MIRA INFORM REPORT

 

Report Date :

30.09.2011

 

IDENTIFICATION DETAILS

 

Name :

PARKIM PARFUM PLASTIK VE KIMYA SANAYI A.S.

 

 

Formerly Known As :

PARKIM PARFUM VE KIMYA SANAYI A.S.

 

 

Registered Office :

Mektep Sok. No:10 Levent Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

03.01.1980

 

 

Com. Reg. No.:

168672

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Trade of essence, packaging and chemical raw materials for cosmetic&cleaning products.The subject was dealing with manufacture of plastic packaging but this operation was stopped in April 2010.

 

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 :

USD  770.000

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

 

COMPANY IDENTIFICATION

 

NAME

:

PARKIM PARFUM PLASTIK VE KIMYA SANAYI A.S.

HEAD OFFICE ADDRESS

:

Mektep Sok. No:10 Levent Istanbul / Turkey

PHONE NUMBER

:

90-212-339 38 00

 

FAX NUMBER

:

90-212-269 54 03

 

WEB-ADDRESS

:

www.parkimparfum.com

E-MAIL

:

info@parkimparfum.com

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Besiktas

TAX NO

:

7210050834

REGISTRATION NUMBER

:

168672

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

03.01.1980

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   10.000.000

 

HISTORY

:

Previous Name

:

Parkim Parfum ve Kimya Sanayi A.S.

Changed On

:

29.05.2002 (Commercial Gazette Date /Number 03.06.2002/ 5561)

Previous Registered Capital

:

TL 3.600.000

Changed On

:

04.09.2008 (Commercial Gazette Date /Number 10.09.2008/ 7146)

Previous Registered Capital

:

TL 5.000.000

Changed On

:

30.07.2009 (Commercial Gazette Date /Number 05.08.2009/ 7369)

Previous Registered Capital

:

TL 5.700.000

Changed On

:

08.07.2011 (Commercial Gazette Date /Number 14.07.2011/ 7858)

 

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Ipek Mustecaplioglu

45,61 %

Ali Mete Mustecaplioglu

24,04 %

Nural Sarici

12,46 %

Osman Ismet Mustecaplioglu

11,66 %

Cemal Sarici

2,77 %

Haluk Sarici

2,11 %

Sumru Mustecaplioglu

1,35 %

 

 

SISTER COMPANIES

:

CPL AROMAS KIMYA SANAYI LTD. STI.

 

EKT ELEKTRONIK KAGIT TEKNOLOJILERI VE ARASTIRMA SANAYI TICARET A.S.

 

NATUR KOZMETIK URUNLERI PAZARLAMA LTD. STI.

 

NATUR KOZMETIK URUNLERI SANAYII LTD. STI.

 

REIS PAZARLAMA VE TICARET A.S.

 

SUBSIDIARIES

:

None

 

BOARD OF DIRECTORS

:

Ipek Mustecaplioglu

Chairman

Osman Ismet Mustecaplioglu

Vice-Chairman

Haluk Sarici

Member

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Trade of essence, packaging and chemical raw materials for cosmetic&cleaning products.   The subject was dealing with manufacture of plastic packaging but this operation was stopped in April 2010.

 

NACE CODE

:

G .51.45

 

SECTOR

:

Commerce

 

DISTRIBUTOR OF

:

Akott   (Italy)

Anisha International   (China)

CPL Aromas   (U.K.)

Eigenmann Veronelli   (Italy)

Jingsu   (China)

Zohar Dalia   (Israel)

 

NUMBER OF EMPLOYEES

:

12

 

NET SALES

:

855.009 TL

(2004) 

2.455.254 TL

(2005) 

3.948.856 TL

(2006) 

4.180.856 TL

(2007) 

5.711.430 TL

(2008) 

6.363.909 TL

(2009) 

8.591.481 TL

(2010) 

7.339.199 TL

(01.01-30.06.2011) 

 

 

IMPORT VALUE

:

 

1.200.360 EUR + 380.501 GBP + 1.579.004 USD

(2010)

 

 

IMPORT COUNTRIES

:

U.K.

