x

MIRA INFORM REPORT

 

 

Report Date :

16.02.2012

 

 

 

 

IDENTIFICATION DETAILS

 

Name :

OZ KA LASTIK VE KAUCUK SANAYI TICARET A.S.

 

 

Formerly Known As :

OZ-KA OZ KANIKLAR KAUCUK VE MAMULLERI IMALAT SANAYI VE TICARET LTD. STI.

 

 

Registered Office :

Mahmutpasa Mah. Kanalyolu Cad. No:18 Basiskele Izmit Kocaeli

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

18.09.1991

 

 

Com. Reg. No.:

7775

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of rubber dough and tire. 

 

 

No. of Employees :

480

 

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 – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

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

:

OZ KA LASTIK VE KAUCUK SANAYI TICARET A.S.

HEAD OFFICE ADDRESS

:

Mahmutpasa Mah. Kanalyolu Cad. No:18 Basiskele Izmit Kocaeli / Turkey

PHONE NUMBER

:

90-262-349 50 00

 

FAX NUMBER

:

90-262-349 50 03

 

WEB-ADDRESS

:

www.ozkalastik.com

E-MAIL

:

info@ozkalastik.com

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Tepecik

TAX NO

:

6620720581

REGISTRATION NUMBER

:

7775

REGISTERED OFFICE

:

Izmit Chamber of Commerce

DATE ESTABLISHED

:

18.09.1991

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   20.000.000

PAID-IN CAPITAL

:

TL   20.000.000

 

HISTORY

:

Previous Legal Type

:

Limited Company

Changed On

:

02.01.2006 (Commercial Gazette Date /Number 23.01.2006/ 6476)

Previous Name

:

Oz-Ka Oz Kaniklar Kaucuk ve Mamulleri Imalat Sanayi ve Ticaret Ltd. Sti.

Changed On

:

10.10.2005 (Commercial Gazette Date /Number 26.10.2005/ 6419)

Previous Name

:

Oz-Ka Lastik ve Kaucuk Sanayi Ticaret Ltd. Sti.

Changed On

:

02.01.2006 (Commercial Gazette Date /Number 23.01.2006/ 6476)

Previous Registered Capital

:

TL 12.500.000

Changed On

:

26.03.2010 (Commercial Gazette Date /Number 01.04.2010/ 7534)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Ismail Kanik

25 %

Serafettin Kanik

25 %

Irfan Kanik

25 %

Mehmet Serif Kanik

24 %

Nur Kanik

1 %

 

 

GROUP

:

KANIK GROUP OF COMPANIES

 

SISTER COMPANIES

:

I.R.C. OTOMOTIV MAKINA SANAYI VE TICARET A.S.

 

ILKA PLASTIK AMBALAJ GIDA SANAYI VE TICARET LTD. STI.

 

OZEL KOCAELI EGITIM KAMPUSU A.S.

 

PALMIYE KAUCUK VE MAMULLERI SANAYI TICARET A.S.

 

SUBSIDIARIES

:

AES ENTEK ELEKTRIK URETIMI A.S.

 

KOSBAS KOCAELI SERBEST BOLGESI KURUCU VE ISLETICISI A.S. 

( 1,50 % )

 

BOARD OF DIRECTORS

:

Mehmet Serif Kanik

Chairman

Serafettin Kanik

Vice-Chairman

Nur Kanik

Member

Ismail Kanik

Member

Irfan Kanik

Member

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of rubber dough and tire. 

 

NACE CODE

:

DH.25.11

 

SECTOR

:

Rubber

 

TRADEMARKS OWNED

:

Ozka

 

NUMBER OF EMPLOYEES

:

480

 

REMARKS ON NUMBER OF EMPLOYEES

:

The number of employees includes the subcontractors.

 

 

NET SALES

:

6.547 TL Thousand

(2002) 

11.608 TL Thousand

(2003) 

15.884 TL Thousand

(2004) 

18.932 TL Thousand

(2005) 

29.518.180 TL

(2006) 

44.404.054 TL

(2007) 

59.437.021 TL

(2008) 

74.763.508 TL

(2009) 

108.733.999 TL

(2010) 

126.645.423 TL

(01.01-30.09.2011) 

 

 

IMPORT VALUE

:

5.628.000 USD + 1.864.000 EUR

(2006)

7.445.232 USD + 2.492.445 EUR

(2007)

11.000.000 EUR

(2008)

8.944.948 USD + 3.717.317 EUR

(2009)

17.719.000 EUR

(2010)

14.000.000 EUR

(2011)

 

 

IMPORT COUNTRIES

:

Germany

France

China

Korea

Singapore

Romania

 

MERCHANDISE IMPORTED

:

Chemicals

Cord fabric

Machinery

Machinery spare parts

Oil

Rubber

 

 

EXPORT VALUE

:

198.380 TL

(2002)

891.461 TL

(2003)

298.307 USD + 564.832 EUR

(2004)

620.850 TL

(2005)

1.669.988 TL

(2006)

3.581.353 TL

(2007)

5.006.695 TL

(2008)

6.476.935 TL

(2009)

5.317.038 TL

(2010)

5.465.660 TL

(01.01-30.09.2011)

 

 

EXPORT COUNTRIES

:

Bulgaria

Luxembourg

Northern Cyprus Turkish Republic

Romania

Greece

Germany

Netherlands

Iran

Tunisia

Pakistan

Lebanon

Slovenia

U.K.

