MIRA INFORM REPORT

 

 

Report Date :           

06.04.2012

 

IDENTIFICATION DETAILS

 

Name :

IZPEKS DERI KIMYA ENDUSTRISI VE TICARET LTD. STI. 

 

 

Registered Office :

Izmir Menemen Serbest Bolgesi Menekse Sok. No:13 Menemen Izmir

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

22.01.1998

 

 

Com. Reg. No.:

2075

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Trade of paint and chemical materials to be used at leather processing

 

 

No. of Employees :

04

 

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 :

143.000 EUR

 

 

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 – 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

 

COMPANY IDENTIFICATION

 

NAME

:

IZPEKS DERI KIMYA ENDUSTRISI VE TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Izmir Menemen Serbest Bolgesi Menekse Sok. No:13 Menemen Izmir / Turkey

PHONE NUMBER

:

90-232-842 64 21

90-232-842 64 22

 

FAX NUMBER

:

90-232-842 64 21

 

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Menemen

TAX NO

:

4840554196

REGISTRATION NUMBER

:

2075

REGISTERED OFFICE

:

Izmir Chamber of Commerce

DATE ESTABLISHED

:

22.01.1998

ESTABLISHMENT GAZETTE DATE /NO

:

27.03.1998/465

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   50.000

PAID-IN CAPITAL

:

TL   50.000

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Ustuner Akpinar

45 %

Mehmet Toktas

45 %

Recep Yilmaz

10 %

 

 

SISTER COMPANIES

:

HITIT KIMYA SANAYI VE DIS TICARETLTD. STI.

 

ODAK KIMYEVI MADDELER SANAYI DIS TICARETLTD. STI.

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Recep Yilmaz

 

Ustuner Akpinar

 

Mehmet Toktas

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Trade of paint and chemical materials to be used at leather processing.

 

NACE CODE

:

G .51.55

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

4

 

NET SALES

:

959.636 TL

(2005) 

301.731 TL

(2006) 

28.573 TL

(2007) 

8.760 TL

(2008) 

1.663.129 TL

(2009) 

2.729.885 TL

(2010) 

2.370.528 TL

(01.01-30.09.2011) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT COUNTRIES

:

Germany

Italy

Spain

 

HEAD OFFICE ADDRESS

:

Izmir Menemen Serbest Bolgesi Menekse Sok. No:13 Menemen Izmir / Turkey (owned) (147 sqm)

 

BRANCHES

:

Head Office/Warehouse  :  Izmir Menemen Serbest Bolgesi Menekse Sok. No:13 Menemen Izmir/Turkey (owned) (147 sqm)

 

INVESTMENTS

:

None

 

 

 

TREND OF BUSINESS

:

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

SIZE OF BUSINESS

:

Lower-Moderate

 

 

FINANCE

 

MAIN DEALING BANKS

:

Alternatif Bank Tuzla Branch

Finansbank Gebze Branch

Garanti Bankasi Menemen Branch

Garanti Bankasi Serbest Bolge Branch

T. Is Bankasi Tuzla Branch

 

CREDIT FACILITIES

:

No credit facility has come to our knowledge.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

 

KEY FINANCIAL ELEMENTS

:

 

(2009) TL

(2010) TL

(01.01-30.09.2011) TL

 

 

Net Sales

1.663.129

2.729.885

2.370.528

 

 

Profit (Loss) Before Tax

220.786

400.918

711.182

 

 

Stockholders' Equity

266.529

667.446

 

 

 

Total Assets

984.335

1.418.406

 

 

 

Current Assets

826.839

1.390.855

 

 

 

Non-Current Assets

157.496

27.551

 

 

 

Current Liabilities

717.806

750.960

 

 

 

Long-Term Liabilities

0

0

 

 

 

Gross Profit (loss)

258.824

453.472

745.591

 

 

Operating Profit (loss)

220.786

400.918

712.208

 

 

Net Profit (loss)

220.786

400.918

711.182

 

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

In Order 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. 

