MIRA INFORM REPORT

 

 

Report No. :

343692

Report Date :

06.10.2015

 

IDENTIFICATION DETAILS

 

Name :

EMSLAND NISASTA VE KIMYA SANAYI TICARET A.S.

 

 

Registered Office :

Sulukir Sanayi Mevkii Kiziluzum Mah. No:2 35730 Kemalpasa Izmir

 

 

Country :

Turkey

 

 

Financials (as on) :

30.06.2013

 

 

Date of Incorporation :

11.07.2005

 

 

Com. Reg. No.:

120546-9971

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

The subject deals with trade of starch, also preparation and packaging of starch mixtures for food, textile, glue and paper industry. 

 

 

No. of Employees :

35

 

 

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 :

Unknown

 

 

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, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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 has brought up to 1 million barrels per day from the Caspian region to market. Several gas pipeline projects also are moving forward to help transport Caspian gas to Europe through Turkey, which over the long term will help address Turkey's dependence on imported oil and gas, which currently meets 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. Two rating agencies upgraded Turkey's debt to investment grade in 2012 and 2013, and Turkey's public sector debt to GDP ratio fell to 33% in 2014. The stock value of Foreign Direct Investment reached nearly $195 billion at year-end 2014.

 

Despite these positive trends, GDP growth dropped to 4.4% in 2013 and 2.9% in 2014. Growth slowed considerably in the last quarter of 2014, largely due to lackluster consumer demand both domestically and in Europe, Turkey’s most important export market. High interest rates have also contributed to the slowdown in growth, as Turkey sharply increased interest rates in January 2014 in order to strengthen the country’s currency and reduce inflation. Turkey then cut rates in February 2015 in a bid to spur economic growth.

 

The Turkish economy retains significant weaknesses. Specifically, 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. Turkey also remains dependent on often volatile, short-term investment to finance its large current account deficit.

 

Source : CIA

 

 

NOTES

 

Address at your inquiry was changed by the authority/municipality.

 

 

COMPANY IDENTIFICATION

 

 

NAME

:

EMSLAND NISASTA VE KIMYA SANAYI TICARET A.S.

HEAD OFFICE ADDRESS

:

Sulukir Sanayi Mevkii Kiziluzum Mah. No:2 35730 Kemalpasa Izmir / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The address was changed from "Izmir Yolu Uzeri 3. Km Kiziluzum Koyu Mevkii Kemalpasa" to "Sulukir Sanayi Mevkii Kiziluzum Mah. No:2 35730 Kemalpasa" by the municipality.

PHONE NUMBER

:

90-232-877 14 15

 

FAX NUMBER

:

90-232-877 14 16

 

WEB-ADDRESS

:

www.emslandnisasta.com

E-MAIL

:

 info@emslandnisasta.com

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Hasan Tahsin

TAX NO

:

3850450029

REGISTRATION NUMBER

:

120546-9971

REGISTERED OFFICE

:

Izmir Chamber of Commerce

DATE ESTABLISHED

:

11.07.2005

ESTABLISHMENT GAZETTE DATE/NO

:

15.07.2005/6347

 

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   74.620.000

PAID-IN CAPITAL

:

TL   74.620.000

HISTORY

:

Previous Name

:

Farin Internasyonal Kimya Sanayi ve Ticaret A.S.

Changed On

:

16.01.2012 (Commercial Gazette Date /Number 23.01.2012/ 7989)

Previous Registered Capital

:

TL 14.620.000

Changed On

:

01.04.2010 (Commercial Gazette Date /Number 28.04.2010/ 7552)

Previous Registered Capital

:

TL 18.620.000

Changed On

:

22.06.2012 (Commercial Gazette Date /Number 28.06.2012/ 8100)

Previous Address

:

Cumhuriyet Bulvari No:300 K:6 D:603 Alsancak - Izmir

Changed On

:

28.05.2007 (Commercial Gazette Date /Number 22.06.2007/ 6836)

Previous Address

:

Sehitler Cad. No:18 D:201-202-203-204-205 Alsancak - Izmir

Changed On

:

16.01.2012 (Commercial Gazette Date /Number 23.01.2012/ 7989)

Previous Address

:

Izmir Yolu Uzeri 3. Km Kiziluzum Koyu Mevkii Kemalpasa Izmir

Changed On

:

17.12.2014 (Commercial Gazette Date /Number 23.12.2014/ 8721)

 

 

OWNERSHIP/ MANAGEMENT

 

 

SHAREHOLDERS

:

Emsland Starke GmbH

99 %

Others

 

 

 

REMARKS ON SHAREHOLDERS

:

We are informed that the shareholder "Emsland Starke GmbH" is a company located in Germany.

 

BOARD OF DIRECTORS

:

Michael Paul Walter Schonert

Chairman

Norbert Dr Sdunnus

Vice-Chairman

Hubert Josef Eilting

Member

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

The subject deals with trade of starch, also preparation and packaging of starch mixtures for food, textile, glue and paper industry. 

