MIRA INFORM REPORT

 

 

Report No. :

505296

Report Date :

24.04.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

MUTAS HALI A.S.

 

 

Formerly Known As :

·         MUTAS HALI IMALATI SANAYI TICARET LTD. STI. [07.01.2014]

·         MUTAS ITHALAT IHRACAT LTD. STI. [07.02.2004]

 

 

Registered Office :

4. Organize Sanayi Bolgesi Mah. 83415 Nolu Cad. No:5 Sehitkamil  27500 Gaziantep

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2016

 

 

Date of Incorporation :

12.09.1997

 

 

Com. Reg. No.:

19753

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and Trade of Carpet and Yarn. 

 

 

No. of Employees :

220

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A

 

Credit Rating

 

Explanation

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

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

 

Country Name

                Previous Rating               

(30.09.2017)

Current Rating

(31.12.2017)

Turkey

B2

B2

 

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 driven by its industry and, increasingly, service sectors, although its traditional agriculture sector still accounts for about 25% of employment. The automotive, petrochemical, and electronics industries have risen in importance and surpassed the traditional textiles and clothing sectors within Turkey's export mix. However, the recent period of political stability and economic dynamism has given way to domestic uncertainty and security concerns, which are generating financial market volatility and weighing on Turkey’s economic outlook.

 

Current government policies emphasize populist spending measures and credit breaks, while implementation of structural economic reforms has slowed. The government is playing a more active role in some strategic sectors and has used economic institutions and regulators to target political opponents, undermining private sector confidence in the judicial system. Between July 2016 and March 2017, three credit ratings agencies downgraded Turkey’s sovereign credit ratings, citing concerns about the rule of law and the pace of economic reforms.

 

Turkey remains highly dependent on imported oil and gas but is pursuing energy relationships with a broader set of international partners and taking steps to increase use of domestic energy sources including renewables, nuclear, and coal. The joint Turkish-Azerbaijani Trans-Anatolian Natural Gas Pipeline is moving forward to increase transport of Caspian gas to Turkey and Europe, and when completed will help diversify Turkey's sources of imported gas.

 

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. An aggressive privatization program also reduced state involvement in basic industry, banking, transport, power generation, and communication. 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 growth rebounded to around 9% in 2010 and 2011, as exports and investment recovered following the crisis.

 

The growth of Turkish GDP since 2016 has revealed the persistent underlying imbalances in the Turkish economy. In particular, Turkey’s large current account deficit means it must rely on external investment inflows to finance growth, leaving the economy vulnerable to destabilizing shifts in investor confidence. Other troublesome trends include rising unemployment and inflation, which increased in 2017, given the Turkish lira’s continuing depreciation against the dollar. Although government debt remains low at about 30% of GDP, bank and corporate borrowing has almost tripled as a percent of GDP during the past decade, outpacing its emerging-market peers and prompting investor concerns about its long-term sustainability.

 

Source : CIA

 

 

 

COMPANY IDENTIFICATION

 

 

 

NAME

MUTAS HALI A.S.

HEAD OFFICE ADDRESS

4. Organize Sanayi Bolgesi Mah. 83415 Nolu Cad. No:5 Sehitkamil  27500 Gaziantep / Turkey

PHONE NUMBER

90-342-337 91 90-91

 

FAX NUMBER

90-342-337 91 92

 

WEB-ADDRESS

www.mutascarpet.com.tr

E-MAIL

info@mutascarpet.com.tr

 

 

LEGAL STATUS AND HISTORY

 

 

NOTES ON LEGAL STATUS AND HISTORY

Change at tax no.                                                                                                                                                                          

 

TAX OFFICE

Sehitkamil

TAX NO

6250599014

REGISTRATION NUMBER

19753

REGISTERED OFFICE

Gaziantep Chamber of Commerce

COMMERCIAL REGISTRY

Gaziantep Commercial Registry

DATE ESTABLISHED

12.09.1997

ESTABLISHMENT GAZETTE DATE/NO

25.09.1997/4384

LEGAL FORM

Joint Stock Company

TYPE OF COMPANY

Private

REGISTERED CAPITAL

TL   35.000.000

HISTORY

Previous Legal Type   :  

Limited Company    / Changed on : 07.01.2014/(Commercial Gazette Date /Number 20.01.2014 /8489)

Previous Name   :  

Mutas Ithalat Ihracat Ltd. Sti.    / Changed on : 07.02.2004/(Commercial Gazette Date /Number 18.02.2005 /6243)

Previous Name   :  

