MIRA INFORM REPORT

 

 

Report Date :

13.04.2013

 

IDENTIFICATION DETAILS

 

Name :

GULDEM KIMYA SANAYI VE TICARET LTD. STI.

 

 

Registered Office :

1. Organize Sanayi Bolgesi 83114. Sok. No:12 Sehitkamil Gaziantep

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

27.09.2007

 

 

Com. Reg. No.:

30418

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacture and trade of textile and construction chemicals.

 

 

No. of Employees :

4

 

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 :

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

(31.03.2012)

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

 

 

COMPANY IDENTIFICATION

 

 

NAME

:

GULDEM KIMYA SANAYI VE TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

1. Organize Sanayi Bolgesi 83114. Sok. No:12 Sehitkamil Gaziantep / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The street name was changed from "14 Nolu Sok." to "83114. Sok." by the Municipality.

PHONE NUMBER

:

90-342-337 23 11

 

FAX NUMBER

:

90-342-337 18 59

 

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Sehitkamil

TAX NO

:

4150488698

REGISTRATION NUMBER

:

30418

REGISTERED OFFICE

:

Gaziantep Chamber of Commerce

DATE ESTABLISHED

:

27.09.2007

ESTABLISHMENT GAZETTE DATE/NO

:

10.10.2007/6913

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   500.000

HISTORY

:

Previous Registered Capital

:

TL 50.000

Changed On

:

29.06.2012 (Commercial Gazette Date /Number 09.07.2012/ 8107)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Selim Dede

99 %

Oya Dede

1 %

 

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Selim Dede

 

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Manufacture and trade of textile and construction chemicals.

 

NACE CODE

:

DG.24.66

 

SECTOR

:

Chemicals

 

NUMBER OF EMPLOYEES

:

4

 

NET SALES

:

262.399 TL

(27.09-31.12.2007) 

967.901 TL

(2008) 

1.112.776 TL

(2009) 

1.679.231 TL

(2010) 

2.193.293 TL

(2011) 

2.661.276 TL

(2012) 

 

 

IMPORT COUNTRIES

:

Germany

China

India

 

MERCHANDISE IMPORTED

:

Raw materials

 

EXPORT VALUE

:

0 TL

(2009)

0 TL

(2010)

42.180 TL

(2011)

79.248 TL

(2012)

 

 

EXPORT COUNTRIES

:

Iran

 

MERCHANDISE  EXPORTED

:

Chemicals

 

HEAD OFFICE ADDRESS

:

1. Organize Sanayi Bolgesi 83114. Sok. No:12 Sehitkamil  Gaziantep / Turkey  (owned by shareholder(s))

 

BRANCHES

:

Head Office/Production Plant  :  1. Organize Sanayi Bolgesi 83114. Sok. No:12 Sehitkamil Gaziantep/Turkey (owned by shareholder(s))

 

TREND OF BUSINESS

:

There was an upwards trend in  2012.

SIZE OF BUSINESS

:

Lower-Moderate

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

T. Finans Katilim Bankasi Gaziantep Branch

 

CREDIT FACILITIES

:

The subject company is making use of credit facilities.

 

PAYMENT BEHAVIOUR

:

We are informed about a few payment delays in the former years which were resolved later on but no payment delays have come to our knowledge in the last years.

 

KEY FINANCIAL ELEMENTS

:

 

(2009) TL

(2010) TL

(2011) TL

(2012) TL

 

Net Sales

1.112.776

1.679.231

2.193.293

2.661.276

 

Profit (Loss) Before Tax

140.078

55.734

30.149

75.030

 

Stockholders' Equity

244.124

288.689

312.772

 

 

Total Assets

451.881

640.495

992.475

 

 

Current Assets

352.058

562.334

583.866

 

 

Non-Current Assets

99.823

78.161

408.609

 

 

Current Liabilities

207.757

351.806

679.703

 

 

Long-Term Liabilities

0

0

0

 

 

Gross Profit (loss)

204.594

96.649

85.183

168.249

 

Operating Profit (loss)

158.737

56.069

41.552

87.374

 

Net Profit (loss)

112.056

44.565

24.082

75.030

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

THE DETAILS OF THE CAPITAL INCREASE  AFTER LAST BALANCE SHEET

 

:

Cash Part

:187.227,80 TL

Equity Part

:262.772,20 TL

Payment Due Date

:30.06.2015

Number of Days To Pay First Portion of The Cash Part of Capital Increase

:90

 

 

Capitalization

Good

Remarks on Capitalization

A part of total liabilities and equity consist of loans from shareholders rather than liabilities to third parties indicating not too high indebtedness to third parties. 

 

There has been capital increase after the last balance sheet date. The capital increase financed by cash is expected to have an improvement at equity total since the last balance sheet date.

 

Liquidity

Insufficient

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. 

