MIRA INFORM REPORT

 

 

Report No. :

496972

Report Date :

15.03.2018

 

 

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 27500 Gaziantep

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2016

 

 

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. 

 

 

No. of Employees :

700

 

 

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 :

Good

 

 

Payment Behaviour :

Regular

 

 

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 summery

 

 

 

NAME

BADE DOKUMA TEKSTIL HALI SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

4. Organize Sanayi Bolgesi 83414 Nolu Cad. No:27 Baspinar Sehitkamil 27500 Gaziantep / Turkey

PHONE NUMBER

90-342-357 06 06

 

FAX NUMBER

90-342-357 06 10

 

WEB-ADDRESS

www.badehali.com

E-MAIL

info@badehali.com

 

 

LEGAL STATUS AND HISTORY

 

 

 

 TAX OFFICE

Sehitkamil

TAX NO

1290358154

REGISTRATION NUMBER

34868

REGISTERED OFFICE

Gaziantep Chamber of Commerce

COMMERCIAL REGISTRY

Gaziantep Commercial Registry

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

Bayram Holding A.S.

50 %

Verstraete-Hahn NV

39,82 %

Stecri BVBA

7,47 %

Rendeck Consult BVBA

1,35 %

Meyleen Bertha Maria Verstraete

0,68 %

Claude Yvan Omer Camille Verstraete

0,68 %

 

 

 

- Name Of Shareholder:

 

Bayram Holding A.S.

Origin of Shareholder:

Turkey

Tax Number Of Shareholder:

1550568708

Registration Number Of Shareholder:

48066

 

- Name Of Shareholder:

 

Verstraete-Hahn NV

Origin of Shareholder:

Belgium

 

- Name Of Shareholder:

 

Stecri BVBA

Origin of Shareholder:

Belgium

 

- Name Of Shareholder:

 

Rendeck Consult BVBA

Origin of Shareholder:

Belgium

 

- Name Of Shareholder:

 

Meyleen Bertha Maria Verstraete

Origin of Shareholder:

Belgium

 

- Name Of Shareholder:

 

Claude Yvan Omer Camille Verstraete

Origin of Shareholder:

Belgium

 

 

BOARD OF DIRECTORS

 

Gutan Bayram ( Chairman )

 

DIRECTORS

 

Sinan Uzman ( General Manager )

 

 

 

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

700

 

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) 

114.331 TL Thousand

(2014) 

111.753 TL Thousand

(2015) 

118.292 TL Thousand

(2016) 

167.872 TL Thousand

(2017) 

 

IMPORT COUNTRIES

Belgium

Bangladesh

India

Greece

Israel

Saudi Arabia

 

MERCHANDISE IMPORTED

Machinery

Raw materials

 

EXPORT VALUE

81.478 TL Thousand

(2013)

50.233 TL Thousand

(2014)

41.599 TL Thousand

(2015)

49.457 TL Thousand

(2016)

32.062 TL Thousand

(2017)

 

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 )  

           

GENERAL INFORMATION ON OPERATIONS

The firm has a considerable market potential.

TREND OF BUSINESS

There was a slowdown at business volume in real terms in 2016. There was an upwards trend in 2017.

SIZE OF BUSINESS

Giant

 

 

  FINANCE

 

 

 

MAIN DEALING BANKS

Turk Ekonomi Bankasi Gaziantep Guneydogu Anadolu Kurumsal Branch

T. Garanti Bankasi Gaziantep Branch

Yapi ve Kredi Bankasi Gaziantep Branch

T. Halk Bankasi Gaziantep Ticari Branch

 

CREDIT FACILITIES

 

The subject company is making use of credit facilities.

