MIRA INFORM REPORT

 

 

Report Date :           

01.10.2011

 

IDENTIFICATION DETAILS

 

Name :

BAYKIM KIMYASAL URUNLER LTD. STI.

 

 

Formerly Known As :

Enba Kimyevi Maddeler Ithalat Ihracat Ve Ticaret Ltd. Sti.

 

 

Registered Office :

Sitma Pinari Sok. No:3 Kozyatagi Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

05.07.2000

 

 

Com. Reg. No.:

441080

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Wholesale trade of chemical raw materials

 

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 :

221.000 USD

 

 

Status :

Satisfactory

 

 

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 – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

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

:

BAYKIM KIMYASAL URUNLER LTD. STI.

HEAD OFFICE ADDRESS

:

Sitma Pinari Sok. No:3 Kozyatagi Istanbul / Turkey

PHONE NUMBER

:

90-216-384 23 57

 

FAX NUMBER

:

90-216-373 75 19

 

 

 

LEGAL STATUS AND HISTORY

 

REGISTRATION NUMBER

:

441080

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

05.07.2000

ESTABLISHMENT GAZETTE DATE/NO

:

11.07.2000/5085

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   250.000

PAID-IN CAPITAL

:

TL   250.000

HISTORY

:

Previous Name

:

Enba Kimyevi Maddeler Ithalat Ihracat Ve Ticaret Ltd. Sti.

Changed On

:

01.06.2010 (Commercial Gazette Date /Number 07.06.2010/ 7579)

Previous Registered Capital

:

TL 15.000

Changed On

:

12.04.2010 (Commercial Gazette Date /Number 15.04.2010/ 7544)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Ercument Cafer Bayegan

98 %

Ahmet Nejat Bayegan

2 %

 

 

GROUP

:

BAYEGAN GROUP OF COMPANIES

 

SISTER COMPANIES

:

BAYEGAN DIS TICARET A.S.

BAYPLAS DIS TICARET A.S.

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Ercument Cafer Bayegan

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Wholesale trade of chemical raw materials.

 

NACE CODE

:

G .51.55

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

20

 

NET SALES

:

53.647.564 TL

(2009) 

72.621.997 TL

(2010) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT COUNTRIES

:

Russia

Romania

U.A.E.

 

MERCHANDISE IMPORTED

:

Chemical raw materials

 

HEAD OFFICE ADDRESS

:

Sitma Pinari Sok. No:3 Kozyatagi Istanbul / Turkey

 

INVESTMENTS

:

None

 

 

 

TREND OF BUSINESS

:

There was an upwards trend in 2010.

SIZE OF BUSINESS

:

Moderate

 

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Kozyatagi Ticari Branch

ING Bank Kozyatagi Ticari Branch

T. Is Bankasi Kozyatagi Ticari Branch

Turk Ekonomi Bankasi Kozyatagi Ticari 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

:

 

(2009) TL

(2010) TL

 

 

 

Net Sales

53.647.564

72.621.997

 

 

 

Profit (Loss) Before Tax

297.029

566.688

 

 

 

Stockholders' Equity

375.554

828.905

 

 

 

Total Assets

1.196.695

2.438.325

 

 

 

Current Assets

1.194.729

2.395.176

 

 

 

Non-Current Assets

1.966

43.149

 

 

 

Current Liabilities

819.080

1.605.692

 

 

 

Long-Term Liabilities

2.061

3.728

 

 

 

Gross Profit (loss)

1.311.826

1.930.684

 

 

 

Operating Profit (loss)

522.172

917.810

 

 

 

Net Profit (loss)

237.602

453.351

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Fair As of 31.12.2010

Liquidity

Good As of 31.12.2010

Remarks On Liquidity

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

Profitability

Low Operating Profitability  in 2009

Low Net Profitability  in 2009

Low Operating Profitability  in 2010

Low Net Profitability  in 2010

 

Gap between average collection and payable periods

Unfavorable in 2010

General Financial Position

Satisfactory

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 221.000 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

