MIRA INFORM REPORT

 

 

Report Date :           

29.03.2012

 

IDENTIFICATION DETAILS

 

Name :

ERASLAN IMPORT & EXPORT LTD. CO

 

 

Formerly Known As :

Eraslan Ithalat Ihracat Gida Temizlik Tekstil Otomotiv Elektronik Zuccaciye Kirtasiye Insaat Nakliye Sanayi Ticaret Ltd. Sti.

 

 

Registered Office :

Haraparasi Mah. Tabakhane Sok. Sidika Civelek Is Hani B Blok Kat : 1 No : 11 Antakya Hatay

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

01.01.1994

 

 

Com. Reg. No.:

6027

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Wholesale trade of spices.

 

 

No. of Employees :

04

 

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 :

260.000 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 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

 

 

REMARKS

:

The name stated at your inquiry "Eraslan Import & Export Ltd. Co" is short English name of "ERASLAN ITHALAT IHRACAT GIDA TEMIZLIK TEKSTIL OTOMOTIV ELEKTRONIK ZUCCACIYE KIRTASIYE INSAAT INSAAT MALZEMELERI MUTEAHHITLIK TAAHHUT NAKLIYE SANAYI TICARET LTD. STI."

 

NOTES

:

Full name of the firm was missing at your inquiry.

 

 

COMPANY IDENTIFICATION

 

NAME

:

ERASLAN ITHALAT IHRACAT GIDA TEMIZLIK TEKSTIL OTOMOTIV ELEKTRONIK ZUCCACIYE KIRTASIYE INSAAT INSAAT MALZEMELERI MUTEAHHITLIK TAAHHUT NAKLIYE SANAYI TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Haraparasi Mah. Tabakhane Sok. Sidika Civelek Is Hani B Blok Kat : 1 No : 11 Antakya Hatay / Turkey

PHONE NUMBER

:

90-326-225 13 25

 

FAX NUMBER

:

90-326-225 13 26

 

WEB-ADDRESS

:

www.eraslanbaharat.com

E-MAIL

:

info@eraslanbaharat.com

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Sukru Kanatli

TAX NO

:

2060075733

REGISTRATION NUMBER

:

6027

REGISTERED OFFICE

:

Antakya Chamber of Commerce and Industry

DATE ESTABLISHED

:

01.01.1994

ESTABLISHMENT GAZETTE DATE/NO

:

10.02.1995/3723

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   2.000.000

PAID-IN CAPITAL

:

TL   1.963.060

HISTORY

:

Previous Name

:

Cesurlar Ithalat Ihracat Ltd. Sti.

Changed On

:

22.11.2006 (Commercial Gazette Date /Number 05.12.2006/ 6697)

Previous Name

:

Eraslan Ithalat Ihracat Ltd. Sti.

Changed On

:

05.07.2010 (Commercial Gazette Date /Number 12.07.2010/ 7604)

Previous Name

:

Eraslan Ithalat Ihracat Gida Temizlik Tekstil Otomotiv Elektronik Zuccaciye Kirtasiye Insaat Nakliye Sanayi Ticaret Ltd. Sti.

Changed On

:

16.02.2012 (Commercial Gazette Date /Number 24.02.2012/ 8013)

Previous Registered Capital

:

TL 500.000

Changed On

:

05.07.2010 (Commercial Gazette Date /Number 12.07.2010/ 7604)

Previous Address

:

Sehit Osman Durmaz Cad. Feza Civelek Is Hani B Blok No:17 Antakya-Hatay

Changed On

:

09.04.2009 (Commercial Gazette Date /Number 16.04.2009/ 7293)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Umut Eraslan

50 %

Mehmet Eraslan

50 %

 

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Umut Eraslan                                                                                                                                                                                                                                                                                   

 

Mehmet Eraslan                                                                                                                                                                                                                                                                                   

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Wholesale trade of spices. 

