MIRA
INFORM REPORT
|
Report Date : |
03.01.2008 |
IDENTIFICATION
DETAILS
|
Name : |
BERK KIMYA SANAYI VE TICARET A.S. |
|
|
|
|
Registered Office : |
ABC Yolu ABC Plaza No: 7 Istinye Sariyer – Istanbul |
|
|
|
|
Country : |
Turkey |
|
|
|
|
Financials (as on) : |
30.06.2007 |
|
|
|
|
Date of Incorporation : |
15.11.2000 |
|
|
|
|
Com. Reg. No.: |
448187 |
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|
|
|
Legal Form : |
Joint Stock Company |
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|
|
|
Line of Business : |
Trade of chemicals and food additives |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
BERK KIMYA SANAYI VE TICARET A.S. |
|
ADDRESS |
: |
Head Office: ABC Yolu ABC Plaza No: 7
Istinye Sariyer - Istanbul / Turkey |
|
PHONE NUMBER |
: |
90-212-277 33 03 |
|
FAX NUMBER |
: |
90-212-277 30 36 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Sariyer / 1650105090 |
|
|
|
REGISTRATION NUMBER |
: |
448187 |
|
|
|
REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
|
|
|
DATE ESTABLISHED |
: |
15.11.2000 (Commercial Registry Gazette
Date/No: 21.11.2000 / 5179) |
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|
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LEGAL FORM |
: |
Joint Stock Company |
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|
|
TYPE OF COMPANY |
: |
Private |
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|
REGISTERED CAPITAL |
: |
YTL 6,000,000 |
|
|
|
HISTORY |
: |
|
|
|
|
|
|
Previous Name |
:Berk Ilac Sanayi ve Ticaret A.S |
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|
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|
Name Changed On |
: 29.04.2003 (Commercial Registry Gazette Date/No:
02.05.2003 / 5790) |
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|
|
|
Previous
Registered Capital |
: YTL 50,000 |
|
|
|
|
Regist. Capital
Changed on |
: 23.01.2004 (Commercial Registry Gazette
Date/No: 29.01.2004 / 5978) |
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|
|
|
Previous
Registered Capital |
: YTL 800,000 |
|
|
|
|
Regist. Capital Changed on |
: 17.08.2006 (Commercial Registry Gazette
Date/No: 22.08.2006 / 6626) |
|
|
|
|
Previous
Registered Capital |
:YTL 4,000,000 |
|
|
|
|
Regist. Capital Changed on |
:14.12.2007(Commercial Registry Gazette Date/No:
24.12.2007/6962) The increase is decided to be financed by
cash. According to the capital increase decision ¼ of the increase has to be
paid within 3 months and the rest has to be paid until 10.11.2010. |
|
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Igal Kaino Seckin Olcay Yasar Franko Haluk Mutlugil Tayanc Mutlugil Kalef Franko |
25 % 25 % 20 % 15 % 10 % 5
% |
|
|
GROUP |
: |
Berk Group of Companies Main companies operating within Berk Group
are declared as follows: -Berk Ilac Ithalat ve Pazarlama A.S. -Berk Kimya Sanayi ve Ticaret A.S. -Berk Petrokimya Dis Ticaret A.S. |
||
|
SUBSIDIARIES |
: |
None |
||
|
BOARD OF DIRECTORS |
: |
Seckin Olcay Igal Kaino Haluk Mutlugil Tayanc Mutlugil |
Chairman Vice Chairman Member Member |
|
|
GENERAL MANAGER |
: |
Yasar Sarguney |
||
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Trade of chemicals and food additives The subject started actively operating in
2003. The subject has declared that it is the representative
of the following companies: -Carlo Erba (Italy) -Open Concept (Belgium) -Kasyap Sweetrers Ltd (India) -Shandonp Ltd (China) -Henan Jindan Ltd (China) The subject has declared that it is the
distributor of the following companies: -Suzhoy Ltd (China) -Huangshi Ltd (China) -Zibo Huzlong (China) -Syral (France) -Jita Sweet (China) |
