MIRA INFORM REPORT

 

Report Date :

24.01.2011

 

IDENTIFICATION DETAILS

 

Name :

YILMAZ KIMYA INSAAT SANAYI VE TICARET A.S.

 

 

Formerly Known As :

Yilmaz Kimya Sanayi Ve Ticaret A.S.

 

 

Registered Office :

Esensehir Mah. Dudullu Organize Sanayi Bolgesi 1. Cad. No:21 Umraniye Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

24.03.1995

 

 

Com. Reg. No.:

17565-8

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Trader of chemicals

 

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 :

7.100.000 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

:

YILMAZ KIMYA INSAAT SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Esensehir Mah. Dudullu Organize Sanayi Bolgesi 1. Cad. No:21 Umraniye Istanbul / Turkey

PHONE NUMBER

:

90-216-314 10 00

 

FAX NUMBER

:

90-216-314 12 12

 

WEB-ADDRESS

:

www.yilmazkimya.com.tr

E-MAIL

:

info@yilmazkimya.com.tr

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Anadolu Kurumlar

TAX NO

:

9780025022

REGISTRATION NUMBER

:

17565-8

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

24.03.1995

ESTABLISHMENT GAZETTE DATE/NO

:

30.03.1995/3756

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   13.500.000

HISTORY

:

Previous Name

:

Yilmaz Kimya Sanayi Ve Ticaret A.S.

Changed On

:

28.12.2004 (Commercial Gazette Date /Number 04.01.2005/ 6212)

Previous Registered Capital

:

TL 7.000.000

Changed On

:

24.12.2008 (Commercial Gazette Date /Number 30.12.2008/ 7217)

Previous Registered Capital

:

TL 10.000.000

Changed On

:

23.06.2010 (Commercial Gazette Date /Number 29.06.2010/ 7595)

Previous Address

:

Inkilap Mah. Site Yolu Cad. Untel Sok. No:1 Umraniye-Istanbul

Changed On

:

26.09.2007 (Commercial Gazette Date /Number 02.10.2007/ 6907)

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Irfan Yilmaz

78,84 %

Erhan Yilmaz

9,03 %

Ilhan Yilmaz

9,03 %

Davut Yildirim

 

Meryem Yilmaz

 

 

 

SISTER COMPANIES

:

YILKIM KIMYA SANAYI VE DIS TICARET LTD. STI.

 

BOARD OF DIRECTORS

:

Irfan Yilmaz

Chairman

Ilhan Yilmaz

Member

Erhan Yilmaz

Member

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Trade of chemicals.  

 

NACE CODE

:

G.51.55

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

35

 

NET SALES

:

28.039.852 TL

(2006) 

31.919.891 TL

(2007) 

43.075.973 TL

(2008) 

51.922.926 TL

(2009) 

39.162.972 TL

(01.01-30.09.2010) 

 

 

IMPORT VALUE

:

20.000.000 USD

(2007)

28.419.400 TL

(2008)

33.122.000 TL

(2009)

21.000.000 TL

(2010)

 

 

IMPORT COUNTRIES

:

China

India

European Countries

 

MERCHANDISE IMPORTED

:

Chemicals

 

EXPORT VALUE

:

344.899 TL

(2007)

535.284 TL

(2008)

1.898.155 TL

(2009)

1.295.770 TL

(01.01-30.09.2010)

 

 

EXPORT COUNTRIES

:

Georgia

Afghanistan

Iran

Kazakhstan

Uzbekistan

India

Free Zone

Congo Republic

Sudan

Northern Cyprus Turkish Republic

 

MERCHANDISE  EXPORTED

:

Chemicals

 

HEAD OFFICE ADDRESS

:

Esensehir Mah. Dudullu Organize Sanayi Bolgesi 1. Cad. No:21 Umraniye  Istanbul / Turkey ( owned )

 

BRANCHES

:

Warehouse  :  Kagithane Istanbul/Turkey (owned by shareholder(s))

(1.000 sqm)

                                                                                

INVESTMENTS

:

None

 

TREND OF BUSINESS

:

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

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Imes Ticari Branch

Garanti Bankasi Imes Branch

T. Is Bankasi Umraniye 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

:

 

(2007) TL

(2008) TL

(2009) TL

 

 

