MIRA INFORM REPORT
|
Report Date : |
20.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
TEPE HOME MOBILYA VE DEKORASYON URUNLERI
SANAYI TICARET A.S. |
|
|
|
|
Formerly Known As : |
Tepe Home Mobilya
ve Dekorasyon Urunleri Ticaret A.S. |
|
|
|
|
Registered Office : |
Beytepe Koyu No:5 Bilkent Ankara |
|
|
|
|
Country : |
Turkey |
|
|
|
|
Financials (as on) : |
31.05.2011 |
|
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|
|
Date of Incorporation : |
01.12.1997 |
|
|
|
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Com. Reg. No.: |
134058 |
|
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|
|
Legal Form : |
Joint Stock Company |
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|
|
|
Line of Business : |
The firm was dealing with trade of furniture and decoration products but manufacture of furniture and decoration |
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|
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No. of Employees : |
1.601 employees |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
Payment Behaviour : |
Slow |
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Turkey |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Turkey - ECONOMIC OVERVIEW
Turkey's largely free-market economy is increasingly driven by its
industry and service sectors, although its traditional agriculture sector still
accounts for about 25% of employment. An aggressive privatization program has
reduced state involvement in basic industry, banking, transport, and
communication, and an emerging cadre of middle-class entrepreneurs is adding
dynamism to the economy and expanding production beyond the traditional
textiles and clothing sectors. The automotive, construction, and electronics
industries, are rising in importance and have surpassed textiles within
Turkey's export mix. Oil began to flow through the Baku-Tbilisi-Ceyhan pipeline
in May 2006, marking a major milestone that will bring up to 1 million barrels
per day from the Caspian to market. Several gas pipelines projects also are moving
forward to help transport Central Asian gas to Europe through Turkey, which
over the long term will help address Turkey's dependence on imported oil and
gas to meet 97% of its energy needs. After Turkey experienced a severe
financial crisis in 2001, Ankara adopted financial and fiscal reforms as part
of an IMF program. The reforms strengthened the country's economic fundamentals
and ushered in an era of strong growth - averaging more than 6% annually until
2008. Global economic conditions and tighter fiscal policy caused GDP to
contract in 2009, but Turkey's well-regulated financial markets and banking
system helped the country weather the global financial crisis and GDP rebounded
strongly to 8.2% in 2010, as exports returned to normal levels following the
recession. Turkey's public sector debt to GDP ratio has fallen to roughly 40%.
Continued strong growth has pushed inflation to the 8% level, however, and
worsened an already high current account deficit. Turkey remains dependent on
often volatile, short-term investment to finance its large trade deficit. The
stock value of FDI stood at $99 billion at year-end 2011. Inflows have slowed
considerably in light of continuing economic turmoil in Europe, the source of
much of Turkey's FDI. Further economic and judicial reforms and prospective EU
membership are expected to boost Turkey's attractiveness to foreign investors.
However, Turkey's relatively high current account deficit, uncertainty related
to monetary policy-making, and political turmoil within Turkey's neighborhood
leave the economy vulnerable to destabilizing shifts in investor confidence.
|
Source : CIA |
|
NAME |
: |
TEPE HOME MOBILYA VE DEKORASYON URUNLERI SANAYI TICARET A.S. |
|
HEAD OFFICE ADDRESS |
: |
Beytepe Koyu No:5 Bilkent Ankara / Turkey |
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PHONE NUMBER |
: |
90-312-266 56 27 |
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FAX NUMBER |
: |
90-312-266 56 28 |
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WEB-ADDRESS |
: |
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TAX OFFICE |
: |
Baskent |
||||||||||||||||||||
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TAX NO |
: |
8390071770 |
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REGISTRATION NUMBER |
: |
134058 |
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REGISTERED OFFICE |
: |
Ankara Chamber of Commerce |
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DATE ESTABLISHED |
: |
01.12.1997 |
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ESTABLISHMENT GAZETTE DATE/NO |
: |
03.12.1997/4432 |
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LEGAL FORM |
: |
Joint Stock Company |
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TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
TL 71.000.000 |
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HISTORY |
