MIRA INFORM REPORT

 

 

Report Date :           

20.12.2011

 

IDENTIFICATION DETAILS

 

Name :

POLIKOR BOYA VE KIMYA SANAYI TICARET A.S.

 

 

Registered Office :

Baskoy Mevkii Izmir Yolu 28. Km Marmara Birlik Yani Merkez Bursa

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Year of Establishment :

1993

 

 

Com. Reg. No.:

32937

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of polyester putty for auto body repair, unsaturated polyester resin and various polyester products

 

 

No. of Employees :

60 persons

 

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 :

4.200.000 USD

 

 

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

Turkey

b1

b1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

COMPANY IDENTIFICATION

 

NAME

:

POLIKOR BOYA VE KIMYA SANAYI TICARET A.S.

HEAD OFFICE ADDRESS

:

Baskoy Mevkii Izmir Yolu 28. Km Marmara Birlik Yani Merkez Bursa / Turkey

PHONE NUMBER

:

90-224-449 02 20

 

FAX NUMBER

:

90-224-449 02 27

 

WEB-ADDRESS

:

www.polikor.com

E-MAIL

:

polikor@polikor.com

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Ertugrulgazi

TAX NO

:

7320051303

REGISTRATION NUMBER

:

32937

REGISTERED OFFICE

:

Bursa Chamber of Commerce and Industry

DATE ESTABLISHED

:

1993

ESTABLISHMENT GAZETTE DATE/NO

:

24.02.1993/3228

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   6.000.000

 

HISTORY

:

Previous Registered Capital

:

TL 1.500.000

Changed On

:

06.05.2010 (Commercial Gazette Date /Number 12.05.2010/ 7562)

Previous Registered Capital

:

TL 1.900.000

Changed On

:

16.06.2011 (Commercial Gazette Date /Number 22.06.2011/ 7842)

Previous Address

:

Kibris Sehitleri Cad. No:74 Osmangazi Bursa

Changed On

:

10.11.2003 (Commercial Gazette Date /Number 18.11.2003/ 5930)

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Resat Tuna

25 %

Cemal Tuna

25 %

Hamit Tuna

25 %

Coskun Yener Yuksel

24 %

Jale Yuksel

1 %

 

 

SISTER COMPANIES

:

TUNA BOYA VE KIMYA SANAYI TICARET A.S.

 

BOARD OF DIRECTORS

:

Hamit Tuna

Chairman

Cemal Tuna

Vice-Chairman

Coskun Yener Yuksel

Member

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of polyester putty for auto body repair, unsaturated polyester resin and various polyester products.

 

NACE CODE

:

DG.24.30

 

SECTOR

:

Chemicals

 

TRADEMARKS OWNED

:

Polikor

 

NUMBER OF EMPLOYEES

:

60

 

NET SALES

:

11.952.934 TL

(2007) 

17.990.191 TL

(2008) 

17.714.042 TL

(2009) 

21.531.884 TL

(2010) 

18.933.425 TL

(01.01-30.09.2011) 

 

 

 

 

IMPORT COUNTRIES

:

Germany

Netherlands

Sweden

Switzerland

Norway

Italy

China

 

MERCHANDISE IMPORTED

:

Raw materials

 

EXPORT VALUE

:

6.321.784 TL

(2007)

9.335.865 TL

(2008)

10.033.104 TL

(2009)

9.571.867 TL

(2010)

8.551.301 TL

(01.01-30.09.2011)

 

 

EXPORT COUNTRIES

:

Italy

 

MERCHANDISE  EXPORTED

:

Polish

Polyester

 

HEAD OFFICE ADDRESS

:

Baskoy Mevkii Izmir Yolu 28. Km Marmara Birlik Yani Merkez  Bursa / Turkey  (owned)

 

BRANCHES

:

Head Office/Production Plant  :  Izmir Yolu 28. Km Marmara Birlik Yani Bursa/Turkey (owned) (8.000 sqm)

 

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2010. There appears an upwards trend in  1.1 - 30.9.2011.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Garanti Bankasi Nilufer Branch

