MIRA INFORM REPORT

 

 

Report Date :           

21.02.2012

 

IDENTIFICATION DETAILS

 

Name :

ATLANTIK HALICILIK SANAYI VE TICARET A.S. 

 

 

Registered Office :

Org. San. Bol. 14. Cadde No: 35 Melikgazi Kayseri

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Year of Establishment :

1987

 

 

Com. Reg. No.:

14188-Merkez

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of machine-made carpet and also manufacturing of carpet yarn for its own use

 

 

No. of Employees :

270

 

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 :

1.290.000 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

:

ATLANTIK HALICILIK SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Org. San. Bol. 14. Cadde No: 35 Melikgazi Kayseri / Turkey

PHONE NUMBER

:

90-352-322 06 70

 

FAX NUMBER

:

90-352-322 06 69

 

WEB-ADDRESS

:

www.atlantikhali.com.tr

E-MAIL

:

info@atlantikhali.com.tr

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Minar Sinan

TAX NO

:

1020041424

REGISTRATION NUMBER

`

14188-Merkez

REGISTERED OFFICE

:

Kayseri Chamber of Commerce

DATE ESTABLISHED

:

1987

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   1.280.000

PAID-IN CAPITAL

:

TL   1.280.000

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

 

Isisan Isi Sanayi ve Ticaret A.S.

49,68 %

Ibrahim Goknar

 

Mehmet Ozbiyik

 

Mahmut Ozbiyik

 

Others

 

 

 

SISTER COMPANIES

:

DEGIRMENCILIK ISLETMESI A.S.

 

ERBOSAN ERCIYAS BORU SANAYI VE TICARET A.S.

 

ISISAN ISI SANAYI VE TICARET A.S.

 

KELEBEK MOBILYA SANAYI VE TICARET A.S.

 

SUBSIDIARIES

:

None

 

BOARD OF DIRECTORS

:

Mehmet Ozbiyik

Chairman

Ibrahim Goknar

Member

Mahmut Ozbiyik

Member

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of machine-made carpet and also manufacturing of carpet yarn for its own use. 

 

The firm has declared that, it has several stores in Turkey.

 

NACE CODE

:

DB.17.51

 

TRADEMARKS OWNED

:

Atlantik Hali

 

NUMBER OF EMPLOYEES

:

270

 

NET SALES

:

27.423.638 TL

(2006) 

29.662.667 TL

(2007) 

21.839.879 TL

(2008) 

16.014.984 TL

(2009) 

21.001.068 TL

(2010) 

17.676.704 TL

(01.01-30.09.2011) 

 

 

 

 

CAPACITY

:

Carpet  ( Sqm/yr)

Yarn (For its own use) 

( kgs/yr)

 

 

557.184

905.000

 

(2010)

557.184

905.000

 

(2011)

557.184

905.000

 

(2012)

 

 

 

 

IMPORT VALUE

:

1.051.000 USD

(2010)

1.882.000 USD

(2011)

 

 

IMPORT COUNTRIES

:

India

New Zealand

Bangladesh

Belgium

 

MERCHANDISE IMPORTED

:

Cotton yarn

Dye

Machinery parts

Wool

 

EXPORT VALUE

:

10.677.926 TL

(2006)

10.427.455 TL

(2007)

11.934.206 TL

(2008)

8.578.145 TL

(2009)

11.570.283 TL

(2010)

10.605.209 TL

(01.01-30.09.2011)

 

 

EXPORT COUNTRIES

:

Germany

Saudi Arabia

Turkmenistan

Norway

Denmark

Sweden

Oman

Qatar

Canada

U.S.A.

Macedonia Republic

Croatia

Austria

Brazil

Lithuania

Greece

France

Moldova

 

MERCHANDISE  EXPORTED

:

Carpets

 

HEAD OFFICE ADDRESS

:

Org. San. Bol. 14. Cadde No: 35 Melikgazi Kayseri / Turkey (owned)

 

BRANCHES

:

Head Office/Factory  :  Org. San. Bol. 14. Cadde No: 35 Melikgazi Kayseri/Turkey (owned) (37.300 sqm)

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2010. Trend of business appears to be steady in  1.1 - 30.9.2011.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Organize Sanayi Branch

Garanti Bankasi Organize Sanayi Branch

ING Bank Kayseri Branch

T. Is Bankasi Kayseri Ticari 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

16.014.984

21.001.068

17.676.704

 

 

Profit (Loss) Before Tax

655.775

341.543

403.215

 

 

Stockholders' Equity

19.257.713

19.244.966

 

 

 

Total Assets

26.425.309

26.504.915

 

 

 

Current Assets

17.045.858

17.359.538

 

 

 

Non-Current Assets

9.379.451

9.145.377

 

 

 

Current Liabilities

7.054.046

7.146.399

 

 

 

Long-Term Liabilities

113.550

113.550

 

 

 

Gross Profit (loss)

4.752.799

6.003.552

4.507.223

 

 

Operating Profit (loss)

864.874

300.119

-261.780

 

 

Net Profit (loss)

520.600

263.724

403.215

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

High As of 31.12.2010

Liquidity

High As of 31.12.2010

Remarks On Liquidity

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

Profitability

In Order Operating Profitability  in 2009

In Order Net Profitability  in 2009

Low Operating Profitability  in 2010

Low Net Profitability  in 2010

Operating Loss (01.01-30.09.2011)

Fair Net Profitability (01.01-30.09.2011)

 

Gap between average collection and payable periods

Unfavorable in 2010

General Financial Position

Satisfactory

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 1.290.000 USD may be granted to the subject company.

