MIRA INFORM REPORT

 

 

Report Date :

07.11.2012

 

IDENTIFICATION DETAILS

 

Name :

BOYSAN BOYA SANAYI VE TICARET A.S.

 

 

Registered Office :

Birlik Organize Sanayi Bolgesi Dogu Cad. No:6 Tuzla Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

30.06.2012

 

 

Date of Incorporation :

20.04.1977

 

 

Com. Reg. No.:

146652

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of paint and other chemical materials

 

 

No. of Employees :

38 employees

 

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Turkey

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

Turkey - ECONOMIC OVERVIEW

 

Turkey's largely free-market economy is increasingly driven by its industry and service sectors, although its traditional agriculture sector still accounts for about 25% of employment. An aggressive privatization program has reduced state involvement in basic industry, banking, transport, and communication, and an emerging cadre of middle-class entrepreneurs is adding dynamism to the economy and expanding production beyond the traditional textiles and clothing sectors. The automotive, construction, and electronics industries, are rising in importance and have surpassed textiles within Turkey's export mix. Oil began to flow through the Baku-Tbilisi-Ceyhan pipeline in May 2006, marking a major milestone that will bring up to 1 million barrels per day from the Caspian to market. Several gas pipelines projects also are moving forward to help transport Central Asian gas to Europe through Turkey, which over the long term will help address Turkey's dependence on imported oil and gas to meet 97% of its energy needs. After Turkey experienced a severe financial crisis in 2001, Ankara adopted financial and fiscal reforms as part of an IMF program. The reforms strengthened the country's economic fundamentals and ushered in an era of strong growth - averaging more than 6% annually until 2008. Global economic conditions and tighter fiscal policy caused GDP to contract in 2009, but Turkey's well-regulated financial markets and banking system helped the country weather the global financial crisis and GDP rebounded strongly to 8.2% in 2010, as exports returned to normal levels following the recession. Turkey's public sector debt to GDP ratio has fallen to roughly 40%. Continued strong growth has pushed inflation to the 8% level, however, and worsened an already high current account deficit. Turkey remains dependent on often volatile, short-term investment to finance its large trade deficit. The stock value of FDI stood at $99 billion at year-end 2011. Inflows have slowed considerably in light of continuing economic turmoil in Europe, the source of much of Turkey's FDI. Further economic and judicial reforms and prospective EU membership are expected to boost Turkey's attractiveness to foreign investors. However, Turkey's relatively high current account deficit, uncertainty related to monetary policy-making, and political turmoil within Turkey's neighborhood leave the economy vulnerable to destabilizing shifts in investor confidence.

 

Source : CIA

 

 

NOTES

:

Address at your inquiry was changed by the authority/municipality.

 

 

 

COMPANY IDENTIFICATION

 

 

NAME

:

BOYSAN BOYA SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Birlik Organize Sanayi Bolgesi Dogu Cad. No:6 Tuzla Istanbul / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The address was changed from "Boya Vernik Organize Sanayi Bolgesi" to "Birlik Organize Sanayi Bolgesi" by the Municipality.

 

PHONE NUMBER

:

90-216-593 10 00 (10 lines)

 

FAX NUMBER

:

90-216-593 10 14

 

WEB-ADDRESS

:

www.boysan.com

E-MAIL

:

boysan@boysanboya.com.tr

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Bogazici Kurumlar 

TAX NO

:

1820024463

REGISTRATION NUMBER

:

146652

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

20.04.1977

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   6.200.000

PAID-IN CAPITAL

:

TL   6.200.000

HISTORY

:

Previous Registered Capital

:

TL 5.600.000

Changed On

:

25.05.2010 (Commercial Gazette Date /Number 31.05.2010/ 7574)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Evren Yatirim Finansman ve Pazarlama A.S.

90 %

Mustafa Sekerci

3,12 %

Ahmet Selim Telli

2,50 %

Tuba Tufekci

1,25 %

Baha Telli

 

Others

 

 

 

SISTER COMPANIES

:

BOYSAN INSAAT KIMYA SANAYI VE TICARET A.S.

 

EVREN YATIRIM FINANSMAN VE PAZARLAMA A.S.

