir Mah Mehmet Erdemoglu Cad. No:4 Sehitkamil Gaziantep / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The address was changed from “Araban Yolu 4. Km PK 191 Gaziantep” to “Mervesehir Mah Mehmet Erdemoglu Cad. No:4 Sehitkamil Gaziantep” by the Municipality.

PHONE NUMBER

:

90-342-329 00 41 (10 lines)

 

FAX NUMBER

:

90-342-329 00 19

90-342-329 01 97

 

WEB-ADDRESS

:

www.merinos.com.tr

E-MAIL

:

merinos@merinos.com.tr

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Gazikent

TAX NO

:

3460016354

REGISTRATION NUMBER

:

13543

REGISTERED OFFICE

:

Gaziantep Chamber of Commerce

DATE ESTABLISHED

:

09.02.1990

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

 

PAID-IN CAPITAL

:

TL   106.700.000

HISTORY

:

Previous Name

:

Erdemoglu Yunlu Hali Sanayi ve Ticaret A.S.

Changed On

:

16.12.1997 (Commercial Gazette Date /Number 29.12.1997/ 4450)

Merger

:

The subject company took over and merged with “Akmer Akrilik Iplik Insaat Sanayi ve Ticaret A.S.”

Changed On

:

30.06.2009 (Commercial Gazette Date /Number 08.07.2009/ 7349)

Merger

:

The subject took over and merged with "Padisah Hali ve Yer Kaplamalari Sanayi ve Ticaret A.S."

Changed On

:

11.11.2010 (Commercial Gazette Date /Number 29.11.2010/ 7696)

Other Changes

:

The paid-in capital was increased from TL 106.600.000 to TL 106.700.000.

Changed On

:

11.11.2010 (Commercial Gazette Date /Number 29.11.2010/ 7696)

 

 

OWNERSHIP / MANAGEMENT

 

NOTES ON OWNERSHIP / MANAGEMENT

 

:

Quoted at Stock Exchange.

SHAREHOLDERS

:

Erdemoglu Holding A.S.

99,91 %

Others

 

 

 

REMARKS ON SHAREHOLDERS

 

:

The subject was quoted at Stock Exchange 17.06.2010.

GROUP PARENT COMPANY

:

ERDEMOGLU HOLDING A.S.

 

SISTER COMPANIES

:

DINARSU HALI MOBILYA VE TEKSTIL URUNLERI PAZARLAMA A.S.

DINARSU IMALAT VE TICARET TURK A.S.

ERDEMOGLU HOLDING A.S.

ILKE YER KAPLAMALARI MOBILYA VE TEKSTIL URUNLERI PAZARLAMA A.S.

MERDIPA MOBILYA VE TEKSTIL URUNLERI SANAYI VE TICARET A.S.

MERINOS HALI MOBILYA VE TEKSTIL URUNLERI PAZARLAMA A.S.

MERINOS LOJISTIK ULUSLARARASI NAKLIYAT LTD. STI.

MERINOS MOBILYA TEKSTIL SANAYI VE TICARET A.S.

MERINOS SIGORTA ARACILIK HIZMETLERI A.S.

RESITAL HALI EV TEKSTIL URUNLERI MOBILYA SATIS VE PAZARLAMA TICARET LTD. STI.

 

 

BOARD OF DIRECTORS

:

Ibrahim Erdemoglu

Chairman

Ali Erdemoglu

Vice-Chairman

Ergun Ozcan

Member

Gulsum Erman

Member

Mahmut Erdemoglu

Member

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of carpet, acrylic yarn and polypropylene yarn, also masterbatch and fiber dyeing.

 

NACE CODE

:

DB.17.51

 

SECTOR

:

Textile

 

TRADEMARKS OWNED

:

Merinos

 

NUMBER OF EMPLOYEES

:

1.984

 

NET SALES

:

10.573 TL Thousand

(1999) 

21.926 TL Thousand

(2000) 

43.841 TL Thousand

(2001) 

63.780 TL Thousand

(2002) 

110.764 TL Thousand

(2003) 

190.844 TL Thousand

(2004) 

244.600 TL Thousand

(2005) 

275.083 TL Thousand

(2006) 

267.731 TL Thousand

(2007) 

292.602 TL Thousand

(2008) 

298.763 TL Thousand

(2009) 

405.816 TL Thousand

(2010) 

364.018 TL Thousand

(01.01-30.09.2011) 

 

 

CAPACITY

:

Acrylic Yarn

 ( tons/yr)

Fiber Dyeing

 ( tons/yr)

Machine Carpet  ( Sqm/yr)

 

25.000

27.000

20.000.000

(2010)

25.000

27.000

20.000.000

(2011)

 

 

 

 

Masterbach Dyeing

 ( tons/yr)

PP Yarn

 ( tons/yr)

 

 

1.800

25.000

 

(2010)

