MIRA INFORM REPORT

 

 

Report Date :

18.02.2011

 

IDENTIFICATION DETAILS

 

Name :

SIMSEK BISKUVI VE GIDA SANAYI A.S.

 

 

Registered Office :

Eregli Yolu Uzeri Karaman Organize Sanayi Bolgesi PK 89 Karaman

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2009

 

 

Date of Incorporation :

29.09.1995

 

 

Com. Reg. No.:

5177

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of biscuits, waffles, chocolate, cake

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

17.900.000 USD

Status :

Good

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

 

           

COMPANY IDENTIFICATION

 

NAME

:

SIMSEK BISKUVI VE GIDA SANAYI A.S.

HEAD OFFICE ADDRESS

:

Eregli Yolu Uzeri Karaman Organize Sanayi Bolgesi PK 89 Karaman / Turkey

PHONE NUMBER

:

90-338-224 13 20

 

FAX NUMBER

:

90-338-224 13 26

 

WEB-ADDRESS

:

www.simsek.com.tr

E-MAIL

:

info@simsek.com.tr

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Karaman 

TAX NO

:

8130067272

REGISTRATION NUMBER

:

5177

REGISTERED OFFICE

:

Karaman Chamber of Commerce and Industry

DATE ESTABLISHED

:

29.09.1995

ESTABLISHMENT GAZETTE DATE/NO

:

12.10.1995/3891

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   70.000.000

PAID-IN CAPITAL

:

TL   60.891.252

HISTORY

:

Previous Registered Capital

:

TL 30.000.000

Changed On

:

15.12.2009 (Commercial Gazette Date /Number 31.12.2009/ 7470)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Mehmet Ali Simsek

30 %

Erol Simsek

30 %

Ramazan Simsek

30 %

Nurdan Simsek

5 %

Rukiye Simsek

5 %

 

 

SISTER COMPANIES

:

KARAMAN SIMSEK TARIM VE HAYVANCILIK SANAYI LTD. STI.

SIMSEK DOVIZ TICARET A.S.

 

SUBSIDIARIES

:

Declared to be : None

 

BOARD OF DIRECTORS

:

Ramazan Simsek

Chairman

Erol Simsek

Vice-Chairman

Mehmet Ali Simsek

Member

 

 

DIRECTORS

:

 

Erol Simsek                                                                                                                                                                                                                                                                                   

General Manager

Mehmet Ali Simsek                                                                                                                                                                                                                                                                                   

Deputy General Manager

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of biscuits, waffles, chocolate, cake. 

 

NACE CODE

:

DA.15.82

 

SECTOR

:

Food

 

TRADEMARKS OWNED

:

Simsek

 

NUMBER OF EMPLOYEES

:

1.000

 

NET SALES

:

11.559 TL Thousand

(2001) 

21.691 TL Thousand

(2002) 

28.359 TL Thousand

(2003) 

41.687 TL Thousand

(2004) 

52.850 TL Thousand

(2005) 

65.744 TL Thousand

(2006) 

86.992 TL Thousand

(2007) 

129.741 TL Thousand

(2008) 

126.743 TL Thousand

(2009) 

95.635 TL Thousand

(01.01-30.09.2010) 

CAPACITY

:

  ( tons/yr)

 

 

 

43.619

 

 

(2011)

 

 

 

 

IMPORT VALUE

:

3.500.000 USD

(2004)

5.500.000 USD

(2005)

11.895.000 USD

(2006)

7.600.000 USD

(2007)

18.000.000 USD

(2008)

11.000.000 USD

(2009)

12.000.000 USD

(2010)

 

 

IMPORT COUNTRIES

:

Malaysia

Ukraine

Italy

Germany

Denmark

India

 

MERCHANDISE IMPORTED

:

Cacao

Cheese powder

Machinery

Milk powder

Oil

Wheat

 

EXPORT VALUE

:

7.953 TL Thousand

(2001)

10.845 TL Thousand

(2002)

20.914 TL Thousand

(2003)

26.548 TL Thousand

(2004)

29.899 TL Thousand

(2005)

41.106 TL Thousand

(2006)

54.263 TL Thousand

(2007)

73.988 TL Thousand

(2008)

72.586 TL Thousand

(2009)

53.947.763 TL

(01.01-30.09.2010)

 

 

EXPORT COUNTRIES

:

Yemen

Saudi Arabia

Algeria

Azerbaijan

Dominican Republic

Germany

Gambia

Ghana

Jordan

Sudan

Northern Cyprus Turkish Republic

Slovakia

Czech Republic

Poland

Austria

Spain

 

MERCHANDISE  EXPORTED

:

