MIRA INFORM REPORT

 

 

Report Date :

01.11.2012

 

IDENTIFICATION DETAILS

 

Name :

VERDE YAG BESIN MADDELERI SANAYI VE TICARET A.S. 

 

 

Formerly Known As :

Kartal Besin Maddeleri Pazarlama ve Ticaret A.S.

 

 

Registered Office :

Talatpasa Bulvari No:36 Aydinli Apt. D:12 Alsancak Izmir

 

 

Country :

Turkey

 

 

Financials (as on) :

30.06.2012

 

 

Date of Incorporation :

07.09.1967

 

 

Com. Reg. No.:

118297-Mrkz-9808

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of olive oil.

 

 

No. of Employees :

110 employees

 

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

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

 

 

 

NOTES

:

Full name of the firm was missing at your inquiry.

 

Address at your inquiry is not the registered head office but another premise.

 

 

 

COMPANY IDENTIFICATION

 

 

NAME

:

VERDE YAG BESIN MADDELERI SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

`

Talatpasa Bulvari No:36 Aydinli Apt. D:12 Alsancak Izmir / Turkey

PHONE NUMBER

:

90-232-866 28 10

 

FAX NUMBER

:

90-232-866 28 09

 

WEB-ADDRESS

:

www.olioverde.com.tr

E-MAIL

:

info@olioverde.com.tr

 

 

LEGAL STATUS AND HISTORY

 

 

NOTES ON LEGAL STATUS AND HISTORY

:

Change at registration no.

 

 

TAX OFFICE

:

Hasan Tahsin

TAX NO

:

5260043269

REGISTRATION NUMBER

:

118297-Mrkz-9808

REGISTERED OFFICE

:

Izmir Chamber of Commerce

DATE ESTABLISHED

:

07.09.1967

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   14.500.000

HISTORY

:

Previous Legal Type

:

Co-Partnership

Changed On

:

17.03.1982 (Commercial Gazette Date /Number 23.03.1982/ 467)

Previous Name

:

Kartal Ticarethanesi Pazarlama Kollektif Sirketi Ismail Hakki Osman Onder ve Ali Gencer Ulukartallar

Changed On

:

17.03.1982 (Commercial Gazette Date /Number 23.03.1982/ 467)

Previous Name

:

Kartal Besin Maddeleri Pazarlama ve Ticaret A.S.

Changed On

:

04.09.1998 (Commercial Gazette Date /Number 15.09.1998/ 4627)

Previous Registered Capital

:

TL 10.000.0000

Changed On

:

09.12.2011 (Commercial Gazette Date /Number 15.12.2011/ 7962)

Previous Address

:

Mimar Sinan Mah. 1399 Sok. No:15 D:2 Alsancak Izmir

Changed On

:

12.04.2010 (Commercial Gazette Date /Number 16.04.2010/ 7545)

Previous Address

:

Plevne Bulvari No:14 Dr. Rifat Bey Apt. Kat:4 D:7 Alsancak Izmir

Changed On

:

10.02.2011 (Commercial Gazette Date /Number 16.02.2011/ 7753)

Other Changes

:

The subject which was registered at Torbali Commercial Registrt with registration number: 1580 moved to Izmir and registered at Izmir Commercial Registry with registration number:118297-Mrkz-9808.

Changed On

:

03.03.2005 (Commercial Gazette Date /Number 15.03.2005/ 6260)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Ali Gencer Ulukartal

84,87 %

Ismail Tevfik Ulukartal

15 %

Zaliha Yasemin Rodoplu

0,06 %

Zehra Oya Ulukartal

0,06 %

Osman Sengonul

0,01 %

 

 

SISTER COMPANIES

:

ULUKARTAL AYVALIK ENTEGRE YAG SANAYI VE TICARET A.S.

 

SUBSIDIARIES

:

VERDE (RUSSIA)  ( 100 % )

VERDE (UKRAINE)  ( 100 % )

 

BOARD OF DIRECTORS

:

Ali Gencer Ulukartal

Chairman

Ismail Tevfik Ulukartal

Member

Zehra Oya Ulukartal

Member

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of olive oil.

 

NACE CODE

:

DA.15.42

 

SECTOR

:

Food

 

NUMBER OF EMPLOYEES

:

110

 

NET SALES

:

126.949.076 TL

(01.10.2009-30.09.2010) 

104.567.396 TL

(01.10.2010-30.09.2011) 

77.438.651 TL

(01.10.2011-30.06.2012) 

 

 

REMARKS ON NET SALES

:

The financial period of the firm is from 1st of October to 30th of September.