T. Is Bankasi Santral Garaj Branch

Turkiye Finans Katilim Bankasi Nilufer 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

(01.01-30.09.2011) TL

 

Net Sales

17.990.191

17.714.042

21.531.884

18.933.425

 

Profit (Loss) Before Tax

1.689.863

3.026.956

1.440.726

1.167.582

 

Stockholders' Equity

6.741.134

9.560.555

10.704.538

 

 

Total Assets

11.687.855

11.970.542

13.050.223

 

 

Current Assets

6.248.860

6.376.801

7.131.081

 

 

Non-Current Assets

5.438.995

5.593.741

5.919.142

 

 

Current Liabilities

3.700.244

2.410.334

2.140.702

 

 

Long-Term Liabilities

1.246.477

-347

204.983

 

 

Gross Profit (loss)

3.932.438

4.583.503

2.638.460

2.317.041

 

Operating Profit (loss)

1.849.948

3.607.621

1.658.533

1.508.405

 

Net Profit (loss)

1.348.865

2.419.419

1.143.984

1.167.582

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

THE DETAILS OF THE CAPITAL INCREASE  AFTER LAST BALANCE SHEET

 

:

Cash Part

:4.100.000 TL

Equity Part

:

Payment Due Date

:16.06.2014

Number of Days To Pay First Portion of The Cash Part of Capital Increase

:90

 

 

Capitalization

High

Liquidity

High

Remarks On Liquidity

The capital increase after the last balance sheet is expected to have a positive effect on liquidity since the last balance sheet date.

Profitability

High Operating Profitability  in 2008

High Net Profitability  in 2008

High Operating Profitability  in 2009

High Net Profitability  in 2009

Good Operating Profitability  in 2010

Good Net Profitability  in 2010

Good Operating Profitability (01.01-30.09.2011)

Good Net Profitability (01.01-30.09.2011)

 

Gap between average collection and payable periods

Favorable in 2010

General Financial Position

Good

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 4.200.000 USD may be granted to the subject company.

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 01.01-30.09.2011)

9,72 %

1,6335

2,3016

2,6294

 ( 01.01-30.11.2011)

12,20 %

1,6616

2,3280

2,6658

 

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

6.248.860

0,53

6.376.801

0,53

7.131.081

0,55

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

Cash and Banks

3.057.183

0,26

2.461.916

0,21

4.635.920

0,36

Marketable Securities

0

0,00

0

0,00

94.822

0,01

Account Receivable

1.287.725

0,11

3.143.150

0,26

758.348

0,06

Other Receivable

0

0,00

0

0,00

0

0,00

Inventories

1.307.258

0,11

488.997

0,04

1.125.020

0,09

Advances Given

0

0,00

0

0,00

0

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

Other Current Assets

596.694

0,05

282.738

0,02

516.971

0,04

NON-CURRENT ASSETS

5.438.995

0,47

5.593.741

0,47

5.919.142

0,45

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

0

0,00

Financial Assets

1.020.000

0,09

1.020.000

0,09

1.020.000

0,08

Tangible Fixed Assets (net)