Biscuit

Bread

Cake

Food preparations with chocolate…

Waffles

 

HEAD OFFICE ADDRESS

:

Eregli Yolu Uzeri Karaman Organize Sanayi Bolgesi PK 89  Karaman / Turkey ( owned )

 

BRANCHES

:

Liaison Office  :   Izmir/Turkey (rented)

 

Liaison Office  :   Ankara/Turkey (rented)

 

Liaison Office  :   Samsun/Turkey (rented)

 

Liaison Office  :   Istanbul/Turkey (rented)

 

Head Office/Factory  :  Eregli Yolu Uzeri Karaman Organize Sanayi Bolgesi PK 89 Karaman/Turkey (owned) (18.000 sqm)

                                                                                

INVESTMENTS

:

Investments are going on.

 

 

 

TREND OF BUSINESS

:

There was a decline at business volume in nominal terms in  2009. There appears a slowdown at business volume in real terms in  1.1 - 30.9.2010.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

MAIN DEALING BANKS

:

Garanti Bankasi Karaman Branch

Halk Bankasi Karaman Branch

ING Bank Karaman Branch

Vakiflar Bankasi Karaman Branch

 

CREDIT FACILITIES

:

The subject company is making use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2006) TL Thousand

(2007) TL Thousand

(2008) TL Thousand

(2009) TL Thousand

(01.01-30.09.2010) TL Thousand

Net Sales

65.744

86.992

129.741

126.743

95.635

Profit (Loss) Before Tax

6.149

6.593

18.591

24.860

10.381

Stockholders' Equity

33.889

40.786

55.621

82.671

 

Total Assets

56.727

70.650

94.097

112.411

 

Current Assets

34.120

46.647

65.930

80.253

 

Non-Current Assets

22.607

24.003

28.167

32.158

 

Current Liabilities

16.058

23.711

30.722

21.802

 

Long-Term Liabilities

6.780

6.153

7.754

7.938

 

Gross Profit (loss)

13.786

16.486

32.285

39.032

19.760

Operating Profit (loss)

5.943

8.666

17.793

27.777

10.667

Net Profit (loss)

4.861

5.255

14.835

19.863

10.381

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

High As of 31.12.2009

Liquidity

High 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

Good Operating Profitability  in 2006

High Net Profitability  in 2006

High Operating Profitability  in 2007

High Net Profitability  in 2007

High Operating Profitability  in 2008

High Net Profitability  in 2008

High Operating Profitability  in 2009

High Net Profitability  in 2009

High Operating Profitability (01.01-30.09.2010)

High Net Profitability (01.01-30.09.2010)

 

Gap between average collection and payable periods

Unfavorable in 2009

General Financial Position

Good

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 17.900.000 USD may be granted to the subject company.

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2001 )

88,60 %

1,1991

1,0714

1,7300

 ( 2002 )

30,80 %

1,5168

1,3741

2,2001

 ( 2003 )

13,90 %

1,5302

1,7141

2,4982

 ( 2004 )

13,84 %

1,4266

1,7666

2,6001

 ( 2005 )

2,66 %

1,3499

1,6882

2,4623

 ( 2006 )

11,58 %

1,4309

1,7987

2,6377

 ( 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

 ( 01.01-30.09.2010)

6,52 %

1,5178

2,0112

2,3426

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 ( 01.01-31.01.2011)

2,36 %

1,5759

2,1299

2,4741

 

BALANCE SHEETS

 

 

 ( 31.12.2006 )  TL Thousand

 

 ( 31.12.2007 )  TL Thousand

 

 ( 31.12.2008 )  TL Thousand

 

 ( 31.12.2009 )  TL Thousand

 

