MIRA INFORM REPORT

 

 

Report Date :

19.02.2013

 

IDENTIFICATION DETAILS

 

Name :

NU-FA KIMYEVI MADDELER SANAYI VE TICARET A.S.

 

 

Registered Office :

3. Organize Sanayi Bolgesi 83305 Nolu Cad. No:15 Sehitkamil Gaziantep

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

05.04.1982

 

 

Com. Reg. No.:

9556

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Wholesale trade of chemicals.

 

 

No. of Employees :

35

 

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

(31.03.2011)

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

 

NOTES

:

Address at your inquiry is not the registered head office but another premise.

 

 

COMPANY IDENTIFICATION

 

 

NAME

:

NU-FA KIMYEVI MADDELER SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

3. Organize Sanayi Bolgesi 83305 Nolu Cad. No:15 Sehitkamil Gaziantep / Turkey

PHONE NUMBER

:

90-342-337 84 75 (Administrative

 

FAX NUMBER

:

90-342-337 82 48 (Administrative Office)

 

WEB-ADDRESS

:

www.nufa.com.tr

E-MAIL

:

satis@nufa.com.tr

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Sehitkamil

TAX NO

:

6320008866

REGISTRATION NUMBER

:

9556

REMARKS ON REGISTRATION NUMBER

:

Please kindly note that, according to Gaziantep Commercial Registry, the first part of registration numbers are not used anymore. So the registration number of the company which was 10401-9556 is used as 9556.

REGISTERED OFFICE

:

Gaziantep Chamber of Commerce

DATE ESTABLISHED

:

05.04.1982

 

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   10.000.000

PAID-IN CAPITAL

:

TL   10.000.000

HISTORY

:

Previous Registered Capital

:

TL 1.000.000

Changed On

:

09.05.2007 (Commercial Gazette Date /Number 23.05.2007/ 6814)

Previous Registered Capital

:

TL 2.500.000

Changed On

:

06.06.2008 (Commercial Gazette Date /Number 18.06.2008/ 7086)

Previous Registered Capital

:

TL 5.000.000

Changed On

:

05.05.2010 (Commercial Gazette Date /Number 18.05.2010/ 7566)

Previous Address

:

Incilikaya Mah. 37071 Nolu Sok. No:1 Yenitabakhane Sehitkamil Gaziantep

Changed On

:

03.05.2012 (Commercial Gazette Date /Number 15.05.2012/ 8068)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Hasan Gumusburun

30 %

Kivanc Gumusburun

20 %

Melih Gumusburun

20 %

Halide Munevver Gulec

20 %

Emine Gumusburun

10 %

 

 

SISTER COMPANIES

:

HANDE DERI TARIM URUNLERI VE KIMYASAL MADDELER SANAYI TICARET LTD. STI.

 

HMK KIMYA SANAYI VE TICARET LTD. STI.

 

MIRKIM DERI VE KIMYEVI MADDELER IMALAT TAAHHUT PAZARLAMA TICARET LTD. STI.

 

SUBSIDIARIES

:

None

 

BOARD OF DIRECTORS

:

Hasan Gumusburun

Chairman

Emine Gumusburun

Vice-Chairman

Halide Munevver Gulec

Member

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Wholesale trade of chemicals.

 

NACE CODE

:

G .51.55

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

35

 

NET SALES

:

496.572 TL

(1996) 

881.839 TL

(1997) 

1.404.624 TL

(1998) 

1.629.108 TL

(1999) 

3.119.009 TL

(2000) 

4.017.249 TL

(2001) 

7.247.711 TL

(2002) 

7.864.649 TL

(2003) 

9.474.219 TL

(2004) 

9.588.713 TL

(2005) 

14.398.327 TL

(2006) 

18.953.350 TL

(2007) 

27.969.433 TL

(2008) 

28.299.404 TL

(2009) 

29.131.787 TL

(2010) 

36.705.689 TL

(2011) 

39.913.035 TL

(2012) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT VALUE

:

3.760.000 TL

(2008)

 

 

IMPORT COUNTRIES

:

Belgium

U.S.A.

Iran

Brazil

Argentina

China

Switzerland

Germany

Italy

India

U.K.