Mutas Hali Imalati Sanayi Ticaret Ltd. Sti.    / Changed on : 07.01.2014/(Commercial Gazette Date /Number 20.01.2014 /8489)

Previous Registered Capital   :  

TL 3.000.000    / Changed on : 16.06.2008/(Commercial Gazette Date /Number 03.07.2008 /7097)

Previous Registered Capital   :  

TL 7.000.000    / Changed on : 07.03.2011/(Commercial Gazette Date /Number 15.03.2011 /7772)

Previous Registered Capital   :  

TL 10.000.000    / Changed on : 03.04.2013/(Commercial Gazette Date /Number 10.04.2013 /8297)

Previous Registered Capital   :  

TL 12.500.000    / Changed on : 28.06.2017/(Commercial Gazette Date /Number 11.07.2017 /9364)

Previous Address   :  

3. Organize Sanayi Bolgesi Celal Dogan Bulvari No:46 Sehitkamil Gaziantep (The address was changed from"2. Organize San. Bolg. Celal Dogan Bulv. No:36 Gaziantep" by the municipality.)    / Changed on : 31.12.2012/(Commercial Gazette Date /Number 09.01.2013 /8232)

Previous Tax No   :  

6250068524    / Changed on : 07.01.2014/(Commercial Gazette Date /Number 20.01.2014 /8489)

 

 

 

OWNERSHIP / MANAGEMENT

 

 

 

SHAREHOLDERS

Mahmut Ulutas

50 %

Huseyin Ulutas

50 %

 

BOARD OF DIRECTORS

 

Huseyin Ulutas ( Chairman )

Mahmut Ulutas ( Member )

 

 

 

 

OPERATIONS

 

 

 

BUSINESS ACTIVITIES

Manufacture and trade of carpet and yarn. 

 

NACE CODE

DB.17.51

 

SECTOR

Textile

 

NUMBER OF EMPLOYEES

220

 

NET SALES

11.480.122 TL

(2006) 

13.551.274 TL

(2007) 

14.719.394 TL

(2008) 

15.693.015 TL

(2009) 

24.413.035 TL

(2010) 

36.694.214 TL

(2011) 

47.746.381 TL

(2012) 

61.066 TL Thousand

(2013) 

66.421 TL Thousand

(2014) 

85.006 TL Thousand

(2015) 

75.507 TL Thousand

(2016) 

100.269 TL Thousand

(2017) 

 

CAPACITY

Yarn  ( kgs/yr)

Carpet  ( Sqm/yr)

 

2.045.000

 

(2017)

2.045.000

2.815.975

(2018)

 

IMPORT COUNTRIES

U.K.

Iran

Switzerland

Bangladesh

India

Netherlands

Egypt

 

MERCHANDISE IMPORTED

Machinery

Raw materials

Spare parts

 

EXPORT VALUE

2.627 TL

(2009)

0 TL

(2010)

0 TL

(2011)

96.987 TL

(2012)

297.131 TL

(2013)

92 TL Thousand

(2014)

872 TL Thousand

(2015)

852 TL Thousand

(2016)

82 TL Thousand

(2017)

 

EXPORT COUNTRIES

India

Saudi Arabia

U.S.A.

France

Bosnia and Herzegovina

Greece

U.K.

Croatia

MERCHANDISE  EXPORTED

Yarn

 

HEAD OFFICE ADDRESS

4. Organize Sanayi Bolgesi Mah. 83415 Nolu Cad. No:5 Sehitkamil   Gaziantep / Turkey ( owned )

 

BRANCHES

Factory  :  Organize Sanayi Bolgesi 20 Nolu Cad. No:6 Kilis/Turkey ( owned ) ( 3.840  sqm )

Head Office/Factory  :  4. Organize Sanayi Bolgesi Mah. 83415 Nolu Cad. No:5 27500 Sehitkamil Gaziantep/Turkey ( owned ) ( 43.000  sqm )

           

GENERAL INFORMATION ON OPERATIONS

The firm has a considerable market potential.

 

 

TREND OF BUSINESS

There was a decline at business volume in nominal terms in 2016. There was an upwards trend in 2017.

