MIRA INFORM REPORT

 

Report Date :

07.03.2012

 

IDENTIFICATION DETAILS

 

Name :

BAYAMTAS ITHALAT-IHRACAT A.S.

 

 

Formerly Known As :

BAYAMTAS BAYAMLAR TARIM URUNLERI TICARET VE SANAYI A.S.

 

 

Registered Office :

Mucahitler Cad. No:24 Mersin

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

05.03.1984

 

 

Com. Reg. No.:

7306

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Processing and trade of pulses, spices, dried fruits and grain.

 

 

No. of Employees :

40

 

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 :

400.000 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 – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

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

:

BAYAMTAS ITHALAT-IHRACAT A.S.

HEAD OFFICE ADDRESS

:

Mucahitler Cad. No:24 Mersin / Turkey

PHONE NUMBER

:

90-324-221 37 00 (Processing Plant)

 

FAX NUMBER

:

90-324-221 37 10 (Processing Plant)

 

WEB-ADDRESS

:

www.bayamtas.com.tr

E-MAIL

:

bayam@bayamtas.com.tr

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Uray

TAX NO

:

1510001532

REGISTRATION NUMBER

:

7306

REGISTERED OFFICE

:

Mersin Chamber of Commerce and Industry

DATE ESTABLISHED

:

05.03.1984

ESTABLISHMENT GAZETTE DATE/NO

:

13.03.1984/966

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   4.000.000

 

HISTORY

:

Previous Name

:

Bayamtas Bayamlar Tarim Urunleri Ticaret ve Sanayi A.S.

Changed On

:

28.07.2004 (Commercial Gazette Date /Number 05.08.2004/ 6108)

Previous Registered Capital

:

TL 120.000

Changed On

:

22.07.2008 (Commercial Gazette Date /Number 30.07.2008/ 7116)

Previous Registered Capital

:

TL 2.000.000

Changed On

:

22.04.2011 (Commercial Gazette Date /Number 28.04.2011/ 7804)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Mehmet Fatih Murat Bayam

54 %

Mehmet Raci Bayam

15 %

Mehmet Osman Bayam

15 %

Mehmet Naci Bayam

15 %

Mehmet Bayam

1 %

 

 

GROUP

:

BAYAM GROUP OF COMPANIES

 

SISTER COMPANIES

:

AKDENIZ HARNUP VE GIDA KATKI MADDELERI SANAYI TICARET A.S.

BAYBAK GIDA PAZARLAMA TICARET LTD. STI.

MEHMET BAYAM DIS TICARET A.S.

 

SUBSIDIARIES

:

AKDENIZ HARNUP VE GIDA KATKI MADDELERI SANAYI TICARET A.S.  ( 10 % )

 

BOARD OF DIRECTORS

:

Mehmet Bayam

Chairman

Mehmet Raci Bayam

Member

Mehmet Naci Bayam

Member

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Processing and trade of pulses, spices, dried fruits and grain. 

 

NACE CODE

:

G .51.21

 

TRADEMARKS OWNED

:

Bayamtas Anadolu

Baytat

Klas

M&5B

 

 

NUMBER OF EMPLOYEES

:

40

 

NET SALES

:

6.148.354 TL

(2005) 

11.685.662 TL

(2006) 

10.263.126 TL

(2007) 

10.562.916 TL

(2008) 

20.565.678 TL

(2009) 

29.422.238 TL

(2010) 

20.119.925 TL

(2011) 

 

 

IMPORT COUNTRIES

:

Kyrgyzstan

Canada

Iran

Iraq

Pakistan

Vietnam

Italy

U.K.

U.S.A.

India

China

 

MERCHANDISE IMPORTED

:

Pulses

 

EXPORT VALUE

:

2.500.911 USD + 573.050 EUR

(2005)

4.227.762 USD + 315.764 EUR

(2006)

5.272.351 TL

(2007)

4.423.970 TL

(2008)

7.404.094 TL

(2009)

5.083.254 TL

(2010)

4.456.226 TL

(2011)

 

 

 

EXPORT COUNTRIES

:

Egypt

Algeria

Tunisia

Libya

Spain

Portugal

Italy

Singapore

Malaysia

India

Yemen

Bahrain

Kuwait

Jordan

Sudan

Belgium

Bangladesh

Austria

 

MERCHANDISE  EXPORTED

:

Pulses

 

HEAD OFFICE ADDRESS

:

Mucahitler Cad. No:24  Mersin / Turkey ( rented )

 

BRANCHES

:

Processing Plant  :  Cilek Mah. 6355 Sk. No:104 Mersin/Turkey (owned) (15.654 sqm)

 

Branch Office  :  Mersin Serbest Bolgesi (Free Zone) Alaybeyoglu Cad. Parkur Ishani F Adasi 1/1-1/2 No:305 Mersin/Turkey (owned)

 

Branch Office  :  Megacenter A Blok No:1432 Istanbul/Turkey (rented)

                                                                                

INVESTMENTS

:

None

 

TREND OF BUSINESS

:

There was a decline at business volume in nominal terms in  2011.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Turkiye Is Bankasi Mersin Ticari Branch

