MIRA INFORM REPORT

 

 

Report Date :

09.10.2013

 

IDENTIFICATION DETAILS

 

Name :

YALCIN KARDESLER HALI TEKSTIL SANAYI VE TICARET LTD. STI.

 

 

Registered Office :

2. Organize Sanayi Bolgesi 83225 Nolu Cad. No: 18 Sehitkamil Gaziantep

 

 

Country :

Turkey

 

 

Financials (as on) :

30.06.2013

 

 

Date of Incorporation :

13.09.2010

 

 

Com. Reg. No.:

35094

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacture and trade of machine-made carpets.

 

 

No. of Employees :

128

 

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

:

YALCIN KARDESLER HALI TEKSTIL SANAYI VE TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

2. Organize Sanayi Bolgesi 83225 Nolu Cad. No: 18 Sehitkamil Gaziantep / Turkey

PHONE NUMBER

:

90-342-337 15 11-12

 

FAX NUMBER

:

90-342-337 15 11-13

 

WEB-ADDRESS

:

www.yalcinkardesler.com.tr

E-MAIL

:

info@yalcinkardesler.com.tr

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Gazikent

TAX NO

:

9310559119

REGISTRATION NUMBER

:

35094

REGISTERED OFFICE

:

Gaziantep Chamber of Commerce

DATE ESTABLISHED

:

13.09.2010

ESTABLISHMENT GAZETTE DATE /NO

:

22.09.2010/7653

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   5.000.000

PAID-IN CAPITAL

:

TL   5.000.000

HISTORY

:

Previous Registered Capital

:

TL 500.000

Changed On

:

26.10.2011 (Commercial Gazette Date /Number 10.11.2011/ 7937)

Previous Registered Capital

:

TL 3.000.000

Changed On

:

27.06.2012 (Commercial Gazette Date /Number 04.07.2012/ 8104)

Previous Address

:

Incilipinar Mah. 3 Nolu Cad. Bayel Is Merkezi A Blok K: 5 No: 503 Sehitkamil Gaziantep

Changed On

:

30.03.2011 (Commercial Gazette Date /Number 12.04.2011/ 7792)

Previous Shareholder

:

Please vide Previous Shareholders section for the former shareholders' names.

Changed On

:

26.10.2011 (Commercial Gazette Date /Number 10.11.2011/ 7937)

PREVIOUS SHAREHOLDERS

:

Ali Yalcin

40 %

Ahmet Yalcin

20 %

Adem Yalcin

20 %

Osman Yalcin

20 %

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Ali Yalcin

20 %

Osman Yalcin

20 %

Ahmet Yalcin

20 %

Bahri Yalcin

20 %

Adem Yalcin

20 %

 

 

SISTER COMPANIES

:

OSCAR HALI TEKSTIL SANAYI VE TICARET LTD. STI.

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Ali Yalcin

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Manufacture and trade of machine-made carpets.

 

NACE CODE

:

DB.17.51

 

NUMBER OF EMPLOYEES

:

128

 

NET SALES

:

13.414.938 TL

(2011) 

20.355.332 TL

(2012) 

11.161.262 TL

(01.01-30.06.2013) 

 

 

CAPACITY

:

Carving Carpet 

( Sqm/yr)

Machine-Made Carpets 

( Sqm/yr)

 

Sizing Machine-Made Carpet 

( Sqm/yr)

 

1.836.000

902.232

1.416.420

(2013)

 

 

 

 

IMPORT VALUE

:

865.803 USD

(2011)

1.871.612 USD

(2012)

 

 

MERCHANDISE IMPORTED

:

Raw materials

Yarn

 

EXPORT VALUE

:

10.183.478 TL

(2011)

17.584.674 TL

(2012)

10.701.981 TL

(01.01-30.06.2013)

 

 

EXPORT COUNTRIES

:

Pakistan

Canada

Israel

Afghanistan

Georgia

Turkmenistan

China

Qatar

Germany

Saudi Arabia

Iraq

Japan

Portugal

Malaysia

Romania

Bangladesh

 

