MIRA INFORM REPORT

 

 

Report Date :

22.01.2011

 

IDENTIFICATION DETAILS

 

Correct Name :

BETA GIDA SANAYI VE TICARET A.S.

 

 

Registered Office :

Cemalpasa  Mah. Fuzuli Cad. 14. Sok. Gulsa Apt. No: 5/A Zemin Kat Merkez Adana

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2009

 

 

Year of Establishment :

1987

 

 

Com. Reg. No.:

19909

 

 

Legal Form :

Joint Stock Company

 

 

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

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

840.000 USD

Status :

Moderate

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 – June 30, 2010

 

Country Name

Previous Rating

                   (01.04.2010)                  

Current Rating

(30.06.2010)

Turkey

b1

b1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

COMPANY IDENTIFICATION

 

NAME

:

BETA GIDA SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Cemalpasa  Mah. Fuzuli Cad. 14. Sok. Gulsa Apt. No: 5/A Zemin Kat Merkez Adana / Turkey

PHONE NUMBER

:

90-322-457 72 07

 

FAX NUMBER

:

90-322-457 73 93

 

WEB-ADDRESS

:

www.beta.com.tr

E-MAIL

:

beta@beta.com.tr

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Yuregir

TAX NO

:

1670009422

REGISTRATION NUMBER

:

19909

REGISTERED OFFICE

:

Adana Chamber of Commerce

DATE ESTABLISHED

:

1987

ESTABLISHMENT GAZETTE DATE/NO

:

10.02.1987/1700

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   6.110.000

HISTORY

:

Previous Registered Capital

:

TL 3.000.000

Changed On

:

01.05.2008 (Commercial Gazette Date /Number 09.05.2008/ 7059)

Previous Registered Capital

:

TL 6.000.000

Changed On

:

27.07.2009 (Commercial Gazette Date /Number 06.08.2009/ 7370)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Ekrem Ugur

33,32 %

Celal Ugur

32,32 %

Besir Ugur

31,68 %

Fatma Ugur Ersoz

 

Samet Ugur

 

 

 

SISTER COMPANIES

:

BETA AZERBAIJAN CO.

BETA KAZAKHSTAN CO.

BETA KYRGYZSTAN CO.

BETA RUSSIA CO.

BETA UZBEKISTAN CO.

 

BOARD OF DIRECTORS

:

Besir Ugur

Chairman

Celal Ugur

Vice-Chairman

Ekrem Ugur

Member

 

 

DIRECTORS

:

Fatma Ugur Ersoz

General Manager

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Packaging and trade of tea, trade of food products.  

 

NACE CODE

:

G .51.37

 

TRADEMARKS TRADED

:

Bayce Grey

Bayce Klasik

Beta Tea

Champion

Earl Grey

Golden Blend

Golden Selected

Green Tea

Howdah

Leader

Natural Flower

 

NUMBER OF EMPLOYEES

:

60

 

NET SALES

:

65.155.304 TL

(2007) 

89.519.872 TL

(2008) 

101.545.703 TL

(2009) 

71.999.750 TL

(01.01-30.09.2010) 

 

 

IMPORT COUNTRIES

:

China

Germany

Indonesia

Sri Lanka

Vietnam

 

MERCHANDISE IMPORTED

:

Aroma 

Promotion materials

Tea

 

EXPORT VALUE

:

59.968.415 TL

(2007)

83.529.205 TL

(2008)

94.491.910 TL

(2009)

66.482.492 TL

(01.01-30.09.2010)

 

 

EXPORT COUNTRIES

:

Azerbaijan

Kazakhstan

Kyrgyzstan

Free Zone

Russia

Uzbekistan

 

MERCHANDISE  EXPORTED

:

Cereal

Flour

Tea

 

HEAD OFFICE ADDRESS

:

Cemalpasa  Mah. Fuzuli Cad. 14. Sok. Gulsa Apt. No: 5/A Zemin Kat Merkez  Adana / Turkey  (owned)

 

BRANCHES

:

Store  :  Misir Carsisi Adana/Turkey (owned)

 

