MIRA INFORM REPORT

 

 

Report Date :

27.09.2014

 

IDENTIFICATION DETAILS

 

Name :

BULAYCI KARDESLER GIDA SANAYI VE TICARET LTD. STI.

 

 

Registered Office :

Gimat 19,Blok No:561 Yenimahalle  Ankara

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

05.08. 1994

 

 

Com. Reg. No.:

104194

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacture and trade of halva, jam, turkish delight

 

 

No of Employees :

40

 

 

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 – June 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

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

:

BULAYCI KARDESLER GIDA SANAYI VE TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Gimat 19.Blok No:561 Yenimahalle  Ankara / Turkey

PHONE NUMBER

:

90-312-815 46 35

 

FAX NUMBER

:

90-312-815 46 38

 

WEB-ADDRESS

:

www.bulayhan.com

E-MAIL

:

info@bulayhan.com

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Ostim

TAX NO

:

1880032591

REGISTRATION NUMBER

:

104194

REGISTERED OFFICE

:

Ankara Chamber of Commerce

DATE ESTABLISHED

:

1994

ESTABLISHMENT GAZETTE DATE/NO

:

05.08.1994/3589

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   2.000.000

PAID-IN CAPITAL

:

TL   2.000.000

 

HISTORY

:

Previous Registered Capital

:

TL 1.000.000

Changed On

:

08.03.2013 (Commercial Gazette Date /Number 13.03.2013/ 8277)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Ali Erkal Bulayci

50 %

Selim Bayram Bulayci

50 %

 

 

SISTER COMPANIES

:

BULAYCI GIDA SANAYI ITHALAT IHRACAT TICARET VE PAZARLAMA LTD. STI. (NOT ACTIVE)

SUBSIDIARIES

:

None

 

DIRECTORS

:

Ali Erkal Bulayci                                                                                                                                                                                                                                                                                   

 

Selim Bayram Bulayci                                                                                                                                                                                                                                                                                   

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Manufacture and trade of halva, jam, turkish delight... etc. 

 

The subject has declared that it is also dealing with processing and trade of sesame.

 

NACE CODE

:

DA.15.84

 

SECTOR

:

Food

 

NUMBER OF EMPLOYEES

:

40

 

NET SALES

:

8.566.052 TL

(2010) 

12.776.743 TL

(2011) 

13.132.788 TL

(2012) 

20.224 TL Thousand

(2013) 

7.750 TL Thousand

(01.01-31.03.2014) 

 

 

IMPORT COUNTRIES

:

India

Pakistan

Sudan

Nigeria

 

MERCHANDISE IMPORTED

:

Sesame

 

 

EXPORT VALUE

:

39.019 TL

(2010)

83.331 TL

(2011)

50.684 TL

(2012)

121.141 TL

(2013)

931.567 TL

(01.01-31.03.2014)

 

 

EXPORT COUNTRIES

:

Germany

 

MERCHANDISE  EXPORTED

:

Groundnuts

Hazelnuts

 

HEAD OFFICE ADDRESS

:

Gimat 19.Blok No:561 Yenimahalle   Ankara / Turkey (  ) ( )

BRANCHES

:

Warehouse  :  Oglebeli San. Sitesi Bahattin Gazi Cad. No:12 Karabuk/Turkey

 

Production Plant  :  E5 Karayolu 31. Km Kazan Ankara/Turkey

           

 

TREND OF BUSINESS

:

There was an upwards trend in  2013.

 

 

SIZE OF BUSINESS

:

Upper-Medium

 

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Albaraka Turk Katilim Bankasi Sasmaz Branch

Asya Katilim Bankasi Ankara Branch

Halk Bankasi Gimat Branch

Kuveyt Turk Katilim Bankasi Balgat Branch

T. Finans Katilim Bankasi Gimat 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

:

 

(2010) TL

(2011) TL

(2012) TL

(2013) TL Thousand

(01.01-31.03.2014) TL Thousand

Net Sales

8.566.052

12.776.743

13.132.788

20.224

7.750

Profit (Loss) Before Tax

106.925

81.846

140.699

267

120

Stockholders' Equity

1.470.647

1.530.601

1.638.357

2.324

 

Total Assets

7.058.210

7.955.912

8.668.207

9.238

 

Current Assets

6.032.752

7.036.339

7.745.541

8.272

 

Non-Current Assets

1.025.458

919.573

922.666

966

 

Current Liabilities

5.587.563

5.675.311

7.029.850

6.914

 

Long-Term Liabilities

0

750.000

0

0

 

Gross Profit (loss)

760.967

1.188.172

1.283.709

1.793

492

Operating Profit (loss)

318.833

650.320

729.532

1.278

349

Net Profit (loss)

82.817

59.954

107.755

206

120

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Insufficient As of 31.12.2013

Remarks on Capitalization

A part of liabilities consist of loans from shareholders.

Liquidity

Good As of 31.12.2013

Remarks On Liquidity

A part of current liabilities consist of short-term loans from shareholders rather than liabilities to third parties. 

