MIRA INFORM REPORT

 

 

Report No. :

334471

Report Date :

01.08.2015

 

IDENTIFICATION DETAILS

 

Name :

KAPLAN KARDESLER HALI SANAYI VE TICARET LTD. STI.

 

 

Registered Office :

4. Organize Sanayi Bolgesi 83426 No'lu Cadde No:6 Sehitkamil-Gaziantep Gaziantep

 

 

Country :

Turkey

 

 

Financials (as on) :

31.03.2015

 

 

Date of Incorporation :

31.07.1995

 

 

Com. Reg. No.:

17543

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacture and trade of carpets. 

 

 

No. of Employees :

1.017

 

 

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, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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 region to market. Several gas pipeline projects also are moving forward to help transport Caspian gas to Europe through Turkey, which over the long term will help address Turkey's dependence on imported oil and gas, which currently meets 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. Two rating agencies upgraded Turkey's debt to investment grade in 2012 and 2013, and Turkey's public sector debt to GDP ratio fell to 33% in 2014. The stock value of FDI reached nearly $195 billion at year-end 2014. Despite these positive trends, GDP growth dropped to 4.4% in 2013 and 2.9% in 2014. Growth slowed considerably in the last quarter of 2014, largely due to lackluster consumer demand both domestically and in Europe, Turkey’s most important export market. High interest rates have also contributed to the slowdown in growth, as Turkey sharply increased interest rates in January 2014 in order to strengthen the country’s currency and reduce inflation. Turkey then cut rates in February 2015 in a bid to spur economic growth. It is clear from these developments that the Turkish economy retains significant weaknesses. Specifically, 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. Turkey also remains dependent on often volatile, short-term investment to finance its large current account deficit.

 

Source : CIA

 

 

 

 

COMPANY IDENTIFICATION

 

 

NAME

:

KAPLAN KARDESLER HALI SANAYI VE TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

4. Organize Sanayi Bolgesi 83426 No'lu Cadde No:6 Sehitkamil-Gaziantep Gaziantep / Turkey

PHONE NUMBER

:

90-342-357 02 26

FAX NUMBER

:

90-342-357 02 23

WEB-ADDRESS

:

www.kaplankardesler.com

E-MAIL

:

info@kaplankardesler.com

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Gazikent

TAX NO

:

4980078158

REGISTRATION NUMBER

:

17543

REGISTERED OFFICE

:

Gaziantep Chamber of Commerce

DATE ESTABLISHED

:

18.07.1995

ESTABLISHMENT GAZETTE DATE/NO

:

31.07.1995/3839

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   5.000.000

PAID-IN CAPITAL

:

TL   5.000.000

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Selahattin Kaplan

11,11 %

Abdulkadir Kaplan

11,11 %

Mehmet Kaplan

11,11 %

Ali Kaplan

11,11 %

Mustafa Kaplan

11,11 %

Ilyas Kaplan

11,11 %

Omer Kaplan

11,11 %

Necmettin Kaplan

11,11 %

Mesut Kaplan

11,11 %

 

 

DIRECTORS

:

Selahattin Kaplan                                                                                                                                                                                                                                                                                   

 

Mehmet Kaplan                                                                                                                                                                                                                                                                                   

 

Ali Kaplan                                                                                                                                                                                                                                                                                   

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Manufacture and trade of carpets. 

 

The firm also deals with manufacturing of packing materials for its own use.

 

NACE CODE

:

DB.17.51

 

NUMBER OF EMPLOYEES

:

1.017

 

NET SALES

:

63.663 TL Thousand

(2007) 

79.566 TL Thousand

(2008) 

71.771.019 TL

(2009) 

104.090.315 TL

(2010) 

143.278.511 TL

(2011) 

158.496.917 TL

(2012) 

166.152 TL Thousand

(2013) 

216.249 TL Thousand

(2014) 

51.467 TL Thousand

(01.01-31.03.2015) 

 

 

CAPACITY

:

Carpet  ( Sqm/yr)

Packing materials 

( kgs/yr)

 

 

12.119.519

112.320

 

(2013)

 

 

 

 

IMPORT COUNTRIES

:

India

U.S.A.

Singapore

Greece

Bangladesh

 

MERCHANDISE IMPORTED

:

Raw materials

 

EXPORT VALUE

:

266.000 USD

(2007)

974.000 USD

(2008)

107.455 TL

(2009)

76.495 TL

(2010)

1.715.368 TL

(2011)

4.243.936 TL

(2012)

4.773.204 TL

(2013)

5.960 TL Thousand

(2014)

2.487 TL Thousand

(01.01-31.03.2015)

 

 

EXPORT COUNTRIES

:

Saudi Arabia

Israel

Greece

Germany

Turkish Republics

 

MERCHANDISE  EXPORTED

:

Carpet

Yarn

 

HEAD OFFICE ADDRESS

:

4. Organize Sanayi Bolgesi 83426 No'lu Cadde No:6 Sehitkamil-Gaziantep  Gaziantep / Turkey ( owned )

 

BRANCHES

:

Factory  :  5. Organize Sanayi Bolgesi Gaziantep/Turkey

 

