MIRA
INFORM REPORT
|
Report Date : |
18.10.2007 |
IDENTIFICATION DETAILS
|
Name : |
BETA GIDA SANAYI VE TICARET A.S. |
|
|
|
|
Registered Office : |
Cemalpasa Mah. Fuzuli Cad. 14.
Sok. Gulsa Apt. No: 5/A Zemin Kat |
|
|
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|
Country : |
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|
|
|
|
Financials (as on) : |
31.03.2005 |
|
|
|
|
Date of Incorporation : |
05.01.1987 |
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|
|
|
Com. Reg. No.: |
19909 |
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|
|
|
Legal Form : |
Joint Stock Company |
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|
|
|
Line of Business : |
Packaging and trade of tea, trade of food products |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
Status : |
Small Company |
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|
|
|
Payment Behaviour : |
No Complaints |
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|
|
Litigation : |
Clear |
COMPANY
IDENTIFICATION
|
NAME |
: |
BETA GIDA SANAYI VE TICARET A.S. |
|
ADDRESS |
: |
Head Office: Cemalpasa Mah. Fuzuli Cad. 14. Sok. Gulsa Apt. No:
5/A Zemin Kat |
|
PHONE NUMBER |
: |
90-322-457 72 07 |
|
FAX NUMBER |
: |
90-322-457 73 93 |
LEGAL STATUS AND
HISTORY
|
TAX OFFICE / NO |
: |
Yuregir / 1670009422 |
|
REGISTRATION NUMBER |
: |
19909 |
|
REGISTERED OFFICE |
: |
|
|
DATE ESTABLISHED |
: |
05.01.1987 (Commercial Registry Gazette
Date/No:10.02.1987/1700) |
|
LEGAL FORM |
: |
Joint Stock Company |
|
TYPE OF COMPANY |
: |
Private |
|
REGISTERED CAPITAL |
: |
YTL 3,000,000 |
|
PAID-IN CAPITAL |
: |
YTL 3,000,000 |
OWNERSHIP /
MANAGEMENT
|
SHAREHOLDERS |
: |
Ekrem Ugur Celal Ugur Yusuf Ugur Besir Ugur Fatma Ugur |
25 % 25 % 25 % 23 % 2 % |
|
SISTER COMPANIES |
: |
Declared to be: -Beta Kazakhstan CO. -Beta Uzbekistan CO. -Beta Kyrgyzstan CO. -Beta Azerbaijan CO. -Beta Russia
CO. |
|
|
GROUP PARENT COMPANY |
: |
None |
|
|
SUBSIDIARIES |
: |
None |
|
|
BOARD OF DIRECTORS |
: |
Besir
Ugur Celal Ugur Fatma Ugur Ersoz Ekrem Ugur Yusuf Ugur |
Chairman Vice-Chairman Member Member Member |
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Packaging and trade of tea, trade of food
products |
||
|
TRADEMARK(S) |
: |
The subject sells the following trade
marks: “Beta Tea”, “Howdah”,
“Champion”, “Green Tea”, “Natural Flower”, “Golden Selected”, “Golden
Blend”, “Earl Grey”, “Bayce Grey”, “Bayce Klasik”, “Leader”. |
||
|
NUMBER OF
EMPLOYEES |
: |
67 |
||
|
NET SALES |
: |
(YTL Thousand) 26,700 36,327 38,642 42,335 51,215 |
(2001) (2002) (2003) (2004) (2005) |
|
|
|
|
In However the company strictly declines to give us an authorization to
gather its financial data. As the firm’s shares are not open to public it is
not obliged to announce its data. |
||
|
CAPACITY |
: |
Packaging Capacity (Tons/Yr.): 12,000 |
||
|
IMPORT VALUE |
: |
YTL 741,960 USD 18 million USD 20 million |
(2002) (2003) (2004) |
|
|
IMPORT COUNTRIES |
: |
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||
|
MERCHANDISE
IMPORTED |
: |
Tea, aroma and promotion materials |
||
|
EXPORT VALUE |
: |
(YTL Thousand) 25,466 34,748 38,065 6,271 7,233 |
(2001) (2002) (2003) (2004) (2005) |
|
|
EXPORT COUNTRIES |
: |
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||
|
MERCHANDISE
EXPORTED |
: |
Tea |
||
|
PREMISES |
: |
Head Office: Cemalpasa Mah. Fuzuli Cad. Gulsa Apt. No: 5/A Zemin
Kat Adana (owned) Branch Office: Darulaceze Cad. Famas Is Merkezi
A Blok No:43/7-8 Okmeydani Istanbul Packaging Plant / Branch Office. Store: Misir Carsisi- Branch: Atikop Toptancilar Sitesi 12. Blok
No: 9 Seyhan |
|
|
TREND OF BUSINESS : There was a slowdown at business volume in real terms in 2004 but
there was an upwards trend at business volume in 2005.
