MIRA INFORM REPORT

 

 

Report No. :

356337

Report Date :

25.12.2015

 

IDENTIFICATION DETAILS

 

Name :

KALMET METAL SANAYI VE TICARET LTD. STI.

 

 

Registered Office :

2. Bolge Ayazaga Mevkii (Ahi Evran Cad. No:1) Polaris Is Merkezi Kat:15 No:64 Maslak Sariyer Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

14.04.1987

 

 

Com. Reg. No.:

233015

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Processing and Trade of Stainless Steel Products.

 

 

No. of Employees :

35

 

 

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

 

COMPANY IDENTIFICATION

 

 

NAME

:

KALMET METAL SANAYI VE TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

2. Bolge Ayazaga Mevkii (Ahi Evran Cad. No:1) Polaris Is Merkezi Kat:15 No:64 Maslak Sariyer Istanbul / Turkey

PHONE NUMBER

:

90-212-346 00 01

 

FAX NUMBER

:

90-212-346 00 77

 

WEB-ADDRESS

:

www.kalmet.com

E-MAIL

:

info@kalmet.com

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Bogazici Kurumlar

TAX NO

:

4930045747

REGISTRATION NUMBER

:

233015

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

14.04.1987

ESTABLISHMENT GAZETTE DATE/NO

:

21.04.1987/1750

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   19.000.000

PAID-IN CAPITAL

:

TL   19.000.000

 

HISTORY

:

Previous Registered Capital

:

TL 11.000.000

Changed On

:

01.07.2008 (Commercial Gazette Date /Number 04.07.2008/ 7098)

Previous Registered Capital

:

TL 13.000.000

Changed On

:

12.07.2012 (Commercial Gazette Date /Number 18.07.2012/ 8114)

Previous Registered Capital

:

TL 15.000.000

Changed On

:

23.05.2013 (Commercial Gazette Date /Number 28.05.2013/ 8329)

Previous Registered Capital

:

TL 16.400.000

Changed On

:

01.07.2015 (Commercial Gazette Date /Number 07.07.2015/ 8857)

Previous Address

:

Caglayan Vatan Cad. No:2 Kat:4 Sisli - Istanbul

Changed On

:

07.10.1999 (Commercial Gazette Date /Number 13.10.1999/ 4897)

Previous Shareholder

:

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

Changed On

:

20.03.2014 (Commercial Gazette Date /Number 26.03.2014/ 8536)

PREVIOUS SHAREHOLDERS

:

Yusuf Kalaora

96 %

Isak Kalaora

4 %

 

 

OWNERSHIP/ MANAGEMENT

 

 

SHAREHOLDERS

:

Yusuf Kalaora

97,50 %

Avi Kalaora

1,50 %

Rasel Kalaora

1 %

 

 

SISTER COMPANIES

:

KALMET PASLANMAZ CELIK SANAYI VE TICARET A.S.

 

DIRECTORS

:

Yusuf Kalaora                                                                                                                                                                                                                                                                                   

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Processing and trade of stainless steel products.

 

NACE CODE

:

DJ.27.00

 

NUMBER OF EMPLOYEES

:

35

 

 

NET SALES

:

27.405.681 TL

(2007) 

32.541.666 TL

(2008) 

28.037.599 TL

(2009) 

53.485.895 TL

(2010) 

71.854.368 TL

(2011) 

73.018 TL Thousand

(2012) 

90.293 TL Thousand

(2013) 

67.881 TL Thousand

(2014) 

48.548 TL Thousand

(01.01-30.09.2015) 

 

 

IMPORT COUNTRIES

:

China

Thailand

India

Spain

Italy

Nepal

 

MERCHANDISE IMPORTED

:

Stainless steel

 

EXPORT VALUE

:

517.365 TL

(2007)

3.108.310 TL

(2008)

2.060.918 TL

(2009)

4.189.835 TL

(2010)

5.117.497 TL

(2011)

1.895.406 TL

(2012)

3.179.654 TL

(2013)

4.172 TL Thousand

(2014)

3.909 TL Thousand

(01.01-30.09.2015)

 

 

EXPORT COUNTRIES

:

Middle East Countries

Uzbekistan

 

MERCHANDISE  EXPORTED

:

Stainless steel products

 

HEAD OFFICE ADDRESS

:

2. Bolge Ayazaga Mevkii (Ahi Evran Cad. No:1) Polaris Is Merkezi Kat:15 No:64 Maslak Sariyer  Istanbul / Turkey ( owned )

