MIRA
INFORM REPORT
|
Report Date : |
25.10.2007 |
IDENTIFICATION
DETAILS
|
Name : |
POSETSAN AMBALAJ SANAYI VE TICARET A.S. |
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|
|
|
Registered Office : |
Ikitelli Organize Sanayi Bolgesi Ataturk Bulvari No: 208 Kat: 4/17
Kucukcekmece Istanbul / |
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|
|
|
Country : |
Turkey |
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|
|
|
Financials (as on) : |
31.12.2006 |
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|
|
|
Date of Incorporation : |
10.11.1980 |
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|
Com. Reg. No.: |
176294 |
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|
|
|
Legal Form : |
Private Limited |
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|
|
Line of Business : |
Manufacture and trade of industrial packaging materials of paper |
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 |
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|
|
|
Payment Behaviour : |
No Complaints |
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|
|
|
Litigation : |
Clear |
COMPANY
IDENTIFICATION
|
NAME |
: |
POSETSAN AMBALAJ SANAYI VE TICARET A.S. |
|
ADDRESS |
: |
Head Office: Ikitelli Organize Sanayi Bolgesi Ataturk Bulvari No: 208
Kat: 4/17 Kucukcekmece Istanbul / Turkey Production Plant: Organize Sanayi Bolgesi Ataturk Cad. 5. Sok. No: 3
Cerkezkoy Tekirdag/Turkey |
|
PHONE NUMBER |
: |
90-282-758 20 01 (Production Plant) |
|
FAX NUMBER |
: |
90-282-758 20 07 (Production Plant) |
LEGAL STATUS AND
HISTORY
|
TAX OFFICE / NO |
: |
Marmara Kurumlar / 7320072293 |
|
REGISTRATION NUMBER |
: |
176294 |
|
REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
|
DATE ESTABLISHED |
: |
10.11.1980 |
|
LEGAL FORM |
: |
Joint Stock Company |
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TYPE OF COMPANY |
: |
Private |
|
REGISTERED CAPITAL |
: |
YTL 5,000,000 |
|
HISTORY |
: |
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|
|
|
|
Previous Legal Form |
:Limited Company |
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|
|
Legal Form Changed On |
:03.01.1994 (Commercial Registry Gazette Date/No:06.01.1994/3443) |
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Previous Name |
:POSETSAN AMBALAJ SANAYI VE TICARET LTD STI |
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|
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Name Changed On |
:03.01.1994 (Commercial Registry Gazette Date/No:06.01.1994/3443) |
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Previous Registered Capital |
:YTL 300,000 |
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|
|
Regist.Capital Changed On |
:07.05.1999 (Commercial Registry Gazette Date/No:12.05.1999/4789) |
|
|
|
Previous Registered Capital |
:YTL 700,000 |
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|
|
Regist.Capital Changed On |
:21.05.2007 (Commercial Registry Gazette Date/No:24.05.2007/6815) The increase is decided to be financed by equity items. |
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Previous Address |
:Istoc Istanbul Toptancilar Carsisi 38. Ada No:6 Bagcilar Istanbul |
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|
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Address Changed On |
:30.07.2004 (Commercial Registry Gazette Date / No: 04.08.2004 / 6107) |
OWNERSHIP /
MANAGEMENT
|
SHAREHOLDERS |
: |
Kazim Gamgam Kemal Gamgam Others |
47 % 47 % 6 % |
|
|
SISTER COMPANIES |
: |
Kerim Endustriyel Tesisler Sanayi ve Ticaret A.S. |
||
|
GROUP PARENT COMPANY |
: |
None |
||
|
BOARD OF DIRECTORS |
: |
Kazim Gamgam Kemal Gamgam Evren Karakimseli |
Chairman Vice-Chairman Member |
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|
GENERAL MANAGER |
: |
Kazim Gamgam |
||
OPERATIONS
|
BUSINESS ACTIVITIES |
: |
Manufacture and trade of industrial packaging materials of paper |
|
TRADEMARK(S) |
: |
"Posetsan", “Sunpak” |
|
NUMBER OF EMPLOYEES |
