MIRA INFORM REPORT

 

 

Report Date :

10.03.2011

 

IDENTIFICATION DETAILS

 

Correct Name :

SEVAN DIS TICARET LTD. STI. 

 

 

Registered Office :

Yesilyurt Mah. Bahceler Cad. No:1-2 Karacailyas Mersin

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2009

 

 

Date of Incorporation :

09.10.1991

 

 

Com. Reg. No.:

11491

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Processing, packaging and trade of pulse, spice, snack and dried fruit.

 

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 :

1.180.000 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 – December 31, 2010

 

Country Name

Previous Rating

                   (30.09.2010)                  

Current Rating

(31.12.2010)

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

:

SEVAN DIS TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Yesilyurt Mah. Bahceler Cad. No:1-2 Karacailyas Mersin / Turkey

PHONE NUMBER

:

90-324-221 38 40

 

FAX NUMBER

:

90-324-221 86 97

 

WEB-ADDRESS

:

www.sevan.com.tr

E-MAIL

:

sevan@sevan.com

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Uray

TAX NO

:

7640028495

REGISTRATION NUMBER

:

11491

REGISTERED OFFICE

:

Mersin Chamber of Commerce and Industry

DATE ESTABLISHED

:

09.10.1991

ESTABLISHMENT GAZETTE DATE/NO

:

18.10.1991/2884

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   1.000.000

PAID-IN CAPITAL

:

TL   1.000.000

HISTORY

:

Previous Registered Capital

:

TL 500.000

Changed On

:

27.05.2005 (Commercial Gazette Date /Number 02.06.2005/ 6316)

Previous Registered Capital

:

TL 800.000

Changed On

:

25.09.2006 (Commercial Gazette Date /Number 04.10.2006/ 6656)

Previous Shareholder

:

Please vide Previous Shareholders section for the former shareholders' names.

Changed On

:

08.04.2010 (Commercial Gazette Date /Number 15.04.2010/ 7544)

 

 

 

PREVIOUS SHAREHOLDERS

:

Risal Irmak

87,50 %

Susan Irmak

12,50 %

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Risal Irmak

87,50 %

Sevan Minas Irmak

12,50 %

 

 

DIRECTORS

:

Risal Irmak                                                                                                                                                                                                                                                                                   

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Processing, packaging and trade of pulse, spice, snack and dried fruit. 

 

TRADEMARKS OWNED

:

Sevan

 

NUMBER OF EMPLOYEES

:

26

 

NET SALES

:

10.048.944 TL

(2005) 

15.603.526 TL

(2006) 

9.960.073 TL

(2007) 

22.422.267 TL

(2008) 

23.628.242 TL

(2009) 

22.913.335 TL

(01.01-30.09.2010) 

 

 

IMPORT COUNTRIES

:

Canada

China

India

Ethiopia

 

MERCHANDISE IMPORTED

:

Haricot bean

Lentil

Rice

Sesame

 

EXPORT VALUE

:

4.731.743 TL

(2005)

9.237.121 TL

(2006)

4.666.719 TL

(2007)

13.521.715 TL

(2008)

21.268.306 TL

(2009)

20.803.101 TL

(01.01-30.09.2010)

 

 

EXPORT COUNTRIES

:

Belgium

Sweden

France

Denmark

Canada

Spain

Iraq

Austria

Germany

 

MERCHANDISE  EXPORTED

:

Boiled and pounded wheat

Chickpea

Lentil

 

HEAD OFFICE ADDRESS

:

Yesilyurt Mah. Bahceler Cad. No:1-2 Karacailyas  Mersin / Turkey ( owned by shareholder(s) )

 

BRANCHES

:

Head Office/Warehouse  :  Yesilyurt Mah. Bahceler Cad.No:1 Karacailyas Mersin/Turkey (owned by shareholder(s)) (10.000 sqm)

                                                                                

 

 

TREND OF BUSINESS

:

Trend of business was steady in  2009. There appears an upwards trend in  1.1 – 30.9.2010.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Alternatifbank Merkez Branch

Garanti Bankasi Merkez Branch

Turk Ekonomi Bankasi Merkez Branch

Yapi ve Kredi Bankasi Merkez 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

