MIRA INFORM REPORT

 

 

Report Date :

03.02.2014

 

IDENTIFICATION DETAILS

 

Name :

SULFERT KIMYA SANAYI TICARET A.S.

 

 

Registered Office :

Egs Business Park Yesilkoy Mah. Ataturk Cad. No:12/1 B1 Blok 14.Kat D:440 Bakirkoy  Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

09.09.2012

 

 

Com. Reg. No.:

831962

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Wholesale trade of chemicals such as; sulfur, sulphate

 

 

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 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

:

SULFERT KIMYA SANAYI TICARET A.S.

HEAD OFFICE ADDRESS

:

Egs Business Park Yesilkoy Mah. Ataturk Cad. No:12/1 B1 Blok 14.Kat D:440 Bakirkoy  Istanbul / Turkey

PHONE NUMBER

:

90-212-465 06 66

 

FAX NUMBER

:

90-212-465 21 01

 

WEB-ADDRESS

:

www.sulfert.com

E-MAIL

:

sulfert@sulfert.com

 

 

LEGAL STATUS AND HISTORY

 

 

NOTES ON LEGAL STATUS AND HISTORY

 

 

:

Change at tax no .

TAX OFFICE

:

Bakirkoy

TAX NO

:

7820671598

REMARKS ON TAX NO

:

The tax number was changed from "7820655970" to "7820671598" as the legal form changed from limited company to joint stock company.

REGISTRATION NUMBER

:

831962

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

 

DATE ESTABLISHED

:

09.09.2012

ESTABLISHMENT GAZETTE DATE/NO

:

07.09.2012/8148

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   2.750.000

HISTORY

:

Previous Legal Type

:

Limited Company

Changed On

:

06.01.2014 (Commercial Gazette Date /Number 10.01.2014/ 8483)

Previous Name

:

Sulfert Kimya Sanayi Ticaret Ltd. Sti.

Changed On

:

06.01.2014 (Commercial Gazette Date /Number 10.01.2014/ 8483)

Previous Registered Capital

:

TL 100.000

Changed On

:

20.12.2013 (Commercial Gazette Date /Number 26.12.2013/ 8473)

Previous Registered Capital

:

TL 2.000.000

Changed On

:

06.01.2014 (Commercial Gazette Date /Number 10.01.2014/ 8483)

Previous Address

:

Egs Business Park Yesilkoy Mah. Ataturk C.N12/1 B1 Blok Kat:12 No:394 Bakirkoy Istanbul

Changed On

:

14.09.2012 (Commercial Gazette Date /Number 20.09.2012/ 8157)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Alper Ozcelik

100 %

 

 

SISTER COMPANIES

:

Declared to be: None

 

SUBSIDIARIES

:

None

 

BOARD OF DIRECTORS

:

Alper Ozcelik

Chairman

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Wholesale trade of chemicals such as; sulfur, sulphate etc.

 

NACE CODE

:

G .51.55

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

11

 

NET SALES

:

904.205 TL

(09.09-31.12.2012) 

12.036 TL Thousand

(01.01-30.09.2013) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

IMPORT COUNTRIES

:

Germany

 

MERCHANDISE IMPORTED

:

Chemicals

 

EXPORT VALUE

:

511.479 TL

(09.09-31.12.2012)

12.024.836 TL

(01.01-30.09.2013)

 

 

EXPORT COUNTRIES

:

Brazil

Israel

China

Pakistan

Tanzania

Vietnam

Kenya

Indonesia

Lebanon

 

MERCHANDISE  EXPORTED

:

Chemicals

 

HEAD OFFICE ADDRESS

:

Egs Business Park Yesilkoy Mah. Ataturk Cad. No:12/1 B1 Blok 14.Kat D:440 Bakirkoy  Istanbul / Turkey

 

INVESTMENTS

:

None

 

TREND OF BUSINESS

:

Undetermined; young business.

SIZE OF BUSINESS

:

Medium

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Akbank Tuzla Branch

T. Is Bankasi Beyazit Branch

 

CREDIT FACILITIES

:

No credit facility has come to our knowledge.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(09.09-31.12.2012) TL

(01.01-30.09.2013) TL Thousand

 

 

 

Net Sales

904.205

12.036

 

 

 

Profit (Loss) Before Tax

46.824

702

 

 

 

Stockholders' Equity

62.448

839

 

 

 

Total Assets

458.666

4.347

 

 

 

Current Assets

432.939

2.752

 

 

 

Non-Current Assets

25.727

1.595

 

 

 

Current Liabilities

396.218

1.622

 

 

 

Long-Term Liabilities

0

1.886

 

 

 

Gross Profit (loss)

145.431

4.899

 

 

 

Operating Profit (loss)

63.536

560

 

 

 

Net Profit (loss)

37.448

702

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Satisfactory

Remarks on Capitalization

There has been capital increases after the last balance sheet date. These capital increases financed by cash are expected to have an improvement at equity total since the last balance sheet date.

