MIRA INFORM REPORT

 

 

Report Date :           

02.01.2012

 

IDENTIFICATION DETAILS

 

Name :

HALAT BRANDA SANAYI VE TICARET A.S.

 

 

Formerly Known As :

Penye Mensucat Sanayi ve Ticaret A.S.

 

 

Registered Office :

Kantarcilar Cad. No:19 Eminonu Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

19.09.1984

 

 

Com. Reg. No.:

205627

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Processing and trade of mat and trade of rope and yarn

 

 

No. of Employees :

25

 

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 :

620.000 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

:

HALAT BRANDA SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Kantarcilar Cad. No:19 Eminonu Istanbul / Turkey

PHONE NUMBER

:

90-212-514 04 68 (Head Office/Store)

90-212-556 12 11 (Workshop/Warehouse)

 

FAX NUMBER

:

90-212-513 08 07 (Head Office/Store)

90-212-642 99 75 (Workshop/Warehouse)

 

WEB-ADDRESS

:

www.halatbranda.com.tr

E-MAIL

:

info@halatbranda.com.tr

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Mercan

TAX NO

:

7280026434

REGISTRATION NUMBER

:

205627

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

19.09.1984

ESTABLISHMENT GAZETTE DATE/NO

:

21.09.1984/1099

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

 

REGISTERED CAPITAL

:

TL   500.000

PAID-IN CAPITAL

:

TL   500.000

HISTORY

:

Previous Name

:

Penye Mensucat Sanayi ve Ticaret A.S.

Changed On

:

09.06.1998 (Commercial Gazette Date /Number 12.06.1998/ 4560)

Previous Registered Capital

:

TL 240

Changed On

:

23.01.2002 (Commercial Gazette Date /Number 28.01.2002/ 5474)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Nedim Kisbu

 

Ayse Kisbu

 

Nilufer Kisbu

 

Selim Sirri Kisbu

 

Alper Kisbu

 

 

 

SISTER COMPANIES

:

DOKUSUZ ORGUSUZ TEKNIK TEKSTIL SANAYI VE TICARET LTD. STI.

 

LIMOK ITHALAT IHRACAT SANAYI VE TICARET LTD. STI.

 

SUBSIDIARIES

:

None

 

BOARD OF DIRECTORS

:

Selim Sirri Kisbu

Chairman

Ayse Kisbu

Member

Nedim Kisbu

Member

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Processing and trade of mat and trade of rope and yarn. The subject orders rope and yarn to be manufactured in the name of the subject company to contract manufacturers. 

 

NACE CODE

:

G .51.41

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

25

 

NET SALES

:

5.347.481 TL

(2008) 

5.286.786 TL

(2009) 

5.503.984 TL

(2010) 

5.128.741 TL

(01.01-30.09.2011) 

 

 

 

IMPORT VALUE

:

979.218 USD + 1.721.643 TL

(2010)

1.471.263 TL + 880.125 USD

(01.01-30.11.2011)

 

 

IMPORT COUNTRIES

:

China

India

Korea

Egypt

Brazil

Thailand

 

MERCHANDISE IMPORTED

:

Mat

Rrope

Yarn

 

EXPORT VALUE

:

195.513 TL

(2008)

621.158 TL

(2009)

457.405 TL

(2010)

548.021 TL

(01.01-30.09.2011)

 

 

EXPORT COUNTRIES

:

Romania

Bulgaria

Albania

Bosnia and Herzegovina

Azerbaijan

Northern Cyprus Turkish Republic

Georgia

Ukraine

Moldova

Iran

Egypt

Kosovo

 

MERCHANDISE  EXPORTED

:

 Rope

Mat            

Tube

Yarn

 

HEAD OFFICE ADDRESS

:

Kantarcilar Cad. No:19 Eminonu  Istanbul / Turkey  (rented)

 

BRANCHES

:

Workshop/Warehouse  :  Sanayi Mah. Sancakli Cad. No:15 Gungoren Istanbul/Turkey (owned by shareholder(s)) (3.000 sqm)

 

Head Office/Store  :  Kantarcilar Cad. No:19 Eminonu Istanbul/Turkey (rented)

 

Branch Office  :  Saridemir Mah. Hallac Abdurrahman Sok. No:11 Istanbul/Turkey

 

 

 

 

TREND OF BUSINESS

:

There was a slowdown at business volume in real terms in  2010. There appears an upwards trend in  1.1 - 30.9.2011.

