MIRA INFORM REPORT

 

 

Report Date :

16.12.2014

 

IDENTIFICATION DETAILS

 

Name :

SARCHEM KIMYA SANAYI VE TICARET A.S.

 

 

Registered Office :

Aydinlikoy, Deri Organize Sanayi Bolgesi 0-1 Parsel Tuzla Istanbul

 

 

Country :

Turkey

 

 

Date of Incorporation :

17.10.1995

 

 

Com. Reg. No.:

336350

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacturer and trader of Leather Finishing Chemicals, wet End and Fatliquors.

 

Subject product ranges includes:-

 

Finishing Chemicals         

·         Resins

·         Lacquers

·         Tops          

·         Modifiers   

·         Auxiliaries

·         Patent System       

·         Foam Finishing      

·         Compound 

·         Pigments   

·         Anilin Solutions

 

 

Wet End

·         Sarcurol     

·         Sarcurtan   

·         Sarcurwash

 

 

No of Employees :

70

 

 

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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 around 9% in 2010-11, as exports returned to normal levels following the recession. Growth dropped to roughly 3-4% in 2012-13. Turkey's public sector debt to GDP ratio has fallen below 40%, and two rating agencies upgraded Turkey's debt to investment grade in 2012 and 2013. Turkey remains dependent on often volatile, short-term investment to finance its large current account deficit. The stock value of FDI reached nearly $195 billion at year-end 2013, reflecting Turkey's robust 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, domestic political uncertainty, and turmoil within Turkey's neighborhood leave the economy vulnerable to destabilizing shifts in investor confidence.

 

Source : CIA

 

COMPANY IDENTIFICATION

 

 

NAME

:

SARCHEM KIMYA SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Aydinlikoy, Deri Organize Sanayi Bolgesi 0-1 Parsel Tuzla Istanbul / Turkey

PHONE NUMBER                         

:

90-216-394 25 00 (7 lines)

 

FAX NUMBER

:

90-216-394 25 09

 

WEB-ADDRESS

:

www.sarchem.com

E-MAIL

:

sarchem@sarchem.com  

 

 

LEGAL STATUS AND HISTORY

 

 

NOTES ON LEGAL STATUS AND HISTORY

:

The paid-in capital is declared by the subject. There is no certification for the paid-in capital.

 

 

TAX OFFICE

:

Anadolu Kurumlar

TAX NO

:

7450053507

REGISTRATION NUMBER

:

336350

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

17.10.1995

ESTABLISHMENT GAZETTE DATE/NO

:

26.10.1995/3901

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   5.305.900

PAID-IN CAPITAL

:

TL   5.305.900

HISTORY

:

Previous Registered Capital

:

TL 3.100.000

Changed On

:

08.01.2009 (Commercial Gazette Date /Number 14.01.2009/ 7227)

Previous Registered Capital

:

TL 5.000.000

Changed On

:

17.06.2010 (Commercial Gazette Date /Number 23.06.2010/ 7591)

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Mehmet Omer Sarialemdaroglu

66,41 %

Ismail Sarialemdaroglu

33,23 %

Nevcan Sarialemdaroglu

0,32 %

Mehmet Izzet Sarialemdaroglu

0,04 %

 

 

SISTER COMPANIES

:

SARIALEMDAROGLU KIMYA MEHMET OMER SARIALEMDAROGLU

 

SARIALEMDAROGLU KIMYA TICARET VE SANAYI LTD. STI.

 

BOARD OF DIRECTORS

:

Mehmet Omer Sarialemdaroglu

Chairman

Ismail Sarialemdaroglu

Vice-Chairman

Nevcan Sarialemdaroglu

Member

Mehmet Izzet Sarialemdaroglu

Member

 

 

DIRECTORS

:

Mehmet Izzet Sarialemdaroglu

General Manager

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Manufacturer and trader of Leather Finishing Chemicals, wet End and Fatliquors.

 

The subject declared that it started manufacturing fatliquors in 2011.

Product details

 

Finishing Chemicals         

·         Resins

·         Lacquers

·         Tops          

·         Modifiers   

·         Auxiliaries

·         Patent System       

·         Foam Finishing      

·         Compound 

·         Pigments   

·         Anilin Solutions

 

 

Wet End

·         Sarcurol     

·         Sarcurtan   

·         Sarcurwash

NACE CODE

:

DG.24.13

 

SECTOR

:

Chemicals

 

TRADEMARKS OWNED

:

Sardien

Sarfill

Sarlak

Sarmod

Saroil

Sarpur

Sartop

Sarwax

Sarchem

 

NUMBER OF EMPLOYEES

:

70

 

REMARKS ON NET SALES

:

In Turkey, there is no public registry on companies’ financial and detailed general data. So, to collect a firm’s data, an information agency has to contact the company and get its authorization

 

However the company strictly declines to give us an authorization to gather its financial data. As the firm’s shares are not open to public it is not obliged to announce its data.

 

IMPORT COUNTRIES

:

Germany

Belgium

U.K.

France

U.S.A.

Spain

Italy

Netherlands

 

MERCHANDISE IMPORTED

:

Raw materials for chemicals

 

EXPORT COUNTRIES

:

China

India

Pakistan

South Korea

Iran

Lebanon

Russia

 

MERCHANDISE  EXPORTED

:

Chemicals

 

HEAD OFFICE ADDRESS

:

Aydinlikoy, Deri Organize Sanayi Bolgesi 0-1 Parsel Tuzla Istanbul / Turkey ( owned )

 

BRANCHES

:

Head Office/Production Plant  :  Organize Deri Sanayi Bolgesi 0-1 Parsel 12.Yol Tuzla Istanbul/Turkey (owned)

 

Branch Office  :   Nigde/Turkey (owned)

 

Branch Office  :   Usak/Turkey (rented)

 

Branch Office  :  Corlu Tekirdag/Turkey

 

Branch Office  :   Izmir/Turkey

 

Branch Office  :   Bursa/Turkey

 

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Anadolubank Kartal Branch

T. Halk Bankasi Dolayoba Branch

Turk Ekonomi Bankasi Kartal Branch

 

PAYMENT BEHAVIOUR

:

Unknown 

 

COMMENT ON FINANCIAL POSITION

 

General Financial Position

General financial position is undetermined the firm declines to give us an authorization to gather its financial data. As the shares of the firm are not open to public, it is not obliged to announce its data.

 

 

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

 ( 01.01-30.11.2014)

7,18 %

2,1773

2,9044

3,6032

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.65

UK Pound

1

Rs.98.53

Euro

1

Rs.78.02

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

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.