MIRA INFORM REPORT

 

 

Report Date :

27.04.2013

 

IDENTIFICATION DETAILS

 

Name :

TEKAY PAZARLAMA KIMYA SANAYI VE TICARET LTD. STI.

 

 

Registered Office :

Deri Organize Sanayi Bolgesi Tabakhane Cad. No:20 YB 16 Tuzla Istanbul Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

29.05.1996

 

 

Com. Reg. No.:

25580-8

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Trade of textile chemicals and dye. 

 

 

No. of Employees :

7

 

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 – March 31st, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Turkey

B2

B2

 

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 not the registered head office but another premise.

 

 

COMPANY IDENTIFICATION

 

 

NAME

:

TEKAY PAZARLAMA KIMYA SANAYI VE TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Deri Organize Sanayi Bolgesi Tabakhane Cad. No:20 YB 16 Tuzla Istanbul Istanbul / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The address was changed from "Orhanli Istanbul Deri Org. Sanayi Bolgesi Y.B. 16 Pars. Yan Gelisme Alani Tuzla" to "Deri Organize Sanayi Bolgesi Tabakhane Cad. No:20 YB 16 Tuzla Istanbul" by the municipality.

PHONE NUMBER

:

90-216-591 03 83

 

FAX NUMBER

:

90-216-591 03 90

 

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Tuzla

TAX NO

:

8330071145

REGISTRATION NUMBER

:

25580-8

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

29.05.1996

ESTABLISHMENT GAZETTE DATE/NO

:

07.06.1996/4054

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

 

REGISTERED CAPITAL

:

TL   20.000

PAID-IN CAPITAL

:

TL   20.000

HISTORY

:

Previous Address

:

Eski Bagdat Cad. Sokmen Apt. No: 28/3-5 Kucukyali Istanbul

Changed On

:

11.05.1999 (Commercial Gazette Date /Number 18.05.1999/ 4793)

Previous Address

:

Kosuyolu Mah. Mahmut Yesari Sok. No: 86 Kadikoy /Istanbul

Changed On

:

05.01.2004 (Commercial Gazette Date /Number 14.01.2004/ 5967)

Previous Shareholder

:

Please vide Previous Shareholders section for the former shareholders' names.

Changed On

:

21.01.2009 (Commercial Gazette Date /Number 27.01.2009/ 7236)

Other Changes

:

The registered capital was increased to TL 20.000

Changed On

:

07.08.2003 (Commercial Gazette Date /Number 14.08.2003/ 5863)

PREVIOUS SHAREHOLDERS

:

Omer Unsal

50 %

Kayhan Unsal

25 %

Fatma Berna Unsal

25 %

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Kayhan Unsal

50 %

Omer Unsal

50 %

 

 

SISTER COMPANIES

:

EUROTEK KIMYA TEKSTIL SANAYI VE TICARET A.S.

 

TEKAY KIMYA MUMESSILLIK VE TICARET LTD. STI.

 

DIRECTORS

:

Kayhan Unsal                                                                                                                                                                                                                                                                                   

 

Omer Unsal                                                                                                                                                                                                                                                                                   

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Trade of textile chemicals and dye.  Trading activity of the subject is mainly performed through the free zone branch in Mersin. 

 

NACE CODE

:

G .51.55

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

7

 

 

NET SALES

:

3.693.575 TL

(2002) 

3.666.365 TL

(2003) 

4.489.101 TL

(2004) 

5.084.602 TL

(2005) 

7.319.274 TL

(2006) 

6.727.572 TL

(2007) 

9.755.805 TL

(2008) 

8.048.720 TL

(2009) 

8.625.546 TL

(2010) 

14.096.544 TL

(2011) 

11.075.092 TL

(2012) 

 

 

CAPACITY

:

None

 

REMARKS ON PRODUCTION

:

None

IMPORT VALUE

:

4.860.000 USD

(2009)

5.200.000 USD

(2010)

3.370.000 USD

(2011)

5.002.000 USD

(2012)

IMPORT COUNTRIES

:

India

China

Taiwan

 

MERCHANDISE IMPORTED

:

Textile dye

 

REMARKS ON EXPORT

:

The subject has a Free Zone branch and it performs export mainly from its Free Zone branch.

