MIRA INFORM REPORT

 

 

Report Date :

07.07.2012

 

IDENTIFICATION DETAILS

 

Name :

KOCAER TEKSTIL SANAYI VE TICARET A.S.

 

 

Registered Office :

Adnan Menderes Bul. N:53 Gumusler Denizli

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

05.10.1993

 

 

Com. Reg. No.:

12277

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of textile products such as towel fabric, towel, bath-robe, dress-gown, dimity, cloth bag, towel slippers, curtain. 

 

 

No. of Employees :

620

 

 

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

:

KOCAER TEKSTIL SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Adnan Menderes Bul. N:53 Gumusler Denizli / Turkey

PHONE NUMBER

:

90-216-481 98 90 (Branch Office)

90-258-269 20 47 (Administrative Office/Factory)

90-258-269 22 47 (Administrative Office/Factory)

 

FAX NUMBER

:

90-258-269 10 81 (Administrative Office/Factory)

 

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Gokpinar

TAX NO

:

5650050328

REGISTRATION NUMBER

:

12277

REGISTERED OFFICE

:

Denizli Chamber of Commerce

DATE ESTABLISHED

:

05.10.1993

ESTABLISHMENT GAZETTE DATE/NO

:

14.10.1993/3384

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   22.500.000

PAID-IN CAPITAL

:

TL   22.500.000

HISTORY

:

Previous Registered Capital

:

TL 6.000.000

Changed On

:

07.12.2010 (Commercial Gazette Date /Number 15.12.2010/ 7708)

Previous Registered Capital

:

TL 13.700.000

Changed On

:

28.12.2010 (Commercial Gazette Date /Number 31.12.2010/ 7720)

Previous Registered Capital

:

TL 17.500.000

Changed On

:

17.06.2011 (Commercial Gazette Date /Number 22.06.2011/ 7842)

Merger

:

The company took over and merged with "Kocaer Modern Magazacilik Isletmeleri A.S."

Changed On

:

28.12.2010 (Commercial Gazette Date /Number 31.12.2010/ 7720)

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Kocaer Haddecilik Sanayi ve Ticaret A.S.

67,69 %

Ali Riza Kocaer

8,88 %

Gurkan Kocaer

8,88 %

Hakan Kocaer

8,88 %

Ibrahim Kocaer

5,64 %

 

 

GROUP

:

KOCAER GROUP OF COMPANIES

 

SISTER COMPANIES

:

KCR GLOBAL LOJISTIK KARGO HIZMETLERI A.S.

KCR OTOMOTIV SANAYI VE TICARET A.S.

KOCAER DIS TICARET A.S.

KOCAER HADDECILIK SANAYI VE TICARET A.S.

YAGIZ NAKLIYAT SANAYI VE TICARET A.S.

 

BOARD OF DIRECTORS

:

Gurkan Kocaer

Member

Hakan Kocaer

Member

Ali Riza Kocaer

Member

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of textile products such as towel fabric, towel, bath-robe, dress-gown, dimity, cloth bag, towel slippers, curtain. 

 

The subject has 23 stores around Turkey.

 

NACE CODE

:

DB.17.20

 

SECTOR

:

Textile

 

NUMBER OF EMPLOYEES

:

620

 

NET SALES

:

26.797.000 TL

(2009)  

35.851.262 TL

(2010) 

59.876.110 TL

(2011) 

16.243.199 TL

(01.01-31.03.2012) 

 

 

IMPORT VALUE

:

4.138.218 USD

(2010)

 

 

IMPORT COUNTRIES

:

Pakistan

Turkmenistan

China

 

MERCHANDISE IMPORTED

:

Yarn

 

EXPORT VALUE

:

20.995.186 TL

(2009)

28.271.994 TL

(2010)

2.524.327 TL

(2011)

18.351 TL

(01.01-31.03.2012)

 

 

EXPORT COUNTRIES

:

Slovenia

Poland

Greece

U.K.

