MIRA INFORM REPORT

 

 

Report Date :

07.11.2013

 

IDENTIFICATION DETAILS

 

Name :

BIRLIK BAHARAT SANAYI TICARET LTD. STI.

 

 

Registered Office :

1145/4 Sok. No: 10 Yenisehir Izmir / Turkey

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2012

 

 

Year of Establishment :

1992

 

 

Com. Reg. No.:

65275

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Wholesale trade of food products, mainly spices and coffee and also the subject has declared that it started trade of skidlid after the merger dated 18.06.2013. 

 

 

No. of Employees :

25

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

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

:

BIRLIK BAHARAT SANAYI TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

1145/4 Sok. No: 10 Yenisehir Izmir / Turkey

PHONE NUMBER

:

90-232-457 12 91

 

FAX NUMBER

:

90-232-459 76 39

 

WEB-ADDRESS

:

www.birlikbaharat.net

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Cakabey

TAX NO

:

1780023657

REGISTRATION NUMBER

:

65275

REGISTERED OFFICE

:

Izmir Chamber of Commerce

DATE ESTABLISHED

:

1992

ESTABLISHMENT GAZETTE DATE/NO

:

09.11.1992/3152

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   6.700.000

PAID-IN CAPITAL

:

TL   6.700.000

 

HISTORY

:

Previous Registered Capital

:

TL 3.000.000

Changed On

:

14.07.2011 (Commercial Gazette Date /Number 02.08.2011/ 7871)

Previous Address

:

1203/3 Sok. No: 1-E Yenisehir

Changed On

:

07.04.2010 (Commercial Gazette Date /Number 13.04.2010/ 7542)

Merger

:

The subject company took over and merged with “Turbag Kahve Gida ve Kimya Sanayi Ticaret Ltd. Sti.”.

Changed On

:

11.12.2003 (Commercial Gazette Date /Number 18.12.2003/ 5949)

Merger

:

The subject company took over and merged with ''Helmet Motorsiklet Yedekparca Aksesuar Hirdavat Sanayi ve Ticaret Ltd. Sti.''

Changed On

:

18.06.2013 (Commercial Gazette Date /Number 25.06.2013/ 8349)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Turgay Bagcivancioglu

50 %

Turan Bagcivancioglu

50 %

 

 

 

SISTER COMPANIES

:

Declared to be: None

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Turgay Bagcivancioglu                                                                                                                                                                                                                                                                                   

 

Turan Bagcivancioglu                                                                                                                                                                                                                                                                                   

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Wholesale trade of food products, mainly spices and coffee and also the subject has declared that it started trade of skidlid after the merger dated 18.06.2013. 

NACE CODE

:

G .51.37

 

SECTOR

:

Commerce

 

TRADEMARKS TRADED

:

Care

 

NUMBER OF EMPLOYEES

:

25

 

 

NET SALES

:

10.962.017 TL

(2006) 

15.249.414 TL

(2007) 

16.249.198 TL

(2008) 

22.529.231 TL

(2009) 

32.403.863 TL

(2010) 

49.543.438 TL

(2011)  

67.349.200 TL

(2012) 

38.375.762 TL

(01.01-30.06.2013) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT VALUE

:

3.381.458 USD

(2006)

5.235.794 USD

(2007)

4.553.258 USD

(2008)

6.261.233 USD

(2009)

11.376.756 USD

(2010)

5.201.578 USD

(01.01-30.06.2011)

 

 

IMPORT COUNTRIES

:

India

Indonesia

Vietnam

Sri Lanka

Brazil

China

 

MERCHANDISE IMPORTED

:

Basil

Black pepper

Cinnamon

Clove

Coconut

Coffee

Henna

Senna

 

EXPORT VALUE

:

1.541.424 TL

(2006)

2.822.512 TL

(2007)

4.554.320 TL

(2008)

2.682.188 TL

(2009)

5.321.200 TL

(2010)

9.921.495 TL

(2011)

9.575.750 TL

(2012)

4.805.408 TL

(01.01-30.06.2013)

 

EXPORT COUNTRIES

:

Bulgaria

Russia

India

Ukraine

Czech Republic

Poland

Romania

Bangladesh

Chile

Brazil

Venezuela

France

Singapore

Germany

Slovakia

Middle East Countries

 

MERCHANDISE  EXPORTED

:

Oil seeds

Raisin

Sesame

Yeast

 

HEAD OFFICE ADDRESS

:

1145/4 Sok. No: 10 Yenisehir  Izmir / Turkey ( owned )

 

BRANCHES

:

