MIRA INFORM REPORT

 

 

Report Date :

19.12.2014

 

IDENTIFICATION DETAILS

 

Name :

YAREN HALI TEKSTIL SANAYI VE TICARET LTD. STI.

 

 

Registered Office :

.Organize Sanayi Bolgesi 83318 Nolu Cad. No:16 Sehitkamil Gaziantep

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

2001

 

 

Com. Reg. No.:

22789

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacture and Trade of Machine-Made Carpets. 

 

 

No of Employees :

280

 

 

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 but 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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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 around 9% in 2010-11, as exports returned to normal levels following the recession. Growth dropped to roughly 3-4% in 2012-13. Turkey's public sector debt to GDP ratio has fallen below 40%, and two rating agencies upgraded Turkey's debt to investment grade in 2012 and 2013. Turkey remains dependent on often volatile, short-term investment to finance its large current account deficit. The stock value of FDI reached nearly $195 billion at year-end 2013, reflecting Turkey's robust growth even in the face of economic turmoil in Europe, the source of much of Turkey's FDI. Turkey's relatively high current account deficit, domestic political uncertainty, and turmoil within Turkey's neighborhood leave the economy vulnerable to destabilizing shifts in investor confidence.

 

Source : CIA

 

 

 

 

 

COMPANY IDENTIFICATION

 

 

NAME

:

YAREN HALI TEKSTIL SANAYI VE TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

3.Organize Sanayi Bolgesi 83318 Nolu Cad. No:16 Sehitkamil Gaziantep / Turkey

PHONE NUMBER

:

90-342-337 98 11

 

FAX NUMBER

:

90-342-337 98 15

 

WEB-ADDRESS

:

www.yarenhali.com

E-MAIL

:

info@yarencarpet.com

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Gazikent

TAX NO

:

9380149299

REGISTRATION NUMBER

:

22789

REGISTERED OFFICE

:

Gaziantep Chamber of Commerce

DATE ESTABLISHED

:

2001

ESTABLISHMENT GAZETTE DATE/NO

:

25.04.2001/5281

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   10.000.000

 

 

HISTORY

:

Previous Registered Capital

:

TL 1.000.000

Changed On

:

28.09.2007 (Commercial Gazette Date /Number 10.10.2007/ 6913)

Previous Registered Capital

:

TL 5.000.000

Changed On

:

09.06.2014 (Commercial Gazette Date /Number 18.06.2014/ 8593)

Previous Address

:

Gazimuhtarpasa Bulvari  Hali Sarayi No:2/33 Sehitkamil-Gaziantep

Changed On

:

31.12.2007 (Commercial Gazette Date /Number 04.02.2008/ 6991)

Previous Address

:

3.Organize Sanayi Bolgesi 18 Nolu Cad. No:22 Sehitkamil Gaziantep

Changed On

:

09.06.2014 (Commercial Gazette Date /Number 18.06.2014/ 8593)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Mehmet Galip Hasirci

25 %

Mahmut Hasirci

22,50 %

Ismail Karalar

14,50 %

Mehmet Taner Hasirci

12,50 %

Mehmet Ilker Hasirci

12,50 %

Mehmet Adil Bilki

8 %

Ali Aksahin

5 %

 

 

SISTER COMPANIES

:

HASIRCI TEKSTIL SANAYI VE TICARET A.S.

 

YARENLER DIS TICARET LTD. STI.

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Ismail Karalar                                                                                                                                                                                                                                                                                   

 

Mehmet Taner Hasirci                                                                                                                                                                                                                                                                                   

 

Mahmut Hasirci                                                                                                                                                                                                                                                                                   

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Manufacture and Trade of Machine-Made Carpets. 

