MIRA INFORM REPORT

 

 

Report Date :

11.12.2013

 

IDENTIFICATION DETAILS

 

Name :

ELIT MUMESSILLIK ITHALAT IHRACAT VE TICARET LTD. STI.

 

 

Registered Office :

Gunal Sok. No:20/10 Demirciler Apt. Acibadem  Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

19.01.1996

 

 

Com. Reg. No.:

23376/8

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Wholesale trade of artifical intestine, additive products to be used at food sector and plastic packaging

 

 

No. of Employees :

18

 

 

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 – 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

:

ELIT MUMESSILLIK ITHALAT IHRACAT VE TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Gunal Sok. No:20/10 Demirciler Apt. Acibadem  Istanbul / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The address was changed from "Gunal Sok. No:17/10 Demirciler Apt. Acibadem 81020" to "Gunal Sok. No:20/10 Demirciler Apt. Acibadem 81020" by the Municipality.

 

PHONE NUMBER

:

90-216-327 11 05

90-216-327 41 37-38

90-262-751 49 70 (Administrative Office)

 

FAX NUMBER

:

90-216-326 22 05

90-262-751 49 79 (Administrative Office)

 

WEB-ADDRESS

:

www.elitmumessillik.com

E-MAIL

:

info@elitmumessillik.com

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Uskudar

TAX NO

:

3320051698

 

REGISTRATION NUMBER

:

23376/8

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

19.01.1996

ESTABLISHMENT GAZETTE DATE/NO

:

01.02.1996/3970

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   3.300.000

PAID-IN CAPITAL

:

TL   3.300.000

HISTORY

:

Previous Registered Capital

:

TL 2.500.000

Changed On

:

18.01.2010 (Commercial Gazette Date /Number 22.01.2010/ 7485)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Birol Nom

50 %

Mehmet Ali Sahin

50 %

 

 

SISTER COMPANIES

:

ELITPAK AMBALAJ VE URETIM SANAYI VE TICARET LTD. STI.

 

NOMTAS DEMIR CELIK ENDUSTRI VE TICARET A.S.

 

OBEN TARIM VE HAYVANCILIK ISLETMELERI SANAYI VE TICARET A.S.

 

SUBSIDIARIES

:

OBEN TARIM VE HAYVANCILIK ISLETMELERI SANAYI VE TICARET A.S.  ( 48 % )

 

DIRECTORS

:

Birol Nom

 

Mehmet Ali Sahin

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Wholesale trade of artifical intestine, additive products to be used at food sector and plastic packaging. 

 

NACE CODE

:

G .51.90

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

18

 

 

NET SALES

:

16.679.277 TL

(2008) 

25.507.325 TL

(2009) 

32.056.208 TL

(2010) 

50.198 TL Thousand

(2011) 

48.977 TL Thousand

(2012) 

36.088 TL Thousand

(01.01-30.09.2013) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT VALUE

:

7.310.958 EUR + 127.322 CHF + 2.089.052 USD

(2009)

1.886.066 EUR

(2010)

 

 

IMPORT COUNTRIES

:

Belgium

Germany

Greece

China

Israel

Hungary

India

 

MERCHANDISE IMPORTED

:

Additive products to be used at food sector

 

EXPORT VALUE

:

227.602 TL

(2008)

75.631 TL

(2009)

126.876 TL

(2010)

893.485 TL

(2011)

447.081 TL

(2012)

365.886 TL

(01.01-30.09.2013)

 

 

EXPORT COUNTRIES

:

Azerbaijan

Belgium

Germany

Northern Cyprus Turkish Republic

Syria

Lebanon

 

MERCHANDISE  EXPORTED

:

Plastik packaging

 

HEAD OFFICE ADDRESS

:

Gunal Sok. No:20/10 Demirciler Apt. Acibadem  Istanbul / Turkey ( rented )

 

BRANCHES

:

Administrative Office  :  GEPOSB Gebze Plastikciler Organize Sanayi Sitesi 2. Cad. No: 12 Gebze Kocaeli/Turkey

 

 

TREND OF BUSINESS

:

There was a decline at business volume in nominal terms in  2012. There appears a decline at business volume in nominal terms in  1.1 - 30.9.2013.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

ING Bank Altunizade Branch

Turkiye Is Bankasi Kadikoy Ticari 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

:

 

(2012) TL Thousand

(01.01-30.09.2013) TL Thousand

Net Sales

48.977

36.088

Profit (Loss) Before Tax

2.645

2.888

Stockholders' Equity

13.825

 

Total Assets

22.820

 

Current Assets

20.702

 

Non-Current Assets

2.118

 

