MIRA INFORM REPORT

 

 

Report Date :

30.03.2013

 

IDENTIFICATION DETAILS

 

Name :

KAPLAN KARDESLER HALI SANAYI VE TICARET LTD. STI.

 

 

Registered Office :

4. Organize Sanayi Bolgesi 83426 No'lu Cadde No:6 Sehitkamil-Gaziantep Gaziantep

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

18.07.1995

 

 

Com. Reg. No.:

17543

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacture and trade of carpets.

 

 

No. of Employees :

Not Available

 

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Turkey

A1

A1

 

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

:

KAPLAN KARDESLER HALI SANAYI VE TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

4. Organize Sanayi Bolgesi 83426 No'lu Cadde No:6 Sehitkamil-Gaziantep Gaziantep / Turkey

PHONE NUMBER

:

90-342-357 02 26

 

FAX NUMBER

:

90-342-357 02 23

 

WEB-ADDRESS

:

www.kaplankardesler.com

E-MAIL

:

info@kaplankardesler.com

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Gazikent

TAX NO

:

4980078158

REGISTRATION NUMBER

:

17543

REGISTERED OFFICE

:

Gaziantep Chamber of Commerce

DATE ESTABLISHED

:

18.07.1995

ESTABLISHMENT GAZETTE DATE /NO

:

31.07.1995/3839

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   5.000.000

PAID-IN CAPITAL

:

TL   5.000.000

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Selahattin Kaplan

11,11 %

Abdulkadir Kaplan

11,11 %

Mehmet Kaplan

11,11 %

Ali Kaplan

11,11 %

Mustafa Kaplan

11,11 %

Ilyas Kaplan

11,11 %

Omer Kaplan

11,11 %

Necmettin Kaplan

11,11 %

Mesut Kaplan

11,11 %

 

 

SISTER COMPANIES

:

DOST KARDESLER TEKSTIL SANAYI VE TICARET A.S.

 

SUBSIDIARIES

:

DOST KARDESLER TEKSTIL SANAYI VE TICARET A.S.  ( 31,66 % )

 

DIRECTORS

:

Mehmet Kaplan

 

Ali Kaplan

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Manufacture and trade of carpets.

 

NACE CODE

:

DB.17.51

 

NUMBER OF EMPLOYEES

:

1.048

 

NET SALES

:

63.663 TL Thousand

(2007) 

79.566 TL Thousand

(2008) 

71.771.019 TL

(2009) 

104.090.315 TL

(2010) 

143.278.511 TL

(2011) 

158.496.917 TL

(2012) 

 

 

EXPORT VALUE

:

266.000 USD

(2007)

974.000 USD

(2008)

107.455 TL

(2009)

76.495 TL

(2010)

1.715.368 TL

(2011)

4.243.936 TL

(2012)

 

 

EXPORT COUNTRIES

:

Saudi Arabia

Israel

Greece

Germany

Turkish Republics

 

 

MERCHANDISE  EXPORTED

:

Carpet

Yarn

 

HEAD OFFICE ADDRESS

:

4. Organize Sanayi Bolgesi 83426 No'lu Cadde No:6 Sehitkamil-Gaziantep Gaziantep / Turkey (owned)

 

BRANCHES

:

Head Office/Production Plant  :  4. Organize Sanayi Bolgesi Baspinar Gaziantep/Turkey (owned)

 

Production Plant  :  2. Organize Sanayi Bolgesi (Besler Un Fabrikasi Arkasi) Baspinar Sehitkamil Gaziantep/Turkey

 

Production Plant  :  3. Organize Sanayi Bolgesi (Besler Un Fabrikasi Karsisi) Baspinar Sehitkamil Gaziantep/Turkey

 

Production Plant  :  4. Organize Sanayi Bolgesi (sanko Makina Karsisi) Baspinar Sehitkamil Gaziantep/Turkey

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2012.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Turk Ekonomi Bankasi Sehitkamil Branch

Yapi ve Kredi Bankasi Sehitkamil Branch

 

CREDIT FACILITIES

:

The subject rarely makes use of credit facilities.

 

 

KEY FINANCIAL ELEMENTS

:

 

(2010) TL

(2011) TL

(2012) TL

 

 

Net Sales

104.090.315

143.278.511

158.496.917

 

 

Profit (Loss) Before Tax

3.176.600

1.081.704

6.353.056

 

 

Stockholders' Equity

22.921.806

23.794.005

29.201.484

 

 

Total Assets

60.914.448

71.946.987

94.481.188

 

 

Current Assets

19.558.192

34.646.416

45.924.951

 

 

Non-Current Assets

41.356.256

37.300.571

48.556.237

 

 

Current Liabilities

37.992.642

48.152.982

65.279.704

 

 

Long-Term Liabilities

0

0

0

 

 

Gross Profit (loss)

5.221.349

5.515.620

11.467.010

 

 

Operating Profit (loss)

2.382.295

3.923.187

9.489.769

 

 

Net Profit (loss)

2.530.909

872.200

5.407.480

 

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Fair As of 31.12.2012

Remarks on Capitalization

A part of liabilities consist of loans from shareholders.

