MIRA
INFORM REPORT
|
Report Date : |
19.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
TEQCHEM KOLLEKTIF SIRKETI KAZIM KALEAGASI VE ORTAKLARI |
|
|
|
|
Registered Office : |
Trakya Serbest Bolge (Free Zone) Ataturk Bulvari Begonya Sok. 3. Blok Istanbul |
|
|
|
|
Country : |
Turkey |
|
|
|
|
Financials (as on) : |
31.12.2007 |
|
|
|
|
Date of Incorporation : |
29.01.2002 |
|
|
|
|
Com. Reg. No.: |
470093 |
|
|
|
|
Legal Form : |
Co-Partnership |
|
|
|
|
Line of Business : |
Trade of Chemicals at Free
Zone |
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 500,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
NOTE: The subject moved from “Trakya Serbest Bolgesi (Free Zone) 4. Blok
K.4 No:6 Catalca Istanbul Turkey” to “Trakya Serbest Bolge (Free Zone) Ataturk
Bulvari Begonya Sok. 3. Blok K.3 Istanbul Turkey” . However the new address has
not been registered at Commercial Registry.
COMPANY IDENTIFICATION
|
NAME |
: |
TEQCHEM KOLLEKTIF SIRKETI KAZIM KALEAGASI VE ORTAKLARI |
|
ADDRESS |
: |
Head Office: Trakya Serbest Bolge (Free
Zone) Ataturk Bulvari Begonya Sok. 3. Blok Istanbul / Turkey Administrative Office: Turgut Ozal Cad.
No:121 Kocaeli-Gebze/Turkey The
subject moved from “Trakya Serbest Bolgesi (Free Zone) 4. Blok K.4 No:6
Catalca Istanbul Turkey” to “Trakya Serbest Bolge (Free Zone) Ataturk Bulvari
Begonya Sok. 3. Blok K.3 Istanbul Turkey” . However the new address has not
been registered at Commercial Registry. |
|
PHONE NUMBER |
: |
90-212-549 16 12 (Head Office) 90-262-658 07 70 (Administrative Office) |
|
FAX NUMBER |
: |
90-212-549 18 72 (Head Office) 90-262-658 97 77 (Administrative Office) |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Catalca / 8390287841 |
|
REGISTRATION NUMBER |
: |
470093 |
|
REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
|
DATE ESTABLISHED |
: |
29.01.2002 (Commercial Registry Gazette
Date / No: 01.02.2002 / 5478) |
|
LEGAL FORM |
: |
Co-Partnership |
|
TYPE OF COMPANY |
: |
Private |
|
REGISTERED CAPITAL |
: |
YTL 15,000 The liability of
co-partnerships is not limited to the capital. The partners of
co-partnerships are responsible for the debts of the co-partnerships with all
of their personal wealth. |
OWNERSHIP / MANAGEMENT
|
PARTNERS |
: |
Kazim Kaleagasi Birgen Kaleagasi Ayse Burcu Kaleagasi Turhal Birgul Kaleagasi Ali Baris Kaleagasi |
51 % 40 % 5 % 2
% |
|
|
|
Kazim Kaleagasi was born in 1947, he is a
chemical engineer. Birgen Kaleagasi was born in 1973 , he is
a chemical engineer. Ayse Burcu Kaleagasi was born in 1977. Birgul Kaleagasi was born in 1946. Ali Baris Kaleagasi was born in 1981. Properties owned by the partners: Kazim Kaleagasi owns an office located at
“Turgut Ozal Cad. Galvano Teknik Sanayi
Sitesi B.Blok No:6-8 Ikitelli-Istanbul”. This office with 2 floors has
640 sqm area. Kazim Kaleagasi has also declared to have several real estates.
