|
Report Date : |
16.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
KIMTAR KIMYA GUBRE TARIM SANAYI TICARET
LTD. STI. |
|
|
|
|
Registered Office : |
Yeni Mah. 5309 Sok. 119.Cad. Mahmut Torun Is Merkezi No:8 K:2/7 33050
Mersin |
|
|
|
|
Country : |
Turkey |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
22.04.2009 |
|
|
|
|
Com. Reg. No.: |
32951 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Trade of pulse, fertilizer and sulphur. |
|
|
|
|
No. of Employees |
16 |
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 3-4% 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 |
|
|
||
|
NAME |
: |
KIMTAR KIMYA GUBRE TARIM SANAYI TICARET LTD. STI. |
|
HEAD OFFICE ADDRESS |
: |
Yeni Mah. 5309 Sok. 119.Cad. Mahmut Torun Is Merkezi No:8 K:2/7 33050
Mersin / Turkey |
|
PHONE NUMBER |
: |
90-324-239 44 88 |
|
FAX NUMBER |
: |
90-324-239 44 99 |
|
WEB-ADDRESS |
: |
www.kimtar.com.tr |
|
E-MAIL |
: |
info@kimtar.com.tr |
|
|
|||||||||||||||||
|
TAX OFFICE |
: |
Uray |
|||||||||||||||
|
TAX NO |
: |
5630620013 |
|||||||||||||||
|
REGISTRATION NUMBER |
: |
32951 |
|||||||||||||||
|
REGISTERED OFFICE |
: |
Mersin Chamber of Commerce and Industry |
|||||||||||||||
|
DATE ESTABLISHED |
: |
22.04.2009 |
|||||||||||||||
|
ESTABLISHMENT GAZETTE DATE/NO |
: |
29.04.2009/7301 |
|||||||||||||||
|
LEGAL FORM |
: |
Limited Company |
|||||||||||||||
|
TYPE OF COMPANY |
: |
Private |
|||||||||||||||
|
REGISTERED CAPITAL |
: |
TL 1.000.000 |
|||||||||||||||
|
PAID-IN CAPITAL |
: |
TL 1.000.000 |
|||||||||||||||
|
HISTORY |
: |
|
|||||||||||||||
|
PREVIOUS SHAREHOLDERS |
: |
|
|||||||||||||||
|
|
||||||||
|
SHAREHOLDERS |
: |
|
||||||
|
SISTER COMPANIES |
: |
BENAGRO GUBRE KIMYA SANAYI TICARET LTD. STI. BENUR DIS TICARET KIMYEVI MADDELER SANAYI LTD. STI. |
||||||
|
SUBSIDIARIES |
: |
None |
||||||
|
DIRECTORS |
: |
|
||||||
|
|
||||||||
|
BUSINESS ACTIVITIES |
: |
Trade of pulse, fertilizer and sulphur. |
||||||
|
NACE CODE |
: |
G .51.55 |
||||||
|
NUMBER OF EMPLOYEES |
: |
16 |
||||||
|
NET SALES |
: |
|
||||||
|
IMPORT COUNTRIES |
: |
Russia Uzbekistan |
||||||
|
MERCHANDISE IMPORTED |
: |
Fertilizer Pulse Sulphur |
||||||
|
EXPORT VALUE |
: |
|
||||||
|
EXPORT COUNTRIES |
: |
Vietnam Bangladesh Kenya Romania Ukraine China Singapore Indonesia Thailand Brazil |
||||||
|
MERCHANDISE EXPORTED |
: |
Sulphur |
||||||
|
HEAD OFFICE ADDRESS |
: |
Yeni Mah. 5309 Sok. 119.Cad. Mahmut Torun Is Merkezi No:8 K:2/7 33050
Mersin / Turkey |
||||||
|
INVESTMENTS |
: |
None |
|
TREND OF BUSINESS |
: |
There was a slowdown at business volume in real terms in 2013. |
|
SIZE OF BUSINESS |
: |
Large |
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
MAIN DEALING BANKS |
: |
Halk Bankasi Mersin Branch T.Is Bankasi Mersin Branch |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
