MIRA
INFORM REPORT
|
Report Date : |
24th February, 2007 |
IDENTIFICATION
DETAILS
|
Name : |
ALPEREN GIDA TICARET VE SANAYI LTD STI |
|
|
|
|
Registered Office : |
Buyuksehir Hal Kompleksi T Blok No: 19/38
Mersin Turkey |
|
|
|
|
Country : |
Turkey |
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|
|
|
Financials (as on) : |
31.12.2005 |
|
|
|
|
Date of Incorporation : |
05.02.1999 |
|
|
|
|
Com. Reg. No.: |
20992 |
|
|
|
|
Legal Form : |
Private Limited Company |
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|
|
|
Line of Business : |
Processing, packaging and trade of pulse |
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 |
|
Maximum Credit Limit : |
USD 200,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
ALPEREN GIDA TICARET VE SANAYI LTD STI |
|
ADDRESS |
: |
Head Office/Processing Plant/Warehouse:
Buyuksehir Hal Kompleksi T Blok No: 19/38 Mersin Turkey |
|
PHONE
NUMBER |
: |
90-324-235 81 81 |
|
FAX
NUMBER |
: |
90-324-235 81 80 |
LEGAL STATUS AND HISTORY
|
TAX
OFFICE / NO |
: |
Uray/0570069523 |
|
|
|
REGISTRATION
NUMBER |
: |
20992 |
|
|
|
REGISTERED
OFFICE |
: |
Mersin Chamber of Commerce and Industry |
|
|
|
DATE
ESTABLISHED |
: |
05.02.1999 (Commercial Registry Gazette
Date/No: 12.02.199/4730) |
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|
|
LEGAL
FORM |
: |
Limited Company |
|
|
|
TYPE
OF COMPANY |
: |
Private |
|
|
|
REGISTERED
CAPITAL |
: |
YTL 650,000 |
|
|
|
HISTORY |
: |
|
|
|
|
|
|
Previous Registered Capital |
: YTL 10,000 |
|
|
|
|
Regist. Capital Changed on |
: 10.08.2001 (Commercial Registry Gazette
Date/No: 17.08.2001/5363) |
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|
|
|
Previous Registered Capital |
:YTL 100,000 |
|
|
|
|
Regist. Capital Changed on |
:28.12.2005 (Commercial Registry Gazette Date
/ No: 23.01.2006 / 6476) |
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|
|
|
Previous Address |
: Camiserif Mah. Istiklal Cad. Bulvar
Ishani Kat:1 No:33 Mersin |
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|
|
|
Address Changed On |
: 29.12.2003 (Commercial Registry Gazette
Date/No: 09.01.2004/5964) |
|
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Muzaffer Durak Emine Durak |
95 % 5
% |
|
SISTER
COMPANIES |
: |
Declared to be: None |
|
|
GROUP
PARENT COMPANY |
: |
None |
|
|
SUBSIDIARIES
|
: |
None |
|
|
DIRECTORS |
: |
Muzaffer Durak |
General Manager |
OPERATIONS
|
BUSINESS ACTIVITIES |
: |
Processing, packaging and trade of pulse |
|
|
NUMBER OF EMPLOYEES |
: |
10 |
|
|
TRADEMARKS |
: |
“Alperen” |
|
|
NET SALES |
: |
(YTL) 463,717 137,367 3,821,642 6,302,537 |
(2003) (2004) (2005) (1.1.-30.9.2006) |
|
CAPACITY |
: |
(Tons/Yr.) 14,400 14,400 |
(2005) (2006) |
|
IMPORT VALUE |
: |
USD 500,000 USD 4 million USD 150,000 |
(2005) (2006) (1.1.-12.02.2007) |
|
IMPORT COUNTRIES |
: |
Syria, India, Canada, Sri Lanka, Egypt, Nigeria… |
|
|
MERCHANDISE IMPORTED |
: |
