MIRA INFORM REPORT

           

 

 

Report Date :

15.05.2013

 

IDENTIFICATION DETAILS

 

Name :

A-R HALICILIK TURIZM SANAYI VE TICARET A.S.

 

 

Registered Office :

Acipayam Yol Kavsagi Tavas Denizli

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

26.06.2006

 

 

Com. Reg. No.:

1256

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Weaving and trade of silk and wool carpet. 

 

 

No. of Employees :

90

 

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

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 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

:

A-R HALICILIK TURIZM SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Acipayam Yol Kavsagi Tavas Denizli / Turkey

PHONE NUMBER

:

90-258-637 45 00

 

FAX NUMBER

:

90-258-637 44 98

 

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Tavas

TAX NO

:

0010579790

REGISTRATION NUMBER

:

1256

REGISTERED OFFICE

:

Tavas Chamber of Commerce

DATE ESTABLISHED

:

26.06.2006

ESTABLISHMENT GAZETTE DATE/NO

:

27.07.2006/6608

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   500.000

PAID-IN CAPITAL

:

TL   500.000

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Ahmet Rasim Gumusgerdan

99 %

Sedat Aksamaz

0,25 %

Mehmet Karaer

0,25 %

Mehmet Asim Gumusgerdan

0,25 %

Senol Dalancikar

0,25 %

 

 

SISTER COMPANIES

:

KESISYAN VE GUMUSGERDAN HALI KUYUMCULUK SANAYI VE TICARET LTD. STI.

 

SUBSIDIARIES

:

None

 

BOARD OF DIRECTORS

:

Mehmet Asim Gumusgerdan

Chairman

Mehmet Karaer

Member

Sedat Aksamaz

Member

Senol Dalancikar

Member

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Weaving and trade of silk and wool carpet. 

 

NACE CODE

:

DB.17.51

 

SECTOR

:

Textile

 

NUMBER OF EMPLOYEES

:

90

 

NET SALES

:

10.071.580 TL

(2009) 

10.648.068 TL

(2010) 

23.954.752 TL

(2011) 

21.506.104 TL

(2012) 

 

 

IMPORT VALUE

:

115.668 USD + 250 EUR

(2010)

468.796 USD

(01.01-30.11.2011)

 

 

IMPORT COUNTRIES

:

China

India

 

MERCHANDISE IMPORTED

:

Silk carpet

Wool carpet

 

EXPORT VALUE

:

7.039.828 TL

(2009)

8.818.629 TL

(2010)

15.975.972 TL

(2011)

8.807.207 TL

(2012)

 

 

EXPORT COUNTRIES

:

Russia

Bulgaria

Czech Republic

Lithuania

Austria

Greece

U.K.

France

 

MERCHANDISE  EXPORTED

:

Carpet

Hand-woven rugs

 

HEAD OFFICE ADDRESS

:

Acipayam Yol Kavsagi Tavas  Denizli / Turkey  (rented)

 

BRANCHES

:

Head Office/Factory  :  Acipayam Yol Kavsagi Tavas Denizli/Turkey (rented) (11.000 sqm)

 

Branch Office  :  Izmir Cad. Yolcati Mevkii Bergama Izmir/Turkey

 

INVESTMENTS

:

None

 

 

TREND OF BUSINESS

:

There was a decline at business volume in nominal terms in  2012.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Akbank Denizli Branch

Garanti Bankasi Denizli Branch

T. Is Bankasi Tavas Branch

T.C. Ziraat Bankasi Serinhisar Branch

 

CREDIT FACILITIES

:

The subject company is making use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge in the last years.

 

 

KEY FINANCIAL ELEMENTS

:

 

(2009) TL

(2010) TL

(2011) TL

(2012) TL

 

Net Sales

10.071.580

10.648.068

23.954.752

21.506.104

 

Profit (Loss) Before Tax

885.562

683.064

888.570

979.794

 

Stockholders' Equity

1.208.724

1.718.331

2.893.192

3.692.554

 

Total Assets

14.078.278

15.178.581

19.599.497

18.685.321

 

Current Assets

13.977.710

15.034.074

19.346.477

18.403.125

 

Non-Current Assets

100.568

144.507

253.020

282.196

 

Current Liabilities

12.869.554

13.460.250

16.706.305

14.992.767

 

Long-Term Liabilities

0

0

0

0

 

Gross Profit (loss)

6.808.150

7.386.368

20.262.651

15.036.755

 

Operating Profit (loss)

1.224.228

1.172.598

2.241.194

1.264.943

 

Net Profit (loss)

660.661

509.608

674.861

799.362

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Low As of 31.12.2012

Liquidity

Insufficient As of 31.12.2012

Remarks On Liquidity

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

Profitability

High Operating Profitability  in 2009

High Net Profitability  in 2009

High 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 2012

General Financial Position

Unsatisfactory

 

 

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

 ( 01.01-30.11.2011)

12,20 %

1,6616

2,3280

2,6658

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 ( 01.01-30.04.2013)

-0,01 %

1,7920

2,3566

2,7927

 

 

BALANCE SHEETS

 

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL

 

