MIRA INFORM REPORT

 

 

Report Date :

24.11.2012

 

IDENTIFICATION DETAILS

 

Correct Name :

CAGLAYAN TARIM URUNLERI ITHALAT IHRACAT TICARET LTD. STI. 

 

 

Registered Office :

Ikitelli Organize Sanayi Bolgesi Cevre Sanayi Sitesi 5 Blok No:2-4 Basaksehir Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

30.09.2012

 

 

Date of Incorporation :

09.09.2008

 

 

Com. Reg. No.:

677412

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Wholesale trade of agricultural products

 

 

No. of Employees :

09 employees

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

 

Status :

Satisfactory 

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 – 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

 

 

REMARKS

:

The full name of the company was missing at your inquiry. The registered full name of the firm having the address stated at your inquiry is "CAGLAYAN TARIM URUNLERI ITHALAT IHRACAT TICARET LTD. STI.". The name stated at your inquiry "WATERFALL OF AGRICULTURAL PRODUCTS IMPORT EXPORT LTD." is the name of the company in English.

 

 

COMPANY IDENTIFICATION

 

 

NAME

:

CAGLAYAN TARIM URUNLERI ITHALAT IHRACAT TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Ikitelli Organize Sanayi Bolgesi Cevre Sanayi Sitesi 5 Blok No:2-4 Basaksehir Istanbul / Turkey

PHONE NUMBER

:

90-212-486 15 16

90-212-486 15 17

90-212-486 15 18

 

FAX NUMBER

:

90-212-486 15 19

 

WEB-ADDRESS

:

www.caglayantarim.com.tr

E-MAIL

:

info@caglayantarim.com.tr  

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Ikitelli

TAX NO

:

2190130444

REGISTRATION NUMBER

:

677412

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

09.09.2008

ESTABLISHMENT GAZETTE DATE /NO

:

15.09.2008/7149

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   1.000.000

HISTORY

:

Previous Registered Capital

:

TL 250.000

Changed On

:

17.05.2012 (Commercial Gazette Date /Number 23.05.2012/ 8074)

Previous Address

:

Istoc Ticaret Merkezi 44. Ada No:41-43 Bagcilar Istanbul

Changed On

:

07.05.2010 (Commercial Gazette Date /Number 13.05.2010/ 7563)

Previous Shareholder

:

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

Changed On

:

25.01.2012 (Commercial Gazette Date /Number 31.01.2012/ 7995)

 

 

 

PREVIOUS SHAREHOLDERS

:

Alaeddin Vardar

75 %

Ozkan Vardar

25 %

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Alaeddin Vardar

75 %

Erhan Kafadar

25 %

 

 

SISTER COMPANIES

:

Declared to be: None

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Alaeddin Vardar

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Wholesale trade of agricultural products.

 

NACE CODE

:

G .51.21

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

9

 

NET SALES

:

4.499.344 TL

(2010) 

7.502.957 TL

(2011) 

7.212.262 TL

(01.01-30.09.2012) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT COUNTRIES

:

Netherlands

Spain

 

MERCHANDISE IMPORTED

:

Fertilizer

Seeds

 

EXPORT VALUE

:

0 TL

(2009)

0 TL

(2010)

0 TL

(2011)

0 TL

(01.01-31.10.2012)

 

 

HEAD OFFICE ADDRESS

:

Ikitelli Organize Sanayi Bolgesi Cevre Sanayi Sitesi 5 Blok No:2-4 Basaksehir Istanbul / Turkey (rented)

 

BRANCHES

:

Head Office/Warehouse  :  Ikitelli Organize Sanayi Bolgesi Cevre Sanayi Sitesi 5 Blok No:2-4 Basaksehir Istanbul/Turkey (rented)

 

INVESTMENTS

:

None

 

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2011. There appears an upwards trend in  1.1 - 30.9.2012.

SIZE OF BUSINESS

:

Upper-Moderate

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Anadolubank Bakirkoy Branch

Garanti Bankasi Tumsan Branch

Turk Ekonomi Bankasi Yenibosna Branch

Yapi ve Kredi Bankasi Tumsan 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

:

 

(2010) TL

(2011) TL

(01.01-30.09.2012) TL

 

 

Net Sales

4.499.344

7.502.957

7.212.262

 

 

Profit (Loss) Before Tax

75.386

736.955

1.046.101

 

 

Stockholders' Equity

207.482

887.611

 

 

 

Total Assets

2.153.133

3.119.842

 

 

 

Current Assets

2.056.387

2.945.109

 

 

 

Non-Current Assets

96.746

174.733

 

 

 

Current Liabilities

1.945.651

2.232.231

 

 

 

Long-Term Liabilities

0

0

 

 

 

Gross Profit (loss)

386.886

1.398.142

1.814.132

 

 

Operating Profit (loss)

97.435

833.776

1.160.001

 

 

Net Profit (loss)

60.309

592.629

1.046.101

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

THE DETAILS OF THE CAPITAL INCREASE  AFTER LAST BALANCE SHEET

 

:

Cash Part

:145.035,56 TL

Equity Part

:604.964,44 TL

Payment Due Date

:17.05.2015

Number of Days To Pay First Portion of The Cash Part of Capital Increase

:90

 

Capitalization

Fair

 

Remarks on Capitalization

There has been capital increase after the last balance sheet date. The capital increase financed by cash is expected to have an improvement at equity total since the last balance sheet date.

