MIRA INFORM REPORT

 

 

Report Date :           

07.09.2011

 

IDENTIFICATION DETAILS

 

Name :

MEPAN DIS TICARET A.S.

 

 

Registered Office :

Istanbul Deri Organize San. Bolg. 19 Yol No:12/7 Parsel Tuzla Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

26.05.1993

 

 

Com. Reg. No.:

299699

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Wholesale trade of chemicals for leather sector

 

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 :

600.000 USD

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct 

 

 

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

 

 Bottom of Form

 

NOTES

:

Address at your inquiry is not the registered head office but another premise.

 

 

COMPANY IDENTIFICATION

 

NAME

:

MEPAN DIS TICARET A.S.

HEAD OFFICE ADDRESS

:

Istanbul Deri Organize San. Bolg. 19 Yol No:12/7 Parsel Tuzla Istanbul / Turkey

PHONE NUMBER

:

90-216-394 11 33

 

FAX NUMBER

:

90-216-394 11 24

 

WEB-ADDRESS

:

www.mepan.com.tr

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Tuzla

TAX NO

:

6150041497

REGISTRATION NUMBER

:

299699

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

26.05.1993

ESTABLISHMENT GAZETTE DATE/NO

:

08.06.1993/3293

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   50.000

PAID-IN CAPITAL

:

TL   50.000

HISTORY

:

Previous Registered Capital

:

TL 15.000

Changed On

:

26.04.2002 (Commercial Gazette Date /Number 01.05.2002/ 5538)

Previous Address

:

2. Tasocagi Cad. Ziver Han No:20 K:3/D Mecidiyekoy Istanbul

Changed On

:

03.10.2006 (Commercial Gazette Date /Number 09.10.2006/ 6659)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

 

Farben Deri Tekstil Konf.ve Kim. Madd. Tic. ve San. A.S.

47 %

Herkim Kimyevi Maddeler Pazarlama A.S.

40 %

Mehmet Nuri Panayirci

10 %

Ismail Murat Panayirci

1 %

Aysegul Panayirci

1 %

Hakki Burak Panayirci

1 %

 

 

SISTER COMPANIES

:

ALPINE KIMYA TICARET VE SANAYI A.S.

 

FARBEN DERI TEKSTIL KONFEKSIYON VE KIMYEVI MADDELER TICARET VE SANAYI A.S.

 

HELSA BOYA VE KIMYA TICARET LTD. STI.

 

HERKIM KIMYEVI MADDELER PAZARLAMA A.S.

 

MENPA KIMYA TICARET LTD. STI.

 

POLITEK KIMYA SANAYI VE TICARET A.S.

 

SUBSIDIARIES

:

POLITEK KIMYA SANAYI VE TICARET A.S.  ( 10 % )

 

BOARD OF DIRECTORS

:

Mehmet Nuri Panayirci

Chairman

Ismail Murat Panayirci

Vice-Chairman

Hakki Burak Panayirci

Member

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Wholesale trade of chemicals for leather sector. 

 

NACE CODE

:

G .51.55

 

SECTOR

:

Commerce

 

 

NUMBER OF EMPLOYEES

:

5

 

NET SALES

:

5.931.788 TL

(2007) 

3.026.869 TL

(2008) 

4.420.874 TL

(2009) 

3.541.170 TL

(2010) 

2.801.201 TL

(01.01-30.06.2011) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT COUNTRIES

:

Spain

Italy

Germany

Brazil

Sweden

India

China

 

MERCHANDISE IMPORTED

:

Chemicals

 

EXPORT VALUE

:

5.174.807 TL

(2007)

3.026.869 TL

(2008)

4.420.874 TL

(2009)

3.530.000 TL

(2010)

2.801.201 TL

(01.01-30.06.2011)

 

 

EXPORT COUNTRIES

:

European Countries

Free Zone

 

MERCHANDISE  EXPORTED

:

Chemicals

 

HEAD OFFICE ADDRESS

:

Istanbul Deri Organize San. Bolg. 19 Yol No:12/7 Parsel Tuzla  Istanbul / Turkey ( rented )

 

BRANCHES

:

Branch Office/Warehouse  :  Istanbul Deri ve Endustri Serbest Bolgesi Hakki Matras Cad. No:8 Tuzla Istanbul/Turkey (rented) 

                                                                                

 

 

TREND OF BUSINESS

:

There was a decline at business volume in nominal terms in  2010. There appears an upwards trend in  1.1 - 30.6.2011.

