MIRA INFORM REPORT

 

 

Report Date :

05.05.2012

 

IDENTIFICATION DETAILS

 

Name :

KAPTAN DEMIR CELIK ENDUSTRISI VE TICARET A.S.

 

 

Formerly Known As :

KAPTAN DEMIR CELIK END. VE TIC. LTD .STI.

 

 

Registered Office :

Fahrettin Kerim Gokay Cad. Bestekar Sadettin Kaynak Sok. No.2 Altunizade   Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

16.12.1983

 

 

Com. Reg. No.:

198822

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of long products such as steel billets, finished steel products. 

 

 

No. of Employees :

900

 

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

:

KAPTAN DEMIR CELIK ENDUSTRISI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Fahrettin Kerim Gokay Cad. Bestekar Sadettin Kaynak Sok. No.2 Altunizade   Istanbul / Turkey

PHONE NUMBER

:

90-216-547 49 00

 

FAX NUMBER

:

90-216-428 74 74

 

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Buyuk Mukellefler

TAX NO

:

4990019453

REGISTRATION NUMBER

:

198822

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

16.12.1983

ESTABLISHMENT GAZETTE DATE/NO

:

23.12.1983/909

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   160.000.000

PAID-IN CAPITAL

:

TL   160.000.000

 

HISTORY

:

Previous Legal Type

:

Limited Company

Changed On

:

30.10.1987 (Commercial Gazette Date /Number 06.11.1987/ 1886)

Previous Name

:

Kaptan Demir Celik End. Ve Tic. Ltd .Sti.

Changed On

:

30.10.1987 (Commercial Gazette Date /Number 06.11.1987/ 1886)

Previous Registered Capital

:

TL 50.000.000

Changed On

:

04.09.2007 (Commercial Gazette Date /Number 07.09.2007/ 6890)

Previous Address

:

Barbaros Bulvari Kardesler Apt. No: 35 Besiktas- Istanbul

Changed On

:

21.10.2009 (Commercial Gazette Date /Number 27.10.2009/ 7426)

 

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Arzu Efe Cebi

 

Ayten Cebi

 

Kaptan Metal Dis Ticaret Ve Nakliyat A.S.

 

Tayfun Cebi

 

Yasar Kaptan Cebi

 

Cebi Metal Sanayi Ve Ticaret A.S.

 

Ahmet Nur Cebi

 

 

 

GROUP

:

KAPTAN GROUP OF COMPANIES

 

SISTER COMPANIES

:

ASET MADENCILIK SANAYI VE TICARET A.S.

CEBI DENIZCILIK VE TICARET A.S.

CEBI ENERJI ELEKTRIK URETIMI A.S

CEBI GEMI ISLETMECILIGI VE TICARET A.S.

CEBI METAL SANAYI VE TICARET A.S.

CEBI NAKLIYAT VE INSAAT TICARET A.S.

DAMLA MADENCILIK SANAYI VE DIS TICARET LTD. STI.

KAPTAN METAL DIS TICARET VE NAKLIYAT A.S.

MARTAS MARMARA EREGLISI LIMAN TESISLERI A.S.

NUR GEMICILIK VE TICARET A.S.

TAYFUN GEMI ISLETMECILIGI VE TICARET A.S.

YASAR CEBI INSAAT VE TURIZM A.S.

 

SUBSIDIARIES

:

ASET MADENCILIK SANAYI VE TICARET A.S.

 

CEBI ENERJI ELEKTRIK URETIMI A.S

 

BOARD OF DIRECTORS

:

Yasar Kaptan Cebi

Chairman

Ahmet Nur Cebi

Vice-Chairman

Arzu Efe

Member

Sukru Kozik

Member

Tayfun Cebi

Member

 

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of long products such as steel billets, finished steel products. 

