MIRA
INFORM REPORT
|
Report Date : |
7th
February, 2007 |
IDENTIFICATION
DETAILS
|
Name : |
SAYMAN
KIMYEVI MADDELER SAN VETIC A S |
|
|
|
|
Registered Office : |
Kemankes
Mah. Kemankes Cad. No: 231-233 Kat:5
Beyoglu-Istanbul / Turkey |
|
|
|
|
Country : |
Turkey |
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
18.01.1982 |
|
|
|
|
Com. Reg. No.: |
184598-132112 |
|
|
|
|
Legal Form : |
Joint
Stock Company |
|
|
|
|
Line of Business : |
Trade of industrial chemicals/ raw materials to be used in paintings,
PVC profiles, cable, rubber, shoe sole, automotive sectors. |
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 |
|
Maximum Credit Limit : |
EUR
3.3 million |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually
Correct |
|
|
|
|
Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
SAYMAN KIMYEVI MADDELER SANAYII VE TICARET A.S. |
|
ADDRESS |
: |
Head Office: Kemankes Mah. Kemankes
Cad. No: 231-233 Kat:5 Beyoglu-Istanbul / Turkey |
|
PHONE NUMBER |
: |
90-212-292 70 50 |
|
FAX NUMBER |
: |
90-212-292 70 66 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE/NO |
: |
Marmara Kurumlar / 7570005604 |
|
REGISTRATION
NUMBER |
: |
184598-132112 |
|
REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
|
DATE ESTABLISHED |
: |
18.01.1982 (Commercial Registry Gazette Date/No: 26.01.1982/427) |
|
LEGAL FORM |
: |
Joint Stock Company |
|
TYPE OF COMPANY |
: |
Private |
|
REGISTERED
CAPITAL |
: |
YTL 66,000 |
|
PAID-IN CAPITAL |
: |
YTL 66,000 |
|
HISTORY |
: |
The registered capital was increased to YTL 66,000 on 30.11.1998
(Commercial Registry Gazette Date/No: 03.12.1998/4683) |
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Necip Sayman Melissa Sayman Erol Sayman Tamara Sayman Karolin Aslin Asadoryan |
75 % |
|
SISTER COMPANIES |
: |
Sayman Kimya Dis Ticaret Ltd. Sti. |
|
|
GROUP PARENT
COMPANY |
: |
None |
|
|
SUBSIDIARIES |
: |
Sayman Kimya Dis Ticaret Ltd. Sti. (95 %) (Trade of chemicals and
rubber at free zone) |
|
|
BOARD OF
DIRECTORS |
: |
Necip Sayman Melissa Sayman |
Chairman Member |
|
GENERAL MANAGER |
: |
Necip Sayman |
|
OPERATIONS
|
BUSINESS ACTIVITIES |
: |
Trade of industrial chemicals/ raw materials to be used in paintings,
PVC profiles, cable, rubber, shoe sole, automotive sectors The subject has also declared that the main suppliers are as follows: -Kronos(Germany) -Elf (France) -Degussa (Germany) -Huber Engineered Materials (Belgium) -Neftoch (Bulgaria) |
|
|
SECTOR |
: |
Commerce |
|
|
NUMBER OF EMPLOYEES |
: |
26 |
|
|
NET SALES |
: |
(YTL Thousand) 8,842 18,099 27,796 34,714 34,712 8,373 |
(2001) (2002) (2003) (2004) (2005) (1.1.-31.3.2006) |
|
CAPACITY |
: |
None |
||
|
PRODUCTION |
: |
None |
||
|
IMPORT VALUE |
: |
EUR 7,838,762+ USD 6,602,799 EUR 8,392,878 + USD 8,690,601 EUR 9,719,851 + USD 7,959,483 USD 5,439,200 |
(2003) (2004) (2005) (1.1-31.3.2006) |
|
|
IMPORT COUNTRIES |
: |
Far East, Germany |
||
|
MERCHANDISE IMPORTED |
: |
Industrial chemicals/ raw materials such as rubber, titanium dioxide
to be used in PVC profiles, paints, shoe soles, automotive sectors. |
||
|
EXPORT VALUE |
: |
YTL 84 thousand YTL 150 thousand YTL 299 thousand YTL 298 thousand YTL 312 thousand |
(2001) (2002) (2003) (2004) (2005) |
|
|
EXPORT COUNTRIES |
: |
Northern Cyprus of Turkish Republic, Azerbaijan, Romania, Ukraine |
||
|
MERCHANDISE EXPORTED |
: |
Pigments,
titanium dioxide, salts of inorganic acids, peroxy acids… |
||
|
PREMISES |
: |
Head
Office: Kemankes Mah. Kemankes Cad.
