MIRA INFORM REPORT

 

 

Report Date :

19.04.2013

 

IDENTIFICATION DETAILS

 

Name :

ARGON KIMYA SANAYI VE TICARET A.S.

 

 

Registered Office :

Atisalani Tekstilkent Koza Plaza Ofis B Blok Kat:25 No:94-95 341235 Esenler Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

30.09.2012

 

 

Date of Incorporation :

10.11.1965

 

 

Com. Reg. No.:

90686

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of chemicals to be used at textile and construction industries

 

 

No. of Employees :

45

 

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

(31.03.2012)

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 9.2% in 2010, as exports returned to normal levels following the recession. Growth dropped to approximately 3% in 2012. Turkey's public sector debt to GDP ratio has fallen to about 40%, and at least one rating agency upgraded Turkey's debt to investment grade in 2012. Turkey remains dependent on often volatile, short-term investment to finance its large trade deficit. The stock value of FDI stood at $117 billion at year-end 2012. Inflows have slowed because of continuing economic turmoil in Europe, the source of much of Turkey's FDI. 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 is the former address.

 

 

COMPANY IDENTIFICATION

 

 

NAME

:

ARGON KIMYA SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Atisalani Tekstilkent Koza Plaza Ofis B Blok Kat:25 No:94-95 341235 Esenler Istanbul / Turkey

PHONE NUMBER

:

90-212-438 57 57 (Head Office)

90-212-599 03 29 (Factory)

 

FAX NUMBER

:

90-212-425 81 41 (Factory)

90-212-438 35 15 (Head Office)

 

WEB-ADDRESS

:

www.argon.com.tr

E-MAIL

:

info@argon.com.tr  

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Bogazici Kurumlar

TAX NO

:

0740013702

REGISTRATION NUMBER

:

90686

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

10.11.1965

ESTABLISHMENT GAZETTE DATE/NO

:

26.11.1965/

 

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   25.800.000

HISTORY

:

Previous Registered Capital

:

TL 6.000.000

Changed On

:

03.10.2006 (Commercial Gazette Date /Number 06.10.2006/ 6658)

Previous Registered Capital

:

TL 15.000.000

Changed On

:

08.06.2010 (Commercial Gazette Date /Number 14.06.2010/ 7584)

Previous Registered Capital

:

TL 15.800.000

Changed On

:

04.06.2012 (Commercial Gazette Date /Number 11.06.2012/ 8087)

Previous Address

:

Buyukdere Cad. Kasap Sok. Ozden Konak Apt. No.4 Esentepe Istanbul

Changed On

:

10.01.1994 (Commercial Gazette Date /Number 13.01.1994/ 3448)

Previous Address

:

Koyalti Mevkii Asena Sok. No:1 Yenibosna Bahcelievler - Istanbul

Changed On

:

18.02.2010 (Commercial Gazette Date /Number 23.02.2010/ 7507)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Erol Margunato

89,99 %

Rayka Aviyente

5 %

Cem Margunato

5 %

Hasan Emre Burckin

 

Serap Ugur

 

 

 

SUBSIDIARIES

:

ARGON CHEMISTRY AND TRADING COMPANY (CHINA)

 

BOARD OF DIRECTORS

:

Erol Margunato

Chairman

Cem Margunato

Vice-Chairman

Serap Ugur

Member

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Manufacture and trade of chemicals to be used at textile and construction industries.

 

NACE CODE

:

DG.24.66

 

SECTOR

:

Chemicals

 

TRADEMARKS OWNED

:

Arakril

Argoprint

Softamine

 

NUMBER OF EMPLOYEES

:

45

 

REMARKS ON NUMBER OF EMPLOYEES

:

The subject also uses subcontractors.

 

 

NET SALES

:

28.178.041 TL

(2003) 

41.551.286 TL

(2004) 

38.507.921 TL

(2005) 

51.982.222 TL

(2006) 

59.649.642 TL

(2007) 

81.710.693 TL

(2008) 

78.134.383 TL

(2009) 

114.790.223 TL

(2010) 

151.145.649 TL

(2011) 

135.231.338 TL

(01.01-30.09.2012) 

 

 

CAPACITY

:

Chemical 

( tons/yr)

 

 

 

71.393

 

 

(2009)

 

 

 

 

IMPORT VALUE

:

16.000.000 TL

(2004)

17.300.000 TL

(2005)

20.000.000 TL

(2006)

30.000.000 TL

(2007)

35.000.000 TL

(2008)

35.000.000 TL

(2009)

51.851.254 USD

(2010)

62.284.701 USD

(2011)

 

 

IMPORT COUNTRIES

:

France

Italy

Spain

China

 

MERCHANDISE IMPORTED

:

Chemical raw materials

 

EXPORT VALUE

:

8.131.057 TL

(2003)

12.779.155 TL

(2004)

12.128.081 TL

(2005)

16.773.371 TL

(2006)

30.664.448 TL

(2007)

28.537.270 TL

(2008)

43.381.708 TL

(2009)

50.821.132 TL

(2010)