Yapi ve Kredi Bankasi Mersin 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

(2010) TL

(2011) TL

Net Sales

10.263.126

10.562.916

20.565.678

29.422.238

20.119.925

Profit (Loss) Before Tax

138.030

143.827

256.493

312.338

152.343

Stockholders' Equity

1.511.752

2.064.306

2.565.602

2.816.072

 

Total Assets

12.100.203

17.911.729

20.670.981

22.859.886

 

Current Assets

10.052.663

15.469.523

18.050.105

19.852.079

 

Non-Current Assets

2.047.540

2.442.206

2.620.876

3.007.807

 

Current Liabilities

10.587.160

15.313.688

18.059.144

20.003.397

 

Long-Term Liabilities

1.291

533.735

46.235

40.417

 

Gross Profit (loss)

921.671

1.270.002

2.107.454

3.396.168

1.928.019

Operating Profit (loss)

222.643

432.004

657.942

1.242.419

308.500

Net Profit (loss)

108.527

109.920

201.296

250.470

152.343

 

 

COMMENT ON FINANCIAL POSITION

 

THE DETAILS OF THE CAPITAL INCREASE  AFTER LAST BALANCE SHEET

 

:

Cash Part

:928.000 TL

Equity Part

:1.072.000 TL

Payment Due Date

:22.07.2011

 

 

Capitalization

Insufficient As of 31.12.2010

Remarks on Capitalization

A part of liabilities consist of loans from shareholders. 

 

There has been capital increase after the last balance sheet date. The capital increase is expected to have a slight positive effect on equity total since the last balance sheet date.

 

Liquidity

Insufficient As of 31.12.2010

Remarks On Liquidity

A part of current liabilities consist of short-term loans from shareholders rather than liabilities to third parties. 

 

The unfavorable gap between average collection and average payable period has an adverse effect on liquidity.

 

Profitability

Fair Operating Profitability  in 2007

Low Net Profitability  in 2007

In Order Operating Profitability  in 2008

Low Net Profitability  in 2008

Fair Operating Profitability  in 2009

Low Net Profitability  in 2009

In Order Operating Profitability  in 2010

Low Net Profitability  in 2010

Fair Operating Profitability  in 2011

Low Net Profitability  in 2011

 

Gap between average collection and payable periods

Unfavorable in 2010

General Financial Position

Passable

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT LIMIT

 

:

400.000 USD

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 400.000 USD may be granted to the subject company.

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2005 )

2,66 %

1,3499

1,6882

2,4623

 ( 2006 )

11,58 %

1,4309

1,7987

2,6377

 ( 2007 )

5,94 %

1,3075

1,7901

2,6133

 ( 2008 )

8,11 %

1,2858

1,8876

2,3708

 ( 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

 ( 01.01-31.01.2012)

0,38 %

1,8353

2,3964

2,8635

 

 

BALANCE SHEETS

 

 

 ( 31.12.2007 )  TL

 

 ( 31.12.2008 )  TL

 

CURRENT ASSETS

10.052.663

0,83

15.469.523

0,86

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

361.625

0,03

382.172

0,02

Marketable Securities

0

0,00

0

0,00

Account Receivable

1.095.902

0,09

3.347.694

0,19

Other Receivable

1.478

0,00

59.197

0,00

Inventories

7.982.044

0,66

11.402.259

0,64

Advances Given

497.436

0,04

96.437

0,01

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

114.178

0,01

181.764

0,01

NON-CURRENT ASSETS

2.047.540

0,17

2.442.206

0,14

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

7.080

0,00

7.080

0,00

Financial Assets

0

0,00

40.000

0,00

Tangible Fixed Assets (net)

2.039.032

0,17

2.394.337

0,13

Intangible Assets

1.184

0,00

789

0,00

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

244

0,00

0

0,00

TOTAL ASSETS

12.100.203

1,00

17.911.729

1,00

CURRENT LIABILITIES

10.587.160

0,87

15.313.688

0,85

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

342.295

0,03

3.513.003

0,20

Accounts Payable

3.681.934

0,30

2.239.393

0,13

Loans from Shareholders

6.498.818

0,54

9.464.584

0,53

Other Short-term Payable

6.945

0,00

11.420

0,00

Advances from Customers

11.023

0,00

46.366

0,00

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

46.007

0,00

38.922

0,00

Provisions

138

0,00

0

0,00

Other Current Liabilities

0

0,00

0

0,00

LONG-TERM LIABILITIES

1.291

0,00

533.735

0,03

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

1.291

0,00

533.735

0,03

Provisions

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

1.511.752

0,12

2.064.306

0,12

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

120.000

0,01

2.000.000

0,11

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

1.437.367

0,12

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

234.940

0,02

23.395

0,00

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

-389.082

-0,03

-69.009

0,00

Net Profit (loss)

108.527

0,01

109.920

0,01

TOTAL LIABILITIES AND EQUITY

12.100.203

1,00

17.911.729

1,00

 

 

