MIRA INFORM REPORT

 

 

Report Date :

02.04.2013

 

IDENTIFICATION DETAILS

 

Name :

KERVAN TEKSTIL SANAYI VE DIS TICARET A.S.

 

 

Registered Office :

Merve Mah. Uzungol Cad. No:1 Sancaktepe Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

19.11.1986

 

 

Com. Reg. No.:

228637

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Retail trade of home textile products and sewing of linens and towel, trade of furniture and accessories.

 

 

No. of Employees :

290

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

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

:

KERVAN TEKSTIL SANAYI VE DIS TICARET A.S.

HEAD OFFICE ADDRESS

:

Merve Mah. Uzungol Cad. No:1 Sancaktepe Istanbul / Turkey

PHONE NUMBER

:

90-216-561 52 29

 

FAX NUMBER

:

90-216-561 50 69

 

WEB-ADDRESS

:

www.krvn.com.tr

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Marmara Kurumlar

TAX NO

:

5450009971

REGISTRATION NUMBER

:

228637

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

19.11.1986

ESTABLISHMENT GAZETTE DATE/NO

:

25.11.1986/1646

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   12.713.400

HISTORY

:

Previous Name

:

Kervan Halicilik Sanayi ve Ticaret A.S.

Changed On

:

31.12.1997 (Commercial Gazette Date /Number 09.03.1998/ 4497)

Previous Registered Capital

:

TL 9.373.696

Changed On

:

16.06.2009 (Commercial Gazette Date /Number 22.06.2009/ 7337)

Previous Registered Capital

:

TL 10.100.000

Changed On

:

04.03.2010 (Commercial Gazette Date /Number 10.03.2010/ 7518)

Previous Registered Capital

:

TL 11.400.000

Changed On

:

08.01.2013 (Commercial Gazette Date /Number 14.01.2013/ 8235)

Previous Address

:

Yenidogan Merve Mah. Osmangazi Cad. No:24 34792 Sancaktepe-Istanbul (The address had been changed from "Yenidogan S.Beyli Ekmekcioglu Mevkii Merve Mah. Osmangazi Cad. No:24 34792 Umraniye-Istanbul by the Municipality.)

Changed On

:

11.04.2012 (Commercial Gazette Date /Number 17.04.2012/ 8050)

Merger

:

The subject took over and merged with “Kervan Ceyiz Sanayi ve Ticaret A.S.” and “Kervan Ev Tekstil Sanayi ve Ticaret A.S.”

Changed On

:

20.03.2008 (Commercial Gazette Date /Number 26.03.2008/ 7028)

Merger

:

The subject took over and merged with “Selen Tekstil Sanayi ve Ticaret A.S.”

Changed On

:

30.12.2008 (Commercial Gazette Date /Number 05.01.2009/ 7220)

Merger

:

The subject took over and merged with "Ozdem Tekstil Sanayi ve Ticaret Ltd. Sti."

Changed On

:

08.01.2013 (Commercial Gazette Date /Number 14.01.2013/ 8235)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Hasan Alper Demirel

43,96 %

Sinasi Demirel

36,62 %

Venhar Ozer

10,45 %

Hulya Demirel

8,97 %

 

 

BOARD OF DIRECTORS

:

Sinasi Demirel

Chairman

Hasan Alper Demirel

Vice-Chairman

Venhar Ozer

Member

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Retail trade of home textile products and sewing of linens and towel, trade of furniture and accessories.

 

The firm declared that, it has 24 stores in Turkey.

 

NACE CODE

:

G .52.41

 

NUMBER OF EMPLOYEES

:

290

 

NET SALES

:

6.400.759 TL

(2006) 

14.094.619 TL

(2007) 

16.772.744 TL

(2008) 

20.592.990 TL

(2009) 

28.882.015 TL

(2010) 

38.623.609 TL

(2011) 

37.752.737 TL

(2012) 

 

 

IMPORT VALUE

:

2.468.033 USD

(2008)

3.332.392 USD + 170.256 EUR

(2009)

5.983.616 USD + 69.807 EUR

(2010)

 

 

IMPORT COUNTRIES

:

India

China

 

MERCHANDISE IMPORTED

:

Furniture

Home textile products

 

EXPORT VALUE

:

50.800 TL

(2008)

165.659 TL

(2009)

1.075.061 TL

(2010)

1.783.194 TL

(2011)

658.820 TL

(2012)

 

 

EXPORT COUNTRIES

:

Azerbaijan

Morocco

Germany

Netherlands

Uzbekistan

Syria

Denmark

Czech Republic

Qatar

Russia

 

MERCHANDISE  EXPORTED

:

Bedspreads

Furniture

Linens

Towel

Wood ornaments

HEAD OFFICE ADDRESS

:

Merve Mah. Uzungol Cad. No:1 Sancaktepe  Istanbul / Turkey ( owned )

 

BRANCHES

:

Head Office/Workshop  :  Merve Mah. Uzungol Cad. No:1 Sancaktepe Istanbul/Turkey 

 

TREND OF BUSINESS

:

There was a decline at business volume in nominal terms in  2012.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Akbank Bakirkoy Branch

Anadolu Bank Merter Branch

Asya Katilim Bankasi Bakirkoy Branch

Finansbank Sarigazi Branch

Garanti Bankasi Kalamis Branch

Kuveyt Turk Katilim Bankasi Imes Branch

Sekerbank Maltepe Branch

T. Is Bankasi Sultanbeyli Branch

T. Vakiflar Bankasi Merter Branch

Turkiye Finans Katilim Bankasi Umraniye Branch

Yapi ve Kredi Bankasi Umraniye 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

:

 

(2008) TL

(2009) TL

(2010) TL

(2011) TL

(2012) TL

Net Sales

16.772.744

20.592.990

28.882.015

38.623.609

37.752.737

Profit (Loss) Before Tax

540.396

618.222

2.240.992

307.618

735.657

Stockholders' Equity

14.104.933

15.921.302

17.719.182

17.911.205

 

Total Assets

31.979.122

35.839.972

39.821.507

52.309.608

 

Current Assets

15.710.139

14.212.913

18.431.769

26.823.604

 

Non-Current Assets

16.268.983

21.627.059

21.389.738

25.486.004

 

Current Liabilities

17.594.912

6.965.996

11.128.449

12.522.975

 

Long-Term Liabilities

279.277

12.952.674

10.973.876

21.875.428

 

Gross Profit (loss)

9.932.598

9.566.503

11.788.493

17.705.098

18.133.471

Operating Profit (loss)

2.234.825

2.093.226

3.663.298

5.326.141

1.465.062

Net Profit (loss)

391.542

443.984

1.770.264

192.024

735.657

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Fair As of 31.12.2011

Liquidity

High As of 31.12.2011

Remarks On Liquidity

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

Profitability

High Operating Profitability  in 2008

Fair Net Profitability  in 2008

High Operating Profitability  in 2009

Fair Net Profitability  in 2009

High Operating Profitability  in 2010

High Net Profitability  in 2010

High Operating Profitability  in 2011

Low Net Profitability  in 2011

In Order Operating Profitability  in 2012

Fair Net Profitability  in 2012

 

Gap between average collection and payable periods

Unfavorable in 2011

General Financial Position

Satisfactory

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 01.01-30.09.2009)

3,60 %

1,5624

2,1386

2,3953

 ( 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

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 ( 01.01-28.02.2013)

-0,31 %

1,7828

2,3690

2,8041

 

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

 

 

CURRENT ASSETS

15.710.139

0,49

14.212.913

0,40

18.431.769

0,46

26.823.604

0,51

 

 

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Cash and Banks

1.837.716

0,06

3.312.040

0,09

3.689.155

0,09

3.853.255

0,07

 

 

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Account Receivable

6.591.787

0,21

4.768.459

0,13

7.195.533

0,18

12.290.678

0,23

 

 

Other Receivable

21.120

0,00

0

0,00

0

0,00

0

0,00

 

 

Inventories

5.081.552

0,16

4.922.697

0,14

6.872.831

0,17

8.314.007

0,16

 

 

Advances Given

2.171.075

0,07

1.156.824

0,03

586.044

0,01

2.212.421

0,04

 

 

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Other Current Assets

6.889

0,00

52.893

0,00

88.206

0,00

153.243

0,00

 

 

NON-CURRENT ASSETS

16.268.983

0,51

21.627.059

0,60

21.389.738

0,54

25.486.004

0,49

 

 

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Long-term Receivable

2.942

0,00

2.942

0,00

4.911

0,00

9.826

0,00

 

 

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Tangible Fixed Assets (net)

15.332.857

0,48

18.976.516

0,53

19.285.607

0,48

21.673.291

0,41

 

 

Intangible Assets

872.018

0,03

1.078.951

0,03

1.104.002

0,03

1.812.764

0,03

 

 

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Other Non-Current Assets

61.166

0,00

1.568.650

0,04

995.218

0,02

1.990.123

0,04

 

 

TOTAL ASSETS

31.979.122

1,00

35.839.972

1,00

39.821.507

1,00

52.309.608

1,00

 

 

CURRENT LIABILITIES

17.594.912

0,55

6.965.996

0,19

11.128.449

0,28

12.522.975

0,24

 

 

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Financial Loans

10.223.116

0,32

781.233

0,02

2.204.765

0,06

6.274.472

0,12

 

 

Accounts Payable

5.784.330

0,18

2.036.132

0,06

3.257.810

0,08

5.284.350

0,10

 

 

Loans from Shareholders

504.642

0,02

3.212.000

0,09

4.758.384

0,12

0

0,00

 

 

