MIRA INFORM REPORT

 

 

Report Date :

09.08.2012

 

IDENTIFICATION DETAILS

 

Name :

KUCUKER TEKSTIL SANAYI VE TICARET A.S.

 

 

Registered Office :

Guzelkoy Mah. 233 Sok. No:4 20140 Merkez Denizli

 

 

Country :

Turkey

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

1977

 

 

Com. Reg. No.:

4725

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of home textile products. 

 

 

No. of Employees :

785

 

 

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, 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

 

COMPANY IDENTIFICATION

 

NAME

:

KUCUKER TEKSTIL SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Guzelkoy Mah. 233 Sok. No:4 20140 Merkez Denizli / Turkey

PHONE NUMBER

:

90-258-267 15 16 (4 lines)

 

FAX NUMBER

:

90-258-267 15 20-25

 

WEB-ADDRESS

:

www.kucuker.com

E-MAIL

:

info@kucuker.com

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Saraylar

TAX NO

:

6040015667

REGISTRATION NUMBER

:

4725

REGISTERED OFFICE

:

Denizli Chamber of Commerce

DATE ESTABLISHED

:

1977

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

 

REGISTERED CAPITAL

:

TL   32.700.000

PAID-IN CAPITAL

:

TL   32.700.000

HISTORY

:

Previous Registered Capital

:

TL 11.059.000

Changed On

:

27.12.2006 (Commercial Gazette Date /Number 08.01.2007/ 6718)

Previous Registered Capital

:

TL 30.000.000

Changed On

:

29.04.2010 (Commercial Gazette Date /Number 05.05.2010/ 7557)

Previous Address

:

Ankara Asfalti 10. Km Guzelkoy Kavsagi No: 4 20140 Denizli

Changed On

:

22.05.2012 (Commercial Gazette Date /Number 30.05.2012/ 8079)

Merger

:

The subject took over and merged with “Ipek Tekstil Sanayi ve Ticaret AS”, “Armoni Iplik Konfeksiyon ve Tekstil Malzemeleri Sanayi ve Ticaret AS” and “Kucuker Konfeksiyon Sanayi ve Ticaret ve Pazarlama AS” under the name of  “Kucuker Tekstil Sanayi ve Ticaret A.S.”.

Changed On

:

18.11.2004 (Commercial Gazette Date /Number 24.11.2004/ 6183)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Nejat Kucuker

40 %

Mustafa Kucuker

34 %

Firdevsi Kardaslar

23 %

Himmet Tastan Kardesler

1 %

Arzu Kucuker

1 %

Naciye Kucuker

1 %

 

 

SISTER COMPANIES

:

BESA TEKSTIL SANAYI DIS TICARET VE PAZARLAMA KOLLEKTIF STI.-NEJAT KUCUKER VE ORTAKLARI

 

KUCUKER TEKSTIL DIS TICARET A.S.

 

SEDEM TEKSTIL SANAYI TICARET VE PAZARLAMA A.S.

 

SUBSIDIARIES

:

KUCUKER TEKSTIL DIS TICARET A.S.  ( 96 % )

 

BOARD OF DIRECTORS

:

Nejat Kucuker

Chairman

Mustafa Kucuker

Vice-Chairman

Firdevsi Kardaslar

Member

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of home textile products. 

 

NACE CODE

:

DB.17.20

 

SECTOR

:

Textile

 

TRADEMARKS OWNED

:

Armoni

Casadora

Ipek

 

NUMBER OF EMPLOYEES

:

785

 

NET SALES

:

81.420.880 TL

(2005) 

94.787.614 TL

(2006) 

99.049.841 TL

(2007) 

106.658.733 TL

(2008) 

99.528.018 TL

(2009) 

91.316.117 TL

(2010) 

127.308.126 TL

(2011) 

28.474.713 TL

(01.01-31.03.2012) 

 

 

CAPACITY

:

Cotton fabric dying  ( kgs/yr)

Raw cotton cloth fabric  ( Sqm/yr)

Sewing thread 

( kgs/yr)

 

1.773.000

2.148.120

131.765

(2010)

1.773.000

2.148.120

131.765

(2011)

 

 

 

 

Towel  ( kgs/yr)

 

 

 

8.640.000

 

 

(2010)

8.640.000

 

 

(2011)

 

 

 

 

PRODUCTION

:

 

IMPORT VALUE

:

12.000.000 USD

(2008)

7.000.000 USD

(2009)

10.000.000 USD

(2010)

 

 

IMPORT COUNTRIES

:

China

Pakistan

Italy

Germany

Turkmenistan

 

MERCHANDISE IMPORTED

:

Chemicals

Dye

Fabric

Spare parts

Textile machinery

Yarn

 

EXPORT VALUE

:

58.513.919 TL

(2005)

72.494.658 TL

(2006)

72.625.794 TL

(2007)

87.007.546 TL

(2008)

84.728.344 TL

(2009)

77.281.246 TL

(2010)

102.175.461 TL

(2011)

20.991.359 TL

(01.01-31.03.2012)

 

 

EXPORT COUNTRIES

:

Free Zone

Russia

Thailand

U.K.