Head Office/Production Plant  :  4. Organize Sanayi Bolgesi Baspinar 83426 Nolu Cad. No:6 Baspinar Sehitkamil Gaziantep/Turkey (owned)

 

Production Plant  :  4. Organize Sanayi Bolgesi 83425 Nolu Cad. No:4  Baspinar Sehitkamil Gaziantep/Turkey (owned)     

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2014.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Turk Ekonomi Bankasi Sehitkamil Branch

Yapi ve Kredi Bankasi Sehitkamil 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

:

 

(2011) TL

(2012) TL

(2013) TL Thousand

(2014) TL Thousand

(01.01-31.03.2015) TL Thousand

Net Sales

143.278.511

158.496.917

166.152

216.249

51.467

Profit (Loss) Before Tax

1.081.704

6.353.056

1.905

3.009

-3.430

Stockholders' Equity

23.794.005

29.201.484

30.691

35.395

31.963

Total Assets

71.946.987

94.481.188

133.501

179.094

165.735

Current Assets

34.646.416

45.924.951

82.559

121.848

109.574

Non-Current Assets

37.300.571

48.556.237

50.942

57.246

56.161

Current Liabilities

48.152.982

65.279.704

49.527

115.651

106.624

Long-Term Liabilities

0

0

53.283

28.048

27.148

Gross Profit (loss)

5.515.620

11.467.010

10.836

4.649

3.707

Operating Profit (loss)

3.923.187

9.489.769

8.410

1.712

2.646

Net Profit (loss)

872.200

5.407.480

1.768

3.009

-3.430

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Insufficient As of 31.03.2015

Liquidity

Insufficient As of 31.03.2015

Remarks On Liquidity

The favorable gap between average collection and average payable period has a positive effect on liquidity.

Profitability

Fair Operating Profitability  in 2011

Low Net Profitability  in 2011

Good Operating Profitability  in 2012

In Order Net Profitability  in 2012

In Order Operating Profitability  in 2013

Low Net Profitability  in 2013

Low Operating Profitability  in 2014

Low Net Profitability  in 2014

In Order Operating Profitability (01.01-31.03.2015)

Net Loss (01.01-31.03.2015)

 

Gap between average collection and payable periods

Favorable in 01.01-31.03.2015

General Financial Position

Unsatisfactory

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2007 )

5,94 %

1,3075

1,7901

2,6133

 ( 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

 ( 2014 )

6,36 %

2,1891

2,8989

3,6060

 ( 01.01-31.03.2015)

2,60 %

2,4709

2,8023

3,7626

 ( 01.01-30.06.2015)

5,49 %

2,5568

2,8727

3,9250

 

 

BALANCE SHEETS

 

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL

 

 ( 31.12.2013 )  TL Thousand

 

 ( 31.12.2014 )  TL Thousand

 

 ( 31.03.2015 )  TL Thousand

 

CURRENT ASSETS

34.646.416

0,48

45.924.951

0,49

82.559

0,62

121.848

0,68

109.574

0,66

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

197.167

0,00

40.489

0,00

312

0,00

403

0,00

47

0,00

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

4.097.405

0,06

5.623.965

0,06

12.735

0,10

33.234

0,19

24.028

0,14

Other Receivable

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Inventories

28.821.565

0,40

38.689.882

0,41

68.057

0,51

85.350

0,48

85.366

0,52

Advances Given

635.552

0,01

490.414

0,01

1.455

0,01

2.816

0,02

0

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

894.727

0,01

1.080.201

0,01

0

0,00

45

0,00

133

0,00

NON-CURRENT ASSETS

37.300.571

0,52

48.556.237

0,51

50.942

0,38

57.246

0,32

56.161

0,34

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

0

0,00

0

0,00

Financial Assets

856.905

0,01

856.905

0,01

3.232

0,02

3.232

0,02

3.232

0,02

Tangible Fixed Assets (net)

