MIRA INFORM REPORT

 

 

Report Date :

02.04.2012

 

IDENTIFICATION DETAILS

 

Name :

MERSIN SEKER TARIM URUNLERI DOGAL MINARELLI SU VE ICECEKLER NAKLIYAT SANAYI TICARET A.S.

 

 

Registered Office :

Cilek Mah. 6355 Sok. No: 183/A 33020 Mersin

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

24.07.1992

 

 

Com. Reg. No.:

12073

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Processing, packaging and trade of pulse

 

 

No. of Employees :

170

 

 

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 :

7.200.000 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 – September 30, 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

:

MERSIN SEKER TARIM URUNLERI DOGAL MINARELLI SU VE ICECEKLER NAKLIYAT SANAYI TICARET A.S.

HEAD OFFICE ADDRESS

:

Cilek Mah. 6355 Sok. No: 183/A 33020 Mersin / Turkey

PHONE NUMBER

:

90-324-234 96 66

 

FAX NUMBER

:

90-324-234 96 68

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Uray

TAX NO

:

6180007229

REGISTRATION NUMBER

:

12073

REGISTERED OFFICE

:

Mersin Chamber of Commerce and Industry

DATE ESTABLISHED

:

24.07.1992

ESTABLISHMENT GAZETTE DATE/NO

:

05.08.1992/3085

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   25.200.000

 

HISTORY

:

Previous Name

:

Mersin Seker Sanayi Ve Ticaret A.S.

Changed On

:

01.04.2009 (Commercial Gazette Date /Number 09.04.2009/ 7288)

Previous Registered Capital

:

TL 6.000.000

Changed On

:

01.04.2009 (Commercial Gazette Date /Number 09.04.2009/ 7288)

Previous Registered Capital

:

TL 6.300.000

Changed On

:

31.12.2010 (Commercial Gazette Date /Number 06.01.2011/ 7724)

Previous Registered Capital

:

TL 11.010.000

Changed On

:

15.09.2011 (Commercial Gazette Date /Number 22.09.2011/ 7905)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Sabahattin Memis

16,66 %

Bulent Memis

16,66 %

Mehmet Memis

16,66 %

Murat Memis

16,66 %

Nizamettin Memis

16,66 %

Fahrettin Memis

16,66 %

 

 

GROUP

:

MEMIS GROUP OF COMPANIES

 

SISTER COMPANIES

:

ELGIN SU MAHSULLERI TARIM URUNLERI HAYVANCILIK SUT VE SUT URUNLERI MADENCILIK SANAYI VE TICARET A.S.

IDEAL MEMBA SULARI ENERJI MADENCILIK TARIM URUNLERI PETROL SANAYI VE TICARET A.S.

MEMIS GIDA SANAYI VE TICARET LTD. STI.

 

SUBSIDIARIES

:

None

 

BOARD OF DIRECTORS

:

Sabahattin Memis

Chairman

Bulent Memis

Vice-Chairman

Mehmet Memis

Member

Fahrettin Memis

Member

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Processing, packaging and trade of pulse.  

 

The subject also started filling and packaging of natural spring water on 31.05.2009. 

 

TRADEMARKS OWNED

:

Ideal

Sahil

Memisler

 

NUMBER OF EMPLOYEES

:

170

 

NET SALES

:

17.394.385 TL

(2003) 

24.913.316 TL

(2004) 

31.302.883 TL

(2005) 

38.588.684 TL

(2006) 

39.680.259 TL

(2007) 

56.083.158 TL

(2008) 

70.467.730 TL

(2009) 

118.519.954 TL

(2010) 

109.871.012 TL

(01.01-30.09.2011) 

 

 

IMPORT VALUE

:

2.458.093 USD

(2007)

7.561.000 USD

(2008)

9.914.798 USD

(01.01-30.09.2009)

 

 

IMPORT COUNTRIES

:

Egypt

China

Kyrgyzstan

Canada

Uzbekistan

Syria

Iran

Ukraine

Russia

 

MERCHANDISE IMPORTED

:

Bean

Pulse

Rice

 

EXPORT VALUE

:

9.532.874 TL

(2003)

17.777.551 TL

(2004)

18.654.989 TL

(2005)

25.744.811 TL

(2006)

20.522.206 TL

(2007)

24.467.387 TL

(2008)

25.433.304 TL

(2009)

26.230.230 TL

(2010)

13.823.935 TL

(01.01-30.09.2011)

 

 

EXPORT COUNTRIES

:

France

U.K.

