MIRA
INFORM REPORT
|
Report Date : |
25.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
ALKEMI KIMYA TEKSTIL SANAYI VE TICARET A.S. |
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|
|
|
Registered Office : |
N. Kemal Mah. Adile Nasit Bulvari 140 Sok. N Plaza A-Blok No:41-42-43/1
Esenyurt-Istanbul |
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Country : |
Turkey |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
09.10.2001 |
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Com. Reg. No.: |
463975 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Manufacture and trade of textile 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 |
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|
Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
ALKEMI KIMYA TEKSTIL SANAYI VE TICARET A.S. |
|
ADDRESS |
: |
Head Office: N. Kemal Mah. Adile Nasit
Bulvari 140 Sok. N Plaza A-Blok No:41-42-43/1 Esenyurt-Istanbul/Turkey |
|
PHONE NUMBER |
: |
90-212-699 44 90 |
|
FAX NUMBER |
: |
90-212-699 94 44 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Beylikduzu/0540204628 |
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|
REGISTRATION NUMBER |
: |
463975 |
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REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
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DATE ESTABLISHED |
: |
09.10.2001 (Commercial Registry Gazette
Date/No:12.10.2001/5402) |
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LEGAL FORM |
: |
Joint Stock Company |
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TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
YTL 600,000 |
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PAID-IN CAPITAL |
: |
YTL 600,000 |
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|
HISTORY |
: |
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|
Previous
Registered Capital |
: YTL 300,000 |
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|
Regist. Capital Changed on |
: 11.08.2005
(Commercial Registry Gazette Date/No:16.08.2005/6369) |
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Previous Address |
: Saadet Dere Mah. Kazim Karabekir Cad.
No:9 Esenyurt-Istanbul |
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Address Changed On |
:
31.10.2006 (Commercial Registry Gazette
Date/No:03.11.2006 / 6675) |
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Previous Address |
: Esenyurt Namik
Kemal Mah. 24 C1A-24C1B Pafta 116 Ada 2 Parsel -Istanbul |
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Address Changed On |
:
23..01.2007 (Commercial Registry
Gazette Date/No:26.01.2007 / 6732) |
|
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Niyazi Karadeniz Seyfettin Karadeniz Turgay Karadeniz Camal Karadeniz Ahmet Alper Dokmeci |
|
|
GROUP |
: |
-Alkemi Kimya Tekstil Sanayi ve Ticaret
A.S. -Hamboya Boyacilik Tekstil Sanayi ve
Ticaret A.S. -Rem Tekstil Dis Ticaret Sanayi ve Ticaret
Ltd. Sti. -Ncst Tekstil Sanayi ve Ticaret Ltd. Sti. |
|
|
BOARD OF DIRECTORS |
: |
Niyazi Karadeniz Turgay Karadeniz Ahmet Alper Dokmeci |
Chairman Vice-Chairman Member |
|
DIRECTORS |
: |
Niyazi Karadeniz |
General Manager |
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Manufacture and trade of textile chemicals |
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|
SECTOR |
: |
Chemicals |
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|
NUMBER OF
EMPLOYEES |
: |
13 |
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NET SALES |
: |
(YTL) 2,009,690 3,147,515 2,064,144 |
(2005) (2006) (1.1.-30.06.2007) |
|
IMPORT VALUE |
: |
(EUR)
166,785
252,546
473,471 |
(2005) (2006) (1.1.-30.06.2007) |
|
IMPORT COUNTRIES |
: |
Germany |
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|
MERCHANDISE
IMPORTED |
: |
Benzyl chloride |
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EXPORT VALUE |
: |
(YTL) 10,227 275,087 205,497 |
(2005) (2006) (1.1.-30.06.2007) |
|
EXPORT COUNTRIES |
: |
Iran, Egypt, Russia |
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MERCHANDISE
EXPORTED |
: |
Enzymes, hydrazine, calcium carbonate,
organic detergents, silicones… |
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PREMISES |
: |
Head Office: N. Kemal Mah. Adile Nasit
Bulvari 140 Sok. N Plaza A-Blok No:41-42-43/1 Esenyurt-Istanbul Factory: Velimese Sanayi Bolgesi
Haciseramet Mevkii Corlu-Tekirdag (rented) (1,000 sqm) |
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|
FIXED CAPITAL
INVESTMENTS |
: |
None |
|
TREND OF BUSINESS : Upwards
COMMERCIAL MORALITY : Good
SIZE OF BUSINESS : Moderate
FINANCE
|
MAIN DEALING BANKERS |
: |
Garanti Bankasi Avcilar branch in Istanbul Anadolu Bank Avcilar branch in Istanbul Yapi ve Kredi Bankasi Esenyurt branch in Istanbul |
CREDIT FACILITIES |
: |
The
subject company is making use of credit facilities. |
|
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
“Alkemi Kimya” |
COMMENT ON FINANCIAL POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
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|
Capacity was fair as of 31.12.2006. It has to be noted that, 27 % of
“total liabilities and equity” was consisting of “loans from shareholders” as
of 31.12.2006 indicating not too high indebtedness to third parties. |
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LIQUIDITY |
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Good |
As of 31.12.2006 |
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PROFITABILITY |
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Low |
In 2006 |
Low |
Between 01.01.-30.06.2007 |
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GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
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Unfavorable |
In 2006 |
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GENERAL
FINANCIAL POSITION |
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Satisfactory |
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CREDIT OPINION
CREDIT OPINION WITHOUT OBLIGATION : We are of the opinion that, a max. credit of EUR 150,000 may be
granted to the subject company.
