MIRA
INFORM REPORT
|
Report Date : |
21.07.2007 |
IDENTIFICATION DETAILS
|
Name : |
KALEMADEN ENDUSTRIYEL HAMMADDELER SANAYI VE TICARET A.S. |
|
|
|
|
Registered Office : |
Semedeli Koyu Can-Canakkale |
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Country : |
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|
Financials (as on) : |
31.05.2007 |
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Date of Incorporation : |
1990 |
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|
Com. Reg. No.: |
Can-811 |
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|
Legal Form : |
Joint Stock Company |
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|
Line of Business : |
Mining and producing raw materials of different quality. |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
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|
|
Payment Behaviour : |
Regular |
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|
|
Litigation : |
Clear |
COMPANY
IDENTIFICATION
|
NAME |
: |
KALEMADEN ENDUSTRIYEL HAMMADDELER SANAYI VE TICARET A.S. |
|
ADDRESS |
: |
Head Office: Semedeli Koyu Can-Canakkale /
Branch Office: Eski Uskudar Yolu Bodur Is
Merkezi No:8 Kat:6 D:23 Icerenkoy-Istanbul / |
|
PHONE NUMBER |
: |
90-286-437 13 30 (Head Office) 90-216-573 83 57 (Branch Office) |
|
FAX NUMBER |
: |
90-286-437 13 40 (Head Office) 90-216-574 38 61 (Branch Office) |
LEGAL STATUS AND
HISTORY
|
TAX NO |
: |
4910018935 |
|
REGISTRATION NUMBER |
: |
Can-811 |
|
REGISTERED OFFICE |
: |
Canakkale Chamber of Commerce and Industry |
|
DATE ESTABLISHED |
: |
1990 |
|
LEGAL FORM |
: |
Joint Stock Company |
|
TYPE OF COMPANY |
: |
Private |
|
REGISTERED CAPITAL |
: |
YTL 2,500,000 |
|
PAID-IN CAPITAL |
: |
YTL 2,500,000 |
OWNERSHIP /
MANAGEMENT
|
SHAREHOLDERS |
: |
Halil Ibrahim Bodur Holding A.S. Kaleseramik Canakkale Kalebodur Seramik
San. A.S. Kalekim Kimyevi Maddeler Sanayi ve Ticaret
A.S. Ilhami Tezcan Kalefrit Silikat Mamuller Sir ve Boya
Sanayi A.S. |
73 % 20 % 6 % 0,999 % |
||
|
GROUP PARENT COMPANY |
: |
Halil Ibrahim Bodur Holding A.S. Halil Ibrahim Bodur Holding A.S. is a
conglomerate which coordinates the financial and administrative operations of
Kale group of companies which consists of more than 20 companies operating at
various fields. |
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|
Main
companies operating within the group are as follows : -Kale-Air Havacilik Sanayi ve Ticaret A.S. -Kale Eksport Dis Ticaret A.S. -Kale Elektronik Sanayi ve Ticaret
A.S. -Kale Holding A.S. -Kale Nakliyat,
Seyahat ve Turizm A.S. -Kale Pazarlama Ticaret A.S. -Kale Power Controls Elektrik Sistemleri
A.S. -Kale Teknik Hizmetler Sanayi ve Ticaret
A.S. -Kale-Altinay Robotik ve Otomasyon Sanayi
ve Ticaret A.S. -Kaledata Bilgi Sistemleri Sanayi ve
Ticaret A.S. -Kaledekor Yapi Malzemeleri Sanayi A.S. -Kaleflex Yer Dosemeleri A.S. -Kalefrit Silikat Mamuller Sir ve Boya
Sanayi A.S. -Kalekalip Havacilik Sanayi Ltd. Sti. -Kalekalip Makine ve Kalip Sanayii A.S. -Kalekim Kimyevi Maddeler Sanayi ve
Ticaret A.S. -Kalekim Mersin Kimyevi Maddeler San ve
Tic Ltd. Sti -Kalemaden Endustriyel Hammaddeler Sanayi
A.S. -Kalenakliyat, Seyahat ve Turizm A.S. -Kaleporselen Elektroteknik Sanayi A.S. -Kalesan Saniter Seramik Sanayi ve Ticaret
A.S. -Kaleseramik Canakkale Kalebodur Seramik
San. A.S. -Kaletron Yazilim Teknolojileri Sanayi ve
Ticaret A.S. -Kalevit Roca Saniter Seramik Sanayi A.S. -Yorsan Yenice Sunta ve Orman Urunlerini
Degerlendirme San. A.S. |
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|
SUBSIDIARIES |
: |
-Labranda Liman Isletmeleri ve Maden