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

18.050.105

0,87

19.852.079

0,87

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

601.171

0,03

181.501

0,01

Marketable Securities

0

0,00

0

0,00

Account Receivable

3.500.822

0,17

4.273.443

0,19

Other Receivable

19.742

0,00

540

0,00

Inventories

13.208.876

0,64

14.678.389

0,64

Advances Given

397.771

0,02

31.457

0,00

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

321.723

0,02

686.749

0,03

NON-CURRENT ASSETS

2.620.876

0,13

3.007.807

0,13

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

7.080

0,00

7.080

0,00

Financial Assets

40.000

0,00

40.000

0,00

Tangible Fixed Assets (net)

2.561.886

0,12

2.945.930

0,13

Intangible Assets

10.765

0,00

10.765

0,00

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

1.145

0,00

4.032

0,00

TOTAL ASSETS

20.670.981

1,00

22.859.886

1,00

CURRENT LIABILITIES

18.059.144

0,87

20.003.397

0,88

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

8.757.669

0,42

11.601.771

0,51

Accounts Payable

3.354.113

0,16

766.995

0,03

Loans from Shareholders

5.843.247

0,28

7.467.616

0,33

Other Short-term Payable

51.524

0,00

53.969

0,00

Advances from Customers

0

0,00

57.030

0,00

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

52.591

0,00

23.164

0,00

Provisions

0

0,00

32.852

0,00

Other Current Liabilities

0

0,00

0

0,00

LONG-TERM LIABILITIES

46.235

0,00

40.417

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

46.235

0,00

40.417

0,00

Provisions

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

2.565.602

0,12

2.816.072

0,12

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

2.000.000

0,10

2.000.000

0,09

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

433.315

0,02

634.611

0,03

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

-69.009

0,00

-69.009

0,00

Net Profit (loss)

201.296

0,01

250.470

0,01

TOTAL LIABILITIES AND EQUITY

20.670.981

1,00

22.859.886

1,00

 

 

INCOME STATEMENTS

 

 

(2007) TL

 

(2008) TL

 

(2009) TL

 

Net Sales

10.263.126

1,00

10.562.916

1,00

20.565.678

1,00

Cost of Goods Sold

9.341.455

0,91

9.292.914

0,88

18.458.224

0,90

Gross Profit

921.671

0,09

1.270.002

0,12

2.107.454

0,10

Operating Expenses

699.028

0,07

837.998

0,08

1.449.512

0,07

Operating Profit

222.643

0,02

432.004

0,04

657.942

0,03

Other Income

110.100

0,01

102.972

0,01

199.867

0,01

Other Expenses

171.523

0,02

45.269

0,00

236.876

0,01

Financial Expenses

23.190

0,00

345.880

0,03

364.440

0,02

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

138.030

0,01

143.827

0,01

256.493

0,01

Tax Payable

29.503

0,00

33.907

0,00

55.197

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

108.527

0,01

109.920

0,01

201.296

0,01

 

 

 

(2010) TL

 

(2011) TL

 

Net Sales

29.422.238

1,00

20.119.925

1,00

Cost of Goods Sold

26.026.070

0,88

18.191.906

0,90

Gross Profit

3.396.168

0,12

1.928.019

0,10

Operating Expenses

2.153.749

0,07

1.619.519

0,08

Operating Profit

1.242.419

0,04

308.500

0,02

Other Income

116.511

0,00

375.187

0,02

Other Expenses

385.030

0,01

220.818

0,01

Financial Expenses

661.562

0,02

310.526

0,02

Minority Interests

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

Profit (loss) Before Tax

312.338

0,01

152.343

0,01

Tax Payable

61.868

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

Net Profit (loss)

250.470

0,01

152.343

0,01

 

 

FINANCIAL RATIOS

 

 

(2007)

(2008)

(2009)

(2010)

LIQUIDITY RATIOS

 

 

Current Ratio

0,95

1,01

1,00

0,99

Acid-Test Ratio

0,14

0,25

0,23

0,22

Cash Ratio

0,03

0,02

0,03

0,01

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,66

0,64

0,64

0,64

Short-term Receivable/Total Assets

0,09

0,19

0,17

0,19

Tangible Assets/Total Assets

0,17

0,13

0,12

0,13

TURNOVER RATIOS

 

 

Inventory Turnover

1,17

0,82

1,40

1,77

Stockholders' Equity Turnover

6,79

5,12

8,02

10,45

Asset Turnover

0,85

0,59

0,99

1,29

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,12

0,12

0,12

0,12

Current Liabilities/Total Assets

0,87

0,85

0,87

0,88

Financial Leverage

0,88

0,88

0,88

0,88

Gearing Percentage

7,00

7,68

7,06

7,12

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,07

0,05

0,08

0,09

Operating Profit Margin

0,02

0,04

0,03

0,04

Net Profit Margin

0,01

0,01

0,01

0,01

Interest Cover

6,95

1,42

1,70

1,47

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

38,69

114,34

61,41

52,37

Average Payable Period (days)

141,89

86,75

65,42

10,61

WORKING CAPITAL

-534497,00

155835,00

-9039,00

-151318,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.50.03

UK Pound

1

Rs.79.32

Euro

1

Rs.66.02

 

 

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.