MIRA INFORM REPORT

 

 

Report Date :           

18.04.2012

 

IDENTIFICATION DETAILS

 

Name :

HENATEKS BOYA VE APRE SANAYI TICARET A.S.

 

 

Registered Office :

Bey Koop Mah. 7.Cad. Delta Plaza A1 Blok K.6 D.14 A2 Blok K.6/11 Buyukcekmece Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

14.10.1985

 

 

Com. Reg. No.:

218592

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Fabric dying.

 

 

No. of Employees :

249

 

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 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

 

 

NOTES

:

Address at your inquiry is not the registered head office but another premise.

 

 

COMPANY IDENTIFICATION

 

NAME

:

HENATEKS BOYA VE APRE SANAYI TICARET A.S.

HEAD OFFICE ADDRESS

:

Bey Koop Mah. 7.Cad. Delta Plaza A1 Blok K.6 D.14 A2 Blok K.6/11 Buyukcekmece Istanbul / Turkey

PHONE NUMBER

:

90-212-852 70 03

 

FAX NUMBER

:

90-212-758 13 62

 

 

 

LEGAL STATUS AND HISTORY

 

NOTES ON LEGAL STATUS AND HISTORY

:

The paid-in capital is declared by the subject. There is no certification for the paid-in capital.

 

 

TAX OFFICE

:

Dis Ticaret

TAX NO

:

4610033363

REGISTRATION NUMBER

:

218592

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

14.10.1985

ESTABLISHMENT GAZETTE DATE/NO

:

17.10.1985/1368

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   17.000.000

HISTORY

:

Previous Registered Capital

:

TL 10.000.000

Changed On

:

17.06.2009 (Commercial Gazette Date /Number 22.06.2009/ 7337)

Previous Registered Capital

:

TL 15.000.000

Changed On

:

17.05.2010 (Commercial Gazette Date /Number 24.05.2010/ 7569)

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Halil Unver

51,36 %

Eyup Sozdinler

28,22 %

Ali Tasyurek

9,21 %

Filiz Unver

9,21 %

Ahmet Unver

2 %

 

 

SISTER COMPANIES

:

ARTEKA TEKSTIL BOYA VE KIMYEVI MADDELERI SANAYI TICARET LTD. STI.

 

BIRLESIK ODEME SISTEMLERI A.S.

 

NGN BILGI VE ILETISIM HIZMETLERI TICARET LTD. STI.

 

SCP ODEME SISTEMLERI VE PLASTIK AMBALAJ SANAYI TICARET A.S.

 

UNVER PLASTIK VE AMBALAJ SANAYI TICARET LTD. STI.

 

BOARD OF DIRECTORS

:

Halil Unver

Chairman

Eyup Sozdinler

Vice-Chairman

Ali Tasyurek

Member

 

 

DIRECTORS

:

Eyup Sozdinler                                                                                                                                                                                                                                                                                   

 

Halil Unver                                                                                                                                                                                                                                                                                   

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Fabric dying. 

 

NACE CODE

:

DB.17.30

 

SECTOR

:

Textile

 

NUMBER OF EMPLOYEES

:

249

 

 

NET SALES

:

26.559.976 TL

(2007) 

24.940.351 TL

(2008) 

25.439.539 TL

(2009) 

25.666.745 TL

(2010) 

20.550.908 TL

(2011) 

 

 

IMPORT VALUE

:

100.000 USD

(01.01-29.02.2012)

 

 

IMPORT COUNTRIES

:

India

 

MERCHANDISE IMPORTED

:

Dye

 

EXPORT VALUE

:

2.152.351 TL

(2007)

2.045.712 TL

(2008)

1.419.795 TL

(2009)

803.316 TL

(2010)

213.293 TL

(2011)

 

 

EXPORT COUNTRIES

:

Belgium

Netherlands

France

Spain

Denmark

 

MERCHANDISE  EXPORTED

:

Ready-wear

 

HEAD OFFICE ADDRESS

:

Bey Koop Mah. 7.Cad. Delta Plaza A1 Blok K.6 D.14 A2 Blok K.6/11 Buyukcekmece  Istanbul / Turkey ( rented )

 

BRANCHES

:

Processing Plant  :  Organize Sanayi Bolgesi Cerkezkoy Istanbul/Turkey (owned)

                                                                                

INVESTMENTS

:

None

 

 

 

