MIRA INFORM REPORT

 

 

Report Date :

17.05.2012

 

IDENTIFICATION DETAILS

 

Name :

VESKIM KIMYEVI MADDE ITHALAT IHRACAT LTD. STI.

 

 

Registered Office :

Seyrantepe, Karaoglanoglu Cad. Ethem Zengin Ishani No:25 Kat:5 Kagithane Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

23.12.1986

 

 

Com. Reg. No.:

229763

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Filling and trade of chemicals

 

 

No. of Employees :

48

 

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

:

VESKIM KIMYEVI MADDE ITHALAT IHRACAT LTD. STI.

HEAD OFFICE ADDRESS

:

Seyrantepe, Karaoglanoglu Cad. Ethem Zengin Ishani No:25 Kat:5 Kagithane Istanbul / Turkey

PHONE NUMBER

:

90-212-283 10 17 (6 lines)

 

FAX NUMBER

:

90-212-282 80 38

 

WEB-ADDRESS

:

www.veskim.com

E-MAIL

:

info@veskim.com

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Bogazici Kurumlar

TAX NO

:

9250002023

REGISTRATION NUMBER

:

229763

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

23.12.1986

ESTABLISHMENT GAZETTE DATE/NO

:

08.01.1987/1677

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   12.000.000

HISTORY

:

Previous Registered Capital

:

TL 12.000

Changed On

:

24.09.1998 (Commercial Gazette Date /Number 29.09.1998/ 4637)

Previous Registered Capital

:

TL 90.000

Changed On

:

15.12.2004 (Commercial Gazette Date /Number 20.12.2004/ 6201)

Previous Registered Capital

:

TL 400.000

Changed On

:

26.01.2006 (Commercial Gazette Date /Number 31.01.2006/ 6482)

Previous Registered Capital

:

TL 3.200.000

Changed On

:

31.05.2010 (Commercial Gazette Date /Number 08.06.2010/ 7580)

Previous Registered Capital

:

TL 6.500.000

Changed On

:

11.05.2012

 

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

A. Kerim Henri Basoglu

33,33 %

Selim Anter

33,33 %

Can Mark Basoglu

12,50 %

Nikol Basoglu

12,50 %

Talin Basoglu

8,34 %

 

 

SISTER COMPANIES

:

MOLEKUL YAPI KIMYASALLARI SANAYI VE TICARET A.S.

VES DERI SANAYI VE TICARET A.S.

VES MUMESSILLIK DIS TICARET A.S.

VESDERI DERI DIS TICARET LTD. STI.

VESKIM KIMYEVI MADDELER SANAYI VE TICARET A.S.

VESLINE TEKSTIL SANAYI VE TICARET LTD. STI.

 

DIRECTORS

:

A. Kerim Henri Basoglu                                                                                                                                                                                                                                                                                   

 

Selim Anter                                                                                                                                                                                                                                                                                   

 

Talin Basoglu                                                                                                                                                                                                                                                                                   

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Filling and trade of chemicals. 

 

NACE CODE

:

G .51.55

 

NUMBER OF EMPLOYEES

:

48

 

NET SALES

:

5.137.337 TL

(1999) 

6.762.673 TL

(2000) 

11.996.825 TL

(2001) 

17.100.132 TL

(2002) 

22.579.617 TL

(2003) 

29.390.811 TL

(2004) 

37.190.900 TL

(2005) 

42.329.366 TL

(2006) 

55.357.986 TL

(2007) 

88.097.905 TL

(2008) 

99.245.822 TL

(2009) 

129.849.709 TL

(2010) 

167.640.414 TL

(2011) 

 

 

IMPORT VALUE

:

1.722.949 USD + 3.984.174 EUR

(2004)

3.671.610 USD + 3.931.760 EUR

(2005)

5.880.517 USD + 4.960.688 EUR

(2006)

7.094.972 USD + 5.658.333 EUR

(2007)

11.029.845 USD + 10.266.847 EUR

(2008)

