MIRA INFORM REPORT

 

 

Report Date :

16.05.2012

 

IDENTIFICATION DETAILS

 

Name :

KROMO KIMYA MUMESSILLIK DAHILI TICARET VE SANAYI LTD. STI.

 

 

Formerly Known As :

KROMO KIMYA ITHALAT IHRACAT MUMESSILLIK DAHILI TICARET VE SANAYI LTD. STI.

 

 

Registered Office :

Izmir Serbest Bolgesi Kamelya Sok. No:1 Menemen Izmir

 

 

Country :

Turkey

 

 

Financials (as on) :

30.09.2010

 

 

Date of Incorporation :

25.11.1997

 

 

Com. Reg. No.:

2036

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacture and trade of chemicals for leather. 

 

 

No. of Employees :

8

 

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

:

KROMO KIMYA MUMESSILLIK DAHILI TICARET VE SANAYI LTD. STI.

HEAD OFFICE ADDRESS

:

Izmir Serbest Bolgesi Kamelya Sok. No:1 Menemen Izmir / Turkey

PHONE NUMBER

:

90-232-842 66 28

 

FAX NUMBER

:

90-232-842 66 30

 

 

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

:

Menemen

TAX NO

:

5900068195

REGISTRATION NUMBER

:

2036

REGISTERED OFFICE

:

Menemen Chamber of Commerce

DATE ESTABLISHED

:

25.11.1997

ESTABLISHMENT GAZETTE DATE/NO

:

01.12.1997/4430

 

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   5.565.000

PAID-IN CAPITAL

:

TL   5.565.000

HISTORY

:

Previous Name

:

Kromo Kimya Ithalat Ihracat Mumessillik Dahili Ticaret Ve Sanayi Ltd. Sti.

Changed On

:

01.01.1999 (Commercial Gazette Date /Number 27.07.1999/ 4842)

Previous Registered Capital

:

TL 4.569.000

Changed On

:

19.11.2008 (Commercial Gazette Date /Number 26.11.2008/ 7197)

Previous Address

:

Deri Serbest Bolgesi Ladin Sok. No.9  Menemen – Izmir

Changed On

:

01.12.2005 (Commercial Gazette Date /Number 07.12.2005/ 6447)

Previous Shareholder

:

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

Changed On

:

22.09.2010 (Commercial Gazette Date /Number 29.09.2010/ 7658)

 

PREVIOUS SHAREHOLDERS

:

Lizet Haras

33,33 %

Salvator Levi

33,33 %

Nesim Haras

33,33 %

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Nesim Haras

66,66 %

Lizet Haras

33,33 %

 

 

SISTER COMPANIES

:

CROMO KIMYA SANAYI VE TICARET LTD. STI.

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Nesim Haras

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of chemicals for leather. 

 

NACE CODE

:

DG.24.10

 

SECTOR

:

Chemicals

 

 

NUMBER OF EMPLOYEES

:

8

 

NET SALES

:

6.229.562 EUR

(2009) 

5.699.201 EUR

(01.01-30.09.2010) 

 

 

IMPORT VALUE

:

1.894.000 EUR

(2009)

 

 

IMPORT COUNTRIES

:

Spain

China

India

 

MERCHANDISE IMPORTED

:

Chemicals

 

HEAD OFFICE ADDRESS

:

Izmir Serbest Bolgesi Kamelya Sok. No:1 Menemen Izmir / Turkey ( owned )

 

BRANCHES

:

Head Office/Production Plant  :  Izmir Serbest Bolgesi Kamelya Sok. No:1 Menemen Izmir/Turkey (owned)

 

INVESTMENTS

:

None

 

 

TREND OF BUSINESS

:

There appears an upwards trend in  1.1 - 30.9.2010.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Denizbank Ataturk Organize Branch

T. Halk Bankasi Ataturk Hava Limani Serbest Bolgesi Branch

T. Halk Bankasi Ataturk Organize Branch

Turk Ekonomi Bankasi Ataturk Organize Branch

 

CREDIT FACILITIES

:

No credit facility has come to our knowledge.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

 

KEY FINANCIAL ELEMENTS

:

 

(2009) EUR

(01.01-30.09.2010) EUR

Net Sales

6.229.562

5.699.201

Profit (Loss) Before Tax

542.854

891.596

Stockholders' Equity

4.160.045

4.211.803

Total Assets

6.508.513

8.627.355

Current Assets

5.388.109

7.550.923

Non-Current Assets

1.120.404

1.076.432

Current Liabilities

2.348.468

4.415.552

Long-Term Liabilities

0

0

Gross Profit (loss)

832.292

852.859

Operating Profit (loss)

549.676

852.859

Net Profit (loss)

538.579

891.596

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

In Order As of 30.09.2010

Liquidity

High As of 30.09.2010

Remarks On Liquidity

The favorable gap between average collection and average payable period has a positive effect on liquidity.

