MIRA INFORM REPORT

 

 

Report Date :

31.05.2014              

 

IDENTIFICATION DETAILS

 

Name :

BADE DOKUMA TEKSTIL HALI SANAYI VE TICARET A.S.

 

 

Registered Office :

4. Organize Sanayi Bolgesi 83414 Nolu Cad. No:27 Baspinar Sehitkamil Gaziantep

 

 

Country :

Turkey

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

16.07.2010

 

 

Com. Reg. No.:

34868

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :
  • Manufacture and trade of carpet and yarn. 
  • The subject has declared that it started manufacturing of yarn in February 2013.

 

 

No. of Employees :

550

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

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

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate 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

:

BADE DOKUMA TEKSTIL HALI SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

4. Organize Sanayi Bolgesi 83414 Nolu Cad. No:27 Baspinar Sehitkamil Gaziantep / Turkey

PHONE NUMBER

:

90-342-357 06 06

 

FAX NUMBER

:

90-342-357 06 10

 

WEB-ADDRESS

:

www.badehali.com

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Gazikent

TAX NO

:

1290358154

REGISTRATION NUMBER

:

34868

REGISTERED OFFICE

:

Gaziantep Chamber of Commerce

DATE ESTABLISHED

:

16.07.2010

ESTABLISHMENT GAZETTE DATE/NO

:

28.07.2010/7616

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   44.200.000

PAID-IN CAPITAL

:

TL   44.200.000

 

HISTORY

:

Previous Registered Capital

:

TL 50.000

Changed On

:

31.12.2010 (Commercial Gazette Date /Number 12.01.2011/ 7728)

Previous Registered Capital

:

TL 15.959.150,85

Changed On

:

07.02.2011 (Commercial Gazette Date /Number 16.02.2011/ 7753)

Previous Registered Capital

:

TL 31.916.301,70

Changed On

:

01.04.2011 (Commercial Gazette Date /Number 12.04.2011/ 7792)

Previous Registered Capital

:

TL 32.000.000

Changed On

:

12.02.2013 (Commercial Gazette Date /Number 20.02.2013/ 8262)

Previous Address

:

4. Organize Sanayi Bolgesi 83422 Nolu Cad. No:5 Baspinar Sehitkamil Gaziantep

Changed On

:

31.12.2010 (Commercial Gazette Date /Number 12.01.2011/ 7728)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

 

Bayteks Tekstil Sanayi ve Ticaret A.S.

50 %

Verstraete-Hahn NV

39,82 %

Stecri Bvba

8,82 %

Rendeck Bvba

1,36 %

 

 

REMARKS ON SHAREHOLDERS

:

We are informed that, the shareholder "Verstraete-Hahn NV" is a company located in Belgium.

 

SISTER COMPANIES

:

BADE DIS TICARET A.S.

 

SUBSIDIARIES

:

BADE DIS TICARET A.S.

BADE EUROPE GROUP

 

BOARD OF DIRECTORS

:

Stefaan Declerck

Chairman

Gutan Bayram

Vice-Chairman

Hasan Gurkan Bayram

Member

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Manufacture and trade of carpet and yarn. 

 

The subject has declared that it started manufacturing of yarn in February 2013.

 

NACE CODE

:

DB.17.51

 

SECTOR

:

Textile

 

NUMBER OF EMPLOYEES

:

550

 

NET SALES

:

17.000 TL

(16.07-31.12.2010) 

62.257.149 TL

(2011) 

78.573.805 TL

(2012) 

91.948 TL Thousand

(2013) 

26.282 TL Thousand

(01.01-31.03.2014) 

 

 

IMPORT VALUE

:

0 TL

(16.07-31.12.2010)

7.577.971 USD

(2011)

10.631.000 USD

(2012)

16.770.000 USD + 2.064.000 EUR

(2013)

 

 

IMPORT COUNTRIES

:

Belgium

Bangladesh

India

 

MERCHANDISE IMPORTED

:

Machinery

Raw materials

 

EXPORT VALUE

:

81.478 TL Thousand

(2013)

23.585 TL Thousand

(01.01-31.03.2014)

 

 

EXPORT COUNTRIES

:

U.S.A.

