MIRA INFORM REPORT

 

 

Report Date :

06.05.2011

 

IDENTIFICATION DETAILS

 

Name :

MAITURK KIMYA SANAYI VE TICARET LTD. STI.

 

 

Formerly Known As :

MAIKIM KIMYA SANAYI VE TICARET LTD. STI

 

 

Registered Office :

Dosab Mustafa Karaer Cad. Sarmasik Sok. No: 4 Osmangazi Bursa

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

09.02.2005

 

 

Com. Reg. No.:

57532

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacture and trade of textile dye and 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 :

430.000 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 – December 31, 2010

 

Country Name

Previous Rating

(30.09.2010)

Current Rating

(31.12.2010)

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

:

MAITURK KIMYA SANAYI VE TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

DOSAB Mustafa Karaer Cad. Sarmasik Sok. No: 4 Osmangazi Bursa / Turkey

PHONE NUMBER

:

90-224-261 21 15

 

FAX NUMBER

:

90-224-261 06 28

 

WEB-ADDRESS

:

www.maiturk.com

E-MAIL

:

info@maiturk.com

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Uludag

TAX NO

:

6100305774

REGISTRATION NUMBER

:

57532

REGISTERED OFFICE

:

Bursa Chamber of Commerce and Industry

DATE ESTABLISHED

:

09.02.2005

ESTABLISHMENT GAZETTE DATE/NO

:

18.02.2005/6243

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

 

REGISTERED CAPITAL

:

TL   4.000.000

PAID-IN CAPITAL

:

TL   4.000.000

HISTORY

:

Previous Name

:

Maikim Kimya Sanayi ve Ticaret Ltd. Sti

Changed On

:

04.09.2007 (Commercial Gazette Date /Number 25.09.2007/ 6902)

Previous Registered Capital

:

TL 1.000.000

Changed On

:

29.08.2006 (Commercial Gazette Date /Number 07.09.2006/ 6637)

Previous Registered Capital

:

TL 2.500.000

Changed On

:

16.08.2007 (Commercial Gazette Date /Number 24.08.2007/ 6881)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Ismail Etkeser

25 %

Atila Etkeser

25 %

Muhammed Etkeser

25 %

Ibrahim Etkeser

25 %

 

 

GROUP PARENT COMPANY

:

HARPUT HOLDING A.S.

 

SISTER COMPANIES

:

H.G. ENERJI ELEKTRIK URETIMI SANAYI TICARET A.S.

H.G.C. TOPTAN ELEKTRIK ENERJI TICARET A.S.

HARPUT HOLDING A.S.

HARPUT TEKSTIL SANAYI VE TICARET LTD. STI.

KINTEKS DOKUMA VE BOYA SANAYI A.S.

KUPON TEKSTIL TURIZM NAKLIYAT VE INSAAT SANAYI TICARET LTD. STI.

MIRANLI ENERJI ELEKTRONIK SANAYI VE TICARET A.S.

MIRANLI SIGORTA ARACILIK HIZMETLERI LTD. STI.

MIRANLI TEKSTIL URUNLERI SANAYI VE TICARET A.S.

SADIOGULLARI GIDA SANAYI VE TICARET LTD. STI.

SEDAS INSAAT A.S.

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Muhammed Etkeser

General Manager

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Manufacture and trade of textile dye and chemicals. 

 

NACE CODE

:

DG.24.12

 

SECTOR

:

Chemicals

 

TRADEMARKS OWNED

:

Bluepax

Lalefam

Winni Blue

 

NUMBER OF EMPLOYEES

:

20

 

NET SALES

:

3.777.393 TL

(2009) 

3.331.703 TL

(2010) 

 

 

CAPACITY

:

  ( kgs/yr)

 

6.720.000

(2010)

6.720.000

(2011)

 

 

PRODUCTION

:

  ( kgs )

 

1.037.677

(2010)

 

 

IMPORT VALUE

:

293.884 TL

(2009)

518.452 TL

(2010)

 

 

IMPORT COUNTRIES

:

Germany

Poland

Italy

China

India

 

MERCHANDISE IMPORTED

:

Organic pigments

Raw materials

 

EXPORT VALUE

:

0 TL

(2009)

0 TL

(2010)

 

 

HEAD OFFICE ADDRESS

:

DOSAB Mustafa Karaer Cad. Sarmasik Sok. No: 4 Osmangazi Bursa / Turkey

( rented )

 

BRANCHES

:

Head Office/Production Plant  :  DOSAB Mustafa Karaer Cad. Sarmasik Sok. No: 4 Osmangazi Bursa/Turkey (rented) (5.580 sqm)

 

INVESTMENTS

:

None

 

TREND OF BUSINESS

:

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

SIZE OF BUSINESS

:

Medium

 

 

FINANCE

 

MAIN DEALING BANKS

:

Garanti Bankasi Bursa Branch

Turk Ekonomi Bankasi Marmara Kurumsal Branch

 