TREND OF BUSINESS

:

There was a decline at business volume in nominal terms in 2011.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Garanti Bankasi Beylikduzu Branch

T. Is Bankasi Gunesli 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

:

 

(2007) TL

(2008) TL

(2009) TL

(2010) TL

(2011) TL

Net Sales

26.559.976

24.940.351

25.439.539

25.666.745

20.550.908

Profit (Loss) Before Tax

462.973

-1.386.824

-1.128.677

-2.264.976

-2.489.749

Stockholders' Equity

9.478.502

8.254.739

10.981.384

9.678.324

 

Total Assets

15.134.069

15.431.865

17.999.330

24.325.320

 

Current Assets

10.309.705

9.593.941

11.979.567

12.055.171

 

Non-Current Assets

4.824.364

5.837.924

6.019.763

12.270.149

 

Current Liabilities

5.518.026

7.177.126

7.017.946

9.855.888

 

Long-Term Liabilities

137.541

0

0

4.791.108

 

Gross Profit (loss)

1.977.771

1.335.854

949.920

-116.822

1.431.123

Operating Profit (loss)

327.273

-529.448

-512.231

-1.866.597

140.033

Net Profit (loss)

462.973

-1.386.824

-1.128.677

-2.264.976

-2.489.749

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Fair

Remarks on Capitalization

A part of liabilities consist of loans from shareholders. 

 

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

 

Liquidity

Good As of 31.12.2010

Remarks On Liquidity

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

Profitability

Low Operating Profitability  in 2007

Low Net Profitability  in 2007

Operating Loss  in 2008

Net Loss  in 2008

Operating Loss  in 2009

Net Loss  in 2009

Gross Loss  in 2010

Operating Loss  in 2010

Net Loss  in 2010

Low Operating Profitability  in 2011

Net Loss  in 2011

 

Gap between average collection and payable periods

In order in 2010

General Financial Position

Unsatisfactory

 

 

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

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 01.01-29.02.2012)

0,29 %

1,8055

2,3806

2,8364

 

 

BALANCE SHEETS

 

 

 ( 31.12.2007 )  TL

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

10.309.705

0,68

9.593.941

0,62

11.979.567

0,67

12.055.171

0,50

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

3.720.008

0,25

5.303.823

0,34

6.231.277

0,35

7.489.712

0,31

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

4.221.584

0,28

2.521.524

0,16

3.930.223

0,22

2.879.716

0,12

Other Receivable

12.817

0,00

119.291

0,01

64.044

0,00

20.295

0,00

Inventories

1.681.957

0,11

1.354.899

0,09

1.428.607

0,08

1.124.085

0,05

Advances Given

307.463

0,02

204.226

0,01

232.306

0,01

443.518

0,02

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

365.876

0,02

90.178

0,01

93.110

0,01

97.845

0,00

NON-CURRENT ASSETS

4.824.364

0,32

5.837.924

0,38

6.019.763

0,33

12.270.149

0,50

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)

4.470.628

0,30

5.559.951

0,36

6.018.969

0,33

12.241.644

0,50

Intangible Assets

353.736

0,02

277.973

0,02

794

0,00

24.170

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

4.335

0,00

TOTAL ASSETS

15.134.069

1,00

15.431.865

1,00

17.999.330

1,00

24.325.320

1,00

CURRENT LIABILITIES

5.518.026

0,36

7.177.126

0,47

7.017.946

0,39

9.855.888

0,41

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

1.040.923

0,07

2.952.707

0,19

2.993.362

0,17

4.657.369

0,19

Accounts Payable

3.021.374

0,20

2.896.883

0,19

3.548.679

0,20

2.809.193

0,12

Loans from Shareholders

1.222.427

0,08

983.995

0,06

7.036

0,00

1.571.653

0,06

Other Short-term Payable

77.547

0,01

228.421

0,01

128.587

0,01

209.538

0,01

Advances from Customers

767

0,00

1.232

0,00

7.747

0,00

269.389

0,01

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

154.988

0,01

113.888

0,01

332.535

0,02

338.746

0,01

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

LONG-TERM LIABILITIES

137.541

0,01

0

0,00

0

0,00

4.791.108

0,20

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

137.541

0,01

0

0,00

0

0,00

4.791.108

0,20

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

9.478.502

0,63

8.254.739

0,53

10.981.384

0,61

9.678.324

0,40

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

9.678.324

0,40

Paid-in Capital

9.410.333

0,62

9.573.394

0,62

11.428.715

0,63

0

0,00

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

2.664.394

0,18

2.293.371

0,15

4.293.371

0,24

0

0,00

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

-3.059.198

-0,20

-2.225.202

-0,14

-3.612.025

-0,20

0

0,00

Net Profit (loss)

