MIRA INFORM REPORT

 

 

Report Date :

19.07.2012

 

IDENTIFICATION DETAILS

 

Name :

CONSTAB MIDDLE EAST POLIMER A.S.

 

 

Registered Office :

Avrupa Serbest Bolgesi (Free Zone) 112.Ada 19. Parsel Velimese Mevkii Corlu Tekirdag

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2009

 

 

Date of Incorporation :

07.06.2000

 

 

Com. Reg. No.:

8104

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of polymer products.

 

 

No. of Employees :

31

 

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

:

CONSTAB MIDDLE EAST POLIMER A.S.

HEAD OFFICE ADDRESS

:

Avrupa Serbest Bolgesi (Free Zone) 112.Ada 19. Parsel Velimese Mevkii Corlu Tekirdag / Turkey

PHONE NUMBER

:

90-282-691 12 21

 

FAX NUMBER

:

90-282-691 12 20

 

WEB-ADDRESS

:

www.constabmideast.com

E-MAIL

:

info@constabmideast.com

 

 

LEGAL STATUS AND HISTORY

 

NOTES ON LEGAL STATUS AND HISTORY

:

The paid-in capital is declared by the subject. There is no certification for the paid-in capital..

TAX OFFICE

:

Corlu

TAX NO

:

2110290884

REGISTRATION NUMBER

:

8104

REGISTERED OFFICE

:

Corlu Chamber of Commerce and Industry

DATE ESTABLISHED

:

07.06.2000

ESTABLISHMENT GAZETTE DATE/NO

:

12.06.2000/5064

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   2.200.000

PAID-IN CAPITAL

:

TL   2.200.000

HISTORY

:

Previous Registered Capital

:

TL 676.060

Changed On

:

11.06.2008 (Commercial Gazette Date /Number 18.06.2008/ 7086)

Previous Registered Capital

:

TL 1.600.000

Changed On

:

20.05.2009 (Commercial Gazette Date /Number 27.05.2009/ 7319)

Previous Address

:

Bakirkoy Ataturk Havalimani Serbest Bolgesi Plaza Ofis 8 Kat No:6Yesilkoy Istanbul

Changed On

:

20.04.2005 (Commercial Gazette Date /Number 27.04.2005/ 6291)

Other Changes

:

The subject was firstly established in Istanbul and registered at Istanbul Commercial Registry with the number “439505”. Then the firm moved to  Corlu and registered at Corlu Commercial Registry with the registration number “8104”

Changed On

:

20.04.2005 (Commercial Gazette Date /Number 27.04.2005/ 6291)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Astra Polymer Compounding Co. Ltd.

99,95 %

Tabuk Pharmaceutical Manufacturing Co.

 

Astra Industrial Group

 

International Building Systems Factory Co. Ltd.

 

Astra Industrial Complex Co. Ltd.

 

 

 

REMARKS ON SHAREHOLDERS

:

The shareholders are foreign companies located in Saudi Arabia.

SUBSIDIARIES

:

Declared to be:None

 

BOARD OF DIRECTORS

:

Mohammad Najer S Alutaibi

Chairman

Samer Sameer Darweesh Hendawi

Vice-Chairman

Bandar Najr S Alotaibi

Member

 

 

DIRECTORS

:

Omar El Khattabi Rodriguez

General Manager

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of polymer products.

 

NACE CODE

:

DG.24.16

 

NUMBER OF EMPLOYEES

:

31

 

NET SALES

:

5.818.986 TL

(2006) 

4.513.964 TL

(2007) 

2.902.934 EUR

(2008) 

3.738.175 EUR

(2009) 

5.843.272 EUR

(2010) 

6.550.000 EUR

(2011) 

3.458.343 EUR

(01.01-30.06.2012) 

 

 

REMARKS ON NET SALES

:

The net sale figures of 2010, 2011 and 1.1.-30.06.2012 are declared by the subject. There is no certification for these figures.

 

IMPORT VALUE

:

4.580.000 EUR

(2011)

1.748.455 EUR

(01.01-30.06.2012)

 

 

IMPORT COUNTRIES

:

Belgium

Germany

Greece

Czech Republic

U.S.A.

Saudi Arabia

 

MERCHANDISE IMPORTED

:

Polypropylene

Raw materials of plastic additives

 

EXPORT VALUE

:

5.818.986 TL

(2006)

4.513.964 TL

(2007)

2.902.934 EUR

(2008)

3.738.175 EUR

(2009)

5.843.272 EUR

(2010)

6.550.000 EUR

(2011)

3.458.343 EUR

(01.01-30.06.2012)

 

 

REMARKS ON EXPORT

:

As the subject company is located at "Free Zone" all of its sales are regarded as exports.

 

HEAD OFFICE ADDRESS

:

Avrupa Serbest Bolgesi (Free Zone) 112.Ada 19. Parsel Velimese Mevkii Corlu Tekirdag / Turkey ( owned )

 

BRANCHES

:

Head Office/Factory  :  Avrupa Serbest Bolgesi (Free Zone) 112.Ada 19. Parsel Velimese Mevkii Corlu Tekirdag/Turkey (owned)

 

INVESTMENTS

:

None

 

 

TREND OF BUSINESS

:

There was an upwards trend in 2011.

