MIRA INFORM REPORT

 

 

Report Date :

19.02.2014

 

IDENTIFICATION DETAILS

 

Name :

NITTO BENTO BANTCILIK SANAYI VE TICARET A.S.

 

 

Registered Office :

Akcaburgaz Mah. 2. Cad. 101 Sok. No:9 Esenyurt Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

07.08.2000

 

 

Com. Reg. No.:

442695

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of accessories for baby and adult diapers, adhesive tapes, wet wipes and profile tapes

 

 

No. of Employees :

340

 

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 – September 30, 2013

 

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

Turkey

B2

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 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 confidenc

 

Source : CIA

 

 

 

 

 COMPANY IDENTIFICATION

 

 

NAME

:

NITTO BENTO BANTCILIK SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Akcaburgaz Mah. 2. Cad. 101 Sok. No:9 Esenyurt Istanbul / Turkey

PHONE NUMBER

:

90-212-886 90 40

 

FAX NUMBER

:

90-212-886 90 48

 

WEB-ADDRESS

:

www.bento.com.tr

E-MAIL

:

bento@bento.com.tr

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Marmara Kurumlar

TAX NO

:

0910169273

REGISTRATION NUMBER

:

442695

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

07.08.2000

ESTABLISHMENT GAZETTE DATE/NO

:

11.08.2000/5108

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   10.000.000

PAID-IN CAPITAL

:

TL   10.000.000

 

HISTORY

:

Previous Name

:

Astel Bantcilik ve Temizlik Maddeleri Sanayi Ticaret A.S.

Changed On

:

26.10.2000 (Commercial Gazette Date /Number 15.11.2000/ 5175)

Previous Name

:

Bento Bantcilik ve Temizlik Maddeleri Sanayi Ticaret A.S.

Changed On

:

12.09.2013 (Commercial Gazette Date /Number 18.09.2013/ 8407)

Previous Address

:

Yenibosna Markez Mah. Asena Sok. No:2 Bahcelievler-Istanbul

Changed On

:

01.09.2010 (Commercial Gazette Date /Number 07.09.2010/ 7644)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Nitto Europe N.V.

100 %

 

 

REMARKS ON SHAREHOLDERS

:

We are informed that, the shareholder "Nitto Europe N.V." is a  company located in Belgium.

 

BOARD OF DIRECTORS

:

Mehmet Ferudun Eray

Chairman

Sam Jean-Paul Richard Strijckmans

Vice-Chairman

Ercan Kus

Member

Yasushi Nakahira

Member

Nobuyuki Aoki

Member

Norikane Nabata

Member

 

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Manufacture and trade of accessories for baby and adult diapers, adhesive tapes, wet wipes and profile tapes.

 

NACE CODE

:

DE.21.22

 

TRADEMARKS OWNED

:

Astel

Bento

 

NUMBER OF EMPLOYEES

:

340

 

 

NET SALES

:

12.085 TL Thousand

(2001) 

20.141 TL Thousand

(2002) 

22.410 TL Thousand

(2003) 

32.810 TL Thousand

(2004) 

46.647 TL Thousand

(2005) 

74.297.312 TL

(2006) 

101.805.165 TL

(2007) 

123.587.006 TL

(2008) 

129.398.610 TL

(2009) 

134.717.952 TL

(2010) 

178.488.056 TL

(2011) 

217.745.941 TL

(2012) 

64.251.144 TL

(01.01-31.03.2013) 

130.827.725 TL

(01.04-30.09.2013) 

 

 

REMARKS ON NET SALES

:

The financial period of the subject was changed from "1st of January - 31st of December" to "1st of April -31st of March" beginning from 01.04.2013.

 

CAPACITY

:

Diapers and wet wipes  ( Sqm/yr)

Tapes  ( kgs/yr)

Tapes  ( Sqm/yr)

 

13.608.000

 

 

(2010)

13.608.000

11.968.043

74.304.000

(2011)

13.608.000

11.968.043

74.304.000

(2012)

 

 

 

 

IMPORT VALUE

:

32.122.935 USD

(2009)

40.365.000 USD

(2010)

 

 

IMPORT COUNTRIES

:

Belgium

Germany

Italy

Netherlands

Brazil

U.S.A.