 

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

 

Profitability

In Order Operating Profitability  in 2010

Low Net Profitability  in 2010

In Order Operating Profitability  in 2011

Low Net Profitability  in 2011

Good Operating Profitability  in 2012

Low Net Profitability  in 2012

Good Operating Profitability  in 2013

Low Net Profitability  in 2013

In Order Operating Profitability (01.01-31.03.2014)

Low Net Profitability (01.01-31.03.2014)

 

Gap between average collection and payable periods

Unfavorable in 2013

General Financial Position

Passable

 

 

 

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

 ( 01.01-31.03.2014)

5,52 %

2,1961

3,0116

3,6488

 ( 01.01-30.06.2014)

5,12 %

2,1608

2,9618

3,6153

 

BALANCE SHEETS

 

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL

 

 ( 31.12.2013 )  TL Thousand

 

CURRENT ASSETS

6.032.752

0,85

7.036.339

0,88

7.745.541

0,89

8.272

0,90

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

2.388.292

0,34

242.103

0,03

250.310

0,03

606

0,07

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

853.572

0,12

4.110.661

0,52

4.517.154

0,52

5.361

0,58

Other Receivable

277.061

0,04

0

0,00

0

0,00

0

0,00

Inventories

1.904.883

0,27

1.764.798

0,22

2.257.652

0,26

173

0,02

Advances Given

297.460

0,04

306.736

0,04

372.760

0,04

1.734

0,19

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

311.484

0,04

612.041

0,08

347.665

0,04

398

0,04

NON-CURRENT ASSETS

1.025.458

0,15

919.573

0,12

922.666

0,11

966

0,10

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

0

0,00

0

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

647.433

0,09

702.454

0,09

705.546

0,08

749

0,08

Intangible Assets

217.120

0,03

217.119

0,03

217.120

0,03

217

0,02

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

160.905

0,02

0

0,00

0

0,00

0

0,00

TOTAL ASSETS

7.058.210

1,00

7.955.912

1,00

8.668.207

1,00

9.238

1,00

CURRENT LIABILITIES

5.587.563

0,79

5.675.311

0,71

7.029.850

0,81

6.914

0,75

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

4.297.569

0,61

5.091.307

0,64

5.090.416

0,59

5.314

0,58

Accounts Payable

85.785

0,01

150.739

0,02

99.617

0,01

211

0,02

Loans from Shareholders

1.140.932

0,16

394.233

0,05

1.692.609

0,20

1.171

0,13

Other Short-term Payable

26.253

0,00

0

0,00

97.457

0,01

134

0,01

Advances from Customers

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

20.086

0,00

19.064

0,00

33.766

0,00

53

0,01

Provisions

16.938

0,00

19.968

0,00

15.985

0,00

31

0,00

Other Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

LONG-TERM LIABILITIES

0

0,00

750.000

0,09

0

0,00

0

0,00

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

0

0,00

0

0,00

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

750.000

0,09

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

1.470.647

0,21

1.530.601

0,19

1.638.357

0,19

2.324

0,25

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

1.000.000

0,14

1.000.000

0,13

1.000.000

0,12

2.000

0,22

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

387.830

0,05

470.647

0,06

530.602

0,06

118

0,01

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

82.817

0,01

59.954

0,01

107.755

0,01

206

0,02

TOTAL LIABILITIES AND EQUITY

7.058.210

1,00

7.955.912

1,00

8.668.207

1,00

9.238

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 0 is "Doubtful Trade Receivables" at the last balance sheet.                                                                                          

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

 

 

INCOME STATEMENTS

 

 

(2010) TL

 

(2011) TL

 

(2012) TL

 

(2013) TL Thousand

 

(01.01-31.03.2014) TL Thousand

 

Net Sales

8.566.052

1,00

12.776.743

1,00

13.132.788

1,00

20.224

1,00

7.750

1,00

Cost of Goods Sold

7.805.085

0,91

11.588.571

0,91

11.849.079

0,90

18.431

0,91

7.258

0,94

Gross Profit

760.967

0,09

1.188.172

0,09

1.283.709

0,10

1.793

0,09

492

0,06

Operating Expenses

442.134

0,05

537.852

0,04

554.177

0,04

515

0,03

143

0,02

Operating Profit

318.833

0,04

650.320

0,05

729.532

0,06

1.278

0,06

349

0,05

Other Income

64.465

0,01

56.279

0,00

39.671

0,00

127

0,01

2

0,00

Other Expenses

53.837

0,01

264.029

0,02

131.824

0,01

688

0,03

108

0,01

Financial Expenses

222.536

0,03

360.724

0,03

496.680

0,04

450

0,02

123

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

106.925

0,01

81.846

0,01

140.699

0,01

267

0,01

120

0,02

Tax Payable

24.108

0,00

21.892

0,00

32.944

0,00

61

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)

82.817

0,01

59.954

0,00

107.755

0,01

206

0,01

120

0,02

 

 

FINANCIAL RATIOS

 

 

(2010)

(2011)

(2012)

(2013)

 

LIQUIDITY RATIOS

 

 

Current Ratio

1,08

1,24

1,10

1,20

 

Acid-Test Ratio

0,63

0,77

0,68

0,86

 

Cash Ratio

0,43

0,04

0,04

0,09

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,27

0,22

0,26

0,02

 

Short-term Receivable/Total Assets

0,16

0,52

0,52

0,58

 

Tangible Assets/Total Assets

0,09

0,09

0,08

0,08

 

TURNOVER RATIOS

 

 

Inventory Turnover

4,10

6,57

5,25

106,54

 

Stockholders' Equity Turnover

5,82

8,35

8,02

8,70

 

Asset Turnover

1,21

1,61

1,52

2,19

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,21

0,19

0,19

0,25

 

Current Liabilities/Total Assets

0,79

0,71

0,81

0,75

 

Financial Leverage

0,79

0,81

0,81

0,75

 

Gearing Percentage

3,80

4,20

4,29

2,98

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,06

0,04

0,07

0,09

 

Operating Profit Margin

0,04

0,05

0,06

0,06

 

Net Profit Margin

0,01

0,00

0,01

0,01

 

Interest Cover

1,48

1,23

1,28

1,59

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

35,87

115,82

123,83

95,43

 

Average Payable Period (days)

3,96

4,68

3,03

4,12

 

WORKING CAPITAL

445189,00

1361028,00

715691,00

1358,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.57

UK Pound

1

Rs.100.42

Euro

1

Rs.78.45

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

SHG

 

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.