MIRA INFORM REPORT

 

 

Report Date :

08.07.2013

 

IDENTIFICATION DETAILS

 

Name :

UGUR DEMIR HALI SANAYI VE TICARET LTD. STI.

 

 

Registered Office :

2. Organize Sanayi Bolgesi Celal Dogan Bulvari 2 Nolu Sok. No:1 Baspinar Gaziantep

 

 

Country :

Turkey

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

14.07.1993

 

 

Com. Reg. No.:

15487

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacturer and trader of yarn and machine-made carpet.

 

 

No. of Employees :

556

 

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 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Turkey

B2

B2

 

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 9.2% in 2010, as exports returned to normal levels following the recession. Growth dropped to approximately 3% in 2012. Turkey's public sector debt to GDP ratio has fallen to about 40%, and at least one rating agency upgraded Turkey's debt to investment grade in 2012. Turkey remains dependent on often volatile, short-term investment to finance its large trade deficit. The stock value of FDI stood at $117 billion at year-end 2012. Inflows have slowed because of continuing economic turmoil in Europe, the source of much of Turkey's FDI. 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

:

UGUR DEMIR HALI SANAYI VE TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

2. Organize Sanayi Bolgesi Celal Dogan Bulvari 2 Nolu Sok. No:1 Baspinar Gaziantep / Turkey

PHONE NUMBER

:

90-342-337 34 17

 

FAX NUMBER

:

90-342-337 34 19

 

WEB-ADDRESS

:

www.bossancarpet.com

E-MAIL

:

info@bossancarpet.com

 

 

 

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Gazikent

TAX NO

:

8860021211

REGISTRATION NUMBER

:

15487

REGISTERED OFFICE

:

Gaziantep Chamber of Commerce

DATE ESTABLISHED

:

1993

ESTABLISHMENT GAZETTE DATE/NO

:

14.07.1993/3319

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   40.000.000

PAID-IN CAPITAL

:

TL   40.000.000

HISTORY

:

Previous Registered Capital

:

TL 10.000.000

Changed On

:

25.12.2008 (Commercial Gazette Date /Number 07.01.2009/ 7222)

Previous Registered Capital

:

TL 14.000.000

Changed On

:

30.12.2009 (Commercial Gazette Date /Number 18.01.2010/ 7481)

Previous Registered Capital

:

TL 16.000.000

Changed On

:

23.12.2010 (Commercial Gazette Date /Number 29.12.2010/ 7718)

Previous Registered Capital

:

TL 18.000.000

Changed On

:

15.12.2011 (Commercial Gazette Date /Number 27.12.2011/ 7970)

Previous Registered Capital

:

TL 20.000.000

Changed On

:

23.05.2012 (Commercial Gazette Date /Number 05.06.2012/ 8083)

Previous Registered Capital

:

TL 26.000.000

Changed On

:

28.06.2012 (Commercial Gazette Date /Number 09.07.2012/ 8107)

Previous Registered Capital

:

TL 30.000.000

Changed On

:

25.09.2012 (Commercial Gazette Date /Number 10.10.2012/ 8171)

Previous Address

:

Kocaoglan Mah. Kenan Evren Bulv. 27 Nolu Sok. No:8 Gaziantep

Changed On

:

22.03.2006 (Commercial Gazette Date /Number 04.04.2006/ 6527)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Halit Bostan

50 %

Mehmet Bostan

50 %

 

 

SUBSIDIARIES

:

Declared to be: None

 

DIRECTORS

:

Halit Bostan                                                                                                                                                                                                                                                                                   

 

Mehmet Bostan                                                                                                                                                                                                                                                                                   

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Manufacture and trade of yarn and machine-made carpet.

 

NACE CODE

:

DB.17.51

 

SECTOR

:

Textile

 

TRADEMARKS OWNED

:

Bossan

 

NUMBER OF EMPLOYEES

:

556

 

NET SALES

:

16.743.408 TL

(2006) 

23.601.316 TL

(2007) 

34.341.944 TL

(2008) 

40.660.941 TL

(2009) 

57.238.016 TL

(2010) 

71.057.591 TL

(2011) 

133.226.852 TL

(2012) 

33.263.222 TL

(01.01-31.03.2013) 

 

 

CAPACITY

:

  ( Sqm/yr)

 

 

 

3.417.408

 

 

(2010)

3.417.408

 

 

(2011)

3.417.408

 

 

(2012)

 

 

 

 

IMPORT VALUE

:

16.674.317 TL

(2009)

36.154.658 TL

(2010)

56.120.102 TL

(2011)

 

 

IMPORT COUNTRIES

:

Greece

Iran

Bangladesh

Saudi Arabia

Singapore

Malaysia

India

China

Germany

Belgium

 

MERCHANDISE IMPORTED

:

Jute yarn

Machinery

Raw materials

 

EXPORT VALUE

:

196.026 TL

(2006)

11.545 TL

(2007)

9.984.509 TL

(2008)

0 TL

(2009)

0 TL

(2010)

60.231 TL

(2011)

1.351.306 TL

(2012)

683.675 TL

(01.01-31.03.2013)

 

 

EXPORT COUNTRIES

:

Switzerland

Turkish Republics

U.S.A.