CREDIT FACILITIES

:

No credit facility has come to our knowledge.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2009) TL

(2010) TL

Net Sales

3.777.393

3.331.703

Profit (Loss) Before Tax

259.975

378.057

Stockholders' Equity

4.463.322

4.763.206

Total Assets

5.077.589

6.973.946

Current Assets

4.427.497

6.447.749

Non-Current Assets

650.092

526.197

Current Liabilities

614.267

2.210.740

Long-Term Liabilities

0

0

Gross Profit (loss)

783.850

718.574

Operating Profit (loss)

550.834

500.234

Net Profit (loss)

204.987

299.885

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

High As of 31.12.2010

Liquidity

Satisfactory As of 31.12.2010

Remarks On Liquidity

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

 

The liquid assets consist mainly of receivables the amount of cash&banks or marketable securities (which are more liquid) are low.

 

Profitability

High Operating Profitability  in 2009

Good Net Profitability  in 2009

High Operating Profitability  in 2010

High Net Profitability  in 2010

 

Gap between average collection and payable periods

Unfavorable in 2010

General Financial Position

In Order

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT LIMIT

 

:

430.000 USD

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 430.000 USD may be granted to the subject company.

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2009 )

5,93 %

1,5460

2,1529

2,4094

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 ( 01.01-30.04.2011)

6,04 %

1,5645

2,1852

2,5128

 

 

BALANCE SHEETS

 

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

4.427.497

0,87

6.447.749

0,92

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

51.506

0,01

164.958

0,02

Marketable Securities

0

0,00

0

0,00

Account Receivable

3.603.659

0,71

5.897.526

0,85

Other Receivable

1.250

0,00

400

0,00

Inventories

336

0,00

374.886

0,05

Advances Given

751.107

0,15

9.876

0,00

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

19.639

0,00

103

0,00

NON-CURRENT ASSETS

650.092

0,13

526.197

0,08

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)

605.245

0,12

491.599

0,07

Intangible Assets

44.847

0,01

30.824

0,00

Deferred Tax Assets

0

0,00

3.774

0,00

Other Non-Current Assets

0

0,00

0

0,00

TOTAL ASSETS

5.077.589

1,00

6.973.946

1,00

CURRENT LIABILITIES

614.267

0,12

2.210.740

0,32

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

Accounts Payable

52.554

0,01

118.327

0,02

Loans from Shareholders

0

0,00

0

0,00

Other Short-term Payable

14.174

0,00

14.125

0,00

Advances from Customers

503.046

0,10

2.003.221

0,29

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

44.493

0,01

38.630

0,01

Provisions

0

0,00

36.125

0,01

Other Current Liabilities

0

0,00

312

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

4.463.322

0,88

4.763.206

0,68

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

2.500.000

0,49

2.500.000

0,36

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

1.758.335

0,35

1.963.321

0,28

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

Net Profit (loss)

204.987

0,04

299.885

0,04

TOTAL LIABILITIES AND EQUITY

5.077.589

1,00

6.973.946

1,00

 

 

INCOME STATEMENTS

 

 

(2009) TL

 

(2010) TL

 

Net Sales

3.777.393

1,00

3.331.703

1,00

Cost of Goods Sold

2.993.543

0,79

2.613.129

0,78

Gross Profit

783.850

0,21

718.574

0,22

Operating Expenses

233.016

0,06

218.340

0,07

Operating Profit

550.834

0,15

500.234

0,15

Other Income

30.846

0,01

61.344

0,02

Other Expenses

321.705

0,09

183.521

0,06

Financial Expenses

0

0,00

0

0,00

Minority Interests

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

Profit (loss) Before Tax

259.975

0,07

378.057

0,11

Tax Payable

54.988

0,01

78.172

0,02

Postponed Tax Gain

0

0,00

0

0,00

Net Profit (loss)

204.987

0,05

299.885

0,09

 

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

LIQUIDITY RATIOS

 

Current Ratio

7,21

2,92

Acid-Test Ratio

5,95

2,74

Cash Ratio

0,08

0,07

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,00

0,05

Short-term Receivable/Total Assets

0,71

0,85

Tangible Assets/Total Assets

0,12

0,07

TURNOVER RATIOS

 

Inventory Turnover

8909,35

6,97

Stockholders' Equity Turnover

0,85

0,70

Asset Turnover

0,74

0,48

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,88

0,68

Current Liabilities/Total Assets

0,12

0,32

Financial Leverage

0,12

0,32

Gearing Percentage

0,14

0,46

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,05

0,06

Operating Profit Margin

0,15

0,15

Net Profit Margin

0,05

0,09

Interest Cover

 

 

COLLECTION-PAYMENT

 

Average Collection Period (days)

343,44

637,24

Average Payable Period (days)

6,32

16,30

WORKING CAPITAL

3813230,00

4237009,00

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.57

UK Pound

1

Rs.73.58

Euro

1

Rs.66.23

 

 

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.