MIRA
INFORM REPORT
|
Report Date : |
23.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
VESER KIMYEVI MADDELER A.S |
|
|
|
|
Registered Office : |
Beylikduzu Mermerciler Sanayi
Sitesi 1.Bulvar No:3
Buyukcekmece-Istanbul |
|
|
|
|
Country : |
Turkey |
|
|
|
|
Financials (as on) : |
31.03.2008 |
|
|
|
|
Date of Incorporation : |
17.06.1988 |
|
|
|
|
Com. Reg. No.: |
246325 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Wholesale trade of chemical raw materials. The firm supplies chemical
raw materials mainly to detergents, textiles, food and cosmetics sectors. |
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 : |
EUR 300,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
VESER KIMYEVI MADDELER A.S |
|
ADDRESS |
: |
Head Office: Beylikduzu
Mermerciler Sanayi Sitesi
1.Bulvar No:3 Buyukcekmece-Istanbul/Turkey Branch Office: Boya Vernik Organize Sanayi
Bolgesi Aydinli Mah.1 Nolu Cad. No: 33 Tuzla- Istanbul/Turkey |
|
PHONE NUMBER |
: |
90-212-876 2 51 (Head Office) 90-216-593 19 59 (Branch Office) |
|
FAX NUMBER |
: |
90-216-593 19 60 (Branch Office) |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Marmara Kurumlar / 9250001609 |
|
|
REGISTRATION NUMBER |
: |
246325 |
|
|
REGISTERED OFFICE |
: |
Istanbul
Chamber of Commerce |
|
|
DATE ESTABLISHED |
: |
17.06.1988 (Commercial Registry Gazette
Date / No: 23.06.1988 / 2046) |
|
|
LEGAL FORM |
: |
Joint Stock Company |
|
|
TYPE OF COMPANY |
: |
Private |
|
|
REGISTERED CAPITAL |
: |
YTL 1,000,000 |
|
|
PAID-IN CAPITAL |
: |
YTL 1,000,000 |
|
HISTORY |
: |
|
|
|
|
|
|
Previous Reg. Capital |
: YTL 5,000 |
|
|
|
|
Reg. Capital Changed On |
: 31.12.2003 (Commercial Registry Gazette
Date/No:15.01.2004/5968) |
|
|
|
|
Previous Reg. Capital |
: YTL 100,000 |
|
|
|
|
Reg. Capital Changed On |
: 19.01.2006 (Commercial Registry Gazette
Date/No: 24.01.2006 / 6477) |
|
|
|
|
Previous Address |
: Prof. Cemil Bilsel Cad. Yeni Kozluca Han
Eminonu - Istanbul |
|
|
|
|
Address Changed On |
: 11.06.2002 (Commercial Registry Gazette
Date/No:14.06.2002 / 5570) |
|
|
|
|
Previous Address |
: Ikitelli Org San Bolg Turgut Ozal Cd SS Galvanoteknik
Mtl Kplm Kck San Sit B Blok No:16 Kat:1 Ikitelli Kucukcekmece- Istanbul |
|
|
|
|
Address Changed On |
: 17.07.2008 (Commercial Registry Gazette
Date/No: 22.07.2008/7110) |
|
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Bulent Kursat Kirca Tevfik Ali Kirca Sefik Ilker Kirca Kamuran Ozlem Kirca Arif Isik Kirca |
40 % 39 % 19 % 1
% 1
% |
|
SISTER COMPANIES |
: |
-Birpa Birlik Pazarlama Taahhut Ticaret Ltd. Sti. (Trade
of chemicals used at food and textile sectors) |
|
|
GROUP PARENT COMPANY |
: |
None |
|
|
SUBSIDIARIES |
: |
None |
|
|
BOARD OF DIRECTORS |
: |
Arif Isik Kirca Tevfik Ali Kirca Bulent Kursat Kirca |
Chairman Vice-chairman Member |
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Wholesale trade of chemical raw materials.
The firm supplies chemical raw materials mainly to detergents, textiles, food
and cosmetics sectors. The subject has declared that it is the
distributor of the following companies: -Cognis Kimya A.S. (Turkey) -Basf (Germany) |
|
|
SECTOR |
: |
Commerce |
|
|
NUMBER OF
EMPLOYEES |
: |
38 |
|
|
NET SALES |
: |
(YTL) 2,788,138 6,107,453 11,245,832 13,969,723 20,244,906 22,781,636 29,778,863 35,285,778 9,489,284 |
(2000) (2002) (2003) (2004) (2005) (2006) (2007) (01.01-31.03.2008) |
|
CAPACITY |
: |
None |
|
|
PRODUCTION |
: |
None |
|
|
IMPORT VALUE |
: |
YTL 300 thousand YTL 140,703 USD 1.2 million USD 3 million YTL 2,750
thousand YTL 4,808,137 YTL 7,991,413 |
(2000) (2003) (2004) (2006) |
|
IMPORT COUNTRIES
|
: |
China, Germany, Spain, Belgium, Indonesia… |
|
|
MERCHANDISE
IMPORTED |
: |
Chemicals such as texapon, sodium
saccharin, sorbitol, selbanacons |
|
|
EXPORT VALUE |
: |
None YTL 2,027 YTL 14,728 YTL 55,417 YTL 140,486 YTL 258,156 YTL 26,150 |
(2002) (2003) (2004) (2005) (2006) (2007) (01.01-31.03.2008) |
|
EXPORT COUNTRIES
|
: |
Egypt, Jordan, Bulgaria, Albania, Serbia,
Northern Cyprus Turkish Republic |
|
MERCHANDISE
EXPORTED |
: |
Chemical products |
|
PREMISES |
: |
Head Office: Beylikduzu Mermerciler Sanayi Sitesi 1.Bulvar No:3 Buyukcekmece-Istanbul
(rented) Branch Office: Boya Vernik Organize Sanayi
Bolgesi Aydinli Mah.1 Nolu Cad. No: 33 Tuzla- Istanbul (rented) Branch Office: Sirameseler Mudanya Cad.
