MIRA INFORM REPORT

 

 

Report Date :

06.06.2012

 

IDENTIFICATION DETAILS

 

Name :

OZULUTAS HALI IMALATI SANAYI VE TICARET LTD. STI.

 

 

Registered Office :

2. Organize Sanayi Bolgesi Celal Dogan Bulvari 3 Guney Cad. No:6 Baspinar Gaziantep

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

Year of Establishment :

1996

 

 

Com. Reg. No.:

17994

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacture and trade of machine-made carpet

 

 

No. of Employees :

60

 

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 – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

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

:

OZULUTAS HALI IMALATI SANAYI VE TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

2. Organize Sanayi Bolgesi Celal Dogan Bulvari 3 Guney Cad. No:6 Baspinar Gaziantep / Turkey

PHONE NUMBER

:

90-342-337 99 11

 

FAX NUMBER

:

90-342-337 99 12

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Gazikent

TAX NO

:

7160037271

REGISTRATION NUMBER

:

17994

REGISTERED OFFICE

:

Gaziantep Chamber of Commerce

DATE ESTABLISHED

:

1996

ESTABLISHMENT GAZETTE DATE/NO

:

22.01.1996/3962

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   6.000.000

PAID-IN CAPITAL

:

TL   5.696.294

HISTORY

:

Previous Registered Capital

:

TL 500.000

Changed On

:

17.09.2008 (Commercial Gazette Date /Number 24.09.2008/ 7156)

Previous Registered Capital

:

TL 1.500.000

Changed On

:

03.06.2010 (Commercial Gazette Date /Number 09.06.2010/ 7581)

Previous Registered Capital

:

TL 3.000.000

Changed On

:

01.03.2011 (Commercial Gazette Date /Number 08.03.2011/ 7767)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Muzaffer Ulutas

51 %

Ahmet Ulutas

40 %

Tayfun Ulutas

9 %

 

 

SISTER COMPANIES

:

ULUTAS HALI IMALATI SANAYI VE TICARET LTD.STI.

 

DIRECTORS

:

Tayfun Ulutas                                                                                                                                                                                                                                                                                   

 

Ahmet Ulutas                                                                                                                                                                                                                                                                                   

 

Muzaffer Ulutas                                                                                                                                                                                                                                                                                   

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of machine-made carpet.

 

NACE CODE

:

DB.17.51

 

NUMBER OF EMPLOYEES

:

60

 

NET SALES

:

6.115.656 TL

(2008) 

7.357.161 TL

(2009) 

10.531.351 TL

(2010) 

15.096.637 TL

(2011) 

3.107.688 TL

(01.01-31.03.2012) 

 

 

 

IMPORT COUNTRIES

:

Belgium

Saudi Arabia

China

Libya

Israel

U.A.E.

 

MERCHANDISE IMPORTED

:

Machinery

Raw materials

 

EXPORT VALUE

:

76.762 TL

(2008)

203.902 TL

(2009)

891.013 TL

(2010)

580.609 TL

(2011)

0 TL

(01.01-31.03.2012)

 

 

EXPORT COUNTRIES

:

China

Cameroon

Middle East Countries

 

MERCHANDISE  EXPORTED

:

Carpet

 

HEAD OFFICE ADDRESS

:

2. Organize Sanayi Bolgesi Celal Dogan Bulvari 3 Guney Cad. No:6 Baspinar  Gaziantep / Turkey ( owned )

 

BRANCHES

:

Head Office/Production Plant  :  2. Organize Sanayi Bolgesi Celal Dogan Bulvari 3 Guney Cad. No:6 Baspinar Gaziantep/Turkey (owned)                     

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2011.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

ING Bank Gaziantep Branch

T. Halk Bankasi Gaziantep Ticari Branch

Turk Ekonomi Bankasi Suburcu Branch

Yapi Kredi Bankasi Ticari Branch

 

CREDIT FACILITIES

:

The subject company is making use of credit facilities.

 

 

PAYMENT BEHAVIOUR

:

We are informed about a single payment delay in the former years but no payment delays have come to our knowledge in the last years.

