MIRA
INFORM REPORT
|
Report Date : |
14.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
MERSIN SEKER SANAYI VE TICARET A.S. |
|
|
|
|
Registered Office : |
Cilek Mah. 1448 Sok. No: 183 33020 Mersin |
|
|
|
|
Country : |
Turkey |
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|
|
|
Financials (as on) : |
31.12.2007 |
|
|
|
|
Date of Incorporation : |
24.07.1992 |
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|
|
|
Com. Reg. No.: |
12073 |
|
|
|
|
Legal Form : |
Joint Stock 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 |
|
Maximum Credit Limit : |
USD 540,000 |
|
|
|
|
Status : |
Satisfactory |
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|
|
|
Payment Behaviour : |
No Complaints |
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|
|
|
Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
MERSIN SEKER SANAYI VE TICARET A.S. |
|
ADDRESS |
: |
Head Office/Processing Plant: Cilek Mah. 1448
Sok. No: 183 33020 Mersin/Turkey |
|
PHONE NUMBER |
: |
90-324-234 96 66 |
|
FAX NUMBER |
: |
90-324-234 96 68 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Uray / 6180007229 |
|
REGISTRATION NUMBER |
: |
12073 |
|
REGISTERED OFFICE |
: |
Mersin Chamber of Commerce |
|
DATE ESTABLISHED |
: |
24.07.1992 (Commercial Registry Gazette
Date/No:05.08.1992/3085 ) |
|
LEGAL FORM |
: |
Joint Stock Company |
|
TYPE OF COMPANY |
: |
Private |
|
REGISTERED CAPITAL |
: |
YTL 3,000,000 |
|
HISTORY |
: |
The registered capital was increased from
YTL 245,000 to YTL 1,001,000 on 06.07.2004.(Commercial Registry Gazette
Date/No: 15.07.2004/6093). The registered capital was increased from
YTL 1,001,000 to YTL 2,002,000 on 06.07.2006.(Commercial Registry Gazette
Date/No:13.07.2006/6598). The registered capital was increased from
YTL 2,002,000 to YTL 3,000,000 on 24.07.2007 (Commercial Registry Gazette
Date/No: 01.08.2007 / 6864) |
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Murat Memis Nizamettin Memis Fahrettin Memis Sabahattin Memis Bulent Memis Mehmet Memis |
16,66 % 16,66 % 16,66 % 16,66 % 16,66 % 16,66 % |
|
|
SISTER COMPANIES |
: |
Declared to be: -Memis Gida Sanayi Ve Ticaret Ltd. Sti. -Ideal Memba Sulari Enerji Madencilik Tarim
Urunleri Petrol San. Ve Tic. A.S. |
||
|
SUBSIDIARIES |
: |
None |
||
|
BOARD OF DIRECTORS |
: |
Sabahattin Memis Bulent Memis Fahrettin Memis Mehmet Memis |
Chairman Vice-chairman Member Member |
|
|
DIRECTORS |
: |
Sabahattin Memis Mehmet Memis |
General Manager Finance Manager |
|
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Processing, packaging and trade of pulse |
|
|
TRADEMARK(S) |
|
“Memisler” , “Ideal” , “Sahil” |
|
|
NUMBER OF
EMPLOYEES |
: |
33 |
|
|
NET SALES |
: |
(YTL) 17,394,385 24,913,316 31,302,883 38,588,684 39,680,259 10,908,569 |
(2003) (2004) (2005) (2006) (2007) (01.01.-31.03.2008) |
|
|
CAPACITY OF
PROCESS |
: |
(Tons/Yr) 69,120 |
(2007) |
|
|
IMPORT VALUE |
: |
USD 2,458,093 USD 2,240,000 |
(2007) (01.01.-31.03.2008) |
|
|
IMPORT COUNTRIES |
: |
Egypt, China, Kyrgyzstan, Canada |
|
|
|
MERCHANDISE
IMPORTED |
: |
Pulse |
|
|
|
EXPORT VALUE |
: |
(YTL) 9,532,874 17,777,551 18,654,989 25,744,811 20,522,206 5,715,036 |
(2003) (2004) (2005) (2006) (2007) (01.01.-31.03.2008) |
|
|
EXPORT COUNTRIES |
: |
France, UK, Germany, Denmark, Quatar,
Kuwait, Belgium, Italy… |
|
|
|
MERCHANDISE
EXPORTED |
: |
Pulse |
|
|
|
PREMISES |
: |
Head Office/Processing Plant: Cilek Mah.
