|
Report Date : |
04.05.2012 |
IDENTIFICATION DETAILS
|
Correct Name : |
TERCIH HALI MOBILYA DAYANIKLI TUKETIM MALLARI TEKSTIL SANAYI VE TICARET LTD. STI. |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
16.06.2006 |
|
|
|
|
Com. Reg. No.: |
61067 |
|
|
|
|
Legal Form : |
Limited Company |
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|
|
|
Line of Business : |
Retail trade of carpet and furniture. |
|
|
|
|
No. of Employees : |
35 |
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 – September 30, 2011
|
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 |
|
NAME |
: |
TERCIH HALI MOBILYA DAYANIKLI TUKETIM MALLARI TEKSTIL
SANAYI VE TICARET LTD. STI. |
|
HEAD OFFICE
ADDRESS |
: |
Reyhan Mah. Cumhuriyet Cad. Kozabirlik Is Sarayi No:342
Osmangazi Bursa / Turkey |
|
PHONE NUMBER |
: |
90-224-220 37 20 (Head Office) 90-224-453 44 15 (Branch Office) |
|
FAX NUMBER |
: |
90-224-220 36 08 (Head Office) |
|
WEB-ADDRESS |
: |
www.halievi.com |
|
E-MAIL |
: |
info@halievi.com.tr |
|
TAX OFFICE |
: |
Yildirim |
|||||||||||||||
|
TAX NO |
: |
8400358731 |
|||||||||||||||
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REGISTRATION
NUMBER |
: |
61067 |
|||||||||||||||
|
REGISTERED OFFICE |
: |
Bursa Chamber of Commerce and Industry |
|||||||||||||||
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DATE ESTABLISHED |
: |
06.06.2006 |
|||||||||||||||
|
ESTABLISHMENT
GAZETTE DATE/NO |
: |
16.06.2006/6579 |
|||||||||||||||
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LEGAL FORM |
: |
Limited Company |
|||||||||||||||
|
TYPE OF COMPANY |
: |
Private |
|||||||||||||||
|
REGISTERED CAPITAL |
: |
TL 850.000 |
|||||||||||||||
|
PAID-IN CAPITAL |
: |
TL 850.000 |
|||||||||||||||
|
HISTORY |
: |
|
|||||||||||||||
|
PREVIOUS SHAREHOLDERS |
: |
|
|
PREVIOUS SHAREHOLDERS |
: |
|
|
SHAREHOLDERS |
: |
|
||||||
|
SISTER COMPANIES |
: |
Declared to be: None |
||||||
|
SUBSIDIARIES |
: |
None |
||||||
|
DIRECTORS |
: |
|
|
BUSINESS ACTIVITIES |
: |
Retail trade of carpet and furniture. |
||||||||
|
NACE CODE |
: |
G .52.40 |
||||||||
|
SECTOR |
: |
Commerce |
||||||||
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TRADEMARKS TRADED |
: |
Apex Bahariye Gumussuyu Pierre Cardin Sanat Taj Mahal Tugra |
||||||||
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NUMBER OF
EMPLOYEES |
: |
35 |
||||||||
|
NET SALES |
: |
|
||||||||
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CAPACITY |
: |
None |
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PRODUCTION |
: |
None |
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IMPORT VALUE |
: |
|
||||||||
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IMPORT COUNTRIES |
: |
India |
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MERCHANDISE
IMPORTED |
: |
Carpet |
||||||||
|
EXPORT VALUE |
: |
|
||||||||
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HEAD OFFICE ADDRESS |
: |
Reyhan Mah. Cumhuriyet Cad. Kozabirlik Is Sarayi No:342
Osmangazi Bursa / Turkey |
||||||||
