MIRA INFORM REPORT

 

 

Report Date :           

20.04.2012

 

IDENTIFICATION DETAILS

 

Name :

EKIN KIMYA TICARET LTD. STI. 

 

 

Formerly Known As :

Ekin Kimyasal ve Biyolojik Maddeler Sanayi ve Dis Ticaret Ltd. Sti.

 

 

Registered Office :

Bulgurlu Mah. Sarigazi Sok. No:39 Uskudar Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

18.03.1996

 

 

Com. Reg. No.:

24331-8

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Wholesale trade of chemical materials

 

 

No. of Employees :

40

 

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 :

2.980.000 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 – 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

:

EKIN KIMYA TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Bulgurlu Mah. Sarigazi Sok. No:39 Uskudar Istanbul / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The door number was changed from "No:29" to "No:39" by the Municipality.

PHONE NUMBER

:

90-216-524 12 24

 

FAX NUMBER

:

90-216-524 12 80

 

WEB-ADDRESS

:

www.ekinkimya.com

E-MAIL

:

info@ekinkimya.com

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Umraniye

TAX NO

:

3280044384

REGISTRATION NUMBER

:

24331-8

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

18.03.1996

ESTABLISHMENT GAZETTE DATE/NO

:

22.03.1996/4003

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   30.000

PAID-IN CAPITAL

:

TL   30.000

HISTORY

:

Previous Name

:

Ekin Kimyasal ve Biyolojik Maddeler Sanayi ve Dis Ticaret Ltd. Sti.

Changed On

:

02.09.1998 (Commercial Gazette Date /Number 11.09.1998/ 4625)

Previous Address

:

Bagdat Cad. Gokce Sok. Toksoy Apt. No:10 K.3 D.6 Erenkoy- Istanbul

Changed On

:

05.02.2004 (Commercial Gazette Date /Number 12.02.2004/ 5985)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Ak-Tas Dis Ticaret A.S.

75 %

Mehmet Murat Citiroglu

20 %

Ekrem Ekinci

5 %

 

 

SISTER COMPANIES

:

Declared to be: None

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Mehmet Safak Turkay

 

Tanju Deniz

 

Mehmet Temiz

 

Mehmet Murat Citiroglu

 

Muharrem Aktas

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Wholesale trade of chemical materials. 

 

NACE CODE

:

G .51.55

 

SECTOR

:

Commerce

 

REPRESENTATIVE OF

:

Acros Organics   (Belgium)

BASF  

Chevron Oronite  

Hardy Diagnostic  

JT. Baker  

Lab-Scan  

Lanxess   (Germany)

Mallinckrodt   

Ultra Scientific   (Germany)

Usp   (U.S.A.)

 

 

NUMBER OF EMPLOYEES

:

40

 

NET SALES

:

36.832.846 TL

(2007) 

42.259.782 TL

(2008) 

46.614.674 TL

(2009) 

48.035.729 TL

(2010) 

52.158.223 TL

(01.01-30.09.2011) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT VALUE

:

25.000.000 USD

(2010)

22.736.223 USD

(01.01-30.09.2011)

 

 

IMPORT COUNTRIES

:

Germany

Belgium

Netherlands

France

 

MERCHANDISE IMPORTED

:

Chemical materials

 

EXPORT VALUE

:

229.346 TL

(2007)

918.681 TL

(2008)

1.794.833 TL

(2009)

5.436.653 TL

(2010)

4.495.954 TL

(01.01-30.09.2011)

 

 

EXPORT COUNTRIES

:

Northern Cyprus Turkish Republic

Syria

Iraq

Russia

Georgia

Albania

Morocco

Romania

U.K.

Iran

 

MERCHANDISE  EXPORTED

:

Chemical materials

 

HEAD OFFICE ADDRESS

:

Bulgurlu Mah. Sarigazi Sok. No:39 Uskudar  Istanbul / Turkey 

 

BRANCHES

:

Warehouse  :  S.S. Kimyacilar Kooperatifi C:7 Blok Tepeoren Istanbul/Turkey (rented) (572 sqm)

 

Warehouse  :  S.S. Kimyacilar Kooperatifi C:8 Blok Tepeoren Istanbul/Turkey

 

Warehouse  :  Gebze Kocaeli/Turkey

 

 

TREND OF BUSINESS

:

There was a slowdown at business volume in real terms in  2010. There appears an upwards trend in  1.1 - 30.9.2011.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Kozyatagi Branch

Garanti Bankasi Ustbostanci Branch

T.Is Bankasi Kozyatagi Kurumsal Branch

Yapi ve Kredi Bankasi Rumeli Cad. 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

(01.01-30.09.2011) TL

 

Net Sales

42.259.782

46.614.674

48.035.729

52.158.223

 

Profit (Loss) Before Tax

4.133.116

6.997.498

4.924.423

5.635.058

 

Stockholders' Equity

4.412.064

9.960.895

13.893.278

 

 

Total Assets

14.961.515

17.446.935

23.104.832

 

 

Current Assets

14.843.941

17.361.578

22.931.048

 

 

Non-Current Assets

117.574

85.357

173.784

 

 

Current Liabilities

10.549.451

7.486.040

9.211.554

 

 

Long-Term Liabilities

0

0

0

 

 

Gross Profit (loss)

8.800.099

10.765.004

9.280.087

10.799.882

 

Operating Profit (loss)

5.054.889

6.346.697

4.224.101

6.491.670

 

Net Profit (loss)

3.301.559

5.548.831

3.932.383

5.635.058

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

High 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 2008

High Net Profitability  in 2008

High Operating Profitability  in 2009

High Net Profitability  in 2009

Good 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 2.980.000 EUR may be granted to the subject company.

