MIRA INFORM REPORT

 

 

Report No. :

512273

Report Date :

01.06.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

CHEMSTAR KIMYA ENDUSTRI VE DIS TICARET A.S.

 

 

Registered Office :

Ugur Mumcu Mah. Tore Sok. Firuz Hanim Sitesi 5.Blok Apt. No: 15/3 Kartal 34882 Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2017

 

 

Date of Incorporation :

24.05.2016

 

 

Com. Reg. No.:

37533-5

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Trade of textile chemical products. 

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

B

 

Credit Rating

Explanation

Rating Comments

B

Medium Risk

Business dealings permissible on a regular monitoring basis

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but Correct

 

 

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

 

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

Turkey

B2

B2

 

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 driven by its industry and, increasingly, service sectors, although its traditional agriculture sector still accounts for about 25% of employment. The automotive, petrochemical, and electronics industries have risen in importance and surpassed the traditional textiles and clothing sectors within Turkey's export mix. However, the recent period of political stability and economic dynamism has given way to domestic uncertainty and security concerns, which are generating financial market volatility and weighing on Turkey’s economic outlook.

Current government policies emphasize populist spending measures and credit breaks, while implementation of structural economic reforms has slowed. The government is playing a more active role in some strategic sectors and has used economic institutions and regulators to target political opponents, undermining private sector confidence in the judicial system. Between July 2016 and March 2017, three credit ratings agencies downgraded Turkey’s sovereign credit ratings, citing concerns about the rule of law and the pace of economic reforms.

Turkey remains highly dependent on imported oil and gas but is pursuing energy relationships with a broader set of international partners and taking steps to increase use of domestic energy sources including renewables, nuclear, and coal. The joint Turkish-Azerbaijani Trans-Anatolian Natural Gas Pipeline is moving forward to increase transport of Caspian gas to Turkey and Europe, and when completed will help diversify Turkey's sources of imported gas.

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. An aggressive privatization program also reduced state involvement in basic industry, banking, transport, power generation, and communication. 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 growth rebounded to around 9% in 2010 and 2011, as exports and investment recovered following the crisis.

The growth of Turkish GDP since 2016 has revealed the persistent underlying imbalances in the Turkish economy. In particular, Turkey’s large current account deficit means it must rely on external investment inflows to finance growth, leaving the economy vulnerable to destabilizing shifts in investor confidence. Other troublesome trends include rising unemployment and inflation, which increased in 2017, given the Turkish lira’s continuing depreciation against the dollar. Although government debt remains low at about 30% of GDP, bank and corporate borrowing has almost tripled as a percent of GDP during the past decade, outpacing its emerging-market peers and prompting investor concerns about its long-term sustainability.

 

Source : CIA

 

COMPANY IDENTIFICATION

 

 

 

NAME

CHEMSTAR KIMYA ENDUSTRI VE DIS TICARET A.S.

HEAD OFFICE ADDRESS

Ugur Mumcu Mah. Tore Sok. Firuz Hanim Sitesi 5.Blok Apt. No: 15/3 Kartal 34882 Istanbul / Turkey

PHONE NUMBER

90-532-476 02 34

 

WEB-ADDRESS

www.chemstar.com.tr

E-MAIL

info@chemstar.com.tr

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

Yakacik

TAX NO

2090673325

REGISTRATION NUMBER

37533-5

REGISTERED OFFICE

Istanbul Chamber of Commerce

COMMERCIAL REGISTRY

Istanbul Commercial Registry

DATE ESTABLISHED

24.05.2016

ESTABLISHMENT GAZETTE DATE/NO

30.05.2016/9085

 

LEGAL FORM

Joint Stock Company

TYPE OF COMPANY

Private

REGISTERED CAPITAL

TL   50.000

PAID-IN CAPITAL

TL   50.000

HISTORY

Previous Address   :  

 

 

Deri Organize Sanayi Bolgesi Mah. Rugan Sok. No:2 /XVII-11 Ozel Parsel Tuzla Istanbul    / Changed on : 06.02.2018/(Commercial Gazette Date /Number 12.02.2018 /9514)

 

 

OWNERSHIP / MANAGEMENT

 

 

 

SHAREHOLDERS

Ahmet Yener Akpinar

100 %

 

BOARD OF DIRECTORS

 

Ahmet Yener Akpinar ( Chairman )

 

 

 

 

OPERATIONS

 

 

NOTES ON OPERATIONS

The firm orders production to contract manufacturers.                                                                                                                                                                          

 

BUSINESS ACTIVITIES

Trade of textile chemical products. 

 

The subject orders textile chemicals to be manufactured in the name of the subject company to contract manufacturers.

 

NACE CODE

G .51.55

 

SECTOR

Commerce

 

NUMBER OF EMPLOYEES

0

 

NOTES ON NUMBER OF EMPLOYEES

 

The firm has no employees. Operations are carried out by the shareholders/partners/owner.                                                                                                                      

 

NET SALES

614.471 TL

(24.05-31.12.2016) 

2.437.445 TL

(2017) 

917.046 TL

(01.01-31.03.2018) 

 

 

REMARKS ON PRODUCTION

None

 

IMPORT VALUE

0 TL

(24.05-31.12.2016)

0 TL

(2017)

0 TL

(01.01-30.04.2018)

 

EXPORT VALUE

545.900 TL

(24.05-31.12.2016)

1.520.234 TL

(2017)

307.503 TL

(01.01-30.04.2018)

 

EXPORT COUNTRIES

Pakistan

Bangladesh

Azerbaijan

Palestine

 

MERCHANDISE  EXPORTED

Textile Chemicals

 

HEAD OFFICE ADDRESS

Ugur Mumcu Mah. Tore Sok. Firuz Hanim Sitesi 5.Blok Apt. No: 15/3 Kartal  Istanbul / Turkey

 

NOTES ON INVESTMENTS

None                                                                                                                                                               

 

 

 

SIZE OF BUSINESS

Lower-Moderate

 

 

FINANCE

 

 

 

MAIN DEALING BANKS

Kuveyt Turk Katilim Bankasi Tuzla Branch

T. Garanti Bankasi Tuzla Branch

 

CREDIT FACILITIES

 

The subject company is making use of credit facilities.

