MIRA INFORM REPORT

 

 

Report Date :           

05.04.2012

 

IDENTIFICATION DETAILS

 

Name :

ARGON KIMYA SANAYI VE TICARET A.S.

 

 

Registered Office :

Atisalani Tekstilkent Koza Plaza Ofis B Blok Kat:25 No:94-95 Esenler  Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

10.11.1965

 

 

Com. Reg. No.:

90686

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of chemicals to be used at textile and construction industries

 

 

No. of Employees :

45

 

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 :

2.490.000 EUR

 

 

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

Turkey

b1

b1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 


NOTES

:

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

 

 

COMPANY IDENTIFICATION

 

NAME

:

ARGON KIMYA SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Atisalani Tekstilkent Koza Plaza Ofis B Blok Kat:25 No:94-95 Esenler  Istanbul / Turkey

PHONE NUMBER

:

90-212-438 57 57(Head Office)

90-212-599 03 29(Factory)

 

FAX NUMBER

:

90-212-425 81 41(Factory)

90-212-438 35 15(Head Office)

 

WEB-ADDRESS

:

www.argon.com.tr

E-MAIL

:

info@argon.com.tr

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Dis Ticaret

TAX NO

:

0740013702

REGISTRATION NUMBER

:

90686

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

10.11.1965

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   15.800.000

PAID-IN CAPITAL

:

TL   15.800.000

HISTORY

:

Previous Registered Capital

:

TL 6.000.000

Changed On

:

03.10.2006 (Commercial Gazette Date /Number 06.10.2006/ 6658)

Previous Registered Capital

:

TL 15.000.000

Changed On

:

08.06.2010 (Commercial Gazette Date /Number 14.06.2010/ 7584)

Previous Address

:

Buyukdere Cad. Kasap Sok. Ozden Konak Apt. No.4 Esentepe Istanbul

Changed On

:

10.01.1994 (Commercial Gazette Date /Number 13.01.1994/ 3448)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Erol Margunato

69,99 %

Cem Margunato

25 %

Rayka Aviyente

5 %

Hasan Emre Burckin

 

Yuksel Akarsu

 

 

 

SISTER COMPANIES

:

AR KIMYA SANAYI VE TICARET A.S.

 

SUBSIDIARIES

:

ARGON CHEMISTRY AND TRADING COMPANY (CHINA)

 

BOARD OF DIRECTORS

:

Erol Margunato

Chairman

Cem Margunato

Vice-Chairman

Serap Ugur

Member

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of chemicals to be used at textile and construction industries.

 

NACE CODE

:

DG.24.66

 

SECTOR

:

Chemicals

 

 

TRADEMARKS OWNED

:

Arakril

Argoprint

Softamine

 

NUMBER OF EMPLOYEES

:

45

 

NET SALES

:

28.178.041 TL

(2003) 

41.551.286 TL

(2004) 

38.507.921 TL

(2005) 

51.982.222 TL

(2006) 

59.649.642 TL

(2007) 

81.710.693 TL

(2008) 

78.134.383 TL

(2009) 

114.790.223 TL

(2010) 

113.502.630 TL

(01.01-30.09.2011) 

 

 

CAPACITY

:

Chemical 

( tons/yr)

 

 

 

71.393

 

 

(2009)

 

 

 

 

IMPORT VALUE

:

16.000.000 TL

(2004)

17.300.000 TL

(2005)

20.000.000 TL

(2006)

30.000.000 TL

(2007)

35.000.000 TL

(2008)

35.000.000 TL

(2009)

 

 

IMPORT COUNTRIES

:

France

Italy

Spain

China

 

MERCHANDISE IMPORTED

:

Chemical raw materials

 

EXPORT VALUE

:

8.131.057 TL

(2003)

12.779.155 TL

(2004)

12.128.081 TL

(2005)

16.773.371 TL

(2006)

30.664.448 TL

(2007)

28.537.270 TL

(2008)

43.381.708 TL

(2009)

50.821.132 TL

(2010)

48.794.150 TL

(01.01-30.09.2011)

 

EXPORT COUNTRIES

:

Iran

Taiwan

Japan

China

Vietnam

Thailand

 

MERCHANDISE  EXPORTED

:

Acrylic polymers

 

HEAD OFFICE ADDRESS

:

Atisalani Tekstilkent Koza Plaza Ofis B Blok Kat:25 No:94-95 Esenler   Istanbul / Turkey ( rented )

 

BRANCHES

:

Other  :  The subject owns a land Gebze and the firm is planning to construct a production plant over this land. Kocaeli/Turkey (owned)

 

Other  :  The subject owns a land at OSB 2. Bolge Cerkezkoy and the firm is investing in a production plant over this land. Tekirdag/Turkey (owned) (35.000 sqm)

 

Branch Office  :  Esenyurt Mah. Sivat Mevk. Alkop San. Sit. B-1 Blk. Z.K.3-4-5-6 Buyukcekmece Istanbul/Turkey (rented)

 

Production Plant  :  Koyalti Mevkii Asena Sok. No:11 34530 Yenibosna Istanbul/Turkey (owned) (10.536 sqm)

                                                                                

INVESTMENTS

:

The firm is investing in a new production plant at Organize Sanayi Bolgesi 2. Bolge Cerkezkoy- Tekirdag .

