MIRA INFORM REPORT

 

 

Report No. :

354949

Report Date :

18.12.2015

 

IDENTIFICATION DETAILS

 

Name :

KARSU TEKSTIL SANAYII VE TICARET A.S.

 

 

Registered Office :

Suksun Zafer Mah. Sedef Bulvari No:146 Incesu Kayseri 

 

 

Country :

Turkey

 

 

Financials (as on) :

30.09.2015

 

 

Date of Incorporation :

14.03.1973

 

 

Com. Reg. No.:

556-INCESU

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Dyeing, manufacture and trade of yarn and fabric. The subject also deals with production of electric energy for its own use.  

 

 

No. of Employee :

488

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

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, 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

 

Address at your inquiry is the former address

 

 

COMPANY IDENTIFICATION

 

 

 

NAME

:

KARSU TEKSTIL SANAYII VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Suksun Zafer Mah. Sedef Bulvari No:146 Incesu Kayseri / Turkey

PHONE NUMBER

:

90-212-288 33 89 (Administrative Office)

90-352-697 40 01 (Pbx)

 

FAX NUMBER

:

90-212-267 24 44 (Administrative Office)

90-352-697 40 26-27

 

WEB-ADDRESS

:

www.karsu.com.tr

E-MAIL

:

info@karsu.com.tr

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Mimar Sinan

TAX NO

:

5250016962

REGISTRATION NUMBER

:

556-INCESU

REMARKS ON REGISTRATION NUMBER

:

The registration number was changed from "6169" to "556-INCESU"

REGISTERED OFFICE

:

Kayseri Chamber of Commerce

DATE ESTABLISHED

:

14.03.1973

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

 

AUTHORIZED CAPITAL

:

TL   70.250.000

PAID-IN CAPITAL

:

TL   35.100.498,42

HISTORY

:

Previous Registered Capital

:

TL 52.675.000

Changed On

:

20.04.2015 (Commercial Gazette Date /Number 27.04.2015/ 8808)

Previous Address

:

Ankara Karayolu 23. Km Suksun Incesu Kayseri

Changed On

:

09.07.2014 (Commercial Gazette Date /Number 22.07.2014/ 8617)

Merger

:

The subject took over and merged with "Karsu Konfeksiyon Sanayi ve Pazarlama A.S."

Changed On

:

31.12.2002

 

 

 

OWNERSHIP / MANAGEMENT

 

 

NOTES ON OWNERSHIP / MANAGEMENT

:

Quoted at Stock Exchange.

 

 

SHAREHOLDERS

:

Fitnat Gamze Icoz

16,96 %

Yildiz Molu

14,65 %

Metin Molu

10,15 %

Meral Molu

8,72 %

Others and Open to Public

49,52 %

 

 

SISTER COMPANIES

:

 

SUBSIDIARIES

:

KAY-SER KAYSERI SERBEST BOLGESI KURUCU VE ISLETICISI A.S.

 

KAYSERI ELEKTRIK URETIM SANAYI VE TICARET A.S.

 

LKF TEKSTIL BOYA SANAYI VE TICARET A.S.

 

MOLU DIS TICARET A.S.

 

TASFIYE HALINDE KAR-SER TEKSTIL SANAYI VE TICARET LTD. STI.

 

BOARD OF DIRECTORS

:

Metin Molu

Chairman

Arif Molu

Vice-Chairman

Sila Azra Seyok

Member

Fitnat Gamze Icoz

Member

Mustafa Saruhan Hatipoglu

Member

Selcuk Omerbas

Member

Nevzat Seyok

Member

 

 

DIRECTORS

:

Nevzat Seyok

General Manager

Sila Azra Seyok

Deputy General Manager

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Dyeing, manufacture and trade of yarn and fabric. The subject also deals with production of electric energy for its own use.  

 

The subject also orders yarn and fabric to be manufactured in the name of the subject company to contract manufacturers.

