MIRA INFORM REPORT

 

 

Report No. :

346034

Report Date :

23.10.2015

 

IDENTIFICATION DETAILS

 

Name :

SAFYUN HALI TEKSTIL SANAYI VE TICARET A.S.

 

 

Registered Office :

3. Organize Sanayi Bolgesi 18 Nolu Cad. No:6 Sehitkamil Gaziantep

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

27.12.1996

 

 

Com. Reg. No.:

19006

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of carpet and polypropylene yarn.

 

 

No. of Employee :

726

 

 

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 has brought 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 Foreign Direct Investment 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.

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

 

 

 

 

 

COMPANY IDENTIFICATION

 

 

NAME

:

SAFYUN HALI TEKSTIL SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

3. Organize Sanayi Bolgesi 18 Nolu Cad. No:6 Sehitkamil Gaziantep / Turkey

PHONE NUMBER

:

90-342-337 96 18

 

FAX NUMBER

:

90-342-337 94 80

 

WEB-ADDRESS

:

www.safyun.com

E-MAIL

:

info@safyun.com

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Gazikent

TAX NO

:

7370061031

REGISTRATION NUMBER

:

19006

REGISTERED OFFICE

:

Gaziantep Chamber of Commerce

DATE ESTABLISHED

:

27.12.1996

ESTABLISHMENT GAZETTE DATE/NO

:

07.01.1997/4203

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   60.000.000

PAID-IN CAPITAL

:

TL   60.000.000

HISTORY

:

Previous Registered Capital

:

TL 15.000.000

Changed On

:

03.07.2007 (Commercial Gazette Date /Number 11.07.2007/ 6849)

Previous Registered Capital

:

TL 20.000.000

Changed On

:

16.09.2008 (Commercial Gazette Date /Number 24.09.2008/ 7156)

Previous Registered Capital

:

TL 27.500.000

Changed On

:

02.07.2010 (Commercial Gazette Date /Number 12.07.2010/ 7604)

Previous Registered Capital

:

TL 35.000.000

Changed On

:

24.04.2013 (Commercial Gazette Date /Number 30.04.2013/ 8310)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Suat Golbasi

30 %

Hayrullah Golbasi

25 %

Halil Ibrahim Golbasi

24 %

Ahmet Golbasi

20 %

Behice Golbasi

1 %

 

 

BOARD OF DIRECTORS

:

Hayrullah Golbasi

Chairman

Halil Ibrahim Golbasi

Member

Suat Golbasi

Member

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Manufacture and trade of carpet and polypropylene yarn.

 

NACE CODE

:

DB.17.51

 

SECTOR

:

Textile

 

NUMBER OF EMPLOYEES

:

726

 

NET SALES

:

42.153.874 TL

(2008) 

42.818.112 TL

(2009) 

53.393.611 TL

(2010) 

89.233.302 TL

(2011) 

128.489.754 TL

(2012) 

149.203 TL Thousand

(2013) 

195.028 TL Thousand

(2014) 

 

 

IMPORT VALUE

:

23.608.000 USD

(2011)

27.200.000 USD

(2012)

32.000.000 USD

(2013)

 

 

IMPORT COUNTRIES

:

Belgium

Germany

India

Bangladesh

Iran

Greece

Saudi Arabia

Egypt

 

MERCHANDISE IMPORTED

:

Machinery

Polypropylene

Raw materials

 

EXPORT VALUE

:

9.938.771 TL

(2008)

21.070.481 TL

(2009)

35.611.683 TL

(2010)

89.233.301 TL

(2011)

96.582.756 TL

(2012)

103.077.982 TL

(2013)

63.910 USD Thousand

(2014)

 

 

EXPORT COUNTRIES

:

Saudi Arabia

Iraq

Kazakhstan

Syria

Macedonia Republic

Bosnia and Herzegovina

Turkmenistan

Bulgaria

Italy

Germany

U.A.E.

China

India

Pakistan

Afghanistan

U.K.