1448 Sok. No: 183 33020 Mersin (9,157 sqm closed area over a land of 16,618
sqm) (owned) Liaison Office: Mucahitler Cad. Yesil
Cimen Is Hani No:1 Mersin(owned) |
|
|
|
FIXED CAPITAL
INVESTMENTS |
: |
None |
||
|
TREND OF BUSINESS |
: |
There was upwards trend at sales volume in
2005 and 2006 but there was a slowdown at sales volume in real terms in 2007. |
|
SIZE OF BUSINESS |
: |
Large |
FINANCE
|
MAIN DEALING BANKERS |
: |
Yapi ve Kredi Bankasi Uray branch in
Mersin Denizbank Mersin branch in Mersin Garanti Bankasi Mersin branch in Mersin Akbank Liman branch in Mersin |
|
CREDIT FACILITIES |
: |
The subject company is making active use
of credit facilities. |
|
PAYMENT BEHAVIOUR |
: |
No payment delays have come to our knowledge. |
COMMENT ON FINANCIAL POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
||||
|
Low |
As of 31.12.2007 |
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LIQUIDITY |
||||
|
Insufficient |
As of 31.12.2007 |
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PROFITABILITY |
||||
|
Low |
In 2007 |
Low |
Between 01.01.-31.03.2008 |
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GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
||||
|
Favorable |
In 2007 |
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|
GENERAL
FINANCIAL POSITION |
||||
|
Passable |
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CREDIT OPINION
|
CREDIT
OPINION WITHOUT OBLIGATION |
: |
We
are of the opinion that, a max. credit of USD 540,000 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 |
|
(2007) |
5.94 % |
1.3075 |
1.7901 |
2.6133 |
|
(1.1.-31.03.2008) |
6.26 % |
1.2033 |
1.8179 |
2.3972 |
|
(1.1.-30.06.2008) |
13.76 % |
1.2197 |
1.8695 |
2.4232 |
BALANCE SHEETS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
31.12.06 |
|
|
|
31.12.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
CURRENT ASSETS |
9.765.281 |
|
0,84 |
|
16.218.245 |
|
0,83 |
|
|
|
Cash and
Banks |
858.270 |
|
0,07 |
|
1.089.296 |
|
0,06 |
|
|
|
Marketable Securities |
1.114 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account
Receivable |
3.007.581 |
|
0,26 |
|
3.778.250 |
|
0,19 |
|
|
|
Other
Receivable |
0 |
|
0,00 |
|
1.470.926 |
|
0,08 |
|
|
|
Inventories |
4.098.424 |
|
0,35 |
|
7.345.420 |
|
0,38 |
|
|
|
Advances
Given |
1.710.513 |
|
0,15 |
|
2.282.273 |
|
0,12 |
|
|
|
Other
Current Assets |
89.379 |
|
0,01 |
|
252.080 |
|
0,01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
1.920.218 |
|
0,16 |
|
3.263.376 |
|
0,17 |
|
|
|
Long-term
Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Financial
Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Tangible
Fixed Assets (net) |
1.920.218 |
|
0,16 |
|
2.605.867 |
|
0,13 |
|
|
|
Intangible Assets |
0 |
|
0,00 |
|
653.819 |
|
0,03 |
|
|
|
Other
Non-Current Assets |
0 |
|
0,00 |
|
3.690 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
11.685.499 |
|
1,00 |
|
19.481.621 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
9.507.119 |
|
0,81 |
|
16.233.278 |
|
0,83 |
|
|
|
Financial
Loans |
7.450.892 |
|
0,64 |
|
9.801.675 |
|
0,50 |
|
|
|
Accounts
Payable |
1.729.888 |
|
0,15 |
|
4.366.788 |
|
0,22 |
|
|
|
Loans
from Shareholders |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Short-term Payable |
10.208 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Advances from