New Zealand

Romania

Brazil

Spain

Hong-Kong

Japan

Iran

Israel

Ireland

 

MERCHANDISE  EXPORTED

:

Textile products

 

HEAD OFFICE ADDRESS

:

Adnan Menderes Bul. N:53 Gumusler  Denizli / Turkey 

(owned by shareholder(s))

 

BRANCHES

:

Factory  :   Izmir/Turkey (owned by shareholder(s))

 

Administrative Office / Factory  :  Organize Sanayi Bolgesi Ressam Ibrahim Calli Caddesi Denizli/Turkey (owned) (9.500 sqm)

 

Branch Office  :  Sari Gazi Cad. No: 29 Uskudar Istanbul/Turkey

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2011.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Denizbank Denizli Branch

Finansbank Denizli Branch

ING Bank Denizli Branch

Turk Ekonomi Bankasi Denizli 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

26.797.000

35.851.262

59.876.110

16.243.199

 

Profit (Loss) Before Tax

32.409

48.551

-4.332.808

-81.695

 

Stockholders' Equity

6.193.040

16.887.074

17.505.715

 

 

Total Assets

32.068.457

48.875.436

48.277.302

 

 

Current Assets

29.697.154

39.455.407

36.097.674

 

 

Non-Current Assets

2.371.303

9.420.029

12.179.628

 

 

Current Liabilities

17.856.541

27.185.944

30.771.587

 

 

Long-Term Liabilities

8.018.876

4.802.418

0

 

 

Gross Profit (loss)

4.265.548

3.990.822

18.377.884

3.632.490

 

Operating Profit (loss)

1.605.445

667.646

856.023

-1.173.034

 

Net Profit (loss)

13.237

48.551

-4.332.808

-81.695

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Fair

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

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

Good Operating Profitability  in 2009

Low Net Profitability  in 2009

Fair Operating Profitability  in 2010

Low Net Profitability  in 2010

Low Operating Profitability  in 2011

Net Loss  in 2011

Operating Loss (01.01-31.03.2012)

Net Loss (01.01-31.03.2012)

 

Gap between average collection and payable periods

Favorable in 2011

General Financial Position

Unsatisfactory

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 01.01-30.06.2012)

1,95 %

1,8028

2,3463

2,8462

 

 

BALANCE SHEETS

 

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

29.697.154

0,93

39.455.407

0,81

36.097.674

0,75

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

Cash and Banks

705.620

0,02

580.173

0,01

767.865

0,02

Marketable Securities

84.000

0,00

84.000

0,00

84.000

0,00

Account Receivable

15.934.171

0,50

9.563.420

0,20

4.159.692

0,09

Other Receivable

584.656

0,02

664.844

0,01

451.578

0,01

Inventories

10.295.683

0,32

22.331.361

0,46

25.114.568

0,52

Advances Given

252.719

0,01

1.250.993

0,03

452.289

0,01

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

Other Current Assets

1.840.305

0,06

4.980.616

0,10

5.067.682

0,10

NON-CURRENT ASSETS

2.371.303

0,07

9.420.029

0,19

12.179.628

0,25

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

0

0,00

Financial Assets

200.000

0,01

0

0,00

0

0,00

Tangible Fixed Assets (net)