COMMERCIAL MORALITY : In Order
SIZE OF BUSINESS : Large
FINANCE
|
MAIN DEALING BANKERS |
: |
Yapi ve Kredi Bankasi Adana branch in Alternatifbank Adana branch in Albarakaturk Adana branch in Halk Bankasi Adana branch in |
|
CREDIT FACILITIES |
: |
The subject company is making use of credit facilities. |
|
PAYMENT BEHAVIOUR |
: |
According to the official
registries between 01.01.2000-15.09.2007, there is a non-paid cheque of YTL 191 registered in
the name of the subject company on
18.02.2002. However, no payment delays have been registered in the name
of “Beta Gida” since then. |
COMMENT ON
FINANCIAL POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
||
|
Insufficient |
As of 31.03.2005 |
|
|
LIQUIDITY |
||
|
High |
As of 31.03.2005 |
|
|
PROFITABILITY |
||
|
The subject had low net profitability in 2005. |
||
|
GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
||
|
Unfavorable |
Between 1.1.-31.03.2005 |
|
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GENERAL
FINANCIAL POSITION |
||
|
Capitalization was insufficient but the liquidity was high in the first
3 months of 2005. The subject had low net profitability in 2005. 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. So current general
financial position is undetermined but the firm which had insufficient
capitalization as of 31.03.2005 had no capital increase since then. |
||
|
|
Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(2001) |
88.60 % |
1.1991 |
1.0714 |
1.7300 |
|
(2002) |
30.80 % |
1.5168 |
1.3741 |
2.2001 |
|
(2003) |
13.90 % |
1.5302 |
1.7141 |
2.4982 |
|
(1.1.-31.03.2005) |
0.96 % |
1.3374 |
1.7659 |
2.5430 |
|
(2005) |
2.66 % |
1.3499 |
1.6882 |
2.4623 |
|
(2006) |
11.58 % |
1.4309 |
1.7987 |
2.6377 |
|
(1.1.-30.09.2007) |
4.98 % |
1.3447 |
1.8084 |
2.6720 |
|
|
BALANCE SHEETS |
||||||||||||
|
|
|
YTL Thousand |
|
|
|
YTL Thousand |
|
|
|
YTL Thousand |
|
|
|
|
|
|
31.12.03 |
|
|
|
31.12.04 |
|
|
|
31.3.05 |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
13.424 |
|
0,99 |
|
17.893 |
|
0,97 |
|
20.778 |
|
0,98 |
|
|
|
Cash and Banks |
556 |
|
0,04 |
|
477 |
|
0,03 |
|
638 |
|
0,03 |
|
|
|
Marketable Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account Receivable |
10.603 |
|
0,78 |
|
12.839 |
|
0,70 |
|
16.950 |
|
0,80 |
|
|
|
Other Receivable |
43 |
|
0,00 |
|
27 |
|
0,00 |
|
27 |
|
0,00 |
|
|
|
Inventories |
1.675 |
|
0,12 |
|
4.051 |
|
0,22 |
|
2.408 |
|
0,11 |
|
|
|
Other Current Assets |
547 |
|
0,04 |
|
499 |
|
0,03 |
|
755 |
|
0,04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
152 |
|
0,01 |
|
524 |
|
0,03 |
|
517 |
|
0,02 |
|
|
|
Long-term Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Financial Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Tangible Fixed Assets (net) |
115 |
|
0,01 |
|
514 |
|
0,03 |
|
507 |
|
0,02 |
|
|
|
Intangible Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other Non-Current Assets |
37 |
|
0,00 |
|
10 |
|
0,00 |
|
10 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
13.576 |
|
1,00 |
|
18.417 |
|
1,00 |
|
21.295 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
10.399 |
|
0,77 |
|
14.003 |
|
0,76 |
|
16.892 |
|
0,79 |
|
|
|
Financial Loans |
1.017 |
|
0,07 |
|
884 |
|
0,05 |
|
1.039 |
|
0,05 |
|
|
|
Accounts Payable |
9.292 |
|
0,68 |
|
12.499 |
|
0,68 |
|
14.518 |
|
0,68 |
|
|
|
Loans from Shareholders |
0 |
|
0,00 |
|
448 |
|
0,02 |
|
976 |
|
0,05 |
|
|
|
Other Short-term Payable |
50 |
|
0,00 |
|
124 |
|
0,01 |
|
300 |
|
0,01 |
|
|
|
Advances from Customers |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Taxes Payable |
26 |
|
0,00 |
|
28 |
|
0,00 |
|
59 |
|
0,00 |
|
|
|
Provisions |
14 |
|
0,00 |
|
20 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other Current Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Financial Loans |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