Branch Office  :  Atikop Toptancilar Sitesi 12. Blok No: 9 Seyhan Adana/Turkey (owned)

 

Branch Office  :  Atikop Toptancilar Sitesi Adana/Turkey (rented)

 

Branch Office  :  Kaptanpasa Mah. Darulaceze Cad. Famas Is Merkezi B Blok No:45 D:15-16 Okmeydani Istanbul/Turkey

 

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2009. There appears a decline at business volume in nominal terms in  1.1 - 30.9.2010.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Albaraka Turk Katilim Bankasi Adana Branch

Alternatif Bank Adana Branch

Turk Ekonomi Bankasi Adana Branch

Turkiye Finans Katilim Bankasi Adana Branch

Yapi ve Kredi Bankasi Yag Cami 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

:

 

(2007) TL

(2008) TL

(2009) TL

(01.01-30.09.2010) TL

 

Net Sales

65.155.304

89.519.872

101.545.703

71.999.750

 

Profit (Loss) Before Tax

100.648

302.613

387.760

164.053

 

Stockholders' Equity

4.347.839

7.118.563

6.964.146

 

 

Total Assets

22.583.259

37.287.649

39.630.737

 

 

Current Assets

21.253.395

36.031.341

37.930.407

 

 

Non-Current Assets

1.329.864

1.256.308

1.700.330

 

 

Current Liabilities

18.235.420

30.169.086

32.666.591

 

 

Long-Term Liabilities

0

0

0

 

 

Gross Profit (loss)

3.220.416

9.570.802

6.586.895

4.431.514

 

Operating Profit (loss)

-1.236.490

4.410.783

1.021.420

325.581

 

Net Profit (loss)

67.128

234.193

342.770

164.053

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Low As of 31.12.2009

Liquidity

Insufficient As of 31.12.2009

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

Operating Loss  in 2007

Low Net Profitability  in 2007

In Order Operating Profitability  in 2008

Low Net Profitability  in 2008

Low Operating Profitability  in 2009

Low Net Profitability  in 2009

Low Operating Profitability (01.01-30.09.2010)

Low Net Profitability (01.01-30.09.2010)

 

Gap between average collection and payable periods

Unfavorable in 2009

General Financial Position

Passable

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 840.000 USD may be granted to the subject company.

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2007 )

5,94 %

1,3075

1,7901

2,6133

 ( 2008 )

8,11 %

1,2858

1,8876

2,3708

 ( 01.01-30.09.2009)

3,60 %

1,5624

2,1386

2,3953

 ( 2009 )

5,93 %

1,5460

2,1529

2,4094

 ( 01.01-31.03.2010)

4,24 %

1,5128

2,0953

2,3698

 ( 01.01-30.09.2010)

6,52 %

1,5178

2,0112

2,3426

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 

 

BALANCE SHEETS

 

 

