MIRA
INFORM REPORT
|
Report Date : |
19.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
PLATIN KIMYA MUMESSILLIK VE DIS TICARET LTD. STI. |
|
|
|
|
Registered Office : |
Hocapasa Mah. Nobethane Cad. No:42 Kat:5/28 Eminonu- Istanbul |
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|
|
|
Country : |
Turkey |
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|
|
|
Financials (as on) : |
31.12.2006 |
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|
|
|
Date of Incorporation : |
07.09.1999 |
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|
|
|
Com. Reg. No.: |
425365 |
|
|
|
|
Legal Form : |
Limited Company |
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|
|
|
Line of Business : |
Trade of food, textile, agricultural products, leather chemicals,
polyurethane for footwear, representation of companies operating at chemicals
sector. |
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 |
|
Maximum Credit Limit : |
USD 600,000 |
|
|
|
|
Status : |
Satisfactory |
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|
|
|
Payment Behaviour : |
No Complaints |
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|
|
|
Litigation : |
Clear |
NOTE
The address at your inquiry “Nobethane Cad.
Demirci Is Hani K: 4 No: 22/23 Sirkeci-Istanbul” is the former address of
“PLATIN KIMYA MUMESSILLIK VE DIS TICARET LTD. STI.” . The firm moved from this address
to “Hocapasa Mah. Nobethane Cad. No:42 Kat:5/28 Eminonu- Istanbul” on
11.04.2005 (Commercial Registry Gazette Date/No: 14.04.2005/6282)
COMPANY IDENTIFICATION
|
NAME |
: |
PLATIN KIMYA MUMESSILLIK VE DIS TICARET LTD. STI. |
|
ADDRESS |
: |
Head Office: Hocapasa Mah. Nobethane Cad.
No:42 Kat:5/28 Eminonu- Istanbul / Turkey Liaison Office: Ahi Evran Cad. Polaris
Plaza No:1 K:5 D:26 Maslak- Istanbul / Turkey |
|
PHONE NUMBER |
: |
90-212-528 23 46 (Pbx) (Head Office) 90-212-346 07 77 (Liaison Office) |
|
FAX NUMBER |
: |
90-212-527 46 51 (Head Office) 90-212-528 23 76 (Head Office) 90-212-346 07 78 (Liaison Office) |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Hocapasa / 7300110472 |
|
REGISTRATION NUMBER |
: |
425365 |
|
REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
|
DATE ESTABLISHED |
: |
07.09.1999 (Commercial Registry Gazette
Date/No:10.09.1999/4874) |
|
LEGAL FORM |
: |
Limited Company |
|
TYPE OF COMPANY |
: |
Private |
|
REGISTERED CAPITAL |
: |
YTL 4,000,000 |
|
HISTORY |
: |
|
|
|
|
|
Previous
Registered Capital |
: YTL 1,000 |
|
|
|
Regist.Capital
Changed On |
: 01.07.2002 (Commercial Registry Gazette
Date/No: 04.07.2002/5584) |
|
|
|
Previous
Registered Capital |
: YTL 25,000 |
|
|
|
Regist.Capital
Changed On |
: 17.04.2003 (Commercial Registry Gazette
Date/No: 24.04.2003/5784) |
|
|
|
Previous
Registered Capital |
: YTL 150,000 |
|
|
|
Regist.Capital
Changed On |
: 24.02.2004 (Commercial Registry Gazette
Date/No: 27.02.2004/5996) |
|
|
|
Previous
Registered Capital |
: YTL 500,000 |
|
|
|
Regist.Capital
Changed On |
: 09.08.2006 (Commercial Registry Gazette
Date/No: 14.08.2006/6620) |
|
|
|
Previous
Registered Capital |
: YTL 1,500,000 |
|
|
|
Regist.Capital Changed On |
: 01.06.2007 (Commercial Registry Gazette
Date/No: 06.06.2007/6824) YTL 347,836.47 of this increase is decided
to be financed by equity items and YTL 2,152,163.53 is decided to be financed
by cash. According to the capital increase decision, ¼ of the cash portion of
the increase has to be paid up in 3 months following date of capital