Sanayi Ticaret A.S. -Kalenakliyat, Seyahat ve Turizm A.S. -Kale Teknik Hizmetler Sanayi ve Ticaret A.S. -Kale-Air Havacilik Sanayi ve Ticaret A.S. -Kaledata Bilgi Sistemleri Sanayi ve
Ticaret A.S. -Kale Eksport Dis Ticaret A.S. -Kalefrit Silikat Mamuller Sir ve Boya
Sanayi A.S. -Kalekim Mersin Kimyevi Maddeler San ve
Tic Ltd. Sti -Kale Holding A.S. |
14,29 % 11,30 % 10 % 10 % 10 % 5 % 4 % 3 % 2.20 % |
||
|
BOARD OF DIRECTORS |
: |
Ibrahim Bodur Ilhami Tezcan Tarik Ozcelik Mustafa Bal Hasan Sazci Remzi Gula Tayfun Parpucu Vedii Ylmaz |
Chairman Vice-Chairman Member Member Member Member Member Member |
||
|
DIRECTORS |
: |
Mustafa Bal Mustafa Sahin |
General Manager Deputy General Manager |
||
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Mining and producing raw materials of
different quality up to 150 ranges such as clay, kaolin, sodium, feldspar,
potassium feldspar, calcite, |
|
|
NUMBER OF
EMPLOYEES |
: |
99 |
|
|
NET SALES |
: |
(YTL) 75,083,635 87,296,589 40,775,283 |
(2005) (2006) (01.01-30.06.2007) |
|
|
|
The sales figure of 01.01-30.06.2007 is declared
by the company. There is no certification for this figure. |
|
|
CAPACITY |
: |
(Tons/Yr) 3,500,000 3,500,000 3,500,000 |
(2005) (2006) (2007) |
|
PRODUCTION |
: |
(Tons) 1,999,777 2,047,697 660,538 |
(2005) (2006) (01.01-30.06.2007) |
|
IMPORT VALUE |
: |
(USD) 7,073,517 6,729,967 |
(2005) (2006) |
|
IMPORT COUNTRIES |
: |
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MERCHANDISE
IMPORTED |
: |
Clay, kaolin, feldspar |
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EXPORT VALUE |
: |
(YTL) 16,049,591 22,867,581 7,297,489 |
(2005) (2006) (01.01-30.06.2007) |
|
EXPORT COUNTRIES |
: |
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|
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MERCHANDISE
EXPORTED |
: |
Clay, kaolin, marble, granite, millstone… |
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PREMISES |
: |
Head Office: Semedeli Koyu Can-Canakkale Branch Office: Eski Uskudar Yolu Bodur Is
Merkezi No:8 Kat:6 D:23 Icerenkoy-Istanbul The firm has quarries in Balikesir,
Milas-Mugla, Kavsit-Aydin, Karakaya-Aydin, Manisa, Tepekoy-Canakkale,
Duman-Canakkale, Etili-Canakkale, Dedeler-Canakkale, Harmancik-Bursa,
Derenti-Canakkale, Sile-Istanbul, Camlidere-Bilecik. The firm has many plants and stocking
areas and offices in |
|
TREND OF BUSINESS : Upwards in 2006
COMMERCIAL MORALITY : Good
SIZE OF BUSINESS : Large
FINANCE
|
MAIN DEALING BANKERS |
: |
Garanti Bankasi Istanbul Kurumsal branch
in Yapi ve Kredi Bankasi Esentepe branch in Akbank Can branch in Canakkale T.Halk Bankasi Can branch in Canakkale Turk Ekonomi Bankasi Kozyatagi branch in T.Vakiflar Bankasi Can branch in Canakkale |
|
CREDIT FACILITIES |
: |
The
subject company is making use of credit facilities. |
|
PAYMENT BEHAVIOUR |
: |
No complaints have been heard regarding payments
from banks. According to the official registries between 01.01.2000-15.06.2007, there are no protested bills and non-paid cheques registered in the name of “Kale Maden” |
COMMENT ON FINANCIAL
POSITION
|
FINANCIAL STRUCTURE
(SUFFICENCY OF OWN RESOURCES) |
||
|
In order |
As of 31.05.2007 |
|
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LIQUIDITY |
||
|
Fair |
As of 31.05.2007 |
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PROFITABILITY |
||
|
Fair |
Between 01.01-31.05.2007 |
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GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
||
|
Unfavorable |
Between 01.01-31.05.2007 |
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GENERAL
FINANCIAL POSITION |
||
|
Fair |
||
CREDIT OPINION
CREDIT OPINION WITHOUT OBLIGATION : We are of the opinion that, a max. credit of USD 4.6 million may be
granted to the subject company.
