MIRA INFORM REPORT

 

 

Report Date :           

01.08.2011

 

IDENTIFICATION DETAILS

 

Name :

PLATIN KIMYA MUMESSILLIK VE DIS TICARET LTD. STI.

 

 

Registered Office :

Hocapasa Mah. Nobethane Cad. No:42 Kat:5/28 Eminonu Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

07.09.1999

 

 

Com. Reg. No.:

425365

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Wholesale trade of mine, food, textile, agricultural products, leather chemicals, polyurethane for footwear, representation of companies operating at chemicals sector.

 

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 :

3.900.000 EUR

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

Turkey

b1

b1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 Bottom of Form

COMPANY IDENTIFICATION

 

NAME

:

PLATIN KIMYA MUMESSILLIK VE DIS TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Hocapasa Mah. Nobethane Cad. No:42 Kat:5/28 Eminonu Istanbul / Turkey

PHONE NUMBER

:

90-212-346 07 77 (Liaison Office)

90-212-528 23 46 (Pbx) (Head Office)

 

FAX NUMBER

:

90-212-527 46 51 (Head Office)

90-212-528 23 76 (Head Office)

 

WEB-ADDRESS

:

www.platinkimya.com

E-MAIL

:

platin@platinkimya.com

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Marmara Kurumlar

TAX NO

:

7300110472

REGISTRATION NUMBER

:

425365

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

07.09.1999

ESTABLISHMENT GAZETTE DATE/NO

:

10.09.1999/4874

 

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   20.000.000

HISTORY

:

Previous Registered Capital

:

TL 1.500.000

Changed On

:

01.06.2007 (Commercial Gazette Date /Number 06.06.2007/ 6824)

Previous Registered Capital

:

TL 4.000.000

Changed On

:

26.06.2008 (Commercial Gazette Date /Number 02.07.2008/ 7096)

Previous Registered Capital

:

TL 10.000.000

Changed On

:

20.05.2010 (Commercial Gazette Date /Number 26.05.2010/ 7571)

Previous Registered Capital

:

TL 15.000.000

Changed On

:

10.06.2011 (Commercial Gazette Date /Number 15.06.2011/ 7837)

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Avram Zavaro

35 %

Murat Zavaro

32,50 %

Izzet Zavaro

32,50 %

 

 

SISTER COMPANIES

:

LARIS TARIM URUNLERI ITHALAT VE TICARET LTD. STI.

MAR-ME MADENCILIK SANAYI VE TICARET LTD. STI.

PLAKROM MADENCILIK SANAYI VE TICARET LTD. STI.

PLAMAKO MADENCILIK SANAYI VE TICARET A.S.

PLASER MADENCILIK SANAYI VE TICARET LTD. STI.

TUNA FAKTORING HIZMETLERI A.S.

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Avram Zavaro

 

Izzet Zavaro

 

Murat Zavaro

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Wholesale trade of mine, food, textile, agricultural products, leather chemicals, polyurethane for footwear, representation of companies operating at chemicals sector. 

 

NACE CODE

:

G .51.55

 

SECTOR

:

Commerce

 

REPRESENTATIVE OF

:

Chemex Int. Cor. Ltd.   (Hong-Kong)

 

NUMBER OF EMPLOYEES

:

45

 

NET SALES

:

267 TL Thousand

(2001) 

1.853 TL Thousand

(2002) 

3.004 TL Thousand

(2003) 

8.072 TL Thousand

(2004) 

12.202 TL Thousand

(2005) 

20.365 TL Thousand

(2006) 

37.628 TL Thousand

(2007) 

65.124.730 TL

(2008) 

73.627.972 TL

(2009) 

73.167.558 TL

(2010) 

28.247.194 TL

(01.01-31.03.2011) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT VALUE

:

562.000 USD

(2002)

1.502.000 USD

(2003)

2.590.000 USD + 1.544 EUR

(2004)

5.143.064 USD + 2.361.262 EUR

(2005)

8.420.000 USD + 2.500.000 EUR

(2006)

17.903.783 USD + 1.509.722 EUR

(2007)

30.711.384 USD + 1.118.346 EUR

(2008)

1.243.967 EUR + 15.837.193 USD

(2009)

 

 

 

IMPORT COUNTRIES

:

Italy

Belgium

India

China

Far East Countries

 

MERCHANDISE IMPORTED

:

Chemicals

Fertilizer

Pesticide

 

EXPORT VALUE

:

388 TL Thousand

(2002)

4 TL Thousand

(2003)

35 TL Thousand

(2004)

91 TL Thousand

(2005)

540 TL Thousand

(2006)

5.118 TL Thousand

(2007)

18.880.428 TL

(2008)

18.554.608 TL

(2009)

13.659.223 TL

(2010)

6.596.706 TL

(01.01-31.03.2011)

 

 

EXPORT COUNTRIES

:

Northern Cyprus Turkish Republic

China

Iran

Romania

Georgia

Greece

Ukraine

 

