MIRA INFORM REPORT

 

 

Report Date :           

20.04.2012

 

IDENTIFICATION DETAILS

 

Name :

CHT TEKSTIL KIMYA SANAYI VE TICARET A.S. 

 

 

Registered Office :

Akcaburgaz Mah. 123 Sok. No: 2 Esenyurt Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

30.06.2009

 

 

Date of Incorporation :

06.06.1985

 

 

Com. Reg. No.:

215883

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of textile chemicals

 

 

No. of Employees :

95

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

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

 

 

COMPANY IDENTIFICATION

 

NAME

:

CHT TEKSTIL KIMYA SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Akcaburgaz Mah. 123 Sok. No: 2 Esenyurt Istanbul / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The address was changed from "Kirac  San Bir Bulvari 9. Cad. 4. Bolge Cakmakli Buyukcekmece" to "Akcaburgaz Mah. 123 Sok. No: 2 Esenyurt" by the Municipality.

PHONE NUMBER

:

90-212-886 79 13

 

FAX NUMBER

:

90-212-886 79 20

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Bogazici Kurumlar

TAX NO

:

2090008558

REGISTRATION NUMBER

:

215883

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

06.06.1985

ESTABLISHMENT GAZETTE DATE /NO

:

12.06.1985/1284

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   19.000.000

PAID-IN CAPITAL

:

TL   19.000.000

HISTORY

:

Previous Registered Capital

:

TL 250.000

Changed On

:

22.01.2007 (Commercial Gazette Date /Number 26.01.2007/ 6732)

Previous Address

:

Abide-i Hurriyet Cad Polat Celil Aga Is Merkezi K:9 Mecidiyekoy-Istanbul

Changed On

:

03.04.2006 (Commercial Gazette Date /Number 07.04.2006/ 6530)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

RB Beitlich Industriebeteiligungen GmbH

75 %

Nazli Kaya

 

Yasemin Kaya

 

Eyup Kaya

 

Gulden Kaya

 

 

 

BOARD OF DIRECTORS

:

Bernard Hettich

 

Jurgen Schmid

 

Eyup Kaya

 

DIRECTORS

:

Eyup Kaya

General Manager

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of textile chemicals. 

 

NACE CODE

:

DG.0.00

 

SECTOR

:

Chemicals

 

NUMBER OF EMPLOYEES

:

95

 

NET SALES

:

44.660.210 TL

(2006) 

50.580.846 TL

(2007) 

51.915.472 TL

(2008) 

23.791.466 TL

(01.01-30.06.2009) 

 

 

REMARKS ON NET SALES

:

In Turkey, there is no public registry on companies’ financial and detailed general data. So, to collect a firm’s data, an information agency has to contact the company and get its authorization. 

 

However the company strictly declines to give us an authorization to gather its fresh financial data. As the firm’s shares are not open to public it is not obliged to announce its data.

 

CAPACITY

:

  ( tons/yr)

 

 

 

2.298

 

 

(2007)

2.298

 

 

(2008)

 

 

 

 

IMPORT VALUE

:

24.300.000 TL

(2010)

 

 

IMPORT COUNTRIES

:

Germany

Switzerland

India

 

MERCHANDISE IMPORTED

:

Textile chemicals

 

EXPORT VALUE

:

888.861 TL

(2006)

2.366.309 TL

(2007)

3.246.987 TL

(2008)

1.944.245 TL

(01.01-30.06.2009)

 

 

EXPORT COUNTRIES

:

Switzerland

Germany

Indonesia

Bangladesh

Syria

Uzbekistan

Ethiopia

 

MERCHANDISE  EXPORTED

:

Textile chemicals

 

HEAD OFFICE ADDRESS

:

Akcaburgaz Mah. 123 Sok. No: 2 Esenyurt Istanbul / Turkey (owned)

 

BRANCHES

:

