MIRA INFORM REPORT

 

 

Report Date :

31.05.2014              

 

IDENTIFICATION DETAILS

 

Name :

SIRMA HALI TEKSTIL SANAYI VE TICARET A.S.

 

 

Registered Office :

2. Organize Sanayi Bolgesi 83221 Nolu Cad. No:32 Sehitkamil Gaziantep

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

04.01.2002

 

 

Com. Reg. No.:

23339

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of machine made carpets.

 

 

No. of Employees :

240

 

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

:

SIRMA HALI TEKSTIL SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

2. Organize Sanayi Bolgesi 83221 Nolu Cad. No:32 Sehitkamil Gaziantep / Turkey

PHONE NUMBER

:

90-342-337 18 35

 

FAX NUMBER

:

90-342-337 18 39

 

WEB-ADDRESS

:

www.sirmacarpet.com

E-MAIL

:

info@sirmacarpet.com

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Gazikent

TAX NO

:

7690489717

REGISTRATION NUMBER

:

23339

REGISTERED OFFICE

:

Gaziantep Chamber of Commerce

DATE ESTABLISHED

:

04.01.2002

ESTABLISHMENT GAZETTE DATE/NO

:

29.01.2002/5475

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

 

REGISTERED CAPITAL

:

TL  19.000.000

PAID-IN CAPITAL

:

TL  19.000.000

HISTORY

:

Previous Legal Type

:

Limited Company

Changed On

:

09.04.2009 (Commercial Gazette Date /Number 17.04.2009/ 7294)

Previous Name

:

Sirma Hali Tekstil Sanayi ve Ticaret Ltd. Sti.

Changed On

:

09.04.2009 (Commercial Gazette Date /Number 17.04.2009/ 7294)

Previous Registered Capital

:

TL 3.000.000

Changed On

:

03.04.2006 (Commercial Gazette Date /Number 17.04.2006/ 6536)

Previous Registered Capital

:

TL 5.000.000

Changed On

:

31.12.2008 (Commercial Gazette Date /Number 07.01.2009/ 7222)

Previous Registered Capital

:

TL 12.000.000

Changed On

:

29.06.2012 (Commercial Gazette Date /Number 09.07.2012/ 8107)

Previous Address

:

2. Organize Sanayi Bolgesi Dogu 3. Cad. No:8 Sehitkamil Gaziantep

Changed On

:

29.06.2012 (Commercial Gazette Date /Number 09.07.2012/ 8107)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Hanifi Sireci

50 %

Kenan Durur

17 %

Erkan Durur

17 %

Kemal Durur

16 %

 

 

SISTER COMPANIES

:

AKUA PET PREFORM AMBALAJ SANAYI VE TICARET A.S.

DURKAR DIS TICARET LTD. STI.

 

DURKAR HALI TEKSTIL SANAYI VE TICARET A.S.

 

EMPIRE HALI TEKSTIL ITHALAT IHRACAT SANAYI VE TICARET LTD. STI.

 

SUBSIDIARIES

:

JEOTERMIK ENERJI MADEN INSAAT SANAYI VE TICARET LTD. STI.

 

BOARD OF DIRECTORS

:

Erkan Durur

Chairman

Hanifi Sireci

Vice-Chairman

Ali Kandemir

Member

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Manufacture and trade of machine made carpets.

 

NACE CODE

:

DB.17.51

 

SECTOR

:

Textile

 

NUMBER OF EMPLOYEES

:

240

 

NET SALES

:

21.681.128 TL

(2010) 

33.650.992 TL

(2011) 

48.716 TL Thousand

(2012) 

49.880 TL Thousand

(2013) 

 

 

IMPORT VALUE

:

2.900.000 USD

(2011)

1.825.000 USD

(01.01-31.03.2012)

 

 

IMPORT COUNTRIES

:

India

Greece

U.S.A.

 

MERCHANDISE IMPORTED

:

Yarn

 

EXPORT VALUE

:

12.710.526 TL

(2010)

8.288.918 TL

(2011)

8.055.097 TL

(2012)

8.650.232 TL

(2013)

 

 

EXPORT COUNTRIES

:

Germany

U.S.A.

Iraq

Canada

U.A.E.

Bosnia and Herzegovina

Russia

Azerbaijan

Australia

Greece

Jordan

Belgium

 

MERCHANDISE  EXPORTED

:

Carpet

 

HEAD OFFICE ADDRESS

:

2. Organize Sanayi Bolgesi 83221 Nolu Cad. No:32 Sehitkamil Gaziantep / Turkey

 

BRANCHES

:

Head Office/Factory  :  2. Organize Sanayi Bolgesi 83221 Nolu Cad. No:32 Sehitkamil Gaziantep/Turkey

 

 

TREND OF BUSINESS

:

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

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Akbank Gaziantep Branch

Finansbank Gaziantep Branch

Garanti Bankasi Organize Sanayi Bolgesi Branch

T. Halk Bankasi Gaziantep Ticari Branch

Turk Ekonomi Bankasi Gaziantep Branch

 

CREDIT FACILITIES

:

The subject company is making active use of credit facilities.

