MIRA INFORM REPORT

 

 

Report No. :

356332

Report Date :

23.12.2015

 

IDENTIFICATION DETAILS

 

Name :

BCN TEKSTIL SANAYI TICARET LTD. STI.         

 

 

Registered Office :

Kurukopru Mah. Ozler Cad. Ahmet Ozel Turkay Is Merkezi Kat:1 No:5 Merkez Adana

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2014

 

 

Year of Establishment  :

2003

 

 

Com. Reg. No.:

43120

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Weaving and trade of fabric.

 

 

No. of Employee :

44

 

 

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 :

Slow but correct

 

 

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, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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 has brought up to 1 million barrels per day from the Caspian region to market. Several gas pipeline projects also are moving forward to help transport Caspian gas to Europe through Turkey, which over the long term will help address Turkey's dependence on imported oil and gas, which currently meets 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. Two rating agencies upgraded Turkey's debt to investment grade in 2012 and 2013, and Turkey's public sector debt to GDP ratio fell to 33% in 2014. The stock value of Foreign Direct Investment reached nearly $195 billion at year-end 2014.

Despite these positive trends, GDP growth dropped to 4.4% in 2013 and 2.9% in 2014. Growth slowed considerably in the last quarter of 2014, largely due to lackluster consumer demand both domestically and in Europe, Turkey’s most important export market. High interest rates have also contributed to the slowdown in growth, as Turkey sharply increased interest rates in January 2014 in order to strengthen the country’s currency and reduce inflation. Turkey then cut rates in February 2015 in a bid to spur economic growth.

The Turkish economy retains significant weaknesses. Specifically, 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. Turkey also remains dependent on often volatile, short-term investment to finance its large current account deficit.

 

Source : CIA

 

COMPANY IDENTIFICATION

 

 

NAME

:

BCN TEKSTIL SANAYI TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Kurukopru Mah. Ozler Cad. Ahmet Ozel Turkay Is Merkezi Kat:1 No:5 Merkez Adana / Turkey

PHONE NUMBER

:

90-322-351 25 53 (Head Office)

90-322-394 37 11 (Production Plant)

 

FAX NUMBER

:

90-322-351 11 19 (Head Office)

 

WEB-ADDRESS

:

www.bcntextile.com

E-MAIL

:

info@bcntextile.com

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Yuregir

TAX NO

:

1600444427

REGISTRATION NUMBER

:

43120

REGISTERED OFFICE

:

Adana Chamber of Industry

DATE ESTABLISHED

:

2003

ESTABLISHMENT GAZETTE DATE/NO

:

27.06.2003/5829

 

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 10.000

Changed On

:

26.12.2006 (Commercial Gazette Date /Number 11.01.2007/ 6721)

Previous Registered Capital

:

TL 500.000

Changed On

:

28.11.2013 (Commercial Gazette Date /Number 06.12.2013/ 8459)

Previous Shareholder

:

Please vide Previous Shareholders section for the former shareholders' names.

Changed On

:

15.10.2014 (Commercial Gazette Date /Number 24.10.2014/ 8680)

 

 

 

PREVIOUS SHAREHOLDERS

:

Bekir Kaya

30 %

Nisa Kalo

30 %

Caner Kaya

30 %

Fusun Kaya

5 %

Yasar Sarikol

 

Mehmet Mustafa Kaya

 

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Fusun Kaya

35 %

Nisa Kalo

30 %

Bekir Kaya

30 %

Mehmet Mustafa Kaya

3 %

Yasar Sarikol

2 %

 

 

DIRECTORS

:

Bekir Kaya                                                                                                                                                                                                                                                                                   

 

Mehmet Mustafa Kaya                                                                                                                                                                                                                                                                                   

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Weaving and trade of fabric.

 

NACE CODE

:

DB.17.20

 

SECTOR

:

Textile

 

NUMBER OF EMPLOYEES

:

44

 

 

NET SALES

:

5.372.485 TL

(2009) 

7.356.681 TL

(2010) 

7.249.237 TL

(2011) 

7.852.831 TL

(2012) 

9.786 TL Thousand

(2013) 

13.355 TL Thousand

(2014) 

12.933 TL Thousand

(01.01-30.09.2015) 

 

 

IMPORT COUNTRIES

:

India

Germany

 

MERCHANDISE IMPORTED

:

Yarn

 

EXPORT VALUE

:

437.322 TL

(2009)

1.380.984 TL

(2010)

3.249.897 TL

(2011)

2.169.678 TL

(2012)

2.745 TL Thousand

(2013)

