MIRA INFORM REPORT

 

 

Report Date :           

19.05.2011

 

IDENTIFICATION DETAILS

 

Correct Name :

VESKIM KIMYEVI MADDE ITHALAT IHRACAT LTD. STI.

 

 

Registered Office :

Seyrantepe, Karaoglanoglu Cad. Ethem Zengin Ishani No:25 Kat:5 Kagithane Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2009

 

 

Date of Incorporation :

23.12.1986

 

 

Com. Reg. No.:

229763

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Filling and trade of chemicals

 

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 :

2.250.000 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 – 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

:

VESKIM KIMYEVI MADDE ITHALAT IHRACAT LTD. STI.

HEAD OFFICE ADDRESS

:

Seyrantepe, Karaoglanoglu Cad. Ethem Zengin Ishani No:25 Kat:5 Kagithane Istanbul / Turkey

PHONE NUMBER

:

90-212-283 10 17 (6 lines)

 

FAX NUMBER

:

90-212-282 80 38

 

WEB-ADDRESS

:

www.veskim.com

E-MAIL

:

info@veskim.com

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Bogazici Kurumlar

TAX NO

:

9250002023

REGISTRATION NUMBER

:

229763s

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

23.12.1986

ESTABLISHMENT GAZETTE DATE/NO

:

08.01.1987/1677

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   6.500.000

PAID-IN CAPITAL

:

TL   6.500.000

HISTORY

:

Previous Registered Capital

:

TL 12.000

Changed On

:

24.09.1998 (Commercial Gazette Date /Number 29.09.1998/ 4637)

Previous Registered Capital

:

TL 90.000

Changed On

:

15.12.2004 (Commercial Gazette Date /Number 20.12.2004/ 6201)

Previous Registered Capital

:

TL 400.000

Changed On

:

26.01.2006 (Commercial Gazette Date /Number 31.01.2006/ 6482)

Previous Registered Capital

:

TL 3.200.000

Changed On

:

31.05.2010 (Commercial Gazette Date /Number 08.06.2010/ 7580)

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

A. Kerim Henri Basoglu

33,33 %

Selim Anter

33,33 %

Can Mark Basoglu

12,50 %

Nikol Basoglu

12,50 %

Talin Basoglu

8,34 %

 

 

SISTER COMPANIES

:

VES DERI SANAYI VE TICARET A.S.

VES MUMESSILLIK DIS TICARET A.S.

VESDERI DERI DIS TICARET LTD. STI.

VESKIM KIMYEVI MADDELER SANAYI VE TICARET A.S.

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

A. Kerim Henri Basoglu                                                                                                                                                                                                                                                                                   

 

Selim Anter                                                                                                                                                                                                                                                                                   

 

Talin Basoglu                                                                                                                                                                                                                                                                                   

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Filling and trade of chemicals. 

 

NUMBER OF EMPLOYEES

:

48

 

 

NET SALES

:

5.137.337 TL

(1999) 

6.762.673 TL

(2000) 

11.996.825 TL

(2001) 

17.100.132 TL

(2002) 

22.579.617 TL

(2003) 

29.390.811 TL

(2004) 

37.190.900 TL

(2005) 

42.329.366 TL

(2006) 

55.357.986 TL

(2007) 

88.097.905 TL

(2008) 

99.245.822 TL

(2009) 

129.797.518 TL

(2010) 

 

 

CAPACITY

:

  ( tons/yr)

 

 

 

14.706

 

 

(2007)

14.706

 

 

(2008)

 

 

 

 

IMPORT VALUE

:

 

696.285 USD + 3.717.236 EUR

(2002)

4.716 GBP + 1.114.238 USD + 4.246.699 EUR

(2003)

1.722.949 USD + 3.984.174 EUR

(2004)

3.671.610 USD + 3.931.760 EUR

(2005)

5.880.517 USD + 4.960.688 EUR

(2006)

7.094.972 USD + 5.658.333 EUR

(2007)

11.029.845 USD + 10.266.847 EUR

(2008)

11.225.000 EUR + 11.868.000 USD

(2009)

 

 

IMPORT COUNTRIES

:

Belgium

Italy

Germany

China

Poland

Taiwan

 

MERCHANDISE IMPORTED

:

Chemicals

 

EXPORT VALUE

:

362.092 TL

(2001)

619.794 TL

(2002)

182.656 TL

(2003)

883.782 TL

(2004)

2.589.583 TL

(2005)

379.256 TL

(2006)

178.056 TL

(2007)

34.737 TL

(2008)

476.671 TL

(2009)

361.097 TL

(2010)

EXPORT COUNTRIES

:

Free Zone

Ethiopia

Northern Cyprus Turkish Republic

 

MERCHANDISE  EXPORTED

:

Chemicals

 

HEAD OFFICE ADDRESS

:

Seyrantepe, Karaoglanoglu Cad. Ethem Zengin Ishani No:25 Kat:5 Kagithane  Istanbul / Turkey ( rented ) (350 sqm)

 

BRANCHES

:

Warehouse  :  Tuzla Istanbul/Turkey

 

Warehouse  :  Ikitelli Istanbul/Turkey

 

Warehouse  :  Alibeykoy Istanbul/Turkey

 

Processing Plant  :  Ulas Mevkii E-5 Uzeri Gulle Tekstil Karsisi Corlu Tekirdag/Turkey (owned) (5.400 sqm)

                                                                                

INVESTMENTS

:

Investments are going on.

