MIRA INFORM REPORT

 

 

Report Date :

03.07.2013

 

IDENTIFICATION DETAILS

 

Name :

TOPRAK MAHSULLERI OFISI

 

 

Registered Office :

Milli Mudafaa Cad. No:18 Bakanliklar Yenisehir Cankaya Ankara

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2012

 

 

Year of Incorporation :

1938

 

 

Com. Reg. No.:

1119

 

 

Legal Form :

Public

 

 

Line of Business :

Preventing falling the grain prices in country below the normal level in point of producers view and preventing its increase abnormally against the consumer public, taking regularization measures for the market of these products and carrying out the mission to be given by the Decree of the Council of Ministers when required as related to the pulses and oily seed other than grain, carrying out the state monopoly imposed on the opium and narcotic substances, selling and buying these products, providing the required stocks and their protection. The subject has several branch offices.

 

 

No. of Employees :

3.454

 

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 :

Good

Payment Behaviour :

Regular

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

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 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

:

TOPRAK MAHSULLERI OFISI

HEAD OFFICE ADDRESS

:

Milli Mudafaa Cad. No:18 Bakanliklar Yenisehir Cankaya Ankara / Turkey

PHONE NUMBER

:

90-312-416 30 00

 

FAX NUMBER

:

90-312-416 34 00

 

WEB-ADDRESS

:

www.tmo.gov.tr

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Mithatpasa

TAX NO

:

8540050958

REGISTRATION NUMBER

:

1119

REGISTERED OFFICE

:

Ankara Chamber of Commerce

DATE ESTABLISHED

:

1938

TYPE OF COMPANY

:

Public

REGISTERED CAPITAL

:

TL   2.050.000.000

PAID-IN CAPITAL

:

TL   2.050.000.000

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Turkish State

100 %

 

 

SUBSIDIARIES

:

TMO-TOBB TARIM URUNLERI LISANSLI DEPOCULUK SANAYI VE TICARET A.S.  ( 48 % )

 

BOARD OF DIRECTORS

:

Mesut Kose

Chairman

Dr. Ahmet Arslan

Member

Davut Haner

Member

Mehmet Tasan

Member

Ugur Erkaymaz

Member

Mustafa Erdogan

Member

 

 

DIRECTORS

:

Mesut Kose                                                                                                                                                                                                                                                                                   

General Manager

Ugur Erkaymaz                                                                                                                                                                                                                                                                                   

Deputy General Manager

Mustafa Erdogan                                                                                                                                                                                                                                                                                   

Deputy General Manager

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Preventing falling the grain prices in country below the normal level in point of producers view and preventing its increase abnormally against the consumer public, taking regularization measures for the market of these products and carrying out the mission to be given by the Decree of the Council of Ministers when required as related to the pulses and oily seed other than grain, carrying out the state monopoly imposed on the opium and narcotic substances, selling and buying these products, providing the required stocks and their protection. The subject has several branch offices.

 

NACE CODE

:

L .75.13

 

NUMBER OF EMPLOYEES

:

3.454

 

NET SALES

:

1.815.202 TL Thousand

(2005) 

2.163.128.096 TL

(2006) 

890.889.275 TL

(2007) 

1.185.227.766 TL

(2008) 

2.239.440.976 TL

(2009) 

4.096.378.945 TL

(2010) 

2.694.439.854 TL

(2011) 

1.521.518 TL Thousand

(2012) 

 

 

 

IMPORT VALUE

:

14.850.000 USD

(2010)

182.484.000 USD

(2011)

 

 

IMPORT COUNTRIES

:

Canada

Italy

Greece

Romania

Ukraine

Kazakhstan

Russia

Austria

Germany

Bulgaria

Lithuania

Slovakia

U.S.A.

Thailand

Egypt

Hungary

U.A.E.

