MIRA INFORM REPORT

 

 

Report Date :

26.11.2012

 

IDENTIFICATION DETAILS

 

Name :

Univar Kimya Sanayi ve dis ticaret ltd. STI.

 

 

Registered Office :

Ruzgarli Bahce Cumhuriyet Cad. Gercekler Sitesi B Blok K:7 Beykoz Istanbul

 

 

 

 

Country :

Turkey

 

 

 

 

Financials (as on) :

31.12.2011

 

 

 

 

Date of Incorporation :

10.05.1994

 

 

 

 

Com. Reg. No.:

31453

 

 

 

 

Legal Form :

Limited Company

 

 

 

 

Line of Business :

Wholesaler and Trader of Chemicals.

 

 

 

 

No. of Employees :

55

 

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2011)

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

 

COMPANY IDENTIFICATION

 

NAME

:

UNIVAR KIMYA SANAYI VE DIS TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Ruzgarli Bahce Cumhuriyet Cad. Gercekler Sitesi B Blok K:7 Beykoz Istanbul / Turkey

PHONE NUMBER

:

90-216-425 40 30

 

FAX NUMBER

:

90-216-425 48 08

 

 

 

LEGAL STATUS AND HISTORY

 

NOTES ON LEGAL STATUS AND HISTORY

:

Change at tax no .

 

 

TAX OFFICE

:

Anadolu Kurumlar

TAX NO

:

8920299744

REMARKS ON TAX NO

:

As the subject changed its legal status from joint stock company to limited company, the tax number was changed from 7330337506 to 8920299744.

REGISTRATION NUMBER

:

314534

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

10.05.1994

ESTABLISHMENT GAZETTE DATE /NO

:

20.05.1994/3536

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   2.100.000

HISTORY

:

Previous Legal Type

:

Limited Company

Changed On

:

12.09.2006 (Commercial Gazette Date /Number 18.09.2006/ 6644)

Previous Legal Type

:

Joint Stock Company

Changed On

:

30.03.2012 (Commercial Gazette Date /Number 05.04.2012/ 8042)

Previous Name

:

Protek Kimyevi Maddeler Pazarlama Ltd. Sti.

Changed On

:

12.09.2006 (Commercial Gazette Date /Number 18.09.2006/ 6644)

Previous Name

:

Protek Kimyevi Maddeler Pazarlama A.S.

Changed On

:

30.03.2012 (Commercial Gazette Date /Number 05.04.2012/ 8042)

Previous Registered Capital

:

TL 50.000

Changed On

:

21.11.2005 (Commercial Gazette Date /Number 25.11.2005/ 6439)

Previous Registered Capital

:

TL 800.000

Changed On

:

30.04.2012 (Commercial Gazette Date /Number 09.05.2012/ 8064)

Merger

:

The subject took over and merged with "Eral Lastik Ithalat Ihracat Mumessillik Ticaret Ltd. Sti" and "Bcs Kimya Ticaret Ltd. Sti."

Changed On

:

30.04.2012 (Commercial Gazette Date /Number 09.05.2012/ 8064)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Univar Inc.

99,99 %

Univar Holdco LLC

 

 

 

REMARKS ON SHAREHOLDERS

:

We are informed that, the shareholders are foreign companies located in U.S.A.

 

DIRECTORS

:

Nilay Midilli

 

Sabine Duyfjes

 

Fahri Utku Asim

 

Nicholas Powel

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Wholesale trade of chemicals.

 

NACE CODE

:

G.51.55

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

55

 

NET SALES

:

5.664.009 TL

(2005) 

8.796.419 TL

(2006) 

23.453.654 TL

(2007) 

32.373.655 TL

(2008) 

37.669.997 TL

(2009) 

55.657.407 TL

(2010) 

95.841.220 TL

(2011) 

41.668.004 TL

(01.01-30.06.2012) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT COUNTRIES

:

U.S.A.

U.K.

Korea

France

Germany

Belgium

 

MERCHANDISE IMPORTED

:

Chemicals

Rubber

 

EXPORT VALUE

:

264.937 TL

(2009)

610.627 TL

(2010)

1.339.397 TL

(2011)

1.271.751 TL

(01.01-30.06.2012)

 

 

EXPORT COUNTRIES

:

Uzbekistan

Northern Cyprus Turkish Republic

Bulgaria

Azerbaijan

Bahrain

Greece

Saudi Arabia

France

Germany

 

MERCHANDISE  EXPORTED

:

Chemicals

 

HEAD OFFICE ADDRESS

:

Ruzgarli Bahce Cumhuriyet Cad. Gercekler Sitesi B Blok K:7 Beykoz Istanbul / Turkey (rented)

 

INVESTMENTS

:

None

 

 

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

:

Garanti Bankasi Altunizade Branch

HSBC Bank Merkez Genel Mudurluk Branch

Yapi ve Kredi Bankasi Kavacik 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

:

 

(2010) TL

(2011) TL

(01.01-30.06.2012) TL

 

 

Net Sales

55.657.407

95.841.220

41.668.004

 

 

Profit (Loss) Before Tax

5.235.265

9.645.680

-1.430.430

 

 

Stockholders' Equity

8.893.122

16.592.724

 

 

 