SIZE OF BUSINESS

:

Lower-Medium

 

 

FINANCE

 

MAIN DEALING BANKS

:

Denizbank Gungoren Branch

T. Is Bankasi Merter Tekstil Merkezi Branch

 

CREDIT FACILITIES

:

The subject rarely makes use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2008) TL

(2009) TL

(2010) TL

(01.01-30.09.2011) TL

 

Net Sales

5.347.481

5.286.786

5.503.984

5.128.741

 

Profit (Loss) Before Tax

353.665

150.882

296.863

401.846

 

Stockholders' Equity

1.709.544

1.828.517

2.065.170

 

 

Total Assets

3.006.489

3.764.255

4.904.517

 

 

Current Assets

2.897.458

3.688.196

4.860.535

 

 

Non-Current Assets

109.031

76.059

43.982

 

 

Current Liabilities

1.296.945

1.935.738

2.839.347

 

 

Long-Term Liabilities

0

0

0

 

 

Gross Profit (loss)

869.738

789.205

996.445

1.075.792

 

Operating Profit (loss)

351.679

146.402

289.880

401.775

 

Net Profit (loss)

282.128

118.973

236.653

401.846

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

High As of 31.12.2010

Remarks on Capitalization

A part of total liabilities and equity consist of loans from shareholders rather than liabilities to third parties indicating low indebtedness to third parties.

 

Liquidity

High 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. 

 

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

 

Profitability

Good Operating Profitability  in 2008

Good Net Profitability  in 2008

Fair Operating Profitability  in 2009

Fair Net Profitability  in 2009

In Order Operating Profitability  in 2010

Good Net Profitability  in 2010

Good Operating Profitability (01.01-30.09.2011)

High Net Profitability (01.01-30.09.2011)

 

Gap between average collection and payable periods

Unfavorable in 2010

General Financial Position

Good

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 620.000 USD may be granted to the subject company.

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 01.01-30.11.2011)

12,20 %

1,6616

2,3280

2,6658

 

 