: |
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SHAREHOLDERS |
: |
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GROUP PARENT COMPANY |
: |
BILKENT HOLDING A.S. |
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SISTER COMPANIES |
: |
ALIPSAN KAGIT MAKINALARI SANAYI VE TICARET A.S. ANKARA TEKNOLOJI GELISTIRME BOLGESI KURUCU VE ISLETICI A.S. ANTEPE SAGLIK HIZMETLERI INSAAT YATIRIM TICARET A.S. BILAN BILKENT ANKARA TEPE OTEL ISLETMECILIGI A.S. BILBAK BILKENT INSAAT TICARET VE BAKIM HIZMETLERI A.S. BILDES BILKENT DESTEK HIZMETLERI VE TICARET A.S. BILEN BILKENT ENERJI YATIRIMLARI A.S. BILENERJI BILKENT ENERJI URETIM SANAYI VE TICARET A.S. BILGE BILKENT TEKNOLOJI ARASTIRMA GELISTIRME UYGULAMA VE TICARET A.S. BILINTUR BILKENT KULTUR TURIZM YATIRIM VE TICARET A.S. BILINTUR BILKENT TURIZM INSAAT YATIRIM TICARET A.S. BILKENT HOLDING A.S. BILSIGORTA BILKENT SIGORTA ARACILIK HIZMETLERI A.S. DILEK INSAAT VE TICARET A.S. METEKSAN MATBAACILIK VE TEKNIK SANAYI TICARET A.S. METEKSAN SAVUNMA SANAYII A.S. METEKSAN SUALTI AKUSTIK SISTEM TEKNOLOJILERI A.S. OPTISIS ILETISIM VE BILGI TEKNOLOJILERI A.S. SPORTS INTERNATIONAL BILKENT FITNESS VE SPOR MERKEZI A.S. TEPE BETOPAN YAPI MALZEMELERI SANAYI VE TICARET A.S. TEPE EMLAK YATIRIM INSAAT VE TICARET A.S. TEPE GUVENLIK A.S. TEPE HOME MOBILYA VE DEKORASYON URUNLERI TICARET A.S. TEPE INSAAT SANAYI A.S. TEPE INSAAT VE TICARET (KIBRIS) LIMITED TEPE PREFABRIK INSAAT SANAYI VE TICARET A.S. TEPE SAVUNMA VE GUVENLIK SISTEMLERI SANAYI A.S. TEPE SERVIS VE YONETIM A.S. TEPE STROI TEPE UKRAYNA LTD. TURKOFON KITAP KIRTASIYE VE MARKET ISLETMECILIGI BASIM YAYIM SANAYI VE
TICARET A.S. |
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BOARD OF DIRECTORS |
: |
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NOTES ON OPERATIONS |
: |
A new business activity has been added. |
|
BUSINESS ACTIVITIES |
: |
The firm was dealing with trade of furniture and decoration products
but manufacture of furniture and decoration products has been added to its
business line after the merger. There are 14 stores of the subject in Turkey. |
|
NACE CODE |
: |
DN.36.10 |
|
NUMBER OF EMPLOYEES |
: |
1.601 |
|
REMARKS ON NET SALES |
: |
In Turkey, there is no public registry on companies’ financial and
detailed general data. So, to collect a firm’s data, an information agency
has to contact the company and get its authorization. However the company strictly declines to give us an authorization to
gather its income statement. As the firm’s shares are not open to public it
is not obliged to announce its data. |
|
IMPORT COUNTRIES |
: |
Germany Denmark Taiwan China Sweden U.K. Spain Thailand Belgium France |
|
MERCHANDISE IMPORTED |
: |
Decoration products Furniture |
|
EXPORT COUNTRIES |
: |
U.A.E. Kazakhstan |
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MERCHANDISE EXPORTED |
: |
Decoration products Furniture |
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HEAD OFFICE ADDRESS |
: |
Beytepe Koyu No:5 Bilkent Ankara / Turkey |
|
BRANCHES |
: |
Warehouse : Sincan (2 warehouses) Ankara/Turkey
(rented) Warehouse : Samandira Istanbul/Turkey (rented) Warehouse : Bursa/Turkey (rented) Warehouse : Izmir/Turkey (rented) Warehouse : Beylikduzu Istanbul/Turkey (rented) Warehouse : Antalya/Turkey (rented) Warehouse : Kocaeli/Turkey (rented) Factory : Beytepe Koyu Yolu 89/B Ankara/Turkey Factory : Eskisehir/Turkey |
|
MAIN DEALING BANKS |
: |
Alternatifbank Ankara Branch Finansbank Ankara Branch Garanti Bankasi Baskent Kurumsal Branch T. Is Bankasi Baskent Kurumsal Branch Yapi ve Kredi Bankasi Baskent Kurumsal Branch |
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PAYMENT BEHAVIOUR |
: |
No payment delays have come to our knowledge. |
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KEY FINANCIAL ELEMENTS |
: |
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Capitalization |
Insufficient As of 31.05.2011 |
|
Remarks on Capitalization |
There has been a merger and consequently capital increase after the
date of last balance sheet date. |
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Liquidity |
Low As of 31.05.2011 |
|
Profitability |
Net Loss (01.01-31.05.2011) |
|
General Financial Position |
Not in order |
|
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Incr. in producers’ price index |
Average USD/TL |
Average EUR/TL |
Average GBP/ TL |
|
( 01.01-31.05.2011) |
6,20 % |
1,5693 |
2,2036 |
2,5324 |
|
( 2011 ) |
13,33 % |
1,6797 |
2,3378 |
2,6863 |
|
( 01.01-30.09.2012) |
3,34 % |
1,8029 |
2,3233 |
2,8527 |
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|
TL |
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01.01.-31.05.2011 |
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CURRENT ASSETS |
48.361.578 |
|
0,63 |
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Not Detailed Current Assets |
0 |
|
0,00 |
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||||
