MIRA INFORM REPORT

 

 

Report Date :

26.12.2011

 

IDENTIFICATION DETAILS

 

Name :

HADEKS HALI DERI TEKSTIL DIS TICARET A.S.

 

 

Registered Office :

Eminsinan Mah. Tasdirek Cesme Sok. No:11-13 Cemberlitas Fatih Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

30.10.1997

 

 

Com. Reg. No.:

379777

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Trade of handmade carpet and rug.

 

 

No. of Employees :

10

 

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 :

480.000 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 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

 

NOTES

:

Address at your inquiry is the former address.

 

 

COMPANY IDENTIFICATION

 

NAME

:

HADEKS HALI DERI TEKSTIL DIS TICARET A.S.

HEAD OFFICE ADDRESS

:

Eminsinan Mah. Tasdirek Cesme Sok. No:11-13 Cemberlitas Fatih Istanbul / Turkey

PHONE NUMBER

:

90-212-458 99 88

 

FAX NUMBER

:

90-212-517 44 76

 

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Beyazit

TAX NO

:

4540090659

REGISTRATION NUMBER

:

379777

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

30.10.1997

ESTABLISHMENT GAZETTE DATE /NO

:

04.11.1997/4441

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   5.000.000

PAID-IN CAPITAL

:

TL   5.000.000

 

HISTORY

:

Previous Registered Capital

:

TL 600.000

Changed On

:

23.09.2005 (Commercial Gazette Date /Number 28.09.2005/ 6399)

Previous Registered Capital

:

TL 3.600.000

Changed On

:

18.09.2008 (Commercial Gazette Date /Number 24.09.2008/ 7156)

Previous Address

:

E-5 Karayolu Uzeri No:68 K: 4 Kucukcekmece

Changed On

:

07.03.2006 (Commercial Gazette Date /Number 10.03.2006/ 6510)

Previous Address

:

Besyol Mah. Birlik Cad. Besyol Cami Sok. No:15 Kat:1-2-3-4 Kucukcekmece

Changed On

:

18.09.2008 (Commercial Gazette Date /Number 24.09.2008/ 7156)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Mehmet Fatih Koker

20 %

Hacer Koker

20 %

Mahmut Sefa Koker

20 %

Mustafa Koker

20 %

Ahmet Koker

20 %

 

 

SISTER COMPANIES

:

KOKER SARK TURIZM SANAYI VE TICARET LTD.STI.

TOLERANS KALIP MAKINA SANAYI VE TICARET LTD.STI.

 

SUBSIDIARIES

:

None

 

BOARD OF DIRECTORS

:

Mustafa Koker

Chairman

Mehmet Fatih Koker

Member

Ahmet Koker

Member

 

 

OPERATIONS

 

NOTES ON OPERATIONS

:

The firm orders production to contract manufacturers.

 

 

BUSINESS ACTIVITIES

:

Trade of handmade carpet and rug.

 

The subject orders carpet and rug to be manufactured in the name of the subject company to contract manufacturers.

 

NACE CODE

:

G .51.47

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

10

 

NET SALES

:

3.010.633 TL

(2009) 

3.158.979 TL

(2010) 

2.145.161 TL

(01.01-30.09.2011) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT COUNTRIES

:

India

China

Pakistan

Nepal

 

MERCHANDISE IMPORTED

:

Handmade carpet and rug

 

EXPORT VALUE

:

678.756 TL

(2009)

838.619 TL

(2010)

650.399 TL

(01.01-30.09.2011)

 

 

EXPORT COUNTRIES

:

U.S.A.

U.K.

Bangladesh

Brazil

Saudi Arabia

Sweden

Hong-Kong

Japan

Peru

Canada

Madagascar

Macedonia Republic

Kazakhstan

Azerbaijan

Singapore

 

MERCHANDISE  EXPORTED

:

Handmade carpet and rug

 

HEAD OFFICE ADDRESS

:

Eminsinan Mah. Tasdirek Cesme Sok. No:11-13 Cemberlitas Fatih Istanbul / Turkey

 

INVESTMENTS

:

None

 

 

TREND OF BUSINESS

:

There was a slowdown at business volume in real terms in 2010. There appears a decline at business volume in nominal terms in 1.1 - 30.9.2011.

SIZE OF BUSINESS

:

Upper-Medium

 

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Nuruosmaniye Branch

Asya Katilim Bankasi Ikitelli Branch

HSBC Bank Istanbul Branch

 

CREDIT FACILITIES

:

The subject rarely makes use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2009) TL

(2010) TL

(01.01-30.09.2011) TL

Net Sales

3.010.633

3.158.979

2.145.161

Profit (Loss) Before Tax

117.442

108.537

170.190

Stockholders' Equity

5.480.348

5.560.763

 

Total Assets

8.752.304

9.499.690

 

Current Assets

8.295.435

8.968.559

 

Non-Current Assets

456.869

531.131

 

Current Liabilities

983.411

910.931

 

Long-Term Liabilities

2.288.545

3.027.996

 

Gross Profit (loss)

366.224

441.036

455.615

Operating Profit (loss)

59.027

92.614

4.397

Net Profit (loss)

83.433

73.384

170.190

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

High As of 31.12.2010

Remarks on Capitalization

A part of total liabilities and equity consist of loans from shareholders rather than liabilities to third parties indicating low indebtedness to third parties.