Switzerland

 

MERCHANDISE IMPORTED

:

Corn

Lentil

Rice

Wheat

 

EXPORT VALUE

:

199.019.213 TL

(2005)

291.159.341 TL

(2006)

108.696.712 TL

(2007)

70.577.013 TL

(2008)

252.667.906 TL

(2009)

480.387.959 TL

(2010)

74.891.524 TL

(2011)

183.356 TL Thousand

(2012)

 

 

EXPORT COUNTRIES

:

Saudi Arabia

Syria

Vietnam

Thailand

Iran

Canada

Tunisia

Lebanon

 

MERCHANDISE  EXPORTED

:

Alkaloids of opium

Barley

Maize

Wheat

 

 

HEAD OFFICE ADDRESS

:

Milli Mudafaa Cad. No:18 Bakanliklar Yenisehir Cankaya  Ankara / Turkey

 

 

 

TREND OF BUSINESS

:

There was a decline at business volume in nominal terms in  2012.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Akbank Yenisehir Ticari Branch

ING Bank Kizilay Branch

T. Halk Bankasi Ankara Kurumsal Branch

T.Is Bankasi Baskent Kurumsal Branch

T.Ziraat Bankasi Ankara Kurumsal Branch

 

CREDIT FACILITIES

:

The subject company is making use of credit facilities.

 

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge in the last years.

 

 

KEY FINANCIAL ELEMENTS

:

 

(2008) TL

(2009) TL

(2010) TL

(2011) TL

(2012) TL Thousand

Net Sales

1.185.227.766

2.239.440.976

4.096.378.945

2.694.439.854

1.521.518

Profit (Loss) Before Tax

-105.416.607

160.618.343

281.790.286

44.275.542

13.530

Stockholders' Equity

1.823.218.520

2.447.849.569

3.266.688.625

3.328.984.017

3.341.362

Total Assets

7.274.408.031

8.051.876.582

7.472.485.114

5.823.659.841

5.975.417

Current Assets

6.435.670.393

7.249.215.162

6.684.186.200

5.042.481.010

5.160.275

Non-Current Assets

838.737.638

802.661.420

788.298.914

781.178.831

815.142

Current Liabilities

3.004.386.227

1.926.373.560

319.152.025

67.576.407

884.173

Long-Term Liabilities

2.446.803.284

3.677.653.453

3.886.644.464

2.427.099.417

1.749.882

Gross Profit (loss)

364.882.453

295.007.491

467.439.596

485.033.625

220.263

Operating Profit (loss)

302.761.097

228.275.500

360.051.957

396.127.877

137.244

Net Profit (loss)

-105.416.607

145.920.187

220.614.622

31.660.078

7.402

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Good As of 31.12.2012

Liquidity

High 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

High Operating Profitability  in 2008

Net Loss  in 2008

High Operating Profitability  in 2009

High Net Profitability  in 2009

Good Operating Profitability  in 2010

Good Net Profitability  in 2010

High Operating Profitability  in 2011

Low Net Profitability  in 2011

Good Operating Profitability  in 2012

Low Net Profitability  in 2012

 

Gap between average collection and payable periods

Unfavorable in 2012

General Financial Position

Good

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2005 )

2,66 %

1,3499

1,6882

2,4623

 ( 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

 ( 01.01-31.05.2013)

0,99 %

1,8079

2,3728

2,8064

 

 

 

BALANCE SHEETS

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL Thousand

 

