MIRA
INFORM REPORT
|
Report Date : |
24.10.2008 |
IDENTIFICATION DETAILS
|
Name : |
ENKIMTEKS TEKSTIL TICARET VE SANAYI A.S. |
|
|
|
|
Registered Office : |
Yukari Dudullu Organize Sanayi Bolgesi 2. Cadde No:29 Umraniye-Istanbul |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2008 |
|
|
|
|
Date of Incorporation : |
07.06.1976 |
|
|
|
|
Com. Reg. No.: |
139829 |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Manufacture and Trade of Chemical Materials to be used at
Textile, Paper, Leather, Cosmetic and Construction Sectors. |
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 1.6 million |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
ENKIMTEKS TEKSTIL TICARET VE SANAYI A.S. |
|
ADDRESS |
: |
Head Office & Factory: Yukari Dudullu Organize Sanayi Bolgesi 2.
Cadde No:29 Umraniye-Istanbul/Turkey The address was changed from “Yukari Dudullu Organize Sanayi Bolgesi
2. Cadde No:31 Umraniye-Istanbul” to
”Yukari Dudullu Organize Sanayi Bolgesi 2. Cadde No:29 Umraniye-Istanbul” by the Municipality. |
|
PHONE NUMBER |
: |
90-216-466 38 02 |
|
FAX NUMBER |
: |
90-216-314 02 94 |
LEGAL STATUS AND
HISTORY
|
TAX OFFICE/NO |
: |
Sarigazi/3350050249 |
|
REGISTRATION NUMBER |
: |
139829 |
|
REGISTERED OFFICE |
: |
|
|
DATE ESTABLISHED |
: |
07.06.1976 |
|
LEGAL FORM |
: |
Joint Stock Company |
|
TYPE OF COMPANY |
: |
Private |
|
REGISTERED CAPITAL |
: |
YTL 4,000,000 |
|
PAID-IN CAPITAL |
: |
YTL 3,925,153 (As of 31.03.2008) |
|
HISTORY |
|
|
|
|
|
|
|
Previous Registered Capital |
:YTL 1,500,000 |
|
|
|
|
Regist. Capital Changed on |
:31.12.2004 (Commercial Registry Gazette Date/No:24.01.2005/6224) |
|
|
|
|
Previous Registered Capital |
:YTL 1,505,000 |
|
|
|
|
Regist. Capital Changed on |
:10.12.2007 (Commercial Registry Gazette Date/No: 13.12.2007 / 6957) |
|
|
|
|
Previous Address |
:Mebusan Yokusu Akyol Sok. No:24 Pinar Apt. Kat:4
Findikli-Beyoglu-Istanbul |
|
|
|
|
Address Changed On |
:10.03.2006 (Commercial Registry Gazette Date/No:15.03.2006/6513) |
|
|
|
|
Other Historical Events |
: The subject took over and merged with Tekskim Endustri Maddeleri
Sanayi ve Ticaret A.S. on 31.12.2004 (Commercial Registry Gazette
Date/No:24.01.2005/6224) |
|
OWNERSHIP /
MANAGEMENT
|
SHAREHOLDERS |
: |
Turkay Ust Enkim Endustri Kimyevileri Sanayi ve Ticaret A.S. Aysen Ust (Zaimoglu) Ayse Ust Zeynep Ust |
72,03 % 24,97 % |
|
|
SISTER COMPANIES |
: |
Enkim Endustri Kimyevileri Sanayi ve Ticaret A.S. |
||
|
GROUP PARENT COMPANY |
: |
None |
||
|
SUBSIDIARIES |
: |
-Detoba Kimya Sanayi A.S. -Arpal Kimyasal Urunler Ticaret A.S. |
||
|
BOARD OF DIRECTORS |
: |
Turkay Ust Suna Akdemir Biray Ayse Ust (Zaimoglu) Ahmet Demirozu Erdem Aldemir |
Chairman Vice-Chairman Member Member Member |
|
|
GENERAL MANAGER |
: |
Suna Akdemir Biray |
||
OPERATIONS
|
BUSINESS ACTIVITIES |
: |
Manufacture and trade of chemical materials to be used at textile,
paper, leather, cosmetic and construction sectors. |
|
SECTOR |
: |
Chemicals |
|
NUMBER OF EMPLOYEES |
: |
65 |
|
|
|
NET SALES |
: |
(YTL) 10,857,742 12,042,972 12,362,142 3,488,342 |
(2005) (2006) (2007) (01.01.-31.03.2008) |
|
|
CAPACITY |
: |
(Tons/Yr) 10,859 |
(2008) |
|
|
IMPORT COUNTRIES |
: |
|
|
|
|
MERCHANDISE IMPORTED |
: |
Chemical materials |
|
|
|
EXPORT |
: |
None |
|
|
|
PREMISES |
: |
Head Office & Factory: Yukari Dudullu Organize Sanayi Bolgesi 2.
