MIRA INFORM REPORT

 

 

Report Date :

07.08.2014

 

IDENTIFICATION DETAILS

 

Name :

FILIZ SEKERLEME GIDA SANAYI VE TICARET A.S.

 

 

Registered Office :

Aydin Apt. No.2/3 Salihbey Sok. Kale Mahallesi Samsun

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

06.01.1983

 

 

Com. Reg. No.:

11458

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of halva, jam, Turkish delight.  

 

 

No. of Employees

80

 

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 :

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 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

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 around 9% in 2010-11, as exports returned to normal levels following the recession. Growth dropped to roughly 3-4% in 2012-13. Turkey's public sector debt to GDP ratio has fallen below 40%, and two rating agencies upgraded Turkey's debt to investment grade in 2012 and 2013. Turkey remains dependent on often volatile, short-term investment to finance its large current account deficit. The stock value of FDI reached nearly $195 billion at year-end 2013, reflecting Turkey's robust growth even in the face of economic turmoil in Europe, the source of much of Turkey's FDI. Turkey's relatively high current account deficit, domestic political uncertainty, and turmoil within Turkey's neighborhood leave the economy vulnerable to destabilizing shifts in investor confidence.

Source : CIA

 

 

 

COMPANY IDENTIFICATION

 

NAME

:

FILIZ SEKERLEME GIDA SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Aydin Apt. No.2/3 Salihbey Sok. Kale Mahallesi Samsun / Turkey

PHONE NUMBER

:

90-362-266 44 44

 

FAX NUMBER

:

90-362-266 44 50

 

WEB-ADDRESS

:

www.filizhelva.com

E-MAIL

:

bilgi@filizhelva.com

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Gaziler

TAX NO

:

3880016713

REGISTRATION NUMBER

:

11458

REGISTERED OFFICE

:

Samsun Chamber of Commerce and Industry

DATE ESTABLISHED

:

06.01.1983

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   10.500.000

HISTORY

:

Previous Registered Capital

:

TL 4.000.000

Changed On

:

09.04.2010 (Commercial Gazette Date /Number 14.04.2010/ 7543)

Previous Registered Capital

:

TL 4.500.000

Changed On

:

26.03.2012 (Commercial Gazette Date /Number 04.04.2012/ 8041)

Previous Registered Capital

:

TL 7.500.000

Changed On

:

07.11.2013 (Commercial Gazette Date /Number 13.11.2013/ 8442)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Omer Coruh

50 %

Taner Coruh

50 %

 

 

SISTER COMPANIES

:

Declared to be: None

 

BOARD OF DIRECTORS

:

Taner Coruh

Chairman

Omer Coruh

Vice-Chairman

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of halva, jam, Turkish delight.  

 

NACE CODE

:

DA.15.84

 

SECTOR

:

Food

 

NUMBER OF EMPLOYEES

:

80

 

NET SALES

:

8.990.664 TL

(2009) 

10.959.349 TL

(2010) 

11.614.997 TL

(2011) 

16.337.534 TL

(2012) 

22.281 TL Thousand

(2013) 

6.760 TL Thousand

(01.01-31.03.2014) 

 

 

IMPORT COUNTRIES

:

Nigeria

India

 

MERCHANDISE IMPORTED

:

Sesame

 

EXPORT VALUE

:

296.280 TL

(2009)

351.429 TL

(2010)

547.555 TL

(2011)

650.108 TL

(2012)

1.321.195 TL

(2013)

248.992 TL

(01.01-31.03.2014)

 

 

EXPORT COUNTRIES

:

Russia

Bosnia and Herzegovina

Germany

France

Belgium

 

MERCHANDISE  EXPORTED

:

Halvah

Jam

Turkish delight

 

HEAD OFFICE ADDRESS

:

Aydin Apt. No.2/3 Salihbey Sok. Kale Mahallesi  Samsun / Turkey ( owned )

 

BRANCHES

:

Factory  :  O.S.B Yasar Dogu Cad. No:32-34 Kutlukent Samsun/Turkey (rented)

           

 

TREND OF BUSINESS

:

There was an upwards trend in  2013.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Asya Katilim Bankasi Merkez 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

