MIRA INFORM REPORT

 

 

Report Date :

29.08.2012

 

IDENTIFICATION DETAILS

 

Name :

HIDROJEN PEROKSIT SANAYI VE TICARET A.S.

 

 

Registered Office :

600 Evler Mah. Ataturk Cad. No:80 Bandirma Balikesir

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

08.02.1994

 

 

Com. Reg. No.:

7589

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of liquid hydrogen peroxide. 

 

 

No. of Employees :

109

 

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

 

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

 

 

NOTES

:

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

 

 

COMPANY IDENTIFICATION

 

NAME

:

HIDROJEN PEROKSIT SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

600 Evler Mah. Ataturk Cad. No:80 Bandirma Balikesir / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The door number was changed from “No:70” to “No:80” by the Municipality.

PHONE NUMBER

:

90-266-721 03 14

 

FAX NUMBER

:

90-266-721 03 11

 

 

 

LEGAL STATUS AND HISTORY

 

NOTES ON LEGAL STATUS AND HISTORY

:

Change at registration no .

 

 

TAX OFFICE

:

Bandirma

TAX NO

:

4620045582

REGISTRATION NUMBER

:

7589

REGISTERED OFFICE

:

Bandirma Chamber of Commerce

DATE ESTABLISHED

:

08.02.1994

ESTABLISHMENT GAZETTE DATE/NO

:

09.03.1994/3487

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

 

REGISTERED CAPITAL

:

TL   4.600.000

PAID-IN CAPITAL

:

TL   4.600.000

HISTORY

:

Other Changes

:

The subject which was established in Luleburgaz and registered at Luleburgaz Commercial Registry with registration number 2330.Then it moved to Bandirma and registered at Bandirma Commercial Registry with reg. no. 7589.

Changed On

:

06.01.1997 (Commercial Gazette Date /Number 15.01.1997/ 4209)

Other Changes

:

The registered capital was reduced from TL 37.500.000 to TL 4.600.000 with the approval of 1.Commercial Court of First Instance.

Changed On

:

26.12.2006 (Commercial Gazette Date /Number 09.03.2007/ 6762)

 

 

OWNERSHIP / MANAGEMENT

 

NOTES ON OWNERSHIP / MANAGEMENT

:

Management and ownership rights returned to shareholders.      

 

 

SHAREHOLDERS

:

 

T.C. Basbakanlik Ozellestirme Idaresi Baskanligi

28,20 %

Members of Garipoglu Family

 

 

 

REMARKS ON SHAREHOLDERS

:

One of the shareholder is "Republic Of Turkey Prime Ministry Privatization Administration".

 

BOARD OF DIRECTORS

:

Hayyam Garipoglu

Chairman

Haldun Demirel

Vice-Chairman

Mehmet Nida Garipoglu

Member

Yunus Duzmekik

Member

Nizam Garipoglu

Member

Bulent Sukru Oktay

Member

Kasim Garipoglu

Member

 

 

REMARKS ON BOARD OF DIRECTORS

:

The management and ownership rights of the subject company “Hidrojen Peroksit” were held by “The Savings Deposit Insurance Fund” which is the  public establishment. However on 25.11.2010, the management and ownership rights of the subject company “Hidrojen Peroksit” returned to current shareholders. 

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of liquid hydrogen peroxide. 

 

NACE CODE

:

DG.24.10

 

SECTOR

:

Chemicals

 

NUMBER OF EMPLOYEES

:

109

 

NET SALES

:

43.738.035 TL

(2008) 

33.407.527 TL

(2009) 

38.960.661 TL

(2010) 

48.113.709 TL

(2011) 

25.555.113 TL

(01.01-30.06.2012) 

 

 

REMARKS ON NET SALES

:

The net sales figure of 2008 is declared by the firm. So there is no certification for this figure.

