MIRA INFORM REPORT

 

 

Report Date :

18.09.2013

 

IDENTIFICATION DETAILS

 

Name :

MARBIL YAG SANAYI VE TICARET A.S.

 

 

Registered Office :

Akcay Cad. No:253 Gaziemir Izmir

 

 

Country :

Turkey

 

 

Financials (as on) :

30.09.2012

 

 

Date of Incorporation :

07.10.2005

 

 

Com. Reg. No.:

121929-MRKZ.-10059

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of sunflower oil, olive oil, olive-pomace oil and soap.

 

 

No. of Employees :

21

 

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

:

MARBIL YAG SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Akcay Cad. No:253 Gaziemir Izmir / Turkey

PHONE NUMBER

:

90-232-251 12 18

 

FAX NUMBER

:

90-232-251 17 34

 

WEB-ADDRESS

:

www.marbil.com.tr

E-MAIL

:

info@marbil.com.tr

 

 

LEGAL STATUS AND HISTORY

 

 

NOTES ON LEGAL STATUS AND HISTORY

:

Capital reduction.

 

TAX OFFICE

:

Gaziemir 

TAX NO

:

6120498688

REGISTRATION NUMBER

:

121929-MRKZ.-10059

REGISTERED OFFICE

:

Izmir Chamber of Commerce

DATE ESTABLISHED

:

07.10.2005

ESTABLISHMENT GAZETTE DATE /NO

:

28.10.2005/6421

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

 

REGISTERED CAPITAL

:

TL   3.831.030

HISTORY

:

Previous Address

:

1202/2 Sok. No:31/204 Gida Carsisi Gida Ishani Yenisehir Konak Izmir

Changed On

:

18.11.2005 (Commercial Gazette Date /Number 25.11.2005/ 6439)

Other Changes

:

The registered capital was increased from TL 3.876.120 to TL 9.804.375.

Changed On

:

20.06.2012 (Commercial Gazette Date /Number 26.06.2012/ 8098)

Other Changes

:

The registered capital was reduced from TL 9.804.375 to TL 3.831.030 with the decision of Izmir 2.Commercial Court of First Instance dated 22.01.2013 numbered E.2013/8 K.2013/8.

Changed On

:

22.08.2013 (Commercial Gazette Date /Number 28.08.2013/ 8393)

Other Changes

:

The subject transferred parts of its tangible fixed assets, receivable and liabilities to  “MARBIL YAPI SANAYI VE TICARET A.S”

Changed On

:

22.08.2013 (Commercial Gazette Date /Number 28.08.2013/ 8393)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

 

The International Leasing & Investing Company

48,77 %

Al-Mowasat United Real Estate Company

21,23 %

Erden Bilginogullari

18,11 %

Levet Bilginogullari

9,80 %

Gul Guler

 

Hediye Kutlu Bilginogullari

 

Nadeem Afzal

 

 

 

REMARKS ON SHAREHOLDERS

:

We are informed that, the shareholder "The International Leasing & Investing Company" and "Al-Mowasat United Real Estate Company"  are foreign companies located in Kuwait.

 

SISTER COMPANIES

:

BILGINOGLU YAG VE SABUN SANAYI A.S.

 

SUBSIDIARIES

:

None

 

BOARD OF DIRECTORS

:

Syed Azhar Hussain

Chairman

Levent Bilginogullari

Vice-Chairman

Nadeem Afzal

Member

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Manufacture and trade of sunflower oil, olive oil, olive-pomace oil and soap.

 

NACE CODE

:

DA.15.40

 

TRADEMARKS OWNED

:

Anjelo

Bilginoglu

Joos

Leyla

Meytin

Selesta

 

NUMBER OF EMPLOYEES

:

21

 

NET SALES

:

10.110.897 TL

(01.10.2010-30.09.2011) 

11.958.049 TL

(01.10.2011-30.09.2012) 

16.392.816 TL

(01.10.2012-30.06.2013) 

 

 

EXPORT VALUE

:

1.763.371 TL

(01.10.2010-30.09.2011)

1.417.660 TL

(01.01.2011-30.09.2012)

12.111.732 TL

(01.01.2012-30.06.2013)

 

 

EXPORT COUNTRIES

:

South Korea

India

Canada

U.S.A.

Pakistan

Iraq

Norway

New Zealand

Australia

U.A.E.

Spain

MERCHANDISE  EXPORTED

:

Olive oil

Soap

 

HEAD OFFICE ADDRESS

:

Akcay Cad. No:253 Gaziemir Izmir / Turkey (rented)

 

BRANCHES

:

Head Office/Production Plant  :  Akcay Cad. No:253 Gaziemir Izmir/Turkey (rented) (3.100 sqm)

 

INVESTMENTS

:

Machinery investments are going on.

 

 

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

HSBC Bank Karabaglar Branch

 

CREDIT FACILITIES

:

The subject rarely makes use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(01.10.2010-30.09.2011) TL

(01.10.2011-30.09.2012) TL

(01.10.2012-30.06.2013) TL

 

 

Net Sales

10.110.897

11.958.049

16.392.816

 

 

Profit (Loss) Before Tax

-644.675

-192.776

611.016

 

 

Stockholders' Equity

13.966.264

13.773.488

 

 

 

Total Assets

15.547.032

15.533.392

 

 

 

Current Assets

4.735.284

5.041.044

 

 

 

Non-Current Assets

10.811.748

10.492.348

 

 

 

Current Liabilities

1.580.768

1.759.904

 

 

 

Long-Term Liabilities

0

0

 

 

 

Gross Profit (loss)

-67.946

-863

1.145.640

 

 

Operating Profit (loss)

-917.312

-468.993

617.064

 

 

Net Profit (loss)

-644.675

-192.776

611.016

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

High As of 30.09.2012

Remarks on Capitalization

There has been capital reduction after the last balance sheet date.

