MIRA
INFORM REPORT
|
Report Date : |
20.09.2007 |
IDENTIFICATION DETAILS
|
Name : |
TEKAY PAZARLAMA KIMYA
SANAYI VE TICARET LTD. STI. |
|
|
|
|
Registered Office : |
Orhanli Istanbul Deri Org. Sanayi Bolgesi Y.B. 16
Pars. Yan Gelisme Alani Tuzla-Istanbul |
|
|
|
|
Country : |
Turkey |
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
29.05.1996 |
|
|
|
|
Com. Reg. No.: |
25580-8 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Trade of textile chemicals and dye. |
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 |
: |
TEKAY PAZARLAMA KIMYA SANAYI VE TICARET LTD. STI. |
|
ADDRESS |
: |
Head Office: Orhanli
Istanbul Deri Org. Sanayi Bolgesi Y.B. 16 Pars. Yan Gelisme Alani
Tuzla-Istanbul/Turkey Branch Office: Yalcin
Alaybeyoglu Bulvari 5. |
|
PHONE NUMBER |
: |
90-216-591 03 83 |
|
FAX NUMBER |
: |
90-216-591 03 90 |
LEGAL STATUS AND
HISTORY
|
TAX OFFICE / NO |
: |
|
|
|
|
REGISTRATION NUMBER |
: |
25580-8 |
|
|
|
REGISTERED OFFICE |
: |
|
|
|
|
DATE ESTABLISHED |
: |
29.05.1996 (Commercial Registry Gazette
Date/No: 07.06.1996/4054) |
|
|
|
LEGAL FORM |
: |
Limited Company |
|
|
|
TYPE OF COMPANY |
: |
Private |
|
|
|
REGISTERED CAPITAL |
: |
YTL 20,000 |
|
|
|
HISTORY |
: |
|
|
|
|
|
|
Previous Address |
: Eski Bagdat Cad.
Sokmen Apt. No: 28/3-5 Kucukyali Istanbul |
|
|
|
|
Address Changed On |
: 11.05.1999 (Commercial Registry Gazette
Date/No: 18.05.1999/4793) |
|
|
|
|
Previous Address |
: Kosuyolu Mah. Mahmut Yesari Sok. No: 86
Kadikoy / |
|
|
|
|
Address Changed On |
: 05.01.2004 (Commercial Registry Gazette
Date/No: 14.01.2004/5967) |
|
|
|
|
Previous Shareholders |
: Ferruh Ucer 50 %
Omer Unsal 50 % |
|
|
|
|
Shareholders Changed On |
: 20.04.1998 (Commercial Registry Gazette
Date/No: 27.04.1998/4527) |
|
|
|
|
Other Historical Events |
:The registered
capital was increased to YTL 20,000 on 07.08.2003. (Commercial Registry
Gazette Date/No: 14.08.2003/5863) |
|
OWNERSHIP /
MANAGEMENT
|
SHAREHOLDERS |
: |
Omer Unsal Fatma Berna Unsal Kayhan Unsal |
50 % 25 % 25 % |
|
SISTER COMPANIES |
: |
Tekay Kimya Mumessillik ve Ticaret Ltd.
