MIRA INFORM REPORT

 

 

Report Date :           

23.05.2011

 

IDENTIFICATION DETAILS

 

Name :

CORNING KABLO VE SISTEMLERI LTD. STI.

 

 

Registered Office :

Gebze Organize Sanayi Bolg.800.Sok No:10 Gebze Kocaeli

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

24.02.1999

 

 

Com. Reg. No.:

6698

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacture, installation and trade of fiber optic cable

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

No Complaints

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 – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

Turkey

b1

b1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 Bottom of Form

 

COMPANY IDENTIFICATION

 

NAME

:

CORNING KABLO VE SISTEMLERI LTD. STI.

HEAD OFFICE ADDRESS

:

Gebze Organize Sanayi Bolg.800.Sok No:10 Gebze Kocaeli / Turkey

PHONE NUMBER

:

90-262-648 80 00

 

FAX NUMBER

:

90-262-648 80 88

 

 

 

LEGAL STATUS AND HISTORY

 

NOTES ON LEGAL STATUS AND HISTORY

:

Change at registration no .

 

TAX OFFICE

:

Ilyasbey 

TAX NO

:

7700118878

REGISTRATION NUMBER

:

6698

REGISTERED OFFICE

:

Gebze Chamber of Commerce

DATE ESTABLISHED

:

24.02.1999

ESTABLISHMENT GAZETTE DATE/NO

:

01.03.1999/4741

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   31.075.000

PAID-IN CAPITAL

:

TL   31.075.000

HISTORY

:

Previous Registered Capital

:

TL 4.875.000

Changed On

:

19.07.2007 (Commercial Gazette Date /Number 26.07.2007/ 6860)

Previous Address

:

Cayiroglu Sk. Ucgen Plaza No:7 Kat:4 D:5 Icerenkoy Istanbul

Changed On

:

 (Commercial Gazette Date /Number 24.07.2002/ 5598)

Previous Shareholder

:

Please vide Previous Shareholders section for the former shareholders' names.

Changed On

:

26.07.2007 (Commercial Gazette Date /Number 01.08.2007/ 6864)

Other Changes

:

The firm was firstly established in Istanbul and registered at Istanbul Commercial Registry with reg. no 414911. Then the firm moved to Gebze and registered at Gebze Commercial Registry with reg. no. 6698

Changed On

:

 (Commercial Gazette Date /Number 24.07.2002/ 5598)

 

 

 

PREVIOUS SHAREHOLDERS

:

Corning International Corporation

99,95 %

Corning Developments Incorporated (USA)

0,05 %

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

 

Corning Hungary Data Services Korl. Fel.Tars.(Hungary)

99,95 %

Corning Developments Incorporated (USA)

0,05 %

 

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Celal Gokhan Doran                                                                                                                                                                                                                                                                                   

General Manager

 

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture, installation and trade of fiber optic cable. 

 

UNDERTAKEN PROJECTS

:

Name of Project :Installation of (the first part) fiber optic cable of “BOTAS”  - Employer :BOTAS 

 

Name of Project :Installation of (the second part) fiber optic cable of “BOTAS”   - Employer :BOTAS

 

Name of Project :Installation of fiber optic cable of “Turk Telekomunikasyon A.S.”   - Employer :Turk Telekomunikasyon A.S. 

 

NACE CODE

:

DL.31.30

 

TRADEMARKS OWNED

:

Corning

 

NUMBER OF EMPLOYEES

:

93

 

NET SALES

:

13.229 TL Thousand

(2002) 

19.385 TL Thousand

(2003) 

35.810 TL Thousand

(2004) 

46.873 TL Thousand

(2005) 

35.303 TL Thousand

(2006)  

56.898 TL Thousand

(2007) 

54.478 TL Thousand

(2008) 

41.778 TL Thousand

(2009) 

54.058 TL Thousand

(2010) 

 

 

CAPACITY

:

  ( kms/yr)

 

 

 

1.000.000

 

 

(2009)

1.500.000

 

 

(2010)

 

 

 

 

IMPORT VALUE

:

15.234.232 USD

(2009)

22.500.000 USD

(2010)

 

 

IMPORT COUNTRIES

:

China

U.S.A.

European Countries

 

MERCHANDISE IMPORTED

:

Raw materials

 

 

EXPORT VALUE

:

5.275 TL Thousand

(2002)

6.800 TL Thousand

(2003)

9.688 TL Thousand

(2004)

13.703 TL Thousand

(2005)

18.034 TL Thousand

(2006)

24.565 TL Thousand

(2007)

39.890 TL Thousand

(2008)

30.269 TL Thousand

(2009)

34.714 TL Thousand

(2010)

 

 

EXPORT COUNTRIES

:

Poland

Germany

Netherlands

Japan

Taiwan

Jordan

Kuwait

Israel

 

MERCHANDISE  EXPORTED

:

Optical fibre cables

Winding wire

 

HEAD OFFICE ADDRESS

:

Gebze Organize Sanayi Bolg.800.Sok No:10 Gebze  Kocaeli / Turkey ( rented )

 

BRANCHES

:

Liaison Office  :  Ufuk Univ. Cad. Ambrosia Is Merkezi No:18/36 Cukurambar Cankaya Ankara/Turkey (rented)

 

Head Office/Production Plant  :  Gebze Organize Sanayi Bolg.800.Sok No:10 Gebze Kocaeli/Turkey (rented) (4.844 sqm)         

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2010.

