MIRA INFORM REPORT

 

 

Report Date :

20.05.2013

 

IDENTIFICATION DETAILS

 

Name :

BERSA TEKSTIL VE KIMYA SANAYI LTD. STI.

 

 

Registered Office :

Ataturk Organize Sanayi Bolgesi 10001 Sok. No: 7 Cigli Izmir

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

1984

 

 

Com. Reg. No.:

93293-MRKZ

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacture and trade of textile dye and pigment.

 

 

No. of Employees :

29

 

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, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Turkey

B2

B2

 

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 9.2% in 2010, as exports returned to normal levels following the recession. Growth dropped to approximately 3% in 2012. Turkey's public sector debt to GDP ratio has fallen to about 40%, and at least one rating agency upgraded Turkey's debt to investment grade in 2012. Turkey remains dependent on often volatile, short-term investment to finance its large trade deficit. The stock value of FDI stood at $117 billion at year-end 2012. Inflows have slowed because of continuing economic turmoil in Europe, the source of much of Turkey's FDI. 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

:

BERSA TEKSTIL VE KIMYA SANAYI LTD. STI.

HEAD OFFICE ADDRESS

:

Ataturk Organize Sanayi Bolgesi 10001 Sok. No: 7 Cigli Izmir / Turkey

PHONE NUMBER

:

90-232-328 34 24

 

FAX NUMBER

:

90-232-479 34 12

 

 

 

Legal Status and History

 

TAX OFFICE

:

Cakabey

TAX NO

:

1660011429

REGISTRATION NUMBER

:

93293-MRKZ

REGISTERED OFFICE

:

Izmir Chamber of Commerce

DATE ESTABLISHED

:

1984

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   3.400.000

REMARKS ON REGISTERED CAPITAL

:

According to decision taken by the shareholders on 09.05.2013, the registered capital is decided to be increased from TL 3.400.000 to TL 6.270.250. The increase was legalized by the notary on 10.05.2013 but it has not been registered at commercial registry yet.

PAID-IN CAPITAL

:

TL   3.400.000

 

HISTORY

:

Previous Registered Capital

:

TL 800.000

Changed On

:

07.05.2008 (Commercial Gazette Date /Number 13.05.2008/ 7061)

Previous Registered Capital

:

TL 2.000.000

Changed On

:

12.01.2012 (Commercial Gazette Date /Number 18.01.2012/ 7986)

Previous Registered Capital

:

TL 3.000.000

Changed On

:

25.12.2012 (Commercial Gazette Date /Number 31.12.2012/ 8226)

Previous Address

:

407/1 Sok. No: 1 Pinarbasi Izmir

Changed On

:

11.12.2007 (Commercial Gazette Date /Number 14.12.2007/ 6958)

Previous Address

:

7093 Sok. No:15 Pinarbasi Izmir

Changed On

:

29.09.2009 (Commercial Gazette Date /Number 02.10.2009/ 7409)

Previous Shareholder

:

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

Changed On

:

14.02.2013 (Commercial Gazette Date /Number 20.02.2013/ 8262)

Merger

:

The subject took over and merged with "Bersa Boya Kimya Tekstil Sanayi ve Ticaret Ltd. Sti."

Changed On

:

25.12.2012 (Commercial Gazette Date /Number 31.12.2012/ 8226)

 

 

 

PREVIOUS SHAREHOLDERS

:

Abdullah Hasan Sarioglu

58,53 %

Er-sa Kimyevi Maddeler Sanayi ve Ticaret Ltd. Sti.

41,46 %

Adil Sarioglu

0,01 %

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

 

Abdullah Hasan Sarioglu

58,54 %

Er-sa Kimyevi Maddeler Sanayi ve Ticaret Ltd. Sti.

41,46 %

 

 

SISTER COMPANIES

:

ER-SA KIMYEVI MADDELER SANAYI VE TICARET LTD. STI.

 

DIRECTORS

:

Abdullah Hasan Sarioglu                                                                                                                                                                                                                                                                                   

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of textile dye and pigment.

 

NACE CODE

:

DG.24.12

 

SECTOR

:

Chemicals

 

TRADEMARKS OWNED

:

Bercolin

Berqua

 

NUMBER OF EMPLOYEES

:

29

 

NET SALES

:

3.176.492 TL

(2005) 

3.994.059 TL

(2006) 

5.339.594 TL

(2007) 

6.067.441 TL

(2008) 

7.472.900 TL

(2009) 

8.132.507 TL

(2010) 

10.913.045 TL

(2011) 

9.898.725 TL

(2012) 

 

 

CAPACITY

:

  ( kgs/yr)

 

 

 

2.552.000

 

 

(2010)

2.552.000

 

 

(2011)

2.552.000

 

 

(2012)

 

 

 

 

IMPORT VALUE

:

1.892.000 TL

(2008)

2.500.143 TL

(2009)

2.476.886 TL

(2010)

2.150.470 TL

(2011)

371.498 TL

(2012)

 

 

IMPORT COUNTRIES

:

India

China

Germany

Sweden

Japan

 