Warehouse :  Kiremitocagi Mevkii Cinar Koyu Kemalpasa Izmir/Turkey (owned) (2.400 sqm)

 

Warehouse  :  Karakuyu Beldesi Torbali Izmir/Turkey       

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2012. There appears an upwards trend in  1.1 - 30.6.2013.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Yeni Gida Carsisi Branch

Garanti Bankasi Pinarbasi Branch

ING Bank Gida Carsisi Branch

T. Garanti Bankasi Pinarbasi Branch

T. Halk Bankasi Izmir Ticari Branch

T. Is Bankasi Gazi Emir Ticari 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

:

 

(2009) TL

(2010) TL

(2011) TL

(2012) TL

(01.01-30.06.2013) TL

Net Sales

22.529.231

32.403.863

49.543.438

67.349.200

38.375.762

Profit (Loss) Before Tax

1.663.669

1.229.182

1.648.436

4.646.666

880.688

Stockholders' Equity

5.135.581

6.805.294

8.172.491

11.870.351

 

Total Assets

12.003.514

20.596.362

28.355.121

36.369.026

 

Current Assets

9.540.325

18.023.552

24.901.674

33.100.283

 

Non-Current Assets

2.463.189

2.572.810

3.453.447

3.268.743

 

Current Liabilities

6.867.933

13.791.068

19.765.156

23.996.846

 

Long-Term Liabilities

0

0

417.474

501.829

 

Gross Profit (loss)

2.688.076

3.080.953

6.696.097

6.559.800

3.767.681

Operating Profit (loss)

1.668.309

1.675.618

5.041.264

4.788.631

2.670.455

Net Profit (loss)

1.329.399

980.977

1.315.958

3.697.860

880.688

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Fair As of 31.12.2012

Liquidity

Fair 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

Good Operating Profitability  in 2009

High Net Profitability  in 2009

In Order Operating Profitability  in 2010

In Order Net Profitability  in 2010

High Operating Profitability  in 2011

In Order Net Profitability  in 2011

Good Operating Profitability  in 2012

Good Net Profitability  in 2012

Good Operating Profitability (01.01-30.06.2013)

Fair Net Profitability (01.01-30.06.2013)

 

Gap between average collection and payable periods

Unfavorable in 2012

General Financial Position

Fair

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 (01.01-30.06.2011)

6,21 %

1,5771

2,2246

2,5422

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 (01.01-30.06.2013)

2,46 %

1,8251

2,3936

2,8262

 (01.01-30.09.2013)

4,43 %

1,8785

2,4774

2,9189

 

 

BALANCE SHEETS

 

 

 ( 31.12.

2009)  TL

 

 ( 31.12.

2010)  TL

 

 ( 31.12.

2011)  TL

 

 ( 31.12.

2012)  TL

 