Current Liabilities

8.995

 

Long-Term Liabilities

0

 

Gross Profit (loss)

4.898

5.926

Operating Profit (loss)

2.660

4.604

Net Profit (loss)

2.110

2.888

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

High As of 31.12.2012

Liquidity

Satisfactory 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

In Order Operating Profitability  in 2012

Good Net Profitability  in 2012

High Operating Profitability (01.01-30.09.2013)

High Net Profitability (01.01-30.09.2013)

 

Gap between average collection and payable periods

Unfavorable in 2012

General Financial Position

In Order

 

 

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

 ( 01.01-30.09.2013)

4,43 %

1,8785

2,4774

2,9189

 ( 01.01-30.11.2013)

5,80 %

1,8999

2,5208

2,9748

 

 

BALANCE SHEETS

 

 

 ( 31.12.2012 )  TL Thousand

 

CURRENT ASSETS

20.702

0,91

Not Detailed Current Assets

0

0,00

Cash and Banks

208

0,01

Marketable Securities

0

0,00

Account Receivable

18.071

0,79

Other Receivable

1.604

0,07

Inventories

593

0,03

Advances Given

43

0,00

Accumulated Construction Expense

0

0,00

Other Current Assets

183

0,01

NON-CURRENT ASSETS

2.118

0,09

Not Detailed Non-Current Assets

0

0,00

Long-term Receivable

10

0,00

Financial Assets

1.440

0,06

Tangible Fixed Assets (net)

476

0,02

Intangible Assets

191

0,01

Deferred Tax Assets

0

0,00

Other Non-Current Assets

1

0,00

TOTAL ASSETS

22.820

1,00

CURRENT LIABILITIES

8.995

0,39

Not Detailed Current Liabilities

0

0,00

Financial Loans

4.302

0,19

Accounts Payable

4.564

0,20

Loans from Shareholders

0

0,00

Other Short-term Payable

10

0,00

Advances from Customers

0

0,00

Accumulated Construction Income

0

0,00

Taxes Payable

119

0,01

Provisions

0

0,00

Other Current Liabilities

0

0,00

LONG-TERM LIABILITIES

0

0,00

Not Detailed Long-term Liabilities

0

0,00

Financial Loans

0

0,00

Securities Issued

0

0,00

Long-term Payable

0

0,00

Loans from Shareholders

0

0,00

Other Long-term Liabilities

0

0,00

Provisions

0

0,00

STOCKHOLDERS' EQUITY

13.825

0,61

Not Detailed Stockholders' Equity

0

0,00

Paid-in Capital

3.300

0,14

Cross Shareholding Adjustment of Capital

0

0,00

Inflation Adjustment of Capital

90

0,00

Equity of Consolidated Firms

0

0,00

Reserves

6.634

0,29

Revaluation Fund

1.691

0,07

Accumulated Losses(-)

0

0,00

Net Profit (loss)

2.110

0,09

TOTAL LIABILITIES AND EQUITY

22.820

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

 

 

(2012) TL Thousand

 

(01.01-30.09.2013) TL Thousand

 

Net Sales

48.977

1,00

36.088

1,00

Cost of Goods Sold

44.079

0,90

30.162

0,84

Gross Profit

4.898

0,10

5.926

0,16

Operating Expenses

2.238

0,05

1.322

0,04

Operating Profit

2.660

0,05

4.604

0,13

Other Income

431

0,01

135

0,00

Other Expenses

105

0,00

1.529

0,04

Financial Expenses

341

0,01

322

0,01

Minority Interests

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

Profit (loss) Before Tax

2.645

0,05

2.888

0,08

Tax Payable

535

0,01

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

Net Profit (loss)

2.110

0,04

2.888

0,08

 

 

FINANCIAL RATIOS

 

 

(2012)

LIQUIDITY RATIOS

 

Current Ratio

2,30

Acid-Test Ratio

2,21

Cash Ratio

0,02

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,03

Short-term Receivable/Total Assets

0,86

Tangible Assets/Total Assets

0,02

TURNOVER RATIOS

 

Inventory Turnover

74,33

Stockholders' Equity Turnover

3,54

Asset Turnover

2,15

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,61

Current Liabilities/Total Assets

0,39

Financial Leverage

0,39

Gearing Percentage

0,65

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,15

Operating Profit Margin

0,05

Net Profit Margin

0,04

Interest Cover

8,76

COLLECTION-PAYMENT

 

Average Collection Period (days)

132,90

Average Payable Period (days)

37,27

WORKING CAPITAL

11707,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.20

UK Pound

1

Rs.100.64

Euro

1

Rs.84.15

 

 

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%)

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.