MIRA INFORM REPORT

 

 

Report Date :

25.02.2011

 

IDENTIFICATION DETAILS

 

Name :

SUN CHEMICAL MATBAA MURAKKEPLERI VE GERECLERI SANAYII VE TICARET A.S.

 

 

Registered Office :

10037 Sok. No:4 Ataturk Organize Sanayi Bolgesi Cigli Izmir

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2009

 

 

Date of Incorporation :

14.10.1987

 

 

Com. Reg. No.:

5421-K-3803

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and Trade of Printing Inks. 

 

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 :

14.600.000 USD

Status :

Good

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 – June 30, 2010

 

Country Name

Previous Rating

                   (01.04.2010)                  

Current Rating

(30.06.2010)

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

:

SUN CHEMICAL MATBAA MURAKKEPLERI VE GERECLERI SANAYII VE TICARET A.S.

HEAD OFFICE ADDRESS

:

10037 Sok. No:4 Ataturk Organize Sanayi Bolgesi Cigli Izmir / Turkey

PHONE NUMBER

:

90-232-376 88 90

 

FAX NUMBER

:

90-232-376 88 98

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Hasan Tahsin

TAX NO

:

1330006980

REGISTRATION NUMBER

:

5421-K-3803

REGISTERED OFFICE

:

Izmir Chamber of Commerce

DATE ESTABLISHED

:

14.10.1987

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   1.050.000

HISTORY

:

Previous Name

:

Coates Lorilleux Murekkep Ve Kimya Sanayi Ticaret A.S.

Changed On

:

01.02.2010 (Commercial Gazette Date /Number 08.02.2010/ 7496)

Previous Registered Capital

:

TL 51.000

Changed On

:

18.05.2006 (Commercial Gazette Date /Number 01.06.2006/ 6568)

Previous Registered Capital

:

TL 1.000.000

Changed On

:

01.02.2010 (Commercial Gazette Date /Number 08.02.2010/ 7496)

Merger

:

The firm took over and merged with "Sun Chemical Murekkep ve Kimya Sanayi ve Ticaret A.S."(Registration no 8052)

Changed On

:

31.12.2009 (Commercial Gazette Date /Number 25.01.2010/ 7486)

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Sun Chemical Group S.P.A.

99,99 %

Jouk-Woeg-Perry Chin-Sie-Doun

 

Gideon Rudolf Erik Jurgens

 

Federico Franz

 

Cumhur Bilgic

 

John Keith Joseph Gowlett

 

Salahattin Besikcioglu

 

Carlo Musso

 

Martin Cellerier

 

Gerard Brady

 

Fahrettin Ucar

 

REMARKS ON SHAREHOLDERS

:

The main shareholder “Sun Chemical Group S.P.A.” is a foreign company.

BOARD OF DIRECTORS

:

Carlo Musso

 

Salahattin Besikcioglu

 

Martin Cellerier

 

Fahrettin Ucar

 

 

 

DIRECTORS

:

Salahattin Besikcioglu

General Manager

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of printing inks. 

 

TRADEMARKS OWNED

:

Coates Lorilleux

 

NUMBER OF EMPLOYEES

:

170

 

NET SALES

:

311 TL Thousand

(1995) 

791 TL Thousand

(1996) 

1.610 TL Thousand

(1997) 

3.291 TL Thousand

(1998) 

5.814 TL Thousand

(1999) 

8.710 TL Thousand

(2000) 

19.139 TL Thousand

(2001) 

33.603 TL Thousand

(2002) 

45.280 TL Thousand

(2003) 

59.023 TL Thousand

(2004) 

60.009 TL Thousand

(2005) 

73.710 TL Thousand

(2006) 

84.623.873 TL

(2007) 

86.258.684 TL

(2008) 

87.747.577 TL

(2009) 

 

 

IMPORT VALUE

:

42.576.360 EUR

(2009)

 

 

IMPORT COUNTRIES

:

Germany

U.K.

Italy

 

MERCHANDISE IMPORTED

:

Raw materials

 

EXPORT VALUE

:

3.703.000 TL

(2002)

3.602.000 TL

(2003)

4.134.000 USD

(2004)

5.473.000 TL

(2005)

9.932.000 TL

(2006)

6.668.949 TL

(2007)

6.596.137 TL

(2008)

7.545.212 TL

(2009)

 

 

EXPORT COUNTRIES

:

Jordan

Italy

U.A.E.

