MIRA INFORM REPORT

 

 

Report Date :

16.04.2013

 

IDENTIFICATION DETAILS

 

Name :

KOYUNCU HALI TURIZM INSAAT SANAYI VE TICARET LTD. STI.

 

 

Registered Office :

Binbirdirek Mah. Nakilbent Sk. No:1-3-5-7 Sultanahmet Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

25.02.1997

 

 

Com. Reg. No.:

365560

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Wholesale trade of carpets and rugs.  

 

 

No. of Employees :

24

 

 

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 :

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

 

 

COMPANY IDENTIFICATION

 

 

NAME

:

KOYUNCU HALI TURIZM INSAAT SANAYI VE TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Binbirdirek Mah. Nakilbent Sk. No:1-3-5-7 Sultanahmet Istanbul / Turkey

PHONE NUMBER

:

90-212-516 66 96

 

FAX NUMBER

:

90-212-518 46 45

 

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Beyazit

TAX NO

:

5810081602

REGISTRATION NUMBER

:

365560

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

25.02.1997

ESTABLISHMENT GAZETTE DATE/NO

:

28.02.1997/4239

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   600.000

PAID-IN CAPITAL

:

TL   600.000

 

HISTORY

:

Previous Registered Capital

:

TL 300.000

Changed On

:

12.12.2001 (Commercial Gazette Date /Number 19.12.2001/ 5447)

Previous Address

:

Peykane Sok. Buyuk Birol Ishani Bodrum Kat No:B1-B2-B3 Eminonu Istanbul

Changed On

:

29.12.2006 (Commercial Gazette Date /Number 09.01.2007/ 6719)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Yusuf Kenan Koyuncu

50 %

Mustafa Aydin Koyuncu

50 %

 

 

GROUP

:

KOYUNCU GROUP OF COMPANIES

 

SISTER COMPANIES

:

ARTELL KOYTUR TURIZM INSAAT SANAYI VE TICARET A.S.

BUYAKA GAYRIMENKUL GELISTIRME VE YATIRIM ISLETMECILIGI A.S.

DESTEK BILISIM PROJE VE SERVIS HIZMETLERI SANAYI VE DIS TICARET LTD. STI.

ENSON TEKNOLOJI DIS TICARET A.S.

I.C.O HALI MOBILYA TEKSTIL TURIZM SANAYI VE TICARET LTD. STI.

KOYTUR KOYUNCU TURKMENOGLU INSAAT TURIZM VE TICARET LTD. STI.

KOYUNCU ELEKTRONIK BILGI ISLEM SISTEMLERI SANAYI VE DIS TICARET A.S.

KOYUNCU KIMYA DIS TICARET INSAAT ELEKTRIK ELEKTRONIK SANAYI LTD. STI.

KOYUNCU KONUT YAPI INSAAT SANAYI VE TICARET A.S.

KOZA YASAM ALANLARI KONUT INSAAT SANAYI VE TICARET LTD. STI.

OZKOYUNCU DEMIR MADENI LTD. STI.

TEST YAPI MALZEMELERI INSAAT TAAHHUT SANAYI VE DIS TICARET LTD. STI.

UCYILDIZ ELEKTRONIK BILISIM PERAKENDE GIDA TICARET LTD. STI.

VAPA KABLO IC VE DIS TICARET LTD. STI.

VATAN KABLO METAL ENDUSTRI VE TICARET A.S.

 

DIRECTORS

:

Mustafa Aydin Koyuncu                                                                                                                                                                                                                                                                                   

 

 

 

OPERATIONS

 

 

NOTES ON OPERATIONS

:

The firm orders production to contract manufacturers.

 

 

BUSINESS ACTIVITIES

:

Wholesale trade of carpets and rugs.  

 

The subject orders carpets and rugs to be manufactured in the name of the subject company to contract manufacturers. 

 

NACE CODE

:

G .51.47

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

24

 

NET SALES

:

5.474.322 TL

(2005) 

5.751.608 TL

(2006) 

9.720.061 TL

(2007) 

9.083.438 TL

(2008) 

9.277.272 TL

(2009) 

7.670.549 TL

(2010) 

9.458.205 TL

(2011) 

11.477.890 TL

(2012) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT COUNTRIES

:

China

India

Pakistan

U.S.A.

 

MERCHANDISE IMPORTED

:

Rugs

Silk and wool carpets

 

EXPORT VALUE

:

119.705 TL

(2005)

76.071 TL

(2006)

491.076 TL

(2007)

251.083 TL

(2008)

58.385 TL

(2009)

123.980 TL

(2010)

144.459 TL

(2011)

1.937.408 TL

(2012)

 

 

 

EXPORT COUNTRIES

:

Mexico

Netherlands

France

U.S.A.

Russia

U.K.

