MIRA INFORM REPORT

 

 

Report Date :           

12.04.2012

 

IDENTIFICATION DETAILS

 

Correct Name :

TURKUAZ KABLO TAAHHUT TICARET VE SANAYI A.S.

 

 

Registered Office :

Kemalpasa Mah. Kapanonu Sok. Cebirhan No:1 K:2 D:32-33 Izmit Kocaeli

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

05.05.2000

 

 

Com. Reg. No.:

18679-26868

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of telecommunication cables

 

 

No. of Employees :

48

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

1.380.000 USD

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, 2012

 

Country Name

Previous Rating

                   (31.12.2011)                  

Current Rating

(31.03.2012)

Turkey

b1

b1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

NOTES

:

Address at your inquiry is not the registered head office but another premise.

 

 

COMPANY IDENTIFICATION

 

NAME

:

TURKUAZ KABLO TAAHHUT TICARET VE SANAYI A.S.

HEAD OFFICE ADDRESS

:

Kemalpasa Mah. Kapanonu Sok. Cebirhan No:1 K:2 D:32-33 Izmit Kocaeli / Turkey

PHONE NUMBER

:

90-262-751 31 00

 

FAX NUMBER

:

90-262-751 30 90

 

WEB-ADDRESS

:

www.turkuazcable.com

E-MAIL

:

info@turkuazcable.com

 

 

LEGAL STATUS AND HISTORY

 

NOTES ON LEGAL STATUS AND HISTORY

 

 

:

Change at registration no .

TAX OFFICE

:

Tepecik

TAX NO

:

8710156906

REGISTRATION NUMBER

:

18679-26868

REGISTERED OFFICE

:

Izmit Chamber of Commerce

DATE ESTABLISHED

:

05.05.2000

ESTABLISHMENT GAZETTE DATE/NO

:

11.05.2000/5043

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   15.000.000

PAID-IN CAPITAL

:

TL   15.000.000

HISTORY

:

Previous Registered Capital

:

TL 12.000.000

Changed On

:

07.12.2005 (Commercial Gazette Date /Number 20.12.2005/ 6456)

Other Changes

:

The company was firstly established in Istanbul and it was registered at Istanbul Commercial Registry with registration no:437604. Then the company moved to Gebze Kocaeli and registered at Gebze Commercial Registry on 29.11.2000 under the registration no:5992

Changed On

:

29.11.2000 (Commercial Gazette Date /Number 07.12.2000/ 5191)

Other Changes

:

The company moved from “2. Bolge Balcik Koyu Kocagol Mevkii Gebze Kocaeli” to “Kemalpasa Mah. Kapanonu Sok. Cebirhan No: 1 D: 32-33 Izmit Kocaeli” on 22.05.2008. So the registered office was changed from “Gebze” to “Kocaeli” and also the registration number was changed from “5992” to “18679-26868”

Changed On

:

22.05.2008 (Commercial Gazette Date /Number 29.05.2008/ 7072)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Necla Tanrikulu

69 %

Hulya Tanrikulu

28 %

Azize Mugurtay

1 %

Mehmet Tanrikulu

1 %

Kamuran Tanrikulu

1 %

 

 

SISTER COMPANIES

:

Declared to be: None

 

SUBSIDIARIES

:

None

 

BOARD OF DIRECTORS

:

Kamuran Tanrikulu

Chairman

Necla Tanrikulu

Vice-Chairman

Hulya Tanrikulu

Member

 

 

DIRECTORS

:

Erdem Sevik                                                                                                                                                                                                                                                                                   

 

Kamuran Tanrikulu                                                                                                                                                                                                                                                                                   

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of telecommunication cables.

 

NACE CODE

:

DL.31.30

 

NUMBER OF EMPLOYEES

:

48

 

NET SALES

:

2.664 TL Thousand

(2006) 

8.639 TL Thousand

(2007) 

21.366 TL Thousand

(2008) 

27.420 TL Thousand

(2009) 

27.114 TL Thousand

(2010) 

42.254 TL Thousand

(2011) 

 

 

CAPACITY

:

  ( kgs/yr)

 

 

 

3.562.590

 

 

(2009)

3.562.590

 

 

(2010)

3.562.590

 

 

(2011)

3.562.590

 

 

(2012)

 

 

 

 

IMPORT VALUE

:

2.450.000 TL

(2008)

2.738.455 TL

(2009)

3.398.502 TL

(2010)

7.904.429 TL

(2011)

 

 

IMPORT COUNTRIES

:

Austria

China

South Korea

 

MERCHANDISE IMPORTED

:

Raw materials

 

EXPORT VALUE

:

291.804 TL

(2006)

0 TL

(2007)

974.373 TL

(2008)

517.266 TL

(2009)

1.358.704 TL

(2010)

0 TL

(2011)

 

 

EXPORT COUNTRIES

:

Yemen

Albania

Northern Cyprus Turkish Republic

Russia

Ukraine

Bosnia and Herzegovina

Iraq

 

MERCHANDISE  EXPORTED

:

Fiberoptic cable

 

HEAD OFFICE ADDRESS

:

Kemalpasa Mah. Kapanonu Sok. Cebirhan No:1 K:2 D:32-33 Izmit  Kocaeli / Turkey ( rented ) (55 sqm)

 

BRANCHES

:

Production Plant  :  Balcik Koyu Mezarlik Sok. No:47 Gebze (The address was changed from "2. Bolge Balcik Koyu Kocagol Mevkii" to "Balcik Koyu Mezarlik Sok. No:47" by the municipality.) Kocaeli/Turkey (owned) (7.500 sqm)

                                                                                

INVESTMENTS

:

None

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2011.