 

NACE CODE

:

G .51.37

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

4

 

NET SALES

:

2.503.549 TL

(2007) 

5.149.958 TL

(2008) 

8.685.780 TL

(2009) 

16.116.945 TL

(2010) 

26.788.524 TL

(2011) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT VALUE

:

990.656 TL

(2008)

4.274.785 TL

(2009)

4.722.123 TL

(01.01-30.09.2010)

 

 

IMPORT COUNTRIES

:

Brazil

Vietnam

Singapore

India

Syria

 

MERCHANDISE IMPORTED

:

Spices

 

EXPORT VALUE

:

0 TL

(2007)

171.593 TL

(2008)

822.560 TL

(2009)

316.358 TL

(2010)

1.717.606 TL

(2011)

 

 

EXPORT COUNTRIES

:

Jordan

Syria

 

MERCHANDISE  EXPORTED

:

Chickpeas

Spices

Wood tar

 

 

HEAD OFFICE ADDRESS

:

Haraparasi Mah. Tabakhane Sok. Sidika Civelek Is Hani B Blok Kat : 1 No : 11 Antakya  Hatay / Turkey

 

BRANCHES

:

Warehouse  :  Cay Mah. Nakliyeciler Sit. Arkasi Goldtat Depolari Mersin/Turkey

                                                                                

INVESTMENTS

:

None

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2011.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Anadolubank Antakya Branch

Tekstil Bankasi Antakya Branch

Turk Ekonomi Bankasi Antakya Branch

Turkiye Garanti Bankasi Antakya Branch

Turkiye Is Bankasi Antakya 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

(2011) TL

Net Sales

2.503.549

5.149.958

8.685.780

16.116.945

26.788.524

Profit (Loss) Before Tax

16.629

46.556

61.968

108.003

156.612

Stockholders' Equity

80.263

117.508

166.234

2.165.153

 

Total Assets

964.209

1.879.204

2.740.684

11.764.655

 

Current Assets

904.342

1.736.681

2.593.789

11.632.101

 

Non-Current Assets

59.867

142.523

146.895

132.554

 

Current Liabilities

883.946

1.761.696

2.574.450

9.599.502

 

Long-Term Liabilities

0

0

0

0

 

Gross Profit (loss)

89.126

158.104

435.217

876.623

1.642.064

Operating Profit (loss)

17.856

78.025

322.324

656.338

1.236.662

Net Profit (loss)

13.303

37.245

48.725

85.859

156.612

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Low As of 31.12.2010

Liquidity

Good As of 31.12.2010

Remarks On Liquidity

The favorable gap between average collection and average payable period has a positive effect on liquidity.

Profitability

Low Operating Profitability  in 2007

Low Net Profitability  in 2007

Fair Operating Profitability  in 2008

Low Net Profitability  in 2008

In Order Operating Profitability  in 2009

Low Net Profitability  in 2009

In Order Operating Profitability  in 2010

Low Net Profitability  in 2010

In Order Operating Profitability  in 2011

Low Net Profitability  in 2011

 

Gap between average collection and payable periods

Favorable in 2010

General Financial Position

Passable

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 260.000 USD may be granted to the subject company.

 

 

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

 ( 01.01-30.09.2010)

6,52 %

1,5178

2,0112

2,3426

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 ( 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

904.342

0,94

1.736.681

0,92

2.593.789

0,95

11.632.101

0,99

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

424.979

0,44

1.490.203

0,79

2.240.796

0,82

7.132.682

0,61

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

796

0,00

104.277

0,06

310.621

0,11

1.345.535

0,11

Other Receivable

0

0,00

0

0,00

0

0,00

0

0,00

Inventories

0

0,00

127.889

0,07

36.727

0,01

2.976.964

0,25

Advances Given

441.935

0,46

0

0,00

0

0,00

152.208

0,01

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

36.632

0,04

14.312

0,01

5.645

0,00

24.712

0,00

NON-CURRENT ASSETS

59.867

0,06

142.523

0,08

146.895

0,05

132.554

0,01

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)