(2013) TL Thousand

(01.01-31.03.2014) TL Thousand

Net Sales

10.959.349

11.614.997

16.337.534

22.281

6.760

Profit (Loss) Before Tax

472.887

238.236

1.119.444

1.133

741

Stockholders' Equity

6.711.713

7.130.545

8.690.215

10.969

 

Total Assets

7.960.868

9.835.082

10.743.969

14.585

 

Current Assets

6.166.085

8.103.109

8.587.346

11.441

 

Non-Current Assets

1.794.783

1.731.973

2.156.623

3.144

 

Current Liabilities

1.249.155

2.704.537

2.053.754

3.616

 

Long-Term Liabilities

0

0

0

0

 

Gross Profit (loss)

2.041.494

1.953.570

2.831.876

2.940

1.242

Operating Profit (loss)

378.884

136.774

978.987

699

687

Net Profit (loss)

374.145

168.832

888.916

898

741

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

High As of 31.12.2013

Liquidity

High As of 31.12.2013

Remarks On Liquidity

The unfavorable gap between average collection and average payable period has an adverse effect on liquidity.

Profitability

Fair Operating Profitability  in 2010

In Order Net Profitability  in 2010

Low Operating Profitability  in 2011

Low Net Profitability  in 2011

Good Operating Profitability  in 2012

Good Net Profitability  in 2012

Fair Operating Profitability  in 2013

Good Net Profitability  in 2013

High Operating Profitability (01.01-31.03.2014)

High Net Profitability (01.01-31.03.2014)

 

Gap between average collection and payable periods

Unfavorable in 2013

General Financial Position

Good

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 2013 )

6,97 %

1,9179

2,5530

3,0178

 ( 01.01-31.03.2014)

5,52 %

2,1961

3,0116

3,6488

 ( 01.01-31.07.2014)

5,89 %

2,1578

2,9492

3,6152

 

 

BALANCE SHEETS

 

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL

 

 ( 31.12.2013 )  TL Thousand

 

 

 

CURRENT ASSETS

6.166.085

0,77

8.103.109

0,82

8.587.346

0,80

11.441

0,78

 

 

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Cash and Banks

3.093.694

0,39

2.027.461

0,21

1.599.233

0,15

3.576

0,25

 

 

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Account Receivable

1.534.910

0,19

3.004.256

0,31

4.156.656

0,39

5.052

0,35

 

 

Other Receivable

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Inventories

1.258.729

0,16

1.348.493

0,14

2.048.938

0,19

1.513

0,10

 

 

Advances Given

138.928

0,02

1.581.071

0,16

707.094

0,07

1.292

0,09

 

 

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Other Current Assets

139.824

0,02

141.828

0,01

75.425

0,01

8

0,00

 

 

NON-CURRENT ASSETS

1.794.783

0,23

1.731.973

0,18

2.156.623

0,20

3.144

0,22

 

 

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

5.000

0,00

10.000

0,00

10.000

0,00

113

0,01

 

 

Tangible Fixed Assets (net)

1.812.306

0,23

1.675.415

0,17

2.090.051

0,19

2.995

0,21

 

 

Intangible Assets

-48.531

-0,01

0

0,00

0

0,00

0

0,00

 

 

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Other Non-Current Assets

26.008

0,00

46.558

0,00

56.572

0,01

36

0,00

 

 

TOTAL ASSETS

7.960.868

1,00

9.835.082

1,00

10.743.969

1,00

14.585

1,00

 

 

CURRENT LIABILITIES

1.249.155

0,16

2.704.537

0,27

2.053.754

0,19

3.616

0,25

 

 

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Financial Loans

154.600

0,02

1.019.893

0,10

0

0,00

1.332

0,09

 

 

Accounts Payable

399.318

0,05

671.632

0,07

1.042.675

0,10

1.376

0,09

 

 

Loans from Shareholders

0

0,00

0

0,00

139.559

0,01

0

0,00

 

 

Other Short-term Payable

305

0,00

0

0,00

13.812

0,00

12

0,00

 

 

Advances from Customers

629.334

0,08

860.757

0,09

788.767

0,07

834

0,06

 

 

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Taxes Payable

23.598

0,00

106.816

0,01

61.793

0,01

40

0,00

 

 

Provisions

0

0,00

0

0,00

7.148

0,00

22

0,00

 

 

