MIRA INFORM REPORT

 

 

Report Date :

20.10.2012

 

IDENTIFICATION DETAILS

 

Name :

POLRES POLYESTER BOYA VE KIMYA SANAYI TICARET LTD. STI.

 

 

 

 

Registered Office :

Plastikciler O.S.B. 12. Cad. 34. Sok. No:8 Gebze  Kocaeli

 

 

 

 

Country :

Turkey

 

 

 

 

Financials (as on) :

31.12.2011

 

 

 

 

Date of Incorporation :

17.06.2003

 

 

 

 

Com. Reg. No.:

7178

 

 

 

 

Legal Form :

Limited Company

 

 

 

 

Line of Business :

Manufacture and trade of polyester resin.

 

 

 

 

No. of Employees :

21

 

 

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 :

Slow but Correct

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

:

POLRES POLYESTER BOYA VE KIMYA SANAYI TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Plastikciler O.S.B. 12. Cad. 34. Sok. No:8 Gebze  Kocaeli / Turkey

PHONE NUMBER

:

90-262-751 07 24

 

FAX NUMBER

:

90-262-751 33 30

 

WEB-ADDRESS

:

www.polrespolyester.com.tr

E-MAIL

:

info@polrespolyester.com.tr

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Ilyasbey

TAX NO

:

7320460655

REGISTRATION NUMBER

:

7178

REGISTERED OFFICE

:

Gebze Chamber of Commerce

DATE ESTABLISHED

:

17.06.2003

ESTABLISHMENT GAZETTE DATE /NO

:

26.06.2003/5828

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   1.000.000

PAID-IN CAPITAL

:

TL   1.000.000

HISTORY

:

Previous Registered Capital

:

TL 500.000

Changed On

:

12.03.2008 (Commercial Gazette Date /Number 24.03.2008/ 7026)

 

Previous Address

:

Plastikciler O.S.B. Kucuk Sanayi Dukkanlari 3. Cad. 32. Sok. A-5 Blok No:7 Gebze Kocaeli

Changed On

:

25.01.2012 (Commercial Gazette Date /Number 01.02.2012/ 7996)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Adnan Bayramoglu

52 %

 

Ugur Suhan Bayramoglu

48 %

 

 

DIRECTORS

:

Ugur Suhan Bayramoglu

 

Adnan Bayramoglu

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of polyester resin.

 

NACE CODE

:

DG.24.16

 

SECTOR

:

Plastics

 

NUMBER OF EMPLOYEES

:

21

 

NET SALES

:

12.114.964 TL

(2010) 

16.349.873 TL

(2011) 

4.901.549 TL

(01.01-31.03.2012) 

 

 

IMPORT COUNTRIES

:

Far East Countries

European Countries

 

MERCHANDISE IMPORTED

:

Raw materials

 

EXPORT VALUE

:

2.057.695 TL

(2010)

2.818.759 TL

(2011)

1.031.410 TL

(01.01-31.03.2012)

 

 

EXPORT COUNTRIES

:

Uzbekistan

Iraq

Georgia

Russia

Northern Cyprus Turkish Republic

Poland

U.A.E.

Algeria

Bosnia and Herzegovina

Morocco

Kazakhstan

Greece

 

MERCHANDISE  EXPORTED

:

Chemical products

 

HEAD OFFICE ADDRESS

:

Plastikciler O.S.B. 12. Cad. 34. Sok. No:8 Gebze  Kocaeli / Turkey

 

BRANCHES

:

Head Office/Production Plant  :  Plastikciler O.S.B. 12. Cad. 34. Sok. No:8 Gebze Kocaeli/Turkey

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2011.

SIZE OF BUSINESS

:

Upper-Medium

FINANCE

 

MAIN DEALING BANKS

:

T. Halk Bankasi Organize Sanayi Bolgesi Branch

T. Is Bankasi Organize Sanayi Bolgesi 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

(01.01-31.03.2012) TL

 

 

Net Sales

12.114.964

16.349.873

4.901.549

 

 

Profit (Loss) Before Tax

106.007

166.450

52.473

 

 

Stockholders' Equity

1.364.736

1.496.574

 

 

 

Total Assets

6.769.696

9.028.486

 

 

 

Current Assets

4.646.939

6.540.467

 

 

 

Non-Current Assets

2.122.757

2.488.019

 

 

 

Current Liabilities

5.404.960

7.531.912

 

 

 

Long-Term Liabilities

0

0

 

 

 

Gross Profit (loss)

732.639

1.334.810

191.876

 

 

Operating Profit (loss)

176.228

584.122

13.866

 

 

Net Profit (loss)

82.600

131.838

52.473

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Insufficient As of 31.12.2011

Remarks on Capitalization

A part of liabilities consist of loans from shareholders.

Liquidity

Insufficient 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.