Head Office/Factory  :  San Bir Bulvari 9. Cad. 4. Bolge Cakmakli Buyukcekmece Istanbul/Turkey (owned) (7.940 sqm)

 

Branch Office  :  Denizli Organize Sanayi Bolgesi Denizli/Turkey (rented)

 

Branch Office/Warehouse  :  Cumhuriyet Mah. Osmangazi Cad. No:101 Demirtas Bursa/Turkey (rented) (1.529 sqm)

 

Branch Office/Warehouse  :  1. Organize Sanayi Bolgesi 8. Cad. No:5/1 Baspinar Gaziantep/Turkey (rented) (5.362 sqm)

 

INVESTMENTS

:

Investments are going on.

 

 

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Garanti Bankasi Beylikduzu Branch

HSBC Bank Mecidiyekoy Branch

ING Bank Imes Branch

T.Is Bankasi Mecidiyekoy Branch

Turk Ekonomi Bankasi Beylikduzu 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

(01.01-30.06.2009) TL

 

 

Net Sales

50.580.846

51.915.472

23.791.466

 

 

Profit (Loss) Before Tax

548.036

-547.206

1.576.460

 

 

Stockholders' Equity

19.358.629

18.811.423

20.387.883

 

 

Total Assets

44.326.390

46.752.918

43.296.058

 

 

Current Assets

29.728.521

32.887.675

29.770.160

 

 

Non-Current Assets

14.597.869

13.865.243

13.525.898

 

 

Current Liabilities

22.608.599

25.499.504

21.394.642

 

 

Long-Term Liabilities

2.359.162

2.441.991

1.513.533

 

 

Gross Profit (loss)

12.415.642

15.467.637

7.870.470

 

 

Operating Profit (loss)

1.125.328

3.720.215

2.480.332

 

 

Net Profit (loss)

308.629

-547.206

1.576.460

 

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

General Financial Position

General financial position is undetermined the firm declines to give us an authorization to gather its financial data. As the shares of the firm are not open to public, it is not obliged to announce its data.

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 01.01-30.06.2009)

3,27 %

1,5955

2,1421

2,3861

 ( 2009 )

5,93 %

1,5460

2,1529

2,4094

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 ( 01.01-31.03.2012)

0,65 %

1,7995

2,3799

2,8402

 

 

BALANCE SHEETS

 

 

 ( 31.12.2007 )  TL

 

 ( 31.12.2008 )  TL

 

 ( 30.06.2009 )  TL

 