SIZE OF BUSINESS

:

Large

 

FINANCE

 

MAIN DEALING BANKS

:

Garanti Bankasi Ustbostanci Branch

 

CREDIT FACILITIES

:

No credit facility has come to our knowledge.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

 

KEY FINANCIAL ELEMENTS

:

 

(2006) TL Thousand

(2007) TL Thousand

(2008) TL Thousand

(2009) TL Thousand

(2010) TL Thousand

Net Sales

35.303

56.898

54.478

41.778

54.058

Profit (Loss) Before Tax

-2.642

-10.924

10.119

1.472

-3.618

Stockholders' Equity

28.435

17.511

27.630

30.056

25.436

Total Assets

49.272

28.334

53.186

54.998

47.058

Current Assets

46.728

26.525

51.444

53.132

43.014

Non-Current Assets

2.544

1.809

1.742

1.866

4.044

Current Liabilities

20.837

10.823

25.556

24.942

21.622

Long-Term Liabilities

0

0

0

0

0

Gross Profit (loss)

5.992

-5.972

14.708

7.807

3.674

Operating Profit (loss)

1.624

-10.631

9.463

2.092

-2.065

Net Profit (loss)

-2.642

-10.924

10.119

1.472

-3.618

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Good As of 31.12.2010

Liquidity

High As of 31.12.2010

Remarks On Liquidity

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

Profitability

In Order Operating Profitability  in 2006

Net Loss  in 2006

Gross Loss  in 2007

Operating Loss  in 2007

Net Loss  in 2007

High Operating Profitability  in 2008

High Net Profitability  in 2008

In Order Operating Profitability  in 2009

In Order Net Profitability  in 2009

Operating Loss  in 2010

Net Loss  in 2010

 

Gap between average collection and payable periods

Unfavorable in 2010

General Financial Position

Unsatisfactory

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 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

 ( 01.01-30.04.2011)

6,04 %

1,5645

2,1852

2,5128

 

 

BALANCE SHEETS

 

 

 ( 31.12.2006 )  TL Thousand

 

 ( 31.12.2007 )  TL Thousand

 

 ( 31.12.2008 )  TL Thousand

 

 ( 31.12.2009 )  TL Thousand

 

 ( 31.12.2010 )  TL Thousand

 

