MIRA INFORM REPORT

 

 

Report Date :

30.05.2014

 

IDENTIFICATION DETAILS

 

Name :

ESSE HALI PAZARLAMA SANAYI VE TICARET LTD. STI.

 

 

Registered Office :

Yukari Dudullu Mah. Necip Fazil Bulvari Bostanci Yolu Cad. Keyap Carsi Sitesi A1 Blok D:8 Umraniye Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

27.04.2004

 

 

Com. Reg. No.:

521829

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Retail trade of carpet and rug.

 

 

No. of Employees :

10

 

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 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Turkey

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

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

:

ESSE HALI PAZARLAMA SANAYI VE TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Yukari Dudullu Mah. Necip Fazil Bulvari Bostanci Yolu Cad. Keyap Carsi Sitesi A1 Blok D:8 Umraniye Istanbul / Turkey

PHONE NUMBER

:

90-216-590 02 00

 

FAX NUMBER

:

90-216-590 02 05

 

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Sarigazi

TAX NO

:

3800508512

REMARKS ON TAX NO

:

As the subject changed its legal status from joint stock company to limited company, the tax number was changed from 7740227907 to 3800508512.

REGISTRATION NUMBER

:

521829

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

27.04.2004

ESTABLISHMENT GAZETTE DATE /NO

:

04.05.2004/6042

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   680.000

PAID-IN CAPITAL

:

TL   680.000

HISTORY

:

Previous Legal Type

:

Joint Stock Company

Changed On

:

30.09.2009 (Commercial Gazette Date /Number 06.10.2009/ 7411)

Previous Name

:

Soraya Hali Pazarlama Sanayi A.S.

Changed On

:

30.09.2009 (Commercial Gazette Date /Number 06.10.2009/ 7411)

Previous Shareholder

:

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

Changed On

:

12.01.2012 (Commercial Gazette Date /Number 18.01.2012/ 7986)

PREVIOUS SHAREHOLDERS

:

Mehmet Zeki Yucel

98,67 %

Aysegul Yucel

0,59 %

Methiye Rabia Gokalp

0,59 %

Oguzhan Tank

0,15 %

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Mehmet Zeki Yucel

98,82 %

Methiye Rabia Yucel

0,59 %

Aysegul Yucel

0,59 %

 

 

SISTER COMPANIES

:

EKO HALI PAZARLAMA SANAYI VE TICARET LTD. STI.

 

HALIDEPPO HALI PAZARLAMA A.S.

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Mehmet Alper Goker

 

Mehmet Zeki Yucel

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Retail trade of carpet and rug.

 

NACE CODE

:

G .52.48

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

10

 

NET SALES

:

2.026 TL Thousand

(2012) 

2.061 TL Thousand

(2013) 

512 TL Thousand

(01.01-31.03.2014) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT VALUE

:

0 TL

(2012)

0 TL

(2013)

0 TL

(01.01-30.04.2014)

 

 

EXPORT VALUE

:

0 TL

(2013)

0 TL

(01.01-31.03.2014)

 

 

HEAD OFFICE ADDRESS

:

Yukari Dudullu Mah. Necip Fazil Bulvari Bostanci Yolu Cad. Keyap Carsi Sitesi A1 Blok D:8 Umraniye Istanbul / Turkey

 

INVESTMENTS

:

None

 

TREND OF BUSINESS

:

There was a slowdown at business volume in real terms in  2013.

SIZE OF BUSINESS

:

Upper-Moderate

 

 

FINANCE

 

MAIN DEALING BANKS

:

Garanti Bankasi Dudullu Branch

Yapi ve Kredi Bankasi Imes Branch

 

CREDIT FACILITIES

:

The subject rarely makes use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2012) TL Thousand

(2013) TL Thousand

(01.01-31.03.2014) TL Thousand

Net Sales

2.026

2.061

512

Profit (Loss) Before Tax

6

-62

53

Stockholders' Equity

666

604

 

Total Assets

1.766

3.027

 

Current Assets

1.764

3.009

 

Non-Current Assets

2

18

 

Current Liabilities

1.100

2.423

 

Long-Term Liabilities

0

0

 

Gross Profit (loss)

323

468

177

Operating Profit (loss)

5

-62

53

Net Profit (loss)

4

-62

53

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Insufficient As of 31.12.2013