11.225.000 EUR + 11.868.000 USD

(2009)

11.662.040 EUR + 25.393.001 USD

(2010)

27.623.899 USD + 9.222.326 EUR

(2011)

 

 

IMPORT COUNTRIES

:

Belgium

Italy

Germany

China

Poland

Taiwan

 

MERCHANDISE IMPORTED

:

Chemicals

 

EXPORT VALUE

:

362.092 TL

(2001)

619.794 TL

(2002)

182.656 TL

(2003)

883.782 TL

(2004)

2.589.583 TL

(2005)

379.256 TL

(2006)

178.056 TL

(2007)

34.737 TL

(2008)

476.671 TL

(2009)

361.097 TL

(2010)

122.735 TL

(2011)

 

 

EXPORT COUNTRIES

:

Free Zone

Ethiopia

Northern Cyprus Turkish Republic

 

MERCHANDISE  EXPORTED

:

Chemicals

 

 

HEAD OFFICE ADDRESS

:

Seyrantepe, Karaoglanoglu Cad. Ethem Zengin Ishani No:25 Kat:5 Kagithane  Istanbul / Turkey ( rented ) (350 sqm)

 

BRANCHES

:

Warehouse  :  Gebze Dilovasi Kocaeli/Turkey (owned)

 

Warehouse  :  Ikitelli Istanbul/Turkey (rented)

 

Warehouse  :  Alibeykoy Istanbul/Turkey (rented)

 

Processing Plant  :  Ulas Mevkii E-5 Uzeri Gulle Tekstil Karsisi Corlu Tekirdag/Turkey (owned) (5.400 sqm)

                                                                                

 

 

TREND OF BUSINESS

:

There was an upwards trend in 2011.

SIZE OF BUSINESS

:

Giant

 

 

 

FINANCE

 

MAIN DEALING BANKS

:

Garanti Bankasi Celiktepe Branch

Yapi ve Kredi Bankasi Sanayi 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

:

 

(2007) TL

(2008) TL

(2009) TL

(2010) TL

(2011) TL

Net Sales

55.357.986

88.097.905

99.245.822

129.849.709

167.640.414

Profit (Loss) Before Tax

1.142.887

1.325.104

5.672.190

7.213.385

7.067.798

Stockholders' Equity

5.844.778

6.903.188

13.373.869

19.294.690

25.617.724

Total Assets

33.571.846

42.532.868

54.890.641

72.391.552

122.792.605

Current Assets

30.835.124

39.593.951

51.740.617

68.830.339

116.870.317

Non-Current Assets

2.736.722

2.938.917

3.150.024

3.561.213

5.922.288

Current Liabilities

27.727.068

35.629.680

41.516.772

53.096.862

95.380.426

Long-Term Liabilities

0

0

0

0

1.794.455

Gross Profit (loss)

6.747.731

14.260.692

15.489.203

18.423.545

25.774.590

Operating Profit (loss)

3.490.608

10.413.654

10.506.711

11.619.582

18.064.378

Net Profit (loss)

905.872

1.058.411

4.535.679

5.765.823

5.637.941

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Insufficient As of 31.12.2011

Remarks on Capitalization

There has been capital increase after the last balance sheet date.

Liquidity

Satisfactory As of 31.12.2011

Remarks On Liquidity

A part of current liabilities consist of short-term loans from shareholders rather than liabilities to third parties. 

 

The unfavorable gap between average collection and average payable period has an adverse effect on liquidity.

