MIRA INFORM REPORT

 

 

Report Date :

01.08.2013

 

IDENTIFICATION DETAILS

 

Name :

EKSOY KIMYA SANAYI VE TICARET A.S.

 

 

Formerly Known As :

EKSOY KIMYEVI MADDELER URETIM VE PAZARLAMA LTD. STI.

 

 

Registered Office :

Sarihamzali Mah. 47007 Sok. No:34/A 34/B Seyhan Adana

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

06.02.1985

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of textile dyes and chemicals.

 

 

No. of Employees :

50

 

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

 

COMPANY IDENTIFICATION

 

 

NAME

:

EKSOY KIMYA SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Sarihamzali Mah. 47007 Sok. No:34/A 34/B Seyhan Adana / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The address was changed from "Sarihamzali Koyu Yolu Uzeri" to "Sarihamzali Mah. 47007 Sok. No:34/A 34/B Seyhan" by the municipality.

PHONE NUMBER

:

90-322-441 11 80

90-322-441 16 42-43

 

FAX NUMBER

:

90-322-441 03 72

 

WEB-ADDRESS

:

www.eksoy.com

E-MAIL

:

information@eksoy.com

 

 

LEGAL STATUS AND HISTORY

 

 

NOTES ON LEGAL STATUS AND HISTORY

:

Change at tax no .

 

 

TAX OFFICE

:

Yuregir

TAX NO

:

3700293473

REMARKS ON TAX NO

:

As the subject changed its legal status from limited company to joint stock company, the tax number was changed from "3300024567" to "3700293473".

REGISTRATION NUMBER

:

17966

REGISTERED OFFICE

:

Adana Chamber of Commerce

 

DATE ESTABLISHED

:

06.02.1985

ESTABLISHMENT GAZETTE DATE/NO

:

12.03.1985/1219

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   6.000.000

PAID-IN CAPITAL

:

TL   6.000.000

HISTORY

:

Previous Legal Type

:

Limited Company

Changed On

:

31.01.2013 (Commercial Gazette Date /Number 08.02.2013/ 8254)

Previous Name

:

Eksoy Kimyevi Maddeler Uretim Ve Pazarlama Ltd. Sti.

Changed On

:

29.03.2006 (Commercial Gazette Date /Number 10.04.2006/ 6531)

Previous Name

:

Eksoy Kimyevi Maddeler Tarim Urunleri Uretim ve Pazarlama Ltd. Sti.

Changed On

:

31.01.2013 (Commercial Gazette Date /Number 08.02.2013/ 8254)

Previous Registered Capital

:

TL 432.000

Changed On

:

25.08.2005 (Commercial Gazette Date /Number 05.09.2005/ 6382)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Ender Soydan

60 %

Arda Soydan

20 %

Ayca (Soydan) Gozek

20 %

 

 

SISTER COMPANIES

:

KIMSOY BOYA TICARET A.S.

 

OMEGA SANAYI URUNLERI ITHALAT VE PAZARLAMA LTD. STI.

 

SUBSIDIARIES

:

KIMSOY BOYA TICARET A.S.  ( 45 % )

 

OMEGA SANAYI URUNLERI ITHALAT VE PAZARLAMA LTD. STI. 

( 94,80 % )

 

BOARD OF DIRECTORS

:

Ender Soydan

Chairman

Ayca Gozek

Member

Arda Soydan

Member

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Manufacture and trade of textile dyes and chemicals.

 

NACE CODE

:

DG.24.00

 

SECTOR

:

Chemicals

 

NUMBER OF EMPLOYEES

:

50

 

NET SALES

:

30.634.910 TL

(2004) 

25.747.728 TL

(2005) 

30.891.798 TL

(2006) 

32.773.960 TL

(2007) 

32.293.275 TL

(2008) 

35.256.740 TL

(2009) 

37.422.976 TL

(2010) 

40.472.775 TL

(2011) 

44.439.930 TL

(2012) 

10.203.425 TL

(01.01-31.03.2013) 

 

 

IMPORT VALUE

:

3.500.000 USD

(2007)

3.000.000 USD

(2008)

2.970.000 USD

(2009)

5.450.000 USD

(2010)

6.150.000 USD

(2011)

4.175.000 USD

(2012)

 

 

IMPORT COUNTRIES

:

China

Germany

Korea

Netherlands

India

 

MERCHANDISE IMPORTED

:

Chemicals

Raw materials

Textile dyes

 

EXPORT VALUE

:

6.667.154 TL

(2010)

9.127.668 TL

(2011)

7.282.535 TL

(2012)

1.647.816 TL

(01.01-31.03.2013)

 

 

 

EXPORT COUNTRIES

:

Bangladesh

Pakistan

Iran

Tunisia

Russia

Poland

Egypt

Syria

China

Indonesia

 

MERCHANDISE  EXPORTED

:

Textile dyes and chemicals

 