Germany

Belgium

European Countries

 

MERCHANDISE  EXPORTED

:

Carpet

Yarn

 

HEAD OFFICE ADDRESS

:

4. Organize Sanayi Bolgesi 83414 Nolu Cad. No:27 Baspinar Sehitkamil  Gaziantep / Turkey ( owned )

 

 

BRANCHES

:

Factory  :  3. Organize Sanayi Bolgesi  83229 Nolu Cad. No:15 Baspinar Gaziantep/Turkey

 

Head Office/Factory  :  4. Organize Sanayi Bolgesi 83414 Nolu Cad. No:27 Baspinar Sehitkamil Gaziantep/Turkey (owned)   

 

TREND OF BUSINESS

:

There was an upwards trend in  2013.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Garanti Bankasi Gaziantep Branch

HSBC Bank Gaziantep Branch

T. Halk Bankasi Gaziantep Ticari Branch

Turk Ekonomi Bankasi Gaziantep Kurumsal Branch

Yapi ve Kredi 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

:

 

(16.07-31.12.2010) TL

(2011) TL

(2012) TL

(2013) TL Thousand

(01.01-31.03.2014) TL Thousand

Net Sales

17.000

62.257.149

78.573.805

91.948

26.282

Profit (Loss) Before Tax

886

1.033.142

1.662.634

2.303

3.407

Stockholders' Equity

16.440.932

33.229.618

40.749.395

49.053

52.452

Total Assets

25.863.732

51.967.168

70.040.007

104.996

115.039

Current Assets

10.452.546

32.114.768

35.201.141

65.221

76.816

Non-Current Assets

15.411.186

19.852.400

34.838.866

39.775

38.223

Current Liabilities

8.307.510

17.775.564

28.730.622

25.615

14.492

Long-Term Liabilities

1.115.290

961.986

559.990

30.328

48.095

Gross Profit (loss)

17.000

6.394.202

6.346.055

7.258

4.997

Operating Profit (loss)

1.178

3.520.212

3.375.970

4.736

4.341

Net Profit (loss)

709

772.504

1.432.103

1.946

3.407

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

In Order As of 31.03.2014

Liquidity

High As of 31.03.2014

Remarks On Liquidity

The unfavorable gap between average collection and average payable period has an adverse effect on liquidity.

Profitability

Good Operating Profitability (16.07-31.12.2010)

Good Net Profitability (16.07-31.12.2010)

Good Operating Profitability  in 2011

Low Net Profitability  in 2011

In Order Operating Profitability  in 2012

Fair Net Profitability  in 2012

In Order Operating Profitability  in 2013

Fair Net Profitability  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

Unfavorable in 01.01-31.03.2014

General Financial Position

In Order

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 01.01-31.03.2014)

5,52 %

2,1961

3,0116

3,6488

 ( 01.01-30.04.2014)

5,61 %

2,1807

2,9954

3,6333

 

 

BALANCE SHEETS

 

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL

 

 ( 31.12.2013 )  TL Thousand

 

 ( 31.03.2014 )  TL Thousand

 

CURRENT ASSETS

10.452.546

0,40

32.114.768

0,62

35.201.141

0,50

65.221

0,62

76.816

0,67

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

6.140.984

0,24

817.535

0,02

49.790

0,00

5.534

0,05

12.611

0,11

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

1.519.922

0,06

22.096.089

0,43

20.528.368

0,29

38.435

0,37

40.133

0,35

Other Receivable

248.292

0,01

553.608

0,01

924.747

0,01

881

0,01

1.109

0,01

Inventories

2.093.397

0,08

8.195.462

0,16

13.591.157

0,19

19.634

0,19

20.844

0,18

Advances Given

449.951

0,02

452.074

0,01

81.151

0,00

87

0,00

84

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

0

0,00

0

0,00

25.928

0,00

650

0,01

2.035

0,02

NON-CURRENT ASSETS

15.411.186

0,60

19.852.400

0,38

34.838.866

0,50

39.775

0,38

38.223

0,33

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

0

0,00

48.000

0,00

0

0,00

0

0,00

0

0,00

Financial Assets

0

0,00

0

0,00

272.773

0,00

273

0,00

273

0,00

Tangible Fixed Assets (net)

