MIRA
INFORM REPORT
|
Report Date : |
29.08.2007 |
IDENTIFICATION DETAILS
|
Name : |
PENGUEN GIDA SANAYI A.S. |
|
|
|
|
Registered Office : |
Bursa-Izmir Yolu |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
08.02.1988 |
|
|
|
|
Com. Reg. No.: |
27070 |
|
|
|
|
Legal Form : |
Joint Stock Company |
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|
|
|
Line of Business : |
Manufacture and trade of frozen food, conserve, paste and jam |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
COMPANY
IDENTIFICATION
|
NAME |
: |
PENGUEN GIDA SANAYI A.S. |
|
ADDRESS |
: |
Head Office & Factory: Bursa-Izmir
Yolu |
|
PHONE NUMBER |
: |
90-224-470 10 10 (32 lines) |
|
FAX NUMBER |
: |
90-224-470 15 15 |
LEGAL STATUS AND
HISTORY
|
TAX OFFICE / NO |
: |
Ertugrulgazi / 7280023836 |
|
REGISTRATION NUMBER |
: |
27070 |
|
REGISTERED OFFICE |
: |
|
|
DATE ESTABLISHED |
: |
08.02.1988 (Commercial Registry Gazette
Date/No: 16.02.1988/1957) |
|
LEGAL FORM |
: |
Joint Stock Company |
|
TYPE OF COMPANY |
: |
Private |
|
AUTHORIZED CAPITAL |
: |
YTL 100,000,000 |
|
PAID-IN CAPITAL |
: |
YTL 50,600,000
|
|
HISTORY |
: |
The paid-in capital
was increased from YTL 22,000,000 to YTL The authorized
capital was increased from YTL 50,000,000 to YTL 100,000,000 on 19.12.2006 (Commercial
Registry Gazette Date/No: 08.01.2007/6718) The paid- in capital
was increased from YTL 44,000,000 to YTL 50,600,000. (Commercial
Registry Gazette Date/No: 12.06.2007/6828). It has to be noted that, all of
this increase was financed by the shares which were sold to “Asia Special
Situations M3TR1 B.V.” according to the agreement signed on 28.02.2007. |
OWNERSHIP /
MANAGEMENT
|
SHAREHOLDERS |
: |
Gencoglu Holding A.S. Others |
||
|
|
|
Shares of the company are quoted at Istanbul Stock Exchange. |
||
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|
“Asia Special Situations M3TR1 B.V.” is a company operating within
“ADM Capital Group” located in |
||
|
|
|
“Gencoglu Holding A.S.” is the group parent company of Gencoglu
group of companies. Main companies operating at Gencoglu Group
are declared as follows: -Gencoglu Holding
A.S. -Penguen Gida
Pazarlama A.S -Penkon Penguen Konsantre Sanayi A.S. -Penguen Gida Dis Ticaret A.S. -And Havacilik A.S. -Hakimiyet Gazetecilik Matbaacilik Ltd.
