MIRA
INFORM REPORT
|
Report Date : |
17.09.2007 |
IDENTIFICATION DETAILS
|
Name : |
KEMITEKS KIMYA SANAYI VE TICARET A.S. |
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Registered Office : |
Ataturk Sanayi Bolgesi Ibni Sina Cad No:3 Hadimkoy |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
12.08.1988
(Commercial Registry Gazette Date/No: 28.10.1988/2133) |
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Com. Reg. No.: |
247849 |
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|
Legal Form : |
Joint Stock Company |
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|
Line of Business : |
Manufacture and trade of
chemicals of paint and chemical materials used at textile sector. |
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 |
|
Maximum Credit Limit : |
USD 2.7 million |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COMPANY
IDENTIFICATION
|
NAME |
: |
KEMITEKS KIMYA SANAYI VE TICARET A.S. |
|
ADDRESS |
: |
Head Office/ Production
Plant: Ataturk Sanayi Bolgesi Ibni Sina Cad No:3 Hadimkoy The address was
changed from “Ayazmadere Mevkii Eski Istasyon Yolu” to “Ataturk Sanayi
Bolgesi Ibni Sina Cad N3” by the municipality. |
|
PHONE NUMBER |
: |
90-212-771 28 28 (8
lines) |
|
FAX NUMBER |
: |
90-212-771 28 37 |
LEGAL STATUS AND
HISTORY
|
TAX OFFICE / NO |
: |
Catalca / 5440018424 |
|
REGISTRATION NUMBER |
: |
247849 |
|
REGISTERED OFFICE |
: |
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|
DATE ESTABLISHED |
: |
12.08.1988
(Commercial Registry Gazette Date/No: 28.10.1988/2133) |
|
LEGAL FORM |
: |
Joint Stock Company |
|
TYPE OF COMPANY |
: |
Private |
|
REGISTERED CAPITAL |
: |
YTL 14,000,000 |
|
PAID-IN CAPITAL |
: |
The paid-in capital is declared to be YTL 14,000,000.There is no
certification for the paid-in capital |
|
HISTORY |
: |
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Previous Name |
:Kemiteks Kimya-Tekstil Sanayi ve Dis Ticaret Ltd. Sti. |
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Name Changed On |
:16.03.1993
(Commercial Registry Gazette Date/No: 22.03.1993/3246) |
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Previous Name |
:Kemitas Endustri Urunleri Sanayi ve Ticaret Ltd. Sti. |
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Name Changed On |
:12.07.1995
(Commercial Registry Gazette Date / No:18.07.1995/3830) |
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Previous Name |
:Kemiteks Kimya Tekstil San. ve Tic. Ltd. Sti. |
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Name Changed On |
:02.01.2001
(Commercial Registry Gazette Date/No: 08.01.2001/5209) |
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Previous Legal Form |
:Limited Company |
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|
Legal Form Changed On |
:02.01.2001 (Commercial
Registry Gazette Date/No: 08.01.2001/5209) |
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Previous Registered
Capital |
:YTL 4,000,000 |
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Regist. Capital
Changed on |
:11.07.2003
(Commercial Registry Gazette Date /No: 16.07.2003 / 5842) |
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Previous Registered
Capital |
:YTL 7,000,000 |
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Regist. Capital
Changed on |
:29.12.2006
(Commercial Registry Gazette Date / No: 10.01.2007 / 6720) |
|
OWNERSHIP /
MANAGEMENT
|
SHAREHOLDERS |
: |
Oner Tas Nurhan Buyukbakkal Ahmet Tas Alp Arif Dar Oktay Sayar |
84,36 % 7,64 % 6,5 % 1 % 0,5 % |
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SISTER COMPANIES |
: |
None |
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GROUP PARENT COMPANY |
: |
None |
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SUBSIDIARIES |
: |
None |
||
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BOARD OF DIRECTORS |
: |
