MIRA INFORM REPORT

 

 

Report Date :

17.08.2012

 

IDENTIFICATION DETAILS

 

Name :

BETA GIDA SANAYI VE TICARET A.S.

 

 

Registered Office :

Haci Sabanci Organize Sanayi Bolgesi OSB Fuzuli Cad. No:1 Yuregir Adana

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

10.02.1987

 

 

Com. Reg. No.:

19909

 

 

Legal Form :

Joint Stock Company

 

 

line of business :

Packaging and trade of tea, trade of food products. 

 

 

No. of Employees :

70

 

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 :

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 – 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

:

BETA GIDA SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Haci Sabanci Organize Sanayi Bolgesi OSB Fuzuli Cad. No:1 Yuregir 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   15.110.000

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)

Previous Registered Capital

:

TL 6.110.000

Changed On

:

02.04.2012 (Commercial Gazette Date /Number 12.04.2012/ 8047)

Previous Address

:

Cemalpasa Mah. Gulsa Apt. 14. Sok. No:5/A Seyhan - Adana

Changed On

:

05.09.2011 (Commercial Gazette Date /Number 15.09.2011/ 7900)

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Ekrem Ugur

33,33 %

Celal Ugur

32,93 %

Besir Ugur

32,67 %

Fatma Ugur Ersoz

0,67 %

Samet Ugur

0,40 %

 

 

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

Samet Ugur

Member

Fatma Ugur Ersoz

Member

Ekrem Ugur

Member

 

 

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

:

70

 

NET SALES

:

65.155.304 TL

(2007) 

89.519.872 TL

(2008) 

101.545.703 TL

(2009) 

101.236.178 TL

(2010) 

132.137.321 TL

(2011) 

32.955.928 TL

(01.01-31.03.2012) 

 

 

PRODUCTION

:

None

 

IMPORT VALUE

:

2.644.145 TL

(2011)

 

 

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)

93.930.857 TL

(2010)

124.379.120 TL

(2011)

31.036.827 TL

(01.01-31.03.2012)

 

 

EXPORT COUNTRIES

:

Azerbaijan

Kazakhstan

Kyrgyzstan

Free Zone

Russia

Uzbekistan

Lithuania

 

MERCHANDISE  EXPORTED

:

Cereal

Flour

Tea

 

HEAD OFFICE ADDRESS

:

Haci Sabanci Organize Sanayi Bolgesi OSB Fuzuli Cad. No:1 Yuregir  Adana / Turkey

 

BRANCHES

:

Store  :  Misir Carsisi Adana/Turkey (owned)

 

Head Office/Processing Plant  :  Haci Sabanci Organize Sanayi Bolgesi OSB Fuzuli Cad. No:1 Yuregir Adana/Turkey

 

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  2011.

SIZE OF BUSINESS

:

Large

 

FINANCE

 

MAIN DEALING BANKS

:

Albaraka Turk Katilim Bankasi Adana Branch

Alternatif Bank Adana Branch

T. Finans Katilim Bankasi Adana Branch

Turk Ekonomi Bankasi Adana Branch

Yapi ve Kredi Bankasi Organize Sanayi Branch

 

CREDIT FACILITIES

:

The subject company is making active use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge in the last years.

 

KEY FINANCIAL ELEMENTS

:

 

(2008) TL

(2009) TL

(2010) TL

(2011) TL

(01.01-31.03.2012) TL

Net Sales

89.519.872

101.545.703

101.236.178

132.137.321

32.955.928

Profit (Loss) Before Tax

302.613

387.760

89.599

224.497

46.059

Stockholders' Equity

7.118.563

6.964.146

6.998.275

7.315.739

 

Total Assets

37.287.649

39.630.737

39.165.636

63.340.824

 

Current Assets

36.031.341

37.930.407

34.439.925

51.626.852

 

Non-Current Assets

1.256.308

1.700.330

4.725.711

11.713.972

 

Current Liabilities

30.169.086

32.666.591

32.167.361

52.666.701

 

Long-Term Liabilities

0

0

0

3.358.384

 

Gross Profit (loss)

9.570.802

6.586.895

6.203.991

8.649.177

1.785.234

Operating Profit (loss)

