MIRA INFORM REPORT

 

 

Report Date :

08.04.2014

 

IDENTIFICATION DETAILS

 

Name :

KONURAY KIMYA SANAYI VE TICARET LTD. STI.

 

 

Registered Office :

Dereboyu Cad. Al Zambak Sok. No:2 V.Meridian Grand Tower K10/101 Atasehir Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

12.01.1988

 

 

Com. Reg. No.:

240890

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Trade of chemicals to be used at paint sector.

 

 

No. of Employees :

11

 

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 – September 30, 2013

 

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

Turkey

B2

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 around 9% in 2010-11, as exports returned to normal levels following the recession. Growth dropped to roughly 3% in 2012-13. Turkey's public sector debt to GDP ratio has fallen below 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 reached nearly $195 billion at year-end 2013, reflecting Turkey's good growth even in the face of 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

 

NOTES

:

Address at your inquiry is the former address.

 

COMPANY IDENTIFICATION

 

NAME

:

KONURAY KIMYA SANAYI VE TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Dereboyu Cad. Al Zambak Sok. No:2 V.Meridian Grand Tower K10/101 Atasehir Istanbul / Turkey

PHONE NUMBER

:

90-216-593 08 93

 

FAX NUMBER

:

90-216-593 08 91

 

WEB-ADDRESS

:

www.konuray.com.tr

E-MAIL

:

konuray@konuray.com.tr

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Kozyatagi

TAX NO

:

5770001310

REGISTRATION NUMBER

:

240890

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

12.01.1988

ESTABLISHMENT GAZETTE DATE/NO

:

15.01.1988/1935

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   1.500.000

PAID-IN CAPITAL

:

TL   1.500.000

HISTORY

:

Previous Registered Capital

:

TL 750.000

Changed On

:

19.07.2010 (Commercial Gazette Date /Number 23.07.2010/ 7613)

Previous Address

:

Bagdat Cad. Tevfikpasa Sok. Hayat Apt No:126 D:3 Feneryolu - Istanbul

Changed On

:

02.12.2005 (Commercial Gazette Date /Number 07.12.2005/ 6447)

Previous Address

:

Tuzla Kimya Sanayicileri Organize Sanayi Bolgesi Melek Aras Bulvari No:19  Aydinli Tuzla Istanbul(The address was changed from "Tepeoren Koyu Istanbul Kimya San. Organize Sanayi Bolgesi Tem Yan Yol No:4 D:10" to "Tuzla Kimya Sanayicileri Organize Sanayi Bolgesi Melek Aras Bulvari No:19  Aydinli" by the municipality.)

Changed On

:

03.10.2013 (Commercial Gazette Date /Number 09.10.2013/ 8422)

Previous Shareholder

:

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

Changed On

:

09.06.2011 (Commercial Gazette Date /Number 15.06.2011/ 7837)

 

 

 

PREVIOUS SHAREHOLDERS

:

Osman Konuray

53,75 %

Sangor Konuray

20 %

Gulsun Konuray

16,25 %

Fatma Dilosen Karanis

10 %

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Ali Osman Konuray

53,75 %

Sangor Konuray

20 %

Gulsun Konuray

16,25 %

Ali Burhan Karanis

10 %

 

 

SISTER COMPANIES

:

Declared to be: None

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Nizamettin Kaygisiz

 

Ali Burhan Karanis

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Trade of chemicals to be used at paint sector.

 

NACE CODE

:

G .51.55

 

SECTOR

:

Commerce

 

DISTRIBUTOR OF

:

Aekyung Petrochemical Co. Ltd.  

Arkema  

Bayer  

Bollig & Kemper  

Cray Valley   (France)

Hangzhou Riwa Industry Co. Ltd.  

Hunan Three-Ring Pigments Co. Ltd.  

King Industries   (U.S.A.)

Larand Chemical Corp.  

Nan Ya Plastics Corporation   (Taiwan)

Po.Int.Er  

Prasad International Limited  

Ramdew Chemical Industries  

Sanmu Group  

Sartomer  

Xuzhou Longyu Chemical Co. Ltd.  

Yuen Liang Industrial Co. Ltd.  

