MIRA
INFORM REPORT
|
Report Date : |
23.10.2007 |
IDENTIFICATION DETAILS
|
Name : |
ERA KURUYEMIS BAHARAT
BAKLIYAT GIDA TASIMACILIK ITHALAT IHRACAT SANAYI VE TICARET LTD. STI. |
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Registered Office : |
Ozgurluk Mah. Turgut Ozal Bulvari S.S.Mersin Gida Topt. Top. Is Merk.
F Blok No:139 |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
13.11.2006 |
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Com. Reg. No.: |
29879 |
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Legal Form : |
Limited Company |
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Line of Business : |
Trade of appetizers, spices, pulse. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
COMPANY
IDENTIFICATION
|
NAME |
: |
ERA KURUYEMIS BAHARAT
BAKLIYAT GIDA TASIMACILIK ITHALAT IHRACAT SANAYI VE TICARET LTD. STI. |
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ADDRESS |
: |
Head Office / Warehouse: Ozgurluk Mah.
Turgut Ozal Bulvari S.S.Mersin Gida Topt. Top. Is Merk. F Blok No:139 |
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PHONE NUMBER |
: |
90-324-234 73 14-15 |
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FAX NUMBER |
: |
90-324-234 73 16 |
LEGAL STATUS AND
HISTORY
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TAX OFFICE / NO |
: |
Liman / 3370364040 |
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REGISTRATION NUMBER |
: |
29879 |
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REGISTERED OFFICE |
: |
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DATE ESTABLISHED |
: |
13.11.2006 (Commercial Registry Gazette
Date / No: 23.11.2006 / 6689) |
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LEGAL FORM |
: |
Limited Company |
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TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
YTL 750,000 |
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HISTORY |
: |
The shareholder Ersin Yeral sold 58 % shares
to Ismail Guray Atalaysun on 01.03.2007 (Commercial Registry Gazette Date /
No: 08.03.2007 / 6761) The shareholder Ersin Yeral sold 2 %
shares to Tulin Dartar on 15.03.2007 (Commercial Registry Gazette Date / No:
21.03.2007 / 6770) The registered capital was increased from YTL 500,000 to YTL 750,000 on 11.09.2007 (Commercial Registry
Gazette Date / No: 19.09.2007 / 6898). The increase is decided to be financed
by cash. According to the capital increase decision ¼ of the increase has to
be paid within 3 months following the date of capital increase and the rest
has to be paid until 31.12.2008. |
OWNERSHIP /
MANAGEMENT
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SHAREHOLDERS |
: |
Ismail Guray Atalaysun Tulin Dartar |
85 % 15 % |
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SISTER COMPANIES |
: |
Declared to be: None |
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GROUP PARENT COMPANY |
: |
None |
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SUBSIDIARIES |
: |
None |
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DIRECTOR |
: |
Ismail Guray Atalaysun Tulin Dartar |
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OPERATIONS
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BUSINESS
ACTIVITIES |
: |
Trade of appetizers, spices, pulse |
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SECTOR |
: |
Commerce |
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TRADEMARK(S) |
: |
The firm sells mainly the following
trademark: -Hastat |
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NUMBER OF
EMPLOYEES |
: |
7 |
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NET SALES |
: |
(YTL) 347,540 2,764,762 |
(13.11.-31.12.2006) (01.01.-30.06.2007) |
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CAPACITY |
: |
None |
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PRODUCTION |
: |
None |
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IMPORT VALUE |
: |
USD 72,488 USD 736,392 |
(13.11.-31.12.2006) (01.01.-30.06.2007) |
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IMPORT COUNTRIES |
: |
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MERCHANDISE
IMPORTED |
: |
Appetizers, spices, pulse |
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EXPORT |
: |
None |
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PREMISES |
: |
Head Office / Warehouse: Ozgurluk Mah.
Turgut Ozal Bulvari S.S.Mersin Gida Topt. Top. Is Merk. F Blok No:139 Warehouses: Ozgurluk Mah. Turgut Ozal
Bulvari S.S.Mersin Gida Topt. Top. Is Merk. F Blok No:108-109-140 |
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FIXED CAPITAL
INVESTMENTS |
: |
None |
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TREND OF BUSINESS : Undetermined; the subject is a young company
COMMERCIAL MORALITY : Good
SIZE OF BUSINESS : Lower-moderate
FINANCE
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MAIN DEALING BANKERS |
: |
Tekstilbank Mersin branch in T. Is Bankasi Yeni Hal branch in |
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CREDIT FACILITIES |
: |
No credit facility has come to our
knowledge. |
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PAYMENT BEHAVIOUR |
: |
No complaints have been heard regarding
payments from banks. According to the official registries
since its establishment on 13.11.2006 until 15.09.2007, there are no
protested bills and non-paid cheques registered in the name of “Era Kuruyemis”. |
COMMENT ON
FINANCIAL POSITION
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FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
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Capitalization was low as of 31.12.2006. The
registered capital was increased from YTL 500,000 to YTL 750,000 on
11.09.2007. The increase is decided to be financed by cash. According
to the capital increase decision ¼ of the increase has to be paid within 3
months following the date of capital increase and the rest has to be paid
until 31.12.2008. We expect an improvement at equity total as a consequence
of the capital increase as the increase is decided to be financed by cash. |
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LIQUIDITY |
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Liquidity was still low as of 31.12.2006 even if disregarding “loans
from shareholders” from “current liabilities”. However the favorable and long
gap between the average collection and payable periods has a positive effect on
liquidity as of 31.12.2006. The capital increase is expected to have a
positive effect on liquidity since 2006 as the increase was decided to be
financed by cash. |
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PROFITABILITY |
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High |
Between 13.11.-31.12.2006 |
In order |
Between 1.1.-30.06.2007 |
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GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
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Favorable/Long |
Between 13.11.-31.12.2006 |
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GENERAL
FINANCIAL POSITION |
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Satisfactory |
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CREDIT OPINION
CREDIT OPINION WITHOUT OBLIGATION : We are of the opinion that, a max. credit of USD 250,000 may be
granted to the subject company.