 

MERCHANDISE  EXPORTED

:

Rubber

Tire

 

HEAD OFFICE ADDRESS

:

Mahmutpasa Mah. Kanalyolu Cad. No:18 Basiskele Izmit  Kocaeli / Turkey

( owned )

 

BRANCHES

:

Warehouse  :  Karadenizler Mah. Kanalboyu Cad. Bila No Izmit Kocaeli/Turkey

 

Head Office/Factory  :  Mahmutpasa Mah. Kanalyolu Cad. No:18 Basiskele Izmit Kocaeli/Turkey (owned)

 

INVESTMENTS

:

None

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2010. There appears an upwards trend in  1.1 - 30.9.2011.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Merkez Branch

HSBC Bank Izmit Branch

Turkiye Finans Katilim Bankasi Sanayi Branch

Yapi ve Kredi Bankasi Izmit 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

:

 

(2007) TL

(2008) TL

(2009) TL

(2010) TL

(01.01-30.09.2011) TL

Net Sales

44.404.054

59.437.021

74.763.508

108.733.999

126.645.423

Profit (Loss) Before Tax

5.190.030

-4.872.404

3.330.281

1.975.407

-3.810.036

Stockholders' Equity

17.214.232

10.989.556

14.319.837

21.105.039

 

Total Assets

51.548.887

72.450.863

75.148.761

93.707.521

 

Current Assets

19.686.677

19.297.952

17.296.855

28.601.349

 

Non-Current Assets

31.862.210

53.152.911

57.851.906

65.106.172

 

Current Liabilities

15.649.260

28.222.748

38.798.951

44.290.431

 

Long-Term Liabilities

18.685.395

33.238.559

22.029.973

28.312.051

 

Gross Profit (loss)

9.930.947

7.894.996

10.947.363

11.244.669

15.225.490

Operating Profit (loss)

7.332.176

4.352.420

7.834.577

7.644.450

9.764.958

Net Profit (loss)

3.987.149

-4.872.404

3.330.281

1.772.352

-3.810.036

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Low

Remarks on Capitalization

The loss at the last period is expected to have a negative effect on equity total since the date of last stockholders’ equity.

Liquidity

Low As of 31.12.2010

Remarks On Liquidity

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

Profitability

High Operating Profitability  in 2007

High Net Profitability  in 2007

Good Operating Profitability  in 2008

Net Loss  in 2008

High Operating Profitability  in 2009

Good Net Profitability  in 2009

Good Operating Profitability  in 2010

Fair Net Profitability  in 2010

Good Operating Profitability (01.01-30.09.2011)

Net Loss (01.01-30.09.2011)

 

Gap between average collection and payable periods

Favorable in 2010

General Financial Position

Not in order

 

 

 

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

 ( 01.01-30.09.2011)

9,72 %

1,6335

2,3016

2,6294

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 01.01-31.01.2012)

0,38 %

1,8353

2,3964

2,8635

 

 

BALANCE SHEETS

 

 

 ( 31.12.2007 )  TL

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

19.686.677

0,38

19.297.952

0,27

17.296.855

0,23

28.601.349

0,31

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

5.338.561

0,10

1.559.564

0,02

2.836.017

0,04

1.471.611

0,02

Marketable Securities

968.115

0,02

0

0,00

0

0,00

0

0,00

Account Receivable

5.285.460

0,10

3.276.310

0,05

2.624.372

0,03

6.323.713

0,07

Other Receivable

460.759

0,01

1.127.918

0,02

953.419

0,01

1.240.362

0,01

Inventories

5.782.952

0,11

9.563.623

0,13

9.482.422

0,13

16.698.204

0,18

Advances Given

1.405.524

0,03

2.140.840

0,03

1.135.784

0,02

2.470.546

0,03

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

445.306

0,01

1.629.697

0,02

264.841

0,00

396.913

0,00

NON-CURRENT ASSETS

31.862.210

0,62

53.152.911

0,73

57.851.906

0,77

65.106.172

0,69

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

1.167

0,00

1.299

0,00

1.298

0,00

1.299

0,00

Financial Assets

50.238

0,00

50.238

0,00

50.238

0,00

50.238

0,00

Tangible Fixed Assets (net)