Zibo Qilong Chemical Industry Co. Ltd.  

 

NUMBER OF EMPLOYEES

:

11

 

NET SALES

:

6.158.464 TL

(2010) 

6.591.688 TL

(2011) 

6.593 TL Thousand

(2012) 

8.587 TL Thousand

(2013) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT COUNTRIES

:

Taiwan

India

Italy

France

China

 

MERCHANDISE IMPORTED

:

Raw materials of chemicals

 

EXPORT VALUE

:

473.654 TL

(2010)

678.950 TL

(2011)

516.406 TL

(2012)

308.598 TL

(2013)

 

 

EXPORT COUNTRIES

:

Azerbaijan

Iran

 

MERCHANDISE  EXPORTED

:

Chemical products

 

HEAD OFFICE ADDRESS

:

Dereboyu Cad. Al Zambak Sok. No:2 V.Meridian Grand Tower K10/101 Atasehir  Istanbul / Turkey 

 

INVESTMENTS

:

None

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2013.

SIZE OF BUSINESS

:

Lower-Medium

 

 

FINANCE

 

MAIN DEALING BANKS

:

Garanti Bankasi Tuzla Organize Sanayi Branch

T. Halk Bankasi Serifali Branch

T. Is Bankasi Tepeoren Branch

Yapi ve Kredi Bankasi Tepeoren 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 Thousand

(2013) TL Thousand

Net Sales

6.158.464

6.591.688

6.593

8.587

Profit (Loss) Before Tax

302.279

341.830

365

454

Stockholders' Equity

2.733.477

2.722.132

2.727

 

Total Assets

3.752.602

3.972.265

3.575

 

Current Assets

3.315.812

3.570.755

3.079

 

Non-Current Assets

436.790

401.510

496

 

Current Liabilities

1.019.125

1.246.840

848

 

Long-Term Liabilities

0

3.293

0

 

Gross Profit (loss)

1.409.720

1.454.422

1.465

1.537

Operating Profit (loss)

248.321

305.025

159

80

Net Profit (loss)

240.090

269.154

290

361

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

High As of 31.12.2012

Liquidity

High 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

In Order Operating Profitability  in 2010

Good Net Profitability  in 2010

In Order Operating Profitability  in 2011

Good Net Profitability  in 2011

Fair Operating Profitability  in 2012

Good Net Profitability  in 2012

Low Operating Profitability  in 2013

Good Net Profitability  in 2013

 

Gap between average collection and payable periods

Unfavorable in 2012

General Financial Position

Good

 

 

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

 ( 2013 )

6,97 %

1,9179

2,5530

3,0178

 ( 01.01-31.03.2014)

5,52 %

2,1961

3,0116

3,6488

 

 

BALANCE SHEETS

 

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL Thousand

 

