MIRA INFORM REPORT

 

 

Report Date :

16.03.2013

 

IDENTIFICATION DETAILS

 

Name :

LATRO KIMYA DIS TICARET LTD. STI.

 

 

Registered Office :

Yesilkoy Mah. Ataturk Cad. No:12 B2 Blok Kat:6 No:234 Bakirkoy Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

23.10.2009

 

 

Com. Reg. No.:

713070

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Wholesale trade of chemical materials.

 

 

No. of Employees :

5

 

 

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

Payment Behaviour :

Unknown

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

:

LATRO KIMYA DIS TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Yesilkoy Mah. Ataturk Cad. No:12 B2 Blok Kat:6 No:234 Bakirkoy Istanbul / Turkey

PHONE NUMBER

:

90-212-771 60 36

 

FAX NUMBER

:

90-212-771 60 35

 

WEB-ADDRESS

:

www.latro.com.tr

E-MAIL

:

info@latro.com.tr

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Bakirkoy

TAX NO

:

6080497028

REGISTRATION NUMBER

:

713070

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

23.10.2009

ESTABLISHMENT GAZETTE DATE /NO

:

30.10.2009/7428

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

 

REGISTERED CAPITAL

:

TL   150.000

PAID-IN CAPITAL

:

TL   150.000

HISTORY

:

Previous Address

:

Ataturk Sanayi Bolgesi Ibni Cad. No:3 Kat:1 Hadimkoy Istanbul

Changed On

:

14.01.2013 (Commercial Gazette Date /Number 18.01.2013/ 8239)

Previous Shareholder

:

Please vide Previous Shareholders section for the former shareholders' names.

Changed On

:

07.02.2013 (Commercial Gazette Date /Number 13.02.2013/ 8257)

 

 

 

PREVIOUS SHAREHOLDERS

:

Haluk Can Hur

76 %

Mustafa Cetinkale

24 %

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Halil Aksoy

72 %

Haluk Can Hur

28 %

 

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Haluk Can Hur

 

Halil Aksoy

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Wholesale trade of chemical materials.

 

NACE CODE

:

G .51.55

 

SECTOR

:

Commerce

 

DISTRIBUTOR OF

:

Inveras   (Switzerland)

Momentive Performance Materials

 

NUMBER OF EMPLOYEES

:

5

 

NET SALES

:

2.368.747 TL

(2010) 

12.336.837 TL

(2011) 

15.606.865 TL

(2012) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

 

IMPORT COUNTRIES

:

Italy

China

Netherlands

 

MERCHANDISE IMPORTED

:

Chemical materials

 

EXPORT VALUE

:

0 TL

(2010)

21.234 TL

(2011)

197.032 TL

(2012)

 

 

EXPORT COUNTRIES

:

U.A.E.

 

MERCHANDISE  EXPORTED

:

Chemical materials

 

HEAD OFFICE ADDRESS

:

Yesilkoy Mah. Ataturk Cad. No:12 B2 Blok Kat:6 No:234 Bakirkoy Istanbul / Turkey

 

BRANCHES

:

Warehouse  :  Ikitelli Organize Sanayi Bolgesi Masko 2. Kapi Karsisi Depo ve Ardiyeciler Koop. Istanbul/Turkey

 

INVESTMENTS

:

None

 

 

TREND OF BUSINESS

:

There was an upwards trend in 2012.

SIZE OF BUSINESS

:

Moderate

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Garanti Bankasi Corlu Branch

 

CREDIT FACILITIES

:

The subject rarely makes use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

 

KEY FINANCIAL ELEMENTS

:

 

(2010) TL

(2011) TL

(2012) TL

 

 

Net Sales

2.368.747

12.336.837

15.606.865

 

 

Profit (Loss) Before Tax

164.814

340.604

343.755

 

 

Stockholders' Equity

306.306

548.111

 

 

 

Total Assets

607.540

2.203.838

 

 

 

Current Assets

555.538

2.160.357

 

 

 

Non-Current Assets

52.002

43.481

 

 

 

Current Liabilities

301.234

1.655.727

 

 

 

Long-Term Liabilities

0

0

 

 

 

Gross Profit (loss)

275.040

698.210

917.906

 

 

Operating Profit (loss)

67.797

298.257

342.179

 

 

Net Profit (loss)

164.814

271.629

343.755

 

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Insufficient As of 31.12.2011

Liquidity

Satisfactory As of 31.12.2011

Remarks On Liquidity

The liquid assets consist mainly of receivables the amount of cash&banks or marketable securities (which are more liquid) are low.

