MIRA INFORM REPORT

 

 

Report Date :           

08.10.2011

 

IDENTIFICATION DETAILS

 

Name :

FESTIVAL HALI SANAYI VE TICARET A.S. 

 

 

Formerly Known As :

Emerald Hali Sanayi ve Ticaret Ltd. Sti.

 

 

Registered Office :

4. Organize Sanayi Bolgesi 83414 Nolu Cad. No:22 Baspinar Gaziantep

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

17.11.2006

 

 

Com. Reg. No.:

29165

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of carpet

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

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 – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

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

:

FESTIVAL HALI SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

4. Organize Sanayi Bolgesi 83414 Nolu Cad. No:22 Baspinar Gaziantep / Turkey

PHONE NUMBER

:

90-342-357 08 40 (4 Lines)

 

FAX NUMBER

:

90-342-357 08 44

 

WEB-ADDRESS

:

www.festivalhali.com

E-MAIL

:

info@festivalhali.com  

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Gazikent

TAX NO

:

3850547933

REGISTRATION NUMBER

:

29165

REGISTERED OFFICE

:

Gaziantep Chamber of Commerce

DATE ESTABLISHED

:

17.11.2006

ESTABLISHMENT GAZETTE DATE /NO

:

29.11.2006/6693

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   8.100.000

HISTORY

:

Previous Legal Type

:

Limited Company

Changed On

:

31.12.2009 (Commercial Gazette Date /Number 07.01.2010/ 7474)

Previous Name

:

Emerald Hali Sanayi ve Ticaret Ltd. Sti.

Changed On

:

31.12.2009 (Commercial Gazette Date /Number 07.01.2010/ 7474)

Previous Registered Capital

:

TL 6.600.000

Changed On

:

31.12.2009 (Commercial Gazette Date /Number 07.01.2010/ 7474)

Previous Address

:

2. Organize Sanayi Bolgesi General Dursun Bak Bulvari Dogu 2. Cad. No:5 Baspinar Sehitkamil Gaziantep

Changed On

:

13.08.2010 (Commercial Gazette Date /Number 23.08.2010/ 7634)

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Bilec Kaplan

16,67 %

Hasan Kaplan

16,67 %

Huseyin Kaplan

16,67 %

Mustafa Kaplan (ID NO:10584171478)

16,67 %

Ahmet Kaplan

14,17 %

Mehmet Kaplan

5,40 %

Mustafa Kaplan

5 %

Yasin Kaplan

5 %

Ekrem Kaplan

3,75 %

 

 

SISTER COMPANIES

:

KAPLANLAR TEKSTIL DIS TICARET VE SANAYI LTD. STI.

YASIN KAPLAN HALI SANAYI VE TICARET A.S.

 

SUBSIDIARIES

:

None

 

BOARD OF DIRECTORS

:

Ahmet Kaplan

Chairman

Huseyin Kaplan

Vice-Chairman

Yasin Kaplan

Member

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of carpet.

 

NACE CODE

:

DB.17.51

 

NUMBER OF EMPLOYEES

:

350

 

NET SALES

:

8.880.035 TL

(2009) 

16.925.160 TL

(2010) 

4.839.441 TL

(01.01-30.06.2011) 

 

 

EXPORT VALUE

:

4.113.438 TL

(2009)

1.189.540 TL

(2010)

1.493.106 TL

(01.01-30.06.2011)

 

 

EXPORT COUNTRIES

:

Tajikistan

Kuwait

Guyana

U.S.A.

Egypt

 

MERCHANDISE  EXPORTED

:

Carpet

 

HEAD OFFICE ADDRESS

:

4. Organize Sanayi Bolgesi 83414 Nolu Cad. No:22 Baspinar Gaziantep / Turkey (owned)

 

BRANCHES

:

Head Office/Factory  :  4. Organize Sanayi Bolgesi 83414 Nolu Cad. No:22 Baspinar Gaziantep/Turkey (owned)

 

INVESTMENTS

:

Investments are going on.

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2010. There appears a decline at business volume in nominal terms in  1.1 - 30.6.2011.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

T. Is Bankasi Gaziantep Branch

T. Vakiflar Bankasi Gaziantep Branch

 

CREDIT FACILITIES

:

The subject company is making active use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

 

KEY FINANCIAL ELEMENTS

:

 

(2009) TL

(2010) TL

(01.01-30.06.2011) TL

 

 

Net Sales

8.880.035

16.925.160

4.839.441

 

 

Profit (Loss) Before Tax

84.091

291.345

-2.075.061

 

 

Stockholders' Equity

1.629.106

5.330.556

 

 

 

Total Assets

11.357.509

24.931.726

 

 

 

Current Assets

4.186.455

7.169.667

 

 

 

Non-Current Assets

7.171.054

17.762.059

 

 

 

Current Liabilities

5.809.286

11.254.657

 

 

 

Long-Term Liabilities

3.919.117

8.346.513

 

 

 

Gross Profit (loss)

345.475

1.513.557

-234.889

 

 

Operating Profit (loss)

75.328

1.022.765

-793.826

 

 

Net Profit (loss)

84.091

291.345

-2.075.061

 

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Low As of 31.12.2010

Remarks on Capitalization

The loss at the last period is expected to have a negative effect on equity total since the date of last stockholders’ equity.