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2010. There appears an upwards trend in  1.1 - 30.9.2011.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Garanti Bankasi Gunesli Branch

HSBC Bank Istanbul Branch

T. Is Bankasi Gunesli Branch

Turk Ekonomi Bankasi Gunesli Branch

Yapi ve Kredi Bankasi Gunesli 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

:

 

(2007) TL

(2008) TL

(2009) TL

(2010) TL

(01.01-30.09.2011) TL

Net Sales

59.649.642

81.710.693

78.134.383

114.790.223

113.502.630

Profit (Loss) Before Tax

884.981

683.100

2.036.643

1.904.269

1.416.170

Stockholders' Equity

14.113.816

17.036.822

19.388.463

20.882.437

 

Total Assets

32.880.787

52.142.085

49.563.789

70.891.166

 

Current Assets

25.392.557

43.209.374

35.376.023

52.683.537

 

Non-Current Assets

7.488.230

8.932.711

14.187.766

18.207.629

 

Current Liabilities

18.105.440

34.034.837

22.045.678

34.071.666

 

Long-Term Liabilities

661.531

1.070.426

8.129.648

15.937.063

 

Gross Profit (loss)

5.861.539

14.370.217

12.153.344

16.521.666

17.854.973

Operating Profit (loss)

1.748.315

9.324.098

4.674.135

6.977.042

9.317.372

Net Profit (loss)

700.048

523.044

1.551.641

1.493.974

1.416.170

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

 

Capitalization

Insufficient 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

Fair Operating Profitability  in 2007

Low Net Profitability  in 2007

High Operating Profitability  in 2008

Low Net Profitability  in 2008

Good Operating Profitability  in 2009

Fair Net Profitability  in 2009

Good Operating Profitability  in 2010

Low Net Profitability  in 2010

Good Operating Profitability (01.01-30.09.2011)

Low Net Profitability (01.01-30.09.2011)

 

Gap between average collection and payable periods

Unfavorable in 2010

General Financial Position

Passable

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 2.490.000 EUR may be granted to the subject company.

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 2009 )

5,93 %

1,5460

2,1529

2,4094

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 ( 01.01-30.09.2011)

9,72 %

1,6335

2,3016

2,6294

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 01.01-31.03.2012)

0,65 %

1,7995

2,3799

2,8402

 

 

 

BALANCE SHEETS

 

 

 ( 31.12.2007 )  TL

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

25.392.557

0,77

43.209.374

0,83

35.376.023

0,71

52.683.537

0,74

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

498.181

0,02

17.397.717

0,33

7.878.316

0,16

4.157.465

0,06

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

15.864.614

0,48

15.784.240

0,30

18.101.008

0,37

36.322.558

0,51

Other Receivable

303

0,00

6.366

0,00

4.426

0,00

2.937

0,00

Inventories

7.623.983

0,23

8.274.120

0,16

5.826.627

0,12

8.540.272

0,12

Advances Given

69.016

0,00

1.110.852

0,02

2.510.963

0,05

1.690.763

0,02

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

1.336.460

0,04

636.079

0,01

1.054.683

0,02

1.969.542

0,03

NON-CURRENT ASSETS

7.488.230

0,23

8.932.711

0,17

14.187.766

0,29

18.207.629

0,26

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

54.075

0,00

459.230

0,01

788.077

0,02

7.654

0,00

Financial Assets

415.290

0,01

348.185

0,01

348.185

0,01

348.185

0,00

Tangible Fixed Assets (net)