 

NACE CODE

:

DJ.27.10

 

SECTOR

:

Metal

 

NUMBER OF EMPLOYEES

:

900

 

NET SALES

:

25.028 TL Thousand

(1998) 

34.491 TL Thousand

(1999) 

54.496 TL Thousand

(2000) 

99.264 TL Thousand

(2001) 

255.515 TL Thousand

(2002) 

421.640 TL Thousand

(2003) 

602.687 TL Thousand

(2004) 

649.302 TL Thousand

(2005) 

901.575 TL Thousand

(2006) 

937.689 TL Thousand

(2007) 

1.468.497 TL Thousand

(2008) 

848.474 TL Thousand

(2009) 

1.190.615.948 TL

(2010) 

1.594.449.350 TL

(2011) 

 

 

IMPORT COUNTRIES

:

Russia

Ukraine

Romania

Bulgaria

Netherlands

Germany

U.S.A.

Belgium

U.K.

Israel

 

MERCHANDISE IMPORTED

:

Iron blocks

Scrap iron

 

EXPORT VALUE

:

467.597 TL Thousand

(2006)

372.471 TL Thousand

(2007)

755.029 TL Thousand

(2008)

505.917 TL Thousand

(2009)

752.064.200 TL

(2010)

817.370.509 TL

(2011)

 

 

 

EXPORT COUNTRIES

:

U.S.A.

Bulgaria

Free Zone

Romania

Middle East Countries

 

MERCHANDISE  EXPORTED

:

Iron and steel bars

Rods and parts

 

HEAD OFFICE ADDRESS

:

Fahrettin Kerim Gokay Cad. Bestekar Sadettin Kaynak Sok. No.2 Altunizade    Istanbul / Turkey

 

BRANCHES

:

Factory  :  Istasyon Cad. No: 29 Karabuk/Turkey (owned)

 

Factory  :  Misinli Kavsagi Asfaltalti Mevkii Corlu- Tekirdag/Turkey (owned)

 

Factory  :  Eksi Elma Mevkii Seymen Yolu 4. Km Marmara Ereglisi Tekirdag/Turkey (owned)

                                                                                

 

TREND OF BUSINESS

:

There was an upwards trend in  2011.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

MAIN DEALING BANKS

:

Denizbank Istanbul Kurumsal Branch

Garanti Bankasi Istanbul Kurumsal Branch

T. Is Bankasi Istanbul Kurumsal Branch

Tekstil Bankasi Levent Branch

Turkiye Halk Bankasi Gayrettepe Branch

Turkiye Vakiflar Bankasi Avrupa Kurumsal Branch

Yapi ve Kredi Bankasi Esentepe Branch

 

CREDIT FACILITIES

:

The subject company is making active use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Insufficient As of 31.03.2011

Liquidity

Good As of 31.03.2011

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

In Order Net Profitability  in 2008

In Order Operating Profitability  in 2009

Fair Net Profitability  in 2009

Low Operating Profitability  in 2010

Low Net Profitability  in 2010

Fair Operating Profitability  in 2011

Low Net Profitability  in 2011

 

Gap between average collection and payable periods

Favorable in 01.01-31.03.2011

General Financial Position

Passable

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 1998 )

54,30 %

0,2657

0,2967

0,4410

 ( 1999 )

62,90 %

0,4278

0,4518

0,6843

 ( 2000 )

32,70 %

0,6251

0,5774

0,9480

 ( 2001 )

88,60 %

1,1991

1,0714

1,7300

 ( 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

 ( 01.01-31.03.2011)

5,40 %

1,5753

2,1664

2,5072

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 01.01-31.03.2012)

0,65 %

1,7995

2,3799

2,8402

 

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  TL Thousand

 

 ( 31.12.2009 )  TL Thousand

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

715.523

0,83

1.044.284

0,88

1.029.642.962

0,90

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

Cash and Banks

512.156

0,60

823.735

0,70

607.157.898

0,53

Marketable Securities

0

0,00

0

0,00

0

0,00

Account Receivable

59.758

0,07

56.616

0,05

89.450.223

0,08

Other Receivable

36

0,00

34

0,00

21.581

0,00

Inventories

127.827

0,15

134.318

0,11

268.098.549

0,23

Advances Given

236

0,00

1.903

0,00

21.485.475

0,02

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

Other Current Assets

15.510

0,02

27.678

0,02

43.429.236

0,04

NON-CURRENT ASSETS

143.843

0,17

138.139

0,12

114.919.415

0,10

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

Long-term Receivable

9

0,00

4

0,00

5.257

0,00

Financial Assets

14.892

0,02

14.892

0,01

14.894.030

0,01

Tangible Fixed Assets (net)

