MIRA INFORM REPORT

 

 

Report Date :

13.06.2012

 

IDENTIFICATION DETAILS

 

Name :

KORAY KIMYA SANAYI VE TICARET LTD. STI.

 

 

Registered Office :

E-5 Karayolu Uzeri Evrensekiz Kavsagi Luleburgaz Kirklareli

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

02.03.1992

 

 

Com. Reg. No.:

3729

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacture and trade of fertilizer, import and domestic trade of chemicals.  

 

 

No. of Employees :

100

 

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

 

COMPANY IDENTIFICATION

 

NAME

:

KORAY KIMYA SANAYI VE TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

E-5 Karayolu Uzeri Evrensekiz Kavsagi Luleburgaz Kirklareli / Turkey

PHONE NUMBER

:

90-288-443 93 90 (Pbx)

 

FAX NUMBER

:

90-288-443 91 99

 

WEB-ADDRESS

:

www.koraykimya.com

E-MAIL

:

info@koraykimya.com

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Luleburgaz

TAX NO

:

5770049663

REGISTRATION NUMBER

:

3729

REGISTERED OFFICE

:

Luleburgaz Chamber of Commerce and Industry

DATE ESTABLISHED

:

02.03.1992

ESTABLISHMENT GAZETTE DATE/NO

:

10.03.1992/2984

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

 

REGISTERED CAPITAL

:

TL   15.900.000

PAID-IN CAPITAL

:

TL   15.900.000

HISTORY

:

Previous Name

:

TL 15.000.000

Changed On

:

15.04.2010 (Commercial Gazette Date /Number 20.04.2010/ 7547)

Previous Registered Capital

:

TL 10.000.000

Changed On

:

19.08.2009 (Commercial Gazette Date /Number 08.09.2009/ 7393)

Other Changes

:

The subject was firstly established in Istanbul and registered at Istanbul Commercial Registry  with the registration number “284835”. Then the head office of the firm moved from Istanbul to Luleburgaz-Kirklareli and the firm was registered at Luleburgaz Commercial Registry with the registration number “3729”

Changed On

:

02.05.2005 (Commercial Gazette Date /Number 25.05.2005/ 6310)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Mehmet Haluk Uras

99 %

Koray Uras

1 %

 

 

SISTER COMPANIES

:

KORAGRI KIMYA VE TARIM URUNLERI ZIRAI ILACLAR GUBRE TEMIZLIK SANAYI DIS TICARET LTD. STI.

 

PRIZMA TEMIZLIK VE KIMYA URUNLERI SANAYI VE TICARET LTD. STI.

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Mehmet Haluk Uras

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of fertilizer, import and domestic trade of chemicals.  

 

NACE CODE

:

DG. 24.15

 

 

NUMBER OF EMPLOYEES

:

100

 

NET SALES

:

18.418.107 TL

(2002) 

22.284.293 TL

(2003) 

25.875.554 TL

(2004) 

36.183.525 TL

(2005) 

41.411.215 TL

(2006) 

42.223.619 TL

(2007) 

51.288.710 TL

(2008) 

44.364.738 TL

(2009) 

58.306.663 TL

(2010) 

89.268.631 TL

(2011) 

 

 

IMPORT VALUE

:

4.500.000 USD

(2004)

6.000.000 USD

(2005)

7.500.000 USD

(2006)

4.000.000 USD

(2007)

5.500.000 USD

(2008)

6.000.000 USD

(2009)

 

 

IMPORT COUNTRIES

:

Austria

Belgium

China

 

MERCHANDISE IMPORTED

:

Chemicals

 

EXPORT VALUE

:

55.492 TL

(2009)

105.000 TL

(2010)

130.389 TL

(2011)

 

 

EXPORT COUNTRIES

:

Egypt

 

MERCHANDISE  EXPORTED

:

Chemicals

 

HEAD OFFICE ADDRESS

:

E-5 Karayolu Uzeri Evrensekiz Kavsagi Luleburgaz  Kirklareli / Turkey  (owned)

 

BRANCHES

:

Head Office/Production Plant  :  E-5 Karayolu Uzeri Evrensekiz Kavsagi Luleburgaz Kirklareli/Turkey (owned)

 

Branch Office  :  Kazim Dirik Mah 364/1 Sok No:23 Bornova Izmir/Turkey (rented)

 

Branch Office  :   Bursa/Turkey

 

Branch Office  :   Antalya/Turkey

 

TREND OF BUSINESS

:

There was an upwards trend in  2011.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Nuruosmaniye Branch

Garanti Bankasi Bahcekapi Branch

Ing Bank Imes Branch

Sekerbank Luleburgaz Branch

T. Is Bankasi Luleburgaz 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

Net Sales

51.288.710

44.364.738

58.306.663

89.268.631

Profit (Loss) Before Tax

1.316.187

-494.698

642.134

2.286.342

Stockholders' Equity

10.045.115

15.316.731

15.964.555

 

Total Assets

21.056.530

25.261.250

33.185.170

 

Current Assets

15.514.678

18.830.870

26.257.218

 

Non-Current Assets

5.541.852

6.430.380

6.927.952

 

Current Liabilities

11.011.415

9.944.519

17.220.615

 

Long-Term Liabilities

0

0

0

 

Gross Profit (loss)

10.502.825

7.108.064

8.824.788

11.982.171

Operating Profit (loss)

4.280.621

1.034.194

1.742.577

3.936.787

Net Profit (loss)