SIZE OF BUSINESS

Giant

 

 

FINANCE

 

 

 

 

MAIN DEALING BANKS

T.C. Ziraat Bankasi Osb Branch

ING Bank Gaziantep Branch

Sekerbank Gaziantep Branch

T. Is Bankasi Gaziantep Organize Sanayi Branch

T. Garanti Bankasi Sehitkamil Branch

Akbank  Gaziantep Ticari Branch

Yapi ve Kredi Bankasi Sehitkamil 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

 

(2013)                                                                                TL Thousand

(2014)                                                                                TL Thousand

(2015)                                                                                TL Thousand

(2016)                                                                                TL Thousand

(2017)                                                                                TL Thousand

Net Sales

61.066

66.421

85.006

75.507

100.269

Profit (Loss) Before Tax

1.740

2.009

2.750

5.587

5.684

Stockholders' Equity

23.790

28.840

31.370

51.334

 

Total Assets

97.925

116.152

133.089

170.280

 

Current Assets

50.737

68.816

85.800

128.447

 

Non-Current Assets

47.188

47.336

47.289

41.833

 

Current Liabilities

54.017

51.635

68.855

72.879

 

Long-Term Liabilities

20.118

35.677

32.864

46.067

 

Gross Profit (loss)

12.730

9.317

21.697

16.475

23.846

Operating Profit (loss)

10.817

7.057

19.040

13.401

20.503

Net Profit (loss)

1.740

1.910

2.593

5.274

5.684

 

 

 

COMMENT ON FINANCIAL POSITION

 

THE DETAILS OF THE CAPITAL INCREASE  AFTER LAST BALANCE SHEET

 

 

Cash Part

10.943.989,76 TL

Equity Part

11.556.010,24 TL

Payment Due Date

28.06.2017

 

Capitalization

Fair

Remarks on Capitalization

There has been capital increase after the last balance sheet date.                                                                                                                                                  The capital increase is expected to have a slight positive effect on equity total since the last balance sheet date.         

                                                                                                                                       

Liquidity

High

Remarks On Liquidity

 

The capital increase after the last balance sheet is expected to have a positive effect on liquidity since the last balance sheet date.      

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

 

Profitability

High Operating Profitability  in 2013

Fair Net Profitability  in 2013

High Operating Profitability  in 2014

Fair Net Profitability  in 2014

High Operating Profitability  in 2015

In Order Net Profitability  in 2015

High Operating Profitability  in 2016

High Net Profitability  in 2016

High Operating Profitability  in 2017

Good Net Profitability  in 2017

 

Gap between average collection and payable periods

Unfavorable in 2016

General Financial Position

Satisfactory

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2006 )

11,58 %

1,4309

1,7987

2,6377

 ( 2007 )

5,94 %

1,3075

1,7901

2,6133

 ( 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

 ( 2015 )

5,71 %

2,7230

3,0254

4,1661

 ( 2016 )

9,94 %

3,0292

3,3349

4,1006

 ( 2017 )

15,47 %

3,6337

4,1120

4,7059

 ( 01.01-31.03.2018)

5,29 %

3,8255

4,6833

5,3266

 

 

BALANCE SHEETS

 

 

31.12.2013  ( Full Year  )  TL Thousand

 

31.12.2014  ( Full Year  )  TL Thousand

 

31.12.2015  ( Full Year  )  TL Thousand

 

31.12.2016  ( Full Year  )  TL Thousand

 

