MIRA
INFORM REPORT
|
Report Date : |
06.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
PURSAN-PIGMENT URUNLERI SANAYII VE TICARET A.S. |
|
|
|
|
Registered Office : |
Narlikapi Caddesi No: 68 Samatya-Istanbul |
|
|
|
|
Country : |
Turkey |
|
|
|
|
Financials (as on) : |
31.12.2007 |
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|
|
|
Date of Incorporation : |
10.12.1980 |
|
|
|
|
Com. Reg. No.: |
176728 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Import and Domestic Trade of Dye and Textile Chemicals |
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 |
|
Maximum Credit Limit : |
USD 5.6 million |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
PURSAN-PIGMENT URUNLERI SANAYII VE TICARET A.S. |
|
ADDRESS |
: |
Head Office: Narlikapi Caddesi No: 68
Samatya-Istanbul/ Turkey |
|
PHONE NUMBER |
: |
90-212-530 99 55-56 |
|
FAX NUMBER |
: |
90-212-587 00 91 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE/NO |
: |
Marmara Kurumlar / 7340011456 |
|
|
|
REGISTRATION NUMBER |
: |
176728 |
|
|
|
REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
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|
|
DATE ESTABLISHED |
: |
10.12.1980 |
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|
|
LEGAL FORM |
: |
Joint Stock Company |
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|
|
TYPE OF COMPANY |
: |
Private |
|
|
|
REGISTERED CAPITAL |
: |
YTL 12,000,000 |
|
|
|
PAID-IN CAPITAL |
: |
YTL
9,985,059 (as of 31.12.2007) |
|
|
|
HISTORY |
: |
|
|
|
|
|
|
Previous Registered Capital |
: YTL 8,000,000 |
|
|
|
|
Regist. Capital Changed on |
: 22.05.2006 (Commercial Registry Gazette
Date/No: 25.05.2006/6563) |
|
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Rusen Esref Esrefizade Hakki Kaan Biter Nurgul Esrefizade Gulgun Biter Cigdem Hitay |
45 % 25 % 20 % 5
% 5
% |
|
|
GROUP PARENT COMPANY |
: |
None |
||
|
SISTER COMPANIES |
: |
Guzide Magazalari Rusen Esrefizade ve
Ortagi Kollektif Sirketi |
||
|
SUBSIDIARIES |
: |
None |
||
|
BOARDS OF DIRECTORS |
: |
Rusen Esref Esrefizade Hakki Kaan Biter Nurgul Esrefizade |
Chairman Member Member |
|
|
GENERAL MANAGER |
: |
Hakki Kaan Biter |
||
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Import and domestic trade of dye and
textile chemicals The firm has declared that, it is the
distributor of the following companies: -Dystar (Germany) -Huntsman (Switzerland) |
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|
|
SECTOR |
: |
Commerce |
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|
|
TRADEMARK(S) |
: |
None |
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|
|
NUMBER OF
EMPLOYEES |
: |
20 |
|
|
|
NET SALES |
: |
(YTL) 21,042,494 25,351,449 15,480,680 |
(2006) (2007) (01.01-30.06.2008) |
|
|
CAPACITY |
: |
None |
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|
PRODUCTION |
: |
None |
||
|
IMPORT COUNTRIES |
: |
Germany, Switzerland, India, China, Spain…
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||
|
MERCHANDISE
IMPORTED |
: |
Dye and textile chemicals |
||
|
PREMISES |
: |
Head Office: Narlikapi Caddesi No: 68 Samatya-Istanbul
(rented) Branch: Yesilkoy- Istanbul |
|
FIXED CAPITAL
INVESTMENTS |
: |
None |
|
TREND OF BUSINESS |
: |
Upwards
|
|
SIZE
OF BUSINESS |
: |
Large
|
FINANCE
|
MAIN DEALING BANKERS |
: |
Garanti Bankasi Bahcekapi branch in
