MIRA INFORM REPORT

 

 

Report No. :

337227

Report Date :

21.08.2015

 

IDENTIFICATION DETAILS

 

Name :

KILIM IC VE DIS TICARET LTD. STI.

 

 

Registered Office :

Karacakaya Cad. No:137 Siteler Altindag Ankara

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

19.11.1991

 

 

Com. Reg. No.:

84803

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Trade of Hand-Woven Rug and Carpet. 

 

 

No. of Employees :

6

 

 

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 :

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, 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 has brought 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 Foreign Direct Investment 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.

 

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

 

Note

 

NOTES

:

Address at your inquiry is the former address.

 

 

COMPANY IDENTIFICATION

 

 

 

NAME

:

KILIM IC VE DIS TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Karacakaya Cad. No:137 Siteler Altindag Ankara / Turkey

PHONE NUMBER

:

90-312-350 06 07

 

FAX NUMBER

:

90-312-350 01 78

 

WEB-ADDRESS

:

www.kilimcompany.com

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Kavaklidere

TAX NO

:

5630000822

REGISTRATION NUMBER

:

84803

REGISTERED OFFICE

:

Ankara Chamber of Commerce

DATE ESTABLISHED

:

19.11.1991

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   2.680.000

 

HISTORY

:

Previous Registered Capital

:

TL 1.000.000

Changed On

:

27.03.2009 (Commercial Gazette Date /Number 01.04.2009/ 7282)

Previous Registered Capital

:

TL 2.000.000

Changed On

:

28.06.2010 (Commercial Gazette Date /Number 01.07.2010/ 7597)

Previous Registered Capital

:

TL 2.280.000

Changed On

:

11.07.2014 (Commercial Gazette Date /Number 16.07.2014/ 8613)

Previous Address

:

Birlik Mah. 8. Cad. No:5/12 Cankaya - Ankara

Changed On

:

15.01.2009 (Commercial Gazette Date /Number 20.01.2009/ 7231)

Previous Shareholder

:

Please vide Previous Shareholders section for the former shareholders’ names.

Changed On

:

12.06.2014 (Commercial Gazette Date /Number 17.06.2014/ 8592)

Merger

:

The subject company took over and merged with "Kilim Koleksiyon Ve Ticaret Ltd. Sti"

Changed On

:

08.10.2003 (Commercial Gazette Date /Number 14.10.2003/ 5906)

 

 

 

PREVIOUS SHAREHOLDERS

:

Ibrahim Geyikoglu

81,27 %

Eren Geyikoglu

18,72 %

 

 

OWNERSHIP/ MANAGEMENT

 

 

SHAREHOLDERS

:

Ibrahim Geyikoglu

100 %

 

 

DIRECTORS

:

Ibrahim Geyikoglu                                                                                                                                                                                                                                                                                   

 

 

 

OPERATIONS

 

 

NOTES ON OPERATIONS

:

The firm orders production to contract manufacturers.

 

BUSINESS ACTIVITIES

:

Trade of hand-woven rug and carpet. 

 

The subject orders hand-woven rugs and carpets to be manufactured in the name of the subject company to third parties.

 

NACE CODE

:

G .52.48

 

NUMBER OF EMPLOYEES

:

6

 

NET SALES

:

8.100.524 TL

(2007) 

7.568.615 TL

(2008) 

7.353.313 TL

(2009) 

6.476.476 TL

(2010) 

8.629.330 TL

(2011) 

9.062.748 TL

(2012) 

9.187 TL Thousand

(2013) 

9.493 TL Thousand

(2014) 

1.380 TL Thousand

(01.01-31.03.2015) 

 

 

IMPORT COUNTRIES

:

China

Pakistan

Afghanistan

India

Nepal

 

MERCHANDISE IMPORTED

:

Rug

Wool carpet

 

EXPORT VALUE

:

3.234.285 TL

(2007)

2.048.090 TL

(2008)

1.900.895 TL

(2009)

1.218.315 TL

(2010)

2.573.006 TL

(2011)

3.130.710 TL

(2012)

2.958 TL Thousand

(2013)

2.034 TL Thousand

(2014)

113 TL Thousand

(01.01-31.03.2015)

 

 

EXPORT COUNTRIES

:

Australia

Canada

Germany

France

Italy

Japan

Netherlands

New Zealand

Romania

Switzerland

Uruguay

 

MERCHANDISE  EXPORTED

:

Carpet

Hand-woven rugs

 

 

 

HEAD OFFICE ADDRESS

:

Karacakaya Cad. No:137 Siteler Altindag  Ankara / Turkey

 

BRANCHES

:

Head Office/Store  :  Karacakaya Cad. No:137 Siteler Altindag Ankara/Turkey (rented)

                                                                                

INVESTMENTS

:

None

 

 

 

TREND OF BUSINESS

:

There was a slowdown at business volume in real terms in  2014. There appears a substantial decline at sales volume in the first 3 months of this year.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Albaraka Turk Katilim Bankasi Siteler Branch

T. Is Bankasi Yildiz 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

:

 

(2011) TL

(2012) TL

(2013) TL Thousand

(2014) TL Thousand

(01.01-31.03.2015) TL Thousand

Net Sales

8.629.330

9.062.748

9.187

9.493

1.380

Profit (Loss) Before Tax

28.921

123.741

152

216

22

Stockholders' Equity

4.990.286

5.088.622

5.210

5.629

 

Total Assets

9.407.019

10.104.837

13.320

13.663

 

Current Assets

9.333.326

10.066.686

13.206

13.307

 

Non-Current Assets

73.693

38.151

114

356

 

Current Liabilities

4.386.129

4.988.843

8.087

8.034

 

Long-Term Liabilities

30.604

27.372

23

0

 

Gross Profit (loss)

1.195.991

1.261.820

1.138

1.628

172

Operating Profit (loss)

155.718

616.819

544

965

51

Net Profit (loss)

8.462

98.336

122

173

22

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Satisfactory As of 31.12.2014

Liquidity

Satisfactory As of 31.12.2014

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

Fair Operating Profitability  in 2011

Low Net Profitability  in 2011

Good Operating Profitability  in 2012

Low Net Profitability  in 2012

Good Operating Profitability  in 2013

Low Net Profitability  in 2013

High Operating Profitability  in 2014

Fair Net Profitability  in 2014

In Order Operating Profitability (01.01-31.03.2015)

Low Net Profitability (01.01-31.03.2015)

 

Gap between average collection and payable periods

Unfavorable in 2014

General Financial Position

Satisfactory

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

 

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

 (01.01-31.07.2015)

5,15 %

2,5858

2,8956

3,9782

 

 

BALANCE SHEETS

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL

 

 ( 31.12.2013 )  TL Thousand

 

 ( 31.12.2014 )  TL Thousand

 