 

NACE CODE

:

DB.17.51

 

SECTOR

:

Textile

 

 

 

TRADEMARKS OWNED

:

Caprice

Elegant

Oxford  Elysee

Yaren

 

NUMBER OF EMPLOYEES

:

280

 

NET SALES

:

3.353.139 TL

(2006) 

6.474.260 TL

(2007) 

9.811.158 TL

(2008) 

19.865.804 TL

(2009) 

26.528.853 TL

(2010) 

43.850.920 TL

(2011) 

53.040.285 TL

(2012) 

51.781 TL Thousand

(2013) 

49.332 TL Thousand

(01.01-30.09.2014) 

 

 

IMPORT COUNTRIES

:

Bangladesh

India

 

MERCHANDISE IMPORTED

:

Yarn

 

EXPORT VALUE

:

682.121 TL

(2006)

3.292.722 TL

(2007)

2.125.831 TL

(2008)

13.745.831 TL

(2009)

4.049.623 TL

(2010)

403.805 TL

(2011)

599.451 TL

(2012)

786 TL Thousand

(2013)

1.024 TL Thousand

(01.01-30.09.2014)

 

 

EXPORT COUNTRIES

:

Kyrgyzstan

Iraq

Romania

Poland

U.A.E.

Germany

Macedonia Republic

Pakistan

Belgium

Spain

Ireland

Libya

U.S.A.

 

MERCHANDISE  EXPORTED

:

Machine-made carpet

 

 

 

HEAD OFFICE ADDRESS

:

3.Organize Sanayi Bolgesi 83318 Nolu Cad. No:16 Sehitkamil  Gaziantep / Turkey ( owned )

 

BRANCHES

:

Head Office/Factory  :  83318 Nolu Cad. No:16 Sehitkamil Gaziantep/Turkey (owned) (7.000 sqm)

           

 

 

TREND OF BUSINESS

:

There was a decline at business volume in nominal terms in  2013. There appears an upwards trend in  1.1 - 30.9.2014.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Asya Katilim Bankasi Gaziantep Merkez Branch

Halk Bankasi Gaziantep Merkez Branch

T.Is Bankasi Baspinar Branch

Turk Ekonomi Bankasi Guneydogu Anadolu Kurumlar Branch

 

CREDIT FACILITIES

:

The subject company is making active use of credit facilities.

 

PAYMENT BEHAVIOUR

:

Slow but correct

 

KEY FINANCIAL ELEMENTS

:

 

(2010) TL

(2011) TL

(2012) TL

(2013) TL Thousand

(01.01-30.09.2014) TL Thousand

Net Sales

26.528.853

43.850.920

53.040.285

51.781

49.332

Profit (Loss) Before Tax

543.808

756.515

1.788.337

-1.797

499

Stockholders' Equity

5.521.749

7.614.103

9.109.705

7.313

 

Total Assets

23.542.930

33.399.324

43.041.272

61.425

 

Current Assets

17.457.512

26.089.601

32.001.731

49.601

 

Non-Current Assets

6.085.418

7.309.723

11.039.541

11.824

 

Current Liabilities

14.272.733

18.466.808

22.529.630

34.290

 

Long-Term Liabilities

3.748.448

7.318.413

11.401.937

19.822

 

Gross Profit (loss)

1.352.152

3.436.799

5.732.605

6.560

5.162

Operating Profit (loss)

630.793

2.268.813

2.206.385

4.753

3.911

Net Profit (loss)

434.592

604.481

1.495.602

-1.797

499

 

 

COMMENT ON FINANCIAL POSITION

 

THE DETAILS OF THE CAPITAL INCREASE  AFTER LAST BALANCE SHEET

 

:

Cash Part

:890.295,03 TL

Equity Part

:4.109.704,97 TL

Payment Due Date

:09.06.2016

 

 

Capitalization

Low

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

Insufficient

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

Fair Operating Profitability  in 2010

Fair Net Profitability  in 2010

In Order Operating Profitability  in 2011

Low Net Profitability  in 2011

In Order Operating Profitability  in 2012

In Order Net Profitability  in 2012

Good Operating Profitability  in 2013

Net Loss  in 2013

Good Operating Profitability (01.01-30.09.2014)

Low Net Profitability (01.01-30.09.2014)

