MIRA INFORM REPORT

 

 

Report No. :

329817

Report Date :

07.07.2015

 

IDENTIFICATION DETAILS

 

Name :

BRAITRIM PLASTI-FORM DIS TICARET A.S.

 

 

Formerly Known As :

BRAITRIM INTERNATIONAL DIS TICARET A.S.

 

 

Registered Office :

Dilmenler Cad. Aslanoba Plaza No: 19/4-A Mahmutbey Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

30.06.2014

 

 

Date of Incorporation :

19.04.1996

 

 

Com. Reg. No.:

345866

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Wholesale Trade of Hanger.

 

 

No. of Employees :

9

 

 

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 :

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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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 region to market. Several gas pipeline projects also are moving forward to help transport Caspian gas to Europe through Turkey, which over the long term will help address Turkey's dependence on imported oil and gas, which currently meets 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. Two rating agencies upgraded Turkey's debt to investment grade in 2012 and 2013, and Turkey's public sector debt to GDP ratio fell to 33% in 2014. The stock value of FDI reached nearly $195 billion at year-end 2014. Despite these positive trends, GDP growth dropped to 4.4% in 2013 and 2.9% in 2014. Growth slowed considerably in the last quarter of 2014, largely due to lackluster consumer demand both domestically and in Europe, Turkey’s most important export market. High interest rates have also contributed to the slowdown in growth, as Turkey sharply increased interest rates in January 2014 in order to strengthen the country’s currency and reduce inflation. Turkey then cut rates in February 2015 in a bid to spur economic growth. It is clear from these developments that the Turkish economy retains significant weaknesses. Specifically, 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. Turkey also remains dependent on often volatile, short-term investment to finance its large current account deficit.

 

Source : CIA

 

 

NOTES

 

Full name of the firm was missing at your inquiry.

 

 

COMPANY IDENTIFICATION

 

NAME

:

BRAITRIM PLASTI-FORM DIS TICARET A.S.

HEAD OFFICE ADDRESS

:

Dilmenler Cad. Aslanoba Plaza No: 19/4-A Mahmutbey Istanbul / Turkey

PHONE NUMBER

:

90-212-446 31 81

 

FAX NUMBER

:

90-212-446 31 82

 

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Gunesli

TAX NO

:

1870065107

REGISTRATION NUMBER

:

345866

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

19.04.1996

ESTABLISHMENT GAZETTE DATE/NO

:

25.04.1996/4026

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   133.000

PAID-IN CAPITAL

:

TL   133.000

HISTORY

:

Previous Name

:

Braitrim International Dis Ticaret A.S.

Changed On

:

21.08.2002 (Commercial Gazette Date /Number 26.08.2002/ 5621)

Previous Registered Capital

:

TL 50.000

Changed On

:

04.05.2015 (Commercial Gazette Date /Number 08.05.2015/ 8816)

Previous Address

:

Tepecik Yolu Edincik Sok. N: 1 D: 6-7 Etiler Istanbul

Changed On

:

31.03.2006 (Commercial Gazette Date /Number 07.04.2006/ 6530)

Previous Address

:

Gokturk Beldesi Saglik Cad. Ide Is Merkezi No: 13 D: 7-8 Istanbul

Changed On

:

09.03.2010 (Commercial Gazette Date /Number 15.03.2010/ 7521)

 

 

OWNERSHIP/ MANAGEMENT

 

SHAREHOLDERS

:

 

Braitrim Group Ltd

99,60 %

Metromain Ltd

0,01 %

Spotless Plastics Ltd

0,01 %

Braitrim Holding Ltd

0,01 %

Braitrim (UK) Ltd

0,01 %

 

 

REMARKS ON SHAREHOLDERS

:

We are informed that, the shareholder "Braitrim Group Ltd" is a  company located in the U.K.

