MIRA
INFORM REPORT
|
Report Date : |
11.02.2008 |
IDENTIFICATION
DETAILS
|
Name : |
FARKIM PLASTIK VE KIMYA SANAYI VE TICARET LTD.STI. |
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|
Registered Office : |
Buyukdere Cad. Rasit Riza Sok. Yildirim Ishani No:1 K:6 Sisli-Istanbul |
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Country : |
Turkey |
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Financials (as on) : |
30.09.2007 |
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Date of Incorporation : |
02.11.1999 |
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Com. Reg. No.: |
428187 |
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|
Legal Form : |
Limited Company |
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Line of Business : |
Trade of Plastic Additives Materials |
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 230,000 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
FARKIM PLASTIK VE KIMYA SANAYI VE TICARET LTD.STI. |
|
ADDRESS |
: |
Head Office: Buyukdere Cad. Rasit Riza
Sok. Yildirim Ishani No:1 K:6 Sisli-Istanbul/Turkey Warehouse: Kucuk Organize Sanayi Bolgesi
Ipkas San. Sit. 1-B Blok No:38-40 Kucukcekmece-Istanbul/Turkey |
|
PHONE NUMBER |
: |
90-212-356 87 20 (3 lines) (Head Office) |
|
FAX NUMBER |
: |
90-212-356 87 23 (Head Office) |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Zincirlikuyu / 3850176513 |
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REGISTRATION NUMBER |
: |
428187 |
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REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
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DATE ESTABLISHED |
: |
02.11.1999 (Commercial Registry Gazette
Date/No:08.11.1999/4914) |
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LEGAL FORM |
: |
Limited Company |
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TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
YTL 350,000 |
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PAID-IN CAPITAL |
: |
YTL 350,000 |
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|
HISTORY |
: |
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Previous
Registered Capital |
: YTL 200,000 |
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Regist. Capital Changed on |
: 29.12.2006 (Commercial Registry Gazette
Date/No:09.01.2007/6719 ) |
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OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Yunus Buyukkusoglu Zeki Buyukkusoglu Ilhan Sinenden Salih Yuksel Yegin |
45 % 20 % 20 % 15 % |
|
GROUP |
: |
Farplas Group of companies Some of the main companies operating within
Farplas group are declared to be as follows: -Fardizayn Tasarim Teknopark Ticaret Ltd.
Sti. -Fartur Otomotiv Turizm ve Yatcilik Sanayi
Ticaret Ltd Sti. -Farel Plastik Elektrik ve Elektronik
Imalat Sanayi A.S. -Farkim Plastik ve Kimya Sanayi ve Ticaret
Ltd. Sti. -Farhym Otomotiv Sanayi ve Ticaret Ltd.
Sti. -Farplas Oto Yedek
Parcalari Imalati Ithalati Ve Ihracati A.S -Farblas Pazarlama
Ticaret ve Sanayi Kollektif Sirketi Yunus Buyukkusoglu ve Ortaklari -Mahle Farplas Filtre
Sistemleri A.S. -PBT Park Bilisim
Teknolojileri Sanayi ve Ticaret Ltd Sti |
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|
SUBSIDIARIES |
: |
None |
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|
GENERAL MANAGER |
: |
Salih Yuksel Yegin |
|
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Trade of plastic additives materials |
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SECTOR |
: |
Commerce |
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TRADEMARK(S) |
: |
None |
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NUMBER OF
EMPLOYEES |
: |
8 |
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NET SALES |
: |
(YTL)
4,159,988 4,086,267 |
(2006) (01.01.-30.09.2007) |
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IMPORT COUNTRIES |
: |
Singapore, Indian, Spain, Germany,
Estonia, Brazil, USA… |
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MERCHANDISE
IMPORTED |
: |
Plastic additives materials |
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|
PREMISES |
: |
Head Office: Buyukdere Cad. Rasit Riza
Sok. Yildirim Ishani No:1 K:6 Sisli-Istanbul (owned) Warehouse: Kucuk Organize Sanayi Bolgesi
Ipkas San. Sit. 1-B Blok No:38-40 Kucukcekmece-Istanbul (owned) |
|
FIXED CAPITAL
INVESTMENTS |
: |
None |
|
TREND OF
BUSINESS |
: |
There appears an upwards trend in the
first 9 months of 2007. |
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SIZE OF BUSINESS |
: |
Moderate |
FINANCE
|
MAIN DEALING BANKERS |
