MIRA INFORM REPORT

 

 

Report Date :

19.08.2013

 

IDENTIFICATION DETAILS

 

Name :

TANDEM GIDA VE TEKSTIL SANAYI TICARET LTD. STI.

 

 

Registered Office :

Inebolu Sok. No:33 Kat:2 Setustu Kabatas Beyoglu Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

15.08.1990

 

 

Com. Reg. No.:

267572

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Mixing and trade of food additives.

 

 

No. of Employees :

9

 

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 :

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 – March 31st, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Turkey

B2

B2

 

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 9.2% in 2010, as exports returned to normal levels following the recession. Growth dropped to approximately 3% in 2012. Turkey's public sector debt to GDP ratio has fallen to about 40%, and at least one rating agency upgraded Turkey's debt to investment grade in 2012. Turkey remains dependent on often volatile, short-term investment to finance its large trade deficit. The stock value of FDI stood at $117 billion at year-end 2012. Inflows have slowed because of continuing economic turmoil in Europe, the source of much of Turkey's FDI. 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

:

TANDEM GIDA VE TEKSTIL SANAYI TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Inebolu Sok. No:33 Kat:2 Setustu Kabatas Beyoglu Istanbul / Turkey

PHONE NUMBER

:

90-212-293 10 42

 

FAX NUMBER

:

90-212-292 51 16

 

WEB-ADDRESS

:

www.tandemgida.com

E-MAIL

:

info@tandemgida.com

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Beyoglu

TAX NO

:

8190007697

REGISTRATION NUMBER

:

267572

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

15.08.1990

ESTABLISHMENT GAZETTE DATE /NO

:

20.08.1990/2591

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

 

 

REGISTERED CAPITAL

:

TL   250.000

PAID-IN CAPITAL

:

TL   250.000

HISTORY

:

Previous Name

:

TL 100.000

Changed On

:

29.03.2007 (Commercial Gazette Date /Number 03.04.2007/ 6779)

Previous Address

:

Mebusan Yokusu Somuncu Sok. No:17/6 Beyoglu Istanbul

Changed On

:

24.05.2007 (Commercial Gazette Date /Number 29.05.2007/ 6818)

Previous Address

:

Inebolu Sok. No:33 Kat:1 Kabatas Istanbul

Changed On

:

04.06.2012 (Commercial Gazette Date /Number 11.06.2012/ 8087)

Previous Shareholder

:

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

Changed On

:

29.03.2007 (Commercial Gazette Date /Number 03.04.2007/ 6779)

 

 

 

PREVIOUS SHAREHOLDERS

:

Osman Berksoz

90 %

Semra Berksoz

9 %

Necati Baskabak

1 %

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Osman Berksoz

94 %

Semra Berksoz

6 %

 

 

DIRECTORS

:

Osman Berksoz

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Mixing and trade of food additives.

 

NACE CODE

:

G .51.17

 

NUMBER OF EMPLOYEES

:

9

 

NET SALES

:

3.396.808 TL

(2006) 

2.839.881 TL

(2007) 

5.022.835 TL

(2008) 

4.483.137 TL

(2009) 

4.827.876 TL

(2010) 

5.638.210 TL

(2011) 

3.016.254 TL

(2012) 

2.059.152 TL

(01.01-30.06.2013) 

 

 

IMPORT VALUE

:

3.306.899 TL

(2011)

1.780.115 TL

(2012)

1.435.937 TL

(01.01-30.06.2013)

 

 

IMPORT COUNTRIES

:

France

Brazil

Italy

 

MERCHANDISE IMPORTED

:

Food additives

 

EXPORT VALUE

:

28.645 TL

(2011)

88.349 TL

(2012)

 

 

EXPORT COUNTRIES

:

France

 

MERCHANDISE  EXPORTED

:

Egg white powder

 

HEAD OFFICE ADDRESS

:

Inebolu Sok. No:33 Kat:2 Setustu Kabatas Beyoglu Istanbul / Turkey (rented) (100 sqm)

 

BRANCHES

:

Branch Office/Warehouse  :  Defterdar Mah. Degirmen Sok. No:19 Daire:38 Eyup Is Merkezi Eyup Istanbul/Turkey (rented) (228 sqm)

 

 

 

TREND OF BUSINESS

:

There was a decline at business volume in nominal terms in 2012. There appears an upwards trend in 1.1 - 30.6.2013.

SIZE OF BUSINESS

:

Upper-Moderate

 

 

FINANCE

 

 

 

MAIN DEALING BANKS

:

Akbank Salipazari Branch

Garanti Bankasi Karakoy Branch

Kuveyt Turk Katilim Bankasi Taksim Branch

T. Halk Bankasi Uskudar 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

:

 

(2011) TL

(2012) TL

(01.01-30.06.2013) TL

Net Sales

5.638.210

3.016.254

2.059.152

Profit (Loss) Before Tax

227.618

-45.082

-250.815

Stockholders' Equity

1.012.928

945.334

 

Total Assets

3.839.863

2.839.072

 

Current Assets

3.800.199

2.796.437

 

Non-Current Assets

39.664

42.635

 

Current Liabilities

2.826.935

1.893.738

 

Long-Term Liabilities

0

0

 

Gross Profit (loss)

856.839

767.194

122.436

Operating Profit (loss)

383.190

303.001

-114.096

Net Profit (loss)

197.654

-67.593

-250.815

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Insufficient

Remarks on Capitalization

The loss at the last period is expected to have a negative effect on equity total since the date of last stockholders’ equity.

