MIRA INFORM REPORT

 

 

Report Date :

12.05.2014

 

IDENTIFICATION DETAILS

 

Name :

KAHIL DIS TICARET LTD. STI.

 

 

Registered Office :

Cankaya Mah. Ataturk Cad. Yasat Is Hani K.9 No: 159-164 Mersin

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

24.05.1984

 

 

Com. Reg. No.:

7434

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Wholesale trade of pulse, oil grain, dried fruit, chickpea. 

 

 

No. of Employees :

4

 

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 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Turkey

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

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 around 9% in 2010-11, as exports returned to normal levels following the recession. Growth dropped to roughly 3% in 2012-13. Turkey's public sector debt to GDP ratio has fallen below 40%, and at least one rating agency upgraded Turkey's debt to investment grade in 2012. Turkey remains dependent on often volatile, short-term investment to finance its large trade deficit. The stock value of FDI reached nearly $195 billion at year-end 2013, reflecting Turkey's good growth even in the face of economic turmoil in Europe, the source of much of Turkey's FDI. 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

:

KAHIL DIS TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Cankaya Mah. Ataturk Cad. Yasat Is Hani K.9 No: 159-164 Mersin / Turkey

PHONE NUMBER

:

90-324-231 85 75

90-324-231 85 76

 

FAX NUMBER

:

90-324-231 85 79

 

WEB-ADDRESS

:

www.kahil.com.tr

E-MAIL

:

kahil@kahil.com.tr

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Uray

TAX NO

:

4870015521

REGISTRATION NUMBER

:

7434

REGISTERED OFFICE

:

Mersin Chamber of Commerce and Industry

DATE ESTABLISHED

:

24.05.1984

ESTABLISHMENT GAZETTE DATE/NO

:

30.05.1984/1021

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   900.000

PAID-IN CAPITAL

:

TL   880.212

HISTORY

:

Previous Registered Capital

:

TL 22.575

Changed On

:

30.06.2010 (Commercial Gazette Date /Number 09.07.2010/ 7603)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Mohamed Fayez Kahil

22 %

Mohamed Radwan Kahil

22 %

Mohammad Haitham Kahil

22 %

Mohamed Ghassan Kahil

22 %

Mohamed Kahil

9 %

Enise Kahil

3 %

 

 

SISTER COMPANIES

:

TAURUS ULUSLARARASI TASIMACILIK SANAYI VE TICARET A.S.

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Heysam Kahil

 

Mohammad Haitham Kahil

 

Mohamed Ghassan Kahil

 

Mohamed Kahil

 

Enise Kahil

 

 

 

OPERATIONS

 

NOTES ON OPERATIONS

:

Number of employees change seasonally.

 

 

BUSINESS ACTIVITIES

:

Wholesale trade of pulse, oil grain, dried fruit, chickpea. 

 

NACE CODE

:

G .51.21

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

4

 

NET SALES

:

7.620.390 TL

(2009) 

33.722.997 TL

(2010) 

27.371.515 TL

(2011) 

44.679 TL Thousand

(2012) 

9.925 TL Thousand

(2013) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT COUNTRIES

:

Argentina

Canada

China

India

Sudan

 

MERCHANDISE IMPORTED

:

Haricot bean

Oil grain

Pea

Pulse

 

EXPORT VALUE

:

29.631.960 TL

(2010)

25.137.283 TL

(2011)

39.558.055 TL

(2012)

6.816.222 TL

(2013)

 

 

EXPORT COUNTRIES

:

Egypt

Germany

U.K.

Iraq

Jordan

Libya

Nigeria

Syria

South Korea

Sudan

Free Zone

 

MERCHANDISE  EXPORTED

:

Chickpeas

Dried fruit

Hazelnuts

Mucilage

Pulse

 

HEAD OFFICE ADDRESS

:

Cankaya Mah. Ataturk Cad. Yasat Is Hani K.9 No: 159-164  Mersin / Turkey  (owned by shareholder(s))

 

BRANCHES

:

Warehouse  :  Cay Mahallesi Mersin/Turkey (owned by shareholder(s)) (1.600 sqm)

 

Head Office/Warehouse  :  Cankaya Mah. Ataturk Cad. Yasat Is Hani K.9 No: 159-164 Mersin/Turkey (owned by shareholder(s)) (200 sqm)

 

Branch Office/Warehouse  :  Doktor Ayhan Aybars Bul. T Adasi 7/5 Parsel Mersin Serbest Bolge (Free Zone) Mersin/Turkey (owned) (1.200 sqm)

 

INVESTMENTS

:

None

 

 

TREND OF BUSINESS

:

There was a decline at business volume in nominal terms in  2013.

