MIRA
INFORM REPORT
|
Report Date : |
16.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
CAGDAS KAGIT AMBALAJ SANAYI VE TICARET LTD STI |
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Registered Office : |
Davutpasa Cad. Davutpasa Emintas Sanayi Sitesi No:103/142 Topkapi
Istanbul |
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Country : |
Turkey |
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|
Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
05.01.2006 |
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Com. Reg. No.: |
574616 |
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|
Legal Form : |
Limited Company |
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Line of Business : |
Cutting, Packaging and Wholesale Trade 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 |
|
Maximum Credit Limit : |
USD 150,000 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
CAGDAS KAGIT AMBALAJ SANAYI VE TICARET LTD STI |
|
ADDRESS |
: |
Head Office: Davutpasa Cad. Davutpasa
Emintas Sanayi Sitesi No:103/142 Topkapi Istanbul / Turkey |
|
PHONE NUMBER |
: |
90-212-674 16 25 |
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FAX NUMBER |
: |
90-212-544 88 31 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Davutpasa / 2170380133 |
|
REGISTRATION NUMBER |
: |
574616 |
|
REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
|
DATE ESTABLISHED |
: |
05.01.2006 (Commercial Registry Gazette Date/No:
17.01.2006/6472) |
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LEGAL FORM |
: |
Limited Company |
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TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
YTL 300,000 |
|
PAID-IN CAPITAL |
: |
YTL 300,000 |
|
HISTORY |
: |
The registered capital was increased from YTL
100,000 to YTL 300,000 on 24.11.2006 (Commercial Registry Gazette Date/No:
29.11.2006/6693) |
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Ali Suna Aziz Suna Fahrettin Suna Yunus Suna |
25 % 25 % 25 % 25 % |
|
SISTER COMPANIES |
: |
Declared to be: None |
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|
GROUP PARENT COMPANY |
: |
None |
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SUBSIDIARIES |
: |
None |
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DIRECTORS |
: |
Aziz Suna Fahrettin Suna |
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OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Cutting, packaging and wholesale trade of
paper |
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|
TRADEMARK(S) |
: |
None |
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|
NUMBER OF
EMPLOYEES |
: |
32 |
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|
NET SALES |
: |
(YTL) 1,995,609 3,333,873 |
(05.01-31.12.2006) (2007) |
|
CAPACITY |
: |
(Sqm/Yr) 54,633,000 56,600,000 |
(2006) (2007) |
|
EXPORT |
: |
None |
|
|
PREMISES |
: |
Head Office: Davutpasa Cad. Davutpasa
Emintas Sanayi Sitesi No:103/142 Topkapi Istanbul (70 sqm)(rented) Plant: Gumussuyu Cad. Litros Yolu Fatih San. Sit No: 12/
97-98-99-100-101-102 Zeytinburnu Istanbul (rented) Plant: Gumussuyu Cad. Litros Yolu No: 20/A Topkapi Istanbul
(rented) |
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|
FIXED CAPITAL
INVESTMENTS |
: |
None |
|
|
TREND OF BUSINESS |
: |
Upwards
in 2007 |
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SIZE
OF BUSINESS |
: |
Lower-moderate |
FINANCE
|
MAIN DEALING BANKERS |
: |
Denizbank Topkapi Sanayi branch in
Istanbul T.Finans Katilim Bankasi Topkapi branch in
Istanbul T.Is Bankasi Davutpasa branch in Istanbul Halk Bankasi Topkapi branch in Istanbul Garanti Bankasi Davutpasa branch in
Istanbul Asya Katilim Bankasi Topkapi branch in
Istanbul |
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CREDIT FACILITIES |
: |
The subject company is making use of credit facilities. |
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PAYMENT BEHAVIOUR |
: |
No payment delays have come to our knowledge. |
COMMENT ON FINANCIAL POSITION
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FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
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|
Capitalization was satisfactory as of 31.12.2007. Furthermore, 31 % of
“total liabilities and equity” was consisting of “loans from shareholders”
rather than liabilities to third parties indicating not too high indebtedness
to third parties |
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LIQUIDITY |
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|
High |
As of 31.12.2007 |
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PROFITABILITY |
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In order |
In 2007 |
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GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
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Unfavorable |
In 2007 |
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GENERAL
FINANCIAL POSITION |
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In order |
||
CREDIT OPINION
|
CREDIT OPINION WITHOUT OBLIGATION |
: |
We are of the opinion that, a max. credit
of USD 150,000 may be granted to the subject company. |
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|
Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(2006) |
11.58 % |
1.4309 |
1.7987 |
2.6377 |
|
(2007) |
5.94 % |
1.3075 |
1.7901 |
2.6133 |
|
(1.1.-30.04.2008) |
11.04 % |
1.2193 |
1.8541 |
2.4257 |
BALANCE SHEETS
|
|
|
YTL |
|
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|
YTL |
|
|
|
|
|
|
31.12.06 |
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|
31.12.07 |
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CURRENT ASSETS |
570.005 |
|
0,73 |
|
846.363 |
|
0,83 |
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Cash and
Banks |
78.345 |
|
0,10 |
|
126.659 |
|
0,12 |
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Marketable
Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Account
Receivable |
394.858 |
|
0,50 |
|
508.423 |
|
0,50 |
|
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Other
Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Inventories |
87.613 |
|
0,11 |
|
209.099 |
|
0,20 |
|
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Advances
Given |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Other
Current Assets |
9.189 |
|
0,01 |
|
2.182 |
|
0,00 |
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NON-CURRENT ASSETS |
212.211 |
|
0,27 |
|
178.426 |
|
0,17 |
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Long-term
Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Financial
Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Tangible
Fixed Assets (net) |
180.773 |
|
0,23 |
|
145.005 |
|
0,14 |
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Intangible Assets |
31.438 |
|
0,04 |
|
33.421 |
|
0,03 |
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Other
Non-Current Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
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TOTAL ASSETS |
782.216 |
|
1,00 |
|
1.024.789 |
|
1,00 |
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CURRENT LIABILITIES |
480.314 |
|
0,61 |
|
575.361 |
|
0,56 |
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Financial
Loans |
61.682 |
|
0,08 |
|
48.030 |
|
0,05 |
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Accounts
Payable |
140.899 |
|
0,18 |
|
179.630 |
|
0,18 |
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Loans
from Shareholders |
265.399 |
|
0,34 |
|
321.867 |
|
0,31 |
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Other
Short-term Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Advances
from Customers |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Taxes
Payable |
12.334 |
|
0,02 |
|
25.834 |
|
0,03 |
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Provisions |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Other
Current Liabilities |
0 |
|
0,00 |
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0 |
|
0,00 |
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LONG-TERM LIABILITIES |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Financial
Loans |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Securities Issued |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Long-term
Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Loans
from Shareholders |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Other
Long-term Liabilities |
0 |
|
0,00 |
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0 |
|
0,00 |
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Provisions |
0 |
|
0,00 |
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0 |
|
0,00 |
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STOCKHOLDERS' EQUITY |
301.902 |
|
0,39 |
|
449.428 |
|
0,44 |
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Paid-in
Capital |
260.000 |
|
0,33 |
|
300.000 |
|
0,29 |
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Reserves |
0 |
|
0,00 |
|
41.902 |
|
0,04 |
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Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Accumulated Losses(-) |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Net
Profit (loss) |
41.902 |
|
0,05 |
|
107.526 |
|
0,10 |
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TOTAL LIABILITIES AND EQUITY |
782.216 |
|
1,00 |
|
1.024.789 |
|
1,00 |
|
INCOME STATEMENTS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
05.01.-31.12.2006 |
|
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|
2007 |
|
|
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Net Sales |
1.995.609 |
|
1,00 |
|
3.333.873 |
|
1,00 |
|
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Cost of
Goods Sold |
1.652.154 |
|
0,83 |
|
2.706.905 |
|
0,81 |
|
|
|
Gross Profit |
343.455 |
|
0,17 |
|
626.968 |
|
0,19 |
|
|
|
Operating
Expenses |
281.345 |
|
0,14 |
|
465.510 |
|
0,14 |
|
|
|
Operating Profit |
62.110 |
|
0,03 |
|
161.458 |
|
0,05 |
|
|
|
Other
Income |
105 |
|
0,00 |
|
593 |
|
0,00 |
|
|
|
Other
Expenses |
574 |
|
0,00 |
|
10.773 |
|
0,00 |
|
|
|
Financial
Expenses |
9.264 |
|
0,00 |
|
16.634 |
|
0,00 |
|
|
|
Profit (loss) Before Tax |
52.377 |
|
0,03 |
|
134.644 |
|
0,04 |
|
|
|
Tax
Payable |
10.475 |
|
0,01 |
|
27.118 |
|
0,01 |
|
|
|
Net Profit (loss) |
41.902 |
|
0,02 |
|
107.526 |
|
0,03 |
|
FINANCIAL RATIOS
|
|
|
05.01.-31.12.2006 |
|
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|
2007 |
|
|
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|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
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|
Current Ratio |
1,19 |
|
|
|
1,47 |
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|
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|
Acid-Test Ratio |
0,99 |
|
|
|
1,10 |
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ASSET STRUCTURE RATIOS |
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Inventory/Total Assets |
0,11 |
|
|
|
0,20 |
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|
|
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|
Short-term Receivable/Total Assets |
0,50 |
|
|
|
0,50 |
|
|
|
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Tangible Assets/Total Assets |
0,23 |
|
|
|
0,14 |
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TURNOVER RATIOS |
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Inventory Turnover |
18,86 |
|
|
|
12,95 |
|
|
|
|
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Stockholders' Equity Turnover |
6,61 |
|
|
|
7,42 |
|
|
|
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Asset Turnover |
2,55 |
|
|
|
3,25 |
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FINANCIAL STRUCTURE |
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Stockholders' Equity/Total Assets |
0,39 |
|
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|
0,44 |
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Current Liabilities/Total Assets |
0,61 |
|
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|
0,56 |
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Financial Leverage |
0,61 |
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|
0,56 |
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PROFITABILITY RATIOS |
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|
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Net Profit/Stockholders' Eq. |
0,14 |
|
|
|
0,24 |
|
|
|
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Operating Profit Margin |
0,03 |
|
|
|
0,05 |
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|
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Net Profit Margin |
0,02 |
|
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|
0,03 |
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COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
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Average Collection Period (days) |
71,23 |
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|
|
54,90 |
|
|
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Average Payable Period (days) |
30,70 |
|
|
|
23,89 |
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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%)