MIRA
INFORM REPORT
|
Report Date : |
28.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
TANDEM GIDA VE TEKSTIL SAN. TIC. LTD. STI. |
|
|
|
|
Registered Office : |
Inebolu Sok. No. 33 Kat:1 Kabatas Istanbul |
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Country : |
Turkey |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
15.08.1990 |
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Com. Reg. No.: |
267572 |
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Legal Form : |
Limited Company |
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Line of Business : |
Mixing and Trade of Food Additives |
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 80,000 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
TANDEM GIDA VE TEKSTIL SAN. TIC. LTD. STI. |
|
ADDRESS |
: |
Head Office: Inebolu Sok. No. 33 Kat:1
Kabatas Istanbul / Turkey |
|
PHONE NUMBER |
: |
90-212-293 10 42 |
|
FAX NUMBER |
: |
90-212-292 51 16 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Galata / 8190007697 |
|
REGISTRATION NUMBER |
: |
267572 |
|
REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
|
DATE ESTABLISHED |
: |
15.08.1990 (Commercial Registry Gazette
Date/No:20.08.1990/2591) |
|
LEGAL FORM |
: |
Limited Company |
|
TYPE OF COMPANY |
: |
Private |
|
REGISTERED CAPITAL |
: |
YTL 250,000 |
|
PAID-IN CAPITAL |
: |
The paid-in capital which was YTL
143,704 as of 31.12.2007 is declared
to be YTL 250,000 now. There is no certification for the paid-in capital. |
|
HISTORY |
: |
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Previous Name |
:Tandem Tekstil San. ve Tic. Ltd. Sti. |
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Name Changed On |
:01.09.1995 (Commercial Registry Gazette
Date/No:11.09.1995/3868 ) |
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Previous
Registered Capital |
:YTL 100,000 |
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|
Regist. Capital Changed on |
:29.03.2007 (Commercial Registry Gazette
Date/No:03.04.2007/6779 ) |
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Previous Address |
: Mebusan Yokusu Somuncu Sok No 17/6
Beyoglu Istanbul |
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Address Changed On |
:24.05.2007 (Commercial Registry Gazette
Date/No:29.05.2007/6818 ) |
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OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Osman Berksoz Semra Berksoz |
94 % 6 % |
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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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|
DIRECTOR |
: |
Osman Berksoz |
|
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Mixing and trade of food additives The firm has declared that, it is the
representative of the following trademarks: -Lactalis BBA
(France) -Igreca SA (France) -Confoco Foods (UK) -Muntons Malt Ingredients (UK) -Gelnex (Brazil) -Pasific Royal Basic Foods Inc.
(Philippines) |
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|
NUMBER OF
EMPLOYEES |
: |
6 |
|
|
NET SALES |
: |
(YTL) 2,117,832 3,396,808 2,839,881 |
(2005) (2006) (2007) |
|
IMPORT COUNTRIES |
: |
France, UK, Philippines, Brazil, India |
|
MERCHANDISE
IMPORTED |
: |
Food additives |
|
EXPORT VALUE |
: |
None |
|
PREMISES |
: |
Head Office: Inebolu Sok. No. 33 Kat:1
Kabatas Istanbul (rented) Branch & Warehouse&Mixing plant:
Otakcilar Mah Pasmakci Cayiri Cad No 62/38 Eyup Istanbul (rented) |
|
FIXED CAPITAL
INVESTMENTS |
: |
None |
|
TREND OF
BUSINESS |
: |
There was an upwards trend at business volume in
2006 but there was a decline at business volume in nominal terms in 2007. |
|
|
SIZE OF BUSINESS |
: |
Moderate |
FINANCE
|
MAIN DEALING BANKERS |
: |
Garanti Bankasi
Karakoy branch in Istanbul Akbank Salipazari
branch in Istanbul Turkiye Halk Bankasi Uskudar branch in
Istanbul |
|
CREDIT FACILITIES |
: |
The subject company is making active use of credit
facilities. |
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PAYMENT BEHAVIOUR |
: |
No payment delays have come to our knowledge. |
COMMENT ON FINANCIAL POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
||
|
Insufficient |
As of 31.12.2007 |
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LIQUIDITY |
||
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Satisfactory |
