MIRA INFORM REPORT

 

 

Report Date :

31.05.2014

 

IDENTIFICATION DETAILS

 

Name :

KOCAER TEKSTIL SANAYI VE TICARET A.S.

 

 

Registered Office :

Adnan Menderes Bulvari No:53 20065 Gumusler Denizli

 

 

Country :

Turkey

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

05.10.1993

 

 

Com. Reg. No.:

12277

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacturer and Trader of textile products such as towel fabric, towel, bath-robe, dressing gown, dimity, cloth bag, towel slippers, curtain

 

 

No of Employees :

780

 

 

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 :

Slow But Correct

 

 

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

 

 

 

NOTES

:

Address at your inquiry is not the registered head office but another premise.

 

 

COMPANY IDENTIFICATION

 

 

NAME

:

KOCAER TEKSTIL SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Adnan Menderes Bulvari No:53 20065 Gumusler Denizli / Turkey

PHONE NUMBER

:

90-216-481 98 90 (Branch Office)

90-258-269 20 47 (Administrative Office/Factory)

90-258-269 22 47 (Administrative Office/Factory)

 

FAX NUMBER

:

90-258-269 10 81 (Administrative Office/Factory)

 

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Gokpinar

TAX NO

:

5650050328

REGISTRATION NUMBER

:

12277

REGISTERED OFFICE

:

Denizli Chamber of Commerce

DATE ESTABLISHED

:

05.10.1993

ESTABLISHMENT GAZETTE DATE/NO

:

14.10.1993/3384

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   22.500.000

PAID-IN CAPITAL

:

TL   22.500.000

HISTORY

:

Previous Registered Capital

:

TL 6.000.000

Changed On

:

07.12.2010 (Commercial Gazette Date /Number 15.12.2010/ 7708)

Previous Registered Capital

:

TL 13.700.000

Changed On

:

28.12.2010 (Commercial Gazette Date /Number 31.12.2010/ 7720)

Previous Registered Capital

:

TL 17.500.000

Changed On

:

17.06.2011 (Commercial Gazette Date /Number 22.06.2011/ 7842)

Merger

:

The company took over and merged with "Kocaer Modern Magazacilik Isletmeleri A.S."

Changed On

:

28.12.2010 (Commercial Gazette Date /Number 31.12.2010/ 7720)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Kocaer Haddecilik Sanayi ve Ticaret A.S.

67,69 %

Ali Riza Kocaer

8,88 %

Gurkan Kocaer

8,88 %

Hakan Kocaer

8,88 %

Ibrahim Kocaer

5,64 %

 

 

GROUP

:

KOCAER GROUP OF COMPANIES

 

SISTER COMPANIES

:

KCR OTOMOTIV SANAYI VE TICARET A.S.

KOCAER DIS TICARET A.S.

KOCAER HADDECILIK SANAYI VE TICARET A.S.

YAGIZ NAKLIYAT SANAYI VE TICARET A.S.

 

BOARD OF DIRECTORS

:

Ali Riza Kocaer

Chairman

Gurkan Kocaer

Member

Hakan Kocaer

Member

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Manufacture and trade of textile products such as towel fabric, towel, bath-robe, dressing gown, dimity, cloth bag, towel slippers, curtain.

 

The subject has 31 stores in Turkey.

 

 

NACE CODE

:

DB.17.20

 

 

SECTOR

:

Textile

 

 

NUMBER OF EMPLOYEES

:

780

 

 

NET SALES

:

26.797.000 TL

(2009) 

35.851.262 TL

(2010) 

59.876.110 TL

(2011) 

64.403.744 TL

(2012) 

81.751 TL Thousand

(2013) 

34.189 TL Thousand

(01.01-31.03.2014) 

 

 

 

IMPORT COUNTRIES

:

Pakistan

Turkmenistan

China

 

 

MERCHANDISE IMPORTED

:

Yarn

 

 

EXPORT VALUE

:

20.995.186 TL

(2009)

28.271.994 TL

(2010)

2.524.327 TL

(2011)

124.779 TL

(2012)

198.418 TL

(2013)

0 TL

(01.01-31.03.2014)

 

 

 

EXPORT COUNTRIES

:

Slovenia

Poland

Greece

U.K.

