MIRA
INFORM REPORT
|
Report Date : |
30.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
KORAY DIS TICARET LTD. STI. |
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|
Registered Office : |
Topcular Mah. Demirkapi Cad. Kececi Is Merkezi No: 51 Eyup-Istanbul |
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Country : |
Turkey |
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|
Financials (as on) : |
31.12.2007 |
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|
Date of Incorporation : |
14.02.2002 |
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Com. Reg. No.: |
471112 |
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|
Legal Form : |
Limited Company |
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Line of Business : |
Trade of Coffee and Coffee Cream. |
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 |
|
Status : |
Small Company |
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|
|
|
Payment Behaviour : |
No Complaints |
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|
|
|
Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
KORAY DIS TICARET LTD. STI. |
|
ADDRESS |
: |
Head Office: Topcular Mah. Demirkapi Cad. Kececi
Is Merkezi No: 51 Eyup-Istanbul / Turkey |
|
PHONE NUMBER |
: |
90-212-613 68 93 |
|
FAX NUMBER |
: |
90-212-613 68 93 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Rami / 5770284239 |
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REGISTRATION NUMBER |
: |
471112 |
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REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
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DATE ESTABLISHED |
: |
14.02.2002 (Commercial Registry Gazette
Date/No:19.02.2002/5490) |
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LEGAL FORM |
: |
Limited Company |
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TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
YTL 2,000,000 |
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|
HISTORY |
: |
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|
|
|
|
Previous
Registered Capital |
:YTL 600,000 |
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|
Regist. Capital
Changed on |
: 15.12.2006 (Commercial Registry Gazette
Date/No:20.12.2006/6708) |
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Previous
Registered Capital |
:YTL 1,000,000 |
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|
|
|
Regist. Capital
Changed on |
: 29.02.2008 (Commercial Registry Gazette
Date/No:06.03.2008/7014). This increase is decided to be financed by
loans from shareholders. |
|
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Katif Araz Riyad Araz |
60 % 40 % |
|
SISTER COMPANIES |
: |
-Barok Kuyumculuk Sanayi ve Ticaret Ltd.
Sti. |
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|
DIRECTORS |
: |
Katif Araz Riyad Araz |
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OPERATION
|
BUSINESS
ACTIVITIES |
: |
Trade of coffee and coffee cream. |
||
|
SECTOR |
: |
Commerce |
||
|
NUMBER OF
EMPLOYEES |
: |
1 |
||
|
NET SALES |
: |
(YTL) 3,481,270 4,376,441 1,015,046 |
(2006) (2007) (01.01.-31.03.2008) |
|
|
CAPACITY |
: |
None |
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|
PRODUCTION |
: |
None |
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|
IMPORT VALUE |
: |
USD 992,315 + EUR 523,750 USD 2,035,662 + EUR 396,700 |
(2006) (2007) |
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IMPORT COUNTRIES |
: |
China, Brazil, India, Ecuador… |
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MERCHANDISE
IMPORTED |
: |
Coffee and coffee cream. |
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|
EXPORT |
: |
None |
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|
PREMISES |
: |
Head Office: Topcular Mah. Demirkapi Cad. Kececi
Is Merkezi No: 51 Eyup-Istanbul (100 sqm) (rented) Warehouse: Mimaraga Cad. Akel San. Sit.
Bayrampasa-Istanbul (600 sqm) (rented) |
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|
FIXED CAPITAL
INVESTMENTS |
: |
None |
||
|
TREND OF BUSINESS |
: |
Upwards
in 2007 |
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SIZE
OF BUSINESS |
: |
Lower-medium |
FINANCE
|
MAIN DEALING BANKERS |
: |
Kuveyt Turk Katilim Bankasi Bayrampasa
branch in Istanbul Akbank Topcular branch in Istanbul Alternatifbank Bayrampasa branch in
Istanbul T. Is Bankasi Topcular branch in Istanbul Yapi ve Kredi Bankasi Topcular branch in
Istanbul |
|
CREDIT FACILITIES |
: |
The subject company rarely makes use of credit facilities. |
|
PAYMENT BEHAVIOUR |
: |
No payment delays have come to our knowledge. |
COMMENT ON FINANCIAL POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
||
|
Capitalization was fair as of 31.12.2007.
