MIRA INFORM REPORT

 

 

Report Date :           

07.10.2011

 

IDENTIFICATION DETAILS

 

Name :

SOYYIGIT GIDA SANAYI VE TICARET A.S.

 

 

Formerly Known As :

Soyyigit Baharat Gida Kimyevi Maddeleri Sanayi Ltd. Sti.

 

 

Registered Office :

Akcaburgaz Mah. 110. Sok No:3 Esenyurt  Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

30.09.2009

 

 

Date of Incorporation :

14.11.1986

 

 

Com. Reg. No.:

228497

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of powder food.  

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

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 – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

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 was changed by the authority/municipality.

 

 

COMPANY IDENTIFICATION

 

NAME

:

SOYYIGIT GIDA SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Akcaburgaz Mah. 110. Sok No:3 Esenyurt  Istanbul / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The address was changed from "Kirac Beldesi, Cakmakli Mah. 3. Cad. 110. Sok. No:3 Buyukcekmece Istanbul" to "Akcaburgaz Mah. 110. Sok No:3 Esenyurt " by the Municipality.

PHONE NUMBER

:

90-212-886 32 00

 

FAX NUMBER

:

90-212-886 29 50

 

 

 

LEGAL STATUS AND HISTORY

 

NOTES ON LEGAL STATUS AND HISTORY

:

The paid-in capital is declared by the subject. There is no certification for the paid-in capital.

 

 

TAX OFFICE

:

Dis Ticaret 

TAX NO

:

7770407106

REGISTRATION NUMBER

:

228497

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

14.11.1986

ESTABLISHMENT GAZETTE DATE/NO

:

19.11.1986/1642

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   1.500.000

PAID-IN CAPITAL

:

TL   1.500.000

HISTORY

:

Previous Legal Type

:

Limited company

Changed On

:

26.12.2007 (Commercial Gazette Date /Number 02.01.2008/ 6968)

Previous Name

:

Soyyigit Baharat Gida Kimyevi Maddeleri Sanayi Ltd. Sti.

Changed On

:

26.12.2007 (Commercial Gazette Date /Number 02.01.2008/ 6968)

Previous Registered Capital

:

TL 500.000

Changed On

:

26.12.2007 (Commercial Gazette Date /Number 02.01.2008/ 6968)

Previous Address

:

Kirac Beldesi Cakmakli Mevkii San 1 4.Bolge 9.Cad. No:90 Buyukcekmece-Istanbul

Changed On

:

26.12.2007 (Commercial Gazette Date /Number 02.01.2008/ 6968)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Temel Soyyigit

29 %

Mustafa Soyyigit

27 %

Fikret Soyyigit

23 %

Aydin Soyyigit

20 %

Ibrahim Hakki Soyyigit

1 %

 

 

GROUP

:

SOYYIGIT GROUP OF COMPANIES

 

SISTER COMPANIES

:

KENT BORINGER DIS TICARET LTD. STI.

SOYYIGIT YAGLI TOHUMLAR YAG VE SUT SANAYI LTD.STI

YIGIT GIDA MADDELERI PAZARLAMA SANAYI TICARET LTD. STI.

 

BOARD OF DIRECTORS

:

Temel Soyyigit

Chairman

Mustafa Soyyigit

Vice-Chairman

Aydin Soyyigit

Member

Fikret Soyyigit

Member

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of powder food.  

 

SECTOR

:

Food

 

TRADEMARKS OWNED

:

Aysan

Yigit

Kivilcim

Kent Boringer

 

NUMBER OF EMPLOYEES

:

150

 

NET SALES

:

19.246.694 TL

(2008) 

16.786.779 TL

(01.01-30.09.2009) 

 

 

REMARKS ON NET SALES

:

In Turkey, there is no public registry on companies’ financial and detailed general data. So, to collect a firm’s data, an information agency has to contact the company and get its authorization.

 

However the company strictly declines to give us an authorization to gather its fresh financial data. As the firm’s shares are not open to public it is not obliged to announce its data.

 

IMPORT COUNTRIES

:

European Countries

U.S.A.

China

 

MERCHANDISE IMPORTED

:

Cacao powder

Cooking oil

 

HEAD OFFICE ADDRESS

:

Akcaburgaz Mah. 110. Sok No:3 Esenyurt  Istanbul / Turkey

 

BRANCHES

:

Head Office/Factory  :  Akcaburgaz Mah. 110. Sok No:3 Esenyurt Istanbul/Turkey

 

 

 

TREND OF BUSINESS

:

There appears an upwards trend in  1.1 - 30.9.2009.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Hadimkoy Branch

T. Is Bankasi Hadimkoy Branch

Turk Ekonomi Bankasi Beylikduzu Branch

Yapi ve Kredi Bankasi Hadimkoy 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

:

 

(2008) TL

(01.01-30.09.2009) TL

 

 

 

Net Sales

19.246.694

16.786.779

 

 

 

Profit (Loss) Before Tax

-152.744

155.580

 

 

 

Stockholders' Equity

682.140

837.720

 

 

 

Total Assets

18.344.637

12.505.248

 

 

 

Current Assets

8.245.730

2.319.679

 

 

 

