MIRA INFORM REPORT

 

 

Report Date :

14.05.2014

 

IDENTIFICATION DETAILS

 

Name :

NARIN BYS DIS TICARET A.S. 

 

 

Formerly Known as :

BYS Dis Ticaret A.S.

 

 

Registered Office :

Yeni Mahalle Ismet Inonu Bulvari Prestij Plaza No:66 Kat:20 Daire:39/40 Akdeniz Mersin

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

01.02.2000

 

 

Com. Reg. No.:

25266

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

·         Engaged in processing, packaging and trader of unshelled pistachio nut, nut, lentil, chick-pea and other legumes

manufacturer and trader of candies, crushed sesame seeds and jam. 

 

 

No of Employees :

85

 

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 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

 

 

COMPANY IDENTIFICATION

 

NAME

:

NARIN BYS DIS TICARET A.S.

HEAD OFFICE ADDRESS

:

Yeni Mahalle Ismet Inonu Bulvari Prestij Plaza No:66 Kat:20 Daire:39/40 Akdeniz Mersin / Turkey

PHONE NUMBER

:

90-324-233 00 00

 

FAX NUMBER

:

90-324-233 00 22

 

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Uray

TAX NO

:

1950082931

REGISTRATION NUMBER

:

25266

REGISTERED OFFICE

:

Mersin Chamber of Commerce and Industry

DATE ESTABLISHED

:

01.02.2000

ESTABLISHMENT GAZETTE DATE/NO

:

04.02.2000/4976

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   18.240.000

PAID-IN CAPITAL

:

TL   18.240.000

HISTORY

:

Previous Name

:

BYS Dis Ticaret A.S.

Changed On

:

21.11.2011 (Commercial Gazette Date /Number 01.12.2011/ 7952)

Previous Registered Capital

:

TL 2.400.000

Changed On

:

13.07.2006 (Commercial Gazette Date /Number 19.07.2006/ 6602)

Previous Registered Capital

:

TL 11.040.000

Changed On

:

31.12.2010 (Commercial Gazette Date /Number 06.01.2011/ 7724)

Previous Registered Capital

:

TL 14.540.000

Changed On

:

02.11.2012 (Commercial Gazette Date /Number 08.11.2012/ 8189)

Previous Address

:

Evren Mah. Ataturk Bulvari No: 35 Karacailyas Mersin

Changed On

:

23.02.2010 (Commercial Gazette Date /Number 05.10.2010/ 7515)

Other Changes

:

The company was firstly established in Antakya and it was registered at Antakya Commercial Registry with registration no: 7703. Then the company moved to Mersin and registered at Mersin Commercial Registry.

Changed On

:

09.04.2003 (Commercial Gazette Date /Number 14.04.2003/ 5777)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Narin Bys Holding A.S.

77 %

Mehmet Narin

19 %

Mahmure Narin

1 %

Elif Narin

1 %

Engin Tan Narin

1 %

Rasim Mahmut Narin

1 %

 

 

GROUP PARENT COMPANY

:

NARIN BYS HOLDING A.S.

 

SISTER COMPANIES

:

BESTDEAL DIS TICARET LTD. STI.

MEHMET RASIM NARIN DIS TICARET A.S.

NARIN BYS HOLDING A.S.

NARIN BYS TURIZM INSAAT VE TAAHHUT A.S.

NARIN OTELCILIK SEYAHAT INSAAT VE DIS TICARET LTD. STI.

 

BOARD OF DIRECTORS

:

Mehmet Narin

Chairman

Engin Tan Narin

Vice-Chairman

Halit Inan

Member

Rasim Mahmut Narin

Member

Fatma Nur Yuksel

Member

Gokhan Senol

Member

Ali Koyuncu

Member

 

 

DIRECTORS

:

Ahmet Guven

General Manager

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

·         Engaged in processing, packaging and trader of unshelled pistachio nut, nut, lentil, chick-pea and other legumes

manufacturer and trader of candies, crushed sesame seeds and jam. 