 

MERCHANDISE IMPORTED

:

Raw materials

Resin

 

EXPORT VALUE

:

16 TL Thousand

(2001)

107 TL Thousand

(2002)

266 TL Thousand

(2003)

1.234 TL Thousand

(2004)

5.241 TL Thousand

(2005)

15.361 TL Thousand

(2006)

29.146 TL Thousand

(2007)

48.078 TL Thousand

(2008)

42.774 TL Thousand

(2009)

53.443 TL Thousand

(2010)

67.759 TL Thousand

(2011)

73.587.336 TL

(2012)

20.788.144 TL

(01.01-31.03.2013)

43.928.680 TL

(01.04-30.09.2013)

EXPORT COUNTRIES

:

Algeria

Tunisia

Turkmenistan

Kazakhstan

Azerbaijan

India

Pakistan

Saudi Arabia

Jordan

Syria

Lebanon

Canada

Northern Cyprus Turkish Republic

Morocco

Germany

Russia

Czech Republic

Iran

 

MERCHANDISE  EXPORTED

:

Plastic sheet

Self- adhesive

Wet wipes

 

HEAD OFFICE ADDRESS

:

Akcaburgaz Mah. 2. Cad. 101 Sok. No:9 Esenyurt  Istanbul / Turkey ( owned )

 

BRANCHES

:

Head Office/Factory  :  Akcaburgaz Mah. 101 Sok. No:9 Esenyurt Istanbul/Turkey (owned) (24.678 sqm)

           

 

TREND OF BUSINESS

:

There was an upwards trend in  2012. There appears an upwards trend in  1.4 - 30.9.2013.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Akbank Hadimkoy Branch

Garanti Bankasi Hadimkoy Branch

T. Is Bankasi Hadimkoy Ticari Branch

Turk Ekonomi Bankasi Trakya Kurumsal Branch

Yapi ve Kredi Bankasi Hadimkoy 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

:

 

(2010) TL

(2011) TL

(2012) TL

(01.01-31.03.2013) TL

(01.04-30.09.2013) TL

Net Sales

134.717.952

178.488.056

217.745.941

64.251.144

130.827.725

Profit (Loss) Before Tax

18.471.633

22.196.157

14.438.670

6.131.952

15.984.257

Stockholders' Equity

67.285.852

84.998.828

91.123.666

 

 

Total Assets

91.773.093

124.300.956

137.917.635

 

 

Current Assets

54.382.492

78.158.398

86.359.320

 

 

Non-Current Assets

37.390.601

46.142.558

51.558.315

 

 

Current Liabilities

24.487.241

39.302.128

24.429.302

 

 

Long-Term Liabilities

0

0

22.364.667

 

 

Gross Profit (loss)

28.710.543

34.838.633

33.894.042

10.167.717

26.275.157

Operating Profit (loss)

19.440.499

22.578.716

18.533.125

6.441.976

17.786.791

Net Profit (loss)

14.744.391

17.712.975

11.520.339

6.131.952

15.984.257

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

High As of 31.12.2012

Remarks on Capitalization

A part of total liabilities and equity consist of loans from shareholders rather than liabilities to third parties indicating not too high indebtedness to third parties.

 

Liquidity

High 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

High Operating Profitability  in 2010

High Net Profitability  in 2010

High Operating Profitability  in 2011

High Net Profitability  in 2011

Good Operating Profitability  in 2012

Good Net Profitability  in 2012

High Operating Profitability (01.04-30.09.2013)

High Net Profitability (01.04-30.09.2013)

 

Gap between average collection and payable periods

Unfavorable in 2012

General Financial Position

Good

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 ( 01.01-31.03.2013)

0,50 %

1,7901

2,3575

2,7927

 ( 01.01-30.09.2013)

4,43 %

1,8785

2,4774

2,9189

 ( 2013 )

6,97 %

1,9179

2,5530

3,0178

 ( 01.01-31.01.2014)

3,32 %

2,2040

3,0090

3,6415

 

 

BALANCE SHEETS

 

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL

 

CURRENT ASSETS

54.382.492

0,59

78.158.398

0,63

86.359.320

0,63

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

Cash and Banks

1.718.688

0,02

1.419.128

0,01

2.383.216

0,02

Marketable Securities

0

0,00

0

0,00

0

0,00

Account Receivable

29.635.017

0,32

33.249.390

0,27

48.399.503

0,35

Other Receivable

20.400

0,00

9.200

0,00

9.718

0,00

Inventories

17.782.507

0,19

30.656.317

0,25

26.600.846

0,19

Advances Given

1.168.551

0,01

2.793.690

0,02

1.520.522

0,01

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

Other Current Assets

4.057.329

0,04

10.030.673

0,08

7.445.515

0,05

NON-CURRENT ASSETS

37.390.601

0,41

46.142.558

0,37

51.558.315

0,37

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

Long-term Receivable

129.425

0,00

185.550

0,00

357.775

0,00

Financial Assets

0

0,00

0

0,00

134.237

0,00

Tangible Fixed Assets (net)