Italy

China

Israel

 

MERCHANDISE IMPORTED

:

Cleaning products

Essence

Packaging materials

Raw materials

 

EXPORT VALUE

:

22.668 TL

(2004)

49.312 TL

(2005)

101.992 TL

(2006)

19.226 TL

(2007)

32.379 TL

(2008)

23.751 TL

(2009)

20.847 TL

(2010)

379 TL

(01.01-30.06.2011)

 

 

EXPORT COUNTRIES

:

Indonesia

Thailand

Egypt

Free Zone

 

MERCHANDISE  EXPORTED

:

Plastic articles

 

HEAD OFFICE ADDRESS

:

Mektep Sok. No:10 Levent  Istanbul / Turkey ( owned by shareholder(s) )

 

INVESTMENTS

:

None

 

TREND OF BUSINESS

:

There was an upwards trend in  2010. There appears an upwards trend in  1.1 - 30.6.2011.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Finansbank Levent Branch

Garanti Bankasi 1. Levent Ticari Branch

Sekerbank 4. Levent 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

:

 

(2007) TL

(2008) TL

(2009) TL

(2010) TL

(01.01-30.06.2011) TL

Net Sales

4.180.856

5.711.430

6.363.909

8.591.481

7.339.199

Profit (Loss) Before Tax

318.111

187.387

65.349

214.660

-228.173

Stockholders' Equity

4.854.301

5.370.794

5.950.007

6.135.126

 

Total Assets

5.833.910

6.476.539

7.713.048

8.834.766

 

Current Assets

3.265.294

3.960.986

5.163.434

6.196.043

 

Non-Current Assets

2.568.616

2.515.553

2.549.614

2.638.723

 

Current Liabilities

969.658

1.095.794

1.763.041

2.699.640

 

Long-Term Liabilities

9.951

9.951

0

0

 

Gross Profit (loss)

1.191.915

1.350.506

1.105.223

1.223.775

944.952

Operating Profit (loss)

445.291

536.254

353.000

248.986

339.179

Net Profit (loss)

251.226

146.091

45.052

166.882

-228.173

 

 

COMMENT ON FINANCIAL POSITION

 

THE DETAILS OF THE CAPITAL INCREASE  AFTER LAST BALANCE SHEET

 

:

Cash Part

:3.902.448 TL

Equity Part

:397.552 TL

Payment Due Date

:31.03.2014

Number of Days To Pay First Portion of The Cash Part of Capital Increase

:90

 

 

 

Capitalization

High

Remarks on Capitalization

A part of total liabilities and equity consist of loans from shareholders rather than liabilities to third parties indicating not too high indebtedness to third parties. 

 

There has been capital increase and net loss after the last balance sheet date. The capital increase is expected to have more effect then the loss at the equity total since the last balance sheet date.

 

Liquidity

Insufficient

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 2007

High Net Profitability  in 2007

Good Operating Profitability  in 2008

In Order Net Profitability  in 2008

Good Operating Profitability  in 2009

Low Net Profitability  in 2009

Fair Operating Profitability  in 2010

Fair Net Profitability  in 2010

In Order Operating Profitability (01.01-30.06.2011)

Net Loss (01.01-30.06.2011)

 

Gap between average collection and payable periods

Unfavorable in 2010

General Financial Position

Passable

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT LIMIT

 

:

770.000 USD

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 770.000 USD may be granted to the subject company.

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 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

3.265.294

0,56

3.960.986

0,61

5.163.434

0,67

6.196.043

0,70

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

91.385

0,02

35.232

0,01

138.258

0,02

83.180

0,01

Marketable Securities

476

0,00

32.936

0,01

5.960

0,00

0

0,00

Account Receivable

2.144.661

0,37

2.474.689

0,38

3.051.850

0,40

3.393.662

0,38

Other Receivable

0

0,00

959

0,00

5.614

0,00

959

0,00

Inventories

830.447

0,14

1.252.162

0,19

1.795.830

0,23

2.590.095

0,29

Advances Given

122.668

0,02

80.954

0,01

87.662

0,01

24.546

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

75.657

0,01

84.054

0,01

78.260

0,01

103.601

0,01

NON-CURRENT ASSETS

2.568.616

0,44

2.515.553

0,39

2.549.614

0,33

2.638.723

0,30

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

447

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)