 

BOARD OF DIRECTORS

:

Ahmet Selim Telli

Chairman

Baha Telli

Vice-Chairman

Mustafa Sekerci

Member

 

 

DIRECTORS

:

Ahmet Selim Telli                                                                                                                                                                                                                                                                                   

General Manager

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Manufacture and trade of paint and other chemical materials. 

 

The firm has declared that, it is also dealing with trade of various products such as electronic materials, lighting equipments, textile products, furniture etc. on demand. 

 

NACE CODE

:

DG.24.30

 

NUMBER OF EMPLOYEES

:

38

 

NET SALES

:

266 TL Thousand

(1995) 

582 TL Thousand

(1996) 

1.604 TL Thousand

(1997) 

3.221 TL Thousand

(1998) 

6.394 TL Thousand

(1999) 

10.106 TL Thousand

(2000) 

16.444 TL Thousand

(2001) 

24.522 TL Thousand

(2002) 

28.640 TL Thousand

(2003) 

37.443 TL Thousand

(2004) 

35.737 TL Thousand

(2005) 

41.832.512 TL

(2006) 

48.833.193 TL

(2007) 

53.124.291 TL

(2008) 

46.661.794 TL

(2009) 

58.309.133 TL

(2010) 

78.019.631 TL

(2011) 

36.498.432 TL

(01.01-30.06.2012) 

 

 

IMPORT VALUE

:

3.031.656 USD

(1998)

3.209.227 USD

(1999)

4.065.000 USD

(2000)

3.284.041 USD

(2001)

5.018.040 USD

(2002)

6.332.000 USD

(2003)

7.974.543 USD

(2004)

7.150.376 USD

(2005)

12.100.000 USD

(2006)

12.772.000 USD

(2007)

14.676.000 USD

(2008)

10.993.000 USD

(2009)

16.287.782 USD

(2010)

20.383.852 USD

(2011)

 

 

IMPORT COUNTRIES

:

Spain

Netherlands

Bulgaria

Russia

Ukraine

 

MERCHANDISE IMPORTED

:

Chemical materials

 

EXPORT VALUE

:

11 TL Thousand

(1996)

67 TL Thousand

(1997)

194 TL Thousand

(1998)

1.757 TL Thousand

(1999)

3.096 TL Thousand

(2000)

6.680 TL Thousand

(2001)

10.958 TL Thousand

(2002)

12.608 TL Thousand

(2003)

16.143 TL Thousand

(2004)

14.903 TL Thousand

(2005)

16.847 TL Thousand

(2006)

18.187 TL Thousand

(2007)

20.971 TL Thousand

(2008)

20.629 TL Thousand

(2009)

28.102 TL Thousand

(2010)

35.281.557 TL

(2011)

15.911.578 TL

(01.01-30.06.2012)

 

 

EXPORT COUNTRIES

:

Azerbaijan

Georgia

Iraq

Northern Cyprus Turkish Republic

Macedonia Republic

Algeria

Turkmenistan

Egypt

Iran

Ukraine

Uzbekistan

Tajikistan

 

MERCHANDISE  EXPORTED

:

Chemical products

Paint

 

HEAD OFFICE ADDRESS

:

Birlik Organize Sanayi Bolgesi Dogu Cad. No:6 Tuzla  Istanbul / Turkey

( rented )

 

BRANCHES

:

Head Office/Production Plant  :  Birlik Organize Sanayi Bolgesi Dogu Cad. No:6 Tuzla Istanbul/Turkey (rented) (5.000 sqm)

 

Branch Office  :  Istanbul Deri ve Endustri Serbest Bolgesi Despas Depo Binasi Modul 3 Tuzla Istanbul/Turkey (rented)

 

Branch Office  :   /Turkmenistan (rented)

                                                                                

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2011. There appears a decline at business volume in nominal terms in  1.1 - 30.6.2012.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Akbank Gebze Branch

Denizbank Gebze Branch

Finansbank Gebze Branch

Garanti Bankasi Tuzla Organize Sanayi Bolgesi Branch

ING Bank Pendik Branch

Yapi ve Kredi Bankasi Icmeler 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

:

 

(2008) TL

(2009) TL

(2010) TL

(2011) TL

(01.01-30.06.2012) TL

Net Sales

53.124.291

46.661.794

58.309.133

78.019.631

36.498.432

Profit (Loss) Before Tax

1.609.565

1.969.568

2.319.251

-939.143

862.000

Stockholders' Equity

9.346.921

11.756.631

12.237.137

9.045.439

 

