MIRA INFORM REPORT
|
Report Date : |
06.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
HELVASAN LIMITED |
|
|
|
|
Registered Office : |
Yenicami Sokak Cerkez Ishani No:1/E
Lefkosa / Northern Cyprus Turkish Republic |
|
|
|
|
Country : |
Turkey |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Year of Establishment : |
1993 |
|
|
|
|
Com. Reg. No.: |
Not Available |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Manufacture and trade of
halvah, processing of sesame |
|
|
|
|
No. of Employees
: |
8 Persons |
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 : |
95.000 USD |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
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 30th, 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 |
REMARKS |
: |
The subject is not located in Turkey. It is in Northern Cyprus Turkish
Republic so; there is no data for payment behavior. |
COMPANY IDENTIFICATION
|
NAME |
: |
HELVASAN LIMITED |
|
HEAD OFFICE ADDRESS |
: |
Yenicami Sokak Cerkez Ishani No:1/E Lefkosa / Northern Cyprus Turkish
Republic |
|
PHONE NUMBER |
: |
90-392-228 56 23 |
|
FAX NUMBER |
: |
90-392-228 73 55 |
LEGAL STATUS AND HISTORY
|
TAX NO |
: |
MS 4431 |
|
REGISTERED OFFICE |
: |
Northern Cyprus Chamber of Commerce |
|
DATE ESTABLISHED |
: |
1993 |
|
LEGAL FORM |
: |
Limited Company |
|
TYPE OF COMPANY |
: |
Private |
|
REGISTERED CAPITAL |
: |
TL 30.230 |
|
REMARKS ON REGISTERED CAPITAL |
: |
In Turkish Republic of Northern Cyprus, companies are not obliged to
register the capital increases at Commercial Registry. Capitals of the
subjects are shown at the latest balance sheets. The capital is TL 30.230
according to balance sheet of 31.12.2010 which is the last balance sheet as
of today. |
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
|
||||||
|
DIRECTORS |
: |
|
OPERATIONS
|
BUSINESS ACTIVITIES |
: |
Manufacture and trade of halvah, processing of sesame. |
||||||||||
|
SECTOR |
: |
Food |
||||||||||
|
NUMBER OF EMPLOYEES |
: |
8 |
||||||||||
|
NET SALES |
: |
|
||||||||||
|
IMPORT COUNTRIES |
: |
Turkey India |
||||||||||
|
MERCHANDISE IMPORTED |
: |
Sesame |
||||||||||
|
EXPORT VALUE |
: |
|
||||||||||
|
HEAD OFFICE ADDRESS |
: |
Yenicami Sokak Cerkez Ishani No:1/E
Lefkosa / Northern Cyprus Turkish Republic |
||||||||||
|
BRANCHES |
: |
Head Office/Production Plant
: Yenicami Sokak Cerkez Ishani
No:1/E Lefkosa/Northern Cyprus Turkish Republic |
||||||||||
|
INVESTMENTS |
: |
None |
|
TREND OF BUSINESS |
: |
There was a decline at business volume in nominal terms in 2010. |
|
SIZE OF BUSINESS |
: |
Modest |
FINANCE
|
MAIN DEALING BANKS |
: |
As Bank Lefkosa Branch |
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|
CREDIT FACILITIES |
: |
The subject company is making use of credit facilities. |
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PAYMENT BEHAVIOUR |
: |
Undetermined |
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|
KEY FINANCIAL ELEMENTS |
: |
|
COMMENT ON FINANCIAL POSITION
|
Capitalization |
High As of 31.12.2010 |
|
Liquidity |
Satisfactory As of 31.12.2010 |
|
Profitability |
High Operating Profitability in
2007 High Net Profitability in 2007 Good Operating Profitability in
2008 Good Net Profitability in 2008 High Operating Profitability in
2009 High Net Profitability in 2009 High Operating Profitability in
2010 High Net Profitability in 2010 |
|
Gap between average collection and payable periods |
In order in 2010 |
|
General Financial Position |
In Order |
CREDIT OPINION WITHOUT OBLIGATION
|
CREDIT OPINION WITHOUT OBLIGATION |
: |
