MIRA INFORM REPORT

 

 

Report Date :

20.12.2014

 

IDENTIFICATION DETAILS

 

Name :

TUMER HALI SANAYI VE TICARET A.S.

 

 

Registered Office :

2. Organize Sanayi Bolgesi 83207 Nolu Cadde No:8 Merkez Gaziantep

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

30.09.2003

 

 

Com. Reg. No.:

25173

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and Trade of Carpet.

 

 

No of Employees :

80

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

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 – 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

:

TUMER HALI SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

2. Organize Sanayi Bolgesi 83207 Nolu Cadde No:8 Merkez Gaziantep / Turkey

PHONE NUMBER

:

90-342-337 24 00-01-02

 

FAX NUMBER

:

90-342-337 24 03

 

WEB-ADDRESS

:

www.tumercarpet.com

E-MAIL

:

info@tumercarpet.com

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Gazikent

TAX NO

:

8740139422

REGISTRATION NUMBER

:

25173

REGISTERED OFFICE

:

Gaziantep Chamber of Commerce

DATE ESTABLISHED

:

30.09.2003

ESTABLISHMENT GAZETTE DATE /NO

:

08.10.2003/5902

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   5.000.000

 

 

HISTORY

:

Previous Registered Capital

:

TL 500.000

Changed On

:

04.08.2010 (Commercial Gazette Date /Number 11.08.2010/ 7626)

Previous Registered Capital

:

TL 1.000.000

Changed On

:

31.12.2010 (Commercial Gazette Date /Number 20.01.2011/ 7734)

Previous Registered Capital

:

TL 2.000.000

Changed On

:

09.12.2014 (Commercial Gazette Date /Number 17.12.2014/ 8717)

Previous Address

:

Turgut Ozal Sanayi Sitesi 1. Cad. Korkun Gaziantep

Changed On

:

31.12.2010 (Commercial Gazette Date /Number 20.01.2011/ 7734)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Duran Tumer

35 %

Elif Tumer Ogretir

30 %

Sakine Tumer

15 %

Ali Kemal Tumer

10 %

Filo Mehmet Tumer

10 %

SISTER COMPANIES

:

FILOTEKS IC VE DIS TICARET LTD. STI.

 

SUBSIDIARIES

:

None

 

BOARD OF DIRECTORS

:

Duran Tumer

Chairman

Filo Mehmet Tumer

Vice-Chairman

Ali Kemal Tumer

Member

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Manufacture and trade of carpet.

 

NACE CODE

:

DB.17.51

 

SECTOR

:

Textile

 

TRADEMARKS OWNED

:

Megaflex

Superflex

 

NUMBER OF EMPLOYEES

:

80

 

 

 

NET SALES

:

12.451.644 TL

(2011) 

22.094.187 TL

(2012) 

26.795 TL Thousand

(2013) 

IMPORT VALUE

:

0 TL

(2012)

0 TL

(2013)

0 TL

(01.01-31.01.2014)

EXPORT VALUE

:

3.472.082 TL

(2011)

4.143.382 TL

(2012)

6.750 TL Thousand

(2013)

 

 

EXPORT COUNTRIES

:

Iraq

Saudi Arabia

U.K.

Germany

Croatia

Serbia

 

MERCHANDISE  EXPORTED

:

Carpet

 

HEAD OFFICE ADDRESS

:

2. Organize Sanayi Bolgesi 83207 Nolu Cadde No:8 Merkez Gaziantep / Turkey

 

BRANCHES

:

Head Office/Production Plant  :  2. Organize Sanayi Bolgesi 83207 Nolu Cadde No:8 Merkez Gaziantep/Turkey (15.000 sqm)

 

 

 

TREND OF BUSINESS

:

There was an upwards trend in 2013.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

T. Is Bankasi Baspinar Branch

Turk Ekonomi Bankasi Incilipinar Branch

 

CREDIT FACILITIES

:

The subject company is making use of credit facilities.

 

PAYMENT BEHAVIOUR

:

We are informed about a single payment delay in the former years which was resolved later on but no payment delays have come to our knowledge in the last years.

 

 

 

KEY FINANCIAL ELEMENTS

:

 

(2011) TL

(2012) TL

(2013) TL Thousand

 

 

Net Sales

12.451.644

22.094.187

26.795

 

 

Profit (Loss) Before Tax

3.361.240

394.427

-167

 

 

Stockholders' Equity

910.693

2.005.268

1.837

 

 

Total Assets

14.526.993

15.140.855

29.478

 

 

Current Assets

12.041.364

11.660.234

19.526

 

 

Non-Current Assets

2.485.629

3.480.621

9.952

 

 

Current Liabilities

12.484.796

12.124.948

23.486

 

 

Long-Term Liabilities

1.131.504

1.010.639

4.155

 

 

Gross Profit (loss)

670.480

699.104

3.102

 

 

Operating Profit (loss)

335.976

75.830

2.292

 

 

Net Profit (loss)

3.328.637

312.513

-167

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

THE DETAILS OF THE CAPITAL INCREASE  AFTER LAST BALANCE SHEET

 

:

Cash Part

:3.000.000 TL

Equity Part

:

Payment Due Date

:09.12.2016

 

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 capital increase after the last balance sheet is expected to have a positive effect on liquidity since the last balance sheet date.

