MIRA INFORM REPORT

 

 

Report Date :

01.12.2011

 

IDENTIFICATION DETAILS

 

Name :

GUN GIDA TICARET LTD. STI.

 

 

Registered Office :

Devlet Karayolu Kenari Koytas Yani Isabeyli Nazilli  Aydin

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

08.07.1994

 

 

Com. Reg. No.:

Nazilli-4722

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacture and trade of cube sugar. The firm also deals with packaging of pulse and spices.  

 

 

No. of Employees :

45 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

270.000 EUR

Status :

Moderate

Payment Behaviour :

No Complaints

Litigation :

Clear

 

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Turkey

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

COMPANY IDENTIFICATION

 

NAME

:

GUN GIDA TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Devlet Karayolu Kenari Koytas Yani Isabeyli Nazilli  Aydin / Turkey

PHONE NUMBER

:

90-256-316 03 94

 

FAX NUMBER

:

90-256-316 03 96

 

WEB-ADDRESS

:

www.gungida.com.tr

E-MAIL

:

gungida@gungida.com.tr

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Nazilli

TAX NO

:

4260022431

REGISTRATION NUMBER

:

Nazilli-4722

REGISTERED OFFICE

:

Nazilli Chamber of Commerce

DATE ESTABLISHED

:

08.07.1994

ESTABLISHMENT GAZETTE DATE/NO

:

13.07.1994/3572

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   1.750.000

PAID-IN CAPITAL

:

TL   1.750.000

 

HISTORY

:

Previous Registered Capital

:

TL 1.500.000

Changed On

:

03.06.2010 (Commercial Gazette Date /Number 09.06.2010/ 7581)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Yusuf Gun

50 %

Recep Gun

25 %

Ibrahim Gun

25 %

 

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Yusuf Gun

 

Ibrahim Gun

 

Recep Gun

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of cube sugar. The firm also deals with packaging of pulse and spices.  

 

NACE CODE

:

DA.15.00

 

TRADEMARKS OWNED

:

Gunbak

 

NUMBER OF EMPLOYEES

:

45

 

NET SALES

:

44.534.501 TL

(2009) 

44.902.649 TL

(2010) 

20.829.714 TL

(01.01-30.06.2011) 

 

 

IMPORT COUNTRIES

:

Brazil

U.S.A.

Canada

Argentina

 

MERCHANDISE IMPORTED

:

Coffee

Spice

 

EXPORT VALUE

:

0 TL

(2009)

0 TL

(2010)

0 TL

(01.01-30.06.2011)

 

 

HEAD OFFICE ADDRESS

:

Devlet Karayolu Kenari Koytas Yani Isabeyli Nazilli  Aydin / Turkey

 

 

BRANCHES

:

Head Office/Production Plant  :  Devlet Karayolu Kenari Koytas Yani Isabeyli Nazilli Aydin/Turkey

 

 

TREND OF BUSINESS

:

There was a slowdown at business volume in real terms in  2010. There appears a decline at business volume in nominal terms in  1.1 - 30.6.2011.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Albaraka Turk Katilim Bankasi Aydin Branch

T. Is Bankasi Nazilli Branch

 

CREDIT FACILITIES

:

The subject company is making active use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2010) TL

(01.01-30.06.2011) TL

Net Sales

44.902.649

20.829.714

Profit (Loss) Before Tax

236.879

93.015

Stockholders' Equity

2.840.024

 

Total Assets

14.223.787

 

Current Assets

13.488.335

 

Non-Current Assets

735.452

 

Current Liabilities

11.359.654

 

Long-Term Liabilities

24.109

 

Gross Profit (loss)

1.511.977

761.089

Operating Profit (loss)

219.433

53.456

Net Profit (loss)

181.611

65.772

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Low As of 31.12.2010

Liquidity

In Order As of 31.12.2010

Remarks On Liquidity

The unfavorable gap between average collection and average payable period has an adverse effect on liquidity.

Profitability

Low Operating Profitability  in 2010

Low Net Profitability  in 2010

Low Operating Profitability (01.01-30.06.2011)

Low Net Profitability (01.01-30.06.2011)

 

Gap between average collection and payable periods

Unfavorable in 2010

General Financial Position

Passable

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT LIMIT

 

:

270.000 EUR

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 270.000 EUR may be granted to the subject company.

