MIRA INFORM REPORT

 

 

Report Date :

06.03.2013

 

IDENTIFICATION DETAILS

 

Name :

ALPHACHEM MEHMET CENGIZ SAG VE OSMAN MACIT MISIRLI KOLLEKTIF SIRKETI

 

 

Registered Office :

Avrupa Serbest Bolgesi (Free Zone) Ada 108 Parsel 1 No:7-9 Corlu Tekirdag

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

04.02.2002

 

 

Com. Reg. No.:

6801

 

 

Legal Form :

Co-Partnership

 

 

Line of Business :

Wholesale trade of textile chemicals and dye

 

 

No. of Employees :

1

 

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

:

ALPHACHEM MEHMET CENGIZ SAG VE OSMAN MACIT MISIRLI KOLLEKTIF SIRKETI

HEAD OFFICE ADDRESS

:

Avrupa Serbest Bolgesi (Free Zone) Ada 108 Parsel 1 No:7-9 Corlu Tekirdag / Turkey

PHONE NUMBER

:

90-282-691 11 51

 

FAX NUMBER

:

90-282-691 11 52

 

 

LEGAL STATUS AND HISTORY

 

 

NOTES ON LEGAL STATUS AND HISTORY

:

Liability of the subject is not limited to the capital.

TAX OFFICE

:

Corlu

TAX NO

:

0570150193

REGISTRATION NUMBER

:

6801

REGISTERED OFFICE

:

Corlu Chamber of Commerce and Industry

DATE ESTABLISHED

:

04.02.2002

ESTABLISHMENT GAZETTE DATE/NO

:

14.02.2002/5487

LEGAL FORM

:

Co-Partnership

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   45.000

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Osman Macit Misirli

50 %

Mehmet Cengiz Sag

50 %

 

 

REMARKS ON SHAREHOLDERS

:

The partner Mehmet Cengiz Sag was born in 1947 and his ID number is 12257332544.  

 

The partner Osman Macit Misirli was born in 1951 and his ID number is 22907148036.

 

SISTER COMPANIES

:

ALFA KIMYA SANAYI VE TICARET A. S.

DARMAKEM KIMYA SANAYI VE TICARET A.S.

 

DIRECTORS

:

Osman Macit Misirli                                                                                                                                                                                                                                                                                   

 

Mehmet Cengiz Sag                                                                                                                                                                                                                                                                                   

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Wholesale trade of textile chemicals and dye. 

 

NACE CODE

:

G .51.55

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

1

 

NET SALES

:

7.758.177 TL

(2007) 

8.972.111 TL

(2008) 

8.906.042 TL

(2009) 

8.731.814 TL

(2010) 

6.462.291 TL

(2011) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT VALUE

:

8.200.000 TL

(2010)

1.386.867 EUR + 1.295.633 USD

(2011)

2.732.325 USD + 2.323.961 EUR

(2012)

 

 

IMPORT COUNTRIES

:

China

Taiwan

Denmark

Germany

India

 

 

MERCHANDISE IMPORTED

:

Textile chemicals and dye.

 

EXPORT VALUE

:

7.758.177 TL

(2007)

8.972.111 TL

(2008)

8.906.042 TL

(2009)

8.731.814 TL

(2010)

6.462.291 TL

(2011)

 

 

REMARKS ON EXPORT

:

As the subject is located at free zone, all of its sales are regarded as exports.

 

HEAD OFFICE ADDRESS

:

Avrupa Serbest Bolgesi (Free Zone) Ada 108 Parsel 1 No:7-9 Corlu  Tekirdag / Turkey

 

BRANCHES

:

Head Office/Warehouse  :  Avrupa Serbest Bolgesi (Free Zone) Ada 108 Parsel 1 No:7-9 Tekirdag/Turkey (owned) 

INVESTMENTS

:

None

 

 

TREND OF BUSINESS

:

There was a decline at business volume in nominal terms in 2011.

