MIRA INFORM REPORT

 

 

Report Date :

20.03.2013

 

IDENTIFICATION DETAILS

 

Name :

BURSA ALFA KIMYA SANAYI VE TICARET A.S.

 

 

Registered Office :

Demirtas Organize Sanayi Bolgesi Ali Osman Sonmez Cad. No: 10 Merkez Bursa

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

1997

 

 

Com. Reg. No.:

42300

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of textile chemicals such as; optical bleaching, finishing materials, dye chemicals etc.

 

 

No. of Employees :

 

 

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

COMPANY IDENTIFICATION

 

 

NAME

:

BURSA ALFA KIMYA SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Demirtas Organize Sanayi Bolgesi Ali Osman Sonmez Cad. No: 10 Merkez Bursa / Turkey

PHONE NUMBER

:

90-224-261 60 25

 

FAX NUMBER

:

90-224-261 60 24

 

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Uludag

TAX NO

:

1910076948

REGISTRATION NUMBER

:

42300

REGISTERED OFFICE

:

Bursa Chamber of Commerce and Industry

DATE ESTABLISHED

:

1997

ESTABLISHMENT GAZETTE DATE /NO

:

21.01.1997/4213

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   5.000.000

PAID-IN CAPITAL

:

TL   5.000.000

 

HISTORY

:

Previous Registered Capital

:

TL 50.000

Changed On

:

25.11.2005 (Commercial Gazette Date /Number 15.12.2005/ 6453)

Previous Registered Capital

:

TL 1.250.000

Changed On

:

14.12.2011 (Commercial Gazette Date /Number 19.12.2011/ 7964)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Osman Macit  Misirli

38 %

Ayse Cakir Cakir

24 %

Mehmet Cengiz Sag

18 %

Nilay Sag Gulalp

10 %

Niligun Sag Onaran

10 %

 

 

SISTER COMPANIES

:

ALFA KIMYA SANAYI VE TICARET A.S.

 

SUBSIDIARIES

:

None

 

BOARD OF DIRECTORS

:

Osman Macit  Misirli

Chairman

Ayse Cakir Cakir

Vice-Chairman

Mehmet Cengiz Sag

Member

 

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Manufacture and trade of textile chemicals such as; optical bleaching, finishing materials, dye chemicals etc.

 

NACE CODE

:

DG.24.12

 

NUMBER OF EMPLOYEES

:

14

 

NET SALES

:

6.380.379 TL

(2010) 

8.188.578 TL

(2011) 

10.488.144 TL

(2012) 

 

 

IMPORT COUNTRIES

:

Far East Countries

Denmark

Germany

 

MERCHANDISE IMPORTED

:

Dye

 

 

 

 

EXPORT VALUE

:

0 TL

(2010)

0 TL

(2011)

0 TL

(2012)

0 TL

(01.01-28.02.2013)

 

 

HEAD OFFICE ADDRESS

:

Demirtas Organize Sanayi Bolgesi Ali Osman Sonmez Cad. No: 10 Merkez Bursa / Turkey

 

BRANCHES

:

Head Office/Production Plant  :  Demirtas Organize Sanayi Bolgesi Ali Osman Sonmez Cad. No: 10 Merkez Bursa/Turkey

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2012.

SIZE OF BUSINESS

:

Upper-Medium

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

T. Garanti Bankasi Demirtas Organize Sanayi Branch

 

CREDIT FACILITIES

:

The subject company is making active 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

6.380.379

8.188.578

10.488.144

Profit (Loss) Before Tax

1.209.209

-1.123.684

828.473

Stockholders' Equity

4.628.026

3.870.405

 

Total Assets

8.263.938

9.050.067

 

Current Assets

5.359.576

8.087.906

 

Non-Current Assets

2.904.362

962.161

 

Current Liabilities

1.733.078

1.805.372

 

Long-Term Liabilities

1.902.834

3.374.290

 

Gross Profit (loss)

1.587.120

2.171.090

2.470.032

Operating Profit (loss)

1.249.034

1.571.041

1.642.742

Net Profit (loss)

962.112

-1.326.766

828.473

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Satisfactory As of 31.12.2011

Liquidity

Satisfactory As of 31.12.2011

Remarks On Liquidity

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

 

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

 

