MIRA
INFORM REPORT
|
Report Date : |
10.09.2007 |
IDENTIFICATION DETAILS
|
Name : |
KUTAHYA PORSELEN SANAYII A.S. |
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Registered Office : |
Ataturk Bulvari (Kutahya-Eskisehir Karayolu) 8. Km Kutahya |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
15.03.1965 |
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Com. Reg. No.: |
1073 |
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|
Legal Form : |
Joint Stock Company |
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Line of Business : |
Manufacture and trade of porcelain, ceramics and packaging materials |
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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|
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Litigation : |
Clear |
COMPANY
IDENTIFICATION
|
NAME |
: |
KUTAHYA PORSELEN SANAYII A.S. |
|
HEAD OFFICE |
: |
Head Office / Factory: Ataturk Bulvari
(Kutahya-Eskisehir Karayolu) 8. Km Kutahya / |
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PHONE NUMBER |
: |
90-274-235 01 50-55 |
|
FAX NUMBER |
: |
90-274 225 01 56 |
LEGAL STATUS AND
HISTORY
|
TAX OFFICE / NO |
: |
Cinili / 6070007694 |
|
|
REGISTRATION NUMBER |
: |
1073 |
|
|
REGISTERED OFFICE |
: |
Kutahya Chamber of Industry and Commerce |
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|
DATE ESTABLISHED |
: |
15.03.1965 |
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LEGAL FORM |
: |
Joint Stock Company |
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TYPE OF COMPANY |
: |
Private |
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AUTHORIZED CAPITAL |
: |
YTL 2,600,000 |
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|
PAID-IN CAPITAL |
: |
YTL 2,592,000 |
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|
HISTORY |
: |
The authorized capital was increased to YTL 2,600,000 according to the decision taken
at General Assembly Meeting dated 04.12.1999. The paid-in capital was increased from YTL
864,000 to YTL 2,592,000 in accordance with the decision taken at the Board
of Directors meeting dated 18.01.2000. |
|
OWNERSHIP /
MANAGEMENT
|
SHAREHOLDERS |
: |
Gurok Turizm ve Madencilik A.S. Riza Gural Nafi Gural Ismet Gural Open to Public |
26,53 % 15,70 % 15,70 % 15,70 % 26,37 % |
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|
26,37 % of the shares of the company are quoted at Istanbul Stock
Exchange. |
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GROUP |
: |
Gural Group of Companies Some of the main companies operating
within “Gural Group” are declared to be as follows: Gurok Turizm ve Madencilik A.S. Kutahya Porselen Sanayii A.S. Gural Internet ve Bilgisayar Hizmetleri
Toprak San.ve Tic.A.S Heris Seramik ve Turizm Sanayi A.S. Gural Porselen, Turizm ve Vitrifiye Sanayi
A.S. Gurallar Yapi Malzemeleri ve Kimya Sanayi
A.S. Kutahya Seramik
Porselen Turizm A.S. Emir Turizm ve Ev
Gerecleri Ticaret A.S. |
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|
SUBSIDIARIES |
: |
Name of subsidiaries |
Share 28,9 % |
Occupation Trade of
porcelain and ornament |
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BOARD OF DIRECTORS |
: |
Mesut Erez Nafi Gural Erkan Gural Mehmet Karaova Zeki Oner |
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OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Manufacture and trade of porcelain,
ceramics and packaging materials |
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TRADEMARK(S) |
: |
“Kutahya Seramik”, “Kutahya Porselen” |
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NUMBER OF
EMPLOYEES |
: |
767 |
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|
NET SALES |
: |
(YTL) 158,117,021 170,141,310 37,935,180 |
(2005) (2006) (01.01.-31.03.2007) |
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The statements of 31.12.2005, 31.12.2006 and 31.03.2007 are
consolidated and prepared according to Capital Market Council's Notification
Series XI No: 25 based IAS. |
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PRODUCTION |