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

14.843.941

0,99

17.361.578

1,00

22.931.048

0,99

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

Cash and Banks

1.150.724

0,08

203.768

0,01

165.537

0,01

Marketable Securities

0

0,00

0

0,00

0

0,00

Account Receivable

6.715.147

0,45

8.209.237

0,47

11.059.803

0,48

Other Receivable

0

0,00

0

0,00

294.482

0,01

Inventories

5.107.768

0,34

6.720.925

0,39

9.225.117

0,40

Advances Given

1.648.271

0,11

1.965.767

0,11

2.017.783

0,09

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

Other Current Assets

222.031

0,01

261.881

0,02

168.326

0,01

NON-CURRENT ASSETS

117.574

0,01

85.357

0,00

173.784

0,01

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

0

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

66.486

0,00

54.000

0,00

80.150

0,00

Intangible Assets

28.063

0,00

3.206

0,00

55.528

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

23.025

0,00

28.151

0,00

38.106

0,00

TOTAL ASSETS

14.961.515

1,00

17.446.935

1,00

23.104.832

1,00

CURRENT LIABILITIES

10.549.451

0,71

7.486.040

0,43

9.211.554

0,40

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

1.205.002

0,08

30.003

0,00

1.044.013

0,05

Accounts Payable

7.626.837

0,51

6.023.134

0,35

7.494.974

0,32

Loans from Shareholders

1.057.936

0,07

652.863

0,04

255.520

0,01

Other Short-term Payable

0

0,00

0

0,00

0

0,00

Advances from Customers

108.820

0,01

133.576

0,01

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

Taxes Payable

349.165

0,02

279.590

0,02

153.917

0,01

Provisions

188.701

0,01

366.788

0,02

259.158

0,01

Other Current Liabilities

12.990

0,00

86

0,00

3.972

0,00

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

4.412.064

0,29

9.960.895

0,57

13.893.278

0,60

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

Paid-in Capital

30.000

0,00

30.000

0,00

30.000

0,00

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

62.836

0,00

62.836

0,00

62.836

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

Reserves

1.017.669

0,07

4.319.228

0,25

9.868.059

0,43

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)

3.301.559

0,22

5.548.831

0,32

3.932.383

0,17

TOTAL LIABILITIES AND EQUITY

14.961.515

1,00

17.446.935

1,00

23.104.832

1,00

 

 

INCOME STATEMENTS

 

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(01.01-30.09.2011) TL

 

Net Sales

42.259.782

1,00

46.614.674

1,00

48.035.729

1,00

52.158.223

1,00

Cost of Goods Sold

33.459.683

0,79

35.849.670

0,77

38.755.642

0,81

41.358.341

0,79

Gross Profit

8.800.099

0,21

10.765.004

0,23

9.280.087

0,19

10.799.882

0,21

Operating Expenses

3.745.210

0,09

4.418.307

0,09

5.055.986

0,11

4.308.212

0,08

Operating Profit

5.054.889

0,12

6.346.697

0,14

4.224.101

0,09

6.491.670

0,12

Other Income

1.800.001

0,04

3.376.557

0,07

1.843.770

0,04

1.550.318

0,03

Other Expenses

2.634.072

0,06

2.697.028

0,06

1.094.763

0,02

2.205.193

0,04

Financial Expenses

87.702

0,00

28.728

0,00

48.685

0,00

201.737

0,00

Minority Interests

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

Profit (loss) Before Tax

4.133.116

0,10

6.997.498

0,15

4.924.423

0,10

5.635.058

0,11

Tax Payable

831.557

0,02

1.448.667

0,03

992.040

0,02

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

3.301.559

0,08

5.548.831

0,12

3.932.383

0,08

5.635.058

0,11

 

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

LIQUIDITY RATIOS

 

 

 

Current Ratio

1,41

2,32

2,49

Acid-Test Ratio

0,75

1,12

1,25

Cash Ratio

0,11

0,03

0,02

ASSET STRUCTURE RATIOS

 

 

 

Inventory/Total Assets

0,34

0,39

0,40

Short-term Receivable/Total Assets

0,45

0,47

0,49

Tangible Assets/Total Assets

0,00

0,00

0,00

TURNOVER RATIOS

 

 

 

Inventory Turnover

6,55

5,33

4,20

Stockholders' Equity Turnover

9,58

4,68

3,46

Asset Turnover

2,82

2,67

2,08

FINANCIAL STRUCTURE

 

 

 

Stockholders' Equity/Total Assets

0,29

0,57

0,60

Current Liabilities/Total Assets

0,71

0,43

0,40

Financial Leverage

0,71

0,43

0,40

Gearing Percentage

2,39

0,75

0,66

PROFITABILITY RATIOS

 

 

 

Net Profit/Stockholders' Eq.

0,75

0,56

0,28

Operating Profit Margin

0,12

0,14

0,09

Net Profit Margin

0,08

0,12

0,08

Interest Cover

48,13

244,58

102,15

COLLECTION-PAYMENT

 

 

 

Average Collection Period (days)

57,20

63,40

82,89

Average Payable Period (days)

82,06

60,48

69,62

WORKING CAPITAL

4294490,00

9875538,00

13719494,00

 

 

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.