Netherlands

Sweden

 

MERCHANDISE  EXPORTED

:

Carpet

 

HEAD OFFICE ADDRESS

:

3. Organize Sanayi Bolgesi 18 Nolu Cad. No:6 Sehitkamil  Gaziantep / Turkey  (owned)

 

BRANCHES

:

Factory  :  4. Organize Sanayi Bolgesi Karahoyuk Koyu Karsisi Baspinar Gaziantep/Turkey (owned) (14.000 sqm)

 

Head Office/Factory  :  3. Organize Sanayi Bolgesi 18 Nolu Cad. No:6 Sehitkamil Gaziantep/Turkey (owned)

 

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2014.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Garanti Bankasi OSB Branch

T. Halk Bankasi Gaziantep Ticari Branch

T. Is Bankasi Kurumsal Branch

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2010) TL

(2011) TL

(2012) TL

(2013) TL Thousand

(2014) TL Thousand

Net Sales

53.393.611

89.233.302

128.489.754

149.203

195.028

Profit (Loss) Before Tax

4.979.623

12.214.442

12.667.003

14.554

18.115

Stockholders' Equity

44.072.277

58.806.116

68.515.278

86.443

103.487

Total Assets

61.216.130

94.428.682

126.523.794

163.336

182.685

Current Assets

37.205.799

68.723.511

99.901.808

121.635

 

Non-Current Assets

24.010.331

25.705.171

26.621.986

41.701

 

Current Liabilities

15.396.591

35.622.566

52.788.862

58.871

 

Long-Term Liabilities

1.747.262

0

5.219.654

18.022

 

Gross Profit (loss)

5.949.424

12.106.079

19.072.518

22.035

 

Operating Profit (loss)

3.689.391

8.658.414

13.701.973

14.153

 

Net Profit (loss)

4.231.025

11.394.335

10.359.162

13.692

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Good As of 31.12.2014

Profitability

Good Operating Profitability  in 2010

High Net Profitability  in 2010

High Operating Profitability  in 2011

High Net Profitability  in 2011

High Operating Profitability  in 2012

High Net Profitability  in 2012

Good Operating Profitability  in 2013

High Net Profitability  in 2013

High Net Profitability  in 2014

 

General Financial Position

Satisfactory

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2008 )

8,11 %

1,2858

1,8876

2,3708

 ( 2009 )

5,93 %

1,5460

2,1529

2,4094

 ( 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

 ( 2014 )

6,36 %

2,1891

2,8989

3,6060

 ( 01.01-30.09.2015)

7,81 %

2,6640

2,9843

4,0944

 

 

BALANCE SHEETS

 

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL

 

 ( 31.12.2013 )  TL Thousand

 