Other Short-term Payable

121.631

0,00

87.211

0,00

2.659

0,00

195.028

0,00

 

 

Advances from Customers

784.274

0,02

329.828

0,01

289.486

0,01

102.434

0,00

 

 

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Taxes Payable

100.595

0,00

169.706

0,00

264.699

0,01

190.670

0,00

 

 

Provisions

4.588

0,00

16.698

0,00

28.367

0,00

1.498

0,00

 

 

Other Current Liabilities

71.736

0,00

333.188

0,01

322.279

0,01

474.523

0,01

 

 

LONG-TERM LIABILITIES

279.277

0,01

12.952.674

0,36

10.973.876

0,28

21.875.428

0,42

 

 

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Financial Loans

279.277

0,01

12.952.674

0,36

10.973.876

0,28

21.875.428

0,42

 

 

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

14.104.933

0,44

15.921.302

0,44

17.719.182

0,44

17.911.205

0,34

 

 

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Paid-in Capital

8.025.000

0,25

10.100.000

0,28

11.400.000

0,29

11.400.000

0,22

 

 

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Inflation Adjustment of Capital

2.421.648

0,08

2.421.648

0,07

2.421.648

0,06

2.421.648

0,05

 

 

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Reserves

2.380.896

0,07

3.225.165

0,09

3.042.845

0,08

4.813.108

0,09

 

 

Revaluation Fund

1.988.528

0,06

646.080

0,02

0

0,00

0

0,00

 

 

Accumulated Losses(-)

-1.102.681

-0,03

-915.575

-0,03

-915.575

-0,02

-915.575

-0,02

 

 

Net Profit (loss)

391.542

0,01

443.984

0,01

1.770.264

0,04

192.024

0,00

 

 

TOTAL LIABILITIES AND EQUITY

31.979.122

1,00

35.839.972

1,00

39.821.507

1,00

52.309.608

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

 

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

(2012) TL

 

Net Sales

16.772.744

1,00

20.592.990

1,00

28.882.015

1,00

38.623.609

1,00

37.752.737

1,00

Cost of Goods Sold

6.840.146

0,41

11.026.487

0,54

17.093.522

0,59

20.918.511

0,54

19.619.266

0,52

Gross Profit

9.932.598

0,59

9.566.503

0,46

11.788.493

0,41

17.705.098

0,46

18.133.471

0,48

Operating Expenses

7.697.773

0,46

7.473.277

0,36

8.125.195

0,28

12.378.957

0,32

16.668.409

0,44

Operating Profit

2.234.825

0,13

2.093.226

0,10

3.663.298

0,13

5.326.141

0,14

1.465.062

0,04

Other Income

63.341

0,00

1.208.327

0,06

921.748

0,03

432.144

0,01

1.887.343

0,05

Other Expenses

86.370

0,01

686.578

0,03

188.320

0,01

283.408

0,01

181.781

0,00

Financial Expenses

1.671.400

0,10

1.996.753

0,10

2.155.734

0,07

5.167.259

0,13

2.434.967

0,06

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

540.396

0,03

618.222

0,03

2.240.992

0,08

307.618

0,01

735.657

0,02

Tax Payable

148.854

0,01

174.238

0,01

470.728

0,02

115.594

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)

391.542

0,02

443.984

0,02

1.770.264

0,06

192.024

0,00

735.657

0,02

 

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

(2011)

 

LIQUIDITY RATIOS

 

 

Current Ratio

0,89

2,04

1,66

2,14

 

Acid-Test Ratio

0,48

1,16

0,98

1,29

 

Cash Ratio

0,10

0,48

0,33

0,31

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,16

0,14

0,17

0,16

 

Short-term Receivable/Total Assets

0,21

0,13

0,18

0,23

 

Tangible Assets/Total Assets

0,48

0,53

0,48

0,41

 

TURNOVER RATIOS

 

 

Inventory Turnover

1,35

2,24

2,49

2,52

 

Stockholders' Equity Turnover

1,19

1,29

1,63

2,16

 

Asset Turnover

0,52

0,57

0,73

0,74

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,44

0,44

0,44

0,34

 

Current Liabilities/Total Assets

0,55

0,19

0,28

0,24

 

Financial Leverage

0,56

0,56

0,56

0,66

 

Gearing Percentage

1,27

1,25

1,25

1,92

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,03

0,03

0,10

0,01

 

Operating Profit Margin

0,13

0,10

0,13

0,14

 

Net Profit Margin

0,02

0,02

0,06

0,00

 

Interest Cover

1,32

1,31

2,04

1,06

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

141,55

83,41

89,75

114,65

 

Average Payable Period (days)

304,43

66,48

68,61

90,94

 

WORKING CAPITAL

-1884773,00

7246917,00

7303320,00

14300629,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.39

UK Pound

1

Rs.82.32

Euro

1

Rs.69.54

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

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

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NB

New Business

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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.