|
BRANCHES |
: |
Branch Office : Osmangazi
Cad. No:33-35 Demirtas Bursa/Turkey Branch Office : Cumhuriyet
Cad. No:342 Osmangazi Bursa/Turkey Branch Office : Cumhuriyet
Cad. No:340 Osmangazi Bursa/Turkey Branch Office : Odunluk
Mah. Branch Office : Izmir
Yolu No:97 Yeni Emniyet Mud. Karsisi Nilufer Bursa/Turkey |
||||||||
|
INVESTMENTS |
: |
None |
|
TREND OF BUSINESS |
: |
There was an
upwards trend in 2011. |
|
SIZE OF BUSINESS |
: |
Lower-Medium |
|
MAIN DEALING BANKS |
: |
Akbank Tuzpazari Branch Asya Katilim Bankasi
Bursa Branch Finansbank Fomara Branch Garanti Bankasi Tuzpazari Branch HSBC Bank Zafer
Plaza Branch T. Halk Bankasi Tuzpazari Branch T. Is Bankasi Fevzi
Cakmak Branch Yapi ve Kredi Bankasi
Cumhuriyet Branch |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
CREDIT FACILITIES |
: |
The subject company is making use of credit facilities. |
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PAYMENT BEHAVIOUR |
: |
We are informed about a few payment delays in the former years which were resolved later on but no payment delays have come to our knowledge in the last years. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
KEY FINANCIAL
ELEMENTS |
: |
|
|
Capitalization |
Low As of
31.12.2011 |
|
Liquidity |
Fair As of
31.12.2011 |
|
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 2010 Fair Net
Profitability in 2010 Fair Operating
Profitability in 2011 Low Net
Profitability in 2011 |
|
Gap between average collection and payable
periods |
Favorable in
2011 |
|
General Financial Position |
Passable |
|
|
Incr. in
producers’ price index |
Average USD/TL |
Average EUR/TL |
Average GBP/ TL |
|
( 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 |
|
|
( 31.12.2010 ) TL |
|
( 31.12.2011 ) TL |
|
|
CURRENT ASSETS |
516.074 |
0,62 |
4.602.675 |
0,94 |
|
Not Detailed
Current Assets |
0 |
0,00 |
0 |
0,00 |
|
Cash and Banks |
-1.625.324 |
-1,95 |
255.115 |
0,05 |
|
Marketable Securities |
0 |
0,00 |
0 |
0,00 |
|
Account
Receivable |
1.102.506 |
1,32 |
1.979.406 |
0,40 |
|
Other
Receivable |
0 |
0,00 |
0 |
0,00 |
|
Inventories |
385.353 |
0,46 |
467.029 |
0,10 |
|
Advances Given |
588.303 |
0,71 |
1.881.201 |
0,38 |
|
Accumulated Construction
Expense |
0 |
0,00 |
0 |
0,00 |
|
Other Current
Assets |
65.236 |
0,08 |
19.924 |
0,00 |
|
NON-CURRENT
ASSETS |
317.379 |
0,38 |
289.248 |
0,06 |
|
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) |
75.972 |
0,09 |
112.304 |
0,02 |
|
Intangible
Assets |
97.975 |
0,12 |
73.331 |
0,01 |
|
Deferred Tax
Assets |
0 |
0,00 |
0 |
0,00 |
|
Other
Non-Current Assets |
143.432 |
0,17 |
103.613 |
0,02 |
|
TOTAL ASSETS |
833.453 |
1,00 |
4.891.923 |
1,00 |
|
CURRENT
LIABILITIES |
154.808 |
0,19 |
4.043.235 |
0,83 |
|
Not Detailed
Current Liabilities |
0 |
0,00 |
0 |
0,00 |
|
Financial Loans |
0 |
0,00 |
232.378 |
0,05 |
|
Accounts
Payable |
128.936 |
0,15 |
3.781.254 |
0,77 |
|
Loans from
Shareholders |
0 |
0,00 |
0 |
0,00 |
|
Other
Short-term Payable |
11.395 |
0,01 |
11.395 |
0,00 |
|
Advances from
