MIRA INFORM REPORT

 

 

Report Date :

01.10.2012

 

IDENTIFICATION DETAILS

 

Name :

BESEL BASIM SANAYI VE TICARET LTD. STI.

 

 

Registered Office :

Turkgucu Koyu Yolu Uzeri 5. Km. Corlu Tekirdag

 

 

Country :

Turkey

 

 

Financials (as on) :

30.06.2012

 

 

Date of Incorporation :

06.08.1996

 

 

Com. Reg. No.:

10434

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Processing and trade of aluminum foil and polyester film. 

 

 

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 – 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

:

BESEL BASIM SANAYI VE TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Turkgucu Koyu Yolu Uzeri 5. Km. Corlu Tekirdag / Turkey

PHONE NUMBER

:

90-282-681 85 40

 

FAX NUMBER

:

90-282-681 85 39

 

WEB-ADDRESS

:

www.beselfoil.com

E-MAIL

:

info@beselfoil.com

 

 

LEGAL STATUS AND HISTORY

 

 

NOTES ON LEGAL STATUS AND HISTORY

:

Change at registration no .

 

 

TAX OFFICE

:

Corlu

TAX NO

:

1660061362

REGISTRATION NUMBER

:

10434

REGISTERED OFFICE

:

Corlu Chamber of Commerce and Industry

DATE ESTABLISHED

:

06.08.1996

ESTABLISHMENT GAZETTE DATE/NO

:

12.08.1996/4100

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

 

REGISTERED CAPITAL

:

TL   4.000.000

PAID-IN CAPITAL

:

TL   4.000.000

HISTORY

:

Previous Registered Capital

:

TL 2.000.000

Changed On

:

18.06.2008 (Commercial Gazette Date /Number 23.06.2008/ 7089)

Previous Registered Capital

:

TL 2.800.000

Changed On

:

01.06.2010 (Commercial Gazette Date /Number 09.06.2010/ 7581)

Previous Address

:

Haracci Merkez Mah. 1026/3 Sok. No:2 Gaziosmanpasa-Istanbul

Changed On

:

01.07.2008 (Commercial Gazette Date /Number 09.07.2008/ 7101)

Previous Shareholder

:

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

Changed On

:

25.07.2012 (Commercial Gazette Date /Number 01.08.2012/ 8124)

Other Changes

:

The firm was firstly established in Istanbul and registered at Istanbul Commercial Registry with registration number 350776.Then the firm moved to Corlu and registered at Corlu Commercial Registry with registration number 10434.

Changed On

:

01.07.2008 (Commercial Gazette Date /Number 09.07.2008/ 7101)

 

 

 

PREVIOUS SHAREHOLDERS

:

Senel Yilmaz

49 %

Ugur Yildirim

41 %

Eyup Alper Toker

10 %

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Ugur Yildirim

51 %

Senel Yilmaz

49 %

 

 

SISTER COMPANIES

:

EMIRPAK AMBALAJ SANAYI VE TICARET LTD. STI.

 

UCEL MAKINA GIDA TURIZM SANAYI VE TICARET LTD. STI.

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Ugur Yildirim                                                                                                                                                                                                                                                                                   

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Processing and trade of aluminum foil and polyester film. 

 

NACE CODE

:

DJ.27.42

 

NUMBER OF EMPLOYEES

:

70

 

NET SALES

:

1.591.831 TL

(2002) 

3.140.915 TL

(2003) 

5.060.648 TL

(2004) 

7.912.785 TL

(2005) 

13.080.892 TL

(2006) 

19.339.752 TL

(2007) 

22.010.493 TL

(2008) 

20.200.011 TL

(2009) 

23.720.707 TL

(2010) 

40.824.390 TL

(2011) 

21.875.183 TL

(01.01-30.06.2012) 

 

 

IMPORT VALUE

:

1.539.892 TL

(2003)

2.944.477 TL

(2004)

5.401.134 TL

(2005)

7.629.477 TL

(2006)

13.900.138 TL

(2007)

10.597.483 TL

(2008)

6.784.184 TL

(2009)

10.940.812 TL

(2010)

10.000.000 TL

(2011)

 

 

IMPORT COUNTRIES

:

Germany

China

India

U.A.E.

Egypt

 

MERCHANDISE IMPORTED

:

Intermediary goods

Raw materials

 

 

EXPORT VALUE

:

75.314 TL

(2002)

192.826 TL

(2003)

884.334 TL

(2004)

1.599.249 TL

(2005)

4.721.056 TL

(2006)

7.780.531 TL

(2007)

8.832.546 TL

(2008)

6.559.869 TL

(2009)

9.068.511 TL

(2010)

17.255.672 TL

(2011)

8.303.944 TL

(01.01-30.06.2012)

 

 

EXPORT COUNTRIES

:

Morocco

Albania

Bulgaria

Egypt

France

Iran

Italy

Ireland

Poland

Romania

Spain

Saudi Arabia

Tunisia

U.A.E.