SIZE OF BUSINESS

:

Large

FINANCE

 

MAIN DEALING BANKS

:

Garanti Bankasi Ismetpasa Branch

Yapi ve Kredi Bankasi Organize Sanayi Branch

 

CREDIT FACILITIES

:

The subject company is making active use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge in the last years.

KEY FINANCIAL ELEMENTS

:

 

(2007) TL Thousand

(2008) TL Thousand

(2009) TL Thousand

(2010) TL Thousand

(2011) TL

Net Sales

8.639

21.366

27.420

27.114

42.254.647

Profit (Loss) Before Tax

-7.868

-343

-1.135

148

-234.444

Stockholders' Equity

9.588

9.359

8.442

8.532

8.297.011

Total Assets

19.659

21.740

21.918

23.462

24.905.415

Current Assets

7.584

10.555

11.208

13.398

14.972.843

Non-Current Assets

12.075

11.185

10.710

10.064

9.932.572

Current Liabilities

10.049

12.359

13.454

14.908

16.586.476

Long-Term Liabilities

22

22

22

22

21.928

Gross Profit (loss)

1.115

3.284

1.609

2.025

1.770.637

Operating Profit (loss)

258

2.034

182

551

933.347

Net Profit (loss)

-7.868

-343

-1.188

89

-234.444

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Fair As of 31.12.2011

Liquidity

Insufficient As of 31.12.2011

Remarks On Liquidity

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

 

The liquid assets consist mainly of receivables the amount of cash&banks or marketable securities (which are more liquid) are low.

 

Profitability

Fair Operating Profitability  in 2007

Net Loss  in 2007

High Operating Profitability  in 2008

Net Loss  in 2008

Low Operating Profitability  in 2009

Net Loss  in 2009

Fair Operating Profitability  in 2010

Low Net Profitability  in 2010

Fair Operating Profitability  in 2011

Net Loss  in 2011

 

Gap between average collection and payable periods

Unfavorable in 2011

General Financial Position

Passable

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 1.380.000 USD may be granted to the subject company.

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 01.01-31.03.2012)

0,65 %

1,7995

2,3799

2,8402

 

 

BALANCE SHEETS

 

 

 ( 31.12.2007 )  TL Thousand

 

 ( 31.12.2008 )  TL Thousand

 

 ( 31.12.2009 )  TL Thousand

 

 ( 31.12.2010 )  TL Thousand

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

7.584

0,39

10.555

0,49

11.208

0,51

13.398

0,57

14.972.843

0,60

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

274

0,01

706

0,03

4.733

0,22

61

0,00

104.895

0,00

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

1.615

0,08

2.453

0,11

2.728

0,12

8.576

0,37

11.261.892

0,45

Other Receivable

285

0,01

266

0,01

346

0,02

337

0,01

437.359

0,02

Inventories

3.936

0,20

4.632

0,21

2.035

0,09

2.941

0,13

1.711.986

0,07

Advances Given

598

0,03

1.893

0,09

1.021

0,05

1.160

0,05

1.177.420

0,05

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

876

0,04

605

0,03

345

0,02

323

0,01

279.291

0,01

NON-CURRENT ASSETS

12.075

0,61

11.185

0,51

10.710

0,49

10.064

0,43

9.932.572

0,40

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)

