MIRA INFORM REPORT

 

 

Report No. :

341064

Report Date :

18.09.2015

 

IDENTIFICATION DETAILS

 

Name :

BAYAMTAS ITHALAT-IHRACAT A.S.

 

 

Registered Office :

Bahceli Kurkcu Mah. Adana Yolu Cadde No:47 Kazanli Kavsagi Akdeniz Mersin

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

05.03.1984

 

 

Com. Reg. No.:

7306

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Processing and trade of pulses, spices, dried fruits and grain.

 

 

No. of Employee :

40

 

 

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 :

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

:

BAYAMTAS ITHALAT-IHRACAT A.S.

HEAD OFFICE ADDRESS

:

Bahceli Kurkcu Mah. Adana Yolu Cadde No:47 Kazanli Kavsagi Akdeniz Mersin / Turkey

PHONE NUMBER

:

90-324-221 37 00 (Processing Plant)

 

FAX NUMBER

:

90-324-221 37 10 (Processing Plant)

 

WEB-ADDRESS

:

www.bayamtas.com.tr

E-MAIL

:

bayam@bayamtas.com.tr

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Uray

TAX NO

:

1510001532

REGISTRATION NUMBER

:

7306

REGISTERED OFFICE

:

Mersin Chamber of Commerce and Industry

DATE ESTABLISHED

:

05.03.1984

ESTABLISHMENT GAZETTE DATE/NO

:

13.03.1984/966

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   4.000.000

PAID-IN CAPITAL

:

TL   4.000.000

 

 

HISTORY

:

Previous Name

:

Bayamtas Bayamlar Tarim Urunleri Ticaret ve Sanayi A.S.

Changed On

:

28.07.2004 (Commercial Gazette Date /Number 05.08.2004/ 6108)

Previous Registered Capital

:

TL 120.000

Changed On

:

22.07.2008 (Commercial Gazette Date /Number 30.07.2008/ 7116)

Previous Registered Capital

:

TL 2.000.000

Changed On

:

22.04.2011 (Commercial Gazette Date /Number 28.04.2011/ 7804)

Previous Address

:

Mucahitler Cad. No:24 Mersin

Changed On

:

08.07.2013 (Commercial Gazette Date /Number 22.07.2013/ 8368)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Mehmet Fatih Murat Bayam

34 %

Mehmet Raci Bayam

25 %

Mehmet Naci Bayam

25 %

Mehmet Osman Bayam

15 %

Mehmet Bayam

1 %

 

 

GROUP

:

BAYAM GROUP OF COMPANIES

 

SISTER COMPANIES

:

AKDENIZ HARNUP VE GIDA KATKI MADDELERI SANAYI TICARET A.S.

 

BAYBAK GIDA VE ANTREPOCULUK LTD. STI.

 

MEHMET BAYAM DIS TICARET A.S.

 

BOARD OF DIRECTORS

:

Mehmet Bayam

Chairman

Mehmet Raci Bayam

Member

Mehmet Naci Bayam

Member

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Processing and trade of pulses, spices, dried fruits and grain.

 

NACE CODE

:

G .51.21

 

TRADEMARKS OWNED

:

Bayamtas Anadolu

Baytat

Klas

M&5B

 

NUMBER OF EMPLOYEES

:

40

 

NET SALES

:

6.148.354 TL

(2005) 

11.685.662 TL

(2006) 

10.263.126 TL

(2007) 

10.562.916 TL

(2008) 

20.565.678 TL

(2009) 

29.422.238 TL

(2010) 

20.119.925 TL

(2011) 

12.008 TL Thousand

(2012) 

19.755 TL Thousand

(2013) 

15.351 TL Thousand

(01.01-30.09.2014) 

 

 

IMPORT COUNTRIES

:

Kyrgyzstan

Canada

Iran

Iraq

Pakistan

Vietnam

Italy

U.K.

U.S.A.