SIZE OF BUSINESS

:

Lower-Medium

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Turkiye Garanti Bankasi AHL Branch

 

CREDIT FACILITIES

:

No credit facility has come to our knowledge.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2007) TL

(2008) TL

(2009) TL

(2010) TL

(2011) TL

Net Sales

7.758.177

8.972.111

8.906.042

8.731.814

6.462.291

Profit (Loss) Before Tax

1.326.357

944.109

980.476

1.204.370

254.967

Stockholders' Equity

1.366.620

2.310.729

1.020.739

2.225.108

2.480.076

Total Assets

2.713.723

4.402.102

3.539.488

4.720.293

4.823.520

Current Assets

1.005.602

1.171.870

1.487.832

1.787.160

2.182.337

Non-Current Assets

1.708.121

3.230.232

2.051.656

2.933.133

2.641.183

Current Liabilities

1.347.103

2.091.373

2.518.749

2.495.185

2.343.444

Long-Term Liabilities

0

0

0

0

0

Gross Profit (loss)

1.053.208

1.417.970

1.011.965

916.099

363.115

Operating Profit (loss)

994.156

1.279.701

730.147

873.366

309.806

Net Profit (loss)

1.326.357

944.109

980.476

1.204.370

254.967

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

In Order As of 31.12.2011

Remarks on Capitalization

The liability of the co-partnerships is not limited to the capital. The partners of co-partnerships are responsible for the debts of the co-partnerships with all of their personal wealth.

 

Liquidity

Fair 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

High Operating Profitability  in 2007

High Net Profitability  in 2007

High Operating Profitability  in 2008

High Net Profitability  in 2008

Good Operating Profitability  in 2009

High Net Profitability  in 2009

High Operating Profitability  in 2010

High Net Profitability  in 2010

In Order Operating Profitability  in 2011

In Order Net Profitability  in 2011

 

Gap between average collection and payable periods

Unfavorable in 2011

General Financial Position

Fair

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 

 ( 31.12.2007 )  TL

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

1.005.602

0,37

1.171.870

0,27

1.487.832

0,42

1.787.160

0,38

2.182.337

0,45

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

132.753

0,05

70.620

0,02

588.927

0,17

633.941

0,13

437.286

0,09

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

84.867

0,03

136.298

0,03

26.338

0,01

38.844

0,01

962.313

0,20

Other Receivable

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Inventories

786.460

0,29

963.922

0,22

862.990

0,24

1.112.882

0,24

780.330

0,16

Advances Given

1.522

0,00

1.030

0,00

9.577

0,00

1.493

0,00

2.408

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

NON-CURRENT ASSETS

1.708.121

0,63

3.230.232

0,73

2.051.656

0,58

2.933.133

0,62

2.641.183

0,55

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

1.307.479

0,48

2.830.302

0,64

1.651.466

0,47

2.532.351

0,54

2.240.179

0,46

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

399.432

0,15

399.432

0,09

399.432

0,11

399.432

0,08

399.432

0,08

Intangible Assets

0

0,00

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

0

0,00

Other Non-Current Assets

1.210

0,00

498

0,00

758

0,00

1.350

0,00

1.572

0,00

TOTAL ASSETS

2.713.723

1,00

4.402.102

1,00

3.539.488

1,00

4.720.293

1,00

4.823.520

1,00

CURRENT LIABILITIES

1.347.103

0,50

2.091.373

0,48

2.518.749

0,71

2.495.185

0,53

2.343.444

0,49

Not Detailed Current Liabilities

0

0,00

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

0

0,00

Accounts Payable

1.345.662

0,50

2.037.026

0,46

2.517.386

0,71

2.491.898

0,53

2.341.782

0,49

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Short-term Payable

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Advances from Customers

0

0,00

42.648

0,01

0

0,00

1.928

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

1.441

0,00

11.699

0,00

1.363

0,00

1.359

0,00

1.662

0,00

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

LONG-TERM LIABILITIES

0

0,00

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

0

0,00

Financial Loans

0

0,00

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

0

0,00

Long-term Payable

0

0,00

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

0

0,00

Other Long-term Liabilities

0

0,00

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

0

0,00

STOCKHOLDERS' EQUITY

1.366.620

0,50

2.310.729

0,52

1.020.739

0,29

2.225.108

0,47

2.480.076

0,51

Not Detailed Stockholders' Equity

1.366.620

0,50

2.310.729

0,52

1.020.739

0,29

2.225.108

0,47

2.480.076

0,51

Paid-in Capital

0

0,00

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

0

0,00

Inflation Adjustment of Capital

0

0,00

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

0

0,00

Reserves

0

0,00

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

0

0,00

Accumulated Losses(-)

