MIRA INFORM REPORT

 

 

Report Date :

13.07.2012

 

IDENTIFICATION DETAILS

 

Name :

AS KIMYA SANAYI VE TICARET LTD. STI.

 

 

Registered Office :

S.S. Depocular ve Ardiyeciler Koop.  102 Ada 2 Pafta 1 Kat Ikitelli Basaksehir 34303 Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

13.12.1982

 

 

Com. Reg. No.:

191538

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Wholesale trade of chemical raw materials. 

 

 

No. of Employees :

13

 

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 is the former address.

 

 

COMPANY IDENTIFICATION

 

NAME

:

AS KIMYA SANAYI VE TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

S.S. Depocular ve Ardiyeciler Koop.  102 Ada 2 Pafta 1 Kat Ikitelli Basaksehir 34303 Istanbul / Turkey

PHONE NUMBER

:

90-212-675 05 39

 

FAX NUMBER

:

90-212-675 08 02

 

WEB-ADDRESS

:

www.askimya.com

E-MAIL

:

info@askimya.com

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Ikitelli

TAX NO

:

0860061767

REGISTRATION NUMBER

:

191538

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

13.12.1982

ESTABLISHMENT GAZETTE DATE/NO

:

16.12.1982/650

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   100.000

PAID-IN CAPITAL

:

TL   100.000

HISTORY

:

Previous Registered Capital

:

TL 10.000

Changed On

:

23.12.2002 (Commercial Gazette Date /Number 26.12.2002/ 5705)

Previous Address

:

S.S. Depocular ve Ardiyeciler Koop. Ikitelli Koy Yolu Uzeri 102 Ada 2 Pafta Ikitelli

Changed On

:

08.02.2011 (Commercial Gazette Date /Number 14.02.2011/ 7751)

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Cemal Cebi

80 %

Oya Cebi

20 %

 

 

DIRECTORS

:

Oya Cebi                                                                                                                                                                                                                                                                                   

 

Cemil Cebi                                                                                                                                                                                                                                                                                   

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Wholesale trade of chemical raw materials. 

 

NACE CODE

:

G .51.55

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

13

 

NET SALES

:

728 TL Thousand

(2000) 

992 TL Thousand

(2001) 

1.230 TL Thousand

(2002) 

1.807 TL Thousand

(2003) 

1.901 TL Thousand

(2004) 

1.958 TL Thousand

(2005) 

2.942 TL Thousand

(2006) 

3.535.629 TL

(2007) 

6.431.290 TL

(2008) 

7.024.609 TL

(2009) 

7.185.042 TL

(2010) 

9.099.798 TL

(2011) 

3.153.879 TL

(01.01-31.03.2012) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT VALUE

:

2.952.759 TL

(2009)

398.539 USD + 819.053 EUR

(01.01-21.12.2010)

 

IMPORT COUNTRIES

:

China

Russia

Ukraine

European Countries

 

MERCHANDISE IMPORTED

:

Chemical raw materials

 

EXPORT VALUE

:

85 TL Thousand

(2007)

519 TL Thousand

(2008)

104.625 TL

(2009)

315.979 TL

(2010)

789.703 TL

(2011)

272.147 TL

(01.01-31.03.2012)

 

 

EXPORT COUNTRIES

:

Azerbaijan

Lebanon

Egypt

Georgia

Iraq

 

MERCHANDISE  EXPORTED

:

Chemicals

 

HEAD OFFICE ADDRESS

:

S.S. Depocular ve Ardiyeciler Koop.  102 Ada 2 Pafta 1 Kat Ikitelli Basaksehir 34303  Istanbul / Turkey ( rented )

 

BRANCHES

:

Head Office/Warehouse  :  S.S. Depocular ve Ardiyeciler Koop.  102 Ada 2 Pafta 1 Kat Ikitelli Basaksehir 34303 Istanbul/Turkey (rented)

INVESTMENTS

:

None

 

 

TREND OF BUSINESS

:

There was an upwards trend in 2011.