China

 

MERCHANDISE  EXPORTED

:

Carpets

Hand-woven rugs

 

HEAD OFFICE ADDRESS

:

Binbirdirek Mah. Nakilbent Sk. No:1-3-5-7 Sultanahmet  Istanbul / Turkey

( rented )

 

BRANCHES

:

Head Office/Store  :  Binbirdirek Mah. Nakilbent Sk. No:1-3-5-7 Sultanahmet Istanbul/Turkey (rented)

 

Branch Office  :  Simav Kutahya/Turkey (rented)

                                                                                

INVESTMENTS

:

None

 

TREND OF BUSINESS

:

There was an upwards trend in  2012.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Akbank Nuruosmaniye Branch

Kuveyt Turk Katilim Bankasi Beyazit Branch

T. Garanti Bankasi Cemberlitas Branch

T.Finans Katilim Bankasi Sultanhamam Branch

Yapi ve Kredi Bankasi Nuruosmaniye Branch

 

CREDIT FACILITIES

:

The subject company is making use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

 

KEY FINANCIAL ELEMENTS

:

 

(2008) TL

(2009) TL

(2010) TL

(2011) TL

(2012) TL

Net Sales

9.083.438

9.277.272

7.670.549

9.458.205

11.477.890

Profit (Loss) Before Tax

213.755

219.592

417.545

168.272

561.135

Stockholders' Equity

1.659.382

1.834.688

2.168.318

2.296.387

 

Total Assets

12.498.015

13.465.570

14.478.710

17.076.171

 

Current Assets

12.398.356

13.340.533

14.240.460

16.671.594

 

Non-Current Assets

99.659

125.037

238.250

404.577

 

Current Liabilities

10.838.633

11.630.882

12.310.392

14.779.784

 

Long-Term Liabilities

0

0

0

0

 

Gross Profit (loss)

936.924

905.770

816.963

1.537.139

1.036.606

Operating Profit (loss)

341.007

475.919

382.402

1.073.726

470.951

Net Profit (loss)

170.645

175.305

333.631

128.067

561.135

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Low As of 31.12.2011

Remarks on Capitalization

A part of liabilities consist of loans from shareholders.

Liquidity

Insufficient As of 31.12.2011

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

Fair Operating Profitability  in 2006

Low Net Profitability  in 2006

In Order Operating Profitability  in 2007

In Order Net Profitability  in 2007

In Order Operating Profitability  in 2008

Fair Net Profitability  in 2008

In Order Operating Profitability  in 2009

Fair Net Profitability  in 2009

In Order Operating Profitability  in 2010

Good Net Profitability  in 2010

High Operating Profitability  in 2011

Low Net Profitability  in 2011

In Order Operating Profitability  in 2012

Good Net Profitability  in 2012

 

Gap between average collection and payable periods

Unfavorable in 2011

General Financial Position

Unsatisfactory

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2005 )

2,66 %

1,3499

1,6882

2,4623

 ( 2006 )

11,58 %

1,4309

1,7987

2,6377

 ( 2007 )

5,94 %

1,3075

1,7901

2,6133

 ( 2008 )

8,11 %

1,2858

1,8876

2,3708

 ( 01.01-30.09.2009)

3,60 %

1,5624

2,1386

2,3953

 ( 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

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 ( 01.01-31.03.2013)

0,50 %

1,7901

2,3575

2,7927

 

BALANCE SHEETS

 

 

