MIRA INFORM REPORT

 

 

Report Date :           

30.03.2011

 

IDENTIFICATION DETAILS

 

Name :

KIPAS DENIM ISLETMELERI A.S.

 

 

Formerly Known As :

Kardenim Kahramanmaras Mans. Sanayi A.S.

 

 

Registered Office :

Gaziantep Yolu Uzeri Erkenez Mevkii 7.Km Kahramanmaras

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2009

 

 

Date of Incorporation :

15.12.1997

 

 

Com. Reg. No.:

5869

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

trade of ready-wear, cotton thread, synthetic yarn, cloth, dyed yarn, and dyed fabric stopped active operation

 

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 :

15.100.000 USD

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 – December 31, 2010

 

Country Name

Previous Rating

                   (30.09.2010)                  

Current Rating

(31.12.2010)

Turkey

b1

b1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

COMPANY IDENTIFICATION

 

NAME

:

KIPAS DENIM ISLETMELERI A.S.

HEAD OFFICE ADDRESS

:

Gaziantep Yolu Uzeri Erkenez Mevkii 7.Km Kahramanmaras / Turkey

PHONE NUMBER

:

90-212-655 50 00 (Liaison Office)

90-344-236 38 00 (10 lines) (Head Office)

 

FAX NUMBER

:

90-212-657 01 71 (Liaison Office)

90-344-236 19 23 (Head Office)

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Aksu

TAX NO

:

1850057129

REGISTRATION NUMBER

:

5869

REGISTERED OFFICE

:

Kahramanmaras Chamber of Commerce and Industry

DATE ESTABLISHED

:

15.12.1997

ESTABLISHMENT GAZETTE DATE/NO

:

18.12.1997/4443

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   21.285.000

HISTORY

:

Previous Name

:

The name of the subject was firstly changed from “Bozkurt Tekstil Sanayi A.S.” to “Kardenim  Kahramanmaras Mans. Sanayi A.S.” in 2002 and then the name was changed to “Kipasdenim Isletmeleri A.S.” in 2002.

Changed On

:

01.01.2002

Previous Registered Capital

:

TL 9.900.000

Changed On

:

12.11.2007 (Commercial Gazette Date /Number 19.11.2007/ 6939)

Previous Registered Capital

:

TL 19.800.000

Changed On

:

10.07.2009 (Commercial Gazette Date /Number 16.07.2009/ 7355)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Kipas Holding A.S.

90 %

Mukremin Gumuser

 

Ertugrul Gumuser

 

Cumhur Gumuser

 

Zubeyde Baskonus

 

Ayse Ipek

 

Leyla Kirmaci

 

Ibrahim Gumuser

 

Berna Dogar

 

Hatice Gumuser

 

Okkas Gumuser

 

Mehmet Hanifi Oksuz

 

Ahmet Oksuz

 

Haydar Gumuser

 

Imam Gumuser

 

Halil Ibrahim Gumuser

 

Erdogan Gumuser

 

 

 

GROUP PARENT COMPANY

:

KIPAS HOLDING A.S.

 

SISTER COMPANIES

:

BOZKURT KONFEKSIYON SANAYI A.S.

ERDEM TEKSTIL SANAYI VE TICARET A.S.

GUMUSERLER IPLIK DOKUMA SANAYI VE YATIRIM A.S.

GUMUSERLER LASTIKCILIK OTOMOTIV VE TEKSTIL SANAYI TICARET A.S.

HANBEY TARIM VE HAYVANCILIK ISLETMELERI A.S.

KAREN KAHRAMANMARAS ELEKTRIK URETIM A.S.

KCS KAHRAMANMARAS CIMENTO BETON SANAYI VE MADENCILIK ISLETMELERI A.S.

KEN KIPAS ELEKTRIK URETIM A.S.

KIPAS HOLDING A.S.

KIPAS KAGIT SANAYI ISLETMELERI A.S.

KIPAS MENSUCAT ISLETMELERI A.S.

KIPAS OZEL EGITIM OGRETIM HIZMETLERI A.S.

KIPAS PAZARLAMA VE TICARET A.S.

KIPAS SIGORTA ARACILIK HIZMETLERI A.S

KIPAS TARIM ISLETMELERI SANAYI TICARET A.S.