 

KEY FINANCIAL ELEMENTS

:

 

(2008) TL

(2009) TL

(2010) TL

(2011) TL

(01.01-31.03.2012) TL

Net Sales

6.115.656

7.357.161

10.531.351

15.096.637

3.107.688

Profit (Loss) Before Tax

23.467

116.712

284.659

343.823

-40.967

Stockholders' Equity

1.017.307

2.108.968

3.836.555

6.017.526

 

Total Assets

6.786.741

7.063.709

10.541.056

15.352.507

 

Current Assets

4.079.259

4.804.035

7.168.899

12.245.356

 

Non-Current Assets

2.707.482

2.259.674

3.372.157

3.107.151

 

Current Liabilities

3.362.827

4.573.273

5.855.000

8.249.102

 

Long-Term Liabilities

2.406.607

381.468

849.501

1.085.879

 

Gross Profit (loss)

890.038

323.709

822.233

2.313.264

62.572

Operating Profit (loss)

776.025

247.572

566.599

1.920.575

-101.523

Net Profit (loss)

23.467

91.661

227.587

274.320

-40.967

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Satisfactory As of 31.12.2011

Liquidity

Insufficient As of 31.12.2011

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

High Operating Profitability  in 2008

Low Net Profitability  in 2008

Fair Operating Profitability  in 2009

Low Net Profitability  in 2009

In Order Operating Profitability  in 2010

Fair Net Profitability  in 2010

High Operating Profitability  in 2011

Fair Net Profitability  in 2011

Operating Loss (01.01-31.03.2012)

Net Loss (01.01-31.03.2012)

 

Gap between average collection and payable periods

Unfavorable in 2011

General Financial Position

Passable

 

 

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

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 01.01-31.03.2012)

0,65 %

1,7995

2,3799

2,8402

 ( 01.01-30.04.2012)

0,73 %

1,7910

2,3688

2,8440

 

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

4.079.259

0,60

4.804.035

0,68

7.168.899

0,68

12.245.356

0,80

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

167.956

0,02

931.795

0,13

290.166

0,03

233.683

0,02

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

2.511.308

0,37

1.419.229

0,20

4.376.004

0,42

7.980.597

0,52

Other Receivable

11.820

0,00

166.135

0,02

353.484

0,03

214.473

0,01

Inventories

812.886

0,12

1.515.564

0,21

1.301.790

0,12

2.315.307

0,15

Advances Given

458.774

0,07

682.531

0,10

766.969

0,07

1.445.432

0,09

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

116.515

0,02

88.781

0,01

80.486

0,01

55.864

0,00

NON-CURRENT ASSETS

2.707.482

0,40

2.259.674

0,32

3.372.157

0,32

3.107.151

0,20

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)

2.660.448

0,39

2.245.435

0,32

1.671.549

0,16

1.798.421

0,12

Intangible Assets

0

0,00

0

0,00

1.700.608

0,16

1.275.456

0,08

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

47.034

0,01

14.239

0,00

0

0,00

33.274

0,00

TOTAL ASSETS

6.786.741

1,00

7.063.709

1,00

10.541.056

1,00

15.352.507

1,00

CURRENT LIABILITIES

3.362.827

0,50

4.573.273

0,65

5.855.000

0,56

8.249.102

0,54

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

415.549

0,06

513.153

0,07

2.378.209

0,23

3.220.366

0,21

Accounts Payable

2.481.017

0,37

3.919.199

0,55

3.206.525

0,30

4.979.914

0,32

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

Other Short-term Payable

0

0,00

18.361

0,00

29.842

0,00

0

0,00

Advances from Customers

457.092

0,07

89.503

0,01

28.630

0,00

13.183

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

9.169

0,00

33.057

0,00

38.231

0,00

35.639

0,00

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Liabilities

0

0,00

0

0,00

173.563

0,02

0

0,00

LONG-TERM LIABILITIES

2.406.607

0,35

381.468

0,05

849.501

0,08

1.085.879

0,07

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

1.330.338

0,20

381.468

0,05

849.501

0,08

1.085.879

0,07

Securities Issued

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Payable

1.076.269

0,16

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

1.017.307

0,15

2.108.968

0,30

3.836.555

0,36

6.017.526

0,39

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

500.000

0,07

1.500.000

0,21

3.000.000

0,28

5.696.294

0,37

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

51.762

0,01

51.762

0,01

51.762

0,00

51.762

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

452.060

0,07

475.527

0,07

567.188

0,05

5.132

0,00

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

-9.982

0,00

-9.982

0,00

-9.982

0,00

-9.982

0,00

Net Profit (loss)

