MIRA INFORM REPORT

 

 

Report Date :

31.05.2014

 

IDENTIFICATION DETAILS

 

Name :

KARTAL HALI TEKSTIL SANAYI VE TICARET A.S.

 

 

Registered Office :

4. Organize Sanayi Bolgesi 83407 Nolu Cad. No:6 Sehitkamil Gaziantep

 

 

Country :

Turkey

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

04.01.2006

 

 

Com. Reg. No.:

27967

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of yarn, trade of carpet.

 

 

No of Employees :

160

 

 

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 – 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

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate 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 3-4% in 2012-13. Turkey's public sector debt to GDP ratio has fallen below 40%, and two rating agencies upgraded Turkey's debt to investment grade in 2012 and 2013. Turkey remains dependent on often volatile, short-term investment to finance its large current account deficit. The stock value of FDI reached nearly $195 billion at year-end 2013, reflecting Turkey's robust 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, domestic political uncertainty, and turmoil within Turkey's neighborhood leave the economy vulnerable to destabilizing shifts in investor confidence

 

Source : CIA

 

 

 

COMPANY IDENTIFICATION

 

 

NAME

:

KARTAL HALI TEKSTIL SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

4. Organize Sanayi Bolgesi 83407 Nolu Cad. No:6 Sehitkamil Gaziantep / Turkey

PHONE NUMBER

:

90-342-357 01 00

 

FAX NUMBER

:

90-342-357 01 01

 

WEB-ADDRESS

:

www.kartalcarpets.com

E-MAIL

:

info@kartalcarpets.com

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Gazikent

TAX NO

:

5260588162

REGISTRATION NUMBER

:

27967

REGISTERED OFFICE

:

Gaziantep Chamber of Commerce

DATE ESTABLISHED

:

04.01.2006

ESTABLISHMENT GAZETTE DATE/NO

:

06.01.2006/6469

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   28.733.000

PAID-IN CAPITAL

:

TL   28.733.000

HISTORY

:

Previous Registered Capital

:

TL 250.000

Changed On

:

17.09.2008 (Commercial Gazette Date /Number 24.09.2008/ 7156)

Previous Registered Capital

:

TL 3.000.000

Changed On

:

07.11.2012 (Commercial Gazette Date /Number 13.11.2012/ 8192)

Previous Registered Capital

:

TL 10.000.000

Changed On

:

31.12.2013 (Commercial Gazette Date /Number 08.01.2014/ 8481)

Merger

:

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

Changed On

:

31.12.2013 (Commercial Gazette Date /Number 08.01.2014/ 8481)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Arif Kaplan

25 %

Fahrettin Kaplan

25 %

Yusuf Kaplan

25 %

Halil Kaplan

24,30 %

Iskender Kaplan

0,35 %

Mehmet Kaplan

0,35 %

 

 

SUBSIDIARIES

:

None

 

BOARD OF DIRECTORS

:

Halil Kaplan

Chairman

Fahrettin Kaplan

Member

Yusuf Kaplan

Member

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Manufacture and trade of yarn, trade of carpet.

 

 

NACE CODE

:

DB.17.10

 

 

SECTOR

:

Textile

 

 

NUMBER OF EMPLOYEES

:

160

 

 

NET SALES

:

131.572.265 TL

(2010) 

161.973.879 TL

(2011) 

186.752.086 TL

(2012) 

207.988 TL Thousand

(2013) 

66.392 TL Thousand

(01.01-31.03.2014) 

 

IMPORT VALUE

:

13.732.874 USD + 670.722 EUR

(2008)

1.994.708 EUR + 13.914.643 USD

(2009)

20.947.240 USD + 2.052.934 EUR

(2010)

21.051.169 USD + 2.723.328 EUR

(2011)

 

 

 

IMPORT COUNTRIES

:

Greece

Israel

Ukraine

Belgium

Iran

Saudi Arabia

U.S.A.