63.765.582 TL

(2011)

59.381.174 TL

(01.01-30.09.2012)

 

 

EXPORT COUNTRIES

:

Iran

Taiwan

Japan

China

Vietnam

Thailand

 

MERCHANDISE  EXPORTED

:

Acrylic polymers

 

HEAD OFFICE ADDRESS

:

Atisalani Tekstilkent Koza Plaza Ofis B Blok Kat:25 No:94-95 341235 Esenler  Istanbul / Turkey  (rented)

 

BRANCHES

:

Other  :  The subject owns a land in Gebze - Kocaeli and the firm is planning to construct a production plant over this land. Kocaeli/Turkey (owned)

 

Factory  :  Organize Sanayi Bolgesi 2. Bolge Cerkezkoy Tekirdag/Turkey (owned) (35.000 sqm)

 

Branch Office  :  Esenyurt Mah. Sivat Mevkii Alkop Sanayi Sitesi B-1 Blok Z.K.3-4-5-6 Buyukcekmece Istanbul/Turkey (rented)

 

 

 

TREND OF BUSINESS

:

There was an upwards trend in 2011. There appears an upwards trend in 1.1 - 30.9.2012.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Garanti Bankasi Gunesli Branch

HSBC Bank Istanbul Branch

T. Is Bankasi Gunesli Branch

Turk Ekonomi Bankasi Gunesli Branch

Yapi ve Kredi Bankasi Gunesli 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

:

 

(2009) TL

(2010) TL

(2011) TL

(01.01-30.09.2012) TL

 

Net Sales

78.134.383

114.790.223

151.145.649

135.231.338

 

Profit (Loss) Before Tax

2.036.643

1.904.269

2.400.526

2.039.192

 

Stockholders' Equity

19.388.463

20.882.437

21.021.482

24.302.935

 

Total Assets

49.563.789

70.891.166

108.592.704

116.265.831

 

Current Assets

35.376.023

52.683.537

83.643.260

86.882.474

 

Non-Current Assets

14.187.766

18.207.629

24.949.444

29.383.357

 

Current Liabilities

22.045.678

34.071.666

71.747.825

79.168.096

 

Long-Term Liabilities

8.129.648

15.937.063

15.823.397

12.794.800

 

Gross Profit (loss)

12.153.344

16.521.666

22.200.657

15.380.685

 

Operating Profit (loss)

4.674.135

6.977.042

10.458.911

6.722.484

 

Net Profit (loss)

1.551.641

1.493.974

1.869.224

1.586.825

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Insufficient As of 30.09.2012

Liquidity

Insufficient As of 30.09.2012

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 2009

Fair Net Profitability  in 2009

Good Operating Profitability  in 2010

Low Net Profitability  in 2010

Good Operating Profitability  in 2011

Low Net Profitability  in 2011

In Order Operating Profitability (01.01-30.09.2012)

Low Net Profitability (01.01-30.09.2012)

 

Gap between average collection and payable periods

Unfavorable in 01.01-30.09.2012

General Financial Position

Passable

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 01.01-31.03.2012)

0,65 %

1,7995

2,3799

2,8402

 ( 01.01-30.09.2012)

3,34 %

1,8029

2,3233

2,8527

 ( 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

 

 ( 30.09.2012 )  TL

 

CURRENT ASSETS

35.376.023

0,71

52.683.537

0,74

83.643.260

0,77

86.882.474

0,75

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

7.878.316

0,16

4.157.465

0,06

15.216.292

0,14

4.059.320

0,03

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

18.101.008

0,37

36.322.558

0,51

51.253.150

0,47

63.089.591

0,54

Other Receivable

4.426

0,00

2.937

0,00

36.809

0,00

36.536

0,00

Inventories

5.826.627

0,12

8.540.272

0,12

10.866.572

0,10

17.269.363

0,15

Advances Given

2.510.963

0,05

1.690.763

0,02

5.105.937

0,05

0

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

1.054.683

0,02

1.969.542

0,03

1.164.500

0,01

2.427.664

0,02

NON-CURRENT ASSETS

14.187.766

0,29

18.207.629

0,26

24.949.444

0,23

29.383.357

0,25

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

788.077

0,02

7.654

0,00

7.717

0,00

7.717

0,00

Financial Assets

348.185

0,01

348.185

0,00

348.185

0,00

348.185

0,00

Tangible Fixed Assets (net)