|
|
|
SISTER COMPANIES |
: |
-Tekpar Kimyevi Maddeler Sanayi ve Ticaret
A.S -Kale Kimya Kimyevi Mad. Sanayi ve Ticaret
A.S -Bmt Kimyevi Maddeler Sanayi ve Ticaret
Ltd Sti |
|
|
DIRECTORS |
: |
Birgen Kaleagasi Kazim Kaleagasi Ayse Burcu Kaleagasi Turhal |
General Manager Deputy General Manager Deputy General Manager |
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Trade of chemicals at free zone |
|
|
SECTOR |
: |
Commerce |
|
|
TRADEMARK(S) |
: |
None |
|
|
NUMBER OF
EMPLOYEES |
: |
3 |
|
|
NET SALES |
|
USD 4,134,646 USD 6,160,538 USD 7,586,511 YTL 9,795,134 YTL 10,054,959 YTL 2,304,714 |
(2003) (2004) (2005) (2006) (01.01-31.03.2008) |
|
CAPACITY |
: |
None |
|
|
PRODUCTION |
: |
None |
|
|
IMPORT VALUE |
: |
USD 6,858,000 |
(2007) |
|
IMPORT COUNTRIES |
: |
Italy, Israel, France, China, India,
Germany, Spain |
|
|
MERCHANDISE
IMPORTED |
: |
Chemicals |
|
|
EXPORT VALUE |
: |
As the company is located at Free Zone ,
all of its sales are regarded as exports. |
|
|
PREMISES |
: |
Head Office: Trakya Serbest Bolge (Free
Zone) Ataturk Bulvari Begonya Sok. 3. Blok Istanbul Administrative Office: Turgut Ozal Cad.
No:121 Gebze Kocaeli Branch: Turgut Ozal Cad. Galvano Teknik
Sanayi Sitesi B.Blok No:6-8
Ikitelli-Istanbul (owned) |
|
|
|
|
|
|
|
TREND OF
BUSINESS |
: |
Stagnating |
|
|
SIZE OF BUSINESS |
: |
Upper-moderate |
|
FINANCE
|
MAIN DEALING BANKERS |
: |
Turkiye Is Bankasi AHL Serbest Bolge
branch in Istanbul Garanti Bankasi AHL Serbest Bolge branch
in Istanbul Anadolubank Tuzla Serbest Bolge branch in
Istanbul Turk Ekonomi Bankasi AHL Serbest Bolge
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) |
||
|
Capitalization
was insufficient as of 31.03.2008. It has to be noted that the liability of
the co-partnerships is not limited to the capital. The partners of
co-partnerships are responsible for the debts of the co-partnerships with all
of their personal wealth. Kazim Kaleagasi who is one of the partners of the
subject owns several real estates and the partners possess shares at other
companies. |
||
|
LIQUIDITY |
||
|
Good |
As of 31.03.2008 |
|
|
PROFITABILITY |
||
|
High |
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 USD 500,000 may be granted to the subject company. |
|
|
Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(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.-31.05.2008) |
13.39 % |
1.2181 |
1.8583 |
2.4201 |
BALANCE SHEETS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
31.12.06 |
|
|
|
31.12.07 |
|
|
|
31.3.08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
7.272.184 |
|
1,00 |
|
3.821.534 |
|
1,00 |
|
3.052.477 |
|
1,00 |
|
|
|
Cash and
Banks |
313.201 |
|
0,04 |
|
600.262 |
|
0,16 |
|
219.589 |
|
0,07 |
|
|
|
Marketable
Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account
Receivable |
5.927.644 |
|
0,82 |
|
1.974.716 |
|
0,52 |
|
1.566.031 |
|
0,51 |
|
|
|
Other
Receivable |
48.407 |
|
0,01 |
|
27.242 |
|
0,01 |
|
29.857 |
|
0,01 |
|
|
|
Inventories |
326.996 |
|
0,04 |
|
407.310 |
|
0,11 |
|
491.963 |
|
0,16 |
|
|
|
Advances
Given |
655.936 |
|
0,09 |
|
583.296 |
|
0,15 |
|
742.312 |
|
0,24 |
|
|
|
Other
Current Assets |
0 |
|
0,00 |
|
228.708 |
|
0,06 |
|
2.725 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
957 |
|
0,00 |
|
440 |
|
0,00 |
|
605 |
|
0,00 |
|
|
|
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) |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Intangible Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other Non-Current
Assets |
957 |
|
0,00 |
|
440 |
|
0,00 |
|
605 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