4.410.783

1.021.420

342.470

1.946.630

103.940

Net Profit (loss)

234.193

342.770

34.127

224.497

46.059

 

 

COMMENT ON FINANCIAL POSITION

 

THE DETAILS OF THE CAPITAL INCREASE  AFTER LAST BALANCE SHEET

 

:

Cash Part

:9.000.000 TL

Payment Due Date

:02.04.2015

Number of Days To Pay First Portion of The Cash Part of Capital Increase

:90

 

 

Capitalization

Insufficient

Remarks on Capitalization

There has been capital increase after the last balance sheet date. The capital increase financed by cash is expected to have an improvement at equity total since the last balance sheet date.

 

Liquidity

Satisfactory

Remarks On Liquidity

The capital increase after the last balance sheet is expected to have a positive effect on liquidity since the last balance sheet date. 

 

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

In Order Operating Profitability  in 2008

Low Net Profitability  in 2008

Low Operating Profitability  in 2009

Low Net Profitability  in 2009

Low Operating Profitability  in 2010

Low Net Profitability  in 2010

Low Operating Profitability  in 2011

Low Net Profitability  in 2011

Low Operating Profitability (01.01-31.03.2012)

Low Net Profitability (01.01-31.03.2012)

 

Gap between average collection and payable periods

Unfavorable in 2011

General Financial Position

Passable

 

 

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

 ( 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

 ( 01.01-31.07.2012)

1,71 %

1,8018

2,3285

2,8424

 

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

 

 

CURRENT ASSETS

36.031.341

0,97

37.930.407

0,96

34.439.925

0,88

51.626.852

0,82

 

 

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Cash and Banks

1.033.254

0,03

2.525.130

0,06

2.268.338

0,06

3.053.205

0,05

 

 

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Account Receivable

27.902.659

0,75

31.435.524

0,79

28.342.180

0,72

42.059.400

0,66

 

 

Other Receivable

63.175

0,00

17.427

0,00

33.495

0,00

21.806

0,00

 

 

Inventories

6.004.197

0,16

2.895.728

0,07

2.374.318

0,06

4.702.809

0,07

 

 

Advances Given

0

0,00

11.515

0,00

11.515

0,00

301.109

0,00

 

 

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Other Current Assets

1.028.056

0,03

1.045.083

0,03

1.410.079

0,04

1.488.523

0,02

 

 

NON-CURRENT ASSETS

1.256.308

0,03

1.700.330

0,04

4.725.711

0,12

11.713.972

0,18

 

 

Not Detailed Non-Current Assets

0

0,00

0

0,00

2.367

0,00

0

0,00

 

 

Long-term Receivable

2.367

0,00

2.367

0,00

0

0,00

2.367

0,00

 

 

Financial Assets

0

0,00

0

0,00

4.581.440

0,12

0

0,00

 

 

Tangible Fixed Assets (net)

1.070.871

0,03

1.532.597

0,04

93.590

0,00

11.577.956

0,18

 

 

Intangible Assets

106.071

0,00

104.016

0,00

0

0,00

84.538

0,00

 

 

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Other Non-Current Assets

76.999

0,00

61.350

0,00

48.314

0,00

49.111

0,00

 

 

TOTAL ASSETS

37.287.649

1,00

39.630.737

1,00

39.165.636

1,00

63.340.824

1,00

 

 

CURRENT LIABILITIES

30.169.086

0,81

32.666.591

0,82

32.167.361

0,82

52.666.701

0,83

 

 

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Financial Loans

12.104.926

0,32

16.312.539

0,41

15.845.964

0,40

28.971.446

0,46

 

 

Accounts Payable

17.838.568

0,48

15.768.087

0,40

15.962.815

0,41

23.381.407

0,37

 

 

Loans from Shareholders

0

0,00

137.462

0,00

24.941

0,00

25.456

0,00

 

 

Other Short-term Payable

1.000

0,00

15.826

0,00

60.481

0,00

18.556

0,00

 

 

Advances from Customers

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Taxes Payable

90.815

0,00

86.725

0,00

102.416

0,00

134.993

0,00

 

 

Provisions

23.078

0,00

9.897

0,00

15.907

0,00

13.885

0,00

 

 