New Zealand

Romania

Brazil

Spain

Hong-Kong

Japan

Iran

Israel

Ireland

 

 

MERCHANDISE  EXPORTED

:

Textile products

 

 

HEAD OFFICE ADDRESS

:

Adnan Menderes Bulvari No:53 20065 Gumusler  Denizli / Turkey ( owned by shareholder(s) )

 

 

BRANCHES

:

Administrative Office / Factory  :  Organize Sanayi Bolgesi Ressam Ibrahim Calli Cad. Denizli/Turkey (owned) (9.500 sqm)

 

Branch Office  :  Buyuk Plaza Umraniye Istanbul/Turkey  

 

 

TREND OF BUSINESS

:

There was an upwards trend in 2013.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Denizbank Denizli Branch

Finansbank Denizli Branch

ING Bank Denizli Branch

Turk Ekonomi Bankasi Denizli Branch

Yapi ve Kredi Bankasi Denizli 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

(2013) TL Thousand

(01.01-31.03.2014) TL Thousand

Net Sales

35.851.262

59.876.110

64.403.744

81.751

34.189

Profit (Loss) Before Tax

48.551

-4.332.808

106.097

-6.791

1.019

Stockholders' Equity

16.887.074

17.505.715

17.611.811

10.821

 

Total Assets

48.875.436

48.277.302

66.561.433

104.736

 

Current Assets

39.455.407

36.097.674

52.947.871

84.812

 

Non-Current Assets

9.420.029

12.179.628

13.613.562

19.924

 

Current Liabilities

27.185.944

30.771.587

48.165.339

89.116

 

Long-Term Liabilities

4.802.418

0

784.283

4.799

 

Gross Profit (loss)

3.990.822

18.377.884

21.790.327

28.868

11.250

Operating Profit (loss)

667.646

856.023

2.218.566

5.493

4.811

Net Profit (loss)

48.551

-4.332.808

106.097

-6.791

1.019

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Low As of 31.12.2013

Liquidity

Low As of 31.12.2013

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

Low Net Profitability  in 2010

Low Operating Profitability  in 2011

Net Loss  in 2011

Fair Operating Profitability  in 2012

Low Net Profitability  in 2012

Good Operating Profitability  in 2013

Net Loss  in 2013

High Operating Profitability (01.01-31.03.2014)

Fair Net Profitability (01.01-31.03.2014)

 

Gap between average collection and payable periods

Favorable in 2013

General Financial Position

Not in order

 

 

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

 ( 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

 

