MIRA INFORM REPORT

 

 

Report Date :

02.02.2013

 

IDENTIFICATION DETAILS

 

Name :

KLIP KIMYEVI MADDELER TICARET A.S.

 

 

Registered Office :

Cumhuriyet Cad. Cebeltopu Sok. As Han No: 4 K: 2 Harbiye Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

12.07.1985

 

 

Com. Reg. No.:

216779

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Dealing with Wholesale trade of chemical materials.  

 

 

No. of Employees :

20

 

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 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

:

KLIP KIMYEVI MADDELER TICARET A.S.

HEAD OFFICE ADDRESS

:

Cumhuriyet Cad. Cebeltopu Sok. As Han No: 4 K: 2 Harbiye Istanbul / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The door number was changed from "8" to "4" by the Municipality.

 

 

PHONE NUMBER

:

90-212-219 37 73

 

FAX NUMBER

:

90-212-219 63 54

 

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Beyoglu

TAX NO

:

5640138054

REGISTRATION NUMBER

:

216779

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

12.07.1985

ESTABLISHMENT GAZETTE DATE/NO

:

02.09.1985/1335

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   2.750.000

PAID-IN CAPITAL

:

TL   2.750.000

HISTORY

:

Previous Legal Type

:

Limited Company

Changed On

:

01.10.1999 (Commercial Gazette Date /Number 06.10.1999/ 4892)

Previous Name

:

Klip Bilgi Derleme ve Is Hizmetleri Ltd. Sti.

Changed On

:

01.07.1997 (Commercial Gazette Date /Number 07.07.1997/ 4326)

Previous Name

:

Klip Kimyevi Maddeler Ticaret Ltd. Sti.

Changed On

:

01.10.1999 (Commercial Gazette Date /Number 06.10.1999/ 4892)

Previous Registered Capital

:

TL 500.000

Changed On

:

21.06.2005 (Commercial Gazette Date /Number 24.06.2005/ 6332)

Previous Registered Capital

:

TL 2.500.000

Changed On

:

28.09.2010 (Commercial Gazette Date /Number 04.10.2010/ 7661)

Merger

:

The subject took over and merged with "Kimsan Ticaret A.S."

Changed On

:

28.09.2010 (Commercial Gazette Date /Number 04.10.2010/ 7661)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Kadir Halis Kaynar

99,26 %

Neval Isar

 

Ahmet Murat Kaynar

 

Ahmet Balci

 

 

 

SISTER COMPANIES

:

ANTROPI EGITIM TEKNOLOJILERI A.S.

 

SAFARI TEKSTIL ITHALAT IHRACAT VE PAZARLAMA A.S.

 

SUBSIDIARIES

:

ANTROPI EGITIM TEKNOLOJILERI A.S.

 

BOARD OF DIRECTORS

:

Kadir Halis Kaynar

Chairman

Neval Isar

Member

Faruk Kaynar

Member

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

The firm which was dealing with manufacture and trade of chemical materials has stopped manufacturing activity after its factory which was located at “Cati Ihtisas San. Sitesi Kirac Beylikduzu Istanbul” was sold at the end of 2006.  

 

Now, the firm is only dealing with wholesale trade of chemical materials.  

 

NACE CODE

:

G .51.55

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

20

 

NET SALES

:

138.154 TL

(1999) 

820.535 TL

(2000) 

1.779.758 TL

(2001) 

3.256.268 TL

(2002) 

4.882.644 TL

(2003) 

8.587.302 TL

(2004) 

9.888.115 TL

(2005) 

13.677.977 TL

(2006) 

8.968.959 TL

(2007) 

9.999.269 TL

(2008) 

6.032.025 TL

(2009) 

7.363.625 TL

(2010) 

15.225.275 TL

(2011) 

14.196.925 TL

(01.01-30.09.2012) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT VALUE

:

3.000.000 USD

(2004)

3.500.000 USD

(2005)

8.400.000 TL

(2006)

7.250.000 TL

(2007)

6.300.000 TL

(2008)

 

 

IMPORT COUNTRIES

:

Germany

France

Malaysia

Bulgaria

Greece

Italy

European Countries

 

MERCHANDISE IMPORTED

:

Adhesives

Filter-paper

Other chemical materials

Resin

Varnish

 

EXPORT VALUE

:

155.449 TL

(2001)

266.497 TL

(2002)

256.547 TL

(2003)

219.617 TL

(2004)

30.792 TL

(2005)

260.670 TL

(2006)

79.523 TL

(2007)

16.156 TL

(2008)

81.013 TL

(2009)

48.693 TL

(2010)

