MIRA INFORM REPORT

 

 

Report Date :

18.08.2012

 

IDENTIFICATION DETAILS

 

Name :

ISBILEN BAHCECILIK SERACILIK TICARET LTD. STI.

 

 

Registered Office :

Doguyaka Mah. Gazi Bulvari 1195. Sok.  No:12 Antalya / Turkey

 

 

Country :

Turkey

 

 

Financials (as on) :

30.06.2012

 

 

Date of Incorporation :

15.01.1993

 

 

Com. Reg. No.:

15327-17173

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Growing and trade of ornamental plants, trade of accessories. 

 

 

No. of Employees :

29

 

 

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, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

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

:

ISBILEN BAHCECILIK SERACILIK TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Doguyaka Mah. Gazi Bulvari 1195. Sok.  No:12 Antalya / Turkey

PHONE NUMBER

:

90-242-339 38 78

 

FAX NUMBER

:

90-242-339 88 78

 

WEB-ADDRESS

:

www.isbilen.com.tr

E-MAIL

:

isbilen@isbilen.com.tr

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Antalya Kurumlar

TAX NO

:

4810066321

REGISTRATION NUMBER

:

15327-17173

REGISTERED OFFICE

:

Antalya Chamber of Commerce and Industry

DATE ESTABLISHED

:

15.01.1993

ESTABLISHMENT GAZETTE DATE/NO

:

22.01.1993/3205

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   800.000

PAID-IN CAPITAL

:

TL   800.000

HISTORY

:

Previous Registered Capital

:

TL 300.000

Changed On

:

09.01.2008 (Commercial Gazette Date /Number 16.01.2008/ 6978)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Sedat Isbilen

70 %

Yasar Isbilen

30 %

 

 

SISTER COMPANIES

:

AKIS PARKE PROJE INSAAT YAPI PEYZAJ TARIM TURIZM TAAHHUT TICARET VE SANAYI LTD. STI.

 

CEVIK SUS BITKILERI, INSAAT, TURIZM, TARIM, TICARET, SANAYI LTD. STI.

 

PEY-ART PEYZAJ MIMARLIGI TICARET LTD. STI.

 

SERASU TARIM VE SULAMA TEKNOLOJILERI SANAYI TICARET LTD. STI.

 

DIRECTORS

:

Sedat Isbilen                                                                                                                                                                                                                                                                                   

 

 

 

OPERATIONS

 

NOTES ON OPERATIONS

:

The firm orders production to contract manufacturers.

 

 

BUSINESS ACTIVITIES

:

Growing and trade of ornamental plants, trade of accessories. 

 

The subject also orders ornamental plants to be grown in the name of the subject company to contract manufacturers in Adana, Yalova, Izmir and Antalya. 

 

NACE CODE

:

A .1.12

 

SECTOR

:

Agriculture

 

NUMBER OF EMPLOYEES

:

29

 

NET SALES

:

3.944.098 TL

(2007) 

4.528.701 TL

(2008) 

4.841.537 TL

(2009) 

6.454.101 TL

(2010) 

11.512.127 TL

(2011) 

4.646.279 TL

(01.01-30.06.2012) 

 

 

 

IMPORT VALUE

:

500.000 EUR

(2007)

250.000 EUR

(2008)

400.000 EUR

(2009)

600.000 EUR

(2010)

 

 

IMPORT COUNTRIES

:

Netherlands

Estonia

Germany

India

China

 

MERCHANDISE IMPORTED

:

Ornamental plants

Raw materials

Watering materials

 

EXPORT VALUE

:

0 TL

(2008)

0 TL

(2009)

0 TL

(2010)

0 TL

(2011)

0 TL

(01.01-31.07.2012)

 

 

HEAD OFFICE ADDRESS

:

Doguyaka Mah. Gazi Bulvari 1195. Sok.  No:12  Antalya / Turkey

 

BRANCHES

:

Warehouse  :  Altindag Mahallesi Antalya/Turkey

 

Greenhouse  :  Guzelbag Lara Antalya/Turkey

 

Greenhouse  :  Doguyaka Mah. Gazi Bulvari 1195.Sok. No:12 Antalya/Turkey (rented)

                                                                                

 

TREND OF BUSINESS

:

There was an upwards trend in  2011. There appears a decline at business volume in nominal terms in  1.1 - 30.6.2012.