Liquidity

Low As of 31.12.2012

Remarks On Liquidity

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

Profitability

Fair Operating Profitability  in 2010

Fair Net Profitability  in 2010

Fair Operating Profitability  in 2011

Low Net Profitability  in 2011

Good Operating Profitability  in 2012

In Order Net Profitability  in 2012

 

Gap between average collection and payable periods

Favorable in 2012

General Financial Position

Unsatisfactory

 

 

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

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 ( 01.01-28.02.2013)

-0,31 %

1,7828

2,3690

2,8041

 

 

BALANCE SHEETS

 

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL

 

CURRENT ASSETS

19.558.192

0,32

34.646.416

0,48

45.924.951

0,49

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

Cash and Banks

-3.966.273

-0,07

197.167

0,00

40.489

0,00

Marketable Securities

0

0,00

0

0,00

0

0,00

Account Receivable

1.902.348

0,03

4.097.405

0,06

5.623.965

0,06

Other Receivable

0

0,00

0

0,00

0

0,00

Inventories

19.601.639

0,32

28.821.565

0,40

38.689.882

0,41

Advances Given

770.278

0,01

635.552

0,01

490.414

0,01

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

Other Current Assets

1.250.200

0,02

894.727

0,01

1.080.201

0,01

NON-CURRENT ASSETS

41.356.256

0,68

37.300.571

0,52

48.556.237

0,51

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

856.905

0,01

856.905

0,01

856.905

0,01

Tangible Fixed Assets (net)

39.015.908

0,64

35.107.180

0,49

46.731.471

0,49

Intangible Assets

1.380.870

0,02

1.052.201

0,01

812.537

0,01

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

102.573

0,00

284.285

0,00

155.324

0,00

TOTAL ASSETS

60.914.448

1,00

71.946.987

1,00

94.481.188

1,00

CURRENT LIABILITIES

37.992.642

0,62

48.152.982

0,67

65.279.704

0,69

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

1.546.000

0,03

0

0,00

0

0,00

Accounts Payable

27.055.896

0,44

42.558.015

0,59

59.346.334

0,63

Loans from Shareholders

5.192.839

0,09

2.725.756

0,04

3.413.604

0,04

Other Short-term Payable

118.495

0,00

185.965

0,00

84.121

0,00

Advances from Customers

3.064.145

0,05

1.583.403

0,02

793.401

0,01

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

Taxes Payable

251.785

0,00

342.206

0,00

626.511

0,01

Provisions

239.376

0,00

70.964

0,00

111.328

0,00

Other Current Liabilities

524.106

0,01

686.673

0,01

904.405

0,01

LONG-TERM LIABILITIES

0

0,00

0

0,00

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

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

22.921.806

0,38

23.794.005

0,33

29.201.484

0,31

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

Paid-in Capital

5.000.000

0,08

5.000.000

0,07

5.000.000

0,05

Cross Shareholding Adjustment of Capital

1.679.308

0,03

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

1.679.308

0,02

1.679.308

0,02

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

Reserves

14.665.460

0,24

17.196.368

0,24

18.068.567

0,19

Revaluation Fund

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

-953.871

-0,02

-953.871

-0,01

-953.871

-0,01

Net Profit (loss)

2.530.909

0,04

872.200

0,01

5.407.480

0,06

TOTAL LIABILITIES AND EQUITY

60.914.448

1,00

71.946.987

1,00

94.481.188

1,00

 

REMARKS ON FINANCIAL STATEMENT

:

The financial statements of 2012 have not become certain yet.   

 

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

 

(2012) TL

 

Net Sales

104.090.315

1,00

143.278.511

1,00

158.496.917

1,00

Cost of Goods Sold

98.868.966

0,95

137.762.891

0,96

147.029.907

0,93

Gross Profit

5.221.349

0,05

5.515.620

0,04

11.467.010

0,07

Operating Expenses

2.839.054

0,03

1.592.433

0,01

1.977.241

0,01

Operating Profit

2.382.295

0,02

3.923.187

0,03

9.489.769

0,06

Other Income

2.226.572

0,02

2.173.378

0,02

2.692.935

0,02

Other Expenses

1.308.230

0,01

4.681.651

0,03

5.493.388

0,03

Financial Expenses

124.037

0,00

333.210

0,00

336.260

0,00

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

3.176.600

0,03

1.081.704

0,01

6.353.056

0,04

Tax Payable

645.691

0,01

209.504

0,00

945.576

0,01

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

2.530.909

0,02

872.200

0,01

5.407.480

0,03

 

 

FINANCIAL RATIOS

 

 

(2010)

(2011)

(2012)

LIQUIDITY RATIOS

 

Current Ratio

0,51

0,72

0,70

Acid-Test Ratio

-0,05

0,09

0,09

Cash Ratio

-0,10

0,00

0,00

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,32

0,40

0,41

Short-term Receivable/Total Assets

0,03

0,06

0,06

Tangible Assets/Total Assets

0,64

0,49

0,49

TURNOVER RATIOS

 

Inventory Turnover

5,04

4,78

3,80

Stockholders' Equity Turnover

4,54

6,02

5,43

Asset Turnover

1,71

1,99

1,68

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,38

0,33

0,31

Current Liabilities/Total Assets

0,62

0,67

0,69

Financial Leverage

0,62

0,67

0,69

Gearing Percentage

1,66

2,02

2,24

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,11

0,04

0,19

Operating Profit Margin

0,02

0,03

0,06

Net Profit Margin

0,02

0,01

0,03

Interest Cover

26,61

4,25

19,89

COLLECTION-PAYMENT

 

Average Collection Period (days)

6,58

10,30

12,77

Average Payable Period (days)

98,52

111,21

145,31

WORKING CAPITAL

-18434450,00

-13506566,00

-19354753,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.38

UK Pound

1

Rs.82.32

Euro

1

Rs.69.54

 

 

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.