Tun. Sitesi D. Blok No:77 Bursa (600 sqm) (rented) Branch Office: 441 Sok. 6/A Pinarbasi-
Izmir (450 sqm) (rented) |
|
FIXED CAPITAL
INVESTMENTS |
: |
None |
|
TREND OF BUSINESS |
: |
Upwards |
|
SIZE
OF BUSINESS |
: |
Upper-medium |
FINANCE
|
MAIN DEALING BANKERS |
: |
Akbank Bahariye branch in Istanbul Garanti Bankasi Ikitelli branch in
Istanbul Halk Bankasi Tahtakale branch in Istanbul Turk Ekonomi Bankasi Altiyol 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) |
||
|
Capitalization was insufficient as of 31.03.2008. A part of
liabilities was due to loans from shareholders but major part of liabilities
was due to accounts payable as of 31.03.2008. |
||
|
LIQUIDITY |
||
|
Good |
As of 31.03.2008 |
|
|
PROFITABILITY |
||
|
Low |
Between 01.01-31.03.2008 |
|
|
GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
||
|
Favorable |
Between 01.01-31.03.2008 |
|
|
GENERAL
FINANCIAL POSITION |
||
|
Fair |
||
CREDIT OPINION
|
CREDIT OPINION WITHOUT OBLIGATION |
: |
We are of the opinion that, a max. credit
of EUR 300,000 may be granted to the subject company. |
|
|
Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(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 |
|
(2007) |
5.94 % |
1.3075 |
1.7901 |
2.6133 |
|
(1.1.-31.03.2008) |
6.26 % |
1.2033 |
1.8179 |
2.3972 |
|
(1.1.-31.07.2008) |
15.18 % |
1.2161 |
1.8679 |
2.4151 |
BALANCE SHEETS
|
|
|
YTL |
|
|
YTL |
|
|
YTL |
|
|
|
|
|
31.12.06 |
|
|
31.12.07 |
|
|
31.3.08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
6.685.525 |
0.89 |
|
7.229.587 |
0.90 |
|
8.418.025 |
0.92 |
|
|
|
Cash and Banks |
2.747.402 |
0.37 |
|
1.696.980 |
0.21 |
|
1.814.706 |
0.20 |
|
|
|
Marketable Securities |
0 |
0.00 |
|
490.874 |
0.06 |
|
176.300 |
0.02 |
|
|
|
Account Receivable |
3.265.387 |
0.44 |
|
4.525.519 |
0.56 |
|
5.423.845 |
0.59 |
|
|
|
Other Receivable |
877 |
0.00 |
|
877 |
0.00 |
|
11.483 |
0.00 |
|
|
|
Inventories |
671.859 |
0.09 |
|
480.937 |
0.06 |
|
957.292 |
0.10 |
|
|
|
Advances Given |
0 |
0.00 |
|
0 |
0.00 |
|
0 |
0.00 |
|
|
|
Other Current Assets |
0 |
0.00 |
|
34.400 |
0.00 |
|
34.399 |
0.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
805.913 |
0.11 |
|
813.659 |
0.10 |
|
737.489 |
0.08 |
|
|
|
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) |
410.595 |
0.05 |
|
410.160 |
0.05 |
|
333.990 |
0.04 |
|
|
|
Intangible Assets |
395.318 |
0.05 |
|
403.499 |
0.05 |
|
403.499 |
0.04 |
|
|
|
Other Non-Current Assets |
0 |
0.00 |
|
0 |
0.00 |
|
0 |
0.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
7.491.438 |
1.00 |
|
8.043.246 |
1.00 |
|
9.155.514 |
1.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
5.869.886 |
0.78 |
|
6.238.051 |
0.78 |
|
7.224.787 |
0.79 |
|
|
|
Financial Loans |
280.394 |
0.04 |
|
441.721 |
0.05 |
|
660.682 |
0.07 |
|
|
|
Accounts Payable |
5.503.840 |
0.73 |
|
5.710.913 |
0.71 |
|
6.030.236 |
0.66 |
|
|
|
Loans from Shareholders |
0 |
0.00 |
|
0 |
0.00 |
|
431.733 |
0.05 |
|
|
|
Other Short-term Payable |
0 |
0.00 |
|
0 |
0.00 |
|
3.974 |
0.00 |
|
|
|
Advances from Customers |
0 |
0.00 |
|
0 |
0.00 |
|
0 |
0.00 |
|
|
|
Taxes Payable |
26.940 |
0.00 |
|
39.506 |
0.00 |
|
52.251 |
0.01 |
|
|
|
Provisions |
58.712 |