SIZE OF BUSINESS

:

Upper-Medium

 

 

FINANCE

 

MAIN DEALING BANKS

:

Alternatifbank Calli Branch

Finansbank Aspendos Branch

ING Bank Aspendos Branch

T. C. Ziraat Bankasi Tarimsal Kobi Branch

T. Halk Bankasi Kobi Branch

T. Is Bankasi Aspendos Branch

 

CREDIT FACILITIES

:

The subject company is making active use of credit facilities.

 

PAYMENT BEHAVIOUR

:

We are informed about a few payment delays in the former years which were resolved later on but no payment delays have come to our knowledge in the last years.

 

KEY FINANCIAL ELEMENTS

:

 

(2008) TL

(2009) TL

(2010) TL

(2011) TL

(01.01-30.06.2012) TL

Net Sales

4.528.701

4.841.537

6.454.101

11.512.127

4.646.279

Profit (Loss) Before Tax

55.132

72.527

93.543

114.134

46.127

Stockholders' Equity

928.110

985.385

1.059.543

1.150.330

 

Total Assets

2.543.587

3.318.480

5.923.943

9.652.092

 

Current Assets

2.159.613

2.742.461

5.200.803

8.755.455

 

Non-Current Assets

383.974

576.019

723.140

896.637

 

Current Liabilities

1.615.477

2.058.398

4.139.247

5.835.810

 

Long-Term Liabilities

0

274.697

725.153

2.665.952

 

Gross Profit (loss)

596.209

659.204

838.375

1.396.743

630.866

Operating Profit (loss)

95.291

110.170

137.313

324.789

107.517

Net Profit (loss)

43.238

57.274

74.159

90.786

36.750

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Low As of 31.12.2011

Liquidity

Insufficient As of 31.12.2011

Remarks On Liquidity

The unfavorable gap between average collection and average payable period has an adverse 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 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  in 2011

Low Net Profitability  in 2011

Fair Operating Profitability (01.01-30.06.2012)

Low Net Profitability (01.01-30.06.2012)

 

Gap between average collection and payable periods

Unfavorable in 2011

General Financial Position

Unsatisfactory

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 01.01-30.06.2012)

1,95 %

1,8028

2,3463

2,8462

 ( 01.01-31.07.2012)

1,71 %

1,8018

2,3285

2,8424

 

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

2.159.613

0,85

2.742.461

0,83

5.200.803

0,88

8.755.455

0,91

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

2.736

0,00

8.052

0,00

31.229

0,01

43.136

0,00

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

1.420.728

0,56

2.097.470

0,63

2.333.627

0,39

4.584.886

0,48

Other Receivable

1.268

0,00

1.345

0,00

1.638

0,00

299.287

0,03

Inventories

672.208

0,26

621.773

0,19

1.985.298

0,34

2.819.579

0,29

Advances Given

0

0,00

0

0,00

653.264

0,11

993.414

0,10

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

62.673

0,02

13.821

0,00

195.747

0,03

15.153

0,00

NON-CURRENT ASSETS

383.974

0,15

576.019

0,17

723.140

0,12

896.637

0,09

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)

366.494

0,14

558.540

0,17

705.661

0,12

879.158

0,09

Intangible Assets

17.480

0,01

17.479

0,01

17.479

0,00

17.479

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

TOTAL ASSETS

2.543.587

1,00

3.318.480

1,00

5.923.943

1,00

9.652.092

1,00

CURRENT LIABILITIES

1.615.477

0,64

2.058.398

0,62

4.139.247

0,70

5.835.810

0,60

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

1.038.221

0,41

1.678.557

0,51

3.193.001

0,54

5.246.726

0,54

Accounts Payable

566.531

0,22

366.281

0,11

931.142

0,16

564.640

0,06

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

673

0,00

0

0,00

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

10.052

0,00

13.560

0,00

15.104

0,00

24.444

0,00

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

LONG-TERM LIABILITIES

0

0,00

274.697

0,08

725.153

0,12

2.665.952

0,28

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

274.697

0,08

725.153

0,12

2.665.952

0,28

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

928.110

0,36

985.385

0,30

1.059.543

0,18

1.150.330

0,12

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

800.000

0,31

800.000

0,24

800.000

0,14

800.000

0,08

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

129.951

0,05

173.190

0,05

230.463

0,04

304.623

0,03

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

-45.079

-0,02

-45.079

-0,01

-45.079

-0,01

-45.079

0,00

Net Profit (loss)