 

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 2009

High Net Profitability  in 2009

Fair Operating Profitability  in 2010

In Order Net Profitability  in 2010

Fair Operating Profitability  in 2011

Low Net Profitability  in 2011

Fair Operating Profitability  in 2012

Fair Net Profitability  in 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

 ( 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

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 ( 01.01-31.03.2013)

0,50 %

1,7901

2,3575

2,7927

 

BALANCE SHEETS

 

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

 

 

CURRENT ASSETS

352.058

0,78

562.334

0,88

583.866

0,59

 

 

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

 

 

Cash and Banks

117.825

0,26

31.871

0,05

3.205

0,00

 

 

Marketable Securities

0

0,00

0

0,00

0

0,00

 

 

Account Receivable

199.167

0,44

408.433

0,64

422.251

0,43

 

 

Other Receivable

0

0,00

0

0,00

865

0,00

 

 

Inventories

7.044

0,02

105.000

0,16

124.725

0,13

 

 

Advances Given

0

0,00

0

0,00

0

0,00

 

 

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

 

 

Other Current Assets

28.022

0,06

17.030

0,03

32.820

0,03

 

 

NON-CURRENT ASSETS

99.823

0,22

78.161

0,12

408.609

0,41

 

 

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

 

 

Long-term Receivable

0

0,00

0

0,00

0

0,00

 

 

Financial Assets

0

0,00

0

0,00

0

0,00

 

 

Tangible Fixed Assets (net)

99.823

0,22

78.131

0,12

408.579

0,41

 

 

Intangible Assets

0

0,00

30

0,00

30

0,00

 

 

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

 

 

Other Non-Current Assets

0

0,00

0

0,00

0

0,00

 

 

TOTAL ASSETS

451.881

1,00

640.495

1,00

992.475

1,00

 

 

CURRENT LIABILITIES

207.757

0,46

351.806

0,55

679.703

0,68

 

 

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

 

 

Financial Loans

63.326

0,14

210.480

0,33

252.103

0,25

 

 

Accounts Payable

71.165

0,16

53.581

0,08

236.642

0,24

 

 

Loans from Shareholders

21.199

0,05

65.899

0,10

181.164

0,18

 

 

Other Short-term Payable

0

0,00

0

0,00

0

0,00

 

 

Advances from Customers

0

0,00

0

0,00

0

0,00

 

 

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

 

 

Taxes Payable

24.045

0,05

10.677

0,02

3.728

0,00

 

 

Provisions

28.022

0,06

11.169

0,02

6.066

0,01

 

 

Other Current Liabilities

0

0,00

0

0,00

0

0,00

 

 

LONG-TERM LIABILITIES

0

0,00

0

0,00

0

0,00

 

 

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

 

 

Financial Loans

0

0,00

0

0,00

0

0,00

 

 

Securities Issued

0

0,00

0

0,00

0

0,00

 

 

Long-term Payable

0

0,00

0

0,00

0

0,00

 

 

Loans from Shareholders

0

0,00

0

0,00

0

0,00

 

 

Other Long-term Liabilities

0

0,00

0

0,00

0

0,00

 

 

Provisions

0

0,00

0

0,00

0

0,00

 

 

STOCKHOLDERS' EQUITY

244.124

0,54

288.689

0,45

312.772

0,32

 

 

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

 

 

Paid-in Capital

50.000

0,11

50.000

0,08

50.000

0,05

 

 

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

 

 

Inflation Adjustment of Capital

0

0,00

0

0,00

0

0,00

 

 

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

 

 

Reserves

82.068

0,18

194.124

0,30

238.690

0,24

 

 

Revaluation Fund

0

0,00

0

0,00

0

0,00

 

 

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

 

 

Net Profit (loss)

112.056

0,25

44.565

0,07

24.082

0,02

 

 

TOTAL LIABILITIES AND EQUITY

451.881

1,00

640.495

1,00

992.475

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

 

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

(2012) TL

 

Net Sales

1.112.776

1,00

1.679.231

1,00

2.193.293

1,00

2.661.276

1,00

Cost of Goods Sold

908.182

0,82

1.582.582

0,94

2.108.110

0,96

2.493.027

0,94

Gross Profit

204.594

0,18

96.649

0,06

85.183

0,04

168.249

0,06

Operating Expenses

45.857

0,04

40.580

0,02

43.631

0,02

80.875

0,03

Operating Profit

158.737

0,14

56.069

0,03

41.552

0,02

87.374

0,03

Other Income

0

0,00

0

0,00

0

0,00

0

0,00

Other Expenses

1.356

0,00

184

0,00

1.611

0,00

718

0,00

Financial Expenses

17.303

0,02

151

0,00

9.792

0,00

11.626

0,00

Minority Interests

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

Profit (loss) Before Tax

140.078

0,13

55.734

0,03

30.149

0,01

75.030

0,03

Tax Payable

28.022

0,03

11.169

0,01

6.067

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

112.056

0,10

44.565

0,03

24.082

0,01

75.030

0,03

 

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

(2011)

 

LIQUIDITY RATIOS

 

 

Current Ratio

1,69

1,60

0,86

 

Acid-Test Ratio

1,53

1,25

0,63

 

Cash Ratio

0,57

0,09

0,00

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,02

0,16

0,13

 

Short-term Receivable/Total Assets

0,44

0,64

0,43

 

Tangible Assets/Total Assets

0,22

0,12

0,41

 

TURNOVER RATIOS

 

 

Inventory Turnover

128,93

15,07

16,90

 

Stockholders' Equity Turnover

4,56

5,82

7,01

 

Asset Turnover

2,46

2,62

2,21

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,54

0,45

0,32

 

Current Liabilities/Total Assets

0,46

0,55

0,68

 

Financial Leverage

0,46

0,55

0,68

 

Gearing Percentage

0,85

1,22

2,17

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,46

0,15

0,08

 

Operating Profit Margin

0,14

0,03

0,02

 

Net Profit Margin

0,10

0,03

0,01

 

Interest Cover

9,10

370,10

4,08

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

64,43

87,56

69,31

 

Average Payable Period (days)

28,21

12,19

40,41

 

WORKING CAPITAL

144301,00

210528,00

-95837,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.44

UK Pound

1

Rs.83.77

Euro

1

Rs.71.33

 

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.