MIRA INFORM REPORT

 

 

Report Date :

21.12.2012

 

IDENTIFICATION DETAILS

 

Name :

MEGA ILAC SANAYI VE PAZARLAMA LTD. STI.

 

 

Registered Office :

Hadimkoy Mah. Dr. Mithat Marti Cad. No:22 Hadimkoy Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

12.03.1999

 

 

Com. Reg. No.:

416400

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Wholesale trade of deodorant, air-freshener, insecticide etc. 

 

 

No. of Employees :

14

 

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 :

Slow but Correct

 

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Turkey

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

 

Turkey - ECONOMIC OVERVIEW

 

Turkey's largely free-market economy is increasingly driven by its industry and service sectors, although its traditional agriculture sector still accounts for about 25% of employment. An aggressive privatization program has reduced state involvement in basic industry, banking, transport, and communication, and an emerging cadre of middle-class entrepreneurs is adding dynamism to the economy and expanding production beyond the traditional textiles and clothing sectors. The automotive, construction, and electronics industries, are rising in importance and have surpassed textiles within Turkey's export mix. Oil began to flow through the Baku-Tbilisi-Ceyhan pipeline in May 2006, marking a major milestone that will bring up to 1 million barrels per day from the Caspian to market. Several gas pipelines projects also are moving forward to help transport Central Asian gas to Europe through Turkey, which over the long term will help address Turkey's dependence on imported oil and gas to meet 97% of its energy needs. After Turkey experienced a severe financial crisis in 2001, Ankara adopted financial and fiscal reforms as part of an IMF program. The reforms strengthened the country's economic fundamentals and ushered in an era of strong growth - averaging more than 6% annually until 2008. Global economic conditions and tighter fiscal policy caused GDP to contract in 2009, but Turkey's well-regulated financial markets and banking system helped the country weather the global financial crisis and GDP rebounded strongly to 8.2% in 2010, as exports returned to normal levels following the recession. Turkey's public sector debt to GDP ratio has fallen to roughly 40%. Continued strong growth has pushed inflation to the 8% level, however, and worsened an already high current account deficit. Turkey remains dependent on often volatile, short-term investment to finance its large trade deficit. The stock value of FDI stood at $99 billion at year-end 2011. Inflows have slowed considerably in light of continuing economic turmoil in Europe, the source of much of Turkey's FDI. Further economic and judicial reforms and prospective EU membership are expected to boost Turkey's attractiveness to foreign investors. However, Turkey's relatively high current account deficit, uncertainty related to monetary policy-making, and political turmoil within Turkey's neighborhood leave the economy vulnerable to destabilizing shifts in investor confidence.

 

Source : CIA

 

 

 

 

COMPANY IDENTIFICATION

 

 

NAME

:

MEGA ILAC SANAYI VE PAZARLAMA LTD. STI.

HEAD OFFICE ADDRESS

:

Hadimkoy Mah. Dr. Mithat Marti Cad. No:22 Hadimkoy Istanbul / Turkey

PHONE NUMBER

:

90-212-771 22 11

 

FAX NUMBER

:

90-212-771 26 93

 

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Catalca

TAX NO

:

1580108217

REGISTRATION NUMBER

:

416400

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

12.03.1999

ESTABLISHMENT GAZETTE DATE /NO

:

17.03.1999/4753

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   750.000

PAID-IN CAPITAL

:

TL   750.000

HISTORY

:

Previous Registered Capital

:

TL 5.000

Changed On

:

18.05.2010 (Commercial Gazette Date /Number 25.05.2010/ 7570)

Previous Address

:

Ataturk Sanayi Bol. Enyap Fabrikasi Asagi Tekimsan Yani Hadimkoy Catalca-Istanbul

Changed On

:

24.07.2008 (Commercial Gazette Date /Number 30.07.2008/ 7116)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Yilmaz Sayir

99,99 %

Memet Sayir

0,01 %

 

 

SISTER COMPANIES

:

KOZMO KIMYA SANAYI VE DIS TICARET LTD. STI.

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Yilmaz Sayir

 

 

 

OPERATIONS

 

 

NOTES ON OPERATIONS

:

Manufacturing stopped.

 

 

BUSINESS ACTIVITIES

:

Wholesale trade of deodorant, air-freshener, insecticide etc. 

