MIRA INFORM REPORT

 

 

Report Date :

25.10.2011

 

IDENTIFICATION DETAILS

 

Name :

HALIFAKS GIYIM TICARET VE SANAYI A.S.

 

 

Registered Office :

Kucukbahce Sok. No:25 Osmanbey Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

30.06.2011 (Income Statement)

 

 

Date of Incorporation :

04.04.1967

 

 

Com. Reg. No.:

95043

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of ready-wear. 

 

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 – 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

:

HALIFAKS GIYIM TICARET VE SANAYI A.S.

HEAD OFFICE ADDRESS

:

Kucukbahce Sok. No:25 Osmanbey Istanbul / Turkey

PHONE NUMBER

:

90-212-246 34 33

 

FAX NUMBER

:

90-212-246 34 05

 

WEB-ADDRESS

:

www.halifaks.com

E-MAIL

:

info@halifaks.com

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Bogazici Kurumlar

TAX NO

:

4550037725

REGISTRATION NUMBER

:

95043

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

04.04.1967

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   1.000.000

PAID-IN CAPITAL

:

TL   1.000.000

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Yasef Hullu

 

Meri Hullu

 

Selim Silvyo Hullu

 

Others

 

 

 

SISTER COMPANIES

:

Declared to be: None

 

SUBSIDIARIES

:

None

 

BOARD OF DIRECTORS

:

Yasef Hullu

Chairman

Meri Hullu

Vice-Chairman

Selim Silvyo Hullu

Member

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of ready-wear. 

 

The subject also orders ready-wear to be dyed and sewed in the name of the subject company to contract manufacturers.

 

NACE CODE

:

DB.18.22

 

SECTOR

:

Ready-wear

 

NUMBER OF EMPLOYEES

:

18

 

NET SALES

:

6.096.805 TL

(2007) 

3.763.268 TL

(2008) 

3.871 TL Thousand

(2009) 

4.591 TL Thousand

(2010) 

1.914 TL Thousand

(01.01-30.06.2011) 

 

 

IMPORT COUNTRIES

:

Egypt

India

 

MERCHANDISE IMPORTED

:

Yarn

 

EXPORT VALUE

:

159.246 TL

(2007)

402.400 TL

(2008)

531 TL Thousand

(2009)

732 TL Thousand

(2010)

837 TL Thousand

(01.01-30.06.2011)

 

 

 

EXPORT COUNTRIES

:

Italy

Lebanon

Egypt

Macao

Greece

Germany

France

 

MERCHANDISE  EXPORTED

:

Ready-wear

 

HEAD OFFICE ADDRESS

:

Kucukbahce Sok. No:25 Osmanbey Istanbul / Turkey

 

BRANCHES

:

Production Plant/Warehouse  :  Bayrampasa Maltepe Mah. Gumussuyu Cad. Isik Sok. B Blok No:21 Istanbul/Turkey

 

 

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.

  FINANCE

 

MAIN DEALING BANKS

:

Asya Katilim Bankasi Mecidiyekoy Branch

Garanti Bankasi Sisli Branch

 

PAYMENT BEHAVIOUR

:

We are informed about some payment delays in the former years some of which were resolved later on

 

KEY FINANCIAL ELEMENTS

:

 

(2010) TL Thousand

(01.01-30.06.2011) TL Thousand

Net Sales

4.591

1.914

Profit (Loss) Before Tax

223

-415

Gross Profit (loss)

1.084

635

Operating Profit (loss)

478

-281

Net Profit (loss)

223

-415

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Profitability

High Operating Profitability  in 2010

Good Net Profitability  in 2010

Operating Loss (01.01-30.06.2011)

Net Loss (01.01-30.06.2011)

 

General Financial Position

The firm has loss but general financial position is undetermined.

 

 

 

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

 ( 01.01-30.06.2011)

6,21 %

1,5771

2,2246

2,5422

 ( 01.01-30.09.2011)

9,72 %

1,6335

2,3016

2,6294

 

 

INCOME STATEMENTS

 

 

(2010) TL Thousand

 

(01.01-30.06.2011) TL Thousand

 

Net Sales

4.591

1,00

1.914

1,00

Cost of Goods Sold

3.507

0,76

1.279

0,67

Gross Profit

1.084

0,24

635

0,33

Operating Expenses

606

0,13

916

0,48

Operating Profit

478

0,10

-281

-0,15

Other Income

55

0,01

19

0,01

Other Expenses

178

0,04

15

0,01

Financial Expenses

132

0,03

138

0,07

Minority Interests

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

Profit (loss) Before Tax

223

0,05

-415

-0,22

Tax Payable

0

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

Net Profit (loss)

223

0,05

-415

-0,22

 

 

REMARKS ON FINANCIAL STATEMENT

:

The balance sheets are not available.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.87

UK Pound

1

Rs.79.73

Euro

1

Rs.69.53

 

 

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.