1.800

25.000

 

(2011)

 

 

 

 

 

IMPORT VALUE

:

5.391.192 USD

(2000)

4.942.871 USD

(2001)

14.229.414 USD

(2002)

36.736.971 USD

(2003)

50.530.424 USD

(2004)

83.270.000 USD

(2005)

47.246.120 USD

(2006)

46.500.000 USD

(2007)

38.917.000 USD

(2008)

33.400.000 USD

(2009)

86.748 TL Thousand

(2010)

139.577 TL Thousand

(01.01-30.09.2011)

 

 

IMPORT COUNTRIES

:

Belgium

India

Bangladesh

 

MERCHANDISE IMPORTED

:

Raw materials

 

EXPORT VALUE

:

5.424.000 TL

(1999)

8.397.000 TL

(2000)

19.474.000 TL

(2001)

26.058.000 TL

(2002)

36.736.971 USD

(2003)

42.080.592 USD

(2004)

67.477.000 TL

(2005)

70.947.000 TL

(2006)

75.418.157 TL

(2007)

107.412.673 TL

(2008)

110.553.057 TL

(2009)

142.027 TL Thousand

(2010)

149.261 TL Thousand

(01.01-30.09.2011)

 

 

 

EXPORT COUNTRIES

:

Canada

Lebanon

Belgium

France

Albania

Australia

Iraq

Greece

Libya

Tunisia

Algeria

Morocco

Kazakhstan

Azerbaijan

Russia

Ukraine

Bulgaria

Hungary

Czech Republic

Sweden

Austria

Italy

Netherlands

New Zealand

Japan

China

Malaysia

India

Yemen

Spain

Denmark

Indonesia

Kuwait

Jordan

Poland

 

MERCHANDISE  EXPORTED

:

Carpet

Yarn

 

HEAD OFFICE ADDRESS

:

Mervesehir Mah Mehmet Erdemoglu Cad. No:4 Sehitkamil Gaziantep / Turkey

 

BRANCHES

:

Factory  :  3.Organize Sanayi Bolgesi Kamil Serbetci Bulvari No:25/27 Baspinar Gaziantep/Turkey (owned) (70.000 sqm)

 

Factory  :  4.Organize Sanayi Bolgesi 421 Ada 3-4-5 Parsel Sehitkamil Gaziantep/Turkey (owned) (150.000 sqm)

 

Head Office/Factory  :  Mervesehir Mah Mehmet Erdemoglu Cad. No:4 Sehitkamil Gaziantep/Turkey (owned) (55.000 sqm)

 

 

TREND OF BUSINESS

:

There was an upwards trend in 2010. There appears an upwards trend in 1.1 - 30.9.2011.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

MAIN DEALING BANKS

:

Finansbank Gaziantep Branch

HSBC Bank Gaziantep Branch

ING Bank Gaziantep Branch

T. Is Bankasi Gaziantep Branch

Turk Ekonomi Bankasi Guneydogu Kurumsal Branch

Yapi ve Kredi Bankasi Gaziantep Branch

 

CREDIT FACILITIES

:

The subject company is making use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2010) TL Thousand

(01.01-30.09.2011)

TL Thousand

Net Sales

405.816

364.018

Profit (Loss) Before Tax

74.107

39.511

Stockholders' Equity

297.114

231.771

Total Assets

570.770

657.101

Current Assets

217.549

260.823

Non-Current Assets

353.221

396.278

Current Liabilities

139.582

308.136

Long-Term Liabilities

134.074

117.194

Gross Profit (loss)

104.302

80.530

Operating Profit (loss)

64.223

51.257

Net Profit (loss)

58.900

33.221

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Satisfactory As of 30.09.2011

Remarks on Capitalization

A part of liabilities consist of loans from shareholders.

Liquidity

Insufficient As of 30.09.2011

Remarks On Liquidity

A part of current liabilities consist of short-term loans from shareholders rather than liabilities to third parties.

 

The unfavorable gap between average collection and average payable period has an adverse effect on liquidity.

 

Profitability

High Operating Profitability  in 2010

High Net Profitability  in 2010

High Operating Profitability (01.01-30.09.2011)

High Net Profitability (01.01-30.09.2011)

 

Gap between average collection and payable periods

Unfavorable in 01.01-30.09.2011

General Financial Position

Passable

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT LIMIT

 

:

21.200.000 USD

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 21.200.000 USD may be granted to the subject company.

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 2007 )

5,94 %

1,3075

1,7901

2,6133

 ( 2008 )

8,11 %

1,2858

1,8876

2,3708

 ( 2009 )

5,93 %

1,5460

2,1529

2,4094

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 ( 01.01-30.09.2011)

9,72 %

1,6335

2,3016

2,6294

 ( 01.01-31.10.2011)

11,48 %

1,6444

2,3157

2,6459

 

 

NOTES ON FINANCIAL STATEMENTS

:

Financial statements are consolidated..