 

Gap between average collection and payable periods

Unfavorable in 2013

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

 ( 2013 )

6,97 %

1,9179

2,5530

3,0178

 ( 01.01-30.09.2014)

7,24 %

2,1706

2,9323

3,6222

 ( 01.01-30.11.2014)

7,18 %

2,1773

2,9044

3,6032

 

 

BALANCE SHEETS

 

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL

 

 ( 31.12.2013 )  TL Thousand

 

 

 

CURRENT ASSETS

17.457.512

0,74

26.089.601

0,78

32.001.731

0,74

49.601

0,81

 

 

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Cash and Banks

3.213.659

0,14

307.590

0,01

503.417

0,01

529

0,01

 

 

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Account Receivable

6.962.236

0,30

19.160.287

0,57

22.950.828

0,53

23.680

0,39

 

 

Other Receivable

375.651

0,02

63.197

0,00

542.458

0,01

238

0,00

 

 

Inventories

5.656.490

0,24

5.367.116

0,16

6.136.051

0,14

17.684

0,29

 

 

Advances Given

308.145

0,01

1.100.751

0,03

1.677.597

0,04

7.293

0,12

 

 

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Other Current Assets

941.331

0,04

90.660

0,00

191.380

0,00

177

0,00

 

 

NON-CURRENT ASSETS

6.085.418

0,26

7.309.723

0,22

11.039.541

0,26

11.824

0,19

 

 

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)

3.092.348

0,13

5.249.384

0,16

7.818.464

0,18

7.168

0,12

 

 

Intangible Assets

2.993.070

0,13

2.001.080

0,06

3.128.102

0,07

2.621

0,04

 

 

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Other Non-Current Assets

0

0,00

59.259

0,00

92.975

0,00

2.035

0,03

 

 

TOTAL ASSETS

23.542.930

1,00

33.399.324

1,00

43.041.272

1,00

61.425

1,00

 

 

CURRENT LIABILITIES

14.272.733

0,61

18.466.808

0,55

22.529.630

0,52

34.290

0,56

 

 

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Financial Loans

1.066.812

0,05

2.744.141

0,08

7.400.699

0,17

9.645

0,16

 

 

Accounts Payable

11.286.918

0,48

13.665.702

0,41

13.244.898

0,31

20.156

0,33

 

 

Loans from Shareholders

1.017.765

0,04

0

0,00

0

0,00

0

0,00

 

 

Other Short-term Payable

107.425

0,00

177.791

0,01

231.646

0,01

366

0,01

 

 

Advances from Customers

721.695

0,03

1.757.970

0,05

1.443.621

0,03

3.930

0,06

 

 

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Taxes Payable

72.118

0,00

60.291

0,00

121.045

0,00

193

0,00

 

 

Provisions

0

0,00

60.913

0,00

87.721

0,00

0

0,00

 

 

Other Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

LONG-TERM LIABILITIES

3.748.448

0,16

7.318.413

0,22

11.401.937

0,26

19.822

0,32

 

 

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Financial Loans

3.748.448

0,16

7.318.413

0,22

11.401.937

0,26

19.822

0,32

 

 

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

5.521.749

0,23

7.614.103

0,23

9.109.705

0,21

7.313

0,12

 

 

Not Detailed Stockholders' Equity

5.521.749

0,23

0

0,00

0

0,00

0

0,00

 

 

Paid-in Capital

0

0,00

5.000.000

0,15

5.000.000

0,12

5.000

0,08

 

 

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

0

0,00

732.494

0,02

1.336.975

0,03

2.832

0,05

 

 

Revaluation Fund

0

0,00

1.332.500

0,04

1.332.500

0,03

1.333

0,02

 

 

Accumulated Losses(-)

0

0,00

-55.372

0,00

-55.372

0,00

-55

0,00

 

 

Net Profit (loss)

0

0,00

604.481

0,02

1.495.602

0,03

-1.797

-0,03

 

 

TOTAL LIABILITIES AND EQUITY

23.542.930

1,00

33.399.324

1,00

43.041.272

1,00

61.425

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. 

