MIRA INFORM REPORT

 

 

Report Date :

11.08.2012

 

IDENTIFICATION DETAILS

 

Name :

BASARAN HALI TEKSTIL SANAYI VE TICARET LTD. STI.

 

 

Registered Office :

4. Organize Sanayi Bolgesi 3 Nolu Cad. No:5 128/2 Sehitkamil Gaziantep

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

21.10.1996

 

 

Com. Reg. No.:

18819

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacture and trade of carpets and rugs.

 

 

No. of Employees :

148

 

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

 

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

 

COMPANY IDENTIFICATION

 

NAME

:

BASARAN HALI TEKSTIL SANAYI VE TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

4. Organize Sanayi Bolgesi 3 Nolu Cad. No:5 128/2 Sehitkamil Gaziantep / Turkey

PHONE NUMBER

:

90-342-357 04 04

 

FAX NUMBER

:

90-342-357 04 03

 

WEB-ADDRESS

:

www.basaranhali.com.tr

E-MAIL

:

info@basaranhali.com.tr

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Gazikent

TAX NO

:

1460062275

REGISTRATION NUMBER

:

18819

REGISTERED OFFICE

:

Gaziantep Chamber of Commerce

DATE ESTABLISHED

:

21.10.1996

ESTABLISHMENT GAZETTE DATE/NO

:

06.11.1996/4160

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   9.000.000

PAID-IN CAPITAL

:

TL   9.000.000

HISTORY

:

Previous Registered Capital

:

TL 7.000.000

Changed On

:

13.03.2007 (Commercial Gazette Date /Number 21.03.2007/ 6770)

Previous Address

:

Gazimuhtarpasa Blv.Hali Sarayi No: Z/60 Sehitkamil Gaziantep

Changed On

:

01.09.2006 (Commercial Gazette Date /Number 12.09.2006/ 6640)

Previous Address

:

2. Organize Sanayi Bolgesi Haci Sani Konukoglu Bulvari 11 Nolu Cad. No: 1 Sehitkamil Gaziantep

Changed On

:

23.07.2007 (Commercial Gazette Date /Number 01.08.2007/ 6864)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Seydi Vakkas Dayioglu

51 %

Ibrahim Dayioglu

49 %

 

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Ibrahim Dayioglu

 

Seydi Vakkas Dayioglu

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of carpets and rugs.

 

NACE CODE

:

DB.17.51

 

NUMBER OF EMPLOYEES

:

148

 

NET SALES

:

11.378.666 TL

(2009) 

15.755.597 TL

(2010) 

23.516.799 TL

(2011) 

 

 

IMPORT COUNTRIES

:

Saudi Arabia

Kuwait

India

 

MERCHANDISE IMPORTED

:

Jute

Polypropylene

Spun Thread

 

EXPORT VALUE

:

76.561 TL

(2009)

1.428.324 TL

(2010)

1.422.047 TL

(2011)

EXPORT COUNTRIES

:

Syria

Romania

 

MERCHANDISE  EXPORTED

:

Carpets

 

HEAD OFFICE ADDRESS

:

4. Organize Sanayi Bolgesi 3 Nolu Cad. No:5 128/2 Sehitkamil Gaziantep / Turkey ( owned )

 

BRANCHES

:

Head Office/Factory  :  4. Organize Sanayi Bolgesi 3 Nolu Cad. No:5 128/2 Sehitkamil Gaziantep/Turkey (owned)

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2011.

SIZE OF BUSINESS

:

Large

FINANCE

 

MAIN DEALING BANKS

:

Finansbank Suburcu Branch

Finansbank Sehit Kamil Branch

Garanti Bankasi Organize Sanayi Branch

Turkiye Is Bankasi Organize Sanayi Branch

 

CREDIT FACILITIES

:

The subject company is making use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2010) TL

(2011) TL

 

 

 

Net Sales

15.755.597

23.516.799

 

 

 

Profit (Loss) Before Tax

1.393.270

497.068

 

 

 

Stockholders' Equity

10.783.776

 

 

 

 

Total Assets

24.692.235

 

 

 

 

Current Assets

15.896.755

 

 

 

 

Non-Current Assets

8.795.480

 

 

 

 

Current Liabilities

9.441.598

 

 

 

 

Long-Term Liabilities

4.466.861

 

 

 

 

Gross Profit (loss)

1.056.995

2.971.449

 

 

 

Operating Profit (loss)

639.801

2.515.575

 

 

 

Net Profit (loss)

1.311.950

387.034

 

 

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Satisfactory As of 31.12.2010

Liquidity

Insufficient As of 31.12.2010

Remarks On Liquidity

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

 

The liquid assets consist mainly of receivables the amount of cash&banks or marketable securities (which are more liquid) are low.