 

BRANCHES

:

Processing Plant  :  Istiklal Mah. Ataturk Cad. No:7 Kirac Esenyurt Istanbul/Turkey

                                                                                

 

 

TREND OF BUSINESS

:

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

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Garanti Bankasi Levent Branch

ING Bank 4.Levent Branch

Yapi ve Kredi Bankasi Sanayi Mahallesi 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 Thousand

(2013) TL Thousand

(2014) TL Thousand

(01.01-30.09.2015) TL Thousand

Net Sales

71.854.368

73.018

90.293

67.881

48.548

Profit (Loss) Before Tax

1.588.887

1.892

1.550

2.142

-1.461

Stockholders' Equity

15.384.208

16.863

18.039

19.690

 

Total Assets

64.674.342

73.618

117.572

91.038

 

Current Assets

61.255.638

70.292

106.751

76.535

 

Non-Current Assets

3.418.704

3.326

10.821

14.503

 

Current Liabilities

49.243.527

56.755

93.283

65.098

 

Long-Term Liabilities

46.607

0

6.250

6.250

 

Gross Profit (loss)

8.857.506

6.182

11.309

10.256

5.225

Operating Profit (loss)

5.785.156

3.680

8.458

7.995

3.365

Net Profit (loss)

1.225.874

1.479

1.176

1.651

-1.461

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

THE DETAILS OF THE CAPITAL INCREASE  AFTER LAST BALANCE SHEET

 

 

Equity Part

 

:2.600.000 

Payment Due Date

:01.07.2015

 

 

Capitalization

Insufficient

Remarks on Capitalization

A part of liabilities consist of loans from shareholders.  There has been capital increase and net loss after the last balance sheet date. The capital increase is expected to have less effect then the loss at the equity total since the last balance sheet date.

 

Liquidity

Insufficient 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

Good Operating Profitability  in 2011

Fair Net Profitability  in 2011

In Order Operating Profitability  in 2012

Fair Net Profitability  in 2012

Good Operating Profitability  in 2013

Low Net Profitability  in 2013

High Operating Profitability  in 2014

Fair Net Profitability  in 2014

Good Operating Profitability (01.01-30.09.2015)

Net Loss (01.01-30.09.2015)

 

Gap between average collection and payable periods

Unfavorable in 2014

General Financial Position

Unsatisfactory

 

 

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

 (01.01-30.09.2015)

7,81 %

2,6640

2,9843

4,0944

 (01.01-30.11.2015)

6,06 %

2,7064

3,0117

4,1515

 

BALANCE SHEETS

 

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL Thousand

 

 ( 31.12.2013 )  TL Thousand

 

 ( 31.12.2014 )  TL Thousand

 

