|
Report Date : |
06.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
MAS KIMYA SANAYI VE TICARET LTD. STI. |
|
|
|
|
Registered Office : |
Ebulula Caddesi Parkmaya Sitesi |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
30.09.2013 |
|
|
|
|
Date of Incorporation : |
21.10.1999 |
|
|
|
|
Com. Reg. No.: |
427251 |
|
|
|
|
Legal Form : |
Limited Company |
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|
|
|
Line of Business : |
Wholesale trader & distributor of petrochemicals, plastics raw materials and speciality chemicals. |
|
|
|
|
No. of Employees : |
06 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
|
With Financials |
|
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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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 |
|
NAME |
: |
MAS KIMYA SANAYI VE TICARET LTD. STI. |
|
HEAD OFFICE ADDRESS |
: |
Ebulula Caddesi Parkmaya Sitesi Carlton 17 Kat 3 Akatlar Istanbul /
Turkey |
|
PHONE NUMBER |
: |
90-212-351 28 98 |
|
FAX NUMBER |
: |
90-212-352 31 95 |
|
WEB-ADDRESS |
: |
|
|
E-MAIL |
: |
|
TAX OFFICE |
: |
Besiktas |
|||||||||
|
TAX NO |
: |
6120174162 |
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REGISTRATION NUMBER |
: |
427251 |
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|
REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
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DATE ESTABLISHED |
: |
21.10.1999 |
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|
ESTABLISHMENT GAZETTE DATE/NO |
: |
26.10.1999/4906 |
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LEGAL FORM |
: |
Limited Company |
|||||||||
|
TYPE OF COMPANY |
: |
Private |
|||||||||
|
REGISTERED CAPITAL |
: |
TL 250.000 |
|||||||||
|
PAID-IN CAPITAL |
: |
TL 250.000 |
|||||||||
|
HISTORY |
: |
|
|||||||||
|
PREVIOUS SHAREHOLDERS |
: |
|
|
SHAREHOLDERS |
: |
|
||||||
|
SISTER COMPANIES |
: |
Declared to be: None |
||||||
|
DIRECTORS |
: |
|
|
BUSINESS ACTIVITIES |
: |
Wholesale trader & distributor of petrochemicals, plastics raw materials and speciality chemicals. |
||||||||
|
NACE CODE |
: |
G .51.55 |
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SECTOR |
: |
Commerce |
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NUMBER OF EMPLOYEES |
: |
6 |
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NET SALES |
: |
|
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CAPACITY |
: |
None |
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PRODUCTION |
: |
None |
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IMPORT COUNTRIES |
: |
Israel Spain Italy |
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MERCHANDISE IMPORTED |
: |
Chemicals Plastic raw materials |
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HEAD OFFICE ADDRESS |
: |
Ebulula Caddesi Parkmaya Sitesi Carlton 17 Kat 3 Akatlar Istanbul /
Turkey |
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|
INVESTMENTS |
: |
None |
|
TREND OF BUSINESS |
: |
There was an upwards trend in
2012. Trend of business appears to be steady in 1.1 - 30.9.2013. |
|
SIZE OF BUSINESS |
: |
Lower-Moderate |
|
MAIN DEALING BANKS |
: |
Turk Ekonomi Bankasi Bebek Branch |
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CREDIT FACILITIES |
: |
The subject company is making use of credit facilities. |
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PAYMENT BEHAVIOUR |
: |
No payment delays have come to our knowledge. |
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|
KEY FINANCIAL ELEMENTS |
: |
|
|
Capitalization |
High As of 31.12.2012 |
|
Liquidity |
High As of 31.12.2012 |
|
Profitability |
High Operating Profitability in
2012 High Net Profitability in 2012 High Operating Profitability (01.01-30.09.2013) High Net Profitability (01.01-30.09.2013) |