Oner Tas Ahmet Tas Alp Arif Dar |
Chairman Member Member |
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DIRECTORS |
: |
Oner Tas |
General Manager |
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OPERATIONS
|
BUSINESS ACTIVITIES |
: |
Manufacture and trade
of chemicals of paint and chemical
materials used at textile sector. |
|
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SECTOR |
: |
Chemicals |
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|
TRADEMARK(S) |
: |
“Pigmacolor”,
“Kemiline” |
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NUMBER OF EMPLOYEES |
: |
40 |
|
|
NET SALES |
: |
(YTL Thousand) 234 684 1,062 1,608 2,727 6,276 9,566 12,129 12,600 12,467 15,831 10,662 |
(1996) (1997) (1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (01.01-30.06.2007) |
|
IMPORT VALUE |
: |
YTL 6.7 million EUR 4,250,000 EUR 4,725,000 EUR 5.2 million USD 6.6 million USD 10 million |
(2002) (2004) (2005) (2006) (01.01-12.09.2007) |
|
IMPORT COUNTRIES |
: |
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MERCHANDISE IMPORTED |
: |
Chemicals, pigment |
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EXPORT VALUE |
: |
(YTL Thousand) 11 12 35 108 241 745 1,079 849 1,257 1,636 1,566 933 |
(1996) (1997) (1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (01.01-30.06.2007) |
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EXPORT COUNTRIES |
: |
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MERCHANDISE EXPORTED |
: |
Chemicals, pigments… |
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PREMISES |
: |
Head Office/
Production Plant: Ataturk Sanayi Bolgesi Ibni Sina Cad N3 Hadimkoy Istanbul
(owned by Oner Tas) Branch Office: Branch Office:
Denizli (rented) Warehouse: Ataturk
Sanayi Bolgesi Ibni Sina Cad No: 3 Hadimkoy |
|
|
FIXED CAPITAL
INVESTMENTS |
: |
There is a new
production plant investment at “Sirt Gokce Mevkii Hadimkoy Istanbul” with
23,000 sqm covered area over a land of 30,000 sqm open area. Total investment
amount is expected to be EUR 7 million. |
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|
TREND OF BUSINESS |
: |
There was a decline at business volume in nominal terms
in 2005. There was upwards trend in 2006 and in the first half of 2007. |
|
COMMERCIAL MORALITY |
: |
Good |
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SIZE OF BUSINESS |
: |
Large |
FINANCE
|
MAIN DEALING BANKERS |
: |
Garanti Bankasi Hadimkoy branch in Istanbul T. Is Bankasi
Hadimkoy branch in |
|
CREDIT FACILITIES |
: |
The subject company
rarely makes use of credit facilities. |
|
PAYMENT BEHAVIOR |
: |
No complaints have
been heard regarding payments from the banks. According to the
official registries between 01.01.2000-15.07.2007, there are no protested
bills and non-paid cheques registered in the name of “Kemiteks Kimya” |
COMMENT ON FINANCIAL
POSITION
|
FINANCIAL STRUCTURE
(SUFFICENCY OF OWN RESOURCES) |
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Strong |
As of 31.12.2006 |
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LIQUIDITY |
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High |
As of 31.12.2006 |
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PROFITABILITY |
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|
High |
In 2006 |
High |
Between
1.1.-30.6.2007 |
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GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
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Unfavorable/Long |
In 2006 |
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GENERAL FINANCIAL POSITION |
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Strong |
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CREDIT OPINION
|
CREDIT OPINION
WITHOUT OBLIGATION |
: |
We are of the opinion
that, a max. credit of USD 2.7 million may be granted to the subject company.