As of 31.12.2007 |
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PROFITABILITY |
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Good |
In 2007 |
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GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
||
|
Favorable |
In 2007 |
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GENERAL
FINANCIAL POSITION |
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Passable |
||
CREDIT OPINION
|
CREDIT OPINION WITHOUT OBLIGATION |
: |
We are of the opinion that, a max. credit
of USD 80,000 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 |
|
(2007) |
5.94 % |
1.3075 |
1.7901 |
2.6133 |
|
(1.1.-30.06.2008) |
13.76 % |
1.2197 |
1.8695 |
2.4232 |
BALANCE SHEETS
|
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|
YTL |
|
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|
YTL |
|
|
|
|
|
|
31.12.06 |
|
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|
31.12.07 |
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CURRENT ASSETS |
1.458.282 |
|
0,97 |
|
1.775.933 |
|
0,95 |
|
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|
Cash and
Banks |
92.009 |
|
0,06 |
|
197.419 |
|
0,11 |
|
|
|
Marketable Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account
Receivable |
826.513 |
|
0,55 |
|
585.200 |
|
0,31 |
|
|
|
Other
Receivable |
44.428 |
|
0,03 |
|
34.723 |
|
0,02 |
|
|
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Inventories |
444.375 |
|
0,30 |
|
523.839 |
|
0,28 |
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Advances
Given |
839 |
|
0,00 |
|
401.567 |
|
0,22 |
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Other Current
Assets |
50.118 |
|
0,03 |
|
33.185 |
|
0,02 |
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NON-CURRENT ASSETS |
40.366 |
|
0,03 |
|
91.713 |
|
0,05 |
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Long-term
Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
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Financial
Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Tangible
Fixed Assets (net) |
31.225 |
|
0,02 |
|
84.310 |
|
0,05 |
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Intangible Assets |
4.687 |
|
0,00 |
|
7.403 |
|
0,00 |
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Other
Non-Current Assets |
4.454 |
|
0,00 |
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0 |
|
0,00 |
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TOTAL ASSETS |
1.498.648 |
|
1,00 |
|
1.867.646 |
|
1,00 |
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CURRENT LIABILITIES |
1.124.738 |
|
0,75 |
|
1.394.973 |
|
0,75 |
|
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Financial
Loans |
387.996 |
|
0,26 |
|
712.991 |
|
0,38 |
|
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Accounts
Payable |
708.630 |
|
0,47 |
|
667.921 |
|
0,36 |
|
|
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Loans
from Shareholders |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Other
Short-term Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
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Advances from
Customers |
6.161 |
|
0,00 |
|
808 |
|
0,00 |
|
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Taxes
Payable |
10.484 |
|
0,01 |
|
13.253 |
|
0,01 |
|
|
|
Provisions |
1.780 |
|
0,00 |
|
0 |
|
0,00 |
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Other
Current Liabilities |
9.687 |
|
0,01 |
|
0 |
|
0,00 |
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LONG-TERM LIABILITIES |
3.793 |
|
0,00 |
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0 |
|
0,00 |
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Financial
Loans |
0 |
|
0,00 |
|
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 |
|
0 |
|
0,00 |
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Loans
from Shareholders |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Other
Long-term Liabilities |
3.793 |
|
0,00 |
|
0 |
|
0,00 |
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Provisions |
0 |
|
0,00 |
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0 |
|
0,00 |
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STOCKHOLDERS' EQUITY |
370.117 |
|
0,25 |
|
472.673 |
|
0,25 |
|
|
|
Paid-in
Capital |
100.000 |
|
0,07 |
|
143.704 |
|
0,08 |
|
|