Sti Eurotek Kimya Tekstil
Sanayi ve Ticaret A.S. |
|
|
GROUP PARENT COMPANY |
: |
None |
|
|
SUBSIDIARIES |
: |
None |
|
|
GENERAL MANAGER |
: |
Omer Unsal |
|
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Trade of textile chemicals and dye Trading activity of the subject is mainly
performed through the free zone branch in |
|
|
SECTOR |
: |
Commerce |
|
|
TRADEMARK(S) |
: |
None |
|
|
NUMBER OF
EMPLOYEES |
: |
5 |
|
|
NET SALES |
: |
(YTL) 3,693,575 3,666,365 4,489,101 5,084,602 7,319,274 2,933,643 |
(2002) (2003) (2004) (2005) (2006) (01.01.-30.06.2007) |
|
CAPACITY |
: |
None |
|
|
PRODUCTION |
: |
None |
|
|
IMPORT COUNTRIES |
: |
|
|
|
MERCHANDISE
IMPORTED |
: |
Textile chemicals |
|
|
EXPORT VALUE |
: |
The subject has a branch office at free
zone in |
|
|
PREMISES |
: |
Head Office: Orhanli
Istanbul Deri Org. Sanayi Bolgesi Y.B. 16 Pars. Yan Gelisme Alani
Tuzla-Istanbul (rented) Branch Office: Yalcin
Alaybeyoglu Bulvari 5. Ada 3-3 4-1 Parsel Mersin Serbest Bolgesi (Mersin Free
Zone) Mersin.(rented) This branch office was opened on
03.08.1998 and it is registered at Mersin Commercial Registry under the
registration no:20286. |
|
|
FIXXED CAPITAL
INVESTMENTS |
: |
None |
|
TREND OF BUSINESS : Upwards
COMMERCIAL MORALITY : Good
SIZE OF BUSINESS : Medium
FINANCE
|
MAIN DEALING BANKERS |
: |
Turk Ekonomi Bankasi
Altunizade branch in Istanbul Turk Ekonomi Bankasi
Mersin Serbest Bolge branch in Mersin Anadolubank Tuzla
Serbest Bolge branch in Istanbul Yapi Kredi Bankasi Icmeler branch in Mugla Yapi Kredi Bankasi Ataturk Hava Limani
Serbest Bolge branch in |
|
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 01.01.2000-15.08.2007, there are no protested bills and non-paid cheques registered in the name of “Tekay Pazarlama” |
COMMENT ON FINANCIAL
POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
||||
|
Insufficient |
As of 31.12.2006 |
|||
|
LIQUIDITY |
||||
|
Good |
As of 31.12.2006 |
|||
|
PROFITABILITY |
||||
|
Good |
In 2006 |
Good |
Between 01.01.-30.6.2007 |
|
|
GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
||||
|
Unfavorable |
In 2006 |
|||
|
GENERAL
FINANCIAL POSITION |
||||
|
Capitalization was insufficient but
liquidity and profitability were good in 2006. Profitability was good in the
first 6 months of 2007. |
||||
|
|
Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(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 |
||||||||
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
31.12.05 |
|
|
|
31.12.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
5.970.729 |
|
1,00 |
|
6.826.928 |
|
1,00 |
|
|
|
Cash and Banks |
170.573 |
|
0,03 |
|
29.932 |
|
0,00 |
|
|
|
Marketable Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account Receivable |
3.831.150 |
|
0,64 |
|
5.856.048 |
|
0,86 |
|
|
|
Other Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Inventories |
1.962.298 |
|
0,33 |
|
928.385 |
|
0,14 |
|
|
|
Advances Given |
3.622 |
|
0,00 |
|
8.896 |
|
0,00 |
|
|
|
Other Current Assets |
3.086 |
|
0,00 |
|
3.667 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
346 |
|
0,00 |
|
227 |
|
0,00 |
|
|
|
Long-term Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Financial Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Tangible Fixed Assets (net) |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Intangible Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other Non-Current Assets |
