MIRA INFORM REPORT

 

 

Report Date :           

29.10.2011

 

IDENTIFICATION DETAILS

 

Name :

SEYDAOGLU GIDA IMALAT PAKETLEME TURIZM SANAYI VE TICARET LTD. STI. 

 

 

Formerly Known As :

Seydaoglu Gida Turizm Ticaret Ltd. Sti.

 

 

Registered Office :

19 Mayis Mah. 1083 Sok. No:19/A Yuregir Adana

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

02.11.2006

 

 

Com. Reg. No.:

50684

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Packaging and wholesale trade of tea

 

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 :

13.000 USD

Status :

Small Company 

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 30th, 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

:

SEYDAOGLU GIDA IMALAT PAKETLEME TURIZM SANAYI VE TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

19 Mayis Mah. 1083 Sok. No:19/A Yuregir Adana / Turkey

PHONE NUMBER

:

90-533-577 09 73 (GSM number of Mehmet Kaya)

90-539-565 16 02 (GSM number of Idris Kaya)

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Yuregir

TAX NO

:

7660640070

REGISTRATION NUMBER

:

50684

REGISTERED OFFICE

:

Adana Chamber of Commerce

DATE ESTABLISHED

:

02.11.2006

ESTABLISHMENT GAZETTE DATE /NO

:

14.11.2006/6682

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   100.000

HISTORY

:

Previous Name

:

Seydaoglu Gida Turizm Ticaret Ltd. Sti.

Changed On

:

13.12.2007 (Commercial Gazette Date /Number 24.12.2007/ 6962)

Previous Address

:

Karasoku Mah. 5 Sok. Bagdat Carsisi K:2 No:8 Seyhan/Adana

Changed On

:

13.12.2007 (Commercial Gazette Date /Number 24.12.2007/ 6962)

Previous Shareholder

:

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

Changed On

:

09.10.2008 (Commercial Gazette Date /Number 16.10.2008/ 7169)

 

 

 

PREVIOUS SHAREHOLDERS

:

Mehmet Kaya

50 %

Bilal Kaya

50 %

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Idris Kaya

50 %

Mehmet Kaya

50 %

 

 

SISTER COMPANIES

:

Declared to be: None

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Mehmet Kaya

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Packaging and wholesale trade of tea.

 

NACE CODE

:

G .51.37

 

NUMBER OF EMPLOYEES

:

2

 

NET SALES

:

23.574 TL

(2009) 

293.249 TL

(2010) 

127.821 TL

(01.01-30.06.2011) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT VALUE

:

0 TL

(2009)

0 TL

(2010)

0 TL

(01.01-30.06.2011)

EXPORT VALUE

:

0 TL

(2009)

0 TL

(2010)

0 TL

(01.01-30.06.2011)

 

 

HEAD OFFICE ADDRESS

:

19 Mayis Mah. 1083 Sok. No:19/A Yuregir Adana / Turkey

 

BRANCHES

:

Head Office/Workshop  :  19 Mayis Mah.  1083 Sok. No:19/A Yuregir Adana/Turkey

 

INVESTMENTS

:

None

 

 

TREND OF BUSINESS

:

There was an upwards trend in 2010. There appears a decline at business volume in nominal terms in 1.1 - 30.6.2011.

SIZE OF BUSINESS

:

Small

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Bankalar Caddesi 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

(01.01-30.06.2011) TL

 

 

Net Sales

23.574

293.249

127.821

 

 

Profit (Loss) Before Tax

1.394

5.004

412

 

 

Stockholders' Equity

60.355

64.358

 

 

 

Total Assets

99.480

213.803

 

 

 

Current Assets

97.019

211.657

 

 

 

Non-Current Assets

2.461

2.146

 

 

 

Current Liabilities

39.125

149.445

 

 

 

Long-Term Liabilities

0

0

 

 

 

Gross Profit (loss)

5.437

11.270

5.180

 

 

Operating Profit (loss)

1.394

5.004

412

 

 

Net Profit (loss)

1.114

4.003

412

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Fair As of 31.12.2010

Liquidity

Fair As of 31.12.2010

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

Good Operating Profitability  in 2009

Good Net Profitability  in 2009

Fair Operating Profitability  in 2010

Low Net Profitability  in 2010

Low Operating Profitability (01.01-30.06.2011)

Low Net Profitability (01.01-30.06.2011)

 

Gap between average collection and payable periods

Favorable in 2010

General Financial Position

Fair

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 13.000 USD may be granted to the subject company.