(2007) TL

(2008) TL

(2009) TL

(01.01-30.09.2010) TL

Net Sales

15.603.526

9.960.073

22.422.267

23.628.242

22.913.335

Profit (Loss) Before Tax

348.626

747.365

2.364.051

605.902

152.981

Stockholders' Equity

1.983.871

2.690.216

4.579.671

5.058.678

 

Total Assets

8.203.616

7.922.348

9.481.904

11.477.340

 

Current Assets

6.878.954

6.712.944

8.046.307

10.194.809

 

Non-Current Assets

1.324.662

1.209.404

1.435.597

1.282.531

 

Current Liabilities

6.219.520

5.231.907

4.902.008

6.418.662

 

Long-Term Liabilities

225

225

225

0

 

Gross Profit (loss)

2.067.461

1.173.072

3.486.642

1.520.149

805.716

Operating Profit (loss)

425.104

386.437

2.510.697

687.512

69.659

Net Profit (loss)

275.267

592.844

1.889.455

479.007

152.981

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Satisfactory As of 31.12.2009

Liquidity

Fair As of 31.12.2009

Remarks On Liquidity

The favorable gap between average collection and average payable period has a positive effect on liquidity. 

 

The liquid assets consist mainly of receivables the amount of cash&banks or marketable securities (which are more liquid) are low.

 

Profitability

Fair Operating Profitability  in 2006

Fair Net Profitability  in 2006

In Order Operating Profitability  in 2007

High Net Profitability  in 2007

High Operating Profitability  in 2008

High Net Profitability  in 2008

Fair Operating Profitability  in 2009

Fair Net Profitability  in 2009

Low Operating Profitability (01.01-30.09.2010)

Low Net Profitability (01.01-30.09.2010)

 

Gap between average collection and payable periods

Favorable in 2009

General Financial Position

Fair

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 1.180.000 USD may be granted to the subject company.

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 

  31.12.2007   TL

 

 ( 31.12.2008 )  TL

 

31.12.2009   TL

 

