MIRA
INFORM REPORT
|
Report Date : |
06.02.2008 |
IDENTIFICATION
DETAILS
|
Name : |
REDE KIMYA URUNLERI LTD.STI. |
|
|
|
|
Registered Office : |
Yukari Dudullu
Kadosan Oto San.Sitesi U Blok No:3 Umraniye-Istanbul |
|
|
|
|
Country : |
Turkey |
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
24.08.1995 |
|
|
|
|
Com. Reg. No.: |
20211-8 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Trade of Chemicals of Lubricating Oils and Greases for Automotive and Industrial Applications |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
Maximum Credit Limit : |
USD 45,000 |
|
|
|
|
Status : |
Small Company |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
REDE KIMYA
URUNLERI LTD.STI. |
|
ADDRESS |
: |
Head Office/Warehouse: Yukari Dudullu Kadosan Oto San.Sitesi U Blok No:3
Umraniye-Istanbul / Turkey |
|
PHONE NUMBER |
: |
90-216-466 46 90 |
|
FAX NUMBER |
: |
90-216-466 46 89 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Anadolu Kurumlar / 7340087488 |
|
REGISTRATION NUMBER |
: |
20211-8 |
|
REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
|
DATE ESTABLISHED |
: |
24.08.1995 (Commercial Registry Gazette Date/No:05.09.1995/3864) |
|
LEGAL FORM |
: |
Limited Company |
|
TYPE OF COMPANY |
: |
Private |
|
REGISTERED CAPITAL |
: |
YTL 25,000 |
|
PAID-IN CAPITAL |
: |
YTL 25,000 |
|
HISTORY |
: |
|
|
|
|
|
|
Previous Address |
:Bahar Sok. No:6/6 Kucukyali Maltepe-Istanbul |
|
|
|
|
Address Changed On |
: 06.11.2006 (Commercial Registry Gazette Date/No: 10.11.2006/6680) |
|
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Ali Riza Bulent Ekmen Vedide Ayse Yildiran |
50 % |
|
GROUP PARENT COMPANY |
: |
None |
|
|
SUBSIDIARIES |
: |
None |
|
|
DIRECTORS |
: |
Ali Riza Bulent Ekmen Vedide Ayse Yildiran |
|
OPERATIONS
|
BUSINESS ACTIVITIES |
: |
The firm deals with trade of chemicals of lubricating oils and
greases for automotive and industrial applications. If the subject takes orders it orders chemicals to be manufactured in
the name of the subject company to contract manufacturers. |
|
|
SECTOR |
: |
Commerce |
|
|
NUMBER OF EMPLOYEES |
: |
10 |
|
|
NET SALES |
: |
(YTL) 382,424 368,322 368,804 |
(2005) (2006) (01.01.-30.09.2007) |
|
CAPACITY |
: |
None |
|
|
PRODUCTION |
: |
None |
|
|
IMPORT VALUE |
: |
YTL 35,289 |
(01.01.-30.09.2007) |
|
IMPORT COUNTRIES |
: |
India |
|
|
MERCHANDISE IMPORTED |
: |
Chemicals |
|
|
EXPORT |
: |
None |
|
|
PREMISES |
: |
Head Office/Warehouse: Yukari Dudullu Kadosan Oto San.Sitesi U Blok
No:3 Umraniye-Istanbul (rented) |
|
|
TREND OF BUSINESS |
: |
There was a decline at sales volume in nominal terms in 2006 but
there was an upwards trend in the
first 9 months of 2007. |
|
SIZE OF BUSINESS |
: |
Small |
FINANCE
|
MAIN DEALING BANKERS |
: |
Garanti Bankasi Altintepe branch in Istanbul |
|
CREDIT FACILITIES |
: |
No credit facility has come to our knowledge. |
|
PAYMENT BEHAVIOUR |
: |
No payment delays
have come to our knowledge. |
COMMENT ON FINANCIAL POSITION
|
FINANCIAL STRUCTURE (SUFFICENCY OF OWN
RESOURCES) |
||||
|
High |
As of 31.12.2006 |
|||
|
LIQUIDITY |
||||
|
High |
As of 31.12.2006 |
|||
|
PROFITABILITY |
||||
|
Low |
In 2006 |
In Order |
Between
01.01.-30.09.2007 |
|
|
GAP BETWEEN COLLECTION-PAYMENT PERIODS |
||||
|
Unfavorable |
In 2006 |
|||
|
GENERAL FINANCIAL POSITION |
||||
|
Good |
||||
CREDIT OPINION
|
CREDIT OPINION WITHOUT OBLIGATION |
: |
We are of the opinion that, a max. credit of USD 45,000 may be
granted to the subject company. |
|
|
Incr. in producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(2005) |
2.66 % |
1.3499 |
1.6882 |
2.4623 |
|
(2006) |
11.58 % |
1.4309 |
1.7987 |
2.6377 |
|
(1.1.-30.09.2007) |
4.98 % |
1.3447 |
1.8084 |
2.6720 |
|
(2007) |
5.94 % |
1.3075 |
1.7901 |
2.6133 |
BALANCE
SHEETS
|
|
|
YTL |
|
|
|
|
|
|
31.12.06 |