346 |
|
0,00 |
|
227 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
5.971.075 |
|
1,00 |
|
6.827.155 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
4.639.882 |
|
0,78 |
|
5.059.569 |
|
0,74 |
|
|
|
Financial Loans |
0 |
|
0,00 |
|
909.845 |
|
0,13 |
|
|
|
Accounts Payable |
4.274.078 |
|
0,72 |
|
3.759.235 |
|
0,55 |
|
|
|
Loans from Shareholders |
325.102 |
|
0,05 |
|
295.958 |
|
0,04 |
|
|
|
Other Short-term Payable |
29.693 |
|
0,00 |
|
79.184 |
|
0,01 |
|
|
|
Advances from Customers |
4.108 |
|
0,00 |
|
8.564 |
|
0,00 |
|
|
|
Taxes Payable |
6.901 |
|
0,00 |
|
6.783 |
|
0,00 |
|
|
|
Provisions |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other Current Liabilities |
0 |
|
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 |
1.331.193 |
|
0,22 |
|
1.767.586 |
|
0,26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND
EQUITY |
5.971.075 |
|
1,00 |
|
6.827.155 |
|
1,00 |
|
|
|
INCOME STATEMENTS |
||||||||||||
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
1.1.-30.06.2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
5.084.602 |
|
1,00 |
|
7.319.274 |
|
1,00 |
|
2.933.643 |
|
1,00 |
|
|
|
Cost of Goods Sold |
4.637.086 |
|
0,91 |
|
6.730.086 |
|
0,92 |
|
2.644.288 |
|
0,90 |
|
|
|
Gross Profit |
447.516 |
|
0,09 |
|
589.188 |
|
0,08 |
|
289.355 |
|
0,10 |
|
|
|
Operating Expenses |
211.896 |
|
0,04 |
|
230.333 |
|
0,03 |
|
118.504 |
|
0,04 |
|
|
|
Operating Profit |
235.620 |
|
0,05 |
|
358.855 |
|
0,05 |
|
170.851 |
|
0,06 |
|
|
|
Other Income |
192.405 |
|
0,04 |
|
20.805 |
|
0,00 |
|
40.129 |
|
0,01 |
|
|
|
Other Expenses |
86.314 |
|
0,02 |
|
2.706 |
|
0,00 |
|
367 |
|
0,00 |
|
|
|
Financial Expenses |
0 |
|
0,00 |
|
10.263 |
|
0,00 |
|
22.752 |
|
0,01 |
|
|
|
Profit (loss) Before Tax |
341.711 |
|
0,07 |
|
366.691 |
|
0,05 |
|
187.861 |
|
0,06 |
|
|
|
Tax Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
341.711 |
|
0,07 |
|
366.691 |
|
0,05 |
|
187.861 |
|
0,06 |
|
|
|
FINANCIAL RATIOS |
||||||||||||
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
1.1.-30.06.2007 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Ratio |
1,29 |
|
|
|
1,35 |
|
|
|
-- |
|
|
|
|
|
Acid-Test Ratio |
0,86 |
|
|
|
1,16 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,33 |
|
|
|
0,14 |
|
|
|
-- |
|
|
|
|
|
Short-term
Receivable/Total Assets |
0,64 |
|
|
|
0,86 |
|
|
|
-- |
|
|
|
|
|
Tangible Assets/Total
Assets |
0,00 |
|
|
|
0,00 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
2,36 |
|
|
|
7,25 |
|
|
|
-- |
|
|
|
|
|
Stockholders' Equity
Turnover |
3,82 |
|
|
|
4,14 |
|
|
|
-- |
|
|
|
|
|
Asset Turnover |
0,85 |
|
|
|
1,07 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
Equity/Total Assets |
0,22 |
|
|
|
0,26 |
|
|
|
-- |
|
|
|
|
|
Current Liabilities/Total
Assets |
0,78 |
|
|
|
0,74 |
|
|
|
-- |
|
|
|
|
|
Financial Leverage |
0,78 |
|
|
|
0,74 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders'
Eq. |
0,26 |
|
|
|
0,21 |
|
|
|
-- |
|
|
|
|
|
Operating Profit Margin |
0,05 |
|
|
|
0,05 |
|
|
|
0,06 |
|
|
|
|
|
Net Profit Margin |
0,07 |
|
|
|
0,05 |
|
|
|
0,06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Collection Period
(days) |
271,25 |
|
|
|
288,03 |
|
|
|
-- |
|
|
|
|
|
Average Payable Period
(days) |
331,82 |
|
|
|
201,09 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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%)