Grain, pulse, spices, sesame |
|
|
EXPORT VALUE |
: |
None YTL 2,731 YTL 3,077,013 YTL 554,793 |
(2003) (2004) (2005) (2006) |
|
EXPORT COUNTRIES |
: |
India, Egypt, Thailand, Pakistan, France,
Mersin Free Zone… |
|
|
MERCHANDISE EXPORTED |
: |
Grain, pulse, spices |
|
|
PREMISES |
: |
Head Office/Processing Plant/Warehouse:
Buyuksehir Hal Kompleksi T Blok No: 19/38 Mersin (260 sqm) (owned by Muzaffer
Durak) Warehouse: Buyuksehir Hal Kompleksi T Blok
No: 19/37 Mersin (260 sqm) (owned by Muzaffer Durak) Warehouse: Buyuksehir Hal Kompleksi T Blok
No: 18/19 Mersin (260 sqm) (owned by Muzaffer Durak) |
|
|
FIXED CAPITAL INVESTMENTS |
: |
The firm is making machinery investment |
|
|
TREND OF BUSINESS |
: |
There was upwards trend in 2005 and in the
first 9 months of 2006. |
|
COMMERCIAL
MORALITY |
: |
Good |
|
SIZE
OF BUSINESS |
: |
Moderate |
FINANCE
|
MAIN
DEALING BANKERS |
: |
Garanti Bankasi
Merkez branch in Mersin Turkiye Finans Katilim
Bankasi Mersin branch in Mersin Yapi ve Kredi Bankasi
Mersin branch in Mersin Akbank Hal branch in
Mersin |
|
CREDIT
FACILITIES |
: |
No credit facility has come to our
knowledge. |
|
PAYMENT
BEHAVIOUR |
: |
No complaints have been heard regarding payments
from banks. According
to the official registries between 01.01.2000-15.01.2007, there are no
protested bills and non-paid cheques registered in the name of “Alperen Gida” |
COMMENT ON FINANCIAL POSITION
|
FINANCIAL STRUCTURE
(SUFFICENCY OF OWN RESOURCES) |
||||
|
Capitalization was fair as of 31.12.2005. However it has to be noted
that 29 % of total liabilities and equity was due to loans from shareholders rather
than liabilities to third parties. So the firm’s indebtedness to third
parties was not too high as of 31.12.2005. |
||||
|
LIQUIDITY |
||||
|
Liquidity was just fair even if
disregarding loans from shareholders from current liabilities as of 31.12.2005. |
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PROFITABILITY |
||||
|
In order |
In 2005 |
Low |
Between 1.1.-30.09.2006 |
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|
GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
||||
|
Favorable and long |
In 2005 |
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|
GENERAL
FINANCIAL POSITION |
||||
|
Fair |
||||
CREDIT OPINION
|
OUR RISK OPINION |
: |
Ba |
|
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 |
|
(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 |
|
(1.1.-30.09.2006) |
11.54 % |
1.4266 |
1.7739 |
2.5892 |
|
(2006) |
11.58 % |
1.4309 |
1.7987 |
2.6377 |
|
(1.1.-31.01.2007) |
-0.05 % |
1.4207 |
1.8521 |
2.7900 |
This report is furnished to you in strict
confidence for your use. This report or the source of this report should not be
passed on to third parties. Although every effort has been spent to provide you
the most accurate information, we do not accept any liability for any
inaccuracies contained in this report.
