|
Report Date : |
25.09.2012 |
|
|
|
|
Tel. No.: |
0090 3246510045/3246510012 |
IDENTIFICATION DETAILS
|
Name : |
YENICE SERACILIK TARIMSAL URETIM VE PAZARLAMA YAKUP GONCUOGLU |
|
|
|
|
Registered Office : |
Atalar Mah. Cicekli Cad. 1. Km Yenice |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
01.11.2000 |
|
|
|
|
Com. Reg. No.: |
5378 |
|
|
|
|
Legal Form : |
Sole-Proprietorship |
|
|
|
|
Line of Business : |
Growing and trade of foliage plant. |
|
|
|
|
No. of Employees : |
35 |
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 but correct |
|
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 |
|
NAME |
: |
YENICE SERACILIK TARIMSAL URETIM VE PAZARLAMA YAKUP GONCUOGLU |
|
HEAD OFFICE ADDRESS |
: |
Atalar Mah. Cicekli Cad. 1. Km Yenice Tarsus Mersin / Turkey |
|
PHONE NUMBER |
: |
90-324-651 00 45 |
|
FAX NUMBER |
: |
90-324-651 00 46 |
|
WEB-ADDRESS |
: |
|
NOTES ON
LEGAL STATUS AND HISTORY |
: |
Change at tax
no . Liability of
the subject is not limited to the capital. |
|
TAX OFFICE |
: |
Kizilmurat |
|
TAX NO |
: |
13441314292 |
|
REMARKS ON TAX NO |
: |
From the beginning of year 2007, the sole proprietorships perform
fiscal manipulations with personal ID number instead of tax number. So the
number of the subject company changed from 4070129313 to 13441314292 for fiscal manipulations. |
|
REGISTRATION NUMBER |
: |
5378 |
|
REGISTERED OFFICE |
: |
Tarsus Chamber of Commerce and Industry |
|
DATE ESTABLISHED |
: |
01.11.2000 |
|
ESTABLISHMENT GAZETTE DATE/NO |
: |
12.12.2000/5194 |
|
LEGAL FORM |
: |
Sole-Proprietorship |
|
TYPE OF COMPANY |
: |
Private |
|
SHAREHOLDERS |
: |
|
||||
|
REMARKS ON SHAREHOLDERS |
: |
The owner, Yakup Goncuoglu was born on 01.02.1974 and graduated from
high school. |
||||
|
PROPERTIES OWNED BY THE OWNER/PARTNERS |
: |
|
||||
|
SISTER COMPANIES |
: |
KENT PEYZAJ MIMARLIGI PROJE VE UYGULAMA LTD. STI. MAYA PEYZAJ SERACILIK TARIM INSAAT GIDA NAKLIYAT
CICEKCILIK VE SUS BITKILERI URETIM VE PAZARLAMA ITHALAT IHRACAT SANAYI VE
TICARET LTD. STI. |
||||
|
DIRECTORS |
: |
|
|
BUSINESS ACTIVITIES |
: |
Growing and trade of foliage plant. The subject also deals with transportation. |
||||||||||
|
NACE CODE |
: |
A .1.12 |
||||||||||
|
SECTOR |
: |
Agriculture |
||||||||||
|
NUMBER OF EMPLOYEES |
: |
35 |
||||||||||
|
NET SALES |
: |
|
|
IMPORT VALUE |
: |
|
||||
|
IMPORT COUNTRIES |
: |
Guatamela Netherlands |
||||
|
MERCHANDISE IMPORTED |
: |
Foliage plant Greenhouse materials Seed |
||||
|
HEAD OFFICE ADDRESS |
: |
Atalar Mah. Cicekli Cad. 1. Km Yenice Tarsus Mersin / Turkey |
||||
|
BRANCHES |
: |
Greenhouse : Atalar Mah. Cicekli Cad. 1. Km Yenice
Tarsus Mersin/Turkey Branch Office : Pozanti Adana/Turkey (rented) |
||||
|
INVESTMENTS |
: |
Investments are going on. |
|
TREND OF BUSINESS |
: |
There was an upwards trend in
2011. |
|
SIZE OF BUSINESS |
: |
Upper-Medium |
|
MAIN DEALING BANKS |
: |
ING Bank Tarsus Branch T.C. Ziraat Bankasi Tarimsal Bankacilik Branch Yapi ve Kredi Bankasi Seyhan Branch |
|
CREDIT FACILITIES |
: |
The subject company is making use of credit facilities. |
|
PAYMENT BEHAVIOUR |
: |
No payment delays have come to our knowledge. |
|
KEY FINANCIAL ELEMENTS |
: |
|
|
Capitalization |
Satisfactory As of 31.12.2011 |
|
Remarks on Capitalization |
The liability of the sole-proprietorships is not limited to the
capital. The owners of the sole-proprietorships are responsible for the debts
of the sole-proprietorships with all of their personal wealth. The owner possesses property. |
|
Liquidity |
Low As of 31.12.2011 |
|
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 |
High Operating Profitability in
