MIRA INFORM REPORT

 

 

Report Date :           

06.02.2012

 

IDENTIFICATION DETAILS

 

Name :

ANGEL HALI TEKSTIL SANAYI VE TICARET LTD. STI. 

 

 

Registered Office :

4.Organize Sanayi Bolgesi 83418 Nolu Cad. No:7/C Sehitkamil Gaziantep

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

27.01.2005

 

 

Com. Reg. No.:

26707

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacture and trade of machine made carpet

 

 

No. of Employees :

250

 

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 :

3.200.000 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 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

 

COMPANY IDENTIFICATION

 

NAME

:

ANGEL HALI TEKSTIL SANAYI VE TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

4.Organize Sanayi Bolgesi 83418 Nolu Cad. No:7/C Sehitkamil Gaziantep / Turkey

PHONE NUMBER

:

90-342-357 05 00 (3 lines)

 

FAX NUMBER

:

90-342-337 05 03

 

WEB-ADDRESS

:

www.angelcarpet.com

E-MAIL

:

info@angelcarpet.com

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Gazikent

TAX NO

:

0690358648

REGISTRATION NUMBER

:

26707

REGISTERED OFFICE

:

Gaziantep Chamber of Commerce

DATE ESTABLISHED

:

27.01.2005

ESTABLISHMENT GAZETTE DATE /NO

:

14.02.2005/6239

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   12.000.000

 

HISTORY

:

Previous Registered Capital

:

TL 3.000.000

Changed On

:

09.12.2009 (Commercial Gazette Date /Number 22.12.2009/ 7463)

Previous Registered Capital

:

TL 9.000.000

Changed On

:

03.11.2011 (Commercial Gazette Date /Number 16.11.2011/ 7941)

Merger

:

The firm took over and merged with "Super Has Tekstil Sanayi ve Ticaret Ltd. Sti."

Changed On

:

09.12.2009 (Commercial Gazette Date /Number 22.12.2009/ 7463)

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Ekrem Algan

60 %

Halaf Algan

40 %

 

 

SISTER COMPANIES

:

ALGAN IC VE DIS TICARET LTD. STI.

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Halaf Algan

 

Ekrem Algan

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of machine made carpet.

 

NACE CODE

:

DB.17.51

 

NUMBER OF EMPLOYEES

:

250

 

NET SALES

:

7.315.886 TL

(2007) 

12.546.642 TL

(2008) 

23.316.391 TL

(2009) 

25.705.938 TL

(2010) 

26.450.067 TL

(01.01-30.09.2011) 

 

 

IMPORT VALUE

:

274.008 USD + 885.000 EUR

(2010)

650.158 USD

(01.01-31.03.2011)

 

 

IMPORT COUNTRIES

:

India

 

MERCHANDISE IMPORTED

:

Polyester yarn

 

EXPORT VALUE

:

8.396 TL

(01.01-30.09.2011)

 

 

EXPORT COUNTRIES

:

Germany

India

 

MERCHANDISE  EXPORTED

:

Carpets

 

HEAD OFFICE ADDRESS

:

4.Organize Sanayi Bolgesi 83418 Nolu Cad. No:7/C Sehitkamil Gaziantep / Turkey (owned)

 

BRANCHES

:

Head Office/Production Plant  :  4.Organize Sanayi Bolgesi 83418 Nolu Cad. No:7 Sehitkamil Gaziantep/Turkey (owned)

 

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2010. There appears an upwards trend in  1.1 - 30.9.2011.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

ING Bank Sehit Kamil Branch

Sekerbank Sehit Kamil Branch

Turk Ekonomi Bankasi Sehit Kamil Branch

Yapi ve Kredi Bankasi Merkez 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

:

 

(2009) TL

(2010) TL

(01.01-30.09.2011) TL

 

 

Net Sales

23.316.391

25.705.938

26.450.067

 

 

Profit (Loss) Before Tax

474.659

674.801

239.021

 

 

Stockholders' Equity

9.637.745

10.192.208

 

 

 

Total Assets

24.645.855

29.465.684

 

 

 

Current Assets

18.324.014

21.860.991

 

 

 

Non-Current Assets

6.321.841

7.604.693

 

 

 

Current Liabilities

14.117.560

16.982.147

 

 

 

Long-Term Liabilities

890.550

2.291.329

 

 

 

Gross Profit (loss)

923.020

1.374.074

1.842.766

 

 

Operating Profit (loss)

499.418

864.103

1.299.443

 

 

Net Profit (loss)

373.447

554.464

239.021

 

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

THE DETAILS OF THE CAPITAL INCREASE  AFTER LAST BALANCE SHEET

 

:

Cash Part

:3.000.000 TL

Equity Part

:

Payment Due Date

:01.07.2012

Number of Days To Pay First Portion of The Cash Part of Capital Increase

:90

 

Capitalization

Satisfactory

Remarks on Capitalization

There has been capital increase after the last balance sheet date. The capital increase financed by cash is expected to have an improvement at equity total since the last balance sheet date.