MERCHANDISE  EXPORTED

:

Chemicals

Chromium ore

Iron ore

Manganese ore

Marble

 

HEAD OFFICE ADDRESS

:

Hocapasa Mah. Nobethane Cad. No:42 Kat:5/28 Eminonu  Istanbul / Turkey  (rented)

 

BRANCHES

:

Warehouse  :  Gebze Kocaeli/Turkey (rented)

 

Warehouse  :  Organize Sanayi Bolgesi Antalya/Turkey (owned)

 

Warehouse  :   Adana/Turkey (rented)

 

Warehouse  :   Izmir/Turkey (rented)

 

Liaison Office  :  Ahi Evran Cad. Polaris Plaza No:1 K:5 D:26 Maslak Istanbul/Turkey (rented)

 

INVESTMENTS

 

The firm is making a new factory investment at Antalya and also machinery investments are going on.

 

 

TREND OF BUSINESS

:

There was a decline at business volume in nominal terms in  2010.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Sirkeci Branch

Anadolubank Ikitelli Branch

Asya Katilim Bankasi Mecidiyekoy Branch

Eurobank Tekfen Taksim Branch

Finansbank Sirkeci Branch

Garanti Bankasi Nuruosmaniye Branch

ING Bank Bahcekapi Branch

Sekerbank Sultanhamam Branch

T. Is Bankasi Sirkeci Branch

Turk Ekonomi Bankasi Sultanhamam Branch

Turklandbank Sirkeci Branch

Yapi Ve Kredi Bankasi Sultanhamam Branch

 

CREDIT FACILITIES

:

The subject company is making use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

 

KEY FINANCIAL ELEMENTS

:

 

(2008) TL

(2009) TL

(2010) TL

(01.01-31.03.2011) TL

 

Net Sales

65.124.730

73.627.972

73.167.558

28.247.194

 

Profit (Loss) Before Tax

1.166.725

1.922.840

2.681.219

705.301

 

Stockholders' Equity

11.226.869

13.905.130

17.508.255

 

 

Total Assets

63.157.378

64.279.919

71.977.286

 

 

Current Assets

59.319.728

60.344.128

66.541.498

 

 

Non-Current Assets

3.837.650

3.935.791

5.435.788

 

 

Current Liabilities

49.329.224

33.325.512

43.577.699

 

 

Long-Term Liabilities

2.601.285

17.049.277

10.891.332

 

 

Gross Profit (loss)

11.468.236

9.001.379

10.988.744

3.660.979

 

Operating Profit (loss)

7.387.945

4.244.633

4.856.022

1.491.547

 

Net Profit (loss)

916.370

1.488.865

2.113.425

705.301

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

THE DETAILS OF THE CAPITAL INCREASE  AFTER LAST BALANCE SHEET

 

:

Cash Part

:2.992.246,71 TL

Equity Part

:2.007.753,29 TL

Payment Due Date

:10.06.2011

 

 

Capitalization

Fair As of 31.12.2010

Remarks on Capitalization

A part of liabilities consist of loans from shareholders. 

 

There has been capital increase after the last balance sheet date. The capital increase is expected to have a slight positive effect on equity total since the last balance sheet date.

 

Liquidity

High As of 31.12.2010

Remarks On Liquidity

A part of current liabilities consist of short-term loans from shareholders rather than liabilities to third parties. 

 

The favorable gap between average collection and average payable period has a positive effect on liquidity.

 

Profitability

High Operating Profitability  in 2008

Low Net Profitability  in 2008

Good Operating Profitability  in 2009

Fair Net Profitability  in 2009

Good Operating Profitability  in 2010

In Order Net Profitability  in 2010

In Order Operating Profitability (01.01-31.03.2011)

Fair Net Profitability (01.01-31.03.2011)

 

Gap between average collection and payable periods

Favorable in 2010

General Financial Position

Satisfactory

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 3.900.000 EUR may be granted to the subject company.

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2001 )

88,60 %

1,1991

1,0714

1,7300

 ( 2002 )

30,80 %

1,5168

1,3741

2,2001

 ( 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

 ( 2008 )

8,11 %

1,2858

1,8876

2,3708

 ( 2009 )

5,93 %

1,5460

2,1529

2,4094

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 ( 01.01-31.03.2011)

5,40 %

1,5753

2,1664

2,5072

 ( 01.01-30.06.2011)

6,21 %

1,5771

2,2246

2,5422

 

 