Liquidity

Insufficient As of 31.12.2012

Remarks On Liquidity

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

Good Operating Profitability  in 2011

Good Net Profitability  in 2011

High Operating Profitability  in 2012

Net Loss  in 2012

Operating Loss (01.01-30.06.2013)

Net Loss (01.01-30.06.2013)

 

Gap between average collection and payable periods

Unfavorable in 2012

General Financial Position

Not in order

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2006 )

11,58 %

1,4309

1,7987

2,6377

 ( 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

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 ( 01.01-30.06.2013)

2,46 %

1,8251

2,3936

2,8262

 ( 01.01-31.07.2013)

3,48 %

1,8387

2,4151

2,8409

BALANCE SHEETS

 

 

( 31.12.2011 )  TL

 

( 31.12.2012 )  TL

 

CURRENT ASSETS

3.800.199

0,99

2.796.437

0,98

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

185.014

0,05

70.496

0,02

Marketable Securities

0

0,00

0

0,00

Account Receivable

1.342.570

0,35

1.072.343

0,38

Other Receivable

0

0,00

0

0,00

Inventories

620.694

0,16

915.075

0,32

Advances Given

1.468.840

0,38

736.209

0,26

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

183.081

0,05

2.314

0,00

NON-CURRENT ASSETS

39.664

0,01

42.635

0,02

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)

38.255

0,01

41.527

0,01

Intangible Assets

1.409

0,00

1.108

0,00

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

0

0,00

TOTAL ASSETS

3.839.863

1,00

2.839.072

1,00

CURRENT LIABILITIES

2.826.935

0,74

1.893.738

0,67

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

1.488.534

0,39

1.437.910

0,51

Accounts Payable

377.519

0,10

300.489

0,11

Loans from Shareholders

0

0,00

0

0,00

Other Short-term Payable

0

0,00

25.106

0,01

Advances from Customers

797.602

0,21

83.088

0,03

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

133.315

0,03

47.145

0,02

Provisions

29.965

0,01

0

0,00

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

1.012.928

0,26

945.334

0,33

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

250.000

0,07

250.000

0,09

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

87.667

0,02

87.667

0,03

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

477.607

0,12

675.260

0,24

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

Net Profit (loss)

197.654

0,05

-67.593

-0,02

TOTAL LIABILITIES AND EQUITY

3.839.863

1,00

2.839.072

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

 

 

(2011) TL

 

(2012) TL

 

(01.01-30.06.2013) TL

 

Net Sales

5.638.210

1,00

3.016.254

1,00

2.059.152

1,00

Cost of Goods Sold

4.781.371

0,85

2.249.060

0,75

1.936.716

0,94

Gross Profit

856.839

0,15

767.194

0,25

122.436

0,06

Operating Expenses

473.649

0,08

464.193

0,15

236.532

0,11

Operating Profit

383.190

0,07

303.001

0,10

-114.096

-0,06

Other Income

232.503

0,04

171.872

0,06

30.128

0,01

Other Expenses

260.190

0,05

314.931

0,10

49.104

0,02

Financial Expenses

127.885

0,02

205.024

0,07

117.743

0,06

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

227.618

0,04

-45.082

-0,01

-250.815

-0,12

Tax Payable

29.964

0,01

22.511

0,01

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

197.654

0,04

-67.593

-0,02

-250.815

-0,12

 

 

FINANCIAL RATIOS

 

 

(2011)

(2012)

LIQUIDITY RATIOS

 

 

Current Ratio

1,34

1,48

Acid-Test Ratio

0,54

0,60

Cash Ratio

0,07

0,04

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,16

0,32

Short-term Receivable/Total Assets

0,35

0,38

Tangible Assets/Total Assets

0,01

0,01

TURNOVER RATIOS

 

 

Inventory Turnover

7,70

2,46

Stockholders' Equity Turnover

5,57

3,19

Asset Turnover

1,47

1,06

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,26

0,33

Current Liabilities/Total Assets

0,74

0,67

Financial Leverage

0,74

0,67

Gearing Percentage

2,79

2,00

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,20

-0,07

Operating Profit Margin

0,07

0,10

Net Profit Margin

0,04

-0,02

Interest Cover

2,78

0,78

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

85,72

127,99

Average Payable Period (days)

28,42

48,10

WORKING CAPITAL

973264,00

902699,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs. 61.82

UK Pound

1

Rs. 96.57

Euro

1

Rs. 82.45

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIS

 

 

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.