HEAD OFFICE ADDRESS

:

Sarihamzali Mah. 47007 Sok. No:34/A 34/B Seyhan  Adana / Turkey ( owned )

 

BRANCHES

:

Warehouse  :  Organize Sanayi Bolgesi Adana/Turkey (owned)

 

Warehouse  :  Organize Sanayi Bolgesi Cerkezkoy Tekirdag/Turkey (owned)

 

Head Office/Production Plant  :  Sarihamzali Koyu Yolu Uzeri Adana/Turkey (owned) (10.750 sqm)

 

Branch Office  :  Mersin Serbest Bolge (Free Zone) Mersin/Turkey (owned) (2.000 sqm)

                                                                                

 

TREND OF BUSINESS

:

There was an upwards trend in  2012.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Garanti Bankasi Adana Branch

 

CREDIT FACILITIES

:

The subject rarely makes use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

 

KEY FINANCIAL ELEMENTS

:

 

(2009) TL

(2010) TL

(2011) TL

(2012) TL

(01.01-31.03.2013) TL

Net Sales

35.256.740

37.422.976

40.472.775

44.439.930

10.203.425

Profit (Loss) Before Tax

6.473.382

6.073.710

11.823.429

6.613.673

1.563.909

Stockholders' Equity

58.569.413

60.956.473

69.451.485

73.619.675

 

Total Assets

61.298.145

62.959.145

72.084.035

76.451.825

 

Current Assets

51.035.398

50.727.953

58.056.132

61.035.623

 

Non-Current Assets

10.262.747

12.231.192

14.027.903

15.416.202

 

Current Liabilities

2.728.732

2.002.672

2.632.550

2.832.150

 

Long-Term Liabilities

0

0

0

0

 

Gross Profit (loss)

10.947.219

9.810.058

12.763.991

12.553.051

2.790.862

Operating Profit (loss)

4.671.905

5.363.557

7.446.807

6.788.458

1.257.081

Net Profit (loss)

5.548.528

5.301.779

10.682.381

5.299.242

1.563.909

 

 

 

 

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

High As of 31.12.2012

Liquidity

High As of 31.12.2012

Remarks On Liquidity

The unfavorable gap between average collection and average payable period has an adverse effect on liquidity.

Profitability

High Operating Profitability  in 2009

High Net Profitability  in 2009

High Operating Profitability  in 2010

High Net Profitability  in 2010

High Operating Profitability  in 2011

High Net Profitability  in 2011

High Operating Profitability  in 2012

High Net Profitability  in 2012

High Operating Profitability (01.01-31.03.2013)

High Net Profitability (01.01-31.03.2013)

 

Gap between average collection and payable periods

Unfavorable in 2012

General Financial Position

Good

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 01.01-30.06.2013)

2,46 %

1,8251

2,3936

2,8262

 

 

BALANCE SHEETS

 

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL

 

CURRENT ASSETS

51.035.398

0,83

50.727.953

0,81

58.056.132

0,81

61.035.623

0,80

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

25.013.870

0,41

18.646.672

0,30

19.459.772

0,27

29.199.654

0,38

Marketable Securities

0

0,00

3.075.436

0,05

4.083.386

0,06

2.368.188

0,03

Account Receivable

14.708.081

0,24

13.208.022

0,21

18.015.186

0,25

14.180.364

0,19

Other Receivable

18.639

0,00

54.300

0,00

132.499

0,00

83.717

0,00

Inventories

9.271.542

0,15

13.970.322

0,22

13.667.609

0,19

12.211.432

0,16

Advances Given

1.499.956

0,02

604.456

0,01

848.288

0,01

523.547

0,01

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

523.310

0,01

1.168.745

0,02

1.849.392

0,03

2.468.721

0,03

NON-CURRENT ASSETS

10.262.747

0,17

12.231.192

0,19

14.027.903

0,19

15.416.202

0,20

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

74.439

0,00

7.842

0,00

7.842

0,00

8.492

0,00

Financial Assets

6.154.010

0,10

6.154.009

0,10

6.659.375

0,09

6.967.171

0,09

Tangible Fixed Assets (net)