 

PAYMENT BEHAVIOUR

Slow but Correct.

 

KEY FINANCIAL ELEMENTS

 

 

                                

 

(24.05-31.12.2016)                                                                                TL

(2017)                                                                                TL

(01.01-31.03.2018)                                                                                TL

Net Sales

614.471

2.437.445

917.046

Profit (Loss) Before Tax

15.799

61.687

65.713

Stockholders' Equity

62.635

111.972

 

Total Assets

456.862

914.041

 

Current Assets

221.932

542.919

 

Non-Current Assets

234.930

371.122

 

Current Liabilities

247.946

524.591

 

Long-Term Liabilities

146.281

277.478

 

Gross Profit (loss)

189.827

611.074

220.835

Operating Profit (loss)

-3.173

86.487

68.290

Net Profit (loss)

12.635

49.337

65.713

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization            

Insufficient As of 31.12.2017

Remarks on Capitalization

A part of liabilities consist of loans from shareholders.                                                                                                                                                 

Liquidity

Good As of 31.12.2017

Remarks On Liquidity

 

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

 

Profitability

Operating Loss (24.05-31.12.2016)

Fair Net Profitability (24.05-31.12.2016)

Fair Operating Profitability  in 2017

Fair Net Profitability  in 2017

Good Operating Profitability (01.01-31.03.2018)

Good Net Profitability (01.01-31.03.2018)

 

Gap between average collection and payable periods

Favorable in 2017

General Financial Position

Passable

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2016 )

9,94 %

3,0292

3,3349

4,1006

 ( 2017 )

15,47 %

3,6337

4,1120

4,7059

 ( 01.01-31.03.2018)

5,29 %

3,8255

4,6833

5,3266

 ( 01.01-30.04.2018)

8,03 %

3,8698

4,7268

5,3753

 

 

BALANCE SHEETS

 

 

31.12.2016  ( Interim Period )  TL

 

31.12.2017  ( Full Year  )  TL

 

CURRENT ASSETS

221.932

0,49

542.919

0,59

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

95.450

0,21

123.266

0,13

Marketable Securities

0

0,00

0

0,00

Account Receivable

104.905

0,23

414.089

0,45

Other Receivable

0

0,00

0

0,00

Inventories

0

0,00

211

0,00

Advances Given

0

0,00

0

0,00

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

21.577

0,05

5.353

0,01

NON-CURRENT ASSETS

234.930

0,51

371.122

0,41

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)

233.540

0,51

357.776

0,39

Intangible Assets

1.390

0,00

1.043

0,00

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

12.303

0,01

TOTAL ASSETS

456.862

1,00

914.041

1,00

CURRENT LIABILITIES

247.946

0,54

524.591

0,57

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

0

0,00

1.681

0,00

Accounts Payable

244.543

0,54

391.602

0,43

Loans from Shareholders

0

0,00

126.546

0,14

Other Short-term Payable

0

0,00

0

0,00

Advances from Customers

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

4.762

0,01

Taxes Payable

3.403

0,01

0

0,00

Provisions

0

0,00

0

0,00

Other Current Liabilities

0

0,00

0

0,00

LONG-TERM LIABILITIES

146.281

0,32

277.478

0,30

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

0

0,00

131.885

0,14

Securities Issued

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

Loans from Shareholders

146.281

0,32

145.593

0,16

Other Long-term Liabilities

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

62.635

0,14

111.972

0,12

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

50.000

0,11

50.000

0,05

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

0

0,00

12.635

0,01

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

Net Profit (loss)

12.635

0,03

49.337

0,05

TOTAL LIABILITIES AND EQUITY

456.862

1,00

914.041

1,00

 

 

INCOME STATEMENTS

 

 

(24.05-31.12.2016)  ( Interim Period )  TL

 

(2017)  ( Full Year  )  TL

 

(01.01-31.03.2018)  ( Interim Period )  TL

 

Net Sales

614.471

1,00

2.437.445

1,00

917.046

1,00

Cost of Goods Sold

424.644

0,69

1.826.371

0,75

696.211

0,76

Gross Profit

189.827

0,31

611.074

0,25

220.835

0,24

Operating Expenses

193.000

0,31

524.587

0,22

152.545

0,17

Operating Profit

-3.173

-0,01

86.487

0,04

68.290

0,07

Other Income

40.784

0,07

28.767

0,01

2.156

0,00

Other Expenses

18.543

0,03

46.953

0,02

0

0,00

Financial Expenses

3.269

0,01

6.614

0,00

4.733

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

15.799

0,03

61.687

0,03

65.713

0,07

Tax Payable

3.164

0,01

12.350

0,01

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

12.635

0,02

49.337

0,02

65.713

0,07

 

 

LAST FINANCIAL STATEMENT DETAILS

 

                                 

TL

Cash

1.378

Banks

121.888

Doubtful Trade Receivables

0

Overdue, Delayed or Deferred Tax by Installments and Other Liabilities

0

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 67.45

UK Pound

1

INR 89.79

Euro

1

INR 78.79

TRY

1

INR 14.76

 

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

VAR

 

 

Report Prepared by :

TRU

                                                


 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

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 are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

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.