MIRA
INFORM REPORT
|
Report Date : |
12.11.2008 |
IDENTIFICATION
DETAILS
|
Name : |
DARDANEL SU URUNLERI URETIM A.S. |
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Formerly Known As : |
ENKO KONSERVE VE GIDA MADDELERI PAZARLAMA VE TICARET AS |
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Registered Office : |
Ahi Evran Cad. Polaris Plaza No:1 Kat:10 Maslak-Istanbul |
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Country : |
Turkey |
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Financials (as on) : |
30.06.2008 |
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Date of Incorporation : |
18.06.1998 |
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Com. Reg. No.: |
397776 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Fish Farming |
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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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
DARDANEL SU URUNLERI URETIM A.S. |
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ADDRESS |
: |
Head Office. Ahi Evran Cad. Polaris Plaza
No:1 Kat:10 Maslak-Istanbul/Turkey |
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PHONE NUMBER |
: |
90-212-346 05 10 |
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FAX NUMBER |
: |
90-212-346 05 22 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Maslak/3350094265 |
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REGISTRATION NUMBER |
: |
397776 |
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REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
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DATE ESTABLISHED |
: |
18.06.1998 (Commercial Registry Gazette
Date/No:23.06.1998/4567 ) |
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LEGAL FORM |
: |
Joint Stock Company |
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TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
YTL 200.000 |
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PAID-IN CAPITAL |
: |
YTL 200.000 |
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HISTORY |
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Previous Name |
:Enko Konserve ve Gida Maddeleri Pazarlama
ve Ticaret AS |
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Name Changed On |
:10.04.2001 (Commercial Registry Gazette
Date/No: 16.04.2001/5275) |
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OWNERSHIP / MANAGEMENT
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SHAREHOLDERS |
: |
Zeliha Onen Dardanel Onentas Gida Sanayi A.S. Others |
67 % 32,90 % |
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GROUP |
: |
Dardanel Group |
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REMARKS ON GROUP |
: |
It has to be noted that, the group has
been in financial difficulty. So it had to make protocols to postpone the
maturity of debts to creditor banks. |
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SISTER COMPANIES |
: |
Dardanel Elektrik Uretimi A.S. Dardanel Enez Konserve San. A.S. Dardanel Onentas Gida Sanayi A.S. Dardanel Spor Faaliyetleri A.S Dardanel-Destek Deniz Urunleri Uretim Ve
Ticareti A.S. Neptun Su Urunleri Yem Turizm Sanayi Ve
Ticaret Ltd. Sti. Ton Radyo Televizyon Ve Yayincilik A.S. |
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SUBSIDIARIES |
: |
Dardanel Onentas Gida San A.S. (25,9 %) |
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BOARD OF DIRECTORS |
: |
Osman Niyazi Onen Askin Kurultak Saban Toker Esra Turkyilmaz |
Chairman Member Member Member |
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DIRECTORS |
: |
Ugur Ozden |
General Manager |
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OPERATIONS
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BUSINESS
ACTIVITIES |
: |
Fish farming |
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NUMBER OF
EMPLOYEES |
: |
90 |
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NET SALES |
: |
(YTL) 24.546.108 40.574.403 |
(2007) (01.01-30.06.2008) |
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EXPORT VALUE |
: |
(YTL) 14.007.366 16.826.623 |
(2007) (01.01-30.06.2008) |
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EXPORT COUNTRIES |
: |
USA, Japan, Libya |
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MERCHANDISE
EXPORTED |
: |
Fish |
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PREMISES |
: |
Head Office. Ahi Evran Cad. Polaris Plaza
No:1 Kat:10 Maslak-Istanbul Fish Farm: Gazipasa-Antalya Fish Farm: Cesme-Izmir |
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TREND OF
BUSINESS |
: |
There appears an upwards trend in the
first 6 months of 2008. |
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SIZE OF BUSINESS |
: |
Large |
FINANCE
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MAIN DEALING BANKERS |
: |
Garanti Bankasi Istanbul Kurumsal branch
in Istanbul Tekstil Bank Merkez branch in Istanbul |
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CREDIT FACILITIES |
: |
The subject company is making active use of credit facilities.. |
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PAYMENT BEHAVIOUR |
: |
We are informed about numerous payment delays
some of which were resolved later on. |
COMMENT ON FINANCIAL POSITION
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FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
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Capitalization was low as of 30.06.2008. A part of liabilities was due
to loans from shareholders but major part of liabilities was to third parties
as of 30.06.2008. |
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LIQUIDITY |
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|
Liquidity was still low even if disregarding loans from shareholders
from current liabilities as of 30.06.2008. |
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PROFITABILITY |
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The firm had operating loss in 2007 but due to other income it had
high net profitability in 2007. Profitability was low in the first 6 months
