MIRA INFORM REPORT

 

 

Report Date :

21.07.2012

 

IDENTIFICATION DETAILS

 

Name :

CHRYSAMED KIMYA SANAYI VE DIS TICARET LTD. STI.

 

 

Registered Office :

M. Merkezi Ataturk Mah. Izmir Cad. 132 Kat:1 Torbali Izmir

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

29.09.1998

 

 

Com. Reg. No.:

3176

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacture and trade of pesticides.

 

 

No. of Employees :

34

 

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 :

Slow but Correct

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 – September 30, 2011

 

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

:

CHRYSAMED KIMYA SANAYI VE DIS TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

M. Merkezi Ataturk Mah. Izmir Cad. 132 Kat:1 Torbali Izmir / Turkey

PHONE NUMBER

:

90-232-865 12 13

 

FAX NUMBER

:

90-232-865 18 00

 

WEB-ADDRESS

:

www.chrysamed.com.tr

E-MAIL

:

info@chrysamed.com

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Torbali

TAX NO

:

7300088989

REGISTRATION NUMBER

:

3176

REGISTERED OFFICE

:

Torbali Chamber of Commerce

DATE ESTABLISHED

:

29.09.1998

ESTABLISHMENT GAZETTE DATE/NO

:

06.10.1998/4642

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   10.000.000

PAID-IN CAPITAL

:

TL   10.000.000

HISTORY

:

Previous Registered Capital

:

TL 4.000.000

Changed On

:

04.05.2011 (Commercial Gazette Date /Number 16.05.2011/ 7816)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Bergland Creations GMBH

95 %

Yusuf Aktas

5 %

 

 

REMARKS ON SHAREHOLDERS

:

We are informed that the main shareholder "Bergland Creations GMBH" is a foreign company located in Austria.

 

SUBSIDIARIES

:

CHRYSAMED PLANT KIMYA SANAYI VE TICARET A.S.  ( 99,84 % )

 

DIRECTORS

:

Demet Filiz

 

Taner Safak

 

Hasan Tahsin Atcali

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of pesticides.

 

 

NACE CODE

:

DG.24.20

 

 

TRADEMARKS OWNED

:

Chrysamed

 

 

NUMBER OF EMPLOYEES

:

34

 

 

NET SALES

:

3.184.588 TL

(2009) 

7.653.745 TL

(2010) 

11.030.775 TL

(2011) 

2.159.747 TL

(01.01-31.03.2012) 

 

 

 

IMPORT COUNTRIES

:

China

Germany

 

 

MERCHANDISE IMPORTED

:

Raw materials

 

 

EXPORT VALUE

:

1.039.920 TL

(2009)

1.537.482 TL

(2010)

1.300.080 TL

(2011)

332.551 TL

(01.01-31.03.2012)

 

 

 

EXPORT COUNTRIES

:

Austria

Germany

Yemen

Switzerland

Jordan

Tunisia

Lebanon

Azerbaijan

 

MERCHANDISE  EXPORTED

:

Pesticides

Rodenticide

 

HEAD OFFICE ADDRESS

:

M. Merkezi Ataturk Mah. Izmir Cad. 132 Kat:1 Torbali  Izmir / Turkey  (owned)

 

BRANCHES

:

Head Office/Production Plant  :  M. Merkezi Ataturk Mah. Izmir Cad. 132 Kat:1 Torbali Izmir/Turkey (owned)

 

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2011.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

T.C. Ziraat Bankasi Torbali Branch

Yapi ve Kredi Bankasi Ege Branch

 

CREDIT FACILITIES

:

The subject company is making use of credit facilities.

 

PAYMENT BEHAVIOUR

:

We are informed about some payment delays in the former years some of which were resolved later on.

 

KEY FINANCIAL ELEMENTS

:

 

(2009) TL

(2010) TL

(2011) TL

(01.01-31.03.2012) TL

Net Sales

3.184.588

7.653.745

11.030.775

2.159.747

Profit (Loss) Before Tax

-1.472.215

-1.567.333

-1.540.774

594.639

Stockholders' Equity

1.984.631

417.298

4.876.524

 

Total Assets

10.457.775

15.919.364

21.509.333

 

Current Assets

6.091.950

10.928.494

15.859.652

 

Non-Current Assets

4.365.825

4.990.870

5.649.681

 

Current Liabilities

4.152.544

3.661.068

2.500.530

 

Long-Term Liabilities

4.320.600

11.840.998

14.132.279

 

Gross Profit (loss)

969.019

1.187.086

3.559.449

565.042

Operating Profit (loss)

-937.425

-1.794.756

1.556.726

79.129

Net Profit (loss)

-1.472.215

-1.567.333

-1.540.774

594.639

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Insufficient As of 31.12.2011

Remarks on Capitalization

A part of liabilities consist of loans from shareholders.