3.963.721

0,06

5.989.052

0,10

7.292.761

0,10

8.368.158

0,11

Intangible Assets

9.545

0,00

8.142

0,00

31.276

0,00

30.348

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

61.032

0,00

72.147

0,00

36.649

0,00

42.033

0,00

TOTAL ASSETS

61.298.145

1,00

62.959.145

1,00

72.084.035

1,00

76.451.825

1,00

CURRENT LIABILITIES

2.728.732

0,04

2.002.672

0,03

2.632.550

0,04

2.832.150

0,04

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

300

0,00

1.644

0,00

Accounts Payable

1.326.571

0,02

466.846

0,01

1.067.465

0,01

1.051.955

0,01

Loans from Shareholders

2.795

0,00

2.539

0,00

0

0,00

0

0,00

Other Short-term Payable

260.750

0,00

209.623

0,00

158.655

0,00

221.693

0,00

Advances from Customers

48.329

0,00

67.474

0,00

124.234

0,00

118.237

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

165.433

0,00

93.760

0,00

140.847

0,00

124.192

0,00

Provisions

924.854

0,02

771.931

0,01

1.141.049

0,02

1.314.429

0,02

Other Current Liabilities

0

0,00

390.499

0,01

0

0,00

0

0,00

LONG-TERM LIABILITIES

0

0,00

0

0,00

0

0,00

0

0,00

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

0

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

0

0,00

0

0,00

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

58.569.413

0,96

60.956.473

0,97

69.451.485

0,96

73.619.675

0,96

Not Detailed Stockholders' Equity

58.569.413

0,96

60.956.473

0,97

69.451.485

0,96

0

0,00

Paid-in Capital

0

0,00

0

0,00

0

0,00

6.000.000

0,08

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

1.488.935

0,02

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

60.825.462

0,80

Revaluation Fund

0

0,00

0

0,00

0

0,00

6.036

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

5.299.242

0,07

TOTAL LIABILITIES AND EQUITY

61.298.145

1,00

62.959.145

1,00

72.084.035

1,00

76.451.825

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. 

 

At the last income statement TL 728.943 of the other income is due to "Profit from Foreign Currency Exchange". 

 

At the last income statement TL 446.081of the other expenses is due to "Loss from Foreign Currency Exchange" .

 

 

INCOME STATEMENTS

 

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

Net Sales

35.256.740

1,00

37.422.976

1,00

40.472.775

1,00

Cost of Goods Sold

24.309.521

0,69

27.612.918

0,74

27.708.784

0,68

Gross Profit

10.947.219

0,31

9.810.058

0,26

12.763.991

0,32

Operating Expenses

6.275.314

0,18

4.446.501

0,12

5.317.184

0,13

Operating Profit

4.671.905

0,13

5.363.557

0,14

7.446.807

0,18

Other Income

5.321.429

0,15

3.832.434

0,10

6.013.474

0,15

Other Expenses

3.519.952

0,10

3.069.234

0,08

1.507.586

0,04

Financial Expenses

0

0,00

53.047

0,00

129.266

0,00

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

6.473.382

0,18

6.073.710

0,16

11.823.429

0,29

Tax Payable

924.854

0,03

771.931

0,02

1.141.048

0,03

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

5.548.528

0,16

5.301.779

0,14

10.682.381

0,26

 

 

 

(2012) TL

 

(01.01-31.03.2013) TL

 

Net Sales

44.439.930

1,00

10.203.425

1,00

Cost of Goods Sold

31.886.879

0,72

7.412.563

0,73

Gross Profit

12.553.051

0,28

2.790.862

0,27

Operating Expenses

5.764.593

0,13

1.533.781

0,15

Operating Profit

6.788.458

0,15

1.257.081

0,12

Other Income

3.049.301

0,07

1.019.310

0,10

Other Expenses

3.163.462

0,07

712.482

0,07

Financial Expenses

60.624

0,00

0

0,00

Minority Interests

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

Profit (loss) Before Tax

6.613.673

0,15

1.563.909

0,15

Tax Payable

1.314.431

0,03

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

Net Profit (loss)

5.299.242

0,12

1.563.909

0,15

 

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

(2011)

(2012)

LIQUIDITY RATIOS

 

 

Current Ratio

18,70

25,33

22,05

21,55

Acid-Test Ratio

14,56

17,47

15,84

16,18

Cash Ratio

9,17

10,85

8,94

11,15

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,15

0,22

0,19

0,16

Short-term Receivable/Total Assets

0,24

0,21

0,25

0,19

Tangible Assets/Total Assets

0,06

0,10

0,10

0,11

TURNOVER RATIOS

 

 

Inventory Turnover

2,62

1,98

2,03

2,61

Stockholders' Equity Turnover

0,60

0,61

0,58

0,60

Asset Turnover

0,58

0,59

0,56

0,58

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,96

0,97

0,96

0,96

Current Liabilities/Total Assets

0,04

0,03

0,04

0,04

Financial Leverage

0,04

0,03

0,04

0,04

Gearing Percentage

0,05

0,03

0,04

0,04

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,09

0,09

0,15

0,07

Operating Profit Margin

0,13

0,14

0,18

0,15

Net Profit Margin

0,16

0,14

0,26

0,12

Interest Cover

 

115,50

92,47

110,09

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

150,94

127,13

160,31

114,94

Average Payable Period (days)

19,65

6,09

13,87

11,88

WORKING CAPITAL

48306666,00

48725281,00

55423582,00

58203473,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.11

UK Pound

1

Rs.92.97

Euro

1

Rs.80.95

 

 

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

 

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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.