MIRA
INFORM REPORT
|
Report Date : |
11.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
CESUR AMBALAJ SANAYI VE TICARET A.S. |
|
|
|
|
Formerly Known as : |
CESUR CUVAL SANAYI VE TICARET A.S. |
|
|
|
|
Registered Office : |
Yakacik, Yanyol Senem Sok. No:11 Kartal – Istanbul |
|
|
|
|
Country : |
Turkey |
|
|
|
|
Financials (as on) : |
30.06.2008 |
|
|
|
|
Date of Incorporation : |
18.06.1963 |
|
|
|
|
Com. Reg. No.: |
84591 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacture and Trade of Sack and Big Bag (mainly made of
polypropylene) |
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 1 million |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
CESUR AMBALAJ SANAYI VE TICARET A.S. |
|
ADDRESS |
: |
Head Office & Factory: Yakacik, Yanyol
Senem Sok. No:11 Kartal – Istanbul / Turkey |
|
PHONE NUMBER |
: |
90-216-377 28 53 (7 Lines) |
|
FAX NUMBER |
: |
90-216-377 11 89 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Dis Ticaret / 2060063407 |
|
|
|
REGISTRATION NUMBER |
: |
84591 |
|
|
|
REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
|
|
|
DATE ESTABLISHED |
: |
18.06.1963 |
|
|
|
LEGAL FORM |
: |
Joint Stock Company |
|
|
|
TYPE OF COMPANY |
: |
Private |
|
|
|
REGISTERED CAPITAL |
: |
YTL 6,500,000 |
|
|
|
PAID- IN CAPITAL |
: |
YTL 6,500,000 |
|
|
|
HISTORY |
: |
|
|
|
|
|
|
Previous Name |
: Cesur Cuval Sanayi ve Ticaret A.S. |
|
|
|
|
Name Changed On |
: 25.03.2003 (Commercial Registry Gazette
Date/No: 28.03.2003/5766) |
|
|
|
|
Previous
Registered Capital |
: YTL 350,000 |
|
|
|
Regist. Capital
Changed on |
: 18.06.2001 (Commercial Registry Gazette
Date/No: 21.06.2001/5322) |
|
|
|
Previous
Registered Capital |
: YTL 1,800,000 |
|
|
|
Regist. Capital Changed on |
: 14.05.2008 (Commercial Registry Gazette
Date/No:21.05.2008/ 7066) |
|
|
|
Other Historical Events |
: Cem Cesur sold all of his shares (10 %) at
the company to Mahiser Cesur on 29.08.2006 (Commercial Registry Gazette
Date/No: 05.09.2006/6635) |
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Mehmet Cesur Perviz Cesur Cengiz Cesur Mahiser Cesur Cihan Cesur Leyla Cesur Others |
20 % 20 % 20 % 15 % 10 % 5
% 10 % |
|
SISTER COMPANIES |
: |
Big- Bagsan Cuval Dikim Sanayi ve
Ticaret Ltd Sti. Polipropilen Elyaf Sanayi ve Dis Ticaret
Ltd Sti Mega Tasima Sistemleri Sanayi ve Ticaret
Ltd. Sti. International Dunnage Sanayi ve Ticaret
A.S. Sherkate Sanayi Guni Bafi ve Bestebendiye
Cesur (Tebriz- Iran) |
|
|
BOARD OF DIRECTORS |
: |
Mehmet Cesur Cengiz Cesur Perviz Cesur Cihan Cesur |
Chairman Member Member Member |
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Manufacture and trade of sack and big bag
(mainly made of polypropylene) |
|
NUMBER OF
EMPLOYEES |
: |
468 |
|
NET SALES |
: |
(YTL Thousand) 2,240 4,207 6,618 16,926 23,663 27,553 32,582 36,037 51,618 60,095 40,959 |
(1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (01.01-30.06.2008) |