7.273.141 |
|
1,00 |
|
3.821.974 |
|
1,00 |
|
3.053.082 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
1.933.266 |
|
0,27 |
|
1.876.546 |
|
0,49 |
|
2.153.989 |
|
0,71 |
|
|
|
Financial
Loans |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accounts
Payable |
1.920.544 |
|
0,26 |
|
1.870.957 |
|
0,49 |
|
2.138.958 |
|
0,70 |
|
|
|
Loans
from Partners |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Short-term Payable |
11.545 |
|
0,00 |
|
4.294 |
|
0,00 |
|
12.880 |
|
0,00 |
|
|
|
Advances
from Customers |
869 |
|
0,00 |
|
1.295 |
|
0,00 |
|
2.151 |
|
0,00 |
|
|
|
Taxes
Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Provisions |
308 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
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 Partners |
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 |
5.339.875 |
|
0,73 |
|
1.945.428 |
|
0,51 |
|
899.092 |
|
0,29 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES &EQUITY |
7.273.141 |
|
1,00 |
|
3.821.974 |
|
1,00 |
|
3.053.081 |
|
1,00 |
|
INCOME
STATEMENTS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2006 |
|
|
|
2007 |
|
|
|
1.1-31.3.2008 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
9.795.134 |
|
1,00 |
|
10.054.959 |
|
1,00 |
|
2.304.714 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
7.822.041 |
|
0,80 |
|
8.322.553 |
|
0,83 |
|
1.868.695 |
|
0,81 |
|
|
|
Gross Profit |
1.973.093 |
|
0,20 |
|
1.732.406 |
|
0,17 |
|
436.019 |
|
0,19 |
|
|
|
Operating
Expenses |
273.188 |
|
0,03 |
|
232.409 |
|
0,02 |
|
60.904 |
|
0,03 |
|
|
|
Operating Profit |
1.699.905 |
|
0,17 |
|
1.499.997 |
|
0,15 |
|
375.115 |
|
0,16 |
|
|
|
Other
Income |
484.736 |
|
0,05 |
|
442.998 |
|
0,04 |
|
421.265 |
|
0,18 |
|
|
|
Other
Expenses |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Financial
Expenses |
11.912 |
|
0,00 |
|
10.697 |
|
0,00 |
|
116.713 |
|
0,05 |
|
|
|
Profit (loss) Before Tax |
2.172.729 |
|
0,22 |
|
1.932.298 |
|
0,19 |
|
679.667 |
|
0,29 |
|
|
|
Tax
Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
2.172.729 |
|
0,22 |
|
1.932.298 |
|
0,19 |
|
679.667 |
|
0,29 |
|
FINANCIAL
RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2006 |
|
|
|
2007 |
|
|
|
1.1-31.3.2008 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Ratio |
3,76 |
|
|
|
2,04 |
|
|
|
1,42 |
|
|
|
|
|
Acid-Test Ratio |
3,25 |
|
|
|
1,39 |
|
|
|
0,84 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,04 |
|
|
|
0,11 |
|
|
|
0,16 |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,82 |
|
|
|
0,52 |
|
|
|
0,52 |
|
|
|
|
|
Tangible Assets/Total Assets |
0,00 |
|
|
|
0,00 |
|
|
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
23,92 |
|
|
|
20,43 |
|
|
|
3,80 |
|
|
|
|
|
Stockholders' Equity Turnover |
1,83 |
|
|
|
5,17 |
|
|
|
2,56 |
|
|
|
|
|
Asset Turnover |
1,35 |
|
|
|
2,63 |
|
|
|
0,75 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,73 |
|
|
|
0,51 |
|
|
|
0,29 |
|
|
|
|
|
Current Liabilities/Total Assets |
0,27 |
|
|
|
0,49 |
|
|
|
0,71 |
|
|
|
|
|
Financial Leverage |
0,27 |
|
|
|
0,49 |
|
|
|
0,71 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
0,41 |
|
|
|
0,99 |
|
|
|
0,76 |
|
|
|
|
|
Operating Profit Margin |
0,17 |
|
|
|
0,15 |
|
|
|
0,16 |
|
|
|
|
|
Net Profit Margin |
0,22 |
|
|
|
0,19 |
|
|
|
0,29 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
217,86 |
|
|
|
70,70 |
|
|
|
244,62 |
|
|
|
|
|
Average Payable Period (days) |
88,39 |
|
|
|
80,93 |
|
|
|
412,07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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%)