We are of the opinion that, a max. credit of 95.000 USD may be granted
to the subject company. |
|
|
Incr. in producers’ price index |
Average USD/TL |
Average EUR/TL |
Average GBP/ TL |
|
( 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 |
|
( 01.01-31.10.2011) |
11,48 % |
1,6444 |
2,3157 |
2,6459 |
BALANCE SHEETS
|
|
( 31.12.2007 ) TL |
|
( 31.12.2008 ) TL |
|
( 31.12.2009 ) TL |
|
( 31.12.2010 ) TL |
|
|
CURRENT
ASSETS |
82.684 |
0,69 |
171.103 |
0,74 |
240.578 |
0,67 |
327.335 |
0,61 |
|
Not
Detailed Current Assets |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Cash
and Banks |
1.043 |
0,01 |
6.898 |
0,03 |
112.392 |
0,31 |
88.882 |
0,17 |
|
Marketable
Securities |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Account
Receivable |
19 |
0,00 |
19 |
0,00 |
19 |
0,00 |
19 |
0,00 |
|
Other
Receivable |
3.675 |
0,03 |
8.044 |
0,03 |
239 |
0,00 |
0 |
0,00 |
|
Inventories |
51.265 |
0,43 |
118.199 |
0,51 |
70.348 |
0,20 |
171.472 |
0,32 |
|
Advances
Given |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Accumulated
Construction Expense |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Other
Current Assets |
26.682 |
0,22 |
37.943 |
0,16 |
57.580 |
0,16 |
66.962 |
0,12 |
|
NON-CURRENT
ASSETS |
37.441 |
0,31 |
59.999 |
0,26 |
118.211 |
0,33 |
209.755 |
0,39 |
|
Not
Detailed Non-Current Assets |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Long-term
Receivable |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Financial
Assets |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Tangible
Fixed Assets (net) |
37.441 |
0,31 |
59.999 |
0,26 |
118.211 |
0,33 |
209.676 |
0,39 |
|
Intangible
Assets |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Deferred
Tax Assets |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Other
Non-Current Assets |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
79 |
0,00 |
|
TOTAL
ASSETS |
120.125 |
1,00 |
231.102 |
1,00 |
358.789 |
1,00 |
537.090 |
1,00 |
|
CURRENT
LIABILITIES |
29.484 |
0,25 |
93.571 |
0,40 |
115.406 |
0,32 |
172.749 |
0,32 |
|
Not
Detailed Current Liabilities |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Financial
Loans |
0 |
0,00 |
38.415 |
0,17 |
94.253 |
0,26 |
96.242 |
0,18 |
|
Accounts
Payable |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Loans
from Shareholders |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Other
Short-term Payable |
20.531 |
0,17 |
45.810 |
0,20 |
0 |
0,00 |
25.100 |
0,05 |
|
Advances
from Customers |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Accumulated
Construction Income |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Taxes
Payable |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
20.914 |
0,04 |
|
Provisions |
8.953 |
0,07 |
9.346 |
0,04 |
21.153 |
0,06 |
30.493 |
0,06 |
|
Other
Current Liabilities |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
LONG-TERM
LIABILITIES |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Not
Detailed Long-term Liabilities |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Financial
Loans |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Securities
Issued |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Long-term
Payable |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Loans
from Shareholders |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Other
Long-term Liabilities |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Provisions |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
STOCKHOLDERS'
EQUITY |
90.641 |
0,75 |
137.531 |
0,60 |
243.383 |
0,68 |
364.341 |
0,68 |
|
Not
Detailed Stockholders' Equity |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Paid-in