MERCHANDISE IMPORTED

:

Chemicals

Raw materials

 

 

EXPORT VALUE

:

746.279 TL

(2005)

1.058.775 TL

(2006)

1.473.883 TL

(2007)

1.905.684 TL

(2008)

2.203.094 TL

(2009)

2.803.808 TL

(2010)

3.396.146 TL

(2011)

1.957.335 TL

(2012)

 

 

EXPORT COUNTRIES

:

Egypt

Uzbekistan

Russia

Czech Republic

Syria

Iran

Germany

 

MERCHANDISE  EXPORTED

:

Acid dye

Pigments

Sodium hydrogencarbonate

 

HEAD OFFICE ADDRESS

:

Ataturk Organize Sanayi Bolgesi 10001 Sok. No: 7 Cigli  Izmir / Turkey

( rented )

 

BRANCHES

:

Head Office/Production Plant  :  Ataturk Organize Sanayi Bolgesi 10001 Sok. No: 7 Cigli Izmir/Turkey (rented) (2.492 sqm)

                                                                                

 

 

TREND OF BUSINESS

:

There was a decline at business volume in nominal terms in  2012.

SIZE OF BUSINESS

:

Upper-Medium

 

 

FINANCE

 

MAIN DEALING BANKS

:

Anadolubank Bornova Branch

Garanti Bankasi Konak Branch

ING Bank Pinarbasi Branch

T. Halk Bankasi Bornova Branch

T. Is Bankasi Pinarbasi Branch

T.C. Ziraat Bankasi Bornova Branch

Turk Ekonomi Bankasi Isikkent Branch

Yapi ve Kredi Bankasi Pinarbasi Branch

 

CREDIT FACILITIES

:

The subject company is making 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

(2012) TL

Net Sales

6.067.441

7.472.900

8.132.507

10.913.045

9.898.725

Profit (Loss) Before Tax

-420.813

-67.326

522.897

1.099.595

404.294

Stockholders' Equity

1.527.774

1.625.521

2.473.345

3.312.795

5.463.804

Total Assets

3.848.879

4.012.913

5.197.239

8.831.806

9.296.197

Current Assets

3.543.610

3.767.205

4.958.986

8.553.636

8.999.417

Non-Current Assets

305.269

245.708

238.253

278.170

296.780

Current Liabilities

2.321.105

2.387.392

2.723.894

4.589.066

3.204.691

Long-Term Liabilities

0

0

0

929.945

627.702

Gross Profit (loss)

1.494.851

2.097.395

2.168.052

3.448.383

2.495.536

Operating Profit (loss)

29.945

624.598

559.563

1.615.772

889.648

Net Profit (loss)

-420.813

-67.326

522.897

862.289

320.497

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Good As of 31.12.2012

Liquidity

Insufficient As of 31.12.2012

Remarks On Liquidity

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

Low Operating Profitability  in 2008

Net Loss  in 2008

Good Operating Profitability  in 2009

Net Loss  in 2009

Good Operating Profitability  in 2010

Good Net Profitability  in 2010

High Operating Profitability  in 2011

High Net Profitability  in 2011

Good Operating Profitability  in 2012

In Order Net Profitability  in 2012

 

Gap between average collection and payable periods

Unfavorable in 2012

General Financial Position

Passable

 

 

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

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 (01.01-30.04.2013)

-0,01 %

1,7920

2,3566

2,7927

 

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL

 

