MIRA INFORM REPORT

 

 

Report Date :

13.08.2012

 

IDENTIFICATION DETAILS

 

Name :

ILKIM AMBALAJ VE KIMYA SANAYI TICARET LTD. STI.

 

 

Registered Office :

Eyup Sultan Mah. Vezir Sok. No:6 Sancaktepe Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

03.05.2006

 

 

Com. Reg. No.:

587481

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacture and trade of printing ink.

 

 

No. of Employees :

14

 

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

 

 

NOTES

:

Address at your inquiry was changed by the authority/municipality.

 

 

COMPANY IDENTIFICATION

 

NAME

:

ILKIM AMBALAJ VE KIMYA SANAYI TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Eyup Sultan Mah. Vezir Sok. No:6 Sancaktepe Istanbul / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The address was changed from "Yaman Sok. No:4" to "Vezir Sok. No:6" by the municipality.

PHONE NUMBER

:

90-216-311 14 11

 

FAX NUMBER

:

90-216-311 36 26

 

WEB-ADDRESS

:

www.ilkimkimya.com.tr

E-MAIL

:

ilkim@ilkimkimya.com.tr

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Sultanbeyli

TAX NO

:

4700543089

REGISTRATION NUMBER

:

587481

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

03.05.2006

ESTABLISHMENT GAZETTE DATE /NO

:

09.05.2006/6552

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   1.000.000

PAID-IN CAPITAL

:

TL   1.000.000

HISTORY

:

Previous Registered Capital

:

TL 25.000

Changed On

:

13.02.2007 (Commercial Gazette Date /Number 16.02.2007/ 6747)

Previous Registered Capital

:

TL 250.000

Changed On

:

11.04.2008 (Commercial Gazette Date /Number 16.04.2008/ 7043)

Previous Address

:

Yenicamlica Mah. Yedpa Ticaret Merkezi f Cad. No:43 Kayisdagi Umraniye - Istanbul

Changed On

:

13.02.2007 (Commercial Gazette Date /Number 16.02.2007/ 6747)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Nihal Sarigul

50 %

Kemal Sarigul

30 %

Perihan Sarigul

20 %

 

 

SISTER COMPANIES

:

ILKPAS PAZARLAMA SANAYI VE DIS TICARET LTD. STI.

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Nihal Sarigul

 

Kemal Sarigul

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of printing ink.

 

NACE CODE

:

DG.24.30

 

NUMBER OF EMPLOYEES

:

14

 

NET SALES

:

648.849 TL

(2010) 

1.079.501 TL

(2011) 

205.999 TL

(01.01-31.03.2012) 

 

 

IMPORT COUNTRIES

:

China

U.K.

India

Germany

 

MERCHANDISE IMPORTED

:

Chemicals

Pigments

 

HEAD OFFICE ADDRESS

:

Eyup Sultan Mah. Vezir Sok. No:6 Sancaktepe Istanbul / Turkey

 

BRANCHES

:

Head Office/Production Plant  :  Eyup Sultan Mah. Vezir Sok. No:6 Sancaktepe Istanbul/Turkey

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2011.

SIZE OF BUSINESS

:

Lower-Moderate

 

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Sultanbeyli Branch

Garanti Bankasi Nisantasi Branch

Yapi ve Kredi Bankasi Sarigazi 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

:

 

(2010) TL

(2011) TL

(01.01-31.03.2012) TL

Net Sales

648.849

1.079.501

205.999

Profit (Loss) Before Tax

-200.600

65.457

-86.201

Stockholders' Equity

561.813

627.270

 

Total Assets

838.002

1.452.487

 

Current Assets

508.289

919.625

 

Non-Current Assets

329.713

532.862

 

Current Liabilities

165.887

366.196

 

Long-Term Liabilities

110.302

459.021

 

Gross Profit (loss)

205.263

445.488

84.087

Operating Profit (loss)

-113.234

134.370

30.050

Net Profit (loss)

-200.600

65.457

-86.201

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Good As of 31.12.2011

Remarks on Capitalization

A part of total liabilities and equity consist of loans from shareholders rather than liabilities to third parties indicating not too high indebtedness to third parties.