462.973

0,03

-1.386.824

-0,09

-1.128.677

-0,06

0

0,00

TOTAL LIABILITIES AND EQUITY

15.134.069

1,00

15.431.865

1,00

17.999.330

1,00

24.325.320

1,00

 

REMARKS ON FINANCIAL STATEMENT

:

At the last income statement TL 2.511.808 of the other expenses is due to "Loss from Foreign Currency Exchange" .                                                                                                               

 

 

 

INCOME STATEMENTS

 

 

(2007) TL

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

Net Sales

26.559.976

1,00

24.940.351

1,00

25.439.539

1,00

25.666.745

1,00

20.550.908

1,00

Cost of Goods Sold

24.582.205

0,93

23.604.497

0,95

24.489.619

0,96

25.783.567

1,00

19.119.785

0,93

Gross Profit

1.977.771

0,07

1.335.854

0,05

949.920

0,04

-116.822

0,00

1.431.123

0,07

Operating Expenses

1.650.498

0,06

1.865.302

0,07

1.462.151

0,06

1.749.775

0,07

1.291.090

0,06

Operating Profit

327.273

0,01

-529.448

-0,02

-512.231

-0,02

-1.866.597

-0,07

140.033

0,01

Other Income

540.864

0,02

1.022.788

0,04

777.601

0,03

1.177.847

0,05

2.715.376

0,13

Other Expenses

319.019

0,01

1.768.380

0,07

1.113.517

0,04

1.121.400

0,04

4.720.582

0,23

Financial Expenses

86.145

0,00

111.784

0,00

280.530

0,01

454.826

0,02

624.576

0,03

Minority Interests

0

0,00

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

0

0,00

Profit (loss) Before Tax

462.973

0,02

-1.386.824

-0,06

-1.128.677

-0,04

-2.264.976

-0,09

-2.489.749

-0,12

Tax Payable

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

462.973

0,02

-1.386.824

-0,06

-1.128.677

-0,04

-2.264.976

-0,09

-2.489.749

-0,12

 

 

FINANCIAL RATIOS

 

 

(2007)

(2008)

(2009)

(2010)

LIQUIDITY RATIOS

 

 

 

 

Current Ratio

1,87

1,34

1,71

1,22

Acid-Test Ratio

1,44

1,11

1,46

1,05

Cash Ratio

0,67

0,74

0,89

0,76

ASSET STRUCTURE RATIOS

 

 

 

 

Inventory/Total Assets

0,11

0,09

0,08

0,05

Short-term Receivable/Total Assets

0,28

0,17

0,22

0,12

Tangible Assets/Total Assets

0,30

0,36

0,33

0,50

TURNOVER RATIOS

 

 

 

 

Inventory Turnover

14,62

17,42

17,14

22,94

Stockholders' Equity Turnover

2,80

3,02

2,32

2,65

Asset Turnover

1,75

1,62

1,41

1,06

FINANCIAL STRUCTURE

 

 

 

 

Stockholders' Equity/Total Assets

0,63

0,53

0,61

0,40

Current Liabilities/Total Assets

0,36

0,47

0,39

0,41

Financial Leverage

0,37

0,47

0,39

0,60

Gearing Percentage

0,60

0,87

0,64

1,51

PROFITABILITY RATIOS

 

 

 

 

Net Profit/Stockholders' Eq.

0,05

-0,17

-0,10

-0,23

Operating Profit Margin

0,01

-0,02

-0,02

-0,07

Net Profit Margin

0,02

-0,06

-0,04

-0,09

Interest Cover

6,37

-11,41

-3,02

-3,98

COLLECTION-PAYMENT

 

 

 

 

Average Collection Period (days)

57,22

36,40

55,62

40,39

Average Payable Period (days)

44,25

44,18

52,17

39,22

WORKING CAPITAL

4791679,00

2416815,00

4961621,00

2199283,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.62

UK Pound

1

Rs.81.94

Euro

1

Rs.67.65

 

 

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.