 

 

MERCHANDISE IMPORTED

:

Raw materials

 

 

EXPORT VALUE

:

79.779.420 TL

(2010)

105.481.870 TL

(2011)

115.039.478 TL

(2012)

137.835.951 TL

(2013)

3.247.166 TL

(01.01-31.03.2014)

 

 

 

EXPORT COUNTRIES

:

Middle East Countries

Australia

Lebanon

U.S.A.

Macedonia Republic

Uzbekistan

Kazakhstan

Poland

Malta

Portugal

Greece

Pakistan

Japan

Hong-Kong

Qatar

Colombia

Sweden

Bahrain

 

 

MERCHANDISE  EXPORTED

:

Carpet

Yarn

 

 

HEAD OFFICE ADDRESS

:

4. Organize Sanayi Bolgesi 83407 Nolu Cad. No:6 Sehitkamil  Gaziantep / Turkey (rented)

 

 

BRANCHES

:

Head Office/Factory  :  4. Organize Sanayi Bolgesi 83407 Nolu Cad. No:6 Sehitkamil Gaziantep/Turkey (rented) (100.800 sqm)

                                                                                

 

 

 

TREND OF BUSINESS

:

There was an upwards trend in 2013.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Akbank Ticari Branch

Denizbank Ticari Branch

Finansbank Ticari Branch

Garanti Bankasi Ticari Branch

HSBC Bank Gaziantep Branch

ING Bank Ticari Branch

Turk Ekonomi Bankasi Guneydogu Anadolu Kurumsal Branch

Yapi Ve Kredi Bankasi Ticari Branch

 

CREDIT FACILITIES

:

The subject company is making use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2010) TL

(2011) TL

(2012) TL

(2013) TL Thousand

(01.01-31.03.2014) TL Thousand

Net Sales

131.572.265

161.973.879

186.752.086

207.988

66.392

Profit (Loss) Before Tax

3.375.233

2.584.102

4.318.894

6.870

4.993

Stockholders' Equity

11.052.838

12.435.382

22.882.268

91.579

96.574

Total Assets

43.939.004

59.290.736

78.341.708

261.322

236.904

Current Assets

36.737.875

52.125.912

67.199.319

186.481

164.002

Non-Current Assets

7.201.129

7.164.824

11.142.389

74.841

72.902

Current Liabilities

28.828.313

41.990.592

52.658.372

127.641

131.369

Long-Term Liabilities

4.057.853

4.864.762

2.801.068

42.102

8.961

Gross Profit (loss)

8.635.735

11.943.050

8.491.383

18.556

11.246

Operating Profit (loss)

6.185.216

9.105.036

5.459.050

15.162

6.825

Net Profit (loss)

3.375.233

2.063.768

3.446.884

5.459

4.993

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Satisfactory As of 31.03.2014

Remarks on Capitalization

A part of liabilities consist of loans from shareholders.

Liquidity

Insufficient As of 31.03.2014

Remarks On Liquidity

A part of current liabilities consist of short-term loans from shareholders rather than liabilities to third parties.

 

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

Fair Net Profitability  in 2010

Good Operating Profitability  in 2011

Low Net Profitability  in 2011

Fair Operating Profitability  in 2012

Fair Net Profitability  in 2012

Good Operating Profitability  in 2013

In Order Net Profitability  in 2013

High Operating Profitability (01.01-31.03.2014)

High Net Profitability (01.01-31.03.2014)

 

Gap between average collection and payable periods

Unfavorable in 01.01-31.03.2014

General Financial Position

Passable

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 2013 )

6,97 %

1,9179

2,5530

3,0178

 ( 01.01-31.03.2014)

5,52 %

2,1961

3,0116

3,6488

 ( 01.01-30.04.2014)

5,61 %

2,1807

2,9954

3,6333

 

 

BALANCE SHEETS

 

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL

 

 ( 31.12.2013 )  TL Thousand

 

 ( 31.03.2014 )  TL Thousand

 