No:231-233 Kat:5 Beyoglu Istanbul (owned) Branch
Office: Nuruosmaniye Cad. No:606 Cagaloglu Istanbul (rented) |
||
|
TREND OF BUSINESS |
: |
There was a slight decline at business volume in nominal terms in
2005. |
|
COMMERCIAL
MORALITY |
: |
Good |
|
SIZE OF BUSINESS |
: |
Large |
FINANCE
|
MAIN DEALING
BANKERS |
: |
Akbank Beyazit branch in Istanbul T. Is Bankasi Beyazit branch in Istanbul |
|
CREDIT FACILITIES |
: |
The subject company is making use of short term and long term credit
facilities |
|
PAYMENT BEHAVIOR |
: |
No complaints have been heard regarding payments from banks. According to the official registries between 01.01.2000-31.12.2006,
there are no protested bills and non-paid cheques registered in the name of
“Sayman Kimyevi”. |
COMMENT ON FINANCIAL POSITION
|
FINANCIAL STRUCTURE (SUFFICENCY
OF OWN RESOURCES) |
|||
|
Good |
As of
31.03.2006 |
||
|
LIQUIDITY |
|||
|
High |
As of
31.03.2006 |
||
|
PROFITABILITY |
|||
|
Good |
Between
1.1.-31.3.2006 |
||
|
GAP BETWEEN COLLECTION-PAYMENT PERIODS |
|||
|
Favorable |
Between
1.1.-31.3.2006 |
||
|
GENERAL FINANCIAL POSITION |
|||
|
Good |
|||
CREDIT OPINION
|
OUR RISK OPINION |
: |
Ba |
|
CREDIT OPINION WITHOUT OBLIGATION |
: |
We are of the opinion that, the subject is suitable for a max. credit
of EUR 3.3 million. |
|
|
Incr. in producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(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 |
|
(1.1.-31.03.2006) |
2.48 % |
1.3359 |
1.5976 |
2.3270 |
|
(2006) |
11.58 % |
1.4309 |
1.7987 |
2.6377 |
|
(1.1.-31.01.2007) |
-0.05 % |
1.4207 |
1.8521 |
2.7900 |
|
This report is furnished to you in strict confidence for your use. This report or the source of this report should not be passed on to third parties. Although every effort has been spent to provide you the most accurate information, we do not accept any liability for any inaccuracies contained in this report. |
BALANCE SHEETS
|
|
YTL Thousand |
|
|
|
YTL Thousand |
|
|
|
YTL Thousand |
|
|
|
|
31.12.04 |
|
|
|
31.12.05 |
|
|
|
31.3.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
11.631 |
|
0,47 |
|
10.017 |
|
0,42 |
|
12.246 |
|
0,47 |
|
Cash and Banks |
4.457 |
|
0,18 |
|
4.556 |
|
0,19 |
|
4.254 |
|
0,16 |
|
Marketable
Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
Account
Receivable |
2.370 |
|
0,10 |
|
3.073 |
|
0,13 |
|
3.264 |
|
0,13 |
|
Other
Receivable |
0 |
|
0,00 |
|
36 |
|
0,00 |
|
36 |
|
0,00 |
|
Inventories |
3.543 |
|
0,14 |
|
1.868 |
|
0,08 |
|
3.655 |
|
0,14 |
|
Advances Given |
631 |
|
0,03 |
|
117 |
|
0,00 |
|
595 |
|
0,02 |
|
Other Current
Assets |
630 |
|
0,03 |
|
367 |
|
0,02 |
|
442 |
|
0,02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
13.277 |
|
0,53 |
|
13.661 |
|
0,58 |
|
13.733 |
|
0,53 |
|
Long-term Receivable |
0 |
|
0,00 |
|
3 |
|
0,00 |
|
4 |
|
0,00 |
|
Financial
Assets |
27 |
|
0,00 |
|
27 |
|
0,00 |
|
27 |
|
0,00 |
|
Tangible Fixed
Assets (net) |
13.050 |
|
0,52 |
|
13.574 |
|
0,57 |
|
13.668 |
|
0,53 |
|
Intangible
Assets |
36 |
|
0,00 |
|
33 |
|
0,00 |
|
33 |
|
0,00 |
|
Other
Non-Current Assets |
164 |
|
0,01 |
|
24 |
|
0,00 |
|
1 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
24.908 |
|
1,00 |
|
23.678 |
|
1,00 |
|
25.979 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
10.701 |
|
0,43 |
|
635 |
|
0,03 |
|
2.848 |
|
0,11 |
|
Financial Loans |
4.506 |
|
0,18 |
|
120 |
|
0,01 |
|
2.265 |
|
0,09 |
|
Accounts
Payable |
6.084 |
|
0,24 |
|
59 |
|
0,00 |
|
85 |
|
0,00 |
|
Loans from
Shareholders |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
3 |
|
0,00 |
|
Other
Short-term Payable |
37 |
|
0,00 |
|
0 |
|
0,00 |
|
58 |
|
0,00 |
