MIRA INFORM REPORT

 

 

Report No. :

301721

Report Date :

10.01.2015

 

IDENTIFICATION DETAILS

 

Name :

KIZIKLI GIDA SANAYI VE TICARET A.S.

 

 

Registered Office :

Yagdanlar Mevkii Kayseri Karayolu Uzeri 3.Km  Nigde

 

 

Country :

Turkey

 

 

Financials (as on) :

30.09.2014

 

 

Date of Incorporation :

16.09.2003

 

 

Com. Reg. No.:

3085

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of milk, fruit juice, fruit pulp, turnip juice, fruit concentrates, dairy products.

 

 

No. of Employee :

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 :

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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

:

KIZIKLI GIDA SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Yagdanlar Mevkii Kayseri Karayolu Uzeri 3.Km  Nigde / Turkey

PHONE NUMBER

:

90-388-233 88 00 (4 Lines)

 

FAX NUMBER

:

90-338-233 88 05

 

WEB-ADDRESS

:

www.kizikli.com.tr

E-MAIL

:

netto@kizikli.com.tr

 

 

LEGAL STATUS AND HISTORY

 

 

NOTES ON LEGAL STATUS AND HISTORY

:

Change at registration no .

 

 

TAX OFFICE

:

Nigde

TAX NO

:

5600403656

REGISTRATION NUMBER

:

3085

REGISTERED OFFICE

:

Nigde Chamber of Commerce and Industry

DATE ESTABLISHED

:

2003

ESTABLISHMENT GAZETTE DATE/NO

:

16.09.2003/5886

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   15.000.000

HISTORY

:

Previous Registered Capital

:

TL 7.000.000

Changed On

:

31.12.2008 (Commercial Gazette Date /Number 14.01.2009/ 7227)

Previous Address

:

Ataturk Bulv. Sahika Apt. No:71/A Kayseri

Changed On

:

03.07.2006 (Commercial Gazette Date /Number 12.07.2006/ 6597)

Other Changes

:

The firm was firstly established in Kayseri and registered at Kayseri Commercial Registry with registration number "26131". Then it moved to Nigde and registered at Nigde Commercial Registry with registration number "3085".

Changed On

:

03.07.2006 (Commercial Gazette Date /Number 12.07.2006/ 6597)

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Akprofil Turizm ve Insaat Sanayi Ticaret A.S.

40 %

Mehmet Kemal Kizikli

29 %

Mustafa Kizikli

20 %

Ayse Inci Kizikli

10 %

Funda Kizikli

1 %

 

 

GROUP

:

KIZIKLI GROUP OF COMPANIES

 

SISTER COMPANIES

:

AK DIS TICARET LTD. STI.

AK ITHALAT IHRACAT VE TICARET A.S.

AKIN PLASTIK BORU SANAYI A.S.

AKPROFIL TURIZM VE INSAAT SANAYI TICARET A.S.

AKSISTEM TURIZM INSAAT SANAYI VE TICARET LTD. STI.

NETPA IC VE DIS TICARET GIDA PAZARLAMA URETIM SANAYI LTD. STI.

 

BOARD OF DIRECTORS

:

Mustafa Kizikli

Chairman

Mehmet Kemal Kizikli

Vice-Chairman

Funda Kizikli

Member

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Manufacture and trade of milk, fruit juice , fruit pulp, turnip juice, fruit concentrates, dairy products.

 

The subject has declared that, it  started manufacturing of dairy products at the beginning of 2012.    

 

 

NACE CODE

:

DA.15.32

 

 

TRADEMARKS OWNED

:

Happy

Laida

Neffis

Netto

 

 

NUMBER OF EMPLOYEES

:

80

 

 

NET SALES

:

16.423.047 TL

(2010) 

17.575.717 TL

(2011) 

22.991.777 TL

(2012) 

25.254 TL Thousand

(2013) 

24.224 TL Thousand

(01.01-30.09.2014) 

 

 

 

CAPACITY

:

  ( liter/yr)

  ( kgs/yr)

 

 

27.542.320

85.581.500

 

(2012)

27.542.320

85.581.500

 

(2013)

 

 

 

 

 

IMPORT VALUE

:

577.715 USD

(2012)

 

 

 

IMPORT COUNTRIES

:

Italy

Netherlands

Greece

Brazil

Morocco

Algeria

Libya

Turkish Republics

 

 

MERCHANDISE IMPORTED

:

Semi-finished products

 

 

EXPORT VALUE

:

2.761.329 TL

(2010)

2.396.455 TL

(2011)

2.283.414 TL

(2012)

2.183 TL Thousand

(2013)

1.701 TL Thousand

(01.01-30.09.2014)

 

 

 

EXPORT COUNTRIES

:

Sweden

Greece

U.K.

