MIRA INFORM REPORT

 

 

Report No. :

343902

Report Date :

09.10.2015

 

IDENTIFICATION DETAILS

 

Name :

KARAKOC KIMYA KIMYEVI MADDELER TEKNIK DANISMANLIK TICARET VE SANAYI LTD. STI.

 

 

Registered Office :

Tuzla Deri Organize Sanayi Bolgesi Optik Sk. No:16 D-9 Ozel Parsel Tuzla Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

08.08.1991

 

 

Com. Reg. No.:

277783

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Wholesale Trade of Leather Chemicals.

 

 

No. of Employees :

18

 

 

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 :

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

 

NOTES

 

Full name of the firm was missing at your inquiry.

 

 

 

COMPANY IDENTIFICATION

 

 

NAME

:

KARAKOC KIMYA KIMYEVI MADDELER TEKNIK DANISMANLIK TICARET VE SANAYI LTD. STI.

HEAD OFFICE ADDRESS

:

Tuzla Deri Organize Sanayi Bolgesi Optik Sk. No:16 D-9 Ozel Parsel Tuzla Istanbul / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The address was changed from "Aydinli Koyu Orhanli Mevkii Organize Deri Sanayi Bolgesi 9. Yol D/9 Parsel Pendik" to "Tuzla Deri Organize Sanayi Bolgesi Optik Sok No:16 D:9 Ozel Parsel Tuzla" by the authority.

PHONE NUMBER

:

90-216-394 17 13

 

FAX NUMBER

:

90-216-394 10 31

 

WEB-ADDRESS

:

www.karakockimya.com.tr

E-MAIL

:

karakoc@karakockimya.com.tr

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Anadolu Kurumlar

TAX NO

:

5150036754

REGISTRATION NUMBER

:

277783

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

08.08.1991

ESTABLISHMENT GAZETTE DATE/NO

:

27.08.1991/2847

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   7.000.000

HISTORY

:

Previous Registered Capital

:

TL 1.800.000

Changed On

:

24.03.2010 (Commercial Gazette Date /Number 30.03.2010/ 7532)

Previous Registered Capital

:

TL 4.300.000

Changed On

:

07.10.2015 (Commercial Gazette Date /Number / )

Previous Registered Capital

:

TL 4.300.000

Changed On

:

07.10.2015 (Commercial Gazette Date /Number / )

 

 

OWNERSHIP/ MANAGEMENT

 

 

SHAREHOLDERS

:

Coskun Kahramanoglu

99,94 %

Mert Kahramanoglu

0,06 %

 

 

SISTER COMPANIES

:

BIO KIMYA TEKNIK DANISMANLIK SANAYI VE TICARET LTD. STI.

 

DIRECTORS

:

Coskun Kahramanoglu                                                                                                                                                                                                                                                                                   

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Wholesale trade of leather chemicals.

 

NACE CODE

:

G .51.55

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

18

 

NET SALES

:

14.781.839 TL

(2009) 

17.061.732 TL

(2010) 

18.760.844 TL

(2011) 

19.409.971 TL

(2012) 

19.972 TL Thousand

(2013) 

25.085 TL Thousand

(2014) 

7.183 TL Thousand

(01.01-30.06.2015) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

IMPORT COUNTRIES

:

Spain

Italy

 

MERCHANDISE IMPORTED

:

Chemicals

 

EXPORT VALUE

:

1.498.225 TL

(2009)

340.457 TL

(2010)

853.416 TL

(2011)

553.666 TL

(2012)

358.146 TL

(2013)

477 TL Thousand

(2014)

325 TL Thousand

(01.01-30.06.2015)

 

 

EXPORT COUNTRIES

:

Iran

Azerbaijan

Russia

Free Zone

Lebanon

Pakistan

 

MERCHANDISE  EXPORTED

:

Chemicals

 

HEAD OFFICE ADDRESS

:

Tuzla Deri Organize Sanayi Bolgesi Optik Sk. No:16 D-9 Ozel Parsel Tuzla  Istanbul / Turkey ( owned )

 

BRANCHES

:

Branch Office  :   Usak/Turkey (rented)

                                                                                

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 - 30.6.2015.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Garanti Bankasi Pendik E-5 Branch

Yapi ve Kredi Bankasi Tuzla OSB 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

