MIRA
INFORM REPORT
|
Report Date : |
14.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
PROCHEM TEKSTIL KIMYA SANAYI VE TICARET A.S. |
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Registered Office : |
Kirac Merkez Mah. Fevzi Cakmak Caddesi 3. Bolge No:39 Buyukcekmece Istanbul |
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Country : |
Turkey |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
05.03.2002 |
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Com. Reg. No.: |
471829 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Manufacture and Trade of Textile Chemicals |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 60,000 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTE
The full name of the company was missing at your inquiry. According to
Commercial Registry there is only one company whose name starts with “PROCHEM”
in Turkey. This is “PROCHEM TEKSTIL KIMYA SANAYI VE TICARET A.S.” and it moved from
the address at your inquiry “Hadimkoy Hosdere Mevkii Isiso Sanayi Sitesi S-1
Blok No:1-2 Buyukcekmece Istanbul” to “Kirac Merkez Mah. Fevzi Cakmak
Caddesi 3. Bolge No:39 Buyukcekmece
Istanbul” on 25.04.2008
COMPANY IDENTIFICATION
|
NAME |
: |
PROCHEM TEKSTIL KIMYA SANAYI VE TICARET A.S. |
|
ADDRESS |
: |
Head Office&Production Plant: Kirac
Merkez Mah. Fevzi Cakmak Caddesi 3.
Bolge No:39 Buyukcekmece Istanbul / Turkey |
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PHONE NUMBER |
: |
90-212-623 21 61 |
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FAX NUMBER |
: |
90-212-623 21 63 |
LEGAL STATUS AND HISTORY
|
TAX
OFFICE / NO |
: |
Beylikduzu
/ 7330195808 |
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REGISTRATION
NUMBER |
: |
471829 |
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REGISTERED
OFFICE |
: |
Istanbul
Chamber of Commerce |
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DATE
ESTABLISHED |
: |
05.03.2002
(Commercial Registry Gazette Date/No: 08.03.2002/5501) |
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LEGAL
FORM |
: |
Joint
Stock Company |
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TYPE
OF COMPANY |
: |
Private |
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REGISTERED
CAPITAL |
: |
YTL
250,000 |
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PAID-IN
CAPITAL |
: |
YTL
250,000 |
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HISTORY |
: |
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Previous
Registered Capital |
:YTL 50,000 |
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Regist. Capital Changed on |
:30.05.2005 (Commercial Registry Gazette
Date/No: 02.06.2005/6316) |
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Previous Address |
:Hadimkoy Hosdere Mevkii Isiso Sanayi
Sitesi S-1 Blok No:1-2 Buyukcekmece Istanbul |
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Address Changed On |
:25.04.2008(Commercial Registry Gazette
Date/No: 01.05.2008/7053) |
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OWNERSHIP / MANAGEMENT
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SHAREHOLDERS |
: |
Hasan Sezer Levent Berk Meysun Berk Esra Sezer Murat Berk |
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SISTER COMPANIES |
: |
Declared to be: None |
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GROUP PARENT COMPANY |
: |
None |
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SUBSIDIARIES |
: |
None |
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BOARD OF DIRECTORS |
: |
Levent Berk Hasan Sezer Meysun Berk |
Chairman Vice-Chairman Member |
OPERATIONS
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BUSINESS
ACTIVITIES |
: |
Manufacture and trade of textile chemicals |
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SECTOR |
: |
Chemicals |
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TRADEMARK(S) |
: |
None |
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NUMBER OF
EMPLOYEES |
: |
17 |
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NET SALES |
: |
(YTL) 6,921,891 9,048,758 2,516,247 |
(2006) (2007) (01.01-31.03.2008) |
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CAPACITY |
: |
(Tons/Yr) 2,088 |
(2007) |
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IMPORT VALUE |
: |
EUR 318,000+USD
2,364,000 |
(2007) |
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IMPORT COUNTRIES |
: |
Netherlands, Norway, UK, Uzbekistan, India |
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MERCHANDISE
IMPORTED |
: |
Dye and chemicals |
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EXPORT VALUE |
: |
(YTL) 515,211 941,860 81,781 |
(2006) (2007) (01.01-31.03.2008) |
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EXPORT COUNTRIES |
: |
Uzbekistan |
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MERCHANDISE
EXPORTED |
: |
Textile chemicals |
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PREMISES |
: |
Head Office&Production Plant: Kirac
Merkez Mah. Fevzi Cakmak Caddesi 3.