 

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2010.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Anadolubank 4. Levent Branch

Garanti Bankasi Celiktepe Branch

ING Bank 4. Levent Branch

T. Vakiflar Bankasi Levent Sanayi Branch

Yapi ve Kredi Bankasi Sanayi Branch

 

CREDIT FACILITIES

:

The subject company is making active use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2006) TL

(2007) TL

(2008) TL

(2009) TL

(2010) TL

Net Sales

42.329.366

55.357.986

88.097.905

99.245.822

129.797.518

Profit (Loss) Before Tax

205.111

1.142.887

1.325.104

5.672.190

7.213.388

Stockholders' Equity

4.938.906

5.844.778

6.903.188

13.373.869

 

Total Assets

21.673.239

33.571.846

42.532.868

54.890.641

 

Current Assets

19.425.167

30.835.124

39.593.951

51.740.617

 

Non-Current Assets

2.248.072

2.736.722

2.938.917

3.150.024

 

Current Liabilities

15.067.533

27.727.068

35.629.680

41.516.772

 

Long-Term Liabilities

1.666.800

0

0

0

 

Gross Profit (loss)

5.450.591

6.747.731

14.260.692

15.489.203

18.358.922

Operating Profit (loss)

2.971.633

3.490.608

10.413.654

10.506.711

11.602.004

Net Profit (loss)

163.300

905.872

1.058.411

4.535.679

7.213.388

 

 

 

COMMENT ON FINANCIAL POSITION

 

THE DETAILS OF THE CAPITAL INCREASE  AFTER LAST BALANCE SHEET

 

:

Cash Part

:155.000 TL

Equity Part

:3.145.000 TL

Payment Due Date

:31.05.2010

 

 

Capitalization

Insufficient

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

Good

Remarks On Liquidity

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

Profitability

Good Operating Profitability  in 2006

Low Net Profitability  in 2006

Good Operating Profitability  in 2007

Fair Net Profitability  in 2007

High Operating Profitability  in 2008

Low Net Profitability  in 2008

High Operating Profitability  in 2009

Good Net Profitability  in 2009

Good Operating Profitability  in 2010

Good Net Profitability  in 2010

 

Gap between average collection and payable periods

Unfavorable in 2009

General Financial Position

Passable

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 2.250.000 USD may be granted to the subject company.

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 01.01-30.09.2009)

3,60 %

1,5624

2,1386

2,3953

 ( 2009 )

5,93 %

1,5460

2,1529

2,4094

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 ( 01.01-31.03.2011)

5,40 %

1,5753

2,1664

2,5072

 

 

BALANCE SHEETS

 

 

 ( 31.12.2006 )  TL

 

 ( 31.12.2007 )  TL

 

 ( 31.12.2008 )  TL

 

 31.12.2009   TL

 