CURRENT ASSETS

50.737

0,52

68.816

0,59

85.800

0,64

128.447

0,75

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

749

0,01

96

0,00

2.136

0,02

4.187

0,02

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

30.705

0,31

54.999

0,47

74.587

0,56

97.412

0,57

Other Receivable

1.705

0,02

156

0,00

198

0,00

2.829

0,02

Inventories

16.949

0,17

11.962

0,10

6.589

0,05

19.987

0,12

Advances Given

343

0,00

904

0,01

2.288

0,02

2.880

0,02

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

286

0,00

699

0,01

2

0,00

1.152

0,01

NON-CURRENT ASSETS

47.188

0,48

47.336

0,41

47.289

0,36

41.833

0,25

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

0

0,00

0

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

31.613

0,32

36.653

0,32

36.026

0,27

36.829

0,22

Intangible Assets

14.289

0,15

10.683

0,09

11.041

0,08

4.774

0,03

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

1.286

0,01

0

0,00

222

0,00

230

0,00

TOTAL ASSETS

97.925

1,00

116.152

1,00

133.089

1,00

170.280

1,00

CURRENT LIABILITIES

54.017

0,55

51.635

0,44

68.855

0,52

72.879

0,43

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

23.142

0,24

27.240

0,23

41.619

0,31

31.329

0,18

Accounts Payable

29.714

0,30

22.473

0,19

23.356

0,18

29.672

0,17

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

Other Short-term Payable

315

0,00

388

0,00

410

0,00

533

0,00

Advances from Customers

368

0,00

1.305

0,01

3.159

0,02

10.734

0,06

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

326

0,00

229

0,00

311

0,00

611

0,00

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Liabilities

152

0,00

0

0,00

0

0,00

0

0,00

LONG-TERM LIABILITIES

20.118

0,21

35.677

0,31

32.864

0,25

46.067

0,27

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

20.019

0,20

28.815

0,25

29.815

0,22

39.437

0,23

Securities Issued

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Payable

0

0,00

6.862

0,06

3.049

0,02

6.630

0,04

Loans from Shareholders

99

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

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

23.790

0,24

28.840

0,25

31.370

0,24

51.334

0,30

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

12.500

0,13

12.500

0,11

12.500

0,09

12.500

0,07

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

811

0,01

2.489

0,02

4.336

0,03

6.930

0,04

Revaluation Fund

8.739

0,09

11.941

0,10

11.941

0,09

26.630

0,16

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

1.740

0,02

1.910

0,02

2.593

0,02

5.274

0,03

TOTAL LIABILITIES AND EQUITY

97.925

1,00

116.152

1,00

133.089

1,00

170.280

1,00

 

 

INCOME STATEMENTS

 

 

(2013)  ( Full Year  )  TL Thousand

 

(2014)  ( Full Year  )  TL Thousand

 

(2015)  ( Full Year  )  TL Thousand

 

(2016)  ( Full Year  )  TL Thousand

 

(2017)  ( Full Year  )  TL Thousand

 

Net Sales

61.066

1,00

66.421

1,00

85.006

1,00

75.507

1,00

100.269

1,00

Cost of Goods Sold

48.336

0,79

57.104

0,86

63.309

0,74

59.032

0,78

76.423

0,76

Gross Profit

12.730

0,21

9.317

0,14

21.697

0,26

16.475

0,22

23.846

0,24

Operating Expenses

1.913

0,03

2.260

0,03

2.657

0,03

3.074

0,04

3.343

0,03

Operating Profit

10.817

0,18

7.057

0,11

19.040

0,22

13.401

0,18

20.503

0,20

Other Income

7.358

0,12

10.545

0,16

11.541

0,14

11.669

0,15

2.775

0,03

Other Expenses

14.096

0,23

12.508

0,19

14.031

0,17

5.296

0,07

3.589

0,04

Financial Expenses

2.339

0,04

3.085

0,05

13.800

0,16

14.187

0,19

14.005

0,14

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

1.740

0,03

2.009

0,03

2.750

0,03

5.587

0,07

5.684

0,06

Tax Payable

0

0,00

99

0,00

157

0,00

313

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)

1.740

0,03

1.910

0,03

2.593

0,03

5.274

0,07

5.684

0,06

 

 

LAST FINANCIAL STATEMENT DETAILS

 

 

TL Thousand

Cash

247

Banks

3.939

Doubtful Trade Receivables

0

Other Miscellaneous Receivables (in Other Receivable)

2.829

Overdue, Delayed or Deferred Tax by Installments and Other Liabilities

71

 

 

FINANCIAL RATIOS

 

 

(2013)

(2014)

(2015)

(2016)

LIQUIDITY RATIOS

 

Current Ratio

0,94

1,33

1,25

1,76

Acid-Test Ratio

0,61

1,07

1,12

1,43

Cash Ratio

0,01

0,00

0,03

0,06

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,17

0,10

0,05

0,12

Short-term Receivable/Total Assets

0,33

0,47

0,56

0,59

Tangible Assets/Total Assets

0,32

0,32

0,27

0,22

TURNOVER RATIOS

 

Inventory Turnover

2,85

4,77

9,61

2,95

Stockholders' Equity Turnover

2,57

2,30

2,71

1,47

Asset Turnover

0,62

0,57

0,64

0,44

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,24

0,25

0,24

0,30

Current Liabilities/Total Assets

0,55

0,44

0,52

0,43

Financial Leverage

0,76

0,75

0,76

0,70

Gearing Percentage

3,12

3,03

3,24

2,32

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,07

0,07

0,08

0,10

Operating Profit Margin

0,18

0,11

0,22

0,18

Net Profit Margin

0,03

0,03

0,03

0,07

Interest Cover

1,74

1,65

1,20

1,39

COLLECTION-PAYMENT

 

Average Collection Period (days)

181,01

298,09

315,88

464,44

Average Payable Period (days)

221,31

184,94

150,15

221,38

WORKING CAPITAL

-3280,00

17181,00

16945,00

55568,00

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 66.22

UK Pound

1

INR 92.84

Euro

1

INR 81.27

TL

1

INR 16.18

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

NIS

 

 

Report Prepared by :

TPT

 

 

RATING EXPLANATIONS

 

Credit Rating

 

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

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 are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

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.