MIRA INFORM REPORT

 

 

Report No. :

354355

Report Date :

14.12.2015

 

IDENTIFICATION DETAILS

 

Name :

FLORKIM KIMYA SANAYI VE TICARET A.S.

 

 

Registered Office :

Akse Mah. Nazim Hikmet Cad. 535.Sok. No:11 Cayirova Kocaeli

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

12.06.2002

 

 

Com. Reg. No.:

20396

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of non-stick covering chemicals for kitchenware.

 

 

No. of Employee :

23

 

 

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, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Turkey

B1

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 has brought up to 1 million barrels per day from the Caspian region to market. Several gas pipeline projects also are moving forward to help transport Caspian gas to Europe through Turkey, which over the long term will help address Turkey's dependence on imported oil and gas, which currently meets 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. Two rating agencies upgraded Turkey's debt to investment grade in 2012 and 2013, and Turkey's public sector debt to GDP ratio fell to 33% in 2014. The stock value of Foreign Direct Investment reached nearly $195 billion at year-end 2014.

Despite these positive trends, GDP growth dropped to 4.4% in 2013 and 2.9% in 2014. Growth slowed considerably in the last quarter of 2014, largely due to lackluster consumer demand both domestically and in Europe, Turkey’s most important export market. High interest rates have also contributed to the slowdown in growth, as Turkey sharply increased interest rates in January 2014 in order to strengthen the country’s currency and reduce inflation. Turkey then cut rates in February 2015 in a bid to spur economic growth.

The Turkish economy retains significant weaknesses. Specifically, 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. Turkey also remains dependent on often volatile, short-term investment to finance its large current account deficit.

 

Source : CIA

 

NOTES

 

Full name of the firm was missing at your inquiry.

 

The registered full name of the firm having the  address stated at your inquiry is "FLORKIM KIMYA SANAYI VE TICARET A.S.".

 

 

 

 

COMPANY IDENTIFICATION

 

 

NAME

:

FLORKIM KIMYA SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Akse Mah. Nazim Hikmet Cad. 535.Sok. No:11 Cayirova Kocaeli / Turkey

PHONE NUMBER

:

90-262-744 11 54

 

FAX NUMBER

:

90-262-744 19 54

 

WEB-ADDRESS

:

www.florkim.com

E-MAIL

:

florkim@florkim.com

 

 

LEGAL STATUS AND HISTORY

 

 

NOTES ON LEGAL STATUS AND HISTORY

:

Change at tax no .

 

Change at registration no .

 

 

TAX OFFICE

:

Ilyasbey

TAX NO

:

3880769533

REMARKS ON TAX NO

:

As the subject changed its legal status from limited company to joint stock company, the tax number was changed from  "3880345559" to "3880769533."   

 

 

REGISTRATION NUMBER

:

20396

REGISTERED OFFICE

:

Gebze Chamber of Commerce

DATE ESTABLISHED

:

12.06.2002

ESTABLISHMENT GAZETTE DATE/NO

:

21.06.2002/5575

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   900.000

PAID-IN CAPITAL

:

TL   900.000

HISTORY

:

Previous Legal Type

:

Limited Company

Changed On

:

15.09.2015 (Commercial Gazette Date /Number 22.09.2015/ 8911)

Previous Name

:

Florkim Kimya Sanayi ve Ticaret Ltd. Sti.

Changed On

:

15.09.2015 (Commercial Gazette Date /Number 22.09.2015/ 8911)

Previous Registered Capital

:

TL 40.000

Changed On

:

04.05.2004 (Commercial Gazette Date /Number 11.05.2004/ 6047)

Previous Registered Capital

:

TL 400.000

Changed On

:

28.03.2012 (Commercial Gazette Date /Number 03.04.2012/ 8040)

Previous Address

:

Des Sanayi Sitesi D-8 Blok 112. Sok.  No: 2 Yukaridudullu Esensehir Umraniye Istanbul

Changed On

:

13.01.2004 (Commercial Gazette Date /Number 20.01.2004/ 5971)

Previous Address

:

Esenkent Mah. Baturalp Sok. No:43/A Umraniye Istanbul (The adress was changed from "Esensehir Mah. Inonu Cad. G-117 Sok. No: 1-A" by the municipality.)

Changed On

:

03.04.2014 (Commercial Gazette Date /Number 10.04.2014/ 8547)

Other Changes

:

The subject was firstly established in Istanbul and registered at Istanbul Commercial Registry with registration number 477742. Then it moved to Gebze Kocaeli and registered at Gebze Commercial Registry with reg. no. 20396.

Changed On

:

03.04.2014 (Commercial Gazette Date /Number 10.04.2014/ 8547)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Mehmet Kenan Malkoc

35 %

Serkan Sagiroglu

30 %

Heper Demir

20 %

Serhat Sagiroglu

10 %

Cengiz Sonmez

5 %

 

 

BOARD OF DIRECTORS

:

Serkan Sagiroglu

Chairman

Serhat Sagiroglu

Member

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Manufacture and trade of non-stick covering chemicals for kitchenware.