23.467

0,00

91.661

0,01

227.587

0,02

274.320

0,02

TOTAL LIABILITIES AND EQUITY

6.786.741

1,00

7.063.709

1,00

10.541.056

1,00

15.352.507

1,00

 

 

REMARKS ON FINANCIAL STATEMENT

:

At the financial statements according to TAS, "Cheques Received" and "Outstanding Cheques" figures are under "Cash And Banks" figure. Beginning from the financial statements of 31.12.2011, "Cheques Received" and "Outstanding Cheques" figures will be given under "Account Receivable" figure and "Account Payable" figure respectively.

 

 

INCOME STATEMENTS

 

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

(01.01-31.03.2012) TL

 

Net Sales

6.115.656

1,00

7.357.161

1,00

10.531.351

1,00

15.096.637

1,00

3.107.688

1,00

Cost of Goods Sold

5.225.618

0,85

7.033.452

0,96

9.709.118

0,92

12.783.373

0,85

3.045.116

0,98

Gross Profit

890.038

0,15

323.709

0,04

822.233

0,08

2.313.264

0,15

62.572

0,02

Operating Expenses

114.013

0,02

76.137

0,01

255.634

0,02

392.689

0,03

164.095

0,05

Operating Profit

776.025

0,13

247.572

0,03

566.599

0,05

1.920.575

0,13

-101.523

-0,03

Other Income

265.559

0,04

221.541

0,03

396.655

0,04

285.789

0,02

117.193

0,04

Other Expenses

867.374

0,14

233.660

0,03

551.424

0,05

1.536.817

0,10

18.242

0,01

Financial Expenses

150.743

0,02

118.741

0,02

127.171

0,01

325.724

0,02

38.395

0,01

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

23.467

0,00

116.712

0,02

284.659

0,03

343.823

0,02

-40.967

-0,01

Tax Payable

0

0,00

25.051

0,00

57.072

0,01

69.503

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)

23.467

0,00

91.661

0,01

227.587

0,02

274.320

0,02

-40.967

-0,01

 

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

(2011)

LIQUIDITY RATIOS

 

 

 

 

Current Ratio

1,21

1,05

1,22

1,48

Acid-Test Ratio

0,80

0,55

0,86

1,02

Cash Ratio

0,05

0,20

0,05

0,03

ASSET STRUCTURE RATIOS

 

 

 

 

Inventory/Total Assets

0,12

0,21

0,12

0,15

Short-term Receivable/Total Assets

0,37

0,22

0,45

0,53

Tangible Assets/Total Assets

0,39

0,32

0,16

0,12

TURNOVER RATIOS

 

 

 

 

Inventory Turnover

6,43

4,64

7,46

5,52

Stockholders' Equity Turnover

6,01

3,49

2,75

2,51

Asset Turnover

0,90

1,04

1,00

0,98

FINANCIAL STRUCTURE

 

 

 

 

Stockholders' Equity/Total Assets

0,15

0,30

0,36

0,39

Current Liabilities/Total Assets

0,50

0,65

0,56

0,54

Financial Leverage

0,85

0,70

0,64

0,61

Gearing Percentage

5,67

2,35

1,75

1,55

PROFITABILITY RATIOS

 

 

 

 

Net Profit/Stockholders' Eq.

0,02

0,04

0,06

0,05

Operating Profit Margin

0,13

0,03

0,05

0,13

Net Profit Margin

0,00

0,01

0,02

0,02

Interest Cover

1,16

1,98

3,24

2,06

COLLECTION-PAYMENT

 

 

 

 

Average Collection Period (days)

147,83

69,45

149,59

190,31

Average Payable Period (days)

245,07

200,60

118,89

140,24

WORKING CAPITAL

716432,00

230762,00

1313899,00

3996254,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.56

UK Pound

1

Rs.85.52

Euro

1

Rs.69.50

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.