CURRENT ASSETS

6.435.670.393

0,88

7.249.215.162

0,90

6.684.186.200

0,89

5.042.481.010

0,87

5.160.275

0,86

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

100.408.685

0,01

144.699.419

0,02

191.406.275

0,03

287.861.536

0,05

66.770

0,01

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

64.958.783

0,01

55.760.284

0,01

56.175.031

0,01

42.670.557

0,01

204.235

0,03

Other Receivable

2.470.269.014

0,34

1.573.882.657

0,20

2.935.197.994

0,39

1.963.592.511

0,34

1.806.980

0,30

Inventories

3.748.442.354

0,52

5.414.408.394

0,67

3.423.786.311

0,46

2.653.805.705

0,46

2.977.514

0,50

Advances Given

6.222.411

0,00

1.369.151

0,00

533.348

0,00

14.031.725

0,00

0

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

45.369.146

0,01

59.095.257

0,01

77.087.241

0,01

80.518.976

0,01

104.776

0,02

NON-CURRENT ASSETS

838.737.638

0,12

802.661.420

0,10

788.298.914

0,11

781.178.831

0,13

815.142

0,14

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

211.436

0,00

321.756

0,00

295.874

0,00

421.265

0,00

521

0,00

Financial Assets

0

0,00

0

0,00

14.999.517

0,00

24.480.000

0,00

24.480

0,00

Tangible Fixed Assets (net)

833.159.452

0,11

796.304.668

0,10

769.164.724

0,10

752.502.584

0,13

785.009

0,13

Intangible Assets

1.090.943

0,00

1.245.517

0,00

1.051.380

0,00

746.640

0,00

1.495

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

4.275.807

0,00

4.789.479

0,00

2.787.419

0,00

3.028.342

0,00

3.637

0,00

TOTAL ASSETS

7.274.408.031

1,00

8.051.876.582

1,00

7.472.485.114

1,00

5.823.659.841

1,00

5.975.417

1,00

CURRENT LIABILITIES

3.004.386.227

0,41

1.926.373.560

0,24

319.152.025

0,04

67.576.407

0,01

884.173

0,15

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

1.544.923.888

0,21

1.277.347.171

0,16

187.122.028

0,03

5.106.096

0,00

7.678

0,00

Accounts Payable

482.466.326

0,07

45.579.181

0,01

14.254.332

0,00

28.586.615

0,00

27.257

0,00

Loans from Shareholders

943.208.877

0,13

455.208.877

0,06

4.291.424

0,00

0

0,00

0

0,00

Other Short-term Payable

15.872.543

0,00

11.333.490

0,00

11.440.285

0,00

15.664.711

0,00

797.026

0,13

Advances from Customers

1.138.817

0,00

115.351.179

0,01

31.590.967

0,00

734.140

0,00

39.746

0,01

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

12.769.555

0,00

2.396.532

0,00

2.226.406

0,00

2.329.899

0,00

3.345

0,00

Provisions

0

0,00

13.006.135

0,00

59.699.190

0,01

8.339.950

0,00

3.198

0,00

Other Current Liabilities

4.006.221

0,00

6.150.995

0,00

8.527.393

0,00

6.814.996

0,00

5.923

0,00

LONG-TERM LIABILITIES

2.446.803.284

0,34

3.677.653.453

0,46

3.886.644.464

0,52

2.427.099.417

0,42

1.749.882

0,29

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

2.013.043.133

0,28

3.230.505.746

0,40

3.200.944.029

0,43

1.664.040.240

0,29

880.960

0,15

Securities Issued

0

0,00

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

0

0,00

Loans from Shareholders

0

0,00

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

0

0,00

Provisions

433.760.151

0,06

447.147.707

0,06

685.700.435

0,09

763.059.177

0,13

868.922

0,15

STOCKHOLDERS' EQUITY

1.823.218.520

0,25

2.447.849.569

0,30

3.266.688.625

0,44

3.328.984.017

0,57

3.341.362

0,56

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

981.496.914

0,13

1.460.000.000

0,18

2.050.000.000

0,27

2.050.000.000

0,35

2.050.000

0,34

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

4.578.604.879

0,63

454.504.289

0,06

454.504.289

0,06

454.504.289

0,08

454.504

0,08

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

492.633.925

0,07

492.841.700

0,06

541.569.714

0,07

792.819.650

0,14

829.456

0,14

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

-4.124.100.591

-0,57

-105.416.607

-0,01

0

0,00

0

0,00

0

0,00

Net Profit (loss)