 

NACE CODE

:

DG.24.12

 

SECTOR

:

Chemicals

 

NUMBER OF EMPLOYEES

:

23

 

NET SALES

:

3.878.732 TL

(2010) 

5.142.170 TL

(2011) 

5.873 TL Thousand

(2012) 

6.796 TL Thousand

(2013) 

6.406 TL Thousand

(01.01-30.09.2014) 

 

 

REMARKS ON NET SALES

:

In Turkey, there is no public registry on companies’ financial and detailed general data. So, to collect a firm’s data, an information agency has to contact the company and get its authorization.

 

However the company strictly declines to give us an authorization to gather its fresh financial data. As the firm’s shares are not open to public it is not obliged to announce its data.

 

IMPORT COUNTRIES

:

Germany

Belgium

 

MERCHANDISE IMPORTED

:

Covering chemicals

 

 

EXPORT VALUE

:

836.369 TL

(2010)

1.465.155 TL

(2011)

851 TL Thousand

(2012)

376 TL Thousand

(2013)

240 TL Thousand

(01.01-30.09.2014)

 

 

EXPORT COUNTRIES

:

Egypt

Russia

Ukraine

Romania

Jordan

Iran

 

MERCHANDISE  EXPORTED

:

Flouro-polymers

 

HEAD OFFICE ADDRESS

:

Akse Mah. Nazim Hikmet Cad. 535.Sok. No:11 Cayirova  Kocaeli / Turkey

 

BRANCHES

:

Head Office/Production Plant  :  Akse Mah. Nazim Hikmet Cad. 535.Sok. No:11 Cayirova Kocaeli/Turkey

                                                                                

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2013. There appears an upwards trend in  1.1 - 30.9.2014.

SIZE OF BUSINESS

:

Upper-Medium

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Garanti Bankasi Des Branch

T. Halk Bankasi Umraniye Branch

T. Is Bankasi Gebze Branch

 

CREDIT FACILITIES

:

The subject company is making active use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

 

 

KEY FINANCIAL ELEMENTS

:

 

(2010) TL

(2011) TL

(2012) TL Thousand

(2013) TL Thousand

(01.01-30.09.2014) TL Thousand

Net Sales

3.878.732

5.142.170

5.873

6.796

6.406

Profit (Loss) Before Tax

243.808

230.328

263

731

778

Stockholders' Equity

1.651.953

1.937.887

2.645

3.227

 

Total Assets

3.612.013

5.816.377

7.964

8.800

 

Current Assets

2.528.753

4.473.570

6.331

6.589

 

Non-Current Assets

1.083.260

1.342.807

1.633

2.211

 

Current Liabilities

1.960.060

3.267.707

5.319

3.552

 

Long-Term Liabilities

0

610.783

0

2.021

 

Gross Profit (loss)

1.113.482

849.645

1.055

1.724

1.694

Operating Profit (loss)

506.761

435.502

560

1.261

1.247

Net Profit (loss)

187.339

178.995

207

582

620

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Satisfactory As of 31.12.2013

Liquidity

Satisfactory As of 31.12.2013

Remarks On Liquidity

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

Profitability

High Operating Profitability  in 2010

Good Net Profitability  in 2010

Good Operating Profitability  in 2011

In Order Net Profitability  in 2011

High Operating Profitability  in 2012

Good Net Profitability  in 2012

High Operating Profitability  in 2013

High Net Profitability  in 2013

High Operating Profitability (01.01-30.09.2014)

High Net Profitability (01.01-30.09.2014)

 

Gap between average collection and payable periods

Unfavorable in 2013

General Financial Position

Satisfactory

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

 ( 01.01-30.09.2014)

7,24 %

2,1706

2,9323

3,6222

 ( 2014 )

6,36 %

2,1891

2,8989

3,6060

 ( 01.01-30.11.2015)

6,06 %

2,7064

3,0117

4,1515

 

 

BALANCE SHEETS

 

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL Thousand

 

 ( 31.12.2013 )  TL Thousand

 

CURRENT ASSETS

2.528.753

0,70

4.473.570

0,77

6.331

0,79

6.589

0,75

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

1.482.165

0,41

130.810

0,02

612

0,08

466

0,05

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

912.230

0,25

2.463.397

0,42

4.555

0,57

4.581

0,52

Other Receivable

18.188

0,01

87.125

0,01

0

0,00

730

0,08

Inventories

44.657

0,01

1.203.288

0,21

813

0,10

414

0,05

Advances Given

0

0,00

211.310

0,04

12

0,00

350

0,04

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

71.513

0,02

377.640

0,06

339

0,04

48

0,01

NON-CURRENT ASSETS

1.083.260

0,30

1.342.807

0,23

1.633

0,21

2.211

0,25

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)