CURRENT ASSETS

9.540.325

0,79

18.023.552

0,88

24.901.674

0,88

33.100.283

0,91

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

688.937

0,06

1.092.340

0,05

2.239.482

0,08

386.276

0,01

Marketable Securities

0

0,00

386.066

0,02

0

0,00

0

0,00

Account Receivable

5.047.138

0,42

6.701.326

0,33

12.561.986

0,44

17.954.685

0,49

Other Receivable

900

0,00

740

0,00

316

0,00

0

0,00

Inventories

3.370.289

0,28

8.895.860

0,43

8.914.343

0,31

13.267.934

0,36

Advances Given

361.762

0,03

683.112

0,03

1.182.592

0,04

1.457.033

0,04

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

71.299

0,01

264.108

0,01

2.955

0,00

34.355

0,00

NON-CURRENT ASSETS

2.463.189

0,21

2.572.810

0,12

3.453.447

0,12

3.268.743

0,09

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

12.083

0,00

12.252

0,00

12.252

0,00

12.977

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

2.434.817

0,20

2.547.183

0,12

3.427.071

0,12

3.228.735

0,09

Intangible Assets

1.483

0,00

1.440

0,00

2.741

0,00

2.289

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

14.806

0,00

11.935

0,00

11.383

0,00

24.742

0,00

TOTAL ASSETS

12.003.514

1,00

20.596.362

1,00

28.355.121

1,00

36.369.026

1,00

CURRENT LIABILITIES

6.867.933

0,57

13.791.068

0,67

19.765.156

0,70

23.996.846

0,66

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

3.441.439

0,29

12.395.241

0,60

18.446.855

0,65

21.725.749

0,60

Accounts Payable

465.899

0,04

1.018.308

0,05

509.956

0,02

945.737

0,03

Loans from Shareholders

2.314.444

0,19

198

0,00

2.068

0,00

3.146

0,00

Other Short-term Payable

6.532

0,00

0

0,00

30.062

0,00

4.449

0,00

Advances from Customers

394.270

0,03

240.355

0,01

664.946

0,02

811.008

0,02

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

243.085

0,02

134.383

0,01

108.411

0,00

506.643

0,01

Provisions

0

0,00

-5.948

0,00

2.858

0,00

0

0,00

Other Current Liabilities

2.264

0,00

8.531

0,00

0

0,00

114

0,00

LONG-TERM LIABILITIES

0

0,00

0

0,00

417.474

0,01

501.829

0,01

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

400.000

0,01

500.000

0,01

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

17.474

0,00

1.829

0,00

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

5.135.581

0,43

6.805.294

0,33

8.172.491

0,29

11.870.351

0,33

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

2.311.264

0,19

3.000.000

0,15

6.700.000

0,24

6.700.000

0,18

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

3.723.617

0,31

3.723.617

0,18

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

730.328

0,06

2.059.727

0,10

156.533

0,01

1.472.491

0,04

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

-2.959.027

-0,25

-2.959.027

-0,14

0

0,00

0

0,00

Net Profit (loss)

1.329.399

0,11

980.977

0,05

1.315.958

0,05

3.697.860

0,10

TOTAL LIABILITIES AND EQUITY

12.003.514

1,00

20.596.362

1,00

28.355.121

1,00

36.369.026

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

 

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

(2012) TL

 

(01.01-30.06.2013) TL

 

Net Sales

22.529.231

1,00

32.403.863

1,00

49.543.438

1,00

67.349.200

1,00

38.375.762

1,00

Cost of Goods Sold

19.841.155

0,88

29.322.910

0,90

42.847.341

0,86

60.789.400

0,90

34.608.081

0,90

Gross Profit

2.688.076

0,12

3.080.953

0,10

6.696.097

0,14

6.559.800

0,10

3.767.681

0,10

Operating Expenses

1.019.767

0,05

1.405.335

0,04

1.654.833

0,03

1.771.169

0,03

1.097.226

0,03

Operating Profit

1.668.309

0,07

1.675.618

0,05

5.041.264

0,10

4.788.631

0,07

2.670.455

0,07

Other Income

656.276

0,03

1.224.641

0,04

1.133.946

0,02

2.389.458

0,04

702.379

0,02

Other Expenses

498.310

0,02

1.389.532

0,04

3.690.397

0,07

1.367.901

0,02

1.854.056

0,05

Financial Expenses

162.606

0,01

281.545

0,01

836.377

0,02

1.163.522

0,02

638.090

0,02

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

1.663.669

0,07

1.229.182

0,04

1.648.436

0,03

4.646.666

0,07

880.688

0,02

Tax Payable

334.270

0,01

248.205

0,01

332.478

0,01

948.806

0,01

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

1.329.399

0,06

980.977

0,03

1.315.958

0,03

3.697.860

0,05

880.688

0,02

 

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

(2011)

(2012)

 

LIQUIDITY RATIOS

 

 

Current Ratio

1,39

1,31

1,26

1,38

 

Acid-Test Ratio

0,84

0,59

0,75

0,76

 

Cash Ratio

0,10

0,11

0,11

0,02

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,28

0,43

0,31

0,36

 

Short-term Receivable/Total Assets

0,42

0,33

0,44

0,49

 

Tangible Assets/Total Assets

0,20

0,12

0,12

0,09

 

TURNOVER RATIOS

 

 

Inventory Turnover

5,89

3,30

4,81

4,58

 

Stockholders' Equity Turnover

4,39

4,76

6,06

5,67

 

Asset Turnover

1,88

1,57

1,75

1,85

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,43

0,33

0,29

0,33

 

Current Liabilities/Total Assets

0,57

0,67

0,70

0,66

 

Financial Leverage

0,57

0,67

0,71

0,67

 

Gearing Percentage

1,34

2,03

2,47

2,06

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,26

0,14

0,16

0,31

 

Operating Profit Margin

0,07

0,05

0,10

0,07

 

Net Profit Margin

0,06

0,03

0,03

0,05

 

Interest Cover

11,23

5,37

2,97

4,99

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

80,84

74,59

91,37

96,04

 

Average Payable Period (days)

8,45

12,50

4,28

5,60

 

WORKING CAPITAL

2672392,00

4232484,00

5136518,00

9103437,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.92

UK Pound

1

Rs.99.60

Euro

1

Rs.83.64

 

 

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.