MIRA
INFORM REPORT
|
Report Date : |
26.02.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ALPEREN GIDA TICARET VE SANAYI LTD STI |
|
|
|
|
Registered Office : |
Buyuksehir Hal Kompleksi T Blok No: 19/38 Mersin |
|
|
|
|
Country : |
Turkey |
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
05.02.1999 (Commercial Registry Gazette Date/No: 12.02.199/4730) |
|
|
|
|
Com. Reg. No.: |
20992 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
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 |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
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) |
|
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) |
|
|
|
|
Previous Registered Capital |
:YTL 100,000 |
|
|
|
|
Regist. Capital Changed on |
:28.12.2005 (Commercial Registry Gazette Date / No: 23.01.2006 / 6476) |
|
|
|
|
Previous Address |
: Camiserif Mah. Istiklal Cad. Bulvar Ishani Kat:1 No:33 Mersin |
|
|
|
|
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 |
|
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 10,387,756 3,184,910 |
(2003) (2004) (2005) (2006) (1.1-31.03.2007) |
|
CAPACITY |
: |
(Tons/Yr.) 14,400 14,400 14,400 |
(2005) (2006) (2007) |
|
IMPORT VALUE |
: |
USD 500,000 USD 4 million USD 2,420,559 |
(2005) (2006) (1.1.-30.06.2007) |
|
IMPORT COUNTRIES |
: |
Syria, India, Canada, Sri Lanka, Egypt, Nigeria, Ethiopia, Vietnam,
Singapore |
|
|
MERCHANDISE IMPORTED |
: |
Grain, pulse, spices, sesame |
|
|
EXPORT VALUE |
: |
None YTL 2,731 YTL 3,077,013 YTL 554,793 USD 218,640 |
(2003) (2004) (2005) (2006) (1.1-30.06.2007) |
|
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 |
: |
None |
|
|
TREND OF BUSINESS |
: |
Upwards |
|
COMMERCIAL MORALITY |
: |
Good |
|
SIZE OF BUSINESS |
: |
Lower-medium |
FINANCE
|
MAIN DEALING BANKERS |
: |
Garanti Bankasi Yeni Hal 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 |
: |
The subject company is making use of credit facilities. |
|
PAYMENT BEHAVIOUR |
: |
No complaints have been heard regarding payments from banks. According to the official registries between 01.01.2000-15.09.2007, 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 insufficient as of 31.12.2006. A part of liabilities
was due to loans from shareholders but major part of liabilities was due to
accounts payable as of 31.12.2006. |
||||
|
LIQUIDITY |
||||
|
In order |
As of 31.12.2006 |
|||
|
PROFITABILITY |
||||
|
Fair |
In 2006 |
Fair |
Between 1.1.-31.03.2007 |
|
|
GAP BETWEEN COLLECTION-PAYMENT PERIODS |
||||
|
In order |
In 2006 |
|||
|
GENERAL FINANCIAL POSITION |
||||
|
Capitalization was insufficient as of 31.12.2006. A part of
liabilities was due to loans from shareholders but major part of liabilities was
due to accounts payable as of
31.12.2006. Liquidity was in order as of 31.12.2006 but the firm had fair
profitability in 2006 and between 1.1-31.03.2007. |
||||
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 |
|
(2005) |
2.66 % |
1.3499 |
1.6882 |
2.4623 |
|
(2006) |
11.58 % |
1.4309 |
1.7987 |
2.6377 |
|
(2006) |
11.58 % |
1.4309 |
1.7987 |
2.6377 |
|
(1.1.-31.03.2007) |
1.88 % |
1.4068 |
1.8521 |
2.7609 |
|
(1.1.-30.09.2007) |
4.98 % |
1.3447 |
1.8084 |
2.6720 |
BALANCE
SHEETS
|
|
|||||||||||||
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
31.12.04 |
|
|
|
31.12.05 |
|
|
|
31.12.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
137.480 |
|
0,63 |
|
2.208.482 |
|
0,96 |
|
3.375.846 |
|
0,96 |
|
|
|
Cash and
Banks |
17.139 |
|
0,08 |
|
206.621 |
|
0,09 |
|
126.794 |
|
0,04 |
|
|
|
Marketable Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account
Receivable |
120.341 |
|
0,55 |
|
327.925 |
|
0,14 |
|
1.840.350 |
|
0,53 |
|
|
|
Other
Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Inventories |
0 |
|
0,00 |
|
1.581.389 |
|
0,69 |
|
1.142.941 |
|
0,33 |
|
|
|
Advances
Given |
0 |
|
0,00 |
|
48.437 |
|
0,02 |
|
208.596 |
|
0,06 |
|
|
|
Other
Current Assets |
0 |
|
0,00 |
|
44.110 |
|
0,02 |
|
57.165 |
|
0,02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
81.815 |
|
0,37 |
|
88.776 |
|
0,04 |
|
128.060 |
|
0,04 |
|
|
|
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) |
81.746 |
|
0,37 |
|
86.413 |
|
0,04 |
|
124.752 |
|
0,04 |
|
|
|
Intangible Assets |
0 |
|
0,00 |
|
2.363 |
|
0,00 |
|
3.308 |
|
0,00 |
|
|
|
Other
Non-Current Assets |