Bolge No:39 Buyukcekmece Istanbul (rented) |
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FIXED CAPITAL
INVESTMENTS |
: |
Investments are going on |
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TREND OF
BUSINESS |
: |
Upwards in 2007 |
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SIZE OF BUSINESS |
: |
Lower-medium |
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FINANCE
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MAIN DEALING BANKERS |
: |
Denizbank Hadimkoy branch in Istanbul Garanti Bankasi Hadimkoy branch in
Istanbul Akbank Hadimkoy 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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Low |
As of 31.12.2007 |
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LIQUIDITY |
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Good |
As of 31.12.2007 |
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PROFITABILITY |
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Fair |
In 2007 |
Low |
Between 01.01.-31.03.2008 |
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GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
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Unfavorable |
In 2007 |
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GENERAL
FINANCIAL POSITION |
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Passable |
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CREDIT OPINION
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CREDIT OPINION WITHOUT OBLIGATION |
: |
We are of the opinion that, a max. credit of
USD 60,000 may be granted to the subject company. |
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Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(2006) |
11.58 % |
1.4309 |
1.7987 |
2.6377 |
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(2007) |
5.94 % |
1.3075 |
1.7901 |
2.6133 |
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(1.1.-31.03.2008) |
6.26 % |
1.2033 |
1.8179 |
2.3972 |
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(1.1.-31.05.2008) |
13.39 % |
1.2181 |
1.8583 |
2.4201 |
BALANCE
SHEETS
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YTL |
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|
31.12.07 |
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CURRENT ASSETS |
3.712.818 |
|
0,94 |
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Cash and Banks |
11.465 |
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0,00 |
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Marketable Securities |
0 |
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0,00 |
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Account Receivable |
2.848.506 |
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0,72 |
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Other Receivable |
0 |
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0,00 |
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Inventories |
749.751 |
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0,19 |
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Advances Given |
0 |
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0,00 |
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Other Current Assets |
103.096 |
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0,03 |
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NON-CURRENT ASSETS |
243.940 |
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0,06 |
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Long-term Receivable |
0 |
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0,00 |
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Financial Assets |
0 |
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0,00 |
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Tangible Fixed Assets (net) |
179.283 |
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0,05 |
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Intangible Assets |
17.743 |
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0,00 |
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Other Non-Current Assets |
46.914 |
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0,01 |
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TOTAL ASSETS |
3.956.758 |
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1,00 |
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CURRENT LIABILITIES |
2.847.754 |
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0,72 |
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Financial Loans |
471.861 |
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0,12 |
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Accounts Payable |
2.250.513 |
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0,57 |
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Loans from Shareholders |
67.500 |
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0,02 |
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Other Short-term Payable |
11.520 |
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0,00 |
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Advances from Customers |
31.208 |
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0,01 |
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Taxes Payable |
15.152 |
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0,00 |
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Provisions |
0 |
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0,00 |
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Other Current Liabilities |
0 |
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0,00 |
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LONG-TERM LIABILITIES |
601.926 |
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0,15 |
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Financial Loans |
601.926 |
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0,15 |
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Securities Issued |
0 |
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0,00 |
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Long-term Payable |
0 |
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0,00 |
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Loans from Shareholders |
0 |
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0,00 |
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Other Long-term Liabilities |
0 |
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0,00 |
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Provisions |
0 |
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0,00 |
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STOCKHOLDERS' EQUITY |
507.078 |
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0,13 |
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Paid-in Capital |
250.000 |
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0,06 |
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Inflation Adjustment of Capital |
88 |
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0,00 |
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Reserves |
109.948 |
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0,03 |
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Revaluation Fund |
0 |
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0,00 |
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Accumulated Losses(-) |
0 |
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0,00 |
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Net Profit (loss) |
147.042 |
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0,04 |
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TOTAL LIABILITIES AND EQUITY |
3.956.758 |
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1,00 |
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INCOME
STATEMENTS
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YTL |
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YTL |
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2007 |
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01.01-31.03.2008 |
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Net Sales |
9.048.758 |
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1,00 |
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2.516.247 |
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1,00 |
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Cost of Goods
Sold |
7.736.226 |
|
0,85 |
|
2.070.390 |
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0,82 |
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Gross Profit |
1.312.532 |
|
0,15 |
|
445.857 |
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0,18 |
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Operating
Expenses |
957.377 |
|
0,11 |
|
258.702 |
|
0,10 |
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Operating Profit |
355.155 |
|
0,04 |
|
187.155 |
|
0,07 |
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Other
Income |
92.323 |
|
0,01 |
|
17.903 |
|
0,01 |
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Other
Expenses |
91.342 |
|
0,01 |
|
124.193 |
|
0,05 |
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Financial
Expenses |
170.320 |
|
0,02 |
|
42.214 |
|
0,02 |
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Profit (loss) Before Tax |
185.816 |
|
0,02 |
|
38.651 |
|
0,02 |
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Tax
Payable |
38.774 |
|
0,00 |
|
0 |
|
0,00 |
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Net Profit (loss) |
147.042 |
|
0,02 |
|
38.651 |
|
0,02 |
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FINANCIAL
RATIOS
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2007 |
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01.01-31.03.2008 |
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LIQUIDITY RATIOS |
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Current Ratio |
1,30 |
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-- |
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Acid-Test Ratio |
1,00 |
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-- |
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ASSET STRUCTURE RATIOS |
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Inventory/Total Assets |
0,19 |
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-- |
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Short-term Receivable/Total Assets |
0,72 |
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|
-- |
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Tangible Assets/Total Assets |
0,05 |
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-- |
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TURNOVER RATIOS |
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Inventory Turnover |
10,32 |
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|
-- |
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Stockholders' Equity Turnover |
17,84 |
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|
-- |
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Asset Turnover |
2,29 |
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-- |
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FINANCIAL STRUCTURE |
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Stockholders' Equity/Total Assets |
0,13 |
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-- |
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Current Liabilities/Total Assets |
0,72 |
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-- |
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Financial Leverage |
0,87 |
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-- |
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PROFITABILITY RATIOS |
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Net Profit/Stockholders' Eq. |
0,29 |
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-- |
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Operating Profit Margin |
0,04 |
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|
0,07 |
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Net Profit Margin |
0,02 |
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|
0,02 |
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COLLECTION-PAYMENT |
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Average Collection Period (days) |
113,33 |
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-- |
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Average Payable Period (days) |
104,73 |
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-- |
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RATING
EXPLANATIONS
|
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 |
|
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 |
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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%)