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||
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SECTOR |
: |
Commerce |
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||
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TRADEMARK(S) |
: |
None |
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||
|
NUMBER OF
EMPLOYEES |
: |
31 |
|
||
|
NET SALES |
: |
None None YTL 169,238 YTL 13,320,109 YTL 5,422,315 YTL 11,160,821 YTL 7,599,841 |
(2001) (2002) (2003) (2004) (2005) (2006) (01.01.-30.06.2007) |
|
|
|
CAPACITY |
: |
None |
|
||
|
PRODUCTION |
: |
None |
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||
|
IMPORT VALUE |
: |
USD 5,060,000 + EUR 1,257,000 USD 1,762,000 + EUR 1,231,000 USD 4,109,000 + EUR 1,214,000 USD 5,620,457 + EUR 1,565,336 |
(2004) (2005) (2006) |
|
|
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IMPORT COUNTRIES |
: |
China, Israel, Italy, Switzerland |
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||
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MERCHANDISE
IMPORTED |
: |
Chemicals, food additives |
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||
|
EXPORT VALUE |
: |
None YTL 30,238 YTL 46,055 YTL 49,436 YTL 46,005 |
(2003) (2004) (2005) (2006) (01.01-30.06.2007) |
||
|
EXPORT COUNTRIES |
: |
Istanbul Leather Free Zone |
|||
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MERCHANDISE
EXPORTED |
: |
Chemicals |
|||
|
PREMISES |
: |
Head Office: ABC Yolu ABC Plaza No: 7
Istinye Istanbul (rented) Liaison Office: Oguzlar Mah. 56. Sok. No:
11 Balgat - Ankara (rented) Liaison Office: Turhan Cemal Beriker
Bulvari Adana Is Merkezi No:9 Adana (rented) Warehouse: Kurtini Mevkii 75. Yil Cad.
Hadimkoy – Istanbul (3,000 sqm) (rented) Warehouse: Isikkent Sitesi 166. Sk. Izmir
(rented) |
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||
|
FIXED CAPITAL
INVESTMENTS |
: |
None |
|
||
TREND OF BUSINESS : There was a decline at sales volume in nominal terms in 2005. The sales volume
increased in 2006 but it was still low when compared to 2004.
SIZE OF BUSINESS : Large
FINANCE
|
MAIN DEALING BANKERS |
: |
Akbank Maslak branch in Istanbul Tekstilbank Merkez branch in Istanbul Yapi ve Kredi Bankasi
Perpa branch in Istanbul |
|
CREDIT FACILITIES |
: |
The subject company is making 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 fair as of 30.06.2007. However it has to be
noted that 43 % of total liabilities and equity was due to loans from
shareholders rather than liabilities to third parties. So indebtedness to
third parties was not too high as of 30.06.2007. It has to be noted that the
registered capital was increased from YTL 4,000,000 to YTL 6,000,000 on
14.12.2007. The increase is decided to be financed by cash. According to the
capital increase decision ¼ of the increase has to be paid within 3 months
and the rest has to be paid until 10.11.2010. So, we expect an improvement at
equity total since then. |
||
|
LIQUIDITY |
||
|
Good |
As of 30.06.2007 |
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|
PROFITABILITY |
||
|
Low |
Between 01.01.-30.06.2007 |
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|
GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
||
|
Unfavorable |
Between 01.01.-30.06.2007 |
|
|
GENERAL
FINANCIAL POSITION |
||
|
In order |
||
CREDIT OPINION
CREDIT OPINION WITHOUT OBLIGATION : We are of the opinion that, a max. credit of USD 2.4 million 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 |
|
(1.1.-30.06.2007) |
