MIRA INFORM REPORT

 

 

Report Date :

17.08.2012

 

IDENTIFICATION DETAILS

 

Name :

ORHAN KARAKOC TEKSTIL SANAYI VE TICARET A.S.

 

 

Formerly Known As :

BIRAN IPLIK SANAYI VE TICARET A.S.

 

 

Registered Office :

Yeni Yalova Yolu Buttim Ismerkezi Bagimsiz Bolum (M) Blok Osmangazi Bursa

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

Year of Establishment :

1997

 

 

Com. Reg. No.:

44127

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of yarn, printing, dying, knitting and weaving of fabric. 

 

 

No. of Employees :

1.350

 

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 :

Slow

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

:

ORHAN KARAKOC TEKSTIL SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Yeni Yalova Yolu Buttim Ismerkezi Bagimsiz Bolum (M) Blok Osmangazi Bursa / Turkey

PHONE NUMBER

:

90-224-222 93 27

90-224-222 98 66

90-224-714 82 28 (Factory)

 

FAX NUMBER

:

90-224-223 18 03

90-224-714 82 33 (Factory)

 

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Ertugrulgazi

TAX NO

:

1680067506

REGISTRATION NUMBER

:

44127

REGISTERED OFFICE

:

Bursa Chamber of Commerce and Industry

DATE ESTABLISHED

:

1997

ESTABLISHMENT GAZETTE DATE/NO

:

22.10.1997/4403

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   19.000.000

PAID-IN CAPITAL

:

TL   15.926.900

HISTORY

:

Previous Name

:

Biran Iplik Sanayi ve Ticaret A.S.

Changed On

:

16.12.2011 (Commercial Gazette Date /Number 22.12.2011/ 7967)

Previous Registered Capital

:

TL 12.000.000

Changed On

:

16.12.2011 (Commercial Gazette Date /Number 22.12.2011/ 7967)

Previous Address

:

Yeni Yalova Yolu Buttim Plaza No:1590-1589 Bursa

Changed On

:

02.07.2010 (Commercial Gazette Date /Number 09.07.2010/ 7603)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Orhan Karakoc

65,33 %

Turgut Karakoc

9 %

Turan Karakoc

9 %

Sidar Karakoc

8,34 %

Diyar Karakoc

8,33 %

 

 

SISTER COMPANIES

:

KARAKOC POLYESTER IPLIK SANAYI VE TICARET A.S.

 

KARAKOC TEKSTIL SANAYI VE TICARET A.S. (not active)

 

BOARD OF DIRECTORS

:

Orhan Karakoc

Chairman

Sidar Karakoc

Vice-Chairman

Diyar Karakoc

Member

 

 

DIRECTORS

:

Turgut Karakoc                                                                                                                                                                                                                                                                                   

General Manager

Sidar Karakoc                                                                                                                                                                                                                                                                                   

Finance Director

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of yarn, printing, dying, knitting and weaving of fabric. 

 

NACE CODE

:

DB.17.00

 

SECTOR

:

Textile

 

NUMBER OF EMPLOYEES

:

1.350

 

 

NET SALES

:

32.242.472 TL

(2002) 

55.827.219 TL

(2003) 

88.567.405 TL

(2004) 

118.233.432 TL

(2005) 

150.720.568 TL

(2006)  

145.946.017 TL

(2007) 

168.180.789 TL

(2008) 

135.922.257 TL

(2009) 

139.024.406 TL

(2010) 

137.856.958 TL

(2011) 

69.607.821 TL

(01.01-30.06.2012) 

 

 

IMPORT VALUE

:

62.816.944 USD

(2007)

43.263.946 USD

(2008)

22.007.888 USD

(2009)

35.000.000 USD

(2010)

 

 

IMPORT COUNTRIES

:

Thailand

China

Brazil

Spain

Bangladesh

Germany

South Korea

India

 

MERCHANDISE IMPORTED

:

Fiber glass

Machinery

Machinery spare parts

 

EXPORT VALUE

:

6.999.962 TL

(2005)

21.515.285 TL

(2006)

27.560.747 TL

(2007)

36.418.028 TL

(2008)

47.949.192 TL

(2009)

24.711.302 TL

(2010)

6.672.621 TL

(2011)

10.005.586 TL

(01.01-30.06.2012)

 

 

EXPORT COUNTRIES

:

Russia

Ukraine

Turkmenistan

Bulgaria

Italy

Estonia

France

 

MERCHANDISE  EXPORTED

:

Fabric

Yarn

 

HEAD OFFICE ADDRESS

:

Yeni Yalova Yolu Buttim Ismerkezi Bagimsiz Bolum (M) Blok Osmangazi  Bursa / Turkey ( rented )

 

BRANCHES

:

Factory  :  Organize Sanayi Bolgesi 2.Cad. Inegol Bursa/Turkey (rented)

