MIRA INFORM REPORT

 

 

Report No. :

307671

Report Date :

14.02.2015

 

IDENTIFICATION DETAILS

 

Name :

VECHEM KIMYA SANAYI TICARET A.S.

 

 

Registered Office :

Istanbul Deri Organize Sanayi Bolgesi Vakum Cad. No:18 C-14 Ozel Parsel Tuzla Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

02.08.2005

 

 

Com. Reg. No.:

561170

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and Trade of Leather Chemicals. 

 

 

No. of Employees :

24

 

 

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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 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

:

VECHEM KIMYA SANAYI TICARET A.S.

HEAD OFFICE ADDRESS

:

Istanbul Deri Organize Sanayi Bolgesi Vakum Cad. No:18 C-14 Ozel Parsel Tuzla Istanbul / Turkey

PHONE NUMBER

:

90-216-394 11 08

 

FAX NUMBER

:

90-216-394 07 54

 

WEB-ADDRESS

:

www.vechem.com

E-MAIL

:

info@vechem.com

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Tuzla

TAX NO

:

9240444871

REGISTRATION NUMBER

:

561170

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

02.08.2005

ESTABLISHMENT GAZETTE DATE/NO

:

09.08.2005/6364

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   2.000.000

PAID-IN CAPITAL

:

TL   2.000.000

 

HISTORY

:

Previous Legal Type

:

Limited Company

Changed On

:

17.07.2008 (Commercial Gazette Date /Number 23.07.2008/ 7111)

Previous Name

:

Vechem Kimya Sanayi Ticaret Ltd. Sti

Changed On

:

17.07.2008 (Commercial Gazette Date /Number 23.07.2008/ 7111)

 

 

OWNERSHIP/ MANAGEMENT

 

 

SHAREHOLDERS

:

 

Oktay Karakoc Dis Ticaret ve Deri Sanayi Ltd. Sti.

89 %

Omer Karakoc

5 %

Oktay Karakoc

5 %

Emine Karakoc

0,50 %

Senay Karakoc

0,50 %

 

 

BOARD OF DIRECTORS

:

Oktay Karakoc

Chairman

Senay Karakoc

Member

Omer Karakoc

Member

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Manufacture and trade of leather chemicals. 

 

The subject has declared that the firm started manufacturing activity at the beginning of 2010.

 

NACE CODE

:

DG.24.66

 

SECTOR

:

Chemicals

 

NUMBER OF EMPLOYEES

:

24

 

NET SALES

:

1.043.159 TL

(2009) 

1.497.435 TL

(2010) 

1.667.180 TL

(2011) 

1.625.544 TL

(2012) 

3.652 TL Thousand

(2013) 

4.126 TL Thousand

(01.01-30.09.2014) 

 

 

IMPORT COUNTRIES

:

Germany

 

MERCHANDISE IMPORTED

:

Raw materials

 

 

EXPORT VALUE

:

313.669 TL

(2009)

305.543 TL

(2010)

202.059 TL

(2011)

259.343 TL

(2012)

569 TL Thousand

(2013)

424 TL Thousand

(01.01-30.09.2014)

 

 

EXPORT COUNTRIES

:

China

Iran

Spain

Germany

 

MERCHANDISE  EXPORTED

:

Leather chemicals

 

HEAD OFFICE ADDRESS

:

Istanbul Deri Organize Sanayi Bolgesi Vakum Cad. No:18 C-14 Ozel Parsel Tuzla  Istanbul / Turkey ( rented )

 

BRANCHES

:

Head Office/Production Plant  :  Istanbul Deri Organize Sanayi Bolgesi Vakum Cad. No:18 C-14 Ozel Parsel Tuzla Istanbul/Turkey (rented)

                                                                                

 

 

TREND OF BUSINESS

:

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

SIZE OF BUSINESS

:

Medium

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Garanti Bankasi E-5 Pendik Branch

Kuveyt Turk Katilim Bankasi Tuzla Branch

T. Finans Katilim Bankasi Merkez Branch

 

CREDIT FACILITIES

:

No credit facility has come to our knowledge.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

 

KEY FINANCIAL ELEMENTS

:

 

(2010) TL

(2011) TL

(2012) TL

(2013) TL Thousand

(01.01-30.09.2014) TL Thousand

Net Sales

1.497.435

1.667.180

1.625.544

3.652

4.126

Profit (Loss) Before Tax

44.681

48.267

43.322

102

103

Stockholders' Equity

1.605.167

1.653.434

1.696.757

1.799

 

Total Assets

4.104.397

5.131.487

4.348.680

5.468

 

Current Assets

2.862.131

4.083.306

3.411.832

4.867

 

Non-Current Assets

1.242.266

1.048.181

936.848

601

 

Current Liabilities

2.499.230

3.478.053

2.651.923

3.669

 

Long-Term Liabilities

0

0

0

0

 

Gross Profit (loss)

546.575

590.002

547.947

771

391

Operating Profit (loss)

64.505

50.541

44.527

89

104

Net Profit (loss)

44.681

48.267

43.322

102

103

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

High 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. 

 

The liquid assets consist mainly of receivables the amount of cash&banks or marketable securities (which are more liquid) are low.

