MIRA
INFORM REPORT
|
Report Date : |
26.07.2007 |
IDENTIFICATION DETAILS
|
Name : |
SOREL SANAYI URUNLERI TICARET LIMITED STI |
|
|
|
|
Registered Office : |
Head Office: Esenkent Talatpasa Cad. Firat Sok. Kamelya Evleri
C5 A Bl. D.2 Buyukcekmece Istanbul |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
15.05.1997 |
|
|
|
|
Com. Reg. No.: |
370307 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Trader of Chemicals. |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
SOREL SANAYI URUNLERI TICARET LTD. STI. |
|
ADDRESS |
: |
Head Office: Esenkent Talatpasa Cad. Firat Sok. Kamelya
Evleri C5 A Bl. D.2 Buyukcekmece Istanbul / |
|
PHONE NUMBER |
: |
90-212-672 19 50 |
|
FAX NUMBER |
: |
90-212-672 19 49 |
LEGAL STATUS AND
HISTORY
|
TAX OFFICE / NO |
: |
Beylikduzu / 7740043761 |
|
REGISTRATION NUMBER |
: |
370307 |
|
REGISTERED OFFICE |
: |
|
|
DATE ESTABLISHED |
: |
15.05.1997 (Commercial Registry Gazette Date/No:21.05.1997/4293) |
|
LEGAL FORM |
: |
Limited Company |
|
TYPE OF COMPANY |
: |
Private |
|
REGISTERED CAPITAL |
: |
YTL 500,000 |
|
|
|
PAID-IN CAPITAL |
: |
YTL 500,000 |
|
|
|
HISTORY |
: |
|
||
|
|
|
Previous Registered Capital |
: YTL 2,000 |
|
|
|
|
Regist.Capital Changed On |
: 20.03.2002 (Commercial Registry Gazette Date/No:25.03.2002/5512) |
|
|
|
|
Previous Registered Capital |
: YTL 50,000 |
|
|
|
|
Regist.Capital Changed On |
: 15.12.2003 (Commercial Registry Gazette Date/No:19.12.2003/5950) |
|
|
|
|
Previous Registered Capital |
: YTL 100,000 |
|
|
|
|
Regist.Capital Changed On |
: 07.05.2004 (Commercial Registry Gazette Date/No:12.05.2004/6048) |
|
|
|
|
Previous Registered Capital |
: YTL 200,000 |
|
|
|
|
Regist.Capital Changed On |
: 22.12.2005 (Commercial Registry Gazette Date/No:27.12.2005/6461) |
|
|
|
|
Previous Address |
: Talatpasa Cad. Kamelya Evleri B1/A Blok K:1 D:4 Esenkent
Buyukcekmece |
|
|
|
|
Address Changed On |
: 04.10.2002 (Commercial Registry Gazette Date/No:09.10.2002/5652) |
|
OWNERSHIP /
MANAGEMENT
|
SHAREHOLDERS |
: |
Nur Yasin Kose Sukran Kuscu |
50 % 50 % |
|
SISTER COMPANIES |
: |
Nur Yasin Kose has shares at: Respol Polimer
Sanayi Ticaret Ltd Sti |
|
|
GROUP PARENT COMPANY |
: |
None |
|
|
SUBSIDIARIES |
: |
None |
|
|
DIRECTORS |
: |
Nur Yasin Kose Sukran Kuscu |
|
OPERATIONS
|
BUSINESS ACTIVITIES |
: |
Trade of chemicals The firm has declared that it is the representative and distributor of the following companies: Dixie Chemicals ( Petrochem Carless ( Cremer Oleo Chemicals ( Interquisa ( Royal Castor Products ( Gwalior Chemicals Ind Ltd. ( Juhua Group Ltd ( |
|
|
SECTOR |
: |
Commerce |
|
|
NUMBER OF EMPLOYEES |
: |
7 |
|
|
NET SALES |
: |
(YTL) 162,377 291,581 639,328 1,183,298 1,537,453 2,321,660 2,379,552 3,793,471 878,896 |
(1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (01.01-31.03.2007) |
|
CAPACITY |
: |
None |
|
|
PRODUCTION |
: |
None |
|
|
IMPORT VALUE |
: |
USD 241,145 USD 457,000 USD 686,666 USD 1,103,313 USD 1,108,480 USD 2,000,000 USD 1,400,000 |
(2001) (2002) (2003) (2004) (2005) (2006) (01.01-19.07.2007) |
|
IMPORT COUNTRIES |
: |
|
|
|
MERCHANDISE IMPORTED |
: |
Chemicals |
|
|
EXPORT VALUE |
: |
None YTL 125,265 None |
(2005) (2006) (01.01-31.03.2007) |
|
EXPORT COUNTRIES |
: |
|
|
|
MERCHANDISE EXPORTED |
: |
Chemicals |
|
|