: |
Porcelain (Piece) Ceramics (Sqm) Packaging (Kg) |
(2004) 39,889,895 units 12,121,272 sqm 22,649,245 kg |
(2005) 35,588,512 units 13,241,571 sqm 25,900,761 kg |
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Porcelain (Piece) Ceramics (Sqm) Packaging (Kg) |
(2006) 31,902,519 units 11,676,181 sqm 27,210,714 kg |
(01.01.-31.03.2007) 9,667,578 2,217,631 5,387,836 |
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|
IMPORT VALUE |
: |
USD 17,800,000 USD 19,690,927 USD 18,163,976 |
(2004) (2005) (2006) |
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IMPORT COUNTRIES |
: |
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MERCHANDISE
IMPORTED |
: |
Raw materials and machinery |
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EXPORT VALUE |
: |
(YTL) 38,127,152 36,510,817 10,981,850 |
(2005) (2006) (01.01.-31.03.2007) |
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EXPORT COUNTRIES |
: |
European countries, |
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MERCHANDISE
EXPORTED |
: |
Porcelain, ceramic wall and floor tiles |
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PREMISES |
: |
Head Office / Factory: Ataturk Bulvari
(Kutahya-Eskisehir Karayolu) 8. Km Kutahya / The subject has regional directorates and
stores. |
|||||
TREND OF BUSINESS : Steady
COMMERCIAL MORALITY : Good
SIZE OF BUSINESS : Giant
FINANCE
|
MAIN DEALING BANKERS |
: |
Akbank Kutahya branch in Kutahya |
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CREDIT FACILITIES |
: |
The subject company makes use of credit
facilities. |
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PAYMENT BEHAVIOR |
: |
No complaints have been heard regarding
payments from banks. According to the official registries
between 01.01.2000-15.07.2007, there are no protested bills and non-paid
cheques registered in the name of “Kutahya Porselen”. |
COMMENT ON FINANCIAL
POSITION
BASIS OF PRESENTATION OF THE FINANCIAL STATEMENTS
The financial statements of 31.12.2005,
31.12.2006 and 31.03.2007 are consolidated and prepared according to Capital
Market Council's Notification Series XI No: 25 based IAS.
The financial statements of “KUTAHYA
PORSELEN SANAYII A.S.” have been prepared by the
consolidation of the financial statements of the following firms:
|
|
Consolidated Companies |
Country |
Activity |
Participation ( % ) |
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|
1. |
Ankara Porselen A.S. |
Turkey |
Trade of porcelain and ornament |
28,9 % |
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
||
|
High |
As of 31.03.2007 |
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LIQUIDITY |
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|
High |
As of 31.03.2007 |
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PROFITABILITY |
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|
The firm had operating loss between 01.01.-31.03.2007 but the firm had
fair net profitability due to other income. |
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GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
||
|
Unfavorable - Long |
Between 01.01.-31.03.2007 |
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GENERAL
FINANCIAL POSITION |
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The firm had operating loss between
01.01.-31.03.2007 but the firm had fair net profitability due to other
income. Capitalization and liquidity were high as of 31.03.2007. |
||
CREDIT OPINION
CREDIT OPINION WITHOUT OBLIGATION : We are of
the opinion that, a max. credit of USD 15 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.-31.08.2007) |
3.93 % |
1.3597 |
1.8186 |
2.6959 |
Statements of 31.12.2005, 31.12.2006 and
31.03.2007 are prepared according to Capital Market Council's Notification
Series XI No: 25 based IAS
|
CONSOLIDATED BALANCE SHEETS |
|||||||||||||
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|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
31.12.05 |
|
|
|
31.12.06 |
|
|
|
31.3.07 |
