MIRA INFORM REPORT

 

 

Report Date :

03.05.2014

 

IDENTIFICATION DETAILS

 

Name :

BESIR TOY BMS TEKSTIL TARIM GIDA HAYVANCILIK SANAYI VE TICARET

 

 

Formerly Known as :

Besir Toy - Bms Tekstil

 

 

Registered Office :

4. OSB Mah. 83413 Nolu Cad. 5 Sehitkamil Gaziantep

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

01.10.2010

 

 

Com. Reg. No.:

35192

 

 

Legal Form :

Sole-Proprietorship

 

 

Line of Business :

·         Manufacturer and trader of carpet fringe

·         trader of yarn and food products. 

·         Subject also deals with trade of bovine animals demand on order.

 

 

No of Employees :

12

 

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 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Turkey

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate High Risk

 

C1

High Risk

C2

Very High Risk

 

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% in 2012-13. Turkey's public sector debt to GDP ratio has fallen below 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 reached nearly $195 billion at year-end 2013, reflecting Turkey's good 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, 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

 

 

 

NOTES

:

Name at your inquiry is the former name.

 

 

CONCERN IDENTIFICATION

 

 

NAME

:

BESIR TOY BMS TEKSTIL TARIM GIDA HAYVANCILIK SANAYI VE TICARET

HEAD OFFICE ADDRESS

:

4. OSB Mah. 83413 Nolu Cad. 5 Sehitkamil Gaziantep / Turkey

PHONE NUMBER

:

90-342-357 06 99

 

FAX NUMBER

:

90-342-357 06 99

 

WEB-ADDRESS

:

www.bmstekstil.com

 

LEGAL STATUS AND HISTORY

 

 

NOTES ON LEGAL STATUS AND HISTORY

:

Liability of the subject is not limited to the capital.

 

 

TAX OFFICE

:

Sehitkamil

TAX NO

:

33100539026

REGISTRATION NUMBER

:

35192

REGISTERED OFFICE

:

Gaziantep Chamber of Commerce

DATE ESTABLISHED

:

01.10.2010

ESTABLISHMENT GAZETTE DATE/NO

:

06.10.2010/7663

LEGAL FORM

:

Sole-Proprietorship

TYPE OF CONCERN

:

Private

HISTORY

:

Previous Name

:

Besir Toy - Bms Tekstil

Changed On

:

28.03.2013 (Commercial Gazette Date /Number 03.04.2013/ 8292)

Previous Address

:

Zeytinli Mah. 53 Nolu Cad. No:83 Sehitkamil Gaziantep

Changed On

:

08.03.2011 (Commercial Gazette Date /Number 15.03.2011/ 7772)

Previous Address

:

Mucahitler Mah. Sani Konukoglu Bulvari 52025 Nolu Sok. Emek Hasirci Ogrenci Yurdu Zemin Kat (Merinos Bitisigi) Sehitkamil Gaziantep

Changed On

:

28.03.2013 (Commercial Gazette Date /Number 03.04.2013/ 8292)

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Besir Toy

100 %

 

 

PROPERTIES OWNED BY THE OWNER/PARTNERS

:

 

Property Type

The head office of the subject

SISTER COMPANIES

:

Declared to be: None

 

DIRECTORS

:

Besir Toy

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

·         Manufacturer and trader of carpet fringe

·         trader of yarn and food products. 

·         Subject also deals with trade of bovine animals demand on order.

NACE CODE

:

DB.17.40

 

NUMBER OF EMPLOYEES

:

12

 

NET SALES

:

2.018.468 TL

(2012) 

3.507.498 TL

(2013) 

 

 

HEAD OFFICE ADDRESS

:

4. OSB Mah. 83413 Nolu Cad. 5 Sehitkamil Gaziantep / Turkey ( owned )

 

BRANCHES

:

Head Office/Production Plant  :  4. OSB Mah. 83413 Nolu Cad. 5 Sehitkamil Gaziantep/Turkey (owned)

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2013.

SIZE OF BUSINESS

:

Moderate

 

 

FINANCE

 

 

CREDIT FACILITIES

:

The subject concern is making use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2012) TL

(2013) TL

 

 

 

Net Sales

2.018.468

3.507.498

 

 

 

Profit (Loss) Before Tax

88.989

161.092

 

 

 

Stockholders' Equity

151.268

263.130

 

 

 

Total Assets

695.935

1.842.798

 

 

 

Current Assets

529.150

1.679.883

 

 

 

Non-Current Assets

166.785

162.915

 

 

 

Current Liabilities

544.667

1.579.668

 

 

 

Long-Term Liabilities

0

0

 

 

 

Gross Profit (loss)

230.287

521.039

 

 

 

Operating Profit (loss)

88.989

240.653

 

 

 

Net Profit (loss)

88.989

161.092

 

 

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Fair As of 31.12.2013

Remarks on Capitalization

The liability of the sole-proprietorships is not limited to the capital. The owners of the sole-proprietorships are responsible for the debts of the sole-proprietorships with all of their personal wealth. 