 

BOARD OF DIRECTORS

:

Graeme Andrew Scott Rutherford

Chairman

Ben James Hunt

Member

Wui Wing Dennis Ip

Member

 

 

OPERATIONS

 

NOTES ON OPERATIONS

:

The firm orders production to contract manufacturers.

 

 

BUSINESS ACTIVITIES

:

Wholesale trade of hanger.

 

The subject orders hangers to be manufactured in the name of the subject company to contract manufacturers.

 

NACE CODE

:

G .51.42

 

SECTOR

:

Commerce

 

 

NUMBER OF EMPLOYEES

:

9

 

NET SALES

:

23.730.675 TL

(01.07.2010-30.06.2011) 

22.452.522 TL

(01.07.2011-30.06.2012) 

23.575.096 TL

(01.07.2012-30.06.2013) 

22.439.533 TL

(01.07.2013-30.06.2014) 

15.721.706 TL

(01.07.2014-31.03.2015) 

 

 

REMARKS ON NET SALES

:

The financial period of the firm is from the 1st of July to the 30th of June.

 

REMARKS ON PRODUCTION

:

None

 

IMPORT COUNTRIES

:

U.K.

Hong-Kong

China

U.A.E.

 

MERCHANDISE IMPORTED

:

Hangers

 

EXPORT VALUE

:

5.833.679 TL

(01.07.2010-30.06.2011)

5.219.358 TL

(01.07.2011-30.06.2012)

9.085.155 TL

(01.07.2012-30.06.2013)

9.448.266 TL

(01.07.2013-30.06.2014)

6.602.991 TL

(01.07.2014-31.03.2015)

 

 

EXPORT COUNTRIES

:

Germany

France

U.K.

Egypt

 

MERCHANDISE  EXPORTED

:

Hangers

 

HEAD OFFICE ADDRESS

:

Dilmenler Cad. Aslanoba Plaza No: 19/4-A Mahmutbey  Istanbul / Turkey 

 

 

TREND OF BUSINESS

:

There was a decline at sales volume betwen 01.07.2013-30.06.2014 when compared to 01.07.2012-30.06.2013.

SIZE OF BUSINESS

:

Upper-Medium

 

 

FINANCE

 

MAIN DEALING BANKS

:

HSBC Bank Esentepe Branch

 

CREDIT FACILITIES

:

No credit facility has come to our knowledge.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

 

 

KEY FINANCIAL ELEMENTS

:

 

(01.07.2011-30.06.2012) TL

(01.07.2012-30.06.2013) TL

(01.07.2013-30.06.2014) TL

(01.07.2014-31.03.2015) TL

Net Sales

22.452.522

23.575.096

22.439.533

15.721.706

Profit (Loss) Before Tax

240.561

1.058.862

1.363.572

-150.393

Stockholders' Equity

3.795.395

4.599.466

5.685.096

 

Total Assets

8.636.257

9.528.791

9.650.932

 

Current Assets

8.163.274

9.102.384

8.415.465

 

Non-Current Assets

472.983

426.407

1.235.467

 

Current Liabilities

4.627.624

4.659.761

3.649.928

 

Long-Term Liabilities

213.238

269.564

315.908

 

Gross Profit (loss)

5.448.589

4.272.754

4.438.556

1.782.188

Operating Profit (loss)

3.181.483

2.289.726

2.380.259

435.002

Net Profit (loss)

240.561

804.071

1.085.629

-150.393

 

 

COMMENT ON FINANCIAL POSITION

 

THE DETAILS OF THE CAPITAL INCREASE  AFTER LAST BALANCE SHEET

 

:

Cash Part

:

Equity Part

:83.000 TL

Payment Due Date

:04.05.2015

 

Capitalization

Good

Remarks on Capitalization

There has been capital increase after the last balance sheet date. The increase is decided to be financed by equity items so the capital increase is not expected to have a positive effect on equity total.