1.899.655

0,06

6.672.218

0,14

8.746.339

0,18

Intangible Assets

43.909

0,00

2.585.170

0,05

3.255.663

0,07

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

227.739

0,01

162.641

0,00

177.626

0,00

TOTAL ASSETS

32.068.457

1,00

48.875.436

1,00

48.277.302

1,00

CURRENT LIABILITIES

17.856.541

0,56

27.185.944

0,56

30.771.587

0,64

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

13.364.173

0,42

21.754.774

0,45

23.198.836

0,48

Accounts Payable

4.288.719

0,13

4.569.104

0,09

6.167.164

0,13

Loans from Shareholders

0

0,00

1.290

0,00

0

0,00

Other Short-term Payable

88.327

0,00

348.108

0,01

397.394

0,01

Advances from Customers

225

0,00

235.891

0,00

494.447

0,01

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

Taxes Payable

107.445

0,00

276.777

0,01

332.879

0,01

Provisions

7.652

0,00

0

0,00

0

0,00

Other Current Liabilities

0

0,00

0

0,00

180.867

0,00

LONG-TERM LIABILITIES

8.018.876

0,25

4.802.418

0,10

0

0,00

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

0

0,00

Securities Issued

0

0,00

0

0,00

0

0,00

Long-term Payable

11.592

0,00

0

0,00

0

0,00

Loans from Shareholders

8.007.284

0,25

4.802.418

0,10

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

6.193.040

0,19

16.887.074

0,35

17.505.715

0,36

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

Paid-in Capital

6.000.000

0,19

17.500.000

0,36

22.500.000

0,47

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

Reserves

179.803

0,01

83.806

0,00

83.806

0,00

Revaluation Fund

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

-745.283

-0,02

-745.283

-0,02

Net Profit (loss)

13.237

0,00

48.551

0,00

-4.332.808

-0,09

TOTAL LIABILITIES AND EQUITY

32.068.457

1,00

48.875.436

1,00

48.277.302

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 will be given under "Account Receivable" figure and "Account Payable" figure respectively. 

 

At the last income statement TL 1.929.522 of the other income is due to "Profit from Foreign Currency Exchange"                                                                              

 

 

INCOME STATEMENTS

 

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

(01.01-31.03.2012) TL

 

Net Sales

26.797.000

1,00

35.851.262

1,00

59.876.110

1,00

16.243.199

1,00

Cost of Goods Sold

22.531.452

0,84

31.860.440

0,89

41.498.226

0,69

12.610.709

0,78

Gross Profit

4.265.548

0,16

3.990.822

0,11

18.377.884

0,31

3.632.490

0,22

Operating Expenses

2.660.103

0,10

3.323.176

0,09

17.521.861

0,29

4.805.524

0,30

Operating Profit

1.605.445

0,06

667.646

0,02

856.023

0,01

-1.173.034

-0,07

Other Income

5.306.711

0,20

5.537.529

0,15

2.001.256

0,03

2.021.268

0,12

Other Expenses

4.780.451

0,18

5.102.437

0,14

6.263.842

0,10

910.012

0,06

Financial Expenses

2.099.296

0,08

1.054.187

0,03

926.245

0,02

19.917

0,00

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

32.409

0,00

48.551

0,00

-4.332.808

-0,07

-81.695

-0,01

Tax Payable

19.172

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

Net Profit (loss)

13.237

0,00

48.551

0,00

-4.332.808

-0,07

-81.695

-0,01

 

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

(2011)

LIQUIDITY RATIOS

 

 

Current Ratio

1,66

1,45

1,17

Acid-Test Ratio

0,97

0,40

0,18

Cash Ratio

0,04

0,02

0,03

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,32

0,46

0,52

Short-term Receivable/Total Assets

0,52

0,21

0,10

Tangible Assets/Total Assets

0,06

0,14

0,18

TURNOVER RATIOS

 

 

Inventory Turnover

2,19

1,43

1,65

Stockholders' Equity Turnover

4,33

2,12

3,42

Asset Turnover

0,84

0,73

1,24

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,19

0,35

0,36

Current Liabilities/Total Assets

0,56

0,56

0,64

Financial Leverage

0,81

0,65

0,64

Gearing Percentage

4,18

1,89

1,76

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,00

0,00

-0,25

Operating Profit Margin

0,06

0,02

0,01

Net Profit Margin

0,00

0,00

-0,07

Interest Cover

1,02

1,05

-3,68

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

214,07

96,03

25,01

Average Payable Period (days)

68,71

51,63

53,50

WORKING CAPITAL

11840613,00

12269463,00

5326087,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.41

UK Pound

1

Rs.86.04

Euro

1

Rs.68.60

 

 

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.