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2006 )

11,58 %

1,4309

1,7987

2,6377

 ( 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

 ( 01.01-30.09.2011)

9,72 %

1,6335

2,3016

2,6294

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 01.01-31.01.2012)

0,38 %

1,8353

2,3964

2,8635

 

 

BALANCE SHEETS

 

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

17.045.858

0,65

17.359.538

0,65

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

1.867.508

0,07

2.414.715

0,09

Marketable Securities

0

0,00

0

0,00

Account Receivable

9.637.688

0,36

7.114.812

0,27

Other Receivable

87.752

0,00

201.507

0,01

Inventories

4.732.666

0,18

6.734.257

0,25

Advances Given

0

0,00

9.871

0,00

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

720.244

0,03

884.376

0,03

NON-CURRENT ASSETS

9.379.451

0,35

9.145.377

0,35

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

4

0,00

0

0,00

Financial Assets

0

0,00

0

0,00

Tangible Fixed Assets (net)

9.121.094

0,35

8.758.799

0,33

Intangible Assets

81.493

0,00

386.578

0,01

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

176.860

0,01

0

0,00

TOTAL ASSETS

26.425.309

1,00

26.504.915

1,00

CURRENT LIABILITIES

7.054.046

0,27

7.146.399

0,27

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

3.547.156

0,13

3.258.329

0,12

Accounts Payable

2.939.441

0,11

3.202.165

0,12

Loans from Shareholders

0

0,00

0

0,00

Other Short-term Payable

171.019

0,01

221.937

0,01

Advances from Customers

271.454

0,01

347.880

0,01

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

106.280

0,00

116.315

0,00

Provisions

18.696

0,00

-24.080

0,00

Other Current Liabilities

0

0,00

23.853

0,00

LONG-TERM LIABILITIES

113.550

0,00

113.550

0,00

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

Securities Issued

0

0,00

0

0,00

Long-term Payable

113.550

0,00

113.550

0,00

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

19.257.713

0,73

19.244.966

0,73

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

1.280.000

0,05

1.280.000

0,05

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

4.642.723

0,18

4.642.723

0,18

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

10.466.988

0,40

10.711.117

0,40

Revaluation Fund

2.347.402

0,09

2.347.402

0,09

Accumulated Losses(-)

0

0,00

0

0,00

Net Profit (loss)

520.600

0,02

263.724

0,01

TOTAL LIABILITIES AND EQUITY

26.425.309

1,00

26.504.915

1,00

 

 

INCOME STATEMENTS

 

 

(2009) TL

 

(2010) TL

 

(01.01-30.09.2011) TL

 

Net Sales

16.014.984

1,00

21.001.068

1,00

17.676.704

1,00

Cost of Goods Sold

11.262.185

0,70

14.997.516

0,71

13.169.481

0,75

Gross Profit

4.752.799

0,30

6.003.552

0,29

4.507.223

0,25

Operating Expenses

3.887.925

0,24

5.703.433

0,27

4.769.003

0,27

Operating Profit

864.874

0,05

300.119

0,01

-261.780

-0,01

Other Income

2.136.164

0,13

1.610.927

0,08

1.703.654

0,10

Other Expenses

1.339.761

0,08

1.180.415

0,06

188.310

0,01

Financial Expenses

1.005.502

0,06

389.088

0,02

850.349

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

655.775

0,04

341.543

0,02

403.215

0,02

Tax Payable

135.175

0,01

77.819

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

520.600

0,03

263.724

0,01

403.215

0,02

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

 

LIQUIDITY RATIOS

 

 

 

Current Ratio

2,42

2,43

 

Acid-Test Ratio

1,64

1,36

 

Cash Ratio

0,26

0,34

 

ASSET STRUCTURE RATIOS

 

 

 

Inventory/Total Assets

0,18

0,25

 

Short-term Receivable/Total Assets

0,37

0,28

 

Tangible Assets/Total Assets

0,35

0,33

 

TURNOVER RATIOS

 

 

 

Inventory Turnover

2,38

2,23

 

Stockholders' Equity Turnover

0,83

1,09

 

Asset Turnover

0,61

0,79

 

FINANCIAL STRUCTURE

 

 

 

Stockholders' Equity/Total Assets

0,73

0,73

 

Current Liabilities/Total Assets

0,27

0,27

 

Financial Leverage

0,27

0,27

 

Gearing Percentage

0,37

0,38

 

PROFITABILITY RATIOS

 

 

 

Net Profit/Stockholders' Eq.

0,03

0,01

 

Operating Profit Margin

0,05

0,01

 

Net Profit Margin

0,03

0,01

 

Interest Cover

1,65

1,88

 

COLLECTION-PAYMENT

 

 

 

Average Collection Period (days)

216,65

121,96

 

Average Payable Period (days)

97,59

79,59

 

WORKING CAPITAL

9991812,00

10213139,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.21

UK Pound

1

Rs.77.75

Euro

1

Rs.64.58

 

 

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.