MIRA
INFORM REPORT
|
Report Date : |
18.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
SINERJI GIDA KIMYA TEKSTIL SANAYI VE TICARET LTD STI |
|
|
|
|
Registered Office : |
Fatih Mah. Inci Cad. No:75/B Sultanbeyli Istanbul |
|
|
|
|
Country : |
Turkey |
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
12.03.2004 |
|
|
|
|
Com. Reg. No.: |
518168 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Trade of food additives |
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 |
COMPANY IDENTIFICATION
|
NAME |
: |
SINERJI GIDA KIMYA TEKSTIL SANAYI VE TICARET LTD STI |
|
ADDRESS |
: |
Head Office&Warehouse: Fatih Mah. Inci
Cad. No:75/B Sultanbeyli Istanbul / Turkey |
|
PHONE NUMBER |
: |
90-216-398 10 53 |
|
FAX NUMBER |
: |
90-216-398 23 67 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Sultanbeyli / 7710246340 |
|
|
|
REGISTRATION NUMBER |
: |
518168 |
|
|
|
REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
|
|
|
DATE ESTABLISHED |
: |
12.03.2004 (Commercial Registry Gazette
Date/No: 18.03.2004/6010) |
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|
|
LEGAL FORM |
: |
Limited Company |
|
|
|
TYPE OF COMPANY |
: |
Private |
|
|
|
REGISTERED CAPITAL |
: |
YTL 300,000 |
|
|
|
PAID-IN CAPITAL |
: |
YTL 300,000 |
|
|
|
HISTORY |
: |
|
|
|
|
|
|
Previous
Registered Capital |
:YTL 100,000 |
|
|
|
|
Regist. Capital Changed on |
:27.04.2006 (Commercial Registry Gazette
Date/No: 02.05.2006/6547) |
|
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Ahmet Ozyasar Hakan Tekin Dogan Timucin |
39,125 % 39,125 % 21,75 % |
|
SISTER COMPANIES |
: |
-Olgun Gomlek Tekstil Sanayi ve Ticaret
Ltd Sti -Aras Petrol Ticaret Ltd Sti -Done Petrol Urunleri Ticaret ve Sanayi
A.S. -Aras 2 Madencilik Akaryakit Ticaret
Sanayi Ltd Sti |
|
|
GROUP PARENT COMPANY |
: |
None |
|
|
SUBSIDIARIES |
: |
None |
|
|
DIRECTORS |
: |
Ahmet Ozyasar Hakan Tekin Dogan Timucin |
|
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Trade of food additives The subject has declared that it is the
distributor of the following companies: -Tate&Lyle (Belgium) -D.D. Williamson (USA) -Amsco (Thailand) -Dupont (USA) |
|
|
SECTOR |
: |
Commerce |
|
|
TRADEMARK(S) |
: |
None |
|
|
NUMBER OF EMPLOYEES |
: |
6 |
|
|
NET SALES |
: |
(YTL) 3,162,529 3,440,921 3,792,756 |
(2005) (2006) (01.01-30.11.2007) |
|
|
|
The net sales figure of 01.01-30.11.2007
is declared by the subject company. There is no certification for this
figure. |
|
|
CAPACITY |
: |
None |
|
|
PRODUCTION |
: |
None |
|
|
IMPORT VALUE |
: |
YTL 445,501 YTL 1,089,757 YTL 1,969,285 |
(2005) (2006) (01.01-30.11.2007) |
|
IMPORT COUNTRIES |
: |
Netherlands, France, UK, Bulgaria,
Slovenia |
|
|
MERCHANDISE
IMPORTED |
: |
Food additives |
|
|
EXPORT VALUE |
: |
YTL 514 YTL 195,909 None |
(2005) (2006) (01.01-30.11.2007) |
|
EXPORT COUNTRIES |
: |
Syria, Middle East Countries |
|
|
MERCHANDISE
EXPORTED |
: |
Glucose, maize starch… |
|
|
PREMISES |
: |
Head Office&Warehouse: Fatih Mah. Inci
Cad. No:75/B Sultanbeyli Istanbul (450 sqm)(rented) Warehouse: Sultanbeyli Istanbul (300 sqm)
(rented) |
|
|
FIXED CAPITAL
INVESTMENTS |
: |
None |
|
TREND OF BUSINESS : There was a slowdown at sales volume in real terms in 2006 but there
appears an upwards trend in the first 11 months of 2007.
