MIRA INFORM REPORT

 

 

Report Date :

16.07.2012

 

IDENTIFICATION DETAILS

 

Name :

DERMOKIM KIMYA SANAYI VE TICARET LTD. STI.

 

 

Registered Office :

Izmir Asfalti Uzeri Haci Eyuplu Koyu Girisi No:21" to "Izmir Yolu Uzeri Haci Eyuplu Mah. 3125 Sok. No:17

 

 

Country :

Turkey

 

 

Financials (as on) :

2011

 

 

Date of Incorporation :

13.02.1995

 

 

Com. Reg. No.:

13475

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Wholesale trade of chemicals.

 

 

No. of Employees :

27

 

 

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 :

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

 

COMPANY IDENTIFICATION

 

NAME

:

DERMOKIM KIMYA SANAYI VE TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Izmir Yolu Uzeri Haci Eyuplu Mah. 3125 Sok. No: 17  Denizli / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The address was changed from "Izmir Asfalti Uzeri Haci Eyuplu Koyu Girisi No:21" to "Izmir Yolu Uzeri Haci Eyuplu Mah. 3125 Sok. No:17" by the Municipality.

PHONE NUMBER

:

90-258-371 65 71

 

FAX NUMBER

:

90-258-371 26 25

 

E-MAIL

:

dermokim@dermokim.com.tr

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Gokpinar

TAX NO

:

8920040821

REGISTRATION NUMBER

:

13475

REGISTERED OFFICE

:

Denizli Chamber of Commerce

DATE ESTABLISHED

:

13.02.1995

ESTABLISHMENT GAZETTE DATE/NO

:

24.02.1995/3733

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   1.000.000

PAID-IN CAPITAL

:

TL   1.000.000

HISTORY

:

Previous Name

:

Uniteks Kimya Sanayi Ve Ticaret Ltd. Sti.

Changed On

:

22.01.2004 (Commercial Gazette Date /Number 28.01.2004/ 5977)

Previous Shareholder

:

Please vide Previous Shareholders section for the former shareholders' names.

Changed On

:

24.03.2011 (Commercial Gazette Date /Number 30.03.2011/ 7783)

 

 

 

PREVIOUS SHAREHOLDERS

:

Gultekin Okay Salgar

80 %

Berna Salgar

10 %

Sinan Salgar

5 %

Berkin Salgar

5 %

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Gultekin Okay Salgar

80 %

Berkin Salgar

20 %

 

 

SISTER COMPANIES

:

MERCAN KIMYA SANAYI VE TICARET A.S.

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Gultekin Okay Salgar

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Wholesale trade of chemicals.

 

NACE CODE

:

G .51.55

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

27

 

NET SALES

:

8.662.451 TL

(2009) 

19.715.162 TL

(2010) 

24.122.186 TL

(2011) 

5.726.900 TL

(01.01-31.03.2012) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

 

IMPORT COUNTRIES

:

Free Zone

 

MERCHANDISE IMPORTED

:

Chemicals

 

EXPORT VALUE

:

3.177.344 TL

(2009)

9.052.554 TL

(2010)

11.680.707 TL

(2011)

3.105.134 TL

(01.01-31.03.2012)

 

 

EXPORT COUNTRIES

:

Pakistan

Lebanon

Ethiopia

Nigeria

Malaysia

Philippines

Brazil

Azerbaijan

Malta

Georgia

 

MERCHANDISE  EXPORTED

:

Mineral wax

Paint

Petroleum jelly

Silicon

 

HEAD OFFICE ADDRESS

:

Izmir Yolu Uzeri Haci Eyuplu Mah. 3125 Sok. No: 17   Denizli / Turkey  (rented)

 

INVESTMENTS

:

None

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2011.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Denizbank Denizli Branch

Garanti Bankasi Denizli Branch

T. Halk Bankasi Denizli Branch

T. Is Bankasi Denizli Branch

 

CREDIT FACILITIES

:

The subject company is making active use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

 

KEY FINANCIAL ELEMENTS

:

 

(2009) TL

(2010) TL

(2011) TL

(01.01-31.03.2012) TL

 

Net Sales

8.662.451

19.715.162

24.122.186

5.726.900

 

Profit (Loss) Before Tax

-113.573

278.025

742.734

2.524

 

Stockholders' Equity

783.871

973.419

1.521.271

 

 

Total Assets

7.596.669

9.365.281

13.528.343

 

 

Current Assets

7.124.299

8.905.840

10.110.567

 

 

Non-Current Assets

472.370

459.441

3.417.776

 

 

Current Liabilities

6.776.530

8.311.862

7.380.031

 

 

Long-Term Liabilities

36.268

80.000

4.627.041

 

 

Gross Profit (loss)

1.310.607

1.983.536

1.848.603

468.047

 

Operating Profit (loss)

-69.910

-74.776

-422.747

107.558

 

Net Profit (loss)

-113.573

209.224

547.852

2.524

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Low As of 31.12.2011

Liquidity

Insufficient 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

Operating Loss  in 2009

Net Loss  in 2009

Operating Loss  in 2010

Low Net Profitability  in 2010

Operating Loss  in 2011

Fair Net Profitability  in 2011

Fair Operating Profitability (01.01-31.03.2012)

Low Net Profitability (01.01-31.03.2012)

 