Net Sales

31.919.891

43.075.973

51.922.926

 

 

Profit (Loss) Before Tax

2.183.188

4.084.527

5.445.997

 

 

Stockholders' Equity

14.709.370

20.745.419

27.017.288

 

 

Total Assets

24.252.018

27.118.378

33.557.955

 

 

Current Assets

7.489.512

9.708.328

12.270.454

 

 

Non-Current Assets

16.762.506

17.410.050

21.287.501

 

 

Current Liabilities

8.126.735

6.372.959

5.283.710

 

 

Long-Term Liabilities

1.415.913

0

1.256.957

 

 

Gross Profit (loss)

5.245.860

8.654.055

10.058.169

 

 

Operating Profit (loss)

2.381.797

4.670.741

5.812.650

 

 

Net Profit (loss)

1.739.151

3.261.089

4.349.674

 

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

THE DETAILS OF THE CAPITAL INCREASE  AFTER LAST BALANCE SHEET

 

:

Cash Part

:269.818,21 TL

Equity Part

:3.230.181,79 TL

Payment Due Date

:23.06.2013

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

:90

 

Capitalization

High As of 31.03.2010

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 31.03.2010

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. 

 

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

 

Profitability

Good Operating Profitability  in 2007

Good Net Profitability  in 2007

High Operating Profitability  in 2008

High Net Profitability  in 2008

High Operating Profitability  in 2009

High Net Profitability  in 2009

High Operating Profitability (01.01-30.09.2010)

High Net Profitability (01.01-30.09.2010)

 

Gap between average collection and payable periods

Unfavorable in 01.01-31.03.2010

General Financial Position

Good

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 7.100.000 USD may be granted to the subject company.

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 01.01-31.03.2010)

4,24 %

1,5128

2,0953

2,3698

 ( 01.01-30.09.2010)

6,52 %

1,5178

2,0112

2,3426

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 

 

BALANCE SHEETS

 

 

 31.12.2007   TL

 

 31.12.2008   TL

 

 31.12.2009  TL

 

31.03.2010   TL

 

