MIRA INFORM REPORT

 

 

Report Date :

11.12.2012

 

IDENTIFICATION DETAILS

 

Name :

PETRO YAG VE KIMYASALLAR SANAYI VE TICARET A.S.

 

 

Registered Office :

Arslanbey Yolu Haci Mustafa Mah. Cuhane Cad. No:181 Kartepe Kocaeli

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

12.03.1993

 

 

Reg. No.:

8477-15229

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture, blending and trade of industrial lubricant.

 

 

No. of Employees :

45

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

Turkey

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

Turkey - ECONOMIC OVERVIEW

 

Turkey's largely free-market economy is increasingly driven by its industry and service sectors, although its traditional agriculture sector still accounts for about 25% of employment. An aggressive privatization program has reduced state involvement in basic industry, banking, transport, and communication, and an emerging cadre of middle-class entrepreneurs is adding dynamism to the economy and expanding production beyond the traditional textiles and clothing sectors. The automotive, construction, and electronics industries, are rising in importance and have surpassed textiles within Turkey's export mix. Oil began to flow through the Baku-Tbilisi-Ceyhan pipeline in May 2006, marking a major milestone that will bring up to 1 million barrels per day from the Caspian to market. Several gas pipelines projects also are moving forward to help transport Central Asian gas to Europe through Turkey, which over the long term will help address Turkey's dependence on imported oil and gas to meet 97% of its energy needs. After Turkey experienced a severe financial crisis in 2001, Ankara adopted financial and fiscal reforms as part of an IMF program. The reforms strengthened the country's economic fundamentals and ushered in an era of strong growth - averaging more than 6% annually until 2008. Global economic conditions and tighter fiscal policy caused GDP to contract in 2009, but Turkey's well-regulated financial markets and banking system helped the country weather the global financial crisis and GDP rebounded strongly to 8.2% in 2010, as exports returned to normal levels following the recession. Turkey's public sector debt to GDP ratio has fallen to roughly 40%. Continued strong growth has pushed inflation to the 8% level, however, and worsened an already high current account deficit. Turkey remains dependent on often volatile, short-term investment to finance its large trade deficit. The stock value of FDI stood at $99 billion at year-end 2011. Inflows have slowed considerably in light of continuing economic turmoil in Europe, the source of much of Turkey's FDI. Further economic and judicial reforms and prospective EU membership are expected to boost Turkey's attractiveness to foreign investors. However, Turkey's relatively high current account deficit, uncertainty related to monetary policy-making, and political turmoil within Turkey's neighborhood leave the economy vulnerable to destabilizing shifts in investor confidence.

 

Source : CIA

 

 

 

COMPANY IDENTIFICATION

 

 

NAME

:

PETRO YAG VE KIMYASALLAR SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Arslanbey Yolu Haci Mustafa Mah. Cuhane Cad. No:181 Kartepe Kocaeli / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The door number was changed from “136” to “181" by the Municipality.

 

 

PHONE NUMBER

:

90-262-373 57 30

 

FAX NUMBER

:

90-262-373 55 75

 

WEB-ADDRESS

:

www.petroyag.com

E-MAIL

:

info@petroyag.com

 

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Tepecik

TAX NO

:

7290390423

REGISTRATION NUMBER

:

8477-15229

REGISTERED OFFICE

:

Izmit Chamber of Commerce

DATE ESTABLISHED

:

12.03.1993

ESTABLISHMENT GAZETTE DATE/NO

:

01.04.1993/3251

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   10.000.000

PAID-IN CAPITAL

:

TL   10.000.000

HISTORY

:

Previous Legal Type

:

Limited Company

Changed On

:

25.06.2004 (Commercial Gazette Date /Number 07.07.2004/ 6087)

Previous Name

:

Petro Yag ve Kimyasallar Sanayi ve Ticaret Ltd.Sti.