MAREN MARAS ELEKTRIK URETIM SANAYI VE TICARET A.S.

MIPSAN KAHRAMANMARAS IPLIK SANAYI VE TICARET A.S

OKSUZLER IPLIK DOKUMA SANAYI VE YATIRIM A.S.

TEKSAN TEKSTIL VE AMBALAJ SANAYI TICARET A.S.

TOYMAR OTOMOTIV PETROL TICARET VE PAZARLAMA A.S.

 

SUBSIDIARIES

:

ERDEM TEKSTIL SANAYI VE TICARET A.S.  ( 40 % )

KAREN KAHRAMANMARAS ELEK.URETIM A.S.  ( 3,75 % )

KCS KAHRAMANMARAS CIMENTO SANAYI VE MADENCILIK ISLET. A.S.  ( 41 % )

KIPAS MENSUCAT ISLETMELERI A.S.  ( 0,75 % )

KIPAS SIGORTA ARACILIK HIZMETLERI A.S  ( 2,49 % )

 

BOARD OF DIRECTORS

:

Mehmet Hanifi Oksuz

Chairman

Halil Ibrahim Gumuser

Vice-Chairman

Ahmet Oksuz

Member

Mukremin Gumuser

Member

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

The firm which was dealing with trade of ready-wear, cotton thread, synthetic yarn, cloth, dyed yarn, and dyed fabric stopped active operation in 2001. The subject re-started operating in 2003 and it has been dealing with manufacture and trade of yarn and denim fabric since 2003. 

 

NACE CODE

:

DB.17.21

 

SECTOR

:

Textile

 

NUMBER OF EMPLOYEES

:

877

 

NET SALES

:

85.944.975 TL

(2005) 

91.040.561 TL

(2006) 

70.953.972 TL

(2007) 

103.816.558 TL

(2008) 

147.751.968 TL

(2009) 

173.037.695 TL

(2010) 

 

 

IMPORT VALUE

:

17.172.162 USD

(2004)

14.665.230 USD

(2005)

5.251.919 USD

(2006)

42.651.513 USD

(2007)

41.380.031 USD

(2008)

 

 

IMPORT COUNTRIES

:

Germany

Switzerland

France

Spain

Netherlands

 

MERCHANDISE IMPORTED

:

Denim

Intermediary goods

Spare parts

 

EXPORT VALUE

:

17.255.851 TL

(2005)

17.458.091 TL

(2006)

2.508.380 TL

(2007)

5.265.725 TL

(2008)

1.136.254 TL

(2009)

1.106.456 TL

(2010)

 

 

REMARKS ON EXPORT

:

Since March 2007, exports have being performed mainly by “Kipas Pazarlama ve Ticaret A.S.”

 

EXPORT COUNTRIES

:

Tunisia

Free Zone

South Korea

Indonesia

U.K.

 

MERCHANDISE  EXPORTED

:

Denim

 

HEAD OFFICE ADDRESS

:

Gaziantep Yolu Uzeri Erkenez Mevkii 7.Km  Kahramanmaras / Turkey (rented)

 

BRANCHES

:

Factory  :  Kahramanmaras Organize Sanayi Bolgesi Kahramanmaras/Turkey (rented)

 

Liaison Office  :  Evren Mah. Gulbahar Cad. No: 86 Gunesli Istanbul/Turkey

 

Head Office/Factory  :  Gaziantep Yolu Uzeri Erkenez Mevkii 7.Km Kahramanmaras/Turkey (rented)

                                                                                

INVESTMENTS

:

None

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2010.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

MAIN DEALING BANKS

:

Garanti Bankasi Kahramanmaras Branch

HSBC Bank Kahramanmaras Branch

ING Bank Kahramanmaras Branch

T.Vakiflar Bankasi Kahramanmaras Branch

Yapi ve Kredi Bankasi Kahramanmaras 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

:

 

(2006) TL

(2007) TL

(2008) TL

(2009) TL

(2010) TL

Net Sales

91.040.561

70.953.972

103.816.558

147.751.968

173.037.695

Profit (Loss) Before Tax

6.630.690

-808.596

-14.248.058

26.121.919

27.077.258

Stockholders' Equity

30.777.721

39.820.946

26.231.871

50.177.485

 

