MIRA INFORM REPORT

 

 

Report Date :

16.04.2013

 

IDENTIFICATION DETAILS

 

Name :

CANER BAKLIYAT TICARET VE SANAYI LTD. STI. 

 

 

Formerly Known As :

Caner Tarim Urunleri Nakliyat Dayanikli Tuketim Mallari Gubre Orman Urunleri Ithalat Ihracat Sanayi ve Ticaret Ltd. Sti.

 

 

Registered Office :

Istiklal Cad. Bulvar Ishani Kat.1 No:27   Mersin

 

 

Country :

Turkey

 

 

Financials (as on) :

2012

 

 

Date of Incorporation :

28.05.1993

 

 

Com. Reg. No.:

12943

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Processing, sifting, packaging and trade of legumes and cereal

 

 

No. of Employees :

06

 

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 :

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

 

 

COMPANY IDENTIFICATION

 

 

NAME

:

CANER BAKLIYAT TICARET VE SANAYI LTD. STI.

HEAD OFFICE ADDRESS

:

Istiklal Cad. Bulvar Ishani Kat.1 No:27   Mersin / Turkey

PHONE NUMBER

:

90-324-233 49 94

90-324-233 49 95

 

FAX NUMBER

:

90-324-233 30 54

 

WEB-ADDRESS

:

www.canerbakliyat.com

 

 

LEGAL STATUS AND HISTORY

 

 

NOTES ON LEGAL STATUS AND HISTORY

:

The paid-in capital is declared by the subject. There is no certification for the paid-in capital..

 

 

TAX OFFICE

:

Liman

TAX NO

:

2000019957

REGISTRATION NUMBER

:

12943

REGISTERED OFFICE

:

Mersin Chamber of Commerce and Industry

DATE ESTABLISHED

:

28.05.1993

ESTABLISHMENT GAZETTE DATE/NO

:

10.06.1993/3295

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   500.000

PAID-IN CAPITAL

:

TL   500.000

HISTORY

:

Previous Name

:

Caner Tarim Urunleri Nakliyat Dayanikli Tuketim Mallari Gubre Orman Urunleri Ithalat Ihracat Sanayi ve Ticaret Ltd. Sti.

Changed On

:

08.06.2005 (Commercial Gazette Date /Number 16.06.2005/ 6326)

Previous Registered Capital

:

TL 100.000

Changed On

:

17.10.2012 (Commercial Gazette Date /Number 31.10.2012/ 8183)

Previous Shareholder

:

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

Changed On

:

10.12.2012 (Commercial Gazette Date /Number 20.12.2012/ 8219)

PREVIOUS SHAREHOLDERS

:

Selahattin Caner

50 %

Harun Caner

25 %

Hakan Caner

25 %

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Harun Caner

25 %

Mehmet Hayri Caner

25 %

Selahattin Caner

25 %

Hakan Caner

25 %

 

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Harun Caner                                                                                                                                                                                                                                                                                   

 

Mehmet Hayri Caner                                                                                                                                                                                                                                                                                   

 

Selahattin Caner                                                                                                                                                                                                                                                                                   

 

Hakan Caner                                                                                                                                                                                                                                                                                   

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Processing, sifting, packaging and trade of legumes and cereal.

 

NACE CODE

:

G .51.21

 

TRADEMARKS TRADED

:

Caner

 

NUMBER OF EMPLOYEES

:

6

 

NET SALES

:

2.480.843 TL

(2008) 

5.071.442 TL

(2009) 

3.532.736 TL

(2010) 

5.214.905 TL

(2011) 

8.962.268 TL

(2012) 

IMPORT VALUE

:

271.000 USD

(2008)

1.565.000 USD

(2009)

1.016.420 USD

(2010)

 

 

IMPORT COUNTRIES

:

Kyrgyzstan

China

Canada

 

MERCHANDISE IMPORTED

:

Legumes

 

EXPORT VALUE

:

58.985 TL

(2008)

195.753 TL

(2009)

49.784 TL

(2010)

3.699 TL

(2011)

0 TL

(2012)

 

 

EXPORT COUNTRIES

:

Italy

U.K.