Netherlands

Afghanistan

Iran

Northern Cyprus Turkish Republic

Canada

South Africa

Germany

Iraq

 

 

MERCHANDISE  EXPORTED

:

Fruit flavored juice

Fruit juice

 

 

HEAD OFFICE ADDRESS

:

Yagdanlar Mevkii Kayseri Karayolu Uzeri 3.Km   Nigde / Turkey ( owned ) (11.000 sqm)

 

 

BRANCHES

:

Regional Directorate  :  Mega Center T.Hali Kocatepe Mah. G. Iskele Cad. C 11 Blok No:95 Bayrampasa Istanbul/Turkey (owned)

 

Head Office/Factory  :  Yagdanlar Mevkii Kayseri Karayolu Uzeri 3.Km Nigde/Turkey (owned) (11.000 sqm)

 

Branch Office  :  Sumer Cad. Zitas Is Merkezi C4 Blok No:10 Kozyatagi Istanbul/Turkey (owned)

 

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2013. There appears an upwards trend in  1.1 - 30.9.2014.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Garanti Bankasi Kayseri Branch

T. Is Bankasi Kayseri Branch

Yapi ve Kredi Bankasi Kayseri 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

(01.01-30.09.2014) TL Thousand

Net Sales

16.423.047

17.575.717

22.991.777

25.254

24.224

Profit (Loss) Before Tax

5.566

-583.673

351.179

-770

1.073

Stockholders' Equity

5.097.731

4.514.057

4.866.048

6.346

 

Total Assets

16.159.402

19.339.247

23.398.851

20.149

 

Current Assets

8.166.425

12.199.766

16.958.889

13.656

 

Non-Current Assets

7.992.977

7.139.481

6.439.962

6.493

 

Current Liabilities

10.037.121

14.825.190

18.532.803

7.717

 

Long-Term Liabilities

1.024.550

0

0

6.086

 

Gross Profit (loss)

3.214.597

2.714.007

2.510.914

2.638

2.907

Operating Profit (loss)

502.941

568.872

1.165.287

1.048

1.667

Net Profit (loss)

5.566

-583.673

351.179

-770

1.073

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

In Order As of 31.12.2013

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.

 

Liquidity

Insufficient As of 31.12.2013

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

Fair Operating Profitability  in 2010

Low Net Profitability  in 2010

Fair Operating Profitability  in 2011

Net Loss  in 2011

In Order Operating Profitability  in 2012

Low Net Profitability  in 2012

In Order Operating Profitability  in 2013

Net Loss  in 2013

Good Operating Profitability (01.01-30.09.2014)

Good Net Profitability (01.01-30.09.2014)

 

Gap between average collection and payable periods

Unfavorable in 2013

General Financial Position

Passable

 

 

 

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

 ( 2013 )

6,97 %

1,9179

2,5530

3,0178

 ( 01.01-30.09.2014)

7,24 %

2,1706

2,9323

3,6222

 ( 2014 )

6,36 %

2,1891

2,8989

3,6060

 

 

BALANCE SHEETS

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL

 

 ( 31.12.2013 )  TL Thousand

 

CURRENT ASSETS

8.166.425

0,51

12.199.766

0,63

16.958.889

0,72

13.656

0,68

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

129.612

0,01

38.457

0,00

39.295

0,00

33

0,00

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

2.353.781

0,15

3.586.538

0,19

5.088.275

0,22

4.149

0,21

Other Receivable

84.445

0,01

102.746

0,01

190.673

0,01

204

0,01

Inventories

4.220.133

0,26

6.620.920

0,34

9.201.249

0,39

6.691

0,33

Advances Given

71.516

0,00

21.52

0,00

22.191

0,00

54

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

1.306.938

0,08

1.829.585

0,09

2.417.206

0,10

2.525

0,13

NON-CURRENT ASSETS

7.992.977

0,49

7.139.481

0,37

6.439.962

0,28

6.493

0,32

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)