 

Liquidity

High As of 30.06.2014

Profitability

High Operating Profitability (01.07.2011-30.06.2012)

Low Net Profitability (01.07.2011-30.06.2012)

High Operating Profitability (01.07.2012-30.06.2013)

In Order Net Profitability (01.07.2012-30.06.2013)

High Operating Profitability (01.07.2013-30.06.2014)

Good Net Profitability (01.07.2013-30.06.2014)

Fair Operating Profitability (01.07.2014-31.03.2015)

Net Loss (01.07.2014-31.03.2015)

 

Gap between average collection and payable periods

Favorable in 01.01-30.06.2014

General Financial Position

Good

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 (01.01-30.06.2011)

6,21 %

1,5771

2,2246

2,5422

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 (01.01-30.06.2012)

1,95 %

1,8028

2,3463

2,8462

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 (01.01-30.06.2013)

2,46 %

1,8251

2,3936

2,8262

 ( 2013 )

6,97 %

1,9179

2,5530

3,0178

 (01.01-30.06.2014)

5,12 %

2,1608

2,9618

3,6153

 ( 2014 )

6,36 %

2,1891

2,8989

3,6060

 (01.01-31.03.2015)

2,60 %

2,4709

2,8023

3,7626

 (01.01-30.06.2015)

5,49 %

2,5568

2,8727

3,9250

 

 

BALANCE SHEETS

 

 

 ( 30.06.2012 )  TL

 

 ( 30.06.2013 )  TL

 

 ( 30.06.2014 )  TL

 

CURRENT ASSETS

8.163.274

0,95

9.102.384

0,96

8.415.465

0,87

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

Cash and Banks

1.379.401

0,16

851.032

0,09

536.055

0,06

Marketable Securities

0

0,00

0

0,00

0

0,00

Account Receivable

3.935.784

0,46

3.912.449

0,41

2.975.464

0,31

Other Receivable

194.092

0,02

432.124

0,05

215.744

0,02

Inventories

1.837.076

0,21

1.899.488

0,20

2.738.450

0,28

Advances Given

410.277

0,05

1.569.570

0,16

1.186.054

0,12

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

Other Current Assets

406.644

0,05

437.721

0,05

763.698

0,08

NON-CURRENT ASSETS

472.983

0,05

426.407

0,04

1.235.467

0,13

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

Long-term Receivable

10.000

0,00

10.000

0,00

10.000

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

422.325

0,05

393.215

0,04

1.225.467

0,13

Intangible Assets

22.698

0,00

15.006

0,00

0

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

17.960

0,00

8.186

0,00

0

0,00

TOTAL ASSETS

8.636.257

1,00

9.528.791

1,00

9.650.932

1,00

CURRENT LIABILITIES

4.627.624

0,54

4.659.761

0,49

3.649.928

0,38

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

0

0,00

Accounts Payable

4.241.217

0,49

4.064.729

0,43

3.015.240

0,31

Loans from Shareholders

0

0,00

0

0,00

0

0,00

Other Short-term Payable

3

0,00

0

0,00

38

0,00

Advances from Customers

127.390

0,01

221.937

0,02

360.930

0,04

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

Taxes Payable

62.780

0,01

38.553

0,00

49.226

0,01

Provisions

0

0,00

151.902

0,02

65.787

0,01

Other Current Liabilities

196.234

0,02

182.640

0,02

158.707

0,02

LONG-TERM LIABILITIES

213.238

0,02

269.564

0,03

315.908

0,03

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

0

0,00

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

213.238

0,02

269.564

0,03

315.908

0,03

STOCKHOLDERS' EQUITY

3.795.395

0,44

4.599.466

0,48

5.685.096

0,59

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

Paid-in Capital

50.000

0,01

50.000

0,01

50.000

0,01

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

83.178

0,01

83.178

0,01

83.178

0,01

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

Reserves

5.087.435

0,59

5.327.996

0,56

6.132.068

0,64

Revaluation Fund

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

-1.665.779

-0,19

-1.665.779

-0,17

-1.665.779

-0,17

Net Profit (loss)

240.561

0,03

804.071

0,08

1.085.629

0,11

TOTAL LIABILITIES AND EQUITY

8.636.257

1,00

9.528.791

1,00

9.650.932

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 355.667  is "Doubtful Trade Receivables" and -TL 355.667  is "Provision for Doubtful Trade Receivables" at the last balance sheet. 

