MIRA INFORM REPORT

 

 

Report No. :

347007

Report Date :

28.10.2015

 

IDENTIFICATION DETAILS

 

Name :

MERSIN GIDA TARIM URUNLERI KIMYEVI MADDELER SANAYI VE TICARET LTD. STI.

 

 

Registered Office :

Camiserif Mah. Cakmak Cad. Mahmut Tece Ishani Kat:6 No:6 Akdeniz Mersin

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

03.07.2002

 

 

Com. Reg. No.:

24382

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Trade of food and agricultural products mainly sesame, spice, dry fruits.

 

 

No. of Employee :

10

           

 

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 :

Slow but correct

 

 

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

 

 

COMPANY IDENTIFICATION

 

 

NAME

:

MERSIN GIDA TARIM URUNLERI KIMYEVI MADDELER SANAYI VE TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Camiserif Mah. Cakmak Cad. Mahmut Tece Ishani Kat:6 No:6 Akdeniz Mersin / Turkey

PHONE NUMBER

:

90-324-238 92 04

 

FAX NUMBER

:

90-324-238 92 24

 

WEB-ADDRESS

:

www.mersingida.com

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Liman

TAX NO

:

6180239285

REGISTRATION NUMBER

:

24382

REGISTERED OFFICE

:

Mersin Chamber of Commerce and Industry

DATE ESTABLISHED

:

03.07.2002

ESTABLISHMENT GAZETTE DATE/NO

:

10.07.2002/5588

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   4.500.000

 

 

HISTORY

:

Previous Name

:

Mersin Gida Tarim Urunleri Sanayi ve Ticaret Ltd. Sti.

Changed On

:

25.11.2013 (Commercial Gazette Date /Number 05.12.2013/ 8458)

Previous Registered Capital

:

TL 1.500.000

Changed On

:

31.03.2010 (Commercial Gazette Date /Number 08.04.2010/ 7539)

Previous Registered Capital

:

TL 2.350.000

Changed On

:

25.11.2013 (Commercial Gazette Date /Number 05.12.2013/ 8458)

Previous Registered Capital

:

TL 3.500.000

Changed On

:

26.06.2015 (Commercial Gazette Date /Number 02.07.2015/ 8854)

Previous Address

:

Camiserif Mah. Cakmak Cad. Mahmut Tece Is Merkezi A Blok No:6/6 33060 Mersin

Changed On

:

25.11.2013 (Commercial Gazette Date /Number 05.12.2013/ 8458)

Previous Shareholder

:

Please vide Previous Shareholders section for the former shareholders' names.

Changed On

:

26.07.2006 (Commercial Gazette Date /Number 03.08.2006/ 6613)

 

 

 

PREVIOUS SHAREHOLDERS

:

Ismet Aras

70 %

Yunus Fazil Demir

30 %

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Ismet Aras

56 %

Yunus Fazil Demir

30 %

Orhan Aras

14 %

 

 

DIRECTORS

:

Ismet Aras                                                                                                                                                                                                                                                                                   

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Trade of food and agricultural products mainly sesame, spice, dry fruits. 

 

NACE CODE

:

G .51.30

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

10

 

NET SALES

:

33.995.444 TL

(2011) 

42.985.415 TL

(2012) 

51.195 TL Thousand

(2013) 

72.405 TL Thousand

(2014) 

47.333 TL Thousand

(01.01-30.06.2015) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT COUNTRIES

:

India

Nigeria

Ethiopia

Pakistan

 

MERCHANDISE IMPORTED

:

Sesame

Spice

 

HEAD OFFICE ADDRESS

:

Camiserif Mah. Cakmak Cad. Mahmut Tece Ishani Kat:6 No:6 Akdeniz  Mersin / Turkey

 

BRANCHES

:

Warehouse  :  Vakif Center Depolari C-2 Mersin/Turkey (rented) (1.250 sqm)

           

INVESTMENTS

:

None

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2014. There appears an upwards trend in  1.1 - 30.6.2015.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Akbank Liman Branch