 ( 31.12.2007 )  TL

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

10.653.733

0,99

12.398.356

0,99

13.340.533

0,99

14.240.460

0,98

16.671.594

0,98

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

93.344

0,01

119.118

0,01

221.619

0,02

1.153.311

0,08

285.482

0,02

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

3.992.036

0,37

4.274.133

0,34

3.955.278

0,29

4.254.707

0,29

6.514.392

0,38

Other Receivable

30.210

0,00

995

0,00

1.273

0,00

1.624

0,00

5.045

0,00

Inventories

4.916.729

0,46

6.525.213

0,52

6.809.157

0,51

6.745.453

0,47

7.538.159

0,44

Advances Given

554.270

0,05

278.693

0,02

1.204.806

0,09

859.608

0,06

1.060.038

0,06

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

1.067.144

0,10

1.200.204

0,10

1.148.400

0,09

1.225.757

0,08

1.268.478

0,07

NON-CURRENT ASSETS

99.466

0,01

99.659

0,01

125.037

0,01

238.250

0,02

404.577

0,02

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

54.949

0,01

54.949

0,00

54.949

0,00

54.949

0,00

54.949

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

39.179

0,00

38.350

0,00

66.397

0,00

58.055

0,00

51.443

0,00

Intangible Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

5.338

0,00

6.360

0,00

3.691

0,00

125.246

0,01

298.185

0,02

TOTAL ASSETS

10.753.199

1,00

12.498.015

1,00

13.465.570

1,00

14.478.710

1,00

17.076.171

1,00

CURRENT LIABILITIES

9.264.462

0,86

10.838.633

0,87

11.630.882

0,86

12.310.392

0,85

14.779.784

0,87

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

2.688.067

0,25

4.683.162

0,37

4.313.730

0,32

3.267.647

0,23

5.856.246

0,34

Accounts Payable

684.228

0,06

733.405

0,06

259.899

0,02

695.658

0,05

842.932

0,05

Loans from Shareholders

5.868.511

0,55

5.411.534

0,43

4.161.760

0,31

5.096.393

0,35

5.450.848

0,32

Other Short-term Payable

0

0,00

0

0,00

545

0,00

7.842

0,00

6.420

0,00

Advances from Customers

0

0,00

0

0,00

2.853.525

0,21

3.232.403

0,22

2.600.087

0,15

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

23.656

0,00

10.576

0,00

41.467

0,00

10.493

0,00

23.295

0,00

Provisions

0

0,00

-44

0,00

-44

0,00

-44

0,00

-44

0,00

Other Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

LONG-TERM LIABILITIES

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Securities Issued

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Loans from Shareholders

0

0,00

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

0

0,00

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

1.488.737

0,14

1.659.382

0,13

1.834.688

0,14

2.168.318

0,15

2.296.387

0,13

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

600.000

0,06

600.000

0,05

600.000

0,04

600.000

0,04

600.000

0,04

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

315.547

0,03

315.547

0,03

315.547

0,02

315.547

0,02

315.547

0,02

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

280.479

0,03

573.190

0,05

743.836

0,06

919.140

0,06

1.252.773

0,07

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

292.711

0,03

170.645

0,01

175.305

0,01

333.631

0,02

128.067

0,01

TOTAL LIABILITIES AND EQUITY

10.753.199

1,00

12.498.015

1,00

13.465.570

1,00

14.478.710

1,00

17.076.171

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 are given under "Account Receivable" figure and "Account Payable" figure respectively. 

 

At the last income statement TL 1.156.066 of the other income is due to "Profit from Foreign Currency Exchange".

 

 

INCOME STATEMENTS

 

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

(2012) TL

 

Net Sales

9.083.438

1,00

9.277.272

1,00

7.670.549

1,00

9.458.205

1,00

11.477.890

1,00

Cost of Goods Sold

8.146.514

0,90

8.371.502

0,90

6.853.586

0,89

7.921.066

0,84

10.441.284

0,91

Gross Profit

936.924

0,10

905.770

0,10

816.963

0,11

1.537.139

0,16

1.036.606

0,09

Operating Expenses

595.917

0,07

429.851

0,05

434.561

0,06

463.413

0,05

565.655

0,05

Operating Profit

341.007

0,04

475.919

0,05

382.402

0,05

1.073.726

0,11

470.951

0,04

Other Income

221.004

0,02

116.181

0,01

353.775

0,05

994.460

0,11

1.166.201

0,10

Other Expenses

348.256

0,04

372.508

0,04

217.250

0,03

1.545.328

0,16

483.373

0,04

Financial Expenses

0

0,00

0

0,00

101.382

0,01

354.586

0,04

592.644

0,05

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

213.755

0,02

219.592

0,02

417.545

0,05

168.272

0,02

561.135

0,05

Tax Payable

43.110

0,00

44.287

0,00

83.914

0,01

40.205

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)

170.645

0,02

175.305

0,02

333.631

0,04

128.067

0,01

561.135

0,05

 

 

FINANCIAL RATIOS

 

 

(2007)

(2008)

(2009)

(2010)

(2011)

LIQUIDITY RATIOS

 

Current Ratio

1,15

1,14

1,15

1,16

1,13

Acid-Test Ratio

0,44

0,41

0,36

0,44

0,46

Cash Ratio

0,01

0,01

0,02

0,09

0,02

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,46

0,52

0,51

0,47

0,44

Short-term Receivable/Total Assets

0,37

0,34

0,29

0,29

0,38

Tangible Assets/Total Assets

0,00

0,00

0,00

0,00

0,00

TURNOVER RATIOS

 

Inventory Turnover

1,78

1,25

1,23

1,02

1,05

Stockholders' Equity Turnover

6,53

5,47

5,06

3,54

4,12

Asset Turnover

0,90

0,73

0,69

0,53

0,55

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,14

0,13

0,14

0,15

0,13

Current Liabilities/Total Assets

0,86

0,87

0,86

0,85

0,87

Financial Leverage

0,86

0,87

0,86

0,85

0,87

Gearing Percentage

6,22

6,53

6,34

5,68

6,44

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,20

0,10

0,10

0,15

0,06

Operating Profit Margin

0,05

0,04

0,05

0,05

0,11

Net Profit Margin

0,03

0,02

0,02

0,04

0,01

Interest Cover

 

 

 

5,12

1,47

COLLECTION-PAYMENT

 

Average Collection Period (days)

149,89

171,57

155,61

202,26

250,04

Average Payable Period (days)

28,11

32,41

11,18

36,54

38,31

WORKING CAPITAL

1389271,00

1559723,00

1709651,00

1930068,00

1891810,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.62

UK Pound

1

Rs.83.69

Euro

1

Rs.71.41

 

 

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%)

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.