MIRA INFORM REPORT

 

 

Report Date :

24.12.2012

 

IDENTIFICATION DETAILS

 

Name :

BASYAZICIOGLU TEKSTIL SANAYI VE TICARET A.S.

 

 

Registered Office :

Organize Sanayi Bolgesi 18.Cad. No:3 Melikgazi Kayseri

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

30.06.2000

 

 

Com. Reg. No.:

23738

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of yarn made of cotton

 

 

No. of Employees :

359

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

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 will bring up to 1 million barrels per day from the Caspian to market. Several gas pipelines projects also are moving forward to help transport Central Asian gas to Europe through Turkey, which over the long term will help address Turkey's dependence on imported oil and gas to meet 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 8.2% in 2010, as exports returned to normal levels following the recession. Turkey's public sector debt to GDP ratio has fallen to roughly 40%. Continued strong growth has pushed inflation to the 8% level, however, and worsened an already high current account deficit. Turkey remains dependent on often volatile, short-term investment to finance its large trade deficit. The stock value of FDI stood at $99 billion at year-end 2011. Inflows have slowed considerably in light of continuing economic turmoil in Europe, the source of much of Turkey's FDI. Further economic and judicial reforms and prospective EU membership are expected to boost Turkey's attractiveness to foreign investors. However, Turkey's relatively high current account deficit, uncertainty related to monetary policy-making, and political turmoil within Turkey's neighborhood leave the economy vulnerable to destabilizing shifts in investor confidence.

 

Source : CIA

 

 

 

 

COMPANY IDENTIFICATION

 

 

NAME

:

BASYAZICIOGLU TEKSTIL SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Organize Sanayi Bolgesi 18.Cad. No:3 Melikgazi Kayseri / Turkey

PHONE NUMBER

:

90-352-321 25 25

 

FAX NUMBER

:

90-352-321 16 63

 

WEB-ADDRESS

:

www.bamen.com.tr

E-MAIL

:

info@bamen.com.tr

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Mimar Sinan

TAX NO

:

6150122656

REGISTRATION NUMBER

:

23738

REGISTERED OFFICE

:

Kayseri Chamber of Commerce

DATE ESTABLISHED

:

30.06.2000

ESTABLISHMENT GAZETTE DATE /NO

:

13.07.2000/5087

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   26.000.000

HISTORY

:

Previous Registered Capital

:

TL 600.000

Changed On

:

13.10.2008 (Commercial Gazette Date /Number 27.10.2008/ 7176)

Previous Registered Capital

:

TL 5.000.000

Changed On

:

30.09.2009 (Commercial Gazette Date /Number 12.10.2009/ 7415)

Previous Registered Capital

:

TL 20.000.000

Changed On

:

03.02.2012 (Commercial Gazette Date /Number 09.02.2012/ 8002)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Omer Basyazicioglu

33,04 %

Murat Basyazicioglu

30 %

Mahmut Basyazicioglu

30 %

Ilmiye Basyazicioglu

5 %

Hulya Tiritoglu

1,96 %

 

 

SISTER COMPANIES

:

ALMER TURIZM TICARET VE SANAYI A.S.

 

BASYAZICIOGLU ET VE GIDA SANAYI TICARET A.S.

 

IMTAS INSAAT ENERJI TURIZM SANAYI VE TICARET A.S.

 

REPET PETROL URUNLERI VE GIDA MADDELERI TICARET SANAYI LTD. STI.

 

SUBSIDIARIES

:

None

 

BOARD OF DIRECTORS

:

Omer Basyazicioglu

Chairman

Mahmut Basyazicioglu

Vice-Chairman

Murat Basyazicioglu

Member

 

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Manufacture and trade of yarn made of cotton.

 

NACE CODE

:

DB.17.11

 

SECTOR

:

Textile

 

TRADEMARKS OWNED

:

Bamen

 

NUMBER OF EMPLOYEES

:

359

 

NET SALES

:

71.582.944 TL

(2010) 

96.598.297 TL

(2011) 

64.655.255 TL

(01.01-30.09.2012) 

 

 

IMPORT COUNTRIES

:

U.S.A.