Total Assets

24.308.210

51.660.071

 

 

 

Current Assets

21.280.283

48.743.938

 

 

 

Non-Current Assets

3.027.927

2.916.133

 

 

 

Current Liabilities

15.344.124

35.067.347

 

 

 

Long-Term Liabilities

70.964

0

 

 

 

Gross Profit (loss)

8.459.588

14.633.446

5.799.384

 

 

Operating Profit (loss)

5.816.223

8.324.445

1.747.677

 

 

Net Profit (loss)

4.178.719

7.699.602

-1.430.430

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Fair 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

High Operating Profitability  in 2010

High Net Profitability  in 2010

Good Operating Profitability  in 2011

High Net Profitability  in 2011

In Order Operating Profitability (01.01-30.06.2012)

Net Loss (01.01-30.06.2012)

 

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

 ( 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

 ( 01.01-31.10.2012)

5,36 %

1,8020

2,3241

2,8562

 

 

BALANCE SHEETS

 

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

21.280.283

0,88

48.743.938

0,94

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

149.192

0,01

181.766

0,00

Marketable Securities

0

0,00

0

0,00

Account Receivable

17.502.283

0,72

39.816.089

0,77

Other Receivable

44.252

0,00

46.335

0,00

Inventories

2.366.642

0,10

7.240.552

0,14

Advances Given

1.217.033

0,05

1.414.828

0,03

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

881

0,00

44.368

0,00

NON-CURRENT ASSETS

3.027.927

0,12

2.916.133

0,06

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

Financial Assets

2.568.700

0,11

2.568.700

0,05

Tangible Fixed Assets (net)

310.456

0,01

260.814

0,01

Intangible Assets

45.040

0,00

46.445

0,00

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

103.731

0,00

40.174

0,00

TOTAL ASSETS

24.308.210

1,00

51.660.071

1,00

CURRENT LIABILITIES

15.344.124

0,63

35.067.347

0,68

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

6.791.255

0,28

17.926.934

0,35

Accounts Payable

7.619.971

0,31

14.144.858

0,27

Loans from Shareholders

19.761

0,00

76

0,00

Other Short-term Payable

1.503

0,00

1.857.099

0,04

Advances from Customers

204.010

0,01

307.175

0,01

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

593.192

0,02

830.162

0,02

Provisions

242

0,00

0

0,00

Other Current Liabilities

114.190

0,00

1.043

0,00

LONG-TERM LIABILITIES

70.964

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

70.964

0,00

0

0,00

Provisions

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

8.893.122

0,37

16.592.724

0,32

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

800.000

0,03

800.000

0,02

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

3.914.403

0,16

8.093.122

0,16

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

Net Profit (loss)

4.178.719

0,17

7.699.602

0,15

TOTAL LIABILITIES AND EQUITY

24.308.210

1,00

51.660.071

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. 

 

 

INCOME STATEMENTS

 

 

(2010) TL

 

(2011) TL

 

(01.01-30.06.2012) TL

 

Net Sales

55.657.407

1,00

95.841.220

1,00

41.668.004

1,00

Cost of Goods Sold

47.197.819

0,85

81.207.774

0,85

35.868.620

0,86

Gross Profit

8.459.588

0,15

14.633.446

0,15

5.799.384

0,14

Operating Expenses

2.643.365

0,05

6.309.001

0,07

4.051.707

0,10

Operating Profit

5.816.223

0,10

8.324.445

0,09

1.747.677

0,04

Other Income

2.497.209

0,04

5.577.044

0,06

1.359.319

0,03

Other Expenses

2.011.874

0,04

1.814.211

0,02

2.947.127

0,07

Financial Expenses

1.066.293

0,02

2.441.598

0,03

1.590.299

0,04

Minority Interests

0

0,00

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

0

0,00

Profit (loss) Before Tax

5.235.265

0,09

9.645.680

0,10

-1.430.430

-0,03

Tax Payable

1.056.546

0,02

1.946.078

0,02

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

4.178.719

0,08

7.699.602

0,08

-1.430.430

-0,03

 

 

FINANCIAL RATIOS

 

 

(2010)

(2011)

 

LIQUIDITY RATIOS

 

 

Current Ratio

1,39

1,39

 

Acid-Test Ratio

1,15

1,14

 

Cash Ratio

0,01

0,01

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,10

0,14

 

Short-term Receivable/Total Assets

0,72

0,77

 

Tangible Assets/Total Assets

0,01

0,01

 

TURNOVER RATIOS

 

 

Inventory Turnover

19,94

11,22

 

Stockholders' Equity Turnover

6,26

5,78

 

Asset Turnover

2,29

1,86

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,37

0,32

 

Current Liabilities/Total Assets

0,63

0,68

 

Financial Leverage

0,63

0,68

 

Gearing Percentage

1,73

2,11

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,47

0,46

 

Operating Profit Margin

0,10

0,09

 

Net Profit Margin

0,08

0,08

 

Interest Cover

5,91

4,95

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

113,21

149,56

 

Average Payable Period (days)

58,12

62,71

 

WORKING CAPITAL

5936159,00

13676591,00

 

 

 

 

 

 

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.34

UK Pound

1

Rs.88.30

Euro

1

Rs.71.37

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIT

 

 

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.