Istanbul Yapi ve Kredi Bankasi Samatya branch in
Istanbul T. I s Bankasi Kocamustafapasa branch in
Istanbul Turk Ekonomi Bankasi Davutpasa branch in
Istanbul HSBC Bayrampasa 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) |
|||
|
High |
As of 31.12.2007 |
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|
LIQUIDITY |
|||
|
High |
As of 31.12.2007 |
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|
PROFITABILITY |
|||
|
High |
In 2007 |
High |
Between 01.01-30.06.2008 |
|
GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
|||
|
Unfavorable |
In 2007 |
||
|
GENERAL
FINANCIAL POSITION |
|||
|
Strong |
|||
CREDIT OPINION
|
CREDIT
OPINION WITHOUT OBLIGATION |
: |
We
are of the opinion that, a max. credit of USD 5.6 million may be granted to
the subject company. |
|
|
Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(2006) |
11.58 % |
1.4309 |
1.7987 |
2.6377 |
|
(2007) |
5.94 % |
1.3075 |
1.7901 |
2.6133 |
|
(1.1.-30.06.2008) |
13.76 % |
1.2197 |
1.8695 |
2.4232 |
|
(1.1.-31.07.2008) |
15.18 % |
1.2161 |
1.8679 |
2.4151 |
BALANCE SHEETS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
31.12.06 |
|
|
|
31.12.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
17.562.364 |
|
0,95 |
|
21.638.326 |
|
0,96 |
|
|
|
Cash and
Banks |
268.567 |
|
0,01 |
|
613.503 |
|
0,03 |
|
|
|
Marketable
Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account
Receivable |
12.003.500 |
|
0,65 |
|
12.866.104 |
|
0,57 |
|
|
|
Other
Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Inventories |
5.072.837 |
|
0,28 |
|
7.745.044 |
|
0,34 |
|
|
|
Advances
Given |
215.731 |
|
0,01 |
|
293.275 |
|
0,01 |
|
|
|
Other
Current Assets |
1.729 |
|
0,00 |
|
120.400 |
|
0,01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
859.104 |
|
0,05 |
|
831.797 |
|
0,04 |
|
|
|
Long-term
Receivable |
5.000 |
|
0,00 |
|
5.077 |
|
0,00 |
|
|
|
Financial
Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Tangible
Fixed Assets (net) |
841.681 |
|
0,05 |
|
823.059 |
|
0,04 |
|
|
|
Intangible Assets |
3.123 |
|
0,00 |
|
2.553 |
|
0,00 |
|
|
|
Other
Non-Current Assets |
9.300 |
|
0,00 |
|
1.108 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
18.421.468 |
|
1,00 |
|
22.470.123 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
1.024.110 |
|
0,06 |
|
1.387.359 |
|
0,06 |
|
|
|
Financial
Loans |
416.540 |
|
0,02 |
|
640.894 |
|
0,03 |
|
|
|
Accounts
Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Loans
from Shareholders |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Short-term Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Advances
from Customers |
265.643 |
|
0,01 |
|
386.732 |
|
0,02 |
|
|
|
Taxes
Payable |
25.512 |
|
0,00 |
|
90.722 |
|
0,00 |
|
|
|
Provisions |
316.415 |
|
0,02 |
|
269.011 |
|
0,01 |
|
|
|
Other
Current Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
0 |
|
0,00 |
|
2.367 |
|
0,00 |
|
|
|
Financial
Loans |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Securities Issued |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Long-term
Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Loans
from Shareholders |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Long-term Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Provisions |
0 |
|
0,00 |
|
2.367 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
17.397.358 |
|
0,94 |
|
21.080.397 |
|
0,94 |
|
|