|
IMPORT VALUE |
: |
(USD) 10,010,519 10 million 11 million (YTL) 27 million 15,227,350 |
(2004) (2005) (2006) (2007) (01.01-30.06.2008) |
|
IMPORT COUNTRIES |
: |
Europe, USA, India… |
|
|
MERCHANDISE
IMPORTED |
: |
Polypropylene and polyethylene |
|
|
EXPORT VALUE |
: |
(USD) 15,240,000 18,462,000 (YTL) 29,479,252 38,555,580 48,495,893 26,855,049 |
(2003) (2004) (2005) (2006) (2007) (01.01-30.06.2008) |
|
EXPORT COUNTRIES |
: |
Algeria, Australia, Azerbaijan, Egypt,
Germany, France, U.K., Greece, Iran,
Italy, Kazakhstan, U.S.A, Greece, Norway, Poland, Albania, Ukraine,
Netherlands, Morocco, Czech Republic… |
|
|
MERCHANDISE
EXPORTED |
: |
Plastic sacks, bags, weaving machines, braid,
trim, tassels… |
|
|
PREMISES |
: |
Head Office & Factory: Yakacik Yanyol
Senem Sok. No:11 Kartal- Istanbul (owned) Work-Shop: Cavusoglu Mah. Kartal- Istanbul
(rented) |
|
|
FIXED CAPITAL
INVESTMENTS |
: |
Investments are going on. |
|
|
|
|
|
|
|
TREND OF
BUSINESS |
: |
Upwards |
|
|
|
|
|
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SIZE OF BUSINESS |
: |
Large |
|
FINANCE
|
MAIN DEALING BANKERS |
: |
Finansbank Dolayoba branch in Istanbul Turk Ekonomi Bankasi Kartal branch in
Istanbul HSBC Bank Gebze branch in Gebze Kocaeli Garanti Bankasi E5 Ticari Pendik branch in
Istanbul |
|
CREDIT FACILITIES |
: |
The subject company is making active use of credit facilities. |
|
PAYMENT BEHAVIOUR |
: |
No payment delays have come to our knowledge. |
COMMENT ON FINANCIAL POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
||
|
Capitalization was low as of 30.06.2008. A part of liabilities was due
to loans from shareholders but the major part of liabilities was due to
accounts payable. |
||
|
LIQUIDITY |
||
|
Good |
As of 30.06.2008 |
|
|
PROFITABILITY |
||
|
Low |
Between 01.01.-30.06.2008 |
|
|
GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
||
|
Favorable |
Between 01.01.-30.06.2008 |
|
|
GENERAL
FINANCIAL POSITION |
||
|
Passable |
||
CREDIT OPINION
|
CREDIT OPINION WITHOUT OBLIGATION |
: |
We are of the opinion that, a max. credit
of USD 1 million may be granted to the subject company. |
|
|
Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(1998) |
54.30 % |
0.2657 |
0.2967 |
0.4410 |
|
(1999) |
62.90 % |
0.4278 |
0.4518 |
0.6843 |
|
(2000) |
32.70 % |
0.6251 |
0.5774 |
0.9480 |
|
(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 |
|
(2007) |
5.94 % |
1.3075 |
1.7901 |
2.6133 |
|
(1.1.-30.06.2008) |
13.76 % |
1.2197 |
1.8695 |
2.4232 |
|
(1.1.-30.09.2008) |
11.48 % |
1.2146 |
1.8490 |
2.3755 |
BALANCE
SHEETS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
31.12.06 |
|
|
|
31.12.07 |
|
|
|
30.6.08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
27.888.756 |
|
0,85 |
|
30.444.028 |
|
0,79 |
|
41.775.524 |
|
0,84 |
|
|
|
Cash and
Banks |
419.892 |
|
0,01 |
|
1.454.434 |
|
0,04 |
|