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2009 )

5,93 %

1,5460

2,1529

2,4094

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 ( 01.01-30.06.2011)

6,21 %

1,5771

2,2246

2,5422

 ( 01.01-31.10.2011)

11,48 %

1,6444

2,3157

2,6459

 

 

BALANCE SHEETS

 

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

13.488.335

0,95

Not Detailed Current Assets

0

0,00

Cash and Banks

3.517.990

0,25

Marketable Securities

0

0,00

Account Receivable

4.592.762

0,32

Other Receivable

0

0,00

Inventories

3.736.109

0,26

Advances Given

1.485.820

0,10

Accumulated Construction Expense

0

0,00

Other Current Assets

155.654

0,01

NON-CURRENT ASSETS

735.452

0,05

Not Detailed Non-Current Assets

0

0,00

Long-term Receivable

0

0,00

Financial Assets

0

0,00

Tangible Fixed Assets (net)

572.605

0,04

Intangible Assets

90.988

0,01

Deferred Tax Assets

0

0,00

Other Non-Current Assets

71.859

0,01

TOTAL ASSETS

14.223.787

1,00

CURRENT LIABILITIES

11.359.654

0,80

Not Detailed Current Liabilities

0

0,00

Financial Loans

6.654.503

0,47

Accounts Payable

3.214.129

0,23

Loans from Shareholders

1.740

0,00

Other Short-term Payable

33.013

0,00

Advances from Customers

1.066.579

0,07

Accumulated Construction Income

0

0,00

Taxes Payable

44.440

0,00

Provisions

55.268

0,00

Other Current Liabilities

289.982

0,02

LONG-TERM LIABILITIES

24.109

0,00

Not Detailed Long-term Liabilities

0

0,00

Financial Loans

24.109

0,00

Securities Issued

0

0,00

Long-term Payable

0

0,00

Loans from Shareholders

0

0,00

Other Long-term Liabilities

0

0,00

Provisions

0

0,00

STOCKHOLDERS' EQUITY

2.840.024

0,20

Not Detailed Stockholders' Equity

0

0,00

Paid-in Capital

1.750.000

0,12

Cross Shareholding Adjustment of Capital

0

0,00

Inflation Adjustment of Capital

139.247

0,01

Equity of Consolidated Firms

0

0,00

Reserves

813.126

0,06

Revaluation Fund

0

0,00

Accumulated Losses(-)

-43.960

0,00

Net Profit (loss)

181.611

0,01

TOTAL LIABILITIES AND EQUITY

14.223.787

1,00

 

 

INCOME STATEMENTS

 

 

(2010) TL

 

(01.01-30.06.2011) TL

 

Net Sales

44.902.649

1,00

20.829.714

1,00

Cost of Goods Sold

43.390.672

0,97

20.068.625

0,96

Gross Profit

1.511.977

0,03

761.089

0,04

Operating Expenses

1.292.544

0,03

707.633

0,03

Operating Profit

219.433

0,00

53.456

0,00

Other Income

156.200

0,00

119.874

0,01

Other Expenses

68.107

0,00

51.090

0,00

Financial Expenses

70.647

0,00

29.225

0,00

Minority Interests

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

Profit (loss) Before Tax

236.879

0,01

93.015

0,00

Tax Payable

55.268

0,00

27.243

0,00

Postponed Tax Gain

0

0,00

0

0,00

Net Profit (loss)

181.611

0,00

65.772

0,00

 

 

FINANCIAL RATIOS

 

 

(2010)

LIQUIDITY RATIOS

 

Current Ratio

1,19

Acid-Test Ratio

0,71

Cash Ratio

0,31

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,26

Short-term Receivable/Total Assets

0,32

Tangible Assets/Total Assets

0,04

TURNOVER RATIOS

 

Inventory Turnover

11,61

Stockholders' Equity Turnover

15,81

Asset Turnover

3,16

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,20

Current Liabilities/Total Assets

0,80

Financial Leverage

0,80

Gearing Percentage

4,01

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,06

Operating Profit Margin

0,00

Net Profit Margin

0,00

Interest Cover

4,35

COLLECTION-PAYMENT

 

Average Collection Period (days)

36,82

Average Payable Period (days)

26,67

WORKING CAPITAL

2128681,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.52.16

UK Pound

1

Rs.81.29

Euro

1

Rs.69.47

 

 

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

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

--

NB

                                       New Business

 

--

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.