Total Assets

24.052.670

25.129.842

34.655.519

47.527.818

 

Current Assets

22.837.937

23.500.971

32.898.992

44.256.349

 

Non-Current Assets

1.214.733

1.628.871

1.756.527

3.271.469

 

Current Liabilities

14.705.749

13.373.211

22.418.382

38.271.275

 

Long-Term Liabilities

0

0

0

211.104

 

Gross Profit (loss)

8.720.427

7.747.958

8.551.845

14.494.143

4.300.601

Operating Profit (loss)

4.838.294

3.961.917

3.393.341

6.939.216

964.349

Net Profit (loss)

1.311.947

1.809.709

2.071.617

-1.374.393

862.000

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Low As of 31.12.2011

Liquidity

Insufficient As of 31.12.2011

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

Good Operating Profitability  in 2009

Good Net Profitability  in 2009

Good Operating Profitability  in 2010

Good Net Profitability  in 2010

Good Operating Profitability  in 2011

Net Loss  in 2011

Fair Operating Profitability (01.01-30.06.2012)

Fair Net Profitability (01.01-30.06.2012)

 

Gap between average collection and payable periods

Unfavorable in 2011

General Financial Position

Unsatisfactory

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 1998 )

54,30 %

0,2657

0,2967

0,4410

 ( 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

 ( 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

 ( 01.01-30.09.2012)

3,34 %

1,8029

2,3233

2,8527

 

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

22.837.937

0,95

23.500.971

0,94

32.898.992

0,95

44.256.349

0,93

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

5.306.737

0,22

4.878.734

0,19

4.772.123

0,14

133.165

0,00

Marketable Securities

19.593

0,00

0

0,00

0

0,00

283.140

0,01

Account Receivable

7.724.459

0,32

8.683.424

0,35

10.766.813

0,31

21.018.496

0,44

Other Receivable

1.350.434

0,06

3.313.886

0,13

4.460.297

0,13

4.611.151

0,10

Inventories

7.806.459

0,32

5.751.467

0,23

10.821.833

0,31

13.899.419

0,29

Advances Given

266.852

0,01

711.765

0,03

1.588.850

0,05

3.863.158

0,08

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

363.403

0,02

161.695

0,01

489.076

0,01

447.820

0,01

NON-CURRENT ASSETS

1.214.733

0,05

1.628.871

0,06

1.756.527

0,05

3.271.469

0,07

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

405

0,00

405

0,00

405

0,00

405

0,00

Financial Assets

0

0,00

76.881

0,00

76.881

0,00

76.881

0,00

Tangible Fixed Assets (net)

343.675

0,01

856.099

0,03

1.035.111

0,03

2.496.620

0,05

Intangible Assets

841.843

0,03

686.061

0,03

538.452

0,02

631.997

0,01

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

28.810

0,00

9.425

0,00

105.678

0,00

65.566

0,00

TOTAL ASSETS

24.052.670

1,00

25.129.842

1,00

34.655.519

1,00

47.527.818

1,00

CURRENT LIABILITIES

14.705.749

0,61

13.373.211

0,53

22.418.382

0,65

38.271.275

0,81

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

7.511.593

0,31

7.396.556

0,29

10.999.379

0,32

24.347.496

0,51

Accounts Payable

5.908.426

0,25

5.171.458

0,21

7.985.813

0,23

10.187.199

0,21

Loans from Shareholders

77.022

0,00

25.116

0,00

0

0,00

154.471

0,00

Other Short-term Payable

421.908

0,02

120.643

0,00

1.133.406

0,03

1.758.195

0,04

Advances from Customers

49.220

0,00

300.247

0,01

1.880.157

0,05

698.970

0,01

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

99.161

0,00

138.572

0,01

67.279

0,00

198.956

0,00

Provisions

9.760

0,00

0

0,00

83.034

0,00

79.801

0,00

Other Current Liabilities

628.659

0,03

220.619

0,01

269.314

0,01

846.187

0,02

LONG-TERM LIABILITIES

0

0,00

0

0,00

0

0,00

211.104

0,00

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

0

0,00

211.104

0,00

Securities Issued

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

Loans from Shareholders

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

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

9.346.921

0,39

11.756.631

0,47

12.237.137

0,35

9.045.439

0,19

Not Detailed Stockholders' Equity

9.346.921

0,39

11.756.631

0,47

0

0,00

0

0,00

Paid-in Capital

0

0,00

0

0,00

6.200.000

0,18

6.200.000

0,13

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

376.937

0,01

376.937

0,01

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

0

0,00

0

0,00

3.588.583

0,10

3.842.895

0,08

Revaluation Fund

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

Net Profit (loss)

