MIRA INFORM REPORT

 

 

Report Date :

30.01.2012

 

IDENTIFICATION DETAILS

 

Name :

ITOC DIS TICARET VE ORGANIZASYON LTD. STI

 

 

Registered Office :

Gunesli Mah. Kirazli Cad. Sumbul Sok. No:2/3 Bagcilar Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

18.03.2002

 

 

Com. Reg. No.:

472636

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacture and trade of food ingredients

 

 

No. of Employees :

8

 

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 – 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

:

ITOC DIS TICARET VE ORGANIZASYON LTD. STI.

HEAD OFFICE ADDRESS

:

Gunesli Mah. Kirazli Cad. Sumbul Sok. No:2/3 Bagcilar Istanbul / Turkey

PHONE NUMBER

:

90-212-515 04 46

 

FAX NUMBER

:

90-212-515 04 46

 

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Gunesli

TAX NO

:

4690270798

REGISTRATION NUMBER

:

472636

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

18.03.2002

ESTABLISHMENT GAZETTE DATE /NO

:

21.03.2002/5510

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   30.000

PAID-IN CAPITAL

:

TL   30.000

 

HISTORY

:

Previous Shareholder

:

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

Changed On

:

06.09.2011 (Commercial Gazette Date /Number 12.09.2011/ 7897)

 

 

 

PREVIOUS SHAREHOLDERS

:

Muhammet Fatih Kilinc

30 %

Salih Akkaya

30 %

Alican Fettahoglu

25 %

Ismail Hakki Karahan

15 %

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Muhammet Fatih Kilinc

30 %

Abdullah Tarik Akkaya

30 %

Alican Fettahoglu

25 %

Ismail Hakki Karahan

15 %

 

 

SISTER COMPANIES

:

IHSAN INSAAT TAAHHUT EMLAK MUHENDISLIK GIDA SANAYI VE TICARET LTD. STI.

 

UNIPEG GIDA SANAYI VE TICARET LTD. STI.

 

DIRECTORS

:

Muhammet Fatih Kilinc

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of food ingredients.   The subject has declared that manufacturing is done in the factory in Algeria. 

 

NUMBER OF EMPLOYEES

:

8

 

NET SALES

:

174.208 TL

(2009) 

122.268 TL

(2010) 

68.565 TL

(01.01-30.09.2011) 

 

 

IMPORT COUNTRIES

:

Germany

India

 

MERCHANDISE IMPORTED

:

Food ingredients

 

EXPORT VALUE

:

174.208 TL

(2009)

122.268 TL

(2010)

68.565 TL

(01.01-30.09.2011)

 

 

EXPORT COUNTRIES

:

Algeria

Belgium

 

 

MERCHANDISE  EXPORTED

:

Food ingredients

 

HEAD OFFICE ADDRESS

:

Gunesli Mah. Kirazli Cad. Sumbul Sok. No:2/3 Bagcilar Istanbul / Turkey (rented) (100 sqm)

 

BRANCHES

:

Workshop  :  Aissat Idir Rue Lot N.03 Cheraga Alger /Algeria (rented) (300 sqm)

 

INVESTMENTS

:

None

 

 

TREND OF BUSINESS

:

There was a decline at business volume in nominal terms in 2010. There appears a decline at business volume in nominal terms in 1.1 - 30.9.2011.

SIZE OF BUSINESS

:

Small

 

 

FINANCE

 

MAIN DEALING BANKS

:

Turkiye Finans Katilim Bankasi Maltepe 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

(01.01-30.09.2011) TL

 

 

Net Sales

174.208

122.268

68.565

 

 

Profit (Loss) Before Tax

-10.296

-7.214

3.276

 

 

Stockholders' Equity

7.457

243

 

 

 

Total Assets

81.989

77.781

 

 

 

Current Assets

79.136

74.928

 

 

 

Non-Current Assets

2.853

2.853

 

 

 

Current Liabilities

74.532

77.538

 

 

 

Long-Term Liabilities

0

0

 

 

 

Gross Profit (loss)

4.747

8.051

7.480

 

 

Operating Profit (loss)

-10.296

-7.489

-5.682

 

 

Net Profit (loss)

-10.296

-7.214

3.276

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Not in order As of 31.12.2010

Liquidity

Good As of 31.12.2010

Remarks On Liquidity

A part of current liabilities consist of short-term loans from shareholders rather than liabilities to third parties.