|
Advances from
Customers |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
Taxes Payable |
88 |
|
0,00 |
|
343 |
|
0,01 |
|
51 |
|
0,00 |
|
Provisions |
-14 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
Other Current
Liabilities |
0 |
|
0,00 |
|
113 |
|
0,00 |
|
386 |
|
0,01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
618 |
|
0,02 |
|
8.444 |
|
0,36 |
|
7.933 |
|
0,31 |
|
Financial Loans |
0 |
|
0,00 |
|
4.377 |
|
0,18 |
|
4.128 |
|
0,16 |
|
Long-term
Payable |
0 |
|
0,00 |
|
3.461 |
|
0,15 |
|
3.652 |
|
0,14 |
|
Loans from
Shareholders |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
Other Long-term
Liabilities |
395 |
|
0,02 |
|
453 |
|
0,02 |
|
0 |
|
0,00 |
|
Provisions |
223 |
|
0,01 |
|
153 |
|
0,01 |
|
153 |
|
0,01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
13.589 |
|
0,55 |
|
14.599 |
|
0,62 |
|
15.198 |
|
0,59 |
|
Paid-in Capital |
66 |
|
0,00 |
|
66 |
|
0,00 |
|
66 |
|
0,00 |
|
Inflation
Adjustment of Capital |
2.588 |
|
0,10 |
|
2.588 |
|
0,11 |
|
2.588 |
|
0,10 |
|
Reserves |
10.487 |
|
0,42 |
|
10.960 |
|
0,46 |
|
12.022 |
|
0,46 |
|
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) |
448 |
|
0,02 |
|
985 |
|
0,04 |
|
522 |
|
0,02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQ. |
24.908 |
|
1,00 |
|
23.678 |
|
1,00 |
|
25.979 |
|
1,00 |
INCOME STATEMENTS
|
|
YTL Thousand |
|
|
|
YTL Thousand |
|
|
|
YTL Thousand |
|
|
|
|
2004 |
|
|
|
2005 |
|
|
|
1.1.-.31.03.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
34.714 |
|
1,00 |
|
34.712 |
|
1,00 |
|
8.373 |
|
1,00 |
|
Cost of Goods
Sold |
29.511 |
|
0,85 |
|
30.387 |
|
0,88 |
|
7.061 |
|
0,84 |
|
Gross Profit |
5.203 |
|
0,15 |
|
4.325 |
|
0,12 |
|
1.312 |
|
0,16 |
|
Operating
Expenses |
3.883 |
|
0,11 |
|
3.149 |
|
0,09 |
|
729 |
|
0,09 |
|
Operating Profit |
1.320 |
|
0,04 |
|
1.176 |
|
0,03 |
|
583 |
|
0,07 |
|
Other Income |
2.146 |
|
0,06 |
|
2.346 |
|
0,07 |
|
406 |
|
0,05 |
|
Other Expenses |
1.727 |
|
0,05 |
|
774 |
|
0,02 |
|
76 |
|
0,01 |
|
Financial
Expenses |
981 |
|
0,03 |
|
1.346 |
|
0,04 |
|
391 |
|
0,05 |
|
Profit (loss) Before Tax |
758 |
|
0,02 |
|
1.402 |
|
0,04 |
|
522 |
|
0,06 |
|
Tax Payable |
310 |
|
0,01 |
|
417 |
|
0,01 |
|
0 |
|
0,00 |
|
Net Profit (loss) |
448 |
|
0,01 |
|
985 |
|
0,03 |
|
522 |
|
0,06 |
FINANCIAL RATIOS
|
|
|
2004 |
|
|
2005 |
|
|
1.1.-.31.03.06 |
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
Current Ratio |
1,09 |
|
|
15,77 |
|
|
4,30 |
|
|
|
Acid-Test Ratio |
0,64 |
|
|
12,07 |
|
|
2,65 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,14 |
|
|
0,08 |
|
|
0,14 |
|
|
|
Short-term Receiva./Total Assets |
0,10 |
|
|
0,13 |
|
|
0,13 |
|
|
|
Tangible Assets/Total Assets |
0,52 |
|
|
0,57 |
|
|
0,53 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
8,33 |
|
|
16,27 |
|
|
1,93 |
|
|
|
Stockholders' Equity Turnover |
2,55 |
|
|
2,38 |
|
|
0,55 |
|
|
|
Asset Turnover |
1,39 |
|
|
1,47 |
|
|
0,32 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,55 |
|
|
0,62 |
|
|
0,59 |
|
|
|
Current Liabilities/Total Assets |
0,43 |
|
|
0,03 |
|
|
0,11 |
|
|
|
Financial Leverage |
0,45 |
|
|
0,38 |
|
|
0,41 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
0,03 |
|
|
0,07 |
|
|
0,03 |
|
|
|
Operating Profit Margin |
0,04 |
|
|
0,03 |
|
|
0,07 |
|
|
|
Net Profit Margin |
0,01 |
|
|
0,03 |
|
|
0,06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
24,58 |
|
|
31,90 |
|
|
140,51 |
|
|
|
Average Payable Period (days) |
74,22 |
|
|
41,70 |
|
|
190,53 |
|
|
|
|
|
|
|
|
|
|
|
|
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/normal. |
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 |
|