PREMISES |
: |
Head Office: Esenkent Talatpasa Cad. Firat Sok. Kamelya Evleri C5 A Bl. D.2 Buyukcekmece Istanbul (owned by shareholders) Warehouse: Kartal Oto Sanayi Sitesi C 3 Blok Kartal / |
|
|
TREND OF BUSINESS |
: |
Upwards in 2006 |
|
COMMERCIAL MORALITY |
: |
Good |
|
SIZE OF BUSINESS |
: |
Lower- moderate |
FINANCE
|
MAIN DEALING BANKERS |
: |
Garanti Bankasi
Bahcesehir branch in Istanbul |
|
CREDIT FACILITIES |
: |
The subject company rarely makes use of credit facilities. |
|
PAYMENT BEHAVIOUR |
: |
No complaints have been heard regarding payments from bank. According to the official registries between 01.01.2000-15.06.2007, there are no protested bills and non-paid cheques registered in the name of “Sorel Sanayi”. |
COMMENT ON FINANCIAL
POSITION
|
FINANCIAL STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
||
|
High |
As of 31.03.2007 |
|
|
LIQUIDITY |
||
|
Good |
As of 31.03.2007 |
|
|
PROFITABILITY |
||
|
Good |
Between 1.1.- 31.03.2007 |
|
|
GAP BETWEEN COLLECTION-PAYMENT PERIODS |
||
|
Favorable |
Between 1.1.- 31.03.2007 |
|
|
GENERAL FINANCIAL POSITION |
||
|
Good |
||
|
|
Incr. in producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(1998) |
54.30 % |
0.2657 |
0.2967 |
0.4410 |
|
(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.-31.03.2007) |
1.88 % |
1.4068 |
1.8521 |
2.7609 |
|
(1.1.-30.06.2007) |
2.98 % |
1.3733 |
1.8275 |
2.7117 |
|
BALANCE SHEETS |
|||||||||||||
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
31.12.05 |
|
|
|
31.12.06 |
|
|
|
31.03.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
894.640 |
|
0,97 |
|
1.078.352 |
|
0,97 |
|
1.270.232 |
|
0,98 |
|
|
|
Cash and Banks |
115.638 |
|
0,12 |
|
305.808 |
|
0,27 |
|
148.694 |
|
0,11 |
|
|
|
Marketable Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account Receivable |
223.344 |
|
0,24 |
|
206.518 |
|
0,19 |
|
359.685 |
|
0,28 |
|
|
|
Other Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Inventories |
209.634 |
|
0,23 |
|
222.981 |
|
0,20 |
|
120.275 |
|
0,09 |
|
|
|
Advances Given |
314.068 |
|
0,34 |
|
301.481 |
|
0,27 |
|
629.268 |
|
0,48 |
|
|
|
Other Current Assets |
31.956 |
|
0,03 |
|
41.564 |
|
0,04 |
|
12.310 |
|
0,01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT
ASSETS |
31.538 |
|
0,03 |
|
34.486 |
|
0,03 |
|
31.654 |
|
0,02 |
|
|
|
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) |
30.834 |
|
0,03 |
|
33.292 |
|
0,03 |
|
31.654 |
|
0,02 |
|
|
|
Intangible Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other Non-Current Assets |
704 |
|
0,00 |
|
1.194 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
926.178 |
|
1,00 |
|
1.112.838 |
|
1,00 |
|
1.301.886 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES |
356.109 |
|
0,38 |
|
411.822 |
|
0,37 |
|
542.829 |
|
0,42 |
|
|
|
Financial Loans |
30.000 |
|
0,03 |
|
40.388 |
|
0,04 |
|
10.666 |
|
0,01 |
|
|
|
Accounts Payable |
279.094 |
|
0,30 |
|
321.350 |
|
0,29 |
|
506.484 |
|
0,39 |
|
|
|
Loans from Shareholders |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
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 |
15.070 |
|
0,02 |
|
20.687 |
|
0,02 |
|
25.679 |
|
0,02 |
|
|
|
Provisions |
31.945 |
|
0,03 |
|
29.397 |
|
0,03 |
|
0 |
|
0,00 |
|
|
|
Other Current Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