 

Profitability

Fair Operating Profitability  in 2010

High Net Profitability  in 2010

Fair Operating Profitability  in 2011

Fair Net Profitability  in 2011

Fair Operating Profitability  in 2012

Fair Net Profitability  in 2012

 

Gap between average collection and payable periods

Unfavorable in 2011

General Financial Position

Passable

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 01.01-28.02.2013)

-0,31 %

1,7828

2,3690

2,8041

 

BALANCE SHEETS

 

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

555.538

0,91

2.160.357

0,98

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

20.014

0,03

34.472

0,02

Marketable Securities

0

0,00

0

0,00

Account Receivable

424.642

0,70

1.805.243

0,82

Other Receivable

0

0,00

0

0,00

Inventories

109.062

0,18

314.212

0,14

Advances Given

0

0,00

4.518

0,00

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

1.820

0,00

1.912

0,00

NON-CURRENT ASSETS

52.002

0,09

43.481

0,02

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

Financial Assets

0

0,00

0

0,00

Tangible Fixed Assets (net)

50.701

0,08

15.014

0,01

Intangible Assets

1.301

0,00

867

0,00

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

27.600

0,01

TOTAL ASSETS

607.540

1,00

2.203.838

1,00

CURRENT LIABILITIES

301.234

0,50

1.655.727

0,75

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

0

0,00

8.757

0,00

Accounts Payable

289.208

0,48

1.573.019

0,71

Loans from Shareholders

6.204

0,01

0

0,00

Other Short-term Payable

0

0,00

9.430

0,00

Advances from Customers

105

0,00

20.849

0,01

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

20.815

0,03

35.070

0,02

Provisions

-15.098

-0,02

8.602

0,00

Other Current Liabilities

0

0,00

0

0,00

LONG-TERM LIABILITIES

0

0,00

0

0,00

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

Securities Issued

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

Loans from Shareholders

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

306.306

0,50

548.111

0,25

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

147.545

0,24

150.000

0,07

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

0

0,00

132.535

0,06

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

-6.053

-0,01

-6.053

0,00

Net Profit (loss)

164.814

0,27

271.629

0,12

TOTAL LIABILITIES AND EQUITY

607.540

1,00

2.203.838

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

 

 

(2010) TL

 

(2011) TL

 

(2012) TL

 

Net Sales

2.368.747

1,00

12.336.837

1,00

15.606.865

1,00

Cost of Goods Sold

2.093.707

0,88

11.638.627

0,94

14.688.959

0,94

Gross Profit

275.040

0,12

698.210

0,06

917.906

0,06

Operating Expenses

207.243

0,09

399.953

0,03

575.727

0,04

Operating Profit

67.797

0,03

298.257

0,02

342.179

0,02

Other Income

99.846

0,04

127.869

0,01

169.354

0,01

Other Expenses

2.829

0,00

85.503

0,01

156.390

0,01

Financial Expenses

0

0,00

19

0,00

11.388

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

164.814

0,07

340.604

0,03

343.755

0,02

Tax Payable

0

0,00

68.975

0,01

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

164.814

0,07

271.629

0,02

343.755

0,02

 

FINANCIAL RATIOS

 

 

(2010)

(2011)

LIQUIDITY RATIOS

 

 

Current Ratio

1,84

1,30

Acid-Test Ratio

1,48

1,11

Cash Ratio

0,07

0,02

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,18

0,14

Short-term Receivable/Total Assets

0,70

0,82

Tangible Assets/Total Assets

0,08

0,01

TURNOVER RATIOS

 

 

Inventory Turnover

19,20

37,04

Stockholders' Equity Turnover

7,73

22,51

Asset Turnover

3,90

5,60

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,50

0,25

Current Liabilities/Total Assets

0,50

0,75

Financial Leverage

0,50

0,75

Gearing Percentage

0,98

3,02

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,54

0,50

Operating Profit Margin

0,03

0,02

Net Profit Margin

0,07

0,02

Interest Cover

 

17927,53

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

64,54

52,68

Average Payable Period (days)

49,73

48,66

WORKING CAPITAL

254304,00

504630,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.16

UK Pound

1

Rs.81.74

Euro

1

Rs.70.50

 

 

INFORMATION DETAILS

 

Report Prepared by :

PDT

 

 

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.