SIZE OF BUSINESS

:

Medium

 

 

FINANCE

 

MAIN DEALING BANKS

:

Garanti Bankasi Masko Branch

T. Is Bankasi Ikitelli Sanayi 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

(01.01-31.03.2012) TL

Net Sales

6.431.290

7.024.609

7.185.042

9.099.798

3.153.879

Profit (Loss) Before Tax

1.608.441

1.304.851

756.061

1.366.377

506.803

Stockholders' Equity

2.517.032

3.284.372

3.883.087

4.968.445

 

Total Assets

2.723.423

4.297.293

4.723.240

5.675.333

 

Current Assets

2.615.917

3.142.171

3.412.248

3.638.383

 

Non-Current Assets

107.506

1.155.122

1.310.992

2.036.950

 

Current Liabilities

206.226

656.978

617.688

535.496

 

Long-Term Liabilities

165

355.943

222.465

171.392

 

Gross Profit (loss)

1.993.965

2.028.678

1.693.927

2.332.207

858.026

Operating Profit (loss)

1.496.333

1.392.810

798.232

1.103.267

568.131

Net Profit (loss)

1.283.642

1.027.339

756.061

1.085.358

506.803

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

High As of 31.12.2011

Liquidity

High As of 31.12.2011

Remarks On Liquidity

The unfavorable gap between average collection and average payable period has an adverse effect on liquidity.

Profitability

High Operating Profitability  in 2008

High Net Profitability  in 2008

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

High Net Profitability  in 2011

High Operating Profitability (01.01-31.03.2012)

High Net Profitability (01.01-31.03.2012)

 

Gap between average collection and payable periods

Unfavorable in 2011

General Financial Position

Good

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2000 )

32,70 %

0,6251

0,5774

0,9480

 ( 2001 )

88,60 %

1,1991

1,0714

1,7300

 ( 2002 )

30,80 %

1,5168

1,3741

2,2001

 ( 2003 )

13,90 %

1,5302

1,7141

2,4982

 ( 2004 )

13,84 %

1,4266

1,7666

2,6001

 ( 2005 )

2,66 %

1,3499

1,6882

2,4623

 ( 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

 ( 01.01-31.03.2012)

0,65 %

1,7995

2,3799

2,8402

 ( 01.01-30.06.2012)

1,95 %

1,8028

2,3463

2,8462

 

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

CURRENT ASSETS

2.615.917

0,96

3.142.171

0,73

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

962.717

0,35

1.739.690

0,40

Marketable Securities

221.862

0,08

120.680

0,03

Account Receivable

358.334

0,13

344.228

0,08

Other Receivable

270.799

0,10

202.815

0,05

Inventories

632.743

0,23

726.698

0,17

Advances Given

156.079

0,06

7.351

0,00

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

13.383

0,00

709

0,00

NON-CURRENT ASSETS

107.506

0,04

1.155.122

0,27

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

0

0,00

850

0,00

Financial Assets

0

0,00

0

0,00

Tangible Fixed Assets (net)

90.889

0,03

468.508

0,11

Intangible Assets

9.232

0,00

600.592

0,14

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

7.385

0,00

85.172

0,02

TOTAL ASSETS

2.723.423

1,00

4.297.293

1,00

CURRENT LIABILITIES

206.226

0,08

656.978

0,15

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

2.357

0,00

135.736

0,03

Accounts Payable

0

0,00

402.271

0,09

Loans from Shareholders

0

0,00

0

0,00

Other Short-term Payable

0

0,00

1.185

0,00

Advances from Customers

0

0,00

17.228

0,00

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

197.767

0,07

100.452

0,02

Provisions

4.287

0,00

0

0,00

Other Current Liabilities

1.815

0,00

106

0,00

LONG-TERM LIABILITIES

165

0,00

355.943

0,08

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

0

0,00

355.943

0,08

Securities Issued

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

Loans from Shareholders

0

0,00

0

0,00

Other Long-term Liabilities

165

0,00

0

0,00

Provisions

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

2.517.032

0,92

3.284.372

0,76

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

100.000

0,04

100.000

0,02

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

28.125

0,01

28.125

0,01

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

1.293.147

0,47

2.128.908

0,50

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

-187.882

-0,07

0

0,00

Net Profit (loss)

1.283.642

0,47

1.027.339

0,24

TOTAL LIABILITIES AND EQUITY

2.723.423

1,00

4.297.293

1,00

 

 

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

3.412.248

0,72

3.638.383

0,64

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

1.500.801

0,32

912.720

0,16

Marketable Securities

110.084

0,02

61.842

0,01

Account Receivable

874.381

0,19

1.272.512

0,22

Other Receivable

238.902

0,05

167.430

0,03

Inventories

588.017

0,12

971.271

0,17

Advances Given

58.472

0,01

199.180

0,04

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

41.591

0,01

53.428

0,01

NON-CURRENT ASSETS

1.310.992

0,28

2.036.950

0,36

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

850

0,00

4.408

0,00

Financial Assets

0

0,00

0

0,00

Tangible Fixed Assets (net)