CURRENT ASSETS

3.543.610

0,92

3.767.205

0,94

4.958.986

0,95

8.553.636

0,97

8.999.417

0,97

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

174.808

0,05

114.098

0,03

230.550

0,04

30.658

0,00

236.413

0,03

Marketable Securities

1.996

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

1.529.311

0,40

1.577.973

0,39

1.937.931

0,37

4.282.670

0,48

5.060.805

0,54

Other Receivable

108.167

0,03

78.949

0,02

0

0,00

0

0,00

16.330

0,00

Inventories

1.451.088

0,38

1.429.766

0,36

2.404.350

0,46

3.876.362

0,44

3.494.282

0,38

Advances Given

171.807

0,04

495.321

0,12

146.055

0,03

75.914

0,01

171.658

0,02

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

106.433

0,03

71.098

0,02

240.100

0,05

288.032

0,03

19.929

0,00

NON-CURRENT ASSETS

305.269

0,08

245.708

0,06

238.253

0,05

278.170

0,03

296.780

0,03

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

292.591

0,08

230.891

0,06

235.576

0,05

266.302

0,03

278.939

0,03

Intangible Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

12.678

0,00

14.817

0,00

2.677

0,00

11.868

0,00

17.841

0,00

TOTAL ASSETS

3.848.879

1,00

4.012.913

1,00

5.197.239

1,00

8.831.806

1,00

9.296.197

1,00

CURRENT LIABILITIES

2.321.105

0,60

2.387.392

0,59

2.723.894

0,52

4.589.066

0,52

3.204.691

0,34

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

1.455.551

0,38

2.082.373

0,52

2.185.803

0,42

3.704.035

0,42

2.264.799

0,24

Accounts Payable

706.459

0,18

164.732

0,04

152.556

0,03

345.125

0,04

673.418

0,07

Loans from Shareholders

0

0,00

0

0,00

0

0,00

202.345

0,02

0

0,00

Other Short-term Payable

75.851

0,02

2.700

0,00

1.114

0,00

0

0,00

3.595

0,00

Advances from Customers

41.903

0,01

112.879

0,03

355.482

0,07

243.557

0,03

40.130

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

41.341

0,01

24.708

0,01

28.939

0,01

32.227

0,00

85.384

0,01

Provisions

0

0,00

0

0,00

0

0,00

61.777

0,01

0

0,00

Other Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

137.365

0,01

LONG-TERM LIABILITIES

0

0,00

0

0,00

0

0,00

929.945

0,11

627.702

0,07

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

0

0,00

929.945

0,11

627.702

0,07

Securities Issued

0

0,00

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

0

0,00

Loans from Shareholders

0

0,00

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

0

0,00

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

1.527.774

0,40

1.625.521

0,41

2.473.345

0,48

3.312.795

0,38

5.463.804

0,59

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

1.510.000

0,39

1.675.073

0,42

2.000.000

0,38

2.000.000

0,23

3.400.000

0,37

Cross Shareholding Adjustment of Capital

0

0,00

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

30.674

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

440.037

0,11

440.037

0,11

440.037

0,08

940.095

0,11

2.202.222

0,24

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

-1.450

0,00

-422.263

-0,11

-489.589

-0,09

-489.589

-0,06

-489.589

-0,05

Net Profit (loss)

-420.813

-0,11

-67.326

-0,02

522.897

0,10

862.289

0,10

320.497

0,03

TOTAL LIABILITIES AND EQUITY

3.848.879

1,00

4.012.913

1,00

5.197.239

1,00

8.831.806

1,00

9.296.197

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

 

(2012) TL

 

Net Sales

6.067.441

1,00

7.472.900

1,00

8.132.507

1,00

10.913.045

1,00

9.898.725

1,00

Cost of Goods Sold

4.572.590

0,75

5.375.505

0,72

5.964.455

0,73

7.464.662

0,68

7.403.189

0,75

Gross Profit

1.494.851

0,25

2.097.395

0,28

2.168.052

0,27

3.448.383

0,32

2.495.536

0,25

Operating Expenses

1.464.906

0,24

1.472.797

0,20

1.608.489

0,20

1.832.611

0,17

1.605.888

0,16

Operating Profit

29.945

0,00

624.598

0,08

559.563

0,07

1.615.772

0,15

889.648

0,09

Other Income

91.377

0,02

288.555

0,04

354.138

0,04

269.176

0,02

174.160

0,02

Other Expenses

102.516

0,02

980.479

0,13

172.104

0,02

170.347

0,02

110.800

0,01

Financial Expenses

439.619

0,07

0

0,00

218.700

0,03

615.006

0,06

548.714

0,06

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

-420.813

-0,07

-67.326

-0,01

522.897

0,06

1.099.595

0,10

404.294

0,04

Tax Payable

0

0,00

0

0,00

0

0,00

237.306

0,02

83.797

0,01

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

-420.813

-0,07

-67.326

-0,01

522.897

0,06

862.289

0,08

320.497

0,03

 

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

(2011)

(2012)

LIQUIDITY RATIOS

 

Current Ratio

1,53

1,58

1,82

1,86

2,81

Acid-Test Ratio

0,78

0,74

0,80

0,94

1,66

Cash Ratio

0,08

0,05

0,08

0,01

0,07

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,38

0,36

0,46

0,44

0,38

Short-term Receivable/Total Assets

0,43

0,41

0,37

0,48

0,55

Tangible Assets/Total Assets

0,08

0,06

0,05

0,03

0,03

TURNOVER RATIOS

 

Inventory Turnover

3,15

3,76

2,48

1,93

2,12

Stockholders' Equity Turnover

3,97

4,60

3,29

3,29

1,81

Asset Turnover

1,58

1,86

1,56

1,24

1,06

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,40

0,41

0,48

0,38

0,59

Current Liabilities/Total Assets

0,60

0,59

0,52

0,52

0,34

Financial Leverage

0,60

0,59

0,52

0,62

0,41

Gearing Percentage

1,52

1,47

1,10

1,67

0,70

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

-0,28

-0,04

0,21

0,26

0,06

Operating Profit Margin

0,00

0,08

0,07

0,15

0,09

Net Profit Margin

-0,07

-0,01

0,06

0,08

0,03

Interest Cover

0,04

 

3,39

2,79

1,74

COLLECTION-PAYMENT

 

Average Collection Period (days)

90,74

76,02

85,79

141,28

184,05

Average Payable Period (days)

55,62

11,03

9,21

16,64

32,75

WORKING CAPITAL

1222505,00

1379813,00

2235092,00

3964570,00

5794726,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.89

UK Pound

1

Rs.83.66

Euro

1

Rs.70.58

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIT

 

 

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.