MIRA
INFORM REPORT
|
Report Date : |
14.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SERDINEL BAHARAT GIDA TARIM URUNLERI SANAYI VE TICARET LTD. STI. |
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Registered Office : |
Ataturk Sanayi Sitesi Bitisigi Sar-Bek Kooperatifi No:25 Torbali Izmir |
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Country : |
Turkey |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
05.09.2006 |
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Com. Reg. No.: |
2923 |
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Legal Form : |
Limited Company |
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Line of Business : |
Processing and Wholesale Trade of Spice |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Maximum Credit Limit : |
USD 10,000 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
COMPANY IDENTIFICATION
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NAME |
: |
SERDINEL BAHARAT GIDA TARIM URUNLERI SANAYI VE TICARET LTD. STI. |
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ADDRESS |
: |
Head Office&Workshop: Ataturk Sanayi Sitesi
Bitisigi Sar-Bek Kooperatifi No:25 Torbali Izmir / Turkey |
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PHONE NUMBER |
: |
90-232-853 18 85 |
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FAX NUMBER |
: |
90-232-853 18 85 |
LEGAL STATUS AND HISTORY
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TAX OFFICE / NO |
: |
Torbali / 7620261859 |
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REGISTRATION NUMBER |
: |
2923 |
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REGISTERED OFFICE |
: |
Torbali Chamber of Commerce |
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DATE ESTABLISHED |
: |
05.09.2006 (Commercial Registry Gazette
Date/No: 20.09.2006/6646) |
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LEGAL FORM |
: |
Limited Company |
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TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
YTL 50,000 |
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PAID-IN CAPITAL |
: |
YTL 50,000 |
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HISTORY |
: |
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Previous Address |
:Mezarlik Yolu Cad. 2. Sok. A 2 Blok
No:7-8 Torbali Izmir |
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Address Changed On |
:24.10.2007 (Commercial Registry Gazette
Date/No: 14.11.2007/6936) |
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Previous Shareholders |
:Elife Keles (60 %) Fatma Gursu (40 %) |
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Shareholders Changed On |
:10.09.2007 (Commercial Registry Gazette
Date/No: 19.09.2007/6898) |
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OWNERSHIP / MANAGEMENT
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SHAREHOLDERS |
: |
Abidin Gursu Fatma Gursu |
60 % 40 % |
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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 |
: |
Abidin Gursu |
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OPERATIONS
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BUSINESS
ACTIVITIES |
: |
Processing and wholesale trade of spice |
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NUMBER OF
EMPLOYEES |
: |
1 |
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NET SALES |
: |
(YTL) 54,841 261,155 82,227 |
(05.09-31.12.2006) (2007) (01.01-31.03.2008) |
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IMPORT VALUE |
: |
The subject has not performed any import activities
yet but it is planning to import pepper and paprika from India and China. |
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EXPORT VALUE |
: |
None |
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PREMISES |
: |
Head Office&Workshop: Ataturk Sanayi
Sitesi Bitisigi Sar-Bek Kooperatifi No:25 Torbali Izmir (rented) |
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FIXED CAPITAL
INVESTMENTS |
: |
None |
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TREND OF
BUSINESS |
: |
Undetermined, young business |
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SIZE OF BUSINESS |
: |
Small |
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FINANCE
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MAIN DEALING BANKERS |
: |
Yapi ve Kredi Bankasi Torbali branch in
Izmir |
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CREDIT FACILITIES |
: |
No credit facility has come to our
knowledge. |
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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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Capitalization was low as of 31.12.2007. A part of liabilities was due
to loans from shareholders but major part was due to accounts payable as of
31.12.2007. |
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LIQUIDITY |
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Good |
As of 31.12.2007 |
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PROFITABILITY |
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In order |
In 2007 |
High |
Between 01.01.-31.03.2008 |
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GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
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Favorable |
In 2007 |
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GENERAL
FINANCIAL POSITION |
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Passable |
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CREDIT OPINION
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CREDIT
OPINION WITHOUT OBLIGATION |
: |
We
are of the opinion that, a max. credit of USD 10,000 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 |
|
(1.1.-31.05.2008) |
13.39 % |
1.2181 |
1.8583 |
2.4201 |
BALANCE SHEET
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YTL |
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31.12.07 |
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CURRENT ASSETS |
314.130 |
|
0,98 |
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Cash and
Banks |
100.263 |
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0,31 |
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Marketable Securities |
0 |
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0,00 |
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Account
Receivable |
134.457 |
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0,42 |
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Other
Receivable |
0 |
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0,00 |
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Inventories |
70.665 |
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0,22 |
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Advances
Given |
1.997 |
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0,01 |
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Other
Current Assets |
6.748 |
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0,02 |
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NON-CURRENT ASSETS |
5.219 |
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0,02 |
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Long-term
Receivable |
0 |
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0,00 |
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Financial
Assets |
0 |
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0,00 |
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Tangible
Fixed Assets (net) |
1.341 |
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0,00 |
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Intangible Assets |
3.878 |
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0,01 |
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Other
Non-Current Assets |
0 |
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0,00 |
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TOTAL ASSETS |
319.349 |
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1,00 |
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CURRENT LIABILITIES |
267.782 |
|
0,84 |
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Financial
Loans |
0 |
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0,00 |
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Accounts
Payable |
195.822 |
|
0,61 |
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Loans
from Shareholders |
62.476 |
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0,20 |
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Other
Short-term Payable |
0 |
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0,00 |