CREDIT FACILITIES |
: |
The subject company is making active use of credit facilities. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
PAYMENT BEHAVIOUR |
: |
We are informed about a few payment delays which were resolved later
on |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
KEY FINANCIAL ELEMENTS |
: |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Capitalization |
Insufficient As of 31.12.2013 |
|
Liquidity |
Insufficient As of 31.12.2013 |
|
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 |
Low Operating Profitability in
2012 Low Net Profitability in 2012 Fair Operating Profitability in
2013 Low Net Profitability in 2013 |
|
Gap between average collection and payable periods |
Unfavorable in 2013 |
|
General Financial Position |
Passable |
|
|
Incr. in producers’ price index |
Average USD/TL |
Average EUR/TL |
Average GBP/ TL |
|
( 2012 ) |
2,45 % |
1,7995 |
2,3265 |
2,8593 |
|
( 2013 ) |
6,97 % |
1,9179 |
2,5530 |
3,0178 |
|
( 01.01-30.04.2014) |
5,61 % |
2,1807 |
2,9954 |
3,6333 |
|
|
( 31.12.2012 ) TL Thousand |
|
( 31.12.2013 ) TL Thousand |
|
|
CURRENT ASSETS |
8.287 |
0,86 |
11.453 |
0,90 |
|
Not Detailed Current Assets |
0 |
0,00 |
0 |
0,00 |
|
Cash and Banks |
221 |
0,02 |
213 |
0,02 |
|
Marketable Securities |
0 |
0,00 |
0 |
0,00 |
|
Account Receivable |
3.119 |
0,32 |
7.565 |
0,59 |
|
Other Receivable |
173 |
0,02 |
87 |
0,01 |
|
Inventories |
2.691 |
0,28 |
1.565 |
0,12 |
|
Advances Given |
1.729 |
0,18 |
1.562 |
0,12 |
|
Accumulated Construction Expense |
0 |
0,00 |
0 |
0,00 |
|
Other Current Assets |
354 |
0,04 |
461 |
0,04 |
|
NON-CURRENT ASSETS |
1.328 |
0,14 |
1.320 |
0,10 |
|
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) |
1.322 |
0,14 |
1.293 |
0,10 |
|
Intangible Assets |
3 |
0,00 |
3 |
0,00 |
|
Deferred Tax Assets |
0 |
0,00 |
0 |
0,00 |
|
Other Non-Current Assets |
3 |
0,00 |
24 |
0,00 |
|
TOTAL ASSETS |
9.615 |
1,00 |
12.773 |
1,00 |
|
CURRENT LIABILITIES |
5.802 |
0,60 |
10.564 |
0,83 |
|
Not Detailed Current Liabilities |
0 |
0,00 |
0 |
0,00 |
|
Financial Loans |
806 |
0,08 |
5.922 |
0,46 |
|
Accounts Payable |
4.685 |
0,49 |
4.561 |
0,36 |
|
Loans from Shareholders |
0 |
0,00 |
0 |
0,00 |
|
Other Short-term Payable |
0 |
0,00 |
0 |
0,00 |
|
Advances from Customers |
144 |
0,01 |
15 |
0,00 |
|
Accumulated Construction Income |
0 |
0,00 |
0 |
0,00 |
|
Taxes Payable |
95 |
0,01 |
30 |
0,00 |
|
Provisions |
72 |
0,01 |
14 |
0,00 |
|
Other Current Liabilities |
0 |
0,00 |
22 |
0,00 |
|
LONG-TERM LIABILITIES |
2.035 |
0,21 |
184 |
0,01 |
|
Not Detailed Long-term Liabilities |
0 |
0,00 |
0 |
0,00 |
|
Financial Loans |
1.297 |
0,13 |
184 |
0,01 |
|
Securities Issued |
0 |
0,00 |
0 |
0,00 |
|
Long-term Payable |
738 |
0,08 |
0 |
0,00 |
|
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 |
1.778 |
0,18 |
2.025 |
