MIRA INFORM REPORT

 

 

Report Date :

09.07.2014

 

IDENTIFICATION DETAILS

 

Name :

YAYLA AGRO GIDA SANAYI VE NAKLIYAT A.S.

 

 

Registered Office :

Saray Mah. Fatih Sultan Mehmet Bulvari No:327 Kazan Ankara

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

15.05.1996

 

 

Com. Reg. No.:

945-Kazan

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture, packaging and trade of cube sugar; packaging and trade of pulse

 

 

No. of Employees :

297

 

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 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Turkey

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate High Risk

 

C1

High Risk

 

C2

Very High Risk

 

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% in 2012-13. Turkey's public sector debt to GDP ratio has fallen below 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 reached nearly $195 billion at year-end 2013, reflecting Turkey's good 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, 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 name and address

 

 

NAME

:

YAYLA AGRO GIDA SANAYI VE NAKLIYAT A.S.

HEAD OFFICE ADDRESS

:

Saray Mah. Fatih Sultan Mehmet Bulvari No:327 Kazan Ankara / Turkey

PHONE NUMBER

:

90-312-815 49 50

 

FAX NUMBER

:

90-312-815 47 90

 

WEB-ADDRESS

:

www.yaylabakliyat.com

E-MAIL

:

yayla@yaylabakliyat.com.tr

 

 

LEGAL STATUS AND HISTORY

 

 

NOTES ON LEGAL STATUS AND HISTORY

:

Change at registration no .

 

 

TAX OFFICE

:

Kazan 

TAX NO

:

3200039053

REGISTRATION NUMBER

:

945-Kazan

REGISTERED OFFICE

:

Ankara Chamber of Commerce

DATE ESTABLISHED

:

15.05.1996

ESTABLISHMENT GAZETTE DATE/NO

:

17.05.1996/4039

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

 

REGISTERED CAPITAL

:

TL   35.000.000

HISTORY

:

Previous Name

:

Durukan Gida ve Ihtiyac Maddeleri Nakliyat A.S.

Changed On

:

26.07.2005 (Commercial Gazette Date /Number 29.07.2005/ 6357)

Previous Name

:

Durukan Gida Sanayi Ve Nakliyat A.S.

Changed On

:

28.05.2010 (Commercial Gazette Date /Number 01.06.2010/ 7575)

Previous Registered Capital

:

TL 5.000.000

Changed On

:

04.07.2008 (Commercial Gazette Date /Number 09.07.2008/ 7101)

Previous Registered Capital

:

TL 10.000.000

Changed On

:

10.03.2009 (Commercial Gazette Date /Number 13.03.2009/ 7269)

Previous Registered Capital

:

TL 12.000.000

Changed On

:

17.12.2010 (Commercial Gazette Date /Number 22.12.2010/ 7713)

Previous Registered Capital

:

TL 25.000.000

Changed On

:

15.05.2013 (Commercial Gazette Date /Number 20.05.2013/ 8323)

Other Changes

:

The company moved from “Ergazi Mah. Istanbul Devlet Yolu No:460/3 Yenimahalle-Ankara” to “Saray Mah. Fatih Sultan Mehmet Bul. No:327 Kazan-Ankara”  So the registration number of the subject was changed from “118677” to “945-Kazan”

Changed On

:

22.08.2007 (Commercial Gazette Date /Number 27.08.2007/ 6882)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Hasan Gumus

45 %

Haci Ahmet Gumus

20 %

Yusuf Koyuncu

18,30 %

Ahmet Nedim Koyuncu

11,70 %

Mehmet Pekcetin

5 %

 

 

BOARD OF DIRECTORS

:

Hasan Gumus

Chairman

Mehmet Pekcetin

Vice-Chairman

Ahmet Nedim Koyuncu

Member

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Manufacture, packaging and trade of cube sugar; packaging and trade of pulse.

 

NACE CODE

:

DA.15.83

 

SECTOR

:

Food

 

TRADEMARKS OWNED

:

Ala Ciftci

Yayla

Yunus

 

NUMBER OF EMPLOYEES

:

297

 

NET SALES

:

125.948.966 TL

(2009) 

170.515.192 TL

(2010) 

232.827.613 TL

(2011) 

260.773.564 TL

(2012) 

152.936.239 TL

(01.01-30.06.2013) 

 

 

IMPORT VALUE

:

45.000.000 TL

(2010)

 

 

IMPORT COUNTRIES

:

China

Uruguay

Italy

Egypt

U.S.A.

Argentina

Bulgaria

Greece

Canada

U.K.

