MIRA INFORM REPORT

 

 

Report Date :

18.04.2012

 

IDENTIFICATION DETAILS

 

Name :

SETAS KIMYA SANAYI A.S.

 

 

Registered Office :

Karanfil Sok. No: 18 1.Levent Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

13.07.1966

 

 

Com. Reg. No.:

92746

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture of dyes and auxiliaries for textile industry

 

 

No. of Employees :

260

 

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 21.600.000

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 – March 31st, 2012

 

Country Name

Previous Rating

                   (31.12.2011)                  

Current Rating

(31.03.2012)

Turkey

B2

B2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

COMPANY IDENTIFICATION

 

NAME

:

SETAS KIMYA SANAYI A.S.

HEAD OFFICE ADDRESS

:

Karanfil Sok. No: 18 1.Levent Istanbul / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The door number was changed from "34" to "18"  by the Municipality.

PHONE NUMBER

:

90-212-270 20 72 (Pbx)

90-282-758 18 23

 

FAX NUMBER

:

90-212-279 56 68

90-212-282 94 79

 

WEB-ADDRESS

:

www.setaskimya.com

E-MAIL

:

setas@setas.com.tr 

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Dis Ticaret

TAX NO

:

7640022690

REGISTRATION NUMBER

:

92746

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

13.07.1966

ESTABLISHMENT GAZETTE DATE/NO

:

20.07.1966/

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   58.178.090

PAID-IN CAPITAL

:

TL   58.178.090

HISTORY

:

Previous Registered Capital

:

TL 45.184.248,06

Changed On

:

30.12.2009 (Commercial Gazette Date /Number 05.01.2010/ 7472)

Previous Registered Capital

:

TL 45.786.927

Changed On

:

26.07.2010 (Commercial Gazette Date /Number 30.07.2010/ 7618)

Merger

:

The subject took over and merged with "Setacoat Toz Boya Sanayi A.S."

Changed On

:

30.12.2009 (Commercial Gazette Date /Number 05.01.2010/ 7472)

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Mehmet Emre Sener

43 %

Set Kimyevi Maddeler Pazarlama Sanayi ve Ticaret A.S

20 %

Emine Sema Sukan

19 %

Fatma Nur Edil

12 %

Sinan Erdil

3 %

Burak Edil

3 %

 

 

SISTER COMPANIES

:

SET KIMYEVI MADDELER PAZARLAMA SANAYI VE TICARET A.S.

 

YAPICHEM KIMYA SANAYI A.S.

 

SUBSIDIARIES

:

SETCHEM KIMYA SANAYI VE TICARET LTD. STI.  ( 50 % )

 

BOARD OF DIRECTORS

:

Mehmet Emre Sener

Chairman

Emine Sema Sukan

Member

Burak Edil

Member

 

 

DIRECTORS

:

Fatma Sener

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture of dyes and auxiliaries for textile industry. 

 

NACE CODE

:

DG.24.12

 

SECTOR

:

Chemicals

 

TRADEMARKS OWNED

:

Setaktive

Setapers

 

NUMBER OF EMPLOYEES

:

260

 

NET SALES

:

4.047.198 TL

(1998) 

6.584.182 TL

(1999) 

10.498.332 TL

(2000) 

22.604.495 TL

(2001) 

36.343.245 TL

(2002) 

44.137.879 TL

(2003) 

50.998.706 TL

(2004) 

50.014.259 TL

(2005) 

62.820.580 TL

(2006) 

80.390.394 TL

(2007) 

103.721.596 TL

(2008) 

116.466.022 TL

(2009) 

134.295.748 TL

(2010) 

 

 

IMPORT VALUE

:

18.650.048 USD

(2005)

5.912.369 USD

(2006)

38.737.204 USD

(2007)

49.640.222 USD

(2008)

50.000.000 USD

(2009)

 

 

IMPORT COUNTRIES

:

China

India

U.S.A.

Germany

 

MERCHANDISE IMPORTED

:

Raw materials

 

 

EXPORT VALUE

:

556.443 TL

(1998)

152.544 TL

(1999)

565.534 TL

(2000)

1.012.000 USD

(2001)

554.000 USD

(2002)

1.070.000 USD

(2003)

1.952.020 TL

(2004)

2.178.245 TL

(2005)

2.529.274 TL

(2006)

3.037.367 TL

(2007)

10.747.963 TL

(2008)

10.714 USD Thousand

(2009)

25.685.549 TL

(2010)

 

 

EXPORT COUNTRIES

:

Sri Lanka

Syria

Egypt

Ukraine

Bangladesh

China

Uzbekistan

U.K.

Kazakhstan

Korea

Pakistan

Bahrain

Iran

Peru

Turkmenistan

Poland

Italy

Germany

 

MERCHANDISE  EXPORTED

:

Auxiliaries

Dyes

 

HEAD OFFICE ADDRESS

:

Karanfil Sok. No: 18 1.Levent  Istanbul / Turkey ( owned by shareholder(s) )

 

BRANCHES

:

Workshop/Warehouse  :  Mersin Yolu Sarihamzali Koy Yolu Uzeri No:58 Seyhan Adana/Turkey

 

Factory  :  Organize Sanayi Bolgesi 9.Sok. N:3 Cerkezkoy Tekirdag/Turkey (owned) (10.100 sqm)

 

Factory/Warehouse  :   Gaziantep/Turkey

 

Branch Office  :  Sakarya M. Sanayi C. 60/4 Demirtas Bursa/Turkey (rented) 

 

 

TREND OF BUSINESS

:

There was an upwards trend in 2010.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Sisli Branch

