MIRA
INFORM REPORT
|
Report Date : |
19.02.2008 |
IDENTIFICATION
DETAILS
|
Name : |
MERSIN GIDA TARIM URUNLERI SANAYI VE TICARET LTD. STI. |
|
|
|
|
Registered Office : |
Camiserif Mah. Cakmak Cad. Mahmut Tece Is Merkezi A Blok 6/6
Mersin |
|
|
|
|
Country : |
Turkey |
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
03.07.2002 |
|
|
|
|
Com. Reg. No.: |
24382 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Trade of Food and Agricultural Products
Mainly Sesame, Spice, Dry Fruits…etc |
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 560,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
MERSIN GIDA TARIM URUNLERI SANAYI VE TICARET LTD. STI. |
|
ADDRESS |
: |
Head Office: Camiserif Mah. Cakmak Cad.
Mahmut Tece Is Merkezi A Blok 6/6 Mersin/ Turkey |
|
PHONE NUMBER |
: |
90-324-238 92 04 |
|
FAX NUMBER |
: |
90-324-238 92 24 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Liman / 6180239285 |
|
|
|
REGISTRATION NUMBER |
: |
24382
|
|
|
|
REGISTERED OFFICE |
: |
Mersin Chamber of Commerce and Industry |
|
|
|
DATE ESTABLISHED |
: |
03.07.2002 (Commercial Registry Gazette
Date/No: 10.07.2002/5588) |
|
|
|
LEGAL FORM |
: |
Limited Company |
|
|
|
TYPE OF COMPANY |
: |
Private |
|
|
|
REGISTERED CAPITAL |
: |
YTL 1,500,000
|
|
|
|
HISTORY |
: |
|
|
|
|
|
|
Previous Registered
Capital |
: YTL 100,000 |
|
|
|
|
Regist. Capital
Changed on |
: 10.11.2003 (Commercial Registry Gazette
Date/No: 20.11.2003/5932) |
|
|
|
|
Previous
Registered Capital |
: YTL 200,000 |
|
|
|
|
Regist. Capital
Changed on |
: 03.05.2007 (Commercial Registry Gazette
Date/No: 09.05.2007/6804) |
|
|
|
|
Previous
Registered Capital |
: YTL 400,000 |
|
|
|
Regist. Capital Changed on |
: 21.11.2007 (Commercial Registry Gazette
Date/No: 29.11.2007/6947) YTL 10,350.11 of this increase is decided
to be financed by reserves and YTL 1,089,649.89 of this increase is decided
to be financed by cash. According to the capital increase decision, ¼ of the
cash portion of the increase has to
be paid within 3 months following the date of capital increase and the rest
has to be paid until 31.05.2008. |
|
|
|
Previous Shareholders |
: Ismet Aras (70 %) Yunus Fazil Demir (30
%) |
|
|
|
Shareholders Changed On |
: 26.07.2006 (Commercial Registry Gazette
Date/No: 03.08.2006/6613) |
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Ismet Aras Yunus Fazil Demir Orhan Aras |
56 % 30 % 14 % |
|
SISTER COMPANIES |
: |
Declared to be: None |
|
|
GROUP PARENT COMPANY |
: |
None |
|
|
SUBSIDIARIES |
: |
None |
|
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Trade of
food and agricultural products mainly sesame, spice, dry fruits…etc |
|
|
SECTOR |
: |
Commerce |
|
|
TRADEMARK(S) |
: |
None |
|
|
NUMBER OF
EMPLOYEES |
: |
5 |
|
|
NET SALES |
: |
(YTL) 7,625,397 9,462,662 6,935,537 11,136,850 |
(2004) (2005) (2006) (01.01-30.09.2007) |
|
CAPACITY |
: |
None |
|
|
PRODUCTION |
: |
None |
||
|
IMPORT VALUE |
: |
USD 1,833,371 |
(2006) |
|
|
IMPORT COUNTRIES |
: |
Afghanistan, India, Nigeria… |
||
|
MERCHANDISE
IMPORTED |
: |
Sesame, spice…etc |
||
|
EXPORT VALUE |
: |
YTL None YTL 19,353 None YTL 109,421 |
(2004) (2005) (2006) (1.1-30.09.2007) |
|
|
EXPORT COUNTRIES |
|
Afghanistan |
||
|
MERCHANDISE
EXPORTED |
: |
Electronical weighing, plastic containers… |
||
|
PREMISES |
: |
Head Office: Camiserif Mah. Cakmak Cad.
