MIRA INFORM REPORT

 

 

Report Date :

07.05.2014

 

IDENTIFICATION DETAILS

 

Name :

REINLEDER-OK KIMYA DERI VE KIMYEVI MADDELER TEKNIK DANISMANLIK SANAYI TICARET LTD. STI.

 

 

Registered Office :

Istanbul Deri Organize Sanayi Bolgesi Vakum Cad. No:15 C 3-2 Ozel Parsel Tuzla Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

05.05.1997

 

 

Com. Reg. No.:

369677

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Processing and trade of leather chemicals.

 

 

No. of Employees :

6

 

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 – March 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Turkey

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

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

:

REINLEDER-OK KIMYA DERI VE KIMYEVI MADDELER TEKNIK DANISMANLIK SANAYI TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Istanbul Deri Organize Sanayi Bolgesi Vakum Cad. No:15 C 3-2 Ozel Parsel Tuzla Istanbul / Turkey

PHONE NUMBER

:

90-216-394 03 00

90-216-394 20 80

 

FAX NUMBER

:

90-216-394 20 79

 

WEB-ADDRESS

:

www.reinleder-okkimya.com

E-MAIL

:

info@reinleder-okkimya.com

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Anadolu Kurumlar 

TAX NO

:

7340104978

REGISTRATION NUMBER

:

369677

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

05.05.1997

ESTABLISHMENT GAZETTE DATE /NO

:

12.05.1997/4287

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL  9.800.000

PAID-IN CAPITAL

:

TL  9.800.000

HISTORY

:

Previous Registered Capital

:

TL 1.000.000

Changed On

:

26.09.2006 (Commercial Gazette Date /Number 02.10.2006/ 6654)

Previous Registered Capital

:

TL 5.000.000

Changed On

:

04.06.2010 (Commercial Gazette Date /Number 11.06.2010/ 7583)

Previous Registered Capital

:

TL 6.200.000

Changed On

:

20.12.2011 (Commercial Gazette Date /Number 26.12.2011/ 7969)

Previous Address

:

Tuzla Organize Sanayi Bolgesi P-6/A Parsel 2. Kisim Tuzla - Istanbul

Changed On

:

04.12.2000 (Commercial Gazette Date /Number 08.12.2000/ 5182)

Previous Address

:

Istanbul Deri Organize Sanayi Bolgesi C/3-2 Parsel 11. Yol Tuzla - Istanbul

Changed On

:

11.06.2012 (Commercial Gazette Date /Number 15.06.2012/ 8091)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Oktay Ozturk

55 %

Ilgar Sumertas

45 %

 

 

SISTER COMPANIES

:

SLT KIMYA SANAYI DIS TICARET LTD. STI.

 

DIRECTORS

:

Ilgar Sumertas

 

Oktay Ozturk

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Processing and trade of leather chemicals.

 

NACE CODE

:

DG.24.66

 

REPRESENTATIVE OF

:

Alcaide   (Spain)

Atc   (France)

Seici   (Italy)

 

NUMBER OF EMPLOYEES

:

6

 

NET SALES

:

10.629.993 TL

(2010) 

13.353.643 TL

(2011) 

14.407.212 TL

(2012) 

15.000 TL Thousand

(2013) 

 

 

REMARKS ON NET SALES

:

The sales figure of 2013 is declared by the subject company. There is no certification for this figure.

 

IMPORT COUNTRIES

:

France

Spain

Italy

 

MERCHANDISE IMPORTED

:

Chemicals

Raw materials

 

EXPORT VALUE

:

400.585 TL

(2010)

893.845 TL

(2011)

400.177 TL

(2012)

 

 

EXPORT COUNTRIES

:

Iran

Saudi Arabia

Free Zone

Mongolia

 

MERCHANDISE  EXPORTED

:

Chemicals

 

HEAD OFFICE ADDRESS

:

Istanbul Deri Organize Sanayi Bolgesi Vakum Cad. No:15 C 3-2 Ozel Parsel Tuzla Istanbul / Turkey (owned by shareholder(s))

 

BRANCHES

:

Head Office/Processing Plant  :  Istanbul Deri Organize Sanayi Bolgesi Vakum Cad. No:15 C 3-2 Ozel Parsel Tuzla Istanbul/Turkey (owned by shareholder(s))

 

 

 

TREND OF BUSINESS

:

There was a slowdown at business volume in real terms in 2013.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Finansbank Antalya Branch

HSBC Bank Kartal 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

Net Sales

10.629.993

13.353.643

14.407.212

Profit (Loss) Before Tax

1.110.908

2.486.571

1.852.718

Stockholders' Equity

10.245.499

13.053.673

 

Total Assets

13.334.104

17.794.636

 

Current Assets

12.860.884

17.386.215

 

Non-Current Assets

473.220

408.421

 

Current Liabilities

1.281.979

3.334.015

 

Long-Term Liabilities

1.806.626

1.406.948

 

Gross Profit (loss)

1.602.247

2.544.373

2.864.276

Operating Profit (loss)

1.078.928

1.942.609

2.266.575

Net Profit (loss)

888.275

1.973.270

1.852.718

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

High As of 31.12.2011

Remarks on Capitalization

A part of total liabilities and equity consist of loans from shareholders rather than liabilities to third parties indicating not too high indebtedness to third parties.