12.075

0,61

11.185

0,51

10.710

0,49

10.062

0,43

9.923.932

0,40

Intangible Assets

0

0,00

0

0,00

0

0,00

1

0,00

500

0,00

Deferred Tax Assets

0

0,00

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

1

0,00

8.140

0,00

TOTAL ASSETS

19.659

1,00

21.740

1,00

21.918

1,00

23.462

1,00

24.905.415

1,00

CURRENT LIABILITIES

10.049

0,51

12.359

0,57

13.454

0,61

14.908

0,64

16.586.476

0,67

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

8.257

0,42

10.575

0,49

11.740

0,54

11.740

0,50

11.740.097

0,47

Accounts Payable

577

0,03

659

0,03

463

0,02

872

0,04

1.172.449

0,05

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Short-term Payable

0

0,00

0

0,00

36

0,00

39

0,00

46.767

0,00

Advances from Customers

295

0,02

56

0,00

0

0,00

234

0,01

24.962

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

912

0,05

907

0,04

1.052

0,05

1.824

0,08

3.427.518

0,14

Provisions

0

0,00

0

0,00

11

0,00

47

0,00

0

0,00

Other Current Liabilities

8

0,00

162

0,01

152

0,01

152

0,01

174.683

0,01

LONG-TERM LIABILITIES

22

0,00

22

0,00

22

0,00

22

0,00

21.928

0,00

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

22

0,00

22

0,00

22

0,00

22

0,00

21.928

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

9.588

0,49

9.359

0,43

8.442

0,39

8.532

0,36

8.297.011

0,33

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

15.000

0,76

15.000

0,69

15.000

0,68

15.000

0,64

15.000.000

0,60

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

1.385

0,07

1.385

0,06

1.385

0,06

1.385

0,06

1.385.119

0,06

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

1.414

0,07

1.414

0,07

1.456

0,07

1.456

0,06

1.544.862

0,06

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

-343

-0,02

-8.097

-0,37

-8.211

-0,37

-9.398

-0,40

-9.398.526

-0,38

Net Profit (loss)

-7.868

-0,40

-343

-0,02

-1.188

-0,05

89

0,00

-234.444

-0,01

TOTAL LIABILITIES AND EQUITY

19.659

1,00

21.740

1,00

21.918

1,00

23.462

1,00

24.905.415

1,00

 

REMARKS ON FINANCIAL STATEMENT

:

The financial statements of 2011 have not become certain yet. 

 

At the financial statements according to TAS,  "Cheques Received" and "Outstanding Cheques"  figures are under “Cash And Banks" figure. Beginning from the financial statements of 31.12.2011, "Cheques Received" and "Outstanding Cheques"  figures  will be given under  "Account Receivable" figure and  "Account Payable" figure respectively.

 

 

INCOME STATEMENTS

 

 

(2007) TL Thousand

 

(2008) TL Thousand

 

(2009) TL Thousand

 

(2010) TL Thousand

 

(2011) TL

 

Net Sales

8.639

1,00

21.366

1,00

27.420

1,00

27.114

1,00

42.254.647

1,00

Cost of Goods Sold

7.524

0,87

18.082

0,85

25.811

0,94

25.089

0,93

40.484.010

0,96

Gross Profit

1.115

0,13

3.284

0,15

1.609

0,06

2.025

0,07

1.770.637

0,04

Operating Expenses

857

0,10

1.250

0,06

1.427

0,05

1.474

0,05

837.290

0,02

Operating Profit

258

0,03

2.034

0,10

182

0,01

551

0,02

933.347

0,02

Other Income

85

0,01

252

0,01

142

0,01

169

0,01

244.992

0,01

Other Expenses

5.865

0,68

287

0,01

120

0,00

461

0,02

723.659

0,02

Financial Expenses

2.346

0,27

2.342

0,11

1.339

0,05

111

0,00

689.124

0,02

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

-7.868

-0,91

-343

-0,02

-1.135

-0,04

148

0,01

-234.444

-0,01

Tax Payable

0

0,00

0

0,00

53

0,00

59

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)

-7.868

-0,91

-343

-0,02

-1.188

-0,04

89

0,00

-234.444

-0,01

 

 

FINANCIAL RATIOS

 

 

(2007)

(2008)

(2009)

(2010)

(2011)

LIQUIDITY RATIOS

 

 

 

 

 

Current Ratio

0,75

0,85

0,83

0,90

0,90

Acid-Test Ratio

0,22

0,28

0,58

0,60

0,71

Cash Ratio

0,03

0,06

0,35

0,00

0,01

ASSET STRUCTURE RATIOS

 

 

 

 

 

Inventory/Total Assets

0,20

0,21

0,09

0,13

0,07

Short-term Receivable/Total Assets

0,10

0,13

0,14

0,38

0,47

Tangible Assets/Total Assets

0,61

0,51

0,49

0,43

0,40

TURNOVER RATIOS

 

 

 

 

 

Inventory Turnover

1,91

3,90

12,68

8,53

23,65

Stockholders' Equity Turnover

0,90

2,28

3,25

3,18

5,09

Asset Turnover

0,44

0,98

1,25

1,16

1,70

FINANCIAL STRUCTURE

 

 

 

 

 

Stockholders' Equity/Total Assets

0,49

0,43

0,39

0,36

0,33

Current Liabilities/Total Assets

0,51

0,57

0,61

0,64

0,67

Financial Leverage

0,51

0,57

0,61

0,64

0,67

Gearing Percentage

1,05

1,32

1,60

1,75

2,00

PROFITABILITY RATIOS

 

 

 

 

 

Net Profit/Stockholders' Eq.

-0,82

-0,04

-0,14

0,01

-0,03

Operating Profit Margin

0,03

0,10

0,01

0,02

0,02

Net Profit Margin

-0,91

-0,02

-0,04

0,00

-0,01

Interest Cover

-2,35

0,85

0,15

2,33

0,66

COLLECTION-PAYMENT

 

 

 

 

 

Average Collection Period (days)

67,30

41,33

35,82

113,87

95,95

Average Payable Period (days)

27,61

13,12

6,46

12,51

10,43

WORKING CAPITAL

-2465,00

-1804,00

-2246,00

-1510,00

-1613633,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.55

UK Pound

1

Rs.81.95

Euro

1

Rs.67.57

 

 

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%)

 

 

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.