CURRENT ASSETS

7.489.512

0,31

9.708.328

0,36

12.270.454

0,37

14.219.416

0,40

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

934.015

0,04

623.733

0,02

4.191.793

0,12

5.570.968

0,16

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

3.733.557

0,15

5.003.099

0,18

6.181.217

0,18

8.371.989

0,24

Other Receivable

0

0,00

9.000

0,00

0

0,00

0

0,00

Inventories

1.847.656

0,08

2.930.202

0,11

624.351

0,02

115.427

0,00

Advances Given

798.363

0,03

742.748

0,03

987.554

0,03

152.627

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

175.921

0,01

399.546

0,01

285.539

0,01

8.405

0,00

NON-CURRENT ASSETS

16.762.506

0,69

17.410.050

0,64

21.287.501

0,63

21.401.007

0,60

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

5.221

0,00

5.221

0,00

5.221

0,00

5.221

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

5.424.870

0,22

7.253.267

0,27

12.071.729

0,36

12.785.103

0,36

Intangible Assets

11.299.876

0,47

10.133.183

0,37

8.972.321

0,27

8.682.548

0,24

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

32.539

0,00

18.379

0,00

238.230

0,01

-71.865

0,00

TOTAL ASSETS

24.252.018

1,00

27.118.378

1,00

33.557.955

1,00

35.620.423

1,00

CURRENT LIABILITIES

8.126.735

0,34

6.372.959

0,24

5.283.710

0,16

6.442.193

0,18

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

1.920.500

0,08

1.443.761

0,05

1.999.275

0,06

1.645.261

0,05

Accounts Payable

1.156.817

0,05

1.965.679

0,07

1.489.857

0,04

3.718.855

0,10

Loans from Shareholders

1.902.238

0,08

708.497

0,03

0

0,00

-17.161

0,00

Other Short-term Payable

0

0,00

0

0,00

0

0,00

50.979

0,00

Advances from Customers

21.600

0,00

50.065

0,00

1.033.359

0,03

852.688

0,02

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

30.175

0,00

270.512

0,01

520.190

0,02

-3.634

0,00

Provisions

145.045

0,01

9

0,00

4.065

0,00

0

0,00

Other Current Liabilities

2.950.360

0,12

1.934.436

0,07

236.964

0,01

195.205

0,01

LONG-TERM LIABILITIES

1.415.913

0,06

0

0,00

1.256.957

0,04

1.270.147

0,04

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

1.415.913

0,06

0

0,00

1.256.957

0,04

1.270.147

0,04

Securities Issued

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

0

0,00

0

0,00

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

14.709.370

0,61

20.745.419

0,76

27.017.288

0,81

27.908.083

0,78

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

7.000.000

0,29

9.800.000

0,36

10.000.000

0,30

10.000.000

0,28

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

1.530.182

0,06

1.530.182

0,06

1.530.182

0,05

1.530.182

0,04

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

4.440.037

0,18

6.154.148

0,23

11.137.432

0,33

15.487.106

0,43

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

1.739.151

0,07

3.261.089

0,12

4.349.674

0,13

890.795

0,03

TOTAL LIABILITIES AND EQUITY

24.252.018

1,00

27.118.378

1,00

33.557.955

1,00

35.620.423

1,00

 

 

INCOME STATEMENTS

 

 

(2007) TL

 

(2008) TL

 

(2009) TL

 

(01.01-31.03.2010) TL

 

(01.01-30.09.2010) TL

 

Net Sales

31.919.891

1,00

43.075.973

1,00

51.922.926

1,00

13.150.295

1,00

39.162.972

1,00

Cost of Goods Sold

26.674.031

0,84

34.421.918

0,80

41.864.757

0,81

9.628.904

0,73

31.892.691

0,81

Gross Profit

5.245.860

0,16

8.654.055

0,20

10.058.169

0,19

3.521.391

0,27

7.270.281

0,19

Operating Expenses

2.864.063

0,09

3.983.314

0,09

4.245.519

0,08

2.471.325

0,19

3.544.251

0,09

Operating Profit

2.381.797

0,07

4.670.741

0,11

5.812.650

0,11

1.050.066

0,08

3.726.030

0,10

Other Income

535.245

0,02

85.817

0,00

136.074

0,00

41.624

0,00

391.040

0,01

Other Expenses

218.796

0,01

482.502

0,01

298.665

0,01

98.267

0,01

257.301

0,01

Financial Expenses

515.058

0,02

189.529

0,00

204.062

0,00

102.628

0,01

246.670

0,01

Minority Interests

0

0,00

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

0

0,00

Profit (loss) Before Tax

2.183.188

0,07

4.084.527

0,09

5.445.997

0,10

890.795

0,07

3.613.099

0,09

Tax Payable

444.037

0,01

823.438

0,02

1.096.323

0,02

0

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

1.739.151

0,05

3.261.089

0,08

4.349.674

0,08

890.795

0,07

3.613.099

0,09

 

 

FINANCIAL RATIOS

 

 

(2007)

(2008)

(2009)

(01.01-31.03.2010)

LIQUIDITY RATIOS

 

 

Current Ratio

0,92

1,52

2,32

2,21

Acid-Test Ratio

0,57

0,88

1,96

2,16

Cash Ratio

0,11

0,10

0,79

0,86

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,08

0,11

0,02

0,00

Short-term Receivable/Total Assets

0,15

0,18

0,18

0,24

Tangible Assets/Total Assets

0,22

0,27

0,36

0,36

TURNOVER RATIOS

 

 

Inventory Turnover

14,44

11,75

67,05

83,42

Stockholders' Equity Turnover

2,17

2,08

1,92

0,47

Asset Turnover

1,32

1,59

1,55

0,37

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,61

0,76

0,81

0,78

Current Liabilities/Total Assets

0,34

0,24

0,16

0,18

Financial Leverage

0,39

0,24

0,19

0,22

Gearing Percentage

0,65

0,31

0,24

0,28

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,12

0,16

0,16

0,03

Operating Profit Margin

0,07

0,11

0,11

0,08

Net Profit Margin

0,05

0,08

0,08

0,07

Interest Cover

5,24

22,55

27,69

9,68

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

42,17

41,86

42,89

229,33

Average Payable Period (days)

15,61

20,56

12,81

139,04

WORKING CAPITAL

-637223,00

3335369,00

6986744,00

7777223,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.70

UK Pound

1

Rs.72.78

Euro

1

Rs.61.65

 

 

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

 

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.