2.98 % |
1.3733 |
1.8275 |
2.7117 |
|
(1.1.-30.11.2007) |
5.78 % |
1.3190 |
1.7961 |
2.6363 |
|
|
BALANCE SHEETS |
||||||||||||
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
31.12.05 |
|
|
|
31.12.06 |
|
|
|
30.6.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
6.243.180 |
|
0,94 |
|
9.465.901 |
|
0,96 |
|
11.807.542 |
|
0,97 |
|
|
|
Cash and
Banks |
337.765 |
|
0,05 |
|
3.638.793 |
|
0,37 |
|
3.718.517 |
|
0,30 |
|
|
|
Marketable Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account
Receivable |
2.864.824 |
|
0,43 |
|
1.335.297 |
|
0,14 |
|
2.920.300 |
|
0,24 |
|
|
|
Other
Receivable |
0 |
|
0,00 |
|
500 |
|
0,00 |
|
500 |
|
0,00 |
|
|
|
Inventories |
2.373.229 |
|
0,36 |
|
2.902.850 |
|
0,29 |
|
4.323.999 |
|
0,35 |
|
|
|
Advances
Given |
328.999 |
|
0,05 |
|
1.395.454 |
|
0,14 |
|
484.499 |
|
0,04 |
|
|
|
Other
Current Assets |
338.363 |
|
0,05 |
|
193.007 |
|
0,02 |
|
359.727 |
|
0,03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
419.721 |
|
0,06 |
|
395.787 |
|
0,04 |
|
405.851 |
|
0,03 |
|
|
|
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) |
355.234 |
|
0,05 |
|
328.573 |
|
0,03 |
|
339.741 |
|
0,03 |
|
|
|
Intangible Assets |
58.020 |
|
0,01 |
|
59.352 |
|
0,01 |
|
60.272 |
|
0,00 |
|
|
|
Other
Non-Current Assets |
6.467 |
|
0,00 |
|
7.862 |
|
0,00 |
|
5.838 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
6.662.901 |
|
1,00 |
|
9.861.688 |
|
1,00 |
|
12.213.393 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
5.680.045 |
|
0,85 |
|
5.465.952 |
|
0,55 |
|
7.084.935 |
|
0,58 |
|
|
|
Financial
Loans |
0 |
|
0,00 |
|
47.479 |
|
0,00 |
|
516.898 |
|
0,04 |
|
|
|
Accounts
Payable |
3.906.401 |
|
0,59 |
|
2.608.039 |
|
0,26 |
|
1.194.267 |
|
0,10 |
|
|
|
Loans
from Shareholders |
1.715.992 |
|
0,26 |
|
2.735.874 |
|
0,28 |
|
5.259.412 |
|
0,43 |
|
|
|
Other
Short-term Payable |
16.587 |
|
0,00 |
|
8.881 |
|
0,00 |
|
18.729 |
|
0,00 |
|
|
|
Advances
from Customers |
2.576 |
|
0,00 |
|
7.113 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Taxes
Payable |
31.099 |
|
0,00 |
|
51.223 |
|
0,01 |
|
41.270 |
|
0,00 |
|
|
|
Provisions |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
61.508 |
|
0,01 |
|
|
|
Other
Current Liabilities |
7.390 |
|
0,00 |
|
7.343 |
|
0,00 |
|
-7.149 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
665.000 |
|
0,05 |
|
|
|
Financial
Loans |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
665.000 |
|
0,05 |
|
|
|
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 |
982.856 |
|
0,15 |
|
4.395.736 |
|
0,45 |
|
4.463.458 |
|
0,37 |
|
|
|
Paid-in
Capital |
800.000 |
|
0,12 |
|
4.000.000 |
|
0,41 |
|
4.000.000 |
|
0,33 |
|
|
|
Inflaiton
Adjustent of Capital |
17.200 |
|
0,00 |
|
17.200 |
|
0,00 |
|
17.200 |
|
0,00 |
|
|
|
Reserves |
0 |
|
0,00 |
|
165.656 |
|
0,02 |
|
378.536 |
|
0,03 |
|
|
|
Revaluation
Fund |
164.576 |
|
0,02 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accumulated Losses(-) |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net
Profit (loss) |
1.080 |
|
0,00 |
|
212.880 |
|
0,02 |
|
67.722 |
|
0,01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
6.662.901 |
|
1,00 |
|
9.861.688 |
|
1,00 |
|
12.213.393 |
|
1,00 |
|
|
|
INCOME STATEMENTS |
||||||||||||
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
1.1-30.06.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
5.422.315 |
|
1,00 |
|
11.160.821 |
|
1,00 |
|
7.599.841 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
4.543.405 |
|
0,84 |
|
9.272.443 |
|
0,83 |
|
6.630.355 |
|
0,87 |
|
|
|
Gross Profit |
878.910 |
|
