MIRA INFORM REPORT

 

 

Report No. :

352524

Report Date :

04.12.2015

 

IDENTIFICATION DETAILS

 

Name :

KESMAK MAKINA SANAYI VE TICARET LTD. STI.

 

 

Registered Office :

Ikitelli Organize Sanayi Bolgesi Demirciler Sitesi G1 Blok No: 468 Basaksehir Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

21.02.1995

 

 

Com. Reg. No.:

327105

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacture and Trade of Bandsaw Machine.

 

 

No. of Employees :

45

 

 

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, 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

 

 

COMPANY IDENTIFICATION

 

 

NAME

:

KESMAK MAKINA SANAYI VE TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Ikitelli Organize Sanayi Bolgesi Demirciler Sitesi G1 Blok No: 468 Basaksehir Istanbul / Turkey

PHONE NUMBER

:

90-212-671 69 72

90-212-671 69 73

 

FAX NUMBER

:

90-212-671 69 74

 

WEB-ADDRESS

:

www.kesmak.com

E-MAIL

:

info@kesmak.com

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Ikitelli

TAX NO

:

5480009342

REGISTRATION NUMBER

:

327105

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

21.02.1995

ESTABLISHMENT GAZETTE DATE/NO

:

24.02.1995/3733

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   875.000

PAID-IN CAPITAL

:

TL   875.000

 

HISTORY

:

Previous Registered Capital

:

TL 30.000

Changed On

:

04.06.2010 (Commercial Gazette Date /Number 09.06.2010/ 7581)

Previous Address

:

Litros Yolu Hacilar San. Carsisi No: 38 Maltepe Bayrampasa Istanbul

Changed On

:

08.09.2005 (Commercial Gazette Date /Number 13.09.2005/ 6388)

 

 

OWNERSHIP/ MANAGEMENT

 

 

SHAREHOLDERS

:

Durmus Kaya

65 %

Sezai Aker

35 %

 

 

DIRECTORS

:

Kamil Levent Kaya                                                                                                                                                                                                                                                                                   

 

Durmus Kaya                                                                                                                                                                                                                                                                                   

 

Bulent Kaya                                                                                                                                                                                                                                                                                   

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Manufacture and trade of bandsaw machine.

 

NACE CODE

:

DK.29.42

 

NUMBER OF EMPLOYEES

:

45

 

NET SALES

:

2.415.600 TL

(2009) 

5.782.966 TL

(2010) 

8.881.496 TL

(2011) 

9.256.790 TL

(2012) 

11.025 TL Thousand

(2013) 

14.144 TL Thousand

(2014) 

9.821 TL Thousand

(01.01-30.09.2015) 

 

 

IMPORT COUNTRIES

:

China

Germany

Italy

 

MERCHANDISE IMPORTED

:

Machinery spare parts

 

 

EXPORT VALUE

:

610.474 TL

(2009)

958.182 TL

(2010)

1.074.291 TL

(2011)

604.304 TL

(2012)

719.138 TL

(2013)

1.450 TL Thousand

(2014)

1.635 TL Thousand

(01.01-30.09.2015)

 

 

EXPORT COUNTRIES

:

Northern Cyprus Turkish Republic

Egypt

Libya

Bulgaria

Kazakhstan

Iran

Iraq

South Korea

Ukraine

Romania

Poland

Macedonia Republic

Free Zone

Middle East Countries

 

MERCHANDISE  EXPORTED

:

Bandsaw blade

Machine tool

Metal removing machine

Sawing, cutting-off machine

 

HEAD OFFICE ADDRESS

:

Ikitelli Organize Sanayi Bolgesi Demirciler Sitesi G1 Blok No: 468 Basaksehir  Istanbul / Turkey

 

BRANCHES

:

Production Plant  :  Hosdere Mah. Isiso Sanayi Sitesi 14. Yol U-1 Blok No: 7-8-9-10 Hadimkoy Istanbul/Turkey

 

Production Plant  :  Hosdere Mah. Isiso Sanayi Sitesi V-1 Blok No: 4 Buyukcekmece Istanbul/Turkey

           

INVESTMENTS

:

None

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2014. There appears a decline at business volume in nominal terms in  1.1 - 30.9.2015.

