MIRA INFORM REPORT

 

 

Report Date :           

17.04.2012

 

IDENTIFICATION DETAILS

 

Correct Name :

CANBIS GIDA SANAYI TICARET LTD. STI.  

 

 

Formerly Known As :

Baycan Dis Ticaret Gida Sanayi Ltd. Sti.

 

 

Registered Office :

2. Organize Sanayi Bolgesi 8326 Nolu  Cad. No:33 Baspinar Gaziantep

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

09.09.2005

 

 

Com. Reg. No.:

29319

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacture and trade of biscuits, chocolates, preserved pastry goods and cakes

 

 

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 :

Slow

 

 

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 31st, 2012

 

Country Name

Previous Rating

                   (31.12.2011)                  

Current Rating

(31.03.2012)

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

:

CANBIS GIDA SANAYI TICARET LTD. STI. 

HEAD OFFICE ADDRESS

:

2. Organize Sanayi Bolgesi 8326 Nolu  Cad. No:33 Baspinar Gaziantep / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The address was changed from "Celal Dogan Bulvari Guney 5 Cad. No:4 Sehitkamil" to "8326 Nolu Cad. No:33 Baspinar" by the municipality.

PHONE NUMBER

:

90-342-337 94 70

90-342-337 94 71

 

FAX NUMBER

:

90-342-337 94 72

 

WEB-ADDRESS

:

www.canbisgida.com

E-MAIL

:

info@canbisgida.com

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Gazikent

TAX NO

:

1520258232

REGISTRATION NUMBER

:

29319

REGISTERED OFFICE

:

Gaziantep Chamber of Commerce

DATE ESTABLISHED

:

09.09.2005

ESTABLISHMENT GAZETTE DATE /NO

:

14.09.2005/6389

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   200.000

HISTORY

:

Previous Name

:

Baycan Dis Ticaret Gida Sanayi Ltd. Sti.

Changed On

:

08.03.2011 (Commercial Gazette Date /Number 18.03.2011/ 7775)

Previous Address

:

2. Organize Sanayi Bolgesi Celal Dogan Bulvari Guney 5. Cad. No:4 Sehitkamil - Gaziantep

Changed On

:

05.10.2005 (Commercial Gazette Date /Number 11.10.2005/ 6408)

Previous Address

:

Mahmutbey Istoc Ticaret Merkezi 43. Ada No:18 Bagcilar - Istanbul

Changed On

:

29.12.2006 (Commercial Gazette Date /Number 08.01.2007/ 6718)

Previous Address

:

2. Organize Sanayi Bolgesi 20 Nolu Cad. No:4 Baspinar - Gaziantep

Changed On

:

19.09.2008 (Commercial Gazette Date /Number 06.10.2008/ 7161)

Previous Address

:

1. Organize Sanayi Bolgesi 1 Nolu Cad. No:10 Sehitkamil - Gaziantep

Changed On

:

08.03.2011 (Commercial Gazette Date /Number 18.03.2011/ 7775)

Previous Shareholder

:

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

Changed On

:

16.03.2011 (Commercial Gazette Date /Number 29.03.2011/ 7782)

Other Changes

:

The subject was firstly established in Gaziantep and registered at Gaziantep Commercial Registry with registration number 27534-28016. Then it moved to Istanbul and registered at Istanbul Commercial Registry with registration number 566758.

Changed On

:

05.10.2005 (Commercial Gazette Date /Number 11.10.2005/ 6408)

Other Changes

:

The subject which was registered at Istanbul Commercial Registry with registration number 566758 moved to Gaziantep and registered at Gaziantep Commercial Registry with registration number 29319.

Changed On

:

29.12.2006 (Commercial Gazette Date /Number 08.01.2007/ 6718)

 

 

 

PREVIOUS SHAREHOLDERS

:

Mehmet Cansiz

75 %

Dilek Yalcinkaya

25 %

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Fatih Aydogan

50 %

Halil Kalayci

50 %

 

 

DIRECTORS

:

Halil Kalayci

 

Fatih Aydogan

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of biscuits, chocolates, preserved pastry goods and cakes.

 

NACE CODE

:

DA.15.82

 

SECTOR

:

Food

 

NUMBER OF EMPLOYEES

:

35

 

NET SALES

:

1.441.620 TL

(2009) 

1.065.097 TL

(2010) 

2.536.561 TL

(2011) 

 

 

IMPORT COUNTRIES

:

Malaysia

 

MERCHANDISE IMPORTED

:

Oil

 

HEAD OFFICE ADDRESS

:

2. Organize Sanayi Bolgesi 8326 Nolu  Cad. No:33 Baspinar Gaziantep / Turkey

 

BRANCHES

:

Head Office/Production Plant  :  2. Organize Sanayi Bolgesi 8326 Nolu  Cad. No:33 Baspinar Gaziantep/Turkey

 

 

 

TREND OF BUSINESS

:

There was an upwards trend in 2011.

SIZE OF BUSINESS

:

Upper-Moderate

 

 

FINANCE

 

MAIN DEALING BANKS

:

Denizbank Gaziantep Branch

Finansbank Gatem Branch

Garanti Bankasi Organize Branch

Turk Ekonomi Bankasi Incilipinar Branch

 

CREDIT FACILITIES

:

No credit facility has come to our knowledge.

 

PAYMENT BEHAVIOUR

:

We are informed about a few payment delays in the last years some of which were resolved later on.