 

NACE CODE

:

DA.15.62

 

NUMBER OF EMPLOYEES

:

35

 

NET SALES

:

26.940.425 TL

(01.07.2010-30.06.2011) 

25.197.099 TL

(01.07.2011-30.06.2012) 

31.817.844 TL

(01.07.2012-30.06.2013) 

20.886.101 TL

(01.07-31.12.2013) 

 

 

REMARKS ON NET SALES

:

The financial period of the firm is from the 1st of July to the 30th of June. 

 

In Turkey, there is no public registry on companies’ financial and detailed general data. So, to collect a firm’s data, an information agency has to contact the company and get its authorization.

 

However the company strictly declines to give us an authorization to gather its fresh financial data. As the firm’s shares are not open to public it is not obliged to announce its data.

 

IMPORT COUNTRIES

:

Germany

Singapore

U.S.A.

Netherlands

India

Switzerland

Brazil

 

MERCHANDISE IMPORTED

:

Starch

 

EXPORT VALUE

:

6.525.696 TL

(01.07.2010-30.06.2011)

2.012.742 TL

(01.07.2011-30.06.2012)

3.410.349 TL

(01.07.2012-30.06.2013)

2.361.998 TL

(01.07-31.12.2013)

 

 

 

EXPORT COUNTRIES

:

Egypt

Iran

Tunisia

Saudi Arabia

Lebanon

Croatia

Turkmenistan

Bulgaria

Romania

Free Zone

Morocco

Syria

 

MERCHANDISE  EXPORTED

:

Dextrin

Protein concentrations

Starch

 

HEAD OFFICE ADDRESS

:

Sulukir Sanayi Mevkii Kiziluzum Mah. No:2 35730 Kemalpasa  Izmir / Turkey  (owned)

 

BRANCHES

:

Head Office/Processing Plant  :  Sulukir Sanayi Mevkii Kiziluzum Mah. No:2 35730 Kemalpasa Izmir/Turkey (owned)

 

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Akbank Izmir Ticari Branch

Asya Katilim Bankasi Karabaglar Branch

Garanti Bankasi Izmir Ticari Branch

HSBC Bank Bornova Branch

T. Is Bankasi Bornova Branch

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

 

KEY FINANCIAL ELEMENTS

:

 

(01.07.2010-30.06.2011) TL

(01.07.2011-30.06.2012) TL

(01.07.2012-30.06.2013) TL

(01.07-31.12.2013) TL

Net Sales

26.940.425

25.197.099

31.817.844

20.886.101

Profit (Loss) Before Tax

22.813

-13.107.539

293.197

244.858

Stockholders' Equity

7.944.086

50.836.547

51.129.743

 

Total Assets

63.022.865

56.360.666

64.242.298

 

Current Assets

34.100.416

38.612.502

33.038.598

 

Non-Current Assets

28.922.449

17.748.164

31.203.700

 

Current Liabilities

26.323.614

981.473

6.617.314

 

Long-Term Liabilities

28.755.165

4.542.646

6.495.241

 

Gross Profit (loss)

6.648.228

5.105.356

7.376.175

4.562.984

Operating Profit (loss)

902.982

-914.131

482.595

640.126

Net Profit (loss)

22.813

-13.107.539

293.197

244.858

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

General Financial Position

General financial position is undetermined the firm declines to give us an authorization to gather its financial data. As the shares of the firm are not open to public, it is not obliged to announce its data.

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 (01.01-30.06.2011)

6,21 %

1,5771

2,2246

2,5422

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 (01.01-30.06.2012)

1,95 %

1,8028

2,3463

2,8462

 ( 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

 (01.01-31.08.2015)

6,19 %

2,6233

2,9381

4,0377

 

 

BALANCE SHEETS

 

 

 ( 30.06.2011 )  TL

 

 ( 30.06.2012 )  TL

 

 ( 30.06.2013 )  TL

 

CURRENT ASSETS

34.100.416

0,54

38.612.502

0,69

33.038.598

0,51

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

Cash and Banks

5.434.052

0,09

61.323

0,00

4.670.201

0,07

Marketable Securities

0

0,00

0

0,00

0

0,00

Account Receivable

17.622.474

0,28

25.311.418

0,45

13.120.487

0,20

Other Receivable

458.450

0,01

1.374.070

0,02

494.527

0,01

Inventories

6.625.975

0,11

8.353.988

0,15

11.604.041

0,18

Advances Given

209.069

0,00

2.372.222

0,04

2.513.163

0,04

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

Other Current Assets

3.750.396

0,06

1.139.481

0,02

636.179

0,01

NON-CURRENT ASSETS

28.922.449

0,46

17.748.164

0,31

31.203.700

0,49

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

0

0,00

13.904.000

0,22

Tangible Fixed Assets (net)