 

 

BALANCE SHEETS

 

 

 ( 31.12.2010 )  TL Thousand

 

 ( 30.09.2011 )  TL Thousand

 

CURRENT ASSETS

217.549

0,38

260.823

0,40

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

3.218

0,01

892

0,00

Marketable Securities

683

0,00

811

0,00

Account Receivable

133.336

0,23

140.647

0,21

Other Receivable

0

0,00

2.523

0,00

Inventories

62.417

0,11

95.208

0,14

Advances Given

0

0,00

0

0,00

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

17.895

0,03

20.742

0,03

NON-CURRENT ASSETS

353.221

0,62

396.278

0,60

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

2.337

0,00

2.431

0,00

Financial Assets

1.672

0,00

1.427

0,00

Tangible Fixed Assets (net)

342.738

0,60

385.784

0,59

Intangible Assets

638

0,00

615

0,00

Deferred Tax Assets

5.836

0,01

6.021

0,01

Other Non-Current Assets

0

0,00

0

0,00

TOTAL ASSETS

570.770

1,00

657.101

1,00

CURRENT LIABILITIES

139.582

0,24

308.136

0,47

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

46.600

0,08

112.681

0,17

Accounts Payable

69.060

0,12

87.284

0,13

Loans from Shareholders

0

0,00

57.564

0,09

Other Short-term Payable

1.080

0,00

0

0,00

Advances from Customers

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

10.247

0,02

6.550

0,01

Provisions

0

0,00

0

0,00

Other Current Liabilities

12.595

0,02

44.057

0,07

LONG-TERM LIABILITIES

134.074

0,23

117.194

0,18

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

110.163

0,19

92.718

0,14

Securities Issued

0

0,00

0

0,00

Long-term Payable

1.659

0,00

1.850

0,00

Loans from Shareholders

0

0,00

0

0,00

Other Long-term Liabilities

22.252

0,04

17.966

0,03

Provisions

0

0,00

4.660

0,01

STOCKHOLDERS' EQUITY

297.114

0,52

231.771

0,35

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

106.700

0,19

106.700

0,16

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

15.294

0,03

15.294

0,02

Equity of Consolidated Firms

842

0,00

470

0,00

Reserves

115.378

0,20

76.086

0,12

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

Net Profit (loss)

58.900

0,10

33.221

0,05

TOTAL LIABILITIES AND EQUITY

570.770

1,00

657.101

1,00

 

 

REMARKS ON FINANCIAL STATEMENT

:

The financial statements of 31.12.2010 and 1.1.-30.09.2011 are consolidated with "MERINOS CARPET AND CARPET WARES (RUSSIA) (92 %)"

 

 

INCOME STATEMENTS

 

 

(2010) TL Thousand

 

(01.01-30.09.2011) TL Thousand

 

Net Sales

405.816

1,00

364.018

1,00

Cost of Goods Sold

301.514

0,74

283.488

0,78

Gross Profit

104.302

0,26

80.530

0,22

Operating Expenses

40.079

0,10

29.273

0,08

Operating Profit

64.223

0,16

51.257

0,14

Other Income

44.328

0,11

35.079

0,10

Other Expenses

0

0,00

0

0,00

Financial Expenses

34.240

0,08

47.302

0,13

Minority Interests

-204

0,00

477

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

Profit (loss) Before Tax

74.107

0,18

39.511

0,11

Tax Payable

10.247

0,03

6.550

0,02

Postponed Tax Gain

-4.960

-0,01

260

0,00

Net Profit (loss)

58.900

0,15

33.221

0,09

 

 

 

 

FINANCIAL RATIOS

 

 

(2010)

(01.01-30.09.2011)

LIQUIDITY RATIOS

 

Current Ratio

1,56

0,85

Acid-Test Ratio

0,98

0,47

Cash Ratio

0,03

0,01

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,11

0,14

Short-term Receivable/Total Assets

0,23

0,22

Tangible Assets/Total Assets

0,60

0,59

TURNOVER RATIOS

 

Inventory Turnover

4,83

2,98

Stockholders' Equity Turnover

1,37

1,57

Asset Turnover

0,71

0,55

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,52

0,35

Current Liabilities/Total Assets

0,24

0,47

Financial Leverage

0,48

0,65

Gearing Percentage

0,92

1,84

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,20

0,14

Operating Profit Margin

0,16

0,14

Net Profit Margin

0,15

0,09

Interest Cover

3,16

1,84

COLLECTION-PAYMENT

 

Average Collection Period (days)

120,36

141,50

Average Payable Period (days)

84,44

113,19

WORKING CAPITAL

77967,00

-47313,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.35

UK Pound

1

Rs.80.50

Euro

1

Rs.69.14

 

 

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

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

--

NB

                                       New Business

 

--

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.