923.634

0,26

950.520

0,16

1.235

0,16

1.803

0,20

Intangible Assets

159.626

0,04

392.287

0,07

398

0,05

397

0,05

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

0

0,00

0

0,00

11

0,00

TOTAL ASSETS

3.612.013

1,00

5.816.377

1,00

7.964

1,00

8.800

1,00

CURRENT LIABILITIES

1.960.060

0,54

3.267.707

0,56

5.319

0,67

3.552

0,40

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

1.664.774

0,46

1.361.231

0,23

4.119

0,52

1.283

0,15

Accounts Payable

11.809

0,00

1.405.665

0,24

1.079

0,14

1.882

0,21

Loans from Shareholders

173.678

0,05

415.100

0,07

19

0,00

0

0,00

Other Short-term Payable

37.002

0,01

52.177

0,01

20

0,00

193

0,02

Advances from Customers

0

0,00

0

0,00

0

0,00

153

0,02

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

16.327

0,00

15.386

0,00

25

0,00

24

0,00

Provisions

56.470

0,02

18.148

0,00

57

0,01

17

0,00

Other Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

LONG-TERM LIABILITIES

0

0,00

610.783

0,11

0

0,00

2.021

0,23

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

610.783

0,11

0

0,00

2.021

0,23

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

1.651.953

0,46

1.937.887

0,33

2.645

0,33

3.227

0,37

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

400.000

0,11

400.000

0,07

900

0,11

900

0,10

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

35.197

0,01

35.197

0,01

35

0,00

35

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

1.036.152

0,29

1.330.430

0,23

1.510

0,19

1.717

0,20

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

-6.735

0,00

-6.735

0,00

-7

0,00

-7

0,00

Net Profit (loss)

187.339

0,05

178.995

0,03

207

0,03

582

0,07

TOTAL LIABILITIES AND EQUITY

3.612.013

1,00

5.816.377

1,00

7.964

1,00

8.800

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 67 is "Doubtful Trade Receivables" and -TL thousand 67 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: 657, Due From Participations: 0, Due From Affiliated Companies: 0, Due From Personnel: 28, Other Miscellaneous Receivables: 45, Other Receivable Total: 730        

 

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 Thousand

 

(2013) TL Thousand

 

(01.01-30.09.2014) TL Thousand

 

Net Sales

3.878.732

1,00

5.142.170

1,00

5.873

1,00

6.796

1,00

6.406

1,00

Cost of Goods Sold

2.765.250

0,71

4.292.525

0,83

4.818

0,82

5.072

0,75

4.712

0,74

Gross Profit

1.113.482

0,29

849.645

0,17

1.055

0,18

1.724

0,25

1.694

0,26

Operating Expenses

606.721

0,16

414.143

0,08

495

0,08

463

0,07

447

0,07

Operating Profit

506.761

0,13

435.502

0,08

560

0,10

1.261

0,19

1.247

0,19

Other Income

89.992

0,02

130.001

0,03

293

0,05

353

0,05

99

0,02

Other Expenses

88.380

0,02

156.174

0,03

188

0,03

436

0,06

139

0,02

Financial Expenses

264.565

0,07

179.001

0,03

402

0,07

447

0,07

429

0,07

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

243.808

0,06

230.328

0,04

263

0,04

731

0,11

778

0,12

Tax Payable

56.469

0,01

51.333

0,01

56

0,01

149

0,02

158

0,02

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

187.339

0,05

178.995

0,03

207

0,04

582

0,09

620

0,10

 

 

FINANCIAL RATIOS

 

 

(2010)

(2011)

(2012)

(2013)

 

LIQUIDITY RATIOS

 

 

Current Ratio

1,29

1,37

1,19

1,86

 

Acid-Test Ratio

1,23

0,82

0,97

1,63

 

Cash Ratio

0,76

0,04

0,12

0,13

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,01

0,21

0,10

0,05

 

Short-term Receivable/Total Assets

0,26

0,44

0,57

0,60

 

Tangible Assets/Total Assets

0,26

0,16

0,16

0,20

 

TURNOVER RATIOS

 

 

Inventory Turnover

61,92

3,57

5,93

12,25

 

Stockholders' Equity Turnover

2,35

2,65

2,22

2,11

 

Asset Turnover

1,07

0,88

0,74

0,77

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,46

0,33

0,33

0,37

 

Current Liabilities/Total Assets

0,54

0,56

0,67

0,40

 

Financial Leverage

0,54

0,67

0,67

0,63

 

Gearing Percentage

1,19

2,00

2,01

1,73

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,11

0,09

0,08

0,18

 

Operating Profit Margin

0,13

0,08

0,10

0,19

 

Net Profit Margin

0,05

0,03

0,04

0,09

 

Interest Cover

1,92

2,29

1,65

2,64

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

84,67

172,46

279,21

242,67

 

Average Payable Period (days)

1,54

117,89

80,62

133,58

 

WORKING CAPITAL

568693,00

1205863,00

1012,00

3037,00

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.79

UK Pound

1

Rs.101.10

Euro

1

Rs.73.10

TRY

1

Rs.22.68

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

ANK

 

 

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

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NB

                                       New Business

 

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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.