MIRA INFORM REPORT

 

 

Report Date :

12.01.2011

 

IDENTIFICATION DETAILS

 

Correct Name :

VER-POL BOYA POLIMER KIMYA SANAYI VE TICARET A.S. 

 

 

Registered Office :

Ataturk Organize Sanayi Bolgesi 10006 Sok. No:20 Cigli  Izmir

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2009

 

 

Date of Incorporation :

16.07.1993

 

 

Com. Reg. No.:

5486-K-5701

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Processing and trade of leather dye

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

480.000 USD

Status :

Moderate

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

:

VER-POL BOYA POLIMER KIMYA SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Ataturk Organize Sanayi Bolgesi 10006 Sok. No:20 Cigli  Izmir / Turkey

PHONE NUMBER

:

90-232-376 73 10

90-232-376 85 70 (Factory)

 

FAX NUMBER

:

90-232-376 73 11

90-232-376 85 72 (Factory)

 

WEB-ADDRESS

:

www.verbo.com.tr

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Cigli

TAX NO

:

9240046116

REGISTRATION NUMBER

:

5486-K-5701

REGISTERED OFFICE

:

Izmir Chamber of Commerce

DATE ESTABLISHED

:

16.07.1993

ESTABLISHMENT GAZETTE DATE /NO

:

29.07.1993/3330

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   2.110.000

PAID-IN CAPITAL

:

TL   2.110.000

HISTORY

:

Previous Registered Capital

:

TL 105.000

Changed On

:

26.12.2008 (Commercial Gazette Date /Number 02.01.2009/ 7219)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Vepas Dis Ticaret ve Kimya Sanayi A.S.

71 %

Guler Kural

 

Saziye Bayindir

 

Musa Bayindir

 

Serpil Kurum

 

Ahmet Ufuk Nalbantoglu

 

Mehmet Mesut Kurum

 

Sema Nalbantoglu

 

Hayati Kural

 

 

 

SISTER COMPANIES

:

FINITEKS BOYA KIMYA SANAYI VE TICARET A.S.

VEPAS DIS TICARET VE KIMYA SANAYI A.S.

VERBO BOYA KIMYA SANAYI VE TICARET A.S.

 

BOARD OF DIRECTORS

:

Mehmet Mesut Kurum

Chairman

Hayati Kural

Vice-Chairman

Ahmet Ufuk Nalbantoglu

Member

Musa Bayindir

Member

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Processing and trade of leather dye.

 

NACE CODE

:

DG.24.66

 

NUMBER OF EMPLOYEES

:

19

 

NET SALES

:

2.683.065 TL

(2006) 

2.867.902 TL

(2007) 

3.329.966 TL

(2008) 

3.701.130 TL

(2009) 

2.150.335 TL

(01.01-30.09.2010) 

 

 

IMPORT VALUE

:

907.665 EUR

(2005)

1.529.599 EUR

(2006)

1.022.545 EUR

(2007)

 

 

EXPORT VALUE

:

372.224 TL

(2008)

239.380 TL

(2009)

304.524 TL

(01.01-30.09.2010)

 

 

EXPORT COUNTRIES

:

Taiwan

 

MERCHANDISE  EXPORTED

:

Acid dyes

Mordant dyes

 

HEAD OFFICE ADDRESS

:

Ataturk Organize Sanayi Bolgesi 10006 Sok. No:20 Cigli  Izmir / Turkey (rented)

 

BRANCHES

:

Branch Office  :  Corlu Tekirdag/Turkey (rented)

 

Branch Office  :  Gonen Turkey (rented)

 

Branch Office  :  Zeytinburnu Istanbul/Turkey (rented)

 

Branch Office  :  Tuzla Istanbul/Turkey (rented)

 

Branch Office  :   Usak/Turkey (rented)

 

Production Plant  :  Ataturk Organize Sanayi Bolgesi 10008 Sok. No:13 Cigli Izmir/Turkey (owned)

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2009. There appears a decline at business volume in nominal terms in  1.1 - 30.9.2010.

SIZE OF BUSINESS

:

Medium

 

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Ataturk Organize Sanayi Bolgesi Branch

Garanti Bankasi Ataturk Organize Sanayi Bolgesi Branch

Halkbank Ataturk Organize Sanayi Bolgesi Branch

Vakiflar Bankasi Ataturk Organize Sanayi Bolgesi 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

(01.01-30.09.2010) TL

 

 

Net Sales

3.329.966

3.701.130

2.150.335

 

 

Profit (Loss) Before Tax

-85.279

396.496

-1.592

 

 

Stockholders' Equity

2.005.647

2.313.721

 

 

 

Total Assets

3.897.179

5.698.301

 

 

 

Current Assets

3.492.894

5.299.537

 

 

 

Non-Current Assets

404.285

398.764

 

 

 

Current Liabilities

1.891.532

3.384.580

 

 

 

Long-Term Liabilities

0

0

 

 

 

Gross Profit (loss)

688.560

833.177

481.159

 

 

Operating Profit (loss)

342.805

457.211

105.049

 

 

Net Profit (loss)

-215.240

303.591

-1.592

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Satisfactory As of 31.12.2009

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 2008

Net Loss  in 2008

High Operating Profitability  in 2009

High Net Profitability  in 2009

In Order Operating Profitability (01.01-30.09.2010)

Net Loss (01.01-30.09.2010)

 

Gap between average collection and payable periods

Unfavorable in 2009

General Financial Position

Fair

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 480.000 USD may be granted to the subject company.