: |
140 |
|
NET SALES |
: |
(YTL) 7,588,443 10,373,520 11,964,888 19,857,660 22,027,295 26,140,848 13,931,781 |
(2001) (2002) (2003) (2004) (2005) (2006) (01.01.-30.06.2007) |
||
|
IMPORT VALUE |
: |
EUR 646,850 + USD 95,530 + GBP 33,362 EUR 1,006,000 + USD 293,500 EUR 635,875 + USD 744,389 EUR 2,605,874 + USD 2,185,710 EUR 2,394,917 + USD 3,694,960 EUR 2,478,524 +USD 3,297,568 |
(2002) (2003) (2004) (2005) (2006) (01.01-31.08.2007) |
||
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IMPORT COUNTRIES |
: |
Germany, France, Italy, Finland, Belgium, Netherlands… |
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MERCHANDISE IMPORTED |
: |
Resin, paper, aluminum and chemicals |
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|
EXPORT VALUE |
: |
(YTL) 323,656 685,199 1,270,555 1,556,294 2,602,488 2,698,772 1,188,705 |
(2001) (2002) (2003) (2004) (2005) (2006) (01.01-30.06.2007) |
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|
EXPORT COUNTRIES |
: |
Iran, Northern Cyprus Turkish Republic, Bosnia Herzegovina, Saudi
Arabia, Jordan, UK, Russia, Iraq, Libya, Poland…. |
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MERCHANDISE EXPORTED |
: |
Wrapping paper, kraft paper, plastic coated paper…. |
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PREMISES |
: |
Head Office: Ikitelli Organize Sanayi Bolgesi Ataturk Bulvari No: 208
Kat: 4/17 Kucukcekmece Istanbul (rented) Production Plant: Organize Sanayi Bolgesi Ataturk Cad. 5. Sok. No: 3
Cerkezkoy Tekirdag (owned) |
|||
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TREND OF BUSINESS |
: |
Upwards |
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COMMERCIAL MORALITY |
: |
Good |
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SIZE OF BUSINESS |
: |
Large |
FINANCE
|
MAIN DEALING BANKERS |
: |
T. Is Bankasi Ikitelli branch in Istanbul Yapi ve Kredi Bankasi Cerkezkoy branch in Tekirdag Akbank Gunesli branch in Istanbul Garanti Bankasi Yenibosna branch in Istanbul |
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CREDIT FACILITIES |
: |
The subject company is making use of credit facilities. |
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PAYMENT BEHAVIOR |
: |
No complaints have been heard regarding payments from banks. According to the official registries between 01.01.2000-15.09.2007,
there are no protested bills and non-paid cheques registered in the name of
“Posetsan Ambalaj”. |
COMMENT ON FINANCIAL
POSITION
|
FINANCIAL STRUCTURE
(SUFFICENCY OF OWN RESOURCES) |
||||
|
The capitalization was fair as of 31.12.2006. The registered capital
was increased from YTL 700,000 to YTL
5,000,000 on 21.05.2007. However we do not expect a considerable improvement
at stockholders’ equity total due to this increase as the increase was
financed mainly by equity items. |
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|
LIQUIDITY |
||||
|
In order |
As of 31.12.2006 |
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PROFITABILITY |
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|
In order |
In 2006 |
Good |
Between 01.01-30.06.2007 |
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GAP BETWEEN COLLECTION-PAYMENT PERIODS |
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|
Unfavorable |
In 2006 |
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GENERAL FINANCIAL POSITION |
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|
Fair |
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CREDIT OPINION
|
CREDIT OPINION WITHOUT OBLIGATION |
: |
We are of the opinion that, a max. credit of USD 1.7 million may be
granted to the subject company. |
|
|
Incr. in producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(2001) |
88.60 % |
1.1991 |
1.0714 |
1.7300 |
|
(2002) |
30.80 % |
1.5168 |
1.3741 |
2.2001 |
|
(2003) |
13.90 % |
1.5302 |
1.7141 |
2.4982 |
|
(2004) |
13.84 % |
1.4266 |
1.7666 |
2.6001 |
|
(2005) |
2.66 % |
1.3499 |
1.6882 |
2.4623 |
|
(2006) |
11.58 % |