NACE CODE

:

G .51.30

 

TRADEMARKS OWNED

:

Anadolu Bakliyat

Bys

Lobas

Tan

 

NUMBER OF EMPLOYEES

:

85

 

NET SALES

:

147.469 TL Thousand

(2012) 

171.507 TL Thousand

(2013) 

 

 

IMPORT COUNTRIES

:

India

Korea

Argentina

China

Czech Republic

Iran

Egypt

 

MERCHANDISE IMPORTED

:

Bean

Black pepper

Coffee

Lemon salt

Paper

Rice

Sesame

Walnut

 

EXPORT VALUE

:

144.734.749 TL

(2012)

157.732.381 TL

(2013)

 

 

EXPORT COUNTRIES

:

Canada

Germany

France

U.K.

U.S.A.

Algeria

 

MERCHANDISE  EXPORTED

:

Legumes

 

HEAD OFFICE ADDRESS

:

Yeni Mahalle Ismet Inonu Bulvari Prestij Plaza No:66 Kat:20 Daire:39/40 Akdeniz Mersin / Turkey  

 

BRANCHES

:

Warehouse  :  24 Warehouses: Evren Mah. Ataturk Bulvari BYS Umumi Depolar Mersin/Turkey (rented) (30.000 sqm)

 

Head Office/Production Plant  :  Yeni Mahalle Ismet Inonu Bulvari Prestij Plaza No:66 Kat:20 Daire:39/40 Akdeniz Mersin/Turkey

 

Branch Office  :  Cebrail Mah. Ataturk Cad. Kat: 7 No:6 Hatay/Turkey (rented)

 

INVESTMENTS

:

None

 

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2013.

SIZE OF BUSINESS

:

Giant

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Mersin Branch

Denizbank Mersin Branch

Garanti Bankasi Mersin Branch

Odeabank Mersin Branch

Turkiye Finans Katilim Bankasi Adana Branch

Yapi ve Kredi Bankasi Mersin 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

:

 

(2012) TL Thousand

(2013) TL Thousand

 

 

 

Net Sales

147.469

171.507

 

 

 

Profit (Loss) Before Tax

1.474

1.689

 

 

 

Stockholders' Equity

67.961

67.806

 

 

 

Total Assets

109.648

130.267

 

 

 

Current Assets

40.181

66.520

 

 

 

Non-Current Assets

69.467

63.747

 

 

 

Current Liabilities

37.764

55.110

 

 

 

Long-Term Liabilities

3.923

7.351

 

 

 

Gross Profit (loss)

9.799

13.886

 

 

 

Operating Profit (loss)

4.811

8.805

 

 

 

Net Profit (loss)

973

1.172

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Good As of 31.12.2013

Liquidity

Satisfactory As of 31.12.2013

Remarks On Liquidity

The unfavorable gap between average collection and average payable period has an adverse effect on liquidity.

Profitability

Fair Operating Profitability  in 2012

Low Net Profitability  in 2012

In Order Operating Profitability  in 2013

Low Net Profitability  in 2013

 

Gap between average collection and payable periods

Unfavorable in 2013

General Financial Position

In Order

 

 

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

 ( 01.01-30.04.2014)

5,61 %

2,1807

2,9954

3,6333

 

 

BALANCE SHEETS

 

 

 ( 31.12.2012 )  TL Thousand

 

 ( 31.12.2013 )  TL Thousand

 

CURRENT ASSETS

40.181

0,37

66.520

0,51

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

3.598

0,03

5.870

0,05

Marketable Securities

0

0,00

0

0,00

Account Receivable

24.795

0,23

36.997

0,28

Other Receivable

1.261

0,01

1.331

0,01

Inventories

8.179

0,07

18.399

0,14

Advances Given

1.052

0,01

2.843

0,02

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

1.296

0,01

1.080

0,01

NON-CURRENT ASSETS

69.467

0,63

63.747

0,49

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)

