MIRA INFORM REPORT

 

 

Report Date :

18.03.2013

 

IDENTIFICATION DETAILS

 

Name :

ERA KURUYEMIS BAHARAT BAKLIYAT GIDA TASIMACILIK ITHALAT IHRACAT SANAYI VE TICARET LTD. STI.

 

 

Registered Office :

Ozgurluk Mah. Turgut Ozal Bulvari S.S.Mersin Gida Topt. Top. Is Merk. F Blok No:139  Mersin

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

13.11.2006

 

 

Com. Reg. No.:

29879

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Trade of appetizers, spices, pulse.

 

 

No. of Employees :

13

 

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

:

ERA KURUYEMIS BAHARAT BAKLIYAT GIDA TASIMACILIK ITHALAT IHRACAT SANAYI VE TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Ozgurluk Mah. Turgut Ozal Bulvari S.S.Mersin Gida Topt. Top. Is Merk. F Blok No:139  Mersin / Turkey

PHONE NUMBER

:

90-324-234 73 14-15

 

FAX NUMBER

:

90-324-234 73 16

 

WEB-ADDRESS

:

www.erafoods.com

E-MAIL

:

era@erafoods.com

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Liman

TAX NO

:

3370364040

REGISTRATION NUMBER

:

29879

REGISTERED OFFICE

:

Mersin Chamber of Commerce and Industry

DATE ESTABLISHED

:

13.11.2006

ESTABLISHMENT GAZETTE DATE/NO

:

23.11.2006/6689

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   10.000.000

HISTORY

:

Previous Registered Capital

:

TL 750.000

Changed On

:

05.08.2009 (Commercial Gazette Date /Number 13.08.2009/ 7375)

Previous Registered Capital

:

TL 3.000.000

Changed On

:

01.06.2010 (Commercial Gazette Date /Number 10.06.2010/ 7582)

Previous Registered Capital

:

TL 3.500.000

Changed On

:

02.07.2012 (Commercial Gazette Date /Number 13.07.2012/ 8111)

Previous Shareholder

:

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

Changed On

:

01.03.2013 (Commercial Gazette Date /Number 07.03.2013/ 8273)

PREVIOUS SHAREHOLDERS

:

Ismail Guray Atalaysun

25 %

Tulin Dartar

25 %

Hanifi Kemal Celikkkan

25 %

Onder Tepe

25 %

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Ismail Guray Atalaysun

33,34 %

Hanifi Kemal Celikkan

33,33 %

Tulin Dartar

33,33 %

 

 

DIRECTORS

:

Ismail Guray Atalaysun                                                                                                                                                                                                                                                                                   

 

Hanifi Kemal Celikkan                                                                                                                                                                                                                                                                                   

 

Bora Kurt                                                                                                                                                                                                                                                                                   

 

Tulin Dartar                                                                                                                                                                                                                                                                                   

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Trade of appetizers, spices, pulse.

 

NACE CODE

:

G .51.37

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

13

 

NET SALES

:

347.540 TL

(13.11-31.12.2006) 

8.087.564 TL

(2007) 

14.263.639 TL

(2008) 

15.076.618 TL

(2009) 

16.704.116 TL

(2010) 

26.639.141 TL

(2011) 

33.647.741 TL

(2012) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT VALUE

:

99.094 USD

(13.11-31.12.2006)

2.031.429 USD

(2007)

6.516.695 USD

(2008)

8.253.265 USD

(2009)

7.590.407 USD

(2010)

10.000.000 USD

(2011)

14.000.000 USD

(2012)

 

 

IMPORT COUNTRIES

:

Vietnam

Sri Lanka

China

Syria

Brazil

India

Mexico

Argentina

Indonesia

Egypt

Spain

U.S.A.

 

MERCHANDISE IMPORTED

:

Appetizers

Pulse

Spices

 

EXPORT VALUE

:

0 TL

(2007)

11.716 TL

(2008)

123.526 TL

(2009)

246.075 TL

(2010)

2.321.711 TL

(2011)

3.108.667 TL

(2012)

 

 

EXPORT COUNTRIES

:

Syria

Northern Cyprus Turkish Republic

 

MERCHANDISE  EXPORTED

:

Appetizers

Pulse

Spices

 

HEAD OFFICE ADDRESS

:

Ozgurluk Mah. Turgut Ozal Bulvari S.S.Mersin Gida Topt. Top. Is Merk. F Blok No:139   Mersin / Turkey ( owned )

 

BRANCHES

:

Warehouse  :  Ozgurluk Mah. Turgut Ozal Bulvari S.S.Mersin Gida Topt. Top. Is Merk. F Blok No:138-140-141 Mersin/Turkey