COMMERCIAL MORALITY : Good
SIZE OF BUSINESS : Lower-moderate
FINANCE
|
MAIN DEALING BANKERS |
: |
Akbank Kiziltoprak branch in Istanbul Turkiye Finans Katilim Bankasi Umraniye Carsi
branch in Istanbul |
|
CREDIT FACILITIES |
: |
The
subject company rarely makes use of credit facilities. |
|
PAYMENT BEHAVIOUR |
: |
No complaints have been heard regarding
payments from banks. According to the official registries
since its establishment on 12.03.2004 until 15.10.2007, there are no
protested bills and non-paid cheques registered in the name of “Sinerji Gida” |
COMMENT ON FINANCIAL POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
||||
|
Good |
As of 31.12.2006 |
|||
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LIQUIDITY |
||||
|
High |
As of 31.12.2006 |
|||
|
PROFITABILITY |
||||
|
Good |
In 2006 |
Good |
Between 01.01.-30.09.2007 |
|
|
GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
||||
|
Unfavorable |
In 2006 |
|||
|
GENERAL FINANCIAL POSITION |
||||
|
Good |
||||
CREDIT OPINION
CREDIT OPINION WITHOUT OBLIGATION : We are of the opinion that, a max. credit of USD 200,000 may be
granted to the subject company.
|
|
Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(2005) |
2.66 % |
1.3499 |
1.6882 |
2.4623 |
|
(2006) |
11.58 % |
1.4309 |
1.7987 |
2.6377 |
|
(1.1.-30.09.2007) |
4.98 % |
1.3447 |
1.8084 |
2.6720 |
|
(1.1.-30.11.2007) |
5.78 % |
1.3190 |
1.7961 |
2.6363 |
|
|
BALANCE SHEETS |
||||||||
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
31.12.05 |
|
|
|
31.12.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
882.156 |
|
0,97 |
|
1.075.362 |
|
0,97 |
|
|
|
Cash and
Banks |
12.377 |
|
0,01 |
|
53.674 |
|
0,05 |
|
|
|
Marketable Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account
Receivable |
678.213 |
|
0,74 |
|
824.397 |
|
0,74 |
|
|
|
Other
Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Inventories |
177.587 |
|
0,19 |
|
168.497 |
|
0,15 |
|
|
|
Advances
Given |
0 |
|
0,00 |
|
18.948 |
|
0,02 |
|
|
|
Other
Current Assets |
13.979 |
|
0,02 |
|
9.846 |
|
0,01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
31.434 |
|
0,03 |
|
34.829 |
|
0,03 |
|
|
|
Long-term
Receivable |
63 |
|
0,00 |
|
63 |
|
0,00 |
|
|
|
Financial
Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Tangible
Fixed Assets (net) |
30.341 |
|
0,03 |
|
33.994 |
|
0,03 |
|
|
|
Intangible Assets |
1.030 |
|
0,00 |
|
772 |
|
0,00 |
|
|
|
Other
Non-Current Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
913.590 |
|
1,00 |
|
1.110.191 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
686.062 |
|
0,75 |
|
552.244 |
|
0,50 |
|
|
|
Financial
Loans |
1.634 |
|
0,00 |
|
21.744 |
|
0,02 |
|
|
|
Accounts
Payable |
632.077 |
|
0,69 |
|
461.783 |
|
0,42 |
|
|
|
Loans
from Shareholders |
39.206 |
|
0,04 |
|
33.351 |
|
0,03 |
|
|
|
Other
Short-term Payable |
5.200 |
|
0,01 |
|
21.380 |
|
0,02 |
|
|
|
Advances
from Customers |
0 |
|
0,00 |
|
3.585 |
|
0,00 |
|
|
|
Taxes
Payable |
7.933 |
|
0,01 |
|
10.401 |
|
0,01 |
|
|
|
Provisions |
12 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Current Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Financial
Loans |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