 

Liquidity

Fair As of 31.12.2011

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

Operating Loss  in 2010

Net Loss  in 2010

High Operating Profitability  in 2011

Good Net Profitability  in 2011

High Operating Profitability (01.01-31.03.2012)

Net Loss (01.01-31.03.2012)

 

Gap between average collection and payable periods

Favorable in 2011

General Financial Position

Unsatisfactory

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 01.01-31.07.2012)

1,71 %

1,8018

2,3285

2,8424

 

 

BALANCE SHEETS

 

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

508.289

0,61

919.625

0,63

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

37.518

0,04

19.372

0,01

Marketable Securities

0

0,00

0

0,00

Account Receivable

31.191

0,04

192.796

0,13

Other Receivable

0

0,00

0

0,00

Inventories

413.463

0,49

700.768

0,48

Advances Given

22.742

0,03

4.821

0,00

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

3.375

0,00

1.868

0,00

NON-CURRENT ASSETS

329.713

0,39

532.862

0,37

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

10.034

0,01

10.034

0,01

Financial Assets

0

0,00

0

0,00

Tangible Fixed Assets (net)

192.463

0,23

403.588

0,28

Intangible Assets

116.052

0,14

106.942

0,07

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

11.164

0,01

12.298

0,01

TOTAL ASSETS

838.002

1,00

1.452.487

1,00

CURRENT LIABILITIES

165.887

0,20

366.196

0,25

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

70.346

0,08

144.284

0,10

Accounts Payable

67.195

0,08

197.769

0,14

Loans from Shareholders

7.383

0,01

0

0,00

Other Short-term Payable

7.109

0,01

10.279

0,01

Advances from Customers

8.608

0,01

7.996

0,01

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

5.246

0,01

5.868

0,00

Provisions

0

0,00

0

0,00

Other Current Liabilities

0

0,00

0

0,00

LONG-TERM LIABILITIES

110.302

0,13

459.021

0,32

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

110.302

0,13

123.940

0,09

Securities Issued

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

Loans from Shareholders

0

0,00

335.081

0,23

Other Long-term Liabilities

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

561.813

0,67

627.270

0,43

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

1.000.000

1,19

1.000.000

0,69

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

75.099

0,09

75.099

0,05

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

-312.686

-0,37

-513.286

-0,35

Net Profit (loss)

-200.600

-0,24

65.457

0,05

TOTAL LIABILITIES AND EQUITY

838.002

1,00

1.452.487

1,00

 

 

REMARKS ON FINANCIAL STATEMENT

:

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 are given under "Account Receivable" figure and "Account Payable" figure respectively.

 

At the last income statement TL 94.542 of the other expenses is due to "Previous Period Expenses and Losses".

 

 

 

INCOME STATEMENTS

 

 

(2010) TL

 

(2011) TL

 

(01.01-31.03.2012) TL

 

Net Sales

648.849

1,00

1.079.501

1,00

205.999

1,00

Cost of Goods Sold

443.586

0,68

634.013

0,59

121.912

0,59

Gross Profit

205.263

0,32

445.488

0,41

84.087

0,41

Operating Expenses

318.497

0,49

311.118

0,29

54.037

0,26

Operating Profit

-113.234

-0,17

134.370

0,12

30.050

0,15

Other Income

6.628

0,01

13.118

0,01

1.400

0,01

Other Expenses

54.623

0,08

1.137

0,00

94.905

0,46

Financial Expenses

39.371

0,06

80.894

0,07

22.746

0,11

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

-200.600

-0,31

65.457

0,06

-86.201

-0,42

Tax Payable

0

0,00

0

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

-200.600

-0,31

65.457

0,06

-86.201

-0,42

 

 

FINANCIAL RATIOS

 

 

(2010)

(2011)

LIQUIDITY RATIOS

 

 

Current Ratio

3,06

2,51

Acid-Test Ratio

0,41

0,58

Cash Ratio

0,23

0,05

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,49

0,48

Short-term Receivable/Total Assets

0,04

0,13

Tangible Assets/Total Assets

0,23

0,28

TURNOVER RATIOS

 

 

Inventory Turnover

1,07

0,90

Stockholders' Equity Turnover

1,15

1,72

Asset Turnover

0,77

0,74

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,67

0,43

Current Liabilities/Total Assets

0,20

0,25

Financial Leverage

0,33

0,57

Gearing Percentage

0,49

1,32

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

-0,36

0,10

Operating Profit Margin

-0,17

0,12

Net Profit Margin

-0,31

0,06

Interest Cover

-4,10

1,81

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

22,87

67,64

Average Payable Period (days)

54,53

112,30

WORKING CAPITAL

342402,00

553429,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.34

UK Pound

1

Rs.86.45

Euro

1

Rs.68.04

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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.