MIRA
INFORM REPORT
|
Report Date : |
15.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
DLK KIMYA SANAYI VE TICARET LTD. STI. |
|
|
|
|
Registered Office : |
142. Sok. No:20 D.3 Kopru Konak |
|
|
|
|
Country : |
Turkey |
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
04.11.1998 |
|
|
|
|
Com. Reg. No.: |
88325 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Trade of Chemicals |
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 : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
COMPANY
IDENTIFICATION |
|
NAME |
: |
DLK KIMYA SANAYI VE TICARET LTD. STI. |
|
ADDRESS |
: |
Head Office: 142. Sok. No:20 D.3 Kopru
Konak- Izmir/ Turkey |
|
PHONE NUMBER |
: |
90-232-245 07 87 90-232-245 03 74 |
|
FAX NUMBER |
: |
90-232 243 24 80 |
|
LEGAL STATUS AND
HISTORY |
|
TAX OFFICE / NO |
: |
Konak/ 3020105693 |
|
REGISTRATION NUMBER |
: |
88325 |
|
REGISTERED OFFICE |
: |
Izmir Chamber of Commerce |
|
DATE ESTABLISHED |
: |
04.11.1998 (Commercial Registry Gazette
Date/No: 09.11.1998/4665) |
|
LEGAL FORM |
: |
Limited Company |
|
TYPE OF COMPANY |
: |
Private |
|
REGISTERED CAPITAL |
: |
YTL 150,000 |
|
|
|
In
Turkey the financial statements of the firms were subjected to inflation adjustment
in 2004. Although inflation adjustment has not been applied to the financial
statements of 31.12.2004, 31.12.2005 and 31.12.2006, the capital is still shown with the adjusted value at the balance sheet
of 31.12.2004, 31.12.2005 and 31.12.2006 (as it was once positioned at the
balance sheet when the statements were reflected in real terms due to
inflation adjustment in 2004) |
HISTORY |
: |
|
|
|
|
|
|
Previous Registered Capital |
: YTL 500 |
|
|
|
|
Regist. Capital Changed on |
: 21.11.2002 (Commercial Registry Gazette
Date/No: 28.11.2002/5687) |
|
|
|
|
Previous Shareholders |
: Dilek Kuskucu 99 % Oguz Kuskucu 1 % |
|
|
|
|
Shareholders Changed On |
: 25.02.2004 (Commercial Registry Gazette
Date/No: 03.03.2004/5999) |
|
|
|
|
Previous Address |
:153 Sok. No:21/5 Hatay-Izmir |
|
|
|
|
Address Changed On |
:17.10.2005 (Commercial Registry Gazette
Date/No: 21.10.2007/6416) |
|
|
OWNERSHIP /
MANAGEMENT |
|
SHAREHOLDERS |
: |
Dilek Kuskucu Ozgur Kuskucu |
80 % 20 % |
|
SISTER COMPANIES |
: |
Declared to be: None |
|
|
GROUP PARENT COMPANY |
: |
None |
|
|
SUBSIDIARIES |
: |
None |
|
|
DIRECTORS |
: |
Dilek Kuskucu Ozgur Kuskucu |
|
|
OPERATIONS |
|
BUSINESS
ACTIVITIES |
: |
Trade of chemicals |
|
SECTOR |
: |
Commerce |
|
TRADEMARK(S) |
: |
None |
|
NUMBER OF
EMPLOYEES |
: |
3 |
|
NET SALES |
: |
(YTL) 23,178 53,315 115,620 514,056 827,352 1,523,787 1,458,640 2,476,073 1,951,008 |
(1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (01.01.-30.09.2007) |
|
|
|
CAPACITY |
: |
None |
|
||
|
PRODUCTION |
: |
None |
|
||
|
IMPORT VALUE |
: |
YTL 1,593,918 |
(1.1-30.11.2007) |
||
|
IMPORT COUNTRIES |
: |
Germany, Finland |
|
||
|
MERCHANDISE
IMPORTED |
: |
Chemicals |
|
||
|
EXPORT |
: |
None |
|
||
|
PREMISES |
: |
Head Office: 142. Sok. No:20 D.3 Kopru
Konak- Izmir/ Turkey Warehouse: Ambarlar Sitesi Isikkent-Izmir
(owned) 2nd Warehouse: Pinarbasi- Izmir
(rented) |
|
||
|
FIXED CAPITAL
INVESTMENTS |
: |
None |
|
||
|
TREND OF
BUSINESS |
: |
There was a decline at sales volume in
nominal terms in 2005 but there was an upwards trend at sales volume in 2006.