Liquidity

Low As of 31.12.2010

Remarks On Liquidity

The favorable gap between average collection and average payable period has a positive effect on liquidity.

Profitability

Low Operating Profitability  in 2009

Low Net Profitability  in 2009

Good Operating Profitability  in 2010

Low Net Profitability  in 2010

Gross Loss (01.01-30.06.2011)

Operating Loss (01.01-30.06.2011)

Net Loss (01.01-30.06.2011)

 

Gap between average collection and payable periods

Favorable in 2010

General Financial Position

Not in order

 

 

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

 ( 01.01-30.06.2011)

6,21 %

1,5771

2,2246

2,5422

 ( 01.01-30.09.2011)

9,72 %

1,6335

2,3016

2,6294

 

 

 

BALANCE SHEETS

 

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

4.186.455

0,37

7.169.667

0,29

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

2.900

0,00

-1.794.188

-0,07

Marketable Securities

0

0,00

0

0,00

Account Receivable

3.366.743

0,30

5.933.732

0,24

Other Receivable

93.196

0,01

92.707

0,00

Inventories

473.785

0,04

1.242.545

0,05

Advances Given

4.006

0,00

0

0,00

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

245.825

0,02

1.694.871

0,07

NON-CURRENT ASSETS

7.171.054

0,63

17.762.059

0,71

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

Financial Assets

0

0,00

0

0,00

Tangible Fixed Assets (net)

939.527

0,08

9.175.084

0,37

Intangible Assets

6.231.527

0,55

8.547.863

0,34

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

39.112

0,00

TOTAL ASSETS

11.357.509

1,00

24.931.726

1,00

CURRENT LIABILITIES

5.809.286

0,51

11.254.657

0,45

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

2.274.872

0,20

1.420.323

0,06

Accounts Payable

3.088.113

0,27

9.637.119

0,39

Loans from Shareholders

400.232

0,04

0

0,00

Other Short-term Payable

36.294

0,00

136.400

0,01

Advances from Customers

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

9.775

0,00

60.815

0,00

Provisions

0

0,00

0

0,00

Other Current Liabilities

0

0,00

0

0,00

LONG-TERM LIABILITIES

3.919.117

0,35

8.346.513

0,33

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

3.919.117

0,35

7.433.929

0,30

Securities Issued

0

0,00

0

0,00

Long-term Payable

0

0,00

912.584

0,04

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

1.629.106

0,14

5.330.556

0,21

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

2.000.000

0,18

5.410.107

0,22

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

1.186

0,00

85.276

0,00

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

-456.171

-0,04

-456.172

-0,02

Net Profit (loss)

84.091

0,01

291.345

0,01

TOTAL LIABILITIES AND EQUITY

11.357.509

1,00

24.931.726

1,00

 

REMARKS ON FINANCIAL STATEMENT

:

At the income statement of 1.1.-30.06.2011, TL 1.771.979 of the other expenses is due to “Loss from Foreign Currency Exchange”.

 

 

 

INCOME STATEMENTS

 

 

(2009) TL

 

(2010) TL

 

(01.01-30.06.2011) TL

 

Net Sales

8.880.035

1,00

16.925.160

1,00

4.839.441

1,00

Cost of Goods Sold

8.534.560

0,96

15.411.603

0,91

5.074.330

1,05

Gross Profit

345.475

0,04

1.513.557

0,09

-234.889

-0,05

Operating Expenses

270.147

0,03

490.792

0,03

558.937

0,12

Operating Profit

75.328

0,01

1.022.765

0,06

-793.826

-0,16

Other Income

1.529.058

0,17

2.016.623

0,12

752.025

0,16

Other Expenses

1.510.150

0,17

2.174.561

0,13

1.784.344

0,37

Financial Expenses

10.145

0,00

573.482

0,03

248.916

0,05

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

84.091

0,01

291.345

0,02

-2.075.061

-0,43

Tax Payable

0

0,00

0

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

84.091

0,01

291.345

0,02

-2.075.061

-0,43

 

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

LIQUIDITY RATIOS

 

 

Current Ratio

0,72

0,64

Acid-Test Ratio

0,60

0,38

Cash Ratio

0,00

-0,16

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,04

0,05

Short-term Receivable/Total Assets

0,30

0,24

Tangible Assets/Total Assets

0,08

0,37

TURNOVER RATIOS

 

 

Inventory Turnover

18,01

12,40

Stockholders' Equity Turnover

5,45

3,18

Asset Turnover

0,78

0,68

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,14

0,21

Current Liabilities/Total Assets

0,51

0,45

Financial Leverage

0,86

0,79

Gearing Percentage

5,97

3,68

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,05

0,05

Operating Profit Margin

0,01

0,06

Net Profit Margin

0,01

0,02

Interest Cover

9,29

1,51

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

136,49

126,21

Average Payable Period (days)

130,26

246,43

WORKING CAPITAL

-1622831,00

-4084990,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.14

UK Pound

1

Rs.75.97

Euro

1

Rs.65.99

 

 

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.