 

Warehouse  :  Ozgurluk Mah. Turgut Ozal Bulvari S.S.Mersin Gida Topt. Top. Is Merk. C Blok No:45 Mersin/Turkey (owned)

 

Warehouse  :  Ozgurluk Mah. Turgut Ozal Bulvari S.S.Mersin Gida Topt. Top. Is Merk. C Blok No:72 Mersin/Turkey (owned)

 

Warehouse  :  Ozgurluk Mah. Turgut Ozal Bulvari S.S.Mersin Gida Topt. Top. Is Merk. F Blok No:1 Mersin/Turkey

 

Warehouse  :  Ozgurluk Mah. Turgut Ozal Bulvari S.S.Mersin Gida Topt. Top. Is Merk. F Blok No:19 Mersin/Turkey

 

Head Office/Warehouse  :  Ozgurluk Mah. Turgut Ozal Bulvari S.S.Mersin Gida Topt. Top. Is Merk. F Blok No:139 Mersin/Turkey (owned)

           

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2012.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Akbank Yeni Hal Branch

HSBC Bank Mersin Merkez Branch

ING Bank Mersin Branch

T. Is Bankasi Yeni Hal Branch

Tekstil Bankasi Mersin Branch

Turk Ekonomi Bankasi Carsi Branch

Yapi ve Kredi Bankasi Mersin 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

:

 

(2008) TL

(2009) TL

(2010) TL

(2011) TL

(2012) TL

Net Sales

14.263.639

15.076.618

16.704.116

26.639.141

33.647.741

Profit (Loss) Before Tax

672.299

358.086

350.976

548.335

550.780

Stockholders' Equity

1.596.486

3.601.673

3.879.476

6.649.641

 

Total Assets

4.311.469

8.258.545

9.275.789

16.385.934

 

Current Assets

3.350.984

6.800.332

7.823.318

15.114.939

 

Non-Current Assets

960.485

1.458.213

1.452.471

1.270.995

 

Current Liabilities

2.714.983

2.927.361

4.116.599

9.089.926

 

Long-Term Liabilities

0

1.729.511

1.279.714

646.367

 

Gross Profit (loss)

1.734.736

1.404.153

1.372.606

1.318.010

2.025.458

Operating Profit (loss)

1.198.776

706.821

704.841

752.147

1.155.095

Net Profit (loss)

537.211

285.188

277.803

438.361

550.780

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

THE DETAILS OF THE CAPITAL INCREASE  AFTER LAST BALANCE SHEET

 

:

Cash Part

:3.350.500 TL

Equity Part

:3.149.500 TL

Payment Due Date

:02.10.2012

 

 

Capitalization

High As of 31.12.2011

Remarks on Capitalization

A part of total liabilities and equity consist of loans from shareholders rather than liabilities to third parties indicating not too high indebtedness to third parties. 

 

There has been capital increase after the last balance sheet date. The capital increase financed by cash is expected to have an improvement at equity total since the last balance sheet date.

 

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. 

 

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 2008

Good Net Profitability  in 2008

In Order Operating Profitability  in 2009

Fair Net Profitability  in 2009

In Order Operating Profitability  in 2010

Fair Net Profitability  in 2010

Fair Operating Profitability  in 2011

Fair Net Profitability  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

 ( 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

 ( 01.01-28.02.2013)

-0,31 %

1,7828

2,3690

2,8041

 

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

 

 

CURRENT ASSETS

3.350.984

0,78

6.800.332

0,82

7.823.318

0,84

15.114.939

0,92

 

 

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Cash and Banks

1.108.679

0,26

2.115.471

0,26

2.814.565

0,30

55.357

0,00

 

 

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Account Receivable

1.431.604

0,33

2.735.760

0,33

638.657

0,07

8.725.502

0,53

 

 

Other Receivable

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Inventories

795.410

0,18

1.944.876

0,24

4.369.371

0,47

6.170.731

0,38

 

 

Advances Given

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Other Current Assets

15.291

0,00

4.225

0,00

725

0,00

163.349

0,01

 

 

NON-CURRENT ASSETS

960.485

0,22

1.458.213

0,18

1.452.471

0,16

1.270.995

0,08

 

 

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

0

0,00

0

0,00

 

 

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Tangible Fixed Assets (net)

958.420

0,22

1.456.148

0,18

1.450.406

0,16

1.251.948

0,08

 

 

Intangible Assets

623

0,00

623

0,00

623

0,00

623

0,00

 

 

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Other Non-Current Assets

1.442

0,00

1.442

0,00

1.442

0,00

18.424

0,00

 

 