: |
Yapi ve Kredi Bankasi Topkapi branch in
Istanbul Garanti Bankasi Metro Mecidiyekoy branch
in Istanbul Akbank Gayrettepe branch in Istanbul |
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CREDIT FACILITIES |
: |
The
subject company is making use of credit facilities. |
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PAYMENT BEHAVIOUR |
: |
No payment delays have come to our knowledge. |
COMMENT ON FINANCIAL POSITION
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FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
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Fair |
As of 30.09.2007 |
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LIQUIDITY |
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High |
As of 30.09.2007 |
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PROFITABILITY |
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In order |
Between 01.01.-30.09.2007 |
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GAP BETWEEN COLLECTION-PAYMENT PERIODS |
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Unfavorable |
Between 01.01.-30.09.2007 |
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GENERAL
FINANCIAL POSITION |
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Satisfactory |
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CREDIT OPINION
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PROPOSED CREDIT AMOUNT |
: |
USD 15,000,000 DA |
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CREDIT OPINION WITHOUT OBLIGATION |
: |
We are of the opinion that, a max. credit
of USD 230,000 may be granted to the subject company. |
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|
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 |
|
(1.1.-31.01.2008) |
0.42 % |
1.1741 |
1.7303 |
2.3417 |
BALANCE SHEETS
|
|
|
YTL |
|
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|
YTL |
|
|
|
|
|
|
31.12.06 |
|
|
|
30.9.07 |
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CURRENT ASSETS |
1.169.753 |
|
0,87 |
|
1.488.015 |
|
0,86 |
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Cash and
Banks |
397.862 |
|
0,30 |
|
225.480 |
|
0,13 |
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Marketable Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Account
Receivable |
427.746 |
|
0,32 |
|
852.486 |
|
0,50 |
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Other
Receivable |
2.108 |
|
0,00 |
|
2.108 |
|
0,00 |
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Inventories |
280.912 |
|
0,21 |
|
230.258 |
|
0,13 |
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Advances
Given |
44.588 |
|
0,03 |
|
139.193 |
|
0,08 |
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Other
Current Assets |
16.537 |
|
0,01 |
|
38.490 |
|
0,02 |
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NON-CURRENT ASSETS |
168.356 |
|
0,13 |
|
233.580 |
|
0,14 |
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Long-term
Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Financial
Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Tangible
Fixed Assets (net) |
112.956 |
|
0,08 |
|
171.662 |
|
0,10 |
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Intangible Assets |
55.400 |
|
0,04 |
|
57.562 |
|
0,03 |
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Other
Non-Current Assets |
0 |
|
0,00 |
|
4.356 |
|
0,00 |
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TOTAL ASSETS |
1.338.109 |
|
1,00 |
|
1.721.595 |
|
1,00 |
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CURRENT LIABILITIES |
700.041 |
|
0,52 |
|
800.405 |
|
0,46 |
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Financial
Loans |
12.553 |
|
0,01 |
|
325.019 |
|
0,19 |
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Accounts
Payable |
660.798 |
|
0,49 |
|
449.854 |
|
0,26 |
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Loans
from Shareholders |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Other
Short-term Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Advances
from Customers |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Taxes
Payable |
25.142 |
|
0,02 |
|
6.281 |
|
0,00 |
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Provisions |
0 |
|
0,00 |
|
17.332 |
|
0,01 |
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Other
Current Liabilities |
1.548 |
|
0,00 |
|
1.919 |
|
0,00 |
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LONG-TERM LIABILITIES |
85.895 |
|
0,06 |
|
225.406 |
|
0,13 |
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Financial
Loans |
0 |
|
0,00 |
|
225.406 |
|
0,13 |
|
