MIRA INFORM REPORT

 

 

Report Date :

07.03.2013

 

IDENTIFICATION DETAILS

 

Correct Name 

TASARIM TEKSTIL INSAAT DEKORASYON VE REKLAMCILIK SANAYI VE TICARET LTD. STI.  

 

 

Registered Office :

Besyol Mah. Eski Londra Asfalti Saracoglu Is Merkezi No:18 Kat:1 Sefakoy-Kucukcekmece Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

2012

 

 

Date of Incorporation :

15.05.1996

 

 

Com. Reg. No.:

346636

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacture and trade of home textile products

 

 

No. of Employees :

250

 

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

 

Status :

Satisfactory 

 

 

Payment Behaviour :

Usually Correct

 

 

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

 

 

 

 

REMARKS

:

The name stated at your inquiry as "HOME SWEET HOME" is the trademark of "TASARIM TEKSTIL INSAAT DEKORASYON VE REKLAMCILIK SANAYI VE TICARET LTD. STI.".

 

COMPANY IDENTIFICATION

 

 

NAME

:

TASARIM TEKSTIL INSAAT DEKORASYON VE REKLAMCILIK SANAYI VE TICARET LTD. STI. 

HEAD OFFICE ADDRESS

:

Besyol Mah. Eski Londra Asfalti Saracoglu Is Merkezi No:18 Kat:1 Sefakoy-Kucukcekmece Istanbul / Turkey

PHONE NUMBER

:

90-212-624 90 34

 

FAX NUMBER

:

90-212-624 90 35

 

WEB-ADDRESS

:

www.homesweethome.com.tr

E-MAIL

:

info@homesweethome.com.tr

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Marmara Kurumlar

TAX NO

:

8250231581

REGISTRATION NUMBER

:

346636

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

15.05.1996

ESTABLISHMENT GAZETTE DATE /NO

:

22.05.1996/4042

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   7.200.000

HISTORY

:

Previous Registered Capital

:

TL 1.500.000

Changed On

:

21.12.2009 (Commercial Gazette Date /Number 24.12.2009/ 7465)

Previous Registered Capital

:

TL 1.660.000

Changed On

:

14.05.2010 (Commercial Gazette Date /Number 21.05.2010/ 7568)

Merger

:

The subject took over and merged with "Odak Ev Tekstil Sanayi Ve Ticaret Ltd. Sti. "

Changed On

:

14.05.2010 (Commercial Gazette Date /Number 21.05.2010/ 7568)

Other Changes

:

The registered capital was increased from TL 6.600.000 to TL 7.200.000. TL 351.224,98 of this increase was financed by all of the assets and liabilities of the sole-proprietorship named as “ABDULKADIR KALAYCIOGLU” as capital share of  “ABDULKADIR KALAYCIOGLU” and the rest TL 248.775,02 by cash.

Changed On

:

31.12.2012 (Commercial Gazette Date /Number 10.01.2013/ 8233)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Abdulkadir Kalaycioglu

63 %

Alev Pakten

37 %

 

 

SISTER COMPANIES

:

HSH LIMITED (GREECE)

 

DIRECTORS

:

Alev Pakten

 

Abdulkadir Kalaycioglu

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Manufacture and trade of home textile products. 

 

The subject is declared that it has 17 branch offices.

 

NACE CODE

:

DB.17.40

 

SECTOR

:

Textile

 

TRADEMARKS OWNED

:

Estetika

Home Sweet Home

HSH Collection

 

NUMBER OF EMPLOYEES

:

250

 

NET SALES

:

14.219.155 TL

(2009) 

16.703.149 TL

(2010) 

20.782.971 TL

(2011) 

24.530.115 TL

(2012) 

 

 

IMPORT VALUE

:

2.555.000 USD + 143.545 EUR

(2011)

 

 

IMPORT COUNTRIES

:

China

Belgium

India

Hong-Kong

 

MERCHANDISE IMPORTED

:

Fabric

Raw materials

 

EXPORT VALUE

:

2.931.353 TL

(2009)

3.219.392 TL

(2010)

3.524.480 TL

(2011)

5.796.435 TL

(2012)

 

 

EXPORT COUNTRIES

:

Greece

Saudi Arabia

Libya

Azerbaijan

Bosnia and Herzegovina

Egypt

U.A.E.

 

MERCHANDISE  EXPORTED

:

Home textile products

Kitchenware

Table

Wood ornaments

 

HEAD OFFICE ADDRESS

:

Besyol Mah. Eski Londra Asfalti Saracoglu Is Merkezi No:18 Kat:1 Sefakoy-Kucukcekmece Istanbul / Turkey (rented)

 

 

BRANCHES

:

Store  :  Zeytinlik Mah. Fisekhane Cad. No:7 Capacity AVM No:1 B04 Bakirkoy Istanbul/Turkey

 

Store  :  Baglarbasi Mahallesi Bagdat Caddesi 399/A Istanbul/Turkey

 

Store  :  Caddebostan Plajyolu No.4 Kadikoy Istanbul/Turkey

 

Head Office/Factory  :  Store/Warehouse: Besyol Mah. Eski Londra Asfalti Saracoglu Is Merkezi No:18 Kat:1 Sefakoy-Kucukcekmece Istanbul/Turkey (rented)

 

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2012.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Finansbank Gunesli Branch

Garanti Bankasi Florya Branch

HSBC Bank Ikitelli OSB Branch

T. Is Bankasi Florya Branch

Yapi Kredi Bankasi Sanayi 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

:

 

(2010) TL

(2011) TL

(2012) TL

 

 

Net Sales

16.703.149

20.782.971

24.530.115

 

 

