MIRA INFORM REPORT

 

 

Report Date :

11.09.2014

 

IDENTIFICATION DETAILS

 

Name :

KAMPANA DERI VE KOSELE SANAYI VE TICARET A.S.

 

 

Registered Office :

Organize Deri Sanayi Bolgesi 1.Yol F/9 Parsel Tuzla Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

21.02.1978

 

 

Com. Reg. No.:

152921

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Processing and trade of leather and stout leather. 

 

 

No. of Employees

12

 

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 – June 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Turkey

B1

B1

 

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 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

:

KAMPANA DERI VE KOSELE SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Organize Deri Sanayi Bolgesi 1.Yol F/9 Parsel Tuzla Istanbul / Turkey

PHONE NUMBER

:

90-216-394 12 91

 

FAX NUMBER

:

90-216-394 12 94

 

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Anadolu Kurumlar

TAX NO

:

4940040146

REGISTRATION NUMBER

:

152921

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

21.02.1978

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   3.000.000

PAID-IN CAPITAL

:

TL   3.000.000

HISTORY

:

Previous Registered Capital

:

TL 250.000

Changed On

:

12.05.2005 (Commercial Gazette Date /Number 17.05.2005/ 6305)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Mehmet Sina Savranoglu

61 %

Fatma Muruvvet Savranoglu

15 %

Muhittin Savranoglu

10 %

Mustafa Murat Savranoglu

9 %

Fatma Sema Savranoglu

5 %

 

 

SISTER COMPANIES

:

GEYIK DERI KOSELE SANAYII A.S.

 

SAVRANOGLU DERI SANAYI VE TICARET A.S.

 

SUBSIDIARIES

:

None

 

BOARD OF DIRECTORS

:

Mehmet Sina Savranoglu

Chairman

Muhittin Savranoglu

Vice-Chairman

Mustafa Murat Savranoglu

Member

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Processing and trade of leather and stout leather. 

 

NACE CODE

:

DC.19.10

 

SECTOR

:

Leather

 

NUMBER OF EMPLOYEES

:

12

 

NET SALES

:

17.707 TL Thousand

(2012) 

39.558 TL Thousand

(2013) 

6.699 TL Thousand

(01.01-30.06.2014) 

 

 

IMPORT VALUE

:

11.000.000 TL

(2010)

 

 

IMPORT COUNTRIES

:

Italy

South Africa

Ireland

Spain

 

MERCHANDISE IMPORTED

:

Chemicals

Raw materials

 

EXPORT VALUE

:

3.817 TL Thousand

(2012)

7.542 TL Thousand

(2013)

541 TL Thousand

(01.01-30.06.2014)

 

 

EXPORT COUNTRIES

:

Italy

China

Croatia

Russia

Bulgaria

Austria

Portugal

Germany

France

Hong-Kong

Free Zone

 

MERCHANDISE  EXPORTED

:

Leather

 

HEAD OFFICE ADDRESS

:

Organize Deri Sanayi Bolgesi 1.Yol F/9 Parsel Tuzla Istanbul / Turkey (owned)

 

BRANCHES

:

Processing Plant  :  Ikitelli Organize Sanayi Bolgesi Aymakoop Sanayi Sitesi B8 Blok No11 Ikitelli Istanbul/Turkey

 

Store  :  Merter Istanbul/Turkey (owned)

 

Store  :  Beyazit Istanbul/Turkey (owned)

 

Head Office/Processing Plant  :  Organize Deri Sanayi Bolgesi 1.Yol F/9 Parsel Tuzla Istanbul/Turkey (owned)

 

INVESTMENTS

:

Investments are going on.

 

TREND OF BUSINESS

:

There was an upwards trend in  2013. There appears a decline at business volume in nominal terms in  1.1 - 30.6.2014.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Turk Ekonomi Bankasi Carsi Branch

Yapi ve Kredi Bankasi Tuzla 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

:

 

(2012) TL Thousand

(2013) TL Thousand

(01.01-30.06.2014) TL Thousand

 

 

Net Sales

17.707

39.558

6.699

 

 

Profit (Loss) Before Tax

235

201

60

 

 

Stockholders' Equity

5.254

5.415

 

 

 

Total Assets

23.838

27.318

 

 

 

Current Assets

16.771

20.303

 

 

 

Non-Current Assets

7.067

7.015

 

 

 

Current Liabilities

18.584

21.903

 

 

 

Long-Term Liabilities

0

0

 

 

 

Gross Profit (loss)

1.440

1.107

336

 

 

Operating Profit (loss)

1.140

827

260

 

 

Net Profit (loss)

235

161

60

 

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Insufficient As of 31.12.2013

Remarks on Capitalization

A part of liabilities consist of loans from shareholders.