2008 In Order Net Profitability in
2008 High Operating Profitability in
2009 Fair Net Profitability in 2009 Good Operating Profitability in
2010 Fair Net Profitability in 2010 In Order Operating Profitability
in 2011 Low Net Profitability in 2011 |
|
Gap between average collection and payable periods |
In order in 2011 |
|
General Financial Position |
Unsatisfactory |
|
|
Incr. in producers’ price index |
Average USD/TL |
Average EUR/TL |
Average GBP/ TL |
|
( 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 |
|
( 01.01-31.08.2012) |
2,28 % |
1,8038 |
2,3238 |
2,8465 |
|
|
( 31.12.2008 ) TL |
|
( 31.12.2009 ) TL |
|
( 31.12.2010 ) TL |
|
( 31.12.2011 ) TL |
|
|
CURRENT ASSETS |
2.484.759 |
0,58 |
3.234.953 |
0,62 |
6.071.854 |
0,68 |
5.681.896 |
0,61 |
|
Not Detailed Current Assets |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Cash and Banks |
5.917 |
0,00 |
93.526 |
0,02 |
55.874 |
0,01 |
8.024 |
0,00 |
|
Marketable Securities |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Account Receivable |
1.400.978 |
0,33 |
2.120.042 |
0,41 |
4.333.663 |
0,49 |
4.147.665 |
0,45 |
|
Other Receivable |
0 |
0,00 |
12.975 |
0,00 |
77.975 |
0,01 |
0 |
0,00 |
|
Inventories |
807.511 |
0,19 |
587.072 |
0,11 |
830.383 |
0,09 |
846.425 |
0,09 |
|
Advances Given |
50.098 |
0,01 |
261.693 |
0,05 |
503.285 |
0,06 |
296.198 |
0,03 |
|
Accumulated Construction Expense |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Other Current Assets |
220.255 |
0,05 |
159.645 |
0,03 |
270.674 |
0,03 |
383.584 |
0,04 |
|
NON-CURRENT ASSETS |
1.773.343 |
0,42 |
1.980.714 |
0,38 |
2.859.120 |
0,32 |
3.605.072 |
0,39 |
|
Not Detailed Non-Current Assets |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Long-term Receivable |
1.392 |
0,00 |
1.392 |
0,00 |
1.392 |
0,00 |
1.392 |
0,00 |
|
Financial Assets |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Tangible Fixed Assets (net) |
1.664.961 |
0,39 |
1.872.332 |
0,36 |
2.749.277 |
0,31 |
3.431.680 |
0,37 |
|
Intangible Assets |
106.990 |
0,03 |
106.990 |
0,02 |
108.451 |
0,01 |
172.000 |
0,02 |
|
Deferred Tax Assets |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Other Non-Current Assets |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
TOTAL ASSETS |
4.258.102 |
1,00 |
5.215.667 |
1,00 |
8.930.974 |
1,00 |
9.286.968 |
1,00 |
|
CURRENT LIABILITIES |
3.253.338 |
0,76 |
4.201.887 |
0,81 |
7.644.596 |
0,86 |
7.889.675 |
0,85 |
|
Not Detailed Current Liabilities |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Financial Loans |
525.494 |
0,12 |
795.218 |
0,15 |
1.525.566 |
0,17 |
2.406.642 |
0,26 |
|
Accounts Payable |
486.010 |
0,11 |
2.222.205 |
0,43 |
5.095.378 |
0,57 |
3.406.184 |
0,37 |
|
Loans from Shareholders |
1.522.380 |
0,36 |
36.863 |
0,01 |
60.416 |
0,01 |
600.032 |
0,06 |
|
Other Short-term Payable |
0 |
0,00 |
3.078 |
0,00 |
16.895 |
0,00 |
0 |
0,00 |
|
Advances from Customers |
710.513 |
0,17 |
1.136.712 |
0,22 |
936.113 |
0,10 |
1.463.251 |
0,16 |
|
Accumulated Construction Income |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Taxes Payable |
8.941 |
0,00 |
7.811 |
0,00 |
10.228 |
0,00 |
13.566 |
0,00 |
|
Provisions |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Other Current Liabilities |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
LONG-TERM LIABILITIES |
532.360 |
0,13 |
453.231 |
0,09 |
590.727 |
0,07 |
601.736 |
0,06 |
|
Not Detailed Long-term Liabilities |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Financial Loans |
532.360 |
0,13 |
453.231 |
0,09 |
590.727 |
0,07 |
601.736 |
0,06 |
|
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 |
472.404 |