 

PAYMENT BEHAVIOUR

 

Regular

KEY FINANCIAL ELEMENTS

 

(2013)                                                                                TL Thousand

(2014)                                                                                TL Thousand

(2015)                                                                                TL Thousand

(2016)                                                                                TL Thousand

(2017)                                                                                TL Thousand

Net Sales

91.948

114.331

111.753

118.292

167.872

Profit (Loss) Before Tax

2.303

9.909

15.397

14.617

40.242

Stockholders' Equity

49.052

58.281

72.776

80.821

 

Total Assets

104.995

128.298

142.013

123.798

 

Current Assets

65.221

92.144

106.658

92.331

 

Non-Current Assets

39.774

36.154

35.355

31.467

 

Current Liabilities

25.615

27.855

25.357

39.468

 

Long-Term Liabilities

30.328

42.162

43.880

3.509

 

Gross Profit (loss)

7.258

15.944

13.734

23.119

39.899

Operating Profit (loss)

4.736

12.662

10.711

18.741

32.491

Net Profit (loss)

1.946

9.324

14.495

13.651

40.242

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

High As of 31.12.2016

Remarks on Capitalization

A part of total liabilities and equity consist of loans from shareholders rather than liabilities to third parties indicating not too high indebtedness to third parties.                   

                                                                                                                             

Liquidity

Satisfactory As of 31.12.2016

Remarks On Liquidity

 

A part of current liabilities consist of short-term loans from shareholders rather than liabilities to third parties.   

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

 

Profitability

In Order Operating Profitability  in 2013

Fair Net Profitability  in 2013

High Operating Profitability  in 2014

High Net Profitability  in 2014

Good Operating Profitability  in 2015

High Net Profitability  in 2015

High Operating Profitability  in 2016

High Net Profitability  in 2016

High Operating Profitability  in 2017

High Net Profitability  in 2017

 

Gap between average collection and payable periods

Unfavorable in 2016

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

 ( 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

 ( 01.01-28.02.2018)

3,69 %

3,7820

4,6191

5,2464

 

 

 

 

 

 Financials

 

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

65.221

0,62

92.144

0,72

106.658

0,75

92.331

0,75

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

5.534

0,05

1.374

0,01

16.214

0,11

493

0,00

Marketable Securities

0

0,00

9.265

0,07

23.835

0,17

3.099

0,03

Account Receivable

38.435

0,37

57.987

0,45

44.958

0,32

59.877

0,48

Other Receivable

881

0,01

86

0,00

62

0,00

332

0,00

Inventories

19.634

0,19

22.759

0,18

21.039

0,15

25.809

0,21

Advances Given

87

0,00

81

0,00

81

0,00

81

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

650

0,01

592

0,00

469

0,00

2.640

0,02

NON-CURRENT ASSETS

39.774

0,38

36.154

0,28

35.355

0,25

31.467

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

273

0,00

273

0,00

477

0,00

477

0,00

Tangible Fixed Assets (net)

37.107

0,35

33.787

0,26

32.641

0,23

30.146

0,24

Intangible Assets

1.108

0,01

906

0,01

488

0,00

470

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

1.286

0,01

1.188

0,01

1.749

0,01

374

0,00

TOTAL ASSETS

104.995

1,00

128.298

1,00

142.013

1,00

123.798

1,00

CURRENT LIABILITIES

25.615

0,24

27.855

0,22

25.357

0,18

39.468

0,32

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

14.981

0,14

11.954

0,09

11.121

0,08

19.302

0,16

Accounts Payable

7.658

0,07

12.863

0,10

10.346

0,07

12.530

0,10

Loans from Shareholders

88

0,00

0

0,00

0

0,00

6.346

0,05

Other Short-term Payable

0

0,00

0

0,00

0

0,00

0

0,00

Advances from Customers

144

0,00

0

0,00

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

844

0,01

444

0,00

369

0,00

437

0,00

Provisions

210

0,00

17

0,00

174

0,00

60

0,00

Other Current Liabilities

1.690

0,02

2.577

0,02

3.347

0,02

793

0,01

LONG-TERM LIABILITIES

30.328

0,29

42.162

0,33

43.880

0,31

3.509

0,03

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

30.328

0,29

42.162

0,33

42.906

0,30

1.444

0,01

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

974

0,01

66

0,00

Provisions

0

0,00

0

0,00

0

0,00

1.999

0,02

STOCKHOLDERS' EQUITY

49.052

0,47

58.281

0,45

72.776

0,51

80.821

0,65

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

44.200

0,42

44.200

0,34

44.200

0,31

44.200

0,36

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

2.705

0,03

4.556

0,04

13.879

0,10

24.767

0,20

Revaluation Fund

201

0,00

201

0,00

202

0,00

202

0,00

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

-1.999

-0,02

Net Profit (loss)