0

0,00

0

0,00

2.071.617

0,06

-1.374.393

-0,03

TOTAL LIABILITIES AND EQUITY

24.052.670

1,00

25.129.842

1,00

34.655.519

1,00

47.527.818

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 are given under "Account Receivable" figure and "Account Payable" figure respectively.

 

At the last income statement TL 3.023.451 of the other income is due to "Profit from Foreign Currency Exchange".

 

 

INCOME STATEMENTS

 

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

(01.01-30.06.2012) TL

 

Net Sales

53.124.291

1,00

46.661.794

1,00

58.309.133

1,00

78.019.631

1,00

36.498.432

1,00

Cost of Goods Sold

44.403.864

0,84

38.913.836

0,83

49.757.288

0,85

63.525.488

0,81

32.197.831

0,88

Gross Profit

8.720.427

0,16

7.747.958

0,17

8.551.845

0,15

14.494.143

0,19

4.300.601

0,12

Operating Expenses

3.882.133

0,07

3.786.041

0,08

5.158.504

0,09

7.554.927

0,10

3.336.252

0,09

Operating Profit

4.838.294

0,09

3.961.917

0,08

3.393.341

0,06

6.939.216

0,09

964.349

0,03

Other Income

5.330.826

0,10

2.891.166

0,06

3.356.709

0,06

5.113.332

0,07

3.442.372

0,09

Other Expenses

2.996.430

0,06

1.793.516

0,04

1.875.608

0,03

5.145.223

0,07

1.214.976

0,03

Financial Expenses

5.563.125

0,10

3.089.999

0,07

2.555.191

0,04

7.846.468

0,10

2.329.745

0,06

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

1.609.565

0,03

1.969.568

0,04

2.319.251

0,04

-939.143

-0,01

862.000

0,02

Tax Payable

297.618

0,01

159.859

0,00

247.634

0,00

435.250

0,01

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

1.311.947

0,02

1.809.709

0,04

2.071.617

0,04

-1.374.393

-0,02

862.000

0,02

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

(2011)

LIQUIDITY RATIOS

 

 

 

 

Current Ratio

1,55

1,76

1,47

1,16

Acid-Test Ratio

0,98

1,26

0,89

0,68

Cash Ratio

0,36

0,36

0,21

0,01

ASSET STRUCTURE RATIOS

 

 

 

 

Inventory/Total Assets

0,32

0,23

0,31

0,29

Short-term Receivable/Total Assets

0,38

0,48

0,44

0,54

Tangible Assets/Total Assets

0,01

0,03

0,03

0,05

TURNOVER RATIOS

 

 

 

 

Inventory Turnover

5,69

6,77

4,60

4,57

Stockholders' Equity Turnover

5,68

3,97

4,76

8,63

Asset Turnover

2,21

1,86

1,68

1,64

FINANCIAL STRUCTURE

 

 

 

 

Stockholders' Equity/Total Assets

0,39

0,47

0,35

0,19

Current Liabilities/Total Assets

0,61

0,53

0,65

0,81

Financial Leverage

0,61

0,53

0,65

0,81

Gearing Percentage

1,57

1,14

1,83

4,25

PROFITABILITY RATIOS

 

 

 

 

Net Profit/Stockholders' Eq.

0,14

0,15

0,17

-0,15

Operating Profit Margin

0,09

0,08

0,06

0,09

Net Profit Margin

0,02

0,04

0,04

-0,02

Interest Cover

1,29

1,64

1,91

0,88

COLLECTION-PAYMENT

 

 

 

 

Average Collection Period (days)

52,35

67,00

66,48

96,99

Average Payable Period (days)

47,90

47,84

57,78

57,73

WORKING CAPITAL

8132188,00

10127760,00

10480610,00

5985074,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.60

UK Pound

1

Rs.87.31

Euro

1

Rs.69.86

 

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

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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.