Kyrgyzstan

 

MERCHANDISE  EXPORTED

:

Legumes

 

HEAD OFFICE ADDRESS

:

Istiklal Cad. Bulvar Ishani Kat.1 No:27    Mersin / Turkey ( owned ) (45 sqm)

 

BRANCHES

:

Processing Plant  :  Evren Mah. Ataturk Bulvari No: 47 Karacailyas Mersin/Turkey (rented) (1.500 sqm)

                                                                                

 

 

TREND OF BUSINESS

:

There was an upwards trend in 2012.

SIZE OF BUSINESS

:

Upper-Moderate

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Alternatifbank Mersin Branch

Garanti Bankasi Mersin Branch

Turk Ekonomi Bankasi Mersin 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

:

 

(2008) TL

(2009) TL

(2010) TL

(2011) TL

(2012) TL

Net Sales

2.480.843

5.071.442

3.532.736

5.214.905

8.962.268

Profit (Loss) Before Tax

31.355

46.547

74.486

-580.409

153.481

Stockholders' Equity

669.416

699.974

755.902

175.493

 

Total Assets

2.655.244

2.356.261

2.867.264

2.416.709

 

Current Assets

2.540.396

2.263.029

2.737.288

2.302.998

 

Non-Current Assets

114.848

93.232

129.976

113.711

 

Current Liabilities

1.985.828

1.656.287

2.111.362

2.241.216

 

Long-Term Liabilities

0

0

0

0

 

Gross Profit (loss)

412.049

376.016

343.837

472.349

388.799

Operating Profit (loss)

279.189

205.612

170.382

303.776

211.734

Net Profit (loss)

23.190

31.557

55.929

-580.409

153.481

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

THE DETAILS OF THE CAPITAL INCREASE  AFTER LAST BALANCE SHEET

 

:

Cash Part

:324.506,39 TL

Equity Part

:75.493,61 TL

Payment Due Date

:17.10.2012

 

Capitalization

Insufficient

Remarks on Capitalization

There has been capital increase after the last balance sheet date. The capital increase is expected to have a slight positive effect on equity total since the last balance sheet date.

 

The firm has heavy short-term financial loans.

 

Liquidity

Insufficient 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 unfavorable gap between average collection and average payable period has an adverse effect on liquidity.

 

Profitability

High 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

Fair Net Profitability  in 2010

Good Operating Profitability  in 2011

Net Loss  in 2011

Fair Operating Profitability  in 2012

Low Net Profitability  in 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

 ( 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

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 ( 01.01-31.03.2013)

0,50 %

1,7901

2,3575

2,7927

 

 

