MIRA INFORM REPORT

 

 

Report Date :

06.08.2012

 

IDENTIFICATION DETAILS

 

Name :

ATABAY KIMYA SANAYI VE TICARET A.S.

 

 

Formerly Known As :

Atabay Kimya Sanayi Ltd. Sti.

 

 

Registered Office :

Koftuncu Sok. No:1/A Acibadem Kadikoy Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

29.04.1971

 

 

Com. Reg. No.:

127738

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of  raw materials, supplementary materials to be used at chemicals sector

 

 

No. of Employees :

230

 

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 :

Slow

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

:

ATABAY KIMYA SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Koftuncu Sok. No:1/A Acibadem Kadikoy Istanbul / Turkey

PHONE NUMBER

:

90-216-326 69 65

 

FAX NUMBER

:

90-216-326 97 02

 

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Anadolu Kurumlar

TAX NO

:

0930004392

REGISTRATION NUMBER

:

127738

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

29.04.1971

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   5.000.000

PAID-IN CAPITAL

:

TL   5.000.000

HISTORY

:

Previous Legal Type

:

Limited Company

Changed On

:

15.04.1974 (Commercial Gazette Date /Number 19.04.1974/ 5128)

Previous Name

:

Atabay Kimya Sanayi Ltd. Sti.

Changed On

:

15.04.1974 (Commercial Gazette Date /Number 19.04.1974/ 5128)

Previous Registered Capital

:

TL 1.000.000

Changed On

:

02.12.2008 (Commercial Gazette Date /Number 12.12.2008/ 7205)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Zeki Bulent Atabay

85,26 %

Neyir Zeynep Taskent

12,30 %

Atabay Tarim Veteriner Ilaclari Sanayi Ve Ticaret A.S.

1,84 %

Suna Yildiz Oz

0,40 %

Atabay Ilac Fabrikasi A.S.

0,20 %

 

 

GROUP

:

ATABAY GROUP OF COMPANIES

 

SISTER COMPANIES

:

AGRO-BAY TARIM ILACLARI VE KIMYEVI MADDELER SANAYI VE TICARET LTD. STI.

ATABAY DIS TICARET A.S.

ATABAY ILAC FABRIKASI A.S.

ATABAY TARIM VETERINER ILACLARI SANAYI VE TICARET A.S.

ATABAY TURIZM DENIZCILIK VE YATCILIK TICARET A.S.

ATAERMULK GAYRIMENKUL INSAAT YATIRIM SANAYI VE TICARET A.S.

ATAFARM ILAC SANAYI VE TICARET LTD. STI.

ATAMULK GAYRIMENKUL INSAAT YATIRIM SANAYI VE TICARET A.S.

GENFAR ILAC VE GIDA SANAYI TICARET ITHALAT IHRACAT LTD. STI.

 

SUBSIDIARIES

:

ATABAY DIS TICARET A.S.  ( 0,01 % )

ATABAY TARIM VETERINER ILAC SANAYI TICARET A.S.  ( 10 % )

ATABAY TURIZM DENIZCILIK VE YATCILIK TICARET A.S.  ( 49,50 % )

 

BOARD OF DIRECTORS

:

Zeki Bulent Atabay

Chairman

Neyir Zeynep Taskent

Vice-Chairman

Guzide Nur Atabay

Member

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of  raw materials, supplementary materials to be used at chemicals sector. 

 

NACE CODE

:

DG.24.10

 

SECTOR

:

Chemicals

 

NUMBER OF EMPLOYEES

:

230

 

NET SALES

:

22.280.219 TL

(2006) 

21.228.091 TL

(2007) 

37.136.045 TL

(2008) 

66.399.487 TL

(2009) 

60.122.061 TL

(2010) 

49.997.094 TL

(01.01-30.09.2011) 

 

 

IMPORT VALUE

:

17.485.510 USD

(2010)

 

 

IMPORT COUNTRIES

:

U.S.A.

India

Switzerland

China

Germany

Netherlands

Belgium

Portugal

 

MERCHANDISE IMPORTED

:

Pharmaceutical raw materials

 

EXPORT VALUE

:

343.788 TL

(2006)

658.008 TL

(2007)

425.759 TL

(2008)

1.411.966 TL

(2009)

1.282.878 TL

(2010)

760.674 TL

(01.01-30.09.2011)

 

 

EXPORT COUNTRIES

:

Syria

Saudi Arabia

Afghanistan

 

MERCHANDISE  EXPORTED

:

Chemicals

Pharmaceuticals

 

HEAD OFFICE ADDRESS

:

Koftuncu Sok. No:1/A Acibadem Kadikoy  Istanbul / Turkey ( rented )

 

 

 

BRANCHES

:

Factory  :  Tavsanlikoyu Esentepe Mevkii Ankara Yolu 3.Km Gebze Kocaeli/Turkey (owned)                                               

 

 

TREND OF BUSINESS

:

There was a decline at business volume in nominal terms in  2010. Trend of business appears to be steady in  1.1 - 30.9.2011.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

MAIN DEALING BANKS

:

Halk Bankasi Kadikoy Rihtim Branch

T. Is Bankasi Rihtim Branch

Yapi Ve Kredi Bankasi Catalcesme Branch

 

CREDIT FACILITIES

:

The subject rarely makes use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2007) TL

(2008) TL

(2009) TL

(2010) TL

(01.01-30.09.2011) TL

Net Sales

21.228.091

37.136.045

66.399.487

60.122.061

49.997.094

Profit (Loss) Before Tax

539.133

1.173.640

1.743.829

1.432.242

-19.945.974

Stockholders' Equity

27.666.722

28.548.129

29.757.464

34.684.047

 

Total Assets

42.263.007

50.956.007

62.785.213

80.535.295

 

Current Assets

18.351.728

27.050.221

33.157.317

48.038.977

 

Non-Current Assets

23.911.279

23.905.786

29.627.896

32.496.318

 

Current Liabilities

14.596.285

22.407.878

32.371.143

45.413.588

 

Long-Term Liabilities

0

0

656.606

437.660

 

Gross Profit (loss)

2.955.308

5.229.188

6.929.606

12.254.523

9.390.040

Operating Profit (loss)

117.951

778.482

2.165.289

4.820.195

3.718.897

Net Profit (loss)

412.240

881.407

1.209.335

964.574

-19.945.974

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Insufficient As of 31.12.2010

Remarks on Capitalization

The loss at the last period is expected to have a negative effect on equity total since the date of last stockholders’ equity.

Liquidity

Satisfactory As of 31.12.2010

Remarks On Liquidity

The favorable gap between average collection and average payable period has a positive 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

Low Operating Profitability  in 2007

Fair Net Profitability  in 2007

Fair Operating Profitability  in 2008

Fair Net Profitability  in 2008

Fair Operating Profitability  in 2009

Fair Net Profitability  in 2009

Good Operating Profitability  in 2010

Fair Net Profitability  in 2010

Good Operating Profitability (01.01-30.09.2011)

Net Loss (01.01-30.09.2011)

 

Gap between average collection and payable periods

Favorable in 2010

General Financial Position

Not in order

 

 

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

 ( 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

 ( 01.01-30.06.2012)

1,95 %

1,8028

2,3463

2,8462

 

 

 

BALANCE SHEETS

 

 

 ( 31.12.2007 )  TL

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

18.351.728

0,43

27.050.221

0,53

33.157.317

0,53

48.038.977

0,60

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

427.181

0,01

194.140

0,00

284.724

0,00

135.005

0,00

Marketable Securities

27.737

0,00

0

0,00

0

0,00

30.195

0,00

Account Receivable

4.884.880

0,12

6.254.956

0,12

5.940.851

0,09

12.768.935

0,16

Other Receivable

2.671.683

0,06

2.609.631

0,05

4.359.998

0,07

22.617.848

0,28

Inventories

6.025.787

0,14

10.144.460

0,20

5.888.377

0,09

6.563.305

0,08

Advances Given

3.128.303

0,07

5.636.506

0,11

14.606.063

0,23

5.120.726

0,06

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

1.186.157

0,03

2.210.528

0,04

2.077.304

0,03

802.963

0,01

NON-CURRENT ASSETS

23.911.279

0,57

23.905.786

0,47

29.627.896

0,47

32.496.318

0,40

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

100.618

0,00

115.136

0,00

1.269.662

0,02

133.635

0,00

Financial Assets

1.593.535

0,04

1.593.535

0,03

1.593.535

0,03

1.593.535

0,02

Tangible Fixed Assets (net)