 

KEY FINANCIAL ELEMENTS

:

 

(2009) TL

(2010) TL

(2011) TL

 

 

Net Sales

1.441.620

1.065.097

2.536.561

 

 

Profit (Loss) Before Tax

30.445

11.540

-15.622

 

 

Stockholders' Equity

109.628

118.460

 

 

 

Total Assets

4.017.241

2.530.862

 

 

 

Current Assets

4.007.741

2.526.012

 

 

 

Non-Current Assets

9.500

4.850

 

 

 

Current Liabilities

3.907.613

2.412.402

 

 

 

Long-Term Liabilities

0

0

 

 

 

Gross Profit (loss)

58.185

40.367

-6.760

 

 

Operating Profit (loss)

21.905

-15.760

-81.503

 

 

Net Profit (loss)

24.333

8.832

-15.622

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Indebtedness to third parties was low as of 31.12.2010 as a part of total liabilities and equity consist of loans from shareholders rather than liabilities to third parties. However the ownership of the firm was totally changed on 16.03.2011 so the loans from shareholders might have been drawn from the firm and the loss at the last period is expected to have a negative effect on equity total since the date of last stockholders’ equity.

 

Liquidity

Liquidity may be regarded as being satisfactory as of 31.12.2010 as a part of current liabilities consist of short-term loans from shareholders rather than liabilities to third parties. However the ownership of the firm was totally changed on 16.03.2011 so the loans from shareholders might have been drawn from the firm and the unfavorable gap between average collection and average payable period has an adverse effect on liquidity.

 

Profitability

Fair Operating Profitability  in 2009

Fair Net Profitability  in 2009

Operating Loss  in 2010

Low Net Profitability  in 2010

Gross Loss  in 2011

Operating Loss  in 2011

Net Loss  in 2011

 

Gap between average collection and payable periods

Unfavorable in 2010

General Financial Position

Unsatisfactory

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2009 )

5,93 %

1,5460

2,1529

2,4094

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 01.01-31.03.2012)

0,65 %

1,7995

2,3799

2,8402

 

 

BALANCE SHEETS

 

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

4.007.741

1,00

2.526.012

1,00

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

321.118

0,08

5.655

0,00

Marketable Securities

0

0,00

0

0,00

Account Receivable

2.419.650

0,60

1.825.074

0,72

Other Receivable

2.062

0,00

2.062

0,00

Inventories

42.928

0,01

42.928

0,02

Advances Given

1.204.050

0,30

636.764

0,25

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

17.933

0,00

13.529

0,01

NON-CURRENT ASSETS

9.500

0,00

4.850

0,00

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

Financial Assets

0

0,00

0

0,00

Tangible Fixed Assets (net)

9.500

0,00

4.850

0,00

Intangible Assets

0

0,00

0

0,00

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

0

0,00

TOTAL ASSETS

4.017.241

1,00

2.530.862

1,00

CURRENT LIABILITIES

3.907.613

0,97

2.412.402

0,95

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

Accounts Payable

0

0,00

0

0,00

Loans from Shareholders

3.889.412

0,97

2.384.828

0,94

Other Short-term Payable

0

0,00

0

0,00

Advances from Customers

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

12.089

0,00

24.866

0,01

Provisions

6.112

0,00

2.708

0,00

Other Current Liabilities

0

0,00

0

0,00

LONG-TERM LIABILITIES

0

0,00

0

0,00

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

Securities Issued

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

Loans from Shareholders

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

109.628

0,03

118.460

0,05

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

60.000

0,01

60.000

0,02

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

54.942

0,01

79.275

0,03

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

-29.647

-0,01

-29.647

-0,01

Net Profit (loss)

24.333

0,01

8.832

0,00

TOTAL LIABILITIES AND EQUITY

4.017.241

1,00

2.530.862

1,00

 

 

INCOME STATEMENTS

 

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

Net Sales

1.441.620

1,00

1.065.097

1,00

2.536.561

1,00

Cost of Goods Sold

1.383.435

0,96

1.024.730

0,96

2.543.321

1,00

Gross Profit

58.185

0,04

40.367

0,04

-6.760

0,00

Operating Expenses

36.280

0,03

56.127

0,05

74.743

0,03

Operating Profit

21.905

0,02

-15.760

-0,01

-81.503

-0,03

Other Income

13.284

0,01

32.451

0,03

70.065

0,03

Other Expenses

4.743

0,00

5.133

0,00

1.251

0,00

Financial Expenses

1

0,00

18

0,00

2.933

0,00

Minority Interests

0

0,00

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

0

0,00

Profit (loss) Before Tax

30.445

0,02

11.540

0,01

-15.622

-0,01

Tax Payable

6.112

0,00

2.708

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

24.333

0,02

8.832

0,01

-15.622

-0,01

 

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

LIQUIDITY RATIOS

 

 

Current Ratio

1,03

1,05

Acid-Test Ratio

0,70

0,76

Cash Ratio

0,08

0,00

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,01

0,02

Short-term Receivable/Total Assets

0,60

0,72

Tangible Assets/Total Assets

0,00

0,00

TURNOVER RATIOS

 

 

Inventory Turnover

32,23

23,87

Stockholders' Equity Turnover

13,15

8,99

Asset Turnover

0,36

0,42

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,03

0,05

Current Liabilities/Total Assets

0,97

0,95

Financial Leverage

0,97

0,95

Gearing Percentage

35,64

20,36

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,22

0,07

Operating Profit Margin

0,02

-0,01

Net Profit Margin

0,02

0,01

Interest Cover

30446,00

642,11

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

604,23

616,87

Average Payable Period (days)

0,00

0,00

WORKING CAPITAL

100128,00

113610,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.66

UK Pound

1

Rs.81.80

Euro

1

Rs.67.18

 

 

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.