India

China

 

MERCHANDISE IMPORTED

:

Pulses

 

EXPORT VALUE

:

2.500.911 USD + 573.050 EUR

(2005)

4.227.762 USD + 315.764 EUR

(2006)

5.272.351 TL

(2007)

4.423.970 TL

(2008)

7.404.094 TL

(2009)

5.083.254 TL

(2010)

4.456.226 TL

(2011)

7.513.100 TL

(2012)

15.380.724 TL

(2013)

10.380.612 TL

(01.01-30.09.2014)

 

 

 

 

EXPORT COUNTRIES

:

Egypt

Algeria

Tunisia

Libya

Spain

Portugal

Italy

Singapore

Malaysia

India

Yemen

Bahrain

Kuwait

Jordan

Sudan

Belgium

Bangladesh

Austria

 

MERCHANDISE  EXPORTED

:

Pulses

 

HEAD OFFICE ADDRESS

:

Bahceli Kurkcu Mah. Adana Yolu Cadde No:47 Kazanli Kavsagi Akdeniz  Mersin / Turkey

 

BRANCHES

:

Processing Plant  :  Cilek Mah. 6355 Sk. No:104 Mersin/Turkey (owned) (15.654 sqm)

 

Branch Office  :  Mersin Serbest Bolgesi (Free Zone) H-H Ada Mersin/Turkey (owned)  

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2013. There appears a slowdown at business volume in real terms in  1.1 - 30.9.2014.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Garanti Bankasi Mersin Branch

T. Is Bankasi Mersin Ticari Branch

Yapi ve Kredi Bankasi Liman Branch

 

CREDIT FACILITIES

:

The subject company is making active use of credit facilities.

 

PAYMENT BEHAVIOUR

:

Slow but correct

KEY FINANCIAL ELEMENTS

:

 

(2010) TL

(2011) TL

(2012) TL Thousand

(2013) TL Thousand

(01.01-30.09.2014) TL Thousand

Net Sales

29.422.238

20.119.925

12.008

19.755

15.351

Profit (Loss) Before Tax

312.338

154.873

159

278

144

Stockholders' Equity

2.816.072

7.278.888

7.397

7.635

 

Total Assets

22.859.886

19.338.680

19.708

22.089

 

Current Assets

19.852.079

16.341.984

16.756

19.339

 

Non-Current Assets

3.007.807

2.996.696

2.952

2.750

 

Current Liabilities

20.003.397

12.029.093

12.223

14.033

 

Long-Term Liabilities

40.417

30.699

88

421

 

Gross Profit (loss)

3.396.168

1.928.019

931

605

917

Operating Profit (loss)

1.242.419

304.353

155

-130

403

Net Profit (loss)

250.470

109.581

119

238

144

 

 

COMMENT ON FINANCIAL POSITION

 

 

Capitalization

Fair As of 31.12.2013

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.

Profitability

In Order Operating Profitability  in 2010

Low Net Profitability  in 2010

Fair Operating Profitability  in 2011

Low Net Profitability  in 2011

Low Operating Profitability  in 2012

Low Net Profitability  in 2012

Operating Loss  in 2013

Low Net Profitability  in 2013

Fair Operating Profitability (01.01-30.09.2014)

Low Net Profitability (01.01-30.09.2014)

 

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

 ( 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

 ( 2013 )

6,97 %

1,9179

2,5530

3,0178

 ( 01.01-30.09.2014)

7,24 %

2,1706

2,9323

3,6222

 (01.01-30.11.2014)

7,18 %

2,1773

2,9044

3,6032

 

 

BALANCE SHEETS

 

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL Thousand

 

 ( 31.12.2013 )  TL Thousand

 

CURRENT ASSETS

19.852.079

0,87

16.341.984

0,85

16.756

0,85

19.339

0,88

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

181.501

0,01

36.073

0,00

77

0,00

564

0,03

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

4.273.443

0,19

2.541.084

0,13

2.362

0,12

4.265

0,19

Other Receivable

540

0,00

540

0,00

1

0,00

1

0,00

Inventories

14.678.389

0,64

13.085.524

0,68

13.421

0,68

13.840

0,63

Advances Given

31.457

0,00

111.401

0,01

313

0,02

81

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

686.749

0,03

567.362

0,03

582

0,03

588

0,03

NON-CURRENT ASSETS

3.007.807

0,13

2.996.696

0,15

2.952

0,15

2.750

0,12

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

7.080

0,00

7.855

0,00

7

0,00

8

0,00

Financial Assets

40.000

0,00

157.000

0,01

157

0,01

0

0,00

Tangible Fixed Assets (net)