21.680.768

0,51

21.572.651

0,42

22.062.457

0,35

26.406.814

0,33

Intangible Assets

536.358

0,01

624.464

0,01

2.229.213

0,04

793.306

0,01

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

0

0,00

2.473.029

0,04

3.569.028

0,04

TOTAL ASSETS

42.263.007

1,00

50.956.007

1,00

62.785.213

1,00

80.535.295

1,00

CURRENT LIABILITIES

14.596.285

0,35

22.407.878

0,44

32.371.143

0,52

45.413.588

0,56

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

0

0,00

0

0,00

Accounts Payable

13.232.147

0,31

20.292.052

0,40

28.592.435

0,46

40.061.122

0,50

Loans from Shareholders

0

0,00

0

0,00

186.689

0,00

0

0,00

Other Short-term Payable

144.360

0,00

253.461

0,00

198.573

0,00

235.543

0,00

Advances from Customers

0

0,00

0

0,00

111.896

0,00

344

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

1.219.778

0,03

1.862.365

0,04

2.974.388

0,05

4.242.670

0,05

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Liabilities

0

0,00

0

0,00

307.162

0,00

873.909

0,01

LONG-TERM LIABILITIES

0

0,00

0

0,00

656.606

0,01

437.660

0,01

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

656.606

0,01

437.660

0,01

Securities Issued

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

0

0,00

0

0,00

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

27.666.722

0,65

28.548.129

0,56

29.757.464

0,47

34.684.047

0,43

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

1.000.000

0,02

1.000.000

0,02

1.000.000

0,02

5.000.000

0,06

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

23.901.551

0,57

23.901.551

0,47

23.901.551

0,38

23.901.551

0,30

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

2.352.931

0,06

2.765.171

0,05

3.646.578

0,06

4.817.922

0,06

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

412.240

0,01

881.407

0,02

1.209.335

0,02

964.574

0,01

TOTAL LIABILITIES AND EQUITY

42.263.007

1,00

50.956.007

1,00

62.785.213

1,00

80.535.295

1,00

 

 

INCOME STATEMENTS

 

 

(2007) TL

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(01.01-30.09.2011) TL

 

Net Sales

21.228.091

1,00

37.136.045

1,00

66.399.487

1,00

60.122.061

1,00

49.997.094

1,00

Cost of Goods Sold

18.272.783

0,86

31.906.857

0,86

59.469.881

0,90

47.867.538

0,80

40.607.054

0,81

Gross Profit

2.955.308

0,14

5.229.188

0,14

6.929.606

0,10

12.254.523

0,20

9.390.040

0,19

Operating Expenses

2.837.357

0,13

4.450.706

0,12

4.764.317

0,07

7.434.328

0,12

5.671.143

0,11

Operating Profit

117.951

0,01

778.482

0,02

2.165.289

0,03

4.820.195

0,08

3.718.897

0,07

Other Income

892.874

0,04

1.802.271

0,05

1.844.791

0,03

1.698.341

0,03

1.259.280

0,03

Other Expenses

407.784

0,02

1.326.484

0,04

886.440

0,01

836.874

0,01

21.016.052

0,42

Financial Expenses

63.908

0,00

80.629

0,00

1.379.811

0,02

4.249.420

0,07

3.908.099

0,08

Minority Interests

0

0,00

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

0

0,00

Profit (loss) Before Tax

539.133

0,03

1.173.640

0,03

1.743.829

0,03

1.432.242

0,02

-19.945.974

-0,40

Tax Payable

126.893

0,01

292.233

0,01

534.494

0,01

467.668

0,01

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

412.240

0,02

881.407

0,02

1.209.335

0,02

964.574

0,02

-19.945.974

-0,40

 

FINANCIAL RATIOS

 

 

(2007)

(2008)

(2009)

(2010)

LIQUIDITY RATIOS

 

 

 

 

Current Ratio

1,26

1,21

1,02

1,06

Acid-Test Ratio

0,55

0,40

0,33

0,78

Cash Ratio

0,03

0,01

0,01

0,00

ASSET STRUCTURE RATIOS

 

 

 

 

Inventory/Total Assets

0,14

0,20

0,09

0,08

Short-term Receivable/Total Assets

0,18

0,17

0,16

0,44

Tangible Assets/Total Assets

0,51

0,42

0,35

0,33

TURNOVER RATIOS

 

 

 

 

Inventory Turnover

3,03

3,15

10,10

7,29

Stockholders' Equity Turnover

0,77

1,30

2,23

1,73

Asset Turnover

0,50

0,73

1,06

0,75

FINANCIAL STRUCTURE

 

 

 

 

Stockholders' Equity/Total Assets

0,65

0,56

0,47

0,43

Current Liabilities/Total Assets

0,35

0,44

0,52

0,56

Financial Leverage

0,35

0,44

0,53

0,57

Gearing Percentage

0,53

0,78

1,11

1,32

PROFITABILITY RATIOS

 

 

 

 

Net Profit/Stockholders' Eq.

0,01

0,03

0,04

0,03

Operating Profit Margin

0,01

0,02

0,03

0,08

Net Profit Margin

0,02

0,02

0,02

0,02

Interest Cover

9,44

15,56

2,26

1,34

COLLECTION-PAYMENT

 

 

 

 

Average Collection Period (days)

84,55

61,75

39,09

77,26

Average Payable Period (days)

260,69

228,95

173,08

301,29

WORKING CAPITAL

3755443,00

4642343,00

786174,00

2625389,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.56.08

UK Pound

1

Rs.87.03

Euro

1

Rs.68.36

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.