Customers |
4.617 |
|
0,00 |
|
1.827.035 |
|
0,09 |
|
|
|
Taxes
Payable |
288.559 |
|
0,02 |
|
210.348 |
|
0,01 |
|
|
|
Provisions |
22.955 |
|
0,00 |
|
27.432 |
|
0,00 |
|
|
|
Other
Current Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Financial
Loans |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Securities Issued |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Long-term
Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Loans
from Shareholders |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Long-term Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Provisions |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
2.178.380 |
|
0,19 |
|
3.248.343 |
|
0,17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
11.685.499 |
|
1,00 |
|
19.481.621 |
|
1,00 |
|
INCOME STATEMENTS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2006 |
|
|
|
2007 |
|
|
|
1.1.-31.3.2008 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
38.588.684 |
|
1,00 |
|
39.680.259 |
|
1,00 |
|
10.908.569 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
34.812.767 |
|
0,90 |
|
36.678.989 |
|
0,92 |
|
8.857.912 |
|
0,81 |
|
|
|
Gross Profit |
3.775.917 |
|
0,10 |
|
3.001.270 |
|
0,08 |
|
2.050.657 |
|
0,19 |
|
|
|
Operating
Expenses |
2.805.450 |
|
0,07 |
|
2.437.077 |
|
0,06 |
|
513.080 |
|
0,05 |
|
|
|
Operating Profit |
970.467 |
|
0,03 |
|
564.193 |
|
0,01 |
|
1.537.577 |
|
0,14 |
|
|
|
Other
Income |
1.107.087 |
|
0,03 |
|
1.236.450 |
|
0,03 |
|
128.899 |
|
0,01 |
|
|
|
Other
Expenses |
1.380.903 |
|
0,04 |
|
836.523 |
|
0,02 |
|
1.423.023 |
|
0,13 |
|
|
|
Financial
Expenses |
444.734 |
|
0,01 |
|
677.032 |
|
0,02 |
|
158.235 |
|
0,01 |
|
|
|
Profit (loss) Before Tax |
251.917 |
|
0,01 |
|
287.088 |
|
0,01 |
|
85.218 |
|
0,01 |
|
|
|
Tax
Payable |
52.014 |
|
0,00 |
|
63.160 |
|
0,00 |
|
17.913 |
|
0,00 |
|
|
|
Net Profit (loss) |
199.903 |
|
0,01 |
|
223.928 |
|
0,01 |
|
67.305 |
|
0,01 |
|
FINANCIAL
RATIOS
|
|
|
2006 |
|
|
|
2007 |
|
|
|
1.1.-31.3.2008 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Ratio |
1,03 |
|
|
|
1,00 |
|
|
|
-- |
|
|
|
|
|
Acid-Test Ratio |
0,41 |
|
|
|
0,39 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,35 |
|
|
|
0,38 |
|
|
|
-- |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,26 |
|
|
|
0,27 |
|
|
|
-- |
|
|
|
|
|
Tangible Assets/Total Assets |
0,16 |
|
|
|
0,13 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
8,49 |
|
|
|
4,99 |
|
|
|
-- |
|
|
|
|
|
Stockholders' Equity Turnover |
17,71 |
|
|
|
12,22 |
|
|
|
-- |
|
|
|
|
|
Asset Turnover |
3,30 |
|
|
|
2,04 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,19 |
|
|
|
0,17 |
|
|
|
-- |
|
|
|
|
|
Current Liabilities/Total Assets |
0,81 |
|
|
|
0,83 |
|
|
|
-- |
|
|
|
|
|
Financial Leverage |
0,81 |
|
|
|
0,83 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
0,09 |
|
|
|
0,07 |
|
|
|
-- |
|
|
|
|
|
Operating Profit Margin |
0,03 |
|
|
|
0,01 |
|
|
|
0,14 |
|
|
|
|
|
Net Profit Margin |
0,01 |
|
|
|
0,01 |
|
|
|
0,01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
28,06 |
|
|
|
34,28 |
|
|
|
-- |
|
|
|
|
|
Average Payable Period (days) |
17,89 |
|
|
|
42,86 |
|
|
|
-- |
|
|
|
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.82 |
|
UK Pound |
1 |
Rs.84.89 |
|
Euro |
1 |
Rs.68.07 |
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%)