MIRA
INFORM REPORT
|
Report Date : |
01.11.2007 |
IDENTIFICATION
DETAILS
|
Name : |
YILMAZ KIMYA INSAAT SANAYI VE TICARET A.S. |
|
|
|
|
Registered Office : |
Esensehir Mah. Dudullu Organize Sanayi Bolgesi 1. Cad. No:21 Umraniye
– Istanbul |
|
|
|
|
Country : |
Turkey |
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
24.03.1995 |
|
|
|
|
Com. Reg. No.: |
17565-8 |
|
|
|
|
Legal Form : |
Joint Stock Company |
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|
|
|
Line of Business : |
Trade 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 : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
YILMAZ KIMYA INSAAT SANAYI VE TICARET A.S. |
|
ADDRESS |
: |
Head Office: Esensehir Mah. Dudullu
Organize Sanayi Bolgesi 1. Cad. No:21 Umraniye – Istanbul / Turkey |
|
PHONE NUMBER |
: |
90-216-314 10 00 |
|
FAX NUMBER |
: |
90-216-314 12 12 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Anadolu Kurumlar / 9780025022 |
|
|
|
REGISTRATION NUMBER |
: |
17565-8 |
|
|
|
REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
|
|
|
DATE ESTABLISHED |
: |
24.03.1995 (Commercial Registry Gazette
Date/No: 30.03.1995/3756) |
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|
|
LEGAL FORM |
: |
Joint Stock Company |
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|
|
TYPE OF COMPANY |
: |
Private |
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|
|
REGISTERED CAPITAL |
: |
YTL 7,000,000 |
|
|
|
PAID-IN CAPITAL |
: |
YTL 7,000,000 |
|
|
|
HISTORY |
: |
|
|
|
|
|
|
Previous Name |
: Yilmaz Kimya Sanayi Ve Ticaret A.S. |
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|
|
|
Previous Name
Changed On |
:28.12.2004 (Commercial Registry Gazette Date / No: 04.01.2005 / 6212) |
|
|
|
|
Previous
Registered Capital |
:YTL 55,500 |
|
|
|
|
Regist. Capital
Changed on |
:25.12.2000 (Commercial Registry Gazette
Date/No:08.01.2001/5209) |
|
|
|
|
Previous
Registered Capital |
:YTL 265,500 |
|
|
|
|
Regist. Capital
Changed on |
:31.12.2002 (Commercial Registry Gazette
Date/No:09.01.2003/5714) |
|
|
|
|
Previous
Registered Capital |
: YTL
2,000,000 |
|
|
|
|
Regist. Capital
Changed on |
:28.12.2004 (Commercial Registry Gazette Date / No: 04.01.2005 / 6212) |
|
|
|
|
Previous Address |
:Koresehitleri Cad. Yonca Apt.
1A Blok Daire: 10 Kat: 3 Zincirlikuyu 80300
Sisli-Istanbul |
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|
|
|
Address Changed
On |
:27.02.2004 (Commercial Registry Gazette Date/No:05.03.2004/6001) |
|
|
|
|
Previous Address |
: Inkilap Mah. Omer Faik Atakan Cad. No:3 Umraniye Istanbul |
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|
|
|
Address Changed On |
: 24.05.2006 (Commercial Registry Gazette Date/No: 30.05.2006/6566) |
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|
|
|
Previous Address |
: Inkilap Mah. Site Yolu Cad. Untel Sok. No:1 Umraniye Istanbul |
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|
