MIRA INFORM REPORT

 

 

Report Date :

30.05.2014              

 

IDENTIFICATION DETAILS

 

Name :

YILDIZ KOLOR PLASTIK VE MAKINA SANAYI TICARET LTD. STI.

 

 

Registered Office :

Ataturk Mah. Kasirga Sok. No:4 Kirac Beldesi Esenyurt Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

12.08.1998

 

 

Com. Reg. No.:

400958

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacture and trade of master batch, plastic packing box

 

 

No. of Employees :

35

 

 

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 :

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

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate 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

 

 

 

COMPANY IDENTIFICATION

 

NAME

:

YILDIZ KOLOR PLASTIK VE MAKINA SANAYI TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Ataturk Mah. Kasirga Sok. No:4 Kirac Beldesi Esenyurt Istanbul / Turkey

PHONE NUMBER

:

90-212-545 85 10

90-212-674 17 64-65

 

FAX NUMBER

:

90-212-418 54 73

90-212-674 31 74

 

WEB-ADDRESS

:

www.yildizkolor.com

E-MAIL

:

info@yildizkolor.com

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Beylikduzu

TAX NO

:

9650114161

REGISTRATION NUMBER

:

400958

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

12.08.1998

ESTABLISHMENT GAZETTE DATE/NO

:

17.08.1998/4606

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   40.000

PAID-IN CAPITAL

:

TL   40.000

HISTORY

:

Previous Address

:

Abdi Ipekci Cad. 1. Emintas Sanayi Sitesi No: 158/108-109 Bayrampasa- Istanbul

Changed On

:

02.11.2006 (Commercial Gazette Date /Number 07.11.2006/ 6677)

Previous Address

:

Abdi Ipekci Cad. 1. Emintas Sanayi Sitesi No: 158/24 Bayrampasa Istanbul

Changed On

:

09.05.2011 (Commercial Gazette Date /Number 13.05.2011/ 7815)

Previous Address

:

Murat Mah. Ozderici Sanayi Sitesi B Blok No:9 Bayrampasa Istanbul

Changed On

:

21.01.2013 (Commercial Gazette Date /Number 25.01.2013/ 8244)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Recep Yamak

75 %

Aytac Yamak

25 %

 

 

SISTER COMPANIES

:

Declared to be:None

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Recep Yamak                                                                                                                                                                                                                                                                                   

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Manufacture and trade of master batch, plastic packing box.  The subject was dealing with trade of plastic master batch but it started manufacturing activity in June 2004.

NACE CODE

:

DG.24.30

 

NUMBER OF EMPLOYEES

:

35

 

 

NET SALES

:

1.413.505 TL

(2002) 

1.886.969 TL

(2003) 

2.211.365 TL

(2004) 

2.199.660 TL

(2005) 

2.913.015 TL

(2006) 

3.001.050 TL

(2007) 

3.254.067 TL

(2008) 

3.944.562 TL

(2009) 

4.485.070 TL

(2010) 

6.247.972 TL

(2011) 

8.790.383 TL

(2012) 

12.537 TL Thousand

(2013) 

3.526 TL Thousand

(01.01-31.03.2014) 

 

 

CAPACITY

:

MASTER BATCH

 ( kgs/yr)

PLASTIC PACKING BOX  ( kgs/yr)

 

 

1.052.640

20.400

 

(2011)

 

 

 

 

IMPORT VALUE

:

230.000 USD

(2004)

229.093 EUR

(2005)

911.161 TL

(2006)

544.798 TL

(2007)

413.871 TL

(2008)

554.377 TL

(2009)

1.033.095 TL

(2010)

1.127.360 TL

(2011)

778.554 TL

(2012)

 

 

IMPORT COUNTRIES

:

Greece

Romania

Belgium

India

 

MERCHANDISE IMPORTED

:

Concentrated paint

Master batch

 

EXPORT VALUE

:

31.454 TL

(2012)

75.284 TL

(2013)

40.823 TL

(01.01-31.03.2014)

 

 

EXPORT COUNTRIES

:

Azerbaijan

Albania

 

MERCHANDISE  EXPORTED

:

Colouring materials

Master batch

 

 

HEAD OFFICE ADDRESS

:

Ataturk Mah. Kasirga Sok. No:4 Kirac Beldesi Esenyurt  Istanbul / Turkey

 

BRANCHES

:

Head Office/Production Plant  :  Ataturk Mah. Kasirga Sok. No:4 Kirac Beldesi Esenyurt Istanbul/Turkey

 

Branch Office  :   Ankara/Turkey

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2013.