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Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
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(2006) |
11.58 % |
1.4309 |
1.7987 |
2.6377 |
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(1.1.-30.06.2007) |
2.98 % |
1.3733 |
1.8275 |
2.7117 |
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(1.1.-30.09.2007) |
4.98 % |
1.3447 |
1.8084 |
2.6720 |
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BALANCE SHEETS |
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YTL |
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31.12.06 |
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CURRENT ASSETS |
643.386 |
|
0,54 |
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Cash and
Banks |
119.671 |
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0,10 |
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Marketable
Securities |
0 |
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0,00 |
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Account
Receivable |
311.107 |
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0,26 |
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Other
Receivable |
0 |
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0,00 |
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Inventories |
210.330 |
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0,18 |
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Advances
Given |
2.074 |
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0,00 |
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Other
Current Assets |
204 |
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0,00 |
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NON-CURRENT ASSETS |
538.873 |
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0,46 |
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Long-term
Receivable |
0 |
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0,00 |
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Financial
Assets |
0 |
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0,00 |
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Tangible
Fixed Assets (net) |
537.008 |
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0,45 |
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Intangible
Assets |
1.865 |
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0,00 |
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Other
Non-Current Assets |
0 |
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0,00 |
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TOTAL ASSETS |
1.182.259 |
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1,00 |
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CURRENT LIABILITIES |
982.885 |
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0,83 |
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Financial
Loans |
0 |
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0,00 |
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Accounts
Payable |
864.506 |
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0,73 |
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Loans from
Shareholders |
103.301 |
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0,09 |
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Other Short-term
Payable |
0 |
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0,00 |
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Advances
from Customers |
0 |
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0,00 |
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Taxes
Payable |
235 |
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0,00 |
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Provisions |
14.843 |
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0,01 |
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Other
Current Liabilities |
0 |
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0,00 |
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LONG-TERM LIABILITIES |
0 |
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0,00 |
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Financial
Loans |
0 |
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0,00 |
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Securities
Issued |
0 |
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0,00 |
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Long-term
Payable |
0 |
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0,00 |
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Loans from
Shareholders |
0 |
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0,00 |
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Other
Long-term Liabilities |
0 |
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0,00 |
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Provisions |
0 |
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0,00 |
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STOCKHOLDERS' EQUITY |
199.374 |
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0,17 |
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Paid-in
Capital |
140.000 |
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0,12 |
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Reserves |
0 |
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0,00 |
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Revaluation Fund |
0 |
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0,00 |
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Accumulated Losses(-) |
0 |
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0,00 |
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Net Profit
(loss) |
59.374 |
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0,05 |
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TOTAL LIABILITIES AND EQUITY |
1.182.259 |
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1,00 |
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INCOME STATEMENTS |
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YTL |
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YTL |
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13.11.-31.12.2006 |
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1.1-30.06.2007 |
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Net Sales |
347.540 |
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1,00 |
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2.764.762 |
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1,00 |
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Cost of
Goods Sold |
268.850 |
|
0,77 |
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2.560.859 |
|
0,93 |
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Gross Profit |
78.690 |
|
0,23 |
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203.903 |
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0,07 |
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Operating
Expenses |
4.473 |
|
0,01 |
|
70.606 |
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0,03 |
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Operating Profit |
74.217 |
|
0,21 |
|
133.297 |
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0,05 |
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Other
Income |
0 |
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0,00 |
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0 |
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0,00 |
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Other
Expenses |
0 |
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0,00 |
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0 |
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0,00 |
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Financial
Expenses |
0 |
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0,00 |
|
14.631 |
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0,01 |
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Profit (loss) Before Tax |
74.217 |
|
0,21 |
|
118.666 |
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0,04 |
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Tax
Payable |
14.843 |
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0,04 |
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0 |
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0,00 |
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Net Profit (loss) |
59.374 |
|
0,17 |
|
118.666 |
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0,04 |
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FINANCIAL RATIOS |
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13.11.-31.12.2006 |
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1.1-30.06.2007 |
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LIQUIDITY RATIOS |
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Current Ratio |
0,65 |
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-- |
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Acid-Test Ratio |
0,44 |
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-- |
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ASSET STRUCTURE RATIOS |
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Inventory/Total Assets |
0,18 |
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-- |
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Short-term Receivable/Total Assets |
0,26 |
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-- |
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Tangible Assets/Total Assets |
0,45 |
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-- |
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TURNOVER RATIOS |
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Inventory Turnover |
1,28 |
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-- |
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Stockholders' Equity Turnover |
1,74 |
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-- |
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Asset Turnover |
0,29 |
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-- |
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FINANCIAL STRUCTURE |
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Stockholders' Equity/Total Assets |
0,17 |
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-- |
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Current Liabilities/Total Assets |
0,83 |
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-- |
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Financial Leverage |
0,83 |
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-- |
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PROFITABILITY RATIOS |
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Net Profit/Stockholders' Eq. |
0,30 |
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-- |
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Operating Profit Margin |
0,21 |
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|
0,05 |
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Net Profit Margin |
0,17 |
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|
0,04 |
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COLLECTION-PAYMENT |
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Average Collection Period (days) |
322,26 |
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--- |
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Average Payable Period (days) |
1157,61 |
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--- |
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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. |
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 |
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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%)