Australia

 

MERCHANDISE IMPORTED

:

Corn

Other pulses

Rice

 

EXPORT VALUE

:

5.193 USD Thousand

(2009)

7.550 USD Thousand

(2010)

48.267.538 TL

(2011)

76.931.973 TL

(2012)

35.223.369 TL

(01.01-30.06.2013)

 

 

 

EXPORT COUNTRIES

:

Iraq

Northern Cyprus Turkish Republic

Lebanon

Austria

Egypt

Kuwait

Middle East Countries

 

MERCHANDISE  EXPORTED

:

Cereal grains

Lentil

Maize

Rice

 

HEAD OFFICE ADDRESS

:

Saray Mah. Fatih Sultan Mehmet Bulvari No:327 Kazan  Ankara / Turkey  (owned)

 

BRANCHES

:

Warehouse  :   Cankiri/Turkey (rented)

 

Factory  :   Mersin/Turkey

 

Head Office/Factory  :  Saray Mah. Fatih Sultan Mehmet Bulvari No:327 Kazan Ankara/Turkey (owned)

 

Branch Office  :  Suleyman Demirel Cad. No:302 Buyukcekmece Istanbul/Turkey (rented)

 

Branch Office  :  Yalinayak Mah. 1099. Sok. No:1 Toroslar Mersin/Turkey

 

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2012. There appears an upwards trend in  1.1 - 30.6.2013.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Akbank Ostim Ticari Branch

Albaraka Turk Katilim Bankasi Ostim Branch

ING Bank Cetinemec Branch

Kuveyt Turk Katilim Bankasi Ostim Branch

T. Vakiflar Bankasi Ostim Branch

 

CREDIT FACILITIES

:

The subject company is making active use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

 

KEY FINANCIAL ELEMENTS

:

 

(2010) TL

(2011) TL

(2012) TL

(01.01-30.06.2013) TL

 

Net Sales

170.515.192

232.827.613

260.773.564

152.936.239

 

Profit (Loss) Before Tax

2.310.864

1.755.106

3.960.994

1.734.381

 

Stockholders' Equity

22.014.458

27.952.972

31.208.727

 

 

Total Assets

117.727.311

171.103.008

222.661.684

 

 

Current Assets

84.909.570

119.658.761

155.915.372

 

 

Non-Current Assets

32.817.741

51.444.247

66.746.312

 

 

Current Liabilities

42.628.024

64.115.812

97.678.709

 

 

Long-Term Liabilities

53.084.829

79.034.224

93.774.248

 

 

Gross Profit (loss)

18.444.246

24.745.574

28.001.165

18.005.220

 

Operating Profit (loss)

7.663.710

9.634.689

12.782.199

10.517.325

 

Net Profit (loss)

1.806.576

1.097.887

3.096.633

1.734.381

 

 

 

COMMENT ON FINANCIAL POSITION

 

THE DETAILS OF THE CAPITAL INCREASE  AFTER LAST BALANCE SHEET

 

:

Cash Part

:4.500.000 TL

Equity Part

:5.500.000 TL

Payment Due Date

:15.05.2015

 

Capitalization

Insufficient

Remarks on Capitalization

There has been capital increase after the last balance sheet date. The capital increase is expected to have a slight positive effect on equity total since the last balance sheet date.

 

Liquidity

Satisfactory

Remarks On Liquidity

The capital increase after the last balance sheet is expected to have a positive effect on liquidity since the last balance sheet date.

 

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

In Order Operating Profitability  in 2010

Low Net Profitability  in 2010

In Order Operating Profitability  in 2011

Low Net Profitability  in 2011

In Order Operating Profitability  in 2012

Low Net Profitability  in 2012

Good Operating Profitability (01.01-30.06.2013)

Low Net Profitability (01.01-30.06.2013)

 

Gap between average collection and payable periods

Unfavorable in 2012

General Financial Position

Passable

 

 

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

 ( 01.01-30.06.2013)

2,46 %

1,8251

2,3936

2,8262

 ( 2013 )

6,97 %

1,9179

2,5530

3,0178

 ( 01.01-28.02.2014)

4,75 %

2,2083

3,0237

3,6651

 

 

BALANCE SHEETS

 

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL

 

CURRENT ASSETS

84.909.570

0,72

119.658.761

0,70

155.915.372

0,70

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

Cash and Banks

868.937

0,01

486.443

0,00

1.307.029

0,01

Marketable Securities

0

0,00

0

0,00

0

0,00

Account Receivable

37.940.193

0,32

69.326.372

0,41

92.544.520

0,42

Other Receivable

46.827

0,00

808.752

0,00

1.149.046

0,01

Inventories

24.686.417

0,21

26.658.664

0,16

37.543.893

0,17

Advances Given

20.578.724

0,17

20.717.695

0,12

21.790.312

0,10

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

Other Current Assets

788.472

0,01

1.660.835

0,01

1.580.572

0,01

NON-CURRENT ASSETS

32.817.741

0,28

51.444.247

0,30

66.746.312

0,30

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

5.727

0,00

5.727

0,00

Tangible Fixed Assets (net)