 

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

Fair Operating Profitability  in 2011

High Net Profitability  in 2011

Low Operating Profitability  in 2012

Low Net Profitability  in 2012

Good Operating Profitability  in 2013

Net Loss  in 2013

 

Gap between average collection and payable periods

Favorable in 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

 ( 2013 )

6,97 %

1,9179

2,5530

3,0178

 (01.01-31.01.2014)

3,32 %

2,2040

3,0090

3,6415

 (01.01-30.11.2014)

7,18 %

2,1773

2,9044

3,6032

 

 

BALANCE SHEETS

 

 

(31.12.2011)  TL

 

(31.12.2012)  TL

 

(31.12.2013) TL Thousand

 

CURRENT ASSETS

12.041.364

0,83

11.660.234

0,77

19.526

0,66

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

Cash and Banks

2.883.225

0,20

1.978.651

0,13

1.444

0,05

Marketable Securities

0

0,00

0

0,00

0

0,00

Account Receivable

5.975.903

0,41

6.827.190

0,45

13.967

0,47

Other Receivable

168.608

0,01

594.971

0,04

766

0,03

Inventories

1.950.055

0,13

1.414.494

0,09

2.242

0,08

Advances Given

620.090

0,04

433.844

0,03

682

0,02

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

Other Current Assets

443.483

0,03

411.084

0,03

425

0,01

NON-CURRENT ASSETS

2.485.629

0,17

3.480.621

0,23

9.952

0,34

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)

444.682

0,03

1.058.295

0,07

6.861

0,23

Intangible Assets

2.037.989

0,14

2.422.326

0,16

3.091

0,10

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

2.958

0,00

0

0,00

0

0,00

TOTAL ASSETS

14.526.993

1,00

15.140.855

1,00

29.478

1,00

CURRENT LIABILITIES

12.484.796

0,86

12.124.948

0,80

23.486

0,80

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

1.410.012

0,10

1.182.082

0,08

3.161

0,11

Accounts Payable

10.943.537

0,75

10.534.722

0,70

19.439

0,66

Loans from Shareholders

0

0,00

41.900

0,00

35

0,00

Other Short-term Payable

32.572

0,00

44.252

0,00

63

0,00

Advances from Customers

11.326

0,00

266.215

0,02

752

0,03

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

Taxes Payable

54.745

0,00

33.582

0,00

36

0,00

Provisions

32.604

0,00

22.195

0,00

0

0,00

Other Current Liabilities

0

0,00

0

0,00

0

0,00

LONG-TERM LIABILITIES

1.131.504

0,08

1.010.639

0,07

4.155

0,14

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

1.131.504

0,08

1.010.639

0,07

4.155

0,14

Securities Issued

0

0,00

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

0

0,00

Loans from Shareholders

0

0,00

0

0,00

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

910.693

0,06

2.005.268

0,13

1.837

0,06

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

Paid-in Capital

1.217.938

0,08

2.000.000

0,13

2.000

0,07

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

39.288

0,00

39.288

0,00

39

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

Reserves

89.616

0,01

0

0,00

312

0,01

Revaluation Fund

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

-3.764.786

-0,26

-346.533

-0,02

-347

-0,01

Net Profit (loss)

3.328.637

0,23

312.513

0,02

-167

-0,01

TOTAL LIABILITIES AND EQUITY

14.526.993

1,00

15.140.855

1,00

29.478

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: 766, Other Receivable Total: 766.

 

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 2.978 of the other expenses is due to "Loss from Foreign Currency Exchange".

 

 

 

INCOME STATEMENTS

 

 

(2011) TL

 

(2012) TL

 

(2013) TL Thousand

 

Net Sales

12.451.644

1,00

22.094.187

1,00

26.795

1,00

Cost of Goods Sold

11.781.164

0,95

21.395.083

0,97

23.693

0,88

Gross Profit

670.480

0,05

699.104

0,03

3.102

0,12

Operating Expenses

334.504

0,03

623.274

0,03

810

0,03

Operating Profit

335.976

0,03

75.830

0,00

2.292

0,09

Other Income

4.321.255

0,35

1.017.503

0,05

827

0,03

Other Expenses

1.236.831

0,10

536.010

0,02

3.021

0,11

Financial Expenses

59.160

0,00

162.896

0,01

265

0,01

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

3.361.240

0,27

394.427

0,02

-167

-0,01

Tax Payable

32.603

0,00

81.914

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

3.328.637

0,27

312.513

0,01

-167

-0,01

 

 

FINANCIAL RATIOS

 

 

(2011)

(2012)

(2013)

LIQUIDITY RATIOS

 

Current Ratio

0,96

0,96

0,83

Acid-Test Ratio

0,72

0,78

0,69

Cash Ratio

0,23

0,16

0,06

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,13

0,09

0,08

Short-term Receivable/Total Assets

0,42

0,49

0,50

Tangible Assets/Total Assets

0,03

0,07

0,23

TURNOVER RATIOS

 

Inventory Turnover

6,04

15,13

10,57

Stockholders' Equity Turnover

13,67

11,02

14,59

Asset Turnover

0,86

1,46

0,91

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,06

0,13

0,06

Current Liabilities/Total Assets

0,86

0,80

0,80

Financial Leverage

0,94

0,87

0,94

Gearing Percentage

14,95

6,55

15,05

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

3,66

0,16

-0,09

Operating Profit Margin

0,03

0,00

0,09

Net Profit Margin

0,27

0,01

-0,01

Interest Cover

57,82

3,42

0,37

COLLECTION-PAYMENT

 

Average Collection Period (days)

172,77

111,24

187,65

Average Payable Period (days)

334,40

177,26

295,36

WORKING CAPITAL

-443432,00

-464714,00

-3960,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.07

UK Pound

1

Rs.98.73

Euro

1

Rs.77.46

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

Report Prepared by :

ANK

 

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.