CURRENT ASSETS

6.878.954

0,84

6.712.944

0,85

8.046.307

0,85

10.194.809

0,89

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

274.901

0,03

184.375

0,02

78.550

0,01

247.151

0,02

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

2.724.385

0,33

1.408.905

0,18

3.515.142

0,37

3.823.736

0,33

Other Receivable

65.475

0,01

65.475

0,01

65.475

0,01

113.340

0,01

Inventories

2.638.860

0,32

4.564.160

0,58

3.435.273

0,36

4.829.879

0,42

Advances Given

729.767

0,09

63.890

0,01

353.661

0,04

306.587

0,03

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

445.566

0,05

426.139

0,05

598.206

0,06

874.116

0,08

NON-CURRENT ASSETS

1.324.662

0,16

1.209.404

0,15

1.435.597

0,15

1.282.531

0,11

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

102

0,00

309

0,00

309

0,00

309

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

1.051.718

0,13

988.865

0,12

1.202.376

0,13

1.178.788

0,10

Intangible Assets

266.350

0,03

220.230

0,03

232.912

0,02

103.377

0,01

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

6.492

0,00

0

0,00

0

0,00

57

0,00

TOTAL ASSETS

8.203.616

1,00

7.922.348

1,00

9.481.904

1,00

11.477.340

1,00

CURRENT LIABILITIES

6.219.520

0,76

5.231.907

0,66

4.902.008

0,52

6.418.662

0,56

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

1.461.228

0,18

2.131.652

0,27

171.714

0,02

542.833

0,05

Accounts Payable

3.216.469

0,39

1.928.642

0,24

3.848.981

0,41

5.235.923

0,46

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

Other Short-term Payable

0

0,00

0

0,00

0

0,00

0

0,00

Advances from Customers

1.481.669

0,18

1.156.090

0,15

953.761

0,10

518.747

0,05

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

11.019

0,00

8.601

0,00

13.011

0,00

15.569

0,00

Provisions

47.102

0,01

5.501

0,00

-90.663

-0,01

99.779

0,01

Other Current Liabilities

2.033

0,00

1.421

0,00

5.204

0,00

5.811

0,00

LONG-TERM LIABILITIES

225

0,00

225

0,00

225

0,00

0

0,00

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

225

0,00

225

0,00

225

0,00

0

0,00

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

1.983.871

0,24

2.690.216

0,34

4.579.671

0,48

5.058.678

0,44

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

886.500

0,11

1.000.000

0,13

1.000.000

0,11

1.000.000

0,09

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

170.586

0,02

170.587

0,02

170.587

0,02

170.587

0,01

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

666.060

0,08

941.327

0,12

1.534.171

0,16

3.423.626

0,30

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

-14.542

0,00

-14.542

0,00

-14.542

0,00

-14.542

0,00

Net Profit (loss)

275.267

0,03

592.844

0,07

1.889.455

0,20

479.007

0,04

TOTAL LIABILITIES AND EQUITY

8.203.616

1,00

7.922.348

1,00

9.481.904

1,00

11.477.340

1,00

 

 

INCOME STATEMENTS

 

 

(2006) TL

 

(2007) TL

 

(2008) TL

 

(2009) TL

 

(01.01-30.09.2010) TL

 

Net Sales

15.603.526

1,00

9.960.073

1,00

22.422.267

1,00

23.628.242

1,00

22.913.335

1,00

Cost of Goods Sold

13.536.065

0,87

8.787.001

0,88

18.935.625

0,84

22.108.093

0,94

22.107.619

0,96

Gross Profit

2.067.461

0,13

1.173.072

0,12

3.486.642

0,16

1.520.149

0,06

805.716

0,04

Operating Expenses

1.642.357

0,11

786.635

0,08

975.945

0,04

832.637

0,04

736.057

0,03

Operating Profit

425.104

0,03

386.437

0,04

2.510.697

0,11

687.512

0,03

69.659

0,00

Other Income

808.572

0,05

756.848

0,08

1.347.626

0,06

1.058.578

0,04

1.014.564

0,04

Other Expenses

767.420

0,05

291.504

0,03

1.413.794

0,06

1.123.822

0,05

899.659

0,04

Financial Expenses

117.630

0,01

104.416

0,01

80.478

0,00

16.366

0,00

31.583

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

348.626

0,02

747.365

0,08

2.364.051

0,11

605.902

0,03

152.981

0,01

Tax Payable

73.359

0,00

154.521

0,02

474.596

0,02

126.895

0,01

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

275.267

0,02

592.844

0,06

1.889.455

0,08

479.007

0,02

152.981

0,01

 

 

FINANCIAL RATIOS

 

 

(2006)

(2007)

(2008)

(2009)

LIQUIDITY RATIOS

 

 

Current Ratio

1,11

1,28

1,64

1,59

Acid-Test Ratio

0,49

0,32

0,75

0,65

Cash Ratio

0,04

0,04

0,02

0,04

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,32

0,58

0,36

0,42

Short-term Receivable/Total Assets

0,34

0,19

0,38

0,34

Tangible Assets/Total Assets

0,13

0,12

0,13

0,10

TURNOVER RATIOS

 

 

Inventory Turnover

5,13

1,93

5,51

4,58

Stockholders' Equity Turnover

7,87

3,70

4,90

4,67

Asset Turnover

1,90

1,26

2,36

2,06

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,24

0,34

0,48

0,44

Current Liabilities/Total Assets

0,76

0,66

0,52

0,56

Financial Leverage

0,76

0,66

0,52

0,56

Gearing Percentage

3,14

1,94

1,07

1,27

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,14

0,22

0,41

0,09

Operating Profit Margin

0,03

0,04

0,11

0,03

Net Profit Margin

0,02

0,06

0,08

0,02

Interest Cover

3,96

8,16

30,38

38,02

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

62,86

50,94

56,44

58,26

Average Payable Period (days)

85,54

79,02

73,18

85,26

WORKING CAPITAL

659434,00

1481037,00

3144299,00

3776147,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.11

UK Pound

1

Rs.72.91

Euro

1

Rs.62.56

 

 

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.