MIRA INFORM REPORT

 

 

Report Date :

05.10.2012

 

IDENTIFICATION DETAILS

 

Name :

ALPEREN GIDA TICARET VE SANAYI LTD. STI.

 

Registered Office :

 

Karacailyas Beldesi Emek Mahallesi Vatan Caddesi No:9 33260 Akdeniz Mersin

 

 

 

 

Country :

Turkey

 

 

 

 

Financials (as on) :

31.12.2009

 

 

 

 

Date of Incorporation :

05.02.1999

 

 

 

 

Com. Reg. No.:

20992

 

 

 

 

Legal Form :

Limited Company

 

 

 

 

Line of Business :

Processing, packaging and wholesale trade of pulse, spice. 

 

 

 

 

No. of Employees :

13

 

 

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 :

Unknown

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

(31.03.2011)

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

:

Address at your inquiry is the former address.

 

 

COMPANY IDENTIFICATION

 

 

NAME

:

ALPEREN GIDA TICARET VE SANAYI LTD. STI.

HEAD OFFICE ADDRESS

:

Karacailyas Beldesi Emek Mahallesi Vatan Caddesi No:9 33260 Akdeniz Mersin / Turkey

PHONE NUMBER

:

90-324-235 81 81

 

FAX NUMBER

:

90-324-235 81 80

 

WEB-ADDRESS

:

www.alperengida.com

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Uray

TAX NO

:

0570069523

REGISTRATION NUMBER

:

20992

REGISTERED OFFICE

:

Mersin Chamber of Commerce and Industry

DATE ESTABLISHED

:

05.02.1999

ESTABLISHMENT GAZETTE DATE /NO

:

12.02.1999/4730

 

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   2.200.000

PAID-IN CAPITAL

:

TL   2.200.000

HISTORY

:

Previous Registered Capital

:

TL 1.250.000

Changed On

:

09.09.2009 (Commercial Gazette Date /Number 17.09.2009/ 7400)

Previous Registered Capital

:

TL 2.100.000

Changed On

:

25.12.2009 (Commercial Gazette Date /Number 04.01.2010/ 7471)

Previous Address

:

Buyuksehir Hal Kompleksi T Blok No: 19/38 Mersin

Changed On

:

27.09.2010 (Commercial Gazette Date /Number 07.10.2010/ 7664)

Previous Shareholder

:

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

Changed On

:

12.01.2011 (Commercial Gazette Date /Number 20.01.2011/ 7734)

 

PREVIOUS SHAREHOLDERS

:

Muzaffer Durak

70 %

Abdullah Durak

15 %

Mustafa Sait Durak

10 %

Emine Durak

5 %

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Abdullah Durak

50 %

Mustafa Sait Durak

45 %

Emine Durak

5 %

 

 

SISTER COMPANIES

:

Declared to be: None

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Abdullah Durak

 

Mustafa Sait Durak

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Processing, packaging and wholesale trade of pulse, spice. 

 

NACE CODE

:

DA.15.61

 

TRADEMARKS OWNED

:

Alperen

 

NUMBER OF EMPLOYEES

:

13

 

NET SALES

:

16.000.000 TL

(2011) 

6.000.000 TL

(01.01-30.06.2012) 

 

 

IMPORT VALUE

:

6.782.987 USD

(2008)

4.932.398 USD

(2009)

 

 

IMPORT COUNTRIES

:

Syria

India

Canada

Sri Lanka

Egypt

Nigeria

Ethiopia

Vietnam

China

Argentina

Italy

Brazil

 

MERCHANDISE IMPORTED

:

Bean

Grain

Lentil

Pop-corn

Pulse

Sesame

Spices

 

EXPORT VALUE

:

442.988 TL

(2007)

2.781.309 TL

(2008)

2.644.213 TL

(2009)

 

 

 

EXPORT COUNTRIES

:

India

Oman

Italy

Singapore

Iran

Netherlands

France

Free Zone

 

MERCHANDISE  EXPORTED

:

Grain

Pulse

Spices

 

HEAD OFFICE ADDRESS

:

Karacailyas Beldesi Emek Mahallesi Vatan Caddesi No:9 33260 Akdeniz Mersin / Turkey

 

BRANCHES

:

Head Office/Processing Plant  :  Karacailyas Beldesi Emek Mahallesi Vatan Caddesi No:9 33260 Akdeniz Mersin/Turkey (owned)

 

TREND OF BUSINESS

:

There was a decline at business volume in nominal terms in  2009.

SIZE OF BUSINESS

:

Medium

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Turk Ekonomi Bankasi Merkez Branch

Turkiye Finans Katilim Bankasi Mersin Branch

Yapi Kredi Bankasi Liman Ticari Branch

 

CREDIT FACILITIES

:

The subject company is making active use of credit facilities.

 

PAYMENT BEHAVIOUR

:

We are informed about a single payment delay in the last years which was resolved later on.

 

 

KEY FINANCIAL ELEMENTS

:

 

(2007) TL

(2008) TL

(2009) TL

Net Sales

12.764.478

21.011.264

17.034.585

Profit (Loss) Before Tax

334.796

683.033

-53.198

Stockholders' Equity

1.455.147

2.070.806

2.207.933

Total Assets

5.675.611

5.025.542

5.700.840

Current Assets

5.303.852

4.629.019

5.385.333

Non-Current Assets

371.759

396.523

315.507

Current Liabilities

4.220.464

2.954.736

3.492.907

Long-Term Liabilities

0

0

0

Gross Profit (loss)

616.991

1.364.774

664.832

Operating Profit (loss)

313.211

1.096.178

444.023

Net Profit (loss)

267.837

552.969

-53.198

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

General Financial Position

General financial position is undetermined the firm declines to give us an authorization to gather its financial data. As the shares of the firm are not open to public, it is not obliged to announce its data.