 

CAPACITY

:

  ( tons/yr)

 

 

 

44.000

 

 

(2008)

44.000

 

 

(2009)

44.000

 

 

(2010)

88.646

 

 

(2011)

88.646

 

 

(2012)

 

 

 

 

PRODUCTION

:

  ( ton )

 

 

 

34.452

 

 

(2008)

25.522

 

 

(2009)

33.074

 

 

(2010)

 

 

 

 

IMPORT VALUE

:

1.725.195 USD + 323.984 EUR + 52.808 GBP

(2008)

26.161 GBP + 86.568 EUR + 778.655 USD

(2009)

1.065.099 USD + 413.621 EUR + 19.378 GBP

(2010)

1.948.606 USD + 195.914 EUR + 61.365 GBP

(2011)

 

 

IMPORT COUNTRIES

:

Germany

China

 

MERCHANDISE IMPORTED

:

Machinery equipments

Raw materials

 

 

EXPORT VALUE

:

0 TL

(2009)

0 TL

(2010)

1.338.701 TL

(2011)

7.175.970 TL

(01.01-30.06.2012)

 

 

EXPORT COUNTRIES

:

U.A.E.

Bahrain

Saudi Arabia

Jordan

Iran

 

MERCHANDISE  EXPORTED

:

Hydrogen Preoxide

 

HEAD OFFICE ADDRESS

:

600 Evler Mah. Ataturk Cad. No:80 Bandirma  Balikesir / Turkey  (owned)

 

BRANCHES

:

Head Office/Production Plant  :  600 Evler Mah. Ataturk Cad. No:80 Bandirma Balikesir/Turkey (owned) (47.266 sqm)

 

INVESTMENTS

:

None

 

TREND OF BUSINESS

:

There was an upwards trend in  2011. There appears an upwards trend in  1.1 - 30.6.2012.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Halk Bankasi Avcilar Branch

T. Is Bankasi Bakirkoy Branch

 

CREDIT FACILITIES

:

The subject rarely makes use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

 

KEY FINANCIAL ELEMENTS

:

 

(2009) TL

(2010) TL

(2011) TL

(01.01-30.06.2012) TL

 

Net Sales

33.407.527

38.960.661

48.113.709

25.555.113

 

Profit (Loss) Before Tax

5.383.693

9.188.816

-2.599.461

5.476.318

 

Stockholders' Equity

33.958.721

41.288.049

38.688.588

 

 

Total Assets

47.857.794

56.149.827

54.769.621

 

 

Current Assets

26.315.491

36.948.687

37.630.763

 

 

Non-Current Assets

21.542.303

19.201.140

17.138.858

 

 

Current Liabilities

13.899.073

14.861.778

16.081.033

 

 

Long-Term Liabilities

0

0

0

 

 

Gross Profit (loss)

12.173.913

12.813.579

25.876.767

9.946.391

 

Operating Profit (loss)

6.287.666

7.407.134

21.616.441

6.852.649

 

Net Profit (loss)

4.300.368

7.329.328

-2.599.461

5.476.318

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

High As of 31.12.2011

Liquidity

Satisfactory As of 31.12.2011

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 2009

High Net Profitability  in 2009

High Operating Profitability  in 2010

High Net Profitability  in 2010

High Operating Profitability  in 2011

Net Loss  in 2011

High Operating Profitability (01.01-30.06.2012)

High Net Profitability (01.01-30.06.2012)

 

Gap between average collection and payable periods

Unfavorable in 2011

General Financial Position

In Order

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 01.01-30.06.2012)

1,95 %

1,8028

2,3463

2,8462

 ( 01.01-31.07.2012)

1,71 %

1,8018

2,3285

2,8424

 

 

BALANCE SHEETS

 

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

26.315.491

0,55

36.948.687

0,66

37.630.763

0,69

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

Cash and Banks

34.795

0,00

358.026

0,01

605.223

0,01

Marketable Securities

321.217

0,01

0

0,00

0

0,00

Account Receivable

22.347.415

0,47

34.250.990

0,61

29.137.168

0,53

Other Receivable

707.495

0,01

294.100

0,01

658.394

0,01

Inventories

2.640.385

0,06

1.645.249

0,03

4.780.043

0,09

Advances Given

141.554

0,00

284.141

0,01

1.247.928

0,02

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

Other Current Assets

122.630

0,00

116.181

0,00

1.202.007

0,02

NON-CURRENT ASSETS

21.542.303

0,45

19.201.140

0,34

17.138.858

0,31

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

Long-term Receivable

53

0,00

54

0,00

53

0,00

Financial Assets

2

0,00

2

0,00

2

0,00

Tangible Fixed Assets (net)