Garanti Bankasi Levent Branch

T. Is Bankasi Maslak Branch

Turk Ekonomi Bankasi 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

:

 

(2008) TL

(2009) TL

(2010) TL

 

 

Net Sales

103.721.596

116.466.022

134.295.748

 

 

Profit (Loss) Before Tax

4.161.351

13.981.455

14.153.486

 

 

Stockholders' Equity

48.279.466

60.680.658

71.891.898

 

 

Total Assets

96.586.188

102.080.157

110.985.558

 

 

Current Assets

 

 

94.116.627

 

 

Non-Current Assets

 

 

16.868.931

 

 

Current Liabilities

 

 

17.930.664

 

 

Long-Term Liabilities

 

 

21.162.996

 

 

Gross Profit (loss)

 

 

30.790.943

 

 

Operating Profit (loss)

 

 

16.132.070

 

 

Net Profit (loss)

 

 

11.211.238

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

High As of 31.12.2010

Liquidity

High 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 2010

High Net Profitability  in 2010

 

Gap between average collection and payable periods

Unfavorable in 2010

General Financial Position

Good

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

OUR RISK OPINION

 

:

C

CREDIT LIMIT

 

:

21.600.000 USD

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 21.600.000 USD may be granted to the subject company.

 

 

Incr. in producers’ price index

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 1998 )

54,30 %

0,2657

0,2967

0,4410

 ( 1999 )

62,90 %

0,4278

0,4518

0,6843

 ( 2000 )

32,70 %

0,6251

0,5774

0,9480

 ( 2001 )

88,60 %

1,1991

1,0714

1,7300

 ( 2002 )

30,80 %

1,5168

1,3741

2,2001

 ( 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

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

BALANCE SHEETS

 

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

94.116.627

0,85

Not Detailed Current Assets

0

0,00

Cash and Banks

44.185.777

0,40

Marketable Securities

0

0,00

Account Receivable

26.319.896

0,24

Other Receivable

288.044

0,00

Inventories

20.713.564

0,19

Advances Given

421.741

0,00

Accumulated Construction Expense

0

0,00

Other Current Assets

2.187.605

0,02

NON-CURRENT ASSETS

16.868.931

0,15

Not Detailed Non-Current Assets

0

0,00

Long-term Receivable

0

0,00

Financial Assets

56.428

0,00

Tangible Fixed Assets (net)

16.406.285

0,15

Intangible Assets

52.148

0,00

Deferred Tax Assets

0

0,00

Other Non-Current Assets

354.070

0,00

TOTAL ASSETS

110.985.558

1,00

CURRENT LIABILITIES

17.930.664

0,16

Not Detailed Current Liabilities

0

0,00

Financial Loans

13.548.144

0,12

Accounts Payable

3.117.736

0,03

Loans from Shareholders

0

0,00

Other Short-term Payable

358.330

0,00

Advances from Customers

0

0,00

Accumulated Construction Income

0

0,00

Taxes Payable

615.494

0,01

Provisions

-92.880

0,00

Other Current Liabilities

383.840

0,00

LONG-TERM LIABILITIES

21.162.996

0,19

Not Detailed Long-term Liabilities

0

0,00

Financial Loans

19.093.100

0,17

Securities Issued

0

0,00

Long-term Payable

0

0,00

Loans from Shareholders

0

0,00

Other Long-term Liabilities

0

0,00

Provisions

2.069.896

0,02

STOCKHOLDERS' EQUITY

71.891.898

0,65

Not Detailed Stockholders' Equity

0

0,00

Paid-in Capital

58.178.090

0,52

Cross Shareholding Adjustment of Capital

0

0,00

Inflation Adjustment of Capital

7.829

0,00

Equity of Consolidated Firms

0

0,00

Reserves

2.494.741

0,02

Revaluation Fund

0

0,00

Accumulated Losses(-)

0

0,00

Net Profit (loss)

11.211.238

0,10

TOTAL LIABILITIES AND EQUITY

110.985.558

1,00

 

 

INCOME STATEMENTS

 

 

(2010) TL

 

Net Sales

134.295.748

1,00

Cost of Goods Sold

103.504.805

0,77

Gross Profit

30.790.943

0,23

Operating Expenses

14.658.873

0,11

Operating Profit

16.132.070

0,12

Other Income

38.121.508

0,28

Other Expenses

37.802.284

0,28

Financial Expenses

2.297.808

0,02

Minority Interests

0

0,00

Profit (loss) of consolidated firms

0

0,00

Profit (loss) Before Tax

14.153.486

0,11

Tax Payable

2.942.248

0,02

Postponed Tax Gain

0

0,00

Net Profit (loss)

11.211.238

0,08

 

 

FINANCIAL RATIOS

 

 

(2010)

LIQUIDITY RATIOS

 

Current Ratio

5,25

Acid-Test Ratio

3,95

Cash Ratio

2,46

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,19

Short-term Receivable/Total Assets

0,24

Tangible Assets/Total Assets

0,15

TURNOVER RATIOS

 

Inventory Turnover

5,00

Stockholders' Equity Turnover

1,87

Asset Turnover

1,21

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,65

Current Liabilities/Total Assets

0,16

Financial Leverage

0,35

Gearing Percentage

0,54

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,16

Operating Profit Margin

0,12

Net Profit Margin

0,08

Interest Cover

7,16

COLLECTION-PAYMENT

 

Average Collection Period (days)

70,55

Average Payable Period (days)

10,84

WORKING CAPITAL

76185963,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.62

UK Pound

1

Rs.81.94

Euro

1

Rs.67.65

 

 

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.