MIRA INFORM REPORT

 

 

Report Date :

07.05.2013

 

IDENTIFICATION DETAILS

 

Name :

MUTAS HALI IMALATI SANAYI TICARET LTD. STI.

 

 

Formerly Known As :

MUTAS ITHALAT IHRACAT LTD. STI.

 

 

Registered Office :

4. Organize Sanayi Bolgesi Mah. 83415 Nolu Cad. No:5 Sehitkamil  Gaziantep

 

 

Country :

Turkey

 

 

Financials (as on) :

30.09.2012

 

 

Date of Incorporation :

12.09.1997

 

 

Com. Reg. No.:

19753

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacture and trade of carpet and yarn. 

 

 

No. of Employees :

226

 

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 – March 31st, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

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

:

MUTAS HALI IMALATI SANAYI TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

4. Organize Sanayi Bolgesi Mah. 83415 Nolu Cad. No:5 Sehitkamil  Gaziantep / Turkey

PHONE NUMBER

:

90-342-337 91 90-91

 

FAX NUMBER

:

90-342-337 91 92

 

WEB-ADDRESS

:

www.mutascarpet.com.tr

E-MAIL

:

info@mutascarpet.com.tr

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Gazikent

TAX NO

:

6250068524

REGISTRATION NUMBER

:

19753

REGISTERED OFFICE

:

Gaziantep Chamber of Commerce

DATE ESTABLISHED

:

12.09.1997

ESTABLISHMENT GAZETTE DATE/NO

:

25.09.1997/4384

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   10.000.000

PAID-IN CAPITAL

:

TL   10.000.000

 

HISTORY

:

Previous Name

:

Mutas Ithalat Ihracat Ltd. Sti.

Changed On

:

07.02.2004 (Commercial Gazette Date /Number 18.02.2005/ 6243)

Previous Registered Capital

:

TL 3.000.000

Changed On

:

16.06.2008 (Commercial Gazette Date /Number 03.07.2008/ 7097)

Previous Registered Capital

:

TL 7.000.000

Changed On

:

07.03.2011 (Commercial Gazette Date /Number 15.03.2011/ 7772)

Previous Address

:

3. Organize Sanayi Bolgesi Celal Dogan Bulvari No:46 Sehitkamil Gaziantep (The address was changed from"2. Organize San. Bolg. Celal Dogan Bulv. No:36 Gaziantep" by the municipality.)

Changed On

:

31.12.2012 (Commercial Gazette Date /Number 09.01.2013/ 8232)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Huseyin Ulutas

50 %

Mahmut Ulutas

50 %

 

 

SISTER COMPANIES

:

POST HALI ITHALAT IHRACAT LTD. STI.

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Huseyin Ulutas                                                                                                                                                                                                                                                                                   

 

Mahmut Ulutas                                                                                                                                                                                                                                                                                   

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Manufacture and trade of carpet and yarn. 

 

NACE CODE

:

DB.17.51

 

SECTOR

:

Textile

 

NUMBER OF EMPLOYEES

:

226

 

NET SALES

:

11.480.122 TL

(2006) 

13.551.274 TL

(2007) 

14.719.394 TL

(2008) 

15.693.015 TL

(2009) 

24.413.035 TL

(2010) 

36.694.214 TL

(2011) 

33.892.207 TL

(01.01-30.09.2012) 

 

 

CAPACITY

:

Carpet 

( Sqm/yr)

 

 

 

3.000.000

 

 

(2012)

 

 

 

 

IMPORT VALUE

:

781.606 USD

(2007)

4.013.327 USD + 134.326 EUR

(2008)

4.665.427 USD

(2009)

7.965.000 USD

(2010)

9.821.084 USD

(2011)

 

 

IMPORT COUNTRIES

:

U.K.

Iran

Switzerland

Bangladesh

India

Netherlands

Egypt

 

MERCHANDISE IMPORTED

:

Machinery

Raw materials

Spare parts

 

EXPORT VALUE

:

2.627 TL

(2009)

0 TL

(2010)

0 TL

(2011)

14.095 TL

(01.01-30.09.2012)

 

 

EXPORT COUNTRIES

:

India

Saudi Arabia

U.S.A.

France

Bosnia and Herzegovina

Greece

U.K.

Croatia

 

MERCHANDISE  EXPORTED

:

Yarn

 

HEAD OFFICE ADDRESS

:

4. Organize Sanayi Bolgesi Mah. 83415 Nolu Cad. No:5 Sehitkamil   Gaziantep / Turkey ( owned )

 

 

BRANCHES

:

Factory  :  3. Organize Sanayi Bolgesi Celal Dogan Bulvari No:46 Sehitkamil Gaziantep/Turkey (owned) (7.500 sqm)

 

Factory  :  Organize Sanayi Bolgesi 20 Nolu Cad. No:6 Kilis/Turkey (owned) (3.840 sqm)

 

Head Office/Factory  :  4. Organize Sanayi Bolgesi Mah. 83415 Nolu Cad. No:5 Sehitkamil Gaziantep/Turkey     