1.946

0,02

9.324

0,07

14.495

0,10

13.651

0,11

TOTAL LIABILITIES AND EQUITY

104.995

1,00

128.298

1,00

142.013

1,00

123.798

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

91.948

1,00

114.331

1,00

111.753

1,00

118.292

1,00

167.872

1,00

Cost of Goods Sold

84.690

0,92

98.387

0,86

98.019

0,88

95.173

0,80

127.973

0,76

Gross Profit

7.258

0,08

15.944

0,14

13.734

0,12

23.119

0,20

39.899

0,24

Operating Expenses

2.522

0,03

3.282

0,03

3.023

0,03

4.378

0,04

7.408

0,04

Operating Profit

4.736

0,05

12.662

0,11

10.711

0,10

18.741

0,16

32.491

0,19

Other Income

15.064

0,16

19.658

0,17

46.461

0,42

13.160

0,11

44.449

0,26

Other Expenses

16.731

0,18

20.196

0,18

38.102

0,34

15.165

0,13

35.576

0,21

Financial Expenses

766

0,01

2.215

0,02

3.673

0,03

2.119

0,02

1.122

0,01

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

2.303

0,03

9.909

0,09

15.397

0,14

14.617

0,12

40.242

0,24

Tax Payable

357

0,00

585

0,01

902

0,01

966

0,01

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

1.946

0,02

9.324

0,08

14.495

0,13

13.651

0,12

40.242

0,24

 

 

 

LAST FINANCIAL STATEMENT DETAILS

 

 

TL Thousand

Cash

257

Banks

236

Doubtful Trade Receivables

8.094

Provision for Doubtful Trade Receivables

-8.094

Other Miscellaneous Receivables (in Other Receivable)

332

Overdue, Delayed or Deferred Tax by Installments and Other Liabilities

0

Profit from Foreign Currency Exchange

41.077

Loss from Foreign Currency Exchange

35.155

 

FINANCIAL RATIOS

 

 

(2013)

(2014)

(2015)

(2016)

LIQUIDITY RATIOS

 

Current Ratio

2,55

3,31

4,21

2,34

Acid-Test Ratio

1,75

2,47

3,35

1,62

Cash Ratio

0,22

0,38

1,58

0,09

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,19

0,18

0,15

0,21

Short-term Receivable/Total Assets

0,37

0,45

0,32

0,49

Tangible Assets/Total Assets

0,35

0,26

0,23

0,24

TURNOVER RATIOS

 

Inventory Turnover

4,31

4,32

4,66

3,69

Stockholders' Equity Turnover

1,87

1,96

1,54

1,46

Asset Turnover

0,88

0,89

0,79

0,96

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,47

0,45

0,51

0,65

Current Liabilities/Total Assets

0,24

0,22

0,18

0,32

Financial Leverage

0,53

0,55

0,49

0,35

Gearing Percentage

1,14

1,20

0,95

0,53

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,04

0,16

0,20

0,17

Operating Profit Margin

0,05

0,11

0,10

0,16

Net Profit Margin

0,02

0,08

0,13

0,12

Interest Cover

4,01

5,47

5,19

7,90

COLLECTION-PAYMENT

 

Average Collection Period (days)

150,48

182,59

144,83

182,22

Average Payable Period (days)

32,55

47,07

38,00

47,40

WORKING CAPITAL

39606,00

64289,00

81301,00

52863,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 64.99

UK Pound

1

INR 90.83

Euro

1

INR 80.58

TRY

1

INR 16.74

 

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

NIS

 

 

Report Prepared by :

KET

                                                


 

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)

 

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