Profitability

Low Operating Profitability  in 2010

Low Net Profitability  in 2010

In Order Operating Profitability  in 2011

Low Net Profitability  in 2011

Low Operating Profitability (01.01-31.03.2012)

Low Net Profitability (01.01-31.03.2012)

 

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

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 01.01-31.03.2012)

0,65 %

1,7995

2,3799

2,8402

 ( 01.01-30.09.2012)

3,34 %

1,8029

2,3233

2,8527

 

 

BALANCE SHEETS

 

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

 

 

CURRENT ASSETS

4.646.939

0,69

6.540.467

0,72

 

 

Not Detailed Current Assets

0

0,00

0

0,00

 

 

Cash and Banks

88.224

0,01

152.829

0,02

 

 

Marketable Securities

0

0,00

0

0,00

 

 

Account Receivable

2.336.013

0,35

2.736.582

0,30

 

 

Other Receivable

189.958

0,03

365.622

0,04

 

 

Inventories

1.090.355

0,16

1.771.317

0,20

 

 

Advances Given

536.769

0,08

632.756

0,07

 

 

Accumulated Construction Expense

0

0,00

0

0,00

 

 

Other Current Assets

405.620

0,06

881.361

0,10

 

 

NON-CURRENT ASSETS

2.122.757

0,31

2.488.019

0,28

 

 

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)

2.120.979

0,31

2.485.557

0,28

 

 

Intangible Assets

633

0,00

633

0,00

 

 

Deferred Tax Assets

0

0,00

0

0,00

 

 

Other Non-Current Assets

1.145

0,00

1.829

0,00

 

 

TOTAL ASSETS

6.769.696

1,00

9.028.486

1,00

 

 

CURRENT LIABILITIES

5.404.960

0,80

7.531.912

0,83

 

 

Not Detailed Current Liabilities

0

0,00

0

0,00

 

 

Financial Loans

650.975

0,10

2.293.422

0,25

 

 

Accounts Payable

1.512.619

0,22

2.327.488

0,26

 

 

Loans from Shareholders

3.102.172

0,46

2.794.171

0,31

 

 

Other Short-term Payable

5.537

0,00

8.836

0,00

 

 

Advances from Customers

106.155

0,02

72.656

0,01

 

 

Accumulated Construction Income

0

0,00

0

0,00

 

 

Taxes Payable

5.145

0,00

15.393

0,00

 

 

Provisions

8.600

0,00

11.316

0,00

 

 

Other Current Liabilities

13.757

0,00

8.630

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

1.364.736

0,20

1.496.574

0,17

 

 

Not Detailed Stockholders' Equity

0

0,00

0

0,00

 

 

Paid-in Capital

1.000.000

0,15

1.000.000

0,11

 

 

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

 

 

Inflation Adjustment of Capital

7.276

0,00

7.276

0,00

 

 

Equity of Consolidated Firms

0

0,00

0

0,00

 

 

Reserves

274.860

0,04

357.460

0,04

 

 

Revaluation Fund

0

0,00

0

0,00

 

 

Accumulated Losses(-)

0

0,00

0

0,00

 

 

Net Profit (loss)

82.600

0,01

131.838

0,01

 

 

TOTAL LIABILITIES AND EQUITY

6.769.696

1,00

9.028.486

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

 

(01.01-31.03.2012) TL

 

Net Sales

12.114.964

1,00

16.349.873

1,00

4.901.549

1,00

Cost of Goods Sold

11.382.325

0,94

15.015.063

0,92

4.709.673

0,96

Gross Profit

732.639

0,06

1.334.810

0,08

191.876

0,04

Operating Expenses

556.411

0,05

750.688

0,05

178.010

0,04

Operating Profit

176.228

0,01

584.122

0,04

13.866

0,00

Other Income

51.001

0,00

47.519

0,00

103.516

0,02

Other Expenses

47.203

0,00

355.936

0,02

15.960

0,00

Financial Expenses

74.019

0,01

109.255

0,01

48.949

0,01

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

106.007

0,01

166.450

0,01

52.473

0,01

Tax Payable

23.407

0,00

34.612

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

82.600

0,01

131.838

0,01

52.473

0,01

 

 

FINANCIAL RATIOS

 

 

(2010)

(2011)

 

LIQUIDITY RATIOS

 

 

Current Ratio

0,86

0,87

 

Acid-Test Ratio

0,48

0,43

 

Cash Ratio

0,02

0,02

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,16

0,20

 

Short-term Receivable/Total Assets

0,37

0,34

 

Tangible Assets/Total Assets

0,31

0,28

 

TURNOVER RATIOS

 

 

Inventory Turnover

10,44

8,48

 

Stockholders' Equity Turnover

8,88

10,92

 

Asset Turnover

1,79

1,81

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,20

0,17

 

Current Liabilities/Total Assets

0,80

0,83

 

Financial Leverage

0,80

0,83

 

Gearing Percentage

3,96

5,03

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,06

0,09

 

Operating Profit Margin

0,01

0,04

 

Net Profit Margin

0,01

0,01

 

Interest Cover

2,43

2,52

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

69,42

60,26

 

Average Payable Period (days)

47,84

55,80

 

WORKING CAPITAL

-758021,00

-991445,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.52.97

UK Pound

1

Rs.85.45

Euro

1

Rs.69.45

 

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

 

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.