MIRA
INFORM REPORT
|
Report Date : |
30.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
TEKNO KAUCUK SANAYII AS. |
|
|
|
|
Formerly Known As : |
TEKNO KAUCUK PLASTIK MALZEME SANAYI VE TICARET A.S. |
|
|
|
|
Registered Office : |
Gebze Organize Sanayi Bolgesi Ihsan Dede Cad. Dogan Lastik Fabrikasi
Gebze Kocaeli |
|
|
|
|
Country : |
Turkey |
|
|
|
|
Financials (as on) : |
31.12.2007 |
|
|
|
|
Date of Incorporation : |
28.03.2001 |
|
|
|
|
Com. Reg. No.: |
6470 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacture and Trade of rubber products to be used at durable goods
and automotive sectors. |
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 |
|
Maximum Credit Limit : |
EUR 583,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
TEKNO KAUCUK SANAYII AS. |
|
ADDRESS |
: |
Head Office & Factory: Gebze Organize
Sanayi Bolgesi Ihsan Dede Cad. Dogan Lastik Fabrikasi Gebze Kocaeli / Turkey |
|
PHONE NUMBER |
: |
90-262-751 25 50 |
|
FAX NUMBER |
: |
90-262-751 05 70 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Ilyasbey / 8360165320 |
|
REGISTRATION NUMBER |
: |
6470 |
|
REGISTERED OFFICE |
: |
Gebze Chamber of Commerce |
|
DATE ESTABLISHED |
: |
28.03.2001 (Commercial Registry Gazette
Date/No: 02.04.2001 / 5265) |
|
LEGAL FORM |
: |
Joint Stock Company |
|
TYPE OF COMPANY |
: |
Private |
|
REGISTERED CAPITAL |
: |
YTL 5,000,000 |
|
PAID-IN CAPITAL |
: |
YTL 4,956,000 |
|
HISTORY |
: |
|
|
|
|
|
|
Previous Name |
:Tekno Kaucuk Plastik Malzeme Sanayi ve
Ticaret A.S. |
|
|
|
|
Name Changed in |
:2003 (Commercial Registry Gazette
Date/No:02.07.2003/5832) |
|
|
|
|
Previous
Registered Capital |
:YTL 2,000,000 |
|
|
|
|
Regist. Capital
Changed on |
:11.06.2004 (Commercial Registry Gazette
Date/No:29.06.2004/6081 ) |
|
|
|
|
Previous
Registered Capital |
: YTL
3,000,000 |
|
|
|
|
Regist. Capital
Changed on |
:17.12.2004 (Commercial Registry Gazette
Date/No:13.01.2005/6219 ) |
|
|
|
|
Previous Registered
Capital |
: YTL
4,500,000 |
|
|
|
|
Regist. Capital
Changed on |
:06.08.2007 (Commercial Registry Gazette
Date/No:15.08.2007/6874 ) |
|
|
|
|
Other Historical Events |
:The company was firstly established in
Istanbul and it was registered at Istanbul Commercial Registry with
registration no: 455323. Then the company moved from “Keskin Kalem Sok. No:8
Kat:2 Daire:4 Istanbul” to Gebze Kocaeli and registered at Gebze Commercial
Registry on 18.01.2002 (Commercial Registry Gazette Date / No: 30.01.2002
/5476). |
|
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Dogan Lastikcilik San. ve Tic. A.S Cengiz Erenoglu Albert Saydam Huseyin Cem Dogan Cihan Cengiz |
67,94 % 8,76 % 8,76 % 7,96 % 6,58 % |
|
SISTER COMPANIES |
: |
-Dogan Conta Sanayi Ticaret Ltd Sti. -Dogan Dis Ticaret ve Pazarlama Ltd. Sti. |
|
|
GROUP PARENT COMPANY |
: |
None |
|
|
SUBSIDIARIES |
: |
None |
|
|
BOARD OF DIRECTORS |
: |
Yavuz Dogan Cengiz Erenoglu Albert Saydam Huseyin Cem Dogan Cihan Cengiz |
Chairman Vice-Chairman Vice-Chairman Member Member |
