MIRA INFORM REPORT

 

 

Report Date :

10.03.2012

 

IDENTIFICATION DETAILS

 

Name :

GULEC HALI KILIM SANAYI VE TICARET LTD. STI.

 

 

Registered Office :

Binbirdirek Mah. Dostlukyurdu Sok. No:2 Eminonu  Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

04.01.1996

 

 

Com. Reg. No.:

340517

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Trade of carpets and rugs. 

 

 

No. of Employees :

9

 

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 :

302.000 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 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

:

GULEC HALI KILIM SANAYI VE TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Binbirdirek Mah. Dostlukyurdu Sok. No:2 Eminonu  Istanbul / Turkey

PHONE NUMBER

:

90-212-516 01 33

 

FAX NUMBER

:

90-212-516 00 53

 

WEB-ADDRESS

:

www.gulechali.com

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Beyazit

TAX NO

:

4160048640

REGISTRATION NUMBER

:

340517

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

04.01.1996

ESTABLISHMENT GAZETTE DATE/NO

:

10.01.1996/3954

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   501.000

PAID-IN CAPITAL

:

TL   501.000

 

HISTORY

:

Previous Registered Capital

:

TL 105.000

Changed On

:

10.12.2004 (Commercial Gazette Date /Number 15.12.2004/ 6198)

Previous Address

:

Tasdirek Cesme Sok. No:3/7 Cemberlitas Istanbul

Changed On

:

20.10.2003 (Commercial Gazette Date /Number 23.10.2003/ 5913)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Mustafa Gulec

33,33 %

Ali Orhan Gulec

33,33 %

Durmus Gulec

33,33 %

 

 

DIRECTORS

:

Mustafa Gulec

 

Ali Orhan Gulec

 

Durmus Gulec

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Trade of carpets and rugs. 

 

NACE CODE

:

G .51.47

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

9

 

NET SALES

:

1.915.809 TL

(2007) 

2.701.521 TL

(2008) 

3.541.695 TL

(2009) 

1.861.337 TL

(2010) 

2.632.022 TL

(2011) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT COUNTRIES

:

India

China

Germany

Pakistan

 

MERCHANDISE IMPORTED

:

Carpets

Rugs

 

 

EXPORT VALUE

:

148.521 TL

(2007)

170.661 TL

(2008)

0 TL

(2009)

111.989 TL

(2010)

451.303 TL

(2011)

 

 

EXPORT COUNTRIES

:

U.S.A.

Germany

Argentina

South Africa

U.A.E.

Canada

 

MERCHANDISE  EXPORTED

:

Carpets

Rugs

 

HEAD OFFICE ADDRESS

:

Binbirdirek Mah. Dostlukyurdu Sok. No:2 Eminonu   Istanbul / Turkey  (owned by shareholder(s))

 

BRANCHES

:

Branch Office  :   Antalya/Turkey

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2011.

SIZE OF BUSINESS

:

Upper-Moderate

 

 

FINANCE

 

MAIN DEALING BANKS

:

Garanti Bankasi Nuruosmaniye Branch

T. Is Bankasi Cagaloglu Branch

Yapi ve Kredi Bankasi Cemberlitas Branch

 

CREDIT FACILITIES

:

No credit facility has come to our knowledge.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2008) TL

(2009) TL

(2010) TL

(2011) TL

Net Sales

2.701.521

3.541.695

1.861.337

2.632.022

Profit (Loss) Before Tax

184.017

198.021

86.005

96.911

Stockholders' Equity

978.307

1.133.693

1.198.690

 

Total Assets

4.346.559

4.892.478

3.141.326

 

Current Assets

4.326.046

4.875.238

3.118.981

 

Non-Current Assets

20.513

17.240

22.345

 

Current Liabilities

340.027

1.658.095

1.942.636

 

Long-Term Liabilities

3.028.225

2.100.690

0

 

Gross Profit (loss)

223.700

361.422

345.463

526.536

Operating Profit (loss)

59.164

115.323

49.643

253.821

Net Profit (loss)

145.978

155.386

64.998

96.911

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Satisfactory As of 31.12.2010

Liquidity

Good As of 31.12.2010

Remarks On Liquidity

The favorable gap between average collection and average payable period has a positive 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

Fair Operating Profitability  in 2008

Good Net Profitability  in 2008

Fair Operating Profitability  in 2009

Good Net Profitability  in 2009

Fair Operating Profitability  in 2010

In Order Net Profitability  in 2010

High Operating Profitability  in 2011

In Order Net Profitability  in 2011

 

Gap between average collection and payable periods

Favorable in 2010

General Financial Position

In Order

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT LIMIT

 

:

302.000 USD

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 302.000 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

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 01.01-29.02.2012)

0,29 %

1,8055

2,3806

2,8364

 