10.652.672

0,17

9.836.083

0,17

9.674.846

0,15

Intangible Assets

7.178.499

0,11

7.146.252

0,13

6.577.198

0,10

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

11.091.278

0,18

765.829

0,01

1.047.656

0,02

TOTAL ASSETS

63.022.865

1,00

56.360.666

1,00

64.242.298

1,00

CURRENT LIABILITIES

26.323.614

0,42

981.473

0,02

6.617.314

0,10

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

1.676.897

0,03

380.609

0,01

0

0,00

Accounts Payable

24.115.126

0,38

437.251

0,01

6.353.966

0,10

Loans from Shareholders

0

0,00

0

0,00

0

0,00

Other Short-term Payable

203.186

0,00

40.570

0,00

35.977

0,00

Advances from Customers

6.964

0,00

6.964

0,00

80.739

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

Taxes Payable

321.441

0,01

116.079

0,00

146.632

0,00

Provisions

0

0,00

0

0,00

0

0,00

Other Current Liabilities

0

0,00

0

0,00

0

0,00

LONG-TERM LIABILITIES

28.755.165

0,46

4.542.646

0,08

6.495.241

0,10

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

286

0,00

0

0,00

Securities Issued

0

0,00

0

0,00

0

0,00

Long-term Payable

28.755.165

0,46

4.542.360

0,08

6.495.241

0,10

Loans from Shareholders

0

0,00

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

7.944.086

0,13

50.836.547

0,90

51.129.743

0,80

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

Paid-in Capital

18.620.000

0,30

74.620.000

1,32

74.620.000

1,16

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

215.223

0,00

238.036

0,00

238.036

0,00

Revaluation Fund

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

-10.913.950

-0,17

-10.913.950

-0,19

-24.021.490

-0,37

Net Profit (loss)

22.813

0,00

-13.107.539

-0,23

293.197

0,00

TOTAL LIABILITIES AND EQUITY

63.022.865

1,00

56.360.666

1,00

64.242.298

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 1.587.112  is "Doubtful Trade Receivables" and -TL 250.131 is "Provision for Doubtful Trade Receivables" at the last balance sheet. 

 

The details of "Other Receivable" figure at the last balance sheet: Due From Shareholders:0, Due From Participations:54.191, Due From Affiliated Companies:0, Due From Personnel:36.259, Other Miscellaneous Receivables:404.077, Other Receivable Total:494.527.           

 

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

 

At the last income statement TL 1.653.886 of the other income is due to "Profit from Foreign Currency Exchange". 

 

At the last income statement TL 2.048.146 of the other expenses is due to "Loss from Foreign Currency Exchange".

 

 

INCOME STATEMENTS

 

 

(01.07.2010-30.06.2011) TL

 

(01.07.2011-30.06.2012) TL

 

(01.07.2012-30.06.2013) TL

 

(01.07-31.12.2013) TL

 

Net Sales

26.940.425

1,00

25.197.099

1,00

31.817.844

1,00

20.886.101

1,00

Cost of Goods Sold

20.292.197

0,75

20.091.743

0,80

24.441.669

0,77

16.323.117

0,78

Gross Profit

6.648.228

0,25

5.105.356

0,20

7.376.175

0,23

4.562.984

0,22

Operating Expenses

5.745.246

0,21

6.019.487

0,24

6.893.580

0,22

3.922.858

0,19

Operating Profit

902.982

0,03

-914.131

-0,04

482.595

0,02

640.126

0,03

Other Income

6.984.858

0,26

1.078.808

0,04

1.325.183

0,04

1.867.426

0,09

Other Expenses

6.182.230

0,23

11.868.731

0,47

1.494.220

0,05

2.236.127

0,11

Financial Expenses

1.682.797

0,06

1.403.485

0,06

20.361

0,00

26.567

0,00

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

22.813

0,00

-13.107.539

-0,52

293.197

0,01

244.858

0,01

Tax Payable

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

Net Profit (loss)

22.813

0,00

-13.107.539

-0,52

293.197

0,01

244.858

0,01

 

 

FINANCIAL RATIOS

 

 

(01.07.2010-30.06.2011)

(01.07.2011-30.06.2012)

(01.07.2012-30.06.2013)

 

LIQUIDITY RATIOS

 

 

Current Ratio

1,30

39,34

4,99

 

Acid-Test Ratio

0,89

27,25

2,76

 

Cash Ratio

0,21

0,06

0,71

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,11

0,15

0,18

 

Short-term Receivable/Total Assets

0,29

0,47

0,21

 

Tangible Assets/Total Assets

0,17

0,17

0,15

 

TURNOVER RATIOS

 

 

Inventory Turnover

3,06

2,41

2,11

 

Stockholders' Equity Turnover

3,39

0,50

0,62

 

Asset Turnover

0,43

0,45

0,50

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,13

0,90

0,80

 

Current Liabilities/Total Assets

0,42

0,02

0,10

 

Financial Leverage

0,87

0,10

0,20

 

Gearing Percentage

6,93

0,11

0,26

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,00

-0,26

0,01

 

Operating Profit Margin

0,03

-0,04

0,02

 

Net Profit Margin

0,00

-0,52

0,01

 

Interest Cover

1,01

-8,34

15,40

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

235,49

361,63

148,45

 

Average Payable Period (days)

937,96

89,22

189,26

 

WORKING CAPITAL

7776802,00

37631029,00

26421284,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.65.29

UK Pound

1

Rs.99.31

Euro

1

Rs.73.39

 

INFORMATION DETAILS

 

Analysis Done by :

KAS

 

 

Report Prepared by :

NIT

 

               

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.