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Manufacture and trade of rubber products
to be used at durable goods and automotive sectors. |
|
|
|
SECTOR |
: |
Rubber |
|
|
|
NUMBER OF
EMPLOYEES |
: |
237 |
|
|
|
NET SALES |
: |
(YTL) 17,194,264 20,073,478 14,100,978 16,525,575 25,944,834 29,947,393 8,626,825 |
(2002) (2003) (2004) (2005) (2006) (2007) (01.01.-31.03.2008) |
|
|
CAPACITY |
: |
(Tons/Yr) 9,003 9,003 9,003 |
(2005) (2006) (2007) |
|
|
IMPORT VALUE |
: |
EUR 3,304,475 EUR 1,204,704 YTL 6.5 million YTL 6,720,299 YTL 3,058,217 |
(2003) (2004) (2005) (2006) (2007) |
|
|
IMPORT COUNTRIES |
: |
Netherlands, China and other Far Eastern
countries |
|
|
|
MERCHANDISE
IMPORTED |
: |
Chemicals, rubber |
|
|
|
EXPORT VALUE |
: |
None None YTL
4,167,515 YTL
5,831,666 YTL
4,161,329 |
(2004) (2005) (2006) (2007) (01.01.-31.03.2008) |
|
|
EXPORT COUNTRIES |
: |
Czech Republic, France, Belgium, UK, Brazil, Poland,
Germany |
|
MERCHANDISE
EXPORTED |
: |
Hard rubber, gasket of vulcanized rubber… |
|
PREMISES |
: |
Head
Office & Factory: Gebze Organize Sanayi Bolgesi Ihsan Dede Cad. Dogan
Lastik Fabrikasi Gebze Kocaeli (12,000 closed area over a land of 17,000 sqm)
(rented) |
|
FIXED CAPITAL
INVESTMENTS |
: |
The
firm is making a modernization investment at the plant in Gebze |
|
TREND OF BUSINESS |
: |
Upwards |
|
SIZE
OF BUSINESS |
: |
Large |
FINANCE
|
MAIN DEALING BANKERS |
: |
Turk Ekonomi Bankasi E-5 Pendik branch in Istanbul HSBC Bank Gebze branch in Kocaeli Yapi ve Kredi Bankasi Gebze branch in
Kocaeli |
|
CREDIT FACILITIES |
: |
The subject company is making use of
credit facilities. |
|
PAYMENT BEHAVIOUR |
: |
No payment delays have come to our knowledge. |
COMMENT ON FINANCIAL POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
||
|
Satisfactory |
As of 31.03.2008 |
|
|
LIQUIDITY |
||
|
Satisfactory |
As of 31.03.2008 |
|
|
PROFITABILITY |
||
|
The firm which had low operating profit had net loss in 2007 due to
financial expenses. Profitability was good in the first 3 months of 2008. |
||
|
GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
||
|
Favorable |
Between 01.01.-31.03.2008 |
|
|
GENERAL
FINANCIAL POSITION |
||
|
Satisfactory |
||
CREDIT OPINION
|
PROPOSED CREDIT AMOUNT |
: |
EUR 583,000 |
|
CREDIT OPINION WITHOUT OBLIGATION |
: |
We are of the opinion that, the proposed
amount of credit is admissible. |
|
|
Incr. in producers’
price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(2002) |
30.80 % |
1.5168 |
1.3741 |
2.2001 |
|
(2003) |
13.90 % |
1.5302 |
1.7141 |
2.4982 |
|
(2004) |
13.84 % |
1.4266 |
1.7666 |
2.6001 |
|
(2005) |
2.66 % |
1.3499 |
1.6882 |
2.4623 |
|
(2006) |
11.58 % |
1.4309 |
1.7987 |
2.6377 |
|
(2007) |
5.94 % |
1.3075 |
1.7901 |
2.6133 |
|
(1.1.-31.03.2008) |
6.26 % |
1.2033 |
1.8179 |
2.3972 |
|
(1.1.-30.06.2008) |
13.76 % |
1.2197 |
1.8695 |
2.4232 |
BALANCE SHEETS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
31.12.06 |
|
|
|
31.12.07 |
|
|
|
31.3.08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
6.611.110 |
|
0,54 |
|
8.885.849 |
|
