MIRA INFORM REPORT

 

 

Report Date :           

12.10.2011

 

IDENTIFICATION DETAILS

 

Name :

AZELIS TR KIMYA ENDUSTRISI URUNLERI ITHALAT IHRACAT TICARET VE SANAYI A.S. 

 

 

Formerly Known As :

Tara Kimya Endustrisi Urunleri Ithalat Ihracat Ticaret  Ve Sanayi A.S.

 

 

Registered Office :

Giz 2000 Plaza Kat.13 D.49-50  34398 Maslak Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

05.09.1997

 

 

Com. Reg. No.:

376059

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Wholesale trade of chemicals mainly paints.

 

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 :

 

 

 

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 – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

Turkey

b2

b2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

COMPANY IDENTIFICATION

 

NAME

:

AZELIS TR KIMYA ENDUSTRISI URUNLERI ITHALAT IHRACAT TICARET VE SANAYI A.S.

HEAD OFFICE ADDRESS

:

Giz 2000 Plaza Kat.13 D.49-50  34398 Maslak Istanbul / Turkey

PHONE NUMBER

:

90-212-290 66 80 (Pbx)

 

FAX NUMBER

:

90-212-290 66 90

 

WEB-ADDRESS

:

www.azelis.com.tr

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Maslak

TAX NO

:

8230048860

REGISTRATION NUMBER

:

376059

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

05.09.1997

ESTABLISHMENT GAZETTE DATE/NO

:

11.09.1997/4374

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   3.636.000

PAID-IN CAPITAL

:

TL   3.636.000

HISTORY

:

Previous Name

:

Tara Kimya Endustrisi Urunleri Ithalat Ihracat Ticaret  Ve Sanayi A.S.

Changed On

:

23.12.2008 (Commercial Gazette Date /Number 30.12.2008/ 7217)

Previous Registered Capital

:

TL 450.000

Changed On

:

23.12.2008 (Commercial Gazette Date /Number 30.12.2008/ 7217)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Azelis SA

99,60 %

Azelis Quimica S.A.

0,10 %

Antonio Juan Barios Boncompte

0,10 %

Seward Corporation S.L.

0,10 %

Impex Quimica S.A.

0,10 %

 

 

REMARKS ON SHAREHOLDERS

:

The shareholder "Azelis SA" is a foreign company located in Luxembourg. The shareholders "Azelis Quimica S.A., Seward Corporation S.L. and Impex Quimica S.A." are foreign companies located in Spain.

 

SUBSIDIARIES

:

None

 

BOARD OF DIRECTORS

:

Alessandro Clerici

 

Ebru Telli

 

Joris Sylvain Adelin Coppye

 

Antonio Juan Barios Boncompte

 

 

 

DIRECTORS

:

Ebru Telli

General Manager

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Wholesale trade of chemicals mainly paints. 

 

NACE CODE

:

G .51.55

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

30

 

NET SALES

:

10.154.539 TL

(2007) 

13.383.197 TL

(2008) 

22.860.550 TL

(2009) 

28.549.153 TL

(2010) 

8.218.220 TL

(01.01-31.03.2011) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT COUNTRIES

:

France

Netherlands

Germany

U.S.A.

Italy

 

MERCHANDISE IMPORTED

:

Chemicals

 

EXPORT VALUE

:

0 TL

(2008)

10.620 TL

(2009)

192.479 TL

(2010)

79.927 TL

(01.01-31.03.2011)

 

 

EXPORT COUNTRIES

:

Azerbaijan

Serbia

Netherlands

Romania

Belgium

Free Zone

Iran

Germany

Bulgaria

Georgia

Croatia

Greece

Uzbekistan

Egypt

 

MERCHANDISE  EXPORTED

:

Chemicals

 

HEAD OFFICE ADDRESS

:

Giz 2000 Plaza Kat.13 D.49-50  34398 Maslak  Istanbul / Turkey  (rented)

 

BRANCHES

:

Warehouse  :  Gebze Kocaeli/Turkey

INVESTMENTS

:

None

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2010.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Garanti Bankasi Taksim Branch

Yapi ve Kredi Bankasi Perpa Branch

 

CREDIT FACILITIES

:

The subject rarely makes use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2008) TL

(2009) TL

(2010) TL

(01.01-31.03.2011) TL

 

Net Sales

13.383.197

22.860.550

28.549.153

8.218.220

 

Profit (Loss) Before Tax

180.626

31.130

40.869

-718.725

 

Stockholders' Equity

3.963.172

3.978.929

4.016.888

 

 

Total Assets

10.377.409

13.996.902

16.113.346

 

 

Current Assets

9.896.643

13.419.261

14.803.900

 

 

Non-Current Assets

480.766

577.641

1.309.446

 

 

Current Liabilities

4.059.501

5.848.594

5.887.685

 

 

Long-Term Liabilities

2.354.736

4.169.379

6.208.773

 

 

Gross Profit (loss)

2.594.699

4.120.252

6.164.507

1.977.898

 

Operating Profit (loss)

516.858

977.761

1.336.624

411.914

 

Net Profit (loss)

142.291

15.756

22.585

-718.725

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Insufficient As of 31.12.2010

Liquidity

High As of 31.12.2010

Remarks On Liquidity

The favorable gap between average collection and average payable period has a positive effect on liquidity.

