MIRA
INFORM REPORT
|
Report Date : |
05.11.2007 |
IDENTIFICATION
DETAILS
|
Name : |
BOYPLAST BOYA VE PLASTIK MALZEME SANAYI VE TICARET LTD. STI. |
|
|
|
|
Registered Office : |
Organize Sanayi Bolgesi 17.Cad No:5 Eskisehir |
|
|
|
|
Country : |
Turkey |
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
25.12.2003 |
|
|
|
|
Com. Reg. No.: |
17303 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Manufacture and trade of white goods supplier industry products made
of plastic |
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 : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
BOYPLAST BOYA VE PLASTIK MALZEME SANAYI VE TICARET LTD. STI. |
|
ADDRESS |
: |
Head Office & Production Plant:
Organize Sanayi Bolgesi 17.Cad No:5 Eskisehir/Turkey |
|
PHONE NUMBER |
: |
90-222-236 20 26 |
|
FAX NUMBER |
: |
90-222-236 20 25 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Battalgazi/1820367745 |
|
REGISTRATION NUMBER |
: |
17303 |
|
REGISTERED OFFICE |
: |
Eskisehir Chamber of Commerce |
|
DATE ESTABLISHED |
: |
25.12.2003 (Commercial Registry Gazette
Date/No:05.01.2004/5960) |
|
LEGAL FORM |
: |
Limited Company |
|
TYPE OF COMPANY |
: |
Private |
|
REGISTERED CAPITAL |
: |
YTL 25,000 |
|
PAID-IN CAPITAL |
: |
YTL 25,000 |
|
HISTORY |
: |
The subject company moved from “75. Yil Mah.
S.S. Inan Sanayi Sitesi No:19 Eskisehir” to “Organize Sanayi Bolgesi 17.Cad
No:5 Eskisehir” on 22.02.2006 (Commercial Registry Gazette
Date/No:03.03.2006/6505) |
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Metin Sarac Salih Sarioglu Cuneyt Kahyaoglu Arda Akay |
30 % 30 % 20 % 20 % |
|
SISTER COMPANIES |
: |
Declared to be: None |
|
|
GROUP PARENT COMPANY |
: |
None |
|
|
SUBSIDIARIES |
: |
None |
|
|
DIRECTORS |
: |
Metin Sarac |
|
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Manufacture and trade of white goods
supplier industry products made of plastic |
|
|
NUMBER OF
EMPLOYEES |
: |
80 |
|
|
NET SALES |
: |
(YTL) 1,657,070 3,218,509 5,954,427 4,329,596 |
(2004) (2005) (2006) (01.01.-30.06.2007) |
|
CAPACITY |
: |
(Kg/Yr) 1,139,384 1,953,230 5,651,770 |
(2005) (2006) (2007) |
|
PRODUCTION |
: |
(Kg) 190,125 517,613 366,315 |
(2005) (2006) (01.01.-30.06.2007) |
|
IMPORT |
: |
None |
|
|
EXPORT VALUE |
: |
(YTL) 14,731 None None |
(2005) (2006) (01.01.-30.06.2007) |
|
EXPORT COUNTRIES |
: |
Romania |
|
|
MERCHANDISE
EXPORTED |
: |
Plastic |
|
|
PREMISES |
: |
Head Office & Production Plant:
Organize Sanayi Bolgesi 17.Cad No:5 Eskisehir (8,500 sqm) (owned) |
|
|
FIXED CAPITAL
INVESTMENTS |
: |
None |
|
TREND OF BUSINESS : Upwards
COMMERCIAL MORALITY : Good
SIZE OF BUSINESS : Moderate
FINANCE
|
MAIN DEALING BANKERS |
: |
Garanti Bankasi Eskisehir branch in
Eskisehir Yapi ve Kredi Bankasi Porsuk branch in
Eskisehir |
|
CREDIT FACILITIES |
: |
The subject rarely makes use of credit
facilities. |
|
PAYMENT BEHAVIOUR |
: |
No complaints have been heard regarding
payments from banks. According to the official registries since its establishment 25.12.2003-15.09.2007, there are no protested bills and non-paid cheques registered in the name of “Boyplast Boya” |
COMMENT ON FINANCIAL POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
||||
|
Capitalization was in order as of 31.12.2006. Furthermore 25 % of
total liabilities and equity was due to loans from shareholders rather than
liabilities to third parties. So the firm’s indebtedness to third parties was
not too high as of 31.12.2006. |
||||
|
LIQUIDITY |
||||
|
Liquidity may be regarded as being good as of 31.12.2006 disregarding
“loans from shareholders” from “current liabilities”. |
||||
|
PROFITABILITY |
||||
|
High |
In 2006 |
High |
Between 01.01.-30.06.2007 |
|
|
GAP BETWEEN COLLECTION-PAYMENT PERIODS |
||||
|
Unfavorable/Short |
In 2006 |
|||
|
GENERAL
FINANCIAL POSITION |
||||
|
Satisfactory |
||||
CREDIT OPINION
CREDIT OPINION WITHOUT OBLIGATION : We are of the opinion that, a max. credit of USD 390,000 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.-30.09.2007) |
4.98 % |
1.3447 |
1.8084 |
2.6720 |
|
|
BALANCE SHEETS |
||||||||
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
31.12.05 |
|
|
|
31.12.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
764.550 |
|
0,44 |
|
979.359 |
|
0,40 |
|
|
|
Cash and
Banks |
121.047 |
|
0,07 |
|
211.448 |
|
0,09 |
|
|
|
Marketable
Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account
Receivable |
489.272 |
|
0,28 |
|
673.241 |
|
0,27 |
|
