MIRA INFORM REPORT

 

 

Report Date :

26.02.2011

 

IDENTIFICATION DETAILS

 

Name :

NARPA NARIN DIS TICARET A.S. 

 

 

Formerly Known As :

Dogan-Mahmut Narin Dis Ticaret A.S

 

 

Registered Office :

Sehit Osman Durmaz Cad. Hamide Civelek Ishani B Blok No:6 31050  Antakya Hatay

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2009

 

 

Date of Incorporation :

13.09.2001

 

 

Com. Reg. No.:

8037

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Processing, packaging and trade of legumes and agricultural products.

 

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 :

2.110.000 USD

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 – June 30, 2010

 

Country Name

Previous Rating

                   (01.04.2010)                  

Current Rating

(30.06.2010)

Turkey

b1

b1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

NOTES

:

Address at your inquiry is not the registered head office but another premise.

 

 

COMPANY IDENTIFICATION

 

NAME

:

NARPA NARIN DIS TICARET A.S.

HEAD OFFICE ADDRESS

:

Sehit Osman Durmaz Cad. Hamide Civelek Ishani B Blok No:6 31050  Antakya Hatay / Turkey

PHONE NUMBER

:

90-324-221 39 00 (Production Plant)

90-326-225 10 70 (10 lines)

 

FAX NUMBER

:

90-326-225 10 80

 

WEB-ADDRESS

:

www.dmnarin.com.tr

E-MAIL

:

dmnarin@dmnarin.com 

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Sukru Kanatli

TAX NO

:

3060225679

REGISTRATION NUMBER

:

8037

REGISTERED OFFICE

:

Antakya Chamber of Commerce and Industry

DATE ESTABLISHED

:

13.09.2001

ESTABLISHMENT GAZETTE DATE /NO

:

18.09.2001/5384

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   12.000.000

PAID-IN CAPITAL

:

TL   12.000.000

HISTORY

:

Previous Name

:

Narin Ithalat Ihracat A.S.

Changed On

:

01.09.2001 (Commercial Gazette Date /Number 20.09.2001/ 5386)

Previous Name

:

Dogan-Mahmut Narin Dis Ticaret A.S.

Changed On

:

20.05.2010 (Commercial Gazette Date /Number 25.05.2010/ 7570)

Previous Registered Capital

:

TL 8.000.000

Changed On

:

28.05.2008 (Commercial Gazette Date /Number 05.06.2008/ 7077)

Previous Registered Capital

:

TL 10.000.000

Changed On

:

17.03.2010 (Commercial Gazette Date /Number 24.03.2010/ 7528)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Dogan Narin

45 %

Mahmut Narin

30 %

Gulden Narin

5 %

Muzeyyen Bahar Narin

5 %

Irem Narin

5 %

Rasim Narin

5 %

Cem Narin

5 %

 

 

SISTER COMPANIES

:

NARIN BAKLIYAT PAZARLAMA A.S.(Not Active)

 

NARIN DIS TICARET A.S.(Not Active)

 

SUBSIDIARIES

:

None

 

BOARD OF DIRECTORS

:

Dogan Narin

Chairman

Mahmut Narin

Member

Gulden Narin

Member

 

 

DIRECTORS

:

Abdurrazzak Abdurrazzakoglu

General Manager

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Processing, packaging and trade of legumes and agricultural products. 

 

SECTOR

:

Food

 

NUMBER OF EMPLOYEES

:

150

 

NET SALES

:

82.617.985 TL

(2007) 

93.532.901 TL

(2008) 

116.225.338 TL

(2009) 

132.946.315 TL

(2010) 

 

 

CAPACITY

:

  ( kgs/yr)

  ( tons/yr)

 

 

18.000.000

32.400

 

(2009)

18.000.000

32.400

 

(2010)

18.000.000

52.200

 

(2011)

 

 

 

 

IMPORT VALUE

:

28.084.000 USD

(2010)

 

 

IMPORT COUNTRIES

:

U.S.A.

European Countries

South Africa

 

MERCHANDISE IMPORTED

:

Corn

Legume

Seeds

 

EXPORT VALUE

:

26.918.950 TL

(2007)

38.573.220 TL

(2008)

70.210.112 TL

(2009)

79.135.464 TL

(2010)

 

 

EXPORT COUNTRIES

:

Sudan

Qatar

Saudi Arabia

Jordan

Iraq

Egypt

Algeria

Morocco

Kuwait

France

Germany

 

MERCHANDISE  EXPORTED

:

Canned tomatoes

Dried grape

Figs

Hazelnuts

 

HEAD OFFICE ADDRESS

:

Sehit Osman Durmaz Cad. Hamide Civelek Ishani B Blok No:6 31050  Antakya Hatay / Turkey (owned by shareholder(s))

 

BRANCHES

:

Processing Plant  :  Narin Center Adana Yolu 10.Km Karacailyas Mersin/Turkey (rented) (5.500 sqm)

 

Processing Plant  :  Kavacik Koyu Uzunkopru Edirne/Turkey (rented)

(1.820 sqm)

 

Processing Plant  :  Adana Yolu Uzeri 11. Km Mersin/Turkey (rented)

(19.100 sqm)

 

INVESTMENTS

:

Investments are going on.