Lithuania

 

MERCHANDISE IMPORTED

:

Chemicals

 

 

EXPORT VALUE

:

2.935.636 TL

(2007)

7.507.625 TL

(2008)

6.741.317 TL

(2009)

8.646.465 TL

(2010)

2.298.907 TL

(2011)

2.557.756 TL

(2012)

 

 

EXPORT COUNTRIES

:

Iraq

Free Zone

Syria

Azerbaijan

Armenia

 

MERCHANDISE  EXPORTED

:

Chemicals

 

HEAD OFFICE ADDRESS

:

3. Organize Sanayi Bolgesi 83305 Nolu Cad. No:15 Sehitkamil  Gaziantep / Turkey ( owned by shareholder(s) )

 

BRANCHES

:

Warehouse  :  Antakya, Usak, Bor-Nigde, Istanbul /Turkey (owned by shareholder(s))

 

Warehouse  :  Incilikaya Mah. 37071 Nolu Sok. No:1 Yenitabakhane Sehitkamil Gaziantep/Turkey (owned by shareholder(s))

 

Warehouse  :  Panayir Yolu Cad. No:3 Gerede Bolu/Turkey (owned by shareholder(s))

 

Branch Office  :  Menemen Deri Serbest Bolgesi Izmir/Turkey (owned)

 

Branch Office  :   Hatay/Turkey

 

Branch Office  :  Tuzla Istanbul/Turkey

 

Branch Office  :  Doganlar - Bornova Izmir/Turkey

 

Branch Office  :  Serbest Bolge Gaziantep/Turkey

 

Administrative Office  :  3. Organize Sanayi Bolgesi 83316 No'lu Cad. No: 6 Baspinar Gaziantep/Turkey

                                                                                

INVESTMENTS

:

None

 

 

TREND OF BUSINESS

:

There was an upwards trend in 2012.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Garanti Bankasi Ticari Branch

Garanti Bankasi Usak Branch

T. Is Bankasi Gaziantep Branch

Yapi ve Kredi Bankasi Sehitkamil Branch

 

CREDIT FACILITIES

:

No credit facility has come to our knowledge.

 

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

27.969.433

28.299.404

29.131.787

36.705.689

39.913.035

Profit (Loss) Before Tax

602.247

685.479

811.232

1.959.579

1.961.745

Stockholders' Equity

5.527.131

6.073.505

10.777.883

12.364.483

 

Total Assets

16.938.980

16.739.239

16.326.350

18.818.431

 

Current Assets

15.921.732

15.437.942

14.982.157

17.148.041

 

Non-Current Assets

1.017.248

1.301.297

1.344.193

1.670.390

 

Current Liabilities

11.411.849

10.665.734

5.548.467

6.453.948

 

Long-Term Liabilities

0

0

0

0

 

Gross Profit (loss)

1.606.546

2.577.815

2.601.170

3.938.857

4.506.645

Operating Profit (loss)

343.801

977.973

759.384

1.882.350

1.851.316

Net Profit (loss)

480.254

545.310

646.970

1.566.436

1.961.745

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

High As of 31.12.2011

Remarks on Capitalization

A part of total liabilities and equity consist of loans from shareholders rather than liabilities to third parties indicating low indebtedness to third parties.

 

Liquidity

High As of 31.12.2011

Remarks On Liquidity

A part of current liabilities consist of short-term loans from shareholders rather than liabilities to third parties.

 

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

 

Profitability

Low Operating Profitability  in 2008

Fair Net Profitability  in 2008

Fair Operating Profitability  in 2009

Fair Net Profitability  in 2009

Fair Operating Profitability  in 2010

Fair Net Profitability  in 2010

In Order Operating Profitability  in 2011

Good Net Profitability  in 2011

In Order Operating Profitability  in 2012

Good Net Profitability  in 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

 ( 1998 )

54,30 %

0,2657

0,2967

0,4410

 ( 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

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 ( 01.01-31.01.2013)

-0,18 %

1,7748

2,3734

2,8382

 