SIZE OF BUSINESS

:

Upper-Medium

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Garanti Bankasi Ikitelli Branch

Halk Bankasi Ikitelli Branch

Kuveyt Turk Katilim Bankasi Ikitelli Branch

Turkiye Finans Katilim Bankasi Ikitelli 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

(01.01-30.09.2015) TL Thousand

Net Sales

8.881.496

9.256.790

11.025

14.144

9.821

Profit (Loss) Before Tax

604.507

553.227

308

574

722

Stockholders' Equity

1.789.052

2.231.021

2.476

2.933

 

Total Assets

3.360.270

4.672.592

6.047

7.348

 

Current Assets

2.341.039

2.353.120

3.579

2.092

 

Non-Current Assets

1.019.231

2.319.472

2.468

5.256

 

Current Liabilities

1.571.218

2.441.571

3.571

4.415

 

Long-Term Liabilities

0

0

0

0

 

Gross Profit (loss)

1.569.914

1.440.578

1.429

1.770

1.706

Operating Profit (loss)

682.883

620.113

596

623

838

Net Profit (loss)

480.681

441.969

245

456

722

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Satisfactory As of 31.12.2014

Liquidity

Low As of 31.12.2014

Remarks On Liquidity

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

Profitability

Good Operating Profitability  in 2011

Good Net Profitability  in 2011

Good Operating Profitability  in 2012

Good Net Profitability  in 2012

In Order Operating Profitability  in 2013

Fair Net Profitability  in 2013

In Order Operating Profitability  in 2014

In Order Net Profitability  in 2014

Good Operating Profitability (01.01-30.09.2015)

High Net Profitability (01.01-30.09.2015)

 

Gap between average collection and payable periods

Favorable in 2014

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

 

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

 ( 2014 )

6,36 %

2,1891

2,8989

3,6060

 (01.01-30.09.2015)

7,81 %

2,6640

2,9843

4,0944

 (01.01-31.10.2015)

7,59 %

2,6873

3,0050

4,1301

 

 

BALANCE SHEETS

 

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL

 

 ( 31.12.2013 )  TL Thousand

 

 ( 31.12.2014 )  TL Thousand

 

CURRENT ASSETS

2.341.039

0,70

2.353.120

0,50

3.579

0,59

2.092

0,28

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

21.076

0,01

112.032

0,02

494

0,08

88

0,01

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

2.052.899

0,61

1.581.985

0,34

1.985

0,33

1.515

0,21

Other Receivable

0

0,00

0

0,00

12

0,00

14

0,00

Inventories

147.377

0,04

417.308

0,09

966

0,16

397

0,05

Advances Given

109.216

0,03

241.795

0,05

93

0,02

45

0,01

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

10.471

0,00

0

0,00

29

0,00

33

0,00

NON-CURRENT ASSETS

1.019.231

0,30

2.319.472

0,50

2.468

0,41

5.256

0,72

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

1.244.700

0,27

1.245

0,21

0

0,00

Tangible Fixed Assets (net)