124.407

0,14

121.183

0,10

98.346.332

0,09

Intangible Assets

2.245

0,00

1.954

0,00

1.603.040

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

2.290

0,00

106

0,00

70.756

0,00

TOTAL ASSETS

859.366

1,00

1.182.423

1,00

1.144.562.377

1,00

CURRENT LIABILITIES

528.127

0,61

841.073

0,71

753.404.883

0,66

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

203.488

0,24

675.681

0,57

355.195.489

0,31

Accounts Payable

299.853

0,35

123.627

0,10

318.525.448

0,28

Loans from Shareholders

128

0,00

747

0,00

2.832.773

0,00

Other Short-term Payable

15

0,00

38

0,00

586.123

0,00

Advances from Customers

16.364

0,02

15.455

0,01

29.892.746

0,03

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

Taxes Payable

1.143

0,00

1.224

0,00

3.913.801

0,00

Provisions

-2.153

0,00

7.550

0,01

7.131.291

0,01

Other Current Liabilities

9.289

0,01

16.751

0,01

35.327.212

0,03

LONG-TERM LIABILITIES

101.521

0,12

83.955

0,07

123.854.524

0,11

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

101.521

0,12

83.955

0,07

123.854.524

0,11

Securities Issued

0

0,00

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

0

0,00

Loans from Shareholders

0

0,00

0

0,00

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

229.718

0,27

257.395

0,22

267.302.970

0,23

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

Paid-in Capital

160.000

0,19

160.000

0,14

160.000.000

0,14

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

31.382

0,04

77.336

0,07

97.247.428

0,08

Revaluation Fund

148

0,00

148

0,00

150.109

0,00

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

Net Profit (loss)

38.188

0,04

19.911

0,02

9.905.433

0,01

TOTAL LIABILITIES AND EQUITY

859.366

1,00

1.182.423

1,00

1.144.562.377

1,00

 

 

 

 

 ( 31.03.2011 )  TL

 

CURRENT ASSETS

1.070.721.714

0,90

Not Detailed Current Assets

0

0,00

Cash and Banks

705.842.857

0,59

Marketable Securities

0

0,00

Account Receivable

42.528.707

0,04

Other Receivable

60.732

0,00

Inventories

281.102.304

0,24

Advances Given

468.748

0,00

Accumulated Construction Expense

0

0,00

Other Current Assets

40.718.366

0,03

NON-CURRENT ASSETS

116.409.698

0,10

Not Detailed Non-Current Assets

0

0,00

Long-term Receivable

5.257

0,00

Financial Assets

14.894.030

0,01

Tangible Fixed Assets (net)

101.098.322

0,09

Intangible Assets

406.915

0,00

Deferred Tax Assets

0

0,00

Other Non-Current Assets

5.174

0,00

TOTAL ASSETS

1.187.131.412

1,00

CURRENT LIABILITIES

761.050.088

0,64

Not Detailed Current Liabilities

0

0,00

Financial Loans

486.239.075

0,41

Accounts Payable

224.039.910

0,19

Loans from Shareholders

2.925.472

0,00

Other Short-term Payable

528.148

0,00

Advances from Customers

0

0,00

Accumulated Construction Income

0

0,00

Taxes Payable

4.627.358

0,00

Provisions

10.889.230

0,01

Other Current Liabilities

31.800.895

0,03

LONG-TERM LIABILITIES

156.755.719

0,13

Not Detailed Long-term Liabilities

0

0,00

Financial Loans

156.755.719

0,13

Securities Issued

0

0,00

Long-term Payable

0

0,00

Loans from Shareholders

0

0,00

Other Long-term Liabilities

0

0,00

Provisions

0

0,00

STOCKHOLDERS' EQUITY

269.325.605

0,23

Not Detailed Stockholders' Equity

0

0,00

Paid-in Capital

160.000.000

0,13

Cross Shareholding Adjustment of Capital

0

0,00

Inflation Adjustment of Capital

0

0,00

Equity of Consolidated Firms

0

0,00

Reserves

107.152.861

0,09

Revaluation Fund

150.108

0,00

Accumulated Losses(-)

0

0,00

Net Profit (loss)

2.022.636

0,00

TOTAL LIABILITIES AND EQUITY

1.187.131.412

1,00

 

 

REMARKS ON FINANCIAL STATEMENT

:

The income statement of 2011 has not become certain yet. 