12.852.635

0,26

17.498.047

0,25

23.968.217

0,22

28.720.416

0,25

Intangible Assets

106.418

0,00

110.759

0,00

110.759

0,00

111.419

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

92.451

0,00

242.984

0,00

514.566

0,00

195.620

0,00

TOTAL ASSETS

49.563.789

1,00

70.891.166

1,00

108.592.704

1,00

116.265.831

1,00

CURRENT LIABILITIES

22.045.678

0,44

34.071.666

0,48

71.747.825

0,66

79.168.096

0,68

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

15.827.442

0,32

28.283.266

0,40

60.508.247

0,56

72.699.042

0,63

Accounts Payable

4.463.011

0,09

3.347.811

0,05

4.807.602

0,04

3.855.869

0,03

Loans from Shareholders

0

0,00

19.654

0,00

0

0,00

0

0,00

Other Short-term Payable

600

0,00

0

0,00

0

0,00

0

0,00

Advances from Customers

383.844

0,01

1.163.692

0,02

2.165.891

0,02

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

370.511

0,01

332.136

0,00

375.693

0,00

220.685

0,00

Provisions

41.231

0,00

1.557

0,00

10.134

0,00

420.368

0,00

Other Current Liabilities

959.039

0,02

923.550

0,01

3.880.258

0,04

1.972.132

0,02

LONG-TERM LIABILITIES

8.129.648

0,16

15.937.063

0,22

15.823.397

0,15

12.794.800

0,11

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

8.124.996

0,16

15.932.411

0,22

15.807.730

0,15

12.779.133

0,11

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

4.652

0,00

4.652

0,00

15.667

0,00

15.667

0,00

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

19.388.463

0,39

20.882.437

0,29

21.021.482

0,19

24.302.935

0,21

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

15.000.000

0,30

15.800.000

0,22

15.800.000

0,15

22.716.110

0,20

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

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

2.836.822

0,06

3.588.463

0,05

3.352.258

0,03

0

0,00

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)

1.551.641

0,03

1.493.974

0,02

1.869.224

0,02

1.586.825

0,01

TOTAL LIABILITIES AND EQUITY

49.563.789

1,00

70.891.166

1,00

108.592.704

1,00

116.265.831

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.

 

In the sub-items of "Account Receivable" , TL 652.270 is "Doubtful Trade Receivables" at the last balance sheet.

 

The details of "Other Receivable" figure at the last balance sheet: Due From Shareholders: 0, Due From Participations: 0, Due From Affiliated Companies: 0, Due From Personnel: 35.000, Minimum Living Allowance 1.536, Other Miscellaneous Receivables: 0, Other Receivable Total: 36.536

 

TL 0  of "Tax Payable" is due to "Overdue, Delayed or Deferred Tax by Installments and Other Liabilities" at the last balance sheet.

 

 

 

INCOME STATEMENTS

 

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

(01.01-30.09.2012) TL

 

Net Sales

78.134.383

1,00

114.790.223

1,00

151.145.649

1,00

135.231.338

1,00

Cost of Goods Sold

65.981.039

0,84

98.268.557

0,86

128.944.992

0,85

119.850.653

0,89

Gross Profit

12.153.344

0,16

16.521.666

0,14

22.200.657

0,15

15.380.685

0,11

Operating Expenses

7.479.209

0,10

9.544.624

0,08

11.741.746

0,08

8.658.201

0,06

Operating Profit

4.674.135

0,06

6.977.042

0,06

10.458.911

0,07

6.722.484

0,05

Other Income

12.525.525

0,16

6.992.883

0,06

10.974.566

0,07

5.928.313

0,04

Other Expenses

6.012.478

0,08

6.428.987

0,06

11.134.736

0,07

4.227.632

0,03

Financial Expenses

9.150.539

0,12

5.636.669

0,05

7.898.215

0,05

6.383.973

0,05

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

2.036.643

0,03

1.904.269

0,02

2.400.526

0,02

2.039.192

0,02

Tax Payable

485.002

0,01

410.295

0,00

531.302

0,00

452.367

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

1.551.641

0,02

1.493.974

0,01

1.869.224

0,01

1.586.825

0,01

 

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

(2011)

(01.01-30.09.2012)

LIQUIDITY RATIOS

 

Current Ratio

1,60

1,55

1,17

1,10

Acid-Test Ratio

1,18

1,19

0,93

0,85

Cash Ratio

0,36

0,12

0,21

0,05

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,12

0,12

0,10

0,15

Short-term Receivable/Total Assets

0,37

0,51

0,47

0,54

Tangible Assets/Total Assets

0,26

0,25

0,22

0,25

TURNOVER RATIOS

 

Inventory Turnover

11,32

11,51

11,87

6,94

Stockholders' Equity Turnover

4,03

5,50

7,19

5,56

Asset Turnover

1,58

1,62

1,39

1,16

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,39

0,29

0,19

0,21

Current Liabilities/Total Assets

0,44

0,48

0,66

0,68

Financial Leverage

0,61

0,71

0,81

0,79

Gearing Percentage

1,56

2,39

4,17

3,78

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,08

0,07

0,09

0,07

Operating Profit Margin

0,06

0,06

0,07

0,05

Net Profit Margin

0,02

0,01

0,01

0,01

Interest Cover

1,22

1,34

1,30

1,32

COLLECTION-PAYMENT

 

Average Collection Period (days)

87,03

113,94

122,09

167,97

Average Payable Period (days)

24,35

12,26

13,42

11,58

WORKING CAPITAL

13330345,00

18611871,00

11895435,00

7714378,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.03

UK Pound

1

Rs.82.43

Euro

1

Rs.70.49

 

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.