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 |
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 |
3.177 |
|
0,23 |
|
4.414 |
|
0,24 |
|
4.403 |
|
0,21 |
|
|
|
Paid-in Capital |
3.000 |
|
0,22 |
|
3.000 |
|
0,16 |
|
3.000 |
|
0,14 |
|
|
|
Inflation Adjustment of Capital |
not applic. |
|
|
|
4.992 |
|
0,27 |
|
4.992 |
|
0,23 |
|
|
|
Reserves |
165 |
|
0,01 |
|
683 |
|
0,04 |
|
683 |
|
0,03 |
|
|
|
Revaluation Fund |
2 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accumulated Losses(-) |
0 |
|
0,00 |
|
-4.274 |
|
-0,23 |
|
-4.274 |
|
-0,20 |
|
|
|
Net Profit (loss) |
10 |
|
0,00 |
|
13 |
|
0,00 |
|
2 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES &EQUITY |
13.576 |
|
1,00 |
|
18.417 |
|
1,00 |
|
21.295 |
|
1,00 |
|
|
|
INCOME
STATEMENTS |
||||||||||||
|
|
|
YTL Thousand |
|
|
|
YTL Thousand |
|
|
|
YTL Thousand |
|
|
|
|
|
|
2003 |
|
|
|
2004 |
|
|
|
1.1.-31.3.2005 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
38.642 |
|
1,00 |
|
42.335 |
|
1,00 |
|
14.048 |
|
1,00 |
|
|
|
Cost of Goods Sold |
37.249 |
|
0,96 |
|
40.231 |
|
0,95 |
|
13.606 |
|
0,97 |
|
|
|
Gross Profit |
1.393 |
|
0,04 |
|
2.104 |
|
0,05 |
|
442 |
|
0,03 |
|
|
|
Operating Expenses |
1.688 |
|
0,04 |
|
2.073 |
|
0,05 |
|
519 |
|
0,04 |
|
|
|
Operating Profit |
-295 |
|
-0,01 |
|
31 |
|
0,00 |
|
-77 |
|
-0,01 |
|
|
|
Other Income |
5.496 |
|
0,14 |
|
4.840 |
|
0,11 |
|
575 |
|
0,04 |
|
|
|
Other Expenses |
4.888 |
|
0,13 |
|
4.651 |
|
0,11 |
|
461 |
|
0,03 |
|
|
|
Financial Expenses |
289 |
|
0,01 |
|
187 |
|
0,00 |
|
35 |
|
0,00 |
|
|
|
Profit (loss) Before Tax |
24 |
|
0,00 |
|
33 |
|
0,00 |
|
2 |
|
0,00 |
|
|
|
Tax Payable |
14 |
|
0,00 |
|
20 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
10 |
|
0,00 |
|
13 |
|
0,00 |
|
2 |
|
0,00 |
|
|
|
FINANCIAL RATIOS |
||||||||||||
|
|
|||||||||||||
|
|
|
2003 |
|
|
|
2004 |
|
|
|
1.1.-31.3.2005 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Ratio |
1,29 |
|
|
|
1,28 |
|
|
|
1,23 |
|
|
|
|
|
Acid-Test Ratio |
1,08 |
|
|
|
0,95 |
|
|
|
1,04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,12 |
|
|
|
0,22 |
|
|
|
0,11 |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,78 |
|
|
|
0,70 |
|
|
|
0,80 |
|
|
|
|
|
Tangible Assets/Total Assets |
0,01 |
|
|
|
0,03 |
|
|
|
0,02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
22,24 |
|
|
|
9,93 |
|
|
|
5,65 |
|
|
|
|
|
Stockholders' Equity Turnover |
12,16 |
|
|
|
9,59 |
|
|
|
3,19 |
|
|
|
|
|
Asset Turnover |
2,85 |
|
|
|
2,30 |
|
|
|
0,66 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,23 |
|
|
|
0,24 |
|
|
|
0,21 |
|
|
|
|
|
Current Liabilities/Total Assets |
0,77 |
|
|
|
0,76 |
|
|
|
0,79 |
|
|
|
|
|
Financial Leverage |
0,77 |
|
|
|
0,76 |
|
|
|
0,79 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
0,00 |
|
|
|
0,00 |
|
|
|
0,00 |
|
|
|
|
|
Operating Profit Margin |
-0,01 |
|
|
|
0,00 |
|
|
|
-0,01 |
|
|
|
|
|
Net Profit Margin |
0,00 |
|
|
|
0,00 |
|
|
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
98,78 |
|
|
|
109,18 |
|
|
|
434,37 |
|
|
|
|
|
Average Payable Period (days) |
89,80 |
|
|
|
111,85 |
|
|
|
384,13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME STATEMENT |
||||
|
|
|
YTL Thousand |
|
|
|
|
|
|
2005 |
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
51.215 |
|
1,00 |
|
|
|
Cost of Goods Sold |
48.829 |
|
0,95 |
|
|
|
Gross Profit |
2.386 |
|
0,05 |
|
|
|
Operating Expenses |
2.168 |
|
0,04 |
|
|
|
Operating Profit |
218 |
|
0,00 |
|
|
|
Other Income |
1.189 |
|
0,02 |
|
|
|
Other Expenses |
1.224 |
|
0,02 |
|
|
|
Financial Expenses |
135 |
|
0,00 |
|
|
|
Profit (loss) Before Tax |
48 |
|
0,00 |
|
|
|
Tax Payable |
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
48 |
|
0,00 |
|
|
|
|
|
|
|
|
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)