MIRA INFORM REPORT

 

 

Report Date :

04.09.2013

 

IDENTIFICATION DETAILS

 

Name :

PLASTIFAY KIMYA ENDUSTRISI A.S.

 

 

Registered Office :

Cendere Cad. No:9 Kagithane  Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

30.06.2013

 

 

Date of Incorporation :

24.03.1965

 

 

Com. Reg. No.:

89029

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacturer and trader of plasticizer.

 

 

No. of Employees :

75

 

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 :

Slow but Correct 

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 – March 31st 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Turkey

B2

B2

 

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 9.2% in 2010, as exports returned to normal levels following the recession. Growth dropped to approximately 3% in 2012. Turkey's public sector debt to GDP ratio has fallen to about 40%, and at least one rating agency upgraded Turkey's debt to investment grade in 2012. Turkey remains dependent on often volatile, short-term investment to finance its large trade deficit. The stock value of FDI stood at $117 billion at year-end 2012. Inflows have slowed because of continuing economic turmoil in Europe, the source of much of Turkey's FDI. 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

:

PLASTIFAY KIMYA ENDUSTRISI A.S.

HEAD OFFICE ADDRESS

:

Cendere Cad. No:9 Kagithane  Istanbul / Turkey

PHONE NUMBER

:

90-212-294 39 00 (Pbx)

 

FAX NUMBER

:

90-212-294 39 05

 

WEB-ADDRESS

:

www.plastifay.com.tr 

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Bogazici Kurumlar

TAX NO

:

7300044696

REGISTRATION NUMBER

:

89029

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

24.03.1965

ESTABLISHMENT GAZETTE DATE

:

27.03.1965

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   10.368.000

PAID-IN CAPITAL

:

TL   10.368.000

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Igal Kovos

40 %

Zeki Kovos

30 %

Keren Kovos

15 %

Ginette Kovos

14,99 %

Others

 

 

 

SISTER COMPANIES

:

Declared to be: None

 

SUBSIDIARIES

:

None

 

BOARD OF DIRECTORS

:

Zeki Kovos

Chairman

Igal Kovos

Vice-Chairman

Ginette Kovos

Member

 

 

OPERATIONS

 

 

 

BUSINESS ACTIVITIES

 

:

Manufacture and trade of plasticizer.

 

NACE CODE

:

DG.24.10

 

SECTOR

:

Chemicals

 

NUMBER OF EMPLOYEES

:

75

 

NET SALES

:

97.554.332 TL

(2010) 

135.734.964 TL

(2011) 

134.131.234 TL

(2012) 

65.513.162 TL

(01.01-30.06.2013) 

 

 

IMPORT VALUE

:

94.546.603 TL

(2012)

 

 

IMPORT COUNTRIES

:

Netherlands

Bulgaria

Germany

Switzerland

Russia

Ukraine

 

MERCHANDISE IMPORTED

:

Chemicals

 

EXPORT VALUE

:

9.176.700 TL

(2010)

13.973.335 TL

(2011)

10.936.142 TL

(2012)

7.924.479 TL

(01.01-30.06.2013)

 

 

EXPORT COUNTRIES

:

Algeria

Azerbaijan

Macedonia Republic

Iraq

Egypt

Serbia

Kazakhstan

Greece

Israel

 

MERCHANDISE  EXPORTED

:

Dioctyl orthopthalates

Pigments

Sulphates

 

HEAD OFFICE ADDRESS

:

Cendere Cad. No:9 Kagithane   Istanbul / Turkey 

 

BRANCHES

:

Head Office/Production Plant  :  Cendere Cad. No:9 Kagithane Istanbul/Turkey (owned)

 

 

TREND OF BUSINESS

:

There was a decline at business volume in nominal terms in  2012. There appears a decline at business volume in nominal terms in  1.1 - 30.6.2013.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Garanti Bankasi Maslak Ticari Branch

T. Ekonomi Bankasi Bogazici Kurumlar Branch

T. Is Bankasi Taksim Branch

Yapi ve Kredi Bankasi Harbiye 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

:

 

(2010) TL

(2011) TL

(2012) TL

(01.01-30.06.2013) TL

 

Net Sales

97.554.332

135.734.964

134.131.234

65.513.162

 

Profit (Loss) Before Tax

5.699.227

7.005.288

3.633.474

-253.046

 

Stockholders' Equity

27.228.712

32.792.368

35.688.517

 

 

Total Assets

53.470.311

79.732.510

76.351.657

 

 