43.238

0,02

57.274

0,02

74.159

0,01

90.786

0,01

TOTAL LIABILITIES AND EQUITY

2.543.587

1,00

3.318.480

1,00

5.923.943

1,00

9.652.092

1,00

 

 

REMARKS ON FINANCIAL STATEMENT

:

At the financial statements according to TAS, "Cheques Received" and "Outstanding Cheques" figures are under "Cash And Banks" figure. Beginning from the financial statements of 31.12.2011, "Cheques Received" and "Outstanding Cheques" figures are given under "Account Receivable" figure and "Account Payable" figure respectively.                        

 

 

INCOME STATEMENTS

 

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

(01.01-30.06.2012) TL

 

Net Sales

4.528.701

1,00

4.841.537

1,00

6.454.101

1,00

11.512.127

1,00

4.646.279

1,00

Cost of Goods Sold

3.932.492

0,87

4.182.333

0,86

5.615.726

0,87

10.115.384

0,88

4.015.413

0,86

Gross Profit

596.209

0,13

659.204

0,14

838.375

0,13

1.396.743

0,12

630.866

0,14

Operating Expenses

500.918

0,11

549.034

0,11

701.062

0,11

1.071.954

0,09

523.349

0,11

Operating Profit

95.291

0,02

110.170

0,02

137.313

0,02

324.789

0,03

107.517

0,02

Other Income

250

0,00

389

0,00

6.587

0,00

14.150

0,00

5.057

0,00

Other Expenses

6.239

0,00

3.743

0,00

3.376

0,00

2.604

0,00

759

0,00

Financial Expenses

34.170

0,01

34.289

0,01

46.981

0,01

222.201

0,02

65.688

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

55.132

0,01

72.527

0,01

93.543

0,01

114.134

0,01

46.127

0,01

Tax Payable

11.894

0,00

15.253

0,00

19.384

0,00

23.348

0,00

9.377

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

43.238

0,01

57.274

0,01

74.159

0,01

90.786

0,01

36.750

0,01

 

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

(2011)

LIQUIDITY RATIOS

 

 

Current Ratio

1,34

1,33

1,26

1,50

Acid-Test Ratio

0,88

1,02

0,57

0,84

Cash Ratio

0,00

0,00

0,01

0,01

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,26

0,19

0,34

0,29

Short-term Receivable/Total Assets

0,56

0,63

0,39

0,51

Tangible Assets/Total Assets

0,14

0,17

0,12

0,09

TURNOVER RATIOS

 

 

Inventory Turnover

5,85

6,73

2,83

3,59

Stockholders' Equity Turnover

4,88

4,91

6,09

10,01

Asset Turnover

1,78

1,46

1,09

1,19

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,36

0,30

0,18

0,12

Current Liabilities/Total Assets

0,64

0,62

0,70

0,60

Financial Leverage

0,64

0,70

0,82

0,88

Gearing Percentage

1,74

2,37

4,59

7,39

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,05

0,06

0,07

0,08

Operating Profit Margin

0,02

0,02

0,02

0,03

Net Profit Margin

0,01

0,01

0,01

0,01

Interest Cover

2,61

3,12

2,99

1,51

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

112,94

155,96

130,17

143,38

Average Payable Period (days)

51,86

31,53

59,69

20,10

WORKING CAPITAL

544136,00

684063,00

1061556,00

2919645,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.70

UK Pound

1

Rs.87.54

Euro

1

Rs.68.85

 

 

INFORMATION DETAILS

 

Report Prepared by :

PDT

 

 

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.