 

TREND OF BUSINESS

:

There was an upwards trend in  2011. There appears an upwards trend in  1.1 - 30.9.2012.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Akbank Ticari Branch

Asya Katilim Bankasi Merkez Branch

Garanti Bankasi Sehitkamil Branch

ING Bank Merkez Branch

Sekerbank Merkez Branch

T. Is Bankasi Organize Branch

Yapi ve Kredi Bankasi Sehitkamil Branch

 

CREDIT FACILITIES

:

The subject company is making active 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

(01.01-30.09.2012) TL

Net Sales

14.719.394

15.693.015

24.413.035

36.694.214

33.892.207

Profit (Loss) Before Tax

495.179

504.540

569.970

761.663

846.026

Stockholders' Equity

7.495.179

7.895.160

8.354.797

10.694.654

11.540.681

Total Assets

19.576.988

20.595.333

28.376.990

56.724.594

66.043.069

Current Assets

8.958.032

10.388.124

17.685.686

24.768.275

30.743.391

Non-Current Assets

10.618.956

10.207.209

10.691.304

31.956.319

35.299.678

Current Liabilities

8.265.320

7.549.894

17.149.856

27.533.630

35.294.611

Long-Term Liabilities

3.816.489

5.150.279

2.872.337

18.496.310

19.207.777

Gross Profit (loss)

2.172.260

1.969.500

1.751.455

6.599.225

2.632.674

Operating Profit (loss)

1.563.029

1.255.909

999.840

5.610.970

1.723.528

Net Profit (loss)

495.179

399.981

459.636

626.915

846.026

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Low As of 30.09.2012

Liquidity

Low As of 30.09.2012

Remarks On Liquidity

The favorable gap between average collection and average payable period has a positive effect on liquidity.

Profitability

High Operating Profitability  in 2008

In Order Net Profitability  in 2008

Good Operating Profitability  in 2009

In Order Net Profitability  in 2009

In Order Operating Profitability  in 2010

Fair Net Profitability  in 2010

High Operating Profitability  in 2011

Fair Net Profitability  in 2011

In Order Operating Profitability (01.01-30.09.2012)

Fair Net Profitability (01.01-30.09.2012)

 

Gap between average collection and payable periods

Favorable in 01.01-30.09.2012

General Financial Position

Not in order

 

 

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

 ( 01.01-30.09.2012)

3,34 %

1,8029

2,3233

2,8527

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

 ( 30.09.2012 )  TL

 

