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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

506127

Report Date :

03.05.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

PROMAR ENDUSTRIYEL KIMYASALLAR SANAYI VE DIS TICARET LTD. STI.

 

 

Formerly Known As :

PROMAR ENDUSTRIYEL KIMYASALLAR VE TEKSTIL SANAYI DIS TICARET LTD. STI

 

 

Registered Office :

Ikitelli Osb Mah. Galvanoteknik Nikel Sok. F1 Blok N:4 Basaksehir 34490 Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2017

 

 

Date of Incorporation :

05.09.1996

 

 

Com. Reg. No.:

352368

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacture and trade of mineral oil and chemicals

 

 

No. of Employees :

23

 

 

 

RATING & COMMENTS

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

 

MIRA’s Rating :

A

 

Credit Rating

Explanation

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

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

 

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

 

NOTES

 

NOTES

Address at your inquiry was changed by the authority/municipality.                                                                                                                                                                         

 

 

COMPANY IDENTIFICATION

 

 

 

NAME

PROMAR ENDUSTRIYEL KIMYASALLAR SANAYI VE DIS TICARET LTD. STI.

HEAD OFFICE ADDRESS

Ikitelli Osb Mah. Galvanoteknik Nikel Sok. F1 Blok N:4 Basaksehir 34490 Istanbul / Turkey

REMARKS ON HEAD OFFICE ADDRESS

The address was changed from "Ikitelli Organize Sanayi Bolgesi Galvano Teknik Sanayi Sitesi F Blok No:4" to "Ikitelli Osb Mah. Galvanoteknik Nikel Sok. F1 Blok N:4" by the municipality.

PHONE NUMBER

90-212-671 05 10

 

FAX NUMBER

90-212-613 05 70

 

WEB-ADDRESS

www.promarchemicals.com

E-MAIL

promar@promarchemicals.com

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

Yenikapi

TAX NO

7330063771

REGISTRATION NUMBER

352368

REGISTERED OFFICE

Istanbul Chamber of Commerce

COMMERCIAL REGISTRY

Istanbul Commercial Registry

DATE ESTABLISHED

05.09.1996

ESTABLISHMENT GAZETTE DATE/NO

10.09.1996/4120

LEGAL FORM

Limited Company

TYPE OF COMPANY

Private

REGISTERED CAPITAL

TL   2.500.000

PAID-IN CAPITAL

TL   2.500.000

HISTORY

Previous Name   :  

Promar Endustriyel Kimyasallar ve Tekstil Sanayi Dis Ticaret Ltd. Sti.    / Changed on : 13.05.2004/(Commercial Gazette Date /Number 18.05.2004 /6052)

Previous Registered Capital   :  

TL 600.000    / Changed on : 18.12.2008/(Commercial Gazette Date /Number 23.12.2008 /7212)

Previous Address   :  

Ikitelli Organize Sanayi Bolgesi Galvano Teknik Sanayi Sitesi F Blok No:4 Basaksehir, Istanbul    / Changed on : 19.12.2013/(Commercial Gazette Date /Number 25.12.2013 /8472)

Previous Shareholder   :  

Please vide Previous Shareholders section for the former shareholders' name.    / Changed on : 21.09.2012/(Commercial Gazette Date /Number 27.09.2012 /8162)

PREVIOUS SHAREHOLDERS

Mutlu Cigri

99,99 %

Ayten Zincir Ergin

0,01 %

 

 

OWNERSHIP / MANAGEMENT

 

 

 

SHAREHOLDERS

Mutlu Cigri

100 %

 

DIRECTORS

 

Mutlu Cigri ( General Manager )

 

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

Manufacture and trade of mineral oil and chemicals.

NACE CODE

DF.23.20

NUMBER OF EMPLOYEES

23

NET SALES

12.257 TL Thousand

(2015) 

12.954 TL Thousand

(2016) 

16.654 TL Thousand

(2017) 

 

IMPORT COUNTRIES

Belgium

Italy

U.K.

U.S.A.

MERCHANDISE IMPORTED

Mineral oil

Raw materials

EXPORT VALUE

835 TL Thousand

(2015)

557 TL Thousand

(2016)

1.002 TL Thousand

(2017)

 

EXPORT COUNTRIES

Egypt

Tunisia

MERCHANDISE  EXPORTED

Chemicals

Mineral oil

HEAD OFFICE ADDRESS

Ikitelli Osb Mah. Galvanoteknik Nikel Sok. F1 Blok N:4 Basaksehir  Istanbul / Turkey

BRANCHES

Head Office/Production Plant  :  Ikitelli Osb Mah. Galvanoteknik Nikel Sok. F1 Blok N:4 Basaksehir Istanbul/Turkey      

TREND OF BUSINESS

There was a slowdown at business volume in real terms in 2016. There was an upwards trend in 2017.