Changed On

:

25.06.2004 (Commercial Gazette Date /Number 07.07.2004/ 6087)

Previous Registered Capital

:

TL 2.500.000

Changed On

:

09.05.2011 (Commercial Gazette Date /Number 23.05.2011/ 7820)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Unal Soysal

90 %

Sevilay Soysal

7 %

Nuran Soysal

1 %

Serra Soysal

1 %

Soypet Dis Ticaret Petrol Urunleri Kimya Sanayi Ticaret A.S.

1 %

 

 

SISTER COMPANIES

:

SOYPET DIS TICARET PETROL URUNLERI KIMYA SANAYI TICARET A.S.

 

BOARD OF DIRECTORS

:

Unal Soysal

Chairman

Sevilay Soysal

Vice-Chairman

Serra Soysal

Member

 

 

DIRECTORS

:

Unal Soysal                                                                                                                                                                                                                                                                                   

General Manager

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Manufacture, blending and trade of industrial lubricant.

 

NACE CODE

:

DF.23.20

 

TRADEMARKS OWNED

:

Casting

 

NUMBER OF EMPLOYEES

:

45

 

NET SALES

:

27.664.582 TL

(2006) 

47.032.530 TL

(2007) 

70.441.177 TL

(2008) 

62.620.128 TL

(2009) 

84.603.694 TL

(2010) 

121.969.014 TL

(2011) 

101.165.486 TL

(01.01-30.09.2012) 

 

 

IMPORT VALUE

:

58.598.121 USD

(2011)

40.354.616 USD

(01.01-30.09.2012)

 

 

IMPORT COUNTRIES

:

India

Italy

Belgium

 

MERCHANDISE IMPORTED

:

Raw materials

 

EXPORT VALUE

:

4.989.569 TL

(2008)

5.540.517 TL

(2009)

6.788.573 TL

(2010)

12.693.742 TL

(2011)

8.771.483 TL

(01.01-30.09.2012)

 

 

EXPORT COUNTRIES

:

India

Iran

Iraq

Syria

Algeria

Bulgaria

Morocco

Azerbaijan

Romania

Australia

 

MERCHANDISE  EXPORTED

:

Petroleum oils

 

HEAD OFFICE ADDRESS

:

Arslanbey Yolu Haci Mustafa Mah. Cuhane Cad. No:181 Kartepe  Kocaeli / Turkey ( rented )

 

BRANCHES

:

Head Office/Production Plant  :  Arslanbey Yolu Haci Mustafa Mah. Cuhane Cad. No:181 Kartepe Kocaeli/Turkey (owned)

           

INVESTMENTS

:

The company is investing in a new production plant at Gebze Organize Sanayi Bolgesi, Gebze/Kocaeli.Total investment amount is expected to be TL 16.000.000 and the investment is expected to be completed in June 2013.

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2011. There appears an upwards trend in  1.1 - 30.9.2012.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

T.Is Bankasi Kocaeli Branch

Turk Ekonomi Bankasi Kocaeli Branch

Yapi ve Kredi Bankasi Kocaeli 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

(2011) TL

(01.01-30.09.2012) TL

Net Sales

70.441.177

62.620.128

84.603.694

121.969.014

101.165.486

Profit (Loss) Before Tax

2.910.669

3.001.102

5.472.000

6.591.031

3.055.327

Stockholders' Equity

11.133.435

12.490.661

16.868.241

23.047.176

 

Total Assets

26.248.749

30.146.667

36.850.391

57.899.040

 

Current Assets

22.664.307

26.725.300

33.074.888

53.390.395

 

Non-Current Assets

3.584.442

3.421.367

3.775.503

4.508.645

 

Current Liabilities

14.328.983

17.506.692

18.213.480

31.718.902

 

Long-Term Liabilities

786.331

149.314

1.768.670

3.132.962

 

Gross Profit (loss)

8.564.490

6.491.980

10.093.655

12.344.849

8.134.072

Operating Profit (loss)

5.431.130

2.759.719

5.327.229

6.183.751

2.472.350

Net Profit (loss)

2.314.111

2.387.706

4.377.580

5.272.068

3.055.327

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Satisfactory As of 31.12.2011

Liquidity

In Order As of 31.12.2011

Remarks On Liquidity

The favorable gap between average collection and average payable period has a positive effect on liquidity.

