MIRA INFORM REPORT

 

 

Report Date :           

09.04.2012

 

IDENTIFICATION DETAILS

 

Name :

BIOLAB ENDUSTRIYEL KIMYA SANAYI VE TICARET A.S. 

 

 

Registered Office :

Beylikduzu Merkez Mah. Hurriyet Bulvari Skyport Residence N:1 K:11 D:126  Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

14.12.2006

 

 

Com. Reg. No.:

608964

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of latex

 

 

No. of Employees :

19

 

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 :

700.000 USD

 

 

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, 2012

 

Country Name

Previous Rating

                   (31.12.2011)                  

Current Rating

(31.03.2012)

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 the former address.

 

 

COMPANY IDENTIFICATION

 

NAME

:

BIOLAB ENDUSTRIYEL KIMYA SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Beylikduzu Merkez Mah. Hurriyet Bulvari Skyport Residence N:1 K:11 D:126  Istanbul / Turkey

PHONE NUMBER

:

90-212-689 76 40-41

 

FAX NUMBER

:

90-212-689 76 42

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Beylikduzu

TAX NO

:

1760386282

REGISTRATION NUMBER

:

608964

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

14.12.2006

ESTABLISHMENT GAZETTE DATE /NO

:

20.12.2006/6703

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   1.900.000

PAID-IN CAPITAL

:

TL   1.900.000

HISTORY

:

Previous Registered Capital

:

TL 1.000.000

Changed On

:

02.03.2011 (Commercial Gazette Date /Number 08.03.2011/ 7767)

Previous Address

:

Kirac Koyu 2.Bolge Ataturk Cad. Cati Ihtisas San. Sit. No.13/45 Esenyurt

Changed On

:

02.11.2011 (Commercial Gazette Date /Number 11.11.2011/ 7938)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Gokturk Emre Ozates

98,80 %

Mehmet Goksel Ozates

 

Aysel Ozates

 

Mehmet Ozates

 

Binnur Ozates

 

 

 

SISTER COMPANIES

:

Declared to be: None

 

SUBSIDIARIES

:

None

 

BOARD OF DIRECTORS

:

Gokturk Emre Ozates

Chairman

Binnur Ozates

Vice-Chairman

Mehmet Ozates

Member

 

 

DIRECTORS

:

Gokturk Emre Ozates

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of latex. 

 

NACE CODE

:

DH.25.13

 

NUMBER OF EMPLOYEES

:

19

 

NET SALES

:

8.667.511 TL

(2009) 

13.216.900 TL

(2010) 

16.791.647 TL

(2011) 

 

 

IMPORT VALUE

:

7.890.000 TL

(2011)

 

 

IMPORT COUNTRIES

:

Thailand

Malaysia

China

Germany

Bulgaria

 

MERCHANDISE IMPORTED

:

Latex

 

EXPORT VALUE

:

434.206 TL

(2009)

366.365 TL

(2010)

146.620 TL

(2011)

 

 

EXPORT COUNTRIES

:

China

Israel

Bulgaria

Jordan

 

MERCHANDISE  EXPORTED

:

Styrene- butadiene rubber

 

HEAD OFFICE ADDRESS

:

Beylikduzu Merkez Mah. Hurriyet Bulvari Skyport Residence N:1 K:11 D:126  Istanbul / Turkey

 

BRANCHES

:

Factory  :  Sehit Mehmet Sepetci Sokak Gaziosmanpasa Mah.Cerkezkoy Organize Sanayi Bolgesi No:19 Cekmekoy Tekirdag/Turkey

 

TREND OF BUSINESS

:

There was an upwards trend in  2011.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Alternatif Bank Gunesli Branch

Finansbank Beylikduzu Branch

Garanti Bankasi Hadimkoy Branch

Hsbc Bank Buyukcekmece Branch

Turkiye Is Bankasi Sisli Branch

Turkiye Vakiflar Bankasi Avcilar Branch

Yapi ve Kredi Bankasi Topkapi Branch

 

CREDIT FACILITIES

:

The subject company is making active use of credit facilities.

 

PAYMENT BEHAVIOUR

:

We are informed about a single payment delay in the last years which was resolved later on.

 

 

KEY FINANCIAL ELEMENTS

:

 

(2009) TL

(2010) TL

(2011) TL

 

 

Net Sales

8.667.511

13.216.900

16.791.647

 

 

Profit (Loss) Before Tax

533.622

526.688

1.167.055

 

 

Stockholders' Equity

1.930.251

2.349.683

3.276.707

 

 

Total Assets

3.739.329

4.753.365

10.109.614

 

 

Current Assets

3.285.847

4.190.983

9.148.963

 

 

Non-Current Assets

453.482

562.382

960.651

 

 

Current Liabilities

1.809.078

2.403.682

6.832.907

 

 

Long-Term Liabilities

0

0

0

 

 

Gross Profit (loss)

1.944.612

1.961.113

2.359.023

 

 

Operating Profit (loss)

1.354.971

1.189.918

1.431.654

 

 

Net Profit (loss)

424.900

419.432

927.023

 

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Fair As of 31.12.2011

Liquidity

Satisfactory As of 31.12.2011

Remarks On Liquidity

The unfavorable gap between average collection and average payable period has an adverse effect on liquidity.