 

Liquidity

Insufficient

 

Remarks On Liquidity

The capital increase after the last balance sheet is expected to have a positive effect on liquidity since the last balance sheet date. 

 

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 2010

Low Net Profitability  in 2010

High Operating Profitability  in 2011

High Net Profitability  in 2011

High Operating Profitability (01.01-30.09.2012)

High Net Profitability (01.01-30.09.2012)

 

Gap between average collection and payable periods

Unfavorable in 2011

General Financial Position

Passable

 

 

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

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 01.01-30.09.2012)

3,34 %

1,8029

2,3233

2,8527

 ( 01.01-31.10.2012)

5,36 %

1,8020

2,3241

2,8562

 

 

BALANCE SHEETS

 

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

2.056.387

0,96

2.945.109

0,94

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

5.375

0,00

50.806

0,02

Marketable Securities

0

0,00

0

0,00

Account Receivable

1.839.769

0,85

2.062.569

0,66

Other Receivable

0

0,00

0

0,00

Inventories

197.312

0,09

8.086

0,00

Advances Given

0

0,00

823.648

0,26

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

13.931

0,01

0

0,00

NON-CURRENT ASSETS

96.746

0,04

174.733

0,06

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)

95.680

0,04

173.667

0,06

Intangible Assets

1.066

0,00

1.066

0,00

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

0

0,00

TOTAL ASSETS

2.153.133

1,00

3.119.842

1,00

CURRENT LIABILITIES

1.945.651

0,90

2.232.231

0,72

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

588.618

0,27

1.118.314

0,36

Accounts Payable

1.276.852

0,59

962.945

0,31

Loans from Shareholders

65.103

0,03

0

0,00

Other Short-term Payable

0

0,00

49.904

0,02

Advances from Customers

0

0,00

41.160

0,01

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

0

0,00

37.672

0,01

Provisions

15.078

0,01

22.236

0,01

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

207.482

0,10

887.611

0,28

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

162.500

0,08

250.000

0,08

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

0

0,00

60.309

0,02

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

-15.327

-0,01

-15.327

0,00

Net Profit (loss)

60.309

0,03

592.629

0,19

TOTAL LIABILITIES AND EQUITY

2.153.133

1,00

3.119.842

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

 

 

(2010) TL

 

(2011) TL

 

(01.01-30.09.2012) TL

 

Net Sales

4.499.344

1,00

7.502.957

1,00

7.212.262

1,00

Cost of Goods Sold

4.112.458

0,91

6.104.815

0,81

5.398.130

0,75

Gross Profit

386.886

0,09

1.398.142

0,19

1.814.132

0,25

Operating Expenses

289.451

0,06

564.366

0,08

654.131

0,09

Operating Profit

97.435

0,02

833.776

0,11

1.160.001

0,16

Other Income

0

0,00

11.315

0,00

33.755

0,00

Other Expenses

0

0,00

0

0,00

57.861

0,01

Financial Expenses

22.049

0,00

108.136

0,01

89.794

0,01

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

75.386

0,02

736.955

0,10

1.046.101

0,15

Tax Payable

15.077

0,00

144.326

0,02

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

60.309

0,01

592.629

0,08

1.046.101

0,15

 

FINANCIAL RATIOS

 

 

(2010)

(2011)

LIQUIDITY RATIOS

 

 

Current Ratio

1,06

1,32

Acid-Test Ratio

0,95

0,95

Cash Ratio

0,00

0,02

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,09

0,00

Short-term Receivable/Total Assets

0,85

0,66

Tangible Assets/Total Assets

0,04

0,06

TURNOVER RATIOS

 

 

Inventory Turnover

20,84

754,99

Stockholders' Equity Turnover

21,69

8,45

Asset Turnover

2,09

2,40

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,10

0,28

Current Liabilities/Total Assets

0,90

0,72

Financial Leverage

0,90

0,72

Gearing Percentage

9,38

2,51

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,29

0,67

Operating Profit Margin

0,02

0,11

Net Profit Margin

0,01

0,08

Interest Cover

4,42

7,82

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

147,20

98,96

Average Payable Period (days)

111,77

56,78

WORKING CAPITAL

110736,00

712878,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.34

UK Pound

1

Rs.88.30

Euro

1

Rs.71.37

 

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.