MIRA INFORM REPORT

 

 

Report Date :

31.05.2014

 

 

 

Tel. No.:

90 216 394 16 95-96

Fax No.:

90 216 394 16 97

 

IDENTIFICATION DETAILS

 

Name :

KASIM HILMI UTKU HALEFI MEHMET EROL UTKU

 

 

Registered Office :

Istanbul Deri Organize Sanayi Bolgesi Burcak Sok. No:2 VIII Ozel Parsel 34957 Tuzla Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2013 (Balance Sheets)

31.03.2014 (Income Statements)

 

 

Date of Incorporation :

13.05.1959

 

 

Com. Reg. No.:

73041

 

 

Legal Form :

Sole-Proprietorship

 

 

Line of Business :

Manufacturer and trader of chemicals to be used at leather industry

 

 

No of Employees :

23

 

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% 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

 

CONCERN IDENTIFICATION

 

NAME

:

KASIM HILMI UTKU HALEFI MEHMET EROL UTKU

HEAD OFFICE ADDRESS

:

Istanbul Deri Organize Sanayi Bolgesi Burcak Sok. No:2 VIII Ozel Parsel 34957 Tuzla Istanbul / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The address was changed from "Aydinli Organize Deri Sanayi Bolgesi 15. Yol No:8/1E 34957 Tuzla" to "Istanbul Deri Organize Sanayi Bolgesi Burcak Sok. No:2 VIII Ozel Parsel 34957 Tuzla" by the municipality.

PHONE NUMBER

:

90-216-394 16 95

90-216-394 16 96

 

FAX NUMBER

:

90-216-394 16 97

 

 

 

LEGAL STATUS AND HISTORY

 

NOTES ON LEGAL STATUS AND HISTORY

:

Liability of the subject is not limited to the capital.

 

 

TAX OFFICE

:

Tuzla

TAX NO

:

12796810824

REGISTRATION NUMBER

:

73041

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

13.05.1959

ESTABLISHMENT GAZETTE DATE/NO

:

04.07.1959/699

LEGAL FORM

:

Sole-Proprietorship

TYPE OF CONCERN

:

Private

REGISTERED CAPITAL

:

TL   400.000

PAID-IN CAPITAL

:

TL   400.000

HISTORY

:

Other Changes

:

As the owner of the subject “Kasim Hilmi Utku” died on 25.07.2006, the subject was transferred to his heir, “Mehmet Erol Utku” and the name of the subject was changed from “Kasim Hilmi Utku” to “Kasim Hilmi Utku Halefi Mehmet Erol Utku” .

Changed On

:

11.08.2006 (Commercial Gazette Date /Number 17.08.2006/ 6623)

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Mehmet Erol Utku

100 %

 

 

REMARKS ON SHAREHOLDERS

:

The owner, Mehmet Erol Utku was born in 1960 and graduated from university.

 

 

PROPERTIES OWNED BY THE OWNER/PARTNERS

:

 

Property Type

Location

The head office of the subject

Tuzla - Istanbul

The branch office of the subject

Tuzla - Istanbul

The warehouse of the subject

Tuzla - Istanbul

A flat

Moda-Istanbul

A flat

Gurpinar Buyukcekmece-Istanbul

Land

Gebze - Kocaeli

5 commercial vehicles

 

5 cars

 

 

 

SISTER COMPANIES

:

DEBAG KIMYA VE DERI SANAYI DIS TICARET A.S.

 

DIKEY ILETISIM ELEKTRONIK VE PAZARLAMA LTD. STI.

 

IDES KIMYA VE DERI SANAYI DIS TICARET LTD. STI.

 

DIRECTORS

:

Mehmet Erol Utku

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacturer and trader of chemicals to be used at leather industry. 

 

NACE CODE

:

DG.24.66

 

SECTOR

:

Chemicals

 

REPRESENTATIVE OF

:

Munzing Chemie GmbH   (Germany)

Orba Biokimya Sanayi ve Ticaret A.S.   (Turkey)

Sintan Kimya Sanayi Ve Ticaret A.S.   (Turkey)

Thor Specialties SRL   (Italy)

 

TRADEMARKS OWNED

:

Debag Kimya

 

NUMBER OF EMPLOYEES

:

23

 

NET SALES

:

5.470.517 TL

(2011) 

6.787.696 TL

(2012) 

8.035 TL Thousand

(2013) 

2.159 TL Thousand

(01.01-31.03.2014) 

 

 

REMARKS ON NET SALES

:

The net sales figures of Free Zone branch:

TL 1.493.106  (2011), 

TL 590.366 (2012),

TL 785.119 (2013),

TL 111.448 (01.01.-31.03.2014)

 

IMPORT COUNTRIES

:

Germany

Italy

Free Zone

 

MERCHANDISE IMPORTED

:

Chemicals

 

EXPORT VALUE

:

1.556.094 TL

(2011)

2.487.037 TL

(2012)