It has to be noted that, 63 % of total liabilities and equity was consisting
of loans from shareholders rather than liabilities to third parties as of 31.12.2007
indicating low indebtedness to third
parties. The registered capital was increased from
YTL 1,000,000 to YTL 2,000,000 on 29.02.2008. This increase is decided to be
financed by loans from shareholders. So we expect an improvement at equity
total since 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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|
Profitability was fair in 2006. The subject had YTL 28,947 net profit
due to other income but it had operating loss due to high cost of goods sold in
the first 3 months of 2008. |
||
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GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
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Unfavorable |
In 2007 |
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GENERAL
FINANCIAL POSITION |
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Liquidity was good but profitability and capitalization were fair in 2007
but positive effect of the capital increase is expected on total equity since
31.12.2007. The subject had YTL 28,947 net profit due to other income but it
had operating loss due to high cost of goods sold in the first 3 months of
2008. |
||
CREDIT OPINION
|
|
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.-31.03.2008) |
6.26 % |
1.2033 |
1.8179 |
2.3972 |
|
(1.1.-30.04.2008) |
11.04 % |
1.2193 |
1.8541 |
2.4257 |
BALANCE
SHEETS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
31.12.06 |
|
|
|
31.12.07 |
|
|
|
|
|
|
|
|
|
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|
|
|
|
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CURRENT ASSETS |
3.666.369 |
|
0,99 |
|
3.677.901 |
|
0,99 |
|
|
|
Cash and
Banks |
1.741.066 |
|
0,47 |
|
1.211.846 |
|
0,33 |
|
|
|
Marketable Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account Receivable |
760.378 |
|
0,21 |
|
1.218.213 |
|
0,33 |
|
|
|
Other
Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Inventories |
248.616 |
|
0,07 |
|
224.555 |
|
0,06 |
|
|
|
Advances
Given |
909.964 |
|
0,25 |
|
1.011.219 |
|
0,27 |
|
|
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Other
Current Assets |
6.345 |
|
0,00 |
|
12.068 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
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NON-CURRENT ASSETS |
32.115 |
|
0,01 |
|
33.721 |
|
0,01 |
|
|
|
Long-term
Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Financial
Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Tangible
Fixed Assets (net) |
25.042 |
|
0,01 |
|
26.296 |
|
0,01 |
|
|
|
Intangible Assets |
6.901 |
|
0,00 |
|
6.901 |
|
0,00 |
|
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|
Other
Non-Current Assets |
172 |
|
0,00 |
|
524 |
|
0,00 |
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|
|
|
|
|
|
|
|
|
|
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TOTAL ASSETS |
3.698.484 |
|
1,00 |
|
3.711.622 |
|
1,00 |
|
|
|
|
|
|
|
|
|
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CURRENT LIABILITIES |
2.581.803 |
|
0,70 |
|
2.528.777 |
|
0,68 |
|
|
|
Financial
Loans |
326.565 |
|
0,09 |
|
47.999 |
|
0,01 |
|
|
|
Accounts
Payable |
17.346 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Loans
from Shareholders |
1.641.668 |
|
0,44 |
|
2.322.277 |
|
0,63 |
|
|
|
Other
Short-term Payable |
0 |
|
0,00 |
|
370 |
|
0,00 |
|
|
|
Advances
from Customers |
589.545 |
|
0,16 |
|
144.855 |
|
0,04 |
|
|
|
Taxes
Payable |
3.824 |
|
0,00 |
|
7.232 |
|
0,00 |
|
|
|
Provisions |
2.855 |
|
0,00 |
|
6.044 |
|
0,00 |
|
|
|
Other
Current Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