|
|
Address Changed On |
: 26.09.2007 (Commercial Registry Gazette Date/No: 02.10.2007 / 6907) |
|
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Irfan Yilmaz Ilhan Yilmaz Erhan Yilmaz Meryem Yilmaz Sureyya Berna Kadinkiz Davut Yildirim |
60 % 15 % 15 % 4
% 4
% 2
% |
|
|
SISTER COMPANIES |
: |
Declared to be: None |
||
|
GROUP PARENT COMPANY |
: |
None |
||
|
SUBSIDIARIES |
: |
None |
||
|
BOARD OF DIRECTORS |
: |
Irfan Yilmaz Ilhan Yilmaz |
Chairman Member |
|
|
GENERAL MANAGER |
: |
Ilhan Yilmaz |
||
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Trade of chemicals |
||
|
SECTOR |
: |
Commerce |
||
|
NUMBER OF
EMPLOYEES |
: |
38 |
||
|
NET SALES |
: |
(YTL) 2,299,304 4,344,937 6,674,167 11,805,346 15,858,676 19,727,600 19,835,224 22,180,487 28,039,852 15,710,454 |
(1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (01.01.-30.06.2007) |
|
|
CAPACITY |
: |
None |
||
|
PRODUCTION |
: |
None |
||
|
IMPORT VALUE |
: |
USD 8 million USD 9 million USD 10 million USD 8 million USD 8 million YTL 13 million YTL 16.5 million YTL 17.5 million YTL 29,528,000 USD 11 million |
(1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (01.01.-30.06.2007) |
|
|
IMPORT COUNTRIES |
: |
Europe, China, India… |
||
|
MERCHANDISE
IMPORTED |
: |
Chemicals |
||
|
EXPORT VALUE |
: |
YTL 6,242 YTL 12,300 None YTL 134,289 YTL 170,324 |
(2003) (2004) (2005) (2006) |
|
|
EXPORT COUNTRIES |
: |
Georgia, Germany, Uzbekistan, Belgium,
Afghanistan |
||
|
MERCHANDISE
EXPORTED |
: |
Chemicals |
||
|
PREMISES |
: |
Head Office: Esensehir Mah. Dudullu
Organize Sanayi Bolgesi 1. Cad. No:21 Umraniye – Istanbul Warehouse: Kagithane Istanbul (1,000 sqm)
(owned by Irfan Yilmaz) |
||
|
FIXED CAPITAL
INVESTMENTS |
: |
None |
||
TREND OF BUSINESS : Upwards
COMMERCIAL MORALITY : Good
SIZE OF BUSINESS : Large
FINANCE
|
MAIN DEALING BANKERS |
: |
Garanti Bankasi Altunizade branch in
Istanbul Turkiye Is Bankasi Umraniye branch in
Istanbul Akbank Zincirlikuyu branch in Istanbul |
|
CREDIT FACILITIES |
: |
The subject company is making use of
credit facilities. |
|
PAYMENT BEHAVIOR |
: |
No complaints have been heard regarding
payments from banks. According to the official registries
between 01.01.2000-15.09.2007, there are no protested bills and non-paid
cheques registered in the name of “Yilmaz Kimya”. |
COMMENT ON FINANCIAL POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
||||
|
High |
As of 31.12.2006 |
|||
|
LIQUIDITY |
||||
|
Good |
As of 31.12.2006 |
|||
|
PROFITABILITY |
||||
|
High |
In 2006 |
High |
Between 01.01.-30.06.2007 |
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|
GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
||||
|
Unfavorable |
In 2006 |
|||
|
GENERAL
FINANCIAL POSITION |
||||
|
Good |
||||
CREDIT OPINION
CREDIT OPINION WITHOUT OBLIGATION : We are of the opinion that, a max. credit of EUR 3.3 million may be
granted to the subject company.