Total Assets

117.828.980

153.063.863

163.550.665

181.211.661

 

Current Assets

59.639.511

69.055.762

83.212.073

105.251.898

 

Non-Current Assets

58.189.469

84.008.101

80.338.592

75.959.763

 

Current Liabilities

53.682.180

71.824.423

96.456.002

93.783.887

 

Long-Term Liabilities

33.369.079

41.418.494

40.862.792

37.250.289

 

Gross Profit (loss)

20.101.896

12.307.784

12.167.318

35.531.711

37.530.444

Operating Profit (loss)

15.480.850

7.800.368

4.393.008

27.575.225

31.698.560

Net Profit (loss)

5.120.311

-808.596

-14.248.058

22.795.614

21.628.934

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Satisfactory As of 31.12.2009

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

High As of 31.12.2009

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

High Operating Profitability  in 2006

High Net Profitability  in 2006

High Operating Profitability  in 2007

Net Loss  in 2007

In Order Operating Profitability  in 2008

Net Loss  in 2008

High Operating Profitability  in 2009

High Net Profitability  in 2009

High Operating Profitability  in 2010

High Net Profitability  in 2010

 

Gap between average collection and payable periods

Unfavorable in 2009

General Financial Position

In Order

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 15.100.000 USD may be granted to the subject company.

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 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

 ( 01.01-28.02.2011)

4,13 %

1,5841

2,1576

2,5140

 

 

 

BALANCE SHEETS

 

 

 31.12.2006   TL

 

 31.12.2007   TL

 

  31.12.2008   TL

 

 31.12.2009   TL

 

CURRENT ASSETS

59.639.511

0,51

69.055.762

0,45

83.212.073

0,51

105.251.898

0,58

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

983.173

0,01

638.110

0,00

802.336

0,00

15.828.562

0,09

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

33.599.515

0,29

37.247.815

0,24

41.872.842

0,26

58.046.999

0,32

Other Receivable

3.789.730

0,03

2.751.785

0,02

5.874.606

0,04

2.533.739

0,01

Inventories

19.154.060

0,16

24.803.091

0,16

30.476.127

0,19

25.967.865

0,14

Advances Given

1.120.778

0,01

1.347.424

0,01

1.414.718

0,01

1.170.223

0,01

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

992.255

0,01

2.267.537

0,01

2.771.444

0,02

1.704.510

0,01

NON-CURRENT ASSETS

58.189.469

0,49

84.008.101

0,55

80.338.592

0,49

75.959.763

0,42

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

281.120

0,00

232.940

0,00

0

0,00

0

0,00

Financial Assets

9.549.233

0,08

10.025.040

0,07

14.642.669

0,09

18.755.718

0,10

Tangible Fixed Assets (net)

