MIRA INFORM REPORT

 

 

Report Date :

26.06.2013

 

IDENTIFICATION DETAILS

 

Name :

RENCBER BAKLIYAT TARIM URUNLERI SANAYI TICARET LTD. STI.

 

 

Registered Office :

Velibaba Mah. Seckin Sok. No:1 Zemin Kat D:2 Pendik Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

02.09.2010

 

 

Com. Reg. No.:

746395

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Packaging and wholesale trade of pulse.  

 

 

No. of Employees :

75

 

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

 

 

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

:

RENCBER BAKLIYAT TARIM URUNLERI SANAYI TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Velibaba Mah. Seckin Sok. No:1 Zemin Kat D:2 Pendik Istanbul / Turkey

PHONE NUMBER

:

90-216-379 08 57

 

FAX NUMBER

:

90-216-379 08 97

 

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Pendik

TAX NO

:

7340640613

REGISTRATION NUMBER

:

746395

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

02.09.2010

ESTABLISHMENT GAZETTE DATE/NO

:

08.09.2010/7645

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   100.000

PAID-IN CAPITAL

:

TL   100.000

HISTORY

:

Previous Shareholder

:

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

Changed On

:

14.06.2013 (Commercial Gazette Date /Number 20.06.2013/ 8346)

PREVIOUS SHAREHOLDERS

:

Zeki Doruk

63 %

Ilker Zeytin

25 %

Isa Albayrak

12 %

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Zeki Doruk

88 %

Isa Albayrak

12 %

 

 

GROUP

:

HAKMAR GROUP OF COMPANIES

 

SISTER COMPANIES

:

BOZTAT GIDA LTD. STI.

HAK PILIC HAYVANCILIK GIDA SANAYI TICARET LTD. STI.

HAKMAR GIDA TURIZM HAYVANCILIK VE INSAAT SANAYI LTD. STI.

HAKMAR MAGAZACILIK LTD. STI.

SIVAS BIRLIK TARIM URUNLERI LTD. STI.

TATBAK GIDA SANAYI TICARET LTD. STI.

TATBAK MAGAZACILIK LTD. STI.

UNKAR GIDA SANAYI TICARET LTD. STI.

YUMTAT GIDA URETIM SANAYI TICARET LTD. STI.

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Zeki Doruk

 

Isa Albayrak

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Packaging and wholesale trade of pulse.  We are informed that the firm has 3 branch offices in Istanbul.

 

NACE CODE

:

G .51.21

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

75

 

NET SALES

:

1.918.413 TL

(2010) 

14.090.014 TL

(2011) 

26.323.239 TL

(2012) 

8.789.173 TL

(01.01-31.03.2013) 

 

 

PRODUCTION

:

None

 

IMPORT COUNTRIES

:

Canada

China

Italy

 

MERCHANDISE IMPORTED

:

Chickpea

Green lentils

 

EXPORT VALUE

:

0 TL

(2010)

0 TL

(2011)

 

 

HEAD OFFICE ADDRESS

:

Velibaba Mah. Seckin Sok. No:1 Zemin Kat D:2 Pendik  Istanbul / Turkey 

 

BRANCHES

:

Warehouse  :   Izmir/Turkey

 

Warehouse  :   Mersin/Turkey

 

Head Office/Processing Plant  :  Velibaba Mah. Seckin Sok. No:1 Zemin Kat D:2 Pendik Istanbul/Turkey

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2012.

SIZE OF BUSINESS

:

Medium

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Albaraka Turk Katilim Bankasi Kadikoy Branch

Asya Katilim Bankasi Dolayoba Branch

Garanti Bankasi Pendik E-5 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

:

 

(2010) TL

(2011) TL

(2012) TL

(01.01-31.03.2013) TL

 

Net Sales

1.918.413

14.090.014

26.323.239

8.789.173

 

Profit (Loss) Before Tax

12.529

147.112

104.242

13.544

 

Stockholders' Equity

110.022

226.326

305.877

 

 

Total Assets

3.486.762

4.149.596

6.880.232

 

 

Current Assets

3.340.294

3.927.373

6.291.869

 

 

Non-Current Assets

146.468

222.223

588.363

 

 

Current Liabilities

3.113.001

3.864.002

6.574.355

 

 

Long-Term Liabilities

263.739

59.268

0

 

 

Gross Profit (loss)

41.399

349.447

1.284.362

429.932

 

Operating Profit (loss)

12.527

172.440

177.755

42.154

 

Net Profit (loss)

10.022

116.303

79.549

13.544

 

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Not in order As of 31.12.2012

Liquidity

Low As of 31.12.2012

Profitability

Low Operating Profitability  in 2010

Low Net Profitability  in 2010

Low Operating Profitability  in 2011

Low Net Profitability  in 2011

Low Operating Profitability  in 2012

Low Net Profitability  in 2012

Low Operating Profitability (01.01-31.03.2013)

Low Net Profitability (01.01-31.03.2013)

 

Gap between average collection and payable periods

In order in 2012

General Financial Position

Not in order

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 01.01-31.05.2013)

0,99 %

1,8079

2,3728

2,8064

 

 

BALANCE SHEETS

 

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL

 

 

 

CURRENT ASSETS

3.340.294

0,96

3.927.373

0,95

6.291.869

0,91

 

 

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

 

 

Cash and Banks

90.586

0,03

276.455

0,07

366.066

0,05

 

 

Marketable Securities

0

0,00

0

0,00

0

0,00

 

 

Account Receivable

51.843

0,01

375.568

0,09

324.822

0,05

 

 

Other Receivable

0

0,00

0

0,00

540

0,00

 

 

Inventories

1.835.898

0,53

2.035.660

0,49

3.281.402

0,48

 