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

59.319.728

0,94

60.344.128

0,94

66.541.498

0,92

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

Cash and Banks

678.528

0,01

3.229.079

0,05

33.173.388

0,46

Marketable Securities

0

0,00

0

0,00

0

0,00

Account Receivable

27.041.179

0,43

31.133.151

0,48

8.246.053

0,11

Other Receivable

156.131

0,00

796.234

0,01

641.451

0,01

Inventories

26.040.473

0,41

13.085.487

0,20

19.444.611

0,27

Advances Given

3.559.247

0,06

12.033.444

0,19

3.253.465

0,05

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

Other Current Assets

1.844.170

0,03

66.733

0,00

1.782.530

0,02

NON-CURRENT ASSETS

3.837.650

0,06

3.935.791

0,06

5.435.788

0,08

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

2.500

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

3.660.254

0,06

3.804.767

0,06

5.102.931

0,07

Intangible Assets

35.445

0,00

44.495

0,00

41.271

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

141.951

0,00

86.529

0,00

289.086

0,00

TOTAL ASSETS

63.157.378

1,00

64.279.919

1,00

71.977.286

1,00

CURRENT LIABILITIES

49.329.224

0,78

33.325.512

0,52

43.577.699

0,61

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

13.088.348

0,21

9.791.214

0,15

12.058.485

0,17

Accounts Payable

29.412.994

0,47

15.036.963

0,23

20.687.602

0,29

Loans from Shareholders

4.238.019

0,07

4.949.776

0,08

8.314.769

0,12

Other Short-term Payable

3.971

0,00

2.978

0,00

55.409

0,00

Advances from Customers

2.123.078

0,03

3.027.042

0,05

1.240.103

0,02

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

Taxes Payable

23.312

0,00

207.863

0,00

32.922

0,00

Provisions

-630.108

-0,01

7.611

0,00

121.990

0,00

Other Current Liabilities

1.069.610

0,02

302.065

0,00

1.066.419

0,01

LONG-TERM LIABILITIES

2.601.285

0,04

17.049.277

0,27

10.891.332

0,15

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

2.601.285

0,04

2.158.953

0,03

3.026.362

0,04

Securities Issued

0

0,00

0

0,00

0

0,00

Long-term Payable

0

0,00

14.890.324

0,23

7.864.970

0,11

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

11.226.869

0,18

13.905.130

0,22

17.508.255

0,24

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

Paid-in Capital

10.000.000

0,16

10.000.000

0,16

15.000.000

0,21

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

Reserves

310.499

0,00

2.416.265

0,04

394.830

0,01

Revaluation Fund

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

Net Profit (loss)

916.370

0,01

1.488.865

0,02

2.113.425

0,03

TOTAL LIABILITIES AND EQUITY

63.157.378

1,00

64.279.919

1,00

71.977.286

1,00

 

 

INCOME STATEMENTS

 

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(01.01-31.03.2011) TL

 

Net Sales

65.124.730

1,00

73.627.972

1,00

73.167.558

1,00

28.247.194

1,00

Cost of Goods Sold

53.656.494

0,82

64.626.593

0,88

62.178.814

0,85

24.586.215

0,87

Gross Profit

11.468.236

0,18

9.001.379

0,12

10.988.744

0,15

3.660.979

0,13

Operating Expenses

4.080.291

0,06

4.756.746

0,06

6.132.722

0,08

2.169.432

0,08

Operating Profit

7.387.945

0,11

4.244.633

0,06

4.856.022

0,07

1.491.547

0,05

Other Income

3.572.899

0,05

3.568.579

0,05

2.454.551

0,03

249.361

0,01

Other Expenses

8.745.119

0,13

3.909.560

0,05

3.175.471

0,04

657.465

0,02

Financial Expenses

1.049.000

0,02

1.980.812

0,03

1.453.883

0,02

378.142

0,01

Minority Interests

0

0,00

0

0,00

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

0

0,00

0

0,00

Profit (loss) Before Tax

1.166.725

0,02

1.922.840

0,03

2.681.219

0,04

705.301

0,02

Tax Payable

250.355

0,00

433.975

0,01

567.794

0,01

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

916.370

0,01

1.488.865

0,02

2.113.425

0,03

705.301

0,02

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

LIQUIDITY RATIOS

 

 

Current Ratio

1,20

1,81

1,53

Acid-Test Ratio

0,57

1,06

0,97

Cash Ratio

0,01

0,10

0,76

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,41

0,20

0,27

Short-term Receivable/Total Assets

0,43

0,50

0,12

Tangible Assets/Total Assets

0,06

0,06

0,07

TURNOVER RATIOS

 

 

Inventory Turnover

2,06

4,94

3,20

Stockholders' Equity Turnover

5,80

5,30

4,18

Asset Turnover

1,03

1,15

1,02

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,18

0,22

0,24

Current Liabilities/Total Assets

0,78

0,52

0,61

Financial Leverage

0,82

0,78

0,76

Gearing Percentage

4,63

3,62

3,11

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,08

0,11

0,12

Operating Profit Margin

0,11

0,06

0,07

Net Profit Margin

0,01

0,02

0,03

Interest Cover

2,11

1,97

2,84

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

149,48

152,22

40,58

Average Payable Period (days)

197,34

166,71

165,31

WORKING CAPITAL

9990504,00

27018616,00

22963799,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.16

UK Pound

1

Rs.72.10

Euro

1

Rs.63.10

 

 

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

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

----

NB

New Business

----

 

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%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.