1.048.890

-494.698

514.139

2.286.342

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

In Order As of 31.12.2010

Liquidity

Satisfactory As of 31.12.2010

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

Good Operating Profitability  in 2008

Fair Net Profitability  in 2008

Fair Operating Profitability  in 2009

Net Loss  in 2009

Fair Operating Profitability  in 2010

Low Net Profitability  in 2010

In Order Operating Profitability  in 2011

Fair Net Profitability  in 2011

 

Gap between average collection and payable periods

Unfavorable in 2010

General Financial Position

In Order

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 01.01-31.05.2012)

1,27 %

1,8008

2,3565

2,8479

 

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

15.514.678

0,74

18.830.870

0,75

26.257.218

0,79

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

Cash and Banks

5.367.264

0,25

582.309

0,02

365.525

0,01

Marketable Securities

0

0,00

0

0,00

0

0,00

Account Receivable

4.738.777

0,23

10.534.296

0,42

16.606.911

0,50

Other Receivable

12.400

0,00

12.428

0,00

1.733

0,00

Inventories

5.273.281

0,25

6.726.864

0,27

8.897.121

0,27

Advances Given

122.956

0,01

806.026

0,03

384.912

0,01

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

Other Current Assets

0

0,00

168.947

0,01

1.016

0,00

NON-CURRENT ASSETS

5.541.852

0,26

6.430.380

0,25

6.927.952

0,21

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

0

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

5.500.447

0,26

6.383.823

0,25

6.875.744

0,21

Intangible Assets

40.914

0,00

46.557

0,00

52.208

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

491

0,00

0

0,00

0

0,00

TOTAL ASSETS

21.056.530

1,00

25.261.250

1,00

33.185.170

1,00

CURRENT LIABILITIES

11.011.415

0,52

9.944.519

0,39

17.220.615

0,52

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

4.851.316

0,23

2.624.246

0,10

3.895.148

0,12

Accounts Payable

3.651.703

0,17

7.123.999

0,28

11.862.398

0,36

Loans from Shareholders

2.271.256

0,11

0

0,00

495.746

0,01

Other Short-term Payable

0

0,00

0

0,00

4.121

0,00

Advances from Customers

0

0,00

193.500

0,01

757.064

0,02

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

Taxes Payable

129.293

0,01

25.002

0,00

67.815

0,00

Provisions

98.886

0,00

-31.281

0,00

127.995

0,00

Other Current Liabilities

8.961

0,00

9.053

0,00

10.328

0,00

LONG-TERM LIABILITIES

0

0,00

0

0,00

0

0,00

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

0

0,00

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

0

0,00

Provisions

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

10.045.115

0,48

15.316.731

0,61

15.964.555

0,48

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

Paid-in Capital

10.000.000

0,47

14.866.315

0,59

15.900.000

0,48

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

960.014

0,05

2.908.903

0,12

2.008.903

0,06

Revaluation Fund

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

-1.963.789

-0,09

-1.963.789

-0,08

-2.458.487

-0,07

Net Profit (loss)

1.048.890

0,05

-494.698

-0,02

514.139

0,02

TOTAL LIABILITIES AND EQUITY

21.056.530

1,00

25.261.250

1,00

33.185.170

1,00

 

 

INCOME STATEMENTS

 

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

Net Sales

51.288.710

1,00

44.364.738

1,00

58.306.663

1,00

89.268.631

1,00

Cost of Goods Sold

40.785.885

0,80

37.256.674

0,84

49.481.875

0,85

77.286.460

0,87

Gross Profit

10.502.825

0,20

7.108.064

0,16

8.824.788

0,15

11.982.171

0,13

Operating Expenses

6.222.204

0,12

6.073.870

0,14

7.082.211

0,12

8.045.384

0,09

Operating Profit

4.280.621

0,08

1.034.194

0,02

1.742.577

0,03

3.936.787

0,04

Other Income

154.728

0,00

656.570

0,01

277.805

0,00

405.845

0,00

Other Expenses

1.112.253

0,02

1.156.380

0,03

927.913

0,02

306.694

0,00

Financial Expenses

2.006.909

0,04

1.029.082

0,02

450.335

0,01

1.749.596

0,02

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

1.316.187

0,03

-494.698

-0,01

642.134

0,01

2.286.342

0,03

Tax Payable

267.297

0,01

0

0,00

127.995

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

1.048.890

0,02

-494.698

-0,01

514.139

0,01

2.286.342

0,03

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

LIQUIDITY RATIOS

 

 

Current Ratio

1,41

1,89

1,52

Acid-Test Ratio

0,92

1,12

0,99

Cash Ratio

0,49

0,06

0,02

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,25

0,27

0,27

Short-term Receivable/Total Assets

0,23

0,42

0,50

Tangible Assets/Total Assets

0,26

0,25

0,21

TURNOVER RATIOS

 

 

Inventory Turnover

7,73

5,54

5,56

Stockholders' Equity Turnover

5,11

2,90

3,65

Asset Turnover

2,44

1,76

1,76

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,48

0,61

0,48

Current Liabilities/Total Assets

0,52

0,39

0,52

Financial Leverage

0,52

0,39

0,52

Gearing Percentage

1,10

0,65

1,08

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,10

-0,03

0,03

Operating Profit Margin

0,08

0,02

0,03

Net Profit Margin

0,02

-0,01

0,01

Interest Cover

1,66

0,52

2,43

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

33,26

85,48

102,54

Average Payable Period (days)

32,23

68,84

86,30

WORKING CAPITAL

4503263,00

8886351,00

9036603,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.56.05

UK Pound

1

Rs.86.69

Euro

1

Rs.69.98

 

 

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.