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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 |
1.116.681 |
|
0,30 |
|
1.182.845 |
|
0,32 |
|
|
|
Paid-in
Capital |
1.000.000 |
|
0,27 |
|
1.000.000 |
|
0,27 |
|
|
|
Inflation
Adjustment of Capital |
11.757 |
|
0,00 |
|
11.757 |
|
0,00 |
|
|
|
Reserves |
64.574 |
|
0,02 |
|
104.924 |
|
0,03 |
|
|
|
Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accumulated Losses(-) |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net
Profit (loss) |
40.350 |
|
0,01 |
|
66.164 |
|
0,02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
3.698.484 |
|
1,00 |
|
3.711.622 |
|
1,00 |
|
INCOME
STATEMENTS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2006 |
|
|
|
2007 |
|
|
|
1.1-31.03.2008 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
3.481.270 |
|
1,00 |
|
4.376.441 |
|
1,00 |
|
1.015.046 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
2.932.207 |
|
0,84 |
|
3.947.897 |
|
0,90 |
|
1.012.443 |
|
1,00 |
|
|
|
Gross Profit |
549.063 |
|
0,16 |
|
428.544 |
|
0,10 |
|
2.603 |
|
0,00 |
|
|
|
Operating
Expenses |
443.281 |
|
0,13 |
|
144.087 |
|
0,03 |
|
56.078 |
|
0,06 |
|
|
|
Operating Profit |
105.782 |
|
0,03 |
|
284.457 |
|
0,06 |
|
-53.475 |
|
-0,05 |
|
|
|
Other
Income |
66.782 |
|
0,02 |
|
25.539 |
|
0,01 |
|
96.644 |
|
0,10 |
|
|
|
Other
Expenses |
116.302 |
|
0,03 |
|
191.847 |
|
0,04 |
|
10.696 |
|
0,01 |
|
|
|
Financial
Expenses |
5.627 |
|
0,00 |
|
34.964 |
|
0,01 |
|
3.526 |
|
0,00 |
|
|
|
Profit (loss) Before Tax |
50.635 |
|
0,01 |
|
83.185 |
|
0,02 |
|
28.947 |
|
0,03 |
|
|
|
Tax
Payable |
10.285 |
|
0,00 |
|
17.021 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
40.350 |
|
0,01 |
|
66.164 |
|
0,02 |
|
28.947 |
|
0,03 |
|
FINANCIAL
RATIOS
|
|
|
2006 |
|
|
|
2007 |
|
|
|
1.1-31.03.2008 |
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|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
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|
Current Ratio |
1,42 |
|
|
|
1,45 |
|
|
|
-- |
|
|
|
|
|
Acid-Test Ratio |
0,97 |
|
|
|
0,96 |
|
|
|
-- |
|
|
|
|
|
|
|
|
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|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,07 |
|
|
|
0,06 |
|
|
|
-- |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,21 |
|
|
|
0,33 |
|
|
|
-- |
|
|
|
|
|
Tangible Assets/Total Assets |
0,01 |
|
|
|
0,01 |
|
|
|
-- |
|
|
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|
|
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TURNOVER RATIOS |
|
|
|
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|
|
|
|
|
|
|
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|
Inventory Turnover |
11,79 |
|
|
|
17,58 |
|
|
|
-- |
|
|
|
|
|
Stockholders' Equity Turnover |
3,12 |
|
|
|
3,70 |
|
|
|
-- |
|
|
|
|
|
Asset Turnover |
0,94 |
|
|
|
1,18 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
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|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,30 |
|
|
|
0,32 |
|
|
|
-- |
|
|
|
|
|
Current Liabilities/Total Assets |
0,70 |
|
|
|
0,68 |
|
|
|
-- |
|
|
|
|
|
Financial Leverage |
0,70 |
|
|
|
0,68 |
|
|
|
-- |
|
|
|
|
|
|
|
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PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
0,04 |
|
|
|
0,06 |
|
|
|
-- |
|
|
|
|
|
Operating Profit Margin |
0,03 |
|
|
|
0,06 |
|
|
|
-0,05 |
|
|
|
|
|
Net Profit Margin |
0,01 |
|
|
|
0,02 |
|
|
|
0,03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
78,63 |
|
|
|
100,21 |
|
|
|
-- |
|
|
|
|
|
Average Payable Period (days) |
2,13 |
|
|
|
0,00 |
|
|
|
-- |
|
|
|
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%)