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|
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.-31.08.2007) |
3.93 % |
1.3597 |
1.8186 |
2.6959 |
|
BALANCE SHEETS |
|||||||||||||
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|
YTL Thousand |
|
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|
YTL Thousand |
|
|
|
YTL Thousand |
|
|
|
|
|
|
31.12.04 |
|
|
|
31.12.05 |
|
|
|
31.12.06 |
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|
|
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CURRENT ASSETS |
8.148 |
|
0,62 |
|
8.016 |
|
0,51 |
|
10.410 |
|
0,52 |
|
|
|
Cash and Banks |
71 |
|
0,01 |
|
22 |
|
0,00 |
|
33 |
|
0,00 |
|
|
|
Marketable Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account Receivable |
4.117 |
|
0,31 |
|
4.327 |
|
0,27 |
|
6.180 |
|
0,31 |
|
|
|
Other Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Inventories |
2.574 |
|
0,19 |
|
2.457 |
|
0,16 |
|
2.758 |
|
0,14 |
|
|
|
Advances Given |
732 |
|
0,06 |
|
308 |
|
0,02 |
|
533 |
|
0,03 |
|
|
|
Other Current Assets |
654 |
|
0,05 |
|
902 |
|
0,06 |
|
906 |
|
0,05 |
|
|
|
|
|
|
|
|
|
|
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|
NON-CURRENT ASSETS |
5.086 |
|
0,38 |
|
7.830 |
|
0,49 |
|
9.653 |
|
0,48 |
|
|
|
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) |
5.064 |
|
0,38 |
|
7.817 |
|
0,49 |
|
9.631 |
|
0,48 |
|
|
|
Intangible Assets |
5 |
|
0,00 |
|
2 |
|
0,00 |
|
2 |
|
0,00 |
|
|
|
Other Non-Current Assets |
17 |
|
0,00 |
|
11 |
|
0,00 |
|
20 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
13.234 |
|
1,00 |
|
15.846 |
|
1,00 |
|
20.063 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
3.328 |
|
0,25 |
|
5.354 |
|
0,34 |
|
968 |
|
0,05 |
|
|
|
Financial Loans |
335 |
|
0,03 |
|
706 |
|
0,04 |
|
11 |
|
0,00 |
|
|
|
Accounts Payable |
689 |
|
0,05 |
|
492 |
|
0,03 |
|
671 |
|
0,03 |
|
|
|
Loans from Shareholders |
2.267 |
|
0,17 |
|
4.095 |
|
0,26 |
|
0 |
|
0,00 |
|
|
|
Other Short-term Payable |
0 |
|
0,00 |
|
5 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Advances from Customers |
17 |
|
0,00 |
|
38 |
|
0,00 |
|
269 |
|
0,01 |
|
|
|
Taxes Payable |
18 |
|
0,00 |
|
18 |
|
0,00 |
|
17 |
|
0,00 |
|
|
|
Provisions |
2 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other Current Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
1.136 |
|
0,06 |
|
|
|
Financial Loans |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
1.136 |
|
0,06 |
|
|
|
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 |
9.906 |
|
0,75 |
|
10.492 |
|
0,66 |
|
17.959 |
|
0,90 |
|
|
|
Paid-in Capital |
7.000 |
|
0,53 |
|
7.000 |
|
0,44 |
|
13.000 |
|
0,65 |
|
|
|
Inflation Adjustment of Capital |
5.444 |
|
0,41 |
|
5.444 |
|
0,34 |
|
5.444 |
|
0,27 |
|
|
|
Reserves |
733 |
|
0,06 |
|
829 |
|
0,05 |
|
1.415 |
|
0,07 |
|
|
|
Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accumulated Losses(-) |
-3.367 |
|
-0,25 |
|
-3.367 |
|
-0,21 |
|
-3.367 |
|
-0,17 |
|
|
|
Net Profit (loss) |
96 |
|
0,01 |
|
586 |
|
0,04 |
|
1.467 |
|
0,07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
13.234 |
|
1,00 |
|
15.846 |
|
1,00 |
|
20.063 |
|
1,00 |
|
|
|
INCOME STATEMENTS |