Profitability

Good Operating Profitability  in 2008

In Order Net Profitability  in 2008

In Order Operating Profitability  in 2009

Good Net Profitability  in 2009

Good Operating Profitability  in 2010

Good Net Profitability  in 2010

In Order Operating Profitability  in 2011

Good Net Profitability  in 2011

Fair Operating Profitability (01.01-30.09.2012)

Fair Net Profitability (01.01-30.09.2012)

 

Gap between average collection and payable periods

Favorable in 2011

General Financial Position

Satisfactory

 

 

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

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 01.01-30.09.2012)

3,34 %

1,8029

2,3233

2,8527

 ( 01.01-30.11.2012)

2,58 %

1,8006

2,3240

2,8569

 

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

 

 

CURRENT ASSETS

22.664.307

0,86

26.725.300

0,89

33.074.888

0,90

53.390.395

0,92

 

 

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Cash and Banks

2.621.315

0,10

7.126.321

0,24

3.483.407

0,09

4.318.034

0,07

 

 

Marketable Securities

39

0,00

207.325

0,01

0

0,00

380.000

0,01

 

 

Account Receivable

9.149.061

0,35

8.721.281

0,29

13.073.259

0,35

19.503.070

0,34

 

 

Other Receivable

0

0,00

0

0,00

18.045

0,00

1.246.052

0,02

 

 

Inventories

7.361.151

0,28

6.008.585

0,20

9.347.828

0,25

18.951.473

0,33

 

 

Advances Given

2.785.640

0,11

4.633.429

0,15

6.807.827

0,18

8.688.460

0,15

 

 

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Other Current Assets

747.101

0,03

28.359

0,00

344.522

0,01

303.306

0,01

 

 

NON-CURRENT ASSETS

3.584.442

0,14

3.421.367

0,11

3.775.503

0,10

4.508.645

0,08

 

 

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Long-term Receivable

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Financial Assets

75.488

0,00

75.488

0,00

0

0,00

15.414

0,00

 

 

Tangible Fixed Assets (net)

3.287.778

0,13

3.245.711

0,11

3.602.996

0,10

4.160.219

0,07

 

 

Intangible Assets

48.054

0,00

64.781

0,00

66.489

0,00

55.719

0,00

 

 

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Other Non-Current Assets

173.122

0,01

35.387

0,00

106.018

0,00

277.293

0,00

 

 

TOTAL ASSETS

26.248.749

1,00

30.146.667

1,00

36.850.391

1,00

57.899.040

1,00

 

 

CURRENT LIABILITIES

14.328.983

0,55

17.506.692

0,58

18.213.480

0,49

31.718.902

0,55

 

 

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Financial Loans

684.864

0,03

118.737

0,00

26.111

0,00

0

0,00

 

 

Accounts Payable

12.517.013

0,48

16.430.822

0,55

17.064.314

0,46

30.306.154

0,52

 

 

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Other Short-term Payable

5.480

0,00

8.284

0,00

200.356

0,01

578.043

0,01

 

 

Advances from Customers

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Taxes Payable

1.109.488

0,04

948.849

0,03

922.699

0,03

540.048

0,01

 

 

Provisions

0

0,00

0

0,00

0

0,00

294.657

0,01

 

 

Other Current Liabilities

12.138

0,00

0

0,00

0

0,00

0

0,00

 

 

LONG-TERM LIABILITIES

786.331

0,03

149.314

0,00

1.768.670

0,05

3.132.962

0,05

 

 

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Financial Loans

786.331

0,03

149.314

0,00

1.768.670

0,05

3.132.962

0,05

 

 

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

11.133.435

0,42

12.490.661

0,41

16.868.241

0,46

23.047.176

0,40

 

 