 

The liquid assets consist mainly of receivables the amount of cash&banks or marketable securities (which are more liquid) are low.

 

Profitability

Operating Loss  in 2009

Net Loss  in 2009

Operating Loss  in 2010

Net Loss  in 2010

Operating Loss (01.01-30.09.2011)

Good Net Profitability (01.01-30.09.2011)

 

Gap between average collection and payable periods

In order in 2010

General Financial Position

Not in order

 

 

 

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

 ( 01.01-30.09.2011)

9,72 %

1,6335

2,3016

2,6294

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 

 

BALANCE SHEETS

 

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

79.136

0,97

74.928

0,96

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

30.695

0,37

4.743

0,06

Marketable Securities

0

0,00

0

0,00

Account Receivable

40.495

0,49

59.953

0,77

Other Receivable

1.189

0,01

1.725

0,02

Inventories

3.132

0,04

3.615

0,05

Advances Given

0

0,00

0

0,00

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

3.625

0,04

4.892

0,06

NON-CURRENT ASSETS

2.853

0,03

2.853

0,04

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)

2.853

0,03

2.853

0,04

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

81.989

1,00

77.781

1,00

CURRENT LIABILITIES

74.532

0,91

77.538

1,00

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

Accounts Payable

12.171

0,15

56.002

0,72

Loans from Shareholders

62.000

0,76

20.898

0,27

Other Short-term Payable

0

0,00

0

0,00

Advances from Customers

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

535

0,01

638

0,01

Provisions

-174

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

7.457

0,09

243

0,00

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

30.000

0,37

30.000

0,39

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

9.063

0,11

9.063

0,12

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

9.307

0,11

9.307

0,12

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

-30.617

-0,37

-40.913

-0,53

Net Profit (loss)

-10.296

-0,13

-7.214

-0,09

TOTAL LIABILITIES AND EQUITY

81.989

1,00

77.781

1,00

 

 

INCOME STATEMENTS

 

 

(2009) TL

 

(2010) TL

 

(01.01-30.09.2011) TL

 

Net Sales

174.208

1,00

122.268

1,00

68.565

1,00

Cost of Goods Sold

169.461

0,97

114.217

0,93

61.085

0,89

Gross Profit

4.747

0,03

8.051

0,07

7.480

0,11

Operating Expenses

15.043

0,09

15.540

0,13

13.162

0,19

Operating Profit

-10.296

-0,06

-7.489

-0,06

-5.682

-0,08

Other Income

0

0,00

1.548

0,01

9.270

0,14

Other Expenses

0

0,00

1.273

0,01

312

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

-10.296

-0,06

-7.214

-0,06

3.276

0,05

Tax Payable

0

0,00

0

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

-10.296

-0,06

-7.214

-0,06

3.276

0,05

 

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

LIQUIDITY RATIOS

 

 

Current Ratio

1,06

0,97

Acid-Test Ratio

0,97

0,86

Cash Ratio

0,41

0,06

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,04

0,05

Short-term Receivable/Total Assets

0,51

0,79

Tangible Assets/Total Assets

0,03

0,04

TURNOVER RATIOS

 

 

Inventory Turnover

54,11

31,60

Stockholders' Equity Turnover

23,36

503,16

Asset Turnover

2,12

1,57

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,09

0,00

Current Liabilities/Total Assets

0,91

1,00

Financial Leverage

0,91

1,00

Gearing Percentage

9,99

319,09

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

-1,38

-29,69

Operating Profit Margin

-0,06

-0,06

Net Profit Margin

-0,06

-0,06

Interest Cover

 

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

83,68

176,52

Average Payable Period (days)

25,86

176,51

WORKING CAPITAL

4604,00

-2610,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.64

UK Pound

1

Rs.77.79

Euro

1

Rs.65.04

 

 

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.