 

Liquidity

High As of 31.12.2010

Remarks On Liquidity

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

Profitability

Fair Operating Profitability  in 2009

In Order Net Profitability  in 2009

Fair Operating Profitability  in 2010

Fair Net Profitability  in 2010

Low Operating Profitability (01.01-30.09.2011)

High Net Profitability (01.01-30.09.2011)

 

Gap between average collection and payable periods

Unfavorable in 2010

General Financial Position

Good

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT LIMIT

 

:

480.000 USD

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 480.000 USD may be granted to the subject company.

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 01.01-30.11.2011)

12,20 %

1,6616

2,3280

2,6658

 

 

BALANCE SHEETS

 

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

8.295.435

0,95

8.968.559

0,94

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

556.733

0,06

670.689

0,07

Marketable Securities

0

0,00

0

0,00

Account Receivable

3.134.547

0,36

3.681.045

0,39

Other Receivable

36

0,00

627

0,00

Inventories

2.583.025

0,30

2.477.959

0,26

Advances Given

129.451

0,01

129.201

0,01

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

1.891.643

0,22

2.009.038

0,21

NON-CURRENT ASSETS

456.869

0,05

531.131

0,06

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

15.788

0,00

0

0,00

Financial Assets

0

0,00

0

0,00

Tangible Fixed Assets (net)

381.125

0,04

434.135

0,05

Intangible Assets

11.803

0,00

15.400

0,00

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

48.153

0,01

81.596

0,01

TOTAL ASSETS

8.752.304

1,00

9.499.690

1,00

CURRENT LIABILITIES

983.411

0,11

910.931

0,10

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

63.788

0,01

0

0,00

Accounts Payable

459.844

0,05

252.425

0,03

Loans from Shareholders

0

0,00

0

0,00

Other Short-term Payable

5.645

0,00

7.308

0,00

Advances from Customers

396.043

0,05

543.952

0,06

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

5.326

0,00

3.841

0,00

Provisions

34.009

0,00

35.153

0,00

Other Current Liabilities

18.756

0,00

68.252

0,01

LONG-TERM LIABILITIES

2.288.545

0,26

3.027.996

0,32

Not Detailed 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

2.288.545

0,26

3.027.996

0,32

Other Long-term Liabilities

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

5.480.348

0,63

5.560.763

0,59

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

5.000.000

0,57

5.000.000

0,53

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

434.587

0,05

525.051

0,06

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

-37.672

0,00

-37.672

0,00

Net Profit (loss)

83.433

0,01

73.384

0,01

TOTAL LIABILITIES AND EQUITY

8.752.304

1,00

9.499.690

1,00

 

 

INCOME STATEMENTS

 

 

(2009) TL

 

(2010) TL

 

(01.01-30.09.2011) TL

 

Net Sales

3.010.633

1,00

3.158.979

1,00

2.145.161

1,00

Cost of Goods Sold

2.644.409

0,88

2.717.943

0,86

1.689.546

0,79

Gross Profit

366.224

0,12

441.036

0,14

455.615

0,21

Operating Expenses

307.197

0,10

348.422

0,11

451.218

0,21

Operating Profit

59.027

0,02

92.614

0,03

4.397

0,00

Other Income

151.162

0,05

83.781

0,03

236.765

0,11

Other Expenses

92.601

0,03

67.228

0,02

70.197

0,03

Financial Expenses

146

0,00

630

0,00

775

0,00

Minority Interests

0

0,00

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

0

0,00

Profit (loss) Before Tax

117.442

0,04

108.537

0,03

170.190

0,08

Tax Payable

34.009

0,01

35.153

0,01

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

83.433

0,03

73.384

0,02

170.190

0,08

 

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

LIQUIDITY RATIOS

 

 

Current Ratio

8,44

9,85

Acid-Test Ratio

3,75

4,78

Cash Ratio

0,57

0,74

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,30

0,26

Short-term Receivable/Total Assets

0,36

0,39

Tangible Assets/Total Assets

0,04

0,05

TURNOVER RATIOS

 

 

Inventory Turnover

1,02

1,10

Stockholders' Equity Turnover

0,55

0,57

Asset Turnover

0,34

0,33

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,63

0,59

Current Liabilities/Total Assets

0,11

0,10

Financial Leverage

0,37

0,41

Gearing Percentage

0,60

0,71

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,02

0,01

Operating Profit Margin

0,02

0,03

Net Profit Margin

0,03

0,02

Interest Cover

805,40

173,28

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

376,71

419,50

Average Payable Period (days)

62,60

33,43

WORKING CAPITAL

7312024,00

8057628,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.52.72

UK Pound

1

Rs.82.70

Euro

1

Rs.68.90

 

 

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.