 

Factory  :  Organize Sanayi Bolgesi 4.Cad. Inegol Bursa/Turkey (rented) (28.000 )

 

Administrative Office / Factory  :  Alanyurt Mevkii Alancayir Beldesi Inegol Bursa/Turkey (owned)

                                                                                

 

TREND OF BUSINESS

:

There was a decline at business volume in nominal terms in  2011. There appears a slowdown at business volume in real terms in  1.1 - 30.6.2012.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

MAIN DEALING BANKS

:

Albaraka Turk Katilim Bankasi Yalova Branch

Asya Katilim Bankasi Uludag Kurumsal Branch

Yapi ve Kredi Bankasi Uludag Kurumsal Branch

 

CREDIT FACILITIES

:

The subject company is making use of credit facilities.

 

PAYMENT BEHAVIOUR

:

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

 

 

 

KEY FINANCIAL ELEMENTS

:

 

(2008) TL

(2009) TL

(2010) TL

(2011) TL

(01.01-30.06.2012) TL

Net Sales

168.180.789

135.922.257

139.024.406

137.856.958

69.607.821

Profit (Loss) Before Tax

-6.997.577

5.589.328

4.233.253

-11.923.312

2.279.152

Stockholders' Equity

34.686.252

40.275.580

43.974.579

35.978.167

 

Total Assets

132.269.354

105.602.458

102.465.306

132.988.366

 

Current Assets

81.375.520

58.398.197

52.507.917

85.523.111

 

Non-Current Assets

50.893.834

47.204.261

49.957.389

47.465.255

 

Current Liabilities

78.195.355

51.353.480

44.017.163

70.383.109

 

Long-Term Liabilities

19.387.747

13.973.398

14.473.564

26.627.090

 

Gross Profit (loss)

7.802.938

10.722.908

7.190.451

6.519.460

3.739.545

Operating Profit (loss)

4.834.366

8.193.081

4.205.643

3.423.789

2.202.243

Net Profit (loss)

-6.997.577

5.589.328

3.698.999

-11.923.312

2.279.152

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Insufficient As of 31.12.2011

Liquidity

Insufficient As of 31.12.2011

Remarks On Liquidity

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

Profitability

Fair Operating Profitability  in 2008

Net Loss  in 2008

Good Operating Profitability  in 2009

In Order Net Profitability  in 2009

Fair Operating Profitability  in 2010

In Order Net Profitability  in 2010

Fair Operating Profitability  in 2011

Net Loss  in 2011

Fair Operating Profitability (01.01-30.06.2012)

In Order Net Profitability (01.01-30.06.2012)

 

Gap between average collection and payable periods

Favorable in 2011

General Financial Position

Passable

 

 

 

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

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 01.01-30.06.2012)

1,95 %

1,8028

2,3463

2,8462

 ( 01.01-31.07.2012)

1,71 %

1,8018

2,3285

2,8424

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

81.375.520

0,62

58.398.197

0,55

52.507.917

0,51

85.523.111

0,64

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

1.186.220

0,01

6.930.994

0,07

2.212.191

0,02

212.517

0,00

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

35.077.481

0,27

28.419.009

0,27

20.493.572

0,20

28.792.554

0,22

Other Receivable

1.042.307

0,01

375.063

0,00

721.335

0,01

947.350

0,01

Inventories

40.236.791

0,30

16.322.195

0,15

23.840.435

0,23

51.293.054

0,39

Advances Given

783.497

0,01

2.980.165

0,03

3.063.262

0,03

2.891.130

0,02

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

3.049.224

0,02

3.370.771

0,03

2.177.122

0,02

1.386.506

0,01

NON-CURRENT ASSETS

50.893.834

0,38

47.204.261

0,45

49.957.389

0,49

47.465.255

0,36

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

4

0,00

4

0,00

4

0,00

4

0,00

Tangible Fixed Assets (net)