3.154.151 TL

(2013)

809.217 TL

(01.01-31.03.2014)

 

 

REMARKS ON EXPORT

:

The export value of Free Zone branch 

TL 1.493.106  (2011), 

TL 590.366 (2012),

TL 772.530 (2013),

TL 111.448 (01.01.-31.03.2014)  

 

EXPORT COUNTRIES

:

Free Zone

India

China

 

MERCHANDISE  EXPORTED

:

Chemicals

 

HEAD OFFICE ADDRESS

:

Istanbul Deri Organize Sanayi Bolgesi Burcak Sok. No:2 VIII Ozel Parsel 34957 Tuzla  Istanbul / Turkey  (owned by shareholder(s))

 

BRANCHES

:

Warehouse  :  Organize Deri Sanayi Bolgesi 15. Yol No:8/1C Aydinli Tuzla Istanbul/Turkey (owned by shareholder(s))

 

Warehouse  :  Organize Deri Sanayi Bolgesi 15. Yol No:8/1G Aydinli Tuzla Istanbul/Turkey

 

Head Office/Production Plant  :  Aydinli Organize Deri Sanayi Bolgesi 15. Yol No:8/1E 34957 Tuzla Istanbul/Turkey (owned by shareholder(s))

 

Branch Office  :  Istanbul Deri Serbest Bolgesi ( Free Zone ) Nuzhet Kodalak Caddesi No:6 Tuzla Istanbul/Turkey (owned by shareholder(s))

 

Production Plant  :  Haskoy Dokumculer Sitesi 11/A Gebze Kocaeli/Turkey (rented)

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2013.

SIZE OF BUSINESS

:

Lower-Medium

 

 

FINANCE

 

MAIN DEALING BANKS

:

Garanti Bankasi E-5 Pendik Branch

T. Halk Bankasi Tuzla Branch

T. Is Bankasi Tuzla Deri Sanayi Branch

Yapi Kredi Bankasi E-5 Pendik Branch

 

CREDIT FACILITIES

:

The subject concern is making use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2011) TL

(2012) TL

(2013) TL Thousand

(01.01-31.03.2014) TL Thousand

 

Net Sales

5.470.517

6.787.696

8.035

2.159

 

Profit (Loss) Before Tax

961.615

1.195.967

1.560

382

 

Stockholders' Equity

1.153.687

1.550.362

1.711

 

 

Total Assets

3.378.738

3.642.643

4.939

 

 

Current Assets

2.938.967

3.184.721

4.456

 

 

Non-Current Assets

439.771

457.922

483

 

 

Current Liabilities

1.800.879

2.047.120

3.190

 

 

Long-Term Liabilities

424.172

45.161

38

 

 

Gross Profit (loss)

2.293.394

3.108.660

3.829

1.054

 

Operating Profit (loss)

1.063.347

1.636.661

2.084

620

 

Net Profit (loss)

630.407

776.675

1.001

382

 

 

 

REMARKS ON KEY FINANCIAL ELEMENTS

:

The a.m figures belong to head office. The financial figures of Free Zone Branch in 2013 are as follows: 

 

Current Assets : TL 417.728

Non-current Assets : TL 202.283

Current Liabilities : TL 295.321 

Long-Term Liabilities : TL 74.649

Stockholders' Equity : TL 250.615

Total Assets : TL 620.011

Net Sales : TL 785.119

Net Profit : TL 29.637

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Satisfactory As of 31.12.2013

Remarks on Capitalization

The liability of the sole-proprietorships is not limited to the capital. The owners of the sole-proprietorships are responsible for the debts of the sole-proprietorships with all of their personal wealth.  The owner possesses property.

 

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

High Operating Profitability  in 2011

High Net Profitability  in 2011

High Operating Profitability  in 2012

High Net Profitability  in 2012

High Operating Profitability  in 2013

High 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 2013

General Financial Position

Satisfactory

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL

 

 ( 31.12.2013 )  TL Thousand

 

 

 

CURRENT ASSETS

2.938.967

0,87

3.184.721

0,87

4.456

0,90

 

 

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

 

 

Cash and Banks

55.576

0,02

65.295

0,02

56

0,01

 

 

Marketable Securities

0

0,00

0

0,00

0

0,00

 

 

Account Receivable

2.440.247

0,72

2.708.740

0,74

3.960

0,80

 

 

Other Receivable

1.231

0,00

6.197

0,00

2

0,00

 

 

Inventories

375.221

0,11

332.430

0,09

358

0,07

 

 

Advances Given

12.769

0,00

16.607

0,00

4

0,00

 

 

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

 

 

Other Current Assets

53.923

0,02

55.452

0,02

76

0,02

 

 

NON-CURRENT ASSETS

439.771

0,13

457.922

0,13

483

0,10

 

 

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

0

0,00

0

0,00

0

0,00

 

 

Tangible Fixed Assets (net)

405.169

0,12

423.848

0,12

451

0,09

 