CURRENT ASSETS

39.455.407

0,81

36.097.674

0,75

52.947.871

0,80

84.812

0,81

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

580.173

0,01

767.865

0,02

639.507

0,01

4.721

0,05

Marketable Securities

84

0,00

84

0,00

0

0,00

0

0,00

Account Receivable

9.563.420

0,20

4.159.692

0,09

10.792.909

0,16

16.832

0,16

Other Receivable

664.844

0,01

451.578

0,01

532.122

0,01

518

0,00

Inventories

22.331.361

0,46

25.114.568

0,52

33.581.909

0,50

50.838

0,49

Advances Given

1.250.993

0,03

452.289

0,01

1.612.886

0,02

3.477

0,03

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

4.980.616

0,10

5.067.682

0,10

5.788.538

0,09

8.426

0,08

NON-CURRENT ASSETS

9.420.029

0,19

12.179.628

0,25

13.613.562

0,20

19.924

0,19

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

0

0,00

0

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

6.672.218

0,14

8.746.339

0,18

9.421.815

0,14

13.494

0,13

Intangible Assets

2.585.170

0,05

3.255.663

0,07

4.019.460

0,06

6.25

0,06

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

162.641

0,00

177.626

0,00

172.287

0,00

180

0,00

TOTAL ASSETS

48.875.436

1,00

48.277.302

1,00

66.561.433

1,00

104.736

1,00

CURRENT LIABILITIES

27.185.944

0,56

30.771.587

0,64

48.165.339

0,72

89.116

0,85

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

21.754.774

0,45

23.198.836

0,48

35.613.235

0,54

72.204

0,69

Accounts Payable

4.569.104

0,09

6.167.164

0,13

10.424.140

0,16

14.643

0,14

Loans from Shareholders

1.29

0,00

0

0,00

0

0,00

1.592

0,02

Other Short-term Payable

348.108

0,01

397.394

0,01

1.590.145

0,02

0

0,00

Advances from Customers

235.891

0,00

494.447

0,01

66.54

0,00

128

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

276.777

0,01

332.879

0,01

471.279

0,01

549

0,01

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Liabilities

0

0,00

180.867

0,00

0

0,00

0

0,00

LONG-TERM LIABILITIES

4.802.418

0,10

0

0,00

784.283

0,01

4.799

0,05

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

4.802.418

0,10

0

0,00

784.283

0,01

4.799

0,05

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

16.887.074

0,35

17.505.715

0,36

17.611.811

0,26

10.821

0,10

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

17.500.000

0,36

22.500.000

0,47

22.500.000

0,34

22.5

0,21

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

83.806

0,00

83.806

0,00

83.806

0,00

190

0,00

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

-745.283

-0,02

-745.283

-0,02

-5.078.092

-0,08

-5.078

-0,05

Net Profit (loss)

48.551

0,00

-4.332.808

-0,09

106.097

0,00

-6.791

-0,06

TOTAL LIABILITIES AND EQUITY

48.875.436

1,00

48.277.302

1,00

66.561.433

1,00

104.736

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 975 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: 249, Due From Participations: 0, Due From Affiliated Companies: 0, Due From Personnel: 0, Other Miscellaneous Receivables: 269, Other Receivable Total: 518.

 

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 2.571 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

35.851.262

1,00

59.876.110

1,00

64.403.744

1,00

81.751

1,00

34.189

1,00

Cost of Goods Sold

31.860.440

0,89

41.498.226

0,69

42.613.417

0,66

52.883

0,65

22.939

0,67

Gross Profit

3.990.822

0,11

18.377.884

0,31

21.790.327

0,34

28.868

0,35

11.25

0,33

Operating Expenses

3.323.176

0,09

17.521.861

0,29

19.571.761

0,30

23.375

0,29

6.439

0,19

Operating Profit

667.646

0,02

856.023

0,01

2.218.566

0,03

5.493

0,07

4.811

0,14

Other Income

5.537.529

0,15

2.001.256

0,03

3.608.805

0,06

2.757

0,03

1.112

0,03

Other Expenses

5.102.437

0,14

6.263.842

0,10

3.883.731

0,06

12.699

0,16

3.267

0,10

Financial Expenses

1.054.187

0,03

926.245

0,02

1.837.543

0,03

2.342

0,03

1.637

0,05

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

48.551

0,00

-4.332.808

-0,07

106.097

0,00

-6.791

-0,08

1.019

0,03

Tax Payable

0

0,00

0

0,00

0

0,00

0

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)

48.551

0,00

-4.332.808

-0,07

106.097

0,00

-6.791

-0,08

1.019

0,03

 

 

FINANCIAL RATIOS

 

 

-2010

-2011

-2012

-2013

LIQUIDITY RATIOS

 

 

Current Ratio

1,45

1,17

1,10

0,95

Acid-Test Ratio

0,40

0,18

0,25

0,25

Cash Ratio

0,02

0,03

0,01

0,05

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,46

0,52

0,50

0,49

Short-term Receivable/Total Assets

0,21

0,10

0,17

0,17

Tangible Assets/Total Assets

0,14

0,18

0,14

0,13

TURNOVER RATIOS

 

 

Inventory Turnover

1,43

1,65

1,27

1,04

Stockholders' Equity Turnover

2,12

3,42

3,66

7,55

Asset Turnover

0,73

1,24

0,97

0,78

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,35

0,36

0,26

0,10

Current Liabilities/Total Assets

0,56

0,64

0,72

0,85

Financial Leverage

0,65

0,64

0,74

0,90

Gearing Percentage

1,89

1,76

2,78

8,68

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,00

-0,25

0,01

-0,63

Operating Profit Margin

0,02

0,01

0,03

0,07

Net Profit Margin

0,00

-0,07

0,00

-0,08

Interest Cover

1,05

-3,68

1,06

-1,90

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

96,03

25,01

60,33

74,12

Average Payable Period (days)

51,63

53,50

88,06

99,68

WORKING CAPITAL

12269463,00

5326087,00

4782532,00

-4304,00

 

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 :

SMT

 

 

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.