2.945.930

0,13

2.826.655

0,15

2.785

0,14

2.741

0,12

Intangible Assets

10.765

0,00

5.186

0,00

2

0,00

0

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

4.032

0,00

0

0,00

1

0,00

1

0,00

TOTAL ASSETS

22.859.886

1,00

19.338.680

1,00

19.708

1,00

22.089

1,00

CURRENT LIABILITIES

20.003.397

0,88

12.029.093

0,62

12.223

0,62

14.033

0,64

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

11.601.771

0,51

7.266.110

0,38

6.366

0,32

10.502

0,48

Accounts Payable

766.995

0,03

804.824

0,04

1.560

0,08

2.923

0,13

Loans from Shareholders

7.467.616

0,33

3.529.062

0,18

3.968

0,20

346

0,02

Other Short-term Payable

53.969

0,00

42.746

0,00

88

0,00

71

0,00

Advances from Customers

57.030

0,00

58.084

0,00

29

0,00

58

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

23.164

0,00

36.960

0,00

48

0,00

46

0,00

Provisions

32.852

0,00

45.292

0,00

0

0,00

0

0,00

Other Current Liabilities

0

0,00

246.015

0,01

164

0,01

87

0,00

LONG-TERM LIABILITIES

40.417

0,00

30.699

0,00

88

0,00

421

0,02

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

0

0,00

0

0,00

0

0,00

Other Long-term Liabilities

40.417

0,00

30.699

0,00

88

0,00

421

0,02

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

2.816.072

0,12

7.278.888

0,38

7.397

0,38

7.635

0,35

Not Detailed Stockholders' Equity

0

0,00

7.278.888

0,38

7.397

0,38

7.635

0,35

Paid-in Capital

2.000.000

0,09

0

0,00

0

0,00

0

0,00

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

634.611

0,03

0

0,00

0

0,00

0

0,00

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

-69.009

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

250.470

0,01

0

0,00

0

0,00

0

0,00

TOTAL LIABILITIES AND EQUITY

22.859.886

1,00

19.338.680

1,00

19.708

1,00

22.089

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 421 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, Other Receivable Total:1 

 

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 Thousand

 

(2013) TL Thousand

 

(01.01-30.09.2014) TL Thousand

 

Net Sales

29.422.238

1,00

20.119.925

1,00

12.008

1,00

19.755

1,00

15.351

1,00

Cost of Goods Sold

26.026.070

0,88

18.191.906

0,90

11.077

0,92

19.150

0,97

14.434

0,94

Gross Profit

3.396.168

0,12

1.928.019

0,10

931

0,08

605

0,03

917

0,06

Operating Expenses

2.153.749

0,07

1.623.666

0,08

776

0,06

735

0,04

514

0,03

Operating Profit

1.242.419

0,04

304.353

0,02

155

0,01

-130

-0,01

403

0,03

Other Income

116.511

0,00

382.097

0,02

462

0,04

626

0,03

139

0,01

Other Expenses

385.030

0,01

221.051

0,01

191

0,02

61

0,00

181

0,01

Financial Expenses

661.562

0,02

310.526

0,02

267

0,02

157

0,01

217

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

312.338

0,01

154.873

0,01

159

0,01

278

0,01

144

0,01

Tax Payable

61.868

0,00

45.292

0,00

40

0,00

40

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)

250.470

0,01

109.581

0,01

119

0,01

238

0,01

144

0,01

 

 

 

FINANCIAL RATIOS

 

 

(2010)

(2011)

(2012)

(2013)

 

LIQUIDITY RATIOS

 

 

Current Ratio

0,99

1,36

1,37

1,38

 

Acid-Test Ratio

0,22

0,21

0,20

0,34

 

Cash Ratio

0,01

0,00

0,01

0,04

 

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,64

0,68

0,68

0,63

 

Short-term Receivable/Total Assets

0,19

0,13

0,12

0,19

 

Tangible Assets/Total Assets

0,13

0,15

0,14

0,12

 

TURNOVER RATIOS

 

Inventory Turnover

1,77

1,39

0,83

1,38

 

Stockholders' Equity Turnover

10,45

2,76

1,62

2,59

 

Asset Turnover

1,29

1,04

0,61

0,89

 

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,12

0,38

0,38

0,35

 

Current Liabilities/Total Assets

0,88

0,62

0,62

0,64

 

Financial Leverage

0,88

0,62

0,62

0,65

 

Gearing Percentage

7,12

1,66

1,66

1,89

 

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,09

0,02

0,02

0,03

 

Operating Profit Margin

0,04

0,02

0,01

-0,01

 

Net Profit Margin

0,01

0,01

0,01

0,01

 

Interest Cover

1,47

1,50

1,60

2,77

 

COLLECTION-PAYMENT

 

Average Collection Period (days)

52,37

45,61

71,02

77,87

 

Average Payable Period (days)

10,61

15,93

50,70

54,95

 

WORKING CAPITAL

-151318,00

4312891,00

4533,00

5306,00

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.50

UK Pound

1

Rs.101.99

Euro

1

Rs.75.02

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

ANK

 

 

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

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NB

                                       New Business

 

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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.