MIRA
INFORM REPORT
|
Report Date : |
28.06.2008 |
IDENTIFICATION
DETAILS
|
Correct Name : |
TIRYAKI AGRO GIDA SANAYI VE TICARET A.S. |
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|
|
|
Formerly Known As : |
OZTIRYAKI GIDA SANAYI VE TICARET LTD. STI. |
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Registered Office : |
3. Organize Sanayi Bolgesi Mehmet Battalli Bulvari 13 Nolu Cad. No: 8
Sehitkamil Gaziantep |
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Country : |
Turkey |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
28.12.1993 |
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Com. Reg. No.: |
15868 |
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|
Legal Form : |
Joint Stock Company |
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|
Line of Business : |
Processing and Trade of Cereal, 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 : |
EUR 1,250,000 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
TIRYAKI AGRO GIDA SANAYI VE TICARET A.S. |
|
ADDRESS |
: |
Head Office / Production Plant: 3.
Organize Sanayi Bolgesi Mehmet Battalli Bulvari 13 Nolu Cad. No: 8 Sehitkamil
Gaziantep / Turkey The address of the firm was changed from
“3. Organize Sanayi Bolgesi Aktoprak Mevkii A Blok Baspinar Gaziantep /
Turkey” to “3. Organize Sanayi Bolgesi Mehmet Battalli Bulvari 13 Nolu Cad.
No: 8 Sehitkamil Gaziantep / Turkey” by the municipality. |
|
PHONE NUMBER |
: |
90-342-337 97 00 |
|
FAX NUMBER |
: |
90-342-337 97 09 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Gazikent / 8450302285 |
|
REGISTRATION NUMBER |
: |
15868 |
|
REGISTERED OFFICE |
: |
Gaziantep Chamber of Commerce |
|
DATE ESTABLISHED |
: |
28.12.1993 (Commercial Registry Gazette
Date/No: 07.01.1994 / 3444) |
|
LEGAL FORM |
: |
Joint Stock Company |
|
TYPE OF COMPANY |
: |
Private |
|
REGISTERED CAPITAL |
: |
YTL 20,000,000 |
|
HISTORY |
: |
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|
|
|
|
Previous Legal Form |
:Limited Company |
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|
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|
Legal Form Changed On |
:25.07.2007 (Commercial Registry Gazette
Date / No: 30.07.2007 / 6862) |
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Previous Name |
:Oztiryaki Gida Sanayi ve Ticaret Ltd.
Sti. |
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Name Changed On |
:25.07.2007 (Commercial Registry Gazette
Date / No: 30.07.2007 / 6862) |
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Previous
Registered Capital |
:YTL 10,600 |
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|
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|
Regist. Capital
Changed on |
:23.05.2002(Commercial Registry Gazette
Date/No: 07.06.2002 / 5565) |
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Previous Registered
Capital |
:YTL 150,000 |
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|
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|
Regist. Capital
Changed on |
:23.12.2004(Commercial Registry Gazette
Date/No: 04.01.2005 / 6212) |
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|
Previous
Registered Capital |
:YTL 2,500,000 |
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|
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|
Regist. Capital
Changed on |
: 14.03.2007 (Commercial Registry Gazette
Date / No: 04.04.2007 / 6780) |
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Previous
Registered Capital |
:YTL 5,000,000 |
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|
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Regist. Capital
Changed on |
: 25.07.2007 (Commercial Registry Gazette
Date / No: 30.07.2007 / 6862) |
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Previous
Registered Capital |