CURRENT ASSETS

61.255.638

0,95

70.292

0,95

106.751

0,91

76.535

0,84

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

1.381.968

0,02

1.098

0,01

1.564

0,01

909

0,01

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

36.579.099

0,57

37.199

0,51

51.155

0,44

39.097

0,43

Other Receivable

0

0,00

0

0,00

0

0,00

22

0,00

Inventories

22.001.999

0,34

30.013

0,41

50.299

0,43

35.773

0,39

Advances Given

429.968

0,01

440

0,01

386

0,00

718

0,01

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

862.604

0,01

1.542

0,02

3.347

0,03

16

0,00

NON-CURRENT ASSETS

3.418.704

0,05

3.326

0,05

10.821

0,09

14.503

0,16

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

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

2.879.427

0,04

2.863

0,04

10.345

0,09

14.024

0,15

Intangible Assets

473.645

0,01

409

0,01

361

0,00

324

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

65.632

0,00

54

0,00

115

0,00

155

0,00

TOTAL ASSETS

64.674.342

1,00

73.618

1,00

117.572

1,00

91.038

1,00

CURRENT LIABILITIES

49.243.527

0,76

56.755

0,77

93.283

0,79

65.098

0,72

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

41.659.079

0,64

49.939

0,68

71.412

0,61

55.495

0,61

Accounts Payable

349.650

0,01

585

0,01

16.718

0,14

4.639

0,05

Loans from Shareholders

6.485.356

0,10

5.310

0,07

3.929

0,03

2.712

0,03

Other Short-term Payable

4.501

0,00

3

0,00

1

0,00

15

0,00

Advances from Customers

302.927

0,00

494

0,01

718

0,01

1.668

0,02

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

80.032

0,00

153

0,00

119

0,00

193

0,00

Provisions

400

0,00

0

0,00

0

0,00

0

0,00

Other Current Liabilities

361.582

0,01

271

0,00

386

0,00

376

0,00

LONG-TERM LIABILITIES

46.607

0,00

0

0,00

6.250

0,05

6.250

0,07

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

46.607

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

6.250

0,05

6.250

0,07

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

15.384.208

0,24

16.863

0,23

18.039

0,15

19.690

0,22

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

13.000.000

0,20

15.000

0,20

16.400

0,14

16.400

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

3.001.385

0,05

384

0,01

463

0,00

1.639

0,02

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

-1.843.051

-0,03

0

0,00

0

0,00

0

0,00

Net Profit (loss)

1.225.874

0,02

1.479

0,02

1.176

0,01

1.651

0,02

TOTAL LIABILITIES AND EQUITY

64.674.342

1,00

73.618

1,00

117.572

1,00

91.038

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 2.348 is "Doubtful Trade Receivables" and -TL thousand 2.348 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:22,Other Receivable Total:22          

 

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 13.020 of the other income is due to "Profit from Foreign Currency Exchange".                                                                                                                                         

 

At the last income statement TL thousand 15.203  of the other expenses is due to "Loss from Foreign Currency Exchange" .                                                                                                       

 

INCOME STATEMENTS

 

 

(2011) TL

 

(2012) TL Thousand

 

(2013) TL Thousand

 

(2014) TL Thousand

 

(01.01-30.09.2015) TL Thousand

 

Net Sales

71.854.368

1,00

73.018

1,00

90.293

1,00

67.881

1,00

48.548

1,00

Cost of Goods Sold

62.996.862

0,88

66.836

0,92

78.984

0,87

57.625

0,85

43.323

0,89

Gross Profit

8.857.506

0,12

6.182

0,08

11.309

0,13

10.256

0,15

5.225

0,11

Operating Expenses

3.072.350

0,04

2.502

0,03

2.851

0,03

2.261

0,03

1.860

0,04

Operating Profit

5.785.156

0,08

3.680

0,05

8.458

0,09

7.995

0,12

3.365

0,07

Other Income

10.052.512

0,14

4.899

0,07

8.905

0,10

10.137

0,15

13.570

0,28

Other Expenses

8.303.644

0,12

3.072

0,04

11.355

0,13

11.468

0,17

15.518

0,32

Financial Expenses

5.945.137

0,08

3.615

0,05

4.458

0,05

4.522

0,07

2.878

0,06

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

1.588.887

0,02

1.892

0,03

1.550

0,02

2.142

0,03

-1.461

-0,03

Tax Payable

363.013

0,01

413

0,01

374

0,00

491

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)

1.225.874

0,02

1.479

0,02

1.176

0,01

1.651

0,02

-1.461

-0,03

 

 

FINANCIAL RATIOS

 

 

(2011)

(2012)

(2013)

(2014)

 

LIQUIDITY RATIOS

 

 

Current Ratio

1,24

1,24

1,14

1,18

 

Acid-Test Ratio

0,77

0,67

0,57

0,61

 

Cash Ratio

0,03

0,02

0,02

0,01

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,34

0,41

0,43

0,39

 

Short-term Receivable/Total Assets

0,57

0,51

0,44

0,43

 

Tangible Assets/Total Assets

0,04

0,04

0,09

0,15

 

TURNOVER RATIOS

 

 

Inventory Turnover

2,86

2,23

1,57

1,61

 

Stockholders' Equity Turnover

4,67

4,33

5,01

3,45

 

Asset Turnover

1,11

0,99

0,77

0,75

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,24

0,23

0,15

0,22

 

Current Liabilities/Total Assets

0,76

0,77

0,79

0,72

 

Financial Leverage

0,76

0,77

0,85

0,78

 

Gearing Percentage

3,20

3,37

5,52

3,62

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,08

0,09

0,07

0,08

 

Operating Profit Margin

0,08

0,05

0,09

0,12

 

Net Profit Margin

0,02

0,02

0,01

0,02

 

Interest Cover

1,27

1,52

1,35

1,47

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

183,27

183,40

203,96

207,35

 

Average Payable Period (days)

2,00

3,15

76,20

28,98

 

WORKING CAPITAL

12012111,00

13537,00

13468,00

11437,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.20

UK Pound

1

Rs.98.30

Euro

1

Rs.72.41

TRY

1

Rs.22.59

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAS

 

 

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.