(01.01-30.06.2015) TL Thousand

Net Sales

18.760.844

19.409.971

19.972

25.085

7.183

Profit (Loss) Before Tax

869.282

972.188

423

395

70

Stockholders' Equity

6.770.563

7.523.161

8.247

8.554

 

Total Assets

30.026.447

32.488.733

40.872

43.763

 

Current Assets

28.116.832

30.240.601

37.508

38.154

 

Non-Current Assets

1.909.615

2.248.132

3.364

5.609

 

Current Liabilities

14.842.118

15.804.152

15.703

14.382

 

Long-Term Liabilities

8.413.766

9.161.420

16.922

20.827

 

Gross Profit (loss)

4.148.043

2.935.925

4.937

5.303

1.953

Operating Profit (loss)

2.888.162

1.344.837

2.853

2.909

830

Net Profit (loss)

678.822

752.597

297

307

70

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Insufficient As of 31.12.2014

Remarks on Capitalization

There has been capital increase after the date of last balance sheet.

 

A part of liabilities consist of loans from shareholders.  

 

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.

Profitability

High Operating Profitability  in 2011

Good Net Profitability  in 2011

Good Operating Profitability  in 2012

Good Net Profitability  in 2012

High Operating Profitability  in 2013

Low Net Profitability  in 2013

High Operating Profitability  in 2014

Low Net Profitability  in 2014

High Operating Profitability (01.01-30.06.2015)

Low Net Profitability (01.01-30.06.2015)

 

Gap between average collection and payable periods

Unfavorable in 2014

General Financial Position

Passable

 

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

 (01.01-30.06.2015)

5,49 %

2,5568

2,8727

3,9250

 (01.01-30.09.2015)

7,81 %

2,6640

2,9843

4,0944

 

 

BALANCE SHEETS

 

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL

 

 ( 31.12.2013 )  TL Thousand

 

 ( 31.12.2014 )  TL Thousand

 

CURRENT ASSETS

28.116.832

0,94

30.240.601

0,93

37.508

0,92

38.154

0,87

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

825.401

0,03

681.080

0,02

1.170

0,03

2.465

0,06

Marketable Securities

30.900

0,00

8.473

0,00

8

0,00

8

0,00

Account Receivable

17.940.726

0,60

20.669.740

0,64

23.570

0,58

27.704

0,63

Other Receivable

15.451

0,00

58.840

0,00

59

0,00

59

0,00

Inventories

7.752.942

0,26

7.556.202

0,23

11.040

0,27

7.177

0,16

Advances Given

835.036

0,03

651.932

0,02

1.049

0,03

440

0,01

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

716.376

0,02

614.334

0,02

612

0,01

301

0,01

NON-CURRENT ASSETS

1.909.615

0,06

2.248.132

0,07

3.364

0,08

5.609

0,13

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

535.507

0,02

482.491

0,01

783

0,02

928

0,02

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

1.316.830

0,04

1.587.043

0,05

1.453

0,04

1.363

0,03

Intangible Assets

50.527

0,00

31.990

0,00

156

0,00

132

0,00

Deferred Tax Assets

0

0,00

146.608

0,00

0

0,00

0

0,00

Other Non-Current Assets

6.751

0,00

0

0,00

972

0,02

3.186

0,07

TOTAL ASSETS

30.026.447

1,00

32.488.733

1,00

40.872

1,00

43.763

1,00

CURRENT LIABILITIES

14.842.118

0,49

15.804.152

0,49

15.703

0,38

14.382

0,33

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

2.375.385

0,08

1.914.924

0,06

890

0,02

463

0,01

Accounts Payable

9.594.563

0,32

11.983.919

0,37

11.190

0,27

10.110

0,23

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

Other Short-term Payable

18.837

0,00

7.569

0,00

18

0,00

16

0,00

Advances from Customers

2.410.948

0,08

1.193.452

0,04

2.203

0,05

3.519

0,08

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

114.573

0,00

225.253

0,01

92

0,00

256

0,01

Provisions

190.460

0,01

0

0,00

0

0,00

-1

0,00

Other Current Liabilities

137.352

0,00

479.035

0,01

1.310

0,03

19

0,00

LONG-TERM LIABILITIES

8.413.766

0,28

9.161.420

0,28

16.922

0,41

20.827

0,48

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

7.209.210

0,24

6.596.005

0,20

11.963

0,29

14.791

0,34

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

1.204.556

0,04

2.565.415

0,08

4.906

0,12

6.036

0,14

Other Long-term Liabilities

0

0,00

0

0,00

53

0,00

0

0,00

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

6.770.563

0,23

7.523.161

0,23

8.247

0,20

8.554

0,20

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

4.300.000

0,14

4.300.000

0,13

4.300

0,11

4.300

0,10

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

2.198.618

0,07

2.470.564

0,08

3.650

0,09

3.947

0,09

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

-406.877

-0,01

0

0,00

0

0,00

0

0,00

Net Profit (loss)