Germany

China

Ukraine

Malaysia

Saudi Arabia

 

MERCHANDISE  EXPORTED

:

Carpet

Jute Yarn

Textile fibres

 

HEAD OFFICE ADDRESS

:

2. Organize Sanayi Bolgesi Celal Dogan Bulvari 2 Nolu Sok. No:1 Baspinar  Gaziantep / Turkey ( owned )

 

BRANCHES

:

Factory  :  2.Organize Sanayi Bolgesi (Idle) Gaziantep/Turkey

 

Head Office/Factory  :  2. Organize Sanayi Bolgesi Celal Dogan Bulvari 2 Nolu Sok. No:1 Baspinar Gaziantep/Turkey (owned) (17.000 sqm)

                                                                                

INVESTMENTS

:

Machinery investments are going on.     

 

 

TREND OF BUSINESS

:

There was an upwards trend in 2012.

SIZE OF BUSINESS

:

Giant

 

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Finansbank Gaziantep Branch

ING Bank Gaziantep Branch

T. Is Bankasi Gaziantep Ticari Branch

Turk Ekonomi Bankasi Guneydogu Anadolu Kurumsal Branch

Yapi ve Kredi Bankasi Kurumsal Branch

 

CREDIT FACILITIES

:

The subject company is making active use of credit facilities.

 

PAYMENT BEHAVIOUR

:

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

 

KEY FINANCIAL ELEMENTS

:

 

(2009) TL

(2010) TL

(2011) TL

(2012) TL

(01.01-31.03.2013) TL

Net Sales

40.660.941

57.238.016

71.057.591

133.226.852

33.263.222

Profit (Loss) Before Tax

297.460

388.003

360.420

1.795.825

287.716

Stockholders' Equity

16.042.373

18.489.876

20.773.278

42.263.225

 

Total Assets

32.269.062

55.474.180

88.577.805

147.121.066

 

Current Assets

13.462.591

32.487.738

47.822.598

89.822.859

 

Non-Current Assets

18.806.471

22.986.442

40.755.207

57.298.207

 

Current Liabilities

6.615.183

18.664.195

30.564.586

80.868.622

 

Long-Term Liabilities

9.611.506

18.320.109

37.239.941

23.989.219

 

Gross Profit (loss)

699.842

1.248.110

5.620.093

5.151.730

1.522.216

Operating Profit (loss)

288.964

892.654

4.977.836

4.001.894

1.217.082

Net Profit (loss)

297.460

326.960

303.546

1.508.715

287.716

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Insufficient As of 31.12.2012

Liquidity

Insufficient As of 31.12.2012

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

Low Operating Profitability  in 2009

Low Net Profitability  in 2009

Fair Operating Profitability  in 2010

Low Net Profitability  in 2010

Good Operating Profitability  in 2011

Low Net Profitability  in 2011

Fair Operating Profitability  in 2012

Low Net Profitability  in 2012

In Order Operating Profitability (01.01-31.03.2013)

Low Net Profitability (01.01-31.03.2013)

 

Gap between average collection and payable periods

Unfavorable in 2012

General Financial Position

Unsatisfactory

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 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

 ( 01.01-30.06.2013)

2,46 %

1,8251

2,3936

2,8262

 

BALANCE SHEETS

 

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL

 

CURRENT ASSETS

13.462.591

0,42

32.487.738

0,59

47.822.598

0,54

89.822.859

0,61

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

335.632

0,01

678.630

0,01

4.675.126

0,05

803.128

0,01

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

11.725.752

0,36

18.937.336

0,34

12.063.218

0,14

59.002.621

0,40

Other Receivable

44.083

0,00

66.756

0,00

228.385

0,00

319.416

0,00

Inventories

909.598

0,03

11.078.002

0,20

27.842.070

0,31

25.861.311

0,18

Advances Given

447.526

0,01

1.369.263

0,02

2.494.384

0,03

2.941.971

0,02

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

0

0,00

357.751

0,01

519.415

0,01

894.412

0,01

NON-CURRENT ASSETS

18.806.471

0,58

22.986.442

0,41

40.755.207

0,46

57.298.207

0,39

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)