Liquidity

Satisfactory As of 31.12.2011

Remarks On Liquidity

The favorable gap between average collection and average payable period has a positive 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

Net Loss  in 2010

High Operating Profitability  in 2011

Net Loss  in 2011

In Order Operating Profitability (01.01-31.03.2012)

High Net Profitability (01.01-31.03.2012)

 

Gap between average collection and payable periods

Favorable in 2011

General Financial Position

Passable

 

 

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

6.091.950

0,58

10.928.494

0,69

15.859.652

0,74

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

Cash and Banks

347.258

0,03

1.334.521

0,08

71.156

0,00

Marketable Securities

0

0,00

0

0,00

0

0,00

Account Receivable

1.188.521

0,11

3.004.580

0,19

6.546.951

0,30

Other Receivable

5.129

0,00

0

0,00

3.315

0,00

Inventories

2.710.392

0,26

4.819.689

0,30

6.943.981

0,32

Advances Given

0

0,00

0

0,00

92.556

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

Other Current Assets

1.840.650

0,18

1.769.704

0,11

2.201.693

0,10

NON-CURRENT ASSETS

4.365.825

0,42

4.990.870

0,31

5.649.681

0,26

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

Long-term Receivable

19.277

0,00

56.558

0,00

23.746

0,00

Financial Assets

0

0,00

249.400

0,02

249.400

0,01

Tangible Fixed Assets (net)

3.696.447

0,35

3.990.157

0,25

4.521.673

0,21

Intangible Assets

613.223

0,06

649.105

0,04

825.893

0,04

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

36.878

0,00

45.650

0,00

28.969

0,00

TOTAL ASSETS

10.457.775

1,00

15.919.364

1,00

21.509.333

1,00

CURRENT LIABILITIES

4.152.544

0,40

3.661.068

0,23

2.500.530

0,12

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

431.094

0,03

1.207.856

0,06

Accounts Payable

2.563.087

0,25

3.175.828

0,20

265.239

0,01

Loans from Shareholders

198.315

0,02

0

0,00

0

0,00

Other Short-term Payable

4.441

0,00

2.302

0,00

25.418

0,00

Advances from Customers

1.339.200

0,13

3.774

0,00

942.324

0,04

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

Taxes Payable

47.501

0,00

48.070

0,00

59.693

0,00

Provisions

0

0,00

0

0,00

0

0,00

Other Current Liabilities

0

0,00

0

0,00

0

0,00

LONG-TERM LIABILITIES

4.320.600

0,41

11.840.998

0,74

14.132.279

0,66

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

4.320.600

0,41

9.112.959

0,57

5.002.868

0,23

Securities Issued

0

0,00

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

6.647.548

0,31

Loans from Shareholders

0

0,00

2.728.039

0,17

2.481.863

0,12

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

1.984.631

0,19

417.298

0,03

4.876.524

0,23

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

Paid-in Capital

4.000.000

0,38

4.000.000

0,25

10.000.000

0,46

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

Reserves

22.463

0,00

22.463

0,00

22.463

0,00

Revaluation Fund

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

-565.617

-0,05

-2.037.832

-0,13

-3.605.165

-0,17

Net Profit (loss)

-1.472.215

-0,14

-1.567.333

-0,10

-1.540.774

-0,07

TOTAL LIABILITIES AND EQUITY

10.457.775

1,00

15.919.364

1,00

21.509.333

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. 

 

At the last income statement TL 1.892.775 of the other income is due to "Profit from Foreign Currency Exchange". 

 

At the last income statement TL 960.696 of the other expenses is due to "Loss from Foreign Currency Exchange".

 

 

 

INCOME STATEMENTS

 

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

(01.01-31.03.2012) TL

 

Net Sales

3.184.588

1,00

7.653.745

1,00

11.030.775

1,00

2.159.747

1,00

Cost of Goods Sold

2.215.569

0,70

6.466.659

0,84

7.471.326

0,68

1.594.705

0,74

Gross Profit

969.019

0,30

1.187.086

0,16

3.559.449

0,32

565.042

0,26

Operating Expenses

1.906.444

0,60

2.981.842

0,39

2.002.723

0,18

485.913

0,22

Operating Profit

-937.425

-0,29

-1.794.756

-0,23

1.556.726

0,14

79.129

0,04

Other Income

175.787

0,06

612.066

0,08

483.173

0,04

1.894.994

0,88

Other Expenses

614.922

0,19

354.761

0,05

3.113.779

0,28

1.290.860

0,60

Financial Expenses

95.655

0,03

29.882

0,00

466.894

0,04

88.624

0,04

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

-1.472.215

-0,46

-1.567.333

-0,20

-1.540.774

-0,14

594.639

0,28

Tax Payable

0

0,00

0

0,00

0

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

-1.472.215

-0,46

-1.567.333

-0,20

-1.540.774

-0,14

594.639

0,28

 

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

(2011)

 

LIQUIDITY RATIOS

 

 

Current Ratio

1,47

2,99

6,34

 

Acid-Test Ratio

0,37

1,19

2,65

 

Cash Ratio

0,08

0,36

0,03

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,26

0,30

0,32

 

Short-term Receivable/Total Assets

0,11

0,19

0,30

 

Tangible Assets/Total Assets

0,35

0,25

0,21

 

TURNOVER RATIOS

 

 

Inventory Turnover

0,82

1,34

1,08

 

Stockholders' Equity Turnover

1,60

18,34

2,26

 

Asset Turnover

0,30

0,48

0,51

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,19

0,03

0,23

 

Current Liabilities/Total Assets

0,40

0,23

0,12

 

Financial Leverage

0,81

0,97

0,77

 

Gearing Percentage

4,27

37,15

3,41

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

-0,74

-3,76

-0,32

 

Operating Profit Margin

-0,29

-0,23

0,14

 

Net Profit Margin

-0,46

-0,20

-0,14

 

Interest Cover

-14,39

-51,45

-2,30

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

136,53

143,98

214,44

 

Average Payable Period (days)

416,47

176,80

333,09

 

WORKING CAPITAL

1939406,00

7267426,00

13359122,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.15

UK Pound

1

Rs.86.58

Euro

1

Rs.67.60

 

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.