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Securities Issued |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Long-term
Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Loans
from Shareholders |
85.895 |
|
0,06 |
|
0 |
|
0,00 |
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Other
Long-term Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Provisions |
0 |
|
0,00 |
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0 |
|
0,00 |
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STOCKHOLDERS' EQUITY |
552.173 |
|
0,41 |
|
695.784 |
|
0,40 |
|
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Paid-in
Capital |
350.000 |
|
0,26 |
|
350.000 |
|
0,20 |
|
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Inflation
Adjustment of Capital |
132.296 |
|
0,10 |
|
132.296 |
|
0,08 |
|
|
|
Reserves |
71.097 |
|
0,05 |
|
164.520 |
|
0,10 |
|
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Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
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Accumulated Losses(-) |
-95.142 |
|
-0,07 |
|
-95.142 |
|
-0,06 |
|
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Net
Profit (loss) |
93.922 |
|
0,07 |
|
144.110 |
|
0,08 |
|
|
|
|
|
|
|
|
|
|
|
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TOTAL LIABILITIES AND EQUITY |
1.338.109 |
|
1,00 |
|
1.721.595 |
|
1,00 |
|
INCOME
STATEMENTS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2006 |
|
|
|
1.1.-30.9.2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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Net Sales |
4.159.988 |
|
1,00 |
|
4.086.267 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
3.705.416 |
|
0,89 |
|
3.761.657 |
|
0,92 |
|
|
|
Gross Profit |
454.572 |
|
0,11 |
|
324.610 |
|
0,08 |
|
|
|
Operating
Expenses |
312.808 |
|
0,08 |
|
181.853 |
|
0,04 |
|
|
|
Operating Profit |
141.764 |
|
0,03 |
|
142.757 |
|
0,03 |
|
|
|
Other
Income |
43.114 |
|
0,01 |
|
28.785 |
|
0,01 |
|
|
|
Other
Expenses |
62.582 |
|
0,02 |
|
13.612 |
|
0,00 |
|
|
|
Financial
Expenses |
3.651 |
|
0,00 |
|
13.820 |
|
0,00 |
|
|
|
Profit (loss) Before Tax |
118.645 |
|
0,03 |
|
144.110 |
|
0,04 |
|
|
|
Tax
Payable |
24.723 |
|
0,01 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
93.922 |
|
0,02 |
|
144.110 |
|
0,04 |
|
FINANCIAL RATIOS
|
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|
2006 |
|
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|
1.1.-30.9.2007 |
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LIQUIDITY RATIOS |
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Current Ratio |
1,67 |
|
|
|
1,86 |
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Acid-Test Ratio |
1,18 |
|
|
|
1,35 |
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ASSET STRUCTURE RATIOS |
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Inventory/Total Assets |
0,21 |
|
|
|
0,13 |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,32 |
|
|
|
0,50 |
|
|
|
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|
Tangible Assets/Total Assets |
0,08 |
|
|
|
0,10 |
|
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TURNOVER RATIOS |
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|
|
|
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|
Inventory Turnover |
13,19 |
|
|
|
16,34 |
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|
|
|
|
Stockholders' Equity Turnover |
7,53 |
|
|
|
5,87 |
|
|
|
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Asset Turnover |
3,11 |
|
|
|
2,37 |
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FINANCIAL STRUCTURE |
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Stockholders' Equity/Total Assets |
0,41 |
|
|
|
0,40 |
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|
|
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Current Liabilities/Total Assets |
0,52 |
|
|
|
0,46 |
|
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Financial Leverage |
0,59 |
|
|
|
0,60 |
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PROFITABILITY RATIOS |
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Net Profit/Stockholders' Eq. |
0,17 |
|
|
|
0,21 |
|
|
|
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|
Operating Profit Margin |
0,03 |
|
|
|
0,03 |
|
|
|
|
|
Net Profit Margin |
0,02 |
|
|
|
0,04 |
|
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COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
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|
Average Collection Period (days) |
37,02 |
|
|
|
75,10 |
|
|
|
|
|
Average Payable Period (days) |
64,20 |
|
|
|
43,05 |
|
|
|
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%)