Asya Katilim Bankasi Merkez Branch

Garanti Bankasi Merkez Branch

Kuveyt Turk Katilim Bankasi Merkez Branch

T. Is Bankasi Merkez Branch

Yapi ve Kredi Bankasi Liman 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

:

 

(2011) TL

(2012) TL

(2013) TL Thousand

(2014) TL Thousand

(01.01-30.06.2015) TL Thousand

Net Sales

33.995.444

42.985.415

51.195

72.405

47.333

Profit (Loss) Before Tax

84.269

484.417

547

736

-602

Stockholders' Equity

2.575.956

2.963.244

3.977

4.566

 

Total Assets

11.598.590

12.081.765

20.063

27.979

 

Current Assets

11.565.375

12.027.397

19.809

27.760

 

Non-Current Assets

33.215

54.368

254

219

 

Current Liabilities

9.022.634

9.118.521

16.086

23.413

 

Long-Term Liabilities

0

0

0

0

 

Gross Profit (loss)

520.322

913.935

911

1.820

249

Operating Profit (loss)

224.001

619.584

472

1.418

-42

Net Profit (loss)

56.500

387.289

437

589

-602

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

THE DETAILS OF THE CAPITAL INCREASE  AFTER LAST BALANCE SHEET

 

:

Cash Part

:38.812,19 TL

Equity Part

:961.187,81 TL

Payment Due Date

:26.06.2015

 

 

Capitalization

Insufficient

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. 

 

There has been capital increase and net loss after the last balance sheet date. The capital increase is expected to have less effect then the loss at the equity total since the last balance sheet date.

 

Liquidity

Insufficient As of 31.12.2014

Remarks On Liquidity

A part of current liabilities consist of short-term loans from shareholders rather than liabilities to third parties. 

 

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

 

Profitability

Low Operating Profitability  in 2011

Low Net Profitability  in 2011

Low Operating Profitability  in 2012

Low Net Profitability  in 2012

Low Operating Profitability  in 2013

Low Net Profitability  in 2013

Fair Operating Profitability  in 2014

Low Net Profitability  in 2014

Operating Loss (01.01-30.06.2015)

Net Loss (01.01-30.06.2015)

 

Gap between average collection and payable periods

Unfavorable in 2014

General Financial Position

Unsatisfactory

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

( 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

( 2014 )

6,36 %

2,1891

2,8989

3,6060

( 01.01-30.06.2015)

5,49 %

2,5568

2,8727

3,9250

( 01.01-30.09.2015)

7,81 %

2,6640

2,9843

4,0944

 

 

BALANCE SHEETS

 

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL

 

 ( 31.12.2013 )  TL Thousand

 

 ( 31.12.2014 )  TL Thousand

 

