MIRA
INFORM REPORT
|
Report Date : |
21.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
TURUNCU KIMYA SANAYI VE TICARET LTD STI |
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Registered Office : |
Yigitler Mah. Otosansit 1. Blok No:171-173-175 Yildirim Bursa |
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Country : |
Turkey |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
04.04.2006 |
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Com. Reg. No.: |
60583 |
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Legal Form : |
Limited Company |
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Line of Business : |
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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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
COMPANY IDENTIFICATION
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NAME |
: |
TURUNCU KIMYA SANAYI VE TICARET LTD STI |
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ADDRESS |
: |
Head Office&Warehouse: Yigitler Mah.
Otosansit 1. Blok No:171-173-175 Yildirim Bursa / Turkey |
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PHONE NUMBER |
: |
90-224-341 12 60 |
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FAX NUMBER |
: |
90-224-34117 16 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Gokdere / 8720565904 |
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REGISTRATION NUMBER |
: |
60583 |
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REGISTERED OFFICE |
: |
Bursa Chamber of Commerce and Industry |
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DATE ESTABLISHED |
: |
04.04.2006 (Commercial Registry Gazette Date/No:
18.04.2006/6537) |
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LEGAL FORM |
: |
Limited Company |
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TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
YTL 10,000 |
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PAID-IN CAPITAL |
: |
YTL 10,000 |
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Fatih Babacan Baki Berberoglu |
60 % 40 % |
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SISTER COMPANIES |
: |
Berberoglu Tekstil Sanayi ve Ticaret Ltd
Sti |
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GROUP PARENT COMPANY |
: |
None |
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SUBSIDIARIES |
: |
None |
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DIRECTORS |
: |
Fatih Babacan |
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Trade of textile chemicals |
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SECTOR |
: |
Commerce |
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TRADEMARK(S) |
: |
None |
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NUMBER OF
EMPLOYEES |
: |
5 |
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NET SALES |
: |
(YTL) 514,843 2,045,641 |
(04.04-31.12.2006) (2007) |
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CAPACITY |
: |
None |
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PRODUCTION |
: |
None |
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IMPORT COUNTRIES |
: |
India, USA, China |
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MERCHANDISE
IMPORTED |
: |
Chemicals |
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EXPORT VALUE |
: |
None |
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PREMISES |
: |
Head Office&Warehouse: Yigitler Mah.
Otosansit 1. Blok No:171-173-175 Yildirim Bursa (rented) |
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FIXED CAPITAL
INVESTMENTS |
: |
None |
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TREND OF BUSINESS |
: |
Undetermined,
young business |
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SIZE
OF BUSINESS |
: |
Lower-moderate |
FINANCE
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MAIN DEALING BANKERS |
: |
Garanti Bankasi Kestel branch in Bursa Yapi ve Kredi Bankasi Otosansit branch in Bursa |
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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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Capitalization was low as of 31.12.2007.A part of liabilities was due
to loans from shareholders but the major part of liabilities was due to third
parties. |
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LIQUIDITY |
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Liquidity may be regarded as being satisfactory as of 31.12.2007 even if
disregarding loans from shareholder from current liabilities. |
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PROFITABILITY |
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Fair |
In 2007 |
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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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Unsatisfactory |
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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.-31.05.2008) |
13.39 % |
1.2181 |
1.8583 |
2.4201 |
BALANCE SHEETS
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YTL |
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YTL |
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|
31.12.06 |
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31.12.07 |
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CURRENT ASSETS |
484.690 |
|
0,99 |
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1.126.755 |
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0,95 |
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Cash and
Banks |
1.196 |
|
0,00 |
|
1.894 |
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0,00 |
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Marketable Securities |
0 |
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0,00 |
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0 |
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0,00 |
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Account
Receivable |
115.050 |
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0,24 |
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551.590 |
|
0,46 |
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Other
Receivable |
0 |
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0,00 |
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0 |
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0,00 |
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Inventories |
318.541 |
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0,65 |
|
495.698 |
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0,42 |
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Advances
Given |
0 |
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0,00 |
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0 |
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0,00 |
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Other
Current Assets |
49.903 |
|
0,10 |
|
77.573 |
|
0,07 |
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NON-CURRENT ASSETS |
3.085 |
|
0,01 |
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60.003 |
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0,05 |
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Long-term
Receivable |
0 |
|
0,00 |
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0 |
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0,00 |
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Financial
Assets |
0 |
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0,00 |
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0 |
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0,00 |
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Tangible
Fixed Assets (net) |
3.085 |
|
0,01 |
|
60.003 |
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0,05 |
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Intangible Assets |
0 |
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0,00 |
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0 |
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0,00 |
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Other
Non-Current Assets |
0 |
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0,00 |
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0 |
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0,00 |
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TOTAL ASSETS |
487.775 |
|
1,00 |
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1.186.758 |
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1,00 |
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CURRENT LIABILITIES |
472.292 |
|
0,97 |
|
1.138.825 |
|
0,96 |
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Financial
Loans |
197.684 |
|
0,41 |
|
397.786 |
|
0,34 |