3.539 TL Thousand

(2014)

3.991 TL Thousand

(01.01-30.09.2015)

 

 

EXPORT COUNTRIES

:

Russia

European Countries

Italy

Bulgaria

 

MERCHANDISE  EXPORTED

:

Fabric

 

HEAD OFFICE ADDRESS

:

Kurukopru Mah. Ozler Cad. Ahmet Ozel Turkay Is Merkezi Kat:1 No:5 Merkez  Adana / Turkey

 

BRANCHES

:

Production Plant/Warehouse  :  Organize Sanayi Bolgesi Ataturk Bulvari 1. Cad. No:27 Saricam (The door number was changed from "50" to "27" by the municipality.) Adana/Turkey (owned) (1.350 sqm)

                                                                                

 

TREND OF BUSINESS

:

There was an upwards trend in 2014. There appears an upwards trend in 1.1 - 30.9.2015.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Alternatifbank Adana Branch

T. Finans Katilim Bankasi Seyhan Branch

T. Halk Bankasi Gazipasa Branch

Yapi ve Kredi Bankasi Yagcami 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

:

 

(2011) TL

(2012) TL

(2013) TL Thousand

(2014) TL Thousand

(01.01-30.09.2015) TL Thousand

Net Sales

7.249.237

7.852.831

9.786

13.355

12.933

Profit (Loss) Before Tax

-132.780

-298.989

132

725

454

Stockholders' Equity

1.536.371

1.237.382

2.220

2.833

 

Total Assets

8.595.674

8.016.493

9.895

13.674

 

Current Assets

6.866.065

5.846.453

7.484

11.155

 

Non-Current Assets

1.729.609

2.170.040

2.411

2.519

 

Current Liabilities

6.971.941

6.743.168

7.502

10.454

 

Long-Term Liabilities

87.362

35.943

173

387

 

Gross Profit (loss)

830.373

723.923

1.559

2.093

2.097

Operating Profit (loss)

415.351

304.787

972

1.595

1.720

Net Profit (loss)

-169.431

-298.989

132

613

454

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Insufficient As of 31.12.2014

Liquidity

Insufficient As of 31.12.2014

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

Good Operating Profitability  in 2011

Net Loss  in 2011

In Order Operating Profitability  in 2012

Net Loss  in 2012

High Operating Profitability  in 2013

Low Net Profitability  in 2013

High Operating Profitability  in 2014

Good Net Profitability  in 2014

High Operating Profitability (01.01-30.09.2015)

In Order Net Profitability (01.01-30.09.2015)

 

Gap between average collection and payable periods

Unfavorable in 2014

General Financial Position

Passable

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 2013 )

6,97 %

1,9179

2,5530

3,0178

 ( 2014 )

6,36 %

2,1891

2,8989

3,6060

 ( 01.01-30.09.2015)

7,81 %

2,6640

2,9843

4,0944

 ( 01.01-30.11.2015)

6,06 %

2,7064

3,0117

4,1515

 

 

BALANCE SHEETS

 

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL

 

 ( 31.12.2013 )  TL Thousand

 

 ( 31.12.2014 )  TL Thousand

 

CURRENT ASSETS

6.866.065

0,80

5.846.453

0,73

7.484

0,76

11.155

0,82

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

158.815

0,02

819.143

0,10

599

0,06

804

0,06

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

2.263.236

0,26

3.019.747

0,38

4.736

0,48

5.900

0,43

Other Receivable

1.141.736

0,13

424.252

0,05

0

0,00

0

0,00

Inventories

2.335.126

0,27

915.007

0,11

1.351

0,14

3.196

0,23

Advances Given

497.202

0,06

186.165

0,02

181

0,02

308

0,02

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

469.950

0,05

482.139

0,06

617

0,06

947

0,07

NON-CURRENT ASSETS

1.729.609

0,20

2.170.040

0,27

2.411

0,24

2.519

0,18

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)