SIZE OF BUSINESS

:

Medium

 

 

FINANCE

 

MAIN DEALING BANKS

:

Alternatif Bank Tuzla Deri Serbest Bolge Branch

Finansbank AHL Branch

T. Finans Katilim Bankasi Kurtkoy Branch

T. Is Bankasi AHL Branch

Yapi ve Kredi Bankasi AHL Branch

 

CREDIT FACILITIES

:

No credit facility has come to our knowledge.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2007) TL

(2008) TL

(2009) TL

(2010) TL

(01.01-30.06.2011) TL

Net Sales

5.931.788

3.026.869

4.420.874

3.541.170

2.801.201

Profit (Loss) Before Tax

279.894

1.920.468

361.813

136.711

580.540

Stockholders' Equity

6.680.085

7.337.636

5.833.214

5.141.695

 

Total Assets

7.465.064

8.254.327

7.215.022

6.709.414

 

Current Assets

7.417.912

8.141.958

7.098.664

6.525.936

 

Non-Current Assets

47.152

112.369

116.358

183.478

 

Current Liabilities

784.979

916.691

1.381.808

1.567.719

 

Long-Term Liabilities

0

0

0

0

 

Gross Profit (loss)

878.843

791.906

543.019

674.234

515.896

Operating Profit (loss)

665.220

595.398

364.483

506.726

387.638

Net Profit (loss)

270.809

1.920.468

361.813

136.711

580.540

 

 

 

 

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.

Profitability

High Operating Profitability  in 2007

Good Net Profitability  in 2007

High Operating Profitability  in 2008

High Net Profitability  in 2008

Good Operating Profitability  in 2009

High Net Profitability  in 2009

High Operating Profitability  in 2010

In Order Net Profitability  in 2010

High Operating Profitability (01.01-30.06.2011)

High Net Profitability (01.01-30.06.2011)

 

Gap between average collection and payable periods

Unfavorable in 2010

General Financial Position

In Order

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 600.000 USD may be granted to the subject company.

 

 

 

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

 ( 01.01-30.06.2011)

6,21 %

1,5771

2,2246

2,5422

 ( 01.01-31.08.2011)

8,05 %

1,6083

2,2781

2,5994

 

 

BALANCE SHEETS

 

 

 ( 31.12.2007 )  TL

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

31.12.2010  TL

 

CURRENT ASSETS

7.417.912

0,99

8.141.958

0,99

7.098.664

0,98

6.525.936

0,97

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

136.032

0,02

87.010

0,01

166.909

0,02

260.401

0,04

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

6.078.005

0,81

6.814.008

0,83

5.950.103

0,82

4.649.388

0,69

Other Receivable

0

0,00

366

0,00

376

0,00

382

0,00

Inventories

1.200.570

0,16

1.236.039

0,15

977.214

0,14

1.611.854

0,24

Advances Given

258

0,00

1.177

0,00

204

0,00

796

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

3.047

0,00

3.358

0,00

3.858

0,00

3.115

0,00

NON-CURRENT ASSETS

47.152

0,01

112.369

0,01

116.358

0,02

183.478

0,03

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

69.313

0,01

136.813

0,02

Tangible Fixed Assets (net)