0,16 |
|
Not Detailed Stockholders' Equity |
0 |
0,00 |
0 |
0,00 |
|
Paid-in Capital |
1.000 |
0,10 |
1.000 |
0,08 |
|
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 |
502 |
0,05 |
778 |
0,06 |
|
Revaluation Fund |
0 |
0,00 |
0 |
0,00 |
|
Accumulated Losses(-) |
0 |
0,00 |
0 |
0,00 |
|
Net Profit (loss) |
276 |
0,03 |
247 |
0,02 |
|
TOTAL LIABILITIES AND EQUITY |
9.615 |
1,00 |
12.773 |
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 32 is
"Doubtful Trade Receivables" and -TL thousand 32 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:0, Due From Participations:0, Due
From Affiliated Companies:0, Due From Personnel:0, Other Miscellaneous
Receivables:87, Other Receivable Total:87
TL thousand 0 of "Tax Payable" is due to "Overdue,
Delayed or Deferred Tax by Installments and Other Liabilities" at the
last balance sheet. |
|
|
(2012) TL
Thousand |
|
(2013) TL
Thousand |
|
|
Net Sales |
24.714 |
1,00 |
24.894 |
1,00 |
|
Cost of Goods Sold |
19.837 |
0,80 |
17.941 |
0,72 |
|
Gross Profit |
4.877 |
0,20 |
6.953 |
0,28 |
|
Operating Expenses |
4.611 |
0,19 |
6.491 |
0,26 |
|
Operating Profit |
266 |
0,01 |
462 |
0,02 |
|
Other Income |
664 |
0,03 |
682 |
0,03 |
|
Other Expenses |
445 |
0,02 |
367 |
0,01 |
|
Financial Expenses |
137 |
0,01 |
456 |
0,02 |
|
Minority Interests |
0 |
0,00 |
0 |
0,00 |
|
Profit (loss) of consolidated firms |
0 |
0,00 |
0 |
0,00 |
|
Profit (loss) Before Tax |
348 |
0,01 |
321 |
0,01 |
|
Tax Payable |
72 |
0,00 |
74 |
0,00 |
|
Postponed Tax Gain |
0 |
0,00 |
0 |
0,00 |
|
Net Profit (loss) |
276 |
0,01 |
247 |
0,01 |
|
|
(2012) |
(2013) |
|
LIQUIDITY RATIOS |
|
|
|
Current Ratio |
1,43 |
1,08 |
|
Acid-Test Ratio |
0,61 |
0,74 |
|
Cash Ratio |
0,04 |
0,02 |
|
ASSET STRUCTURE RATIOS |
|
|
|
Inventory/Total Assets |
0,28 |
0,12 |
|
Short-term Receivable/Total Assets |
0,34 |
0,60 |
|
Tangible Assets/Total Assets |
0,14 |
0,10 |
|
TURNOVER RATIOS |
|
|
|
Inventory Turnover |
7,37 |
11,46 |
|
Stockholders' Equity Turnover |
13,90 |
12,29 |
|
Asset Turnover |
2,57 |
1,95 |
|
FINANCIAL STRUCTURE |
|
|
|
Stockholders' Equity/Total Assets |
0,18 |
0,16 |
|
Current Liabilities/Total Assets |
0,60 |
0,83 |
|
Financial Leverage |
0,82 |
0,84 |
|
Gearing Percentage |
4,41 |
5,31 |
|
PROFITABILITY RATIOS |
|
|
|
Net Profit/Stockholders' Eq. |
0,16 |
0,12 |
|
Operating Profit Margin |
0,01 |
0,02 |
|
Net Profit Margin |
0,01 |
0,01 |
|
Interest Cover |
3,54 |
1,70 |
|
COLLECTION-PAYMENT |
|
|
|
Average Collection Period (days) |
45,43 |
109,40 |
|
Average Payable Period (days) |
98,42 |
91,52 |
|
WORKING CAPITAL |
2485,00 |
889,00 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.47 |
|
|
1 |
Rs.99.70 |
|
Euro |
1 |
Rs.81.55 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
PDT |
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.