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 |
227.528 |
|
0,25 |
|
557.947 |
|
0,50 |
|
|
|
Paid-in
Capital |
100.000 |
|
0,11 |
|
300.000 |
|
0,27 |
|
|
|
Inflation
Adjustment of Capital |
6.269 |
|
0,01 |
|
6.269 |
|
0,01 |
|
|
|
Reserves |
41.602 |
|
0,05 |
|
121.259 |
|
0,11 |
|
|
|
Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accumulated
Losses(-) |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net
Profit (loss) |
79.657 |
|
0,09 |
|
130.419 |
|
0,12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
913.590 |
|
1,00 |
|
1.110.191 |
|
1,00 |
|
|
|
INCOME STATEMENTS |
||||||||||||
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
1.1.-30.09.2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
3.162.529 |
|
1,00 |
|
3.440.921 |
|
1,00 |
|
3.093.633 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
2.850.935 |
|
0,90 |
|
3.036.661 |
|
0,88 |
|
2.747.616 |
|
0,89 |
|
|
|
Gross Profit |
311.594 |
|
0,10 |
|
404.260 |
|
0,12 |
|
346.017 |
|
0,11 |
|
|
|
Operating
Expenses |
163.553 |
|
0,05 |
|
234.582 |
|
0,07 |
|
183.033 |
|
0,06 |
|
|
|
Operating Profit |
148.041 |
|
0,05 |
|
169.678 |
|
0,05 |
|
162.984 |
|
0,05 |
|
|
|
Other
Income |
2.809 |
|
0,00 |
|
243 |
|
0,00 |
|
1.105 |
|
0,00 |
|
|
|
Other
Expenses |
29.376 |
|
0,01 |
|
879 |
|
0,00 |
|
25 |
|
0,00 |
|
|
|
Financial
Expenses |
6.694 |
|
0,00 |
|
4.972 |
|
0,00 |
|
2.202 |
|
0,00 |
|
|
|
Profit (loss) Before Tax |
114.780 |
|
0,04 |
|
164.070 |
|
0,05 |
|
161.862 |
|
0,05 |
|
|
|
Tax
Payable |
35.123 |
|
0,01 |
|
33.651 |
|
0,01 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
79.657 |
|
0,03 |
|
130.419 |
|
0,04 |
|
161.862 |
|
0,05 |
|
|
|
FINANCIAL RATIOS |
||||||||||||
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|||||||||||||
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|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
1.1.-30.09.2007 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Ratio |
1,29 |
|
|
|
1,95 |
|
|
|
-- |
|
|
|
|
|
Acid-Test Ratio |
1,01 |
|
|
|
1,59 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,19 |
|
|
|
0,15 |
|
|
|
-- |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,74 |
|
|
|
0,74 |
|
|
|
-- |
|
|
|
|
|
Tangible Assets/Total Assets |
0,03 |
|
|
|
0,03 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
16,05 |
|
|
|
18,02 |
|
|
|
-- |
|
|
|
|
|
Stockholders' Equity Turnover |
13,90 |
|
|
|
6,17 |
|
|
|
-- |
|
|
|
|
|
Asset Turnover |
3,46 |
|
|
|
3,10 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,25 |
|
|
|
0,50 |
|
|
|
-- |
|
|
|
|
|
Current Liabilities/Total Assets |
0,75 |
|
|
|
0,50 |
|
|
|
-- |
|
|
|
|
|
Financial Leverage |
0,75 |
|
|
|
0,50 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
0,35 |
|
|
|
0,23 |
|
|
|
-- |
|
|
|
|
|
Operating Profit Margin |
0,05 |
|
|
|
0,05 |
|
|
|
0,05 |
|
|
|
|
|
Net Profit Margin |
0,03 |
|
|
|
0,04 |
|
|
|
0,05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
77,21 |
|
|
|
86,26 |
|
|
|
-- |
|
|
|
|
|
Average Payable Period (days) |
79,82 |
|
|
|
54,74 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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%)