 

In the sub-items of "Account Receivable", TL thousand 0  is "Doubtful Trade Receivables" at the last balance sheet. 

 

The details of "Other Receivable" figure at the last balance sheet (TL Thousand): Due From Shareholders:0, Due From Participations:0,Due From Affiliated Companies:0, Due From Personnel:0, Other Miscellaneous Receivables:238,Other Receivable Total:238 

 

TL thousand 0 of "Tax Payable" is due to "Overdue, Delayed or Deferred Tax by Installments and Other Liabilities" at the last balance sheet. 

 

At the last income statement TL thousand 3.974  of the other expenses is due to "Loss from Foreign Currency Exchange" . 

 

 

INCOME STATEMENTS

 

 

(2010) TL

 

(2011) TL

 

(2012) TL

 

(2013) TL Thousand

 

(01.01-30.09.2014) TL Thousand

 

Net Sales

26.528.853

1,00

43.850.920

1,00

53.040.285

1,00

51.781

1,00

49.332

1,00

Cost of Goods Sold

25.176.701

0,95

40.414.121

0,92

47.307.680

0,89

45.221

0,87

44.170

0,90

Gross Profit

1.352.152

0,05

3.436.799

0,08

5.732.605

0,11

6.560

0,13

5.162

0,10

Operating Expenses

721.359

0,03

1.167.986

0,03

3.526.220

0,07

1.807

0,03

1.251

0,03

Operating Profit

630.793

0,02

2.268.813

0,05

2.206.385

0,04

4.753

0,09

3.911

0,08

Other Income

785.034

0,03

551.800

0,01

1.622.430

0,03

1.784

0,03

1.529

0,03

Other Expenses

615.223

0,02

1.682.160

0,04

986.044

0,02

6.947

0,13

3.982

0,08

Financial Expenses

256.796

0,01

381.938

0,01

1.054.434

0,02

1.387

0,03

959

0,02

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

543.808

0,02

756.515

0,02

1.788.337

0,03

-1.797

-0,03

499

0,01

Tax Payable

109.216

0,00

152.034

0,00

292.735

0,01

0

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)

434.592

0,02

604.481

0,01

1.495.602

0,03

-1.797

-0,03

499

0,01

 

 

 

FINANCIAL RATIOS

 

 

(2010)

(2011)

(2012)

(2013)

 

LIQUIDITY RATIOS

 

 

Current Ratio

1,22

1,41

1,42

1,45

 

Acid-Test Ratio

0,74

1,06

1,07

0,71

 

Cash Ratio

0,23

0,02

0,02

0,02

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,24

0,16

0,14

0,29

 

Short-term Receivable/Total Assets

0,31

0,58

0,55

0,39

 

Tangible Assets/Total Assets

0,13

0,16

0,18

0,12

 

TURNOVER RATIOS

 

 

Inventory Turnover

4,45

7,53

7,71

2,56

 

Stockholders' Equity Turnover

4,80

5,76

5,82

7,08

 

Asset Turnover

1,13

1,31

1,23

0,84

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,23

0,23

0,21

0,12

 

Current Liabilities/Total Assets

0,61

0,55

0,52

0,56

 

Financial Leverage

0,77

0,77

0,79

0,88

 

Gearing Percentage

3,26

3,39

3,72

7,40

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,08

0,08

0,16

-0,25

 

Operating Profit Margin

0,02

0,05

0,04

0,09

 

Net Profit Margin

0,02

0,01

0,03

-0,03

 

Interest Cover

3,12

2,98

2,70

-0,30

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

94,48

157,30

155,77

164,63

 

Average Payable Period (days)

161,39

121,73

100,79

160,46

 

WORKING CAPITAL

3184779,00

7622793,00

9472101,00

15311,00

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.32

UK Pound

1

Rs.98.68

Euro

1

Rs.78.11

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

TPT

 

 

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.