: YTL 7,500,000 |
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|
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Regist. Capital
Changed on |
: 26.09.2007 (Commercial Registry Gazette
Date / No: 10.10.2007 / 6913) |
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Previous
Registered Capital |
: YTL 10,000,000 |
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Regist. Capital Changed on |
: 27.03.2008 (Commercial Registry Gazette
Date / No: 09.04.2008 / 7038) |
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Other Historical Events |
:The shareholder “Ahmet Tiryakioglu” sold
20 % of the shares at the subject to “Suleyman Tiryakioglu”, 20 % of the shares
at the subject to “Nejdet Tiryakioglu”, 15 % of the shares at the subject to
“Mehmet Tiryakioglu”, 10 % of the shares at the subject to “Fatih
Tiryakioglu” and 3 % of the shares at the subject to “Ali Tiryakioglu” on
13.12.2006 (Commercial Registry Gazette Date / No: 27.12.2006 / 6713). The subject took over and merged with
“TIRYAKI BULGUR GIDA SANAYI VE TICARET LTD. STI.” on 27.03.2007 (Commercial
Registry Gazette Date / No: 30.05.2007 / 6819). |
|
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Ahmet Tiryakioglu Suleyman Tiryakioglu Nejdet Tiryakioglu Mehmet Tiryakioglu Fatih Tiryakioglu Ali Tiryakioglu Filiz Tiryakioglu |
28 % 20 % 18 % 15
% 10 % 5 % 4 % |
|
BOARD OF DIRECTORS |
: |
Ahmet Tiryakioglu Suleyman Tiryakioglu Nejdet Tiryakioglu Mehmet Tiryakioglu Fatih Tiryakioglu Ali Tiryakioglu |
Chairman Vice-chairman Member Member Member Member |
|
GENERAL MANAGER |
|
Ahmet Tiryakioglu |
|
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Processing and trade of cereal, pulse … |
||
|
SECTOR |
: |
Food |
||
|
TRADEMARK(S) |
: |
“Oztiryaki” |
|
|
|
NUMBER OF
EMPLOYEES |
: |
78 |
||
|
NET SALES |
|
(YTL) 28,844,687 35,910,197 68,701,051 139,589,289 |
(2004) (2005) (2006) (2007) |
|
|
CAPACITY |
: |
(Tons/Year) 59,850 59,850 |
(2007) (2008) |
|
|
IMPORT VALUE |
: |
YTL 916,236 YTL 2,366,327 USD 6,758,300 USD 3,262,457 +
EUR 1,514,672 |
(2004) (2005) (2006) (01.01.-31.03.2007) |
|
|
IMPORT COUNTRIES |
: |
Canada, India, Syria, Ethiopia, Egypt |
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MERCHANDISE IMPORTED |
: |
Lentil, bean, chickpea, sesame, linseed… |
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|
EXPORT VALUE |
: |
(YTL) 13,348,956 12,718,758 37,197,350 82,538,400 |
(2004) (2005) (2006) (2007) |
|
EXPORT COUNTRIES |
: |
USA, Turkmemistan, Austria, Greece, Belgium,
Denmark, UK, Italy, Netherlands, Aegean Free Zone, Australia, Kuwait, Saudi
Arabia, Canada… |
|
|
MERCHANDISE
EXPORTED |
: |
Lentil, chickpea, nut, flour, rice,
cereal… |
|
|
PREMISES |
: |
Head Office / Production Plant: 3. Organize
Sanayi Bolgesi Mehmet Battalli Bulvari 13 Nolu Cad. No: 8 Sehitkamil
Gaziantep (owned) Branch: Gaziantep Serbest Bolgesi (Free
Zone) 1 Nolu Bulvari 251 Ada 113 Parsel 1-2 Nolu Isyerleri Gaziantep |
|
|
TREND OF BUSINESS |
: |
Upwards
|
|
SIZE
OF BUSINESS |
: |
Large
|
FINANCE
|
MAIN DEALING BANKERS |
: |
Garanti Bankasi Karma branch in Gaziantep Turk Ekonomi Bankasi Gaziantep branch in
Gaziantep Finansbank Sehitkamil branch in Gaziantep Oyakbank Suburcu branch in Gaziantep Halk Bankasi Gaziantep Ticari branch in
Gaziantep Fortisbank Gaziantep Ticari branch in
Gaziantep Akbank Gaziantep Ticari branch in
Gaziantep |
|
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. |
|
KEY FINANCIAL ELEMENTS |
: |
The financial figures of the
subject company as of 25.07.2007 are as follows : (YTL) |
|
|
|
|
Current Assets Non-Current Assets Total Assets Current Liabilities Long-Term Liabilities Stockholders’ Equity |
40,720,981 3,469,255 44,190,236 34,369,329 226,059 9,594,848 |
COMMENT ON FINANCIAL POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