||||||||||||
|
|
|
YTL Thousand |
|
|
|
YTL Thousand |
|
|
|
YTL Thousand |
|
|
|
|
|
|
2004 |
|
|
|
2005 |
|
|
|
2006 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
12.600 |
|
1,00 |
|
12.467 |
|
1,00 |
|
15.831 |
|
1,00 |
|
|
|
Cost of Goods Sold |
10.543 |
|
0,84 |
|
10.648 |
|
0,85 |
|
12.752 |
|
0,81 |
|
|
|
Gross Profit |
2.057 |
|
0,16 |
|
1.819 |
|
0,15 |
|
3.079 |
|
0,19 |
|
|
|
Operating Expenses |
1.419 |
|
0,11 |
|
1.241 |
|
0,10 |
|
1.332 |
|
0,08 |
|
|
|
Operating Profit |
638 |
|
0,05 |
|
578 |
|
0,05 |
|
1.747 |
|
0,11 |
|
|
|
Other Income |
237 |
|
0,02 |
|
214 |
|
0,02 |
|
436 |
|
0,03 |
|
|
|
Other Expenses |
709 |
|
0,06 |
|
104 |
|
0,01 |
|
421 |
|
0,03 |
|
|
|
Financial Expenses |
70 |
|
0,01 |
|
102 |
|
0,01 |
|
295 |
|
0,02 |
|
|
|
Profit (loss) Before Tax |
96 |
|
0,01 |
|
586 |
|
0,05 |
|
1.467 |
|
0,09 |
|
|
|
Tax Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
96 |
|
0,01 |
|
586 |
|
0,05 |
|
1.467 |
|
0,09 |
|
|
|
FINANCIAL RATIOS |
||||||||||||
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|||||||||||||
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|
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|
|
|
|
|
|
|
|
|
|
|
2004 |
|
|
|
2005 |
|
|
|
2006 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Ratio |
2,45 |
|
|
|
1,50 |
|
|
|
10,75 |
|
|
|
|
|
Acid-Test Ratio |
1,26 |
|
|
|
0,81 |
|
|
|
6,42 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,19 |
|
|
|
0,16 |
|
|
|
0,14 |
|
|
|
|
|
Short-term Receivable/Total
Assets |
0,31 |
|
|
|
0,27 |
|
|
|
0,31 |
|
|
|
|
|
Tangible Assets/Total Assets |
0,38 |
|
|
|
0,49 |
|
|
|
0,48 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
4,10 |
|
|
|
4,33 |
|
|
|
4,62 |
|
|
|
|
|
Stockholders' Equity Turnover |
1,27 |
|
|
|
1,19 |
|
|
|
0,88 |
|
|
|
|
|
Asset Turnover |
0,95 |
|
|
|
0,79 |
|
|
|
0,79 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,75 |
|
|
|
0,66 |
|
|
|
0,90 |
|
|
|
|
|
Current Liabilities/Total Assets |
0,25 |
|
|
|
0,34 |
|
|
|
0,05 |
|
|
|
|
|
Financial Leverage |
0,25 |
|
|
|
0,34 |
|
|
|
0,10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
0,01 |
|
|
|
0,06 |
|
|
|
0,08 |
|
|
|
|
|
Operating Profit Margin |
0,05 |
|
|
|
0,05 |
|
|
|
0,11 |
|
|
|
|
|
Net Profit Margin |
0,01 |
|
|
|
0,05 |
|
|
|
0,09 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
117,63 |
|
|
|
124,95 |
|
|
|
140,53 |
|
|
|
|
|
Average Payable Period (days) |
23,53 |
|
|
|
16,63 |
|
|
|
18,94 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME STATEMENT |
||||
|
|
|
YTL Thousand |
|
|
|
|
|
|
1.1-30.06.2007 |
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
10.662 |
|
1,00 |
|
|
|
Cost of Goods Sold |
8.664 |
|
0,81 |
|
|
|
Gross Profit |
1.998 |
|
0,19 |
|
|
|
Operating Expenses |
841 |
|
0,08 |
|
|
|
Operating Profit |
1.157 |
|
0,11 |
|
|
|
Other Income |
264 |
|
0,02 |
|
|
|
Other Expenses |
135 |
|
0,01 |
|
|
|
Financial Expenses |
227 |
|
0,02 |
|
|
|
Profit (loss) Before Tax |
1.059 |
|
0,10 |
|
|
|
Tax Payable |
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
1.059 |
|
0,10 |
|
|
|
|
|
|
|
|
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%)