 

MERCHANDISE  EXPORTED

:

Aluminum foil

Polyester film

 

HEAD OFFICE ADDRESS

:

Turkgucu Koyu Yolu Uzeri 5. Km. Corlu  Tekirdag / Turkey ( owned )

 

BRANCHES

:

Head Office/Processing Plant :  Turkgucu Koyu Yolu Uzeri 5. Km. Corlu Tekirdag/Turkey (10.000 sqm)

 

Branch Office  :  Umraniye Istanbul/Turkey

                                                                                

INVESTMENTS

:

Machinery investments are going on.

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2011. There appears an upwards trend in  1.1 - 30.6.2012.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Eurobank Tekfen Corlu Branch

Garanti Bankasi Arnavutkoy Branch

T. Halk Bankasi Yeni BayrampasaTicari Branch

T. Is Bankasi Corlu Branch

Turk Ekonomi Bankasi Corlu Branch

Yapi ve Kredi bankasi Corlu 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

:

 

(2008) TL

(2009) TL

(2010) TL

(2011) TL

(01.01-30.06.2012) TL

Net Sales

22.010.493

20.200.011

23.720.707

40.824.390

21.875.183

Profit (Loss) Before Tax

588.302

494.891

1.204.428

1.730.843

1.760.720

Stockholders' Equity

3.318.105

3.988.882

4.969.343

6.149.761

 

Total Assets

14.717.261

18.573.096

22.587.400

31.491.450

 

Current Assets

7.640.022

11.694.211

14.463.631

20.637.016

 

Non-Current Assets

7.077.239

6.878.885

8.123.769

10.854.434

 

Current Liabilities

6.602.024

11.620.355

15.351.813

23.086.284

 

Long-Term Liabilities

4.797.132

2.963.859

2.266.244

2.255.405

 

Gross Profit (loss)

5.311.609

3.147.875

3.837.358

8.057.794

3.709.285

Operating Profit (loss)

3.269.131

1.578.645

1.858.782

5.208.133

2.367.909

Net Profit (loss)

437.282

383.672

947.843

921.100

1.760.720

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Low As of 31.12.2011

Liquidity

Fair As of 31.12.2011

Remarks On Liquidity

The favorable gap between average collection and average payable period has a positive effect on liquidity.

Profitability

High Operating Profitability  in 2008

Fair Net Profitability  in 2008

Good Operating Profitability  in 2009

Fair Net Profitability  in 2009

Good Operating Profitability  in 2010

Good Net Profitability  in 2010

High Operating Profitability  in 2011

Fair Net Profitability  in 2011

High Operating Profitability (01.01-30.06.2012)

High Net Profitability (01.01-30.06.2012)

 

Gap between average collection and payable periods

Favorable in 2011

General Financial Position

Passable

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2002 )

30,80 %

1,5168

1,3741

2,2001

 ( 2003 )

13,90 %

1,5302

1,7141

2,4982

 ( 2004 )

13,84 %

1,4266

1,7666

2,6001

 ( 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

 ( 01.01-30.06.2012)

1,95 %

1,8028

2,3463

2,8462

 ( 01.01-31.08.2012)

2,28 %

1,8038

2,3238

2,8465

 