Sti. -Penguen Gida Sanayi A.S. -Morsan Tekstil
Sanayi A.S. -MEK
Marmara-Ege-Karadeniz Turunleri Ticaret ve Sanayi A.S. -Penguen Pazarlama
A.S. -Radyovizyon Produksiyon
Yayincilik Ticaret A.S. |
|
|
|
BOARD OF DIRECTORS |
: |
Orhan Umit Gencoglu Turhan Gencoglu Zekai Gumusdis Sevket Aykan Sozucetin Anthony Stalker Turan Caglayan |
Chairman Vice- Chairman Member Member Member Member |
|
|
GENERAL MANAGER |
: |
Sevket Aykan Sozucetin |
||
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Manufacture and trade of frozen food,
conserve, paste and jam |
|
|
SECTOR |
: |
Food |
|
|
TRADEMARK(S) |
: |
“Penguen” |
|
|
NUMBER OF
EMPLOYEES |
: |
217 At high season this number increases to
1,000. |
|
|
NET SALES |
: |
(YTL) 20,929,091 41,071,852 43,045,350 67,025,479 67,189,745 58,798,953 66,984,452 14,628,558 |
(2000) (2001) (2002) (2003) (2004) (2005) (2006) (01.01-31.03.2007) |
|
|
|
The financial figures of 31.12.2005, 31.12.2006
and 31.03.2007 are consolidated and prepared according to Capital Market
Council's Notification Series XI No: 25 based IAS. |
|
|
PRODUCTION |
: |
(Conserves) (Ton) 15,363 14,066 |
(Paste) (Ton) 352 603 |
(2005) (2006) |
|
|
|
|
(Jam) (Ton) 4,011 4,439 |
(Frozen Food) (Ton) 9,497 10,568 |
(2005) (2006) |
|
|
IMPORT VALUE |
: |
USD 974,634 USD 294,955 EUR 500,000 USD 897,957 USD 428,868 |
(2002) (2003) (2004) (2005) (2006) |
||
|
IMPORT COUNTRIES |
: |
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|||
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MERCHANDISE
IMPORTED |
: |
Intermediary goods |
|||
|
EXPORT VALUE |
: |
(YTL) 13,207,986 29,697,223 27,449,852 43,940,691 41,874,711 32,539,841 36,554,790 6,990,918 |
(2000) (2001) (2002) (2003) (2004) (2005) (2006) (01.01-31.03.2007) |
||
|
EXPORT COUNTRIES |
: |
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|||
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MERCHANDISE
EXPORTED |
: |
Jams, marmalades, canned fruit and
vegetable… |
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PREMISES |
: |
Head Office & Factory: Bursa-Izmir
Yolu Stores:
-Yeni Mah. Diman Is Merkezi 12. Sok. 531
No: 6/C Macunkoy- -Battalgazi Mah. -Ali Riza Gurcan Cad. Merter Meridyen Is
Merkezi D: 318 Merter- -364/10 Sok. No: 2/5 Bornova- Izmir
(rented) -364/10 Sok. No: 1/A Bornova- Izmir
(rented) |
|||
|
FIXED CAPITAL
INVESTMENTS |
: |
None |
|||
TREND OF BUSINESS : There was a decline at sales volume in nominal terms in 2005. The sales
volume increased in 2006 but it was still low when compared to 2004.
COMMERCIAL MORALITY : Good
SIZE OF BUSINESS : Large
FINANCE
|
MAIN DEALING BANKERS |
: |
T. Vakiflar Bankasi
Bursa branch in Bursa T. Halk Bankasi Bursa
branch in Bursa T. Garanti Bankasi
Bursa branch in Bursa HSBC Bank Merkez
Kurumsal branch in Istanbul Alternatif Bank Bursa
branch in Bursa |
|
CREDIT FACILITIES |
: |
The subject company is making active use
of credit facilities. |
|
PAYMENT BEHAVIOUR |
: |
According
to the official registries between 01.01.2000-15.07.2007, there are no
protested bills and non-paid cheques registered in the name of “Penguen Gida” |
COMMENT ON FINANCIAL
POSITION
BASIS OF PRESENTATION OF THE FINANCIAL STATEMENTS
The financial statements of 31.12.2006 and
31.03.2007 are consolidated and prepared according to Capital Market Council's
Notification Series XI No: 25 based IAS.