Other Current Liabilities

42.000

0,01

45.439

0,00

0

0,00

0

0,00

 

 

LONG-TERM LIABILITIES

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Financial Loans

0

0,00

0

0,00

0

0,00

0

0,00

 

 

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

6.711.713

0,84

7.130.545

0,73

8.690.215

0,81

10.969

0,75

 

 

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Paid-in Capital

4.250.000

0,53

4.500.000

0,46

7.500.000

0,70

9.886

0,68

 

 

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Inflation Adjustment of Capital

300.963

0,04

300.963

0,03

0

0,00

0

0,00

 

 

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Reserves

1.786.605

0,22

2.160.750

0,22

301.299

0,03

185

0,01

 

 

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)

374.145

0,05

168.832

0,02

888.916

0,08

898

0,06

 

 

TOTAL LIABILITIES AND EQUITY

7.960.868

1,00

9.835.082

1,00

10.743.969

1,00

14.585

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.       

 

In the sub-items of "Account Receivable", TL thousand 0  is "Doubtful Trade Receivables" at the last balance sheet. 

 

TL thousand 0 of "Tax Payable" is due to "Overdue, Delayed or Deferred Tax by Installments and Other Liabilities" at the last balance sheet.

 

 

INCOME STATEMENTS

 

 

(2010) TL

 

(2011) TL

 

(2012) TL

 

(2013) TL Thousand

 

(01.01-31.03.2014) TL Thousand

 

Net Sales

10.959.349

1,00

11.614.997

1,00

16.337.534

1,00

22.281

1,00

6.760

1,00

Cost of Goods Sold

8.917.855

0,81

9.661.427

0,83

13.505.658

0,83

19.341

0,87

5.518

0,82

Gross Profit

2.041.494

0,19

1.953.570

0,17

2.831.876

0,17

2.940

0,13

1.242

0,18

Operating Expenses

1.662.610

0,15

1.816.796

0,16

1.852.889

0,11

2.241

0,10

555

0,08

Operating Profit

378.884

0,03

136.774

0,01

978.987

0,06

699

0,03

687

0,10

Other Income

313.592

0,03

330.332

0,03

353.620

0,02

676

0,03

95

0,01

Other Expenses

210.857

0,02

144.079

0,01

79.758

0,00

32

0,00

31

0,00

Financial Expenses

8.732

0,00

84.791

0,01

133.405

0,01

210

0,01

10

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

472.887

0,04

238.236

0,02

1.119.444

0,07

1.133

0,05

741

0,11

Tax Payable

98.742

0,01

69.404

0,01

230.528

0,01

235

0,01

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

374.145

0,03

168.832

0,01

888.916

0,05

898

0,04

741

0,11

 

 

FINANCIAL RATIOS

 

 

(2010)

(2011)

(2012)

(2013)

 

LIQUIDITY RATIOS

 

 

Current Ratio

4,94

3,00

4,18

3,16

 

Acid-Test Ratio

3,71

1,86

2,80

2,39

 

Cash Ratio

2,48

0,75

0,78

0,99

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,16

0,14

0,19

0,10

 

Short-term Receivable/Total Assets

0,19

0,31

0,39

0,35

 

Tangible Assets/Total Assets

0,23

0,17

0,19

0,21

 

TURNOVER RATIOS

 

 

Inventory Turnover

7,08

7,16

6,59

12,78

 

Stockholders' Equity Turnover

1,63

1,63

1,88

2,03

 

Asset Turnover

1,38

1,18

1,52

1,53

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,84

0,73

0,81

0,75

 

Current Liabilities/Total Assets

0,16

0,27

0,19

0,25

 

Financial Leverage

0,16

0,27

0,19

0,25

 

Gearing Percentage

0,19

0,38

0,24

0,33

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,06

0,02

0,10

0,08

 

Operating Profit Margin

0,03

0,01

0,06

0,03

 

Net Profit Margin

0,03

0,01

0,05

0,04

 

Interest Cover

55,16

3,81

9,39

6,40

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

50,42

93,12

91,59

81,63

 

Average Payable Period (days)

16,12

25,03

27,79

25,61

 

WORKING CAPITAL

4916930,00

5398572,00

6533592,00

7825,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.34

UK Pound

1

Rs.103.44

Euro

1

Rs.81.96

                

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

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.