1.519.447 |
|
0,03 |
|
|
|
Marketable Securities |
67.541 |
|
0,00 |
|
67.541 |
|
0,00 |
|
67.541 |
|
0,00 |
|
|
|
Account
Receivable |
13.975.225 |
|
0,42 |
|
11.923.212 |
|
0,31 |
|
22.669.093 |
|
0,45 |
|
|
|
Other
Receivable |
4.196.680 |
|
0,13 |
|
3.482.969 |
|
0,09 |
|
4.065.498 |
|
0,08 |
|
|
|
Inventories |
8.337.839 |
|
0,25 |
|
12.601.747 |
|
0,33 |
|
12.972.001 |
|
0,26 |
|
|
|
Advances
Given |
80.015 |
|
0,00 |
|
789.076 |
|
0,02 |
|
60.038 |
|
0,00 |
|
|
|
Other
Current Assets |
811.564 |
|
0,02 |
|
125.049 |
|
0,00 |
|
421.906 |
|
0,01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
5.035.207 |
|
0,15 |
|
7.968.214 |
|
0,21 |
|
8.179.599 |
|
0,16 |
|
|
|
Long-term
Receivable |
0 |
|
0,00 |
|
1.517.629 |
|
0,04 |
|
1.594.508 |
|
0,03 |
|
|
|
Financial
Assets |
1.651.546 |
|
0,05 |
|
1.844.798 |
|
0,05 |
|
1.844.798 |
|
0,04 |
|
|
|
Tangible
Fixed Assets (net) |
2.728.946 |
|
0,08 |
|
2.925.296 |
|
0,08 |
|
2.983.078 |
|
0,06 |
|
|
|
Intangible Assets |
582.195 |
|
0,02 |
|
1.583.453 |
|
0,04 |
|
1.705.394 |
|
0,03 |
|
|
|
Other
Non-Current Assets |
72.520 |
|
0,00 |
|
97.038 |
|
0,00 |
|
51.821 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
32.923.963 |
|
1,00 |
|
38.412.242 |
|
1,00 |
|
49.955.123 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
16.026.286 |
|
0,49 |
|
22.617.838 |
|
0,59 |
|
33.495.827 |
|
0,67 |
|
|
|
Financial
Loans |
2.136.862 |
|
0,06 |
|
7.896.546 |
|
0,21 |
|
11.078.437 |
|
0,22 |
|
|
|
Accounts
Payable |
12.208.364 |
|
0,37 |
|
12.086.503 |
|
0,31 |
|
19.869.480 |
|
0,40 |
|
|
|
Loans
from Shareholders |
528.957 |
|
0,02 |
|
697.325 |
|
0,02 |
|
1.483.128 |
|
0,03 |
|
|
|
Other
Short-term Payable |
205.512 |
|
0,01 |
|
162.060 |
|
0,00 |
|
414.974 |
|
0,01 |
|
|
|
Advances
from Customers |
0 |
|
0,00 |
|
910.527 |
|
0,02 |
|
14.500 |
|
0,00 |
|
|
|
Taxes
Payable |
534.422 |
|
0,02 |
|
317.516 |
|
0,01 |
|
328.768 |
|
0,01 |
|
|
|
Provisions |
9.970 |
|
0,00 |
|
477 |
|
0,00 |
|
112.001 |
|
0,00 |
|
|
|
Other
Current Liabilities |
402.199 |
|
0,01 |
|
546.884 |
|
0,01 |
|
194.539 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
9.970.329 |
|
0,30 |
|
7.402.360 |
|
0,19 |
|
7.687.458 |
|
0,15 |
|
|
|
Financial
Loans |
8.344.050 |
|
0,25 |
|
7.402.360 |
|
0,19 |
|
7.687.458 |
|
0,15 |
|
|
|
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 |
1.626.279 |
|
0,05 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Long-term Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Provisions |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
6.927.348 |
|
0,21 |
|
8.392.044 |
|
0,22 |
|
8.771.838 |
|
0,18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
32.923.963 |
|
1,00 |
|
38.412.242 |
|
1,00 |
|
49.955.123 |
|
1,00 |
|
INCOME
STATEMENTS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2006 |
|
|
|
2007 |
|
|
|
1.1-30.6.08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