69 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
219.295 |
|
1,00 |
|
2.297.258 |
|
1,00 |
|
3.503.906 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
61.633 |
|
0,28 |
|
1.482.123 |
|
0,65 |
|
2.499.970 |
|
0,71 |
|
|
|
Financial
Loans |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
390.551 |
|
0,11 |
|
|
|
Accounts
Payable |
5.918 |
|
0,03 |
|
804.916 |
|
0,35 |
|
1.614.169 |
|
0,46 |
|
|
|
Loans from
Shareholders |
47.526 |
|
0,22 |
|
669.964 |
|
0,29 |
|
420.000 |
|
0,12 |
|
|
|
Other
Short-term Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
30.500 |
|
0,01 |
|
|
|
Advances
from Customers |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Taxes
Payable |
8.310 |
|
0,04 |
|
7.364 |
|
0,00 |
|
44.750 |
|
0,01 |
|
|
|
Provisions |
-121 |
|
0,00 |
|
-121 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
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 |
157.662 |
|
0,72 |
|
815.135 |
|
0,35 |
|
1.003.936 |
|
0,29 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQ. |
219.295 |
|
1,00 |
|
2.297.258 |
|
1,00 |
|
3.503.906 |
|
1,00 |
|
INCOME
STATEMENTS
|
|
|
||||||||||||
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2004 |
|
|
|
2005 |
|
|
|
2006 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
137.367 |
|
1,00 |
|
3.821.642 |
|
1,00 |
|
10.387.756 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
89.784 |
|
0,65 |
|
3.551.005 |
|
0,93 |
|
9.805.557 |
|
0,94 |
|
|
|
Gross Profit |
47.583 |
|
0,35 |
|
270.637 |
|
0,07 |
|
582.199 |
|
0,06 |
|
|
|
Operating
Expenses |
44.481 |
|
0,32 |
|
115.687 |
|
0,03 |
|
288.550 |
|
0,03 |
|
|
|
Operating Profit |
3.102 |
|
0,02 |
|
154.950 |
|
0,04 |
|
293.649 |
|
0,03 |
|
|
|
Other
Income |
11.031 |
|
0,08 |
|
16.661 |
|
0,00 |
|
48.032 |
|
0,00 |
|
|
|
Other
Expenses |
28.723 |
|
0,21 |
|
19.088 |
|
0,00 |
|
57.787 |
|
0,01 |
|
|
|
Financial
Expenses |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
7.072 |
|
0,00 |
|
|
|
Profit (loss) Before Tax |
-14.590 |
|
-0,11 |
|
152.523 |
|
0,04 |
|
276.822 |
|
0,03 |
|
|
|
Tax
Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
42.136 |
|
0,00 |
|
|
|
Net Profit (loss) |
-14.590 |
|
-0,11 |
|
152.523 |
|
0,04 |
|
234.686 |
|
0,02 |
|
FINANCIAL
RATIOS
|
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|
||||||||||||
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|
|
|
|
|
|
|
|
|
|
|
|
2004 |
|
|
|
2005 |
|
|
|
2006 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Ratio |
2,23 |
|
|
|
1,49 |
|
|
|
1,35 |
|
|
|
|
|
Acid-Test Ratio |
2,23 |
|
|
|
0,36 |
|
|
|
0,79 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,00 |
|
|
|
0,69 |
|
|
|
0,33 |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,55 |
|
|
|
0,14 |
|
|
|
0,53 |
|
|
|
|
|
Tangible Assets/Total Assets |
0,37 |
|
|
|
0,04 |
|
|
|
0,04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
--- |
|
|
|
2,25 |
|
|
|
8,58 |
|
|
|
|
|
Stockholders' Equity Turnover |
0,87 |
|
|
|
4,69 |
|
|
|
10,35 |
|
|
|
|
|
Asset Turnover |
0,63 |
|
|
|
1,66 |
|
|
|
2,96 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,72 |
|
|
|
0,35 |
|
|
|
0,29 |
|
|
|
|
|
Current Liabilities/Total Assets |
0,28 |
|
|
|
0,65 |
|
|
|
0,71 |
|
|
|
|
|
Financial Leverage |
0,28 |
|
|
|
0,65 |
|
|
|
0,71 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
-0,09 |
|
|
|
0,19 |
|
|
|
0,23 |
|
|
|
|
|
Operating Profit Margin |
0,02 |
|
|
|
0,04 |
|
|
|
0,03 |
|
|
|
|
|
Net Profit Margin |
-0,11 |
|
|
|
0,04 |
|
|
|
0,02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
315,38 |
|
|
|
30,89 |
|
|
|
63,78 |
|
|
|
|
|
Average Payable Period (days) |
23,73 |
|
|
|
81,60 |
|
|
|
59,26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME
STATEMENT
|
|
|
YTL |
|
|
|
|
|
|
1.1-31.03.2007 |
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
3.184.910 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
3.034.144 |
|
0,95 |
|
|
|
Gross Profit |
150.766 |
|
0,05 |
|
|
|
Operating
Expenses |
68.547 |
|
0,02 |
|
|
|
Operating Profit |
82.219 |
|
0,03 |
|
|
|
Other
Income |
4.754 |
|
0,00 |
|
|
|
Other
Expenses |
5.432 |
|
0,00 |
|
|
|
Financial
Expenses |
0 |
|
0,00 |
|
|
|
Profit (loss) Before Tax |
81.541 |
|
0,03 |
|
|
|
Tax
Payable |
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
81.541 |
|
0,03 |
|
|
|
|
|
|
|
|
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%)