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Paid-in Capital

2.500.000

0,10

2.500.000

0,08

2.500.000

0,07

10.000.000

0,17

 

 

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Inflation Adjustment of Capital

457.240

0,02

457.240

0,02

457.240

0,01

0

0,00

 

 

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Reserves

5.862.084

0,22

7.145.715

0,24

9.533.421

0,26

6.568.691

0,11

 

 

Revaluation Fund

0

0,00

0

0,00

0

0,00

1.206.417

0,02

 

 

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Net Profit (loss)

2.314.111

0,09

2.387.706

0,08

4.377.580

0,12

5.272.068

0,09

 

 

TOTAL LIABILITIES AND EQUITY

26.248.749

1,00

30.146.667

1,00

36.850.391

1,00

57.899.040

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 3.537.674 of the other income is due to "Profit from Foreign Currency Exchange".

 

 

 

INCOME STATEMENTS

 

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

(01.01-30.09.2012) TL

 

Net Sales

70.441.177

1,00

62.620.128

1,00

84.603.694

1,00

121.969.014

1,00

101.165.486

1,00

Cost of Goods Sold

61.876.687

0,88

56.128.148

0,90

74.510.039

0,88

109.624.165

0,90

93.031.414

0,92

Gross Profit

8.564.490

0,12

6.491.980

0,10

10.093.655

0,12

12.344.849

0,10

8.134.072

0,08

Operating Expenses

3.133.360

0,04

3.732.261

0,06

4.766.426

0,06

6.161.098

0,05

5.661.722

0,06

Operating Profit

5.431.130

0,08

2.759.719

0,04

5.327.229

0,06

6.183.751

0,05

2.472.350

0,02

Other Income

2.684.339

0,04

2.424.934

0,04

5.026.709

0,06

11.197.528

0,09

4.018.186

0,04

Other Expenses

5.007.299

0,07

2.003.101

0,03

4.864.900

0,06

10.398.204

0,09

2.917.499

0,03

Financial Expenses

197.501

0,00

180.450

0,00

17.038

0,00

392.044

0,00

517.710

0,01

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

2.910.669

0,04

3.001.102

0,05

5.472.000

0,06

6.591.031

0,05

3.055.327

0,03

Tax Payable

596.558

0,01

613.396

0,01

1.094.420

0,01

1.318.963

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)

2.314.111

0,03

2.387.706

0,04

4.377.580

0,05

5.272.068

0,04

3.055.327

0,03

 

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

(2011)

 

LIQUIDITY RATIOS

 

 

Current Ratio

1,58

1,53

1,82

1,68

 

Acid-Test Ratio

0,82

0,92

0,91

0,80

 

Cash Ratio

0,18

0,42

0,19

0,15

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,28

0,20

0,25

0,33

 

Short-term Receivable/Total Assets

0,35

0,29

0,36

0,36

 

Tangible Assets/Total Assets

0,13

0,11

0,10

0,07

 

TURNOVER RATIOS

 

 

Inventory Turnover

8,41

9,34

7,97

5,78

 

Stockholders' Equity Turnover

6,33

5,01

5,02

5,29

 

Asset Turnover

2,68

2,08

2,30

2,11

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,42

0,41

0,46

0,40

 

Current Liabilities/Total Assets

0,55

0,58

0,49

0,55

 

Financial Leverage

0,58

0,59

0,54

0,60

 

Gearing Percentage

1,36

1,41

1,18

1,51

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,21

0,19

0,26

0,23

 

Operating Profit Margin

0,08

0,04

0,06

0,05

 

Net Profit Margin

0,03

0,04

0,05

0,04

 

Interest Cover

15,74

17,63

322,16

17,81

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

46,76

50,14

55,63

57,56

 

Average Payable Period (days)

72,82

105,39

82,45

99,52

 

WORKING CAPITAL

8335324,00

9218608,00

14861408,00

21671493,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.34

UK Pound

1

Rs.87.89

Euro

1

Rs.70.13

 

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

 

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.