590.540 TL

(2011)

822.254 TL

(01.01-30.09.2012)

 

 

EXPORT COUNTRIES

:

Iran

Portugal

Greece

France

Northern Cyprus Turkish Republic

Free Zone

 

MERCHANDISE  EXPORTED

:

Filter-paper

Polyesters

Rubber solutions

 

HEAD OFFICE ADDRESS

:

Cumhuriyet Cad. Cebeltopu Sok. As Han No: 4 K: 2 Harbiye  Istanbul / Turkey ( rented ) (400 sqm)

 

BRANCHES

:

Warehouse  :  Hadimkoy 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

:

Large

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Akbank Beyoglu Ticari Branch

Garanti Bankasi Harbiye Branch

T. Is Bankasi Sisli Branch

Turk Ekonomi Bankasi Mecidiyekoy 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

(01.01-30.09.2012) TL

Net Sales

9.999.269

6.032.025

7.363.625

15.225.275

14.196.925

Profit (Loss) Before Tax

-215.814

81.172

223.348

1.008.569

736.356

Stockholders' Equity

2.517.658

3.661.204

4.419.050

5.255.835

 

Total Assets

4.556.789

5.777.153

8.000.819

10.096.790

 

Current Assets

4.433.199

5.622.489

7.893.038

9.997.223

 

Non-Current Assets

123.590

154.664

107.781

99.567

 

Current Liabilities

2.039.131

2.115.949

3.581.769

4.840.955

 

Long-Term Liabilities

0

0

0

0

 

Gross Profit (loss)

2.213.349

1.741.728

1.799.936

3.355.391

2.579.967

Operating Profit (loss)

650.381

272.706

367.604

1.552.016

1.074.988

Net Profit (loss)

-215.814

81.172

178.907

800.049

736.356

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Good As of 31.12.2011

Liquidity

High As of 31.12.2011

Remarks On Liquidity

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

Profitability

Good Operating Profitability  in 2008

Net Loss  in 2008

In Order Operating Profitability  in 2009

Low Net Profitability  in 2009

In Order Operating Profitability  in 2010

Fair Net Profitability  in 2010

High Operating Profitability  in 2011

Good Net Profitability  in 2011

Good Operating Profitability (01.01-30.09.2012)

Good Net Profitability (01.01-30.09.2012)

 

Gap between average collection and payable periods

Unfavorable in 2011

General Financial Position

Good

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 1999 )

62,90 %

0,4278

0,4518

0,6843

 ( 2000 )

32,70 %

0,6251

0,5774

0,9480

 ( 2001 )

88,60 %

1,1991

1,0714

1,7300

 ( 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

 ( 01.01-30.09.2012)

3,34 %

1,8029

2,3233

2,8527

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

 

 

CURRENT ASSETS

4.433.199

0,97

5.622.489

0,97

7.893.038

0,99

9.997.223

0,99

 

 

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Cash and Banks

35.044

0,01

1.105.878

0,19

1.111.758

0,14

892.820

0,09

 

 

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Account Receivable

3.476.560

0,76

2.964.251

0,51

4.288.362

0,54

6.156.204

0,61

 

 

Other Receivable

53.094

0,01

75.105

0,01

905.493

0,11

24.271

0,00

 

 

Inventories

802.550

0,18

1.357.583

0,23

1.404.878

0,18

1.831.483

0,18

 

 

Advances Given

28.834

0,01

2.560

0,00

141.735

0,02

881.403

0,09

 

 

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Other Current Assets

37.117

0,01

117.112

0,02

40.812

0,01

211.042

0,02

 

 

NON-CURRENT ASSETS

123.590

0,03

154.664

0,03

107.781

0,01

99.567

0,01

 

 

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Long-term Receivable

9.750

0,00

2.250

0,00

2.250

0,00

2.250

0,00

 

 

Financial Assets

0

0,00

0

0,00

0

0,00

38.500

0,00

 

 

Tangible Fixed Assets (net)

101.288

0,02

143.195

0,02

76.825

0,01

49.323

0,00

 

 

Intangible Assets

12.552

0,00

9.219

0,00

28.706

0,00

9.494

0,00

 

 

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Other Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

TOTAL ASSETS

4.556.789

1,00

5.777.153

1,00

8.000.819

1,00

10.096.790

1,00

 

 

CURRENT LIABILITIES

2.039.131

0,45

2.115.949

0,37

3.581.769

0,45

4.840.955

0,48

 

 

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Financial Loans

738.670

0,16

1.031.916

0,18

522.267

0,07

670.420

0,07

 

 