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

7.640.022

0,52

11.694.211

0,63

14.463.631

0,64

20.637.016

0,66

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

2.952.393

0,20

3.881.717

0,21

6.573.905

0,29

6.554.932

0,21

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

2.050.835

0,14

4.516.323

0,24

4.135.634

0,18

7.992.078

0,25

Other Receivable

457.498

0,03

13.569

0,00

6.715

0,00

7.211

0,00

Inventories

1.352.929

0,09

1.596.738

0,09

2.261.314

0,10

3.520.696

0,11

Advances Given

274.449

0,02

1.082.256

0,06

289.089

0,01

1.577.607

0,05

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

551.918

0,04

603.608

0,03

1.196.974

0,05

984.492

0,03

NON-CURRENT ASSETS

7.077.239

0,48

6.878.885

0,37

8.123.769

0,36

10.854.434

0,34

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

692.330

0,03

0

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

2.554.675

0,17

2.498.081

0,13

6.399.151

0,28

10.088.622

0,32

Intangible Assets

4.162.783

0,28

4.222.149

0,23

572.371

0,03

306.323

0,01

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

359.781

0,02

158.655

0,01

459.917

0,02

459.489

0,01

TOTAL ASSETS

14.717.261

1,00

18.573.096

1,00

22.587.400

1,00

31.491.450

1,00

CURRENT LIABILITIES

6.602.024

0,45

11.620.355

0,63

15.351.813

0,68

23.086.284

0,73

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

3.903.122

0,27

5.923.235

0,32

9.096.807

0,40

11.714.934

0,37

Accounts Payable

1.813.768

0,12

5.192.055

0,28

5.645.483

0,25

7.320.256

0,23

Loans from Shareholders

0

0,00

0

0,00

0

0,00

638.062

0,02

Other Short-term Payable

142.323

0,01

38.247

0,00

175.528

0,01

328.003

0,01

Advances from Customers

554.779

0,04

297.557

0,02

271.177

0,01

2.372.760

0,08

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

151.113

0,01

97.164

0,01

55.396

0,00

363.374

0,01

Provisions

36.919

0,00

42.796

0,00

107.348

0,00

322.520

0,01

Other Current Liabilities

0

0,00

29.301

0,00

74

0,00

26.375

0,00

LONG-TERM LIABILITIES

4.797.132

0,33

2.963.859

0,16

2.266.244

0,10

2.255.405

0,07

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

4.797.132

0,33

2.963.859

0,16

2.266.244

0,10

2.255.405

0,07

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

3.318.105

0,23

3.988.882

0,21

4.969.343

0,22

6.149.761

0,20

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

2.800.000

0,19

2.800.000

0,15

3.899.629

0,17

4.000.000

0,13

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

80.823

0,01

805.210

0,04

121.871

0,01

1.228.661

0,04

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)

437.282

0,03

383.672

0,02

947.843

0,04

921.100

0,03

TOTAL LIABILITIES AND EQUITY

14.717.261

1,00

18.573.096

1,00

22.587.400

1,00

31.491.450

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.

 

 

 

INCOME STATEMENTS

 

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

(01.01-30.06.2012) TL

 

Net Sales

22.010.493

1,00

20.200.011

1,00

23.720.707

1,00

40.824.390

1,00

21.875.183

1,00

Cost of Goods Sold

16.698.884

0,76

17.052.136

0,84

19.883.349

0,84

32.766.596

0,80

18.165.898

0,83

Gross Profit

5.311.609

0,24

3.147.875

0,16

3.837.358

0,16

8.057.794

0,20

3.709.285

0,17

Operating Expenses

2.042.478

0,09

1.569.230

0,08

1.978.576

0,08

2.849.661

0,07

1.341.376

0,06

Operating Profit

3.269.131

0,15

1.578.645

0,08

1.858.782

0,08

5.208.133

0,13

2.367.909

0,11

Other Income

1.393.526

0,06

1.507.336

0,07

819.283

0,03

1.051.558

0,03

432.106

0,02

Other Expenses

2.467.987

0,11

1.672.166

0,08

504.051

0,02

2.757.157

0,07

262.619

0,01

Financial Expenses

1.606.368

0,07

918.924

0,05

969.586

0,04

1.771.691

0,04

776.676

0,04

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

588.302

0,03

494.891

0,02

1.204.428

0,05

1.730.843

0,04

1.760.720

0,08

Tax Payable

151.020

0,01

111.219

0,01

256.585

0,01

809.743

0,02

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

437.282

0,02

383.672

0,02

947.843

0,04

921.100

0,02

1.760.720

0,08

 

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

(2011)

 

LIQUIDITY RATIOS

 

 

Current Ratio

1,16

1,01

0,94

0,89

 

Acid-Test Ratio

0,83

0,72

0,70

0,63

 

Cash Ratio

0,45

0,33

0,43

0,28

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,09

0,09

0,10

0,11

 

Short-term Receivable/Total Assets

0,17

0,24

0,18

0,25

 

Tangible Assets/Total Assets

0,17

0,13

0,28

0,32

 

TURNOVER RATIOS

 

 

Inventory Turnover

12,34

10,68

8,79

9,31

 

Stockholders' Equity Turnover

6,63

5,06

4,77

6,64

 

Asset Turnover

1,50

1,09

1,05

1,30

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,23

0,21

0,22

0,20

 

Current Liabilities/Total Assets

0,45

0,63

0,68

0,73

 

Financial Leverage

0,77

0,79

0,78

0,80

 

Gearing Percentage

3,44

3,66

3,55

4,12

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,13

0,10

0,19

0,15

 

Operating Profit Margin

0,15

0,08

0,08

0,13

 

Net Profit Margin

0,02

0,02

0,04

0,02

 

Interest Cover

1,37

1,54

2,24

1,98

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

33,54

80,49

73,27

70,48

 

Average Payable Period (days)

39,10

109,61

102,21

80,43

 

WORKING CAPITAL

1037998,00

73856,00

-888182,00

-2449268,00

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.52.69

UK Pound

1

Rs.85.71

Euro

1

Rs.68.14

 

 

INFORMATION DETAILS

 

Report Prepared by :

PDT

 

 

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

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NB

                                       New Business

 

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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.