Liquidity

Insufficient As of 31.12.2013

Remarks On Liquidity

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

 

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

Good Operating Profitability  in 2012

Low Net Profitability  in 2012

Fair Operating Profitability  in 2013

Low Net Profitability  in 2013

In Order Operating Profitability (01.01-30.06.2014)

Low Net Profitability (01.01-30.06.2014)

 

Gap between average collection and payable periods

Unfavorable in 2013

General Financial Position

Unsatisfactory

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 01.01-30.06.2014)

5,12 %

2,1608

2,9618

3,6153

 ( 01.01-31.08.2014)

6,33 %

2,1583

2,9382

3,6128

 

 

BALANCE SHEETS

 

 

 ( 31.12.2012 )  TL Thousand

 

 ( 31.12.2013 )  TL Thousand

 

 

 

CURRENT ASSETS

16.771

0,70

20.303

0,74

 

 

Not Detailed Current Assets

0

0,00

0

0,00

 

 

Cash and Banks

48

0,00

249

0,01

 

 

Marketable Securities

0

0,00

0

0,00

 

 

Account Receivable

15.934

0,67

19.169

0,70

 

 

Other Receivable

0

0,00

0

0,00

 

 

Inventories

524

0,02

775

0,03

 

 

Advances Given

0

0,00

12

0,00

 

 

Accumulated Construction Expense

0

0,00

0

0,00

 

 

Other Current Assets

265

0,01

98

0,00

 

 

NON-CURRENT ASSETS

7.067

0,30

7.015

0,26

 

 

Not Detailed Non-Current Assets

0

0,00

0

0,00

 

 

Long-term Receivable

0

0,00

0

0,00

 

 

Financial Assets

0

0,00

0

0,00

 

 

Tangible Fixed Assets (net)

7.067

0,30

7.014

0,26

 

 

Intangible Assets

0

0,00

0

0,00

 

 

Deferred Tax Assets

0

0,00

0

0,00

 

 

Other Non-Current Assets

0

0,00

1

0,00

 

 

TOTAL ASSETS

23.838

1,00

27.318

1,00

 

 

CURRENT LIABILITIES

18.584

0,78

21.903

0,80

 

 

Not Detailed Current Liabilities

0

0,00

0

0,00

 

 

Financial Loans

4.672

0,20

9.385

0,34

 

 

Accounts Payable

1.163

0,05

8.447

0,31

 

 

Loans from Shareholders

8.985

0,38

4.008

0,15

 

 

Other Short-term Payable

0

0,00

0

0,00

 

 

Advances from Customers

3.752

0,16

0

0,00

 

 

Accumulated Construction Income

0

0,00

0

0,00

 

 

Taxes Payable

12

0,00

23

0,00

 

 

Provisions

0

0,00

40

0,00

 

 

Other Current Liabilities

0

0,00

0

0,00

 

 

LONG-TERM LIABILITIES

0

0,00

0

0,00

 

 

Not Detailed Long-term Liabilities

0

0,00

0

0,00

 

 

Financial Loans

0

0,00

0

0,00

 

 

Securities Issued

0

0,00

0

0,00

 

 

Long-term Payable

0

0,00

0

0,00

 

 

Loans from Shareholders

0

0,00

0

0,00

 

 

Other Long-term Liabilities

0

0,00

0

0,00

 

 

Provisions

0

0,00

0

0,00

 

 

STOCKHOLDERS' EQUITY

5.254

0,22

5.415

0,20

 

 

Not Detailed Stockholders' Equity

0

0,00

0

0,00

 

 

Paid-in Capital

3.000

0,13

3.000

0,11

 

 

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

 

 

Inflation Adjustment of Capital

321

0,01

321

0,01

 

 

Equity of Consolidated Firms

0

0,00

0

0,00

 

 

Reserves

1.697

0,07

1.932

0,07

 

 

Revaluation Fund

1

0,00

1

0,00

 

 

Accumulated Losses(-)

0

0,00

0

0,00

 

 

Net Profit (loss)

235

0,01

161

0,01

 

 

TOTAL LIABILITIES AND EQUITY

23.838

1,00

27.318

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.                                              

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

 

 

INCOME STATEMENTS

 

 

(2012) TL Thousand

 

(2013) TL Thousand

 

(01.01-30.06.2014) TL Thousand

 

Net Sales

17.707

1,00

39.558

1,00

6.699

1,00

Cost of Goods Sold

16.267

0,92

38.451

0,97

6.363

0,95

Gross Profit

1.440

0,08

1.107

0,03

336

0,05

Operating Expenses

300

0,02

280

0,01

76

0,01

Operating Profit

1.140

0,06

827

0,02

260

0,04

Other Income

14

0,00

1

0,00

0

0,00

Other Expenses

52

0,00

55

0,00

22

0,00

Financial Expenses

867

0,05

572

0,01

178

0,03

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

235

0,01

201

0,01

60

0,01

Tax Payable

0

0,00

40

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

235

0,01

161

0,00

60

0,01

 

 

FINANCIAL RATIOS

 

 

(2012)

(2013)

 

LIQUIDITY RATIOS

 

 

Current Ratio

0,90

0,93

 

Acid-Test Ratio

0,86

0,89

 

Cash Ratio

0,00

0,01

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,02

0,03

 

Short-term Receivable/Total Assets

0,67

0,70

 

Tangible Assets/Total Assets

0,30

0,26

 

TURNOVER RATIOS

 

 

Inventory Turnover

31,04

49,61

 

Stockholders' Equity Turnover

3,37

7,31

 

Asset Turnover

0,74

1,45

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,22

0,20

 

Current Liabilities/Total Assets

0,78

0,80

 

Financial Leverage

0,78

0,80

 

Gearing Percentage

3,54

4,04

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,04

0,03

 

Operating Profit Margin

0,06

0,02

 

Net Profit Margin

0,01

0,00

 

Interest Cover

1,27

1,35

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

323,95

174,45

 

Average Payable Period (days)

25,74

79,09

 

WORKING CAPITAL

-1813,00

-1600,00

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.83

UK Pound

1

Rs.98.15

Euro

1

Rs.78.66

                

INFORMATION DETAILS

 

Analysis Done by :

SUM

 

 

Report Prepared by :

SDA

               

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.