Capital |
30.230 |
0,25 |
30.230 |
0,13 |
30.230 |
0,08 |
30.230 |
0,06 |
|
Cross
Shareholding Adjustment of Capital |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Inflation
Adjustment of Capital |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Equity
of Consolidated Firms |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Reserves |
10.240 |
0,09 |
57.388 |
0,25 |
104.279 |
0,29 |
210.130 |
0,39 |
|
Revaluation
Fund |
3.023 |
0,03 |
3.023 |
0,01 |
3.023 |
0,01 |
3.023 |
0,01 |
|
Accumulated
Losses(-) |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Net
Profit (loss) |
47.148 |
0,39 |
46.890 |
0,20 |
105.851 |
0,30 |
120.958 |
0,23 |
|
TOTAL
LIABILITIES AND EQUITY |
120.125 |
1,00 |
231.102 |
1,00 |
358.789 |
1,00 |
537.090 |
1,00 |
INCOME STATEMENTS
|
|
(2007) TL |
|
(2008) TL |
|
(2009) TL |
|
(2010) TL |
|
|
Net Sales |
531.476 |
1,00 |
1.039.314 |
1,00 |
1.359.349 |
1,00 |
1.334.735 |
1,00 |
|
Cost of Goods Sold |
460.179 |
0,87 |
882.885 |
0,85 |
1.124.418 |
0,83 |
1.101.834 |
0,83 |
|
Gross Profit |
71.297 |
0,13 |
156.429 |
0,15 |
234.931 |
0,17 |
232.901 |
0,17 |
|
Operating Expenses |
19.958 |
0,04 |
79.236 |
0,08 |
89.868 |
0,07 |
72.021 |
0,05 |
|
Operating Profit |
51.339 |
0,10 |
77.193 |
0,07 |
145.063 |
0,11 |
160.880 |
0,12 |
|
Other Income |
4.762 |
0,01 |
0 |
0,00 |
212 |
0,00 |
0 |
0,00 |
|
Other Expenses |
0 |
0,00 |
12.111 |
0,01 |
45 |
0,00 |
1 |
0,00 |
|
Financial Expenses |
0 |
0,00 |
8.846 |
0,01 |
18.226 |
0,01 |
9.350 |
0,01 |
|
Minority Interests |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Profit (loss) of consolidated firms |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Profit (loss) Before Tax |
56.101 |
0,11 |
56.236 |
0,05 |
127.004 |
0,09 |
151.529 |
0,11 |
|
Tax Payable |
8.953 |
0,02 |
9.346 |
0,01 |
21.153 |
0,02 |
30.571 |
0,02 |
|
Postponed Tax Gain |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Net Profit (loss) |
47.148 |
0,09 |
46.890 |
0,05 |
105.851 |
0,08 |
120.958 |
0,09 |
FINANCIAL
RATIOS
|
|
(2007) |
(2008) |
(2009) |
(2010) |
|
LIQUIDITY RATIOS |
|
|
|
|
|
Current Ratio |
2,80 |
1,83 |
2,08 |
1,89 |
|
Acid-Test Ratio |
0,16 |
0,16 |
0,98 |
0,51 |
|
Cash Ratio |
0,04 |
0,07 |
0,97 |
0,51 |
|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
Inventory/Total Assets |
0,43 |
0,51 |
0,20 |
0,32 |
|
Short-term Receivable/Total Assets |
0,03 |
0,03 |
0,00 |
0,00 |
|
Tangible Assets/Total Assets |
0,31 |
0,26 |
0,33 |
0,39 |
|
TURNOVER RATIOS |
|
|
|
|
|
Inventory Turnover |
8,98 |
7,47 |
15,98 |
6,43 |
|
Stockholders' Equity Turnover |
5,86 |
7,56 |
5,59 |
3,66 |
|
Asset Turnover |
4,42 |
4,50 |
3,79 |
2,49 |
|
FINANCIAL STRUCTURE |
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,75 |
0,60 |
0,68 |
0,68 |
|
Current Liabilities/Total Assets |
0,25 |
0,40 |
0,32 |
0,32 |
|
Financial Leverage |
0,25 |
0,40 |
0,32 |
0,32 |
|
Gearing Percentage |
0,33 |
0,68 |
0,47 |
0,47 |
|
PROFITABILITY RATIOS |
|
|
|
|
|
Net Profit/Stockholders' Eq. |
0,52 |
0,34 |
0,43 |
0,33 |
|
Operating Profit Margin |
0,10 |
0,07 |
0,11 |
0,12 |
|
Net Profit Margin |
0,09 |
0,05 |
0,08 |
0,09 |
|
Interest Cover |
|
7,36 |
7,97 |
17,21 |
|
COLLECTION-PAYMENT |
|
|
|
|
|
Average Collection Period (days) |
0,01 |
0,01 |
0,01 |
0,01 |
|
Average Payable Period (days) |
0,00 |
0,00 |
0,00 |
0,00 |
|
WORKING CAPITAL |
53200,00 |
77532,00 |
125172,00 |
154586,00 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.40 |
|
UK Pound |
1 |
Rs.80.20 |
|
Euro |
1 |
Rs.68.92 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.