|
|
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.-30.06.2007) |
2.98 % |
1.3733 |
1.8275 |
2.7117 |
|
(1.1.-30.09.2007) |
4.98 % |
1.3447 |
1.8084 |
2.6720 |
|
BALANCE SHEETS |
|||||||||||||
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
31.12.04 |
|
|
|
31.12.05 |
|
|
|
31.12.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
5.246.527 |
|
0,55 |
|
5.360.158 |
|
0,43 |
|
7.594.098 |
|
0,35 |
|
|
|
Cash and
Banks |
1.846.331 |
|
0,19 |
|
784.438 |
|
0,06 |
|
1.214.274 |
|
0,06 |
|
|
|
Marketable Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account
Receivable |
2.013.962 |
|
0,21 |
|
2.187.564 |
|
0,18 |
|
3.572.476 |
|
0,16 |
|
|
|
Other
Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Inventories |
1.184.419 |
|
0,12 |
|
2.014.080 |
|
0,16 |
|
2.097.003 |
|
0,10 |
|
|
|
Advances
Given |
201.815 |
|
0,02 |
|
165.962 |
|
0,01 |
|
476.339 |
|
0,02 |
|
|
|
Other
Current Assets |
0 |
|
0,00 |
|
208.114 |
|
0,02 |
|
234.006 |
|
0,01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
4.357.814 |
|
0,45 |
|
7.107.822 |
|
0,57 |
|
14.111.132 |
|
0,65 |
|
|
|
Long-term
Receivable |
0 |
|
0,00 |
|
4.643 |
|
0,00 |
|
4.643 |
|
0,00 |
|
|
|
Financial
Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Tangible
Fixed Assets (net) |
364.732 |
|
0,04 |
|
3.587.425 |
|
0,29 |
|
1.821.212 |
|
0,08 |
|
|
|
Intangible Assets |
3.974.646 |
|
0,41 |
|
3.498.756 |
|
0,28 |
|
12.259.609 |
|
0,56 |
|
|
|
Other
Non-Current Assets |
18.436 |
|
0,00 |
|
16.998 |
|
0,00 |
|
25.668 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
9.604.341 |
|
1,00 |
|
12.467.980 |
|
1,00 |
|
21.705.230 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
1.562.470 |
|
0,16 |
|
2.045.131 |
|
0,16 |
|
5.729.935 |
|
0,26 |
|
|
|
Financial
Loans |
359.989 |
|
0,04 |
|
253.342 |
|
0,02 |
|
946.725 |
|
0,04 |
|
|
|
Accounts
Payable |
319.078 |
|
0,03 |
|
971.998 |
|
0,08 |
|
2.209.510 |
|
0,10 |
|
|
|
Loans
from Shareholders |
589.859 |
|
0,06 |
|
729.361 |
|
0,06 |
|
2.312.028 |
|
0,11 |
|
|
|
Other
Short-term Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Advances
from Customers |
78.812 |
|
0,01 |
|
90.801 |
|
0,01 |
|
0 |
|
0,00 |
|
|
|
Taxes
Payable |
91.014 |
|
0,01 |
|
26.310 |
|
0,00 |
|
19.966 |
|
0,00 |
|
|
|
Provisions |
122.439 |
|
0,01 |
|
-48.923 |
|
0,00 |
|
68.711 |
|
0,00 |
|
|
|
Other
Current Liabilities |
1.279 |
|
0,00 |
|
22.242 |
|
0,00 |
|
172.995 |
|
0,01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
2.954.387 |
|
0,14 |
|
|
|
Financial
Loans |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
2.954.387 |
|
0,14 |
|
|
|
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 |
8.041.871 |
|
0,84 |
|
10.422.849 |
|
0,84 |
|
13.020.908 |
|
0,60 |
|
|
|
Paid-in
Capital |
6.000.000 |
|
0,62 |
|
7.000.000 |
|
0,56 |
|
7.000.000 |
|
0,32 |
|
|
|
Inflation
Adjustment of Capital |
1.530.182 |
|
0,16 |
|
1.530.182 |
|
0,12 |
|
1.530.182 |
|
0,07 |
|
|
|
Reserves |
212.463 |
|
0,02 |
|
537.168 |
|
0,04 |
|
1.934.900 |
|
0,09 |
|
|
|
Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accumulated Losses(-) |
-273.490 |
|
-0,03 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net
Profit (loss) |
572.716 |
|
0,06 |
|
1.355.499 |
|
0,11 |
|
2.555.826 |
|
0,12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
9.604.341 |
|
1,00 |
|
12.467.980 |
|