 

At the last income statement TL 136.099.751 of the other income is due to "Profit from Foreign Currency Exchange". 

 

At the last income statement TL 212.792.346 of the other expenses is due to "Loss from Foreign Currency Exchange" .

 

 

INCOME STATEMENTS

 

 

(2008) TL Thousand

 

(2009) TL Thousand

 

(2010) TL

 

Net Sales

1.468.497

1,00

848.474

1,00

1.190.615.948

1,00

Cost of Goods Sold

1.401.807

0,95

782.903

0,92

1.150.393.789

0,97

Gross Profit

66.690

0,05

65.571

0,08

40.222.159

0,03

Operating Expenses

29.579

0,02

28.799

0,03

31.617.398

0,03

Operating Profit

37.111

0,03

36.772

0,04

8.604.761

0,01

Other Income

21.226

0,01

95.458

0,11

159.121.328

0,13

Other Expenses

10.972

0,01

62.237

0,07

97.982.271

0,08

Financial Expenses

0

0,00

45.224

0,05

57.208.978

0,05

Minority Interests

0

0,00

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

0

0,00

Profit (loss) Before Tax

47.365

0,03

24.769

0,03

12.534.840

0,01

Tax Payable

9.177

0,01

4.858

0,01

2.629.407

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

38.188

0,03

19.911

0,02

9.905.433

0,01

 

 

 

(01.01-31.03.2011) TL

 

(2011) TL

 

Net Sales

357.127.584

1,00

1.594.449.350

1,00

Cost of Goods Sold

349.519.759

0,98

1.523.642.789

0,96

Gross Profit

7.607.825

0,02

70.806.561

0,04

Operating Expenses

7.207.547

0,02

32.691.354

0,02

Operating Profit

400.278

0,00

38.115.207

0,02

Other Income

33.421.422

0,09

218.233.616

0,14

Other Expenses

23.650.911

0,07

214.764.986

0,13

Financial Expenses

8.148.153

0,02

26.133.964

0,02

Minority Interests

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

Profit (loss) Before Tax

2.022.636

0,01

15.449.873

0,01

Tax Payable

0

0,00

3.186.570

0,00

Postponed Tax Gain

0

0,00

0

0,00

Net Profit (loss)

2.022.636

0,01

12.263.303

0,01

 

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

(01.01-31.03.2011)

LIQUIDITY RATIOS

 

 

Current Ratio

1,35

1,24

1,37

1,41

Acid-Test Ratio

1,08

1,05

0,92

0,98

Cash Ratio

0,97

0,98

0,81

0,93

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,15

0,11

0,23

0,24

Short-term Receivable/Total Assets

0,07

0,05

0,08

0,04

Tangible Assets/Total Assets

0,14

0,10

0,09

0,09

TURNOVER RATIOS

 

 

Inventory Turnover

10,97

5,83

4,29

1,24

Stockholders' Equity Turnover

6,39

3,30

4,45

1,33

Asset Turnover

1,71

0,72

1,04

0,30

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,27

0,22

0,23

0,23

Current Liabilities/Total Assets

0,61

0,71

0,66

0,64

Financial Leverage

0,73

0,78

0,77

0,77

Gearing Percentage

2,74

3,59

3,28

3,41

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,17

0,08

0,04

0,01

Operating Profit Margin

0,03

0,04

0,01

0,00

Net Profit Margin

0,03

0,02

0,01

0,01

Interest Cover

 

1,55

1,22

1,25

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

14,65

24,02

27,05

42,88

Average Payable Period (days)

77,01

56,85

99,68

230,76

WORKING CAPITAL

187396,00

203211,00

276238079,00

309671626,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.72

UK Pound

1

Rs.86.98

Euro

1

Rs.70.64

 

 

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.