MIRA INFORM REPORT

 

 

Report Date :

17.11.2012

 

IDENTIFICATION DETAILS

 

Name :

KONDAS KONDANSATOR SANAYI VE TICARET A.S.

 

 

Registered Office :

 

Cumhuriyet Mah. Istanbul Cad. No:114 Gebze 

 

 

 

 

Country :

Turkey

 

 

 

 

Financials (as on) :

31.12.2011

 

 

 

 

Date of Incorporation :

19.11.1973

 

 

 

 

Com. Reg. No.:

412

 

 

 

 

Legal Form :

Joint Stock Company

 

 

 

 

Line of Business :

Manufacture and trade of condenser.

 

 

 

 

No. of Employees :

25 employees

 

 

 

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 but correct

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

Turkey

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

TURKEY - ECONOMIC OVERVIEW

 

Turkey's largely free-market economy is increasingly driven by its industry and service sectors, although its traditional agriculture sector still accounts for about 25% of employment. An aggressive privatization program has reduced state involvement in basic industry, banking, transport, and communication, and an emerging cadre of middle-class entrepreneurs is adding dynamism to the economy and expanding production beyond the traditional textiles and clothing sectors. The automotive, construction, and electronics industries, are rising in importance and have surpassed textiles within Turkey's export mix. Oil began to flow through the Baku-Tbilisi-Ceyhan pipeline in May 2006, marking a major milestone that will bring up to 1 million barrels per day from the Caspian to market. Several gas pipelines projects also are moving forward to help transport Central Asian gas to Europe through Turkey, which over the long term will help address Turkey's dependence on imported oil and gas to meet 97% of its energy needs. After Turkey experienced a severe financial crisis in 2001, Ankara adopted financial and fiscal reforms as part of an IMF program. The reforms strengthened the country's economic fundamentals and ushered in an era of strong growth - averaging more than 6% annually until 2008. Global economic conditions and tighter fiscal policy caused GDP to contract in 2009, but Turkey's well-regulated financial markets and banking system helped the country weather the global financial crisis and GDP rebounded strongly to 8.2% in 2010, as exports returned to normal levels following the recession. Turkey's public sector debt to GDP ratio has fallen to roughly 40%. Continued strong growth has pushed inflation to the 8% level, however, and worsened an already high current account deficit. Turkey remains dependent on often volatile, short-term investment to finance its large trade deficit. The stock value of FDI stood at $99 billion at year-end 2011. Inflows have slowed considerably in light of continuing economic turmoil in Europe, the source of much of Turkey's FDI. Further economic and judicial reforms and prospective EU membership are expected to boost Turkey's attractiveness to foreign investors. However, Turkey's relatively high current account deficit, uncertainty related to monetary policy-making, and political turmoil within Turkey's neighborhood leave the economy vulnerable to destabilizing shifts in investor confidence.

 

Source : CIA

 

COMPANY IDENTIFICATION

 

 

NAME

:

KONDAS KONDANSATOR SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Cumhuriyet Mah. Istanbul Cad. No:114 Gebze  / Turkey

PHONE NUMBER

:

90-262-744 10 75

 

FAX NUMBER

:

90-262-744 18 79

 

WEB-ADDRESS

:

www.kondas.com.tr

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Ilyasbey

TAX NO

:

5760030087

REGISTRATION NUMBER

:

412

REGISTERED OFFICE

:

Gebze Chamber of Commerce

DATE ESTABLISHED

:

19.11.1973

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   3.100.000

PAID-IN CAPITAL

:

TL   3.100.000

 

HISTORY

:

Previous Registered Capital

:

TL 1.500.000

Changed On

:

02.06.2009 (Commercial Gazette Date /Number 10.06.2009/ 7329)

Previous Registered Capital

:

TL 3.000.000

Changed On

:

03.06.2010 (Commercial Gazette Date /Number 10.06.2010/ 7582)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Ahmet Basaran

99,24 %

Ibrahim Basaran

 

Sainur Basaran

 

Basar Ibrahim Basaran

 

Behice Oznur Basaran

 

 

 

SISTER COMPANIES

:

BASARAN INSAAT TURIZM TICARET VE SANAYI A.S.