MERCHANDISE  EXPORTED

:

Carpets

 

HEAD OFFICE ADDRESS

:

2. Organize Sanayi Bolgesi 83225 Nolu Cad. No: 18 Sehitkamil Gaziantep / Turkey (rented)

 

BRANCHES

:

Head Office/Factory  :  2. Organize Sanayi Bolgesi 83225 Nolu Cad. No: 18 Sehitkamil Gaziantep/Turkey (rented) (9.000 sqm)

 

Production Plant  :  4. Organize Sanayi Bolgesi Vali Lutfullah Bilgin Bulvari No: 9 Baspinar Sehitkamil Gaziantep/Turkey (rented)

 

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2012. There appears an upwards trend in  1.1 - 30.6.2013.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Kuveyt Turk Katilim Bankasi Karagoz Branch

T. Is Bankasi Organize Sanayi Branch

T. Vakiflar Bankasi Sehitkamil Branch

Turk Ekonomi Bankasi Gaziantep 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

:

 

(2011) TL

(2012) TL

(01.01-30.06.2013) TL

 

 

Net Sales

13.414.938

20.355.332

11.161.262

 

 

Profit (Loss) Before Tax

727.417

932.930

118.757

 

 

Stockholders' Equity

3.580.157

6.406.546

5.425.783

 

 

Total Assets

11.599.494

19.976.707

28.634.533

 

 

Current Assets

7.320.962

12.495.798

15.446.101

 

 

Non-Current Assets

4.278.532

7.480.909

13.188.432

 

 

Current Liabilities

4.842.891

6.138.277

10.850.896

 

 

Long-Term Liabilities

3.176.446

7.431.884

12.357.854

 

 

Gross Profit (loss)

962.020

2.109.332

577.957

 

 

Operating Profit (loss)

625.538

1.599.541

316.460

 

 

Net Profit (loss)

581.043

826.389

118.757

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Low As of 30.06.2013

Liquidity

Insufficient As of 30.06.2013

Remarks On Liquidity

The liquid assets consist mainly of receivables the amount of cash&banks or marketable securities (which are more liquid) are low.

Profitability

In Order Operating Profitability  in 2011

Good Net Profitability  in 2011

Good Operating Profitability  in 2012

Good Net Profitability  in 2012

Fair Operating Profitability (01.01-30.06.2013)

Low Net Profitability (01.01-30.06.2013)

 

Gap between average collection and payable periods

Unfavorable in 01.01-30.06.2013

General Financial Position

Unsatisfactory

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 ( 01.01-30.06.2013)

2,46 %

1,8251

2,3936

2,8262

 ( 01.01-30.09.2013)

4,43 %

1,8785

2,4774

2,9189

 

 

BALANCE SHEETS

 

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL

 

 ( 30.06.2013 )  TL

 