|
|
Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(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.-30.06.2007) |
2.98 % |
1.3733 |
1.8275 |
2.7117 |
|
(1.1.-30.11.2007) |
5.78 % |
1.3190 |
1.7961 |
2.6363 |
|
BALANCE SHEETS |
|||||||||
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|
YTL |
|
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|
YTL |
|
|
|
|
|
|
31.12.05 |
|
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|
31.12.06 |
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|
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CURRENT ASSETS |
1.483.528 |
|
0,93 |
|
1.820.205 |
|
0,95 |
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Cash and
Banks |
32.160 |
|
0,02 |
|
43.082 |
|
0,02 |
|
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Marketable Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
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|
Account
Receivable |
683.063 |
|
0,43 |
|
976.601 |
|
0,51 |
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Other
Receivable |
1.704 |
|
0,00 |
|
41.146 |
|
0,02 |
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Inventories |
744.839 |
|
0,47 |
|
692.396 |
|
0,36 |
|
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Advances
Given |
3.409 |
|
0,00 |
|
63.492 |
|
0,03 |
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Other
Current Assets |
18.353 |
|
0,01 |
|
3.488 |
|
0,00 |
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NON-CURRENT ASSETS |
107.810 |
|
0,07 |
|
90.431 |
|
0,05 |
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Long-term
Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Financial
Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Tangible
Fixed Assets (net) |
95.162 |
|
0,06 |
|
77.783 |
|
0,04 |
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Intangible Assets |
12.648 |
|
0,01 |
|
12.648 |
|
0,01 |
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|
Other
Non-Current Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
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TOTAL ASSETS |
1.591.338 |
|
1,00 |
|
1.910.636 |
|
1,00 |
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CURRENT LIABILITIES |
977.007 |
|
0,61 |
|
1.248.734 |
|
0,65 |
|
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|
Financial
Loans |
175.757 |
|
0,11 |
|
139.244 |
|
0,07 |
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|
Accounts
Payable |
385.112 |
|
0,24 |
|
457.115 |
|
0,24 |
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Loans
from Shareholders |
229.326 |
|
0,14 |
|
519.573 |
|
0,27 |
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Other
Short-term Payable |
10.210 |
|
0,01 |
|
10.227 |
|
0,01 |
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Advances
from Customers |
172.483 |
|
0,11 |
|
117.177 |
|
0,06 |
|
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|
Taxes Payable |
4.119 |
|
0,00 |
|
5.398 |
|
0,00 |
|
|
|
Provisions |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
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|
Other
Current Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
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|
|
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|
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LONG-TERM LIABILITIES |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Financial
Loans |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Securities Issued |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Long-term
Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Loans
from Shareholders |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Long-term Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Provisions |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
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|
STOCKHOLDERS' EQUITY |
614.331 |
|
0,39 |
|
661.902 |
|
0,35 |
|
|
|
Paid-in
Capital |
600.000 |
|
0,38 |
|
600.000 |
|
0,31 |
|
|
|
Inflation
Adjustment of Capital |
76.657 |
|
0,05 |
|
76.657 |
|
0,04 |
|
|
|
Reserves |
0 |
|
0,00 |
|
52.758 |
|
0,03 |