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Inflation
Adjustment of Capital |
87.667 |
|
0,06 |
|
87.667 |
|
0,05 |
|
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Reserves |
99.414 |
|
0,07 |
|
138.745 |
|
0,07 |
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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) |
83.036 |
|
0,06 |
|
102.557 |
|
0,05 |
|
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|
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|
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|
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TOTAL LIABILITIES AND EQUITY |
1.498.648 |
|
1,00 |
|
1.867.646 |
|
1,00 |
|
INCOME
STATEMENTS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2006 |
|
|
|
2007 |
|
|
|
|
|
|
|
|
|
|
|
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Net Sales |
3.396.808 |
|
1,00 |
|
2.839.881 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
3.003.618 |
|
0,88 |
|
2.478.387 |
|
0,87 |
|
|
|
Gross Profit |
393.190 |
|
0,12 |
|
361.494 |
|
0,13 |
|
|
|
Operating
Expenses |
274.009 |
|
0,08 |
|
243.286 |
|
0,09 |
|
|
|
Operating Profit |
119.181 |
|
0,04 |
|
118.208 |
|
0,04 |
|
|
|
Other
Income |
123.757 |
|
0,04 |
|
105.239 |
|
0,04 |
|
|
|
Other
Expenses |
112.549 |
|
0,03 |
|
39.994 |
|
0,01 |
|
|
|
Financial
Expenses |
26.334 |
|
0,01 |
|
51.897 |
|
0,02 |
|
|
|
Profit (loss) Before Tax |
104.055 |
|
0,03 |
|
131.556 |
|
0,05 |
|
|
|
Tax
Payable |
21.019 |
|
0,01 |
|
28.999 |
|
0,01 |
|
|
|
Net Profit (loss) |
83.036 |
|
0,02 |
|
102.557 |
|
0,04 |
|
FINANCIAL
RATIOS
|
|
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|
2006 |
|
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|
2007 |
|
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|
LIQUIDITY RATIOS |
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Current Ratio |
1,30 |
|
|
|
1,27 |
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Acid-Test Ratio |
0,86 |
|
|
|
0,59 |
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ASSET STRUCTURE RATIOS |
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Inventory/Total Assets |
0,30 |
|
|
|
0,28 |
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|
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Short-term Receivable/Total Assets |
0,58 |
|
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|
0,33 |
|
|
|
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Tangible Assets/Total Assets |
0,02 |
|
|
|
0,05 |
|
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TURNOVER RATIOS |
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|
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|
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|
Inventory Turnover |
6,76 |
|
|
|
4,73 |
|
|
|
|
|
Stockholders' Equity Turnover |
9,18 |
|
|
|
6,01 |
|
|
|
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|
Asset Turnover |
2,27 |
|
|
|
1,52 |
|
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|
FINANCIAL STRUCTURE |
|
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|
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|
|
|
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Stockholders' Equity/Total Assets |
0,25 |
|
|
|
0,25 |
|
|
|
|
|
Current Liabilities/Total Assets |
0,75 |
|
|
|
0,75 |
|
|
|
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|
Financial Leverage |
0,75 |
|
|
|
0,75 |
|
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PROFITABILITY RATIOS |
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Net Profit/Stockholders' Eq. |
0,22 |
|
|
|
0,22 |
|
|
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|
Operating Profit Margin |
0,04 |
|
|
|
0,04 |
|
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|
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Net Profit Margin |
0,02 |
|
|
|
0,04 |
|
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COLLECTION-PAYMENT |
|
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|
|
|
|
|
|
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Average Collection Period (days) |
87,60 |
|
|
|
74,18 |
|
|
|
|
|
Average Payable Period (days) |
84,93 |
|
|
|
97,02 |
|
|
|
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.30 |
|
UK Pound |
1 |
Rs.84.03 |
|
Euro |
1 |
Rs.66.42 |
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%)