 

The subject has declared that, it was dealing with manufacturing but it stopped manufacturing activity 2 years ago. 

 

NACE CODE

:

G .51.45

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

14

 

NET SALES

:

15.101.823 TL

(2010) 

7.210.653 TL

(2011) 

3.566.240 TL

(01.01-30.09.2012) 

 

 

REMARKS ON CAPACITY

:

None

 

REMARKS ON PRODUCTION

:

None

 

IMPORT VALUE

:

0 TL

(2010)

0 TL

(2011)

0 TL

(01.01-30.11.2012)

 

 

EXPORT VALUE

:

14.279.214 TL

(2010)

6.528.565 TL

(2011)

3.352.766 TL

(01.01-30.09.2012)

 

 

EXPORT COUNTRIES

:

Romania

France

Bulgaria

Canada

Middle East Countries

 

MERCHANDISE  EXPORTED

:

Air-freshener

Deodorant

Insect powder

 

HEAD OFFICE ADDRESS

:

Hadimkoy Mah. Dr. Mithat Marti Cad. No:22 Hadimkoy Istanbul / Turkey

 

INVESTMENTS

:

None

 

 

TREND OF BUSINESS

:

There was a decline at business volume in nominal terms in 2011. There appears a decline at business volume in nominal terms in 1.1 - 30.9.2012.

SIZE OF BUSINESS

:

Upper-Moderate

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

T. Is Bankasi Hadimkoy Branch

 

CREDIT FACILITIES

:

No credit facility has come to our knowledge.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2010) TL

(2011) TL

(01.01-30.09.2012) TL

 

 

Net Sales

15.101.823

7.210.653

3.566.240

 

 

Profit (Loss) Before Tax

174.952

-5.844

-209.584

 

 

Stockholders' Equity

951.165

941.127

 

 

 

Total Assets

2.299.057

2.630.556

 

 

 

Current Assets

2.246.051

2.624.592

 

 

 

Non-Current Assets

53.006

5.964

 

 

 

Current Liabilities

128.703

317.240

 

 

 

Long-Term Liabilities

1.219.189

1.372.189

 

 

 

Gross Profit (loss)

354.829

411.125

154.871

 

 

Operating Profit (loss)

22.913

109.794

27.867

 

 

Net Profit (loss)

139.753

-10.040

-209.584

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

High

Remarks on Capitalization

A part of total liabilities and equity consist of loans from shareholders rather than liabilities to third parties indicating low indebtedness to third parties.

 

The loss at the last period is expected to have a negative effect on equity total since the date of last stockholders’ equity.

 

Liquidity

High As of 31.12.2011

Remarks On Liquidity

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

Profitability

Low Operating Profitability  in 2010

Low Net Profitability  in 2010

Fair Operating Profitability  in 2011

Net Loss  in 2011

Low Operating Profitability (01.01-30.09.2012)

Net Loss (01.01-30.09.2012)

 

Gap between average collection and payable periods

Unfavorable in 2011

General Financial Position

Satisfactory

Remarks on General Financial Position

Financial position was satisfactory but There was a decline at business volume in nominal terms in  2011 and there appears a decline at business volume in nominal terms in  1.1 - 30.9.2012.

 

 

 

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 01.01-30.09.2012)

3,34 %

1,8029

2,3233

2,8527

 ( 01.01-30.11.2012)

2,58 %

1,8006

2,3240

2,8569

 

 

BALANCE SHEETS

 

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

 

 

CURRENT ASSETS

2.246.051

0,98

2.624.592

1,00

 

 

Not Detailed Current Assets

0

0,00

0

0,00

 

 

Cash and Banks

890.589

0,39

212.969

0,08

 

 

Marketable Securities

0

0,00

0

0,00

 

 

Account Receivable

1.158.112

0,50

1.817.873

0,69

 

 

Other Receivable

0

0,00

2.145

0,00

 

 

Inventories

116.249

0,05

463.244

0,18

 

 

Advances Given

82

0,00

11.800

0,00

 

 

Accumulated Construction Expense

0

0,00

0

0,00

 

 

Other Current Assets

81.019

0,04

116.561

0,04

 

 

NON-CURRENT ASSETS

53.006

0,02

5.964

0,00

 

 

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)