37.069.949

0,40

45.807.909

0,37

51.008.349

0,37

Intangible Assets

187.482

0,00

111.215

0,00

57.421

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

3.745

0,00

37.884

0,00

533

0,00

TOTAL ASSETS

91.773.093

1,00

124.300.956

1,00

137.917.635

1,00

CURRENT LIABILITIES

24.487.241

0,27

39.302.128

0,32

24.429.302

0,18

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

7.787.045

0,08

18.622.800

0,15

16.082.275

0,12

Accounts Payable

3.271.928

0,04

4.574.516

0,04

4.901.982

0,04

Loans from Shareholders

9.983.737

0,11

9.983.717

0,08

0

0,00

Other Short-term Payable

321.464

0,00

1.417.124

0,01

1.212.376

0,01

Advances from Customers

1.034.757

0,01

1.374.444

0,01

468.402

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

Taxes Payable

1.612.758

0,02

2.032.211

0,02

1.321.822

0,01

Provisions

30.870

0,00

0

0,00

0

0,00

Other Current Liabilities

444.682

0,00

1.297.316

0,01

442.445

0,00

LONG-TERM LIABILITIES

0

0,00

0

0,00

22.364.667

0,16

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

0

0,00

Securities Issued

0

0,00

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

0

0,00

Loans from Shareholders

0

0,00

0

0,00

22.341.150

0,16

Other Long-term Liabilities

0

0,00

0

0,00

23.517

0,00

Provisions

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

67.285.852

0,73

84.998.828

0,68

91.123.666

0,66

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

Paid-in Capital

10.000.000

0,11

10.000.000

0,08

10.000.000

0,07

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

Reserves

42.541.461

0,46

57.285.853

0,46

69.603.327

0,50

Revaluation Fund

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

Net Profit (loss)

14.744.391

0,16

17.712.975

0,14

11.520.339

0,08

TOTAL LIABILITIES AND EQUITY

91.773.093

1,00

124.300.956

1,00

137.917.635

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

 

 

(2010) TL

 

(2011) TL

 

(2012) TL

 

(01.01-31.03.2013) TL

 

(01.04-30.09.2013) TL

 

Net Sales

134.717.952

1,00

178.488.056

1,00

217.745.941

1,00

64.251.144

1,00

130.827.725

1,00

Cost of Goods Sold

106.007.409

0,79

143.649.423

0,80

183.851.899

0,84

54.083.427

0,84

104.552.568

0,80

Gross Profit

28.710.543

0,21

34.838.633

0,20

33.894.042

0,16

10.167.717

0,16

26.275.157

0,20

Operating Expenses

9.270.044

0,07

12.259.917

0,07

15.360.917

0,07

3.725.741

0,06

8.488.366

0,06

Operating Profit

19.440.499

0,14

22.578.716

0,13

18.533.125

0,09

6.441.976

0,10

17.786.791

0,14

Other Income

1.974.510

0,01

3.957.662

0,02

2.907.703

0,01

1.325.449

0,02

4.241.180

0,03

Other Expenses

2.518.621

0,02

2.912.338

0,02

3.831.694

0,02

1.268.495

0,02

5.239.657

0,04

Financial Expenses

424.755

0,00

1.427.883

0,01

3.170.464

0,01

366.978

0,01

804.057

0,01

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

18.471.633

0,14

22.196.157

0,12

14.438.670

0,07

6.131.952

0,10

15.984.257

0,12

Tax Payable

3.727.242

0,03

4.483.182

0,03

2.918.331

0,01

0

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

14.744.391

0,11

17.712.975

0,10

11.520.339

0,05

6.131.952

0,10

15.984.257

0,12

 

 

FINANCIAL RATIOS

 

 

(2010)

(2011)

(2012)

LIQUIDITY RATIOS

 

 

 

Current Ratio

2,22

1,99

3,54

Acid-Test Ratio

1,28

0,88

2,08

Cash Ratio

0,07

0,04

0,10

ASSET STRUCTURE RATIOS

 

 

 

Inventory/Total Assets

0,19

0,25

0,19

Short-term Receivable/Total Assets

0,32

0,27

0,35

Tangible Assets/Total Assets

0,40

0,37

0,37

TURNOVER RATIOS

 

 

 

Inventory Turnover

5,96

4,69

6,91

Stockholders' Equity Turnover

2,00

2,10

2,39

Asset Turnover

1,47

1,44

1,58

FINANCIAL STRUCTURE

 

 

 

Stockholders' Equity/Total Assets

0,73

0,68

0,66

Current Liabilities/Total Assets

0,27

0,32

0,18

Financial Leverage

0,27

0,32

0,34

Gearing Percentage

0,36

0,46

0,51

PROFITABILITY RATIOS

 

 

 

Net Profit/Stockholders' Eq.

0,22

0,21

0,13

Operating Profit Margin

0,14

0,13

0,09

Net Profit Margin

0,11

0,10

0,05

Interest Cover

44,49

16,54

5,55

COLLECTION-PAYMENT

 

 

 

Average Collection Period (days)

79,54

67,44

80,61

Average Payable Period (days)

11,11

11,46

9,60

WORKING CAPITAL

29895251,00

38856270,00

61930018,00

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.12

UK Pound

1

Rs.103.93

Euro

1

Rs.85.17

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIS

 

 

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.