1.075.111

0,13

1.537.275

0,19

1.590

0,16

1.440

0,11

Intangible Assets

594.099

0,07

538.615

0,07

682

0,07

1.051

0,08

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

60.399

0,01

94.150

0,01

139

0,01

28

0,00

TOTAL ASSETS

8.595.674

1,00

8.016.493

1,00

9.895

1,00

13.674

1,00

CURRENT LIABILITIES

6.971.941

0,81

6.743.168

0,84

7.502

0,76

10.454

0,76

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

3.782.569

0,44

4.714.855

0,59

4.564

0,46

6.145

0,45

Accounts Payable

2.912.793

0,34

1.761.546

0,22

2.382

0,24

3.780

0,28

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

Other Short-term Payable

25.323

0,00

30.817

0,00

28

0,00

126

0,01

Advances from Customers

215.226

0,03

218.045

0,03

454

0,05

284

0,02

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

29.634

0,00

17.905

0,00

74

0,01

62

0,00

Provisions

6.396

0,00

0

0,00

0

0,00

57

0,00

Other Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

LONG-TERM LIABILITIES

87.362

0,01

35.943

0,00

173

0,02

387

0,03

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

87.362

0,01

35.943

0,00

173

0,02

387

0,03

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

0

0,00

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

1.536.371

0,18

1.237.382

0,15

2.220

0,22

2.833

0,21

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

500.000

0,06

500.000

0,06

2.000

0,20

2.000

0,15

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

1.637

0,00

1.637

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

1.204.165

0,14

1.204.165

0,15

556

0,06

556

0,04

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

-169.431

-0,02

-468

-0,05

-336

-0,02

Net Profit (loss)

-169.431

-0,02

-298.989

-0,04

132

0,01

613

0,04

TOTAL LIABILITIES AND EQUITY

8.595.674

1,00

8.016.493

1,00

9.895

1,00

13.674

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 348 is "Doubtful Trade Receivables" and -TL thousand 37 is "Provision for 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.

 

At the last income statement TL thousand 678 of the other expenses is due to "Loss from Foreign Currency Exchange".

 

 

INCOME STATEMENTS

 

 

(2011) TL

 

(2012) TL

 

(2013) TL Thousand

 

(2014) TL Thousand

 

(01.01-30.09.2015) TL Thousand

 

Net Sales

7.249.237

1,00

7.852.831

1,00

9.786

1,00

13.355

1,00

12.933

1,00

Cost of Goods Sold

6.418.864

0,89

7.128.908

0,91

8.227

0,84

11.262

0,84

10.836

0,84

Gross Profit

830.373

0,11

723.923

0,09

1.559

0,16

2.093

0,16

2.097

0,16

Operating Expenses

415.022

0,06

419.136

0,05

587

0,06

498

0,04

377

0,03

Operating Profit

415.351

0,06

304.787

0,04

972

0,10

1.595

0,12

1.720

0,13

Other Income

98.247

0,01

169.684

0,02

117

0,01

295

0,02

182

0,01

Other Expenses

577.117

0,08

74.695

0,01

213

0,02

338

0,03

678

0,05

Financial Expenses

69.261

0,01

698.765

0,09

744

0,08

827

0,06

770

0,06

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

-132.780

-0,02

-298.989

-0,04

132

0,01

725

0,05

454

0,04

Tax Payable

36.651

0,01

0

0,00

0

0,00

112

0,01

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

-169.431

-0,02

-298.989

-0,04

132

0,01

613

0,05

454

0,04

 

 

FINANCIAL RATIOS

 

 

(2011)

(2012)

(2013)

(2014)

LIQUIDITY RATIOS

 

 

Current Ratio

0,98

0,87

1,00

1,07

Acid-Test Ratio

0,51

0,63

0,71

0,64

Cash Ratio

0,02

0,12

0,08

0,08

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,27

0,11

0,14

0,23

Short-term Receivable/Total Assets

0,40

0,43

0,48

0,43

Tangible Assets/Total Assets

0,13

0,19

0,16

0,11

TURNOVER RATIOS

 

 

Inventory Turnover

2,75

7,79

6,09

3,52

Stockholders' Equity Turnover

4,72

6,35

4,41

4,71

Asset Turnover

0,84

0,98

0,99

0,98

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,18

0,15

0,22

0,21

Current Liabilities/Total Assets

0,81

0,84

0,76

0,76

Financial Leverage

0,82

0,85

0,78

0,79

Gearing Percentage

4,59

5,48

3,46

3,83

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

-0,11

-0,24

0,06

0,22

Operating Profit Margin

0,06

0,04

0,10

0,12

Net Profit Margin

-0,02

-0,04

0,01

0,05

Interest Cover

-0,92

0,57

1,18

1,88

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

112,39

138,44

174,22

159,04

Average Payable Period (days)

163,36

88,96

104,23

120,83

WORKING CAPITAL

-105876,00

-896715,00

-18,00

701,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.30

UK Pound

1

Rs.98.71

Euro

1

Rs.72.33

TRY

1

Rs. 22.58

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

TRI

 

 

Report Prepared by :

ASH

 

 

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.