SIZE OF BUSINESS

:

Upper-Moderate

 

 

FINANCE

 

MAIN DEALING BANKS

:

T.Halk Bankasi Mersin Branch

Yapi ve Kredi Bankasi Mersin 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

(2012) TL Thousand

(2013) TL Thousand

Net Sales

33.722.997

27.371.515

44.679

9.925

Profit (Loss) Before Tax

144.227

157.043

198

-215

Stockholders' Equity

1.123.293

1.127.531

1.187

972

Total Assets

5.049.529

10.253.842

6.736

3.085

Current Assets

4.935.211

10.138.152

6.579

2.927

Non-Current Assets

114.318

115.690

157

158

Current Liabilities

3.926.236

9.126.311

5.549

2.113

Long-Term Liabilities

0

0

0

0

Gross Profit (loss)

766.703

1.262.697

1.236

484

Operating Profit (loss)

240.976

457.592

232

370

Net Profit (loss)

112.970

121.512

158

-215

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Fair As of 31.12.2013

Liquidity

Satisfactory As of 31.12.2013

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

Low Operating Profitability  in 2010

Low Net Profitability  in 2010

Fair Operating Profitability  in 2011

Low Net Profitability  in 2011

Low Operating Profitability  in 2012

Low Net Profitability  in 2012

In Order Operating Profitability  in 2013

Net Loss  in 2013

 

Gap between average collection and payable periods

Unfavorable in 2013

Remarks on General Financial Position

Liquidity was satisfactory and capitalization was low but the subject had net loss in 2013.

 

 

 

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

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 ( 2013 )

6,97 %

1,9179

2,5530

3,0178

 ( 01.01-31.03.2014)

5,52 %

2,1961

3,0116

3,6488

 

 

BALANCE SHEETS

 

 

 (31.12.2010)  TL

 

 (31.12.2011)  TL

 

 (31.12.2012)   TL Thousand

 

 (31.12.2013)  TL Thousand

 