CURRENT ASSETS

7.320.962

0,63

12.495.798

0,63

15.446.101

0,54

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

Cash and Banks

357.804

0,03

274.888

0,01

503.188

0,02

Marketable Securities

0

0,00

0

0,00

0

0,00

Account Receivable

5.108.123

0,44

7.856.549

0,39

9.711.315

0,34

Other Receivable

389.192

0,03

506.810

0,03

725.718

0,03

Inventories

819.235

0,07

2.657.282

0,13

3.197.068

0,11

Advances Given

92.769

0,01

624.025

0,03

851.374

0,03

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

Other Current Assets

553.839

0,05

576.244

0,03

457.438

0,02

NON-CURRENT ASSETS

4.278.532

0,37

7.480.909

0,37

13.188.432

0,46

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

0

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

1.895.551

0,16

1.970.977

0,10

1.948.152

0,07

Intangible Assets

2.382.981

0,21

5.509.932

0,28

11.235.100

0,39

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

0

0,00

5.180

0,00

TOTAL ASSETS

11.599.494

1,00

19.976.707

1,00

28.634.533

1,00

CURRENT LIABILITIES

4.842.891

0,42

6.138.277

0,31

10.850.896

0,38

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

196.648

0,02

1.743.123

0,09

5.512.044

0,19

Accounts Payable

4.435.916

0,38

4.148.271

0,21

5.157.612

0,18

Loans from Shareholders

0

0,00

0

0,00

0

0,00

Other Short-term Payable

33.341

0,00

73.922

0,00

81.100

0,00

Advances from Customers

8.388

0,00

26.668

0,00

26.668

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

Taxes Payable

22.358

0,00

72.935

0,00

73.472

0,00

Provisions

146.240

0,01

73.358

0,00

0

0,00

Other Current Liabilities

0

0,00

0

0,00

0

0,00

LONG-TERM LIABILITIES

3.176.446

0,27

7.431.884

0,37

12.357.854

0,43

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

2.556.397

0,22

5.295.074

0,27

8.656.265

0,30

Securities Issued

0

0,00

0

0,00

0

0,00

Long-term Payable

620.049

0,05

1.211.810

0,06

3.701.589

0,13

Loans from Shareholders

0

0,00

925.000

0,05

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

3.580.157

0,31

6.406.546

0,32

5.425.783

0,19

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

Paid-in Capital

3.000.000

0,26

5.000.000

0,25

5.000.000

0,17

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

Reserves

0

0,00

581.043

0,03

480.496

0,02

Revaluation Fund

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

-886

0,00

-886

0,00

-173.470

-0,01

Net Profit (loss)

581.043

0,05

826.389

0,04

118.757

0,00

TOTAL LIABILITIES AND EQUITY

11.599.494

1,00

19.976.707

1,00

28.634.533

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

 

At the last income statement TL 482.107 of the other expenses is due to "Loss from Foreign Currency Exchange" .

 

 

INCOME STATEMENTS

 

 

(2011) TL

 

(2012) TL

 

(01.01-30.06.2013) TL

 

Net Sales

13.414.938

1,00

20.355.332

1,00

11.161.262

1,00

Cost of Goods Sold

12.452.918

0,93

18.246.000

0,90

10.583.305

0,95

Gross Profit

962.020

0,07

2.109.332

0,10

577.957

0,05

Operating Expenses

336.482

0,03

509.791

0,03

261.497

0,02

Operating Profit

625.538

0,05

1.599.541

0,08

316.460

0,03

Other Income

178.169

0,01

273.807

0,01

677.580

0,06

Other Expenses

28.846

0,00

627.849

0,03

651.126

0,06

Financial Expenses

47.444

0,00

312.569

0,02

224.157

0,02

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

727.417

0,05

932.930

0,05

118.757

0,01

Tax Payable

146.374

0,01

106.541

0,01

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

581.043

0,04

826.389

0,04

118.757

0,01

 

 

FINANCIAL RATIOS

 

 

(2011)

(2012)

(01.01-30.06.2013)

LIQUIDITY RATIOS

 

Current Ratio

1,51

2,04

1,42

Acid-Test Ratio

1,21

1,41

1,01

Cash Ratio

0,07

0,04

0,05

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,07

0,13

0,11

Short-term Receivable/Total Assets

0,47

0,42

0,36

Tangible Assets/Total Assets

0,16

0,10

0,07

TURNOVER RATIOS

 

Inventory Turnover

15,20

6,87

3,31

Stockholders' Equity Turnover

3,75

3,18

2,06

Asset Turnover

1,16

1,02

0,39

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,31

0,32

0,19

Current Liabilities/Total Assets

0,42

0,31

0,38

Financial Leverage

0,69

0,68

0,81

Gearing Percentage

2,24

2,12

4,28

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,16

0,13

0,02

Operating Profit Margin

0,05

0,08

0,03

Net Profit Margin

0,04

0,04

0,01

Interest Cover

16,33

3,98

1,53

COLLECTION-PAYMENT

 

Average Collection Period (days)

137,08

138,95

313,23

Average Payable Period (days)

146,16

105,76

301,35

WORKING CAPITAL

2478071,00

6357521,00

4595205,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.69

UK Pound

1

Rs.99.20

Euro

1

Rs.83.69

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIS

 

 

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.