0,59 |
|
5.714.750 |
|
0,45 |
|
|
|
Cash and Banks |
59.600 |
|
0,00 |
|
120.184 |
|
0,01 |
|
45.476 |
|
0,00 |
|
|
|
Marketable Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account Receivable |
3.621.738 |
|
0,29 |
|
6.052.656 |
|
0,40 |
|
3.382.553 |
|
0,27 |
|
|
|
Other Receivable |
11.699 |
|
0,00 |
|
6.514 |
|
0,00 |
|
17.543 |
|
0,00 |
|
|
|
Inventories |
2.481.548 |
|
0,20 |
|
1.916.288 |
|
0,13 |
|
1.690.416 |
|
0,13 |
|
|
|
Advances Given |
179.650 |
|
0,01 |
|
254.504 |
|
0,02 |
|
0 |
|
0,00 |
|
|
|
Other Current Assets |
256.875 |
|
0,02 |
|
535.703 |
|
0,04 |
|
578.762 |
|
0,05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
5.692.570 |
|
0,46 |
|
6.104.238 |
|
0,41 |
|
6.876.272 |
|
0,55 |
|
|
|
Long-term Receivable |
0 |
|
0,00 |
|
3.000 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Financial Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Tangible Fixed Assets (net) |
4.491.999 |
|
0,37 |
|
4.729.902 |
|
0,32 |
|
5.472.107 |
|
0,43 |
|
|
|
Intangible Assets |
1.161.613 |
|
0,09 |
|
1.335.492 |
|
0,09 |
|
1.404.068 |
|
0,11 |
|
|
|
Other Non-Current Assets |
38.958 |
|
0,00 |
|
35.844 |
|
0,00 |
|
97 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
12.303.680 |
|
1,00 |
|
14.990.087 |
|
1,00 |
|
12.591.022 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
5.396.630 |
|
0,44 |
|
8.540.452 |
|
0,57 |
|
5.827.145 |
|
0,46 |
|
|
|
Financial Loans |
772.460 |
|
0,06 |
|
871.951 |
|
0,06 |
|
1.397.875 |
|
0,11 |
|
|
|
Accounts Payable |
3.938.640 |
|
0,32 |
|
3.654.644 |
|
0,24 |
|
3.239.761 |
|
0,26 |
|
|
|
Loans from Shareholders |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other Short-term Payable |
4.449 |
|
0,00 |
|
1.790 |
|
0,00 |
|
19.875 |
|
0,00 |
|
|
|
Advances from Customers |
12.919 |
|
0,00 |
|
3.050.388 |
|
0,20 |
|
12.981 |
|
0,00 |
|
|
|
Taxes Payable |
309.588 |
|
0,03 |
|
521.006 |
|
0,03 |
|
362.208 |
|
0,03 |
|
|
|
Provisions |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
294.144 |
|
0,02 |
|
|
|
Other Current Liabilities |
358.574 |
|
0,03 |
|
440.673 |
|
0,03 |
|
500.301 |
|
0,04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
2.290.419 |
|
0,19 |
|
1.910.633 |
|
0,13 |
|
1.612.925 |
|
0,13 |
|
|
|
Financial Loans |
699.003 |
|
0,06 |
|
1.834.120 |
|
0,12 |
|
1.612.925 |
|
0,13 |
|
|
|
Securities Issued |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Long-term Payable |
1.589.916 |
|
0,13 |
|
75.313 |
|
0,01 |
|
0 |
|
0,00 |
|
|
|
Loans from Shareholders |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other Long-term Liabilities |
1.500 |
|
0,00 |
|
1.200 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Provisions |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
4.616.631 |
|
0,38 |
|
4.539.002 |
|
0,30 |
|
5.150.952 |
|
0,41 |
|
|
|
Paid-in Capital |
4.500.000 |
|
0,37 |
|
4.956.000 |
|
0,33 |
|
4.956.000 |
|
0,39 |
|
|
|
Inflation Adjustment of
Capital |
567.375 |
|
0,05 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Reserves |
237.335 |
|
0,02 |
|
222.303 |
|