2.487.809

0,43

2.467.660

0,38

2.520.985

0,33

2.612.405

0,30

Intangible Assets

80.360

0,01

40.078

0,01

15.423

0,00

11.434

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

7.815

0,00

13.206

0,00

14.884

0,00

TOTAL ASSETS

5.833.910

1,00

6.476.539

1,00

7.713.048

1,00

8.834.766

1,00

CURRENT LIABILITIES

969.658

0,17

1.095.794

0,17

1.763.041

0,23

2.699.640

0,31

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

457.740

0,08

222.339

0,03

1.141.033

0,15

1.864.138

0,21

Accounts Payable

345.339

0,06

642.164

0,10

504.163

0,07

455.436

0,05

Loans from Shareholders

99.806

0,02

100.050

0,02

0

0,00

318.931

0,04

Other Short-term Payable

0

0,00

24.500

0,00

697

0,00

22.050

0,00

Advances from Customers

44.347

0,01

91.291

0,01

91.730

0,01

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

22.535

0,00

15.450

0,00

25.012

0,00

39.085

0,00

Provisions

-109

0,00

0

0,00

0

0,00

0

0,00

Other Current Liabilities

0

0,00

0

0,00

406

0,00

0

0,00

LONG-TERM LIABILITIES

9.951

0,00

9.951

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

9.951

0,00

9.951

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

4.854.301

0,83

5.370.794

0,83

5.950.007

0,77

6.135.126

0,69

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

3.589.040

0,62

5.000.000

0,77

5.680.928

0,74

5.700.000

0,65

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

58.306

0,01

58.306

0,01

58.306

0,01

58.306

0,01

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

955.729

0,16

166.397

0,03

165.721

0,02

209.938

0,02

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)

251.226

0,04

146.091

0,02

45.052

0,01

166.882

0,02

TOTAL LIABILITIES AND EQUITY

5.833.910

1,00

6.476.539

1,00

7.713.048

1,00

8.834.766

1,00

 

 

INCOME STATEMENTS

 

 

(2007) TL

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(01.01-30.06.2011) TL

 

Net Sales

4.180.856

1,00

5.711.430

1,00

6.363.909

1,00

8.591.481

1,00

7.339.199

1,00

Cost of Goods Sold

2.988.941

0,71

4.360.924

0,76

5.258.686

0,83

7.367.706

0,86

6.394.247

0,87

Gross Profit

1.191.915

0,29

1.350.506

0,24

1.105.223

0,17

1.223.775

0,14

944.952

0,13

Operating Expenses

746.624

0,18

814.252

0,14

752.223

0,12

974.789

0,11

605.773

0,08

Operating Profit

445.291

0,11

536.254

0,09

353.000

0,06

248.986

0,03

339.179

0,05

Other Income

146.927

0,04

170.337

0,03

171.942

0,03

348.122

0,04

176.223

0,02

Other Expenses

216.842

0,05

297.441

0,05

297.766

0,05

166.328

0,02

618.891

0,08

Financial Expenses

57.265

0,01

221.763

0,04

161.827

0,03

216.120

0,03

124.684

0,02

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

318.111

0,08

187.387

0,03

65.349

0,01

214.660

0,02

-228.173

-0,03

Tax Payable

66.885

0,02

41.296

0,01

20.297

0,00

47.778

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)

251.226

0,06

146.091

0,03

45.052

0,01

166.882

0,02

-228.173

-0,03

 

 

FINANCIAL RATIOS

 

 

(2007)

(2008)

(2009)

(2010)

LIQUIDITY RATIOS

 

 

Current Ratio

3,37

3,61

2,93

2,30

Acid-Test Ratio

2,31

2,32

1,82

1,29

Cash Ratio

0,09

0,06

0,08

0,03

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,14

0,19

0,23

0,29

Short-term Receivable/Total Assets

0,37

0,38

0,40

0,38

Tangible Assets/Total Assets

0,43

0,38

0,33

0,30

TURNOVER RATIOS

 

 

Inventory Turnover

3,60

3,48

2,93

2,84

Stockholders' Equity Turnover

0,86

1,06

1,07

1,40

Asset Turnover

0,72

0,88

0,83

0,97

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,83

0,83

0,77

0,69

Current Liabilities/Total Assets

0,17

0,17

0,23

0,31

Financial Leverage

0,17

0,17

0,23

0,31

Gearing Percentage

0,20

0,21

0,30

0,44

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,05

0,03

0,01

0,03

Operating Profit Margin

0,11

0,09

0,06

0,03

Net Profit Margin

0,06

0,03

0,01

0,02

Interest Cover

6,56

1,84

1,40

1,99

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

184,71

155,98

172,64

142,20

Average Payable Period (days)

41,59

53,01

34,51

22,25

WORKING CAPITAL

2295636,00

2865192,00

3400393,00

3496403,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.48.92

UK Pound

1

Rs.76.52

Euro

1

Rs.66.64

 

 

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.