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

4.326.046

1,00

4.875.238

1,00

3.118.981

0,99

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

Cash and Banks

117.811

0,03

1.907.384

0,39

196.607

0,06

Marketable Securities

0

0,00

70

0,00

70

0,00

Account Receivable

1.981.637

0,46

1.273.801

0,26

1.448.736

0,46

Other Receivable

0

0,00

0

0,00

0

0,00

Inventories

954.999

0,22

1.448.562

0,30

997.423

0,32

Advances Given

1.185.141

0,27

72.274

0,01

257.353

0,08

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

Other Current Assets

86.458

0,02

173.147

0,04

218.792

0,07

NON-CURRENT ASSETS

20.513

0,00

17.240

0,00

22.345

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)

20.271

0,00

17.240

0,00

19.180

0,01

Intangible Assets

0

0,00

0

0,00

3.099

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

242

0,00

0

0,00

66

0,00

TOTAL ASSETS

4.346.559

1,00

4.892.478

1,00

3.141.326

1,00

CURRENT LIABILITIES

340.027

0,08

1.658.095

0,34

1.942.636

0,62

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

0

0,00

Accounts Payable

179.672

0,04

1.487.485

0,30

1.762.618

0,56

Loans from Shareholders

0

0,00

6.010

0,00

0

0,00

Other Short-term Payable

697

0,00

0

0,00

0

0,00

Advances from Customers

119.045

0,03

152.792

0,03

151.369

0,05

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

Taxes Payable

37.733

0,01

11.808

0,00

11.447

0,00

Provisions

0

0,00

0

0,00

10.002

0,00

Other Current Liabilities

2.880

0,00

0

0,00

7.200

0,00

LONG-TERM LIABILITIES

3.028.225

0,70

2.100.690

0,43

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

3.028.225

0,70

2.100.690

0,43

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

978.307

0,23

1.133.693

0,23

1.198.690

0,38

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

Paid-in Capital

501.000

0,12

501.000

0,10

501.000

0,16

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

828.388

0,19

828.388

0,17

828.388

0,26

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

Reserves

306.340

0,07

452.318

0,09

607.704

0,19

Revaluation Fund

4.253

0,00

4.253

0,00

4.252

0,00

Accumulated Losses(-)

-807.652

-0,19

-807.652

-0,17

-807.652

-0,26

Net Profit (loss)

145.978

0,03

155.386

0,03

64.998

0,02

TOTAL LIABILITIES AND EQUITY

4.346.559

1,00

4.892.478

1,00

3.141.326

1,00

 

 

 

REMARKS ON FINANCIAL STATEMENT

:

At the last income statement TL 180.459  of the other expenses is due to "Other Extraordinary Expenses and Losses" .                                                                                                               

 

 

INCOME STATEMENTS

 

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

Net Sales

2.701.521

1,00

3.541.695

1,00

1.861.337

1,00

2.632.022

1,00

Cost of Goods Sold

2.477.821

0,92

3.180.273

0,90

1.515.874

0,81

2.105.486

0,80

Gross Profit

223.700

0,08

361.422

0,10

345.463

0,19

526.536

0,20

Operating Expenses

164.536

0,06

246.099

0,07

295.820

0,16

272.715

0,10

Operating Profit

59.164

0,02

115.323

0,03

49.643

0,03

253.821

0,10

Other Income

176.449

0,07

140.262

0,04

136.233

0,07

100.386

0,04

Other Expenses

51.591

0,02

57.564

0,02

99.871

0,05

257.296

0,10

Financial Expenses

5

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

184.017

0,07

198.021

0,06

86.005

0,05

96.911

0,04

Tax Payable

38.039

0,01

42.635

0,01

21.007

0,01

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

145.978

0,05

155.386

0,04

64.998

0,03

96.911

0,04

 

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

LIQUIDITY RATIOS

 

 

Current Ratio

12,72

2,94

1,61

Acid-Test Ratio

6,17

1,92

0,85

Cash Ratio

0,35

1,15

0,10

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,22

0,30

0,32

Short-term Receivable/Total Assets

0,46

0,26

0,46

Tangible Assets/Total Assets

0,00

0,00

0,01

TURNOVER RATIOS

 

 

Inventory Turnover

2,59

2,20

1,52

Stockholders' Equity Turnover

2,76

3,12

1,55

Asset Turnover

0,62

0,72

0,59

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,23

0,23

0,38

Current Liabilities/Total Assets

0,08

0,34

0,62

Financial Leverage

0,77

0,77

0,62

Gearing Percentage

3,44

3,32

1,62

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,15

0,14

0,05

Operating Profit Margin

0,02

0,03

0,03

Net Profit Margin

0,05

0,04

0,03

Interest Cover

36804,40

 

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

264,07

129,48

280,20

Average Payable Period (days)

466,07

406,17

418,60

WORKING CAPITAL

3986019,00

3217143,00

1176345,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.50.02

UK Pound

1

Rs.79.01

Euro

1

Rs.66.18

 

 

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.