 

The export value of Free Zone branch in 2012 is TL 10.467.590.

 

HEAD OFFICE ADDRESS

:

Deri Organize Sanayi Bolgesi Tabakhane Cad. No:20 YB 16 Tuzla Istanbul  Istanbul / Turkey ( rented )

 

BRANCHES

:

Branch Office  :  Yalcin Alaybeyoglu Bulvari 5. Ada 3-3 4-1 Parsel Mersin Serbest Bolgesi (Mersin Free Zone) Mersin/Turkey (rented)

 

INVESTMENTS

:

None

 

TREND OF BUSINESS

:

There was a decline at business volume in nominal terms in  2012.

SIZE OF BUSINESS

:

Upper-Medium

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Turk Ekonomi Bankasi Altunizade Branch

Turk Ekonomi Bankasi Bursa Serbest Bolge 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

:

 

(2008) TL

(2009) TL

(2010) TL

(2011) TL

(2012) TL

Net Sales

9.755.805

8.048.720

8.625.546

14.096.544

11.075.092

Profit (Loss) Before Tax

551.914

336.675

212.761

300.550

272.119

Stockholders' Equity

2.907.800

3.154.984

3.494.637

3.801.998

 

Total Assets

9.260.330

8.965.583

9.590.248

9.071.690

 

Current Assets

9.259.385

8.806.403

9.439.043

8.698.737

 

Non-Current Assets

945

159.180

151.205

372.953

 

Current Liabilities

6.059.391

5.517.287

5.852.195

5.045.156

 

Long-Term Liabilities

293.139

293.312

243.416

224.536

 

Gross Profit (loss)

814.961

541.411

550.044

669.092

701.812

Operating Profit (loss)

519.103

273.244

214.590

249.333

277.398

et Profit (loss)

551.914

275.601

169.652

240.019

272.119

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Satisfactory 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

In Order Operating Profitability  in 2008

Good Net Profitability  in 2008

Fair Operating Profitability  in 2009

In Order Net Profitability  in 2009

Fair Operating Profitability  in 2010

Fair Net Profitability  in 2010

Fair Operating Profitability  in 2011

Fair 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

 ( 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

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 ( 01.01-31.03.2013)

0,50 %

1,7901

2,3575

2,7927

 