There appears a steady trend at sales volume in the first 9 months of 2007. |
|
COMMERCIAL MORALITY |
: |
Good |
|
SIZE OF BUSINESS |
: |
Lower- moderate |
|
FINANCE |
|
MAIN DEALING BANKERS |
: |
Akbank Hatay branch in Izmir Is Bankasi Hatay branch in Izmir Turk Ekonomi Bankasi Karabaglar branch in
Izmir |
|
CREDIT FACILITIES |
: |
The subject company rarely makes use of
credit facility. |
|
PAYMENT BEHAVIOUR |
: |
No complaints have been heard regarding
payments from banks. According
to the official registries between 01.01.2000-15.10.2007, there are no protested
bills and non-paid cheques registered in the name of “DLK Kimya” |
COMMENT ON
FINANCIAL POSITION |
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
|||
|
Capitalization was insufficient (26 %) as of
31.12.2006. However it has to be noted that 4 % of total liabilities and
equity was consisting of short-term loans from shareholders and 66 % of total
liabilities and equity was consisting of long-term loans from shareholders as
of 31.12.2006 indicating low indebtedness to third parties. |
|||
|
LIQUIDITY |
|||
|
High |
As of 31.12.2006 |
||
|
PROFITABILITY |
|||
|
Fair |
In 2006 |
Fair |
Between 1.1-30.09.2007 |
|
GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
|||
|
Unfavorable |
In 2006 |
||
|
GENERAL
FINANCIAL POSITION |
|||
|
Although the capitalization was
insufficient, indebtedness to third parties was low and the liquidity was
high as of 31.12.2006. Profitability was fair in 2006 and between
1.1.-30.09.2007. |
|||
|
CREDIT OPINION |
|
CREDIT OPINION WITHOUT OBLIGATION |
: |
We are of the opinion that, credit
relation is admissible with the subject in view of its low indebtedness to
third parties, liquidity and commercial morality. However the subject is a limited
company so the liability of the shareholders is limited to the capital share
of the shareholders. So, taking into account its equity total, we consider
the subject is suitable for a max. credit of USD 95,000. |
|
|
Incr. in producers’
price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(1999) |
62.90 % |
0.4278 |
0.4518 |
0.6843 |
|
(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 |
|
(1.1.-30.09.2007) |
4.98 % |
1.3447 |
1.8084 |
2.6720 |
|
(1.1.-30.11.2007) |
5.78 % |
1.3190 |
1.7961 |
2.6363 |
|
|
BALANCE SHEETS |
||||||||||||
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
31.12.04 |
|
|
|
31.12.05 |
|
|
|
31.12.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
509.444 |
|
0,59 |
|
349.027 |
|
0,54 |
|
670.380 |
|
0,54 |
|
|
|
Cash and Banks |
14.182 |
|
0,02 |
|
8.224 |
|
0,01 |
|
128.328 |
|
0,10 |
|
|
|
Marketable Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account Receivable |
226.578 |
|
0,26 |
|
246.476 |
|
0,38 |
|
383.636 |
|
0,31 |
|
|
|
Other Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Inventories |
232.273 |
|
0,27 |
|
94.294 |
|
0,14 |
|
149.763 |
|
0,12 |
|
|
|
Other Current Assets |
36.411 |
|
0,04 |
|
33 |
|
0,00 |
|
8.653 |
|
0,01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
353.082 |
|
0,41 |
|
302.271 |
|
0,46 |
|
563.537 |
|
0,46 |
|
|
|
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) |
343.386 |
|
0,40 |
|
298.740 |
|
0,46 |
|
475.420 |
|
0,39 |
|
|
|
Intangible Assets |
1.082 |
|
0,00 |
|
3.531 |
|
0,01 |
|
88.117 |
|
0,07 |
|
|
|
Other Non-Current Assets |
8.614 |
|
0,01 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
862.526 |
|
1,00 |
|
651.298 |
|
1,00 |
|
1.233.917 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
288.284 |
|
0,33 |
|
51.397 |
|
0,08 |
|
93.897 |
|
0,08 |
|
|
|
Financial Loans |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
15.948 |
|
0,01 |
|
|
|
Accounts Payable |
49.433 |
|
0,06 |
|
12.192 |
|
0,02 |
|
7.475 |
|
0,01 |
|
|
|
Loans from Shareholders |
219.837 |
|
0,25 |
|
30.351 |
|
0,05 |
|
55.420 |
|
0,04 |
|
|
|
Other Short-term Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Advances from Customers |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Taxes Payable |
1.797 |
|
0,00 |
|