 

The owner possesses property.

 

Liquidity

Insufficient As of 31.12.2013

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

In Order Operating Profitability  in 2012

Good Net Profitability  in 2012

Good Operating Profitability  in 2013

Good Net Profitability  in 2013

 

Gap between average collection and payable periods

Unfavorable in 2013

General Financial Position

Unsatisfactory

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 ( 2013 )

6,97 %

1,9179

2,5530

3,0178

 ( 01.01-31.03.2014)

5,52 %

2,1961

3,0116

3,6488

 

 

BALANCE SHEETS

 

 ( 31.12.2012 )  TL

 

 ( 31.12.2013 )  TL

 

CURRENT ASSETS

529.150

0,76

1.679.883

0,91

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

5.081

0,01

380

0,00

Marketable Securities

0

0,00

0

0,00

Account Receivable

359.646

0,52

1.407.742

0,76

Other Receivable

520

0,00

520

0,00

Inventories

21.228

0,03

6.138

0,00

Advances Given

141.832

0,20

246.532

0,13

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

843

0,00

18.571

0,01

NON-CURRENT ASSETS

166.785

0,24

162.915

0,09

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

Financial Assets

0

0,00

0

0,00

Tangible Fixed Assets (net)

166.785

0,24

162.915

0,09

Intangible Assets

0

0,00

0

0,00

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

0

0,00

TOTAL ASSETS

695.935

1,00

1.842.798

1,00

CURRENT LIABILITIES

544.667

0,78

1.579.668

0,86

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

2.176

0,00

496.013

0,27

Accounts Payable

268.775

0,39

315.645

0,17

Loans from Shareholders

0

0,00

0

0,00

Other Short-term Payable

0

0,00

340.075

0,18

Advances from Customers

245.000

0,35

376.933

0,20

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

17.252

0,02

6.598

0,00

Provisions

11.464

0,02

44.404

0,02

Other Current Liabilities

0

0,00

0

0,00

LONG-TERM LIABILITIES

0

0,00

0

0,00

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

Securities Issued

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

Loans from Shareholders

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

151.268

0,22

263.130

0,14

Not Detailed Stockholders' Equity

151.268

0,22

263.130

0,14

Paid-in Capital

0

0,00

0

0,00

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

0

0,00

0

0,00

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

Net Profit (loss)

0

0,00

0

0,00

TOTAL LIABILITIES AND EQUITY

695.935

1,00

1.842.798

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.                                                                                                                                      

In the sub-items of "Account Receivable", TL 0 is "Doubtful Trade Receivables" at the last balance sheet.                                                                                  

 

The details of "Other Receivable" figure at the last balance sheet (TL): Due From Shareholders:0, Due From Participations:0, Due From Affiliated Companies:0, Due From Personnel:0, Other Miscellaneous Receivables:520, Other Receivable Total:520.                                                          

 

TL 0 of "Tax Payable" is due to "Overdue, Delayed or Deferred Tax by Installments and Other Liabilities" at the last balance sheet.                                                                                                        


 

 

INCOME STATEMENTS

 

(2012) TL

 

(2013) TL

 

Net Sales

2.018.468

1,00

3.507.498

1,00

Cost of Goods Sold

1.788.181

0,89

2.986.459

0,85

Gross Profit

230.287

0,11

521.039

0,15

Operating Expenses

141.298

0,07

280.386

0,08

Operating Profit

88.989

0,04

240.653

0,07

Other Income

0

0,00

0

0,00

Other Expenses

0

0,00

64.376

0,02

Financial Expenses

0

0,00

15.185

0,00

Minority Interests

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

Profit (loss) Before Tax

88.989

0,04

161.092

0,05

Tax Payable

0

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

Net Profit (loss)

88.989

0,04

161.092

0,05

 

FINANCIAL RATIOS

 

(2012)

(2013)

LIQUIDITY RATIOS

 

Current Ratio

0,97

1,06

Acid-Test Ratio

0,67

0,89

Cash Ratio

0,01

0,00

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,03

0,00

Short-term Receivable/Total Assets

0,52

0,76

Tangible Assets/Total Assets

0,24

0,09

TURNOVER RATIOS

 

Inventory Turnover

84,24

486,55

Stockholders' Equity Turnover

13,34

13,33

Asset Turnover

2,90

1,90

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,22

0,14

Current Liabilities/Total Assets

0,78

0,86

Financial Leverage

0,78

0,86

Gearing Percentage

3,60

6,00

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,59

0,61

Operating Profit Margin

0,04

0,07

Net Profit Margin

0,04

0,05

Interest Cover

 

11,61

COLLECTION-PAYMENT

 

Average Collection Period (days)

64,14

144,49

Average Payable Period (days)

54,11

38,05

WORKING CAPITAL

-15517,00

100215,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.22

UK Pound

1

Rs.101.68

Euro

1

Rs.83.46

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

MNL

 

 

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.