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

9.259.385

1,00

8.806.403

0,98

9.439.043

0,98

8.698.737

0,96

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

17.213

0,00

307.474

0,03

343.956

0,04

11.768

0,00

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

7.031.764

0,76

6.449.247

0,72

6.249.583

0,65

6.524.347

0,72

Other Receivable

730

0,00

749

0,00

930

0,00

896

0,00

Inventories

2.208.771

0,24

2.047.324

0,23

2.841.726

0,30

2.161.170

0,24

Advances Given

124

0,00

0

0,00

0

0,00

215

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

783

0,00

1.609

0,00

2.848

0,00

341

0,00

NON-CURRENT ASSETS

945

0,00

159.180

0,02

151.205

0,02

372.953

0,04

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

0

0,00

61.074

0,01

61.074

0,01

309.091

0,03

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

0

0,00

97.073

0,01

84.172

0,01

63.129

0,01

Intangible Assets

0

0,00

0

0,00

0

0,00

0

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

945

0,00

1.033

0,00

5.959

0,00

733

0,00

TOTAL ASSETS

9.260.330

1,00

8.965.583

1,00

9.590.248

1,00

9.071.690

1,00

CURRENT LIABILITIES

6.059.391

0,65

5.517.287

0,62

5.852.195

0,61

5.045.156

0,56

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

2.860

0,00

171.758

0,02

455.335

0,05

253.268

0,03

Accounts Payable

5.985.935

0,65

5.201.079

0,58

5.285.409

0,55

4.408.462

0,49

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

Other Short-term Payable

43.112

0,00

28.301

0,00

13.295

0,00

12.828

0,00

Advances from Customers

13.984

0,00

19.708

0,00

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

13.500

0,00

35.367

0,00

36.755

0,00

61.467

0,01

Provisions

0

0,00

0

0,00

327

0,00

1

0,00

Other Current Liabilities

0

0,00

61.074

0,01

61.074

0,01

309.130

0,03

LONG-TERM LIABILITIES

293.139

0,03

293.312

0,03

243.416

0,03

224.536

0,02

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

45.786

0,00

0

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

293.139

0,03

293.312

0,03

194.229

0,02

224.536

0,02

Other Long-term Liabilities

0

0,00

0

0,00

3.401

0,00

0

0,00

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

2.907.800

0,31

3.154.984

0,35

3.494.637

0,36

3.801.998

0,42

Not Detailed Stockholders' Equity

2.907.800

0,31

3.154.984

0,35

3.494.637

0,36

3.801.998

0,42

Paid-in Capital

0

0,00

0

0,00

0

0,00

0

0,00

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

0

0,00

0

0,00

0

0,00

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)

0

0,00

0

0,00

0

0,00

0

0,00

TOTAL LIABILITIES AND EQUITY

9.260.330

1,00

8.965.583

1,00

9.590.248

1,00

9.071.690

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

 

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

(2012) TL

 

Net Sales

9.755.805

1,00

8.048.720

1,00

8.625.546

1,00

14.096.544

1,00

11.075.092

1,00

Cost of Goods Sold

8.940.844

0,92

7.507.309

0,93

8.075.502

0,94

13.427.452

0,95

10.373.280

0,94

Gross Profit

814.961

0,08

541.411

0,07

550.044

0,06

669.092

0,05

701.812

0,06

Operating Expenses

295.858

0,03

268.167

0,03

335.454

0,04

419.759

0,03

424.414

0,04

Operating Profit

519.103

0,05

273.244

0,03

214.590

0,02

249.333

0,02

277.398

0,03

Other Income

153.817

0,02

69.553

0,01

17.264

0,00

70.953

0,01

26.772

0,00

Other Expenses

68.575

0,01

2.135

0,00

5.323

0,00

737

0,00

1.617

0,00

Financial Expenses

52.431

0,01

3.987

0,00

13.770

0,00

18.999

0,00

30.434

0,00

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

551.914

0,06

336.675

0,04

212.761

0,02

300.550

0,02

272.119

0,02

Tax Payable

0

0,00

61.074

0,01

43.109

0,00

60.531

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

551.914

0,06

275.601

0,03

169.652

0,02

240.019

0,02

272.119

0,02

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

(2011)

LIQUIDITY RATIOS

 

 

Current Ratio

1,53

1,60

1,61

1,72

Acid-Test Ratio

1,16

1,22

1,13

1,30

Cash Ratio

0,00

0,06

0,06

0,00

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,24

0,23

0,30

0,24

Short-term Receivable/Total Assets

0,76

0,72

0,65

0,72

Tangible Assets/Total Assets

0,00

0,01

0,01

0,01

TURNOVER RATIOS

 

 

Inventory Turnover

4,05

3,67

2,84

6,21

Stockholders' Equity Turnover

3,36

2,55

2,47

3,71

Asset Turnover

1,05

0,90

0,90

1,55

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,31

0,35

0,36

0,42

Current Liabilities/Total Assets

0,65

0,62

0,61

0,56

Financial Leverage

0,69

0,65

0,64

0,58

Gearing Percentage

2,18

1,84

1,74

1,39

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,19

0,09

0,05

0,06

Operating Profit Margin

0,05

0,03

0,02

0,02

Net Profit Margin

0,06

0,03

0,02

0,02

Interest Cover

11,53

85,44

16,45

16,82

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

259,48

291,19

263,38

174,51

Average Payable Period (days)

241,02

249,41

235,62

118,19

WORKING CAPITAL

3199994,00

3289116,00

3586848,00

3653581,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.29

UK Pound

1

Rs.83.88

Euro

1

Rs.70.67

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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.