678.822

0,02

752.597

0,02

297

0,01

307

0,01

TOTAL LIABILITIES AND EQUITY

30.026.447

1,00

32.488.733

1,00

40.872

1,00

43.763

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 987 is "Doubtful Trade Receivables" and -TL thousand 575 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:59,Other Miscellaneous Receivables:0,Other Receivable Total:59. 

 

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

At the last income statement TL thousand 540 of the other expenses is due to "Loss from Foreign Currency Exchange" .                                                                                                   

 

 

INCOME STATEMENTS

 

 

(2011) TL

 

(2012) TL

 

(2013) TL Thousand

 

(2014) TL Thousand

 

(01.01-30.06.2015) TL Thousand

 

Net Sales

18.760.844

1,00

19.409.971

1,00

19.972

1,00

25.085

1,00

7.183

1,00

Cost of Goods Sold

14.612.801

0,78

16.474.046

0,85

15.035

0,75

19.782

0,79

5.230

0,73

Gross Profit

4.148.043

0,22

2.935.925

0,15

4.937

0,25

5.303

0,21

1.953

0,27

Operating Expenses

1.259.881

0,07

1.591.088

0,08

2.084

0,10

2.394

0,10

1.123

0,16

Operating Profit

2.888.162

0,15

1.344.837

0,07

2.853

0,14

2.909

0,12

830

0,12

Other Income

2.144.765

0,11

1.988.040

0,10

3.653

0,18

1.104

0,04

690

0,10

Other Expenses

3.307.790

0,18

1.264.673

0,07

5.123

0,26

2.159

0,09

571

0,08

Financial Expenses

855.855

0,05

1.096.016

0,06

960

0,05

1.459

0,06

879

0,12

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

869.282

0,05

972.188

0,05

423

0,02

395

0,02

70

0,01

Tax Payable

190.460

0,01

219.591

0,01

126

0,01

88

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)

678.822

0,04

752.597

0,04

297

0,01

307

0,01

70

0,01

 

 

FINANCIAL RATIOS

 

 

(2011)

(2012)

(2013)

(2014)

 

LIQUIDITY RATIOS

 

 

Current Ratio

1,89

1,91

2,39

2,65

 

Acid-Test Ratio

1,27

1,36

1,58

2,10

 

Cash Ratio

0,06

0,04

0,08

0,17

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,26

0,23

0,27

0,16

 

Short-term Receivable/Total Assets

0,60

0,64

0,58

0,63

 

Tangible Assets/Total Assets

0,04

0,05

0,04

0,03

 

TURNOVER RATIOS

 

 

Inventory Turnover

1,88

2,18

1,36

2,76

 

Stockholders' Equity Turnover

2,77

2,58

2,42

2,93

 

Asset Turnover

0,62

0,60

0,49

0,57

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,23

0,23

0,20

0,20

 

Current Liabilities/Total Assets

0,49

0,49

0,38

0,33

 

Financial Leverage

0,77

0,77

0,80

0,80

 

Gearing Percentage

3,43

3,32

3,96

4,12

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,10

0,10

0,04

0,04

 

Operating Profit Margin

0,15

0,07

0,14

0,12

 

Net Profit Margin

0,04

0,04

0,01

0,01

 

Interest Cover

2,02

1,89

1,44

1,27

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

354,54

392,31

438,97

410,90

 

Average Payable Period (days)

236,37

261,88

267,93

183,99

 

WORKING CAPITAL

13274714,00

14436449,00

21805,00

23772,00

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.65.16

UK Pound

1

Rs.99.78

Euro

1

Rs.73.33

 

INFORMATION DETAILS

 

Analysis Done by :

TRI

 

 

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

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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.