MIRA INFORM REPORT

 

 

Report Date :

08.12.2011

 

IDENTIFICATION DETAILS

 

Name :

S.B.S. TARIM URUNLERI VE GIDA SANAYI TICARET LTD. STI.

 

 

Registered Office :

1145/9 Sok. No:15 Yenisehir Izmir

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

25.09.2003

 

 

Com. Reg. No.:

109898-MRKZ

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Dealing with wholesale trade of sesame and sesame products has declared that it stopped actively operating in 2011

 

 

No. of Employees :

0

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Poor

Payment Behaviour :

Unknown

Litigation :

--

 

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

:

S.B.S. TARIM URUNLERI VE GIDA SANAYI TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

1145/9 Sok. No:15 Yenisehir Izmir / Turkey

PHONE NUMBER

:

90-232-457 95 36

 

FAX NUMBER

:

90-232-457 25 98

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Ege

TAX NO

:

7350434597

REGISTRATION NUMBER

:

109898-MRKZ

REGISTERED OFFICE

:

Izmir Chamber of Commerce

DATE ESTABLISHED

:

25.09.2003

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   30.000

PAID-IN CAPITAL

:

TL   30.000

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Serdar Unalan

33,33 %

Seher Unalan

33,33 %

Bahar Unalan

33,33 %

 

 

SISTER COMPANIES

:

Declared to be:None

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Seher Unalan

 

Bahar Unalan

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

The subject whose line of business is dealing with wholesale trade of sesame and sesame products has declared that it stopped actively operating in 2011. The subject has declared that operations are carried out through by "UNALAN SUSAM GIDA VE TARIM URUNLERI PAZARLAMA SANAYI VE TICARET LTD. STI.” whose main shareholder is the father of the shareholders.

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

0

 

NET SALES

:

1.668.867 TL

(2009) 

663.497 TL

(2010) 

694 TL

(01.01-30.09.2011) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT COUNTRIES

:

India

South Africa

 

MERCHANDISE IMPORTED

:

Sesame

 

EXPORT VALUE

:

0 TL

(2009)

0 TL

(2010)

0 TL

(01.01-30.09.2011)

 

 

HEAD OFFICE ADDRESS

:

1145/9 Sok. No:15 Yenisehir Izmir / Turkey

 

 

TREND OF BUSINESS

:

There was a decline at business volume in nominal terms in 2010. There appears a decline at business volume in nominal terms in 1.1 - 30.9.2011.

SIZE OF BUSINESS

:

Small

 

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Alsancak Branch

Finansbank Izmir Branch

Garanti Bankasi Gida Carsisi Branch

 

CREDIT FACILITIES

:

No credit facility has come to our knowledge.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2009) TL

(2010) TL

(01.01-30.09.2011) TL

Net Sales

1.668.867

663.497

694

Profit (Loss) Before Tax

34.123

9.602

-7.627

Stockholders' Equity

61.980

69.513

 

Total Assets

302.061

130.050

 

Current Assets

299.432

128.078

 

Non-Current Assets

2.629

1.972

 

Current Liabilities

240.081

60.537

 

Long-Term Liabilities

0

0

 

Gross Profit (loss)

46.119

21.865

32

Operating Profit (loss)

31.038

11.044

-5.946

Net Profit (loss)

27.097

7.532

-7.627

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Good As of 31.12.2010

Liquidity

Insufficient As of 31.12.2010

Remarks On Liquidity

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

 

The subject has negative cash and banks which has an adverse effect on liquidity. 