 

Profitability

In Order Operating Profitability  in 2010

Fair Net Profitability  in 2010

Fair Operating Profitability  in 2011

Fair Net Profitability  in 2011

Fair Operating Profitability  in 2012

Fair Net Profitability  in 2012

Fair Operating Profitability  in 2013

Fair Net Profitability  in 2013

Fair Operating Profitability (01.01-30.09.2014)

Fair Net Profitability (01.01-30.09.2014)

 

Gap between average collection and payable periods

Unfavorable in 2013

General Financial Position

In Order

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 01.01-30.09.2014)

7,24 %

2,1706

2,9323

3,6222

 ( 2014 )

6,36 %

2,1891

2,8989

3,6060

 ( 01.01-31.01.2015)

0,33 %

2,3765

2,7885

3,6477

 

 

BALANCE SHEETS

 

 

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL

 

 ( 31.12.2013 )  TL Thousand

 

 

 

CURRENT ASSETS

2.862.131

0,70

4.083.306

0,80

3.411.832

0,78

4.867

0,89

 

 

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Cash and Banks

150.437

0,04

9.638

0,00

4.656

0,00

39

0,01

 

 

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Account Receivable

2.456.542

0,60

3.618.059

0,71

2.556.574

0,59

4.585

0,84

 

 

Other Receivable

39.056

0,01

15.844

0,00

0

0,00

0

0,00

 

 

Inventories

160.608

0,04

388.171

0,08

756.178

0,17

201

0,04

 

 

Advances Given

0

0,00

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

55.488

0,01

51.594

0,01

94.424

0,02

42

0,01

 

 

NON-CURRENT ASSETS

1.242.266

0,30

1.048.181

0,20

936.848

0,22

601

0,11

 

 

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)

419.093

0,10

225.009

0,04

195.163

0,04

129

0,02

 

 

Intangible Assets

823.173

0,20

823.172

0,16

741.685

0,17

472

0,09

 

 

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

0

0,00

 

 

TOTAL ASSETS

4.104.397

1,00

5.131.487

1,00

4.348.680

1,00

5.468

1,00

 

 

CURRENT LIABILITIES

2.499.230

0,61

3.478.053

0,68

2.651.923

0,61

3.669

0,67

 

 

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Financial Loans

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Accounts Payable

597.935

0,15

1.420.054

0,28

594.364

0,14

866

0,16

 

 

Loans from Shareholders

1.895.967

0,46

2.001.797

0,39

2.013.950

0,46

2.719

0,50

 

 

Other Short-term Payable

0

0,00

20.716

0,00

11.813

0,00

53

0,01

 

 

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

5.328

0,00

35.486

0,01

31.796

0,01

31

0,01

 

 

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Other Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

LONG-TERM LIABILITIES

0

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

0

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

1.605.167

0,39

1.653.434

0,32

1.696.757

0,39

1.799

0,33

 

 

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Paid-in Capital

2.000.000

0,49

2.000.000

0,39

2.000.000

0,46

2.000

0,37

 

 

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Inflation Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Reserves

0

0,00

44.681

0,01

92.949

0,02

136

0,02

 

 

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Accumulated Losses(-)

-439.514

-0,11

-439.514

-0,09

-439.514

-0,10

-439

-0,08

 

 

Net Profit (loss)

44.681

0,01

48.267

0,01

43.322

0,01

102

0,02

 

 

TOTAL LIABILITIES AND EQUITY

4.104.397

1,00

5.131.487

1,00

4.348.680

1,00

5.468

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.                                                                                      

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

 

(2013) TL Thousand

 

(01.01-30.09.2014) TL Thousand

 

Net Sales

1.497.435

1,00

1.667.180

1,00

1.625.544

1,00

3.652

1,00

4.126

1,00

Cost of Goods Sold

950.860

0,63

1.077.178

0,65

1.077.597

0,66

2.881

0,79

3.735

0,91

Gross Profit

546.575

0,37

590.002

0,35

547.947

0,34

771

0,21

391

0,09

Operating Expenses

482.070

0,32

539.461

0,32

503.420

0,31

682

0,19

287

0,07

Operating Profit

64.505

0,04

50.541

0,03

44.527

0,03

89

0,02

104

0,03

Other Income

2.644

0,00

12

0,00

188

0,00

14

0,00

0

0,00

Other Expenses

22.324

0,01

380

0,00

1.393

0,00

1

0,00

1

0,00

Financial Expenses

144

0,00

1.906

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

44.681

0,03

48.267

0,03

43.322

0,03

102

0,03

103

0,02

Tax Payable

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

44.681

0,03

48.267

0,03

43.322

0,03

102

0,03

103

0,02

 

 

FINANCIAL RATIOS

 

 

(2010)

(2011)

(2012)

(2013)

 

LIQUIDITY RATIOS

 

 

Current Ratio

1,15

1,17

1,29

1,33

 

Acid-Test Ratio

1,06

1,05

0,97

1,26

 

Cash Ratio

0,06

0,00

0,00

0,01

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,04

0,08

0,17

0,04

 

Short-term Receivable/Total Assets

0,61

0,71

0,59

0,84

 

Tangible Assets/Total Assets

0,10

0,04

0,04

0,02

 

TURNOVER RATIOS

 

 

Inventory Turnover

5,92

2,78

1,43

14,33

 

Stockholders' Equity Turnover

0,93

1,01

0,96

2,03

 

Asset Turnover

0,36

0,32

0,37

0,67

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,39

0,32

0,39

0,33

 

Current Liabilities/Total Assets

0,61

0,68

0,61

0,67

 

Financial Leverage

0,61

0,68

0,61

0,67

 

Gearing Percentage

1,56

2,10

1,56

2,04

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,03

0,03

0,03

0,06

 

Operating Profit Margin

0,04

0,03

0,03

0,02

 

Net Profit Margin

0,03

0,03

0,03

0,03

 

Interest Cover

311,28

26,32

 

 

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

590,58

781,26

566,19

451,97

 

Average Payable Period (days)

226,38

474,59

198,56

108,21

 

WORKING CAPITAL

362901,00

605253,00

759909,00

1198,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.43

UK Pound

1

Rs.95.02

Euro

1

Rs.70.63

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

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.