69.249

0,63

63.572

0,49

Intangible Assets

203

0,00

154

0,00

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

15

0,00

21

0,00

TOTAL ASSETS

109.648

1,00

130.267

1,00

CURRENT LIABILITIES

37.764

0,34

55.110

0,42

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

31.619

0,29

45.419

0,35

Accounts Payable

1.889

0,02

5.951

0,05

Loans from Shareholders

1.472

0,01

526

0,00

Other Short-term Payable

2.467

0,02

2.432

0,02

Advances from Customers

126

0,00

189

0,00

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

69

0,00

51

0,00

Provisions

106

0,00

76

0,00

Other Current Liabilities

16

0,00

466

0,00

LONG-TERM LIABILITIES

3.923

0,04

7.351

0,06

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

3.923

0,04

7.351

0,06

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

67.961

0,62

67.806

0,52

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

18.240

0,17

18.240

0,14

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

1.136

0,01

1.136

0,01

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

2.497

0,02

750

0,01

Revaluation Fund

50.874

0,46

49.487

0,38

Accumulated Losses(-)

-5.759

-0,05

-2.979

-0,02

Net Profit (loss)

973

0,01

1.172

0,01

TOTAL LIABILITIES AND EQUITY

109.648

1,00

130.267

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 thousand 14 is "Doubtful Trade Receivables" at the last balance sheet. 

 

The details of "Other Receivable" figure at the last balance sheet (TL Thousand):  Due From Shareholders: 0, Due From Participations: 0, Due From Affiliated Companies: 0, Due From Personnel: 0, Other Miscellaneous Receivables: 1.331, Other Receivable Total: 1.331.

 

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

 

At the last income statement TL thousand 9.697 of the other expenses is due to "Loss from Foreign Currency Exchange"               

 

 

INCOME STATEMENTS

 

 

(2012) TL Thousand

 

(2013) TL Thousand

 

Net Sales

147.469

1,00

171.507

1,00

Cost of Goods Sold

137.670

0,93

157.621

0,92

Gross Profit

9.799

0,07

13.886

0,08

Operating Expenses

4.988

0,03

5.081

0,03

Operating Profit

4.811

0,03

8.805

0,05

Other Income

3.868

0,03

5.054

0,03

Other Expenses

4.679

0,03

9.697

0,06

Financial Expenses

2.526

0,02

2.473

0,01

Minority Interests

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

Profit (loss) Before Tax

1.474

0,01

1.689

0,01

Tax Payable

501

0,00

517

0,00

Postponed Tax Gain

0

0,00

0

0,00

Net Profit (loss)

973

0,01

1.172

0,01

 

 

FINANCIAL RATIOS

 

 

(2012)

(2013)

LIQUIDITY RATIOS

 

Current Ratio

1,06

1,21

Acid-Test Ratio

0,79

0,80

Cash Ratio

0,10

0,11

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,07

0,14

Short-term Receivable/Total Assets

0,24

0,29

Tangible Assets/Total Assets

0,63

0,49

TURNOVER RATIOS

 

Inventory Turnover

16,83

8,57

Stockholders' Equity Turnover

2,17

2,53

Asset Turnover

1,34

1,32

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,62

0,52

Current Liabilities/Total Assets

0,34

0,42

Financial Leverage

0,38

0,48

Gearing Percentage

0,61

0,92

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,01

0,02

Operating Profit Margin

0,03

0,05

Net Profit Margin

0,01

0,01

Interest Cover

1,58

1,68

COLLECTION-PAYMENT

 

Average Collection Period (days)

60,53

77,66

Average Payable Period (days)

4,94

13,59

WORKING CAPITAL

2417,00

11410,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.59.88

UK Pound

1

Rs.100.98

Euro

1

Rs.82.40

 

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

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.