of 2008. |
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GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
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Favorable |
Between 01.01.30.6.2008 |
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GENERAL FINANCIAL POSITION |
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Unsatisfactory |
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Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
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(2007) |
5.94 % |
1.3075 |
1.7901 |
2.6133 |
|
(1.1.-30.06.2008) |
13.76 % |
1.2197 |
1.8695 |
2.4232 |
|
(1.1.-31.10.2008) |
12.11 % |
1.2408 |
1.8598 |
2.3855 |
BALANCE SHEETS
|
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YTL |
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YTL |
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|
31.12.07 |
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30.6.08 |
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CURRENT ASSETS |
50.470.768 |
|
0,80 |
|
33.280.205 |
|
0,72 |
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Cash and Banks |
4.901 |
|
0,00 |
|
28.047 |
|
0,00 |
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Marketable Securities |
0 |
|
0,00 |
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0 |
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0,00 |
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Account Receivable |
1.236.507 |
|
0,02 |
|
3.644.713 |
|
0,08 |
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Other Receivable |
1.217.355 |
|
0,02 |
|
517.252 |
|
0,01 |
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Inventories |
34.301.316 |
|
0,54 |
|
3.630.387 |
|
0,08 |
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Advances Given |
10.858.880 |
|
0,17 |
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19.355.134 |
|
0,42 |
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Other Current Assets |
2.851.809 |
|
0,05 |
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6.104.672 |
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0,13 |
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NON-CURRENT ASSETS |
12.783.215 |
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0,20 |
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12.858.698 |
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0,28 |
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Long-term Receivable |
0 |
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0,00 |
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0 |
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0,00 |
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Financial Assets |
9.285.939 |
|
0,15 |
|
9.285.939 |
|
0,20 |
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Tangible Fixed Assets (net) |
2.982.812 |
|
0,05 |
|
3.455.255 |
|
0,07 |
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Intangible Assets |
514.464 |
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0,01 |
|
117.504 |
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0,00 |
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Other Non-Current Assets |
0 |
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0,00 |
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0 |
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0,00 |
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TOTAL ASSETS |
63.253.983 |
|
1,00 |
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46.138.903 |
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1,00 |
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CURRENT LIABILITIES |
59.977.218 |
|
0,95 |
|
42.200.183 |
|
0,91 |
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Financial Loans |
13.307.722 |
|
0,21 |
|
15.731.714 |
|
0,34 |
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Accounts Payable |
7.726.216 |
|
0,12 |
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14.170.035 |
|
0,31 |
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Loans from Shareholders |
4.272.842 |
|
0,07 |
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5.424.686 |
|
0,12 |
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Other Short-term Payable |
29.561.962 |
|
0,47 |
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6.223.571 |
|
0,13 |
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Advances from Customers |
0 |
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0,00 |
|
541.005 |
|
0,01 |
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Taxes Payable |
52.158 |
|
0,00 |
|
109.172 |
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0,00 |
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Provisions |
0 |
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0,00 |
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0 |
|
0,00 |
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Other Current Liabilities |
5.056.318 |
|
0,08 |
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0 |
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0,00 |
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LONG-TERM LIABILITIES |
51.159 |
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0,00 |
|
189.068 |
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0,00 |
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Financial Loans |
0 |
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0,00 |
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0 |
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0,00 |
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Securities Issued |
0 |
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0,00 |
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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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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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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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0 |
