MIRA
INFORM REPORT
|
Report Date : |
17.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ME-DA TEKSTIL GIDA TASIMACILIK INSAAT SANAYI VE TICARET LTD STI |
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Registered Office : |
Seyhadil Cad. Okan Ishani K:3 No: 16 Kahramanmaras |
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Country : |
Turkey |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
2002 |
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Com. Reg. No.: |
6942 |
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Legal Form : |
Limited Company |
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Line of Business : |
Trader of Food Products (mainly dried fruits and spice) and Textile
Raw Materials |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
Maximum Credit Limit : |
USD 125,000 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
ME-DA TEKSTIL GIDA TASIMACILIK INSAAT SANAYI VE TICARET LTD STI |
|
ADDRESS |
: |
Head Office: Seyhadil Cad. Okan Ishani K:3
No: 16 Kahramanmaras / Turkey |
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PHONE NUMBER |
: |
90-344-223 64 48 |
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FAX NUMBER |
: |
90-344-213 75 57 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Aksu / 6200330741 |
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REGISTRATION NUMBER |
: |
6942 |
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REGISTERED OFFICE |
: |
Kahramanmaras Chamber of Commerce and
Industry |
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DATE ESTABLISHED |
: |
2002 (Commercial Registry Gazette Date/No:
23.10.2002/5662) |
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LEGAL FORM |
: |
Limited Company |
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TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
YTL 700,000 |
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PAID-IN CAPITAL |
: |
YTL 700,000 |
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HISTORY |
: |
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Previous
Registered Capital |
:YTL 100,000 |
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Regist. Capital Changed on |
:31.08.2007 (Commercial Registry Gazette
Date/No: 12.09.2007/6893) |
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Previous Address |
:Bahcelievler Mah. Cahit Zarifoglu Cad.
Uyanmaz Apt No:104-B Kahramanmaras |
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Address Changed On |
:04.08.2004 (Commercial Registry Gazette
Date/No: 09.09.2004/6132) |
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OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Mehmet Damar Yusuf Damar |
51 % 49 % |
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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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DIRECTORS |
: |
Mehmet Damar Yusuf Damar |
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OPERATIONS
|
BUSINESS ACTIVITIES |
: |
Trade of food products (mainly dried
fruits and spice) and textile raw materials |
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|
SECTOR |
: |
Commerce |
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|
NUMBER OF
EMPLOYEES |
: |
7 |
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NET SALES |
: |
(YTL) 7,316,341 11,134,491 |
(2006) (2007) |
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CAPACITY |
: |
None |
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PRODUCTION |
: |
None |
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IMPORT COUNTRIES |
: |
Uzbekistan, Ukraine, Bulgaria, Chile… |
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MERCHANDISE
IMPORTED |
: |
Dried fruits, spice, textile raw materials |
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EXPORT VALUE |
: |
(YTL) 76,733 111,635 |
(2006) (2007) |
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EXPORT COUNTRIES |
: |
Greece |
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MERCHANDISE
EXPORTED |
: |
Yarn |
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PREMISES |
: |
Head Office: Seyhadil Cad. Okan Ishani K:3
No: 16 Kahramanmaras (owned) Warehouse: Odun Ambarlari Kahramanmaras
(1,000 sqm) (owned) Warehouse: Adana |
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FIXED CAPITAL
INVESTMENTS |
: |
None |
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TREND OF BUSINESS |
: |
Upwards
in 2007 |
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SIZE
OF BUSINESS |
: |
Upper-moderate |
FINANCE
|
MAIN DEALING BANKERS |
: |
Turk Ekonomi Bankasi Kahramanmaras branch
in Kahramanmaras Yapi ve Kredi Bankasi Kahramanmaras branch
in Kahramanmaras |
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CREDIT FACILITIES |
: |
The
subject company is making use of credit facilities. |
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PAYMENT BEHAVIOUR |
: |
No payment delays have come to our knowledge. |
COMMENT ON FINANCIAL POSITION
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FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
||
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Insufficient |
As of 31.12.2007 |
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LIQUIDITY |
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High |
As of 31.12.2007 |
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PROFITABILITY |
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Low |
In 2007 |
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GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
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Unfavorable |
In 2007 |
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GENERAL
FINANCIAL POSITION |
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Passable |
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CREDIT OPINION
|
CREDIT OPINION WITHOUT OBLIGATION |
: |
We are of the opinion that, a max. credit
of USD 125,000 may be granted to the subject company. |
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|
Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(2006) |
11.58 % |
1.4309 |
1.7987 |
2.6377 |
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(2007) |
5.94 % |
1.3075 |
1.7901 |
2.6133 |
|
(1.1.-31.03.2008) |
6.26 % |
1.2033 |
1.8179 |
2.3972 |
BALANCE SHEETS
|
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|
YTL |
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YTL |
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|
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|
31.12.06 |
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|
31.12.07 |
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CURRENT ASSETS |
2.403.965 |
|
0,87 |
|
3.023.611 |
|
0,91 |
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Cash and
Banks |
227.818 |
|
0,08 |
|
149.964 |
|
0,04 |
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Marketable Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Account
Receivable |
1.673.287 |
|
0,61 |
|
2.451.300 |
|
0,73 |
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Other Receivable |
0 |
|
0,00 |
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0 |
|
0,00 |
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Inventories |
435.997 |
|
0,16 |
|
350.687 |
|
0,11 |
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Advances
Given |
0 |
|
0,00 |
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0 |
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0,00 |
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Other
Current Assets |
66.863 |
|
0,02 |
|
71.660 |
|
0,02 |
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NON-CURRENT ASSETS |
357.018 |
|
0,13 |
|
315.681 |
|
0,09 |
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Long-term
Receivable |
0 |
|
0,00 |
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0 |
|
0,00 |
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Financial
Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Tangible
Fixed Assets (net) |
315.578 |
|
0,11 |
|
308.297 |
|
0,09 |
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Intangible Assets |
0 |
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0,00 |
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0 |
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0,00 |
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Other
Non-Current Assets |
41.440 |
|
0,02 |
|
7.384 |
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0,00 |
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TOTAL ASSETS |
2.760.983 |
|
1,00 |
|
3.339.292 |
|
1,00 |
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CURRENT LIABILITIES |
2.061.321 |
|
0,75 |
|
2.420.350 |
|
0,72 |
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Financial
Loans |
634.766 |
|
0,23 |
|
803.522 |
|
0,24 |
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Accounts
Payable |
1.424.363 |
|
0,52 |
|
1.414.399 |
|
0,42 |
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Loans
from Shareholders |
791 |
|
0,00 |
|
195.217 |
|
0,06 |
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Other
Short-term Payable |
0 |
|
0,00 |
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0 |
|
0,00 |
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Advances
from Customers |
0 |
|
0,00 |
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0 |
|
0,00 |
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Taxes
Payable |
1.401 |
|
0,00 |
|
6.935 |
|
0,00 |
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Provisions |
0 |
|
0,00 |
|
277 |
|
0,00 |
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Other
Current Liabilities |
0 |
|
0,00 |
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0 |
|
0,00 |
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LONG-TERM LIABILITIES |
526.732 |
|
0,19 |
|
100.000 |
|
0,03 |
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Financial
Loans |
0 |
|
0,00 |
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0 |
|
0,00 |
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Securities Issued |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Long-term
Payable |
0 |
|
0,00 |
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0 |
|
0,00 |
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Loans
from Shareholders |
526.732 |
|
0,19 |
|
100.000 |
|
0,03 |
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Other
Long-term Liabilities |
0 |
|
0,00 |
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0 |
|
0,00 |
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Provisions |
0 |
|
0,00 |
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0 |
|
0,00 |
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STOCKHOLDERS' EQUITY |
172.930 |
|
0,06 |
|
818.942 |
|
0,25 |
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Paid-in
Capital |
100.000 |
|
0,04 |
|
700.000 |
|
0,21 |
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Inflation Adjustment of Capital |
17.446 |
|
0,01 |
|
17.446 |
|
0,01 |
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Reserves |
22.154 |
|
0,01 |
|
55.483 |
|
0,02 |
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Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Accumulated Losses(-) |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Net
Profit (loss) |
33.330 |
|
0,01 |
|
46.013 |
|
0,01 |
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TOTAL LIABILITIES AND EQUITY |
2.760.983 |
|
1,00 |
|
3.339.292 |
|
1,00 |
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INCOME STATEMENTS
|
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|
YTL |
|
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|
YTL |
|
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|
|
|
|
2006 |
|
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|
2007 |
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|
|
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Net Sales |
7.316.341 |
|
1,00 |
|
11.134.491 |
|
1,00 |
|
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|
Cost of
Goods Sold |
7.147.856 |
|
0,98 |
|
10.843.569 |
|
0,97 |
|
|
|
Gross Profit |
168.485 |
|
0,02 |
|
290.922 |
|
0,03 |
|
|
|
Operating
Expenses |
13.460 |
|
0,00 |
|
20.419 |
|
0,00 |
|
|
|
Operating Profit |
155.025 |
|
0,02 |
|
270.503 |
|
0,02 |
|
|
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Other
Income |
0 |
|
0,00 |
|
55 |
|
0,00 |
|
|
|
Other
Expenses |
7.433 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Financial
Expenses |
105.929 |
|
0,01 |
|
213.042 |
|
0,02 |
|
|
|
Profit (loss) Before Tax |
41.663 |
|
0,01 |
|
57.516 |
|
0,01 |
|
|
|
Tax
Payable |
8.333 |
|
0,00 |
|
11.503 |
|
0,00 |
|
|
|
Net Profit (loss) |
33.330 |
|
0,00 |
|
46.013 |
|
0,00 |
|
FINANCIAL
RATIOS
|
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2006 |
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|
2007 |
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LIQUIDITY RATIOS |
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Current Ratio |
1,17 |
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|
1,25 |
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Acid-Test Ratio |
0,92 |
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|
1,07 |
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ASSET STRUCTURE RATIOS |
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Inventory/Total Assets |
0,16 |
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|
0,11 |
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Short-term Receivable/Total Assets |
0,61 |
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|
0,73 |
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Tangible Assets/Total Assets |
0,11 |
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|
0,09 |
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TURNOVER RATIOS |
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Inventory Turnover |
16,39 |
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|
30,92 |
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Stockholders' Equity Turnover |
42,31 |
|
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|
13,60 |
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Asset Turnover |
2,65 |
|
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|
3,33 |
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FINANCIAL STRUCTURE |
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Stockholders' Equity/Total Assets |
0,06 |
|
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|
0,25 |
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Current Liabilities/Total Assets |
0,75 |
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|
0,72 |
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Financial Leverage |
0,94 |
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|
0,75 |
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PROFITABILITY RATIOS |
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Net Profit/Stockholders' Eq. |
0,19 |
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|
0,06 |
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Operating Profit Margin |
0,02 |
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|
0,02 |
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Net Profit Margin |
0,00 |
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|
0,00 |
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COLLECTION-PAYMENT |
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Average Collection Period (days) |
82,33 |
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|
79,26 |
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Average Payable Period (days) |
71,74 |
|
|
|
46,96 |
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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 |
|
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%)