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Accounts
Payable |
211.148 |
|
0,43 |
|
461.659 |
|
0,39 |
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Loans
from Shareholders |
58.807 |
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0,12 |
|
252.048 |
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0,21 |
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Other
Short-term Payable |
0 |
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0,00 |
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0 |
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0,00 |
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Advances
from Customers |
0 |
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0,00 |
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0 |
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0,00 |
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Taxes
Payable |
3.282 |
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0,01 |
|
23.257 |
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0,02 |
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Provisions |
1.371 |
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0,00 |
|
4.075 |
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0,00 |
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Other
Current Liabilities |
0 |
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0,00 |
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0 |
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0,00 |
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LONG-TERM LIABILITIES |
0 |
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0,00 |
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0 |
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0,00 |
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Financial
Loans |
0 |
|
0,00 |
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0 |
|
0,00 |
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Securities Issued |
0 |
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0,00 |
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0 |
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0,00 |
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Long-term
Payable |
0 |
|
0,00 |
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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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0 |
|
0,00 |
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Other
Long-term Liabilities |
0 |
|
0,00 |
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0 |
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0,00 |
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Provisions |
0 |
|
0,00 |
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0 |
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0,00 |
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STOCKHOLDERS' EQUITY |
15.483 |
|
0,03 |
|
47.933 |
|
0,04 |
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Paid-in
Capital |
10.000 |
|
0,02 |
|
10.000 |
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0,01 |
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Reserves |
0 |
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0,00 |
|
5.483 |
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0,00 |
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Revaluation Fund |
0 |
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0,00 |
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0 |
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0,00 |
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Accumulated Losses(-) |
0 |
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0,00 |
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0 |
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0,00 |
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Net
Profit (loss) |
5.483 |
|
0,01 |
|
32.450 |
|
0,03 |
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TOTAL LIABILITIES AND EQUITY |
487.775 |
|
1,00 |
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1.186.758 |
|
1,00 |
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INCOME
STATEMENTS
|
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YTL |
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YTL |
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|
|
|
|
4.4-31.12.2006 |
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|
2007 |
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Net Sales |
514.843 |
|
1,00 |
|
2.045.641 |
|
1,00 |
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Cost of Goods Sold |
442.732 |
|
0,86 |
|
1.938.755 |
|
0,95 |
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Gross Profit |
72.111 |
|
0,14 |
|
106.886 |
|
0,05 |
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Operating Expenses |
48.908 |
|
0,09 |
|
66.324 |
|
0,03 |
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Operating Profit |
23.203 |
|
0,05 |
|
40.562 |
|
0,02 |
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Other Income |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Other Expenses |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Financial Expenses |
16.349 |
|
0,03 |
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0 |
|
0,00 |
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Profit (loss) Before Tax |
6.854 |
|
0,01 |
|
40.562 |
|
0,02 |
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Tax Payable |
1.371 |
|
0,00 |
|
8.112 |
|
0,00 |
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Net Profit (loss) |
5.483 |
|
0,01 |
|
32.450 |
|
0,02 |
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FINANCIAL
RATIOS
|
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|
4.4-31.12.2006 |
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|
2007 |
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LIQUIDITY RATIOS |
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Current Ratio |
1,03 |
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|
0,99 |
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Acid-Test Ratio |
0,25 |
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|
0,49 |
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ASSET STRUCTURE RATIOS |
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Inventory/Total Assets |
0,65 |
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|
0,42 |
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Short-term Receivable/Total Assets |
0,24 |
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|
0,46 |
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Tangible Assets/Total Assets |
0,01 |
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|
0,05 |
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TURNOVER RATIOS |
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Inventory Turnover |
1,39 |
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|
3,91 |
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Stockholders' Equity Turnover |
33,25 |
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|
42,68 |
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Asset Turnover |
1,06 |
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|
1,72 |
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FINANCIAL STRUCTURE |
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Stockholders' Equity/Total Assets |
0,03 |
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|
0,04 |
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Current Liabilities/Total Assets |
0,97 |
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|
0,96 |
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Financial Leverage |
0,97 |
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|
0,96 |
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PROFITABILITY RATIOS |
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Net Profit/Stockholders' Eq. |
0,35 |
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|
0,68 |
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Operating Profit Margin |
0,05 |
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|
0,02 |
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Net Profit Margin |
0,01 |
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|
0,02 |
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COLLECTION-PAYMENT |
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Average Collection Period (days) |
80,45 |
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|
97,07 |
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Average Payable Period (days) |
171,69 |
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|
85,72 |
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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%)