1,00 |
|
21.705.230 |
|
1,00 |
|
|
|
INCOME STATEMENTS |
||||||||||||
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2004 |
|
|
|
2005 |
|
|
|
2006 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
19.835.224 |
|
1,00 |
|
22.180.487 |
|
1,00 |
|
28.039.852 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
17.334.680 |
|
0,87 |
|
18.654.407 |
|
0,84 |
|
22.010.979 |
|
0,78 |
|
|
|
Gross Profit |
2.500.544 |
|
0,13 |
|
3.526.080 |
|
0,16 |
|
6.028.873 |
|
0,22 |
|
|
|
Operating
Expenses |
2.003.493 |
|
0,10 |
|
2.063.728 |
|
0,09 |
|
2.834.585 |
|
0,10 |
|
|
|
Operating Profit |
497.051 |
|
0,03 |
|
1.462.352 |
|
0,07 |
|
3.194.288 |
|
0,11 |
|
|
|
Other
Income |
390.705 |
|
0,02 |
|
164.406 |
|
0,01 |
|
140.689 |
|
0,01 |
|
|
|
Other
Expenses |
7.811 |
|
0,00 |
|
125.166 |
|
0,01 |
|
123.736 |
|
0,00 |
|
|
|
Financial
Expenses |
30.133 |
|
0,00 |
|
25.529 |
|
0,00 |
|
63.611 |
|
0,00 |
|
|
|
Profit (loss) Before Tax |
849.812 |
|
0,04 |
|
1.476.063 |
|
0,07 |
|
3.147.630 |
|
0,11 |
|
|
|
Tax |
277.096 |
|
0,01 |
|
120.564 |
|
0,01 |
|
591.804 |
|
0,02 |
|
|
|
Net Profit (loss) |
572.716 |
|
0,03 |
|
1.355.499 |
|
0,06 |
|
2.555.826 |
|
0,09 |
|
|
|
FINANCIAL RATIOS |
||||||||||||
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|||||||||||||
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
2004 |
|
|
|
2005 |
|
|
|
2006 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Ratio |
3,36 |
|
|
|
2,62 |
|
|
|
1,33 |
|
|
|
|
|
Acid-Test Ratio |
2,47 |
|
|
|
1,45 |
|
|
|
0,84 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,12 |
|
|
|
0,16 |
|
|
|
0,10 |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,21 |
|
|
|
0,18 |
|
|
|
0,16 |
|
|
|
|
|
Tangible Assets/Total Assets |
0,04 |
|
|
|
0,29 |
|
|
|
0,08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
14,64 |
|
|
|
9,26 |
|
|
|
10,50 |
|
|
|
|
|
Stockholders' Equity Turnover |
2,47 |
|
|
|
2,13 |
|
|
|
2,15 |
|
|
|
|
|
Asset Turnover |
2,07 |
|
|
|
1,78 |
|
|
|
1,29 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,84 |
|
|
|
0,84 |
|
|
|
0,60 |
|
|
|
|
|
Current Liabilities/Total Assets |
0,16 |
|
|
|
0,16 |
|
|
|
0,26 |
|
|
|
|
|
Financial Leverage |
0,16 |
|
|
|
0,16 |
|
|
|
0,40 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
0,07 |
|
|
|
0,13 |
|
|
|
0,20 |
|
|
|
|
|
Operating Profit Margin |
0,03 |
|
|
|
0,07 |
|
|
|
0,11 |
|
|
|
|
|
Net Profit Margin |
0,03 |
|
|
|
0,06 |
|
|
|
0,09 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
36,55 |
|
|
|
35,58 |
|
|
|
45,93 |
|
|
|
|
|
Average Payable Period (days) |
6,63 |
|
|
|
18,76 |
|
|
|
36,14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME STATEMENT |
||||
|
|
|
YTL |
|
|
|
|
|
|
01.01.-30.06.2007 |
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
15.710.454 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
13.155.827 |
|
0,84 |
|
|
|
Gross Profit |
2.554.627 |
|
0,16 |
|
|
|
Operating
Expenses |
1.380.069 |
|
0,09 |
|
|
|
Operating Profit |
1.174.558 |
|
0,07 |
|
|
|
Other
Income |
193.651 |
|
0,01 |
|
|
|
Other
Expenses |
4.303 |
|
0,00 |
|
|
|
Financial
Expenses |
181.816 |
|
0,01 |
|
|
|
Profit (loss) Before Tax |
1.182.090 |
|
0,08 |
|
|
|
Tax
Payable |
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
1.182.090 |
|
0,08 |
|
|
|
|
|
|
|
|
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%)