CURRENT ASSETS

4.935.211

0,98

10.138.152

0,99

6.579

0,98

2.927

0,95

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

171.767

0,03

48.714

0,00

183

0,03

117

0,04

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

2.803.016

0,56

1.079.666

0,11

1.448

0,21

1.481

0,48

Other Receivable

431.581

0,09

330.304

0,03

1.605

0,24

90

0,03

Inventories

764.771

0,15

7.577.839

0,74

1.805

0,27

888

0,29

Advances Given

451.490

0,09

688.376

0,07

1.401

0,21

143

0,05

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

312.586

0,06

413.253

0,04

137

0,02

208

0,07

NON-CURRENT ASSETS

114.318

0,02

115.690

0,01

157

0,02

158

0,05

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

748

0,00

748

0,00

1

0,00

1

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

111.125

0,02

111.740

0,01

155

0,02

155

0,05

Intangible Assets

1.015

0,00

1.015

0,00

1

0,00

1

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

1.430

0,00

2.187

0,00

0

0,00

1

0,00

TOTAL ASSETS

5.049.529

1,00

10.253.842

1,00

6.736

1,00

3.085

1,00

CURRENT LIABILITIES

3.926.236

0,78

9.126.311

0,89

5.549

0,82

2.113

0,68

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

3.014.405

0,60

4.041.780

0,39

2.674

0,40

1.707

0,55

Accounts Payable

888.333

0,18

5.067.141

0,49

2.840

0,42

366

0,12

Loans from Shareholders

0

0,00

0

0,00

0

0,00

23

0,01

Other Short-term Payable

7.560

0,00

0

0,00

9

0,00

10

0,00

Advances from Customers

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

4.305

0,00

17.220

0,00

12

0,00

7

0,00

Provisions

11.633

0,00

170

0,00

14

0,00

0

0,00

Other Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

LONG-TERM LIABILITIES

0

0,00

0

0,00

0

0,00

0

0,00

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

0

0,00

0

0,00

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

1.123.293

0,22

1.127.531

0,11

1.187

0,18

972

0,32

Not Detailed Stockholders' Equity

0

0,00

1.127.531

0,11

1.187

0,18

0

0,00

Paid-in Capital

880.212

0,17

0

0,00

0

0,00

880

0,29

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

130.111

0,03

0

0,00

0

0,00

307

0,10

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

112.970

0,02

0

0,00

0

0,00

-215

-0,07

TOTAL LIABILITIES AND EQUITY

5.049.529

1,00

10.253.842

1,00

6.736

1,00

3.085

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. 

 

In the sub-items of "Account Receivable", TL thousand 0 is "Doubtful Trade Receivables" at the last balance sheet.                                                

The details of "Other Receivable" figure at the last balance sheet (TL Thousand): Due From Shareholders:0,Due From Participations:90,Due From Affiliated Companies:0,Due From Personnel:0,Other Miscellaneous Receivables:0,Other Receivable Total:90.                                         

 

TL thousand 1 of "Tax Payable" is due to "Overdue, Delayed or Deferred Tax by Installments and Other Liabilities" at the last balance sheet.                                                                                                                                                                                                                                              

 

 

INCOME STATEMENTS

 

 

(2010) TL

 

(2011) TL

 

(2012) TL Thousand

 

(2013) TL Thousand

 

Net Sales

33.722.997

1,00

27.371.515

1,00

44.679

1,00

9.925

1,00

Cost of Goods Sold

32.956.294

0,98

26.108.818

0,95

43.443

0,97

9.441

0,95

Gross Profit

766.703

0,02

1.262.697

0,05

1.236

0,03

484

0,05

Operating Expenses

525.727

0,02

805.105

0,03

1.004

0,02

114

0,01

Operating Profit

240.976

0,01

457.592

0,02

232

0,01

370

0,04

Other Income

316.181

0,01

395.984

0,01

468

0,01

23

0,00

Other Expenses

360.203

0,01

603.625

0,02

230

0,01

396

0,04

Financial Expenses

52.727

0,00

92.908

0,00

272

0,01

212

0,02

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

144.227

0,00

157.043

0,01

198

0,00

-215

-0,02

Tax Payable

31.257

0,00

35.531

0,00

40

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

112.970

0,00

121.512

0,00

158

0,00

-215

-0,02

 

 

FINANCIAL RATIOS

 

 

(2010)

(2011)

(2012)

(2013)

LIQUIDITY RATIOS

 

Current Ratio

1,26

1,11

1,19

1,39

Acid-Test Ratio

0,87

0,16

0,58

0,80

Cash Ratio

0,04

0,01

0,03

0,06

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,15

0,74

0,27

0,29

Short-term Receivable/Total Assets

0,64

0,14

0,45

0,51

Tangible Assets/Total Assets

0,02

0,01

0,02

0,05

TURNOVER RATIOS

 

Inventory Turnover

43,09

3,45

24,07

10,63

Stockholders' Equity Turnover

30,02

24,28

37,64

10,21

Asset Turnover

6,68

2,67

6,63

3,22

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,22

0,11

0,18

0,32

Current Liabilities/Total Assets

0,78

0,89

0,82

0,68

Financial Leverage

0,78

0,89

0,82

0,68

Gearing Percentage

3,50

8,09

4,67

2,17

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,10

0,11

0,13

-0,22

Operating Profit Margin

0,01

0,02

0,01

0,04

Net Profit Margin

0,00

0,00

0,00

-0,02

Interest Cover

3,74

2,69

1,73

-0,01

COLLECTION-PAYMENT

 

Average Collection Period (days)

29,93

14,21

11,68

53,76

Average Payable Period (days)

9,70

69,87

23,53

13,96

WORKING CAPITAL

1008975,00

1011841,00

1030,00

814,00

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.05

UK Pound

1

Rs.101.65

Euro

1

Rs.83.07

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

NNA

 

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.