Cadde No:29 Umraniye-Istanbul (owned)
(1,300 sqm covered area over a land of 9,806 sqm) |
|
|
|
FIXED CAPITAL INVESTMENTS |
: |
The firm is making an expansion investment |
|
|
|
TREND OF BUSINESS |
: |
Steady |
|
SIZE OF BUSINESS |
: |
Large |
FINANCE
|
MAIN DEALING BANKERS |
: |
Yapi ve Kredi Bankasi Taksim branch in Is Bankasi Taksim branch in Tekstilbank Umraniye branch in Anadolubank Umraniye branch in Finansbank Imes branch in Sekerbank Imes branch in |
|
CREDIT FACILITIES |
: |
The subject company is making active use of credit facilities. |
|
PAYMENT BEHAVIOUR |
: |
No payment delays have come to our knowledge. |
COMMENT ON FINANCIAL
POSITION
|
FINANCIAL STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
||
|
Fair |
As of 31.03.2008 |
|
|
LIQUIDITY |
||
|
In order |
As of 31.03.2008 |
|
|
PROFITABILITY |
||
|
Low |
Between 01.01.-31.03.2008 |
|
|
GAP BETWEEN COLLECTION-PAYMENT PERIODS |
||
|
Favorable |
Between 01.01.-31.03.2008 |
|
|
GENERAL FINANCIAL POSITION |
||
|
Satisfactory |
||
CREDIT OPINION
CREDIT OPINION WITHOUT OBLIGATION : We are of the opinion that, a max.
credit of USD 1.6 million may be granted to the subject company.
|
|
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 |
|
(2007) |
5.94 % |
1.3075 |
1.7901 |
2.6133 |
|
(1.1.-31.03.2008) |
6.26 % |
1.2033 |
1.8179 |
2.3972 |
|
(1.1.-30.06.2008) |
13.76 % |
1.2197 |
1.8695 |
2.4232 |
BALANCE SHEETS
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
|
31.12.06 |
|
|
|
31.12.07 |
|
|
|
31.3.08 |
|
|
|
|
|
CURRENT ASSETS |
8.687.969 |
|
0,84 |
|
8.427.002 |
|
0,68 |
|
9.321.528 |
|
0,71 |
|
|
|
Cash and
Banks |
2.585.326 |
|
0,25 |
|
3.031.433 |
|
0,24 |
|
3.092.939 |
|
0,23 |
|
|
|
Marketable
Securities |
154.963 |
|
0,01 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account
Receivable |
2.483.830 |
|
0,24 |
|
2.023.555 |
|
0,16 |
|
2.972.490 |
|
0,23 |
|
|
|
Other
Receivable |
17.790 |
|
0,00 |
|
10.866 |
|
0,00 |
|
16.214 |
|
0,00 |
|
|
|
Inventories |
2.737.597 |
|
0,26 |
|
3.004.201 |
|
0,24 |
|
2.650.013 |
|
0,20 |
|
|
|
Advances
Given |
363.945 |
|
0,04 |
|
0 |
|
0,00 |
|
109.853 |
|
0,01 |
|
|
|
Other
Current Assets |
344.518 |
|
0,03 |
|
356.947 |
|
0,03 |
|
480.019 |
|
0,04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
1.667.842 |
|
0,16 |
|
3.952.502 |
|
0,32 |
|
3.850.385 |
|
0,29 |
|
|
|
Long-term
Receivable |
1.020 |
|
0,00 |
|
10.866 |
|
0,00 |
|