TOTAL ASSETS

4.311.469

1,00

8.258.545

1,00

9.275.789

1,00

16.385.934

1,00

 

 

CURRENT LIABILITIES

2.714.983

0,63

2.927.361

0,35

4.116.599

0,44

9.089.926

0,55

 

 

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Financial Loans

788.835

0,18

2.045.340

0,25

2.811.457

0,30

3.810.639

0,23

 

 

Accounts Payable

0

0,00

733

0,00

47.210

0,01

1.573.380

0,10

 

 

Loans from Shareholders

1.906.566

0,44

854.339

0,10

1.185.119

0,13

3.650.390

0,22

 

 

Other Short-term Payable

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Advances from Customers

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Taxes Payable

2.568

0,00

5.221

0,00

53.857

0,01

7.854

0,00

 

 

Provisions

17.014

0,00

21.728

0,00

18.956

0,00

47.663

0,00

 

 

Other Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

LONG-TERM LIABILITIES

0

0,00

1.729.511

0,21

1.279.714

0,14

646.367

0,04

 

 

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Financial Loans

0

0,00

1.729.511

0,21

1.279.714

0,14

646.367

0,04

 

 

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

1.596.486

0,37

3.601.673

0,44

3.879.476

0,42

6.649.641

0,41

 

 

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Paid-in Capital

750.000

0,17

3.000.000

0,36

3.500.000

0,38

3.500.000

0,21

 

 

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Inflation Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Reserves

309.275

0,07

316.485

0,04

101.673

0,01

2.711.280

0,17

 

 

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Net Profit (loss)

537.211

0,12

285.188

0,03

277.803

0,03

438.361

0,03

 

 

TOTAL LIABILITIES AND EQUITY

4.311.469

1,00

8.258.545

1,00

9.275.789

1,00

16.385.934

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

14.263.639

1,00

15.076.618

1,00

16.704.116

1,00

26.639.141

1,00

33.647.741

1,00

Cost of Goods Sold

12.528.903

0,88

13.672.465

0,91

15.331.510

0,92

25.321.131

0,95

31.622.283

0,94

Gross Profit

1.734.736

0,12

1.404.153

0,09

1.372.606

0,08

1.318.010

0,05

2.025.458

0,06

Operating Expenses

535.960

0,04

697.332

0,05

667.765

0,04

565.863

0,02

870.363

0,03

Operating Profit

1.198.776

0,08

706.821

0,05

704.841

0,04

752.147

0,03

1.155.095

0,03

Other Income

6.129

0,00

46.466

0,00

97.091

0,01

283.796

0,01

108.932

0,00

Other Expenses

260.923

0,02

26.685

0,00

100.321

0,01

103.159

0,00

2.184

0,00

Financial Expenses

271.683

0,02

368.516

0,02

350.635

0,02

384.449

0,01

711.063

0,02

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

672.299

0,05

358.086

0,02

350.976

0,02

548.335

0,02

550.780

0,02

Tax Payable

135.088

0,01

72.898

0,00

73.173

0,00

109.974

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)

537.211

0,04

285.188

0,02

277.803

0,02

438.361

0,02

550.780

0,02

 

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

(2011)

 

LIQUIDITY RATIOS

 

 

Current Ratio

1,23

2,32

1,90

1,66

 

Acid-Test Ratio

0,94

1,66

0,84

0,97

 

Cash Ratio

0,41

0,72

0,68

0,01

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,18

0,24

0,47

0,38

 

Short-term Receivable/Total Assets

0,33

0,33

0,07

0,53

 

Tangible Assets/Total Assets

0,22

0,18

0,16

0,08

 

TURNOVER RATIOS

 

 

Inventory Turnover

15,75

7,03

3,51

4,10

 

Stockholders' Equity Turnover

8,93

4,19

4,31

4,01

 

Asset Turnover

3,31

1,83

1,80

1,63

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,37

0,44

0,42

0,41

 

Current Liabilities/Total Assets

0,63

0,35

0,44

0,55

 

Financial Leverage

0,63

0,56

0,58

0,59

 

Gearing Percentage

1,70

1,29

1,39

1,46

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,34

0,08

0,07

0,07

 

Operating Profit Margin

0,08

0,05

0,04

0,03

 

Net Profit Margin

0,04

0,02

0,02

0,02

 

Interest Cover

3,47

1,97

2,00

2,43

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

36,13

65,32

13,76

117,92

 

Average Payable Period (days)

0,00

0,02

1,11

22,37

 

WORKING CAPITAL

636001,00

3872971,00

3706719,00

6025013,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.16

UK Pound

1

Rs.81.74

Euro

1

Rs.70.50

 

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.