Non-Current Assets

10.098.907

10.185.569

 

 

 

Current Liabilities

8.611.158

4.209.368

 

 

 

Long-Term Liabilities

9.051.339

7.458.160

 

 

 

Gross Profit (loss)

4.225.478

3.303.151

 

 

 

Operating Profit (loss)

1.453.172

650.484

 

 

 

Net Profit (loss)

-154.422

155.580

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Low As of 30.09.2009

Liquidity

Low As of 30.09.2009

Remarks On Liquidity

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

Profitability

Good Operating Profitability  in 2008

Net Loss  in 2008

In Order Operating Profitability (01.01-30.09.2009)

Low Net Profitability (01.01-30.09.2009)

 

Gap between average collection and payable periods

Unfavorable in 01.01-30.09.2009

General Financial Position

Not in order

Remarks on General Financial Position

Recent financial figures are not available the firm declines to provide fresh financial data.

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2008 )

8,11 %

1,2858

1,8876

2,3708

 ( 01.01-30.09.2009)

3,60 %

1,5624

2,1386

2,3953

 ( 2009 )

5,93 %

1,5460

2,1529

2,4094

 ( 01.01-30.09.2011)

9,72 %

1,6335

2,3016

2,6294

 

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  TL

 

 ( 30.09.2009 )  TL

 

CURRENT ASSETS

8.245.730

0,45

2.319.679

0,19

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

276.133

0,02

-388.282

-0,03

Marketable Securities

500.000

0,03

0

0,00

Account Receivable

6.004.601

0,33

829.826

0,07

Other Receivable

151.897

0,01

401.466

0,03

Inventories

780.083

0,04

1.049.463

0,08

Advances Given

219.459

0,01

0

0,00

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

313.557

0,02

427.206

0,03

NON-CURRENT ASSETS

10.098.907

0,55

10.185.569

0,81

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

1.388

0,00

1.388

0,00

Financial Assets

0

0,00

0

0,00

Tangible Fixed Assets (net)

967.278

0,05

1.114.654

0,09

Intangible Assets

9.130.241

0,50

9.058.022

0,72

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

11.505

0,00

TOTAL ASSETS

18.344.637

1,00

12.505.248

1,00

CURRENT LIABILITIES

8.611.158

0,47

4.209.368

0,34

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

2.737.265

0,15

3.805.995

0,30

Accounts Payable

5.799.229

0,32

295.257

0,02

Loans from Shareholders

0

0,00

4.143

0,00

Other Short-term Payable

36.965

0,00

66.004

0,01

Advances from Customers

10.425

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

27.274

0,00

37.969

0,00

Provisions

0

0,00

0

0,00

Other Current Liabilities

0

0,00

0

0,00

LONG-TERM LIABILITIES

9.051.339

0,49

7.458.160

0,60

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

9.051.339

0,49

7.458.160

0,60

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

682.140

0,04

837.720

0,07

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

894.094

0,05

894.094

0,07

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

0

0,00

0

0,00

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

-57.532

0,00

-211.954

-0,02

Net Profit (loss)

-154.422

-0,01

155.580

0,01

TOTAL LIABILITIES AND EQUITY

18.344.637

1,00

12.505.248

1,00

 

 

INCOME STATEMENTS

 

 

(2008) TL

 

(01.01-30.09.2009) TL

 

Net Sales

19.246.694

1,00

16.786.779

1,00

Cost of Goods Sold

15.021.216

0,78

13.483.628

0,80

Gross Profit

4.225.478

0,22

3.303.151

0,20

Operating Expenses

2.772.306

0,14

2.652.667

0,16

Operating Profit

1.453.172

0,08

650.484

0,04

Other Income

1.120.188

0,06

487.315

0,03

Other Expenses

1.912.696

0,10

397.051

0,02

Financial Expenses

813.408

0,04

585.168

0,03

Minority Interests

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

Profit (loss) Before Tax

-152.744

-0,01

155.580

0,01

Tax Payable

1.678

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

Net Profit (loss)

-154.422

-0,01

155.580

0,01

 

FINANCIAL RATIOS

 

 

(2008)

(01.01-30.09.2009)

LIQUIDITY RATIOS

 

Current Ratio

0,96

0,55

Acid-Test Ratio

0,81

0,20

Cash Ratio

0,09

-0,09

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,04

0,08

Short-term Receivable/Total Assets

0,34

0,10

Tangible Assets/Total Assets

0,05

0,09

TURNOVER RATIOS

 

Inventory Turnover

19,26

12,85

Stockholders' Equity Turnover

28,22

20,04

Asset Turnover

1,05

1,34

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,04

0,07

Current Liabilities/Total Assets

0,47

0,34

Financial Leverage

0,96

0,93

Gearing Percentage

25,89

13,93

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

-0,23

0,19

Operating Profit Margin

0,08

0,04

Net Profit Margin

-0,01

0,01

Interest Cover

0,81

1,27

COLLECTION-PAYMENT

 

Average Collection Period (days)

112,34

17,83

Average Payable Period (days)

138,98

7,88

WORKING CAPITAL

-365428,00

-1889689,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.19

UK Pound

1

Rs.75.92

Euro

1

Rs.65.44

 

 

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.