BALANCE
SHEETS
|
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YTL |
|
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|
YTL |
|
|
|
|
|
|
31.12.04 |
|
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|
31.12.05 |
|
|
|
|
|
|
|
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CURRENT ASSETS |
137.480 |
|
0,63 |
|
2.208.482 |
|
0,96 |
|
|
|
Cash and
Banks |
17.139 |
|
0,08 |
|
206.621 |
|
0,09 |
|
|
|
Marketable Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account
Receivable |
120.341 |
|
0,55 |
|
327.925 |
|
0,14 |
|
|
|
Other
Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Inventories |
0 |
|
0,00 |
|
1.581.389 |
|
0,69 |
|
|
|
Advances
Given |
0 |
|
0,00 |
|
48.437 |
|
0,02 |
|
|
|
Other
Current Assets |
0 |
|
0,00 |
|
44.110 |
|
0,02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
81.815 |
|
0,37 |
|
88.776 |
|
0,04 |
|
|
|
Long-term
Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Financial
Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Tangible
Fixed Assets (net) |
81.746 |
|
0,37 |
|
86.413 |
|
0,04 |
|
|
|
Intangible Assets |
0 |
|
0,00 |
|
2.363 |
|
0,00 |
|
|
|
Other
Non-Current Assets |
69 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
219.295 |
|
1,00 |
|
2.297.258 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
61.633 |
|
0,28 |
|
1.482.123 |
|
0,65 |
|
|
|
Financial
Loans |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accounts
Payable |
5.918 |
|
0,03 |
|
804.916 |
|
0,35 |
|
|
|
Loans
from Shareholders |
47.526 |
|
0,22 |
|
669.964 |
|
0,29 |
|
|
|
Other Short-term
Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Advances
from Customers |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Taxes
Payable |
8.310 |
|
0,04 |
|
7.364 |
|
0,00 |
|
|
|
Provisions |
-121 |
|
0,00 |
|
-121 |
|
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 |
157.662 |
|
0,72 |
|
815.135 |
|
0,35 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
219.295 |
|
1,00 |
|
2.297.258 |
|
1,00 |
|
INCOME
STATEMENTS
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
2004 |
|
|
|
2005 |
|
|
|
1.1.-30.9.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
137.367 |
|
1,00 |
|
3.821.642 |
|
1,00 |
|
6.302.537 |
|
1,00 |
|
Cost of
Goods Sold |
89.784 |
|
0,65 |
|
3.551.005 |
|
0,93 |
|
6.056.287 |
|
0,96 |
|
Gross Profit |
47.583 |
|
0,35 |
|
270.637 |
|
0,07 |
|
246.250 |
|
0,04 |
|
Operating
Expenses |
44.481 |
|
0,32 |
|
115.687 |
|
0,03 |
|
141.769 |
|
0,02 |
|
Operating Profit |
3.102 |
|
0,02 |
|
154.950 |
|
0,04 |
|
104.481 |
|
0,02 |
|
Other
Income |
11.031 |
|
0,08 |
|
16.661 |
|
0,00 |
|
14.869 |
|
0,00 |
|
Other
Expenses |
28.723 |
|
0,21 |
|
19.088 |
|
0,00 |
|
16.829 |
|
0,00 |
|
Financial
Expenses |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
1.776 |
|
0,00 |
|
Profit (loss) Before Tax |
-14.590 |
|
-0,11 |
|
152.523 |
|
0,04 |
|
100.745 |
|
0,02 |
|
Tax
Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
Net Profit (loss) |
-14.590 |
|
-0,11 |
|
152.523 |
|
0,04 |
|
100.745 |
|
0,02 |
FINANCIAL
RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2004 |
|
|
|
2005 |
|
|
|
1.1.-30.9.06 |
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
Current Ratio |
2,23 |
|
|
|
1,49 |
|
|
|
-- |
|
|
|
Acid-Test Ratio |
2,23 |
|
|
|
0,36 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,00 |
|
|
|
0,69 |
|
|
|
-- |
|
|
|
Short-term Receivable/Total Assets |
0,55 |
|
|
|
0,14 |
|
|
|
-- |
|
|
|
Tangible Assets/Total Assets |
0,37 |
|
|
|
0,04 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
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|
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|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
--- |
|
|
|
2,25 |
|
|
|
-- |
|
|
|
Stockholders' Equity Turnover |
0,87 |
|
|
|
4,69 |
|
|
|
-- |
|
|
|
Asset Turnover |
0,63 |
|
|
|
1,66 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,72 |
|
|
|
0,35 |
|
|
|
-- |
|
|
|
Current Liabilities/Total Assets |
0,28 |
|
|
|
0,65 |
|
|
|
-- |
|
|
|
Financial Leverage |
0,28 |
|
|
|
0,65 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
-0,09 |
|
|
|
0,19 |
|
|
|
-- |
|
|
|
Operating Profit Margin |
0,02 |
|
|
|
0,04 |
|
|
|
0,02 |
|
|
|
Net Profit Margin |
-0,11 |
|
|
|
0,04 |
|
|
|
0,02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
315,38 |
|
|
|
30,89 |
|
|
|
-- |
|
|
|
Average Payable Period (days) |
23,73 |
|
|
|
81,60 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
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|
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/normal. |
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%)
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