35.107.180

0,49

46.731.471

0,49

47.273

0,35

53.427

0,30

52.867

0,32

Intangible Assets

1.052.201

0,01

812.537

0,01

68

0,00

61

0,00

61

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

284.285

0,00

155.324

0,00

369

0,00

526

0,00

1

0,00

TOTAL ASSETS

71.946.987

1,00

94.481.188

1,00

133.501

1,00

179.094

1,00

165.735

1,00

CURRENT LIABILITIES

48.152.982

0,67

65.279.704

0,69

49.527

0,37

115.651

0,65

106.624

0,64

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

1.044

0,01

4.791

0,03

11.366

0,07

Accounts Payable

42.558.015

0,59

59.346.334

0,63

40.641

0,30

100.002

0,56

92.500

0,56

Loans from Shareholders

2.725.756

0,04

3.413.604

0,04

0

0,00

83

0,00

83

0,00

Other Short-term Payable

185.965

0,00

84.121

0,00

217

0,00

1.949

0,01

1.565

0,01

Advances from Customers

1.583.403

0,02

793.401

0,01

5.528

0,04

7.326

0,04

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

342.206

0,00

626.511

0,01

1.224

0,01

1.144

0,01

843

0,01

Provisions

70.964

0,00

111.328

0,00

-179

0,00

0

0,00

0

0,00

Other Current Liabilities

686.673

0,01

904.405

0,01

1.052

0,01

356

0,00

267

0,00

LONG-TERM LIABILITIES

0

0,00

0

0,00

53.283

0,40

28.048

0,16

27.148

0,16

Not Detailed Long-term Liabilities

0

0,00

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

0

0,00

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

44.677

0,33

14.724

0,08

12.739

0,08

Loans from Shareholders

0

0,00

0

0,00

8.606

0,06

13.324

0,07

14.409

0,09

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

23.794.005

0,33

29.201.484

0,31

30.691

0,23

35.395

0,20

31.963

0,19

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

5.000.000

0,07

5.000.000

0,05

5.000

0,04

5.000

0,03

5.000

0,03

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

1.679.308

0,02

1.679.308

0,02

1.679

0,01

1.679

0,01

1.679

0,01

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

17.196.368

0,24

18.068.567

0,19

23.198

0,17

26.661

0,15

29.668

0,18

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

-953.871

-0,01

-953.871

-0,01

-954

-0,01

-954

-0,01

-954

-0,01

Net Profit (loss)

872.200

0,01

5.407.480

0,06

1.768

0,01

3.009

0,02

-3.430

-0,02

TOTAL LIABILITIES AND EQUITY

71.946.987

1,00

94.481.188

1,00

133.501

1,00

179.094

1,00

165.735

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 2.790 is "Doubtful Trade Receivables" and -TL thousand 2.451 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 2.869 of the other income is due to "Profit from Foreign Currency Exchange".                                                       

 

At the last income statement TL thousand 8.929  of the other expenses is due to "Loss from Foreign Currency Exchange" .                                                      

 

 

INCOME STATEMENTS

 

 

(2011) TL

 

(2012) TL

 

(2013) TL Thousand

 

(2014) TL Thousand

 

(01.01-31.03.2015) TL Thousand

 

Net Sales

143.278.511

1,00

158.496.917

1,00

166.152

1,00

216.249

1,00

51.467

1,00

Cost of Goods Sold

137.762.891

0,96

147.029.907

0,93

155.316

0,93

211.600

0,98

47.760

0,93

Gross Profit

5.515.620

0,04

11.467.010

0,07

10.836

0,07

4.649

0,02

3.707

0,07

Operating Expenses

1.592.433

0,01

1.977.241

0,01

2.426

0,01

2.937

0,01

1.061

0,02

Operating Profit

3.923.187

0,03

9.489.769

0,06

8.410

0,05

1.712

0,01

2.646

0,05

Other Income

2.173.378

0,02

2.692.935

0,02

4.768

0,03

22.410

0,10

2.962

0,06

Other Expenses

4.681.651

0,03

5.493.388

0,03

10.905

0,07

20.820

0,10

8.992

0,17

Financial Expenses

333.210

0,00

336.260

0,00

368

0,00

293

0,00

46

0,00

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

1.081.704

0,01

6.353.056

0,04

1.905

0,01

3.009

0,01

-3.430

-0,07

Tax Payable

209.504

0,00

945.576

0,01

137

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)

872.200

0,01

5.407.480

0,03

1.768

0,01

3.009

0,01

-3.430

-0,07

 

 

FINANCIAL RATIOS

 

 

(2011)

(2012)

(2013)

(2014)

(01.01-31.03.2015)

LIQUIDITY RATIOS

 

Current Ratio

0,72

0,70

1,67

1,05

1,03

Acid-Test Ratio

0,09

0,09

0,26

0,29

0,23

Cash Ratio

0,00

0,00

0,01

0,00

0,00

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,40

0,41

0,51

0,48

0,52

Short-term Receivable/Total Assets

0,06

0,06

0,10

0,19

0,14

Tangible Assets/Total Assets

0,49

0,49

0,35

0,30

0,32

TURNOVER RATIOS

 

Inventory Turnover

4,78

3,80

2,28

2,48

0,56

Stockholders' Equity Turnover

6,02

5,43

5,41

6,11

1,61

Asset Turnover

1,99

1,68

1,24

1,21

0,31

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,33

0,31

0,23

0,20

0,19

Current Liabilities/Total Assets

0,67

0,69

0,37

0,65

0,64

Financial Leverage

0,67

0,69

0,77

0,80

0,81

Gearing Percentage

2,02

2,24

3,35

4,06

4,19

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,04

0,19

0,06

0,09

-0,11

Operating Profit Margin

0,03

0,06

0,05

0,01

0,05

Net Profit Margin

0,01

0,03

0,01

0,01

-0,07

Interest Cover

4,25

19,89

6,18

11,27

-73,57

COLLECTION-PAYMENT

 

Average Collection Period (days)

10,30

12,77

27,59

55,33

168,07

Average Payable Period (days)

111,21

145,31

197,75

195,19

793,26

WORKING CAPITAL

-13506566,00

-19354753,00

33032,00

6197,00

2950,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.64.01

UK Pound

1

Rs.99.84

Euro

1

Rs.70.76

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

TRU

 

               

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.