 

NACE CODE

:

DB.17.60

 

SECTOR

:

Textile

 

NUMBER OF EMPLOYEES

:

488

 

NET SALES

:

1.119.908 TL

(1994)  

2.010.911 TL

(1995) 

3.409.624 TL

(1996) 

6.527.068 TL

(1997) 

11.961.223 TL

(1998) 

19.917.421 TL

(1999) 

25.892.832 TL

(2000) 

52.708.379 TL

(2001) 

71.663.076 TL

(2002) 

90.464.597 TL

(2003) 

92.955.966 TL

(2004) 

78.921.933 TL

(2005) 

95.925.463 TL

(2006) 

93.478.254 TL

(2007) 

96.002.979 TL

(2008) 

105.645.172 TL

(2009) 

114.242.316 TL

(2010) 

124.581.789 TL

(2011) 

122.715.665 TL

(2012) 

102.341 TL Thousand

(2013) 

95.986 TL Thousand

(2014) 

83.995 TL Thousand

(01.01-30.09.2015) 

 

 

PRODUCTION

:

Fabric  ( ton )

Yarn  ( ton )

 

 

381

13.325

 

(2012)

296

10.419

 

(2013)

318

9.225

 

(2014)

138

7.669

 

(01.01-30.09.2015)

 

 

 

 

 

IMPORT VALUE

:

24.917.724 USD

(2004)

21.550.821 USD

(2005)

30.556.397 USD

(2006)

39.849.570 USD

(2007)

57.673.732 TL

(2008)

58.443.975 TL

(2009)

68.196.307 TL

(2010)

83.947.576 TL

(2011)

69.430.022 TL

(2012)

56.208.815 TL

(2013)

23.608 TL Thousand

(2014)

48.895 TL Thousand

(01.01-30.09.2015)

 

 

IMPORT COUNTRIES

:

Austria

France

Germany

 

MERCHANDISE IMPORTED

:

Artificial fiber

Cotton

Raw materials and spare parts for machinery

Synthetic fiber

 

EXPORT VALUE

:

6.568.409 USD

(2001)

9.124.000 USD

(2002)

21.440.657 TL

(2003)

18.757.727 TL

(2004)

18.203.631 TL

(2005)

29.370.175 TL

(2006)

24.654.846 USD

(2007)

31.052.530 TL

(2008)

32.790.130 TL

(2009)

35.842.457 TL

(2010)

40.900.585 TL

(2011)

37.989.073 TL

(2012)

18.930.368 TL

(2013)

78.486 TL Thousand

(2014)

19.586 TL Thousand

(01.01-30.09.2015)

 

 

 

EXPORT COUNTRIES

:

Netherlands

Austria

Belgium

Canada

Germany

Italy

Denmark

Greece

Japan

U.K.

Bulgaria

Romania

Czech Republic

Poland

Portugal

Brazil

France

U.S.A.

 

MERCHANDISE  EXPORTED

:

Fabric

Yarn

 

HEAD OFFICE ADDRESS

:

Suksun Zafer Mah. Sedef Bulvari No:146 Incesu  Kayseri / Turkey  (owned)

 

BRANCHES

:

Regional Directorate  :  Ankara Asfalti 10. Km Aslan Sanayi Merkezi Denizli/Turkey

 

Warehouse  :  Oruc Reis Mah. Giyimkent Sitesi Vadi Cad. Esenler Istanbul/Turkey

 

Head Office/Factory  :  Suksun Zafer Mah. Sedef Bulvari No:146 Incesu Kayseri/Turkey (owned)

 

Branch Office  :   /Free Zone

 

Administrative Office  :  Gazeteciler Sitesi Yazarlar Sok. No:32 Esentepe Istanbul/Turkey (owned)

 

 

 

TREND OF BUSINESS

:

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

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Akbank Kayseri Branch

Garanti Bankasi Kayseri Branch

Tekstil Bankasi Kayseri Branch

Turk Ekonomi Bankasi Kayseri Branch

 

CREDIT FACILITIES

:

The subject company is making active use of credit facilities.

 

PAYMENT BEHAVIOUR

:

Slow but correct

 

KEY FINANCIAL ELEMENTS

:

 

(2012) TL

(2013) TL Thousand

(2014) TL Thousand

(01.01-30.09.2015) TL Thousand

 

Net Sales

122.715.665

102.341

95.986

83.995

 

Profit (Loss) Before Tax

-8.522.697

-13.686

-14.193

-16.813

 

Stockholders' Equity

61.591.366

48.984

56.475

39.037

 

Total Assets

135.935.113

135.349

181.998

216.445

 

Current Assets

83.484.313

83.196

80.255

112.072

 

Non-Current Assets

52.450.800

52.153

101.743

104.373

 

Current Liabilities

48.109.921

48.774

52.775

48.337

 

Long-Term Liabilities

26.233.826

37.591

72.748

129.071

 

Gross Profit (loss)

5.517.192

10.796

7.459

9.234

 

Operating Profit (loss)

-5.695.330

6.400

4.078

13.846

 

Net Profit (loss)

-8.080.156

-12.165

-11.526

-17.474

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Insufficient As of 30.09.2015

Liquidity

High As of 30.09.2015

Remarks On Liquidity

The unfavorable gap between average collection and average payable period has an adverse effect on liquidity.