Profitability

In Order Operating Profitability  in 2008

Low Net Profitability  in 2008

In Order Operating Profitability  in 2009

Low Net Profitability  in 2009

In Order Operating Profitability  in 2010

Low Net Profitability  in 2010

In Order Operating Profitability (01.01-31.03.2011)

Net Loss (01.01-31.03.2011)

 

Gap between average collection and payable periods

Favorable in 2010

General Financial Position

Unsatisfactory

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 ( 01.01-31.03.2011)

5,40 %

1,5753

2,1664

2,5072

 ( 01.01-30.09.2011)

9,72 %

1,6335

2,3016

2,6294

 

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

9.896.643

0,95

13.419.261

0,96

14.803.900

0,92

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

Cash and Banks

2.476.230

0,24

-22.064

0,00

1.652.617

0,10

Marketable Securities

438.567

0,04

1.497.304

0,11

1.959.280

0,12

Account Receivable

3.762.458

0,36

10.314.354

0,74

7.963.031

0,49

Other Receivable

1.430

0,00

42.303

0,00

55.751

0,00

Inventories

3.130.042

0,30

1.392.777

0,10

3.078.453

0,19

Advances Given

9.773

0,00

61.717

0,00

52.102

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

Other Current Assets

78.143

0,01

132.870

0,01

42.666

0,00

NON-CURRENT ASSETS

480.766

0,05

577.641

0,04

1.309.446

0,08

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

Long-term Receivable

0

0,00

12.078

0,00

27.094

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

189.257

0,02

228.871

0,02

391.573

0,02

Intangible Assets

187.330

0,02

316.720

0,02

844.984

0,05

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

104.179

0,01

19.972

0,00

45.795

0,00

TOTAL ASSETS

10.377.409

1,00

13.996.902

1,00

16.113.346

1,00

CURRENT LIABILITIES

4.059.501

0,39

5.848.594

0,42

5.887.685

0,37

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

350.829

0,03

20.449

0,00

34.973

0,00

Accounts Payable

3.427.938

0,33

5.473.805

0,39

4.782.756

0,30

Loans from Shareholders

0

0,00

0

0,00

0

0,00

Other Short-term Payable

306

0,00

109.084

0,01

116.561

0,01

Advances from Customers

79.922

0,01

75.614

0,01

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

Taxes Payable

54.339

0,01

116.685

0,01

144.400

0,01

Provisions

38.334

0,00

15.374

0,00

18.285

0,00

Other Current Liabilities

107.833

0,01

37.583

0,00

790.710

0,05

LONG-TERM LIABILITIES

2.354.736

0,23

4.169.379

0,30

6.208.773

0,39

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

0

0,00

Securities Issued

0

0,00

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

6.208.773

0,39

Loans from Shareholders

2.354.736

0,23

4.169.379

0,30

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

3.963.172

0,38

3.978.929

0,28

4.016.888

0,25

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

Paid-in Capital

3.636.000

0,35

3.636.000

0,26

3.636.000

0,23

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

Reserves

184.881

0,02

327.173

0,02

358.303

0,02

Revaluation Fund

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

Net Profit (loss)

142.291

0,01

15.756

0,00

22.585

0,00

TOTAL LIABILITIES AND EQUITY

10.377.409

1,00

13.996.902

1,00

16.113.346

1,00

 

 

INCOME STATEMENTS

 

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(01.01-31.03.2011) TL

 

Net Sales

13.383.197

1,00

22.860.550

1,00

28.549.153

1,00

8.218.220

1,00

Cost of Goods Sold

10.788.498

0,81

18.740.298

0,82

22.384.646

0,78

6.240.322

0,76

Gross Profit

2.594.699

0,19

4.120.252

0,18

6.164.507

0,22

1.977.898

0,24

Operating Expenses

2.077.841

0,16

3.142.491

0,14

4.827.883

0,17

1.565.984

0,19

Operating Profit

516.858

0,04

977.761

0,04

1.336.624

0,05

411.914

0,05

Other Income

2.833.981

0,21

943.181

0,04

5.317.210

0,19

349.246

0,04

Other Expenses

2.513.135

0,19

1.429.050

0,06

6.200.687

0,22

1.365.461

0,17

Financial Expenses

657.078

0,05

460.762

0,02

412.278

0,01

114.424

0,01

Minority Interests

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

Profit (loss) Before Tax

180.626

0,01

31.130

0,00

40.869

0,00

-718.725

-0,09

Tax Payable

38.335

0,00

15.374

0,00

18.284

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

142.291

0,01

15.756

0,00

22.585

0,00

-718.725

-0,09

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

 

LIQUIDITY RATIOS

 

 

Current Ratio

2,44

2,29

2,51

 

Acid-Test Ratio

1,65

2,02

1,98

 

Cash Ratio

0,72

0,25

0,61

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,30

0,10

0,19

 

Short-term Receivable/Total Assets

0,36

0,74

0,50

 

Tangible Assets/Total Assets

0,02

0,02

0,02

 

TURNOVER RATIOS

 

 

Inventory Turnover

3,45

13,46

7,27

 

Stockholders' Equity Turnover

3,38

5,75

7,11

 

Asset Turnover

1,29

1,63

1,77

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,38

0,28

0,25

 

Current Liabilities/Total Assets

0,39

0,42

0,37

 

Financial Leverage

0,62

0,72

0,75

 

Gearing Percentage

1,62

2,52

3,01

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,04

0,00

0,01

 

Operating Profit Margin

0,04

0,04

0,05

 

Net Profit Margin

0,01

0,00

0,00

 

Interest Cover

1,27

1,07

1,10

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

101,21

162,62

100,75

 

Average Payable Period (days)

114,39

105,15

176,77

 

WORKING CAPITAL

5837142,00

7570667,00

8916215,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.03

UK Pound

1

Rs.76.60

Euro

1

Rs.66.80

 

 

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.