1.4309 |
1.7987 |
2.6377 |
|
(1.1.-30.06.2007) |
2.98 % |
1.3733 |
1.8275 |
2.7117 |
|
(1.1.-30.09.2007) |
4.98 % |
1.3447 |
1.8084 |
2.6720 |
BALANCE SHEETS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
31.12.04 |
|
|
|
31.12.05 |
|
|
|
31.12.06 |
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|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
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|
CURRENT ASSETS |
7.017.019 |
|
0,60 |
|
8.730.941 |
|
0,63 |
|
10.439.434 |
|
0,62 |
|
|
|
Cash and Banks |
77.103 |
|
0,01 |
|
166.574 |
|
0,01 |
|
72.961 |
|
0,00 |
|
|
|
Marketable Securities |
1.718 |
|
0,00 |
|
1.794 |
|
0,00 |
|
2.047 |
|
0,00 |
|
|
|
Account Receivable |
3.914.447 |
|
0,34 |
|
5.359.055 |
|
0,39 |
|
6.942.006 |
|
0,41 |
|
|
|
Other Receivable |
244.919 |
|
0,02 |
|
121.569 |
|
0,01 |
|
23.166 |
|
0,00 |
|
|
|
Inventories |
2.477.402 |
|
0,21 |
|
2.781.852 |
|
0,20 |
|
2.970.513 |
|
0,18 |
|
|
|
Advances Given |
155.704 |
|
0,01 |
|
63.082 |
|
0,00 |
|
239.750 |
|
0,01 |
|
|
|
Other Current Assets |
145.726 |
|
0,01 |
|
237.015 |
|
0,02 |
|
188.991 |
|
0,01 |
|
|
|
|
|
|
|
|
|
|
|
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|
|
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|
|
|
NON-CURRENT ASSETS |
4.619.930 |
|
0,40 |
|
5.171.082 |
|
0,37 |
|
6.446.725 |
|
0,38 |
|
|
|
Long-term Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Financial Assets |
26 |
|
0,00 |
|
26 |
|
0,00 |
|
26 |
|
0,00 |
|
|
|
Tangible Fixed Assets (net) |
4.314.763 |
|
0,37 |
|
4.751.635 |
|
0,34 |
|
5.361.288 |
|
0,32 |
|
|
|
Intangible Assets |
267.301 |
|
0,02 |
|
374.556 |
|
0,03 |
|
1.029.942 |
|
0,06 |
|
|
|
Other Non-Current Assets |
37.840 |
|
0,00 |
|
44.865 |
|
0,00 |
|
55.469 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
11.636.949 |
|
1,00 |
|
13.902.023 |
|
1,00 |
|
16.886.159 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
5.842.702 |
|
0,50 |
|
8.685.681 |
|
0,62 |
|
9.815.231 |
|
0,58 |
|
|
|
Financial Loans |
2.237.636 |
|
0,19 |
|
4.459.729 |
|
0,32 |
|
5.002.751 |
|
0,30 |
|
|
|
Accounts Payable |
3.118.870 |
|
0,27 |
|
3.573.195 |
|
0,26 |
|
3.925.256 |
|
0,23 |
|
|
|
Loans from Shareholders |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
34.806 |
|
0,00 |
|
|
|
Other Short-term Payable |
95.831 |
|
0,01 |
|
124.509 |
|
0,01 |
|
146.517 |
|
0,01 |
|
|
|
Advances from Customers |
38.593 |
|
0,00 |
|
58.972 |
|
0,00 |
|
143.662 |
|
0,01 |
|
|
|
Taxes Payable |
127.958 |
|
0,01 |
|
156.154 |
|
0,01 |
|
295.757 |
|
0,02 |
|
|
|
Provisions |
209.141 |
|
0,02 |
|
308.321 |
|
0,02 |
|
243.316 |
|
0,01 |
|
|
|
Other Current Liabilities |
14.673 |
|
0,00 |
|
4.801 |
|
0,00 |
|
23.166 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
1.518.304 |
|
0,13 |
|
203.850 |
|
0,01 |
|
1.201.316 |
|
0,07 |
|
|
|
Financial Loans |
1.371.935 |
|
0,12 |
|
0 |
|
0,00 |
|
523.433 |
|
0,03 |
|
|
|
Securities Issued |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Long-term Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Loans from Shareholders |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other Long-term Liabilities |
146.369 |
|
0,01 |
|
203.850 |
|
0,01 |
|
677.883 |
|
0,04 |
|
|
|
Provisions |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
4.275.943 |
|
0,37 |
|
5.012.492 |
|
0,36 |
|
5.869.612 |
|
0,35 |
|
|
|
Paid-in Capital |
700.000 |
|
0,06 |
|
700.000 |
|
0,05 |
|
700.000 |
|
0,04 |
|
|
|
Inflation Adjustment of Capital |
5.606.114 |
|
0,48 |
|
5.606.114 |
|
0,40 |
|
5.606.114 |
|
0,33 |
|
|
|
Reserves |
38.539 |
|
0,00 |
|
485.682 |
|
0,03 |
|
1.222.230 |
|
0,07 |
|
|
|
Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accumulated Losses(-) |
-2.515.853 |
|
-0,22 |
|
-2.515.853 |
|
-0,18 |
|
-2.515.853 |
|
-0,15 |
|
|
|
Net Profit (loss) |
447.143 |
|
0,04 |
|
736.549 |
|
0,05 |
|
857.121 |
|
0,05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND
EQUITY |
11.636.949 |
|
1,00 |
|
13.902.023 |