Germany

Northern Cyprus Turkish Republic

Afghanistan

Kuwait

Lebanon

 

MERCHANDISE  EXPORTED

:

Cereal grains

Chickpeas

Lentils

 

HEAD OFFICE ADDRESS

:

Cilek Mah. 6355 Sok. No: 183/A 33020  Mersin / Turkey ( owned )

 

BRANCHES

:

Liaison Office  :  Mucahitler Cad. Yesil Cimen Is Hani No:1 Mersin/Turkey (owned)

 

Processing Plant  :  Bahce Ilcesi Osmaniye/Turkey

 

Head Office/Processing Plant  :  Cilek Mah. 6355 Sok. No: 183/A 33020 Mersin/Turkey (owned) (16.618 sqm)

 

TREND OF BUSINESS

:

There was an upwards trend in  2010. There appears an upwards trend in  1.1 - 30.9.2011.

SIZE OF BUSINESS

:

Giant

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Liman Branch

Denizbank Mersin Branch

Garanti Bankasi Mersin Branch

Kuveyt Turk Katilim Bankasi Mersin Branch

Yapi ve Kredi Bankasi Uray 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

:

 

(2007) TL

(2008) TL

(2009) TL

(2010) TL

(01.01-30.09.2011) TL

Net Sales

39.680.259

56.083.158

70.467.730

118.519.954

109.871.012

Profit (Loss) Before Tax

287.088

376.855

547.202

1.103.705

-1.820.168

Stockholders' Equity

3.248.343

18.120.731

20.614.978

25.466.976

 

Total Assets

19.481.621

37.365.667

63.056.726

77.738.416

 

Current Assets

16.218.245

19.206.513

39.989.642

53.898.976

 

Non-Current Assets

3.263.376

18.159.154

23.067.084

23.839.440

 

Current Liabilities

16.233.278

18.328.287

34.835.125

40.966.759

 

Long-Term Liabilities

0

916.649

7.606.623

11.304.681

 

Gross Profit (loss)

3.001.270

6.044.459

6.325.523

8.565.924

7.701.949

Operating Profit (loss)

564.193

3.707.912

2.030.030

2.398.693

2.402.941

Net Profit (loss)

223.928

299.052

434.690

875.740

-1.820.168

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

THE DETAILS OF THE CAPITAL INCREASE  AFTER LAST BALANCE SHEET

 

:

Cash Part

:7.045.581,91 TL

Equity Part

:7.144.418,09 TL

Payment Due Date

:31.12.2011

Number of Days To Pay First Portion of The Cash Part of Capital Increase

:90

 

 

Capitalization

Satisfactory As of 31.12.2010

Remarks on Capitalization

There has been capital increase and net loss after the last balance sheet date. The capital increase is expected to have more effect then the loss at the equity total since the last balance sheet date.

 

Liquidity

Satisfactory As of 31.12.2010

Remarks On Liquidity

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

Profitability

Low Operating Profitability  in 2007

Low Net Profitability  in 2007

Good Operating Profitability  in 2008

Low Net Profitability  in 2008

Fair Operating Profitability  in 2009

Low Net Profitability  in 2009

Fair Operating Profitability  in 2010

Low Net Profitability  in 2010

Fair Operating Profitability (01.01-30.09.2011)

Net Loss (01.01-30.09.2011)

 

Gap between average collection and payable periods

Unfavorable in 2010

General Financial Position

Fair

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT LIMIT

 

:

7.200.000 USD

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 7.200.000 USD may be granted to the subject company.

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 01.01-30.09.2009)

3,60 %

1,5624

2,1386

2,3953

 ( 2009 )

5,93 %

1,5460

2,1529

2,4094

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 ( 01.01-30.09.2011)

9,72 %

1,6335

2,3016

2,6294

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 01.01-29.02.2012)

0,29 %

1,8055

2,3806

2,8364

 

 

BALANCE SHEETS

 

 

