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MIRA INFORM REPORT
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Report No. : |
509058 |
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Report Date : |
16.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
KIBRIS TURK TUTUN ENDUSTRISI LTD. STI. |
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Registered Office : |
Ataturk Cad. No:27 Yenisehir Lefkosa 99010 / Northern Cyprus Turkish Republic |
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Country : |
Turkey |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
14.05.1975 |
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Com. Reg. No.: |
MS 145 |
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Legal Form : |
Limited Company |
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Line of Business : |
Processing and Trade of Tobacco.
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No. of Employees : |
30 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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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
|
Country Name |
Previous
Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
Turkey |
B2 |
B2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
TURKEY - ECONOMIC OVERVIEW
Turkey's largely free-market economy is driven by its industry and,
increasingly, service sectors, although its traditional agriculture sector still
accounts for about 25% of employment. The automotive, petrochemical, and
electronics industries have risen in importance and surpassed the traditional
textiles and clothing sectors within Turkey's export mix. However, the recent
period of political stability and economic dynamism has given way to domestic
uncertainty and security concerns, which are generating financial market
volatility and weighing on Turkey’s economic outlook.
Current government policies emphasize populist spending measures and credit
breaks, while implementation of structural economic reforms has slowed. The
government is playing a more active role in some strategic sectors and has used
economic institutions and regulators to target political opponents, undermining
private sector confidence in the judicial system. Between July 2016 and March
2017, three credit ratings agencies downgraded Turkey’s sovereign credit
ratings, citing concerns about the rule of law and the pace of economic
reforms.
Turkey remains highly dependent on imported oil and gas but is pursuing
energy relationships with a broader set of international partners and taking
steps to increase use of domestic energy sources including renewables, nuclear,
and coal. The joint Turkish-Azerbaijani Trans-Anatolian Natural Gas Pipeline is
moving forward to increase transport of Caspian gas to Turkey and Europe, and
when completed will help diversify Turkey's sources of imported gas.
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. An aggressive
privatization program also reduced state involvement in basic industry,
banking, transport, power generation, and communication. 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 growth rebounded to around 9% in
2010 and 2011, as exports and investment recovered following the crisis.
The growth of Turkish GDP since 2016 has revealed the persistent
underlying imbalances in the Turkish economy. In particular, Turkey’s large
current account deficit means it must rely on external investment inflows to
finance growth, leaving the economy vulnerable to destabilizing shifts in
investor confidence. Other troublesome trends include rising unemployment and
inflation, which increased in 2017, given the Turkish lira’s continuing
depreciation against the dollar. Although government debt remains low at about
30% of GDP, bank and corporate borrowing has almost tripled as a percent of GDP
during the past decade, outpacing its emerging-market peers and prompting
investor concerns about its long-term sustainability.
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Source
: CIA |
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REMARKS |
The subject is not located in Turkey. It is in Northern Cyprus Turkish
Republic so; there is no data for payment behavior. |
COMPANY
IDENTIFICATION
|
|
|
|
NAME |
KIBRIS TURK TUTUN ENDUSTRISI LTD. STI. |
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HEAD OFFICE ADDRESS |
Ataturk Cad. No:27 Yenisehir Lefkosa 99010 / Northern Cyprus Turkish Republic |
|
PHONE NUMBER |
90-392-227 34 03 |
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FAX NUMBER |
90-392-227 33 94 |
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WEB-ADDRESS |
kibristutun.com |
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E-MAIL |
info@kibristutun.com |
LEGAL
STATUS AND HISTORY
|
|
REGISTRATION NUMBER |
MS 145 |
|
REGISTERED OFFICE |
Northern Cyprus Chamber of Commerce |
|
DATE ESTABLISHED |
14.05.1975 |
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LEGAL FORM |
Limited Company |
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TYPE OF COMPANY |
Private |
|
REGISTERED CAPITAL |
TL 3.173.550 |
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PAID-IN CAPITAL |
TL 3.173.550 |
OWNERSHIP
/ MANAGEMENT
|
|
|
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SHAREHOLDERS |
|
|
- Name Of Shareholder: |
Sumer Holding A.S. |
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Origin of Shareholder: |
Turkey |
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Tax Number Of Shareholder: |
7860016464 |
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Registration Number Of Shareholder: |
69941 |
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- Name Of Shareholder: |
Eti Tesebbusleri Ltd. |
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Origin of Shareholder: |
Northern Cyprus Turkish Republic |
|
DIRECTORS |
Mustafa Numan Altay Kazma Hayrettin Ozcelik Ragip Bingol Selahaddin Bayirkan ( General Manager ) |
OPERATIONS
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BUSINESS ACTIVITIES |
Processing and trade of tobacco.