Profitability

Operating Loss  in 2012

Net Loss  in 2012

Good Operating Profitability  in 2013

Net Loss  in 2013

In Order Operating Profitability  in 2014

Net Loss  in 2014

High Operating Profitability (01.01-30.09.2015)

Net Loss (01.01-30.09.2015)

 

Gap between average collection and payable periods

Unfavorable in 01.01-30.09.2015

General Financial Position

Not in order

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2000 )

32,70 %

0,6251

0,5774

0,9480

 ( 2001 )

88,60 %

1,1991

1,0714

1,7300

 ( 2002 )

30,80 %

1,5168

1,3741

2,2001

 ( 2003 )

13,90 %

1,5302

1,7141

2,4982

 ( 2004 )

13,84 %

1,4266

1,7666

2,6001

 ( 2005 )

2,66 %

1,3499

1,6882

2,4623

 ( 2006 )

11,58 %

1,4309

1,7987

2,6377

 ( 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

 ( 01.01-30.09.2015)

7,81 %

2,6640

2,9843

4,0944

 ( 01.01-30.11.2015)

6,06 %

2,7064

3,0117

4,1515

 

 

 

 

 

 

BALANCE SHEETS

 

 

 ( 31.12.2012 )  TL

 

 ( 31.12.2013 )  TL Thousand

 

 ( 31.12.2014 )  TL Thousand

 

 ( 30.09.2015 )  TL Thousand

 

CURRENT ASSETS

83.484.313

0,61

83.196

0,61

80.255

0,44

112.072

0,52

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

15.321.807

0,11

4.040

0,03

17.117

0,09

38.820

0,18

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

40.706.906

0,30

46.203

0,34

29.408

0,16

36.496

0,17

Other Receivable

1.550.437

0,01

1.868

0,01

1.984

0,01

2.448

0,01

Inventories

21.867.135

0,16

22.356

0,17

25.219

0,14

25.151

0,12

Advances Given

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

4.038.028

0,03

8.729

0,06

6.527

0,04

9.157

0,04

NON-CURRENT ASSETS

52.450.800

0,39

52.153

0,39

101.743

0,56

104.373

0,48

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

28.017

0,00

38

0,00

20

0,00

20

0,00

Financial Assets

239.333

0,00

248

0,00

284

0,00

284

0,00

Tangible Fixed Assets (net)