48.227.448

0,41

73.678.775

0,48

65.684.080

0,40

57.193.387

0,32

Intangible Assets

131.668

0,00

71.346

0,00

11.843

0,00

10.658

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

TOTAL ASSETS

117.828.980

1,00

153.063.863

1,00

163.550.665

1,00

181.211.661

1,00

CURRENT LIABILITIES

53.682.180

0,46

71.824.423

0,47

96.456.002

0,59

93.783.887

0,52

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

11.864.670

0,10

21.142.412

0,14

20.093.647

0,12

32.398.783

0,18

Accounts Payable

12.834.407

0,11

16.772.733

0,11

33.044.509

0,20

3.592.444

0,02

Loans from Shareholders

16.775.100

0,14

14.764.389

0,10

32.029.902

0,20

52.765.478

0,29

Other Short-term Payable

10.143.502

0,09

17.707.442

0,12

8.393.509

0,05

1.255.588

0,01

Advances from Customers

489.703

0,00

705.216

0,00

2.011.727

0,01

769.069

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

163.750

0,00

271.375

0,00

327.118

0,00

527.256

0,00

Provisions

616.884

0,01

0

0,00

40.446

0,00

2.156.888

0,01

Other Current Liabilities

794.164

0,01

460.856

0,00

515.144

0,00

318.381

0,00

LONG-TERM LIABILITIES

33.369.079

0,28

41.418.494

0,27

40.862.792

0,25

37.250.289

0,21

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

33.369.079

0,28

41.418.494

0,27

40.862.792

0,25

37.250.289

0,21

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

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

30.777.721

0,26

39.820.946

0,26

26.231.871

0,16

50.177.485

0,28

Not Detailed Stockholders' Equity

30.777.721

0,26

39.820.946

0,26

26.231.871

0,16

50.177.485

0,28

Paid-in Capital

0

0,00

0

0,00

0

0,00

0

0,00

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

0

0,00

0

0,00

0

0,00

0

0,00

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

0

0,00

0

0,00

0

0,00

0

0,00

TOTAL LIABILITIES AND EQUITY

117.828.980

1,00

153.063.863

1,00

163.550.665

1,00

181.211.661

1,00

 

REMARKS ON FINANCIAL STATEMENT

:

The income statement of 2010 has not become certain yet.

 

 

INCOME STATEMENTS

 

 

(2006) TL

 

(2007) TL

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

Net Sales

91.040.561

1,00

70.953.972

1,00

103.816.558

1,00

147.751.968

1,00

173.037.695

1,00

Cost of Goods Sold

70.938.665

0,78

58.646.188

0,83

91.649.240

0,88

112.220.257

0,76

135.507.251

0,78

Gross Profit

20.101.896

0,22

12.307.784

0,17

12.167.318

0,12

35.531.711

0,24

37.530.444

0,22

Operating Expenses

4.621.046

0,05

4.507.416

0,06

7.774.310

0,07

7.956.486

0,05

5.831.884

0,03

Operating Profit

15.480.850

0,17

7.800.368

0,11

4.393.008

0,04

27.575.225

0,19

31.698.560

0,18

Other Income

23.375.467

0,26

8.415.882

0,12

21.719.293

0,21

17.712.013

0,12

14.706.901

0,08

Other Expenses

7.177.515

0,08

10.865.621

0,15

7.307.837

0,07

15.879.116

0,11

16.893.038

0,10

Financial Expenses

25.048.112

0,28

6.159.225

0,09

33.052.522

0,32

3.286.203

0,02

2.435.165

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

6.630.690

0,07

-808.596

-0,01

-14.248.058

-0,14

26.121.919

0,18

27.077.258

0,16

Tax Payable

1.510.379

0,02

0

0,00

0

0,00

3.326.305

0,02

5.448.324

0,03

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

5.120.311

0,06

-808.596

-0,01

-14.248.058

-0,14

22.795.614

0,15

21.628.934

0,12

 

FINANCIAL RATIOS

 

 

(2006)

(2007)

(2008)

(2009)

LIQUIDITY RATIOS

 

 

Current Ratio

1,11

0,96

0,86

1,12

Acid-Test Ratio

0,71

0,57

0,50

0,81

Cash Ratio

0,02

0,01

0,01

0,17

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,16

0,16

0,19

0,14

Short-term Receivable/Total Assets

0,32

0,26

0,29

0,33

Tangible Assets/Total Assets

0,41

0,48

0,40

0,32

TURNOVER RATIOS

 

 

Inventory Turnover

3,70

2,36

3,01

4,32

Stockholders' Equity Turnover

2,96

1,78

3,96

2,94

Asset Turnover

0,77

0,46

0,63

0,82

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,26

0,26

0,16

0,28

Current Liabilities/Total Assets

0,46

0,47

0,59

0,52

Financial Leverage

0,74

0,74

0,84

0,72

Gearing Percentage

2,83

2,84

5,23

2,61

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,17

-0,02

-0,54

0,45

Operating Profit Margin

0,17

0,11

0,04

0,19

Net Profit Margin

0,06

-0,01

-0,14

0,15

Interest Cover

1,26

0,87

0,57

8,95

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

133,97

190,17

145,20

141,43

Average Payable Period (days)

65,13

102,96

129,80

11,52

WORKING CAPITAL

5957331,00

-2768661,00

-13243929,00

11468011,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.67

UK Pound

1

Rs.71.63

Euro

1

Rs.63.09

 

 

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

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

 

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%)

 

 

 

 

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.