CURRENT ASSETS

3.315.812

0,88

3.570.755

0,90

3.079

0,86

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

Cash and Banks

1.135.219

0,30

195.297

0,05

7

0,00

Marketable Securities

0

0,00

0

0,00

0

0,00

Account Receivable

1.151.579

0,31

2.485.169

0,63

2.380

0,67

Other Receivable

666.201

0,18

494.146

0,12

336

0,09

Inventories

325.967

0,09

336.019

0,08

314

0,09

Advances Given

25.999

0,01

30.385

0,01

1

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

Other Current Assets

10.847

0,00

29.739

0,01

41

0,01

NON-CURRENT ASSETS

436.790

0,12

401.510

0,10

496

0,14

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

Long-term Receivable

149

0,00

149

0,00

0

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

418.163

0,11

364.192

0,09

460

0,13

Intangible Assets

456

0,00

5.515

0,00

3

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

18.022

0,00

31.654

0,01

33

0,01

TOTAL ASSETS

3.752.602

1,00

3.972.265

1,00

3.575

1,00

CURRENT LIABILITIES

1.019.125

0,27

1.246.840

0,31

848

0,24

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

615.000

0,16

1.116.338

0,28

736

0,21

Accounts Payable

248.751

0,07

0

0,00

1

0,00

Loans from Shareholders

0

0,00

0

0,00

0

0,00

Other Short-term Payable

25.446

0,01

5.999

0,00

62

0,02

Advances from Customers

22.388

0,01

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

Taxes Payable

106.415

0,03

98.958

0,02

39

0,01

Provisions

0

0,00

0

0,00

0

0,00

Other Current Liabilities

1.125

0,00

25.545

0,01

10

0,00

LONG-TERM LIABILITIES

0

0,00

3.293

0,00

0

0,00

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

0

0,00

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

0

0,00

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

3.293

0,00

0

0,00

Provisions

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

2.733.477

0,73

2.722.132

0,69

2.727

0,76

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

Paid-in Capital

1.500.000

0,40

1.500.000

0,38

1.500

0,42

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

806.537

0,21

806.537

0,20

806

0,23

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

Reserves

830.480

0,22

790.071

0,20

775

0,22

Revaluation Fund

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

-643.630

-0,17

-643.630

-0,16

-644

-0,18

Net Profit (loss)

240.090

0,06

269.154

0,07

290

0,08

TOTAL LIABILITIES AND EQUITY

3.752.602

1,00

3.972.265

1,00

3.575

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 thousand 94 is "Doubtful Trade Receivables" and -TL thousand 94 is "Provision for Doubtful Trade Receivables" at the last balance sheet. 

 

The details of "Other Receivable" figure at the last balance sheet (TL Thousand):Due From Shareholders:336, Due From Participations:0, Due From Affiliated Companies:0, Due From Personnel:0, Other Miscellaneous Receivables:0, Other Receivable Total:336 

 

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

 

 

INCOME STATEMENTS

 

 

(2010) TL

 

(2011) TL

 

(2012) TL Thousand

 

(2013) TL Thousand

 

Net Sales

6.158.464

1,00

6.591.688

1,00

6.593

1,00

8.587

1,00

Cost of Goods Sold

4.748.744

0,77

5.137.266

0,78

5.128

0,78

7.050

0,82

Gross Profit

1.409.720

0,23

1.454.422

0,22

1.465

0,22

1.537

0,18

Operating Expenses

1.161.399

0,19

1.149.397

0,17

1.306

0,20

1.457

0,17

Operating Profit

248.321

0,04

305.025

0,05

159

0,02

80

0,01

Other Income

133.321

0,02

208.046

0,03

405

0,06

478

0,06

Other Expenses

13.509

0,00

57.720

0,01

48

0,01

13

0,00

Financial Expenses

65.854

0,01

113.521

0,02

151

0,02

91

0,01

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

302.279

0,05

341.830

0,05

365

0,06

454

0,05

Tax Payable

62.189

0,01

72.676

0,01

75

0,01

93

0,01

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

240.090

0,04

269.154

0,04

290

0,04

361

0,04

 

 

FINANCIAL RATIOS

 

 

(2010)

(2011)

(2012)

LIQUIDITY RATIOS

 

 

Current Ratio

3,25

2,86

3,63

Acid-Test Ratio

2,90

2,55

3,21

Cash Ratio

1,11

0,16

0,01

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,09

0,08

0,09

Short-term Receivable/Total Assets

0,48

0,75

0,76

Tangible Assets/Total Assets

0,11

0,09

0,13

TURNOVER RATIOS

 

 

Inventory Turnover

14,57

15,29

16,33

Stockholders' Equity Turnover

2,25

2,42

2,42

Asset Turnover

1,64

1,66

1,84

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,73

0,69

0,76

Current Liabilities/Total Assets

0,27

0,31

0,24

Financial Leverage

0,27

0,31

0,24

Gearing Percentage

0,37

0,46

0,31

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,09

0,10

0,11

Operating Profit Margin

0,04

0,05

0,02

Net Profit Margin

0,04

0,04

0,04

Interest Cover

5,59

4,01

3,42

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

67,33

135,73

129,96

Average Payable Period (days)

18,86

0,00

0,07

WORKING CAPITAL

2296687,00

2323915,00

2231,00

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.59.95

UK Pound

1

Rs.99.36

Euro

1

Rs.82.15

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

Report Prepared by :

NNA

 

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.