46.522

0,01

46.445

0,01

46.368

0,01

46.291

0,01

Intangible Assets

0

0,00

65.221

0,01

0

0,00

0

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

630

0,00

703

0,00

677

0,00

374

0,00

TOTAL ASSETS

7.465.064

1,00

8.254.327

1,00

7.215.022

1,00

6.709.414

1,00

CURRENT LIABILITIES

784.979

0,11

916.691

0,11

1.381.808

0,19

1.567.719

0,23

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

0

0,00

0

0,00

Accounts Payable

777.705

0,10

857.880

0,10

1.372.398

0,19

1.558.147

0,23

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

Other Short-term Payable

4.752

0,00

0

0,00

5.204

0,00

5.369

0,00

Advances from Customers

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

2.051

0,00

2.686

0,00

4.206

0,00

4.203

0,00

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Liabilities

471

0,00

56.125

0,01

0

0,00

0

0,00

LONG-TERM LIABILITIES

0

0,00

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

0

0,00

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

6.680.085

0,89

7.337.636

0,89

5.833.214

0,81

5.141.695

0,77

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

50.000

0,01

50.000

0,01

50.000

0,01

50.000

0,01

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

895.037

0,12

895.037

0,11

69.828

0,01

69.828

0,01

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

6.358.824

0,85

5.366.653

0,65

5.356.834

0,74

4.898.991

0,73

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

-894.585

-0,12

-894.522

-0,11

-5.261

0,00

-13.835

0,00

Net Profit (loss)

270.809

0,04

1.920.468

0,23

361.813

0,05

136.711

0,02

TOTAL LIABILITIES AND EQUITY

7.465.064

1,00

8.254.327

1,00

7.215.022

1,00

6.709.414

1,00

 

 

INCOME STATEMENTS

 

 

(2007) TL

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(01.01-30.06.2011) TL

 

Net Sales

5.931.788

1,00

3.026.869

1,00

4.420.874

1,00

3.541.170

1,00

2.801.201

1,00

Cost of Goods Sold

5.052.945

0,85

2.234.963

0,74

3.877.855

0,88

2.866.936

0,81

2.285.305

0,82

Gross Profit

878.843

0,15

791.906

0,26

543.019

0,12

674.234

0,19

515.896

0,18

Operating Expenses

213.623

0,04

196.508

0,06

178.536

0,04

167.508

0,05

128.258

0,05

Operating Profit

665.220

0,11

595.398

0,20

364.483

0,08

506.726

0,14

387.638

0,14

Other Income

653.993

0,11

2.907.691

0,96

1.019.878

0,23

580.978

0,16

513.507

0,18

Other Expenses

127.226

0,02

32.717

0,01

32.002

0,01

404.691

0,11

11.940

0,00

Financial Expenses

912.093

0,15

1.549.904

0,51

990.546

0,22

546.302

0,15

308.665

0,11

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

279.894

0,05

1.920.468

0,63

361.813

0,08

136.711

0,04

580.540

0,21

Tax Payable

9.085

0,00

0

0,00

0

0,00

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)

270.809

0,05

1.920.468

0,63

361.813

0,08

136.711

0,04

580.540

0,21

 

FINANCIAL RATIOS

 

 

(2007)

(2008)

(2009)

(2010)

LIQUIDITY RATIOS

 

 

Current Ratio

9,45

8,88

5,14

4,16

Acid-Test Ratio

7,92

7,53

4,43

3,13

Cash Ratio

0,17

0,09

0,12

0,17

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,16

0,15

0,14

0,24

Short-term Receivable/Total Assets

0,81

0,83

0,82

0,69

Tangible Assets/Total Assets

0,01

0,01

0,01

0,01

TURNOVER RATIOS

 

 

Inventory Turnover

4,21

1,81

3,97

1,78

Stockholders' Equity Turnover

0,89

0,41

0,76

0,69

Asset Turnover

0,79

0,37

0,61

0,53

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,89

0,89

0,81

0,77

Current Liabilities/Total Assets

0,11

0,11

0,19

0,23

Financial Leverage

0,11

0,11

0,19

0,23

Gearing Percentage

0,12

0,12

0,24

0,30

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,04

0,26

0,06

0,03

Operating Profit Margin

0,11

0,20

0,08

0,14

Net Profit Margin

0,05

0,63

0,08

0,04

Interest Cover

1,31

2,24

1,37

1,25

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

368,87

810,42

484,53

472,66

Average Payable Period (days)

55,41

138,18

127,41

195,66

WORKING CAPITAL

6632933,00

7225267,00

5716856,00

4958217,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.46.13

UK Pound

1

Rs.74.18

Euro

1

Rs.64.88

 

 

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.