|
|
Other
Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Inventories |
1.130 |
|
0,00 |
|
3.261 |
|
0,00 |
|
|
|
Advances
Given |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Current Assets |
153.101 |
|
0,09 |
|
91.409 |
|
0,04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
984.943 |
|
0,56 |
|
1.494.117 |
|
0,60 |
|
|
|
Long-term
Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Financial
Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Tangible
Fixed Assets (net) |
974.560 |
|
0,56 |
|
1.475.994 |
|
0,60 |
|
|
|
Intangible Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Non-Current Assets |
10.383 |
|
0,01 |
|
18.123 |
|
0,01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
1.749.493 |
|
1,00 |
|
2.473.476 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
930.766 |
|
0,53 |
|
1.298.528 |
|
0,52 |
|
|
|
Financial
Loans |
0 |
|
0,00 |
|
18.898 |
|
0,01 |
|
|
|
Accounts
Payable |
509.287 |
|
0,29 |
|
510.362 |
|
0,21 |
|
|
|
Loans
from Shareholders |
162.862 |
|
0,09 |
|
615.480 |
|
0,25 |
|
|
|
Other
Short-term Payable |
15.557 |
|
0,01 |
|
26.881 |
|
0,01 |
|
|
|
Advances
from Customers |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Taxes
Payable |
84.464 |
|
0,05 |
|
37.400 |
|
0,02 |
|
|
|
Provisions |
152.754 |
|
0,09 |
|
89.507 |
|
0,04 |
|
|
|
Other
Current Liabilities |
5.842 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
818.727 |
|
0,47 |
|
1.174.948 |
|
0,48 |
|
|
|
Paid-in
Capital |
25.000 |
|
0,01 |
|
25.000 |
|
0,01 |
|
|
|
Inflation
Adjustment of Capital |
1.038 |
|
0,00 |
|
1.038 |
|
0,00 |
|
|
|
Reserves |
79.178 |
|
0,05 |
|
790.880 |
|
0,32 |
|
|
|
Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accumulated Losses(-) |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net
Profit (loss) |
713.511 |
|
0,41 |
|
358.030 |
|
0,14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
1.749.493 |
|
1,00 |
|
2.473.476 |
|
1,00 |
|
|
|
INCOME STATEMENTS |
||||||||||||
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
1.1.-30.06.2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
3.218.509 |
|
1,00 |
|
5.954.427 |
|
1,00 |
|
4.329.596 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
2.060.028 |
|
0,64 |
|
4.979.645 |
|
0,84 |
|
3.493.742 |
|
0,81 |
|
|
|
Gross Profit |
1.158.481 |
|
0,36 |
|
974.782 |
|
0,16 |
|
835.854 |
|
0,19 |
|
|
|
Operating
Expenses |
300.288 |
|
0,09 |
|
550.124 |
|
0,09 |
|
491.080 |
|
0,11 |
|
|
|
Operating Profit |
858.193 |
|
0,27 |
|
424.658 |
|
0,07 |
|
344.774 |
|
0,08 |
|
|
|
Other
Income |
23.958 |
|
0,01 |
|
34.216 |
|
0,01 |
|
8.337 |
|
0,00 |
|
|
|
Other
Expenses |
15.796 |
|
0,00 |
|
11.337 |
|
0,00 |
|
437 |
|
0,00 |
|
|
|
Financial
Expenses |
90 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Profit (loss) Before Tax |
866.265 |
|
0,27 |
|
447.537 |
|
0,08 |
|
352.674 |
|
0,08 |
|
|
|
Tax
Payable |
152.754 |
|
0,05 |
|
89.507 |
|
0,02 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
713.511 |
|
0,22 |
|
358.030 |
|
0,06 |
|
352.674 |
|
0,08 |
|
|
|
FINANCIAL RATIOS |
||||||||||||
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|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
1.1.-30.06.2007 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Ratio |
0,82 |
|
|
|
0,75 |
|
|
|
-- |
|
|
|
|
|
Acid-Test Ratio |
0,66 |
|
|
|
0,68 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,00 |
|
|
|
0,00 |
|
|
|
-- |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,28 |
|
|
|
0,27 |
|
|
|
-- |
|
|
|
|
|
Tangible Assets/Total Assets |
0,56 |
|
|
|
0,60 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
1823,03 |
|
|
|
1527,03 |
|
|
|
-- |
|
|
|
|
|
Stockholders' Equity Turnover |
3,93 |
|
|
|
5,07 |
|
|
|
-- |
|
|
|
|
|
Asset Turnover |
1,84 |
|
|
|
2,41 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,47 |
|
|
|
0,48 |
|
|
|
-- |
|
|
|
|
|
Current Liabilities/Total Assets |
0,53 |
|
|
|
0,52 |
|
|
|
-- |
|
|
|
|
|
Financial Leverage |
0,53 |
|
|
|
0,52 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
0,87 |
|
|
|
0,30 |
|
|
|
-- |
|
|
|
|
|
Operating Profit Margin |
0,27 |
|
|
|
0,07 |
|
|
|
0,08 |
|
|
|
|
|
Net Profit Margin |
0,22 |
|
|
|
0,06 |
|
|
|
0,08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
54,73 |
|
|
|
40,70 |
|
|
|
-- |
|
|
|
|
|
Average Payable Period (days) |
89,00 |
|
|
|
36,90 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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%)