|
|
Capitalization was insufficient as of 25.07.2007. However the
registered capital was increased from YTL 5,000,000 to YTL 7,500,000 on
25.07.2007. Then the registered capital was increased from YTL 7,500,000 to
YTL 10,000,000 on 26.09.2007. Moreover the registered capital was increased
from YTL 10,000,000 to YTL 20,000,000
on 27.03.2008. So we expect an improvement at equity total since then. |
|
|
LIQUIDITY |
|
|
Current ratio was good as of 25.07.2007 |
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PROFITABILITY |
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|
Good |
In 2007 |
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GENERAL FINANCIAL POSITION |
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|
Fair |
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CREDIT OPINION
|
CREDIT
OPINION WITHOUT OBLIGATION |
: |
We
are of the opinion that, a max. credit of EUR 1,250,000 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 |
|
(2006) |
11.58 % |
1.4309 |
1.7987 |
2.6377 |
|
(1.1.-31.03.2007) |
1.88 % |
1.4068 |
1.8521 |
2.7609 |
|
(1.1.-31.07.2007) |
3,05 % |
1.3633 |
1.8196 |
2.6989 |
|
(2007) |
5.94 % |
1.3075 |
1.7901 |
2.6133 |
|
(1.1.-30.04.2008) |
11.04 % |
1.2193 |
1.8541 |
2.4257 |
BALANCE SHEETS
|
|
|
YTL |
|
|
YTL |
|
|
YTL |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
31.12.04 |
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|
31.12.05 |
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|
31.12.06 |
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CURRENT ASSETS |
9.613.998 |
0.87 |
|
11.893.977 |
0.85 |
|
23.261.419 |
0.90 |
|
|
|
Cash and Banks |
463.141 |
0.04 |
|
841.093 |
0.06 |
|
155.094 |
0.01 |
|
|
|
Marketable Securities |
0 |
0.00 |
|
0 |
0.00 |
|
0 |
0.00 |
|
|
|
Account Receivable |
3.151.389 |
0.29 |
|
5.199.761 |
0.37 |
|
10.661.776 |
0.41 |
|
|
|
Other Receivable |
162.374 |
0.01 |
|
252.974 |
0.02 |
|
289.736 |
0.01 |
|
|
|
Inventories |
2.904.609 |
0.26 |
|
2.357.679 |
0.17 |
|
7.368.023 |
0.28 |
|
|
|
Advances Given |
2.573.490 |
0.23 |
|
2.588.339 |
0.19 |
|
3.070.118 |
0.12 |
|
|
|
Other Current Assets |
358.995 |
0.03 |
|
654.131 |
0.05 |
|
1.716.672 |
0.07 |
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|
NON-CURRENT ASSETS |
1.385.459 |
0.13 |
|
2.028.134 |
0.15 |
|
2.610.742 |
0.10 |
|
|
|
Long-term Receivable |
0 |
0.00 |
|
0 |
0.00 |
|
0 |
0.00 |
|
|
|
Financial Assets |
0 |
0.00 |
|
0 |
0.00 |
|
725.893 |
0.03 |
|
|
|
Tangible Fixed Assets (net) |
1.378.098 |
0.13 |
|
1.703.233 |
0.12 |
|
1.555.059 |
0.06 |
|
|
|
Intangible Assets |
0 |
0.00 |
|
302.099 |
0.02 |
|
302.099 |
0.01 |
|
|
|
Other Non-Current Assets |
7.361 |
0.00 |
|
22.802 |
0.00 |
|
27.691 |
0.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
10.999.457 |
1.00 |
|
13.922.111 |
1.00 |
|
25.872.161 |
1.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
6.305.481 |
0.57 |
|
9.188.814 |
0.66 |
|
20.833.046 |
0.81 |
|
|
|
Financial Loans |
2.003.743 |
0.18 |
|
4.602.527 |
0.33 |
|
9.761.448 |
0.38 |
|
|
|
Accounts Payable |
3.636.255 |
0.33 |
|
3.283.121 |
0.24 |
|
7.578.537 |
0.29 |
|
|
|
Loans from Shareholders |
0 |
0.00 |
|
169.694 |
0.01 |
|
0 |
0.00 |
|
|
|
Other Short-term Payable |
0 |
0.00 |
|
7.418 |
0.00 |
|
15.180 |
0.00 |
|
|
|
Advances from Customers |
442.771 |
0.04 |
|
721.167 |
0.05 |
|
2.060.295 |
0.08 |
|
|
|
Taxes Payable |
26.352 |
0.00 |
|
29.688 |
0.00 |
|
190.841 |
0.01 |
|
|
|
Provisions |
-2.252 |
0.00 |
|
0 |
0.00 |
|
110.418 |
0.00 |
|
|
|
Other Current Liabilities |
198.612 |
0.02 |
|
375.199 |
0.03 |
|
1.116.327 |
0.04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
628.000 |
0.06 |
|
427.510 |
0.03 |
|
343.193 |
0.01 |
|
|
|
Financial Loans |
628.000 |
0.06 |
|
427.510 |
0.03 |
|