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 01.01-30.09.2010)

6,52 %

1,5178

2,0112

2,3426

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 

 

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

CURRENT ASSETS

3.492.894

0,90

5.299.537

0,93

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

579.689

0,15

1.174.363

0,21

Marketable Securities

0

0,00

0

0,00

Account Receivable

1.892.299

0,49

2.941.647

0,52

Other Receivable

4.472

0,00

8.615

0,00

Inventories

739.672

0,19

982.251

0,17

Advances Given

270.653

0,07

190.426

0,03

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

6.109

0,00

2.235

0,00

NON-CURRENT ASSETS

404.285

0,10

398.764

0,07

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

Financial Assets

0

0,00

0

0,00

Tangible Fixed Assets (net)

398.552

0,10

398.764

0,07

Intangible Assets

0

0,00

0

0,00

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

5.733

0,00

0

0,00

TOTAL ASSETS

3.897.179

1,00

5.698.301

1,00

CURRENT LIABILITIES

1.891.532

0,49

3.384.580

0,59

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

319.086

0,08

1.185.754

0,21

Accounts Payable

1.057.472

0,27

1.282.144

0,23

Loans from Shareholders

190.809

0,05

24.861

0,00

Other Short-term Payable

42.240

0,01

300.860

0,05

Advances from Customers

49.661

0,01

397.326

0,07

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

140.716

0,04

142.671

0,03

Provisions

70.208

0,02

38.456

0,01

Other Current Liabilities

21.340

0,01

12.508

0,00

LONG-TERM LIABILITIES

0

0,00

0

0,00

Not Detailed Long-term Liabilities

0

0,00

0

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

0

0,00

STOCKHOLDERS' EQUITY

2.005.647

0,51

2.313.721

0,41

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

2.105.516

0,54

2.110.000

0,37

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

115.371

0,03

13.776

0,00

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

-113.646

-0,02

Net Profit (loss)

-215.240

-0,06

303.591

0,05

TOTAL LIABILITIES AND EQUITY

3.897.179

1,00

5.698.301

1,00

 

 

INCOME STATEMENTS

 

 

(2008) TL

 

(2009) TL

 

(01.01-30.09.2010) TL

 

Net Sales

3.329.966

1,00

3.701.130

1,00

2.150.335

1,00

Cost of Goods Sold

2.641.406

0,79

2.867.953

0,77

1.669.176

0,78

Gross Profit

688.560

0,21

833.177

0,23

481.159

0,22

Operating Expenses

345.755

0,10

375.966

0,10

376.110

0,17

Operating Profit

342.805

0,10

457.211

0,12

105.049

0,05

Other Income

625.088

0,19

157.119

0,04

181.084

0,08

Other Expenses

994.004

0,30

113.203

0,03

157.392

0,07

Financial Expenses

59.168

0,02

104.631

0,03

130.333

0,06

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

-85.279

-0,03

396.496

0,11

-1.592

0,00

Tax Payable

129.961

0,04

92.905

0,03

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

-215.240

-0,06

303.591

0,08

-1.592

0,00

 

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

LIQUIDITY RATIOS

 

 

Current Ratio

1,85

1,57

Acid-Test Ratio

1,31

1,22

Cash Ratio

0,31

0,35

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,19

0,17

Short-term Receivable/Total Assets

0,49

0,52

Tangible Assets/Total Assets

0,10

0,07

TURNOVER RATIOS

 

 

Inventory Turnover

3,57

2,92

Stockholders' Equity Turnover

1,66

1,60

Asset Turnover

0,85

0,65

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,51

0,41

Current Liabilities/Total Assets

0,49

0,59

Financial Leverage

0,49

0,59

Gearing Percentage

0,94

1,46

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

-0,11

0,13

Operating Profit Margin

0,10

0,12

Net Profit Margin

-0,06

0,08

Interest Cover

-0,44

4,79

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

204,57

286,13

Average Payable Period (days)

144,12

160,94

WORKING CAPITAL

1601362,00

1914957,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.32

UK Pound

1

Rs.70.54

Euro

1

Rs.58.70

 

 

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.