51.443.380

0,38

48.738

0,36

100.912

0,55

103.581

0,48

Intangible Assets

440.447

0,00

541

0,00

503

0,00

362

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

299.623

0,00

2.588

0,02

24

0,00

126

0,00

TOTAL ASSETS

135.935.113

1,00

135.349

1,00

181.998

1,00

216.445

1,00

CURRENT LIABILITIES

48.109.921

0,35

48.774

0,36

52.775

0,29

48.337

0,22

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

29.527.738

0,22

31.363

0,23

37.107

0,20

27.199

0,13

Accounts Payable

11.382.860

0,08

9.266

0,07

7.736

0,04

14.131

0,07

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

Other Short-term Payable

196.089

0,00

804

0,01

844

0,00

686

0,00

Advances from Customers

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

0

0,00

0

0,00

0

0,00

1.294

0,01

Provisions

1.787.317

0,01

3.069

0,02

2.938

0,02

1.118

0,01

Other Current Liabilities

5.215.917

0,04

4.272

0,03

4.150

0,02

3.909

0,02

LONG-TERM LIABILITIES

26.233.826

0,19

37.591

0,28

72.748

0,40

129.071

0,60

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

22.083.167

0,16

34.578

0,26

66.899

0,37

122.276

0,56

Securities Issued

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Payable

670

0,00

1

0,00

0

0,00

1

0,00

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

Other Long-term Liabilities

2.172.207

0,02

525

0,00

2.490

0,01

3.174

0,01

Provisions

1.977.782

0,01

2.487

0,02

3.359

0,02

3.620

0,02

STOCKHOLDERS' EQUITY

61.591.366

0,45

48.984

0,36

56.475

0,31

39.037

0,18

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

35.100.498

0,26

35.100

0,26

35.100

0,19

35.100

0,16

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

3.331.377

0,02

3.331

0,02

3.331

0,02

3.331

0,02

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

19.138.426

0,14

11.249

0,08

2.198

0,01

2.198

0,01

Revaluation Fund

12.101.221

0,09

11.469

0,08

30.001

0,16

30.093

0,14

Accumulated Losses(-)

0

0,00

0

0,00

-2.629

-0,01

-14.211

-0,07

Net Profit (loss)

-8.080.156

-0,06

-12.165

-0,09

-11.526

-0,06

-17.474

-0,08

TOTAL LIABILITIES AND EQUITY

135.935.113

1,00

135.349

1,00

181.998

1,00

216.445

1,00

 

 

INCOME STATEMENTS

 

 

(2012) TL

 

(2013) TL Thousand

 

(2014) TL Thousand

 

(01.01-30.09.2015) TL Thousand

 

Net Sales

122.715.665

1,00

102.341

1,00

95.986

1,00

83.995

1,00

Cost of Goods Sold

117.198.473

0,96

91.545

0,89

88.527

0,92

74.761

0,89

Gross Profit

5.517.192

0,04

10.796

0,11

7.459

0,08

9.234

0,11

Operating Expenses

11.212.522

0,09

4.396

0,04

3.381

0,04

-4.612

-0,05

Operating Profit

-5.695.330

-0,05

6.400

0,06

4.078

0,04

13.846

0,16

Other Income

11.664.210

0,10

0

0,00

0

0,00

0

0,00

Other Expenses

0

0,00

0

0,00

0

0,00

0

0,00

Financial Expenses

14.491.577

0,12

20.086

0,20

18.271

0,19

30.659

0,37

Minority Interests

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

Profit (loss) Before Tax

-8.522.697

-0,07

-13.686

-0,13

-14.193

-0,15

-16.813

-0,20

Tax Payable

0

0,00

0

0,00

0

0,00

0

0,00

Postponed Tax Gain

442.541

0,00

1.521

0,01

2.667

0,03

-661

-0,01

Net Profit (loss)

-8.080.156

-0,07

-12.165

-0,12

-11.526

-0,12

-17.474

-0,21

 

 

FINANCIAL RATIOS

 

 

(2012)

(2013)

(2014)

(01.01-30.09.2015)

LIQUIDITY RATIOS

 

Current Ratio

1,74

1,71

1,52

2,32

Acid-Test Ratio

1,20

1,07

0,92

1,61

Cash Ratio

0,32

0,08

0,32

0,80

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,16

0,17

0,14

0,12

Short-term Receivable/Total Assets

0,31

0,36

0,17

0,18

Tangible Assets/Total Assets

0,38

0,36

0,55

0,48

TURNOVER RATIOS

 

Inventory Turnover

5,36

4,09

3,51

2,97

Stockholders' Equity Turnover

1,99

2,09

1,70

2,15

Asset Turnover

0,90

0,76

0,53

0,39

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,45

0,36

0,31

0,18

Current Liabilities/Total Assets

0,35

0,36

0,29

0,22

Financial Leverage

0,55

0,64

0,69

0,82

Gearing Percentage

1,21

1,76

2,22

4,54

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

-0,13

-0,25

-0,20

-0,45

Operating Profit Margin

-0,05

0,06

0,04

0,16

Net Profit Margin

-0,07

-0,12

-0,12

-0,21

Interest Cover

0,41

0,32

0,22

0,45

COLLECTION-PAYMENT

 

Average Collection Period (days)

119,50

162,66

110,37

156,51

Average Payable Period (days)

34,97

36,44

31,46

68,05

WORKING CAPITAL

35374392,00

34422,00

27480,00

63735,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.65

UK Pound

1

Rs.99.61

Euro

1

Rs.72.33

TRY

1

Rs.22.69

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

KIN

 

 

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.