 

Liquidity

Good

Remarks On Liquidity

The capital increase after the last balance sheet is expected to have a positive effect on liquidity since the last balance sheet date. 

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

 

Profitability

Fair Operating Profitability  in 2009

Fair Net Profitability  in 2009

Fair Operating Profitability  in 2010

Fair Net Profitability  in 2010

In Order Operating Profitability (01.01-30.09.2011)

Low Net Profitability (01.01-30.09.2011)

 

Gap between average collection and payable periods

Favorable in 2010

General Financial Position

In Order

 

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 3.200.000 USD may be granted to the subject company.

 

 

 

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

 ( 01.01-31.03.2011)

5,40 %

1,5753

2,1664

2,5072

 ( 01.01-30.09.2011)

9,72 %

1,6335

2,3016

2,6294

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 

 

BALANCE SHEETS

 

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

18.324.014

0,74

21.860.991

0,74

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

5.143.229

0,21

1.969.288

0,07

Marketable Securities

0

0,00

0

0,00

Account Receivable

7.261.982

0,29

13.477.044

0,46

Other Receivable

160.071

0,01

94.778

0,00

Inventories

3.297.394

0,13

3.511.219

0,12

Advances Given

1.664.043

0,07

1.989.788

0,07

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

797.295

0,03

818.874

0,03

NON-CURRENT ASSETS

6.321.841

0,26

7.604.693

0,26

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)

3.140.586

0,13

6.355.623

0,22

Intangible Assets

3.105.767

0,13

1.175.545

0,04

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

75.488

0,00

73.525

0,00

TOTAL ASSETS

24.645.855

1,00

29.465.684

1,00

CURRENT LIABILITIES

14.117.560

0,57

16.982.147

0,58

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

843.135

0,03

1.900.974

0,06

Accounts Payable

12.910.164

0,52

14.305.227

0,49

Loans from Shareholders

0

0,00

487.265

0,02

Other Short-term Payable

115.363

0,00

116.335

0,00

Advances from Customers

100.763

0,00

117.447

0,00

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

80.445

0,00

54.899

0,00

Provisions

67.690

0,00

0

0,00

Other Current Liabilities

0

0,00

0

0,00

LONG-TERM LIABILITIES

890.550

0,04

2.291.329

0,08

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

890.550

0,04

1.305.825

0,04

Securities Issued

0

0,00

0

0,00

Long-term Payable

0

0,00

985.504

0,03

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

9.637.745

0,39

10.192.208

0,35

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

9.000.000

0,37

9.000.000

0,31

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

264.298

0,01

637.744

0,02

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

Net Profit (loss)

373.447

0,02

554.464

0,02

TOTAL LIABILITIES AND EQUITY

24.645.855

1,00

29.465.684

1,00

 

REMARKS ON FINANCIAL STATEMENT

:

At the last income statement TL 2.227.381 of the other income is due to "Profit from Foreign Currency Exchange". 

 

At the last income statement TL 2.950.536 of the other expenses is due to "Loss from Foreign Currency Exchange".

 

 

INCOME STATEMENTS

 

 

(2009) TL

 

(2010) TL

 

(01.01-30.09.2011) TL

 

Net Sales

23.316.391

1,00

25.705.938

1,00

26.450.067

1,00

Cost of Goods Sold

22.393.371

0,96

24.331.864

0,95

24.607.301

0,93

Gross Profit

923.020

0,04

1.374.074

0,05

1.842.766

0,07

Operating Expenses

423.602

0,02

509.971

0,02

543.323

0,02

Operating Profit

499.418

0,02

864.103

0,03

1.299.443

0,05

Other Income

559.936

0,02

879.017

0,03

2.274.999

0,09

Other Expenses

464.448

0,02

938.075

0,04

3.132.689

0,12

Financial Expenses

120.247

0,01

130.244

0,01

202.732

0,01

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

474.659

0,02

674.801

0,03

239.021

0,01

Tax Payable

101.212

0,00

120.337

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

373.447

0,02

554.464

0,02

239.021

0,01

 

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

LIQUIDITY RATIOS

 

 

Current Ratio

1,30

1,29

Acid-Test Ratio

0,89

0,92

Cash Ratio

0,36

0,12

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,13

0,12

Short-term Receivable/Total Assets

0,30

0,46

Tangible Assets/Total Assets

0,13

0,22

TURNOVER RATIOS

 

 

Inventory Turnover

6,79

6,93

Stockholders' Equity Turnover

2,42

2,52

Asset Turnover

0,95

0,87

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,39

0,35

Current Liabilities/Total Assets

0,57

0,58

Financial Leverage

0,61

0,65

Gearing Percentage

1,56

1,89

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,04

0,05

Operating Profit Margin

0,02

0,03

Net Profit Margin

0,02

0,02

Interest Cover

4,95

6,18

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

112,12

188,74

Average Payable Period (days)

207,55

226,23

WORKING CAPITAL

4206454,00

4878844,00

 

 

 


FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.48.96

UK Pound

1

Rs.77.47

Euro

1

Rs.64.39

 

 

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.