10.866 |
|
0,00 |
|
|
|
Financial
Assets |
132.594 |
|
0,01 |
|
679.594 |
|
0,05 |
|
679.594 |
|
0,05 |
|
|
|
Tangible
Fixed Assets (net) |
1.357.935 |
|
0,13 |
|
2.084.298 |
|
0,17 |
|
2.017.943 |
|
0,15 |
|
|
|
Intangible
Assets |
148.079 |
|
0,01 |
|
1.145.401 |
|
0,09 |
|
1.114.651 |
|
0,08 |
|
|
|
Other
Non-Current Assets |
28.214 |
|
0,00 |
|
32.343 |
|
0,00 |
|
27.331 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
10.355.811 |
|
1,00 |
|
12.379.504 |
|
1,00 |
|
13.171.913 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
5.828.915 |
|
0,56 |
|
6.730.410 |
|
0,54 |
|
7.777.962 |
|
0,59 |
|
|
|
Financial
Loans |
1.788.094 |
|
0,17 |
|
3.059.112 |
|
0,25 |
|
4.096.242 |
|
0,31 |
|
|
|
Accounts
Payable |
3.616.101 |
|
0,35 |
|
2.504.077 |
|
0,20 |
|
2.530.206 |
|
0,19 |
|
|
|
Loans from
Shareholders |
47.303 |
|
0,00 |
|
235.324 |
|
0,02 |
|
211.381 |
|
0,02 |
|
|
|
Other
Short-term Payable |
0 |
|
0,00 |
|
1.442 |
|
0,00 |
|
1.442 |
|
0,00 |
|
|
|
Advances
from Customers |
175.396 |
|
0,02 |
|
748.341 |
|
0,06 |
|
702.249 |
|
0,05 |
|
|
|
Taxes
Payable |
114.264 |
|
0,01 |
|
128.681 |
|
0,01 |
|
136.167 |
|
0,01 |
|
|
|
Provisions |
1.058 |
|
0,00 |
|
0 |
|
0,00 |
|
-12.859 |
|
0,00 |
|
|
|
Other
Current Liabilities |
86.699 |
|
0,01 |
|
53.433 |
|
0,00 |
|
113.134 |
|
0,01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
0 |
|
0,00 |
|
778.572 |
|
0,06 |
|
493.713 |
|
0,04 |
|
|
|
Financial
Loans |
0 |
|
0,00 |
|
778.572 |
|
0,06 |
|
493.713 |
|
0,04 |
|
|
|
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 |
4.526.896 |
|
0,44 |
|
4.870.522 |
|
0,39 |
|
4.900.238 |
|
0,37 |
|
|
|
Paid-in
Capital |
1.505.000 |
|
0,15 |
|
3.925.153 |
|
0,32 |
|
3.925.153 |
|
0,30 |
|
|
|
Inflation
Adjustment of Capital |
2.445.261 |
|
0,24 |
|
2.445.261 |
|
0,20 |
|
2.445.261 |
|
0,19 |
|
|
|
Reserves |
2.984.034 |
|
0,29 |
|
986.084 |
|
0,08 |
|
986.084 |
|
0,07 |
|
|
|
Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accumulated Losses(-) |
-2.546.390 |
|
-0,25 |
|
-2.546.390 |
|
-0,21 |
|
-2.498.446 |
|
-0,19 |
|
|
|
Net Profit
(loss) |
138.991 |
|
0,01 |
|
60.414 |
|
0,00 |
|
42.186 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
10.355.811 |
|
1,00 |
|
12.379.504 |
|
1,00 |
|
13.171.913 |
|
1,00 |
|
INCOME STATEMENTS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2006 |
|
|
|
2007 |
|
|
|
1.1.-31.3.2008 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