Liquidity

Satisfactory As of 30.09.2012

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

Gross Loss (01.10.2010-30.09.2011)

Operating Loss (01.10.2010-30.09.2011)

Net Loss (01.10.2010-30.09.2011)

Gross Loss (01.10.2011-30.09.2012)

Operating Loss (01.10.2011-30.09.2012)

Net Loss (01.10.2011-30.09.2012)

In Order Operating Profitability (01.10.2012-30.06.2013)

In Order Net Profitability (01.10.2012-30.06.2013)

 

Gap between average collection and payable periods

Unfavorable in 01.01-30.09.2012

General Financial Position

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

 ( 01.01-30.09.2011)

9,72 %

1,6335

2,3016

2,6294

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 01.01-30.09.2012)

3,34 %

1,8029

2,3233

2,8527

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 ( 01.01-30.06.2013)

2,46 %

1,8251

2,3936

2,8262

 ( 01.01-31.08.2013)

3,52 %

1,8605

2,4465

2,8765

 

 

BALANCE SHEETS

 

 

 ( 30.09.2011 )  TL

 

 ( 30.09.2012 )  TL

 

CURRENT ASSETS

4.735.284

0,30

5.041.044

0,32

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

171.234

0,01

119.271

0,01

Marketable Securities

0

0,00

0

0,00

Account Receivable

2.436.082

0,16

2.927.415

0,19

Other Receivable

597.121

0,04

97.429

0,01

Inventories

1.209.451

0,08

1.546.121

0,10

Advances Given

256.961

0,02

243.555

0,02

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

64.435

0,00

107.253

0,01

NON-CURRENT ASSETS

10.811.748

0,70

10.492.348

0,68

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)

10.798.646

0,69

10.469.770

0,67

Intangible Assets

12.351

0,00

16.912

0,00

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

751

0,00

5.666

0,00

TOTAL ASSETS

15.547.032

1,00

15.533.392

1,00

CURRENT LIABILITIES

1.580.768

0,10

1.759.904

0,11

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

0

0,00

11.371

0,00

Accounts Payable

1.422.695

0,09

1.546.017

0,10

Loans from Shareholders

8.459

0,00

8.459

0,00

Other Short-term Payable

53.850

0,00

81.597

0,01

Advances from Customers

59.573

0,00

86.216

0,01

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

33.568

0,00

26.244

0,00

Provisions

0

0,00

0

0,00

Other Current Liabilities

2.623

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

13.966.264

0,90

13.773.488

0,89

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

3.876.120

0,25

9.804.375

0,63

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

153.687

0,01

153.687

0,01

Revaluation Fund

12.462.239

0,80

6.533.984

0,42

Accumulated Losses(-)

-1.881.107

-0,12

-2.525.782

-0,16

Net Profit (loss)

-644.675

-0,04

-192.776

-0,01

TOTAL LIABILITIES AND EQUITY

15.547.032

1,00

15.533.392

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

 

 

(01.10.2010-30.09.2011) TL

 

(01.10.2011-30.09.2012) TL

 

(01.10.2012-30.06.2013) TL

 

Net Sales

10.110.897

1,00

11.958.049

1,00

16.392.816

1,00

Cost of Goods Sold

10.178.843

1,01

11.958.912

1,00

15.247.176

0,93

Gross Profit

-67.946

-0,01

-863

0,00

1.145.640

0,07

Operating Expenses

849.366

0,08

468.130

0,04

528.576

0,03

Operating Profit

-917.312

-0,09

-468.993

-0,04

617.064

0,04

Other Income

437.909

0,04

451.316

0,04

136.961

0,01

Other Expenses

165.114

0,02

171.701

0,01

141.206

0,01

Financial Expenses

158

0,00

3.398

0,00

1.803

0,00

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

-644.675

-0,06

-192.776

-0,02

611.016

0,04

Tax Payable

0

0,00

0

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

-644.675

-0,06

-192.776

-0,02

611.016

0,04

 

 

FINANCIAL RATIOS

 

 

(01.10.2010-30.09.2011)

(01.10.2011-30.09.2012)

LIQUIDITY RATIOS

 

 

Current Ratio

3,00

2,86

Acid-Test Ratio

2,03

1,79

Cash Ratio

0,11

0,07

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,08

0,10

Short-term Receivable/Total Assets

0,20

0,19

Tangible Assets/Total Assets

0,69

0,67

TURNOVER RATIOS

 

 

Inventory Turnover

8,42

7,73

Stockholders' Equity Turnover

0,72

0,87

Asset Turnover

0,65

0,77

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,90

0,89

Current Liabilities/Total Assets

0,10

0,11

Financial Leverage

0,10

0,11

Gearing Percentage

0,11

0,13

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

-0,05

-0,01

Operating Profit Margin

-0,09

-0,04

Net Profit Margin

-0,06

-0,02

Interest Cover

-4079,22

-55,73

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

86,74

88,13

Average Payable Period (days)

50,32

46,54

WORKING CAPITAL

3154516,00

3281140,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.38

UK Pound

1

Rs.100.86

Euro

1

Rs.84.60

 

 

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.