22.658.636

0,19

36.496.674

0,21

48.901.891

0,22

Intangible Assets

1.744.001

0,01

3.637.236

0,02

4.533.958

0,02

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

8.415.104

0,07

11.304.610

0,07

13.304.736

0,06

TOTAL ASSETS

117.727.311

1,00

171.103.008

1,00

222.661.684

1,00

CURRENT LIABILITIES

42.628.024

0,36

64.115.812

0,37

97.678.709

0,44

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

10.287.409

0,09

13.805.214

0,08

14.607.159

0,07

Accounts Payable

29.347.570

0,25

47.977.254

0,28

72.953.027

0,33

Loans from Shareholders

0

0,00

0

0,00

0

0,00

Other Short-term Payable

135.019

0,00

1.252.404

0,01

328.422

0,00

Advances from Customers

2.569.442

0,02

872.979

0,01

5.441.870

0,02

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

Taxes Payable

288.584

0,00

203.762

0,00

891.945

0,00

Provisions

0

0,00

4.199

0,00

0

0,00

Other Current Liabilities

0

0,00

0

0,00

3.456.286

0,02

LONG-TERM LIABILITIES

53.084.829

0,45

79.034.224

0,46

93.774.248

0,42

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

52.898.097

0,45

78.701.026

0,46

91.310.795

0,41

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

186.732

0,00

287.657

0,00

2.463.453

0,01

Other Long-term Liabilities

0

0,00

45.541

0,00

0

0,00

Provisions

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

22.014.458

0,19

27.952.972

0,16

31.208.727

0,14

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

Paid-in Capital

20.000.252

0,17

24.840.878

0,15

25.000.000

0,11

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

207.630

0,00

2.014.207

0,01

3.112.094

0,01

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)

1.806.576

0,02

1.097.887

0,01

3.096.633

0,01

TOTAL LIABILITIES AND EQUITY

117.727.311

1,00

171.103.008

1,00

222.661.684

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

 

(01.01-30.06.2013) TL

 

Net Sales

170.515.192

1,00

232.827.613

1,00

260.773.564

1,00

152.936.239

1,00

Cost of Goods Sold

152.070.946

0,89

208.082.039

0,89

232.772.399

0,89

134.931.019

0,88

Gross Profit

18.444.246

0,11

24.745.574

0,11

28.001.165

0,11

18.005.220

0,12

Operating Expenses

10.780.536

0,06

15.110.885

0,06

15.218.966

0,06

7.487.895

0,05

Operating Profit

7.663.710

0,04

9.634.689

0,04

12.782.199

0,05

10.517.325

0,07

Other Income

1.007.644

0,01

4.901.447

0,02

4.733.905

0,02

2.916.508

0,02

Other Expenses

1.845.118

0,01

6.579.908

0,03

3.405.396

0,01

4.655.964

0,03

Financial Expenses

4.515.372

0,03

6.201.122

0,03

10.149.714

0,04

7.043.488

0,05

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

2.310.864

0,01

1.755.106

0,01

3.960.994

0,02

1.734.381

0,01

Tax Payable

504.288

0,00

657.219

0,00

864.361

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

1.806.576

0,01

1.097.887

0,00

3.096.633

0,01

1.734.381

0,01

 

 

FINANCIAL RATIOS

 

 

(2010)

(2011)

(2012)

LIQUIDITY RATIOS

 

 

Current Ratio

1,99

1,87

1,60

Acid-Test Ratio

0,91

1,10

0,97

Cash Ratio

0,02

0,01

0,01

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,21

0,16

0,17

Short-term Receivable/Total Assets

0,32

0,41

0,42

Tangible Assets/Total Assets

0,19

0,21

0,22

TURNOVER RATIOS

 

 

Inventory Turnover

6,16

7,81

6,20

Stockholders' Equity Turnover

7,75

8,33

8,36

Asset Turnover

1,45

1,36

1,17

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,19

0,16

0,14

Current Liabilities/Total Assets

0,36

0,37

0,44

Financial Leverage

0,81

0,84

0,86

Gearing Percentage

4,35

5,12

6,13

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,08

0,04

0,10

Operating Profit Margin

0,04

0,04

0,05

Net Profit Margin

0,01

0,00

0,01

Interest Cover

1,51

1,28

1,39

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

80,10

107,19

127,76

Average Payable Period (days)

69,47

83,00

112,83

WORKING CAPITAL

42281546,00

55542949,00

58236663,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.59.80

UK Pound

1

Rs.102.42

Euro

1

Rs.81.32

 

 

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.