The financial statements of “PENGUEN GIDA SANAYI A.S.”
have been prepared by the consolidation of the financial statements of the
following firms:
|
|
Consolidated Companies |
Country |
Participation ( %) |
|
1. |
Penguen Pazarlama A.S. |
TR |
98,00 |
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
|
|
Capitalization was fair as of 31.03.2007. Afterwards, the paid- in capital was increased from YTL 44,000,000
to YTL 50,600,000. (Commercial Registry Gazette Date/No: 12.06.2007/6828) So we expect an
improvement at equity total since 31.03.2007. |
|
|
LIQUIDITY |
|
|
The current- ratio was good but the acid- test ratio was insufficient
as of 31.03.2007. |
|
|
PROFITABILITY |
|
|
The firm which was in loss in 2006 had in order profitability in the first
3 months of 2007. |
|
|
GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
|
|
Unfavorable |
Between 1.1-31.03.2007 |
|
GENERAL
FINANCIAL POSITION |
|
|
Fair |
|
CREDIT OPINION
CREDIT OPINION WITHOUT OBLIGATION : We are of the opinion that, the subject is suitable for a max. credit
of USD 500,000.
|
|
Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(2000) |
32.70 % |
0.6251 |
0.5774 |
0.9480 |
|
(2001) |
88.60 % |
1.1991 |
1.0714 |
1.7300 |
|
(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 |
|
(1.1.-31.03.2007) |
1.88 % |
1.4068 |
1.8521 |
2.7609 |
|
(1.1.-31.07.2007) |
3,05 % |
1.3633 |
1.8196 |
2.6989 |
Statements of 31.12.2006 and 31.03.2007 are prepared according to Capital
Market Council's Notification Series XI No: 25 based IAS
|
CONSOLIDATED BALANCE SHEETS |
|||||||||
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
31.12.06 |
|
|
|
31.03.2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
41.706.815 |
|
0,55 |
|
33.878.499 |
|
0,49 |
|
|
|
Cash and
Cash Equivalents |
493.784 |
|
0,01 |
|
1.189.803 |
|
0,02 |
|
|
|
Marketable
Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account
Receivable (net) |
13.756.681 |
|
0,18 |
|
12.150.511 |
|
0,18 |
|
|
|
Due from
Related Parties |
437.724 |
|
0,01 |
|
421.295 |
|
0,01 |
|
|
|
Other
Receivable |
11.604 |
|
0,00 |
|
50.296 |
|
0,00 |
|
|
|
Inventories |
23.699.365 |
|
0,31 |
|
16.657.793 |
|
0,24 |
|
|
|
Other
Current Assets |
3.307.657 |
|
0,04 |
|
3.408.801 |
|
0,05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
34.246.659 |
|
0,45 |
|
34.681.888 |
|
0,51 |
|
|
|
Long-term
Receivable |
16 |
|
0,00 |
|
16 |
|
0,00 |
|
|
|
Due from
Related Parties |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Financial
Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Tangible
Fixed Assets (net) |
32.665.331 |
|
0,43 |
|
32.106.899 |
|
0,47 |
|
|
|
Intangible
Assets |
143.642 |
|
0,00 |
|
121.605 |
|
0,00 |
|
|
|
Other
Non-Current Assets |
1.437.670 |
|
0,02 |
|
2.453.368 |
|
0,04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
75.953.474 |
|
1,00 |
|
68.560.387 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
53.405.008 |
|
0,70 |
|
30.749.729 |
|
0,45 |
|
|
|
Financial
Loans |
34.023.704 |
|
0,45 |
|
20.719.667 |
|
0,30 |
|
|
|
Accounts
Payable |
16.903.686 |
|
0,22 |
|
8.010.241 |
|
0,12 |
|
|
|
Due to
Related Parties |
1.195.530 |
|
0,02 |
|
461.078 |
|
0,01 |
|
|
|
Advances
from Customers |
59.872 |
|
0,00 |
|
57.610 |
|
0,00 |
|
|
|
Provisions |
537.544 |
|
0,01 |
|
441.307 |
|
0,01 |
|
|
|
Other
Current Liabilities |