 

IMPORT COUNTRIES

:

Italy

 

MERCHANDISE IMPORTED

:

Machinery

 

EXPORT VALUE

:

37.119.620 TL

(01.10.2009-30.09.2010)

11.609.092 TL

(01.10.2010-30.09.2011)

12.862.409 TL

(01.10.2011-30.06.2012)

 

 

EXPORT COUNTRIES

:

China

Russia

Ukraine

Japan

Korea

India

Iraq

 

MERCHANDISE  EXPORTED

:

Olive oil

 

HEAD OFFICE ADDRESS

:

Talatpasa Bulvari No:36 Aydinli Apt. D:12 Alsancak Izmir / Turkey

 

BRANCHES

:

Regional Directorate  :   Istanbul/Turkey

 

Factory  :  Karakuyu Mah. Torbali Izmir/Turkey

 

INVESTMENTS

:

Machinery investments are going on.

 

 

 

 

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

T. Halk Bankasi Izmir Ticari Branch

 

CREDIT FACILITIES

:

The subject company is making active use of credit facilities.

 

PAYMENT BEHAVIOUR

:

We are informed about numerous payment delays in this year some of which were resolved later on.

 

KEY FINANCIAL ELEMENTS

:

 

(01.10.2009-30.09.2010) TL

(01.10.2010-30.09.2011) TL

(01.10.2011-30.06.2012) TL

 

 

Net Sales

126.949.076

104.567.396

77.438.651

 

 

Profit (Loss) Before Tax

150.668

-7.995.306

-2.226.325

 

 

Stockholders' Equity

11.404.202

3.335.805

2.469.480

 

 

Total Assets

67.039.883

94.272.072

69.829.652

 

 

Current Assets

55.384.863

77.804.695

54.000.745

 

 

Non-Current Assets

11.655.020

16.467.377

15.828.907

 

 

Current Liabilities

46.547.496

76.053.880

55.282.471

 

 

Long-Term Liabilities

9.088.185

14.882.387

12.077.701

 

 

Gross Profit (loss)

4.469.522

3.463.189

3.153.724

 

 

Operating Profit (loss)

-2.044.800

-2.597.354

-578.011

 

 

Net Profit (loss)

150.668

-7.995.306

-2.226.325

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Not in order As of 30.06.2012

Liquidity

Insufficient As of 30.06.2012

Remarks On Liquidity

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

Profitability

Operating Loss (01.10.2009-30.09.2010)

Low Net Profitability (01.10.2009-30.09.2010)

Operating Loss (01.10.2010-30.09.2011)

Net Loss (01.10.2010-30.09.2011)

Operating Loss (01.10.2011-30.06.2012)

Net Loss (01.10.2011-30.06.2012)

 

Gap between average collection and payable periods

Favorable in 01.10.2011-30.06.2012

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

 ( 01.01-30.09.2010)

6,52 %

1,5178

2,0112

2,3426

 ( 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

 ( 01.01-30.06.2012)

1,95 %

1,8028

2,3463

2,8462

 ( 01.01-30.09.2012)

3,34 %

1,8029

2,3233

2,8527

 

 

BALANCE SHEETS

 

 

 ( 30.09.2010 )  TL

 

 ( 30.09.2011 )  TL

 

 ( 30.06.2012 )  TL

 

CURRENT ASSETS

55.384.863

0,83

77.804.695

0,83

54.000.745

0,77

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

Cash and Banks

18.516.461

0,28

31.117.340

0,33

788.251

0,01

Marketable Securities

0

0,00

0

0,00

0

0,00

Account Receivable

9.651.809

0,14

10.903.419

0,12

21.994.820

0,31

Other Receivable

1.966.647

0,03

1.906.936

0,02

1.273.266

0,02

Inventories

12.140.769

0,18

18.158.644

0,19

13.807.406

0,20

Advances Given

8.746.708

0,13

13.079.302

0,14

10.285.028

0,15

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

Other Current Assets

4.362.469

0,07

2.639.054

0,03

5.851.974

0,08

NON-CURRENT ASSETS

11.655.020

0,17

16.467.377

0,17

15.828.907

0,23

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

Long-term Receivable

15.642

0,00

6.535

0,00

13.704

0,00

Financial Assets

137.052

0,00

172.922

0,00

166.314

0,00

Tangible Fixed Assets (net)