Current Assets

46.934.344

72.893.626

68.365.669

 

 

Non-Current Assets

6.535.967

6.838.884

7.985.988

 

 

Current Liabilities

22.209.033

35.310.441

29.239.771

 

 

Long-Term Liabilities

4.032.566

11.629.701

11.423.369

 

 

Gross Profit (loss)

10.653.024

16.190.274

14.270.400

5.922.297

 

Operating Profit (loss)

6.934.077

11.431.625

8.885.071

2.975.652

 

Net Profit (loss)

4.537.130

5.563.655

2.896.563

-253.046

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

In Order As of 31.12.2012

Liquidity

Satisfactory As of 31.12.2012

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

Good Operating Profitability  in 2010

Good Net Profitability  in 2010

Good Operating Profitability  in 2011

Good Net Profitability  in 2011

Good Operating Profitability  in 2012

Fair Net Profitability  in 2012

In Order Operating Profitability (01.01-30.06.2013)

Net Loss (01.01-30.06.2013)

 

Gap between average collection and payable periods

Unfavorable in 2012

General Financial Position

Fair

 

 

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

 ( 01.01-30.06.2013)

2,46 %

1,8251

2,3936

2,8262

 ( 01.01-31.07.2013)

3,48 %

1,8387

2,4151

2,8409

 

 

BALANCE SHEETS

 

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL

 

 

 

CURRENT ASSETS

46.934.344

0,88

72.893.626

0,91

68.365.669

0,90

 

 

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

 

 

Cash and Banks

711.110

0,01

328.091

0,00

411.248

0,01

 

 

Marketable Securities

0

0,00

0

0,00

0

0,00

 

 

Account Receivable

41.404.864

0,77

67.584.936

0,85

61.385.075

0,80

 

 

Other Receivable

6.120

0,00

23.475

0,00

13.720

0,00

 

 

Inventories

3.543.169

0,07

4.447.260

0,06

3.364.301

0,04

 

 

Advances Given

719.270

0,01

224.875

0,00

2.917.286

0,04

 

 

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

 

 

Other Current Assets

549.811

0,01

284.989

0,00

274.039

0,00

 

 

NON-CURRENT ASSETS

6.535.967

0,12

6.838.884

0,09

7.985.988

0,10

 

 

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

 

 

Long-term Receivable

822

0,00

88.351

0,00

88.351

0,00

 

 

Financial Assets

0

0,00

0

0,00

0

0,00

 

 

Tangible Fixed Assets (net)

6.379.657

0,12

6.485.462

0,08

7.311.324

0,10

 

 

Intangible Assets

103.962

0,00

100.723

0,00

96.263

0,00

 

 

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

 

 

Other Non-Current Assets

51.526

0,00

164.348

0,00

490.050

0,01

 

 

TOTAL ASSETS

53.470.311

1,00

79.732.510

1,00

76.351.657

1,00

 

 

CURRENT LIABILITIES

22.209.033

0,42

35.310.441

0,44

29.239.771

0,38

 

 

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

 

 

Financial Loans

19.590.993

0,37

22.548.369

0,28

6.243.723

0,08

 

 

Accounts Payable

1.564.414

0,03

11.094.259

0,14

20.006.765

0,26

 

 

Loans from Shareholders

0

0,00

0

0,00

0

0,00

 

 

Other Short-term Payable

7.267

0,00

44.928

0,00

6.217

0,00

 

 

Advances from Customers

161.011

0,00

402.980

0,01

1.282.232

0,02

 

 

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

 

 

Taxes Payable

357.740

0,01

265.023

0,00

395.516

0,01

 

 

Provisions

201.924

0,00

722.035

0,01

1.093.485

0,01

 

 

Other Current Liabilities

325.684

0,01

232.847

0,00

211.833

0,00

 

 

LONG-TERM LIABILITIES

4.032.566

0,08

11.629.701

0,15

11.423.369

0,15

 

 

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

 

 

Financial Loans

4.019.615

0,08

11.616.750

0,15

11.410.418

0,15

 

 

Securities Issued

0

0,00

0

0,00

0

0,00

 

 

Long-term Payable

0

0,00

0

0,00

0

0,00

 

 

Loans from Shareholders

3

0,00

3

0,00

3

0,00

 

 

Other Long-term Liabilities

0

0,00

0

0,00

0

0,00

 

 

Provisions

12.948

0,00

12.948

0,00

12.948

0,00

 

 

STOCKHOLDERS' EQUITY

27.228.712

0,51

32.792.368

0,41

35.688.517

0,47

 