 

 

 

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

 ( 01.01-30.06.2011)

6,21 %

1,5771

2,2246

2,5422

 ( 01.01-30.09.2011)

9,72 %

1,6335

2,3016

2,6294

 

BALANCE SHEETS

 

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

97.019

0,98

211.657

0,99

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

6.615

0,07

6.347

0,03

Marketable Securities

0

0,00

0

0,00

Account Receivable

10.098

0,10

67.040

0,31

Other Receivable

15.000

0,15

15.055

0,07

Inventories

58.970

0,59

108.150

0,51

Advances Given

0

0,00

5.708

0,03

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

6.336

0,06

9.357

0,04

NON-CURRENT ASSETS

2.461

0,02

2.146

0,01

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)

1.726

0,02

1.594

0,01

Intangible Assets

735

0,01

552

0,00

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

0

0,00

TOTAL ASSETS

99.480

1,00

213.803

1,00

CURRENT LIABILITIES

39.125

0,39

149.445

0,70

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

Accounts Payable

38.405

0,39

75.023

0,35

Loans from Shareholders

0

0,00

0

0,00

Other Short-term Payable

0

0,00

0

0,00

Advances from Customers

0

0,00

73.137

0,34

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

440

0,00

1.285

0,01

Provisions

280

0,00

0

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

60.355

0,61

64.358

0,30

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

60.000

0,60

60.000

0,28

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

1.003

0,01

2.117

0,01

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

-1.762

-0,02

-1.762

-0,01

Net Profit (loss)

1.114

0,01

4.003

0,02

TOTAL LIABILITIES AND EQUITY

99.480

1,00

213.803

1,00

 

 

INCOME STATEMENTS

 

 

(2009) TL

 

(2010) TL

 

(01.01-30.06.2011) TL

 

Net Sales

23.574

1,00

293.249

1,00

127.821

1,00

Cost of Goods Sold

18.137

0,77

281.979

0,96

122.641

0,96

Gross Profit

5.437

0,23

11.270

0,04

5.180

0,04

Operating Expenses

4.043

0,17

6.266

0,02

4.768

0,04

Operating Profit

1.394

0,06

5.004

0,02

412

0,00

Other Income

0

0,00

0

0,00

0

0,00

Other Expenses

0

0,00

0

0,00

0

0,00

Financial Expenses

0

0,00

0

0,00

0

0,00

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

1.394

0,06

5.004

0,02

412

0,00

Tax Payable

280

0,01

1.001

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

1.114

0,05

4.003

0,01

412

0,00

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

 

LIQUIDITY RATIOS

 

 

Current Ratio

2,48

1,42

 

Acid-Test Ratio

0,81

0,59

 

Cash Ratio

0,17

0,04

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,59

0,51

 

Short-term Receivable/Total Assets

0,25

0,38

 

Tangible Assets/Total Assets

0,02

0,01

 

TURNOVER RATIOS

 

 

Inventory Turnover

0,31

2,61

 

Stockholders' Equity Turnover

0,39

4,56

 

Asset Turnover

0,24

1,37

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,61

0,30

 

Current Liabilities/Total Assets

0,39

0,70

 

Financial Leverage

0,39

0,70

 

Gearing Percentage

0,65

2,32

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,02

0,06

 

Operating Profit Margin

0,06

0,02

 

Net Profit Margin

0,05

0,01

 

Interest Cover

 

 

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

154,21

82,30

 

Average Payable Period (days)

762,30

95,78

 

WORKING CAPITAL

57894,00

62212,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.48.82

UK Pound

1

Rs.78.57

Euro

1

Rs.69.29

 

 

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.