Profit (Loss) Before Tax

964.111

748.240

1.091.886

 

 

Stockholders' Equity

7.424.295

7.995.894

 

 

 

Total Assets

15.838.620

19.638.645

 

 

 

Current Assets

14.694.391

15.416.689

 

 

 

Non-Current Assets

1.144.229

4.221.956

 

 

 

Current Liabilities

6.223.982

7.546.432

 

 

 

Long-Term Liabilities

2.190.343

4.096.319

 

 

 

Gross Profit (loss)

6.917.785

8.286.490

10.752.817

 

 

Operating Profit (loss)

1.327.130

1.255.076

1.733.260

 

 

Net Profit (loss)

763.307

571.599

860.244

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Satisfactory

Remarks on Capitalization

There has been capital increase after the last balance sheet date. The capital increase is expected to have a slight positive effect on equity total since the last balance sheet date.

 

Liquidity

Satisfactory 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

Good Operating Profitability  in 2010

Good Net Profitability  in 2010

Good Operating Profitability  in 2011

In Order Net Profitability  in 2011

Good Operating Profitability  in 2012

Good Net Profitability  in 2012

 

Gap between average collection and payable periods

Favorable in 2011

General Financial Position

Satisfactory

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 01.01-31.01.2013)

-0,18 %

1,7748

2,3734

2,8382

 

 

BALANCE SHEETS

 

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

14.694.391

0,93

15.416.689

0,79

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

113.240

0,01

230.714

0,01

Marketable Securities

0

0,00

0

0,00

Account Receivable

5.959.659

0,38

5.973.830

0,30

Other Receivable

71.269

0,00

102.265

0,01

Inventories

7.251.652

0,46

7.126.594

0,36

Advances Given

504.626

0,03

1.025.723

0,05

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

793.945

0,05

957.563

0,05

NON-CURRENT ASSETS

1.144.229

0,07

4.221.956

0,21

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

2.655

0,00

2.655

0,00

Financial Assets

150

0,00

1.150

0,00

Tangible Fixed Assets (net)

718.257

0,05

3.398.903

0,17

Intangible Assets

244.857

0,02

580.269

0,03

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

178.310

0,01

238.979

0,01

TOTAL ASSETS

15.838.620

1,00

19.638.645

1,00

CURRENT LIABILITIES

6.223.982

0,39

7.546.432

0,38

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

Accounts Payable

3.202.963

0,20

4.143.464

0,21

Loans from Shareholders

479.334

0,03

21.902

0,00

Other Short-term Payable

130.188

0,01

177.069

0,01

Advances from Customers

2.278.224

0,14

2.984.398

0,15

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

133.273

0,01

219.599

0,01

Provisions

0

0,00

0

0,00

Other Current Liabilities

0

0,00

0

0,00

LONG-TERM LIABILITIES

2.190.343

0,14

4.096.319

0,21

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

2.184.901

0,14

3.811.039

0,19

Securities Issued

0

0,00

0

0,00

Long-term Payable

0

0,00

75.651

0,00

Loans from Shareholders

0

0,00

0

0,00

Other Long-term Liabilities

5.442

0,00

209.629

0,01

Provisions

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

7.424.295

0,47

7.995.894

0,41

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

6.600.000

0,42

6.600.000

0,34

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

60.988

0,00

824.295

0,04

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

Net Profit (loss)

763.307

0,05

571.599

0,03

TOTAL LIABILITIES AND EQUITY

15.838.620

1,00

19.638.645

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

 

 

(2010) TL

 

(2011) TL

 

(2012) TL

 

Net Sales

16.703.149

1,00

20.782.971

1,00

24.530.115

1,00

Cost of Goods Sold

9.785.364

0,59

12.496.481

0,60

13.777.298

0,56

Gross Profit

6.917.785

0,41

8.286.490

0,40

10.752.817

0,44

Operating Expenses

5.590.655

0,33

7.031.414

0,34

9.019.557

0,37

Operating Profit

1.327.130

0,08

1.255.076

0,06

1.733.260

0,07

Other Income

637.722

0,04

899.350

0,04

600.345

0,02

Other Expenses

668.763

0,04

833.930

0,04

450.723

0,02

Financial Expenses

331.978

0,02

572.256

0,03

790.996

0,03

Minority Interests

0

0,00

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

0

0,00

Profit (loss) Before Tax

964.111

0,06

748.240

0,04

1.091.886

0,04

Tax Payable

200.804

0,01

176.641

0,01

231.642

0,01

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

763.307

0,05

571.599

0,03

860.244

0,04

 

 

FINANCIAL RATIOS

 

 

(2010)

(2011)

LIQUIDITY RATIOS

 

 

Current Ratio

2,36

2,04

Acid-Test Ratio

0,99

0,84

Cash Ratio

0,02

0,03

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,46

0,36

Short-term Receivable/Total Assets

0,38

0,31

Tangible Assets/Total Assets

0,05

0,17

TURNOVER RATIOS

 

 

Inventory Turnover

1,35

1,75

Stockholders' Equity Turnover

2,25

2,60

Asset Turnover

1,05

1,06

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,47

0,41

Current Liabilities/Total Assets

0,39

0,38

Financial Leverage

0,53

0,59

Gearing Percentage

1,13

1,46

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,10

0,07

Operating Profit Margin

0,08

0,06

Net Profit Margin

0,05

0,03

Interest Cover

3,90

2,31

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

128,50

103,52

Average Payable Period (days)

117,84

121,54

WORKING CAPITAL

8470409,00

7870257,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.71

UK Pound

1

Rs.82.79

Euro

1

Rs.71.43

 

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%)

 

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.