Profitability

High Operating Profitability  in 2010

High Net Profitability  in 2010

High Operating Profitability  in 2011

Net Loss  in 2011

High Operating Profitability  in 2012

High Net Profitability  in 2012

 

Gap between average collection and payable periods

Unfavorable in 2011

General Financial Position

Satisfactory

 

 

 

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

5.359.576

0,65

8.087.906

0,89

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

104.304

0,01

99.722

0,01

Marketable Securities

0

0,00

0

0,00

Account Receivable

4.396.692

0,53

6.864.935

0,76

Other Receivable

0

0,00

0

0,00

Inventories

846.347

0,10

1.114.789

0,12

Advances Given

11.774

0,00

7.537

0,00

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

459

0,00

923

0,00

NON-CURRENT ASSETS

2.904.362

0,35

962.161

0,11

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

2.046.354

0,25

2.807

0,00

Financial Assets

0

0,00

0

0,00

Tangible Fixed Assets (net)

839.345

0,10

936.000

0,10

Intangible Assets

0

0,00

0

0,00

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

18.663

0,00

23.354

0,00

TOTAL ASSETS

8.263.938

1,00

9.050.067

1,00

CURRENT LIABILITIES

1.733.078

0,21

1.805.372

0,20

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

Accounts Payable

1.592.669

0,19

1.658.753

0,18

Loans from Shareholders

0

0,00

0

0,00

Other Short-term Payable

0

0,00

0

0,00

Advances from Customers

15.042

0,00

2.548

0,00

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

125.367

0,02

144.071

0,02

Provisions

0

0,00

0

0,00

Other Current Liabilities

0

0,00

0

0,00

LONG-TERM LIABILITIES

1.902.834

0,23

3.374.290

0,37

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

1.902.834

0,23

3.374.290

0,37

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

4.628.026

0,56

3.870.405

0,43

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

1.250.000

0,15

5.000.000

0,55

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

2.415.914

0,29

197.171

0,02

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

Net Profit (loss)

962.112

0,12

-1.326.766

-0,15

TOTAL LIABILITIES AND EQUITY

8.263.938

1,00

9.050.067

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.                                                                                                           

At the last income statement TL 484.270 of the other expenses is due to "Provision Expenses" .                                                                                         

 

 

INCOME STATEMENTS

 

 

(2010) TL

 

(2011) TL

 

(2012) TL

 

Net Sales

6.380.379

1,00

8.188.578

1,00

10.488.144

1,00

Cost of Goods Sold

4.793.259

0,75

6.017.488

0,73

8.018.112

0,76

Gross Profit

1.587.120

0,25

2.171.090

0,27

2.470.032

0,24

Operating Expenses

338.086

0,05

600.049

0,07

827.290

0,08

Operating Profit

1.249.034

0,20

1.571.041

0,19

1.642.742

0,16

Other Income

510.248

0,08

440.571

0,05

306.710

0,03

Other Expenses

380.612

0,06

2.730.680

0,33

770.320

0,07

Financial Expenses

169.461

0,03

404.616

0,05

350.659

0,03

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

1.209.209

0,19

-1.123.684

-0,14

828.473

0,08

Tax Payable

247.097

0,04

203.082

0,02

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

962.112

0,15

-1.326.766

-0,16

828.473

0,08

 

FINANCIAL RATIOS

 

 

(2010)

(2011)

LIQUIDITY RATIOS

 

 

Current Ratio

3,09

4,48

Acid-Test Ratio

2,60

3,86

Cash Ratio

0,06

0,06

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,10

0,12

Short-term Receivable/Total Assets

0,53

0,76

Tangible Assets/Total Assets

0,10

0,10

TURNOVER RATIOS

 

 

Inventory Turnover

5,66

5,40

Stockholders' Equity Turnover

1,38

2,12

Asset Turnover

0,77

0,90

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,56

0,43

Current Liabilities/Total Assets

0,21

0,20

Financial Leverage

0,44

0,57

Gearing Percentage

0,79

1,34

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,21

-0,34

Operating Profit Margin

0,20

0,19

Net Profit Margin

0,15

-0,16

Interest Cover

8,14

-1,78

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

363,54

301,93

Average Payable Period (days)

119,62

99,24

WORKING CAPITAL

3626498,00

6282534,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.26

UK Pound

1

Rs.81.93

Euro

1

Rs.70.21

 

 

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.