CURRENT ASSETS

34.120

0,60

46.647

0,66

65.930

0,70

80.253

0,71

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

5.714

0,10

922

0,01

6.180

0,07

11.209

0,10

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

20.013

0,35

23.486

0,33

38.490

0,41

41.669

0,37

Other Receivable

1.258

0,02

2.471

0,03

2.670

0,03

1.903

0,02

Inventories

6.240

0,11

13.358

0,19

14.245

0,15

19.212

0,17

Advances Given

492

0,01

1.831

0,03

1.449

0,02

2.640

0,02

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

403

0,01

4.579

0,06

2.896

0,03

3.620

0,03

NON-CURRENT ASSETS

22.607

0,40

24.003

0,34

28.167

0,30

32.158

0,29

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

0

0,00

0

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

22.406

0,39

23.587

0,33

27.632

0,29

31.456

0,28

Intangible Assets

119

0,00

320

0,00

452

0,00

609

0,01

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

82

0,00

96

0,00

83

0,00

93

0,00

TOTAL ASSETS

56.727

1,00

70.650

1,00

94.097

1,00

112.411

1,00

CURRENT LIABILITIES

16.058

0,28

23.711

0,34

30.722

0,33

21.802

0,19

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

439

0,01

3.918

0,06

3.145

0,03

66

0,00

Accounts Payable

13.799

0,24

16.911

0,24

17.355

0,18

14.746

0,13

Loans from Shareholders

0

0,00

235

0,00

3.475

0,04

0

0,00

Other Short-term Payable

0

0,00

57

0,00

488

0,01

552

0,00

Advances from Customers

1.036

0,02

601

0,01

3.126

0,03

3.969

0,04

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

112

0,00

116

0,00

140

0,00

167

0,00

Provisions

398

0,01

149

0,00

1.795

0,02

1.015

0,01

Other Current Liabilities

274

0,00

1.724

0,02

1.198

0,01

1.287

0,01

LONG-TERM LIABILITIES

6.780

0,12

6.153

0,09

7.754

0,08

7.938

0,07

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

6.780

0,12

6.153

0,09

7.754

0,08

7.938

0,07

Securities Issued

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

0

0,00

0

0,00

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

33.889

0,60

40.786

0,58

55.621

0,59

82.671

0,74

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

28.359

0,50

30.000

0,42

30.000

0,32

60.891

0,54

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

669

0,01

5.531

0,08

10.786

0,11

1.917

0,02

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

4.861

0,09

5.255

0,07

14.835

0,16

19.863

0,18

TOTAL LIABILITIES AND EQUITY

56.727

1,00

70.650

1,00

94.097

1,00

112.411

1,00




INCOME STATEMENTS

 

 

(2006) TL Thousand

 

(2007) TL Thousand

 

(2008) TL Thousand

 

(2009) TL Thousand

 

(01.01-30.09.2010) TL Thousand

 

Net Sales

65.744

1,00

86.992

1,00

129.741

1,00

126.743

1,00

95.635

1,00

Cost of Goods Sold

51.958

0,79

70.506

0,81

97.456

0,75

87.711

0,69

75.875

0,79

Gross Profit

13.786

0,21

16.486

0,19

32.285

0,25

39.032

0,31

19.760

0,21

Operating Expenses

7.843

0,12

7.820

0,09

14.492

0,11

11.255

0,09

9.093

0,10

Operating Profit

5.943

0,09

8.666

0,10

17.793

0,14

27.777

0,22

10.667

0,11

Other Income

3.585

0,05

1.230

0,01

14.988

0,12

7.394

0,06

5.351

0,06

Other Expenses

3.172

0,05

2.720

0,03

13.304

0,10

9.590

0,08

5.257

0,05

Financial Expenses

207

0,00

583

0,01

886

0,01

721

0,01

380

0,00

Minority Interests

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Profit (loss) Before Tax

6.149

0,09

6.593

0,08

18.591

0,14

24.860

0,20

10.381

0,11

Tax Payable

1.288

0,02

1.338

0,02

3.756

0,03

4.997

0,04

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

4.861

0,07

5.255

0,06

14.835

0,11

19.863

0,16

10.381

0,11

 

 

FINANCIAL RATIOS

 

 

(2006)

(2007)

(2008)

(2009)

LIQUIDITY RATIOS

 

 

Current Ratio

2,12

1,97

2,15

3,68

Acid-Test Ratio

1,68

1,13

1,54

2,51

Cash Ratio

0,36

0,04

0,20

0,51

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,11

0,19

0,15

0,17

Short-term Receivable/Total Assets

0,37

0,37

0,44

0,39

Tangible Assets/Total Assets

0,39

0,33

0,29

0,28

TURNOVER RATIOS

 

 

Inventory Turnover

8,33

5,28

6,84

4,57

Stockholders' Equity Turnover

1,94

2,13

2,33

1,53

Asset Turnover

1,16

1,23

1,38

1,13

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,60

0,58

0,59

0,74

Current Liabilities/Total Assets

0,28

0,34

0,33

0,19

Financial Leverage

0,40

0,42

0,41

0,26

Gearing Percentage

0,67

0,73

0,69

0,36

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,14

0,13

0,27

0,24

Operating Profit Margin

0,09

0,10

0,14

0,22

Net Profit Margin

0,07

0,06

0,11

0,16

Interest Cover

30,71

12,31

21,98

35,48

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

109,59

97,19

106,80

118,36

Average Payable Period (days)

95,61

86,35

64,11

60,52

WORKING CAPITAL

18062,00

22936,00

35208,00

58451,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.38

UK Pound

1

Rs.73.08

Euro

1

Rs.61.60

 

 

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.