MIRA
INFORM REPORT
|
Report Date : |
16.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
KAHIL DIS TICARET LTD. STI. |
|
|
|
|
Registered Office : |
Cankaya Mah. Ataturk Cad. Yasat Is Hani K.9 No: 159-164 Mersin |
|
|
|
|
Country : |
Turkey |
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
24.05.1984 |
|
|
|
|
Com. Reg. No.: |
7434 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Trade of Pulse, Oil Grain, Dried Fruit, Chickpea… |
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 180,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
KAHIL DIS TICARET LTD. STI. |
|
ADDRESS |
: |
Head Office & Warehouse: Cankaya Mah.
Ataturk Cad. Yasat Is Hani K.9 No: 159-164 Mersin/ Turkey Branch Office: Doktor Ayhan Aybars Bul. T Adasi
7/5 Parsel Mersin Serbest Bolge (Free Zone) Mersin /Turkey |
|
PHONE NUMBER |
: |
90-324-231 85 75-76 |
|
FAX NUMBER |
: |
90-324-231 85 79 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Uray/ 4870015521 |
|
REGISTRATION NUMBER |
: |
7434 |
|
REGISTERED OFFICE |
: |
Mersin Chamber of Commerce and Industry |
|
DATE ESTABLISHED |
: |
24.05.1984 (Commercial Registry Gazette
Date/No: 30.05.1984/1021) |
|
LEGAL FORM |
: |
Limited Company |
|
TYPE OF COMPANY |
: |
Private |
|
REGISTERED CAPITAL |
: |
YTL 22,575 |
|
PAID-IN CAPITAL |
: |
YTL 22,575 |
|
HISTORY |
: |
The registered capital was increased to
YTL 22,575 on 12.07.1996 (Commercial Registry Gazette Date/No:
22.07.1996/4085) |
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Mohamed Haitham Kahil Mohamed Ghassan Kahil Mohamed Fayez Kahil Mohamed Radwan Kahil Mohamed Kahil Enise Kahil |
21,9 % 21,9 % 21,9 % 21,9 % |
|
SISTER COMPANIES |
: |
Declared to be: None |
|
|
GROUP PARENT COMPANY |
: |
None |
|
|
SUBSIDIARIES |
: |
None |
|
|
DIRECTORS |
: |
Mohamed Kahil Mohamed Haitham Kahil Mohamed Ghassan Kahil |
|
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Trade of pulse ,oil grain, dried fruit,
chickpea… |
|
|
SECTOR |
: |
Commerce |
|
|
NUMBER OF EMPLOYEES |
: |
4 |
|
|
NET SALES |
|
(YTL) 5,864,106 5,339,550 8,976,465 6,211,118 5,417,206 |
(2003) (2004) (2005) (2006) (2007) |
|
CAPACITY |
: |
None |
|
|
PRODUCTION |
: |
None |
|
|
IMPORT VALUE |
: |
USD 1,220,000 USD 823,000 USD 1,950,000 |
(2003) (2004) (1.1.-30.09.2005) |
|
IMPORT COUNTRIES |
: |
Argentina, Canada, China, India, Sudan |
|
|
MERCHANDISE
IMPORTED |
: |
Pulse, oil grain, pea, haricot bean |
|
|
EXPORT VALUE |
: |
(YTL) 3,009,152 4,628,090 3,974,677 3,639,461 2,989,691 |
(2003) (2004) (2005) (2006) (2007) |
|
EXPORT COUNTRIES |
: |
Egypt, Germany, UK, Iraq, Jordan, Libya,
Nigeria, Syria, South Korea, Sudan, Mersin Free Zone |
|
|
MERCHANDISE
EXPORTED |
: |
Pulse, dried fruit, hazelnuts, chickpeas,
mucilage |
|
|
PREMISES |
: |
Head Office & Warehouse: Cankaya Mah.