Mahmut Tece Is Merkezi A Blok 6/6 Mersin (2,000 sqm) (rented) Warehouse: Vakif Center Depolari C-2 Mersin
(1,250 sqm) (rented) |
||
|
FIXED CAPITAL
INVESTMENTS |
: |
None |
||
|
TREND OF BUSINESS |
: |
There was a decline at sales volume in
nominal terms in 2006 but there was an upwards trend at sales volume in the
first 9 months of 2007. |
|
SIZE OF BUSINESS |
: |
Moderate |
FINANCE
|
MAIN DEALING BANKERS |
: |
Garanti Bankasi Merkez branch in Mersin. T. Is Bankasi Merkez branch in Mersin.. Asya Katilim Bankasi Merkez branch in
Mersin. Kuveyt Turk Katilim Bankasi Merkez branch
in Mersin. |
|
CREDIT FACILITIES |
: |
No credit facility has come to our
knowledge. |
|
PAYMENT BEHAVIOUR |
: |
No payment delays have come to our knowledge. |
COMMENT ON FINANCIAL POSITION
|
FINANCIAL STRUCTURE (SUFFICENCY OF OWN
RESOURCES) |
||||
|
Capitalization was fair as of 31.12.2006. However it has to be noted
that, 55 % of total liabilities and equity was consisting of loans from
shareholders rather than liabilities to third parties as of 31.12.2006
indicating nearly no indebtedness to third parties as of 31.12.2006. Furthermore, the registered capital which
was increased from YTL 200,000 to YTL 400,000 on 03.05.2007 was further
increased to YTL 1,500,000 on 21.11.2007. YTL 10,350.11 of this increase is
decided to be financed by reserves and YTL 1,089,649.89 of this increase is
decided to be financed by cash. According to the capital increase decision, ¼
of the cash portion of the increase
has to be paid within 3 months following the date of capital increase and the
rest has to be paid until 31.05.2008. So, we expect a considerable
improvement at equity total since 2006. |
||||
|
LIQUIDITY |
||||
|
Good |
As of 31.12.2006 |
|||
|
PROFITABILITY |
||||
|
Low |
In 2006 |
Low |
Between 01.01-30.9.2007 |
|
|
GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
||||
|
Unfavorable but Short |
In 2006 |
|||
|
GENERAL
FINANCIAL POSITION |
||||
|
Good |
||||
|
CREDIT OPINION |
|
CREDIT OPINION WITHOUT OBLIGATION |
: |
We are of the opinion that, a max. credit of
USD 560,000 may be granted to the subject company. |
|
|
Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(2004) |
13.84 % |
1.4266 |
1.7666 |
2.6001 |
|
(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 |
|
(2007) |
5.94 % |
1.3075 |
1.7901 |
2.6133 |
|
(1.1.-31.01.2008) |
0.42 % |
1.1741 |
1.7303 |
2.3417 |
BALANCE SHEETS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
31.12.04 |
|
|
|
31.12.05 |
|
|
|
31.12.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
493.840 |
|
0,93 |
|
1.546.183 |
|
0,99 |
|
942.642 |
|
0,99 |
|
|
|
Cash and
Banks |
2.426 |
|
0,00 |
|
317.622 |
|
0,20 |
|
353.763 |
|
0,37 |
|
|
|
Marketable Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account
Receivable |
0 |
|
0,00 |
|
717.789 |
|
0,46 |
|
249.380 |
|
0,26 |
|
|
|
Other
Receivable |
200.000 |
|
0,38 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Inventories |
231.493 |
|
0,44 |
|
449.745 |
|
0,29 |
|
152.480 |
|
0,16 |
|
|
|
Advances
Given |
29.344 |
|
0,06 |
|
0 |
|
0,00 |
|
121.342 |
|
0,13 |
|
|
|
Other
Current Assets |
30.577 |
|
0,06 |
|
61.027 |
|
0,04 |
|
65.677 |
|
0,07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
36.691 |
|
0,07 |
|
20.377 |
|
0,01 |
|
13.864 |
|
0,01 |
|
|
|
Long-term
Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Financial
Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Tangible
Fixed Assets (net) |
36.317 |
|
0,07 |
|
20.075 |
|
0,01 |
|
12.939 |
|
0,01 |
|
|
|
Intangible
Assets |
374 |
|
0,00 |
|
140 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Non-Current Assets |
0 |
|
0,00 |
|
162 |
|
0,00 |
|
925 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
530.531 |
|
1,00 |
|
1.566.560 |
|
1,00 |
|
956.506 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
252.346 |
|
0,48 |
|
1.245.784 |
|
0,80 |
|
559.779 |
|
0,59 |
|
|
|
Financial
Loans |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accounts
Payable |
0 |
|
0,00 |
|
216.021 |
|
0,14 |
|
11.578 |
|
0,01 |
|
|
|
Loans
from Shareholders |
230.927 |
|
0,44 |
|
1.010.419 |
|
0,64 |
|
530.257 |
|
0,55 |
|
|
|