 

Advances Given

1.204.069

0,35

1.164.296

0,28

2.267.182

0,33

 

 

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

 

 

Other Current Assets

157.898

0,05

75.394

0,02

51.857

0,01

 

 

NON-CURRENT ASSETS

146.468

0,04

222.223

0,05

588.363

0,09

 

 

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

 

 

Long-term Receivable

0

0,00

0

0,00

0

0,00

 

 

Financial Assets

0

0,00

0

0,00

0

0,00

 

 

Tangible Fixed Assets (net)

124.920

0,04

196.543

0,05

496.899

0,07

 

 

Intangible Assets

3.051

0,00

7.184

0,00

91.464

0,01

 

 

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

 

 

Other Non-Current Assets

18.497

0,01

18.496

0,00

0

0,00

 

 

TOTAL ASSETS

3.486.762

1,00

4.149.596

1,00

6.880.232

1,00

 

 

CURRENT LIABILITIES

3.113.001

0,89

3.864.002

0,93

6.574.355

0,96

 

 

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

 

 

Financial Loans

0

0,00

3.996

0,00

409.618

0,06

 

 

Accounts Payable

169.043

0,05

59.829

0,01

261.525

0,04

 

 

Loans from Shareholders

0

0,00

0

0,00

0

0,00

 

 

Other Short-term Payable

7.548

0,00

32.026

0,01

49.000

0,01

 

 

Advances from Customers

2.930.338

0,84

3.734.351

0,90

5.825.058

0,85

 

 

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

 

 

Taxes Payable

3.566

0,00

26.941

0,01

24.029

0,00

 

 

Provisions

2.506

0,00

6.859

0,00

5.125

0,00

 

 

Other Current Liabilities

0

0,00

0

0,00

0

0,00

 

 

LONG-TERM LIABILITIES

263.739

0,08

59.268

0,01

0

0,00

 

 

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

 

 

Financial Loans

263.739

0,08

59.268

0,01

0

0,00

 

 

Securities Issued

0

0,00

0

0,00

0

0,00

 

 

Long-term Payable

0

0,00

0

0,00

0

0,00

 

 

Loans from Shareholders

0

0,00

0

0,00

0

0,00

 

 

Other Long-term Liabilities

0

0,00

0

0,00

0

0,00

 

 

Provisions

0

0,00

0

0,00

0

0,00

 

 

STOCKHOLDERS' EQUITY

110.022

0,03

226.326

0,05

305.877

0,04

 

 

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

 

 

Paid-in Capital

100.000

0,03

100.000

0,02

100.000

0,01

 

 

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

 

 

Inflation Adjustment of Capital

0

0,00

0

0,00

0

0,00

 

 

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

 

 

Reserves

0

0,00

10.023

0,00

126.328

0,02

 

 

Revaluation Fund

0

0,00

0

0,00

0

0,00

 

 

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

 

 

Net Profit (loss)

10.022

0,00

116.303

0,03

79.549

0,01

 

 

TOTAL LIABILITIES AND EQUITY

3.486.762

1,00

4.149.596

1,00

6.880.232

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

 

 

(2010) TL

 

(2011) TL

 

(2012) TL

 

(01.01-31.03.2013) TL

 

Net Sales

1.918.413

1,00

14.090.014

1,00

26.323.239

1,00

8.789.173

1,00

Cost of Goods Sold

1.877.014

0,98

13.740.567

0,98

25.038.877

0,95

8.359.241

0,95

Gross Profit

41.399

0,02

349.447

0,02

1.284.362

0,05

429.932

0,05

Operating Expenses

28.872

0,02

177.007

0,01

1.106.607

0,04

387.778

0,04

Operating Profit

12.527

0,01

172.440

0,01

177.755

0,01

42.154

0,00

Other Income

2

0,00

11.882

0,00

9.562

0,00

1.377

0,00

Other Expenses

0

0,00

9.010

0,00

19.423

0,00

10.646

0,00

Financial Expenses

0

0,00

28.200

0,00

63.652

0,00

19.341

0,00

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

12.529

0,01

147.112

0,01

104.242

0,00

13.544

0,00

Tax Payable

2.507

0,00

30.809

0,00

24.693

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

10.022

0,01

116.303

0,01

79.549

0,00

13.544

0,00

 

 

FINANCIAL RATIOS

 

 

(2010)

(2011)

(2012)

 

LIQUIDITY RATIOS

 

 

Current Ratio

1,07

1,02

0,96

 

Acid-Test Ratio

0,05

0,17

0,11

 

Cash Ratio

0,03

0,07

0,06

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,53

0,49

0,48

 

Short-term Receivable/Total Assets

0,01

0,09

0,05

 

Tangible Assets/Total Assets

0,04

0,05

0,07

 

TURNOVER RATIOS

 

 

Inventory Turnover

1,02

6,75

7,63

 

Stockholders' Equity Turnover

17,44

62,26

86,06

 

Asset Turnover

0,55

3,40

3,83

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,03

0,05

0,04

 

Current Liabilities/Total Assets

0,89

0,93

0,96

 

Financial Leverage

0,97

0,95

0,96

 

Gearing Percentage

30,69

17,33

21,49

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,09

0,51

0,26

 

Operating Profit Margin

0,01

0,01

0,01

 

Net Profit Margin

0,01

0,01

0,00

 

Interest Cover

 

6,22

2,64

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

9,73

9,60

4,44

 

Average Payable Period (days)

32,42

1,57

3,76

 

WORKING CAPITAL

227293,00

63371,00

-282486,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.59.70

UK Pound

1

Rs.92.25

Euro

1

Rs.78.38

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

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.