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Report Date : |
26.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
PATISAN KIMYA SANAYII A.S. |
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|
|
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Registered Office : |
Ataturk Cad. No: 8 Kirac Buyukcekmece Istanbul |
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|
|
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Country : |
Turkey |
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|
|
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Financials (as on) : |
2011 |
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|
|
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Date of Incorporation : |
21.10.1977 |
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|
|
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Com. Reg. No.: |
150145 |
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Legal Form : |
Joint Stock Company |
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|
|
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Line of Business : |
Manufacturer and trader
of carboxymethyl cellulose |
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|
|
|
No. of Employees : |
29 |
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 |
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|
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Payment Behaviour : |
No Complaints |
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|
|
|
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 – September 30th, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Turkey |
B2 |
B2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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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 |
: |
Full name of the firm was missing at your inquiry. |
COMPANY IDENTIFICATION
|
|
|
||
|
NAME |
: |
PATISAN KIMYA SANAYII A.S. |
|
HEAD OFFICE ADDRESS |
: |
Ataturk Cad. No: 8 Kirac Buyukcekmece Istanbul / Turkey |
|
PHONE NUMBER |
: |
90-212-689 01 50 |
|
FAX NUMBER |
: |
90-212-689 01 81 |
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WEB-ADDRESS |
: |
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E-MAIL |
: |
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LEGAL STATUS AND HISTORY
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NOTES ON
LEGAL STATUS AND HISTORY |
: |
The paid-in
capital is declared by the subject. There is no certification for the paid-in
capital.. |
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TAX OFFICE |
: |
Bogazici Kurumlar |
||||||||||||||||||
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TAX NO |
: |
7230019419 |
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REGISTRATION NUMBER |
: |
150145 |
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|
REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
||||||||||||||||||
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DATE ESTABLISHED |
: |
21.10.1977 |
||||||||||||||||||
|
ESTABLISHMENT GAZETTE DATE /NO |
: |
03.11.1977/ |
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|
LEGAL FORM |
: |
Joint Stock Company |
||||||||||||||||||
|
TYPE OF COMPANY |
: |
Private |
||||||||||||||||||
|
REGISTERED CAPITAL |
: |
TL 3.200.000 |
||||||||||||||||||
|
PAID-IN CAPITAL |
: |
TL 3.200.000 |
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HISTORY |
: |
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OWNERSHIP / MANAGEMENT
|
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SHAREHOLDERS |
: |
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SISTER COMPANIES |
: |
Declared to be: None |
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BOARD OF DIRECTORS |
: |
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OPERATIONS
|
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|
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BUSINESS ACTIVITIES |
: |
Manufacture and trade of carboxymethyl cellulose. |
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NACE CODE |
: |
DG.24.16 |
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SECTOR |
: |
Chemicals |
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NUMBER OF EMPLOYEES |
: |
29 |
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NET SALES |
: |
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REMARKS ON NET SALES |
: |
In Turkey, there is no public registry on companies’ financial and
detailed general data. So, to collect a firm’s data, an information agency
has to contact the company and get its authorization. However the company strictly declines to give us an authorization to
gather its fresh financial data. As the firm’s shares are not open to public
it is not obliged to announce its data. |
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IMPORT VALUE |
: |
|
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|
IMPORT COUNTRIES |
: |
China Germany South Africa U.S.A. Netherlands Bulgaria |
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MERCHANDISE IMPORTED |
: |
Acetic acid Cellulose |
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EXPORT VALUE |
: |
|
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EXPORT COUNTRIES |
: |
Nigeria Algeria Morocco Ukraine Thailand Argentina Brazil |
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MERCHANDISE EXPORTED |
: |
Cellulose ethers |
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|
HEAD OFFICE ADDRESS |
: |
Ataturk Cad. No: 8 Kirac Buyukcekmece Istanbul / Turkey (owned) |
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|
BRANCHES |
: |
Head Office/Production Plant
: Ataturk Cad. No: 8 Kirac
Buyukcekmece Istanbul/Turkey (owned) |
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INVESTMENTS |
: |
None |
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TREND OF BUSINESS |
: |
Trend of business was steady in
2011. |
FINANCE
|
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MAIN DEALING BANKS |
: |
Garanti Bankasi Beylikduzu Branch T. Is Bankasi Kirac Branch |
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PAYMENT BEHAVIOUR |
: |
No payment delays have come to our knowledge. |
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KEY FINANCIAL ELEMENTS |
: |
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Profitability |
High Operating Profitability in
2009 High Net Profitability in 2009 High Operating Profitability in
2010 High Net Profitability in 2010 Operating Loss in 2011 Net Loss in 2011 |
|
General Financial Position |
The firm has loss but general financial position is undetermined. |
|
Remarks on General Financial Position |
Recent financial figures are not available the firm declines to
provide fresh financial data. |
|
|
Incr. in producers’ price index |
Average USD/TL |
Average EUR/TL |
Average GBP/ TL |
|
( 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 |
|
( 01.01-30.11.2013) |
5,80 % |
1,8999 |
2,5208 |
2,9748 |
INCOME STATEMENTS
|
||||||
|
|
(2009) TL |
|
(2010) TL |
|
(2011) TL |
|
|
Net Sales |
4.913.898 |
1,00 |
4.005.293 |
1,00 |
4.603.486 |
1,00 |
|
Cost of Goods Sold |
2.259.771 |
0,46 |
1.297.032 |
0,32 |
2.912.859 |
0,63 |
|
Gross Profit |
2.654.127 |
0,54 |
2.708.261 |
0,68 |
1.690.627 |
0,37 |
|
Operating Expenses |
900.117 |
0,18 |
805.620 |
0,20 |
3.878.946 |
0,84 |
|
Operating Profit |
1.754.010 |
0,36 |
1.902.641 |
0,48 |
-2.188.319 |
-0,48 |
|
Other Income |
231.140 |
0,05 |
237.048 |
0,06 |
561.850 |
0,12 |
|
Other Expenses |
101.118 |
0,02 |
368.686 |
0,09 |
73.388 |
0,02 |
|
Financial Expenses |
0 |
0,00 |
0 |
0,00 |
0 |
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 |
1.884.032 |
0,38 |
1.771.003 |
0,44 |
-1.699.857 |
-0,37 |
|
Tax Payable |
378.063 |
0,08 |
0 |
0,00 |
0 |
0,00 |
|
Postponed Tax Gain |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Net Profit (loss) |
1.505.969 |
0,31 |
1.771.003 |
0,44 |
-1.699.857 |
-0,37 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.87 |
|
UK Pound |
1 |
Rs.101.10 |
|
Euro |
1 |
Rs.84.65 |
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 |
-- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.