CURRENT ASSETS

13.977.710

0,99

15.034.074

0,99

19.346.477

0,99

18.403.125

0,98

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

51.275

0,00

1.073.977

0,07

252.304

0,01

129.652

0,01

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

928.990

0,07

1.394.368

0,09

1.101.969

0,06

4.120.922

0,22

Other Receivable

662.813

0,05

900.776

0,06

1.707.117

0,09

393.857

0,02

Inventories

8.211.535

0,58

7.105.012

0,47

9.316.726

0,48

7.736.451

0,41

Advances Given

118.388

0,01

209.046

0,01

376.604

0,02

706.669

0,04

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

4.004.709

0,28

4.350.895

0,29

6.591.757

0,34

5.315.574

0,28

NON-CURRENT ASSETS

100.568

0,01

144.507

0,01

253.020

0,01

282.196

0,02

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

16.440

0,00

16.440

0,00

16.441

0,00

16.441

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

84.128

0,01

100.099

0,01

124.196

0,01

112.154

0,01

Intangible Assets

0

0,00

27.968

0,00

112.383

0,01

153.601

0,01

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

TOTAL ASSETS

14.078.278

1,00

15.178.581

1,00

19.599.497

1,00

18.685.321

1,00

CURRENT LIABILITIES

12.869.554

0,91

13.460.250

0,89

16.706.305

0,85

14.992.767

0,80

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

668.939

0,05

1.503.684

0,10

1.287.339

0,07

1.461.703

0,08

Accounts Payable

3.463.665

0,25

2.239.498

0,15

2.362.575

0,12

2.653.252

0,14

Loans from Shareholders

269.424

0,02

0

0,00

0

0,00

406.808

0,02

Other Short-term Payable

109.572

0,01

381.574

0,03

400.844

0,02

243.427

0,01

Advances from Customers

7.869.840

0,56

8.545.797

0,56

11.224.407

0,57

8.682.424

0,46

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

357.785

0,03

628.039

0,04

1.217.431

0,06

1.514.241

0,08

Provisions

130.329

0,01

161.658

0,01

213.709

0,01

30.912

0,00

Other Current Liabilities

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

Not Detailed Long-term Liabilities

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

Securities Issued

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

Loans from Shareholders

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

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

1.208.724

0,09

1.718.331

0,11

2.893.192

0,15

3.692.554

0,20

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

500.000

0,04

500.000

0,03

500.000

0,03

500.000

0,03

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

48.063

0,00

708.723

0,05

1.218.331

0,06

1.893.192

0,10

Revaluation Fund

0

0,00

0

0,00

500.000

0,03

500.000

0,03

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

660.661

0,05

509.608

0,03

674.861

0,03

799.362

0,04

TOTAL LIABILITIES AND EQUITY

14.078.278

1,00

15.178.581

1,00

19.599.497

1,00

18.685.321

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

 

Net Sales

10.071.580

1,00

10.648.068

1,00

23.954.752

1,00

21.506.104

1,00

Cost of Goods Sold

3.263.430

0,32

3.261.700

0,31

3.692.101

0,15

6.469.349

0,30

Gross Profit

6.808.150

0,68

7.386.368

0,69

20.262.651

0,85

15.036.755

0,70

Operating Expenses

5.583.922

0,55

6.213.770

0,58

18.021.457

0,75

13.771.812

0,64

Operating Profit

1.224.228

0,12

1.172.598

0,11

2.241.194

0,09

1.264.943

0,06

Other Income

676.992

0,07

1.142.008

0,11

2.204.472

0,09

732.449

0,03

Other Expenses

858.961

0,09

1.439.825

0,14

3.090.960

0,13

809.410

0,04

Financial Expenses

156.697

0,02

191.717

0,02

466.136

0,02

208.188

0,01

Minority Interests

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

Profit (loss) Before Tax

885.562

0,09

683.064

0,06

888.570

0,04

979.794

0,05

Tax Payable

224.901

0,02

173.456

0,02

213.709

0,01

180.432

0,01

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

660.661

0,07

509.608

0,05

674.861

0,03

799.362

0,04

 

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

(2011)

(2012)

LIQUIDITY RATIOS

 

Current Ratio

1,09

1,12

1,16

1,23

Acid-Test Ratio

0,13

0,25

0,18

0,31

Cash Ratio

0,00

0,08

0,02

0,01

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,58

0,47

0,48

0,41

Short-term Receivable/Total Assets

0,11

0,15

0,14

0,24

Tangible Assets/Total Assets

0,01

0,01

0,01

0,01

TURNOVER RATIOS

 

Inventory Turnover

0,40

0,46

0,40

0,84

Stockholders' Equity Turnover

8,33

6,20

8,28

5,82

Asset Turnover

0,72

0,70

1,22

1,15

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,09

0,11

0,15

0,20

Current Liabilities/Total Assets

0,91

0,89

0,85

0,80

Financial Leverage

0,91

0,89

0,85

0,80

Gearing Percentage

10,65

7,83

5,77

4,06

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,55

0,30

0,23

0,22

Operating Profit Magin

0,12

0,11

0,09

0,06

Net Profit Margin

0,07

0,05

0,03

0,04

Interest Cover

6,65

4,56

2,91

5,71

COLLECTION-PAYMENT

 

Average Collection Period (days)

33,79

47,70

16,81

69,26

Average Payable Period (days)

382,09

247,18

230,36

147,65

WORKING CAPITAL

1108156,00

1573824,00

2640172,00

3410358,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.63

UK Pound

1

Rs.83.67

Euro

1

Rs.71.02

 

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.