531.742

0,11

1.254.048

0,22

Intangible Assets

760.366

0,16

765.184

0,13

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

18.034

0,00

13.310

0,00

TOTAL ASSETS

4.723.240

1,00

5.675.333

1,00

CURRENT LIABILITIES

617.688

0,13

535.496

0,09

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

147.638

0,03

195.555

0,03

Accounts Payable

348.434

0,07

184.318

0,03

Loans from Shareholders

0

0,00

0

0,00

Other Short-term Payable

51.098

0,01

43.144

0,01

Advances from Customers

22.563

0,00

10.797

0,00

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

46.282

0,01

101.682

0,02

Provisions

0

0,00

0

0,00

Other Current Liabilities

1.673

0,00

0

0,00

LONG-TERM LIABILITIES

222.465

0,05

171.392

0,03

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

222.465

0,05

171.392

0,03

Securities Issued

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

Loans from Shareholders

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

3.883.087

0,82

4.968.445

0,88

Not Detailed Stockholders' Equity

3.883.087

0,82

0

0,00

Paid-in Capital

0

0,00

100.000

0,02

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

28.125

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

0

0,00

3.754.962

0,66

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

Net Profit (loss)

0

0,00

1.085.358

0,19

TOTAL LIABILITIES AND EQUITY

4.723.240

1,00

5.675.333

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 will be given under "Account Receivable" figure and "Account Payable" figure respectively.                                                                                                                                                                                               

 

 

INCOME STATEMENTS

 

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

Net Sales

6.431.290

1,00

7.024.609

1,00

7.185.042

1,00

Cost of Goods Sold

4.437.325

0,69

4.995.931

0,71

5.491.115

0,76

Gross Profit

1.993.965

0,31

2.028.678

0,29

1.693.927

0,24

Operating Expenses

497.632

0,08

635.868

0,09

895.695

0,12

Operating Profit

1.496.333

0,23

1.392.810

0,20

798.232

0,11

Other Income

178.029

0,03

116.664

0,02

190.123

0,03

Other Expenses

63.941

0,01

168.529

0,02

227.826

0,03

Financial Expenses

1.980

0,00

36.094

0,01

4.468

0,00

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

1.608.441

0,25

1.304.851

0,19

756.061

0,11

Tax Payable

324.799

0,05

277.512

0,04

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

1.283.642

0,20

1.027.339

0,15

756.061

0,11

 

 

 

 

(2011) TL

 

(01.01-31.03.2012) TL

 

Net Sales

9.099.798

1,00

3.153.879

1,00

Cost of Goods Sold

6.767.591

0,74

2.295.853

0,73

Gross Profit

2.332.207

0,26

858.026

0,27

Operating Expenses

1.228.940

0,14

289.895

0,09

Operating Profit

1.103.267

0,12

568.131

0,18

Other Income

430.042

0,05

26.101

0,01

Other Expenses

163.956

0,02

73.783

0,02

Financial Expenses

2.976

0,00

13.646

0,00

Minority Interests

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

Profit (loss) Before Tax

1.366.377

0,15

506.803

0,16

Tax Payable

281.019

0,03

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

Net Profit (loss)

1.085.358

0,12

506.803

0,16

 

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

(2011)

LIQUIDITY RATIOS

 

 

Current Ratio

12,68

4,78

5,52

6,79

Acid-Test Ratio

8,79

3,66

4,41

4,51

Cash Ratio

5,74

2,83

2,61

1,82

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,23

0,17

0,12

0,17

Short-term Receivable/Total Assets

0,23

0,13

0,24

0,25

Tangible Assets/Total Assets

0,03

0,11

0,11

0,22

TURNOVER RATIOS

 

 

Inventory Turnover

7,01

6,87

9,34

6,97

Stockholders' Equity Turnover

2,56

2,14

1,85

1,83

Asset Turnover

2,36

1,63

1,52

1,60

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,92

0,76

0,82

0,88

Current Liabilities/Total Assets

0,08

0,15

0,13

0,09

Financial Leverage

0,08

0,24

0,18

0,12

Gearing Percentage

0,08

0,31

0,22

0,14

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,51

0,31

0,19

0,22

Operating Profit Margin

0,23

0,20

0,11

0,12

Net Profit Margin

0,20

0,15

0,11

0,12

Interest Cover

813,34

37,15

170,22

460,13

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

20,06

17,68

43,85

50,52

Average Payable Period (days)

0,00

28,99

22,84

9,80

WORKING CAPITAL

2409691,00

2485193,00

2794560,00

3102887,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.70

UK Pound

1

Rs.86.28

Euro

1

Rs.68.15

 

 

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.