2.720 |
|
0,00 |
|
2.524 |
|
0,00 |
|
|
|
Provisions |
0 |
|
0,00 |
|
6.134 |
|
0,01 |
|
12.530 |
|
0,01 |
|
|
|
Other Current Liabilities |
17.217 |
|
0,02 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
325.000 |
|
0,38 |
|
325.000 |
|
0,50 |
|
815.000 |
|
0,66 |
|
|
|
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 |
325.000 |
|
0,38 |
|
325.000 |
|
0,50 |
|
815.000 |
|
0,66 |
|
|
|
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 |
249.242 |
|
0,29 |
|
274.901 |
|
0,42 |
|
325.020 |
|
0,26 |
|
|
|
Paid-in Capital |
202.515 |
|
0,23 |
|
202.515 |
|
0,31 |
|
202.515 |
|
0,16 |
|
|
|
Reserves |
11.771 |
|
0,01 |
|
46.726 |
|
0,07 |
|
72.386 |
|
0,06 |
|
|
|
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) |
34.956 |
|
0,04 |
|
25.660 |
|
0,04 |
|
50.119 |
|
0,04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQ. |
862.526 |
|
1,00 |
|
651.298 |
|
1,00 |
|
1.233.917 |
|
1,00 |
|
|
INCOME STATEMENTS |
|||||||||||||
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2004 |
|
|
|
2005 |
|
|
|
2006 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
1.523.787 |
|
1,00 |
|
1.458.640 |
|
1,00 |
|
2.476.073 |
|
1,00 |
|
|
|
Cost of Goods Sold |
1.035.414 |
|
0,68 |
|
1.009.552 |
|
0,69 |
|
1.642.267 |
|
0,66 |
|
|
|
Gross Profit |
488.373 |
|
0,32 |
|
449.088 |
|
0,31 |
|
833.806 |
|
0,34 |
|
|
|
Operating Expenses |
456.534 |
|
0,30 |
|
412.431 |
|
0,28 |
|
771.374 |
|
0,31 |
|
|
|
Operating Profit |
31.839 |
|
0,02 |
|
36.657 |
|
0,03 |
|
62.432 |
|
0,03 |
|
|
|
Other Income |
21.491 |
|
0,01 |
|
0 |
|
0,00 |
|
216 |
|
0,00 |
|
|
|
Other Expenses |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Financial Expenses |
1.157 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Profit (loss) Before Tax |
52.173 |
|
0,03 |
|
36.657 |
|
0,03 |
|
62.648 |
|
0,03 |
|
|
|
Tax Payable |
17.217 |
|
0,01 |
|
10.997 |
|
0,01 |
|
12.529 |
|
0,01 |
|
|
|
Net Profit (loss) |
34.956 |
|
0,02 |
|
25.660 |
|
0,02 |
|
50.119 |
|
0,02 |
|
|
|
FINANCIAL RATIOS |
||||||||||||
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2004 |
|
|
|
2005 |
|
|
|
2006 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Ratio |
1,77 |
|
|
|
6,79 |
|
|
|
7,14 |
|
|
|
|
|
Acid-Test Ratio |
0,84 |
|
|
|
4,96 |
|
|
|
5,45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,27 |
|
|
|
0,14 |
|
|
|
0,12 |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,26 |
|
|
|
0,38 |
|
|
|
0,31 |
|
|
|
|
|
Tangible Assets/Total Assets |
0,40 |
|
|
|
0,46 |
|
|
|
0,39 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
4,46 |
|
|
|
10,71 |
|
|
|
10,97 |
|
|
|
|
|
Stockholders' Equity Turnover |
6,11 |
|
|
|
5,31 |
|
|
|
7,62 |
|
|
|
|
|
Asset Turnover |
1,77 |
|
|
|
2,24 |
|
|
|
2,01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,29 |
|
|
|
0,42 |
|
|
|
0,26 |
|
|
|
|
|
Current Liabilities/Total Assets |
0,33 |
|
|
|
0,08 |
|
|
|
0,08 |
|
|
|
|
|
Financial Leverage |
0,71 |
|
|
|
0,58 |
|
|
|
0,74 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
0,14 |
|
|
|
0,09 |
|
|
|
0,15 |
|
|
|
|
|
Operating Profit Margin |
0,02 |
|
|
|
0,03 |
|
|
|
0,03 |
|
|
|
|
|
Net Profit Margin |
0,02 |
|
|
|
0,02 |
|
|
|
0,02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
53,53 |
|
|
|
60,83 |
|
|
|
55,78 |
|
|
|
|
|
Average Payable Period (days) |
17,19 |
|
|
|
4,35 |
|
|
|
1,64 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME STATEMENT |
|
||||
|
|
|
YTL |
|
|
|
|
|
|
|
1.1-30.09.2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
1.951.008 |
|
1,00 |
|
|
|
|
Cost of Goods Sold |
1.282.917 |
|
0,66 |
|
|
|
|
Gross Profit |
668.091 |
|
0,34 |
|
|
|
|
Operating Expenses |
629.134 |
|
0,32 |
|
|
|
|
Operating Profit |
38.957 |
|
0,02 |
|
|
|
|
Other Income |
235 |
|
0,00 |
|
|
|
|
Other Expenses |
1.159 |
|
0,00 |
|
|
|
|
Financial Expenses |
475 |
|
0,00 |
|
|
|
|
Profit (loss) Before Tax |
37.558 |
|
0,02 |
|
|
|
|
Tax Payable |
0 |
|
0,00 |
|
|
|
|
Net Profit (loss) |
37.558 |
|
0,02 |
|
|
|
|
|
|
|
|
|
|
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)