 

METALKON METAL KONSTRUKSIYON SANAYI VE TICARET A.S.

 

VARKON ELEKTROTEKNIK SANAYI VE TICARET A.S.

 

SUBSIDIARIES

:

None

 

BOARD OF DIRECTORS

:

Ibrahim Basaran

Chairman

Sainur Basaran

Vice-Chairman

Behice Oznur Basaran

Member

Basar Ibrahim Basaran

Member

Ahmet Basaran

Member

 

 

DIRECTORS

:

Ahmet Basaran

General Manager

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Manufacture and trade of condenser.

 

NACE CODE

:

DL.32.10

 

TRADEMARKS OWNED

:

Kondas

 

NUMBER OF EMPLOYEES

:

25

 

NET SALES

:

7.191.130 TL

(2007) 

12.583.085 TL

(2008) 

6.734.743 TL

(2009) 

5.638.093 TL

(2010) 

10.285.386 TL

(2011) 

4.778.986 TL

(01.01-30.06.2012) 

IMPORT COUNTRIES

:

Germany

France

Finland

India

Switzerland

 

MERCHANDISE IMPORTED

:

Aluminum foils

P.P. films

 

EXPORT VALUE

:

572.549 TL

(2007)

636.103 TL

(2008)

626.551 TL

(2009)

529.216 TL

(2010)

766.346 TL

(2011)

222.194 TL

(01.01-30.06.2012)

 

 

EXPORT COUNTRIES

:

India

Greece

Germany

Iraq

U.K.

Italy

Mexico

Bangladesh

Oman

Saudi Arabia

Syria

Romania

Poland

New Zealand

Free Zone

Jordan

 

MERCHANDISE  EXPORTED

:

Fixed capacitors

Fuses

Parts of electric capacitors

Relays

 

HEAD OFFICE ADDRESS

:

Cumhuriyet Mah. Istanbul Cad. No:114 Gebze  / Turkey (owned)

 

BRANCHES

:

Head Office/Production Plant  :  Cumhuriyet Mah. Istanbul Cad. No:11 Gebze Kocaeli/Turkey (owned)

INVESTMENTS

:

None

 

TREND OF BUSINESS

:

There was an upwards trend in  2011. There appears a decline at business volume in nominal terms in  1.1 - 30.6.2012.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Akbank Gebze Branch

Garanti Bankasi Gebze Branch

HSBC Bank Gebze Branch

T. Is Bankasi Gebze Branch

Turk Ekonomi Bankasi Gebze 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

:

 

(2010) TL

(2011) TL

(01.01-30.06.2012) TL

Net Sales

5.638.093

10.285.386

4.778.986

Profit (Loss) Before Tax

600.167

-1.433.218

58.715

Stockholders' Equity

5.300.436

3.867.219

 

Total Assets

9.111.826

10.095.693

 

Current Assets

5.785.841

5.455.969

 

Non-Current Assets

3.325.985

4.639.724

 

Current Liabilities

3.811.390

6.070.906

 

Long-Term Liabilities

0

157.568

 

Gross Profit (loss)

1.275.311

2.213.740

1.113.170

Operating Profit (loss)

306.405

1.150.340

179.985

Net Profit (loss)

531.034

-1.433.218

58.715

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Satisfactory As of 31.12.2011

Liquidity

Insufficient As of 31.12.2011

Remarks On Liquidity

The unfavorable gap between average collection and average payable period has an adverse effect on liquidity. 

 

The liquid assets consist mainly of receivables the amount of cash&banks or marketable securities (which are more liquid) are low.