increase, the rest has to be paid up in 3 years. |
|
|
|
Previous Address |
: Nobethane Cad. Demirci Is Hani K: 4 No:
22/23 Sirkeci-Istanbul |
|
|
|
Address Changed On |
: 11.04.2005 (Commercial Registry Gazette
Date/No: 14.04.2005/6282) |
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Avram Zavaro Izzet Zavaro Murat Zavaro |
35 % 32,5 % 32,5 % |
|
SISTER COMPANIES |
: |
-Tuna Otomotiv Ithalat ve Tic.A.S. -Koza Kimya Sanayi ve Ticaret Ltd. Sti. -Plamako Madencilik Sanayi ve Ticaret A.S. -Tuna Faktoring Hizmetleri A.S. |
|
|
GROUP PARENT COMPANY |
: |
None |
|
|
SUBSIDIARIES |
: |
None |
|
|
GENERAL MANAGER |
: |
Avram Zavaro |
|
OPERATIONS
|
BUSINESS ACTIVITIES |
: |
Trade of food, textile, agricultural
products, leather chemicals, polyurethane for footwear, representation of
companies operating at chemicals sector. The subject has declared that it is the
representative of “Chemex Int. Cor.Ltd.”(Hong Kong) |
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SECTOR |
: |
Commerce |
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TRADEMARK(S) |
: |
None |
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|||
|
NUMBER OF
EMPLOYEES |
: |
35 |
|
|||
|
NET SALES |
: |
(YTL Thousand) 267 1,853 3,004 8,072 12,202 20,365 37,625 |
(2001) (2002) (2003) (2004) (2005) (2006) (2007) |
|
||
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CAPACITY |
: |
None |
|
|||
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PRODUCTION |
: |
None |
|
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IMPORT VALUE |
: |
USD 562,000 USD 1,502,000 USD
2,590,000+EUR 1,544 USD 5,143,064 +
EUR 2,361,262 USD 8,420,000 +
EUR 2,500,000 USD 17,903,783 +
EUR 1,509,722 |
(2002) (2003) (2004) (2005) (2006) (2007) |
|
||
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IMPORT COUNTRIES |
: |
Far East Countries, Italy, Belgium, India,
China… |
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MERCHANDISE
IMPORTED |
: |
Chemicals, raw materials of shoes,
polyurethane, pesticide |
|
|||
|
EXPORT VALUE |
: |
(YTL Thousand) 388 4 35 91 540 5,084 |
(2002) (2003) (2004) (2005) (2006) (2007) |
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EXPORT COUNTRIES |
: |
Northern Cyprus Turkish Republic, China,
USA, Iran… |
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MERCHANDISE
EXPORTED |
: |
Chemicals |
|
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|
PREMISES |
: |
Head Office: Hocapasa Mah. Nobethane Cad.
No:42 Kat:5/28 Eminonu- Istanbul (rented) Liaison Office: Ahi Evran Cad. Polaris
Plaza No:1 K:5 D:26 Maslak Istanbul (rented) Warehouses: Bayrampasa- Istanbul,
Kagithane- Istanbul, Guzelyurt-Antalya, Organize Sanayi Bolgesi- Antalya,
Adana, Izmir (all of them are rented) |
|
|
FIXED CAPITAL
INVESTMENTS |
: |
None |
|
|
TREND OF
BUSINESS |
: |
Upwards |
|
SIZE OF BUSINESS |
: |
Large |
FINANCE
|
MAIN DEALING BANKERS |
: |
Oyakbank Bahcekapi branch in Istanbul Finansbank Sirkeci branch in Istanbul Fortis Bank Eminonu branch in Istanbul T. Is Bankasi Sirkeci branch in Istanbul Sekerbank Sultanhamam branch in Istanbul Turk Ekonomi Bankasi Sultanhamam branch in
Istanbul Anadolubank Ikitelli branch in Istanbul Eurobank Tekfen Taksim branch in Istanbul Asya Katilim Bankasi Mecidiyekoy branch in
Istanbul |
|
CREDIT FACILITIES |
: |
The subject company makes use of credit
facilities. |
|
PAYMENT BEHAVIOUR |
: |
No payment delays have come to our knowledge. |