Belgium

Germany

 

 

MERCHANDISE  EXPORTED

:

Bath-robe

Other home textile products

Towels

 

HEAD OFFICE ADDRESS

:

Guzelkoy Mah. 233 Sok. No:4 20140 Merkez  Denizli / Turkey  (owned)

 

BRANCHES

:

Head Office/Factory  :  Ankara Asfalti 10. Km Guzelkoy Kavsagi No:4 20140 Denizli/Turkey (owned) (51.300 sqm)

 

Branch Office  :  M.Nesih Ozmen Mah.Keresteciler Sit.Zafer Cd.N.Aksoy Ismrk.N.3 Merter Istanbul/Turkey

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2011.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Denizli Branch

Denizbank Denizli Branch

Finansbank Denizli Branch

ING Bank Denizli Branch

T. Is Bankasi Merkez Branch

Yapi ve Kredi Bankasi Denizli 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

:

 

(2009) TL

(2010) TL

(2011) TL

(01.01-31.03.2012) TL

 

Net Sales

99.528.018

91.316.117

127.308.126

28.474.713

 

Profit (Loss) Before Tax

2.433.189

-4.227.418

4.362.675

2.233.645

 

Stockholders' Equity

34.703.308

29.882.561

34.235.734

36.469.378

 

Total Assets

82.693.621

92.590.648

109.410.132

117.525.336

 

Current Assets

56.980.838

68.563.180

77.307.716

82.733.772

 

Non-Current Assets

25.712.783

24.027.468

32.102.416

34.791.564

 

Current Liabilities

45.796.179

52.399.529

61.976.398

65.816.213

 

Long-Term Liabilities

2.194.134

10.308.558

13.198.000

15.239.745

 

Gross Profit (loss)

12.081.512

5.170.014

23.011.120

2.488.014

 

Operating Profit (loss)

5.061.992

-2.676.820

14.248.993

223.745

 

Net Profit (loss)

1.858.596

-4.227.418

4.157.015

2.233.645

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Fair As of 31.03.2012

Liquidity

Insufficient As of 31.03.2012

Remarks On Liquidity

The favorable gap between average collection and average payable period has a positive effect on liquidity.

Profitability

In Order Operating Profitability  in 2009

Fair Net Profitability  in 2009

Operating Loss  in 2010

Net Loss  in 2010

High Operating Profitability  in 2011

In Order Net Profitability  in 2011

Low Operating Profitability (01.01-31.03.2012)

High Net Profitability (01.01-31.03.2012)

 

Gap between average collection and payable periods

Favorable in 01.01-31.03.2012

General Financial Position

Passable

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 01.01-30.09.2010)

6,52 %

1,5178

2,0112

2,3426

 ( 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

 ( 01.01-31.07.2012)

1,71 %

1,8018

2,3285

2,8424

 

 

BALANCE SHEETS

 

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

 ( 31.03.2012 )  TL

 

CURRENT ASSETS

56.980.838

0,69

68.563.180

0,74

77.307.716

0,71

82.733.772

0,70

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

437.265

0,01

2.125.111

0,02

341.256

0,00

1.988.460

0,02

Marketable Securities

0

0,00

0

0,00

0

0,00

27.195

0,00

Account Receivable

26.276.278

0,32

25.178.922

0,27

30.373.976

0,28

27.700.126

0,24

Other Receivable

1.396.655

0,02

1.441.376

0,02

1.631.527

0,01

2.055.487

0,02

Inventories

23.662.531

0,29

32.118.223

0,35

38.590.590

0,35

41.073.710

0,35

Advances Given

2.591.334

0,03

4.483.937

0,05

3.112.014

0,03

6.423.912

0,05

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

2.616.775

0,03

3.215.611

0,03

3.258.353

0,03

3.464.882

0,03

NON-CURRENT ASSETS

25.712.783

0,31

24.027.468

0,26

32.102.416

0,29

34.791.564

0,30

Not Detailed Non-Current Assets

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

Financial Assets

563.963

0,01

563.963

0,01

571.783

0,01

571.783

0,00

Tangible Fixed Assets (net)