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NACE CODE |
DA.16.00 |
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TRADEMARKS OWNED |
Samsun 216 Tekel 2001 |
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NUMBER OF EMPLOYEES |
30 |
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NET SALES |
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IMPORT COUNTRIES |
Turkey |
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MERCHANDISE IMPORTED |
Machinery spare parts Raw materials |
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EXPORT VALUE |
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EXPORT COUNTRIES |
Turkey |
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MERCHANDISE EXPORTED |
Cigarette |
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HEAD OFFICE ADDRESS |
Ataturk Cad. No:27 Yenisehir Lefkosa
/ Northern Cyprus Turkish Republic |
||||
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BRANCHES |
Head Office/Processing Plant
: Ataturk Cad. No:27 Yenisehir
Lefkosa Northern Cyprus Turkish Republic
|
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TREND OF BUSINESS |
There was an upwards trend in 2016 and 2017. |
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SIZE OF BUSINESS |
Large |
FINANCE
|
|
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MAIN DEALING BANKS |
T.C. Ziraat Bankasi Lefkosa Branch |
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CREDIT FACILITIES |
No credit facility has come to our knowledge. |
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PAYMENT BEHAVIOUR |
Undetermined |
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KEY FINANCIAL ELEMENTS |
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COMMENT
ON FINANCIAL POSITION
|
|
Capitalization |
High As of 31.12.2017 |
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Liquidity |
High As of 31.12.2017 |
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Remarks On Liquidity |
The unfavorable gap between average collection and average payable
period has an adverse effect on liquidity.
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Profitability |
High Operating Profitability in
2015 High Net Profitability in 2015 High Operating Profitability in
2016 High Net Profitability in 2016 High Operating Profitability in
2017 High Net Profitability in 2017 |
|
Gap between average collection and payable periods |
Unfavorable in 2017 |
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General Financial Position |
Good |
CREDIT
OPINION WITHOUT OBLIGATION
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Incr. in
producers’ price index |
Average USD/TL |
Average EUR/TL |
Average GBP/ TL |
|
( 2015 ) |
5,71 % |
2,7230 |
3,0254 |
4,1661 |
|
( 2016 ) |
9,94 % |
3,0292 |
3,3349 |
4,1006 |
|
( 2017 ) |
15,47 % |
3,6337 |
4,1120 |
4,7059 |
|
( 01.01-30.04.2018) |
8,03 % |
3,8698 |
4,7268 |
5,3753 |
BALANCE
SHEETS
|
|
|
31.12.2015 ( Full Year
) TL Thousand |
|
31.12.2016 ( Full Year
) TL Thousand |
|
31.12.2017 ( Full Year
) TL Thousand |
|
|
CURRENT ASSETS |
17.754 |
0,98 |
17.592 |
0,98 |
23.202 |
0,90 |
|
Not Detailed Current Assets |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Cash and Banks |
13.418 |
0,74 |
13.440 |
0,75 |
2.016 |
0,08 |
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Marketable Securities |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
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Account Receivable |
1.351 |
0,07 |
1.252 |
0,07 |
17.169 |
0,67 |
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Other Receivable |
0 |
0,00 |
0 |
0,00 |
62 |
0,00 |
|
Inventories |
2.985 |
0,16 |
2.900 |
0,16 |
3.955 |
0,15 |
|
Advances Given |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Accumulated Construction Expense |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Other Current Assets |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
NON-CURRENT ASSETS |
343 |
0,02 |
288 |
0,02 |
2.439 |
0,10 |
|
Not Detailed Non-Current Assets |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Long-term Receivable |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Financial Assets |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Tangible Fixed Assets (net) |
343 |
0,02 |
288 |
0,02 |
2.370 |
0,09 |
|
Intangible Assets |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Deferred Tax Assets |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Other Non-Current Assets |
0 |
0,00 |
0 |
0,00 |
69 |
0,00 |
|
TOTAL ASSETS |
18.097 |
1,00 |
17.880 |
1,00 |
25.641 |
1,00 |
|
CURRENT LIABILITIES |
2.378 |
0,13 |
2.411 |
0,13 |
5.178 |
0,20 |
|
Not Detailed Current Liabilities |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Financial Loans |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Accounts Payable |
744 |
0,04 |
931 |
0,05 |
300 |
0,01 |
|