 ( 31.12.2007 )  TL

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

16.218.245

0,83

19.206.513

0,51

39.989.642

0,63

53.898.976

0,69

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

1.089.296

0,06

2.093.286

0,06

6.747.581

0,11

6.234.359

0,08

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

3.778.250

0,19

7.519.738

0,20

17.556.755

0,28

24.368.533

0,31

Other Receivable

1.470.926

0,08

52.889

0,00

230.738

0,00

330.810

0,00

Inventories

7.345.420

0,38

5.808.253

0,16

15.027.727

0,24

18.173.173

0,23

Advances Given

2.282.273

0,12

3.576.060

0,10

0

0,00

3.707.888

0,05

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

252.080

0,01

156.287

0,00

426.841

0,01

1.084.213

0,01

NON-CURRENT ASSETS

3.263.376

0,17

18.159.154

0,49

23.067.084

0,37

23.839.440

0,31

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

1.890

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

2.605.867

0,13

17.572.586

0,47

23.065.002

0,37

23.831.525

0,31

Intangible Assets

653.819

0,03

579.686

0,02

0

0,00

0

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

3.690

0,00

6.882

0,00

2.082

0,00

6.025

0,00

TOTAL ASSETS

19.481.621

1,00

37.365.667

1,00

63.056.726

1,00

77.738.416

1,00

CURRENT LIABILITIES

16.233.278

0,83

18.328.287

0,49

34.835.125

0,55

40.966.759

0,53

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

9.801.675

0,50

7.462.520

0,20

12.862.157

0,20

22.892.662

0,29

Accounts Payable

4.366.788

0,22

9.521.601

0,25

18.918.627

0,30

14.414.611

0,19

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

Other Short-term Payable

0

0,00

42.905

0,00

253.645

0,00

352.918

0,00

Advances from Customers

1.827.035

0,09

1.041.290

0,03

2.468.453

0,04

2.837.961

0,04

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

210.348

0,01

182.168

0,00

219.730

0,00

240.642

0,00

Provisions

27.432

0,00

77.803

0,00

112.513

0,00

227.965

0,00

Other Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

LONG-TERM LIABILITIES

0

0,00

916.649

0,02

7.606.623

0,12

11.304.681

0,15

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

916.649

0,02

7.606.623

0,12

11.304.681

0,15

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

3.248.343

0,17

18.120.731

0,48

20.614.978

0,33

25.466.976

0,33

Not Detailed Stockholders' Equity

3.248.343

0,17

18.120.731

0,48

20.614.978

0,33

0

0,00

Paid-in Capital

0

0,00

0

0,00

0

0,00

11.010.000

0,14

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

0

0,00

0

0,00

0

0,00

107

0,00

Revaluation Fund

0

0,00

0

0,00

0

0,00

13.581.129

0,17

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

0

0,00

0

0,00

0

0,00

875.740

0,01

TOTAL LIABILITIES AND EQUITY

19.481.621

1,00

37.365.667

1,00

63.056.726

1,00

77.738.416

1,00

 

 

INCOME STATEMENTS

 

 

(2007) TL

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(01.01-30.09.2011) TL

 

Net Sales

39.680.259

1,00

56.083.158

1,00

70.467.730

1,00

118.519.954

1,00

109.871.012

1,00

Cost of Goods Sold

36.678.989

0,92

50.038.699

0,89

64.142.207

0,91

109.954.030

0,93

102.169.063

0,93

Gross Profit

3.001.270

0,08

6.044.459

0,11

6.325.523

0,09

8.565.924

0,07

7.701.949

0,07

Operating Expenses

2.437.077

0,06

2.336.547

0,04

4.295.493

0,06

6.167.231

0,05

5.299.008

0,05

Operating Profit

564.193

0,01

3.707.912

0,07

2.030.030

0,03

2.398.693

0,02

2.402.941

0,02

Other Income

1.236.450

0,03

2.018.255

0,04

2.036.666

0,03

2.586.969

0,02

4.844.770

0,04

Other Expenses

836.523

0,02

4.573.307

0,08

1.627.685

0,02

2.729.513

0,02

7.849.424

0,07

Financial Expenses

677.032

0,02

776.005

0,01

1.891.809

0,03

1.152.444

0,01

1.218.455

0,01

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

287.088

0,01

376.855

0,01

547.202

0,01

1.103.705

0,01

-1.820.168

-0,02

Tax Payable

63.160

0,00

77.803

0,00

112.512

0,00

227.965

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

223.928

0,01

299.052

0,01

434.690

0,01

875.740

0,01

-1.820.168

-0,02

 

 

FINANCIAL RATIOS

 

 

(2007)

(2008)

(2009)

(2010)

LIQUIDITY RATIOS

 

 

Current Ratio

1,00

1,05

1,15

1,32

Acid-Test Ratio

0,39

0,53

0,70

0,76

Cash Ratio

0,07

0,11

0,19

0,15

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,38

0,16

0,24

0,23

Short-term Receivable/Total Assets

0,27

0,20

0,28

0,32

Tangible Assets/Total Assets

0,13

0,47

0,37

0,31

TURNOVER RATIOS

 

 

Inventory Turnover

4,99

8,62

4,27

6,05

Stockholders' Equity Turnover

12,22

3,09

3,42

4,65

Asset Turnover

2,04

1,50

1,12

1,52

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,17

0,48

0,33

0,33

Current Liabilities/Total Assets

0,83

0,49

0,55

0,53

Financial Leverage

0,83

0,52

0,67

0,67

Gearing Percentage

5,00

1,06

2,06

2,05

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,07

0,02

0,02

0,03

Operating Profit Margin

0,01

0,07

0,03

0,02

Net Profit Margin

0,01

0,01

0,01

0,01

Interest Cover

1,42

1,49

1,29

1,96

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

34,28

48,27

89,69

74,02

Average Payable Period (days)

42,86

68,50

106,18

47,19

WORKING CAPITAL

-15033,00

878226,00

5154517,00

12932217,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.15

UK Pound

1

Rs.81.79

Euro

1

Rs.68.34

 

 

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.