 

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2010.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Anadolu Kurumsal Branch

Denizbank Mersin Branch

Finans Bank Mersin Branch

Fortis Bank Adana Kurumsal Branch

Garanti Bankasi Antakya Branch

Tekstilbank Adana Branch

Turk Ekonomi Bankasi Antakya Branch

 

CREDIT FACILITIES

:

The subject company is making active use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Insufficient As of 31.12.2009

Liquidity

Good As of 31.12.2009

Remarks On Liquidity

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

Profitability

High Operating Profitability  in 2008

Fair Net Profitability  in 2008

In Order Operating Profitability  in 2009

Low Net Profitability  in 2009

Good Operating Profitability  in 2010

Low Net Profitability  in 2010

 

Gap between average collection and payable periods

Unfavorable in 2009

General Financial Position

Passable

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 2.110.000 USD may be granted to the subject company.

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2007 )

5,94 %

1,3075

1,7901

2,6133

 ( 2008 )

8,11 %

1,2858

1,8876

2,3708

 ( 2009 )

5,93 %

1,5460

2,1529

2,4094

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 ( 01.01-31.01.2011)

2,36 %

1,5759

2,1299

2,4741

 

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

CURRENT ASSETS

40.040.620

0,91

47.433.920

0,81

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

4.996.266

0,11

6.287.018

0,11

Marketable Securities

0

0,00

0

0,00

Account Receivable

24.924.670

0,56

27.496.446

0,47

Other Receivable

14.308

0,00

1.003.522

0,02

Inventories

8.017.529

0,18

9.998.443

0,17

Advances Given

1.537.086

0,03

1.653.163

0,03

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

550.761

0,01

995.328

0,02

NON-CURRENT ASSETS

4.080.609

0,09

11.433.765

0,19

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)

2.447.641

0,06

10.213.620

0,17

Intangible Assets

1.626.786

0,04

1.220.145

0,02

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

6.182

0,00

0

0,00

TOTAL ASSETS

44.121.229

1,00

58.867.685

1,00

CURRENT LIABILITIES

31.058.015

0,70

40.258.068

0,68

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

27.698.321

0,63

34.335.455

0,58

Accounts Payable

2.790.241

0,06

3.268.367

0,06

Loans from Shareholders

0

0,00

2.121.911

0,04

Other Short-term Payable

27.650

0,00

68.214

0,00

Advances from Customers

29.142

0,00

84.719

0,00

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

33.644

0,00

37.202

0,00

Provisions

479.017

0,01

342.200

0,01

Other Current Liabilities

0

0,00

0

0,00

LONG-TERM LIABILITIES

664.884

0,02

4.869.074

0,08

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

664.884

0,02

4.869.074

0,08

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

12.398.330

0,28

13.740.543

0,23

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

10.000.000

0,23

10.000.000

0,17

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

636.736

0,01

2.398.330

0,04

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

Net Profit (loss)

1.761.594

0,04

1.342.213

0,02

TOTAL LIABILITIES AND EQUITY

44.121.229

1,00

58.867.685

1,00

 

 

INCOME STATEMENTS

 

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

Net Sales

93.532.901

1,00

116.225.338

1,00

132.946.315

1,00

Cost of Goods Sold

76.148.969

0,81

104.696.088

0,90

116.590.291

0,88

Gross Profit

17.383.932

0,19

11.529.250

0,10

16.356.024

0,12

Operating Expenses

4.684.875

0,05

5.608.114

0,05

8.696.001

0,07

Operating Profit

12.699.057

0,14

5.921.136

0,05

7.660.023

0,06

Other Income

2.710.920

0,03

3.847.242

0,03

2.795.441

0,02

Other Expenses

1.817.069

0,02

3.895.137

0,03

3.405.765

0,03

Financial Expenses

11.352.297

0,12

4.188.828

0,04

5.039.033

0,04

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

2.240.611

0,02

1.684.413

0,01

2.010.666

0,02

Tax Payable

479.017

0,01

342.200

0,00

502.167

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

1.761.594

0,02

1.342.213

0,01

1.508.499

0,01

 

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

LIQUIDITY RATIOS

 

 

Current Ratio

1,29

1,18

Acid-Test Ratio

0,96

0,86

Cash Ratio

0,16

0,16

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,18

0,17

Short-term Receivable/Total Assets

0,57

0,48

Tangible Assets/Total Assets

0,06

0,17

TURNOVER RATIOS

 

 

Inventory Turnover

9,50

10,47

Stockholders' Equity Turnover

7,54

8,46

Asset Turnover

2,12

1,97

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,28

0,23

Current Liabilities/Total Assets

0,70

0,68

Financial Leverage

0,72

0,77

Gearing Percentage

2,56

3,28

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,14

0,10

Operating Profit Margin

0,14

0,05

Net Profit Margin

0,02

0,01

Interest Cover

1,20

1,40

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

95,93

85,17

Average Payable Period (days)

13,19

11,24

WORKING CAPITAL

8982605,00

7175852,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.37

UK Pound

1

Rs.73.25

Euro

1

Rs.62.68

 

 

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

 

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.