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|
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|
|
|
|
|
|
|
|
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|
|
|
|
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CURRENT ASSETS |
79.472.678 |
|
0,66 |
|
91.392.455 |
|
0,70 |
|
93.525.774 |
|
0,70 |
|
|
|
Cash and Cash
Equivalents |
6.852.124 |
|
0,06 |
|
10.185.475 |
|
0,08 |
|
7.936.257 |
|
0,06 |
|
|
|
Marketable
Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account
Receivable (net) |
40.509.757 |
|
0,34 |
|
46.568.288 |
|
0,36 |
|
49.438.732 |
|
0,37 |
|
|
|
Due from
Related Parties |
357.853 |
|
0,00 |
|
314.554 |
|
0,00 |
|
332.384 |
|
0,00 |
|
|
|
Other
Receivable |
31.956 |
|
0,00 |
|
34.907 |
|
0,00 |
|
115.332 |
|
0,00 |
|
|
|
Inventories |
25.598.155 |
|
0,21 |
|
31.770.441 |
|
0,24 |
|
33.758.154 |
|
0,25 |
|
|
|
Other
Current Assets |
6.122.833 |
|
0,05 |
|
2.518.790 |
|
0,02 |
|
1.944.915 |
|
0,01 |
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|
|
|
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|
NON-CURRENT ASSETS |
40.343.410 |
|
0,34 |
|
39.631.770 |
|
0,30 |
|
39.349.219 |
|
0,30 |
|
|
|
Long-term
Receivable |
33.356 |
|
0,00 |
|
85.369 |
|
0,00 |
|
93.878 |
|
0,00 |
|
|
|
Due from
Related Parties |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Financial
Assets |
564.223 |
|
0,00 |
|
564.223 |
|
0,00 |
|
564.223 |
|
0,00 |
|
|
|
Tangible
Fixed Assets (net) |
39.201.288 |
|
0,33 |
|
38.336.382 |
|
0,29 |
|
38.092.152 |
|
0,29 |
|
|
|
Intangible
Assets |
199.490 |
|
0,00 |
|
599.732 |
|
0,00 |
|
534.162 |
|
0,00 |
|
|
|
Other
Non-Current Assets |
345.053 |
|
0,00 |
|
46.064 |
|
0,00 |
|
64.804 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
119.816.088 |
|
1,00 |
|
131.024.225 |
|
1,00 |
|
132.874.993 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
31.637.618 |
|
0,26 |
|
42.915.666 |
|
0,33 |
|
43.979.758 |
|
0,33 |
|
|
|
Financial
Loans |
35.943 |
|
0,00 |
|
5.112.379 |
|
0,04 |
|
7.942.674 |
|
0,06 |
|
|
|
Accounts
Payable |
15.717.517 |
|
0,13 |
|
21.949.699 |
|
0,17 |
|
20.195.493 |
|
0,15 |
|
|
|
Due to
Related Parties |
772.455 |
|
0,01 |
|
744.355 |
|
0,01 |
|
924.891 |
|
0,01 |
|
|
|
Advances
from Customers |
9.956.720 |
|
0,08 |
|
12.011.044 |
|
0,09 |
|
11.925.144 |
|
0,09 |
|
|
|
Provisions |
2.826.648 |
|
0,02 |
|
918.088 |
|
0,01 |
|
692.468 |
|
0,01 |
|
|
|
Other
Current Liabilities |
2.328.335 |
|
0,02 |
|
2.180.101 |
|
0,02 |
|
2.299.088 |
|
0,02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
3.940.016 |
|
0,03 |
|
3.081.911 |
|
0,02 |
|
2.955.132 |
|
0,02 |
|
|
|
Financial
Loans |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Long Term
Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Long-term Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Provisions |
2.232.922 |
|
0,02 |
|
2.519.759 |
|
0,02 |
|
2.621.137 |
|
0,02 |
|
|
|
Deferred
Tax Liability |
1.707.094 |
|
0,01 |
|
562.152 |
|
0,00 |
|
333.995 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EQUITY OF CONSOLIDATED FIRMS |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Equity of Consolidated Firms |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
84.238.454 |
|
0,70 |
|
85.026.648 |
|
0,65 |
|
85.940.103 |
|
0,65 |
|
|
|
Paid-in
Capital |
2.592.000 |
|
0,02 |
|
2.592.000 |
|
0,02 |
|
2.592.000 |
|
0,02 |
|
|
|
Reserves |
5.411.913 |
|
0,05 |
|
5.411.913 |
|
0,04 |
|
5.411.913 |
|
0,04 |
|
|
|
Revaulation Fund |
77.338.013 |
|
0,65 |
|
77.338.013 |
|
0,59 |
|
77.338.013 |
|
0,58 |
|
|
|
Accumulated Profits (Losses) |
-7.877.046 |
|
-0,07 |
|
-1.103.472 |
|
-0,01 |
|
-315.278 |
|
0,00 |
|
|
|
Net Profit
(loss) |
6.773.574 |
|
0,06 |
|
788.194 |
|
0,01 |
|
913.455 |
|
0,01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
119.816.088 |
|
1,00 |
|
131.024.225 |
|
1,00 |
|
132.874.993 |
|
1,00 |
|
|
|
CONSOLIDATED INCOME STATEMENTS |
||||||||||||
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
1.1.-31.03.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