0,11 |
560.549 |
0,11 |
695.651 |
0,08 |
795.557 |
0,09 |
|
Not Detailed Stockholders' Equity |
472.404 |
0,11 |
560.549 |
0,11 |
695.651 |
0,08 |
795.557 |
0,09 |
|
Paid-in Capital |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Cross Shareholding Adjustment of Capital |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Inflation Adjustment of Capital |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Equity of Consolidated Firms |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Reserves |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Revaluation Fund |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Accumulated Losses(-) |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Net Profit (loss) |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
TOTAL LIABILITIES AND EQUITY |
4.258.102 |
1,00 |
5.215.667 |
1,00 |
8.930.974 |
1,00 |
9.286.968 |
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. |
|
|
(2008) TL |
|
(2009) TL |
|
(2010) TL |
|
(2011) TL |
|
|
Net Sales |
2.492.159 |
1,00 |
3.447.524 |
1,00 |
4.362.245 |
1,00 |
6.356.674 |
1,00 |
|
Cost of Goods Sold |
2.021.020 |
0,81 |
2.752.611 |
0,80 |
3.623.598 |
0,83 |
5.200.049 |
0,82 |
|
Gross Profit |
471.139 |
0,19 |
694.913 |
0,20 |
738.647 |
0,17 |
1.156.625 |
0,18 |
|
Operating Expenses |
216.297 |
0,09 |
343.513 |
0,10 |
458.892 |
0,11 |
858.475 |
0,14 |
|
Operating Profit |
254.842 |
0,10 |
351.400 |
0,10 |
279.755 |
0,06 |
298.150 |
0,05 |
|
Other Income |
2.788 |
0,00 |
39.532 |
0,01 |
21.496 |
0,00 |
21.391 |
0,00 |
|
Other Expenses |
2.638 |
0,00 |
61.027 |
0,02 |
15.632 |
0,00 |
5.527 |
0,00 |
|
Financial Expenses |
175.724 |
0,07 |
241.759 |
0,07 |
189.968 |
0,04 |
214.108 |
0,03 |
|
Minority Interests |
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 |
|
Profit (loss) Before Tax |
79.268 |
0,03 |
88.146 |
0,03 |
95.651 |
0,02 |
99.906 |
0,02 |
|
Tax Payable |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Postponed Tax Gain |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Net Profit (loss) |
79.268 |
0,03 |
88.146 |
0,03 |
95.651 |
0,02 |
99.906 |
0,02 |
|
|
(2008) |
(2009) |
(2010) |
(2011) |
|
LIQUIDITY RATIOS |
|
|||
|
Current Ratio |
0,76 |
0,77 |
0,79 |
0,72 |
|
Acid-Test Ratio |
0,43 |
0,53 |
0,58 |
0,53 |
|
Cash Ratio |
0,00 |
0,02 |
0,01 |
0,00 |
|
ASSET STRUCTURE RATIOS |
|
|||
|
Inventory/Total Assets |
0,19 |
0,11 |
0,09 |
0,09 |
|
Short-term Receivable/Total Assets |
0,33 |
0,41 |
0,49 |
0,45 |
|
Tangible Assets/Total Assets |
0,39 |
0,36 |
0,31 |
0,37 |
|
TURNOVER RATIOS |
|
|||
|
Inventory Turnover |
2,50 |
4,69 |
4,36 |
6,14 |
|
Stockholders' Equity Turnover |
5,28 |
6,15 |
6,27 |
7,99 |
|
Asset Turnover |
0,59 |
0,66 |
0,49 |
0,68 |
|
FINANCIAL STRUCTURE |
|
|||
|
Stockholders' Equity/Total Assets |
0,11 |
0,11 |
0,08 |
0,09 |
|
Current Liabilities/Total Assets |
0,76 |
0,81 |
0,86 |
0,85 |
|
Financial Leverage |
0,89 |
0,89 |
0,92 |
0,91 |
|
Gearing Percentage |
8,01 |
8,30 |
11,84 |
10,67 |
|
PROFITABILITY RATIOS |
|
|||
|
Net Profit/Stockholders' Eq. |
0,17 |
0,16 |
0,14 |
0,13 |
|
Operating Profit Margin |
0,10 |
0,10 |
0,06 |
0,05 |
|
Net Profit Margin |
0,03 |
0,03 |
0,02 |
0,02 |
|
Interest Cover |
1,45 |
1,36 |
1,50 |
1,47 |
|
COLLECTION-PAYMENT |
|
|||
|
Average Collection Period (days) |
202,58 |
221,53 |
357,76 |
234,98 |
|
Average Payable Period (days) |
86,57 |
290,63 |
506,22 |
235,81 |
|
WORKING CAPITAL |
-768579,00 |
-966934,00 |
-1572742,00 |
-2207779,00 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.29 |
|
|
1 |
Rs.86.43 |
|
Euro |
1 |
Rs.68.95 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.