7.962.650

0,49

7.111.362

0,37

6.397.676

0,27

6.407

0,32

Intangible Assets

28.952

0,00

28.119

0,00

42.286

0,00

86

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

1.375

0,00

0

0,00

0

0,00

0

0,00

TOTAL ASSETS

16.159.402

1,00

19.339.247

1,00

23.398.851

1,00

20.149

1,00

CURRENT LIABILITIES

10.037.121

0,62

14.825.190

0,77

18.532.803

0,79

7.717

0,38

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

1.058.414

0,07

4.689.979

0,24

7.068.612

0,30

5.344

0,27

Accounts Payable

2.296.105

0,14

2.470.517

0,13

3.145.007

0,13

2.07

0,10

Loans from Shareholders

6.340.984

0,39

7.449.927

0,39

7.821.801

0,33

0

0,00

Other Short-term Payable

79.51

0,00

103.877

0,01

201.327

0,01

60

0,00

Advances from Customers

208.883

0,01

49.887

0,00

258.117

0,01

168

0,01

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

24.935

0,00

42.241

0,00

26.921

0,00

34

0,00

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Liabilities

28.29

0,00

18.762

0,00

11.018

0,00

41

0,00

LONG-TERM LIABILITIES

1.024.550

0,06

0

0,00

0

0,00

6.086

0,30

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

1.024.550

0,06

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

6.086

0,30

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

5.097.731

0,32

4.514.057

0,23

4.866.048

0,21

6.346

0,31

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

10.200.000

0,63

10.200.000

0,53

10.200.000

0,44

12.45

0,62

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

62.389

0,00

62.389

0,00

62.389

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

0

0,00

0

0,00

0

0,00

0

0,00

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

-5.170.224

-0,32

-5.164.659

-0,27

-5.747.520

-0,25

-5.334

-0,26

Net Profit (loss)

5.566

0,00

-583.673

-0,03

351.179

0,02

-770

-0,04

TOTAL LIABILITIES AND EQUITY

16.159.402

1,00

19.339.247

1,00

23.398.851

1,00

20.149

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 908 is "Doubtful Trade Receivables" and -TL thousand 213  is "Provision for Doubtful Trade Receivables" at the last balance sheet.  

 

The details of "Other Receivable" figure at the last balance sheet (TL Thousand):Due From Shareholders: 0, Due From Participations: 0, Due From Affiliated Companies: 0, Due From Personnel: 3, Other Miscellaneous Receivables: 201, Other Receivable Total: 204.      

 

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

 

(01.01-30.09.2014) TL Thousand

 

Net Sales

16.423.047

1,00

17.575.717

1,00

22.991.777

1,00

25.254

1,00

24.224

1,00

Cost of Goods Sold

13.208.450

0,80

14.861.710

0,85

20.480.863

0,89

22.616

0,90

21.317

0,88

Gross Profit

3.214.597

0,20

2.714.007

0,15

2.510.914

0,11

2.638

0,10

2.907

0,12

Operating Expenses

2.711.656

0,17

2.145.135

0,12

1.345.627

0,06

1.59

0,06

1.24

0,05

Operating Profit

502.941

0,03

568.872

0,03

1.165.287

0,05

1.048

0,04

1.667

0,07

Other Income

851.901

0,05

500.631

0,03

1.195.406

0,05

515

0,02

430

0,02

Other Expenses

1.191.048

0,07

1.398.695

0,08

1.425.841

0,06

1.193

0,05

756

0,03

Financial Expenses

158.228

0,01

254.481

0,01

583.673

0,03

1.14

0,05

268

0,01

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

5.566

0,00

-583.673

-0,03

351.179

0,02

-770

-0,03

1.073

0,04

Tax Payable

0

0,00

0

0,00

0

0,00

0

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)

5.566

0,00

-583.673

-0,03

351.179

0,02

-770

-0,03

1.073

0,04

 

 

FINANCIAL RATIOS

 

-2010

-2011

-2012

-2013

LIQUIDITY RATIOS

 

 

Current Ratio

0,81

0,82

0,92

1,77

Acid-Test Ratio

0,26

0,25

0,29

0,57

Cash Ratio

0,01

0,00

0,00

0,00

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,26

0,34

0,39

0,33

Short-term Receivable/Total Assets

0,15

0,19

0,23

0,22

Tangible Assets/Total Assets

0,49

0,37

0,27

0,32

TURNOVER RATIOS

 

 

Inventory Turnover

3,13

2,24

2,23

3,38

Stockholders' Equity Turnover

3,22

3,89

4,72

3,98

Asset Turnover

1,02

0,91

0,98

1,25

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,32

0,23

0,21

0,31

Current Liabilities/Total Assets

0,62

0,77

0,79

0,38

Financial Leverage

0,68

0,77

0,79

0,69

Gearing Percentage

2,17

3,28

3,81

2,18

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,00

-0,13

0,07

-0,12

Operating Profit Margin

0,03

0,03

0,05

0,04

Net Profit Margin

0,00

-0,03

0,02

-0,03

Interest Cover

1,04

-1,29

1,60

0,32

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

51,60

73,46

79,67

59,14

Average Payable Period (days)

62,58

59,84

55,28

32,95

WORKING CAPITAL

-1870696,00

-2625424,00

-1573914,00

5939,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.39

UK Pound

1

Rs.94.16

Euro

1

Rs.73.61

 

INFORMATION DETAILS

 

Analysis Done by :

RSM

 

 

Report Prepared by :

DPT

 

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

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NB

                                       New Business

 

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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.