12.042.972 |
|
1,00 |
|
12.362.142 |
|
1,00 |
|
3.488.342 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
8.250.538 |
|
0,69 |
|
9.148.171 |
|
0,74 |
|
2.555.517 |
|
0,73 |
|
|
|
Gross Profit |
3.792.434 |
|
0,31 |
|
3.213.971 |
|
0,26 |
|
932.825 |
|
0,27 |
|
|
|
Operating
Expenses |
2.659.242 |
|
0,22 |
|
2.949.577 |
|
0,24 |
|
635.497 |
|
0,18 |
|
|
|
Operating Profit |
1.133.192 |
|
0,09 |
|
264.394 |
|
0,02 |
|
297.328 |
|
0,09 |
|
|
|
Other
Income |
283.781 |
|
0,02 |
|
794.900 |
|
0,06 |
|
107.360 |
|
0,03 |
|
|
|
Other
Expenses |
546.566 |
|
0,05 |
|
233.002 |
|
0,02 |
|
132.674 |
|
0,04 |
|
|
|
Financial
Expenses |
691.638 |
|
0,06 |
|
765.878 |
|
0,06 |
|
229.828 |
|
0,07 |
|
|
|
Profit (loss) Before Tax |
178.769 |
|
0,01 |
|
60.414 |
|
0,00 |
|
42.186 |
|
0,01 |
|
|
|
Tax
Payable |
39.778 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
138.991 |
|
0,01 |
|
60.414 |
|
0,00 |
|
42.186 |
|
0,01 |
|
FINANCIAL RATIOS
|
|
|
2006 |
|
|
|
2007 |
|
|
|
1.1.-31.3.2008 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Ratio |
1,49 |
|
|
|
1,25 |
|
|
|
1,20 |
|
|
|
|
|
Acid-Test Ratio |
0,90 |
|
|
|
0,75 |
|
|
|
0,78 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,26 |
|
|
|
0,24 |
|
|
|
0,20 |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,24 |
|
|
|
0,16 |
|
|
|
0,23 |
|
|
|
|
|
Tangible Assets/Total Assets |
0,13 |
|
|
|
0,17 |
|
|
|
0,15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
3,01 |
|
|
|
3,05 |
|
|
|
0,96 |
|
|
|
|
|
Stockholders' Equity Turnover |
2,66 |
|
|
|
2,54 |
|
|
|
0,71 |
|
|
|
|
|
Asset Turnover |
1,16 |
|
|
|
1,00 |
|
|
|
0,26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,44 |
|
|
|
0,39 |
|
|
|
0,37 |
|
|
|
|
|
Current Liabilities/Total Assets |
0,56 |
|
|
|
0,54 |
|
|
|
0,59 |
|
|
|
|
|
Financial Leverage |
0,56 |
|
|
|
0,61 |
|
|
|
0,63 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
0,03 |
|
|
|
0,01 |
|
|
|
0,01 |
|
|
|
|
|
Operating Profit Margin |
0,09 |
|
|
|
0,02 |
|
|
|
0,09 |
|
|
|
|
|
Net Profit Margin |
0,01 |
|
|
|
0,00 |
|
|
|
0,01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
74,28 |
|
|
|
59,24 |
|
|
|
307,88 |
|
|
|
|
|
Average Payable Period (days) |
157,78 |
|
|
|
98,54 |
|
|
|
356,43 |
|
|
|
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.95 |
|
|
1 |
Rs.79.56 |
|
Euro |
1 |
Rs.63.65 |
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%)