4.418.535

0,38

4.419.780

0,37

4.842.573

0,37

Intangible Assets

0

0,00

152.372

0,01

55.231

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

460

0,00

1.589

0,00

1.338

0,00

TOTAL ASSETS

11.687.855

1,00

11.970.542

1,00

13.050.223

1,00

CURRENT LIABILITIES

3.700.244

0,32

2.410.334

0,20

2.140.702

0,16

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

662.691

0,06

619.504

0,05

860.312

0,07

Accounts Payable

2.764.176

0,24

1.567.126

0,13

1.074.216

0,08

Loans from Shareholders

0

0,00

0

0,00

0

0,00

Other Short-term Payable

13.322

0,00

26.327

0,00

30.615

0,00

Advances from Customers

0

0,00

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

Taxes Payable

11.649

0,00

37.037

0,00

30.840

0,00

Provisions

248.406

0,02

160.340

0,01

144.719

0,01

Other Current Liabilities

0

0,00

0

0,00

0

0,00

LONG-TERM LIABILITIES

1.246.477

0,11

-347

0,00

204.983

0,02

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

1.246.477

0,11

-347

0,00

204.983

0,02

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

6.741.134

0,58

9.560.555

0,80

10.704.538

0,82

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

Paid-in Capital

1.500.000

0,13

1.500.000

0,13

1.900.000

0,15

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

2.431.613

0,21

2.431.613

0,20

2.431.613

0,19

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

Reserves

3.304.924

0,28

4.653.791

0,39

7.073.209

0,54

Revaluation Fund

0

0,00

400.000

0,03

0

0,00

Accumulated Losses(-)

-1.844.268

-0,16

-1.844.268

-0,15

-1.844.268

-0,14

Net Profit (loss)

1.348.865

0,12

2.419.419

0,20

1.143.984

0,09

TOTAL LIABILITIES AND EQUITY

11.687.855

1,00

11.970.542

1,00

13.050.223

1,00

 

 

INCOME STATEMENTS

 

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(01.01-30.09.2011) TL

 

Net Sales

17.990.191

1,00

17.714.042

1,00

21.531.884

1,00

18.933.425

1,00

Cost of Goods Sold

14.057.753

0,78

13.130.539

0,74

18.893.424

0,88

16.616.384

0,88

Gross Profit

3.932.438

0,22

4.583.503

0,26

2.638.460

0,12

2.317.041

0,12

Operating Expenses

2.082.490

0,12

975.882

0,06

979.927

0,05

808.636

0,04

Operating Profit

1.849.948

0,10

3.607.621

0,20

1.658.533

0,08

1.508.405

0,08

Other Income

240.533

0,01

281.140

0,02

128.753

0,01

119.056

0,01

Other Expenses

336.244

0,02

765.789

0,04

309.193

0,01

284.117

0,02

Financial Expenses

64.374

0,00

96.016

0,01

37.367

0,00

175.762

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

1.689.863

0,09

3.026.956

0,17

1.440.726

0,07

1.167.582

0,06

Tax Payable

340.998

0,02

607.537

0,03

296.742

0,01

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

1.348.865

0,07

2.419.419

0,14

1.143.984

0,05

1.167.582

0,06

 

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

 

LIQUIDITY RATIOS

 

 

 

 

Current Ratio

1,69

2,65

3,33

 

Acid-Test Ratio

1,17

2,33

2,56

 

Cash Ratio

0,83

1,02

2,21

 

ASSET STRUCTURE RATIOS

 

 

 

 

Inventory/Total Assets

0,11

0,04

0,09

 

Short-term Receivable/Total Assets

0,11

0,26

0,06

 

Tangible Assets/Total Assets

0,38

0,37

0,37

 

TURNOVER RATIOS

 

 

 

 

Inventory Turnover

10,75

26,85

16,79

 

Stockholders' Equity Turnover

2,67

1,85

2,01

 

Asset Turnover

1,54

1,48

1,65

 

FINANCIAL STRUCTURE

 

 

 

 

Stockholders' Equity/Total Assets

0,58

0,80

0,82

 

Current Liabilities/Total Assets

0,32

0,20

0,16

 

Financial Leverage

0,42

0,20

0,18

 

Gearing Percentage

0,73

0,25

0,22

 

PROFITABILITY RATIOS

 

 

 

 

Net Profit/Stockholders' Eq.

0,20

0,25

0,11

 

Operating Profit Margin

0,10

0,20

0,08

 

Net Profit Margin

0,07

0,14

0,05

 

Interest Cover

27,25

32,53

39,56

 

COLLECTION-PAYMENT

 

 

 

 

Average Collection Period (days)

25,77

63,88

12,68

 

Average Payable Period (days)

70,79

42,97

20,47

 

WORKING CAPITAL

2548616,00

3966467,00

4990379,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.52.96

UK Pound

1

Rs.82.04

Euro

1

Rs.68.91

 

 

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.