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

2.540.396

0,96

2.263.029

0,96

2.737.288

0,95

2.302.998

0,95

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

82.195

0,03

174.244

0,07

207.806

0,07

20.650

0,01

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

694.603

0,26

390.785

0,17

258.943

0,09

653.709

0,27

Other Receivable

0

0,00

0

0,00

606.528

0,21

0

0,00

Inventories

814.174

0,31

952.857

0,40

1.441.641

0,50

1.016.625

0,42

Advances Given

891.378

0,34

668.501

0,28

121.456

0,04

528.634

0,22

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

58.046

0,02

76.642

0,03

100.914

0,04

83.380

0,03

NON-CURRENT ASSETS

114.848

0,04

93.232

0,04

129.976

0,05

113.711

0,05

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

96

0,00

90

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

114.569

0,04

92.097

0,04

128.790

0,04

112.615

0,05

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

279

0,00

1.135

0,00

1.090

0,00

1.006

0,00

TOTAL ASSETS

2.655.244

1,00

2.356.261

1,00

2.867.264

1,00

2.416.709

1,00

CURRENT LIABILITIES

1.985.828

0,75

1.656.287

0,70

2.111.362

0,74

2.241.216

0,93

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

1.565.229

0,59

1.514.735

0,64

1.944.500

0,68

1.845.931

0,76

Accounts Payable

38.727

0,01

62.373

0,03

30.498

0,01

370

0,00

Loans from Shareholders

5.120

0,00

12.334

0,01

13.500

0,00

346.465

0,14

Other Short-term Payable

0

0,00

0

0,00

0

0,00

0

0,00

Advances from Customers

366.799

0,14

12.481

0,01

79.713

0,03

4.592

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

1.788

0,00

1.166

0,00

1.403

0,00

791

0,00

Provisions

8.165

0,00

14.991

0,01

18.558

0,01

0

0,00

Other Current Liabilities

0

0,00

38.207

0,02

23.190

0,01

43.067

0,02

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

669.416

0,25

699.974

0,30

755.902

0,26

175.493

0,07

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

100.000

0,04

100.000

0,04

100.000

0,03

100.000

0,04

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

102.186

0,04

102.186

0,04

102.186

0,04

102.186

0,04

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

467.546

0,18

489.737

0,21

521.293

0,18

577.222

0,24

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

-23.506

-0,01

-23.506

-0,01

-23.506

-0,01

-23.506

-0,01

Net Profit (loss)

23.190

0,01

31.557

0,01

55.929

0,02

-580.409

-0,24

TOTAL LIABILITIES AND EQUITY

2.655.244

1,00

2.356.261

1,00

2.867.264

1,00

2.416.709

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

 

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

(2012) TL

 

Net Sales

2.480.843

1,00

5.071.442

1,00

3.532.736

1,00

5.214.905

1,00

8.962.268

1,00

Cost of Goods Sold

2.068.794

0,83

4.695.426

0,93

3.188.899

0,90

4.742.556

0,91

8.573.469

0,96

Gross Profit

412.049

0,17

376.016

0,07

343.837

0,10

472.349

0,09

388.799

0,04

Operating Expenses

132.860

0,05

170.404

0,03

173.455

0,05

168.573

0,03

177.065

0,02

Operating Profit

279.189

0,11

205.612

0,04

170.382

0,05

303.776

0,06

211.734

0,02

Other Income

82.477

0,03

25.574

0,01

15.213

0,00

180.855

0,03

135.386

0,02

Other Expenses

12.282

0,00

23.383

0,00

28.770

0,01

641.361

0,12

75.018

0,01

Financial Expenses

318.029

0,13

161.256

0,03

82.339

0,02

423.679

0,08

118.621

0,01

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

31.355

0,01

46.547

0,01

74.486

0,02

-580.409

-0,11

153.481

0,02

Tax Payable

8.165

0,00

14.990

0,00

18.557

0,01

0

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)

23.190

0,01

31.557

0,01

55.929

0,02

-580.409

-0,11

153.481

0,02

 

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

(2011)

LIQUIDITY RATIOS

 

 

Current Ratio

1,28

1,37

1,30

1,03

Acid-Test Ratio

0,39

0,34

0,51

0,30

Cash Ratio

0,04

0,11

0,10

0,01

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,31

0,40

0,50

0,42

Short-term Receivable/Total Assets

0,26

0,17

0,30

0,27

Tangible Assets/Total Assets

0,04

0,04

0,04

0,05

TURNOVER RATIOS

 

 

Inventory Turnover

2,54

4,93

2,21

4,67

Stockholders' Equity Turnover

3,71

7,25

4,67

29,72

Asset Turnover

0,93

2,15

1,23

2,16

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,25

0,30

0,26

0,07

Current Liabilities/Total Assets

0,75

0,70

0,74

0,93

Financial Leverage

0,75

0,70

0,74

0,93

Gearing Percentage

2,97

2,37

2,79

12,77

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,03

0,05

0,07

-3,31

Operating Profit Margin

0,11

0,04

0,05

0,06

Net Profit Margin

0,01

0,01

0,02

-0,11

Interest Cover

1,10

1,29

1,90

-0,37

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

100,80

27,74

26,40

45,13

Average Payable Period (days)

6,74

4,78

3,44

0,03

WORKING CAPITAL

554568,00

606742,00

625926,00

61782,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.63

UK Pound

1

Rs.83.70

Euro

1

Rs.71.42

 

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.