21.483.313

0,45

19.193.246

0,34

17.129.972

0,31

Intangible Assets

26.565

0,00

6.674

0,00

8.221

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

32.370

0,00

1.164

0,00

610

0,00

TOTAL ASSETS

47.857.794

1,00

56.149.827

1,00

54.769.621

1,00

CURRENT LIABILITIES

13.899.073

0,29

14.861.778

0,26

16.081.033

0,29

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

8

0,00

8

0,00

8

0,00

Accounts Payable

1.765.865

0,04

2.725.380

0,05

1.629.523

0,03

Loans from Shareholders

5.219

0,00

9.128

0,00

10.797

0,00

Other Short-term Payable

711.238

0,01

837.347

0,01

951.542

0,02

Advances from Customers

533.835

0,01

446.998

0,01

1.612.326

0,03

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

Taxes Payable

282.921

0,01

1.313.918

0,02

329.092

0,01

Provisions

0

0,00

0

0,00

0

0,00

Other Current Liabilities

10.599.987

0,22

9.528.999

0,17

11.547.745

0,21

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

33.958.721

0,71

41.288.049

0,74

38.688.588

0,71

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

Paid-in Capital

4.600.000

0,10

4.600.000

0,08

4.600.000

0,08

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

1.493.635

0,03

1.493.635

0,03

1.493.635

0,03

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

Reserves

26.492.940

0,55

30.793.308

0,55

38.122.636

0,70

Revaluation Fund

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

-2.928.222

-0,06

-2.928.222

-0,05

-2.928.222

-0,05

Net Profit (loss)

4.300.368

0,09

7.329.328

0,13

-2.599.461

-0,05

TOTAL LIABILITIES AND EQUITY

47.857.794

1,00

56.149.827

1,00

54.769.621

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. 

 

 

INCOME STATEMENTS

 

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

(01.01-30.06.2012) TL

 

Net Sales

33.407.527

1,00

38.960.661

1,00

48.113.709

1,00

25.555.113

1,00

Cost of Goods Sold

21.233.614

0,64

26.147.082

0,67

22.236.942

0,46

15.608.722

0,61

Gross Profit

12.173.913

0,36

12.813.579

0,33

25.876.767

0,54

9.946.391

0,39

Operating Expenses

5.886.247

0,18

5.406.445

0,14

4.260.326

0,09

3.093.742

0,12

Operating Profit

6.287.666

0,19

7.407.134

0,19

21.616.441

0,45

6.852.649

0,27

Other Income

2.102.588

0,06

5.613.734

0,14

2.100.220

0,04

1.245.329

0,05

Other Expenses

2.968.949

0,09

3.827.278

0,10

26.284.806

0,55

2.524.942

0,10

Financial Expenses

37.612

0,00

4.774

0,00

31.316

0,00

96.718

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

5.383.693

0,16

9.188.816

0,24

-2.599.461

-0,05

5.476.318

0,21

Tax Payable

1.083.325

0,03

1.859.488

0,05

0

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

4.300.368

0,13

7.329.328

0,19

-2.599.461

-0,05

5.476.318

0,21

 

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

(2011)

LIQUIDITY RATIOS

 

 

Current Ratio

1,89

2,49

2,34

Acid-Test Ratio

1,68

2,35

1,89

Cash Ratio

0,03

0,02

0,04

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,06

0,03

0,09

Short-term Receivable/Total Assets

0,48

0,62

0,54

Tangible Assets/Total Assets

0,45

0,34

0,31

TURNOVER RATIOS

 

 

Inventory Turnover

8,04

15,89

4,65

Stockholders' Equity Turnover

0,98

0,94

1,24

Asset Turnover

0,70

0,69

0,88

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,71

0,74

0,71

Current Liabilities/Total Assets

0,29

0,26

0,29

Financial Leverage

0,29

0,26

0,29

Gearing Percentage

0,41

0,36

0,42

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,13

0,18

-0,07

Operating Profit Margin

0,19

0,19

0,45

Net Profit Margin

0,13

0,19

-0,05

Interest Cover

144,14

1925,76

-82,01

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

240,82

316,48

218,01

Average Payable Period (days)

29,94

37,52

26,38

WORKING CAPITAL

12416418,00

22086909,00

21549730,00

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.78

UK Pound

1

Rs.88.04

Euro

1

Rs.69.62

 

 

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.