 

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

 

 

Paid-in Capital

10.368.000

0,19

10.368.000

0,13

10.368.000

0,14

 

 

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

 

 

Inflation Adjustment of Capital

0

0,00

0

0,00

0

0,00

 

 

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

 

 

Reserves

16.030.819

0,30

20.567.950

0,26

26.131.191

0,34

 

 

Revaluation Fund

0

0,00

0

0,00

0

0,00

 

 

Accumulated Losses(-)

-3.707.237

-0,07

-3.707.237

-0,05

-3.707.237

-0,05

 

 

Net Profit (loss)

4.537.130

0,08

5.563.655

0,07

2.896.563

0,04

 

 

TOTAL LIABILITIES AND EQUITY

53.470.311

1,00

79.732.510

1,00

76.351.657

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. 

 

In the sub-items of "Account Receivable", TL 0 is "Doubtful Trade Receivables" at the last balance sheet. 

 

The details of "Other Receivable" figure at the last balance sheet: Due From Shareholders:0,Due From Participations:      0,Due From Affiliated Companies:0,Due From Personnel:13.720,Other Miscellaneous Receivables:0,Other Receivable Total:13.720.

 

TL  0 of "Tax Payable" is due to "Overdue, Delayed or Deferred Tax by Installments and Other Liabilities" at the last balance sheet. 

 

At the last income statement TL 3.998.773 of the other income is due to "Profit from Foreign Currency Exchange". 

 

At the last income statement TL 3.536.650 of the other expenses is due to "Loss from Foreign Currency Exchange" .

 

 

INCOME STATEMENTS

 

 

(2010) TL

 

(2011) TL

 

(2012) TL

 

(01.01-30.06.2013) TL

 

Net Sales

97.554.332

1,00

135.734.964

1,00

134.131.234

1,00

65.513.162

1,00

Cost of Goods Sold

86.901.308

0,89

119.544.690

0,88

119.860.834

0,89

59.590.865

0,91

Gross Profit

10.653.024

0,11

16.190.274

0,12

14.270.400

0,11

5.922.297

0,09

Operating Expenses

3.718.947

0,04

4.758.649

0,04

5.385.329

0,04

2.946.645

0,04

Operating Profit

6.934.077

0,07

11.431.625

0,08

8.885.071

0,07

2.975.652

0,05

Other Income

3.304.164

0,03

7.848.240

0,06

4.325.057

0,03

3.198.197

0,05

Other Expenses

1.154.072

0,01

3.063.134

0,02

5.480.573

0,04

3.686.333

0,06

Financial Expenses

3.384.942

0,03

9.211.443

0,07

4.096.081

0,03

2.740.562

0,04

Minority Interests

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

Profit (loss) Before Tax

5.699.227

0,06

7.005.288

0,05

3.633.474

0,03

-253.046

0,00

Tax Payable

1.162.097

0,01

1.441.633

0,01

736.911

0,01

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

4.537.130

0,05

5.563.655

0,04

2.896.563

0,02

-253.046

0,00

 

 

FINANCIAL RATIOS

 

 

(2010)

(2011)

(2012)

 

LIQUIDITY RATIOS

 

Current Ratio

2,11

2,06

2,34

 

Acid-Test Ratio

1,90

1,92

2,11

 

Cash Ratio

0,03

0,01

0,01

 

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,07

0,06

0,04

 

Short-term Receivable/Total Assets

0,77

0,85

0,80

 

Tangible Assets/Total Assets

0,12

0,08

0,10

 

TURNOVER RATIOS

 

Inventory Turnover

24,53

26,88

35,63

 

Stockholders' Equity Turnover

3,58

4,14

3,76

 

Asset Turnover

1,82

1,70

1,76

 

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,51

0,41

0,47

 

Current Liabilities/Total Assets

0,42

0,44

0,38

 

Financial Leverage

0,49

0,59

0,53

 

Gearing Percentage

0,96

1,43

1,14

 

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,17

0,17

0,08

 

Operating Profit Margin

0,07

0,08

0,07

 

Net Profit Margin

0,05

0,04

0,02

 

Interest Cover

2,68

1,76

1,89

 

COLLECTION-PAYMENT

 

Average Collection Period (days)

152,80

179,48

164,99

 

Average Payable Period (days)

6,48

33,41

60,09

 

WORKING CAPITAL

24725311,00

37583185,00

39125898,00

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.89

UK Pound

1

Rs.103.95

Euro

1

Rs.88.09

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.