18.768.093

0,58

21.457.391

0,39

33.694.476

0,38

37.428.240

0,25

Intangible Assets

14.390

0,00

1.445.330

0,03

7.060.731

0,08

19.822.163

0,13

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

23.988

0,00

83.721

0,00

0

0,00

47.804

0,00

TOTAL ASSETS

32.269.062

1,00

55.474.180

1,00

88.577.805

1,00

147.121.066

1,00

CURRENT LIABILITIES

6.615.183

0,21

18.664.195

0,34

30.564.586

0,35

80.868.622

0,55

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

2.267.922

0,07

13.731.463

0,25

16.382.792

0,18

45.260.462

0,31

Accounts Payable

4.226.159

0,13

4.571.075

0,08

10.271.886

0,12

33.599.197

0,23

Loans from Shareholders

0

0,00

0

0,00

2.396.015

0,03

0

0,00

Other Short-term Payable

22.881

0,00

154.479

0,00

382.761

0,00

373.254

0,00

Advances from Customers

64.597

0,00

133.304

0,00

950.427

0,01

1.118.331

0,01

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

33.624

0,00

73.874

0,00

180.705

0,00

230.268

0,00

Provisions

0

0,00

0

0,00

0

0,00

287.110

0,00

Other Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

LONG-TERM LIABILITIES

9.611.506

0,30

18.320.109

0,33

37.239.941

0,42

23.989.219

0,16

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

5.190.871

0,16

5.427.105

0,10

13.800.356

0,16

21.023.304

0,14

Securities Issued

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Payable

3.578.540

0,11

4.354.477

0,08

17.470.131

0,20

625.944

0,00

Loans from Shareholders

842.095

0,03

8.538.527

0,15

5.969.454

0,07

2.339.971

0,02

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

16.042.373

0,50

18.489.876

0,33

20.773.278

0,23

42.263.225

0,29

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

15.861.060

0,49

18.000.000

0,32

20.000.000

0,23

40.000.000

0,27

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

102.836

0,00

162.916

0,00

469.732

0,01

754.510

0,01

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

-218.983

-0,01

0

0,00

0

0,00

0

0,00

Net Profit (loss)

297.460

0,01

326.960

0,01

303.546

0,00

1.508.715

0,01

TOTAL LIABILITIES AND EQUITY

32.269.062

1,00

55.474.180

1,00

88.577.805

1,00

147.121.066

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. 

 

 

INCOME STATEMENTS

 

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

(2012) TL

 

(01.01-31.03.2013) TL

 

Net Sales

40.660.941

1,00

57.238.016

1,00

71.057.591

1,00

133.226.852

1,00

33.263.222

1,00

Cost of Goods Sold

39.961.099

0,98

55.989.906

0,98

65.437.498

0,92

128.075.122

0,96

31.741.006

0,95

Gross Profit

699.842

0,02

1.248.110

0,02

5.620.093

0,08

5.151.730

0,04

1.522.216

0,05

Operating Expenses

410.878

0,01

355.456

0,01

642.257

0,01

1.149.836

0,01

305.134

0,01

Operating Profit

288.964

0,01

892.654

0,02

4.977.836

0,07

4.001.894

0,03

1.217.082

0,04

Other Income

1.626.158

0,04

1.564.229

0,03

2.857.361

0,04

4.061.051

0,03

714.693

0,02

Other Expenses

1.126.984

0,03

1.606.226

0,03

6.030.258

0,08

3.813.438

0,03

571.028

0,02

Financial Expenses

490.678

0,01

462.654

0,01

1.444.519

0,02

2.453.682

0,02

1.073.031

0,03

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

297.460

0,01

388.003

0,01

360.420

0,01

1.795.825

0,01

287.716

0,01

Tax Payable

0

0,00

61.043

0,00

56.874

0,00

287.110

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)

297.460

0,01

326.960

0,01

303.546

0,00

1.508.715

0,01

287.716

0,01

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

(2011)

(2012)

LIQUIDITY RATIOS

 

 

Current Ratio

2,04

1,74

1,56

1,11

Acid-Test Ratio

1,83

1,05

0,56

0,74

Cash Ratio

0,05

0,04

0,15

0,01

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,03

0,20

0,31

0,18

Short-term Receivable/Total Assets

0,36

0,34

0,14

0,40

Tangible Assets/Total Assets

0,58

0,39

0,38

0,25

TURNOVER RATIOS

 

 

Inventory Turnover

43,93

5,05

2,35

4,95

Stockholders' Equity Turnover

2,53

3,10

3,42

3,15

Asset Turnover

1,26

1,03

0,80

0,91

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,50

0,33

0,23

0,29

Current Liabilities/Total Assets

0,21

0,34

0,35

0,55

Financial Leverage

0,50

0,67

0,77

0,71

Gearing Percentage

1,01

2,00

3,26

2,48

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,02

0,02

0,01

0,04

Operating Profit Margin

0,01

0,02

0,07

0,03

Net Profit Margin

0,01

0,01

0,00

0,01

Interest Cover

1,61

1,84

1,25

1,73

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

103,82

119,11

61,12

159,43

Average Payable Period (days)

70,31

57,39

152,62

96,20

WORKING CAPITAL

6847408,00

13823543,00

17258012,00

8954237,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.34

UK Pound

1

Rs.90.79

Euro

1

Rs.77.81

 

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

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NB

New Business

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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.