11.175.132

0,17

12.630.835

0,13

12.752.074

0,18

Intangible Assets

181.255

0,00

3.121.613

0,03

2.853.092

0,04

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

145.939

0,00

535.472

0,01

43.723

0,00

TOTAL ASSETS

67.039.883

1,00

94.272.072

1,00

69.829.652

1,00

CURRENT LIABILITIES

46.547.496

0,69

76.053.880

0,81

55.282.471

0,79

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

24.023.143

0,36

32.824.651

0,35

17.431.207

0,25

Accounts Payable

21.425.455

0,32

38.844.267

0,41

26.522.747

0,38

Loans from Shareholders

0

0,00

0

0,00

0

0,00

Other Short-term Payable

88.162

0,00

74.013

0,00

271.616

0,00

Advances from Customers

515.953

0,01

3.472.660

0,04

9.900.846

0,14

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

Taxes Payable

139.042

0,00

289.506

0,00

717.159

0,01

Provisions

0

0,00

0

0,00

0

0,00

Other Current Liabilities

355.741

0,01

548.783

0,01

438.896

0,01

LONG-TERM LIABILITIES

9.088.185

0,14

14.882.387

0,16

12.077.701

0,17

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

8.969.330

0,13

14.882.387

0,16

11.827.230

0,17

Securities Issued

0

0,00

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

0

0,00

Loans from Shareholders

0

0,00

0

0,00

0

0,00

Other Long-term Liabilities

118.855

0,00

0

0,00

250.471

0,00

Provisions

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

11.404.202

0,17

3.335.805

0,04

2.469.480

0,04

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

Paid-in Capital

10.000.000

0,15

10.000.000

0,11

11.360.000

0,16

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

Reserves

2.602.852

0,04

2.680.429

0,03

2.680.429

0,04

Revaluation Fund

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

-1.349.318

-0,02

-1.349.318

-0,01

-9.344.624

-0,13

Net Profit (loss)

150.668

0,00

-7.995.306

-0,08

-2.226.325

-0,03

TOTAL LIABILITIES AND EQUITY

67.039.883

1,00

94.272.072

1,00

69.829.652

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 2.584.466 of the other expenses is due to "Other Extraordinary Expenses and Losses".

 

 

 

INCOME STATEMENTS

 

 

(01.10.2009-30.09.2010) TL

 

(01.10.2010-30.09.2011) TL

 

(01.10.2011-30.06.2012) TL

 

Net Sales

126.949.076

1,00

104.567.396

1,00

77.438.651

1,00

Cost of Goods Sold

122.479.554

0,96

101.104.207

0,97

74.284.927

0,96

Gross Profit

4.469.522

0,04

3.463.189

0,03

3.153.724

0,04

Operating Expenses

6.514.322

0,05

6.060.543

0,06

3.731.735

0,05

Operating Profit

-2.044.800

-0,02

-2.597.354

-0,02

-578.011

-0,01

Other Income

2.635.532

0,02

2.584.364

0,02

1.108.910

0,01

Other Expenses

440.064

0,00

7.982.316

0,08

2.757.224

0,04

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

150.668

0,00

-7.995.306

-0,08

-2.226.325

-0,03

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)

150.668

0,00

-7.995.306

-0,08

-2.226.325

-0,03

 

 

FINANCIAL RATIOS

 

 

(01.10.2009-30.09.2010)

(01.10.2010-30.09.2011)

(01.10.2011-30.06.2012)

LIQUIDITY RATIOS

 

 

 

Current Ratio

1,19

1,02

0,98

Acid-Test Ratio

0,65

0,58

0,44

Cash Ratio

0,40

0,41

0,01

ASSET STRUCTURE RATIOS

 

 

 

Inventory/Total Assets

0,18

0,19

0,20

Short-term Receivable/Total Assets

0,17

0,14

0,33

Tangible Assets/Total Assets

0,17

0,13

0,18

TURNOVER RATIOS

 

 

 

Inventory Turnover

10,09

5,57

5,38

Stockholders' Equity Turnover

11,13

31,35

31,36

Asset Turnover

1,89

1,11

1,11

FINANCIAL STRUCTURE

 

 

 

Stockholders' Equity/Total Assets

0,17

0,04

0,04

Current Liabilities/Total Assets

0,69

0,81

0,79

Financial Leverage

0,83

0,96

0,96

Gearing Percentage

4,88

27,26

27,28

PROFITABILITY RATIOS

 

 

 

Net Profit/Stockholders' Eq.

0,01

-2,40

-0,90

Operating Profit Margin

-0,02

-0,02

-0,01

Net Profit Margin

0,00

-0,08

-0,03

Interest Cover

 

 

 

COLLECTION-PAYMENT

 

 

 

Average Collection Period (days)

27,41

37,56

102,31

Average Payable Period (days)

62,98

138,31

128,53

WORKING CAPITAL

8837367,00

1750815,00

-1281726,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.12

UK Pound

1

Rs.87.08

Euro

1

Rs.70.15

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.