|
|
Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(2005) |
2.66 % |
1.3499 |
1.6882 |
2.4623 |
|
(2006) |
11.58 % |
1.4309 |
1.7987 |
2.6377 |
|
(1.1.-31.03.2007) |
1.88 % |
1.4068 |
1.8521 |
2.7609 |
|
(1.1.-30.06.2007) |
2.98 % |
1.3733 |
1.8275 |
2.7117 |
|
BALANCE SHEETS |
|||||||||
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
31.12.06 |
|
|
|
31.5.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
33.562.190 |
|
0,69 |
|
34.802.139 |
|
0,68 |
|
|
|
Cash and
Banks |
84.280 |
|
0,00 |
|
125.165 |
|
0,00 |
|
|
|
Marketable
Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account
Receivable |
6.980.193 |
|
0,14 |
|
9.104.669 |
|
0,18 |
|
|
|
Other
Receivable |
98.743 |
|
0,00 |
|
168.219 |
|
0,00 |
|
|
|
Inventories |
24.213.295 |
|
0,50 |
|
21.388.963 |
|
0,42 |
|
|
|
Advances
Given |
621.112 |
|
0,01 |
|
1.179.915 |
|
0,02 |
|
|
|
Other
Current Assets |
1.564.567 |
|
0,03 |
|
2.835.208 |
|
0,06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
15.238.150 |
|
0,31 |
|
16.450.787 |
|
0,32 |
|
|
|
Long-term
Receivable |
548.318 |
|
0,01 |
|
621.661 |
|
0,01 |
|
|
|
Financial
Assets |
601.951 |
|
0,01 |
|
627.060 |
|
0,01 |
|
|
|
Tangible
Fixed Assets (net) |
12.389.292 |
|
0,25 |
|
14.013.109 |
|
0,27 |
|
|
|
Intangible
Assets |
1.074.623 |
|
0,02 |
|
1.092.792 |
|
0,02 |
|
|
|
Other
Non-Current Assets |
623.966 |
|
0,01 |
|
96.165 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
48.800.340 |
|
1,00 |
|
51.252.926 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
20.429.492 |
|
0,42 |
|
13.010.783 |
|
0,25 |
|
|
|
Financial
Loans |
2.725.000 |
|
0,06 |
|
5.160.503 |
|
0,10 |
|
|
|
Accounts
Payable |
8.243.362 |
|
0,17 |
|
7.329.531 |
|
0,14 |
|
|
|
Loans from
Shareholders |
8.331.750 |
|
0,17 |
|
0 |
|
0,00 |
|
|
|
Other
Short-term Payable |
151.407 |
|
0,00 |
|
132.668 |
|
0,00 |
|
|
|
Advances
from Customers |
50.000 |
|
0,00 |
|
-1.159.218 |
|
-0,02 |
|
|
|
Taxes
Payable |
247.183 |
|
0,01 |
|
130.598 |
|
0,00 |
|
|
|
Provisions |
447.804 |
|
0,01 |
|
22.554 |
|
0,00 |
|
|
|
Other
Current Liabilities |
232.986 |
|
0,00 |
|
1.394.147 |
|
0,03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
3.718.241 |
|
0,08 |
|
13.246.308 |
|
0,26 |
|
|
|
Financial
Loans |
3.241.283 |
|
0,07 |
|
3.018.450 |
|
0,06 |
|
|
|
Securities
Issued |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Long-term
Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Loans from
Shareholders |
0 |
|
0,00 |
|
9.750.900 |
|
0,19 |
|
|
|
Other
Long-term Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Provisions |
476.958 |
|
0,01 |
|
476.958 |
|
0,01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
24.652.607 |
|
0,51 |
|
24.995.835 |
|
0,49 |
|
|
|
Paid-in
Capital |
2.500.000 |
|
0,05 |