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

2.897.458

0,96

3.688.196

0,98

4.860.535

0,99

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

Cash and Banks

351.193

0,12

451.961

0,12

248.628

0,05

Marketable Securities

0

0,00

0

0,00

0

0,00

Account Receivable

379.446

0,13

611.456

0,16

828.100

0,17

Other Receivable

28.018

0,01

28.018

0,01

37.258

0,01

Inventories

2.056.826

0,68

2.459.525

0,65

3.514.326

0,72

Advances Given

450

0,00

255

0,00

187

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

Other Current Assets

81.525

0,03

136.981

0,04

232.036

0,05

NON-CURRENT ASSETS

109.031

0,04

76.059

0,02

43.982

0,01

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

0

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

101.696

0,03

54.378

0,01

38.118

0,01

Intangible Assets

847

0,00

847

0,00

847

0,00

Deferred Tax Assets

0

0,00

0

0,00

5.017

0,00

Other Non-Current Assets

6.488

0,00

20.834

0,01

0

0,00

TOTAL ASSETS

3.006.489

1,00

3.764.255

1,00

4.904.517

1,00

CURRENT LIABILITIES

1.296.945

0,43

1.935.738

0,51

2.839.347

0,58

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

4.725

0,00

Accounts Payable

41.528

0,01

178.731

0,05

245.740

0,05

Loans from Shareholders

1.236.379

0,41

1.725.593

0,46

2.453.470

0,50

Other Short-term Payable

0

0,00

8.730

0,00

104.803

0,02

Advances from Customers

0

0,00

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

Taxes Payable

11.845

0,00

15.936

0,00

15.701

0,00

Provisions

7.193

0,00

6.748

0,00

14.908

0,00

Other Current Liabilities

0

0,00

0

0,00

0

0,00

LONG-TERM LIABILITIES

0

0,00

0

0,00

0

0,00

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

0

0,00

Securities Issued

0

0,00

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

0

0,00

Loans from Shareholders

0

0,00

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

1.709.544

0,57

1.828.517

0,49

2.065.170

0,42

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

Paid-in Capital

500.000

0,17

500.000

0,13

500.000

0,10

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

69.201

0,02

69.201

0,02

69.201

0,01

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

Reserves

885.536

0,29

1.167.664

0,31

1.286.637

0,26

Revaluation Fund

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

-27.321

-0,01

-27.321

-0,01

-27.321

-0,01

Net Profit (loss)

282.128

0,09

118.973

0,03

236.653

0,05

TOTAL LIABILITIES AND EQUITY

3.006.489

1,00

3.764.255

1,00

4.904.517

1,00

 

 

INCOME STATEMENTS

 

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(01.01-30.09.2011) TL

 

Net Sales

5.347.481

1,00

5.286.786

1,00

5.503.984

1,00

5.128.741

1,00

Cost of Goods Sold

4.477.743

0,84

4.497.581

0,85

4.507.539

0,82

4.052.949

0,79

Gross Profit

869.738

0,16

789.205

0,15

996.445

0,18

1.075.792

0,21

Operating Expenses

518.059

0,10

642.803

0,12

706.565

0,13

674.017

0,13

Operating Profit

351.679

0,07

146.402

0,03

289.880

0,05

401.775

0,08

Other Income

9.105

0,00

4.483

0,00

7.643

0,00

71

0,00

Other Expenses

7.119

0,00

3

0,00

660

0,00

0

0,00

Financial Expenses

0

0,00

0

0,00

0

0,00

0

0,00

Minority Interests

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

Profit (loss) Before Tax

353.665

0,07

150.882

0,03

296.863

0,05

401.846

0,08

Tax Payable

71.537

0,01

31.909

0,01

60.210

0,01

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

282.128

0,05

118.973

0,02

236.653

0,04

401.846

0,08

 

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

LIQUIDITY RATIOS

 

 

 

Current Ratio

2,23

1,91

1,71

Acid-Test Ratio

0,58

0,56

0,39

Cash Ratio

0,27

0,23

0,09

ASSET STRUCTURE RATIOS

 

 

 

Inventory/Total Assets

0,68

0,65

0,72

Short-term Receivable/Total Assets

0,14

0,17

0,18

Tangible Assets/Total Assets

0,03

0,01

0,01

TURNOVER RATIOS

 

 

 

Inventory Turnover

2,18

1,83

1,28

Stockholders' Equity Turnover

3,13

2,89

2,67

Asset Turnover

1,78

1,40

1,12

FINANCIAL STRUCTURE

 

 

 

Stockholders' Equity/Total Assets

0,57

0,49

0,42

Current Liabilities/Total Assets

0,43

0,51

0,58

Financial Leverage

0,43

0,51

0,58

Gearing Percentage

0,76

1,06

1,37

PROFITABILITY RATIOS

 

 

 

Net Profit/Stockholders' Eq.

0,17

0,07

0,11

Operating Profit Margin

0,07

0,03

0,05

Net Profit Margin

0,05

0,02

0,04

Interest Cover

 

 

 

COLLECTION-PAYMENT

 

 

 

Average Collection Period (days)

25,54

41,64

54,16

Average Payable Period (days)

3,34

14,31

19,63

WORKING CAPITAL

1600513,00

1752458,00

2021188,00

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.27

UK Pound

1

Rs.82.09

Euro

1

Rs.68.90

 

 

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.