 

PAYMENT BEHAVIOUR

:

We are informed about numerous payment delays in the former years which were resolved later on but no payment delays have come to our knowledge in the last years.

 

KEY FINANCIAL ELEMENTS

:

 

(2012) TL Thousand

(2013) TL Thousand

 

 

 

Net Sales

48.716

49.880

 

 

 

Profit (Loss) Before Tax

2.414

2.440

 

 

 

Stockholders' Equity

20.343

23.117

 

 

 

Total Assets

54.555

56.367

 

 

 

Current Assets

26.692

27.741

 

 

 

Non-Current Assets

27.863

28.626

 

 

 

Current Liabilities

26.560

26.451

 

 

 

Long-Term Liabilities

7.652

6.799

 

 

 

Gross Profit (loss)

4.839

6.195

 

 

 

Operating Profit (loss)

3.553

4.000

 

 

 

Net Profit (loss)

1.913

1.907

 

 

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Satisfactory As of 31.12.2013

Liquidity

Insufficient As of 31.12.2013

Remarks On Liquidity

The unfavorable gap between average collection and average payable period has an adverse 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

Good Operating Profitability  in 2012

Good Net Profitability  in 2012

Good Operating Profitability  in 2013

Good Net Profitability  in 2013

 

Gap between average collection and payable periods

Unfavorable in 2013

General Financial Position

Passable

 

 

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

 ( 01.01-31.03.2012)

0,65 %

1,7995

2,3799

2,8402

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 ( 2013 )

6,97 %

1,9179

2,5530

3,0178

 ( 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

26.692

0,49

27.741

0,49

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

309

0,01

416

0,01

Marketable Securities

0

0,00

0

0,00

Account Receivable

18.314

0,34

14.415

0,26

Other Receivable

136

0,00

2.135

0,04

Inventories

5.870

0,11

8.508

0,15

Advances Given

1.119

0,02

1.862

0,03

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

944

0,02

405

0,01

NON-CURRENT ASSETS

27.863

0,51

28.626

0,51

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

388

0,01

Tangible Fixed Assets (net)

13.629

0,25

13.927

0,25

Intangible Assets

14.234

0,26

14.311

0,25

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

0

0,00

TOTAL ASSETS

54.555

1,00

56.367

1,00

CURRENT LIABILITIES

26.560

0,49

26.451

0,47

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

12.646

0,23

16.024

0,28

Accounts Payable

12.554

0,23

9.317

0,17

Loans from Shareholders

0

0,00

0

0,00

Other Short-term Payable

189

0,00

235

0,00

Advances from Customers

773

0,01

559

0,01

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

150

0,00

136

0,00

Provisions

248

0,00

180

0,00

Other Current Liabilities

0

0,00

0

0,00

LONG-TERM LIABILITIES

7.652

0,14

6.799

0,12

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

7.652

0,14

6.799

0,12

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

20.343

0,37

23.117

0,41

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

18.680

0,34

19.000

0,34

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

115

0,00

2.210

0,04

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

-365

-0,01

0

0,00

Net Profit (loss)

1.913

0,04

1.907

0,03

TOTAL LIABILITIES AND EQUITY

54.555

1,00

56.367

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: 2.135, Other Receivable Total: 2.135.

 

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

 

At the last income statement TL thousand 4.684 of the other expenses is due to "Loss from Foreign Currency Exchange".

 

 

 

INCOME STATEMENTS

 

 

(2012) TL Thousand

 

(2013) TL Thousand

 

Net Sales

48.716

1,00

49.880

1,00

Cost of Goods Sold

43.877

0,90

43.685

0,88

Gross Profit

4.839

0,10

6.195

0,12

Operating Expenses

1.286

0,03

2.195

0,04

Operating Profit

3.553

0,07

4.000

0,08

Other Income

2.124

0,04

4.530

0,09

Other Expenses

2.071

0,04

4.912

0,10

Financial Expenses

1.192

0,02

1.178

0,02

Minority Interests

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

Profit (loss) Before Tax

2.414

0,05

2.440

0,05

Tax Payable

501

0,01

533

0,01

Postponed Tax Gain

0

0,00

0

0,00

Net Profit (loss)

1.913

0,04

1.907

0,04

 

 

FINANCIAL RATIOS

 

 

(2012)

(2013)

LIQUIDITY RATIOS

 

Current Ratio

1,00

1,05

Acid-Test Ratio

0,71

0,64

Cash Ratio

0,01

0,02

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,11

0,15

Short-term Receivable/Total Assets

0,34

0,29

Tangible Assets/Total Assets

0,25

0,25

TURNOVER RATIOS

 

Inventory Turnover

7,47

5,13

Stockholders' Equity Turnover

2,39

2,16

Asset Turnover

0,89

0,88

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,37

0,41

Current Liabilities/Total Assets

0,49

0,47

Financial Leverage

0,63

0,59

Gearing Percentage

1,68

1,44

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,09

0,08

Operating Profit Margin

0,07

0,08

Net Profit Margin

0,04

0,04

Interest Cover

3,03

3,07

COLLECTION-PAYMENT

 

Average Collection Period (days)

135,34

104,04

Average Payable Period (days)

103,00

76,78

WORKING CAPITAL

132,00

1290,00

 

 

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.