 

Profitability

Good Operating Profitability  in 2007

Fair Net Profitability  in 2007

High Operating Profitability  in 2008

Low Net Profitability  in 2008

High Operating Profitability  in 2009

Good Net Profitability  in 2009

Good Operating Profitability  in 2010

Good Net Profitability  in 2010

High Operating Profitability  in 2011

In Order Net Profitability  in 2011

 

Gap between average collection and payable periods

Unfavorable in 2011

General Financial Position

Passable

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 1999 )

62,90 %

0,4278

0,4518

0,6843

 ( 2000 )

32,70 %

0,6251

0,5774

0,9480

 ( 2001 )

88,60 %

1,1991

1,0714

1,7300

 ( 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

 ( 01.01-30.09.2009)

3,60 %

1,5624

2,1386

2,3953

 ( 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

 ( 01.01-30.04.2012)

0,73 %

1,7910

2,3688

2,8440

 

 

BALANCE SHEETS

 

 

 ( 31.12.2007 )  TL

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

30.835.124

0,92

39.593.951

0,93

51.740.617

0,94

68.830.339

0,95

116.870.317

0,95

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

9.398.647

0,28

16.937.143

0,40

17.966.314

0,33

707.265

0,01

11.914.995

0,10

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

11.123.200

0,33

16.626.310

0,39

27.855.115

0,51

57.027.626

0,79

90.636.643

0,74

Other Receivable

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Inventories

3.557.287

0,11

2.802.061

0,07

1.917.550

0,03

4.028.387

0,06

7.725.469

0,06

Advances Given

6.731.795

0,20

3.207.890

0,08

3.751.026

0,07

6.838.032

0,09

5.895.284

0,05

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

24.195

0,00

20.547

0,00

250.612

0,00

229.029

0,00

697.926

0,01

NON-CURRENT ASSETS

2.736.722

0,08

2.938.917

0,07

3.150.024

0,06

3.561.213

0,05

5.922.288

0,05

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

0

0,00

0

0,00

905.194

0,01

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

5.250

0,00

Tangible Fixed Assets (net)

2.365.381

0,07

2.541.484

0,06

2.763.377

0,05

3.068.316

0,04

4.518.947

0,04

Intangible Assets

342.189

0,01

386.647

0,01

386.647

0,01

492.897

0,01

492.897

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

29.152

0,00

10.786

0,00

0

0,00

0

0,00

0

0,00

TOTAL ASSETS

33.571.846

1,00

42.532.868

1,00

54.890.641

1,00

72.391.552

1,00

122.792.605

1,00

CURRENT LIABILITIES

27.727.068

0,83

35.629.680

0,84

41.516.772

0,76

53.096.862

0,73

95.380.426

0,78

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

12.703.710

0,38

18.062.034

0,42

21.410.414

0,39

33.743.284

0,47

61.164.215

0,50

Accounts Payable

8.470.534

0,25

8.642.455

0,20

8.450.120

0,15

10.999.855

0,15

19.657.614

0,16

Loans from Shareholders

1.964.241

0,06

2.058.106

0,05

217.640

0,00

4.810.154

0,07

8.601.997

0,07

Other Short-term Payable

0

0,00

0

0,00

0

0,00

0

0,00

357

0,00

Advances from Customers

2.860.788

0,09

1.376.479

0,03

5.422.557

0,10

3.348.487

0,05

5.031.328

0,04

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

16.383

0,00

434.401

0,01

20.728

0,00

25.906

0,00

484.020

0,00

Provisions

1.711.412

0,05

5.056.205

0,12

5.995.313

0,11

169.176

0,00

430.307

0,00

Other Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

10.588

0,00

LONG-TERM LIABILITIES

0

0,00

0

0,00

0

0,00

0

0,00

1.794.455

0,01

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

0

0,00

0

0,00

1.794.455

0,01

Securities Issued

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

5.844.778

0,17

6.903.188

0,16

13.373.869

0,24

19.294.690

0,27

25.617.724

0,21

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

25.617.724

0,21

Paid-in Capital

3.200.000

0,10

3.200.000

0,08

3.200.000

0,06

6.500.000

0,09

0

0,00

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

1.210.000

0,04

1.210.000

0,03

1.210.000

0,02

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

528.906

0,02

1.434.777

0,03

4.428.190

0,08

7.028.867

0,10

0

0,00

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

905.872

0,03

1.058.411

0,02

4.535.679

0,08

5.765.823

0,08

0

0,00

TOTAL LIABILITIES AND EQUITY

33.571.846

1,00

42.532.868

1,00

54.890.641

1,00

72.391.552

1,00

122.792.605

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 8.884.376 of the other expenses is due to "Loss from Foreign Currency Exchange" .                                                                                                                                                                             