CURRENT ASSETS

9.333.326

0,99

10.066.686

1,00

13.206

0,99

13.307

0,97

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

36.581

0,00

39.582

0,00

87

0,01

262

0,02

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

3.857.574

0,41

6.390.855

0,63

8.985

0,67

7.565

0,55

Other Receivable

47.752

0,01

165.409

0,02

182

0,01

200

0,01

Inventories

1.566.330

0,17

1.008.700

0,10

1.291

0,10

729

0,05

Advances Given

3.231.229

0,34

1.881.605

0,19

2.070

0,16

3.935

0,29

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

593.860

0,06

580.535

0,06

591

0,04

616

0,05

NON-CURRENT ASSETS

73.693

0,01

38.151

0,00

114

0,01

356

0,03

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

1.158

0,00

1.158

0,00

1

0,00

1

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

44.270

0,00

16.058

0,00

97

0,01

338

0,02

Intangible Assets

24.257

0,00

16.998

0,00

16

0,00

17

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

4.008

0,00

3.937

0,00

0

0,00

0

0,00

TOTAL ASSETS

9.407.019

1,00

10.104.837

1,00

13.320

1,00

13.663

1,00

CURRENT LIABILITIES

4.386.129

0,47

4.988.843

0,49

8.087

0,61

8.034

0,59

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

3.386.792

0,36

4.212.838

0,42

6.244

0,47

5.024

0,37

Accounts Payable

17.062

0,00

43.061

0,00

483

0,04

12

0,00

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

Other Short-term Payable

313.094

0,03

91.000

0,01

39

0,00

39

0,00

Advances from Customers

579.476

0,06

614.482

0,06

1.286

0,10

2.903

0,21

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

89.694

0,01

28.555

0,00

35

0,00

52

0,00

Provisions

11

0,00

-1.093

0,00

0

0,00

4

0,00

Other Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

LONG-TERM LIABILITIES

30.604

0,00

27.372

0,00

23

0,00

0

0,00

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

30.604

0,00

27.372

0,00

23

0,00

0

0,00

Loans from Shareholders

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

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

4.990.286

0,53

5.088.622

0,50

5.210

0,39

5.629

0,41

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

2.279.805

0,24

2.279.805

0,23

2.279

0,17

2.525

0,18

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

409.348

0,04

417.810

0,04

517

0,04

639

0,05

Revaluation Fund

2.366.758

0,25

2.366.758

0,23

2.366

0,18

2.366

0,17

Accumulated Losses(-)

-74.087

-0,01

-74.087

-0,01

-74

-0,01

-74

-0,01

Net Profit (loss)

8.462

0,00

98.336

0,01

122

0,01

173

0,01

TOTAL LIABILITIES AND EQUITY

9.407.019

1,00

10.104.837

1,00

13.320

1,00

13.663

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.                                                                                                                      

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:200, Other Receivable Total:200. 

 

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

 

(2011) TL

 

(2012) TL

 

(2013) TL Thousand

 

(2014) TL Thousand

 

(01.01-31.03.2015) TL Thousand

 

Net Sales

8.629.330

1,00

9.062.748

1,00

9.187

1,00

9.493

1,00

1.380

1,00

Cost of Goods Sold

7.433.339

0,86

7.800.928

0,86

8.049

0,88

7.865

0,83

1.208

0,88

Gross Profit

1.195.991

0,14

1.261.820

0,14

1.138

0,12

1.628

0,17

172

0,12

Operating Expenses

1.040.273

0,12

645.001

0,07

594

0,06

663

0,07

121

0,09

Operating Profit

155.718

0,02

616.819

0,07

544

0,06

965

0,10

51

0,04

Other Income

557.124

0,06

165.170

0,02

787

0,09

361

0,04

0

0,00

Other Expenses

474.554

0,05

189.476

0,02

726

0,08

495

0,05

0

0,00

Financial Expenses

209.367

0,02

468.772

0,05

453

0,05

615

0,06

29

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

28.921

0,00

123.741

0,01

152

0,02

216

0,02

22

0,02

Tax Payable

20.459

0,00

25.405

0,00

30

0,00

43

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)

8.462

0,00

98.336

0,01

122

0,01

173

0,02

22

0,02

 

 

FINANCIAL RATIOS

 

(2011)

(2012)

(2013)

(2014)

 

LIQUIDITY RATIOS

 

 

Current Ratio

2,13

2,02

1,63

1,66

 

Acid-Test Ratio

0,90

1,32

1,14

1,00

 

Cash Ratio

0,01

0,01

0,01

0,03

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,17

0,10

0,10

0,05

 

Short-term Receivable/Total Assets

0,42

0,65

0,69

0,57

 

Tangible Assets/Total Assets

0,00

0,00

0,01

0,02

 

TURNOVER RATIOS

 

 

Inventory Turnover

4,75

7,73

6,23

10,79

 

Stockholders' Equity Turnover

1,73

1,78

1,76

1,69

 

Asset Turnover

0,92

0,90

0,69

0,69

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,53

0,50

0,39

0,41

 

Current Liabilities/Total Assets

0,47

0,49

0,61

0,59

 

Financial Leverage

0,47

0,50

0,61

0,59

 

Gearing Percentage

0,89

0,99

1,56

1,43

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,00

0,02

0,02

0,03

 

Operating Profit Margin

0,02

0,07

0,06

0,10

 

Net Profit Margin

0,00

0,01

0,01

0,02

 

Interest Cover

1,14

1,26

1,34

1,35

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

160,98

253,91

352,12

286,92

 

Average Payable Period (days)

2,31

3,25

22,63

0,55

 

WORKING CAPITAL

4947197,00

5077843,00

5119,00

5273,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.65.24

UK Pound

1

Rs.102.21

Euro

1

Rs.72.57

 

 

 

 

 

INFORMATION DETAILS

 

Analysis Done by :

KIN 

 

 

Report Prepared by :

NIT

 

 

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.