Other Current Liabilities

110.699

0,00

336.055

0,01

154.837

0,00

120.958

0,00

 

 

LONG-TERM LIABILITIES

0

0,00

0

0,00

0

0,00

3.358.384

0,05

 

 

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

3.358.384

0,05

 

 

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

7.118.563

0,19

6.964.146

0,18

6.998.275

0,18

7.315.739

0,12

 

 

Not Detailed Stockholders' Equity

7.118.563

0,19

6.964.146

0,18

6.998.275

0,18

7.315.739

0,12

 

 

Paid-in Capital

0

0,00

0

0,00

0

0,00

0

0,00

 

 

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

0

0,00

0

0,00

0

0,00

0

0,00

 

 

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)

0

0,00

0

0,00

0

0,00

0

0,00

 

 

TOTAL LIABILITIES AND EQUITY

37.287.649

1,00

39.630.737

1,00

39.165.636

1,00

63.340.824

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. 

 

At the last income statement TL 3.513.307of the other income is due to "Profit from Foreign Currency Exchange". 

 

At the last income statement TL 3.324.620 of the other expenses is due to "Loss from Foreign Currency Exchange".

 

 

 

INCOME STATEMENTS

 

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

(01.01-31.03.2012) TL

 

Net Sales

89.519.872

1,00

101.545.703

1,00

101.236.178

1,00

132.137.321

1,00

32.955.928

1,00

Cost of Goods Sold

79.949.070

0,89

94.958.808

0,94

95.032.187

0,94

123.488.144

0,93

31.170.694

0,95

Gross Profit

9.570.802

0,11

6.586.895

0,06

6.203.991

0,06

8.649.177

0,07

1.785.234

0,05

Operating Expenses

5.160.019

0,06

5.565.475

0,05

5.861.521

0,06

6.702.547

0,05

1.681.294

0,05

Operating Profit

4.410.783

0,05

1.021.420

0,01

342.470

0,00

1.946.630

0,01

103.940

0,00

Other Income

8.417.471

0,09

9.367.564

0,09

6.411.399

0,06

10.636.586

0,08

3.567.743

0,11

Other Expenses

12.169.646

0,14

9.521.477

0,09

6.580.022

0,06

11.988.970

0,09

3.403.912

0,10

Financial Expenses

355.995

0,00

479.747

0,00

84.248

0,00

369.749

0,00

221.712

0,01

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

302.613

0,00

387.760

0,00

89.599

0,00

224.497

0,00

46.059

0,00

Tax Payable

68.420

0,00

44.990

0,00

55.472

0,00

0

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)

234.193

0,00

342.770

0,00

34.127

0,00

224.497

0,00

46.059

0,00

 

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

(2011)

 

LIQUIDITY RATIOS

 

 

Current Ratio

1,19

1,16

1,07

0,98

 

Acid-Test Ratio

0,96

1,04

0,95

0,86

 

Cash Ratio

0,03

0,08

0,07

0,06

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,16

0,07

0,06

0,07

 

Short-term Receivable/Total Assets

0,75

0,79

0,72

0,66

 

Tangible Assets/Total Assets

0,03

0,04

0,00

0,18

 

TURNOVER RATIOS

 

 

Inventory Turnover

13,32

32,79

40,03

26,26

 

Stockholders' Equity Turnover

12,58

14,58

14,47

18,06

 

Asset Turnover

2,40

2,56

2,58

2,09

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,19

0,18

0,18

0,12

 

Current Liabilities/Total Assets

0,81

0,82

0,82

0,83

 

Financial Leverage

0,81

0,82

0,82

0,88

 

Gearing Percentage

4,24

4,69

4,60

7,66

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,03

0,05

0,00

0,03

 

Operating Profit Margin

0,05

0,01

0,00

0,01

 

Net Profit Margin

0,00

0,00

0,00

0,00

 

Interest Cover

1,85

1,81

2,06

1,61

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

112,22

111,45

100,79

114,59

 

Average Payable Period (days)

80,32

59,78

60,47

68,16

 

WORKING CAPITAL

5862255,00

5263816,00

2272564,00

-1039849,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.99

UK Pound

1

Rs.87.55

Euro

1

Rs.68.69

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

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.