42.592.600

0,32

40.858.084

0,39

44.282.630

0,43

41.423.149

0,31

Intangible Assets

6.928.334

0,05

6.174.519

0,06

5.293.394

0,05

4.966.540

0,04

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

1.372.896

0,01

171.654

0,00

381.361

0,00

1.075.562

0,01

TOTAL ASSETS

132.269.354

1,00

105.602.458

1,00

102.465.306

1,00

132.988.366

1,00

CURRENT LIABILITIES

78.195.355

0,59

51.353.480

0,49

44.017.163

0,43

70.383.109

0,53

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

2.269.207

0,02

66.000

0,00

1.453.240

0,01

0

0,00

Accounts Payable

72.024.706

0,54

45.467.866

0,43

33.985.895

0,33

58.998.167

0,44

Loans from Shareholders

325.368

0,00

450.997

0,00

0

0,00

2.829.615

0,02

Other Short-term Payable

519.425

0,00

695.707

0,01

839.203

0,01

951.117

0,01

Advances from Customers

2.816.716

0,02

4.352.371

0,04

7.439.246

0,07

7.091.039

0,05

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

239.933

0,00

320.539

0,00

399.209

0,00

513.171

0,00

Provisions

0

0,00

0

0,00

-99.630

0,00

0

0,00

Other Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

LONG-TERM LIABILITIES

19.387.747

0,15

13.973.398

0,13

14.473.564

0,14

26.627.090

0,20

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

19.387.747

0,15

13.973.398

0,13

14.473.564

0,14

26.627.090

0,20

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

34.686.252

0,26

40.275.580

0,38

43.974.579

0,43

35.978.167

0,27

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

12.000.000

0,09

12.000.000

0,11

12.000.000

0,12

15.926.900

0,12

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

8.451.956

0,06

8.451.956

0,08

8.451.956

0,08

8.451.956

0,06

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

21.231.873

0,16

21.231.873

0,20

26.821.202

0,26

30.520.201

0,23

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

-6.997.577

-0,07

-6.997.578

-0,07

-6.997.578

-0,05

Net Profit (loss)

-6.997.577

-0,05

5.589.328

0,05

3.698.999

0,04

-11.923.312

-0,09

TOTAL LIABILITIES AND EQUITY

132.269.354

1,00

105.602.458

1,00

102.465.306

1,00

132.988.366

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 4.721.612 of the other income is due to "Profit from Foreign Currency Exchange". 

 

At the last income statement TL 1.671.952  of the other expenses is due to "Loss from Foreign Currency Exchange" .                                                                                                    

At the last income statement TL 1.966.079 of the other expenses is due to "Idle Capacity Expenses and Losses" .                                                                                              

 

INCOME STATEMENTS

 

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

(01.01-30.06.2012) TL

 

Net Sales

168.180.789

1,00

135.922.257

1,00

139.024.406

1,00

137.856.958

1,00

69.607.821

1,00

Cost of Goods Sold

160.377.851

0,95

125.199.349

0,92

131.833.955

0,95

131.337.498

0,95

65.868.276

0,95

Gross Profit

7.802.938

0,05

10.722.908

0,08

7.190.451

0,05

6.519.460

0,05

3.739.545

0,05

Operating Expenses

2.968.572

0,02

2.529.827

0,02

2.984.808

0,02

3.095.671

0,02

1.537.302

0,02

Operating Profit

4.834.366

0,03

8.193.081

0,06

4.205.643

0,03

3.423.789

0,02

2.202.243

0,03

Other Income

12.004.239

0,07

12.290.396

0,09

6.605.132

0,05

1.613.436

0,01

5.047.646

0,07

Other Expenses

22.169.322

0,13

13.504.717

0,10

5.410.771

0,04

15.030.421

0,11

3.786.228

0,05

Financial Expenses

1.666.860

0,01

1.389.432

0,01

1.166.751

0,01

1.930.116

0,01

1.184.509

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

-6.997.577

-0,04

5.589.328

0,04

4.233.253

0,03

-11.923.312

-0,09

2.279.152

0,03

Tax Payable

0

0,00

0

0,00

534.254

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)

-6.997.577

-0,04

5.589.328

0,04

3.698.999

0,03

-11.923.312

-0,09

2.279.152

0,03

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

(2011)

LIQUIDITY RATIOS

 

 

Current Ratio

1,04

1,14

1,19

1,22

Acid-Test Ratio

0,48

0,70

0,53

0,43

Cash Ratio

0,02

0,13

0,05

0,00

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,30

0,15

0,23

0,39

Short-term Receivable/Total Assets

0,27

0,27

0,21

0,22

Tangible Assets/Total Assets

0,32

0,39

0,43

0,31

TURNOVER RATIOS

 

 

Inventory Turnover

3,99

7,67

5,53

2,56

Stockholders' Equity Turnover

4,85

3,37

3,16

3,83

Asset Turnover

1,27

1,29

1,36

1,04

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,26

0,38

0,43

0,27

Current Liabilities/Total Assets

0,59

0,49

0,43

0,53

Financial Leverage

0,74

0,62

0,57

0,73

Gearing Percentage

2,81

1,62

1,33

2,70

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

-0,20

0,14

0,08

-0,33

Operating Profit Margin

0,03

0,06

0,03

0,02

Net Profit Margin

-0,04

0,04

0,03

-0,09

Interest Cover

-3,20

5,02

4,63

-5,18

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

75,09

75,27

53,07

75,19

Average Payable Period (days)

161,67

130,74

92,81

161,72

WORKING CAPITAL

3180165,00

7044717,00

8490754,00

15140002,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.99

UK Pound

1

Rs.87.55

Euro

1

Rs.68.68

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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.