Germany

Lebanon

Uzbekistan

Kazakhstan

Belgium

Free Zone

 

MERCHANDISE  EXPORTED

:

Printing ink

 

HEAD OFFICE ADDRESS

:

10037 Sok. No:4 Ataturk Organize Sanayi Bolgesi Cigli Izmir / Turkey (owned)

 

BRANCHES

:

Warehouse  :  Istiklal Mah. Marasal Fevzi Cakmak Cad. Noi:13/1 Esenyurt Istanbul/Turkey (rented)

 

Factory  :  Cumhuriyet Mah. Istanbul Cad. No: 9 Gebze Kocaeli/Turkey

 

Head Office/Factory  :  10037 Sok. No:4 Ataturk Organize Sanayi Bolgesi Cigli Izmir/Turkey (owned) (20.000 sqm)

 

INVESTMENTS

:

None

 

TREND OF BUSINESS

:

There was a slowdown at business volume in real terms in  2009.

SIZE OF BUSINESS

:

Giant

 

 

 

 

 

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Organize Sanayi Branch

T. Is Bankasi Kahramanlar Branch

Yapi ve Kredi Bankasi AOSB Branch

 

CREDIT FACILITIES

:

The subject rarely makes use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

 

KEY FINANCIAL ELEMENTS

:

 

(2007) TL

(2008) TL

(2009) TL

 

 

Net Sales

84.623.873

86.258.684

87.747.577

 

 

Profit (Loss) Before Tax

21.337.853

28.058.581

23.346.742

 

 

Stockholders' Equity

48.950.420

71.362.214

89.972.800

 

 

Total Assets

61.656.581

86.388.522

100.703.921

 

 

Current Assets

53.126.093

76.987.467

91.366.461

 

 

Non-Current Assets

8.530.488

9.401.055

9.337.460

 

 

Current Liabilities

11.365.434

13.218.429

8.656.640

 

 

Long-Term Liabilities

1.340.727

1.807.879

2.074.481

 

 

Gross Profit (loss)

33.516.418

35.095.406

38.038.907

 

 

Operating Profit (loss)

22.306.285

22.438.672

24.330.630

 

 

Net Profit (loss)

16.998.821

22.386.829

18.610.587

 

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

THE DETAILS OF THE CAPITAL INCREASE  AFTER LAST BALANCE SHEET

 

:

Cash Part

:50.000 TL

Payment Due Date

:01.02.2010

 

Capitalization

High As of 31.12.2009

Remarks on Capitalization

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 31.12.2009

Remarks On Liquidity

The unfavorable gap between average collection and average payable period has an adverse effect on liquidity.

Profitability

High Operating Profitability  in 2007

High Net Profitability  in 2007

High Operating Profitability  in 2008

High Net Profitability  in 2008

High Operating Profitability  in 2009

High Net Profitability  in 2009

 

Gap between average collection and payable periods

Unfavorable in 2009

General Financial Position

Good

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 14.600.000 USD may be granted to the subject company.

 

 

 

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 1998 )

54,30 %

0,2657

0,2967

0,4410

 ( 1999 )

62,90 %

0,4278

0,4518

0,6843

 ( 2000 )

32,70 %

0,6251

0,5774

0,9480

 ( 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

 ( 01.01-31.01.2011)

2,36 %

1,5759

2,1299

2,4741

 

 

 

 

BALANCE SHEETS

 

 