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Cash and Banks |
228.006 |
|
0,00 |
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||||
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Marketable Securities |
0 |
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0,00 |
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Account Receivable |
1.253.047 |
|
0,02 |
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Other Receivable |
2.069.295 |
|
0,03 |
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Inventories |
40.965.329 |
|
0,53 |
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Advances Given |
2.685.297 |
|
0,03 |
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Accumulated Construction Expense |
0 |
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0,00 |
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Other Current Assets |
1.160.604 |
|
0,02 |
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NON-CURRENT ASSETS |
28.489.626 |
|
0,37 |
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Not Detailed Non - Current Assets |
0 |
|
0,00 |
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||||
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Long - term Receivable |
94.159 |
|
0,00 |
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||||
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Financial Assets |
12.178.792 |
|
0,16 |
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Tangible Fixed Assets (net) |
6.226.213 |
|
0,08 |
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Intangible Assets |
9.937.736 |
|
0,13 |
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Deferred Tax Assets |
0 |
|
0,00 |
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Other Non - Current Assets |
52.726 |
|
0,00 |
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TOTAL ASSETS |
76.851.204 |
|
1,00 |
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CURRENT LIABILITIES |
59.863.110 |
|
0,78 |
|
||||
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Financial Loans |
38.188.101 |
|
0,50 |
|
||||
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Accounts Payable |
16.142.961 |
|
0,21 |
|
||||
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Loans from Shareholders |
0 |
|
0,00 |
|
||||
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Other Short - term Payable |
4.322.312 |
|
0,06 |
|
||||
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Advances from Customers |
509.009 |
|
0,01 |
|
||||
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Accumulated Construction Income |
0 |
|
0,00 |
|
||||
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Taxes Payable |
596.573 |
|
0,01 |
|
||||
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Provisions |
0 |
|
0,00 |
|
||||
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Other Current Liabilities |
104.154 |
|
0,00 |
|
||||
|
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Not Detailed Current Liabilities |
0 |
|
0,00 |
|
||||
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LONG-TERM LIABILITIES |
955.110 |
|
0,01 |
|
||||
|
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Not Detailed Long - term Current Liabilities |
0 |
|
0,00 |
|
||||
|
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Financial Loans |
907.703 |
|
0,01 |
|
||||
|
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Securities Issued |
0 |
|
0,00 |
|
||||
|
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Long - term Payable |
0 |
|
0,00 |
|
||||
|
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Loans from Shareholders |
0 |
|
0,00 |
|
||||
|
|
Other Long - term Liabilities |
47.407 |
|
0,00 |
|
||||
|
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Provisions |
0 |
|
0,00 |
|
||||
|
|
|
|
|
|
|
||||
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|
STOCKHOLDERS' EQUITY |
16.032.984 |
|
0,21 |
|
|
|||
|
|
Not Detailed Stockholders' Equity |
0 |
|
0,00 |
|
|
|||
|
|
Paid-in Capital |
61.000.000 |
|
0,79 |
|
|
|||
|
|
Cross Shareholding Adjustment of Capital |
0 |
|
0,00 |
|
|
|||
|
|
Inflation Adjustment of Capital |
4.579.468 |
|
0,06 |
|
|
|||
|
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Equity of Consolidated Firms |
0 |
|
0,00 |
|
|
|||
|
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Reserves |
0 |
|
0,00 |
|
|
|||
|
|
Revaluation Fund |
62.718 |
|
0,00 |
|
|
|||
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|
Accumulated Losses(-) |
-45.043.479 |
|
-0,59 |
|
|
|||
|
|
Net Profit (loss) |
-4.565.723 |
|
-0,06 |
|
|
|||
|
|
|
|
|
|
|
|
|||
|
|
TOTAL LIABILITIES AND
EQUITY |
76.851.204 |
|
1,00 |
|
|
|||
|
REMARKS ON FINANCIAL STATEMENT |
: |
The income statement of 01.01.-31.05.2011 is not available. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.96 |
|
UK Pound |
1 |
Rs.85.45 |
|
Euro |
1 |
Rs.69.46 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.