Gap between average collection and payable periods

Unfavorable in 2011

General Financial Position

Unsatisfactory

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

7.124.299

0,94

8.905.840

0,95

10.110.567

0,75

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

Cash and Banks

845.444

0,11

614.815

0,07

341.203

0,03

Marketable Securities

0

0,00

0

0,00

3.568

0,00

Account Receivable

4.761.637

0,63

5.573.122

0,60

7.585.849

0,56

Other Receivable

88

0,00

20.000

0,00

48.202

0,00

Inventories

1.085.864

0,14

1.910.206

0,20

1.033.552

0,08

Advances Given

373.084

0,05

787.697

0,08

1.094.283

0,08

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

Other Current Assets

58.182

0,01

0

0,00

3.910

0,00

NON-CURRENT ASSETS

472.370

0,06

459.441

0,05

3.417.776

0,25

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

65

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

463.980

0,06

450.938

0,05

2.728.065

0,20

Intangible Assets

-1.269

0,00

-2.103

0,00

0

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

9.659

0,00

10.606

0,00

689.646

0,05

TOTAL ASSETS

7.596.669

1,00

9.365.281

1,00

13.528.343

1,00

CURRENT LIABILITIES

6.776.530

0,89

8.311.862

0,89

7.380.031

0,55

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

7.709

0,00

332.613

0,04

1.512.712

0,11

Accounts Payable

1.381.265

0,18

2.591.271

0,28

1.707.885

0,13

Loans from Shareholders

6.000

0,00

0

0,00

40.000

0,00

Other Short-term Payable

5.029.685

0,66

5.224.140

0,56

3.855.647

0,29

Advances from Customers

338.230

0,04

26.762

0,00

197.323

0,01

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

Taxes Payable

25.900

0,00

137.046

0,01

50.944

0,00

Provisions

-12.259

0,00

0

0,00

15.520

0,00

Other Current Liabilities

0

0,00

30

0,00

0

0,00

LONG-TERM LIABILITIES

36.268

0,00

80.000

0,01

4.627.041

0,34

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

36.268

0,00

80.000

0,01

3.943.517

0,29

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

683.524

0,05

Provisions

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

783.871

0,10

973.419

0,10

1.521.271

0,11

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

Paid-in Capital

1.000.000

0,13

1.000.000

0,11

1.000.000

0,07

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

84.680

0,01

84.680

0,01

84.680

0,01

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

Reserves

95.565

0,01

95.565

0,01

304.789

0,02

Revaluation Fund

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

-282.801

-0,04

-416.050

-0,04

-416.050

-0,03

Net Profit (loss)

-113.573

-0,01

209.224

0,02

547.852

0,04

TOTAL LIABILITIES AND EQUITY

7.596.669

1,00

9.365.281

1,00

13.528.343

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. 

 

At the last income statement TL 191.046 of the other income is due to "Profit from Foreign Currency Exchange". 

 

At the last income statement TL 191.322 of the other income is due to "Other Ordinary Income".

 

 

INCOME STATEMENTS

 

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

(01.01-31.03.2012) TL

 

Net Sales

8.662.451

1,00

19.715.162

1,00

24.122.186

1,00

5.726.900

1,00

Cost of Goods Sold

7.351.844

0,85

17.731.626

0,90

22.273.583

0,92

5.258.853

0,92

Gross Profit

1.310.607

0,15

1.983.536

0,10

1.848.603

0,08

468.047

0,08

Operating Expenses

1.380.517

0,16

2.058.312

0,10

2.271.350

0,09

360.489

0,06

Operating Profit

-69.910

-0,01

-74.776

0,00

-422.747

-0,02

107.558

0,02

Other Income

804.101

0,09

1.316.356

0,07

2.004.093

0,08

385.855

0,07

Other Expenses

197.036

0,02

692.406

0,04

512.262

0,02

206.533

0,04

Financial Expenses

650.728

0,08

271.149

0,01

326.350

0,01

284.356

0,05

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

-113.573

-0,01

278.025

0,01

742.734

0,03

2.524

0,00

Tax Payable

0

0,00

68.801

0,00

194.882

0,01

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

-113.573

-0,01

209.224

0,01

547.852

0,02

2.524

0,00

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

(2011)

LIQUIDITY RATIOS

 

 

Current Ratio

1,05

1,07

1,37

Acid-Test Ratio

0,83

0,75

1,08

Cash Ratio

0,12

0,07

0,05

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,14

0,20

0,08

Short-term Receivable/Total Assets

0,63

0,60

0,56

Tangible Assets/Total Assets

0,06

0,05

0,20

TURNOVER RATIOS

 

 

Inventory Turnover

6,77

9,28

21,55

Stockholders' Equity Turnover

11,05

20,25

15,86

Asset Turnover

1,14

2,11

1,78

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,10

0,10

0,11

Current Liabilities/Total Assets

0,89

0,89

0,55

Financial Leverage

0,90

0,90

0,89

Gearing Percentage

8,69

8,62

7,89

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

-0,14

0,21

0,36

Operating Profit Margin

-0,01

0,00

-0,02

Net Profit Margin

-0,01

0,01

0,02

Interest Cover

0,83

2,03

3,28

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

197,89

101,77

113,21

Average Payable Period (days)

67,64

52,61

27,60

WORKING CAPITAL

347769,00

593978,00

2730536,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.66

UK Pound

1

Rs.85.89

Euro

1

Rs.67.88

 

 

INFORMATION DETAILS

 

Report Prepared by :

PDT

 

 

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.