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
125.121 |
|
0,83 |
|
|
|
Cash and
Banks |
31.898 |
|
0,21 |
|
|
|
Marketable Securities |
0 |
|
0,00 |
|
|
|
Account
Receivable |
46.595 |
|
0,31 |
|
|
|
Other
Receivable |
25.633 |
|
0,17 |
|
|
|
Inventories |
19.079 |
|
0,13 |
|
|
|
Advances
Given |
0 |
|
0,00 |
|
|
|
Other
Current Assets |
1.916 |
|
0,01 |
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
26.537 |
|
0,17 |
|
|
|
Long-term
Receivable |
281 |
|
0,00 |
|
|
|
Financial
Assets |
0 |
|
0,00 |
|
|
|
Tangible
Fixed Assets (net) |
22.996 |
|
0,15 |
|
|
|
Intangible Assets |
2.806 |
|
0,02 |
|
|
|
Other Non-Current
Assets |
454 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
151.658 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
27.020 |
|
0,18 |
|
|
|
Financial
Loans |
0 |
|
0,00 |
|
|
|
Accounts
Payable |
6.393 |
|
0,04 |
|
|
|
Loans
from Shareholders |
0 |
|
0,00 |
|
|
|
Other
Short-term Payable |
3.437 |
|
0,02 |
|
|
|
Advances
from Customers |
15.980 |
|
0,11 |
|
|
|
Taxes
Payable |
1.210 |
|
0,01 |
|
|
|
Provisions |
0 |
|
0,00 |
|
|
|
Other
Current Liabilities |
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
0 |
|
0,00 |
|
|
|
Financial
Loans |
0 |
|
0,00 |
|
|
|
Securities Issued |
0 |
|
0,00 |
|
|
|
Long-term
Payable |
0 |
|
0,00 |
|
|
|
Loans
from Shareholders |
0 |
|
0,00 |
|
|
|
Other
Long-term Liabilities |
0 |
|
0,00 |
|
|
|
Provisions |
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
124.638 |
|
0,82 |
|
|
|
Paid-in
Capital |
25.000 |
|
0,16 |
|
|
|
Inflation
Adjustment of Capital |
76.496 |
|
0,50 |
|
|
|
Reserves |
21.035 |
|
0,14 |
|
|
|
Revaluation Fund |
0 |
|
0,00 |
|
|
|
Accumulated Losses(-) |
0 |
|
0,00 |
|
|
|
Net
Profit (loss) |
2.107 |
|
0,01 |
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
151.658 |
|
1,00 |
|
INCOME
STATEMENTS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2006 |
|
|
|
1.1.-30.09.2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
368.322 |
|
1,00 |
|
368.804 |
|
1,00 |
|
|
|
Cost of Goods Sold |
291.758 |
|
0,79 |
|
265.312 |
|
0,72 |
|
|
|
Gross Profit |
76.564 |
|
0,21 |
|
103.492 |
|
0,28 |
|
|
|
Operating Expenses |
71.951 |
|
0,20 |
|
89.985 |
|
0,24 |
|
|
|
Operating
Profit |
4.613 |
|
0,01 |
|
13.507 |
|
0,04 |
|
|
|
Other Income |
1.608 |
|
0,00 |
|
60 |
|
0,00 |
|
|
|
Other Expenses |
3.423 |
|
0,01 |
|
435 |
|
0,00 |
|
|
|
Financial Expenses |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Profit (loss)
Before Tax |
2.798 |
|
0,01 |
|
13.132 |
|
0,04 |
|
|
|
Tax Payable |
691 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net Profit
(loss) |
2.107 |
|
0,01 |
|
13.132 |
|
0,04 |
|
FINANCIAL
RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2006 |
|
|
|
1.1.-30.09.2007 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
Current Ratio |
4,63 |
|
|
|
-- |
|
|
|
|
|
Acid-Test Ratio |
3,85 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,13 |
|
|
|
-- |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,48 |
|
|
|
-- |
|
|
|
|
|
Tangible Assets/Total Assets |
0,15 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
15,29 |
|
|
|
-- |
|
|
|
|
|
Stockholders' Equity Turnover |
2,96 |
|
|
|
-- |
|
|
|
|
|
Asset Turnover |
2,43 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,82 |
|
|
|
-- |
|
|
|
|
|
Current Liabilities/Total Assets |
0,18 |
|
|
|
-- |
|
|
|
|
|
Financial Leverage |
0,18 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
0,02 |
|
|
|
-- |
|
|
|
|
|
Operating Profit Margin |
0,01 |
|
|
|
0,04 |
|
|
|
|
|
Net Profit Margin |
0,01 |
|
|
|
0,04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
45,82 |
|
|
|
-- |
|
|
|
|
|
Average Payable Period (days) |
7,89 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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%)