0,16 |
|
1.888.378 |
|
0,17 |
|
969.486 |
|
0,13 |
|
|
|
Operating
Expenses |
1.129.316 |
|
0,21 |
|
1.407.430 |
|
0,13 |
|
778.562 |
|
0,10 |
|
|
|
Operating Profit |
-250.406 |
|
-0,05 |
|
480.948 |
|
0,04 |
|
190.924 |
|
0,03 |
|
|
|
Other
Income |
369.261 |
|
0,07 |
|
172.824 |
|
0,02 |
|
80.669 |
|
0,01 |
|
|
|
Other
Expenses |
77.703 |
|
0,01 |
|
355.987 |
|
0,03 |
|
44.989 |
|
0,01 |
|
|
|
Financial
Expenses |
27.096 |
|
0,00 |
|
16.051 |
|
0,00 |
|
158.882 |
|
0,02 |
|
|
|
Profit (loss) Before Tax |
14.056 |
|
0,00 |
|
281.734 |
|
0,03 |
|
67.722 |
|
0,01 |
|
|
|
Tax
Payable |
12.976 |
|
0,00 |
|
68.854 |
|
0,01 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
1.080 |
|
0,00 |
|
212.880 |
|
0,02 |
|
67.722 |
|
0,01 |
|
|
|
FINANCIAL RATIOS |
||||||||||||
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|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
1.1-30.06.07 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Ratio |
1,10 |
|
|
|
1,73 |
|
|
|
1,67 |
|
|
|
|
|
Acid-Test Ratio |
0,56 |
|
|
|
0,91 |
|
|
|
0,94 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,36 |
|
|
|
0,29 |
|
|
|
0,35 |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,43 |
|
|
|
0,14 |
|
|
|
0,24 |
|
|
|
|
|
Tangible Assets/Total Assets |
0,05 |
|
|
|
0,03 |
|
|
|
0,03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
1,91 |
|
|
|
3,19 |
|
|
|
1,53 |
|
|
|
|
|
Stockholders' Equity Turnover |
5,52 |
|
|
|
2,54 |
|
|
|
1,70 |
|
|
|
|
|
Asset Turnover |
0,81 |
|
|
|
1,13 |
|
|
|
0,62 |
|
|
|
|
|
|
|
|
|
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FINANCIAL STRUCTURE |
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Stockholders' Equity/Total Assets |
0,15 |
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0,45 |
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0,37 |
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Current Liabilities/Total Assets |
0,85 |
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0,55 |
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0,58 |
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Financial Leverage |
0,85 |
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0,55 |
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0,63 |
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PROFITABILITY RATIOS |
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Net Profit/Stockholders' Eq. |
0,00 |
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0,05 |
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0,02 |
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Operating Profit Margin |
-0,05 |
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0,04 |
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0,03 |
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Net Profit Margin |
0,00 |
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0,02 |
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0,01 |
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COLLECTION-PAYMENT |
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Average Collection Period (days) |
190,20 |
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43,07 |
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138,33 |
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Average Payable Period (days) |
309,53 |
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101,26 |
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64,84 |
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RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)