CURRENT ASSETS

36.737.875

0,84

52.125.912

0,88

67.199.319

0,86

186.481

0,71

164.002

0,69

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

73.138

0,00

294.848

0,00

5.538.158

0,07

10.729

0,04

2.712

0,01

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

32.051.315

0,73

47.860.338

0,81

57.493.638

0,73

106.453

0,41

97.651

0,41

Other Receivable

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Inventories

4.037.745

0,09

3.954.316

0,07

4.048.023

0,05

54.159

0,21

61.913

0,26

Advances Given

0

0,00

16.41

0,00

0

0,00

0

0,00

0

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

575.677

0,01

0

0,00

119.5

0,00

15.14

0,06

1.726

0,01

NON-CURRENT ASSETS

7.201.129

0,16

7.164.824

0,12

11.142.389

0,14

74.841

0,29

72.902

0,31

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

0

0,00

2.129

0,01

2.184

0,01

Financial Assets

0

0,00

0

0,00

0

0,00

211

0,00

211

0,00

Tangible Fixed Assets (net)

1.760.625

0,04

2.066.461

0,03

10.198.832

0,13

70.611

0,27

69.216

0,29

Intangible Assets

5.407.674

0,12

5.076.871

0,09

920.194

0,01

961

0,00

914

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

32.83

0,00

21.492

0,00

23.363

0,00

929

0,00

377

0,00

TOTAL ASSETS

43.939.004

1,00

59.290.736

1,00

78.341.708

1,00

261.322

1,00

236.904

1,00

CURRENT LIABILITIES

28.828.313

0,66

41.990.592

0,71

52.658.372

0,67

127.641

0,49

131.369

0,55

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

371.872

0,01

2.143

0,00

0

0,00

632

0,00

36.055

0,15

Accounts Payable

22.137.305

0,50

33.613.258

0,57

46.111.922

0,59

89.907

0,34

79.975

0,34

Loans from Shareholders

6.076.218

0,14

7.290.426

0,12

5.654.708

0,07

12.705

0,05

12.312

0,05

Other Short-term Payable

59.442

0,00

69

0,00

0

0,00

1.312

0,01

1.242

0,01

Advances from Customers

89.151

0,00

652.256

0,01

0

0,00

21.102

0,08

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

154.259

0,00

0

0,00

0

0,00

Taxes Payable

45.434

0,00

50.04

0,00

82.682

0,00

1.003

0,00

1.049

0,00

Provisions

0

0,00

328.29

0,01

577.909

0,01

980

0,00

736

0,00

Other Current Liabilities

48.891

0,00

54.11

0,00

76.892

0,00

0

0,00

0

0,00

LONG-TERM LIABILITIES

4.057.853

0,09

4.864.762

0,08

2.801.068

0,04

42.102

0,16

8.961

0,04

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

4.057.853

0,09

4.864.762

0,08

2.801.068

0,04

42.102

0,16

8.961

0,04

Securities Issued

0

0,00

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

0

0,00

Loans from Shareholders

0

0,00

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

0

0,00

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

11.052.838

0,25

12.435.382

0,21

22.882.268

0,29

91.579

0,35

96.574

0,41

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

91.579

0,35

96.574

0,41

Paid-in Capital

3.000.000

0,07

3.000.000

0,05

10.000.000

0,13

0

0,00

0

0,00

Cross Shareholding Adjustment of Capital

0

0,00

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

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

4.677.605

0,11

7.371.614

0,12

9.435.384

0,12

0

0,00

0

0,00

Revaluation Fund

0

0,00

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

0

0,00

Net Profit (loss)

3.375.233

0,08

2.063.768

0,03

3.446.884

0,04

0

0,00

0

0,00

TOTAL LIABILITIES AND EQUITY

43.939.004

1,00

59.290.736

1,00

78.341.708

1,00

261.322

1,00

236.904

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 966 is "Doubtful Trade Receivables" and -TL thousand 966 is "Provision for Doubtful Trade Receivables" at the last balance sheet.