Other
Short-term Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Advances
from Customers |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Taxes
Payable |
1.580 |
|
0,00 |
|
1.091 |
|
0,00 |
|
1.608 |
|
0,00 |
|
|
|
Provisions |
19.839 |
|
0,04 |
|
18.253 |
|
0,01 |
|
16.336 |
|
0,02 |
|
|
|
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 |
278.185 |
|
0,52 |
|
320.776 |
|
0,20 |
|
396.727 |
|
0,41 |
|
|
|
Paid-in
Capital |
200.000 |
|
0,38 |
|
200.000 |
|
0,13 |
|
200.000 |
|
0,21 |
|
|
|
Inflation
Adjustment of Capital |
33.774 |
|
0,06 |
|
33.774 |
|
0,02 |
|
33.774 |
|
0,04 |
|
|
|
Reserves |
14.757 |
|
0,03 |
|
55.037 |
|
0,04 |
|
97.608 |
|
0,10 |
|
|
|
Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accumulated Losses(-) |
-10.625 |
|
-0,02 |
|
-10.625 |
|
-0,01 |
|
0 |
|
0,00 |
|
|
|
Net
Profit (loss) |
40.279 |
|
0,08 |
|
42.590 |
|
0,03 |
|
65.345 |
|
0,07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
530.531 |
|
1,00 |
|
1.566.560 |
|
1,00 |
|
956.506 |
|
1,00 |
|
INCOME
STATEMENTS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2004 |
|
|
|
2005 |
|
|
|
2006 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
7.625.397 |
|
1,00 |
|
9.462.662 |
|
1,00 |
|
6.935.537 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
7.513.001 |
|
0,99 |
|
9.320.744 |
|
0,99 |
|
6.764.755 |
|
0,98 |
|
|
|
Gross Profit |
112.396 |
|
0,01 |
|
141.918 |
|
0,01 |
|
170.782 |
|
0,02 |
|
|
|
Operating
Expenses |
72.288 |
|
0,01 |
|
97.003 |
|
0,01 |
|
87.472 |
|
0,01 |
|
|
|
Operating Profit |
40.108 |
|
0,01 |
|
44.915 |
|
0,00 |
|
83.310 |
|
0,01 |
|
|
|
Other
Income |
20.010 |
|
0,00 |
|
19.796 |
|
0,00 |
|
20.449 |
|
0,00 |
|
|
|
Other
Expenses |
0 |
|
0,00 |
|
3.868 |
|
0,00 |
|
21.344 |
|
0,00 |
|
|
|
Financial
Expenses |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
734 |
|
0,00 |
|
|
|
Profit (loss) Before Tax |
60.118 |
|
0,01 |
|
60.843 |
|
0,01 |
|
81.681 |
|
0,01 |
|
|
|
Tax
Payable |
19.839 |
|
0,00 |
|
18.253 |
|
0,00 |
|
16.336 |
|
0,00 |
|
|
|
Net Profit (loss) |
40.279 |
|
0,01 |
|
42.590 |
|
0,00 |
|
65.345 |
|
0,01 |
|
FINANCIAL
RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2004 |
|
|
|
2005 |
|
|
|
2006 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Ratio |
1,96 |
|
|
|
1,24 |
|
|
|
1,68 |
|
|
|
|
|
Acid-Test Ratio |
0,80 |
|
|
|
0,83 |
|
|
|
1,08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,44 |
|
|
|
0,29 |
|
|
|
0,16 |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,38 |
|
|
|
0,46 |
|
|
|
0,26 |
|
|
|
|
|
Tangible Assets/Total Assets |
0,07 |
|
|
|
0,01 |
|
|
|
0,01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
32,45 |
|
|
|
20,72 |
|
|
|
44,36 |
|
|
|
|
|
Stockholders' Equity Turnover |
27,41 |
|
|
|
29,50 |
|
|
|
17,48 |
|
|
|
|
|
Asset Turnover |
14,37 |
|
|
|
6,04 |
|
|
|
7,25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,52 |
|
|
|
0,20 |
|
|
|
0,41 |
|
|
|
|
|
Current Liabilities/Total Assets |
0,48 |
|
|
|
0,80 |
|
|
|
0,59 |
|
|
|
|
|
Financial Leverage |
0,48 |
|
|
|
0,80 |
|
|
|
0,59 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
0,14 |
|
|
|
0,13 |
|
|
|
0,16 |
|
|
|
|
|
Operating Profit Margin |
0,01 |
|
|
|
0,00 |
|
|
|
0,01 |
|
|
|
|
|
Net Profit Margin |
0,01 |
|
|
|
0,00 |
|
|
|
0,01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
0,00 |
|
|
|
27,31 |
|
|
|
12,94 |
|
|
|
|
|
Average Payable Period (days) |
0,00 |
|
|
|
8,34 |
|
|
|
0,62 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME STATEMENT |
||||
|
|
|
YTL |
|
|
|
|
|
|
1.1-30.09.2007 |
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
11.136.850 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
10.970.340 |
|
0,99 |
|
|
|
Gross Profit |
166.510 |
|
0,01 |
|
|
|
Operating
Expenses |
73.035 |
|
0,01 |
|
|
|
Operating Profit |
93.475 |
|
0,01 |
|
|
|
Other
Income |
29.888 |
|
0,00 |
|
|
|
Other
Expenses |
32.858 |
|
0,00 |
|
|
|
Financial
Expenses |
9.263 |
|
0,00 |
|
|
|
Profit (loss) Before Tax |
81.242 |
|
0,01 |
|
|
|
Tax
Payable |
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
81.242 |
|
0,01 |
|
|
|
|
|
|
|
|
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%)