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

15.921.732

0,94

15.437.942

0,92

14.982.157

0,92

17.148.041

0,91

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

999.596

0,06

848.555

0,05

210.349

0,01

311.414

0,02

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

7.696.430

0,45

8.468.490

0,51

9.177.706

0,56

12.442.017

0,66

Other Receivable

0

0,00

0

0,00

0

0,00

0

0,00

Inventories

6.546.918

0,39

5.389.518

0,32

5.041.971

0,31

4.121.195

0,22

Advances Given

93.352

0,01

317.883

0,02

158.534

0,01

272.244

0,01

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

585.436

0,03

413.496

0,02

393.597

0,02

1.171

0,00

NON-CURRENT ASSETS

1.017.248

0,06

1.301.297

0,08

1.344.193

0,08

1.670.390

0,09

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

0

0,00

0

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

980.553

0,06

1.160.498

0,07

1.085.398

0,07

1.365.905

0,07

Intangible Assets

35.717

0,00

140.799

0,01

258.795

0,02

304.485

0,02

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

978

0,00

0

0,00

0

0,00

0

0,00

TOTAL ASSETS

16.938.980

1,00

16.739.239

1,00

16.326.350

1,00

18.818.431

1,00

CURRENT LIABILITIES

11.411.849

0,67

10.665.734

0,64

5.548.467

0,34

6.453.948

0,34

Not Detailed Current 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

Accounts Payable

4.116.005

0,24

3.057.707

0,18

4.629.609

0,28

1.156.364

0,06

Loans from Shareholders

6.748.575

0,40

7.022.087

0,42

0

0,00

3.802.436

0,20

Other Short-term Payable

0

0,00

0

0,00

0

0,00

0

0,00

Advances from Customers

370.833

0,02

439.027

0,03

756.905

0,05

934.687

0,05

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

115.622

0,01

113.210

0,01

136.004

0,01

385.913

0,02

Provisions

0

0,00

1.436

0,00

0

0,00

0

0,00

Other Current Liabilities

60.814

0,00

32.267

0,00

25.949

0,00

174.548

0,01

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

5.527.131

0,33

6.073.505

0,36

10.777.883

0,66

12.364.483

0,66

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

5.000.000

0,30

5.000.000

0,30

10.000.000

0,61

10.000.000

0,53

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

37.355

0,00

510.431

0,03

95.717

0,01

742.688

0,04

Revaluation Fund

9.522

0,00

17.764

0,00

35.196

0,00

55.359

0,00

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

480.254

0,03

545.310

0,03

646.970

0,04

1.566.436

0,08

TOTAL LIABILITIES AND EQUITY

16.938.980

1,00

16.739.239

1,00

16.326.350

1,00

18.818.431

1,00

 

 

REMARKS ON FINANCIAL STATEMENT

:

The income statement of 2012 has not become certain yet.  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

27.969.433

1,00

28.299.404

1,00

29.131.787

1,00

36.705.689

1,00

39.913.035

1,00

Cost of Goods Sold

26.362.887

0,94

25.721.589

0,91

26.530.617

0,91

32.766.832

0,89

35.406.390

0,89

Gross Profit

1.606.546

0,06

2.577.815

0,09

2.601.170

0,09

3.938.857

0,11

4.506.645

0,11

Operating Expenses

1.262.745

0,05

1.599.842

0,06

1.841.786

0,06

2.056.507

0,06

2.655.329

0,07

Operating Profit

343.801

0,01

977.973

0,03

759.384

0,03

1.882.350

0,05

1.851.316

0,05

Other Income

1.242.372

0,04

214.696

0,01

311.071

0,01

440.741

0,01

328.229

0,01

Other Expenses

974.709

0,03

506.886

0,02

259.223

0,01

363.477

0,01

217.800

0,01

Financial Expenses

9.217

0,00

304

0,00

0

0,00

35

0,00

0

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

602.247

0,02

685.479

0,02

811.232

0,03

1.959.579

0,05

1.961.745

0,05

Tax Payable

121.993

0,00

140.169

0,00

164.262

0,01

393.143

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)

480.254

0,02

545.310

0,02

646.970

0,02

1.566.436

0,04

1.961.745

0,05

 

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

(2011)

LIQUIDITY RATIOS

 

 

Current Ratio

1,40

1,45

2,70

2,66

Acid-Test Ratio

0,76

0,87

1,69

1,98

Cash Ratio

0,09

0,08

0,04

0,05

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,39

0,32

0,31

0,22

Short-term Receivable/Total Assets

0,45

0,51

0,56

0,66

Tangible Assets/Total Assets

0,06

0,07

0,07

0,07

TURNOVER RATIOS

 

 

Inventory Turnover

4,03

4,77

5,26

7,95

Stockholders' Equity Turnover

5,06

4,66

2,70

2,97

Asset Turnover

1,65

1,69

1,78

1,95

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,33

0,36

0,66

0,66

Current Liabilities/Total Assets

0,67

0,64

0,34

0,34

Financial Leverage

0,67

0,64

0,34

0,34

Gearing Percentage

2,06

1,76

0,51

0,52

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,09

0,09

0,06

0,13

Operating Profit Margin

0,01

0,03

0,03

0,05

Net Profit Margin

0,02

0,02

0,02

0,04

Interest Cover

66,34

2255,87

 

55988,97

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

99,06

107,73

113,41

122,03

Average Payable Period (days)

56,21

42,80

62,82

12,70

WORKING CAPITAL

4509883,00

4772208,00

9433690,00

10694093,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.29

UK Pound

1

Rs.84.09

Euro

1

Rs.72.44

 

 

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.