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Advances
from Customers |
6.339 |
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0,02 |
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Taxes
Payable |
3.145 |
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0,01 |
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Provisions |
0 |
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0,00 |
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Other
Current Liabilities |
0 |
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0,00 |
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LONG-TERM LIABILITIES |
0 |
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0,00 |
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Financial
Loans |
0 |
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0,00 |
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Securities Issued |
0 |
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0,00 |
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Long-term
Payable |
0 |
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0,00 |
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Loans
from Shareholders |
0 |
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0,00 |
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Other
Long-term Liabilities |
0 |
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0,00 |
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Provisions |
0 |
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0,00 |
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STOCKHOLDERS' EQUITY |
51.567 |
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0,16 |
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Paid-in
Capital |
50.000 |
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0,16 |
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Reserves |
0 |
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0,00 |
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Revaluation Fund |
0 |
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0,00 |
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Accumulated Losses(-) |
-7.272 |
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-0,02 |
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Net
Profit (loss) |
8.839 |
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0,03 |
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TOTAL LIABILITIES AND EQUITY |
319.349 |
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1,00 |
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INCOME STATEMENTS
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YTL |
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YTL |
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2007 |
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01.01-31.03.2008 |
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Net Sales |
261.155 |
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1,00 |
|
82.227 |
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1,00 |
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Cost of
Goods Sold |
231.715 |
|
0,89 |
|
59.733 |
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0,73 |
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Gross Profit |
29.440 |
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0,11 |
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22.494 |
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0,27 |
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Operating
Expenses |
20.536 |
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0,08 |
|
7.046 |
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0,09 |
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Operating Profit |
8.904 |
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0,03 |
|
15.448 |
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0,19 |
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Other
Income |
1.533 |
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0,01 |
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0 |
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0,00 |
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Other Expenses |
944 |
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0,00 |
|
52 |
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0,00 |
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Financial
Expenses |
0 |
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0,00 |
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0 |
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0,00 |
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Profit (loss) Before Tax |
9.493 |
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0,04 |
|
15.396 |
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0,19 |
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Tax
Payable |
654 |
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0,00 |
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0 |
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0,00 |
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Net Profit (loss) |
8.839 |
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0,03 |
|
15.396 |
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0,19 |
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FINANCIAL RATIOS
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2007 |
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01.01-31.03.2008 |
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LIQUIDITY RATIOS |
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Current Ratio |
1,17 |
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-- |
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Acid-Test Ratio |
0,88 |
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-- |
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ASSET STRUCTURE RATIOS |
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Inventory/Total Assets |
0,22 |
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-- |
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Short-term Receivable/Total Assets |
0,42 |
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-- |
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Tangible Assets/Total Assets |
0,00 |
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-- |
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TURNOVER RATIOS |
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Inventory Turnover |
3,28 |
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-- |
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Stockholders' Equity Turnover |
5,06 |
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-- |
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Asset Turnover |
0,82 |
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-- |
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FINANCIAL STRUCTURE |
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Stockholders' Equity/Total Assets |
0,16 |
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-- |
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Current Liabilities/Total Assets |
0,84 |
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-- |
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Financial Leverage |
0,84 |
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-- |
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PROFITABILITY RATIOS |
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Net Profit/Stockholders' Eq. |
0,17 |
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-- |
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Operating Profit Margin |
0,03 |
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|
0,19 |
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Net Profit Margin |
0,03 |
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|
0,19 |
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COLLECTION-PAYMENT |
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Average Collection Period (days) |
185,35 |
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-- |
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Average Payable Period (days) |
304,24 |
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-- |
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RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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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 |
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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%)