SIZE OF BUSINESS

Large

 

 

FINANCE

 

 

 

MAIN DEALING BANKS

T. Is Bankasi Ikitelli Ticari Branch

T. Garanti Bankasi Ikitelli Organize Sanayi Bolgesi Branch

T. Halk Bankasi Bayrampasa 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

 

(2016)                                                                                TL Thousand

(2017)                                                                                TL Thousand

Net Sales

12.954

16.654

Profit (Loss) Before Tax

309

280

Stockholders' Equity

3.040

3.244

Total Assets

7.820

11.081

Current Assets

7.115

10.213

Non-Current Assets

705

868

Current Liabilities

4.780

4.988

Long-Term Liabilities

 

2.849

Gross Profit (loss)

2.762

3.448

Operating Profit (loss)

700

800

Net Profit (loss)

233

204

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Fair As of 31.12.2017

Remarks on Capitalization

A part of liabilities consist of loans from shareholders.                                                                                                                                                

Liquidity

Satisfactory 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.     

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

 

Profitability

In Order Operating Profitability  in 2016

Low Net Profitability  in 2016

In Order Operating Profitability  in 2017

Low Net Profitability  in 2017

 

Gap between average collection and payable periods

Unfavorable in 2017

General Financial Position

Fair

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2015 )

5,71 %

2,7230

3,0254

4,1661

 ( 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

 

 

Financials

 

BALANCE SHEETS

 

 

31.12.2016  ( Full Year  )  TL Thousand

 

31.12.2017  ( Full Year  )  TL Thousand

 

CURRENT ASSETS

7.115

0,91

10.213

0,92

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

119

0,02

21

0,00

Marketable Securities

0

0,00

0

0,00

Account Receivable

5.822

0,74

7.387

0,67

Other Receivable

0

0,00

0

0,00

Inventories

899

0,11

2.145

0,19

Advances Given

36

0,00

141

0,01

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

239

0,03

519

0,05

NON-CURRENT ASSETS

705

0,09

868

0,08

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

295

0,04

295

0,03

Financial Assets

0

0,00

0

0,00

Tangible Fixed Assets (net)

337

0,04

532

0,05

Intangible Assets

41

0,01

30

0,00

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

32

0,00

11

0,00

TOTAL ASSETS

7.820

1,00

11.081

1,00

CURRENT LIABILITIES

4.780

0,61

4.988

0,45

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

2.353

0,30

1.426

0,13

Accounts Payable

1.696

0,22

2.199

0,20

Loans from Shareholders

76

0,01

697

0,06

Other Short-term Payable

116

0,01

122

0,01

Advances from Customers

187

0,02

111

0,01

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

249

0,03

276

0,02

Provisions

-1

0,00

0

0,00

Other Current Liabilities

104

0,01

157

0,01

LONG-TERM LIABILITIES

0

0,00

2.849

0,26

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

0

0,00

2.849

0,26

Securities Issued

0

0,00

0

0,00

Long-term Payable

0

0,00

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

3.040

0,39

3.244

0,29

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

2.500

0,32

2.500

0,23

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

323

0,04

556

0,05

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

-16

0,00

-16

0,00

Net Profit (loss)

233

0,03

204

0,02

TOTAL LIABILITIES AND EQUITY

7.820

1,00

11.081

1,00

 

INCOME STATEMENTS

 

 

(2016)  ( Full Year  )  TL Thousand

 

(2017)  ( Full Year  )  TL Thousand

 

Net Sales

12.954

1,00

16.654

1,00

Cost of Goods Sold

10.192

0,79

13.206

0,79

Gross Profit

2.762

0,21

3.448

0,21

Operating Expenses

2.062

0,16

2.648

0,16

Operating Profit

700

0,05

800

0,05

Other Income

153

0,01

143

0,01

Other Expenses

303

0,02

265

0,02

Financial Expenses

241

0,02

398

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

309

0,02

280

0,02

Tax Payable

76

0,01

76

0,00

Postponed Tax Gain

0

0,00

0

0,00

Net Profit (loss)

233

0,02

204

0,01

 

LAST FINANCIAL STATEMENT DETAILS

 

 

TL Thousand

Cash

1

Banks

20

Doubtful Trade Receivables

386

Provision for Doubtful Trade Receivables

-212

Overdue, Delayed or Deferred Tax by Installments and Other Liabilities

73

 

FINANCIAL RATIOS

 

 

(2016)

(2017)

LIQUIDITY RATIOS

 

Current Ratio

1,49

2,05

Acid-Test Ratio

1,24

1,49

Cash Ratio

0,02

0,00

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,11

0,19

Short-term Receivable/Total Assets

0,74

0,67

Tangible Assets/Total Assets

0,04

0,05

TURNOVER RATIOS

 

Inventory Turnover

11,34

6,16

Stockholders' Equity Turnover

4,26

5,13

Asset Turnover

1,66

1,50

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,39

0,29

Current Liabilities/Total Assets

0,61

0,45

Financial Leverage

0,61

0,71

Gearing Percentage

1,57

2,42

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,08

0,06

Operating Profit Margin

0,05

0,05

Net Profit Margin

0,02

0,01

Interest Cover

2,28

1,70

COLLECTION-PAYMENT

 

Average Collection Period (days)

170,00

166,06

Average Payable Period (days)

59,91

59,95

WORKING CAPITAL

2335,00

5225,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 66.66

UK Pound

1

INR 91.66

Euro

1

INR 81.01

TRY

1

INR 15.96

 

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

NIS

 

 

Report Prepared by :

KET

                                                


 

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.