158.117.021 |
|
1,00 |
|
170.141.310 |
|
1,00 |
|
37.935.180 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
104.524.712 |
|
0,66 |
|
125.753.044 |
|
0,74 |
|
29.354.146 |
|
0,77 |
|
|
|
Gross Profit |
53.592.309 |
|
0,34 |
|
44.388.266 |
|
0,26 |
|
8.581.034 |
|
0,23 |
|
|
|
Operating
Expenses |
41.068.176 |
|
0,26 |
|
43.547.833 |
|
0,26 |
|
10.073.926 |
|
0,27 |
|
|
|
Operating Profit |
12.524.133 |
|
0,08 |
|
840.433 |
|
0,00 |
|
-1.492.892 |
|
-0,04 |
|
|
|
Other
Income |
7.173.686 |
|
0,05 |
|
10.388.124 |
|
0,06 |
|
6.988.855 |
|
0,18 |
|
|
|
Other
Expenses |
9.360.006 |
|
0,06 |
|
6.439.646 |
|
0,04 |
|
3.200.966 |
|
0,08 |
|
|
|
Financial
Income-Expenses(net) |
-1.761.086 |
|
-0,01 |
|
-4.426.649 |
|
-0,03 |
|
-1.118.467 |
|
-0,03 |
|
|
|
Profit
(loss) of consolidated firms |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Profit (loss) Before Tax |
8.576.727 |
|
0,05 |
|
362.262 |
|
0,00 |
|
1.176.530 |
|
0,03 |
|
|
|
Tax
Payable |
-1.803.153 |
|
-0,01 |
|
425.932 |
|
0,00 |
|
-263.075 |
|
-0,01 |
|
|
|
Net Profit (loss) |
6.773.574 |
|
0,04 |
|
788.194 |
|
0,00 |
|
913.455 |
|
0,02 |
|
|
|
FINANCIAL RATIOS |
||||||||||||
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
1.1.-31.03.07 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Ratio |
2,51 |
|
|
|
2,13 |
|
|
|
2,13 |
|
|
|
|
|
Acid-Test Ratio |
1,51 |
|
|
|
1,33 |
|
|
|
1,31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,21 |
|
|
|
0,24 |
|
|
|
0,25 |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,34 |
|
|
|
0,36 |
|
|
|
0,38 |
|
|
|
|
|
Tangible Assets/Total Assets |
0,33 |
|
|
|
0,29 |
|
|
|
0,29 |
|
|
|
|
|
|
|
|
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|
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|
|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
4,08 |
|
|
|
3,96 |
|
|
|
0,87 |
|
|
|
|
|
Stockholders' Equity Turnover |
1,88 |
|
|
|
2,00 |
|
|
|
0,44 |
|
|
|
|
|
Asset Turnover |
1,32 |
|
|
|
1,30 |
|
|
|
0,29 |
|
|
|
|
|
|
|
|
|
|
|
|
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FINANCIAL STRUCTURE |
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Stockholders' Equity/Total Assets |
0,70 |
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0,65 |
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0,65 |
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Current Liabilities/Total Assets |
0,26 |
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0,33 |
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0,33 |
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Financial Leverage |
0,30 |
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0,35 |
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0,35 |
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PROFITABILITY RATIOS |
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Net Profit/Stockholders' Eq. |
0,08 |
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0,01 |
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0,01 |
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Operating Profit Margin |
0,08 |
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0,00 |
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-0,04 |
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Net Profit Margin |
0,04 |
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0,00 |
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0,02 |
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COLLECTION-PAYMENT |
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Average Collection Period (days) |
92,31 |
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98,71 |
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470,06 |
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Average Payable Period (days) |
54,13 |
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62,84 |
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247,68 |
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RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)