SIZE OF BUSINESS

:

Medium

 

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Mersin Serbest Bolge Branch

Garanti Bankasi Gokturk Kemerburgaz Branch

Garanti Bankasi AHL Branch

Halk Bankasi AHL Branch

HSBC Bank AHL 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) EUR

(2009) EUR

Net Sales

2.902.934

3.738.175

Profit (Loss) Before Tax

202.720

579.842

Stockholders' Equity

1.333.629

1.802.956

Total Assets

1.560.368

2.766.672

Current Assets

593.124

1.136.813

Non-Current Assets

967.244

1.629.859

Current Liabilities

226.739

963.716

Long-Term Liabilities

0

0

Gross Profit (loss)

554.854

873.753

Operating Profit (loss)

195.887

570.942

Net Profit (loss)

202.720

579.842

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

General Financial Position

General financial position is undetermined the firm declines to give us an authorization to gather its financial data. As the shares of the firm are not open to public, it is not obliged to announce its data.

 

 

 

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

 ( 01.01-30.06.2012)

1,95 %

1,8028

2,3463

2,8462

 

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  EUR

 

 ( 31.12.2009 )  EUR

 

CURRENT ASSETS

593.124

0,38

1.136.813

0,41

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

2.608

0,00

333.957

0,12

Marketable Securities

0

0,00

0

0,00

Account Receivable

87.376

0,06

144.726

0,05

Other Receivable

52.353

0,03

150.353

0,05

Inventories

450.787

0,29

488.631

0,18

Advances Given

0

0,00

19.146

0,01

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

0

0,00

0

0,00

NON-CURRENT ASSETS

967.244

0,62

1.629.859

0,59

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

56

0,00

3.496

0,00

Financial Assets

0

0,00

0

0,00

Tangible Fixed Assets (net)

954.608

0,61

1.604.967

0,58

Intangible Assets

5.379

0,00

11.575

0,00

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

7.201

0,00

9.821

0,00

TOTAL ASSETS

1.560.368

1,00

2.766.672

1,00

CURRENT LIABILITIES

226.739

0,15

963.716

0,35

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

10.000

0,01

347.078

0,13

Accounts Payable

137.598

0,09

568.013

0,21

Loans from Shareholders

3.708

0,00

2.844

0,00

Other Short-term Payable

8.442

0,01

18.524

0,01

Advances from Customers

63.449

0,04

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

3.542

0,00

27.257

0,01

Provisions

0

0,00

0

0,00

Other Current Liabilities

0

0,00

0

0,00

LONG-TERM LIABILITIES

0

0,00

0

0,00

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

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

1.333.629

0,85

1.802.956

0,65

Not Detailed Stockholders' Equity

1.333.629

0,85

1.802.956

0,65

Paid-in Capital

0

0,00

0

0,00

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

0

0,00

0

0,00

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

Net Profit (loss)

0

0,00

0

0,00

TOTAL LIABILITIES AND EQUITY

1.560.368

1,00

2.766.672

1,00

 

 

REMARKS ON FINANCIAL STATEMENTS:

In Turkey, there is no public registry on companies’ financial and detailed general data. So, to collect a firm’s data, an information agency has to contact the company and get its authorization.

 

However the company strictly declines to give us an authorization to gather its financial data. As the firm’s shares are not open to public it is not obliged to announce its data.

 

 

INCOME STATEMENTS

 

 

(2008) EUR

 

(2009) EUR

 

Net Sales

2.902.934

1,00

3.738.175

1,00

Cost of Goods Sold

2.348.080

0,81

2.864.422

0,77

Gross Profit

554.854

0,19

873.753

0,23

Operating Expenses

358.967

0,12

302.811

0,08

Operating Profit

195.887

0,07

570.942

0,15

Other Income

51.818

0,02

30.463

0,01

Other Expenses

44.985

0,02

21.563

0,01

Financial Expenses

0

0,00

0

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

202.720

0,07

579.842

0,16

Tax Payable

0

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

Net Profit (loss)

202.720

0,07

579.842

0,16

 

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

LIQUIDITY RATIOS

 

Current Ratio

2,62

1,18

Acid-Test Ratio

0,63

0,65

Cash Ratio

0,01

0,35

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,29

0,18

Short-term Receivable/Total Assets

0,09

0,11

Tangible Assets/Total Assets

0,61

0,58

TURNOVER RATIOS

 

Inventory Turnover

5,21

5,86

Stockholders' Equity Turnover

2,18

2,07

Asset Turnover

1,86

1,35

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,85

0,65

Current Liabilities/Total Assets

0,15

0,35

Financial Leverage

0,15

0,35

Gearing Percentage

0,17

0,53

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,15

0,32

Operating Profit Margin

0,07

0,15

Net Profit Margin

0,07

0,16

Interest Cover

 

 

COLLECTION-PAYMENT

 

Average Collection Period (days)

10,84

14,27

Average Payable Period (days)

21,10

71,39

WORKING CAPITAL

366385,00

173097,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.34

UK Pound

1

Rs.86.55

Euro

1

Rs.67.95

 

 

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.