Liquidity

Insufficient As of 31.12.2013

Remarks On Liquidity

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

Profitability

Low Operating Profitability  in 2012

Low Net Profitability  in 2012

Operating Loss  in 2013

Net Loss  in 2013

High Operating Profitability (01.01-31.03.2014)

High Net Profitability (01.01-31.03.2014)

 

Gap between average collection and payable periods

Favorable in 2013

General Financial Position

Passable

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 ( 2013 )

6,97 %

1,9179

2,5530

3,0178

 ( 01.01-31.03.2014)

5,52 %

2,1961

3,0116

3,6488

 ( 01.01-30.04.2014)

5,61 %

2,1807

2,9954

3,6333

 

 

BALANCE SHEETS

 

 

 ( 31.12.2012 )  TL Thousand

 

 ( 31.12.2013 )  TL Thousand

 

CURRENT ASSETS

1.764

1,00

3.009

0,99

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

138

0,08

373

0,12

Marketable Securities

0

0,00

0

0,00

Account Receivable

413

0,23

482

0,16

Other Receivable

0

0,00

0

0,00

Inventories

1.098

0,62

1.950

0,64

Advances Given

1

0,00

12

0,00

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

114

0,06

192

0,06

NON-CURRENT ASSETS

2

0,00

18

0,01

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

Financial Assets

0

0,00

0

0,00

Tangible Fixed Assets (net)

0

0,00

14

0,00

Intangible Assets

0

0,00

2

0,00

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

2

0,00

2

0,00

TOTAL ASSETS

1.766

1,00

3.027

1,00

CURRENT LIABILITIES

1.100

0,62

2.423

0,80

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

8

0,00

0

0,00

Accounts Payable

1.054

0,60

2.296

0,76

Loans from Shareholders

0

0,00

35

0,01

Other Short-term Payable

8

0,00

8

0,00

Advances from Customers

24

0,01

79

0,03

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

4

0,00

7

0,00

Provisions

2

0,00

-2

0,00

Other Current Liabilities

0

0,00

0

0,00

LONG-TERM LIABILITIES

0

0,00

0

0,00

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

Securities Issued

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

Loans from Shareholders

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

666

0,38

604

0,20

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

680

0,39

680

0,22

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

7

0,00

7

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

138

0,08

142

0,05

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

-163

-0,09

-163

-0,05

Net Profit (loss)

4

0,00

-62

-0,02

TOTAL LIABILITIES AND EQUITY

1.766

1,00

3.027

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. 

 

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

 

 

INCOME STATEMENTS

 

 

(2012) TL Thousand

 

(2013) TL Thousand

 

(01.01-31.03.2014) TL Thousand

 

Net Sales

2.026

1,00

2.061

1,00

512

1,00

Cost of Goods Sold

1.703

0,84

1.593

0,77

335

0,65

Gross Profit

323

0,16

468

0,23

177

0,35

Operating Expenses

318

0,16

530

0,26

124

0,24

Operating Profit

5

0,00

-62

-0,03

53

0,10

Other Income

1

0,00

0

0,00

0

0,00

Other Expenses

0

0,00

0

0,00

0

0,00

Financial Expenses

0

0,00

0

0,00

0

0,00

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

6

0,00

-62

-0,03

53

0,10

Tax Payable

2

0,00

0

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

4

0,00

-62

-0,03

53

0,10

 

FINANCIAL RATIOS

 

 

(2012)

(2013)

LIQUIDITY RATIOS

 

 

Current Ratio

1,60

1,24

Acid-Test Ratio

0,50

0,35

Cash Ratio

0,13

0,15

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,62

0,64

Short-term Receivable/Total Assets

0,23

0,16

Tangible Assets/Total Assets

0,00

0,00

TURNOVER RATIOS

 

 

Inventory Turnover

1,55

0,82

Stockholders' Equity Turnover

3,04

3,41

Asset Turnover

1,15

0,68

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,38

0,20

Current Liabilities/Total Assets

0,62

0,80

Financial Leverage

0,62

0,80

Gearing Percentage

1,65

4,01

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,01

-0,10

Operating Profit Margin

0,00

-0,03

Net Profit Margin

0,00

-0,03

Interest Cover

 

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

73,39

84,19

Average Payable Period (days)

222,81

518,87

WORKING CAPITAL

664,00

586,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.58.84

UK Pound

1

Rs.98.41

Euro

1

Rs.80.03

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

NNA

 

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.