SIZE OF BUSINESS

:

Upper-Medium

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Akbank Bayrampasa Branch

T. Is Bankasi Kisla Cad. Branch

 

CREDIT FACILITIES

:

The subject rarely makes use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2010) TL

(2011) TL

(2012) TL

(2013) TL Thousand

(01.01-31.03.2014) TL Thousand

Net Sales

4.485.070

6.247.972

8.790.383

12.537

3.526

Profit (Loss) Before Tax

236.332

304.585

232.009

408

-2

Stockholders' Equity

1.271.651

1.515.319

1.700.926

2.028

 

Total Assets

3.927.789

4.822.345

7.097.312

9.482

 

Current Assets

3.210.959

3.967.151

6.192.469

8.327

 

Non-Current Assets

716.830

855.194

904.843

1.155

 

Current Liabilities

2.655.448

3.307.026

5.396.386

7.454

 

Long-Term Liabilities

690

0

0

0

 

Gross Profit (loss)

610.734

751.892

1.027.241

1.478

318

Operating Profit (loss)

218.447

294.998

232.009

407

-2

Net Profit (loss)

189.066

243.668

185.607

326

-2

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Fair As of 31.12.2013

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 31.12.2013

Remarks On Liquidity

A part of current liabilities consist of short-term loans from shareholders rather than liabilities to third parties. 

 

The unfavorable gap between average collection and average payable period has an adverse effect on liquidity.

 

Profitability

In Order Operating Profitability  in 2010

Good Net Profitability  in 2010

In Order Operating Profitability  in 2011

Good Net Profitability  in 2011

Fair Operating Profitability  in 2012

Fair Net Profitability  in 2012

Fair Operating Profitability  in 2013

In Order Net Profitability  in 2013

Operating Loss (01.01-31.03.2014)

Net Loss (01.01-31.03.2014)

 

Gap between average collection and payable periods

Unfavorable in 2013

General Financial Position

Unsatisfactory

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2002 )

30,80 %

1,5168

1,3741

2,2001

 ( 2003 )

13,90 %

1,5302

1,7141

2,4982

 ( 2004 )

13,84 %

1,4266

1,7666

2,6001

 ( 2005 )

2,66 %

1,3499

1,6882

2,4623

 ( 2006 )

11,58 %

1,4309

1,7987

2,6377

 ( 2007 )

5,94 %

1,3075

1,7901

2,6133

 ( 2008 )

8,11 %

1,2858

1,8876

2,3708

 ( 2009 )

5,93 %

1,5460

2,1529

2,4094

 ( 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

 ( 01.01-30.04.2014)

5,61 %

2,1807

2,9954

3,6333

 

 

BALANCE SHEETS

 

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL

 

 ( 31.12.2013 )  TL Thousand

 

 

 

CURRENT ASSETS

3.210.959

0,82

3.967.151

0,82

6.192.469

0,87

8.327

0,88

 

 

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Cash and Banks

297.707

0,08

478.691

0,10

756.888

0,11

451

0,05

 

 

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Account Receivable

1.313.522

0,33

1.917.274

0,40

4.246.567

0,60

5.999

0,63

 

 

Other Receivable

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Inventories

1.471.336

0,37

1.549.566

0,32

1.189.014

0,17

1.856

0,20

 

 

Advances Given

22.141

0,01

0

0,00

0

0,00

0

0,00

 

 

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Other Current Assets

106.253

0,03

21.620

0,00

0

0,00

21

0,00

 

 

NON-CURRENT ASSETS

716.830

0,18

855.194

0,18

904.843

0,13

1.155

0,12

 

 

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Long-term Receivable

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Tangible Fixed Assets (net)

523.128

0,13

807.441

0,17

847.423

0,12

1.080

0,11

 

 

Intangible Assets

189.725

0,05

43.657

0,01

57.420

0,01

71

0,01

 

 

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Other Non-Current Assets

3.977

0,00

4.096

0,00

0

0,00

4

0,00

 

 

TOTAL ASSETS

3.927.789

1,00

4.822.345

1,00

7.097.312

1,00

9.482

1,00

 

 

CURRENT LIABILITIES

2.655.448

0,68

3.307.026

0,69

5.396.386

0,76

7.454

0,79

 

 

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Financial Loans

60.000

0,02

31.495

0,01

16.147

0,00

146

0,02

 

 

Accounts Payable

114.025

0,03

187.604

0,04

2.617.261

0,37

4.012

0,42

 

 

Loans from Shareholders

2.440.787

0,62

3.055.911

0,63

2.706.425

0,38

3.238

0,34

 