CURRENT ASSETS

46.728

0,95

26.525

0,94

51.444

0,97

53.132

0,97

43.014

0,91

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

9.952

0,20

7.178

0,25

17.050

0,32

19.034

0,35

8.220

0,17

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

7.728

0,16

7.668

0,27

11.227

0,21

6.480

0,12

17.955

0,38

Other Receivable

365

0,01

1.159

0,04

2.279

0,04

2.410

0,04

5.707

0,12

Inventories

2.125

0,04

2.936

0,10

4.071

0,08

4.861

0,09

2.738

0,06

Advances Given

2.519

0,05

25

0,00

26

0,00

172

0,00

356

0,01

Accumulated Construction Expense

18.907

0,38

1.648

0,06

9.996

0,19

12.718

0,23

0

0,00

Other Current Assets

5.132

0,10

5.911

0,21

6.795

0,13

7.457

0,14

8.038

0,17

NON-CURRENT ASSETS

2.544

0,05

1.809

0,06

1.742

0,03

1.866

0,03

4.044

0,09

Not Detailed Non-Current Assets

0

0,00

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

0

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

955

0,02

674

0,02

864

0,02

1.295

0,02

3.651

0,08

Intangible Assets

876

0,02

745

0,03

648

0,01

464

0,01

328

0,01

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

713

0,01

390

0,01

230

0,00

107

0,00

65

0,00

TOTAL ASSETS

49.272

1,00

28.334

1,00

53.186

1,00

54.998

1,00

47.058

1,00

CURRENT LIABILITIES

20.837

0,42

10.823

0,38

25.556

0,48

24.942

0,45

21.622

0,46

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Accounts Payable

6.545

0,13

6.765

0,24

13.510

0,25

2.889

0,05

12.231

0,26

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Short-term Payable

1.430

0,03

1.321

0,05

1.653

0,03

1.669

0,03

1.582

0,03

Advances from Customers

88

0,00

350

0,01

3

0,00

8.020

0,15

7.042

0,15

Accumulated Construction Income

11.985

0,24

1.410

0,05

9.570

0,18

11.687

0,21

0

0,00

Taxes Payable

248

0,01

416

0,01

199

0,00

562

0,01

706

0,02

Provisions

76

0,00

142

0,01

300

0,01

0

0,00

0

0,00

Other Current Liabilities

465

0,01

419

0,01

321

0,01

115

0,00

61

0,00

LONG-TERM LIABILITIES

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Securities Issued

0

0,00

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

0

0,00

Loans from Shareholders

0

0,00

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

0

0,00

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

28.435

0,58

17.511

0,62

27.630

0,52

30.056

0,55

25.436

0,54

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

4.875

0,10

31.075

1,10

31.075

0,58

31.075

0,57

31.075

0,66

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

-259

-0,01

-259

-0,01

-259

0,00

-259

0,00

-259

-0,01

Equity of Consolidated Firms

0

0,00

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

0

0,00

Revaluation Fund

31.020

0,63

4.820

0,17

4.820

0,09

4.820

0,09

4.820

0,10

Accumulated Losses(-)

-4.559

-0,09

-7.201

-0,25

-18.125

-0,34

-7.052

-0,13

-6.582

-0,14

Net Profit (loss)

-2.642

-0,05

-10.924

-0,39

10.119

0,19

1.472

0,03

-3.618

-0,08

TOTAL LIABILITIES AND EQUITY

49.272

1,00

28.334

1,00

53.186

1,00

54.998

1,00

47.058

1,00

 

INCOME STATEMENTS

 

 

(2006) TL Thousand

 

(2007) TL Thousand

 

(2008) TL Thousand

 

(2009) TL Thousand

 

(2010) TL Thousand

 

Net Sales

35.303

1,00

56.898

1,00

54.478

1,00

41.778

1,00

54.058

1,00

Cost of Goods Sold

29.311

0,83

62.870

1,10

39.770

0,73

33.971

0,81

50.384

0,93

Gross Profit

5.992

0,17

-5.972

-0,10

14.708

0,27

7.807

0,19

3.674

0,07

Operating Expenses

4.368

0,12

4.659

0,08

5.245

0,10

5.715

0,14

5.739

0,11

Operating Profit

1.624

0,05

-10.631

-0,19

9.463

0,17

2.092

0,05

-2.065

-0,04

Other Income

5.927

0,17

1.340

0,02

5.967

0,11

2.199

0,05

1.255

0,02

Other Expenses

1.864

0,05

899

0,02

4.821

0,09

2.762

0,07

2.808

0,05

Financial Expenses

8.329

0,24

734

0,01

490

0,01

57

0,00

0

0,00

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

-2.642

-0,07

-10.924

-0,19

10.119

0,19

1.472

0,04

-3.618

-0,07

Tax Payable

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

-2.642

-0,07

-10.924

-0,19

10.119

0,19

1.472

0,04

-3.618

-0,07

 

FINANCIAL RATIOS

 

 

(2006)

(2007)

(2008)

(2009)

(2010)

LIQUIDITY RATIOS

 

Current Ratio

2,24

2,45

2,01

2,13

1,99

Acid-Test Ratio

0,87

1,48

1,20

1,12

1,47

Cash Ratio

0,48

0,66

0,67

0,76

0,38

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,04

0,10

0,08

0,09

0,06

Short-term Receivable/Total Assets

0,16

0,31

0,25

0,16

0,50

Tangible Assets/Total Assets

0,02

0,02

0,02

0,02

0,08

TURNOVER RATIOS

 

Inventory Turnover

13,79

21,41

9,77

6,99

18,40

Stockholders' Equity Turnover

1,24

3,25

1,97

1,39

2,13

Asset Turnover

0,72

2,01

1,02

0,76

1,15

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,58

0,62

0,52

0,55

0,54

Current Liabilities/Total Assets

0,42

0,38

0,48

0,45

0,46

Financial Leverage

0,42

0,38

0,48

0,45

0,46

Gearing Percentage

0,73

0,62

0,92

0,83

0,85

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

-0,09

-0,62

0,37

0,05

-0,14

Operating Profit Margin

0,05

-0,19

0,17

0,05

-0,04

Net Profit Margin

-0,07

-0,19

0,19

0,04

-0,07

Interest Cover

0,68

-13,88

21,65

26,82

 

COLLECTION-PAYMENT

 

Average Collection Period (days)

78,81

48,52

74,19

55,84

119,57

Average Payable Period (days)

80,39

38,74

122,29

30,62

87,39

WORKING CAPITAL

25891,00

15702,00

25888,00

28190,00

21392,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.93

UK Pound

1

Rs.72.92

Euro

1

Rs.64.34

 

 

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

----

NB

New Business

----

 

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.