 

Liquidity

High

Remarks On Liquidity

The capital increases after the last balance sheet are expected to have a positive effect on liquidity since the last balance sheet date.

 

The favorable gap between average collection and average payable period has a positive effect on liquidity.

 

Profitability

Good Operating Profitability (09.09-31.12.2012)

Good Net Profitability (09.09-31.12.2012)

In Order Operating Profitability (01.01-30.09.2013)

Good Net Profitability (01.01-30.09.2013)

 

Gap between average collection and payable periods

Favorable in 01.01-30.09.2013

General Financial Position

In Order

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 ( 01.01-30.09.2013)

4,43 %

1,8785

2,4774

2,9189

 ( 2013 )

6,97 %

1,9179

2,5530

3,0178

 

 

Balancesheet

 

 ( 31.12.2012 )  TL

 

 ( 30.09.2013 )  TL Thousand

 

CURRENT ASSETS

432.939

0,94

2.752

0,63

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

84.223

0,18

256

0,06

Marketable Securities

0

0,00

0

0,00

Account Receivable

316.218

0,69

49

0,01

Other Receivable

0

0,00

902

0,21

Inventories

13.932

0,03

1.170

0,27

Advances Given

4.833

0,01

0

0,00

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

13.733

0,03

375

0,09

NON-CURRENT ASSETS

25.727

0,06

1.595

0,37

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)

25.727

0,06

1.594

0,37

Intangible Assets

0

0,00

0

0,00

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

1

0,00

TOTAL ASSETS

458.666

1,00

4.347

1,00

CURRENT LIABILITIES

396.218

0,86

1.622

0,37

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

Accounts Payable

311.888

0,68

1.413

0,33

Loans from Shareholders

52.481

0,11

0

0,00

Other Short-term Payable

21.407

0,05

128

0,03

Advances from Customers

2

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

1.065

0,00

64

0,01

Provisions

9.375

0,02

0

0,00

Other Current Liabilities

0

0,00

17

0,00

LONG-TERM LIABILITIES

0

0,00

1.886

0,43

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

1.886

0,43

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

62.448

0,14

839

0,19

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

25.000

0,05

100

0,02

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

37

0,01

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

Net Profit (loss)

37.448

0,08

702

0,16

TOTAL LIABILITIES AND EQUITY

458.666

1,00

4.347

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

 

 

(09.09-31.12.2012) TL

 

(01.01-30.09.2013) TL Thousand

 

Net Sales

904.205

1,00

12.036

1,00

Cost of Goods Sold

758.774

0,84

7.137

0,59

Gross Profit

145.431

0,16

4.899

0,41

Operating Expenses

81.895

0,09

4.339

0,36

Operating Profit

63.536

0,07

560

0,05

Other Income

196

0,00

360

0,03

Other Expenses

3.257

0,00

216

0,02

Financial Expenses

13.651

0,02

2

0,00

Minority Interests

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

Profit (loss) Before Tax

46.824

0,05

702

0,06

Tax Payable

9.376

0,01

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

Net Profit (loss)

37.448

0,04

702

0,06

 

 

FINANCIAL RATIOS

 

 

(09.09-31.12.2012)

(01.01-30.09.2013)

LIQUIDITY RATIOS

 

Current Ratio

1,09

1,70

Acid-Test Ratio

1,01

0,74

Cash Ratio

0,21

0,16

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,03

0,27

Short-term Receivable/Total Assets

0,69

0,22

Tangible Assets/Total Assets

0,06

0,37

TURNOVER RATIOS

 

Inventory Turnover

54,46

6,10

Stockholders' Equity Turnover

14,48

14,35

Asset Turnover

1,97

2,77

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,14

0,19

Current Liabilities/Total Assets

0,86

0,37

Financial Leverage

0,86

0,81

Gearing Percentage

6,34

4,18

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,60

0,84

Operating Profit Margin

0,07

0,05

Net Profit Margin

0,04

0,06

Interest Cover

4,43

352,00

COLLECTION-PAYMENT

 

Average Collection Period (days)

125,90

1,47

Average Payable Period (days)

147,98

166,41

WORKING CAPITAL

36721,00

1130,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.48

UK Pound

1

Rs.102.95

Euro

1

Rs.84.60

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIS

 

 

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.