COMMENT ON FINANCIAL POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
||||
|
The capitalization was low as of
31.12.2006. The registered capital was increased from YTL 1,500,000 to YTL
4,000,000 on 01.06.2007. YTL 347,836.47 of this increase is decided to be
financed by equity items and YTL 2,152,163.53 is decided to be financed by
cash. According to the capital increase decision, ¼ of the cash portion of
the increase has to be paid up in 3 months following date of capital
increase, the rest has to be paid up in 3 years. However
the amount of registered capital YTL 4,000,000 appears to be still
insufficient when compared to asset total. So this increase is expected to
cause a slight improvement at equity total. |
||||
|
LIQUIDITY |
||||
|
In order |
As of 31.12.2006 |
|||
|
PROFITABILITY |
||||
|
Fair |
In 2006 |
High |
In 2007 |
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|
GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
||||
|
Favorable |
In 2006 |
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|
GENERAL
FINANCIAL POSITION |
||||
|
Passable |
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CREDIT OPINION
|
CREDIT OPINION WITHOUT OBLIGATION |
: |
We are of the opinion that, a max. credit
of USD 600,000 may be granted to the subject company. |
|
|
Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(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 |
|
(2007) |
5.94 % |
1.3075 |
1.7901 |
2.6133 |
|
(1.1.-31.03.2008) |
6.26 % |
1.2033 |
1.8179 |
2.3972 |
BALANCE SHEETS
|
|
|
YTL Thousand |
|
|
|
YTL Thousand |
|
|
|
YTL Thousand |
|
|
|
|
|
|
31.12.04 |
|
|
|
31.12.05 |
|
|
|
31.12.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
4.901 |
|
0,98 |
|
11.444 |
|
0,99 |
|
20.681 |
|
1,00 |
|
|
|
Cash and
Banks |
3.045 |
|
0,61 |
|
975 |
|
0,08 |
|
735 |
|
0,04 |
|
|
|
Marketable Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account
Receivable |
895 |
|
0,18 |
|
7.173 |
|
0,62 |
|
14.114 |
|
0,68 |
|
|
|
Other
Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Inventories |
912 |
|
0,18 |
|
3.019 |
|
0,26 |
|
5.018 |
|
0,24 |
|
|
|
Advances
Given |
15 |
|
0,00 |
|
72 |
|
0,01 |
|
641 |
|
0,03 |
|
|
|
Other
Current Assets |
34 |
|
0,01 |
|
205 |
|
0,02 |
|
173 |
|
0,01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
91 |
|
0,02 |
|
111 |
|
0,01 |
|
102 |
|
0,00 |
|
|
|
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) |
33 |
|
0,01 |
|
23 |
|
0,00 |
|
25 |
|
0,00 |
|
|
|
Intangible Assets |
58 |
|
0,01 |
|
43 |
|
0,00 |
|
29 |
|
0,00 |
|
|
|
Other
Non-Current Assets |
0 |
|
0,00 |
|
45 |
|
0,00 |
|
48 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
4.992 |
|
1,00 |
|
11.555 |
|
1,00 |
|
20.783 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
4.231 |
|
0,85 |
|
10.635 |
|
0,92 |
|
18.871 |
|
0,91 |
|
|
|
Financial
Loans |
1.534 |
|
0,31 |
|
3.620 |
|
0,31 |
|
3.640 |
|
0,18 |
|
|
|
Accounts
Payable |
2.256 |
|
0,45 |
|
6.549 |
|
0,57 |
|
14.058 |
|
0,68 |
|
|
|
Loans
from Shareholders |
391 |
|
0,08 |
|
265 |
|
0,02 |
|
866 |
|
0,04 |
|
|
|
Other
Short-term Payable |
1 |
|
0,00 |
|
-80 |
|
-0,01 |
|
0 |
|
0,00 |
|
|
|
Advances
from Customers |
0 |
|
0,00 |
|
249 |
|
0,02 |
|
286 |
|
0,01 |
|
|
|
Taxes
Payable |
15 |
|
0,00 |
|
9 |
|
0,00 |
|
18 |
|
0,00 |
|
|
|
Provisions |
34 |
|
0,01 |
|
23 |
|
0,00 |
|
3 |
|
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 |
761 |
|
0,15 |
|