|
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 |
|
( 2011 ) |
13,33 % |
1,6797 |
2,3378 |
2,6863 |
|
( 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 |
|
|
( 31.12.2012 ) TL Thousand |
|
|
CURRENT ASSETS |
989 |
0,92 |
|
Not Detailed Current Assets |
0 |
0,00 |
|
Cash and Banks |
880 |
0,82 |
|
Marketable Securities |
0 |
0,00 |
|
Account Receivable |
96 |
0,09 |
|
Other Receivable |
0 |
0,00 |
|
Inventories |
3 |
0,00 |
|
Advances Given |
0 |
0,00 |
|
Accumulated Construction Expense |
0 |
0,00 |
|
Other Current Assets |
10 |
0,01 |
|
NON-CURRENT ASSETS |
87 |
0,08 |
|
Not Detailed Non-Current Assets |
0 |
0,00 |
|
Long-term Receivable |
0 |
0,00 |
|
Financial Assets |
0 |
0,00 |
|
Tangible Fixed Assets (net) |
83 |
0,08 |
|
Intangible Assets |
0 |
0,00 |
|
Deferred Tax Assets |
0 |
0,00 |
|
Other Non-Current Assets |
4 |
0,00 |
|
TOTAL ASSETS |
1.076 |
1,00 |
|
CURRENT LIABILITIES |
57 |
0,05 |
|
Not Detailed Current Liabilities |
0 |
0,00 |
|
Financial Loans |
10 |
0,01 |
|
Accounts Payable |
6 |
0,01 |
|
Loans from Shareholders |
0 |
0,00 |
|
Other Short-term Payable |
3 |
0,00 |
|
Advances from Customers |
0 |
0,00 |
|
Accumulated Construction Income |
0 |
0,00 |
|
Taxes Payable |
38 |
0,04 |
|
Provisions |
0 |
0,00 |
|
Other Current Liabilities |
0 |
0,00 |
|
LONG-TERM LIABILITIES |
73 |
0,07 |
|
Not Detailed Long-term Liabilities |
0 |
0,00 |
|
Financial Loans |
73 |
0,07 |
|
Securities Issued |
0 |
0,00 |
|
Long-term Payable |
0 |
0,00 |
|
Loans from Shareholders |
0 |
0,00 |
|
Other Long-term Liabilities |
0 |
0,00 |
|
Provisions |
0 |
0,00 |
|
STOCKHOLDERS' EQUITY |
946 |
0,88 |
|
Not Detailed Stockholders' Equity |
0 |
0,00 |
|
Paid-in Capital |
250 |
0,23 |
|
Cross Shareholding Adjustment of Capital |
0 |
0,00 |
|
Inflation Adjustment of Capital |
17 |
0,02 |
|
Equity of Consolidated Firms |
0 |
0,00 |
|
Reserves |
647 |
0,60 |
|
Revaluation Fund |
0 |
0,00 |
|
Accumulated Losses(-) |
-468 |
-0,43 |
|
Net Profit (loss) |
500 |
0,46 |
|
TOTAL LIABILITIES AND EQUITY |
1.076 |
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. |
|
|
(2012) TL Thousand |
|
(01.01-30.09.2013) TL Thousand |
|
|
Net Sales |
1.517 |
1,00 |
1.209 |
1,00 |
|
Cost of Goods Sold |
273 |
0,18 |
88 |
0,07 |
|
Gross Profit |
1.244 |
0,82 |
1.121 |
0,93 |
|
Operating Expenses |
658 |
0,43 |
669 |
0,55 |
|
Operating Profit |
586 |
0,39 |
452 |
0,37 |
|
Other Income |
80 |
0,05 |
158 |
0,13 |
|
Other Expenses |
33 |
0,02 |
19 |
0,02 |
|
Financial Expenses |
3 |
0,00 |
6 |
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 |
630 |
0,42 |
585 |
0,48 |
|
Tax Payable |
130 |
0,09 |
0 |
0,00 |
|
Postponed Tax Gain |
0 |
0,00 |
0 |
0,00 |
|
Net Profit (loss) |
500 |
0,33 |
585 |
0,48 |
|
|
(2012) |
|
LIQUIDITY RATIOS |
|
|
Current Ratio |
17,35 |
|
Acid-Test Ratio |
17,12 |
|
Cash Ratio |
15,44 |
|
ASSET STRUCTURE RATIOS |
|
|
Inventory/Total Assets |
0,00 |
|
Short-term Receivable/Total Assets |
0,09 |
|
Tangible Assets/Total Assets |
0,08 |
|
TURNOVER RATIOS |
|
|
Inventory Turnover |
91,00 |
|
Stockholders' Equity Turnover |
1,60 |
|
Asset Turnover |
1,41 |
|
FINANCIAL STRUCTURE |
|
|
Stockholders' Equity/Total Assets |
0,88 |
|
Current Liabilities/Total Assets |
0,05 |
|
Financial Leverage |
0,12 |
|
Gearing Percentage |
0,14 |
|
PROFITABILITY RATIOS |
|
|
Net Profit/Stockholders' Eq. |
0,53 |
|
Operating Profit Margin |
0,39 |
|
Net Profit Margin |
0,33 |
|
Interest Cover |
211,00 |
|
COLLECTION-PAYMENT |
|
|
Average Collection Period (days) |
22,78 |
|
Average Payable Period (days) |
7,91 |
|
WORKING CAPITAL |
932,00 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.45 |
|
UK Pound |
1 |
Rs.102.00 |
|
Euro |
1 |
Rs.84.35 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.