6.824.878

0,21

7.893.919

0,15

12.852.635

0,26

17.498.047

0,25

Intangible Assets

143.729

0,00

152.865

0,00

106.418

0,00

110.759

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

50.258

0,00

78.512

0,00

92.451

0,00

242.984

0,00

TOTAL ASSETS

32.880.787

1,00

52.142.085

1,00

49.563.789

1,00

70.891.166

1,00

CURRENT LIABILITIES

18.105.440

0,55

34.034.837

0,65

22.045.678

0,44

34.071.666

0,48

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

15.196.801

0,46

31.245.062

0,60

15.827.442

0,32

28.283.266

0,40

Accounts Payable

1.821.800

0,06

1.439.435

0,03

4.463.011

0,09

3.347.811

0,05

Loans from Shareholders

0

0,00

0

0,00

0

0,00

19.654

0,00

Other Short-term Payable

0

0,00

0

0,00

600

0,00

0

0,00

Advances from Customers

0

0,00

0

0,00

383.844

0,01

1.163.692

0,02

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

119.930

0,00

130.301

0,00

370.511

0,01

332.136

0,00

Provisions

0

0,00

0

0,00

41.231

0,00

1.557

0,00

Other Current Liabilities

966.909

0,03

1.220.039

0,02

959.039

0,02

923.550

0,01

LONG-TERM LIABILITIES

661.531

0,02

1.070.426

0,02

8.129.648

0,16

15.937.063

0,22

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

661.531

0,02

1.059.786

0,02

8.124.996

0,16

15.932.411

0,22

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

10.640

0,00

4.652

0,00

4.652

0,00

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

14.113.816

0,43

17.036.822

0,33

19.388.463

0,39

20.882.437

0,29

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

12.600.000

0,38

15.000.000

0,29

15.000.000

0,30

15.800.000

0,22

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

813.768

0,02

1.513.778

0,03

2.836.822

0,06

3.588.463

0,05

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)

700.048

0,02

523.044

0,01

1.551.641

0,03

1.493.974

0,02

TOTAL LIABILITIES AND EQUITY

32.880.787

1,00

52.142.085

1,00

49.563.789

1,00

70.891.166

1,00

 

REMARKS ON FINANCIAL STATEMENT

:

The details of the "Cash and Banks" figure at the last balance sheet: Cash :6.552, Cheques Received:0, Banks:4.150.913, Outstanding Cheques: 0, Other:0, Cash and Banks Total :4.157.465.

 

 

INCOME STATEMENTS

 

 

(2007) TL

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(01.01-30.09.2011) TL

 

Net Sales

59.649.642

1,00

81.710.693

1,00

78.134.383

1,00

114.790.223

1,00

113.502.630

1,00

Cost of Goods Sold

53.788.103

0,90

67.340.476

0,82

65.981.039

0,84

98.268.557

0,86

95.647.657

0,84

Gross Profit

5.861.539

0,10

14.370.217

0,18

12.153.344

0,16

16.521.666

0,14

17.854.973

0,16

Operating Expenses

4.113.224

0,07

5.046.119

0,06

7.479.209

0,10

9.544.624

0,08

8.537.601

0,08

Operating Profit

1.748.315

0,03

9.324.098

0,11

4.674.135

0,06

6.977.042

0,06

9.317.372

0,08

Other Income

2.321.999

0,04

5.527.896

0,07

12.525.525

0,16

6.992.883

0,06

16.318.686

0,14

Other Expenses

861.976

0,01

3.723.942

0,05

6.012.478

0,08

6.428.987

0,06

10.854.222

0,10

Financial Expenses

2.323.357

0,04

10.444.952

0,13

9.150.539

0,12

5.636.669

0,05

13.365.666

0,12

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

884.981

0,01

683.100

0,01

2.036.643

0,03

1.904.269

0,02

1.416.170

0,01

Tax Payable

184.933

0,00

160.056

0,00

485.002

0,01

410.295

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)

700.048

0,01

523.044

0,01

1.551.641

0,02

1.493.974

0,01

1.416.170

0,01

 

FINANCIAL RATIOS

 

 

(2007)

(2008)

(2009)

(2010)

LIQUIDITY RATIOS

 

 

Current Ratio

1,40

1,27

1,60

1,55

Acid-Test Ratio

0,90

0,98

1,18

1,19

Cash Ratio

0,03

0,51

0,36

0,12

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,23

0,16

0,12

0,12

Short-term Receivable/Total Assets

0,48

0,30

0,37

0,51

Tangible Assets/Total Assets

0,21

0,15

0,26

0,25

TURNOVER RATIOS

 

 

Inventory Turnover

7,06

8,14

11,32

11,51

Stockholders' Equity Turnover

4,23

4,80

4,03

5,50

Asset Turnover

1,81

1,57

1,58

1,62

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,43

0,33

0,39

0,29

Current Liabilities/Total Assets

0,55

0,65

0,44

0,48

Financial Leverage

0,57

0,67

0,61

0,71

Gearing Percentage

1,33

2,06

1,56

2,39

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,05

0,03

0,08

0,07

Operating Profit Margin

0,03

0,11

0,06

0,06

Net Profit Margin

0,01

0,01

0,02

0,01

Interest Cover

1,38

1,07

1,22

1,34

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

96,07

71,57

87,03

113,94

Average Payable Period (days)

12,19

7,70

24,35

12,26

WORKING CAPITAL

7287117,00

9174537,00

13330345,00

18611871,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.05

UK Pound

1

Rs.81.09

Euro

1

Rs.67.39

 

 

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.