 

The details of "Other Receivable" figure at the last balance sheet (TL ): Due From Shareholders:0, Due From Participations:0, Due From Affiliated Companies:0, Due From Personnel:0, Other Miscellaneous Receivables:215.744, Other Receivable Total:215.744

 

 TL 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 424.940 of the other expenses is due to "Loss from Foreign Currency Exchange" . 

 

At the last income statement TL 612.495 of the other expenses is due to "Commission Expenses" .

 

 

INCOME STATEMENTS

 

 

(01.07.2011-30.06.2012) TL

 

(01.07.2012-30.06.2013) TL

 

(01.07.2013-30.06.2014) TL

 

(01.07.2014-31.03.2015) TL

 

Net Sales

22.452.522

1,00

23.575.096

1,00

22.439.533

1,00

15.721.706

1,00

Cost of Goods Sold

17.003.933

0,76

19.302.342

0,82

18.000.977

0,80

13.939.518

0,89

Gross Profit

5.448.589

0,24

4.272.754

0,18

4.438.556

0,20

1.782.188

0,11

Operating Expenses

2.267.106

0,10

1.983.028

0,08

2.058.297

0,09

1.347.186

0,09

Operating Profit

3.181.483

0,14

2.289.726

0,10

2.380.259

0,11

435.002

0,03

Other Income

670.231

0,03

685.450

0,03

935.746

0,04

557.069

0,04

Other Expenses

3.611.153

0,16

1.916.314

0,08

1.952.433

0,09

1.142.464

0,07

Financial Expenses

0

0,00

0

0,00

0

0,00

0

0,00

Minority Interests

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

Profit (loss) Before Tax

240.561

0,01

1.058.862

0,04

1.363.572

0,06

-150.393

-0,01

Tax Payable

0

0,00

254.791

0,01

277.943

0,01

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

240.561

0,01

804.071

0,03

1.085.629

0,05

-150.393

-0,01

 

 

FINANCIAL RATIOS

 

 

(01.07.2011-30.06.2012)

(01.07.2012-30.06.2013)

(01.07.2013-30.06.2014)

 

LIQUIDITY RATIOS

 

 

Current Ratio

1,76

1,95

2,31

 

Acid-Test Ratio

1,19

1,11

1,02

 

Cash Ratio

0,30

0,18

0,15

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,21

0,20

0,28

 

Short-term Receivable/Total Assets

0,48

0,46

0,33

 

Tangible Assets/Total Assets

0,05

0,04

0,13

 

TURNOVER RATIOS

 

 

Inventory Turnover

9,26

10,16

6,57

 

Stockholders' Equity Turnover

5,92

5,13

3,95

 

Asset Turnover

2,60

2,47

2,33

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,44

0,48

0,59

 

Current Liabilities/Total Assets

0,54

0,49

0,38

 

Financial Leverage

0,56

0,52

0,41

 

Gearing Percentage

1,28

1,07

0,70

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,06

0,17

0,19

 

Operating Profit Margin

0,14

0,10

0,11

 

Net Profit Margin

0,01

0,03

0,05

 

Interest Cover

 

 

 

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

63,27

59,90

47,90

 

Average Payable Period (days)

89,79

75,81

60,30

 

WORKING CAPITAL

3535650,00

4442623,00

4765537,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.58

UK Pound

1

Rs.99.11

Euro

1

Rs.70.29

 

INFORMATION DETAILS

 

Analysis Done by :

KAS

 

 

Report Prepared by :

NIT

 

 

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.