343.193 |
0.01 |
|
|
|
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 |
4.065.976 |
0.37 |
|
4.305.787 |
0.31 |
|
4.695.922 |
0.18 |
|
|
|
Paid-in Capital |
2.500.000 |
0.23 |
|
2.500.000 |
0.18 |
|
2.500.000 |
0.10 |
|
|
|
Inflation Adjustment of
Capital |
140.493 |
0.01 |
|
140.493 |
0.01 |
|
140.493 |
0.01 |
|
|
|
Reserves |
1.077.172 |
0.10 |
|
1.505.355 |
0.11 |
|
1.665.294 |
0.06 |
|
|
|
Revaluation Fund |
0 |
0.00 |
|
0 |
0.00 |
|
0 |
0.00 |
|
|
|
Accumulated Losses(-) |
0 |
0.00 |
|
0 |
0.00 |
|
0 |
0.00 |
|
|
|
Net Profit (loss) |
348.311 |
0.03 |
|
159.939 |
0.01 |
|
390.135 |
0.02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQ. |
10.999.457 |
1.00 |
|
13.922.111 |
1.00 |
|
25.872.161 |
1.00 |
|
INCOME STATEMENTS
|
|
|
YTL |
|
|
YTL |
|
|
YTL |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2004 |
|
|
2005 |
|
|
2006 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
28.844.687 |
1.00 |
|
35.910.197 |
1.00 |
|
68.701.051 |
1.00 |
|
|
|
Cost of Goods Sold |
26.347.342 |
0.91 |
|
32.020.547 |
0.89 |
|
62.073.242 |
0.90 |
|
|
|
Gross Profit |
2.497.345 |
0.09 |
|
3.889.650 |
0.11 |
|
6.627.809 |
0.10 |
|
|
|
Operating Expenses |
2.229.754 |
0.08 |
|
3.698.221 |
0.10 |
|
5.184.671 |
0.08 |
|
|
|
Operating Profit |
267.591 |
0.01 |
|
191.429 |
0.01 |
|
1.443.138 |
0.02 |
|
|
|
Other Income |
1.632.920 |
0.06 |
|
1.050.451 |
0.03 |
|
2.476.484 |
0.04 |
|
|
|
Other Expenses |
1.388.893 |
0.05 |
|
700.350 |
0.02 |
|
2.857.778 |
0.04 |
|
|
|
Financial Expenses |
163.307 |
0.01 |
|
381.591 |
0.01 |
|
561.291 |
0.01 |
|
|
|
Profit (loss) Before Tax |
348.311 |
0.01 |
|
159.939 |
0.00 |
|
500.553 |
0.01 |
|
|
|
Tax Payable |
0 |
0.00 |
|
0 |
0.00 |
|
110.418 |
0.00 |
|
|
|
Net Profit (loss) |
348.311 |
0.01 |
|
159.939 |
0.00 |
|
390.135 |
0.01 |
|
FINANCIAL RATIOS
|
|
|
2004 |
|
|
2005 |
|
|
2006 |
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
Current Ratio |
1.52 |
|
|
1.29 |
|
|
1.12 |
|
|
|
|
Acid-Test Ratio |
0.60 |
|
|
0.68 |
|
|
0.53 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0.26 |
|
|
0.17 |
|
|
0.28 |
|
|
|
|
Short-term Receivable/Total Assets |
0.30 |
|
|
0.39 |
|
|
0.42 |
|
|
|
|
Tangible Assets/Total Assets |
0.13 |
|
|
0.12 |
|
|
0.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
9.07 |
|
|
13.58 |
|
|
8.42 |
|
|
|
|
Stockholders' Equity Turnover |
7.09 |
|
|
8.34 |
|
|
14.63 |
|
|
|
|
Asset Turnover |
2.62 |
|
|
2.58 |
|
|
2.66 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0.37 |
|
|
0.31 |
|
|
0.18 |
|
|
|
|
Current Liabilities/Total Assets |
0.57 |
|
|
0.66 |
|
|
0.81 |
|
|
|
|
Financial Leverage |
0.63 |
|
|
0.69 |
|
|
0.82 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
0.09 |
|
|
0.04 |
|
|
0.08 |
|
|
|
|
Operating Profit Margin |
0.01 |
|
|
0.01 |
|
|
0.02 |
|
|
|
|
Net Profit Margin |
0.01 |
|
|
0.00 |
|
|
0.01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
39.33 |
|
|
52.13 |
|
|
55.87 |
|
|
|
|
Average Payable Period (days) |
49.68 |
|
|
36.91 |
|
|
43.95 |
|
|
INCOME STATEMENT
|
|
|
YTL |
|
|
|
|
|
|
|
|
|
|
|
|
|
2007 |
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
139.589.289 |
|
1.00 |
|
|
|
Cost of Goods Sold |
120.686.971 |
|
0.86 |
|
|
|
Gross Profit |
18.902.318 |
|
0.14 |
|
|
|
Operating Expenses |
9.625.670 |
|
0.07 |
|
|
|
Operating Profit |
9.276.648 |
|
0.07 |
|
|
|
Other Income |
6.207.912 |
|
0.04 |
|
|
|
Other Expenses |
6.720.401 |
|
0.05 |
|
|
|
Financial Expenses |
1.779.584 |
|
0.01 |
|
|
|
Profit (loss) Before Tax |
6.984.575 |
|
0.05 |
|
|
|
Tax Payable |
651.778 |
|
0.00 |
|
|
|
Net Profit (loss) |
6.332.797 |
|
0.05 |
|
|
|
|
|
|
|
|
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.79 |
|
UK Pound |
1 |
Rs.85.04 |
|
Euro |
1 |
Rs.67.39 |
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%)