 

 

 

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

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 01.01-30.06.2012)

1,95 %

1,8028

2,3463

2,8462

 ( 01.01-31.08.2012)

2,28 %

1,8038

2,3238

2,8465

 

 

BALANCE SHEETS

 

 

 ( 31.12.2007 )  TL

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

CURRENT ASSETS

5.303.852

0,93

4.629.019

0,92

5.385.333

0,94

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

Cash and Banks

358.227

0,06

47.831

0,01

10.607

0,00

Marketable Securities

0

0,00

0

0,00

0

0,00

Account Receivable

2.422.592

0,43

2.924.742

0,58

3.459.071

0,61

Other Receivable

290.000

0,05

0

0,00

0

0,00

Inventories

1.897.033

0,33

1.586.346

0,32

1.457.717

0,26

Advances Given

216.534

0,04

0

0,00

381.712

0,07

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

Other Current Assets

119.466

0,02

70.100

0,01

76.226

0,01

NON-CURRENT ASSETS

371.759

0,07

396.523

0,08

315.507

0,06

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

0

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

151.117

0,03

186.043

0,04

152.389

0,03

Intangible Assets

220.642

0,04

210.480

0,04

163.118

0,03

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

0

0,00

0

0,00

TOTAL ASSETS

5.675.611

1,00

5.025.542

1,00

5.700.840

1,00

CURRENT LIABILITIES

4.220.464

0,74

2.954.736

0,59

3.492.907

0,61

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

1.895.590

0,33

1.884.202

0,37

2.218.443

0,39

Accounts Payable

2.218.105

0,39

735.484

0,15

797.843

0,14

Loans from Shareholders

0

0,00

277.178

0,06

13.249

0,00

Other Short-term Payable

30.500

0,01

7.202

0,00

125.087

0,02

Advances from Customers

0

0,00

41.959

0,01

332.474

0,06

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

Taxes Payable

74.956

0,01

8.711

0,00

5.811

0,00

Provisions

1.313

0,00

0

0,00

0

0,00

Other Current Liabilities

0

0,00

0

0,00

0

0,00

LONG-TERM LIABILITIES

0

0,00

0

0,00

0

0,00

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

0

0,00

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

0

0,00

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

1.455.147

0,26

2.070.806

0,41

2.207.933

0,39

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

Paid-in Capital

1.187.310

0,21

1.250.000

0,25

2.200.000

0,39

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

0

0,00

267.837

0,05

61.131

0,01

Revaluation Fund

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

Net Profit (loss)

267.837

0,05

552.969

0,11

-53.198

-0,01

TOTAL LIABILITIES AND EQUITY

5.675.611

1,00

5.025.542

1,00

5.700.840

1,00

 

 

INCOME STATEMENTS

 

 

(2007) TL

 

(2008) TL

 

(2009) TL

 

Net Sales

12.764.478

1,00

21.011.264

1,00

17.034.585

1,00

Cost of Goods Sold

12.147.487

0,95

19.646.490

0,94

16.369.753

0,96

Gross Profit

616.991

0,05

1.364.774

0,06

664.832

0,04

Operating Expenses

303.780

0,02

268.596

0,01

220.809

0,01

Operating Profit

313.211

0,02

1.096.178

0,05

444.023

0,03

Other Income

137.639

0,01

613.134

0,03

205.507

0,01

Other Expenses

73.525

0,01

782.586

0,04

550.461

0,03

Financial Expenses

42.529

0,00

243.693

0,01

152.267

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

334.796

0,03

683.033

0,03

-53.198

0,00

Tax Payable

66.959

0,01

130.064

0,01

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

267.837

0,02

552.969

0,03

-53.198

0,00

 

 

FINANCIAL RATIOS

 

 

(2007)

(2008)

(2009)

LIQUIDITY RATIOS

 

Current Ratio

1,26

1,57

1,54

Acid-Test Ratio

0,73

1,01

0,99

Cash Ratio

0,08

0,02

0,00

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,33

0,32

0,26

Short-term Receivable/Total Assets

0,48

0,58

0,61

Tangible Assets/Total Assets

0,03

0,04

0,03

TURNOVER RATIOS

 

Inventory Turnover

6,40

12,38

11,23

Stockholders' Equity Turnover

8,77

10,15

7,72

Asset Turnover

2,25

4,18

2,99

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,26

0,41

0,39

Current Liabilities/Total Assets

0,74

0,59

0,61

Financial Leverage

0,74

0,59

0,61

Gearing Percentage

2,90

1,43

1,58

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,18

0,27

-0,02

Operating Profit Margin

0,02

0,05

0,03

Net Profit Margin

0,02

0,03

0,00

Interest Cover

8,87

3,80

0,65

COLLECTION-PAYMENT

 

Average Collection Period (days)

68,33

50,11

73,10

Average Payable Period (days)

65,74

13,48

17,55

WORKING CAPITAL

1083388,00

1674283,00

1892426,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.97

UK Pound

1

Rs.83.67

Euro

1

Rs.67.19

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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.