 

Intangible Assets

34.602

0,01

34.074

0,01

32

0,01

 

 

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

 

 

Other Non-Current Assets

0

0,00

0

0,00

0

0,00

 

 

TOTAL ASSETS

3.378.738

1,00

3.642.643

1,00

4.939

1,00

 

 

CURRENT LIABILITIES

1.800.879

0,53

2.047.120

0,56

3.190

0,65

 

 

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

 

 

Financial Loans

537.137

0,16

857.073

0,24

1.555

0,31

 

 

Accounts Payable

838.870

0,25

828.885

0,23

1.169

0,24

 

 

Loans from Shareholders

0

0,00

0

0,00

0

0,00

 

 

Other Short-term Payable

13.833

0,00

3.809

0,00

35

0,01

 

 

Advances from Customers

150.643

0,04

76.168

0,02

15

0,00

 

 

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

 

 

Taxes Payable

74.624

0,02

44.542

0,01

100

0,02

 

 

Provisions

185.772

0,05

236.643

0,06

316

0,06

 

 

Other Current Liabilities

0

0,00

0

0,00

0

0,00

 

 

LONG-TERM LIABILITIES

424.172

0,13

45.161

0,01

38

0,01

 

 

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

 

 

Financial Loans

104.734

0,03

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

319.438

0,09

45.161

0,01

38

0,01

 

 

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

1.153.687

0,34

1.550.362

0,43

1.711

0,35

 

 

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

 

 

Paid-in Capital

400.000

0,12

400.000

0,11

400

0,08

 

 

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

 

 

Inflation Adjustment of Capital

74.392

0,02

74.392

0,02

74

0,01

 

 

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

 

 

Reserves

0

0,00

250.407

0,07

187

0,04

 

 

Revaluation Fund

48.888

0,01

48.888

0,01

49

0,01

 

 

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

 

 

Net Profit (loss)

630.407

0,19

776.675

0,21

1.001

0,20

 

 

TOTAL LIABILITIES AND EQUITY

3.378.738

1,00

3.642.643

1,00

4.939

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 41 is "Doubtful Trade Receivables" and -TL thousand 20 is "Provision for 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:0, Due From Affiliated Companies:0,Due From Personnel:0,Other Miscellaneous Receivables:2,Other Receivable Total:2          

 

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 135 of the other expenses is due to "Commission Expenses" .

 

 

INCOME STATEMENTS

 

 

(2011) TL

 

(2012) TL

 

(2013) TL Thousand

 

(01.01-31.03.2014) TL Thousand

 

Net Sales

5.470.517

1,00

6.787.696

1,00

8.035

1,00

2.159

1,00

Cost of Goods Sold

3.177.123

0,58

3.679.036

0,54

4.206

0,52

1.105

0,51

Gross Profit

2.293.394

0,42

3.108.660

0,46

3.829

0,48

1.054

0,49

Operating Expenses

1.230.047

0,22

1.471.999

0,22

1.745

0,22

434

0,20

Operating Profit

1.063.347

0,19

1.636.661

0,24

2.084

0,26

620

0,29

Other Income

258.556

0,05

148.915

0,02

268

0,03

23

0,01

Other Expenses

287.126

0,05

505.962

0,07

661

0,08

227

0,11

Financial Expenses

73.162

0,01

83.647

0,01

131

0,02

34

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

961.615

0,18

1.195.967

0,18

1.560

0,19

382

0,18

Tax Payable

331.208

0,06

419.292

0,06

559

0,07

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

630.407

0,12

776.675

0,11

1.001

0,12

382

0,18

 

 

FINANCIAL RATIOS

 

 

(2011)

(2012)

(2013)

 

LIQUIDITY RATIOS

 

 

Current Ratio

1,63

1,56

1,40

 

Acid-Test Ratio

1,39

1,36

1,26

 

Cash Ratio

0,03

0,03

0,02

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,11

0,09

0,07

 

Short-term Receivable/Total Assets

0,72

0,75

0,80

 

Tangible Assets/Total Assets

0,12

0,12

0,09

 

TURNOVER RATIOS

 

 

Inventory Turnover

8,47

11,07

11,75

 

Stockholders' Equity Turnover

4,74

4,38

4,70

 

Asset Turnover

1,62

1,86

1,63

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,34

0,43

0,35

 

Current Liabilities/Total Assets

0,53

0,56

0,65

 

Financial Leverage

0,66

0,57

0,65

 

Gearing Percentage

1,93

1,35

1,89

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,55

0,50

0,59

 

Operating Profit Margin

0,19

0,24

0,26

 

Net Profit Margin

0,12

0,11

0,12

 

Interest Cover

14,14

15,30

12,91

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

160,59

143,66

177,42

 

Average Payable Period (days)

95,05

81,11

100,06

 

WORKING CAPITAL

1138088,00

1137601,00

1266,00

 

 

 

 

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 :

DIV

 

 

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.