CURRENT ASSETS

11.565.375

1,00

12.027.397

1,00

19.809

0,99

27.760

0,99

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

1.067.474

0,09

489.969

0,04

2.793

0,14

1.602

0,06

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

9.236.091

0,80

10.665.299

0,88

14.054

0,70

24.328

0,87

Other Receivable

20

0,00

0

0,00

0

0,00

0

0,00

Inventories

651.009

0,06

228.366

0,02

395

0,02

289

0,01

Advances Given

303.310

0,03

268.152

0,02

1.936

0,10

1.052

0,04

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

307.471

0,03

375.611

0,03

631

0,03

489

0,02

NON-CURRENT ASSETS

33.215

0,00

54.368

0,00

254

0,01

219

0,01

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

0

0,00

1.078

0,00

1

0,00

0

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

33.215

0,00

53.290

0,00

253

0,01

216

0,01

Intangible Assets

0

0,00

0

0,00

0

0,00

3

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

TOTAL ASSETS

11.598.590

1,00

12.081.765

1,00

20.063

1,00

27.979

1,00

CURRENT LIABILITIES

9.022.634

0,78

9.118.521

0,75

16.086

0,80

23.413

0,84

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

1.564.046

0,13

1.080.195

0,09

443

0,02

1.000

0,04

Accounts Payable

1.789.935

0,15

2.783.737

0,23

5.599

0,28

8.665

0,31

Loans from Shareholders

5.133.990

0,44

3.408.652

0,28

5.249

0,26

9.429

0,34

Other Short-term Payable

0

0,00

169

0,00

0

0,00

4.315

0,15

Advances from Customers

518.187

0,04

1.778.395

0,15

4.716

0,24

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

2.505

0,00

2.532

0,00

5

0,00

4

0,00

Provisions

13.886

0,00

64.841

0,01

63

0,00

0

0,00

Other Current Liabilities

85

0,00

0

0,00

11

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

2.575.956

0,22

2.963.244

0,25

3.977

0,20

4.566

0,16

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

2.350.000

0,20

2.350.000

0,19

3.500

0,17

3.500

0,13

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

169.456

0,01

225.955

0,02

40

0,00

477

0,02

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)

56.500

0,00

387.289

0,03

437

0,02

589

0,02

TOTAL LIABILITIES AND EQUITY

11.598.590

1,00

12.081.765

1,00

20.063

1,00

27.979

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 130 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

 

 

(2011) TL

 

(2012) TL

 

(2013) TL Thousand

 

(2014) TL Thousand

 

(01.01-30.06.2015) TL Thousand

 

Net Sales

33.995.444

1,00

42.985.415

1,00

51.195

1,00

72.405

1,00

47.333

1,00

Cost of Goods Sold

33.475.122

0,98

42.071.480

0,98

50.284

0,98

70.585

0,97

47.084

0,99

Gross Profit

520.322

0,02

913.935

0,02

911

0,02

1.820

0,03

249

0,01

Operating Expenses

296.321

0,01

294.351

0,01

439

0,01

402

0,01

291

0,01

Operating Profit

224.001

0,01

619.584

0,01

472

0,01

1.418

0,02

-42

0,00

Other Income

319.686

0,01

143.617

0,00

1.021

0,02

1.651

0,02

1.101

0,02

Other Expenses

367.043

0,01

93.642

0,00

846

0,02

2.136

0,03

1.472

0,03

Financial Expenses

92.375

0,00

185.142

0,00

100

0,00

197

0,00

189

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

84.269

0,00

484.417

0,01

547

0,01

736

0,01

-602

-0,01

Tax Payable

27.769

0,00

97.128

0,00

110

0,00

147

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)

56.500

0,00

387.289

0,01

437

0,01

589

0,01

-602

-0,01

 

 

FINANCIAL RATIOS

 

 

(2011)

(2012)

(2013)

(2014)

 

LIQUIDITY RATIOS

 

 

Current Ratio

1,28

1,32

1,23

1,19

 

Acid-Test Ratio

1,14

1,22

1,05

1,11

 

Cash Ratio

0,12

0,05

0,17

0,07

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,06

0,02

0,02

0,01

 

Short-term Receivable/Total Assets

0,80

0,88

0,70

0,87

 

Tangible Assets/Total Assets

0,00

0,00

0,01

0,01

 

TURNOVER RATIOS

 

 

Inventory Turnover

51,42

184,23

127,30

244,24

 

Stockholders' Equity Turnover

13,20

14,51

12,87

15,86

 

Asset Turnover

2,93

3,56

2,55

2,59

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,22

0,25

0,20

0,16

 

Current Liabilities/Total Assets

0,78

0,75

0,80

0,84

 

Financial Leverage

0,78

0,75

0,80

0,84

 

Gearing Percentage

3,50

3,08

4,04

5,13

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,02

0,13

0,11

0,13

 

Operating Profit Margin

0,01

0,01

0,01

0,02

 

Net Profit Margin

0,00

0,01

0,01

0,01

 

Interest Cover

1,91

3,62

6,47

4,74

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

97,81

89,33

98,83

120,96

 

Average Payable Period (days)

19,25

23,82

40,09

44,19

 

WORKING CAPITAL

2542741,00

2908876,00

3723,00

4347,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.64.96

UK Pound

1

Rs.99.73

Euro

1

Rs.71.84

 

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

ANK

 

 

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.