 

The liquid assets consist mainly of receivables; the firm has negative cash&banks

 

Profitability

Fair Operating Profitability  in 2009

Fair Net Profitability  in 2009

Fair Operating Profitability  in 2010

Low Net Profitability  in 2010

Operating Loss (01.01-30.09.2011)

Net Loss (01.01-30.09.2011)

 

Gap between average collection and payable periods

Unfavorable in 2010

General Financial Position

Unsatisfactory

 

 

 

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

 ( 01.01-30.09.2011)

9,72 %

1,6335

2,3016

2,6294

 ( 01.01-30.11.2011)

12,20 %

1,6616

2,3280

2,6658

 

 

BALANCE SHEETS

 

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

299.432

0,99

128.078

0,98

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

-13.389

-0,04

-77.006

-0,59

Marketable Securities

0

0,00

0

0,00

Account Receivable

111.518

0,37

199.311

1,53

Other Receivable

0

0,00

0

0,00

Inventories

192.286

0,64

0

0,00

Advances Given

0

0,00

0

0,00

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

9.017

0,03

5.773

0,04

NON-CURRENT ASSETS

2.629

0,01

1.972

0,02

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

Financial Assets

0

0,00

0

0,00

Tangible Fixed Assets (net)

2.629

0,01

1.972

0,02

Intangible Assets

0

0,00

0

0,00

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

0

0,00

TOTAL ASSETS

302.061

1,00

130.050

1,00

CURRENT LIABILITIES

240.081

0,79

60.537

0,47

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

Accounts Payable

61.081

0,20

59.997

0,46

Loans from Shareholders

178.250

0,59

0

0,00

Other Short-term Payable

0

0,00

0

0,00

Advances from Customers

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

750

0,00

539

0,00

Provisions

0

0,00

1

0,00

Other Current Liabilities

0

0,00

0

0,00

LONG-TERM LIABILITIES

0

0,00

0

0,00

Not Detailed 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

61.980

0,21

69.513

0,53

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

30.000

0,10

30.000

0,23

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

5.146

0,02

5.146

0,04

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

9.027

0,03

36.125

0,28

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

-9.290

-0,03

-9.290

-0,07

Net Profit (loss)

27.097

0,09

7.532

0,06

TOTAL LIABILITIES AND EQUITY

302.061

1,00

130.050

1,00

 

 

INCOME STATEMENTS

 

 

(2009) TL

 

(2010) TL

 

(01.01-30.09.2011) TL

 

Net Sales

1.668.867

1,00

663.497

1,00

694

1,00

Cost of Goods Sold

1.622.748

0,97

641.632

0,97

662

0,95

Gross Profit

46.119

0,03

21.865

0,03

32

0,05

Operating Expenses

15.081

0,01

10.821

0,02

5.978

8,61

Operating Profit

31.038

0,02

11.044

0,02

-5.946

-8,57

Other Income

9.528

0,01

192

0,00

0

0,00

Other Expenses

4.631

0,00

382

0,00

1.486

2,14

Financial Expenses

1.812

0,00

1.252

0,00

195

0,28

Minority Interests

0

0,00

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

0

0,00

Profit (loss) Before Tax

34.123

0,02

9.602

0,01

-7.627

-10,99

Tax Payable

7.026

0,00

2.070

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

27.097

0,02

7.532

0,01

-7.627

-10,99

 

 

 

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

LIQUIDITY RATIOS

 

 

Current Ratio

1,25

2,12

Acid-Test Ratio

0,41

2,02

Cash Ratio

-0,06

-1,27

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,64

0,00

Short-term Receivable/Total Assets

0,37

1,53

Tangible Assets/Total Assets

0,01

0,02

TURNOVER RATIOS

 

 

Inventory Turnover

8,44

 

Stockholders' Equity Turnover

26,93

9,54

Asset Turnover

5,52

5,10

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,21

0,53

Current Liabilities/Total Assets

0,79

0,47

Financial Leverage

0,79

0,47

Gearing Percentage

3,87

0,87

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,44

0,11

Operating Profit Margin

0,02

0,02

Net Profit Margin

0,02

0,01

Interest Cover

19,83

8,67

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

24,06

108,14

Average Payable Period (days)

13,55

33,66

WORKING CAPITAL

59351,00

67541,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.45

UK Pound

1

Rs.80.38

Euro

1

Rs.69.12

 

 

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.