684.672 |
|
0,01 |
|
1.059.826 |
|
0,02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
1.764.506 |
|
0,02 |
|
16.517.694 |
|
0,24 |
|
|
|
Financial
Loans |
528.695 |
|
0,01 |
|
15.336.406 |
|
0,22 |
|
|
|
Long Term
Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Long-term Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Provisions |
1.050.587 |
|
0,01 |
|
1.008.399 |
|
0,01 |
|
|
|
Deferred
Tax Liability |
185.224 |
|
0,00 |
|
172.889 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
20.783.960 |
|
0,27 |
|
21.292.964 |
|
0,31 |
|
|
|
Paid-in
Capital |
44.000.000 |
|
0,58 |
|
44.000.000 |
|
0,64 |
|
|
|
Reserves |
110.959 |
|
0,00 |
|
110.959 |
|
0,00 |
|
|
|
Revaulation Fund |
25.032.700 |
|
0,33 |
|
25.032.700 |
|
0,37 |
|
|
|
Accumulated Profits (Losses) |
-33.676.874 |
|
-0,44 |
|
-48.359.699 |
|
-0,71 |
|
|
|
Net Profit
(loss) |
-14.682.825 |
|
-0,19 |
|
509.004 |
|
0,01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
75.953.474 |
|
1,00 |
|
68.560.387 |
|
1,00 |
|
|
|
CONSOLIDATED INCOME STATEMENTS |
||||||||
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2006 |
|
|
|
01.01-31.03.2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
66.984.452 |
|
1,00 |
|
14.628.558 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
55.644.326 |
|
0,83 |
|
10.853.558 |
|
0,74 |
|
|
|
Gross Profit |
11.340.126 |
|
0,17 |
|
3.775.000 |
|
0,26 |
|
|
|
Operating
Expenses |
18.326.354 |
|
0,27 |
|
2.935.112 |
|
0,20 |
|
|
|
Operating Profit |
-6.986.228 |
|
-0,10 |
|
839.888 |
|
0,06 |
|
|
|
Other
Income |
2.927.280 |
|
0,04 |
|
980.177 |
|
0,07 |
|
|
|
Other
Expenses |
2.195.140 |
|
0,03 |
|
1.101.742 |
|
0,08 |
|
|
|
Financial
Income-Expenses(net) |
-7.604.180 |
|
-0,11 |
|
-996.405 |
|
-0,07 |
|
|
|
Profit
(loss) of consolidated firms |
250 |
|
0,00 |
|
-352 |
|
0,00 |
|
|
|
Profit (loss) Before Tax |
-13.858.018 |
|
-0,21 |
|
-278.434 |
|
-0,02 |
|
|
|
Deferred Tax / - Tax Payable |
-824.807 |
|
-0,01 |
|
787.438 |
|
0,05 |
|
|
|
Net Profit (loss) |
-14.682.825 |
|
-0,22 |
|
509.004 |
|
0,03 |
|
|
|
FINANCIAL RATIOS |
||||||||
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|
|||||||||
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|
|
|
|
|
|
2006 |
|
|
|
01.01-31.03.2007 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
Current Ratio |
0,78 |
|
|
|
1,10 |
|
|
|
|
|
Acid-Test Ratio |
0,28 |
|
|
|
0,45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,31 |
|
|
|
0,24 |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,19 |
|
|
|
0,18 |
|
|
|
|
|
Tangible Assets/Total Assets |
0,43 |
|
|
|
0,47 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
2,35 |
|
|
|
0,65 |
|
|
|
|
|
Stockholders' Equity Turnover |
3,22 |
|
|
|
0,69 |
|
|
|
|
|
Asset Turnover |
0,88 |
|
|
|
0,21 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,27 |
|
|
|
0,31 |
|
|
|
|
|
Current Liabilities/Total Assets |
0,70 |
|
|
|
0,45 |
|
|
|
|
|
Financial Leverage |
0,73 |
|
|
|
0,69 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
-0,71 |
|
|
|
0,02 |
|
|
|
|
|
Operating Profit Margin |
-0,10 |
|
|
|
0,06 |
|
|
|
|
|
Net Profit Margin |
-0,22 |
|
|
|
0,03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
73,93 |
|
|
|
299,02 |
|
|
|
|
|
Average Payable Period (days) |
109,36 |
|
|
|
265,69 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)