CURRENT ASSETS

8.958.032

0,46

10.388.124

0,50

17.685.686

0,62

24.768.275

0,44

30.743.391

0,47

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

474.993

0,02

154.496

0,01

141.736

0,00

189.612

0,00

798.905

0,01

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

3.321.365

0,17

2.834.203

0,14

4.868.220

0,17

7.550.831

0,13

12.313.054

0,19

Other Receivable

294.359

0,02

307.207

0,01

554.244

0,02

900.691

0,02

1.065.864

0,02

Inventories

4.755.569

0,24

6.990.602

0,34

11.979.615

0,42

15.035.847

0,27

15.856.939

0,24

Advances Given

111.746

0,01

41.360

0,00

141.871

0,00

524.351

0,01

17.470

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

0

0,00

60.256

0,00

0

0,00

566.943

0,01

691.159

0,01

NON-CURRENT ASSETS

10.618.956

0,54

10.207.209

0,50

10.691.304

0,38

31.956.319

0,56

35.299.678

0,53

Not Detailed Non-Current Assets

0

0,00

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

0

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

4.942.228

0,25

5.825.657

0,28

4.454.139

0,16

15.621.835

0,28

16.316.487

0,25

Intangible Assets

5.575.638

0,28

4.333.171

0,21

6.152.035

0,22

16.153.381

0,28

18.933.978

0,29

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

101.090

0,01

48.381

0,00

85.130

0,00

181.103

0,00

49.213

0,00

TOTAL ASSETS

19.576.988

1,00

20.595.333

1,00

28.376.990

1,00

56.724.594

1,00

66.043.069

1,00

CURRENT LIABILITIES

8.265.320

0,42

7.549.894

0,37

17.149.856

0,60

27.533.630

0,49

35.294.611

0,53

Not Detailed Current Liabilities

0

0,00

0

0,00

4.068

0,00

0

0,00

0

0,00

Financial Loans

2.315.171

0,12

1.747.857

0,08

3.703.824

0,13

10.332.077

0,18

15.406.092

0,23

Accounts Payable

5.546.996

0,28

4.958.004

0,24

10.530.766

0,37

15.781.756

0,28

19.397.734

0,29

Loans from Shareholders

0

0,00

359.171

0,02

1.712.422

0,06

0

0,00

0

0,00

Other Short-term Payable

82.503

0,00

94.296

0,00

129.809

0,00

157.210

0,00

198.623

0,00

Advances from Customers

148.981

0,01

203.175

0,01

953.381

0,03

965.758

0,02

21.498

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

49.940

0,00

100.910

0,00

115.586

0,00

177.810

0,00

178.492

0,00

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Liabilities

121.729

0,01

86.481

0,00

0

0,00

119.019

0,00

92.172

0,00

LONG-TERM LIABILITIES

3.816.489

0,19

5.150.279

0,25

2.872.337

0,10

18.496.310

0,33

19.207.777

0,29

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

3.816.489

0,19

2.715.517

0,13

2.872.337

0,10

16.126.310

0,28

17.411.424

0,26

Securities Issued

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Payable

0

0,00

2.434.762

0,12

0

0,00

0

0,00

0

0,00

Loans from Shareholders

0

0,00

0

0,00

0

0,00

2.370.000

0,04

1.796.353

0,03

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

7.495.179

0,38

7.895.160

0,38

8.354.797

0,29

10.694.654

0,19

11.540.681

0,17

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

7.000.000

0,36

7.000.000

0,34

7.000.000

0,25

10.000.000

0,18

10.000.000

0,15

Cross Shareholding Adjustment of Capital

0

0,00

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

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

0

0,00

495.179

0,02

895.161

0,03

67.739

0,00

694.655

0,01

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)

495.179

0,03

399.981

0,02

459.636

0,02

626.915

0,01

846.026

0,01

TOTAL LIABILITIES AND EQUITY

19.576.988

1,00

20.595.333

1,00

28.376.990

1,00

56.724.594

1,00

66.043.069

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 2.537.393 of the other income is due to "Profit from Foreign Currency Exchange". 

 

At the last income statement TL 1.060.632 of the other expenses is due to "Loss from Foreign Currency Exchange" . 

 

 

INCOME STATEMENTS

 

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

(01.01-30.09.2012) TL

 

Net Sales

14.719.394

1,00

15.693.015

1,00

24.413.035

1,00

36.694.214

1,00

33.892.207

1,00

Cost of Goods Sold

12.547.134

0,85

13.723.515

0,87

22.661.580

0,93

30.094.989

0,82

31.259.533

0,92

Gross Profit

2.172.260

0,15

1.969.500

0,13

1.751.455

0,07

6.599.225

0,18

2.632.674

0,08

Operating Expenses

609.231

0,04

713.591

0,05

751.615

0,03

988.255

0,03

909.146

0,03

Operating Profit

1.563.029

0,11

1.255.909

0,08

999.840

0,04

5.610.970

0,15

1.723.528

0,05

Other Income

724.546

0,05

1.908.179

0,12

1.183.406

0,05

2.027.078

0,06

2.580.574

0,08

Other Expenses

1.315.662

0,09

1.324.304

0,08

616.390

0,03

3.929.018

0,11

1.648.210

0,05

Financial Expenses

476.734

0,03

1.335.244

0,09

996.886

0,04

2.947.367

0,08

1.809.866

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

495.179

0,03

504.540

0,03

569.970

0,02

761.663

0,02

846.026

0,02

Tax Payable

0

0,00

104.559

0,01

110.334

0,00

134.748

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)

495.179

0,03

399.981

0,03

459.636

0,02

626.915

0,02

846.026

0,02

 

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

(2011)

(01.01-30.09.2012)

LIQUIDITY RATIOS

 

Current Ratio

1,08

1,38

1,03

0,90

0,87

Acid-Test Ratio

0,49

0,44

0,32

0,31

0,40

Cash Ratio

0,06

0,02

0,01

0,01

0,02

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,24

0,34

0,42

0,27

0,24

Short-term Receivable/Total Assets

0,18

0,15

0,19

0,15

0,20

Tangible Assets/Total Assets

0,25

0,28

0,16

0,28

0,25

TURNOVER RATIOS

 

Inventory Turnover

2,64

1,96

1,89

2,00

1,97

Stockholders' Equity Turnover

1,96

1,99

2,92

3,43

2,94

Asset Turnover

0,75

0,76

0,86

0,65

0,51

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,38

0,38

0,29

0,19

0,17

Current Liabilities/Total Assets

0,42

0,37

0,60

0,49

0,53

Financial Leverage

0,62

0,62

0,71

0,81

0,83

Gearing Percentage

1,61

1,61

2,40

4,30

4,72

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,07

0,05

0,06

0,06

0,07

Operating Profit Margin

0,11

0,08

0,04

0,15

0,05

Net Profit Margin

0,03

0,03

0,02

0,02

0,02

Interest Cover

2,04

1,38

1,57

1,26

1,47

COLLECTION-PAYMENT

 

Average Collection Period (days)

81,23

65,02

71,79

74,08

130,79

Average Payable Period (days)

159,15

193,93

167,29

188,78

223,39

WORKING CAPITAL

692712,00

2838230,00

535830,00

-2765355,00

-4551220,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.95

UK Pound

1

Rs.84.03

Euro

1

Rs.70.72

 

INFORMATION DETAILS

 

Report Prepared by :

NIT

 

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.