570.069 |
|
0,62 |
|
701.016 |
|
0,63 |
|
759.057 |
|
0,58 |
|
|
|
Paid-in Capital |
486.640 |
|
0,53 |
|
500.000 |
|
0,45 |
|
500.000 |
|
0,38 |
|
|
|
Reserves |
8.890 |
|
0,01 |
|
83.430 |
|
0,07 |
|
201.016 |
|
0,15 |
|
|
|
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) |
74.539 |
|
0,08 |
|
117.586 |
|
0,11 |
|
58.041 |
|
0,04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES AND EQ. |
926.178 |
|
1,00 |
|
1.112.838 |
|
1,00 |
|
1.301.886 |
|
1,00 |
|
|
|
INCOME
STATEMENTS |
||||||||||||
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
1.1-31.03.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
2.379.552 |
|
1,00 |
|
3.793.471 |
|
1,00 |
|
878.896 |
|
1,00 |
|
|
|
Cost of Goods Sold |
2.016.140 |
|
0,85 |
|
3.260.742 |
|
0,86 |
|
757.465 |
|
0,86 |
|
|
|
Gross Profit |
363.412 |
|
0,15 |
|
532.729 |
|
0,14 |
|
121.431 |
|
0,14 |
|
|
|
Operating Expenses |
228.583 |
|
0,10 |
|
280.391 |
|
0,07 |
|
64.816 |
|
0,07 |
|
|
|
Operating
Profit |
134.829 |
|
0,06 |
|
252.338 |
|
0,07 |
|
56.615 |
|
0,06 |
|
|
|
Other Income |
0 |
|
0,00 |
|
4.888 |
|
0,00 |
|
7.457 |
|
0,01 |
|
|
|
Other Expenses |
21.355 |
|
0,01 |
|
96.539 |
|
0,03 |
|
4.137 |
|
0,00 |
|
|
|
Financial Expenses |
6.990 |
|
0,00 |
|
13.704 |
|
0,00 |
|
1.894 |
|
0,00 |
|
|
|
Profit (loss)
Before Tax |
106.484 |
|
0,04 |
|
146.983 |
|
0,04 |
|
58.041 |
|
0,07 |
|
|
|
Tax Payable |
31.945 |
|
0,01 |
|
29.397 |
|
0,01 |
|
0 |
|
0,00 |
|
|
|
Net Profit
(loss) |
74.539 |
|
0,03 |
|
117.586 |
|
0,03 |
|
58.041 |
|
0,07 |
|
|
|
FINANCIAL
RATIOS |
||||||||||||
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
1.1-31.03.07 |
|
|
|
|
|
LIQUIDITY
RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Ratio |
2,51 |
|
|
|
2,62 |
|
|
|
2,34 |
|
|
|
|
|
Acid-Test Ratio |
0,95 |
|
|
|
1,24 |
|
|
|
0,94 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET STRUCTURE
RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total
Assets |
0,23 |
|
|
|
0,20 |
|
|
|
0,09 |
|
|
|
|
|
Short-term
Receivable/Total Assets |
0,24 |
|
|
|
0,19 |
|
|
|
0,28 |
|
|
|
|
|
Tangible
Assets/Total Assets |
0,03 |
|
|
|
0,03 |
|
|
|
0,02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory
Turnover |
9,62 |
|
|
|
14,62 |
|
|
|
6,30 |
|
|
|
|
|
Stockholders'
Equity Turnover |
4,17 |
|
|
|
5,41 |
|
|
|
1,16 |
|
|
|
|
|
Asset Turnover |
2,57 |
|
|
|
3,41 |
|
|
|
0,68 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL
STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
Equity/Total Assets |
0,62 |
|
|
|
0,63 |
|
|
|
0,58 |
|
|
|
|
|
Current
Liabilities/Total Assets |
0,38 |
|
|
|
0,37 |
|
|
|
0,42 |
|
|
|
|
|
Financial
Leverage |
0,38 |
|
|
|
0,37 |
|
|
|
0,42 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY
RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Profit/Stockholders' Eq. |
0,13 |
|
|
|
0,17 |
|
|
|
0,08 |
|
|
|
|
|
Operating
Profit Margin |
0,06 |
|
|
|
0,07 |
|
|
|
0,06 |
|
|
|
|
|
Net Profit
Margin |
0,03 |
|
|
|
0,03 |
|
|
|
0,07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
Collection Period (days) |
33,79 |
|
|
|
19,60 |
|
|
|
147,33 |
|
|
|
|
|
Average Payable
Period (days) |
49,83 |
|
|
|
35,48 |
|
|
|
240,72 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
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%)