 

Profitability

In Order Operating Profitability  in 2010

High Net Profitability  in 2010

High Operating Profitability  in 2011

Fair Net Profitability  in 2011

 

Gap between average collection and payable periods

Unfavorable in 2010

General Financial Position

Passable

 

 

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

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 01.01-31.07.2012)

1,71 %

1,8018

2,3285

2,8424

 

 

BALANCE SHEETS

 

 

 ( 31.12.2010 )  TL

 

 

 

CURRENT ASSETS

15.896.755

0,64

 

 

Not Detailed Current Assets

0

0,00

 

 

Cash and Banks

205.648

0,01

 

 

Marketable Securities

0

0,00

 

 

Account Receivable

6.950.000

0,28

 

 

Other Receivable

245.643

0,01

 

 

Inventories

7.356.182

0,30

 

 

Advances Given

840.942

0,03

 

 

Accumulated Construction Expense

0

0,00

 

 

Other Current Assets

298.340

0,01

 

 

NON-CURRENT ASSETS

8.795.480

0,36

 

 

Not Detailed Non-Current Assets

0

0,00

 

 

Long-term Receivable

0

0,00

 

 

Financial Assets

0

0,00

 

 

Tangible Fixed Assets (net)

4.084.291

0,17

 

 

Intangible Assets

4.681.209

0,19

 

 

Deferred Tax Assets

0

0,00

 

 

Other Non-Current Assets

29.980

0,00

 

 

TOTAL ASSETS

24.692.235

1,00

 

 

CURRENT LIABILITIES

9.441.598

0,38

 

 

Not Detailed Current Liabilities

0

0,00

 

 

Financial Loans

3.988.828

0,16

 

 

Accounts Payable

4.771.324

0,19

 

 

Loans from Shareholders

0

0,00

 

 

Other Short-term Payable

72.330

0,00

 

 

Advances from Customers

495.921

0,02

 

 

Accumulated Construction Income

0

0,00

 

 

Taxes Payable

76.577

0,00

 

 

Provisions

2

0,00

 

 

Other Current Liabilities

36.616

0,00

 

 

LONG-TERM LIABILITIES

4.466.861

0,18

 

 

Not Detailed Long-term Liabilities

0

0,00

 

 

Financial Loans

4.466.861

0,18

 

 

Securities Issued

0

0,00

 

 

Long-term Payable

0

0,00

 

 

Loans from Shareholders

0

0,00

 

 

Other Long-term Liabilities

0

0,00

 

 

Provisions

0

0,00

 

 

STOCKHOLDERS' EQUITY

10.783.776

0,44

 

 

Not Detailed Stockholders' Equity

0

0,00

 

 

Paid-in Capital

9.000.000

0,36

 

 

Cross Shareholding Adjustment of Capital

0

0,00

 

 

Inflation Adjustment of Capital

0

0,00

 

 

Equity of Consolidated Firms

0

0,00

 

 

Reserves

1.184.319

0,05

 

 

Revaluation Fund

0

0,00

 

 

Accumulated Losses(-)

-712.493

-0,03

 

 

Net Profit (loss)

1.311.950

0,05

 

 

TOTAL LIABILITIES AND EQUITY

24.692.235

1,00

 

 

 

 

INCOME STATEMENTS

 

 

(2010) TL

 

(2011) TL

 

Net Sales

15.755.597

1,00

23.516.799

1,00

Cost of Goods Sold

14.698.602

0,93

20.545.350

0,87

Gross Profit

1.056.995

0,07

2.971.449

0,13

Operating Expenses

417.194

0,03

455.874

0,02

Operating Profit

639.801

0,04

2.515.575

0,11

Other Income

2.036.408

0,13

524.130

0,02

Other Expenses

985.574

0,06

2.112.592

0,09

Financial Expenses

297.365

0,02

430.045

0,02

Minority Interests

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

Profit (loss) Before Tax

1.393.270

0,09

497.068

0,02

Tax Payable

81.320

0,01

110.034

0,00

Postponed Tax Gain

0

0,00

0

0,00

Net Profit (loss)

1.311.950

0,08

387.034

0,02

 

 

FINANCIAL RATIOS

 

 

(2010)

 

LIQUIDITY RATIOS

 

 

Current Ratio

1,68

 

Acid-Test Ratio

0,78

 

Cash Ratio

0,02

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,30

 

Short-term Receivable/Total Assets

0,29

 

Tangible Assets/Total Assets

0,17

 

TURNOVER RATIOS

 

 

Inventory Turnover

2,00

 

Stockholders' Equity Turnover

1,46

 

Asset Turnover

0,64

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,44

 

Current Liabilities/Total Assets

0,38

 

Financial Leverage

0,56

 

Gearing Percentage

1,29

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,12

 

Operating Profit Margin

0,04

 

Net Profit Margin

0,08

 

Interest Cover

5,69

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

158,80

 

Average Payable Period (days)

116,86

 

WORKING CAPITAL

6455157,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.34

UK Pound

1

Rs.86.45

Euro

1

Rs.68.04

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

 

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.