|
2.500.000 |
|
0,05 |
|
|
|
Inflation
Adjustment of Capital |
14.862.607 |
|
0,30 |
|
14.862.607 |
|
0,29 |
|
|
|
Reserves |
5.651.942 |
|
0,12 |
|
6.737.685 |
|
0,13 |
|
|
|
Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accumulated Losses(-) |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net Profit
(loss) |
1.638.058 |
|
0,03 |
|
895.543 |
|
0,02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
48.800.340 |
|
1,00 |
|
51.252.926 |
|
1,00 |
|
|
|
INCOME STATEMENTS |
||||||||
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2006 |
|
|
|
01.01-31.05.2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
87.296.589 |
|
1,00 |
|
31.280.276 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
69.201.636 |
|
0,79 |
|
27.195.203 |
|
0,87 |
|
|
|
Gross Profit |
18.094.953 |
|
0,21 |
|
4.085.073 |
|
0,13 |
|
|
|
Operating
Expenses |
13.675.556 |
|
0,16 |
|
2.714.015 |
|
0,09 |
|
|
|
Operating Profit |
4.419.397 |
|
0,05 |
|
1.371.058 |
|
0,04 |
|
|
|
Other
Income |
1.417.765 |
|
0,02 |
|
367.210 |
|
0,01 |
|
|
|
Other
Expenses |
2.246.852 |
|
0,03 |
|
402.341 |
|
0,01 |
|
|
|
Financial
Expenses |
1.504.448 |
|
0,02 |
|
440.384 |
|
0,01 |
|
|
|
Profit (loss) Before Tax |
2.085.862 |
|
0,02 |
|
895.543 |
|
0,03 |
|
|
|
Tax
Payable |
447.804 |
|
0,01 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
1.638.058 |
|
0,02 |
|
895.543 |
|
0,03 |
|
|
|
FINANCIAL RATIOS |
||||||||
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|
|
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|
|
2006 |
|
|
|
01.01-31.05.2007 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
Current Ratio |
1,64 |
|
|
|
2,67 |
|
|
|
|
|
Acid-Test Ratio |
0,35 |
|
|
|
0,72 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,50 |
|
|
|
0,42 |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,15 |
|
|
|
0,18 |
|
|
|
|
|
Tangible Assets/Total Assets |
0,25 |
|
|
|
0,27 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
2,86 |
|
|
|
1,27 |
|
|
|
|
|
Stockholders' Equity Turnover |
3,54 |
|
|
|
1,25 |
|
|
|
|
|
Asset Turnover |
1,79 |
|
|
|
0,61 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,51 |
|
|
|
0,49 |
|
|
|
|
|
Current Liabilities/Total Assets |
0,42 |
|
|
|
0,25 |
|
|
|
|
|
Financial Leverage |
0,49 |
|
|
|
0,51 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
0,07 |
|
|
|
0,04 |
|
|
|
|
|
Operating Profit Margin |
0,05 |
|
|
|
0,04 |
|
|
|
|
|
Net Profit Margin |
0,02 |
|
|
|
0,03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
31,05 |
|
|
|
111,94 |
|
|
|
|
|
Average Payable Period (days) |
42,88 |
|
|
|
97,03 |
|
|
|
|
|
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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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)