0,01 |
|
222.303 |
|
0,02 |
|
|
|
Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accumulated Losses(-) |
-571.328 |
|
-0,05 |
|
-535.961 |
|
-0,04 |
|
-639.301 |
|
-0,05 |
|
|
|
Net Profit (loss) |
-116.751 |
|
-0,01 |
|
-103.340 |
|
-0,01 |
|
611.950 |
|
0,05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
12.303.680 |
|
1,00 |
|
14.990.087 |
|
1,00 |
|
12.591.022 |
|
1,00 |
|
INCOME STATEMENTS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2006 |
|
|
|
2007 |
|
|
|
1.1.-31.03.2008 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
25.944.835 |
|
1,00 |
|
29.947.393 |
|
1,00 |
|
8.626.825 |
|
1,00 |
|
|
|
Cost of Goods Sold |
22.985.559 |
|
0,89 |
|
26.504.212 |
|
0,89 |
|
7.089.880 |
|
0,82 |
|
|
|
Gross Profit |
2.959.276 |
|
0,11 |
|
3.443.181 |
|
0,11 |
|
1.536.945 |
|
0,18 |
|
|
|
Operating Expenses |
2.840.159 |
|
0,11 |
|
3.312.852 |
|
0,11 |
|
796.128 |
|
0,09 |
|
|
|
Operating Profit |
119.117 |
|
0,00 |
|
130.329 |
|
0,00 |
|
740.817 |
|
0,09 |
|
|
|
Other Income |
591.930 |
|
0,02 |
|
1.014.714 |
|
0,03 |
|
440.289 |
|
0,05 |
|
|
|
Other Expenses |
349.488 |
|
0,01 |
|
613.045 |
|
0,02 |
|
73.996 |
|
0,01 |
|
|
|
Financial Expenses |
478.310 |
|
0,02 |
|
635.338 |
|
0,02 |
|
495.160 |
|
0,06 |
|
|
|
Profit (loss) Before Tax |
-116.751 |
|
0,00 |
|
-103.340 |
|
0,00 |
|
611.950 |
|
0,07 |
|
|
|
Tax Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
-116.751 |
|
0,00 |
|
-103.340 |
|
0,00 |
|
611.950 |
|
0,07 |
|
FINANCIAL RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2006 |
|
|
|
2007 |
|
|
|
1.1.-31.03.2008 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Ratio |
1,23 |
|
|
|
1,04 |
|
|
|
0,98 |
|
|
|
|
|
Acid-Test Ratio |
0,68 |
|
|
|
0,72 |
|
|
|
0,59 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,20 |
|
|
|
0,13 |
|
|
|
0,13 |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,30 |
|
|
|
0,40 |
|
|
|
0,27 |
|
|
|
|
|
Tangible Assets/Total Assets |
0,37 |
|
|
|
0,32 |
|
|
|
0,43 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
9,26 |
|
|
|
13,83 |
|
|
|
4,19 |
|
|
|
|
|
Stockholders' Equity Turnover |
5,62 |
|
|
|
6,60 |
|
|
|
1,67 |
|
|
|
|
|
Asset Turnover |
2,11 |
|
|
|
2,00 |
|
|
|
0,69 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,38 |
|
|
|
0,30 |
|
|
|
0,41 |
|
|
|
|
|
Current Liabilities/Total Assets |
0,44 |
|
|
|
0,57 |
|
|
|
0,46 |
|
|
|
|
|
Financial Leverage |
0,62 |
|
|
|
0,70 |
|
|
|
0,59 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
-0,03 |
|
|
|
-0,02 |
|
|
|
0,12 |
|
|
|
|
|
Operating Profit Margin |
0,00 |
|
|
|
0,00 |
|
|
|
0,09 |
|
|
|
|
|
Net Profit Margin |
0,00 |
|
|
|
0,00 |
|
|
|
0,07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
50,25 |
|
|
|
72,80 |
|
|
|
141,15 |
|
|
|
|
|
Average Payable Period (days) |
86,59 |
|
|
|
50,66 |
|
|
|
164,50 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.37 |
|
UK Pound |
1 |
Rs.84.00 |
|
Euro |
1 |
Rs.65.96 |
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. |
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%)