14.065.817

0,54

18.736.539

0,36

33.564.219

0,48

37.108

0,35

35.854

0,31

Intangible Assets

1.260.090

0,05

1.058.214

0,02

992.204

0,01

1.108

0,01

1.045

0,01

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

85.279

0,00

9.647

0,00

9.670

0,00

1.286

0,01

1.051

0,01

TOTAL ASSETS

25.863.732

1,00

51.967.168

1,00

70.040.007

1,00

104.996

1,00

115.039

1,00

CURRENT LIABILITIES

8.307.510

0,32

17.775.564

0,34

28.730.622

0,41

25.615

0,24

14.492

0,13

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

6.862.190

0,13

21.924.201

0,31

14.981

0,14

159

0,00

Accounts Payable

1.802.369

0,07

8.173.009

0,16

5.589.893

0,08

7.658

0,07

10.148

0,09

Loans from Shareholders

0

0,00

951.334

0,02

87.706

0,00

88

0,00

88

0,00

Other Short-term Payable

6.110.966

0,24

0

0,00

0

0,00

0

0,00

0

0,00

Advances from Customers

0

0,00

854.512

0,02

68.774

0,00

144

0,00

137

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

93.790

0,00

252.201

0,00

344.709

0,00

844

0,01

1.331

0,01

Provisions

178

0,00

180.063

0,00

42.440

0,00

210

0,00

0

0,00

Other Current Liabilities

300.207

0,01

502.255

0,01

672.899

0,01

1.690

0,02

2.629

0,02

LONG-TERM LIABILITIES

1.115.290

0,04

961.986

0,02

559.990

0,01

30.328

0,29

48.095

0,42

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

1.115.290

0,04

961.986

0,02

559.990

0,01

30.328

0,29

48.095

0,42

Securities Issued

0

0,00

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

0

0,00

Loans from Shareholders

0

0,00

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

0

0,00

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

16.440.932

0,64

33.229.618

0,64

40.749.395

0,58

49.053

0,47

52.452

0,46

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

15.959.151

0,62

32.000.000

0,62

32.000.000

0,46

44.200

0,42

44.200

0,38

Cross Shareholding Adjustment of Capital

0

0,00

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

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

481.072

0,02

457.114

0,01

1.172.374

0,02

2.705

0,03

4.643

0,04

Revaluation Fund

0

0,00

0

0,00

6.144.918

0,09

202

0,00

202

0,00

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

709

0,00

772.504

0,01

1.432.103

0,02

1.946

0,02

3.407

0,03

TOTAL LIABILITIES AND EQUITY

25.863.732

1,00

51.967.168

1,00

70.040.007

1,00

104.996

1,00

115.039

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:1.109,Other Receivable Total:1.109 

 

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

 

At the last income statement TL thousand 6.520 of the other expenses is due to "Loss from Foreign Currency Exchange" .                                                                                                                                                                                                                    

 

 

INCOME STATEMENTS

 

 

(16.07-31.12.2010) TL

 

(2011) TL

 

(2012) TL

 

(2013) TL Thousand

 

(01.01-31.03.2014) TL Thousand

 

Net Sales

17.000

1,00

62.257.149

1,00

78.573.805

1,00

91.948

1,00

26.282

1,00

Cost of Goods Sold

0

0,00

55.862.947

0,90

72.227.750

0,92

84.690

0,92

21.285

0,81

Gross Profit

17.000

1,00

6.394.202

0,10

6.346.055

0,08

7.258

0,08

4.997

0,19

Operating Expenses

15.822

0,93

2.873.990

0,05

2.970.085

0,04

2.522

0,03

656

0,02

Operating Profit

1.178

0,07

3.520.212

0,06

3.375.970

0,04

4.736

0,05

4.341

0,17

Other Income

1.596

0,09

2.805.394

0,05

3.699.122

0,05

15.065

0,16

6.045

0,23

Other Expenses

1.888

0,11

5.029.883

0,08

4.897.265

0,06

16.732

0,18

6.534

0,25

Financial Expenses

0

0,00

262.581

0,00

515.193

0,01

766

0,01

445

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

886

0,05

1.033.142

0,02

1.662.634

0,02

2.303

0,03

3.407

0,13

Tax Payable

177

0,01

260.638

0,00

230.531

0,00

357

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)

709

0,04

772.504

0,01

1.432.103

0,02

1.946

0,02

3.407

0,13

 

 

FINANCIAL RATIOS

 

 

(16.07-31.12.2010)

(2011)

(2012)

(2013)

(01.01-31.03.2014)

LIQUIDITY RATIOS

 

Current Ratio

1,26

1,81

1,23

2,55

5,30

Acid-Test Ratio

0,95

1,32

0,75

1,75

3,72

Cash Ratio

0,74

0,05

0,00

0,22

0,87

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,08

0,16

0,19

0,19

0,18

Short-term Receivable/Total Assets

0,07

0,44

0,31

0,37

0,36

Tangible Assets/Total Assets

0,54

0,36

0,48

0,35

0,31

TURNOVER RATIOS

 

Inventory Turnover

0,00

6,82

5,31

4,31

1,02

Stockholders' Equity Turnover

0,00

1,87

1,93

1,87

0,50

Asset Turnover

0,00

1,20

1,12

0,88

0,23

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,64

0,64

0,58

0,47

0,46

Current Liabilities/Total Assets

0,32

0,34

0,41

0,24

0,13

Financial Leverage

0,36

0,36

0,42

0,53

0,54

Gearing Percentage

0,57

0,56

0,72

1,14

1,19

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,00

0,02

0,04

0,04

0,06

Operating Profit Margin

0,07

0,06

0,04

0,05

0,17

Net Profit Margin

0,04

0,01

0,02

0,02

0,13

Interest Cover

 

4,93

4,23

4,01

8,66

COLLECTION-PAYMENT

 

Average Collection Period (days)

32186,58

128,05

94,05

150,48

549,73

Average Payable Period (days)

 

52,67

27,86

32,55

171,64

WORKING CAPITAL

2145036,00

14339204,00

6470519,00

39606,00

62324,00

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.59.03

UK Pound

1

Rs.98.91

Euro

1

Rs.80.33

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

PDT

 

               

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.