-105.416.607

-0,01

145.920.187

0,02

220.614.622

0,03

31.660.078

0,01

7.402

0,00

TOTAL LIABILITIES AND EQUITY

7.274.408.031

1,00

8.051.876.582

1,00

7.472.485.114

1,00

5.823.659.841

1,00

5.975.417

1,00

 

 

INCOME STATEMENTS

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

(2012) TL Thousand

 

Net Sales

1.185.227.766

1,00

2.239.440.976

1,00

4.096.378.945

1,00

2.694.439.854

1,00

1.521.518

1,00

Cost of Goods Sold

820.345.313

0,69

1.944.433.485

0,87

3.628.939.349

0,89

2.209.406.229

0,82

1.301.255

0,86

Gross Profit

364.882.453

0,31

295.007.491

0,13

467.439.596

0,11

485.033.625

0,18

220.263

0,14

Operating Expenses

62.121.356

0,05

66.731.991

0,03

107.387.639

0,03

88.905.748

0,03

83.019

0,05

Operating Profit

302.761.097

0,26

228.275.500

0,10

360.051.957

0,09

396.127.877

0,15

137.244

0,09

Other Income

84.024.293

0,07

79.477.561

0,04

74.014.479

0,02

87.906.524

0,03

55.921

0,04

Other Expenses

167.355.821

0,14

73.636.664

0,03

152.276.150

0,04

127.301.270

0,05

179.635

0,12

Financial Expenses

324.846.176

0,27

73.498.054

0,03

0

0,00

312.457.589

0,12

0

0,00

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

-105.416.607

-0,09

160.618.343

0,07

281.790.286

0,07

44.275.542

0,02

13.530

0,01

Tax Payable

0

0,00

14.698.156

0,01

61.175.664

0,01

12.615.464

0,00

6.128

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

-105.416.607

-0,09

145.920.187

0,07

220.614.622

0,05

31.660.078

0,01

7.402

0,00

 

 

FINANCIAL RATIOS

 

(2008)

(2009)

(2010)

(2011)

(2012)

LIQUIDITY RATIOS

 

Current Ratio

2,14

3,76

20,94

74,62

5,84

Acid-Test Ratio

0,88

0,92

9,97

33,95

2,35

Cash Ratio

0,03

0,08

0,60

4,26

0,08

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,52

0,67

0,46

0,46

0,50

Short-term Receivable/Total Assets

0,35

0,20

0,40

0,34

0,34

Tangible Assets/Total Assets

0,11

0,10

0,10

0,13

0,13

TURNOVER RATIOS

 

Inventory Turnover

0,22

0,36

1,06

0,83

0,44

Stockholders' Equity Turnover

0,65

0,91

1,25

0,81

0,46

Asset Turnover

0,16

0,28

0,55

0,46

0,25

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,25

0,30

0,44

0,57

0,56

Current Liabilities/Total Assets

0,41

0,24

0,04

0,01

0,15

Financial Leverage

0,75

0,70

0,56

0,43

0,44

Gearing Percentage

2,99

2,29

1,29

0,75

0,79

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

-0,06

0,06

0,07

0,01

0,00

Operating Profit Margin

0,26

0,10

0,09

0,15

0,09

Net Profit Margin

-0,09

0,07

0,05

0,01

0,00

Interest Cover

0,68

3,19

 

1,14

 

COLLECTION-PAYMENT

 

Average Collection Period (days)

19,79

9,02

4,96

5,76

48,45

Average Payable Period (days)

211,73

8,44

1,41

4,66

7,54

WORKING CAPITAL

3431284166,00

5322841602,00

6365034175,00

4974904603,00

4276102,00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.59.41

UK Pound

1

Rs.90.38

Euro

1

Rs.77.60

 

INFORMATION DETAILS

 

Report Prepared by :

NLM

 

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.