 

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 2009

High Net Profitability  in 2009

High Operating Profitability  in 2010

High Net Profitability  in 2010

High Operating Profitability (01.01-30.09.2011)

High Net Profitability (01.01-30.09.2011)

 

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 143.000 EUR may be granted to the subject company.

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

826.839

0,84

1.390.855

0,98

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

77.845

0,08

30.013

0,02

Marketable Securities

0

0,00

0

0,00

Account Receivable

593.844

0,60

995.010

0,70

Other Receivable

0

0,00

60.000

0,04

Inventories

155.150

0,16

305.832

0,22

Advances Given

0

0,00

0

0,00

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

0

0,00

0

0,00

NON-CURRENT ASSETS

157.496

0,16

27.551

0,02

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

152.470

0,15

0

0,00

Financial Assets

0

0,00

0

0,00

Tangible Fixed Assets (net)

5.026

0,01

27.551

0,02

Intangible Assets

0

0,00

0

0,00

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

0

0,00

TOTAL ASSETS

984.335

1,00

1.418.406

1,00

CURRENT LIABILITIES

717.806

0,73

750.960

0,53

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

Accounts Payable

717.240

0,73

750.223

0,53

Loans from Shareholders

0

0,00

0

0,00

Other Short-term Payable

0

0,00

0

0,00

Advances from Customers

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

566

0,00

737

0,00

Provisions

0

0,00

0

0,00

Other Current Liabilities

0

0,00

0

0,00

LONG-TERM LIABILITIES

0

0,00

0

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

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

266.529

0,27

667.446

0,47

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

50.000

0,05

50.000

0,04

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

220.786

0,16

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

-4.257

0,00

-4.258

0,00

Net Profit (loss)

220.786

0,22

400.918

0,28

TOTAL LIABILITIES AND EQUITY

984.335

1,00

1.418.406

1,00

 

 

INCOME STATEMENTS

 

 

(2009) TL

 

(2010) TL

 

(01.01-30.09.2011) TL

 

Net Sales

1.663.129

1,00

2.729.885

1,00

2.370.528

1,00

Cost of Goods Sold

1.404.305

0,84

2.276.413

0,83

1.624.937

0,69

Gross Profit

258.824

0,16

453.472

0,17

745.591

0,31

Operating Expenses

38.038

0,02

52.554

0,02

33.383

0,01

Operating Profit

220.786

0,13

400.918

0,15

712.208

0,30

Other Income

0

0,00

0

0,00

0

0,00

Other Expenses

0

0,00

0

0,00

1.026

0,00

Financial Expenses

0

0,00

0

0,00

0

0,00

Minority Interests

0

0,00

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

0

0,00

Profit (loss) Before Tax

220.786

0,13

400.918

0,15

711.182

0,30

Tax Payable

0

0,00

0

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

220.786

0,13

400.918

0,15

711.182

0,30

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

LIQUIDITY RATIOS

 

 

Current Ratio

1,15

1,85

Acid-Test Ratio

0,94

1,44

Cash Ratio

0,11

0,04

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,16

0,22

Short-term Receivable/Total Assets

0,60

0,74

Tangible Assets/Total Assets

0,01

0,02

TURNOVER RATIOS

 

 

Inventory Turnover

9,05

7,44

Stockholders' Equity Turnover

6,24

4,09

Asset Turnover

1,69

1,92

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,27

0,47

Current Liabilities/Total Assets

0,73

0,53

Financial Leverage

0,73

0,53

Gearing Percentage

2,69

1,13

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,83

0,60

Operating Profit Margin

0,13

0,15

Net Profit Margin

0,13

0,15

Interest Cover

 

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

161,55

131,22

Average Payable Period (days)

183,87

118,64

WORKING CAPITAL

109033,00

639895,00

 

 

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%)

 

 

 

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.