59.867

0,06

141.753

0,08

146.895

0,05

132.383

0,01

Intangible Assets

0

0,00

0

0,00

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

0

0,00

770

0,00

0

0,00

171

0,00

TOTAL ASSETS

964.209

1,00

1.879.204

1,00

2.740.684

1,00

11.764.655

1,00

CURRENT LIABILITIES

883.946

0,92

1.761.696

0,94

2.574.450

0,94

9.599.502

0,82

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

302.573

0,31

922.727

0,49

2.419.663

0,88

6.736.162

0,57

Accounts Payable

570.597

0,59

828.167

0,44

138.041

0,05

2.841.080

0,24

Loans from Shareholders

3.865

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

0

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

3.585

0,00

1.491

0,00

16.743

0,01

22.196

0,00

Provisions

3.326

0,00

9.311

0,00

3

0,00

64

0,00

Other Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

LONG-TERM LIABILITIES

0

0,00

0

0,00

0

0,00

0

0,00

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

0

0,00

0

0,00

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

80.263

0,08

117.508

0,06

166.234

0,06

2.165.153

0,18

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

50.000

0,05

50.000

0,03

50.000

0,02

1.963.060

0,17

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

6.909

0,01

6.909

0,00

6.909

0,00

6.909

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

11.441

0,01

24.744

0,01

60.600

0,02

109.325

0,01

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

-1.390

0,00

-1.390

0,00

0

0,00

0

0,00

Net Profit (loss)

13.303

0,01

37.245

0,02

48.725

0,02

85.859

0,01

TOTAL LIABILITIES AND EQUITY

964.209

1,00

1.879.204

1,00

2.740.684

1,00

11.764.655

1,00

 

 

INCOME STATEMENTS

 

 

(2007) TL

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

Net Sales

2.503.549

1,00

5.149.958

1,00

8.685.780

1,00

16.116.945

1,00

26.788.524

1,00

Cost of Goods Sold

2.414.423

0,96

4.991.854

0,97

8.250.563

0,95

15.240.322

0,95

25.146.460

0,94

Gross Profit

89.126

0,04

158.104

0,03

435.217

0,05

876.623

0,05

1.642.064

0,06

Operating Expenses

71.270

0,03

80.079

0,02

112.893

0,01

220.285

0,01

405.402

0,02

Operating Profit

17.856

0,01

78.025

0,02

322.324

0,04

656.338

0,04

1.236.662

0,05

Other Income

976

0,00

23.182

0,00

4.199

0,00

6.113

0,00

1.112

0,00

Other Expenses

292

0,00

19.665

0,00

1.366

0,00

0

0,00

745

0,00

Financial Expenses

1.911

0,00

34.986

0,01

263.189

0,03

554.448

0,03

1.080.417

0,04

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

16.629

0,01

46.556

0,01

61.968

0,01

108.003

0,01

156.612

0,01

Tax Payable

3.326

0,00

9.311

0,00

13.243

0,00

22.144

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)

13.303

0,01

37.245

0,01

48.725

0,01

85.859

0,01

156.612

0,01

 

 

FINANCIAL RATIOS

 

 

(2007)

(2008)

(2009)

(2010)

LIQUIDITY RATIOS

 

 

Current Ratio

1,02

0,99

1,01

1,21

Acid-Test Ratio

0,48

0,91

0,99

0,88

Cash Ratio

0,48

0,85

0,87

0,74

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,00

0,07

0,01

0,25

Short-term Receivable/Total Assets

0,00

0,06

0,11

0,11

Tangible Assets/Total Assets

0,06

0,08

0,05

0,01

TURNOVER RATIOS

 

 

Inventory Turnover

 

39,03

224,65

5,12

Stockholders' Equity Turnover

31,19

43,83

52,25

7,44

Asset Turnover

2,60

2,74

3,17

1,37

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,08

0,06

0,06

0,18

Current Liabilities/Total Assets

0,92

0,94

0,94

0,82

Financial Leverage

0,92

0,94

0,94

0,82

Gearing Percentage

11,01

14,99

15,49

4,43

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,17

0,32

0,29

0,04

Operating Profit Margin

0,01

0,02

0,04

0,04

Net Profit Margin

0,01

0,01

0,01

0,01

Interest Cover

9,70

2,33

1,24

1,19

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

0,11

7,29

12,87

30,05

Average Payable Period (days)

85,08

59,73

6,02

67,11

WORKING CAPITAL

20396,00

-25015,00

19339,00

2032599,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.50.91

UK Pound

1

Rs.81.21

Euro

1

Rs.67.85

 

 

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.