920 |
|
0,08 |
|
1.912 |
|
0,09 |
|
|
|
Paid-in
Capital |
500 |
|
0,10 |
|
500 |
|
0,04 |
|
1.500 |
|
0,07 |
|
|
|
Inflation
Adjustment of Capital |
54 |
|
0,01 |
|
54 |
|
0,00 |
|
54 |
|
0,00 |
|
|
|
Reserves |
78 |
|
0,02 |
|
162 |
|
0,01 |
|
30 |
|
0,00 |
|
|
|
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) |
129 |
|
0,03 |
|
204 |
|
0,02 |
|
328 |
|
0,02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
4.992 |
|
1,00 |
|
11.555 |
|
1,00 |
|
20.783 |
|
1,00 |
|
INCOME
STATEMENTS
|
|
|
YTL Thousand |
|
|
|
YTL Thousand |
|
|
|
YTL Thousand |
|
|
|
|
|
|
2004 |
|
|
|
2005 |
|
|
|
2006 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
8.072 |
|
1,00 |
|
12.202 |
|
1,00 |
|
20.365 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
6.958 |
|
0,86 |
|
10.876 |
|
0,89 |
|
17.398 |
|
0,85 |
|
|
|
Gross Profit |
1.114 |
|
0,14 |
|
1.326 |
|
0,11 |
|
2.967 |
|
0,15 |
|
|
|
Operating
Expenses |
593 |
|
0,07 |
|
960 |
|
0,08 |
|
1.488 |
|
0,07 |
|
|
|
Operating Profit |
521 |
|
0,06 |
|
366 |
|
0,03 |
|
1.479 |
|
0,07 |
|
|
|
Other
Income |
0 |
|
0,00 |
|
218 |
|
0,02 |
|
350 |
|
0,02 |
|
|
|
Other
Expenses |
135 |
|
0,02 |
|
1 |
|
0,00 |
|
876 |
|
0,04 |
|
|
|
Financial
Expenses |
192 |
|
0,02 |
|
291 |
|
0,02 |
|
513 |
|
0,03 |
|
|
|
Profit (loss) Before Tax |
194 |
|
0,02 |
|
292 |
|
0,02 |
|
440 |
|
0,02 |
|
|
|
Tax
Payable |
65 |
|
0,01 |
|
88 |
|
0,01 |
|
112 |
|
0,01 |
|
|
|
Net Profit (loss) |
129 |
|
0,02 |
|
204 |
|
0,02 |
|
328 |
|
0,02 |
|
FINANCIAL
RATIOS
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2004 |
|
|
|
2005 |
|
|
|
2006 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Ratio |
1,16 |
|
|
|
1,08 |
|
|
|
1,10 |
|
|
|
|
|
Acid-Test Ratio |
0,93 |
|
|
|
0,77 |
|
|
|
0,79 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,18 |
|
|
|
0,26 |
|
|
|
0,24 |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,18 |
|
|
|
0,62 |
|
|
|
0,68 |
|
|
|
|
|
Tangible Assets/Total Assets |
0,01 |
|
|
|
0,00 |
|
|
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
7,63 |
|
|
|
3,60 |
|
|
|
3,47 |
|
|
|
|
|
Stockholders' Equity Turnover |
10,61 |
|
|
|
13,26 |
|
|
|
10,65 |
|
|
|
|
|
Asset Turnover |
1,62 |
|
|
|
1,06 |
|
|
|
0,98 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,15 |
|
|
|
0,08 |
|
|
|
0,09 |
|
|
|
|
|
Current Liabilities/Total Assets |
0,85 |
|
|
|
0,92 |
|
|
|
0,91 |
|
|
|
|
|
Financial Leverage |
0,85 |
|
|
|
0,92 |
|
|
|
0,91 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
0,17 |
|
|
|
0,22 |
|
|
|
0,17 |
|
|
|
|
|
Operating Profit Margin |
0,06 |
|
|
|
0,03 |
|
|
|
0,07 |
|
|
|
|
|
Net Profit Margin |
0,02 |
|
|
|
0,02 |
|
|
|
0,02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
39,92 |
|
|
|
211,63 |
|
|
|
249,50 |
|
|
|
|
|
Average Payable Period (days) |
116,72 |
|
|
|
216,77 |
|
|
|
290,89 |
|
|
|
INCOME STATEMENT
|
|
|
YTL Thousand |
|
|
|
|
|
|
2007 |
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
37.625 |
|
1,00 |
|
|
|
Cost of Goods
Sold |
31.329 |
|
0,83 |
|
|
|
Gross Profit |
6.296 |
|
0,17 |
|
|
|
Operating
Expenses |
2.681 |
|
0,07 |
|
|
|
Operating Profit |
3.615 |
|
0,10 |
|
|
|
Other
Income |
3.810 |
|
0,10 |
|
|
|
Other
Expenses |
692 |
|
0,02 |
|
|
|
Financial
Expenses |
910 |
|
0,02 |
|
|
|
Profit (loss) Before Tax |
5.823 |
|
0,15 |
|
|
|
Tax
Payable |
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
5.823 |
|
0,15 |
|
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%)