 

Other Short-term Payable

13.090

0,00

0

0,00

0

0,00

8

0,00

 

 

Advances from Customers

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Taxes Payable

10.034

0,00

19.970

0,00

41.855

0,01

22

0,00

 

 

Provisions

17.512

0,00

12.046

0,00

14.698

0,00

28

0,00

 

 

Other Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

LONG-TERM LIABILITIES

690

0,00

0

0,00

0

0,00

0

0,00

 

 

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Financial Loans

690

0,00

0

0,00

0

0,00

0

0,00

 

 

Securities Issued

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Long-term Payable

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Other Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

 

 

STOCKHOLDERS' EQUITY

1.271.651

0,32

1.515.319

0,31

1.700.926

0,24

2.028

0,21

 

 

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Paid-in Capital

40.000

0,01

40.000

0,01

40.000

0,01

40

0,00

 

 

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Inflation Adjustment of Capital

256.378

0,07

256.378

0,05

256.378

0,04

257

0,03

 

 

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Reserves

786.207

0,20

975.273

0,20

1.218.941

0,17

1.405

0,15

 

 

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Net Profit (loss)

189.066

0,05

243.668

0,05

185.607

0,03

326

0,03

 

 

TOTAL LIABILITIES AND EQUITY

3.927.789

1,00

4.822.345

1,00

7.097.312

1,00

9.482

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 51 is "Doubtful Trade Receivables" and -TL thousand 51 is "Provision for Doubtful Trade Receivables" at the last balance sheet.                                                                                                                                                                                   

TL thousand 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

 

(2013) TL Thousand

 

(01.01-31.03.2014) TL Thousand

 

Net Sales

4.485.070

1,00

6.247.972

1,00

8.790.383

1,00

12.537

1,00

3.526

1,00

Cost of Goods Sold

3.874.336

0,86

5.496.080

0,88

7.763.142

0,88

11.059

0,88

3.208

0,91

Gross Profit

610.734

0,14

751.892

0,12

1.027.241

0,12

1.478

0,12

318

0,09

Operating Expenses

392.287

0,09

456.894

0,07

795.232

0,09

1.071

0,09

320

0,09

Operating Profit

218.447

0,05

294.998

0,05

232.009

0,03

407

0,03

-2

0,00

Other Income

29.026

0,01

12.694

0,00

0

0,00

1

0,00

0

0,00

Other Expenses

11.067

0,00

3.034

0,00

0

0,00

0

0,00

0

0,00

Financial Expenses

74

0,00

73

0,00

0

0,00

0

0,00

0

0,00

Minority Interests

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Profit (loss) Before Tax

236.332

0,05

304.585

0,05

232.009

0,03

408

0,03

-2

0,00

Tax Payable

47.266

0,01

60.917

0,01

46.402

0,01

82

0,01

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

189.066

0,04

243.668

0,04

185.607

0,02

326

0,03

-2

0,00

 

 

FINANCIAL RATIOS

 

 

(2010)

(2011)

(2012)

(2013)

 

LIQUIDITY RATIOS

 

 

Current Ratio

1,21

1,20

1,15

1,12

 

Acid-Test Ratio

0,61

0,72

0,93

0,87

 

Cash Ratio

0,11

0,14

0,14

0,06

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,37

0,32

0,17

0,20

 

Short-term Receivable/Total Assets

0,33

0,40

0,60

0,63

 

Tangible Assets/Total Assets

0,13

0,17

0,12

0,11

 

TURNOVER RATIOS

 

 

Inventory Turnover

2,63

3,55

6,53

5,96

 

Stockholders' Equity Turnover

3,53

4,12

5,17

6,18

 

Asset Turnover

1,14

1,30

1,24

1,32

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,32

0,31

0,24

0,21

 

Current Liabilities/Total Assets

0,68

0,69

0,76

0,79

 

Financial Leverage

0,68

0,69

0,76

0,79

 

Gearing Percentage

2,09

2,18

3,17

3,68

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,15

0,16

0,11

0,16

 

Operating Profit Margin

0,05

0,05

0,03

0,03

 

Net Profit Margin

0,04

0,04

0,02

0,03

 

Interest Cover

3194,68

4173,40

 

 

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

105,43

110,47

173,91

172,26

 

Average Payable Period (days)

10,60

12,29

121,37

130,60

 

WORKING CAPITAL

555511,00

660125,00

796083,00

873,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.59.08

UK Pound

1

Rs.99.20

Euro

1

Rs.80.53

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

Report Prepared by :

NIT

 

               

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.