 ( 31.12.2007 )  TL

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

CURRENT ASSETS

53.126.093

0,86

76.987.467

0,89

91.366.461

0,91

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

Cash and Banks

23.727.117

0,38

42.101.556

0,49

57.794.708

0,57

Marketable Securities

0

0,00

0

0,00

0

0,00

Account Receivable

18.520.995

0,30

23.291.500

0,27

22.932.999

0,23

Other Receivable

1.874

0,00

-2.764

0,00

19.222

0,00

Inventories

5.851.529

0,09

6.929.372

0,08

5.903.816

0,06

Advances Given

1.144.359

0,02

680.098

0,01

852.369

0,01

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

Other Current Assets

3.880.219

0,06

3.987.705

0,05

3.863.347

0,04

NON-CURRENT ASSETS

8.530.488

0,14

9.401.055

0,11

9.337.460

0,09

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

Long-term Receivable

1.731

0,00

2.183

0,00

5.674

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

8.508.402

0,14

9.073.380

0,11

8.176.590

0,08

Intangible Assets

12.028

0,00

180.031

0,00

167.457

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

8.327

0,00

145.461

0,00

987.739

0,01

TOTAL ASSETS

61.656.581

1,00

86.388.522

1,00

100.703.921

1,00

CURRENT LIABILITIES

11.365.434

0,18

13.218.429

0,15

8.656.640

0,09

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

0

0,00

Accounts Payable

5.054.103

0,08

5.135.996

0,06

2.014.082

0,02

Loans from Shareholders

120.843

0,00

163.074

0,00

0

0,00

Other Short-term Payable

0

0,00

0

0,00

219.810

0,00

Advances from Customers

118.794

0,00

65.605

0,00

5.905

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

Taxes Payable

5.028.581

0,08

6.564.886

0,08

968.902

0,01

Provisions

0

0,00

0

0,00

4.736.155

0,05

Other Current Liabilities

1.043.113

0,02

1.288.868

0,01

711.786

0,01

LONG-TERM LIABILITIES

1.340.727

0,02

1.807.879

0,02

2.074.481

0,02

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

195.089

0,00

169.470

0,00

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

1.340.727

0,02

1.612.790

0,02

1.905.011

0,02

STOCKHOLDERS' EQUITY

48.950.420

0,79

71.362.214

0,83

89.972.800

0,89

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

Paid-in Capital

1.000.000

0,02

1.000.000

0,01

1.000.000

0,01

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

1.935.503

0,03

1.935.503

0,02

1.935.503

0,02

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

Reserves

29.016.096

0,47

46.039.882

0,53

68.426.710

0,68

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)

16.998.821

0,28

22.386.829

0,26

18.610.587

0,18

TOTAL LIABILITIES AND EQUITY

61.656.581

1,00

86.388.522

1,00

100.703.921

1,00

 

 

INCOME STATEMENTS

 

 

(2007) TL

 

(2008) TL

 

(2009) TL

 

Net Sales

84.623.873

1,00

86.258.684

1,00

87.747.577

1,00

Cost of Goods Sold

51.107.455

0,60

51.163.278

0,59

49.708.670

0,57

Gross Profit

33.516.418

0,40

35.095.406

0,41

38.038.907

0,43

Operating Expenses

11.210.133

0,13

12.656.734

0,15

13.708.277

0,16

Operating Profit

22.306.285

0,26

22.438.672

0,26

24.330.630

0,28

Other Income

1.772.394

0,02

11.904.277

0,14

7.828.297

0,09

Other Expenses

2.737.630

0,03

6.262.492

0,07

8.785.380

0,10

Financial Expenses

3.196

0,00

21.876

0,00

26.805

0,00

Minority Interests

0

0,00

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

0

0,00

Profit (loss) Before Tax

21.337.853

0,25

28.058.581

0,33

23.346.742

0,27

Tax Payable

4.339.032

0,05

5.671.752

0,07

4.736.155

0,05

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

16.998.821

0,20

22.386.829

0,26

18.610.587

0,21

 

FINANCIAL RATIOS

 

 

(2007)

(2008)

(2009)

LIQUIDITY RATIOS

 

Current Ratio

4,67

5,82

10,55

Acid-Test Ratio

3,72

4,95

9,33

Cash Ratio

2,09

3,19

6,68

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,09

0,08

0,06

Short-term Receivable/Total Assets

0,30

0,27

0,23

Tangible Assets/Total Assets

0,14

0,11

0,08

TURNOVER RATIOS

 

Inventory Turnover

8,73

7,38

8,42

Stockholders' Equity Turnover

1,73

1,21

0,98

Asset Turnover

1,37

1,00

0,87

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,79

0,83

0,89

Current Liabilities/Total Assets

0,18

0,15

0,09

Financial Leverage

0,21

0,17

0,11

Gearing Percentage

0,26

0,21

0,12

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,35

0,31

0,21

Operating Profit Margin

0,26

0,26

0,28

Net Profit Margin

0,20

0,26

0,21

Interest Cover

6677,42

1283,62

871,98

COLLECTION-PAYMENT

 

Average Collection Period (days)

78,80

97,22

94,11

Average Payable Period (days)

35,60

36,14

14,59

WORKING CAPITAL

41760659,00

63769038,00

82709821,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.37

UK Pound

1

Rs.73.24

Euro

1

Rs.62.68

 

 

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 Company

----

 

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.