Brazil

India

 

MERCHANDISE IMPORTED

:

Cotton

Spare part

 

EXPORT VALUE

:

9.316.153 TL

(2010)

29.892.588 TL

(2011)

22.354.191 TL

(01.01-30.09.2012)

 

 

EXPORT COUNTRIES

:

Italy

Portugal

 

MERCHANDISE  EXPORTED

:

Yarn

 

HEAD OFFICE ADDRESS

:

Organize Sanayi Bolgesi 18.Cad. No:3 Melikgazi Kayseri / Turkey

 

BRANCHES

:

Head Office/Factory  :  Organize Sanayi Bolgesi 18. Cad. No:3 38070 Kayseri/Turkey  (33.000 sqm)

 

Branch Office  :  Harman Cad. Ali Kaya Sok. Polat Plaza B Blok K:3 No:4 Levent Istanbul/Turkey

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2011. There appears a decline at business volume in nominal terms in  1.1 - 30.9.2012.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Garanti 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.

 

KEY FINANCIAL ELEMENTS

:

 

(2010) TL

(2011) TL

(01.01-30.09.2012) TL

 

 

Net Sales

71.582.944

96.598.297

64.655.255

 

 

Profit (Loss) Before Tax

7.052.871

-14.221.080

-7.711.090

 

 

Stockholders' Equity

20.150.454

7.686.495

 

 

 

Total Assets

87.376.116

108.534.275

 

 

 

Current Assets

42.783.265

63.126.079

 

 

 

Non-Current Assets

44.592.851

45.408.196

 

 

 

Current Liabilities

37.735.544

55.989.338

 

 

 

Long-Term Liabilities

29.490.118

44.858.442

 

 

 

Gross Profit (loss)

14.193.827

7.459.795

-3.809.353

 

 

Operating Profit (loss)

11.290.011

2.928.583

-8.714.857

 

 

Net Profit (loss)

6.523.998

-14.221.080

-7.711.090

 

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

THE DETAILS OF THE CAPITAL INCREASE  AFTER LAST BALANCE SHEET

 

:

Cash Part

:6.000.000 TL

Equity Part

:

Payment Due Date

:03.02.2015

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

:90

 

Capitalization

Low

Remarks on Capitalization

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

Fair As

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.

 

Profitability

High Operating Profitability  in 2010

High Net Profitability  in 2010

Fair Operating Profitability  in 2011

Net Loss  in 2011

Gross Loss (01.01-30.09.2012)

Operating Loss (01.01-30.09.2012)

Net Loss (01.01-30.09.2012)

 

Gap between average collection and payable periods

Unfavorable in 2011

General Financial Position

Not in order

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 01.01-30.09.2012)

3,34 %

1,8029

2,3233

2,8527

 ( 01.01-30.11.2012)

2,58 %

1,8006

2,3240

2,8569

 

 

BALANCE SHEETS

 

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

 

 

CURRENT ASSETS

42.783.265

0,49

63.126.079

0,58

 

 

Not Detailed Current Assets

0

0,00

0

0,00

 

 

Cash and Banks

2.504.393

0,03

10.691.838

0,10

 

 

Marketable Securities

0

0,00

0

0,00

 

 

Account Receivable

13.209.086

0,15

19.835.749

0,18

 

 

Other Receivable

1.006.720

0,01

1.112.364

0,01

 

 

Inventories

19.332.519

0,22

25.340.215

0,23

 

 

Advances Given

2.959.874

0,03

561.136

0,01

 

 

Accumulated Construction Expense

0

0,00

0

0,00

 

 

Other Current Assets

3.770.673

0,04

5.584.777

0,05

 

 

NON-CURRENT ASSETS

44.592.851

0,51

45.408.196

0,42

 

 

Not Detailed Non-Current Assets

0

0,00

0

0,00

 

 

Long-term Receivable

4.000

0,00

12.750

0,00

 

 

Financial Assets

0

0,00

0

0,00

 

 

Tangible Fixed Assets (net)

41.988.677

0,48

42.989.807

0,40

 

 

Intangible Assets

2.600.174

0,03

2.405.639

0,02

 

 

Deferred Tax Assets

0

0,00

0

0,00

 

 

Other Non-Current Assets

0

0,00

0

0,00

 

 

TOTAL ASSETS

87.376.116

1,00

108.534.275

1,00

 

 

CURRENT LIABILITIES

37.735.544

0,43

55.989.338

0,52

 