CURRENT ASSETS

29.728.521

0,67

32.887.675

0,70

29.770.160

0,69

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

Cash and Banks

230.492

0,01

172.477

0,00

14.712.066

0,34

Marketable Securities

70.329

0,00

13.500

0,00

0

0,00

Account Receivable

20.777.404

0,47

24.038.060

0,51

7.803.094

0,18

Other Receivable

0

0,00

5.876

0,00

0

0,00

Inventories

8.061.944

0,18

8.264.999

0,18

6.334.174

0,15

Advances Given

420.065

0,01

59.387

0,00

173.826

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

Other Current Assets

168.287

0,00

333.376

0,01

747.000

0,02

NON-CURRENT ASSETS

14.597.869

0,33

13.865.243

0,30

13.525.898

0,31

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

Long-term Receivable

17.351

0,00

13.024

0,00

52.426

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

12.951.897

0,29

12.391.657

0,27

12.565.124

0,29

Intangible Assets

826.327

0,02

656.277

0,01

655.123

0,02

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

802.294

0,02

804.285

0,02

253.225

0,01

TOTAL ASSETS

44.326.390

1,00

46.752.918

1,00

43.296.058

1,00

CURRENT LIABILITIES

22.608.599

0,51

25.499.504

0,55

21.394.642

0,49

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

4.797.475

0,11

3.889.956

0,08

5.650.939

0,13

Accounts Payable

17.359.229

0,39

20.471.261

0,44

13.935.586

0,32

Loans from Shareholders

0

0,00

0

0,00

0

0,00

Other Short-term Payable

2.334

0,00

20.544

0,00

0

0,00

Advances from Customers

100.197

0,00

115.094

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

Taxes Payable

477.112

0,01

522.269

0,01

338.682

0,01

Provisions

-222.068

-0,01

0

0,00

750.934

0,02

Other Current Liabilities

94.320

0,00

480.380

0,01

718.501

0,02

LONG-TERM LIABILITIES

2.359.162

0,05

2.441.991

0,05

1.513.533

0,03

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

2.006.279

0,05

1.778.174

0,04

901.783

0,02

Securities Issued

0

0,00

0

0,00

0

0,00

Long-term Payable

352.883

0,01

240.379

0,01

188.312

0,00

Loans from Shareholders

0

0,00

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

423.438

0,01

423.438

0,01

Provisions

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

19.358.629

0,44

18.811.423

0,40

20.387.883

0,47

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

Paid-in Capital

19.000.000

0,43

19.000.000

0,41

19.000.000

0,44

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

50.000

0,00

358.629

0,01

358.629

0,01

Revaluation Fund

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

-547.206

-0,01

Net Profit (loss)

308.629

0,01

-547.206

-0,01

1.576.460

0,04

TOTAL LIABILITIES AND EQUITY

44.326.390

1,00

46.752.918

1,00

43.296.058

1,00

 

 

INCOME STATEMENTS

 

 

(2007) TL

 

(2008) TL

 

(01.01-30.06.2009) TL

 

Net Sales

50.580.846

1,00

51.915.472

1,00

23.791.466

1,00

Cost of Goods Sold

38.165.204

0,75

36.447.835

0,70

15.920.996

0,67

Gross Profit

12.415.642

0,25

15.467.637

0,30

7.870.470

0,33

Operating Expenses

11.290.314

0,22

11.747.422

0,23

5.390.138

0,23

Operating Profit

1.125.328

0,02

3.720.215

0,07

2.480.332

0,10

Other Income

2.673.808

0,05

5.487.045

0,11

1.896.243

0,08

Other Expenses

1.849.303

0,04

8.178.727

0,16

1.866.977

0,08

Financial Expenses

1.401.797

0,03

1.575.739

0,03

933.138

0,04

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

548.036

0,01

-547.206

-0,01

1.576.460

0,07

Tax Payable

239.407

0,00

0

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

308.629

0,01

-547.206

-0,01

1.576.460

0,07

 

 

FINANCIAL RATIOS

 

 

(2007)

(2008)

(01.01-30.06.2009)

LIQUIDITY RATIOS

 

Current Ratio

1,31

1,29

1,39

Acid-Test Ratio

0,93

0,95

1,05

Cash Ratio

0,01

0,01

0,69

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,18

0,18

0,15

Short-term Receivable/Total Assets

0,47

0,51

0,18

Tangible Assets/Total Assets

0,29

0,27

0,29

TURNOVER RATIOS

 

Inventory Turnover

4,73

4,41

2,51

Stockholders' Equity Turnover

2,61

2,76

1,17

Asset Turnover

1,14

1,11

0,55

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,44

0,40

0,47

Current Liabilities/Total Assets

0,51

0,55

0,49

Financial Leverage

0,56

0,60

0,53

Gearing Percentage

1,29

1,49

1,12

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,02

-0,03

0,08

Operating Profit Margin

0,02

0,07

0,10

Net Profit Margin

0,01

-0,01

0,07

Interest Cover

1,39

0,65

2,69

COLLECTION-PAYMENT

 

Average Collection Period (days)

148,00

166,78

118,87

Average Payable Period (days)

167,07

204,57

319,36

WORKING CAPITAL

7119922,00

7388171,00

8375518,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.89

UK Pound

1

Rs.83.18

Euro

1

Rs.68.06

 

 

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.