24.643.748

0,30

23.063.111

0,25

31.236.736

0,29

33.998.197

0,29

Intangible Assets

7.719

0,00

55.186

0,00

30.757

0,00

47.062

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

497.353

0,01

345.208

0,00

263.140

0,00

174.522

0,00

TOTAL ASSETS

82.693.621

1,00

92.590.648

1,00

109.410.132

1,00

117.525.336

1,00

CURRENT LIABILITIES

45.796.179

0,55

52.399.529

0,57

61.976.398

0,57

65.816.213

0,56

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

17.551.074

0,21

20.383.445

0,22

26.214.474

0,24

30.109.827

0,26

Accounts Payable

26.315.013

0,32

29.795.523

0,32

32.933.150

0,30

33.136.405

0,28

Loans from Shareholders

4.344

0,00

117.180

0,00

609.582

0,01

124.990

0,00

Other Short-term Payable

62.278

0,00

54.639

0,00

56.524

0,00

105.798

0,00

Advances from Customers

507.001

0,01

345.203

0,00

748.435

0,01

1.116.837

0,01

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

585.548

0,01

442.556

0,00

566.979

0,01

496.134

0,00

Provisions

268

0,00

0

0,00

0

0,00

0

0,00

Other Current Liabilities

770.653

0,01

1.260.983

0,01

847.254

0,01

726.222

0,01

LONG-TERM LIABILITIES

2.194.134

0,03

10.308.558

0,11

13.198.000

0,12

15.239.745

0,13

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

383.954

0,00

9.296.018

0,10

12.802.495

0,12

14.856.767

0,13

Securities Issued

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Payable

1.810.180

0,02

1.012.540

0,01

395.505

0,00

382.978

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

34.703.308

0,42

29.882.561

0,32

34.235.734

0,31

36.469.378

0,31

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

30.000.000

0,36

32.700.000

0,35

32.700.000

0,30

32.700.000

0,28

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

2.844.712

0,03

1.409.979

0,02

1.599.285

0,01

5.756.300

0,05

Revaluation Fund

0

0,00

0

0,00

7.095

0,00

7.095

0,00

Accumulated Losses(-)

0

0,00

0

0,00

-4.227.661

-0,04

-4.227.662

-0,04

Net Profit (loss)

1.858.596

0,02

-4.227.418

-0,05

4.157.015

0,04

2.233.645

0,02

TOTAL LIABILITIES AND EQUITY

82.693.621

1,00

92.590.648

1,00

109.410.132

1,00

117.525.336

1,00

 

REMARKS ON FINANCIAL STATEMENT

:

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 are given under "Account Receivable" figure and "Account Payable" figure respectively.                                                                                                                                         

 

At the last income statement TL 3.559.774 of the other income is due to "Profit from Foreign Currency Exchange".       

At the last income statement TL 972.191 of the other expenses is due to "Loss from Foreign Currency Exchange" .                                                                                                                                          

 

 

INCOME STATEMENTS

 

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

(01.01-31.03.2012) TL

 

Net Sales

99.528.018

1,00

91.316.117

1,00

127.308.126

1,00

28.474.713

1,00

Cost of Goods Sold

87.446.506

0,88

86.146.103

0,94

104.297.006

0,82

25.986.699

0,91

Gross Profit

12.081.512

0,12

5.170.014

0,06

23.011.120

0,18

2.488.014

0,09

Operating Expenses

7.019.520

0,07

7.846.834

0,09

8.762.127

0,07

2.264.269

0,08

Operating Profit

5.061.992

0,05

-2.676.820

-0,03

14.248.993

0,11

223.745

0,01

Other Income

6.364.160

0,06

7.295.966

0,08

5.531.243

0,04

3.723.850

0,13

Other Expenses

1.603.379

0,02

1.805.297

0,02

2.709.669

0,02

1.104.569

0,04

Financial Expenses

7.389.584

0,07

7.041.267

0,08

12.707.892

0,10

609.381

0,02

Minority Interests

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

Profit (loss) Before Tax

2.433.189

0,02

-4.227.418

-0,05

4.362.675

0,03

2.233.645

0,08

Tax Payable

574.593

0,01

0

0,00

205.660

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

1.858.596

0,02

-4.227.418

-0,05

4.157.015

0,03

2.233.645

0,08

 

 

 

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

(2011)

(01.01-31.03.2012)

LIQUIDITY RATIOS

 

Current Ratio

1,24

1,31

1,25

1,26

Acid-Test Ratio

0,61

0,55

0,52

0,48

Cash Ratio

0,01

0,04

0,01

0,03

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,29

0,35

0,35

0,35

Short-term Receivable/Total Assets

0,33

0,29

0,29

0,25

Tangible Assets/Total Assets

0,30

0,25

0,29

0,29

TURNOVER RATIOS

 

Inventory Turnover

3,70

2,68

2,70

0,63

Stockholders' Equity Turnover

2,87

3,06

3,72

0,78

Asset Turnover

1,20

0,99

1,16

0,24

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,42

0,32

0,31

0,31

Current Liabilities/Total Assets

0,55

0,57

0,57

0,56

Financial Leverage

0,58

0,68

0,69

0,69

Gearing Percentage

1,38

2,10

2,20

2,22

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,05

-0,14

0,12

0,06

Operating Profit Margin

0,05

-0,03

0,11

0,01

Net Profit Margin

0,02

-0,05

0,03

0,08

Interest Cover

1,33

0,40

1,34

4,67

COLLECTION-PAYMENT

 

Average Collection Period (days)

95,04

99,26

85,89

350,21

Average Payable Period (days)

115,79

128,75

115,04

464,35

WORKING CAPITAL

11184659,00

16163651,00

15331318,00

16917559,00

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.14

UK Pound

1

Rs.86.00

Euro

1

Rs.68.31

 

 

INFORMATION DETAILS

 

Report Prepared by :

PDT

 

 

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.