Profitability

Good Operating Profitability  in 2009

High Net Profitability  in 2009

High Operating Profitability (01.01-30.09.2010)

High Net Profitability (01.01-30.09.2010)

 

Gap between average collection and payable periods

Favorable in 01.01-30.09.2010

General Financial Position

In Order

Remarks on General Financial Position

Recent financial figures are not available the firm declines to provide fresh financial data.

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2009 )

5,93 %

1,5460

2,1529

2,4094

 ( 01.01-30.09.2010)

6,52 %

1,5178

2,0112

2,3426

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 ( 01.01-30.04.2012)

0,73 %

1,7910

2,3688

2,8440

 

 

BALANCE SHEETS

 

 

 ( 31.12.2009 )  EUR

 

 ( 30.09.2010 )  EUR

 

CURRENT ASSETS

5.388.109

0,83

7.550.923

0,88

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

327.997

0,05

1.489.588

0,17

Marketable Securities

0

0,00

0

0,00

Account Receivable

1.969.947

0,30

2.339.968

0,27

Other Receivable

1.097.786

0,17

1.258.794

0,15

Inventories

1.987.967

0,31

2.456.982

0,28

Advances Given

0

0,00

0

0,00

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

4.412

0,00

5.591

0,00

NON-CURRENT ASSETS

1.120.404

0,17

1.076.432

0,12

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

Financial Assets

0

0,00

0

0,00

Tangible Fixed Assets (net)

1.113.882

0,17

1.066.847

0,12

Intangible Assets

0

0,00

0

0,00

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

6.522

0,00

9.585

0,00

TOTAL ASSETS

6.508.513

1,00

8.627.355

1,00

CURRENT LIABILITIES

2.348.468

0,36

4.415.552

0,51

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

Accounts Payable

2.282.889

0,35

4.270.000

0,49

Loans from Shareholders

0

0,00

0

0,00

Other Short-term Payable

0

0,00

0

0,00

Advances from Customers

58.554

0,01

140.999

0,02

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

3.352

0,00

4.553

0,00

Provisions

3.673

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

4.160.045

0,64

4.211.803

0,49

Not Detailed Stockholders' Equity

4.160.045

0,64

4.211.803

0,49

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

6.508.513

1,00

8.627.355

1,00

 

 

INCOME STATEMENTS

 

 

(2009) EUR

 

(01.01-30.09.2010) EUR

 

Net Sales

6.229.562

1,00

5.699.201

1,00

Cost of Goods Sold

5.397.270

0,87

4.846.342

0,85

Gross Profit

832.292

0,13

852.859

0,15

Operating Expenses

282.616

0,05

0

0,00

Operating Profit

549.676

0,09

852.859

0,15

Other Income

68.507

0,01

50.168

0,01

Other Expenses

75.329

0,01

11.431

0,00

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

542.854

0,09

891.596

0,16

Tax Payable

4.275

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

Net Profit (loss)

538.579

0,09

891.596

0,16

 

 

FINANCIAL RATIOS

 

 

(2009)

(01.01-30.09.2010)

LIQUIDITY RATIOS

 

Current Ratio

2,29

1,71

Acid-Test Ratio

1,45

1,15

Cash Ratio

0,14

0,34

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,31

0,28

Short-term Receivable/Total Assets

0,47

0,42

Tangible Assets/Total Assets

0,17

0,12

TURNOVER RATIOS

 

Inventory Turnover

2,71

1,97

Stockholders' Equity Turnover

1,50

1,35

Asset Turnover

0,96

0,66

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,64

0,49

Current Liabilities/Total Assets

0,36

0,51

Financial Leverage

0,36

0,51

Gearing Percentage

0,56

1,05

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,13

0,21

Operating Profit Margin

0,09

0,15

Net Profit Margin

0,09

0,16

Interest Cover

 

 

COLLECTION-PAYMENT

 

Average Collection Period (days)

113,84

147,81

Average Payable Period (days)

152,27

317,19

WORKING CAPITAL

3039641,00

3135371,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.84

UK Pound

1

Rs.86.72

Euro

1

Rs.69.13

 

 

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.