|
Paid-in
Capital |
9.698.199 |
|
0,53 |
|
9.985.059 |
|
0,44 |
|
|
|
Inflation
Adjustment of Capital |
1.521.846 |
|
0,08 |
|
1.521.846 |
|
0,07 |
|
|
|
Reserves |
4.566.911 |
|
0,25 |
|
6.168.892 |
|
0,27 |
|
|
|
Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accumulated
Losses(-) |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net
Profit (loss) |
1.610.402 |
|
0,09 |
|
3.404.600 |
|
0,15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
18.421.468 |
|
1,00 |
|
22.470.123 |
|
1,00 |
|
INCOME STATEMENTS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2006 |
|
|
|
2007 |
|
|
|
01.01.-30.06.2008 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
21.042.494 |
|
1,00 |
|
25.351.449 |
|
1,00 |
|
15.480.680 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
15.560.830 |
|
0,74 |
|
18.567.554 |
|
0,73 |
|
12.140.254 |
|
0,78 |
|
|
|
Gross Profit |
5.481.664 |
|
0,26 |
|
6.783.895 |
|
0,27 |
|
3.340.426 |
|
0,22 |
|
|
|
Operating
Expenses |
1.228.102 |
|
0,06 |
|
1.618.177 |
|
0,06 |
|
1.061.484 |
|
0,07 |
|
|
|
Operating Profit |
4.253.562 |
|
0,20 |
|
5.165.718 |
|
0,20 |
|
2.278.942 |
|
0,15 |
|
|
|
Other
Income |
259.129 |
|
0,01 |
|
266.568 |
|
0,01 |
|
646.748 |
|
0,04 |
|
|
|
Other
Expenses |
1.724.293 |
|
0,08 |
|
1.170.981 |
|
0,05 |
|
226.254 |
|
0,01 |
|
|
|
Financial
Expenses |
390.202 |
|
0,02 |
|
359 |
|
0,00 |
|
3.631 |
|
0,00 |
|
|
|
Profit (loss) Before Tax |
2.398.196 |
|
0,11 |
|
4.260.946 |
|
0,17 |
|
2.695.805 |
|
0,17 |
|
|
|
Tax
Payable |
787.794 |
|
0,04 |
|
856.346 |
|
0,03 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
1.610.402 |
|
0,08 |
|
3.404.600 |
|
0,13 |
|
2.695.805 |
|
0,17 |
|
FINANCIAL
RATIOS
|
|
|
|
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|
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|
|
|
|
|
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|
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|
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|
2006 |
|
|
|
2007 |
|
|
|
01.01.-30.06.2008 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Ratio |
17,15 |
|
|
|
15,60 |
|
|
|
-- |
|
|
|
|
|
Acid-Test Ratio |
11,98 |
|
|
|
9,72 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,28 |
|
|
|
0,34 |
|
|
|
-- |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,65 |
|
|
|
0,57 |
|
|
|
-- |
|
|
|
|
|
Tangible Assets/Total Assets |
0,05 |
|
|
|
0,04 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
3,07 |
|
|
|
2,40 |
|
|
|
-- |
|
|
|
|
|
Stockholders' Equity Turnover |
1,21 |
|
|
|
1,20 |
|
|
|
-- |
|
|
|
|
|
Asset Turnover |
1,14 |
|
|
|
1,13 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,94 |
|
|
|
0,94 |
|
|
|
-- |
|
|
|
|
|
Current Liabilities/Total Assets |
0,06 |
|
|
|
0,06 |
|
|
|
-- |
|
|
|
|
|
Financial Leverage |
0,06 |
|
|
|
0,06 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
0,09 |
|
|
|
0,16 |
|
|
|
-- |
|
|
|
|
|
Operating Profit Margin |
0,20 |
|
|
|
0,20 |
|
|
|
0,15 |
|
|
|
|
|
Net Profit Margin |
0,08 |
|
|
|
0,13 |
|
|
|
0,17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
205,44 |
|
|
|
182,78 |
|
|
|
-- |
|
|
|
|
|
Average Payable Period (days) |
0,00 |
|
|
|
0,00 |
|
|
|
-- |
|
|
|
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.37 |
|
UK Pound |
1 |
Rs.78.09 |
|
Euro |
1 |
Rs.63.41 |
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%)