Profitability

High Operating Profitability  in 2009

Good Net Profitability  in 2009

Good Operating Profitability  in 2010

In Order Net Profitability  in 2010

Good Operating Profitability  in 2011

High Net Profitability  in 2011

 

Gap between average collection and payable periods

Unfavorable in 2011

General Financial Position

Fair

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 700.000 USD may be granted to the subject company.

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2009 )

5,93 %

1,5460

2,1529

2,4094

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 ( 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

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

3.285.847

0,88

4.190.983

0,88

9.148.963

0,90

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

Cash and Banks

1.522.590

0,41

2.406.597

0,51

753.176

0,07

Marketable Securities

0

0,00

0

0,00

0

0,00

Account Receivable

941.265

0,25

399.575

0,08

5.937.161

0,59

Other Receivable

156.420

0,04

150.358

0,03

740.667

0,07

Inventories

649.510

0,17

1.210.846

0,25

1.453.600

0,14

Advances Given

12.098

0,00

15.529

0,00

0

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

Other Current Assets

3.964

0,00

8.078

0,00

264.359

0,03

NON-CURRENT ASSETS

453.482

0,12

562.382

0,12

960.651

0,10

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

Long-term Receivable

2.307

0,00

4.608

0,00

2.347

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

429.240

0,11

472.945

0,10

807.400

0,08

Intangible Assets

16.209

0,00

82.267

0,02

141.396

0,01

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

5.726

0,00

2.562

0,00

9.508

0,00

TOTAL ASSETS

3.739.329

1,00

4.753.365

1,00

10.109.614

1,00

CURRENT LIABILITIES

1.809.078

0,48

2.403.682

0,51

6.832.907

0,68

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

734.865

0,20

1.925.052

0,40

4.424.505

0,44

Accounts Payable

720.472

0,19

317.745

0,07

1.991.725

0,20

Loans from Shareholders

227.472

0,06

115.858

0,02

0

0,00

Other Short-term Payable

2.197

0,00

0

0,00

0

0,00

Advances from Customers

0

0,00

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

Taxes Payable

117.413

0,03

38.043

0,01

341.029

0,03

Provisions

0

0,00

-33

0,00

0

0,00

Other Current Liabilities

6.659

0,00

7.017

0,00

75.648

0,01

LONG-TERM LIABILITIES

0

0,00

0

0,00

0

0,00

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

0

0,00

Loans from Shareholders

0

0,00

0

0,00

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

1.930.251

0,52

2.349.683

0,49

3.276.707

0,32

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

Paid-in Capital

1.000.000

0,27

1.000.000

0,21

1.900.000

0,19

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

505.351

0,14

930.251

0,20

449.684

0,04

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)

424.900

0,11

419.432

0,09

927.023

0,09

TOTAL LIABILITIES AND EQUITY

3.739.329

1,00

4.753.365

1,00

10.109.614

1,00

 

 

REMARKS ON FINANCIAL STATEMENT

:

The financial statements of 2011 have not become certain yet.  

 

At the financial statements according to TAS,  "Cheques Received" and "Outstanding Cheques"  figures are under “Cash And Banks" figure.       Beginning from the financial statements of 31.12.2011, "Cheques Received" and "Outstanding Cheques"  figures  will be given under  "Account Receivable" figure and  "Account Payable" figure respectively                                   

 

 

INCOME STATEMENTS

 

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

Net Sales

8.667.511

1,00

13.216.900

1,00

16.791.647

1,00

Cost of Goods Sold

6.722.899

0,78

11.255.787

0,85

14.432.624

0,86

Gross Profit

1.944.612

0,22

1.961.113

0,15

2.359.023

0,14

Operating Expenses

589.641

0,07

771.195

0,06

927.369

0,06

Operating Profit

1.354.971

0,16

1.189.918

0,09

1.431.654

0,09

Other Income

42.211

0,00

60.493

0,00

84.854

0,01

Other Expenses

479.512

0,06

595.628

0,05

81.077

0,00

Financial Expenses

384.048

0,04

128.095

0,01

268.376

0,02

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

533.622

0,06

526.688

0,04

1.167.055

0,07

Tax Payable

108.722

0,01

107.256

0,01

240.032

0,01

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

424.900

0,05

419.432

0,03

927.023

0,06

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

(2011)

LIQUIDITY RATIOS

 

Current Ratio

1,82

1,74

1,34

Acid-Test Ratio

1,45

1,23

1,09

Cash Ratio

0,84

1,00

0,11

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,17

0,25

0,14

Short-term Receivable/Total Assets

0,29

0,12

0,66

Tangible Assets/Total Assets

0,11

0,10

0,08

TURNOVER RATIOS

 

Inventory Turnover

10,35

9,30

9,93

Stockholders' Equity Turnover

4,49

5,62

5,12

Asset Turnover

2,32

2,78

1,66

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,52

0,49

0,32

Current Liabilities/Total Assets

0,48

0,51

0,68

Financial Leverage

0,48

0,51

0,68

Gearing Percentage

0,94

1,02

2,09

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,22

0,18

0,28

Operating Profit Margin

0,16

0,09

0,09

Net Profit Margin

0,05

0,03

0,06

Interest Cover

2,39

5,11

5,35

COLLECTION-PAYMENT

 

Average Collection Period (days)

39,19

11,01

127,34

Average Payable Period (days)

38,58

10,16

49,68

WORKING CAPITAL

1476769,00

1787301,00

2316056,00

 

 

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.