 

Profitability

In Order Operating Profitability  in 2010

High Net Profitability  in 2010

High Operating Profitability  in 2011

Net Loss  in 2011

In Order Operating Profitability (01.01-30.06.2012)

Low Net Profitability (01.01-30.06.2012)

 

Gap between average collection and payable periods

Unfavorable in 2011

General Financial Position

Passable

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 01.01-30.09.2012)

3,34 %

1,8028

2,3233

2,8527

 

 

BALANCE SHEETS

 

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

5.785.841

0,63

5.455.969

0,54

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

1.464.524

0,16

223.016

0,02

Marketable Securities

0

0,00

0

0,00

Account Receivable

403.409

0,04

3.085.303

0,31

Other Receivable

1.684.679

0,18

18.666

0,00

Inventories

1.143.804

0,13

1.199.482

0,12

Advances Given

1.019.317

0,11

774.538

0,08

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

70.108

0,01

154.964

0,02

NON-CURRENT ASSETS

3.325.985

0,37

4.639.724

0,46

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

Financial Assets

0

0,00

0

0,00

Tangible Fixed Assets (net)

3.034.861

0,33

3.368.495

0,33

Intangible Assets

273.910

0,03

1.245.433

0,12

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

17.214

0,00

25.796

0,00

TOTAL ASSETS

9.111.826

1,00

10.095.693

1,00

CURRENT LIABILITIES

3.811.390

0,42

6.070.906

0,60

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

2.477.217

0,27

4.165.333

0,41

Accounts Payable

285.116

0,03

684.797

0,07

Loans from Shareholders

730

0,00

50

0,00

Other Short-term Payable

90.851

0,01

40.231

0,00

Advances from Customers

826.698

0,09

1.127.001

0,11

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

70.787

0,01

123.503

0,01

Provisions

59.769

0,01

-78.269

-0,01

Other Current Liabilities

222

0,00

8.260

0,00

LONG-TERM LIABILITIES

0

0,00

157.568

0,02

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

0

0,00

157.568

0,02

Securities Issued

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

Loans from Shareholders

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

5.300.436

0,58

3.867.219

0,38

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

3.100.000

0,34

3.100.000

0,31

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

1.669.402

0,18

2.200.437

0,22

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

Net Profit (loss)

531.034

0,06

-1.433.218

-0,14

TOTAL LIABILITIES AND EQUITY

9.111.826

1,00

10.095.693

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.

 

 

INCOME STATEMENTS

 

 

(2010) TL

 

(2011) TL

 

(01.01-30.06.2012) TL

 

Net Sales

5.638.093

1,00

10.285.386

1,00

4.778.986

1,00

Cost of Goods Sold

4.362.782

0,77

8.071.646

0,78

3.665.816

0,77

Gross Profit

1.275.311

0,23

2.213.740

0,22

1.113.170

0,23

Operating Expenses

968.906

0,17

1.063.400

0,10

933.185

0,20

Operating Profit

306.405

0,05

1.150.340

0,11

179.985

0,04

Other Income

516.876

0,09

240.835

0,02

245.373

0,05

Other Expenses

32.695

0,01

2.411.609

0,23

24.742

0,01

Financial Expenses

190.419

0,03

412.784

0,04

341.901

0,07

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

600.167

0,11

-1.433.218

-0,14

58.715

0,01

Tax Payable

69.133

0,01

0

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

531.034

0,09

-1.433.218

-0,14

58.715

0,01

 

 

FINANCIAL RATIOS

 

 

(2010)

(2011)

LIQUIDITY RATIOS

 

 

Current Ratio

1,52

0,90

Acid-Test Ratio

0,93

0,55

Cash Ratio

0,38

0,04

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,13

0,12

Short-term Receivable/Total Assets

0,23

0,31

Tangible Assets/Total Assets

0,33

0,33

TURNOVER RATIOS

 

 

Inventory Turnover

3,81

6,73

Stockholders' Equity Turnover

1,06

2,66

Asset Turnover

0,62

1,02

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,58

0,38

Current Liabilities/Total Assets

0,42

0,60

Financial Leverage

0,42

0,62

Gearing Percentage

0,72

1,61

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,10

-0,37

Operating Profit Margin

0,05

0,11

Net Profit Margin

0,09

-0,14

Interest Cover

4,15

-2,47

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

25,76

107,99

Average Payable Period (days)

23,53

30,54

WORKING CAPITAL

1974451,00

-614937,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.99

UK Pound

1

Rs.87.21

Euro

1

Rs.70.22

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.