 

Not Detailed Current Liabilities

0

0,00

0

0,00

 

 

Financial Loans

24.721.447

0,28

51.754.955

0,48

 

 

Accounts Payable

10.265.559

0,12

2.931.366

0,03

 

 

Loans from Shareholders

60.951

0,00

0

0,00

 

 

Other Short-term Payable

273.681

0,00

370.797

0,00

 

 

Advances from Customers

1.014.202

0,01

282.544

0,00

 

 

Accumulated Construction Income

0

0,00

0

0,00

 

 

Taxes Payable

407.834

0,00

424.536

0,00

 

 

Provisions

528.873

0,01

0

0,00

 

 

Other Current Liabilities

462.997

0,01

225.140

0,00

 

 

LONG-TERM LIABILITIES

29.490.118

0,34

44.858.442

0,41

 

 

Not Detailed Long-term Liabilities

0

0,00

0

0,00

 

 

Financial Loans

29.273.085

0,34

43.955.993

0,40

 

 

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

217.033

0,00

902.449

0,01

 

 

Provisions

0

0,00

0

0,00

 

 

STOCKHOLDERS' EQUITY

20.150.454

0,23

7.686.495

0,07

 

 

Not Detailed Stockholders' Equity

0

0,00

0

0,00

 

 

Paid-in Capital

17.400.000

0,20

19.157.121

0,18

 

 

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

124.948

0,00

6.648.946

0,06

 

 

Revaluation Fund

443.567

0,01

443.567

0,00

 

 

Accumulated Losses(-)

-4.342.059

-0,05

-4.342.059

-0,04

 

 

Net Profit (loss)

6.523.998

0,07

-14.221.080

-0,13

 

 

TOTAL LIABILITIES AND EQUITY

87.376.116

1,00

108.534.275

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 6.123.617 of the other income is due to "Profit from Foreign Currency Exchange".

 

At the last income statement TL 2.713.736 of the other expenses is due to "Loss from Foreign Currency Exchange" .  

 

 

INCOME STATEMENTS

 

 

(2010) TL

 

(2011) TL

 

(01.01-30.09.2012) TL

 

Net Sales

71.582.944

1,00

96.598.297

1,00

64.655.255

1,00

Cost of Goods Sold

57.389.117

0,80

89.138.502

0,92

68.464.608

1,06

Gross Profit

14.193.827

0,20

7.459.795

0,08

-3.809.353

-0,06

Operating Expenses

2.903.816

0,04

4.531.212

0,05

4.905.504

0,08

Operating Profit

11.290.011

0,16

2.928.583

0,03

-8.714.857

-0,13

Other Income

1.364.316

0,02

6.459.742

0,07

6.558.744

0,10

Other Expenses

1.677.274

0,02

2.634.499

0,03

3.167.113

0,05

Financial Expenses

3.924.182

0,05

20.974.906

0,22

2.387.864

0,04

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

7.052.871

0,10

-14.221.080

-0,15

-7.711.090

-0,12

Tax Payable

528.873

0,01

0

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

6.523.998

0,09

-14.221.080

-0,15

-7.711.090

-0,12

 

FINANCIAL RATIOS

 

 

(2010)

(2011)

 

LIQUIDITY RATIOS

 

 

Current Ratio

1,13

1,13

 

Acid-Test Ratio

0,44

0,57

 

Cash Ratio

0,07

0,19

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,22

0,23

 

Short-term Receivable/Total Assets

0,16

0,19

 

Tangible Assets/Total Assets

0,48

0,40

 

TURNOVER RATIOS

 

 

Inventory Turnover

2,97

3,52

 

Stockholders' Equity Turnover

3,55

12,57

 

Asset Turnover

0,82

0,89

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,23

0,07

 

Current Liabilities/Total Assets

0,43

0,52

 

Financial Leverage

0,77

0,93

 

Gearing Percentage

3,34

13,12

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,32

-1,85

 

Operating Profit Margin

0,16

0,03

 

Net Profit Margin

0,09

-0,15

 

Interest Cover

2,80

0,32

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

66,45

73,97

 

Average Payable Period (days)

64,40

11,84

 

WORKING CAPITAL

5047721,00

7136741,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.08

UK Pound

1

Rs.89.53

Euro

1

Rs.72.77

 

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.