53.006

0,02

5.964

0,00

 

 

Intangible Assets

0

0,00

0

0,00

 

 

Deferred Tax Assets

0

0,00

0

0,00

 

 

Other Non-Current Assets

0

0,00

0

0,00

 

 

TOTAL ASSETS

2.299.057

1,00

2.630.556

1,00

 

 

CURRENT LIABILITIES

128.703

0,06

317.240

0,12

 

 

Not Detailed Current Liabilities

0

0,00

0

0,00

 

 

Financial Loans

0

0,00

0

0,00

 

 

Accounts Payable

94.507

0,04

289.256

0,11

 

 

Loans from Shareholders

0

0,00

0

0,00

 

 

Other Short-term Payable

18.624

0,01

11.377

0,00

 

 

Advances from Customers

0

0,00

0

0,00

 

 

Accumulated Construction Income

0

0,00

0

0,00

 

 

Taxes Payable

15.572

0,01

10.607

0,00

 

 

Provisions

0

0,00

0

0,00

 

 

Other Current Liabilities

0

0,00

6.000

0,00

 

 

LONG-TERM LIABILITIES

1.219.189

0,53

1.372.189

0,52

 

 

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

3.743

0,00

3.743

0,00

 

 

Loans from Shareholders

1.215.446

0,53

1.368.446

0,52

 

 

Other Long-term Liabilities

0

0,00

0

0,00

 

 

Provisions

0

0,00

0

0,00

 

 

STOCKHOLDERS' EQUITY

951.165

0,41

941.127

0,36

 

 

Not Detailed Stockholders' Equity

0

0,00

0

0,00

 

 

Paid-in Capital

750.000

0,33

750.000

0,29

 

 

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

61.412

0,03

201.167

0,08

 

 

Revaluation Fund

0

0,00

0

0,00

 

 

Accumulated Losses(-)

0

0,00

0

0,00

 

 

Net Profit (loss)

139.753

0,06

-10.040

0,00

 

 

TOTAL LIABILITIES AND EQUITY

2.299.057

1,00

2.630.556

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.                                                                                                                                                                                         At the last income statement TL 296.851 of the other expenses is due to "Loss from Foreign Currency Exchange" .                                                                                                           

 

 

INCOME STATEMENTS

 

 

(2010) TL

 

(2011) TL

 

(01.01-30.09.2012) TL

 

Net Sales

15.101.823

1,00

7.210.653

1,00

3.566.240

1,00

Cost of Goods Sold

14.746.994

0,98

6.799.528

0,94

3.411.369

0,96

Gross Profit

354.829

0,02

411.125

0,06

154.871

0,04

Operating Expenses

331.916

0,02

301.331

0,04

127.004

0,04

Operating Profit

22.913

0,00

109.794

0,02

27.867

0,01

Other Income

580.262

0,04

93.129

0,01

59.470

0,02

Other Expenses

428.223

0,03

208.767

0,03

296.921

0,08

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

174.952

0,01

-5.844

0,00

-209.584

-0,06

Tax Payable

35.199

0,00

4.196

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

139.753

0,01

-10.040

0,00

-209.584

-0,06

 

 

FINANCIAL RATIOS

 

 

(2010)

(2011)

 

LIQUIDITY RATIOS

 

 

Current Ratio

17,45

8,27

 

Acid-Test Ratio

15,92

6,41

 

Cash Ratio

6,92

0,67

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,05

0,18

 

Short-term Receivable/Total Assets

0,50

0,69

 

Tangible Assets/Total Assets

0,02

0,00

 

TURNOVER RATIOS

 

 

Inventory Turnover

126,86

14,68

 

Stockholders' Equity Turnover

15,88

7,66

 

Asset Turnover

6,57

2,74

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,41

0,36

 

Current Liabilities/Total Assets

0,06

0,12

 

Financial Leverage

0,59

0,64

 

Gearing Percentage

1,42

1,80

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,15

-0,01

 

Operating Profit Margin

0,00

0,02

 

Net Profit Margin

0,01

0,00

 

Interest Cover

 

 

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

27,61

90,76

 

Average Payable Period (days)

2,40

15,51

 

WORKING CAPITAL

2117348,00

2307352,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.84

UK Pound

1

Rs.89.11

Euro

1

Rs.72.46

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

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.