Accounts Payable

674.958

0,15

739.899

0,13

1.711.425

0,21

2.226.167

0,22

 

 

Loans from Shareholders

395.404

0,09

102.355

0,02

0

0,00

21.143

0,00

 

 

Other Short-term Payable

70

0,00

4.079

0,00

106

0,00

22.923

0,00

 

 

Advances from Customers

128.651

0,03

223.934

0,04

1.208.931

0,15

1.620.639

0,16

 

 

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Taxes Payable

101.378

0,02

13.766

0,00

99.606

0,01

68.356

0,01

 

 

Provisions

0

0,00

0

0,00

37.691

0,00

208.521

0,02

 

 

Other Current Liabilities

0

0,00

0

0,00

1.743

0,00

2.786

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

2.517.658

0,55

3.661.204

0,63

4.419.050

0,55

5.255.835

0,52

 

 

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Paid-in Capital

2.500.000

0,55

2.500.000

0,43

2.713.265

0,34

2.750.000

0,27

 

 

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Inflation Adjustment of Capital

122.224

0,03

122.224

0,02

122.224

0,02

122.224

0,01

 

 

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Reserves

111.248

0,02

1.173.371

0,20

1.620.217

0,20

1.799.125

0,18

 

 

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Accumulated Losses(-)

0

0,00

-215.563

-0,04

-215.563

-0,03

-215.563

-0,02

 

 

Net Profit (loss)

-215.814

-0,05

81.172

0,01

178.907

0,02

800.049

0,08

 

 

TOTAL LIABILITIES AND EQUITY

4.556.789

1,00

5.777.153

1,00

8.000.819

1,00

10.096.790

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

 

(01.01-30.09.2012) TL

 

Net Sales

9.999.269

1,00

6.032.025

1,00

7.363.625

1,00

15.225.275

1,00

14.196.925

1,00

Cost of Goods Sold

7.785.920

0,78

4.290.297

0,71

5.563.689

0,76

11.869.884

0,78

11.616.958

0,82

Gross Profit

2.213.349

0,22

1.741.728

0,29

1.799.936

0,24

3.355.391

0,22

2.579.967

0,18

Operating Expenses

1.562.968

0,16

1.469.022

0,24

1.432.332

0,19

1.803.375

0,12

1.504.979

0,11

Operating Profit

650.381

0,07

272.706

0,05

367.604

0,05

1.552.016

0,10

1.074.988

0,08

Other Income

294.722

0,03

229.453

0,04

537.521

0,07

1.079.011

0,07

342.052

0,02

Other Expenses

517.181

0,05

216.183

0,04

628.060

0,09

1.535.080

0,10

576.666

0,04

Financial Expenses

643.736

0,06

204.804

0,03

53.717

0,01

87.378

0,01

104.018

0,01

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

-215.814

-0,02

81.172

0,01

223.348

0,03

1.008.569

0,07

736.356

0,05

Tax Payable

0

0,00

0

0,00

44.441

0,01

208.520

0,01

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

-215.814

-0,02

81.172

0,01

178.907

0,02

800.049

0,05

736.356

0,05

 

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

(2011)

 

LIQUIDITY RATIOS

 

 

Current Ratio

2,17

2,66

2,20

2,07

 

Acid-Test Ratio

1,75

1,96

1,76

1,46

 

Cash Ratio

0,02

0,52

0,31

0,18

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,18

0,23

0,18

0,18

 

Short-term Receivable/Total Assets

0,77

0,53

0,65

0,61

 

Tangible Assets/Total Assets

0,02

0,02

0,01

0,00

 

TURNOVER RATIOS

 

 

Inventory Turnover

9,70

3,16

3,96

6,48

 

Stockholders' Equity Turnover

3,97

1,65

1,67

2,90

 

Asset Turnover

2,19

1,04

0,92

1,51

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,55

0,63

0,55

0,52

 

Current Liabilities/Total Assets

0,45

0,37

0,45

0,48

 

Financial Leverage

0,45

0,37

0,45

0,48

 

Gearing Percentage

0,81

0,58

0,81

0,92

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

-0,09

0,02

0,04

0,15

 

Operating Profit Margin

0,07

0,05

0,05

0,10

 

Net Profit Margin

-0,02

0,01

0,02

0,05

 

Interest Cover

0,66

1,40

5,16

12,54

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

125,52

177,05

209,76

145,62

 

Average Payable Period (days)

31,21

62,09

110,74

67,52

 

WORKING CAPITAL

2394068,00

3506540,00

4311269,00

5156268,00

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.32

UK Pound

1

Rs.84.60

Euro

1

Rs.72.63

 

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.