0

0,00

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

0

0,00

TOTAL LIABILITIES AND EQUITY

2.713.723

1,00

4.402.102

1,00

3.539.488

1,00

4.720.293

1,00

4.823.520

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

 

(2007) TL

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

Net Sales

7.758.177

1,00

8.972.111

1,00

8.906.042

1,00

8.731.814

1,00

6.462.291

1,00

Cost of Goods Sold

6.704.969

0,86

7.554.141

0,84

7.894.077

0,89

7.815.715

0,90

6.099.176

0,94

Gross Profit

1.053.208

0,14

1.417.970

0,16

1.011.965

0,11

916.099

0,10

363.115

0,06

Operating Expenses

59.052

0,01

138.269

0,02

281.818

0,03

42.733

0,00

53.309

0,01

Operating Profit

994.156

0,13

1.279.701

0,14

730.147

0,08

873.366

0,10

309.806

0,05

Other Income

456.125

0,06

488.182

0,05

586.692

0,07

549.029

0,06

211.274

0,03

Other Expenses

119.729

0,02

812.469

0,09

332.657

0,04

214.787

0,02

262.909

0,04

Financial Expenses

4.195

0,00

11.305

0,00

3.706

0,00

3.238

0,00

3.204

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

1.326.357

0,17

944.109

0,11

980.476

0,11

1.204.370

0,14

254.967

0,04

Tax Payable

0

0,00

0

0,00

0

0,00

0

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)

1.326.357

0,17

944.109

0,11

980.476

0,11

1.204.370

0,14

254.967

0,04

 

 

FINANCIAL RATIOS

 

(2007)

(2008)

(2009)

(2010)

(2011)

LIQUIDITY RATIOS

 

Current Ratio

0,75

0,56

0,59

0,72

0,93

Acid-Test Ratio

0,16

0,10

0,24

0,27

0,60

Cash Ratio

0,10

0,03

0,23

0,25

0,19

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,29

0,22

0,24

0,24

0,16

Short-term Receivable/Total Assets

0,03

0,03

0,01

0,01

0,20

Tangible Assets/Total Assets

0,15

0,09

0,11

0,08

0,08

TURNOVER RATIOS

 

Inventory Turnover

8,53

7,84

9,15

7,02

7,82

Stockholders' Equity Turnover

5,68

3,88

8,73

3,92

2,61

Asset Turnover

2,86

2,04

2,52

1,85

1,34

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,50

0,52

0,29

0,47

0,51

Current Liabilities/Total Assets

0,50

0,48

0,71

0,53

0,49

Financial Leverage

0,50

0,48

0,71

0,53

0,49

Gearing Percentage

0,99

0,91

2,47

1,12

0,94

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,97

0,41

0,96

0,54

0,10

Operating Profit Margin

0,13

0,14

0,08

0,10

0,05

Net Profit Margin

0,17

0,11

0,11

0,14

0,04

Interest Cover

317,18

84,51

265,56

372,95

80,58

COLLECTION-PAYMENT

 

Average Collection Period (days)

64,61

119,03

67,82

106,01

178,40

Average Payable Period (days)

72,25

97,08

114,80

114,78

138,22

WORKING CAPITAL

-341501,00

-919503,00

-1030917,00

-708025,00

-161107,00

 

                                                                                    

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.65

UK Pound

1

Rs.82.65

Euro

1

Rs.71.20

 

INFORMATION DETAILS

 

Report Prepared by :

NLM

 

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.