Loans from Shareholders |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Other Short-term Payable |
0 |
0,00 |
0 |
0,00 |
986 |
0,04 |
|
Advances from Customers |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Accumulated Construction Income |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Taxes Payable |
1.199 |
0,07 |
1.050 |
0,06 |
1.378 |
0,05 |
|
Provisions |
435 |
0,02 |
430 |
0,02 |
2.514 |
0,10 |
|
Other Current Liabilities |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
LONG-TERM LIABILITIES |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Not Detailed Long-term Liabilities |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Financial Loans |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Securities Issued |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Long-term Payable |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Loans from Shareholders |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Other Long-term Liabilities |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Provisions |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
STOCKHOLDERS' EQUITY |
15.719 |
0,87 |
15.469 |
0,87 |
20.463 |
0,80 |
|
Not Detailed Stockholders' Equity |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Paid-in Capital |
3.173 |
0,18 |
3.173 |
0,18 |
3.173 |
0,12 |
|
Cross Shareholding Adjustment of Capital |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Inflation Adjustment of Capital |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Equity of Consolidated Firms |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Reserves |
8.424 |
0,47 |
8.424 |
0,47 |
8.424 |
0,33 |
|
Revaluation Fund |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Accumulated Losses(-) |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Net Profit (loss) |
4.122 |
0,23 |
3.872 |
0,22 |
8.866 |
0,35 |
|
TOTAL LIABILITIES AND EQUITY |
18.097 |
1,00 |
17.880 |
1,00 |
25.641 |
1,00 |
INCOME
STATEMENTS
|
|
|
(2015) ( Full Year
) TL Thousand |
|
(2016) ( Full Year
) TL Thousand |
|
(2017) ( Full Year
) TL Thousand |
|
|
Net Sales |
19.297 |
1,00 |
26.114 |
1,00 |
40.641 |
1,00 |
|
Cost of Goods Sold |
5.014 |
0,26 |
7.945 |
0,30 |
9.010 |
0,22 |
|
Gross Profit |
14.283 |
0,74 |
18.169 |
0,70 |
31.631 |
0,78 |
|
Operating Expenses |
10.355 |
0,54 |
13.783 |
0,53 |
22.229 |
0,55 |
|
Operating Profit |
3.928 |
0,20 |
4.386 |
0,17 |
9.402 |
0,23 |
|
Other Income |
1.914 |
0,10 |
1.053 |
0,04 |
2.005 |
0,05 |
|
Other Expenses |
443 |
0,02 |
444 |
0,02 |
1 |
0,00 |
|
Financial Expenses |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Minority Interests |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Profit (loss) of consolidated firms |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Profit (loss) Before Tax |
5.399 |
0,28 |
4.995 |
0,19 |
11.406 |
0,28 |
|
Tax Payable |
1.277 |
0,07 |
1.123 |
0,04 |
2.540 |
0,06 |
|
Postponed Tax Gain |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Net Profit (loss) |
4.122 |
0,21 |
3.872 |
0,15 |
8.866 |
0,22 |
LAST
FINANCIAL STATEMENT DETAILS
|
|
|
TL Thousand |
|
Cash |
0 |
|
Banks |
2.016 |
|
Doubtful Trade Receivables |
0 |
|
Receivables From Personnel (in
Other Receivable) |
22 |
|
Other Miscellaneous Receivables (in Other Receivable) |
40 |
|
Overdue, Delayed or Deferred Tax by Installments and Other Liabilities |
0 |
FINANCIAL RATIOS
|
|
|
(2015) |
(2016) |
(2017) |
|
LIQUIDITY RATIOS |
|
||
|
Current Ratio |
7,47 |
7,30 |
4,48 |
|
Acid-Test Ratio |
6,21 |
6,09 |
3,72 |
|
Cash Ratio |
5,64 |
5,57 |
0,39 |
|
ASSET STRUCTURE RATIOS |
|
||
|
Inventory/Total Assets |
0,16 |
0,16 |
0,15 |
|
Short-term Receivable/Total Assets |
0,07 |
0,07 |
0,67 |
|
Tangible Assets/Total Assets |
0,02 |
0,02 |
0,09 |
|
TURNOVER RATIOS |
|
||
|
Inventory Turnover |
1,68 |
2,74 |
2,28 |
|
Stockholders' Equity Turnover |
1,23 |
1,69 |
1,99 |
|
Asset Turnover |
1,07 |
1,46 |
1,59 |
|
FINANCIAL STRUCTURE |
|
||
|
Stockholders' Equity/Total Assets |
0,87 |
0,87 |
0,80 |
|
Current Liabilities/Total Assets |
0,13 |
0,13 |
0,20 |
|
Financial Leverage |
0,13 |
0,13 |
0,20 |
|
Gearing Percentage |
0,15 |
0,16 |
0,25 |
|
PROFITABILITY RATIOS |
|
||
|
Net Profit/Stockholders' Eq. |
0,26 |
0,25 |
0,43 |
|
Operating Profit Margin |
0,20 |
0,17 |
0,23 |
|
Net Profit Margin |
0,21 |
0,15 |
0,22 |
|
Interest Cover |
|
|
|
|
COLLECTION-PAYMENT |
|
||
|
Average Collection Period (days) |
25,20 |
17,26 |
152,08 |
|
Average Payable Period (days) |
53,42 |
42,19 |
11,99 |
|
WORKING CAPITAL |
15376,00 |
15181,00 |
18024,00 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 67.52 |
|
|
1 |
INR 91.49 |
|
Euro |
1 |
INR 80.52 |
|
TL |
1 |
INR 15.36 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIY |
|
|
|
|
Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with moderate
risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on secured
terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.