 

Liquidity

Satisfactory As of 31.12.2011

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

High Operating Profitability  in 2010

High Net Profitability  in 2010

High Operating Profitability  in 2011

High Net Profitability  in 2011

High Operating Profitability  in 2012

High Net Profitability  in 2012

 

Gap between average collection and payable periods

Unfavorable in 2011

General Financial Position

In Order

Remarks on General Financial Position

Recent financial figures are not available the firm declines to provide fresh financial 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

 ( 01.01-31.03.2014)

5,52 %

2,1961

3,0116

3,6488

 

 

BALANCE SHEETS

 

 

( 31.12.2010 )  TL

 

( 31.12.2011 )  TL

 

CURRENT ASSETS

12.860.884

0,96

17.386.215

0,98

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

213.386

0,02

94.331

0,01

Marketable Securities

0

0,00

0

0,00

Account Receivable

11.182.071

0,84

15.599.582

0,88

Other Receivable

1.428

0,00

1.428

0,00

Inventories

1.183.689

0,09

1.628.234

0,09

Advances Given

190.426

0,01

43.979

0,00

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

89.884

0,01

18.661

0,00

NON-CURRENT ASSETS

473.220

0,04

408.421

0,02

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)

379.923

0,03

295.664

0,02

Intangible Assets

2.700

0,00

2.400

0,00

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

90.597

0,01

110.357

0,01

TOTAL ASSETS

13.334.104

1,00

17.794.636

1,00

CURRENT LIABILITIES

1.281.979

0,10

3.334.015

0,19

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

20.007

0,00

1.497.185

0,08

Accounts Payable

663.637

0,05

798.402

0,04

Loans from Shareholders

0

0,00

0

0,00

Other Short-term Payable

0

0,00

0

0,00

Advances from Customers

515.199

0,04

801.992

0,05

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

83.136

0,01

236.436

0,01

Provisions

0

0,00

0

0,00

Other Current Liabilities

0

0,00

0

0,00

LONG-TERM LIABILITIES

1.806.626

0,14

1.406.948

0,08

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

0

0,00

Loans from Shareholders

1.806.626

0,14

1.406.948

0,08

Other Long-term Liabilities

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

10.245.499

0,77

13.053.673

0,73

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

6.200.000

0,46

9.800.000

0,55

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

3.157.224

0,24

1.280.403

0,07

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

Net Profit (loss)

888.275

0,07

1.973.270

0,11

TOTAL LIABILITIES AND EQUITY

13.334.104

1,00

17.794.636

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 (TL): Due From Shareholders: 0, Due From Participations: 0, Due From Affiliated Companies: 0, Due From Personnel: 0, Other Miscellaneous Receivables: 1.428, Other Receivable Total: 1.428.

 

TL 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

 

Net Sales

10.629.993

1,00

13.353.643

1,00

14.407.212

1,00

Cost of Goods Sold

9.027.746

0,85

10.809.270

0,81

11.542.936

0,80

Gross Profit

1.602.247

0,15

2.544.373

0,19

2.864.276

0,20

Operating Expenses

523.319

0,05

601.764

0,05

597.701

0,04

Operating Profit

1.078.928

0,10

1.942.609

0,15

2.266.575

0,16

Other Income

186.014

0,02

636.292

0,05

149.626

0,01

Other Expenses

136.170

0,01

78.013

0,01

374.350

0,03

Financial Expenses

17.864

0,00

14.317

0,00

189.133

0,01

Minority Interests

0

0,00

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

0

0,00

Profit (loss) Before Tax

1.110.908

0,10

2.486.571

0,19

1.852.718

0,13

Tax Payable

222.633

0,02

513.301

0,04

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

888.275

0,08

1.973.270

0,15

1.852.718

0,13

 

 

FINANCIAL RATIOS

 

 

(2010)

(2011)

LIQUIDITY RATIOS

 

 

Current Ratio

10,03

5,21

Acid-Test Ratio

8,89

4,71

Cash Ratio

0,17

0,03

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,09

0,09

Short-term Receivable/Total Assets

0,84

0,88

Tangible Assets/Total Assets

0,03

0,02

TURNOVER RATIOS

 

 

Inventory Turnover

7,63

6,64

Stockholders' Equity Turnover

1,04

1,02

Asset Turnover

0,80

0,75

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,77

0,73

Current Liabilities/Total Assets

0,10

0,19

Financial Leverage

0,23

0,27

Gearing Percentage

0,30

0,36

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,09

0,15

Operating Profit Margin

0,10

0,15

Net Profit Margin

0,08

0,15

Interest Cover

63,19

174,68

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

378,70

420,55

Average Payable Period (days)

26,46

26,59

WORKING CAPITAL

11578905,00

14052200,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.20

UK Pound

1

Rs.101.68

Euro

1

Rs.83.55

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

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.