 ( 01.01-31.08.2011)

8,05 %

1,6083

2,2781

2,5994

 

 

 

BALANCE SHEETS

 

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

1.194.729

1,00

2.395.176

0,98

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

378.355

0,32

34.684

0,01

Marketable Securities

0

0,00

0

0,00

Account Receivable

691.151

0,58

1.809.417

0,74

Other Receivable

0

0,00

0

0,00

Inventories

0

0,00

347.194

0,14

Advances Given

0

0,00

0

0,00

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

125.223

0,10

203.881

0,08

NON-CURRENT ASSETS

1.966

0,00

43.149

0,02

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)

0

0,00

0

0,00

Intangible Assets

0

0,00

0

0,00

Deferred Tax Assets

1.966

0,00

1.646

0,00

Other Non-Current Assets

0

0,00

41.503

0,02

TOTAL ASSETS

1.196.695

1,00

2.438.325

1,00

CURRENT LIABILITIES

819.080

0,68

1.605.692

0,66

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

0

0,00

660.123

0,27

Accounts Payable

793.173

0,66

871.754

0,36

Loans from Shareholders

0

0,00

0

0,00

Other Short-term Payable

4.603

0,00

9.287

0,00

Advances from Customers

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

21.304

0,02

62.923

0,03

Provisions

0

0,00

0

0,00

Other Current Liabilities

0

0,00

1.605

0,00

LONG-TERM LIABILITIES

2.061

0,00

3.728

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

2.061

0,00

3.728

0,00

STOCKHOLDERS' EQUITY

375.554

0,31

828.905

0,34

Not Detailed Stockholders' Equity

375.554

0,31

828.905

0,34

Paid-in Capital

0

0,00

0

0,00

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

0

0,00

0

0,00

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

Net Profit (loss)

0

0,00

0

0,00

TOTAL LIABILITIES AND EQUITY

1.196.695

1,00

2.438.325

1,00

 

 

INCOME STATEMENTS

 

 

(2009) TL

 

(2010) TL

 

Net Sales

53.647.564

1,00

72.621.997

1,00

Cost of Goods Sold

52.335.738

0,98

70.691.313

0,97

Gross Profit

1.311.826

0,02

1.930.684

0,03

Operating Expenses

789.654

0,01

1.012.874

0,01

Operating Profit

522.172

0,01

917.810

0,01

Other Income

447.364

0,01

1.006.620

0,01

Other Expenses

107

0,00

29.232

0,00

Financial Expenses

672.400

0,01

1.328.510

0,02

Minority Interests

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

Profit (loss) Before Tax

297.029

0,01

566.688

0,01

Tax Payable

61.393

0,00

113.337

0,00

Postponed Tax Gain

1.966

0,00

0

0,00

Net Profit (loss)

237.602

0,00

453.351

0,01

 

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

LIQUIDITY RATIOS

 

Current Ratio

1,46

1,49

Acid-Test Ratio

1,31

1,15

Cash Ratio

0,46

0,02

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,00

0,14

Short-term Receivable/Total Assets

0,58

0,74

Tangible Assets/Total Assets

0,00

0,00

TURNOVER RATIOS

 

Inventory Turnover

 

203,61

Stockholders' Equity Turnover

142,85

87,61

Asset Turnover

44,83

29,78

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,31

0,34

Current Liabilities/Total Assets

0,68

0,66

Financial Leverage

0,69

0,66

Gearing Percentage

2,19

1,94

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,63

0,55

Operating Profit Margin

0,01

0,01

Net Profit Margin

0,00

0,01

Interest Cover

1,44

1,43

COLLECTION-PAYMENT

 

Average Collection Period (days)

4,64

8,97

Average Payable Period (days)

5,46

4,44

WORKING CAPITAL

375649,00

789484,00

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.48.93

UK Pound

1

Rs.76.52

Euro

1

Rs.66.65

 

 

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

----

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.