 

TL thousand 0 of "Tax Payable" is due to "Overdue, Delayed or Deferred Tax by Installments and Other Liabilities" at the last balance sheet.

 

At the last income statement TL thousand 2.933 of the other income is due to "Profit from Foreign Currency Exchange".

 

At the last income statement TL thousand 3.280 of the other expenses is due to "Loss from Foreign Currency Exchange".

 

 

 

INCOME STATEMENTS

 

 

(2010) TL

 

(2011) TL

 

(2012) TL

 

(2013) TL Thousand

 

(01.01-31.03.2014) TL Thousand

 

Net Sales

131.572.265

1,00

161.973.879

1,00

186.752.086

1,00

207.988

1,00

66.392

1,00

Cost of Goods Sold

122.936.530

0,93

150.030.829

0,93

178.260.703

0,95

189.432

0,91

55.146

0,83

Gross Profit

8.635.735

0,07

11.943.050

0,07

8.491.383

0,05

18.556

0,09

11.246

0,17

Operating Expenses

2.450.519

0,02

2.838.014

0,02

3.032.333

0,02

3.394

0,02

4.421

0,07

Operating Profit

6.185.216

0,05

9.105.036

0,06

5.459.050

0,03

15.162

0,07

6.825

0,10

Other Income

3.928.718

0,03

798.765

0,00

3.131.095

0,02

2.135

0,01

2.974

0,04

Other Expenses

6.504.885

0,05

7.032.695

0,04

3.888.354

0,02

9.626

0,05

3.583

0,05

Financial Expenses

233.816

0,00

287.004

0,00

382.897

0,00

801

0,00

1.223

0,02

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

3.375.233

0,03

2.584.102

0,02

4.318.894

0,02

6.87

0,03

4.993

0,08

Tax Payable

0

0,00

520.334

0,00

872.01

0,00

1.411

0,01

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

3.375.233

0,03

2.063.768

0,01

3.446.884

0,02

5.459

0,03

4.993

0,08

 

 

FINANCIAL RATIOS

 

 

-2010

-2011

-2012

-2013

(01.01-31.03.2014)

LIQUIDITY RATIOS

 

Current Ratio

1,27

1,24

1,28

1,46

1,25

Acid-Test Ratio

1,11

1,15

1,20

0,92

0,76

Cash Ratio

0,00

0,01

0,11

0,08

0,02

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,09

0,07

0,05

0,21

0,26

Short-term Receivable/Total Assets

0,73

0,81

0,73

0,41

0,41

Tangible Assets/Total Assets

0,04

0,03

0,13

0,27

0,29

TURNOVER RATIOS

 

Inventory Turnover

30,45

37,94

44,04

3,50

0,89

Stockholders' Equity Turnover

11,90

13,03

8,16

2,27

0,69

Asset Turnover

2,99

2,73

2,38

0,80

0,28

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,25

0,21

0,29

0,35

0,41

Current Liabilities/Total Assets

0,66

0,71

0,67

0,49

0,55

Financial Leverage

0,75

0,79

0,71

0,65

0,59

Gearing Percentage

2,98

3,77

2,42

1,85

1,45

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,31

0,17

0,15

0,06

0,05

Operating Profit Margin

0,05

0,06

0,03

0,07

0,10

Net Profit Margin

0,03

0,01

0,02

0,03

0,08

Interest Cover

15,44

10,00

12,28

9,58

5,08

COLLECTION-PAYMENT

 

Average Collection Period (days)

87,70

106,37

110,83

187,94

541,34

Average Payable Period (days)

64,83

80,66

93,12

170,86

522,09

WORKING CAPITAL

7909562,00

10135320,00

14540947,00

58840,00

32633,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs. 59.03

UK Pound

1

Rs. 98.91

Euro

1

Rs. 80.33

 

 

INFORMATION DETAILS

 

Analysis Done by :

KRN

 

 

Report Prepared by :

DPT

 

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.