|
|
|
Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accumulated Losses(-) |
-115.084 |
|
-0,07 |
|
-115.084 |
|
-0,06 |
|
|
|
Net
Profit (loss) |
52.758 |
|
0,03 |
|
47.571 |
|
0,02 |
|
|
|
|
|
|
|
|
|
|
|
|
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|
TOTAL LIABILITIES AND EQUITY |
1.591.338 |
|
1,00 |
|
1.910.636 |
|
1,00 |
|
|
|
INCOME STATEMENTS |
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|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
1.1.-30.06.07 |
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|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
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|
Net Sales |
2.009.690 |
|
1,00 |
|
3.147.515 |
|
1,00 |
|
2.064.144 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
1.819.622 |
|
0,91 |
|
2.867.718 |
|
0,91 |
|
1.855.902 |
|
0,90 |
|
|
|
Gross Profit |
190.068 |
|
0,09 |
|
279.797 |
|
0,09 |
|
208.242 |
|
0,10 |
|
|
|
Operating
Expenses |
128.763 |
|
0,06 |
|
216.822 |
|
0,07 |
|
163.443 |
|
0,08 |
|
|
|
Operating Profit |
61.305 |
|
0,03 |
|
62.975 |
|
0,02 |
|
44.799 |
|
0,02 |
|
|
|
Other
Income |
10.359 |
|
0,01 |
|
11.339 |
|
0,00 |
|
4.024 |
|
0,00 |
|
|
|
Other
Expenses |
1.428 |
|
0,00 |
|
13.169 |
|
0,00 |
|
11.323 |
|
0,01 |
|
|
|
Financial
Expenses |
17.478 |
|
0,01 |
|
13.574 |
|
0,00 |
|
6.480 |
|
0,00 |
|
|
|
Profit (loss) Before Tax |
52.758 |
|
0,03 |
|
47.571 |
|
0,02 |
|
31.020 |
|
0,02 |
|
|
|
Tax
Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
52.758 |
|
0,03 |
|
47.571 |
|
0,02 |
|
31.020 |
|
0,02 |
|
|
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FINANCIAL RATIOS |
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2005 |
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|
2006 |
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|
1.1.-30.06.07 |
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LIQUIDITY RATIOS |
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Current Ratio |
1,52 |
|
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|
1,46 |
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|
-- |
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Acid-Test Ratio |
0,73 |
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|
|
0,85 |
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|
-- |
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ASSET STRUCTURE RATIOS |
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Inventory/Total Assets |
0,47 |
|
|
|
0,36 |
|
|
|
-- |
|
|
|
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Short-term Receivable/Total Assets |
0,43 |
|
|
|
0,53 |
|
|
|
-- |
|
|
|
|
|
Tangible Assets/Total Assets |
0,06 |
|
|
|
0,04 |
|
|
|
-- |
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TURNOVER RATIOS |
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Inventory Turnover |
2,44 |
|
|
|
4,14 |
|
|
|
-- |
|
|
|
|
|
Stockholders' Equity Turnover |
3,27 |
|
|
|
4,76 |
|
|
|
-- |
|
|
|
|
|
Asset Turnover |
1,26 |
|
|
|
1,65 |
|
|
|
-- |
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FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,39 |
|
|
|
0,35 |
|
|
|
-- |
|
|
|
|
|
Current Liabilities/Total Assets |
0,61 |
|
|
|
0,65 |
|
|
|
-- |
|
|
|
|
|
Financial Leverage |
0,61 |
|
|
|
0,65 |
|
|
|
-- |
|
|
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PROFITABILITY RATIOS |
|
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Net Profit/Stockholders' Eq. |
0,09 |
|
|
|
0,07 |
|
|
|
-- |
|
|
|
|
|
Operating Profit Margin |
0,03 |
|
|
|
0,02 |
|
|
|
0,02 |
|
|
|
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|
Net Profit Margin |
0,03 |
|
|
|
0,02 |
|
|
|
0,02 |
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COLLECTION-PAYMENT |
|
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|
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|
Average Collection Period (days) |
122,36 |
|
|
|
111,70 |
|
|
|
-- |
|
|
|
|
|
Average Payable Period (days) |
76,19 |
|
|
|
57,38 |
|
|
|
-- |
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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%)