Ataturk Cad. Yasat Is Hani K.9 No: 159-164 Mersin (200 sqm) (owned by
shareholders) Branch Office: Doktor Ayhan Aybars Bul. T
Adasi 7/5 Parsel Mersin Serbest Bolge (Free Zone) Mersin (1,200 sqm) (owned) Warehouse: Cay Mah. Mersin (1,600 sqm)
(owned by shareholders) |
|
|
FIXED CAPITAL
INVESTMENTS |
: |
None |
|
|
TREND OF BUSINESS |
: |
There
was an upwards trend at sales volume in 2005 but there was a decline at sales
volume in nominal terms in 2006 and in 2007. |
|
SIZE
OF BUSINESS |
: |
Moderate
|
FINANCE
|
MAIN DEALING BANKERS |
: |
Yapi ve Kredi Bankasi Mersin branch in
Mersin Halk Bankasi Mersin branch in Mersin Turk Ekonomi Bankasi Mersin branch in
Mersin |
|
CREDIT FACILITIES |
: |
The
subject company is making active use of short- term credit facilities. |
|
PAYMENT BEHAVIOUR |
: |
No payment delays have come to our knowledge. |
COMMENT ON FINANCIAL POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
|
|
Fair |
As of 31.12.2006 |
|
LIQUIDITY |
|
|
Satisfactory |
As of 31.12.2006 |
|
PROFITABILITY |
|
|
Although there was decline at sales volume in nominal terms in 2006
and in 2007, the profit of the subject increased in 2006 and in 2007 when
compared to previous years. |
|
|
GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
|
|
Unfavorable |
In 2006 |
|
GENERAL
FINANCIAL POSITION |
|
|
Fair |
|
CREDIT OPINION
|
CREDIT OPINION WITHOUT OBLIGATION |
: |
We are of the opinion that, a max. credit
of USD 180,000 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 |
|
(1.1.-30.09.2005) |
2.98 % |
1.3491 |
1.7107 |
2.4930 |
|
(2005) |
2.66 % |
1.3499 |
1.6882 |
2.4623 |
|
(2006) |
11.58 % |
1.4309 |
1.7987 |
2.6377 |
|
(2007) |
5.94 % |
1.3075 |
1.7901 |
2.6133 |
|
(1.1.-31.03.2008) |
6.26 % |
1.2033 |
1.8179 |
2.3972 |
BALANCE SHEETS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
31.12.04 |
|
|
|
31.12.05 |
|
|
|
31.12.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
1.411.381 |
|
0,97 |
|
1.760.105 |
|
0,97 |
|
1.732.247 |
|
0,96 |
|
|
|
Cash and Banks |
89.427 |
|
0,06 |
|
15.266 |
|
0,01 |
|
20.699 |
|
0,01 |
|
|
|
Marketable Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account Receivable |
194.940 |
|
0,13 |
|
1.114.520 |
|
0,62 |
|
751.313 |
|
0,42 |
|
|
|
Other Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
3.996 |
|
0,00 |
|
|
|
Inventories |
900.326 |
|
0,62 |
|
399.571 |
|
0,22 |
|
386.756 |
|
0,22 |
|
|
|
Advances Given |
149.636 |
|
0,10 |
|
145.606 |
|
0,08 |
|
472.362 |
|
0,26 |
|
|
|
Other Current Assets |
77.052 |
|
0,05 |
|
85.142 |
|
0,05 |
|
97.121 |
|
0,05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
47.504 |
|
0,03 |
|
48.631 |
|
0,03 |
|
63.231 |
|
0,04 |
|
|
|
Long-term Receivable |
748 |
|
0,00 |
|
748 |
|
0,00 |
|
748 |
|
0,00 |
|
|
|
Financial Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Tangible Fixed Assets (net) |
45.740 |
|
0,03 |
|
46.868 |
|
0,03 |
|
52.503 |
|
0,03 |
|
|
|
Intangible Assets |
1.016 |
|
0,00 |
|
1.015 |
|
0,00 |
|
1.015 |
|
0,00 |
|
|
|
Other Non-Current Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
8.965 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
1.458.885 |
|
1,00 |
|
1.808.736 |
|
1,00 |
|
1.795.478 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
1.009.094 |
|
0,69 |
|
1.315.130 |
|
0,73 |
|
1.112.743 |
|
0,62 |
|
|
|
Financial Loans |
652.423 |
|
0,45 |
|
1.013.858 |
|
0,56 |
|
771.950 |
|
0,43 |
|
|
|
Accounts Payable |
173.166 |
|
0,12 |
|
47.930 |
|
0,03 |
|
225.743 |
|
0,13 |
|
|
|
Loans from Shareholders |
74.753 |
|
0,05 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other Short-term Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Advances from Customers |
97.226 |
|
0,07 |
|
249.441 |
|
0,14 |
|
87.274 |
|
0,05 |
|
|
|
Taxes Payable |
2.086 |
|
0,00 |
|
3.550 |
|
0,00 |
|
4.225 |
|
0,00 |
|
|
|
Provisions |
9.440 |
|
0,01 |
|
351 |
|
0,00 |
|
23.551 |
|
0,01 |
|
|
|