 ( 31.12.2007 )  TL

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

CURRENT ASSETS

21.253.395

0,94

36.031.341

0,97

37.930.407

0,96

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

Cash and Banks

347.024

0,02

1.033.254

0,03

2.525.130

0,06

Marketable Securities

0

0,00

0

0,00

0

0,00

Account Receivable

15.555.443

0,69

27.902.659

0,75

31.435.524

0,79

Other Receivable

15.674

0,00

63.175

0,00

17.427

0,00

Inventories

4.542.415

0,20

6.004.197

0,16

2.895.728

0,07

Advances Given

0

0,00

0

0,00

11.515

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

Other Current Assets

792.839

0,04

1.028.056

0,03

1.045.083

0,03

NON-CURRENT ASSETS

1.329.864

0,06

1.256.308

0,03

1.700.330

0,04

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

Long-term Receivable

2.367

0,00

2.367

0,00

2.367

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

1.153.562

0,05

1.070.871

0,03

1.532.597

0,04

Intangible Assets

115.383

0,01

106.071

0,00

104.016

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

58.552

0,00

76.999

0,00

61.350

0,00

TOTAL ASSETS

22.583.259

1,00

37.287.649

1,00

39.630.737

1,00

CURRENT LIABILITIES

18.235.420

0,81

30.169.086

0,81

32.666.591

0,82

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

9.615.192

0,43

12.104.926

0,32

16.312.539

0,41

Accounts Payable

8.506.404

0,38

17.838.568

0,48

15.768.087

0,40

Loans from Shareholders

0

0,00

0

0,00

137.462

0,00

Other Short-term Payable

0

0,00

1.000

0,00

15.826

0,00

Advances from Customers

0

0,00

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

Taxes Payable

77.204

0,00

90.815

0,00

86.725

0,00

Provisions

11.735

0,00

23.078

0,00

9.897

0,00

Other Current Liabilities

24.885

0,00

110.699

0,00

336.055

0,01

LONG-TERM LIABILITIES

0

0,00

0

0,00

0

0,00

Not Detailed 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

4.347.839

0,19

7.118.563

0,19

6.964.146

0,18

Not Detailed Stockholders' Equity

4.347.839

0,19

7.118.563

0,19

6.964.146

0,18

Paid-in Capital

0

0,00

0

0,00

0

0,00

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

0

0,00

0

0,00

0

0,00

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)

0

0,00

0

0,00

0

0,00

TOTAL LIABILITIES AND EQUITY

22.583.259

1,00

37.287.649

1,00

39.630.737

1,00

 

 

 

INCOME STATEMENTS

 

 

(2007) TL

 

(2008) TL

 

(2009) TL

 

(01.01-30.09.2010) TL

 

Net Sales

65.155.304

1,00

89.519.872

1,00

101.545.703

1,00

71.999.750

1,00

Cost of Goods Sold

61.934.888

0,95

79.949.070

0,89

94.958.808

0,94

67.568.236

0,94

Gross Profit

3.220.416

0,05

9.570.802

0,11

6.586.895

0,06

4.431.514

0,06

Operating Expenses

4.456.906

0,07

5.160.019

0,06

5.565.475

0,05

4.105.933

0,06

Operating Profit

-1.236.490

-0,02

4.410.783

0,05

1.021.420

0,01

325.581

0,00

Other Income

6.652.174

0,10

8.417.471

0,09

9.367.564

0,09

4.116.267

0,06

Other Expenses

5.125.216

0,08

12.169.646

0,14

9.521.477

0,09

4.223.083

0,06

Financial Expenses

189.820

0,00

355.995

0,00

479.747

0,00

54.712

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

100.648

0,00

302.613

0,00

387.760

0,00

164.053

0,00

Tax Payable

33.520

0,00

68.420

0,00

44.990

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

67.128

0,00

234.193

0,00

342.770

0,00

164.053

0,00

 

 

FINANCIAL RATIOS

 

 

(2007)

(2008)

(2009)

 

LIQUIDITY RATIOS

 

 

Current Ratio

1,17

1,19

1,16

 

Acid-Test Ratio

0,87

0,96

1,04

 

Cash Ratio

0,02

0,03

0,08

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,20

0,16

0,07

 

Short-term Receivable/Total Assets

0,69

0,75

0,79

 

Tangible Assets/Total Assets

0,05

0,03

0,04

 

TURNOVER RATIOS

 

 

Inventory Turnover

13,63

13,32

32,79

 

Stockholders' Equity Turnover

14,99

12,58

14,58

 

Asset Turnover

2,89

2,40

2,56

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,19

0,19

0,18

 

Current Liabilities/Total Assets

0,81

0,81

0,82

 

Financial Leverage

0,81

0,81

0,82

 

Gearing Percentage

4,19

4,24

4,69

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,02

0,03

0,05

 

Operating Profit Margin

-0,02

0,05

0,01

 

Net Profit Margin

0,00

0,00

0,00

 

Interest Cover

1,53

1,85

1,81

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

85,96

112,22

111,45

 

Average Payable Period (days)

49,44

80,32

59,78

 

WORKING CAPITAL

3017975,00

5862255,00

5263816,00

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.70

UK Pound

1

Rs.72.78

Euro

1

Rs.61.65

 

 

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

 

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.