51.617.522 |
|
1,00 |
|
60.095.637 |
|
1,00 |
|
40.959.555 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
44.903.633 |
|
0,87 |
|
52.735.298 |
|
0,88 |
|
35.573.970 |
|
0,87 |
|
|
|
Gross Profit |
6.713.889 |
|
0,13 |
|
7.360.339 |
|
0,12 |
|
5.385.585 |
|
0,13 |
|
|
|
Operating
Expenses |
5.661.501 |
|
0,11 |
|
5.843.951 |
|
0,10 |
|
3.881.087 |
|
0,09 |
|
|
|
Operating Profit |
1.052.388 |
|
0,02 |
|
1.516.388 |
|
0,03 |
|
1.504.498 |
|
0,04 |
|
|
|
Other
Income |
5.124.651 |
|
0,10 |
|
2.351.393 |
|
0,04 |
|
3.537.728 |
|
0,09 |
|
|
|
Other
Expenses |
3.941.137 |
|
0,08 |
|
1.315.517 |
|
0,02 |
|
1.765.122 |
|
0,04 |
|
|
|
Financial
Expenses |
1.505.264 |
|
0,03 |
|
1.087.567 |
|
0,02 |
|
2.785.311 |
|
0,07 |
|
|
|
Profit (loss) Before Tax |
730.638 |
|
0,01 |
|
1.464.697 |
|
0,02 |
|
491.793 |
|
0,01 |
|
|
|
Tax
Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
112.001 |
|
0,00 |
|
|
|
Net Profit (loss) |
730.638 |
|
0,01 |
|
1.464.697 |
|
0,02 |
|
379.792 |
|
0,01 |
|
FINANCIAL
RATIOS
|
|
|
2006 |
|
|
|
2007 |
|
|
|
1.1-30.6.08 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Ratio |
1,74 |
|
|
|
1,35 |
|
|
|
1,25 |
|
|
|
|
|
Acid-Test Ratio |
1,16 |
|
|
|
0,75 |
|
|
|
0,85 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,25 |
|
|
|
0,33 |
|
|
|
0,26 |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,55 |
|
|
|
0,40 |
|
|
|
0,54 |
|
|
|
|
|
Tangible Assets/Total Assets |
0,08 |
|
|
|
0,08 |
|
|
|
0,06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
5,39 |
|
|
|
4,18 |
|
|
|
2,74 |
|
|
|
|
|
Stockholders' Equity Turnover |
7,45 |
|
|
|
7,16 |
|
|
|
4,67 |
|
|
|
|
|
Asset Turnover |
1,57 |
|
|
|
1,56 |
|
|
|
0,82 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,21 |
|
|
|
0,22 |
|
|
|
0,18 |
|
|
|
|
|
Current Liabilities/Total Assets |
0,49 |
|
|
|
0,59 |
|
|
|
0,67 |
|
|
|
|
|
Financial Leverage |
0,79 |
|
|
|
0,78 |
|
|
|
0,82 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
0,11 |
|
|
|
0,17 |
|
|
|
0,04 |
|
|
|
|
|
Operating Profit Margin |
0,02 |
|
|
|
0,03 |
|
|
|
0,04 |
|
|
|
|
|
Net Profit Margin |
0,01 |
|
|
|
0,02 |
|
|
|
0,01 |
|
|
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COLLECTION-PAYMENT |
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Average Collection Period (days) |
97,47 |
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|
80,52 |
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|
213,26 |
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Average Payable Period (days) |
97,88 |
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82,51 |
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201,07 |
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FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.72 |
|
UK Pound |
1 |
Rs.82.17 |
|
Euro |
1 |
Rs.65.90 |
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%)