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0,00 |
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Provisions |
51.159 |
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0,00 |
|
189.068 |
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0,00 |
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STOCKHOLDERS' EQUITY |
3.225.606 |
|
0,05 |
|
3.749.652 |
|
0,08 |
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Paid-in Capital |
200.000 |
|
0,00 |
|
200.000 |
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0,00 |
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Reserves |
3.190.708 |
|
0,05 |
|
12.103.273 |
|
0,26 |
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Revaluation Fund |
0 |
|
0,00 |
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0 |
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0,00 |
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Accumulated Losses(-) |
-9.077.668 |
|
-0,14 |
|
-9.077.668 |
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-0,20 |
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Net Profit (loss) |
8.912.566 |
|
0,14 |
|
524.047 |
|
0,01 |
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TOTAL LIABILITIES AND EQUITY |
63.253.983 |
|
1,00 |
|
46.138.903 |
|
1,00 |
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INCOME STATEMENTS
|
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|
YTL |
|
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|
YTL |
|
|
|
|
|
|
2007 |
|
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|
1.1.-30.06.2008 |
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Net Sales |
24.546.108 |
|
1,00 |
|
40.574.403 |
|
1,00 |
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Cost of Goods Sold |
21.716.197 |
|
0,88 |
|
34.455.481 |
|
0,85 |
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Gross Profit |
2.829.911 |
|
0,12 |
|
6.118.922 |
|
0,15 |
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Operating Expenses |
4.692.074 |
|
0,19 |
|
3.846.244 |
|
0,09 |
|
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Operating Profit |
-1.862.163 |
|
-0,08 |
|
2.272.678 |
|
0,06 |
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Other Income |
19.757.766 |
|
0,80 |
|
10.356.890 |
|
0,26 |
|
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Other Expenses |
7.260.847 |
|
0,30 |
|
7.172.614 |
|
0,18 |
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Financial Expenses |
1.722.190 |
|
0,07 |
|
4.932.907 |
|
0,12 |
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Profit (loss) Before Tax |
8.912.566 |
|
0,36 |
|
524.047 |
|
0,01 |
|
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Tax Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Net Profit (loss) |
8.912.566 |
|
0,36 |
|
524.047 |
|
0,01 |
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FINANCIAL RATIOS
|
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|
2007 |
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1.1.-30.06.2008 |
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LIQUIDITY RATIOS |
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Current Ratio |
0,84 |
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|
0,79 |
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Acid-Test Ratio |
0,04 |
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|
0,10 |
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ASSET STRUCTURE RATIOS |
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Inventory/Total Assets |
0,54 |
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|
0,08 |
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Short-term Receivable/Total Assets |
0,04 |
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|
0,09 |
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Tangible Assets/Total Assets |
0,05 |
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|
0,07 |
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TURNOVER RATIOS |
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Inventory Turnover |
0,63 |
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|
9,49 |
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Stockholders' Equity Turnover |
7,61 |
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|
10,82 |
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Asset Turnover |
0,39 |
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|
0,88 |
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FINANCIAL STRUCTURE |
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Stockholders' Equity/Total Assets |
0,05 |
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|
0,08 |
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Current Liabilities/Total Assets |
0,95 |
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|
0,91 |
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Financial Leverage |
0,95 |
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|
0,92 |
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PROFITABILITY RATIOS |
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Net Profit/Stockholders' Eq. |
2,76 |
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|
0,14 |
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Operating Profit Margin |
-0,08 |
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|
0,06 |
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Net Profit Margin |
0,36 |
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|
0,01 |
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COLLECTION-PAYMENT |
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Average Collection Period (days) |
18,13 |
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|
32,34 |
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Average Payable Period (days) |
128,08 |
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|
148,05 |
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FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.79 |
|
UK Pound |
1 |
Rs.75.41 |
|
Euro |
1 |
Rs.61.48 |
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%)