Customers |
0 |
0,00 |
3.215 |
0,00 |
|
Accumulated
Construction Income |
0 |
0,00 |
0 |
0,00 |
|
Taxes Payable |
10.827 |
0,01 |
10.536 |
0,00 |
|
Provisions |
3.650 |
0,00 |
4.457 |
0,00 |
|
Other Current
Liabilities |
0 |
0,00 |
0 |
0,00 |
|
LONG-TERM
LIABILITIES |
0 |
0,00 |
115.818 |
0,02 |
|
Not Detailed
Long-term Liabilities |
0 |
0,00 |
0 |
0,00 |
|
Financial Loans |
0 |
0,00 |
115.818 |
0,02 |
|
Securities
Issued |
0 |
0,00 |
0 |
0,00 |
|
Long-term
Payable |
0 |
0,00 |
0 |
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 |
678.645 |
0,81 |
732.870 |
0,15 |
|
Not Detailed
Stockholders' Equity |
0 |
0,00 |
0 |
0,00 |
|
Paid-in Capital |
850.000 |
1,02 |
850.000 |
0,17 |
|
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 |
108.511 |
0,13 |
167.484 |
0,03 |
|
Revaluation
Fund |
0 |
0,00 |
0 |
0,00 |
|
Accumulated
Losses(-) |
-338.839 |
-0,41 |
-338.839 |
-0,07 |
|
Net Profit
(loss) |
58.973 |
0,07 |
54.225 |
0,01 |
|
TOTAL
LIABILITIES AND EQUITY |
833.453 |
1,00 |
4.891.923 |
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. |
|
|
(2010)
TL |
|
(2011)
TL |
|
|
Net Sales |
3.362.417 |
1,00 |
4.819.284 |
1,00 |
|
Cost of Goods
Sold |
2.665.842 |
0,79 |
3.879.442 |
0,80 |
|
Gross Profit |
696.575 |
0,21 |
939.842 |
0,20 |
|
Operating
Expenses |
625.066 |
0,19 |
846.923 |
0,18 |
|
Operating
Profit |
71.509 |
0,02 |
92.919 |
0,02 |
|
Other Income |
2.207 |
0,00 |
4.645 |
0,00 |
|
Other Expenses |
0 |
0,00 |
0 |
0,00 |
|
Financial Expenses |
0 |
0,00 |
29.783 |
0,01 |
|
Minority
Interests |
0 |
0,00 |
0 |
0,00 |
|
Profit (loss)
of consolidated firms |
0 |
0,00 |
0 |
0,00 |
|
Profit (loss)
Before Tax |
73.716 |
0,02 |
67.781 |
0,01 |
|
Tax Payable |
14.743 |
0,00 |
13.556 |
0,00 |
|
Postponed Tax
Gain |
0 |
0,00 |
0 |
0,00 |
|
Net Profit
(loss) |
58.973 |
0,02 |
54.225 |
0,01 |
|
|
(2010) |
(2011) |
|
LIQUIDITY
RATIOS |
|
|
|
Current Ratio |
3,33 |
1,14 |
|
Acid-Test Ratio |
-3,38 |
0,55 |
|
Cash Ratio |
-10,50 |
0,06 |
|
ASSET STRUCTURE
RATIOS |
|
|
|
Inventory/Total
Assets |
0,46 |
0,10 |
|
Short-term
Receivable/Total Assets |
1,32 |
0,40 |
|
Tangible
Assets/Total Assets |
0,09 |
0,02 |
|
TURNOVER RATIOS |
|
|
|
Inventory
Turnover |
6,92 |
8,31 |
|
Stockholders'
Equity Turnover |
4,95 |
6,58 |
|
Asset Turnover |
4,03 |
0,99 |
|
FINANCIAL
STRUCTURE |
|
|
|
Stockholders'
Equity/Total Assets |
0,81 |
0,15 |
|
Current
Liabilities/Total Assets |
0,19 |
0,83 |
|
Financial
Leverage |
0,19 |
0,85 |
|
Gearing Percentage |
0,23 |
5,68 |
|
PROFITABILITY
RATIOS |
|
|
|
Net
Profit/Stockholders' Eq. |
0,09 |
0,07 |
|
Operating
Profit Margin |
0,02 |
0,02 |
|
Net Profit
Margin |
0,02 |
0,01 |
|
Interest Cover |
|
3,28 |
|
COLLECTION-PAYMENT |
|
|
|
Average Collection
Period (days) |
118,04 |
147,86 |
|
Average Payable
Period (days) |
17,41 |
350,89 |
|
WORKING CAPITAL |
361266,00 |
559440,00 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.23 |
|
|
1 |
Rs.86.14 |
|
Euro |
1 |
Rs.69.98 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.