MIRA INFORM REPORT

 

 

Report Date :

26.12.2014

 

IDENTIFICATION DETAILS

 

Name :

BALSU GIDA SANAYI VE TICARET A.S.

 

 

Registered Office :

Buyukdere Cad. No.237 Noramin Is Merkezi Kat. 1/A 113 Maslak Istanbul

 

 

Country :

Turkey

 

 

Date of Incorporation :

22.02.2001

 

 

Com. Reg. No.:

454238

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Processing and trade of hazelnut and manufacture and trade of hazelnut products.

 

 

No. of Employee :

290

 

 

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 :

Unknown

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, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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 around 9% in 2010-11, as exports returned to normal levels following the recession. Growth dropped to roughly 3-4% in 2012-13. Turkey's public sector debt to GDP ratio has fallen below 40%, and two rating agencies upgraded Turkey's debt to investment grade in 2012 and 2013. Turkey remains dependent on often volatile, short-term investment to finance its large current account deficit. The stock value of FDI reached nearly $195 billion at year-end 2013, reflecting Turkey's robust growth even in the face of economic turmoil in Europe, the source of much of Turkey's FDI. Turkey's relatively high current account deficit, domestic political uncertainty, and turmoil within Turkey's neighborhood leave the economy vulnerable to destabilizing shifts in investor confidence.

 

Source : CIA

 

COMPANY IDENTIFICATION

 

 

NAME

:

BALSU GIDA SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Buyukdere Cad. No.237 Noramin Is Merkezi Kat. 1/A 113 Maslak Istanbul / Turkey

PHONE NUMBER

:

90-264-614 84 77

 

FAX NUMBER

:

90-264-614 84 94

 

WEB-ADDRESS

:

www.balsugida.com

E-MAIL

:

balsu@balsugida.com

 

LEGAL STATUS AND HISTORY

 

 

NOTES ON LEGAL STATUS AND HISTORY

:

The paid-in capital is declared by the subject. There is no certification for the paid-in capital..

 

TAX OFFICE

:

Buyuk Mukellefler

TAX NO

:

1390127513

REGISTRATION NUMBER

:

454238

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

22.02.2001

ESTABLISHMENT GAZETTE DATE/NO

:

27.02.2001/5245

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   16.913.511

PAID-IN CAPITAL

:

TL   16.913.511

HISTORY

:

Previous Name

:

Balsu Cikolata Gida Sanayi ve Ticaret A.S.

Changed On

:

26.09.2005 (Commercial Gazette Date /Number 29.09.2005/ 6400)

Previous Registered Capital

:

TL 11.655.000

Changed On

:

27.12.2013 (Commercial Gazette Date /Number 03.01.2014/ 8478)

Previous Address

:

Halide Edip Adivar Cad. No:38 D:3 Kat:1 Kanlica Beykoz Istanbul

Changed On

:

22.11.2012 (Commercial Gazette Date /Number 28.11.2012/ 8203)

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Hasan Cuneyd Zapsu

90 %

Ahmet Bilge Anbarlilar

10 %

 

 

BOARD OF DIRECTORS

:

Kenan Ismail Oktener

Chairman

Hasan Cuneyd Zapsu

Vice-Chairman

Ahmet Bilge Anbarlilar

Member

Muzaffer Taviloglu

Member

Cavidan Gulsen Karanis Eksioglu

Member

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Processing and trade of hazelnut and manufacture and trade of  hazelnut products.

NACE CODE

:

DA.15.00

 

NUMBER OF EMPLOYEES

:

290

 

NET SALES

:

231.783.701 TL

(2011) 

328.956.597 TL

(2012) 

392.441.554 TL

(2013) 

 

 

IMPORT VALUE

:

0 TL

(2012)

0 TL

(2013)

0 TL

(01.01-30.11.2014)

 

 

EXPORT VALUE

:

80.115.030 USD

(2010)

111.884.247 USD

(2011)

134.822.901 USD

(2012)

110.458.582,70 USD

(2013)

 

 

EXPORT COUNTRIES

:

European Countries

 

MERCHANDISE  EXPORTED

:

Hazelnut products

 

HEAD OFFICE ADDRESS

:

Buyukdere Cad. No.237 Noramin Is Merkezi Kat. 1/A 113 Maslak Istanbul / Turkey

 

BRANCHES

:

Processing Plant  :  Balsu Cad. No.2 Hendek Sakarya/Turkey

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2013.

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Akbank Adapazari Branch

Denizbank Adapazari Branch

Garanti Bankasi Sultanbeyli Branch

Turk Ekonomi Bankasi Kozyatagi Branch

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

General Financial Position

General financial position is undetermined the firm declines to give us an authorization to gather its financial data. As the shares of the firm are not open to public, it is not obliged to announce its data.

 

 

 

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

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 ( 2013 )

6,97 %

1,9179

2,5530

3,0178

 ( 01.01-30.11.2014)

7,18 %

2,1773

2,9044

3,6032

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.46

UK Pound

1

Rs.98.51

Euro

1

Rs.77.31

 

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

TPT

 

 

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%)

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.