0.01 |
|
45.911 |
0.01 |
|
45.911 |
0.01 |
|
|
|
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 |
1.621.552 |
0.22 |
|
1.805.195 |
0.22 |
|
1.930.727 |
0.21 |
|
|
|
Paid-in Capital |
1.000.000 |
0.13 |
|
1.000.000 |
0.12 |
|
1.000.000 |
0.11 |
|
|
|
Inflation Adjustment of
Capital |
692 |
0.00 |
|
692 |
0.00 |
|
692 |
0.00 |
|
|
|
Reserves |
427.129 |
0.06 |
|
659.235 |
0.08 |
|
842.877 |
0.09 |
|
|
|
Revaluation Fund |
0 |
0.00 |
|
0 |
0.00 |
|
0 |
0.00 |
|
|
|
Accumulated Losses(-) |
-38.375 |
-0.01 |
|
-38.375 |
0.00 |
|
-38.375 |
0.00 |
|
|
|
Net Profit (loss) |
232.106 |
0.03 |
|
183.643 |
0.02 |
|
125.533 |
0.01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQ. |
7.491.438 |
1.00 |
|
8.043.246 |
1.00 |
|
9.155.514 |
1.00 |
|
INCOME STATEMENTS
|
|
|
YTL |
|
|
YTL |
|
|
YTL |
|
|
|
|
|
2006 |
|
|
2007 |
|
|
1.1.-31.03.08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
29.778.863 |
1.00 |
|
35.285.778 |
1.00 |
|
9.489.284 |
1.00 |
|
|
|
Cost of Goods Sold |
28.027.042 |
0.94 |
|
33.151.450 |
0.94 |
|
8.678.210 |
0.91 |
|
|
|
Gross Profit |
1.751.821 |
0.06 |
|
2.134.328 |
0.06 |
|
811.074 |
0.09 |
|
|
|
Operating Expenses |
1.504.645 |
0.05 |
|
1.922.846 |
0.05 |
|
680.259 |
0.07 |
|
|
|
Operating Profit |
247.176 |
0.01 |
|
211.482 |
0.01 |
|
130.815 |
0.01 |
|
|
|
Other Income |
101.930 |
0.00 |
|
114.263 |
0.00 |
|
21.024 |
0.00 |
|
|
|
Other Expenses |
37.105 |
0.00 |
|
49.987 |
0.00 |
|
10.700 |
0.00 |
|
|
|
Financial Expenses |
21.183 |
0.00 |
|
46.204 |
0.00 |
|
15.606 |
0.00 |
|
|
|
Profit (loss) Before Tax |
290.818 |
0.01 |
|
229.554 |
0.01 |
|
125.533 |
0.01 |
|
|
|
Tax Payable |
58.712 |
0.00 |
|
45.911 |
0.00 |
|
0 |
0.00 |
|
|
|
Net Profit (loss) |
232.106 |
0.01 |
|
183.643 |
0.01 |
|
125.533 |
0.01 |
|
FINANCIAL RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2006 |
|
|
2007 |
|
|
1.1.-31.03.08 |
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
Current Ratio |
1.14 |
|
|
1.16 |
|
|
1.17 |
|
|
|
|
Acid-Test Ratio |
1.02 |
|
|
1.08 |
|
|
1.03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0.09 |
|
|
0.06 |
|
|
0.10 |
|
|
|
|
Short-term Receivable/Total Assets |
0.44 |
|
|
0.56 |
|
|
0.59 |
|
|
|
|
Tangible Assets/Total Assets |
0.05 |
|
|
0.05 |
|
|
0.04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
41.72 |
|
|
68.93 |
|
|
9.07 |
|
|
|
|
Stockholders' Equity Turnover |
18.36 |
|
|
19.55 |
|
|
4.91 |
|
|
|
|
Asset Turnover |
3.98 |
|
|
4.39 |
|
|
1.04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0.22 |
|
|
0.22 |
|
|
0.21 |
|
|
|
|
Current Liabilities/Total Assets |
0.78 |
|
|
0.78 |
|
|
0.79 |
|
|
|
|
Financial Leverage |
0.78 |
|
|
0.78 |
|
|
0.79 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
0.14 |
|
|
0.10 |
|
|
0.07 |
|
|
|
|
Operating Profit Margin |
0.01 |
|
|
0.01 |
|
|
0.01 |
|
|
|
|
Net Profit Margin |
0.01 |
|
|
0.01 |
|
|
0.01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
39.48 |
|
|
46.17 |
|
|
205.77 |
|
|
|
|
Average Payable Period (days) |
70.70 |
|
|
62.02 |
|
|
250.15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.43.38 |
|
UK Pound |
1 |
Rs.81.34 |
|
Euro |
1 |
Rs.64.55 |
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%)