CURRENT ASSETS

19.425.167

0,90

30.835.124

0,92

39.593.951

0,93

51.740.617

0,94

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

6.587.348

0,30

9.398.647

0,28

16.937.143

0,40

17.966.314

0,33

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

7.813.317

0,36

11.123.200

0,33

16.626.310

0,39

27.855.115

0,51

Other Receivable

0

0,00

0

0,00

0

0,00

0

0,00

Inventories

4.635.700

0,21

3.557.287

0,11

2.802.061

0,07

1.917.550

0,03

Advances Given

344.077

0,02

6.731.795

0,20

3.207.890

0,08

3.751.026

0,07

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

44.725

0,00

24.195

0,00

20.547

0,00

250.612

0,00

NON-CURRENT ASSETS

2.248.072

0,10

2.736.722

0,08

2.938.917

0,07

3.150.024

0,06

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

0

0,00

0

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

1.874.981

0,09

2.365.381

0,07

2.541.484

0,06

2.763.377

0,05

Intangible Assets

330.691

0,02

342.189

0,01

386.647

0,01

386.647

0,01

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

42.400

0,00

29.152

0,00

10.786

0,00

0

0,00

TOTAL ASSETS

21.673.239

1,00

33.571.846

1,00

42.532.868

1,00

54.890.641

1,00

CURRENT LIABILITIES

15.067.533

0,70

27.727.068

0,83

35.629.680

0,84

41.516.772

0,76

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

8.255.618

0,38

12.703.710

0,38

18.062.034

0,42

21.410.414

0,39

Accounts Payable

2.192.499

0,10

8.470.534

0,25

8.642.455

0,20

8.450.120

0,15

Loans from Shareholders

137.674

0,01

1.964.241

0,06

2.058.106

0,05

217.640

0,00

Other Short-term Payable

0

0,00

0

0,00

0

0,00

0

0,00

Advances from Customers

1.971.356

0,09

2.860.788

0,09

1.376.479

0,03

5.422.557

0,10

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

30.234

0,00

16.383

0,00

434.401

0,01

20.728

0,00

Provisions

2.480.152

0,11

1.711.412

0,05

5.056.205

0,12

5.995.313

0,11

Other Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

LONG-TERM LIABILITIES

1.666.800

0,08

0

0,00

0

0,00

0

0,00

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

1.666.800

0,08

0

0,00

0

0,00

0

0,00

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

4.938.906

0,23

5.844.778

0,17

6.903.188

0,16

13.373.869

0,24

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

3.200.000

0,15

3.200.000

0,10

3.200.000

0,08

3.200.000

0,06

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

1.210.000

0,06

1.210.000

0,04

1.210.000

0,03

1.210.000

0,02

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

365.606

0,02

528.906

0,02

1.434.777

0,03

4.428.190

0,08

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)

163.300

0,01

905.872

0,03

1.058.411

0,02

4.535.679

0,08

TOTAL LIABILITIES AND EQUITY

21.673.239

1,00

33.571.846

1,00

42.532.868

1,00

54.890.641

1,00

 

 

 

 

INCOME STATEMENTS

 

 

(2006) TL

 

(2007) TL

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

Net Sales

42.329.366

1,00

55.357.986

1,00

88.097.905

1,00

99.245.822

1,00

129.797.518

1,00

Cost of Goods Sold

36.878.775

0,87

48.610.255

0,88

73.837.213

0,84

83.756.619

0,84

111.438.596

0,86

Gross Profit

5.450.591

0,13

6.747.731

0,12

14.260.692

0,16

15.489.203

0,16

18.358.922

0,14

Operating Expenses

2.478.958

0,06

3.257.123

0,06

3.847.038

0,04

4.982.492

0,05

6.756.918

0,05

Operating Profit

2.971.633

0,07

3.490.608

0,06

10.413.654

0,12

10.506.711

0,11

11.602.004

0,09

Other Income

441.785

0,01

2.046.537

0,04

3.427.752

0,04

1.385.567

0,01

2.047.181

0,02

Other Expenses

669.533

0,02

3.183.381

0,06

5.687.233

0,06

3.268.885

0,03

5.004.809

0,04

Financial Expenses

2.538.774

0,06

1.210.877

0,02

6.829.069

0,08

2.951.203

0,03

1.430.988

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

205.111

0,00

1.142.887

0,02

1.325.104

0,02

5.672.190

0,06

7.213.388

0,06

Tax Payable

41.811

0,00

237.015

0,00

266.693

0,00

1.136.511

0,01

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

163.300

0,00

905.872

0,02

1.058.411

0,01

4.535.679

0,05

7.213.388

0,06

 

 

FINANCIAL RATIOS

 

 

(2006)

(2007)

(2008)

(2009)

LIQUIDITY RATIOS

 

 

Current Ratio

1,29

1,11

1,11

1,25

Acid-Test Ratio

0,96

0,74

0,94

1,10

Cash Ratio

0,44

0,34

0,48

0,43

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,21

0,11

0,07

0,03

Short-term Receivable/Total Assets

0,36

0,33

0,39

0,51

Tangible Assets/Total Assets

0,09

0,07

0,06

0,05

TURNOVER RATIOS

 

 

Inventory Turnover

7,96

13,66

26,35

43,68

Stockholders' Equity Turnover

8,57

9,47

12,76

7,42

Asset Turnover

1,95

1,65

2,07

1,81

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,23

0,17

0,16

0,24

Current Liabilities/Total Assets

0,70

0,83

0,84

0,76

Financial Leverage

0,77

0,83

0,84

0,76

Gearing Percentage

3,39

4,74

5,16

3,10

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,03

0,15

0,15

0,34

Operating Profit Margin

0,07

0,06

0,12

0,11

Net Profit Margin

0,00

0,02

0,01

0,05

Interest Cover

1,08

1,94

1,19

2,92

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

66,45

72,34

67,94

101,04

Average Payable Period (days)

21,40

62,73

42,14

36,32

WORKING CAPITAL

4357634,00

3108056,00

3964271,00

10223845,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.08

UK Pound

1

Rs.73.35

Euro

1

Rs.64.30

 

 

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%)

 

 

 

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.