CURRENT ASSETS

37.205.799

0,61

68.723.511

0,73

99.901.808

0,79

121.635

0,74

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

1.937.377

0,03

4.945.347

0,05

3.866.798

0,03

4.067

0,02

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

25.017.396

0,41

46.123.431

0,49

68.305.571

0,54

89.076

0,55

Other Receivable

529.498

0,01

1.212.382

0,01

1.323.090

0,01

791

0,00

Inventories

6.648.541

0,11

11.188.216

0,12

14.460.312

0,11

13.242

0,08

Advances Given

1.357.228

0,02

2.692.793

0,03

8.674.781

0,07

11.535

0,07

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

1.715.759

0,03

2.561.342

0,03

3.271.256

0,03

2.924

0,02

NON-CURRENT ASSETS

24.010.331

0,39

25.705.171

0,27

26.621.986

0,21

41.701

0,26

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

343.461

0,01

343.461

0,00

343.461

0,00

314

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

23.329.616

0,38

24.932.030

0,26

25.738.441

0,20

39.141

0,24

Intangible Assets

2.032

0,00

13.263

0,00

17.940

0,00

12

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

335.222

0,01

416.417

0,00

522.144

0,00

2.234

0,01

TOTAL ASSETS

61.216.130

1,00

94.428.682

1,00

126.523.794

1,00

163.336

1,00

CURRENT LIABILITIES

15.396.591

0,25

35.622.566

0,38

52.788.862

0,42

58.871

0,36

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

2.740.768

0,04

8.199.585

0,09

18.372.228

0,15

30.760

0,19

Accounts Payable

4.067.707

0,07

10.625.017

0,11

6.478.568

0,05

12.596

0,08

Loans from Shareholders

1.348.845

0,02

3.168.316

0,03

9.597.003

0,08

5.968

0,04

Other Short-term Payable

663.337

0,01

972.984

0,01

1.828.595

0,01

2.392

0,01

Advances from Customers

5.450.138

0,09

11.285.758

0,12

13.139.822

0,10

5.032

0,03

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

377.198

0,01

550.799

0,01

1.064.805

0,01

1.260

0,01

Provisions

748.598

0,01

820.107

0,01

2.307.841

0,02

863

0,01

Other Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

LONG-TERM LIABILITIES

1.747.262

0,03

0

0,00

5.219.654

0,04

18.022

0,11

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

1.747.262

0,03

0

0,00

5.219.654

0,04

16.116

0,10

Securities Issued

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

Loans from Shareholders

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

1.906

0,01

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

44.072.277

0,72

58.806.116

0,62

68.515.278

0,54

86.443

0,53

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

34.444.993

0,56

35.000.000

0,37

35.000.000

0,28

60.000

0,37

Cross Shareholding Adjustment of Capital

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

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

5.396.259

0,09

10.366.889

0,11

21.111.224

0,17

12.751

0,08

Revaluation Fund

0

0,00

2.044.892

0,02

2.044.892

0,02

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

4.231.025

0,07

11.394.335

0,12

10.359.162

0,08

13.692

0,08

TOTAL LIABILITIES AND EQUITY

61.216.130

1,00

94.428.682

1,00

126.523.794

1,00

163.336

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 2.740 is "Doubtful Trade Receivables" and -TL thousand 2.740 is "Provision for 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: 791, Other Receivable Total: 791 

 

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

 

 

(2010) TL

 

(2011) TL

 

(2012) TL

 

(2013) TL Thousand

 

Net Sales

53.393.611

1,00

89.233.302

1,00

128.489.754

1,00

149.203

1,00

Cost of Goods Sold

47.444.187

0,89

77.127.223

0,86

109.417.236

0,85

127.168

0,85

Gross Profit

5.949.424

0,11

12.106.079

0,14

19.072.518

0,15

22.035

0,15

Operating Expenses

2.260.033

0,04

3.447.665

0,04

5.370.545

0,04

7.882

0,05

Operating Profit

3.689.391

0,07

8.658.414

0,10

13.701.973

0,11

14.153

0,09

Other Income

3.595.775

0,07

6.314.967

0,07

2.859.544

0,02

15.181

0,10

Other Expenses

1.934.158

0,04

2.411.710

0,03

3.428.899

0,03

14.028

0,09

Financial Expenses

371.385

0,01

347.229

0,00

465.615

0,00

752

0,01

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

4.979.623

0,09

12.214.442

0,14

12.667.003

0,10

14.554

0,10

Tax Payable

748.598

0,01

820.107

0,01

2.307.841

0,02

862

0,01

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

4.231.025

0,08

11.394.335

0,13

10.359.162

0,08

13.692

0,09

 

 

FINANCIAL RATIOS

 

 

(2010)

(2011)

(2012)

(2013)

LIQUIDITY RATIOS

 

Current Ratio

2,42

1,93

1,89

2,07

Acid-Test Ratio

1,79

1,47

1,39

1,60

Cash Ratio

0,13

0,14

0,07

0,07

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,11

0,12

0,11

0,08

Short-term Receivable/Total Assets

0,42

0,50

0,55

0,55

Tangible Assets/Total Assets

0,38

0,26

0,20

0,24

TURNOVER RATIOS

 

Inventory Turnover

7,14

6,89

7,57

9,60

Stockholders' Equity Turnover

1,21

1,52

1,88

1,73

Asset Turnover

0,87

0,94

1,02

0,91

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,72

0,62

0,54

0,53

Current Liabilities/Total Assets

0,25

0,38

0,42

0,36

Financial Leverage

0,28

0,38

0,46

0,47

Gearing Percentage

0,39

0,61

0,85

0,89

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,10

0,19

0,15

0,16

Operating Profit Margin

0,07

0,10

0,11

0,09

Net Profit Margin

0,08

0,13

0,08

0,09

Interest Cover

14,41

36,18

28,20

20,35

COLLECTION-PAYMENT

 

Average Collection Period (days)

170,99

187,46

192,34

215,68

Average Payable Period (days)

30,87

49,59

21,32

35,66

WORKING CAPITAL

21809208,00

33100945,00

47112946,00

62764,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.65.15

UK Pound

1

Rs.100.53

Euro

1

Rs.73.97

 

 

INFORMATION DETAILS

 

Analysis Done by :

KIN

 

 

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.