 

 

INCOME STATEMENTS

 

 

(2007) TL

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

Net Sales

55.357.986

1,00

88.097.905

1,00

99.245.822

1,00

129.849.709

1,00

167.640.414

1,00

Cost of Goods Sold

48.610.255

0,88

73.837.213

0,84

83.756.619

0,84

111.426.164

0,86

141.865.824

0,85

Gross Profit

6.747.731

0,12

14.260.692

0,16

15.489.203

0,16

18.423.545

0,14

25.774.590

0,15

Operating Expenses

3.257.123

0,06

3.847.038

0,04

4.982.492

0,05

6.803.963

0,05

7.710.212

0,05

Operating Profit

3.490.608

0,06

10.413.654

0,12

10.506.711

0,11

11.619.582

0,09

18.064.378

0,11

Other Income

2.046.537

0,04

3.427.752

0,04

1.385.567

0,01

2.048.688

0,02

4.042.981

0,02

Other Expenses

3.183.381

0,06

5.687.233

0,06

3.268.885

0,03

5.023.897

0,04

11.914.793

0,07

Financial Expenses

1.210.877

0,02

6.829.069

0,08

2.951.203

0,03

1.430.988

0,01

3.124.768

0,02

Minority Interests

0

0,00

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

0

0,00

Profit (loss) Before Tax

1.142.887

0,02

1.325.104

0,02

5.672.190

0,06

7.213.385

0,06

7.067.798

0,04

Tax Payable

237.015

0,00

266.693

0,00

1.136.511

0,01

1.447.562

0,01

1.429.857

0,01

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

905.872

0,02

1.058.411

0,01

4.535.679

0,05

5.765.823

0,04

5.637.941

0,03

 

FINANCIAL RATIOS

 

 

(2007)

(2008)

(2009)

(2010)

(2011)

LIQUIDITY RATIOS

Current Ratio

1,11

1,11

1,25

1,30

1,23

Acid-Test Ratio

0,74

0,94

1,10

1,09

1,08

Cash Ratio

0,34

0,48

0,43

0,01

0,12

ASSET STRUCTURE RATIOS

Inventory/Total Assets

0,11

0,07

0,03

0,06

0,06

Short-term Receivable/Total Assets

0,33

0,39

0,51

0,79

0,74

Tangible Assets/Total Assets

0,07

0,06

0,05

0,04

0,04

TURNOVER RATIOS

Inventory Turnover

13,66

26,35

43,68

27,66

18,36

Stockholders' Equity Turnover

9,47

12,76

7,42

6,73

6,54

Asset Turnover

1,65

2,07

1,81

1,79

1,37

FINANCIAL STRUCTURE

Stockholders' Equity/Total Assets

0,17

0,16

0,24

0,27

0,21

Current Liabilities/Total Assets

0,83

0,84

0,76

0,73

0,78

Financial Leverage

0,83

0,84

0,76

0,73

0,79

Gearing Percentage

4,74

5,16

3,10

2,75

3,79

PROFITABILITY RATIOS

Net Profit/Stockholders' Eq.

0,15

0,15

0,34

0,30

0,22

Operating Profit Margin

0,06

0,12

0,11

0,09

0,11

Net Profit Margin

0,02

0,01

0,05

0,04

0,03

Interest Cover

1,94

1,19

2,92

6,04

3,26

COLLECTION-PAYMENT

Average Collection Period (days)

72,34

67,94

101,04

158,11

196,58

Average Payable Period (days)

62,73

42,14

36,32

35,54

49,88

WORKING CAPITAL

3108056,00

3964271,00

10223845,00

15733477,00

21489891,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.29

UK Pound

1

Rs.86.61

Euro

1

Rs.68.87

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.