989.269

0,29

1.042.559

0,22

1.174

0,19

5.138

0,70

Intangible Assets

29.317

0,01

32.213

0,01

49

0,01

118

0,02

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

645

0,00

0

0,00

0

0,00

0

0,00

TOTAL ASSETS

3.360.270

1,00

4.672.592

1,00

6.047

1,00

7.348

1,00

CURRENT LIABILITIES

1.571.218

0,47

2.441.571

0,52

3.571

0,59

4.415

0,60

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

123.188

0,04

979.951

0,21

887

0,15

2.501

0,34

Accounts Payable

1.106.762

0,33

1.094.491

0,23

1.177

0,19

1.513

0,21

Loans from Shareholders

0

0,00

146.312

0,03

898

0,15

21

0,00

Other Short-term Payable

18.816

0,01

35.693

0,01

36

0,01

39

0,01

Advances from Customers

275.405

0,08

108.743

0,02

533

0,09

266

0,04

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

43.676

0,01

75.268

0,02

33

0,01

65

0,01

Provisions

3.371

0,00

1.113

0,00

0

0,00

3

0,00

Other Current Liabilities

0

0,00

0

0,00

7

0,00

7

0,00

LONG-TERM LIABILITIES

0

0,00

0

0,00

0

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

0

0,00

0

0,00

0

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

1.789.052

0,53

2.231.021

0,48

2.476

0,41

2.933

0,40

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

875.000

0,26

875.000

0,19

875

0,14

875

0,12

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

462.927

0,14

943.608

0,20

1.386

0,23

1.631

0,22

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

-29.556

-0,01

-29.556

-0,01

-30

0,00

-29

0,00

Net Profit (loss)

480.681

0,14

441.969

0,09

245

0,04

456

0,06

TOTAL LIABILITIES AND EQUITY

3.360.270

1,00

4.672.592

1,00

6.047

1,00

7.348

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 106 is "Doubtful Trade Receivables" and -TL thousand 106 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:14,Other Receivable Total:14          

 

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

 

(01.01-30.09.2015) TL Thousand

 

Net Sales

8.881.496

1,00

9.256.790

1,00

11.025

1,00

14.144

1,00

9.821

1,00

Cost of Goods Sold

7.311.582

0,82

7.816.212

0,84

9.596

0,87

12.374

0,87

8.115

0,83

Gross Profit

1.569.914

0,18

1.440.578

0,16

1.429

0,13

1.770

0,13

1.706

0,17

Operating Expenses

887.031

0,10

820.465

0,09

833

0,08

1.147

0,08

868

0,09

Operating Profit

682.883

0,08

620.113

0,07

596

0,05

623

0,04

838

0,09

Other Income

60.946

0,01

34.167

0,00

79

0,01

78

0,01

74

0,01

Other Expenses

114.023

0,01

80.698

0,01

306

0,03

85

0,01

159

0,02

Financial Expenses

25.299

0,00

20.355

0,00

61

0,01

42

0,00

31

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

604.507

0,07

553.227

0,06

308

0,03

574

0,04

722

0,07

Tax Payable

123.826

0,01

111.258

0,01

63

0,01

118

0,01

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

480.681

0,05

441.969

0,05

245

0,02

456

0,03

722

0,07

 

 

FINANCIAL RATIOS

 

 

(2011)

(2012)

(2013)

(2014)

 

LIQUIDITY RATIOS

 

 

Current Ratio

1,49

0,96

1,00

0,47

 

Acid-Test Ratio

1,32

0,69

0,70

0,37

 

Cash Ratio

0,01

0,05

0,14

0,02

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,04

0,09

0,16

0,05

 

Short-term Receivable/Total Assets

0,61

0,34

0,33

0,21

 

Tangible Assets/Total Assets

0,29

0,22

0,19

0,70

 

TURNOVER RATIOS

 

 

Inventory Turnover

49,61

18,73

9,93

31,17

 

Stockholders' Equity Turnover

4,96

4,15

4,45

4,82

 

Asset Turnover

2,64

1,98

1,82

1,92

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,53

0,48

0,41

0,40

 

Current Liabilities/Total Assets

0,47

0,52

0,59

0,60

 

Financial Leverage

0,47

0,52

0,59

0,60

 

Gearing Percentage

0,88

1,09

1,44

1,51

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,27

0,20

0,10

0,16

 

Operating Profit Margin

0,08

0,07

0,05

0,04

 

Net Profit Margin

0,05

0,05

0,02

0,03

 

Interest Cover

24,89

28,18

6,05

14,67

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

83,21

61,52

64,82

38,56

 

Average Payable Period (days)

54,49

50,41

44,16

44,02

 

WORKING CAPITAL

769821,00

-88451,00

8,00

-2323,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.75

UK Pound

1

Rs.99.61

Euro

1

Rs.70.67

TL

1

Rs.23.13

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

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.