|
1,00 |
|
16.886.159 |
|
1,00 |
|
INCOME STATEMENTS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2004 |
|
|
|
2005 |
|
|
|
2006 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
19.857.660 |
|
1,00 |
|
22.027.295 |
|
1,00 |
|
26.140.848 |
|
1,00 |
|
|
|
Cost of Goods Sold |
17.259.793 |
|
0,87 |
|
18.136.285 |
|
0,82 |
|
21.477.499 |
|
0,82 |
|
|
|
Gross Profit |
2.597.867 |
|
0,13 |
|
3.891.010 |
|
0,18 |
|
4.663.349 |
|
0,18 |
|
|
|
Operating Expenses |
1.695.742 |
|
0,09 |
|
2.321.049 |
|
0,11 |
|
2.666.981 |
|
0,10 |
|
|
|
Operating Profit |
902.125 |
|
0,05 |
|
1.569.961 |
|
0,07 |
|
1.996.368 |
|
0,08 |
|
|
|
Other Income |
543.988 |
|
0,03 |
|
621.055 |
|
0,03 |
|
616.874 |
|
0,02 |
|
|
|
Other Expenses |
61.840 |
|
0,00 |
|
303.519 |
|
0,01 |
|
440.849 |
|
0,02 |
|
|
|
Financial Expenses |
727.989 |
|
0,04 |
|
842.627 |
|
0,04 |
|
1.071.956 |
|
0,04 |
|
|
|
Profit (loss) Before Tax |
656.284 |
|
0,03 |
|
1.044.870 |
|
0,05 |
|
1.100.437 |
|
0,04 |
|
|
|
Tax Payable |
209.141 |
|
0,01 |
|
308.321 |
|
0,01 |
|
243.316 |
|
0,01 |
|
|
|
Net Profit (loss) |
447.143 |
|
0,02 |
|
736.549 |
|
0,03 |
|
857.121 |
|
0,03 |
|
FINANCIAL RATIOS
|
|
|
||||||||||||
|
|
|
2004 |
|
|
|
2005 |
|
|
|
2006 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Ratio |
1,20 |
|
|
|
1,01 |
|
|
|
1,06 |
|
|
|
|
|
Acid-Test Ratio |
0,73 |
|
|
|
0,65 |
|
|
|
0,72 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,21 |
|
|
|
0,20 |
|
|
|
0,18 |
|
|
|
|
|
Short-term
Receivable/Total Assets |
0,36 |
|
|
|
0,39 |
|
|
|
0,41 |
|
|
|
|
|
Tangible Assets/Total
Assets |
0,37 |
|
|
|
0,34 |
|
|
|
0,32 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
6,97 |
|
|
|
6,52 |
|
|
|
7,23 |
|
|
|
|
|
Stockholders' Equity
Turnover |
4,64 |
|
|
|
4,39 |
|
|
|
4,45 |
|
|
|
|
|
Asset Turnover |
1,71 |
|
|
|
1,58 |
|
|
|
1,55 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
Equity/Total Assets |
0,37 |
|
|
|
0,36 |
|
|
|
0,35 |
|
|
|
|
|
Current Liabilities/Total
Assets |
0,50 |
|
|
|
0,62 |
|
|
|
0,58 |
|
|
|
|
|
Financial Leverage |
0,63 |
|
|
|
0,64 |
|
|
|
0,65 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS |
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|
Net Profit/Stockholders'
Eq. |
0,10 |
|
|
|
0,15 |
|
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|
0,15 |
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|
|
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|
Operating Profit Margin |
0,05 |
|
|
|
0,07 |
|
|
|
0,08 |
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|
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|
Net Profit Margin |
0,02 |
|
|
|
0,03 |
|
|
|
0,03 |
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COLLECTION-PAYMENT |
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|
|
|
|
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|
Average Collection Period
(days) |
70,97 |
|
|
|
87,58 |
|
|
|
95,60 |
|
|
|
|
|
Average Payable Period
(days) |
65,05 |
|
|
|
70,93 |
|
|
|
65,79 |
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INCOME STATEMENT
|
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|
YTL |
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|
1.1-30.06.2007 |
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|
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|
Net Sales |
13.931.781 |
|
1,00 |
|
|
|
Cost of Goods Sold |
11.673.896 |
|
0,84 |
|
|
|
Gross Profit |
2.257.885 |
|
0,16 |
|
|
|
Operating Expenses |
1.520.801 |
|
0,11 |
|
|
|
Operating Profit |
737.084 |
|
0,05 |
|
|
|
Other Income |
368.339 |
|
0,03 |
|
|
|
Other Expenses |
50.567 |
|
0,00 |
|
|
|
Financial Expenses |
425.057 |
|
0,03 |
|
|
|
Profit (loss) Before Tax |
629.799 |
|
0,05 |
|
|
|
Tax Payable |
138.759 |
|
0,01 |
|
|
|
Net Profit (loss) |
491.040 |
|
0,04 |
|
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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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)