27.322.310

0,53

44.315.708

0,61

49.968.197

0,66

58.327.463

0,62

Intangible Assets

4.469.813

0,09

8.340.513

0,12

7.198.015

0,10

6.238.505

0,07

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

18.682

0,00

445.153

0,01

634.158

0,01

488.667

0,01

TOTAL ASSETS

51.548.887

1,00

72.450.863

1,00

75.148.761

1,00

93.707.521

1,00

CURRENT LIABILITIES

15.649.260

0,30

28.222.748

0,39

38.798.951

0,52

44.290.431

0,47

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

9.515.986

0,18

15.432.816

0,21

15.228.832

0,20

16.093.785

0,17

Accounts Payable

5.053.760

0,10

8.209.035

0,11

14.186.958

0,19

16.499.518

0,18

Loans from Shareholders

433.325

0,01

2.168.887

0,03

4.553.428

0,06

2.426.762

0,03

Other Short-term Payable

97.295

0,00

368.659

0,01

779.915

0,01

1.351.690

0,01

Advances from Customers

256.933

0,00

1.862.570

0,03

3.836.024

0,05

7.640.482

0,08

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

291.961

0,01

180.781

0,00

213.794

0,00

278.194

0,00

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

LONG-TERM LIABILITIES

18.685.395

0,36

33.238.559

0,46

22.029.973

0,29

28.312.051

0,30

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

18.685.395

0,36

33.238.559

0,46

22.029.973

0,29

28.312.051

0,30

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

17.214.232

0,33

10.989.556

0,15

14.319.837

0,19

21.105.039

0,23

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

12.500.000

0,24

12.500.000

0,17

12.500.000

0,17

20.000.000

0,21

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

727.083

0,01

3.361.960

0,05

3.361.960

0,04

874.811

0,01

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

-4.872.404

-0,06

-1.542.124

-0,02

Net Profit (loss)

3.987.149

0,08

-4.872.404

-0,07

3.330.281

0,04

1.772.352

0,02

TOTAL LIABILITIES AND EQUITY

51.548.887

1,00

72.450.863

1,00

75.148.761

1,00

93.707.521

1,00

 

 

REMARKS ON FINANCIAL STATEMENT

:

At the income statement of 1.1.-30.09.2011,  TL 2.947.331  of the other expenses is due to "Loss from Foreign Currency Exchange" .

 

 

INCOME STATEMENTS

 

 

(2007) TL

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(01.01-30.09.2011) TL

 

Net Sales

44.404.054

1,00

59.437.021

1,00

74.763.508

1,00

108.733.999

1,00

126.645.423

1,00

Cost of Goods Sold

34.473.107

0,78

51.542.025

0,87

63.816.145

0,85

97.489.330

0,90

111.419.933

0,88

Gross Profit

9.930.947

0,22

7.894.996

0,13

10.947.363

0,15

11.244.669

0,10

15.225.490

0,12

Operating Expenses

2.598.771

0,06

3.542.576

0,06

3.112.786

0,04

3.600.219

0,03

5.460.532

0,04

Operating Profit

7.332.176

0,17

4.352.420

0,07

7.834.577

0,10

7.644.450

0,07

9.764.958

0,08

Other Income

1.606.715

0,04

2.519.355

0,04

2.602.053

0,03

2.804.516

0,03

1.685.098

0,01

Other Expenses

2.131.113

0,05

4.592.868

0,08

1.058.319

0,01

1.211.937

0,01

3.411.173

0,03

Financial Expenses

1.617.748

0,04

7.151.311

0,12

6.048.030

0,08

7.261.622

0,07

11.848.919

0,09

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

5.190.030

0,12

-4.872.404

-0,08

3.330.281

0,04

1.975.407

0,02

-3.810.036

-0,03

Tax Payable

1.202.881

0,03

0

0,00

0

0,00

203.055

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)

3.987.149

0,09

-4.872.404

-0,08

3.330.281

0,04

1.772.352

0,02

-3.810.036

-0,03

 

 

FINANCIAL RATIOS

 

 

(2007)

(2008)

(2009)

(2010)

LIQUIDITY RATIOS

 

 

Current Ratio

1,26

0,68

0,45

0,65

Acid-Test Ratio

0,77

0,21

0,17

0,20

Cash Ratio

0,40

0,06

0,07

0,03

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,11

0,13

0,13

0,18

Short-term Receivable/Total Assets

0,11

0,06

0,05

0,08

Tangible Assets/Total Assets

0,53

0,61

0,66

0,62

TURNOVER RATIOS

 

 

Inventory Turnover

5,96

5,39

6,73

5,84

Stockholders' Equity Turnover

2,58

5,41

5,22

5,15

Asset Turnover

0,86

0,82

0,99

1,16

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,33

0,15

0,19

0,23

Current Liabilities/Total Assets

0,30

0,39

0,52

0,47

Financial Leverage

0,67

0,85

0,81

0,77

Gearing Percentage

1,99

5,59

4,25

3,44

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,23

-0,44

0,23

0,08

Operating Profit Margin

0,17

0,07

0,10

0,07

Net Profit Margin

0,09

-0,08

0,04

0,02

Interest Cover

4,21

0,32

1,55

1,27

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

42,86

19,85

12,64

20,94

Average Payable Period (days)

52,78

57,34

80,03

60,93

WORKING CAPITAL

4037417,00

-8924796,00

-21502096,00

-15689082,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.29

UK Pound

1

Rs.77.45

Euro

1

Rs.64.89

 

 

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.