Other Current Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Financial Loans |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Securities Issued |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Long-term Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Loans from Shareholders |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other Long-term Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Provisions |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
449.791 |
|
0,31 |
|
493.606 |
|
0,27 |
|
682.735 |
|
0,38 |
|
|
|
Paid-in Capital |
22.575 |
|
0,02 |
|
22.575 |
|
0,01 |
|
22.575 |
|
0,01 |
|
|
|
Inflation Adjustment of
Capital |
1.054.304 |
|
0,72 |
|
1.054.304 |
|
0,58 |
|
1.054.304 |
|
0,59 |
|
|
|
Reserves |
130.111 |
|
0,09 |
|
149.759 |
|
0,08 |
|
193.575 |
|
0,11 |
|
|
|
Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accumulated Losses(-) |
-776.848 |
|
-0,53 |
|
-776.848 |
|
-0,43 |
|
-776.848 |
|
-0,43 |
|
|
|
Net Profit (loss) |
19.649 |
|
0,01 |
|
43.816 |
|
0,02 |
|
189.129 |
|
0,11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES &EQUITY |
1.458.885 |
|
1,00 |
|
1.808.736 |
|
1,00 |
|
1.795.478 |
|
1,00 |
|
INCOME STATEMENTS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2004 |
|
|
|
2005 |
|
|
|
2006 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
5.339.550 |
|
1,00 |
|
8.976.465 |
|
1,00 |
|
6.211.118 |
|
1,00 |
|
|
|
Cost of Goods Sold |
5.197.648 |
|
0,97 |
|
8.809.716 |
|
0,98 |
|
5.496.708 |
|
0,88 |
|
|
|
Gross Profit |
141.902 |
|
0,03 |
|
166.749 |
|
0,02 |
|
714.410 |
|
0,12 |
|
|
|
Operating Expenses |
171.650 |
|
0,03 |
|
118.577 |
|
0,01 |
|
272.388 |
|
0,04 |
|
|
|
Operating Profit |
-29.748 |
|
-0,01 |
|
48.172 |
|
0,01 |
|
442.022 |
|
0,07 |
|
|
|
Other Income |
179.268 |
|
0,03 |
|
91.044 |
|
0,01 |
|
303.946 |
|
0,05 |
|
|
|
Other Expenses |
97.311 |
|
0,02 |
|
49.547 |
|
0,01 |
|
377.444 |
|
0,06 |
|
|
|
Financial Expenses |
22.543 |
|
0,00 |
|
25.342 |
|
0,00 |
|
119.119 |
|
0,02 |
|
|
|
Profit (loss) Before Tax |
29.666 |
|
0,01 |
|
64.327 |
|
0,01 |
|
249.405 |
|
0,04 |
|
|
|
Tax Payable |
10.017 |
|
0,00 |
|
20.511 |
|
0,00 |
|
60.276 |
|
0,01 |
|
|
|
Net Profit (loss) |
19.649 |
|
0,00 |
|
43.816 |
|
0,00 |
|
189.129 |
|
0,03 |
|
FINANCIAL RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2004 |
|
|
|
2005 |
|
|
|
2006 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Ratio |
1,40 |
|
|
|
1,34 |
|
|
|
1,56 |
|
|
|
|
|
Acid-Test Ratio |
0,28 |
|
|
|
0,86 |
|
|
|
0,70 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,62 |
|
|
|
0,22 |
|
|
|
0,22 |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,13 |
|
|
|
0,62 |
|
|
|
0,42 |
|
|
|
|
|
Tangible Assets/Total Assets |
0,03 |
|
|
|
0,03 |
|
|
|
0,03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
5,77 |
|
|
|
22,05 |
|
|
|
14,21 |
|
|
|
|
|
Stockholders' Equity Turnover |
11,87 |
|
|
|
18,19 |
|
|
|
9,10 |
|
|
|
|
|
Asset Turnover |
3,66 |
|
|
|
4,96 |
|
|
|
3,46 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,31 |
|
|
|
0,27 |
|
|
|
0,38 |
|
|
|
|
|
Current Liabilities/Total Assets |
0,69 |
|
|
|
0,73 |
|
|
|
0,62 |
|
|
|
|
|
Financial Leverage |
0,69 |
|
|
|
0,73 |
|
|
|
0,62 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
0,04 |
|
|
|
0,09 |
|
|
|
0,28 |
|
|
|
|
|
Operating Profit Margin |
-0,01 |
|
|
|
0,01 |
|
|
|
0,07 |
|
|
|
|
|
Net Profit Margin |
0,00 |
|
|
|
0,00 |
|
|
|
0,03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
13,19 |
|
|
|
44,73 |
|
|
|
43,59 |
|
|
|
|
|
Average Payable Period (days) |
11,99 |
|
|
|
1,96 |
|
|
|
14,78 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME STATEMENT
|
|
|
YTL |
|
|
|
|
|
|
2007 |
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
5.417.206 |
|
1,00 |
|
|
|
Cost of Goods Sold |
5.056.059 |
|
0,93 |
|
|
|
Gross Profit |
361.147 |
|
0,07 |
|
|
|
Operating Expenses |
206.687 |
|
0,04 |
|
|
|
Operating Profit |
154.460 |
|
0,03 |
|
|
|
Other Income |
188.984 |
|
0,03 |
|
|
|
Other Expenses |
80.949 |
|
0,01 |
|
|
|
Financial Expenses |
61.603 |
|
0,01 |
|
|
|
Profit (loss) Before Tax |
200.892 |
|
0,04 |
|
|
|
Tax Payable |
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
200.892 |
|
0,04 |
|
|
|
|
|
|
|
|
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%)