MIRA INFORM REPORT

 

 

Report Date :           

16.08.2011

 

IDENTIFICATION DETAILS

 

Name :

KOROZO AMBALAJ SANAYI VE TICARET A.S.

 

 

Registered Office :

Ataturk Mah. Orhan Veli Cad. No:12 Esenyurt Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

17.12.1956

 

 

Com. Reg. No.:

62569

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Lamination, manufacture and trade of plastic and paper packaging materials such as stretch film, stretch hood, carrier bags.

 

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 :

32.000.000 USD

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually 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 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

Turkey

b1

b1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 Bottom of Form

COMPANY IDENTIFICATION

 

NAME

:

KOROZO AMBALAJ SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Ataturk Mah. Orhan Veli Cad. No:12 Esenyurt Istanbul / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The address was changed from "Namik Kemal Mah. Orhan Veli Cad. No:10-11-12-13 Kirac Buyukcekmece" to "Ataturk Mah. Orhan Veli Cad. No:12 Esenyurt" by the Municipality.

PHONE NUMBER

:

90-212-520 69 96-97 (Liaison Office)

90-212-866 66 66 (Head Office/Factory)

 

FAX NUMBER

:

90-212-579 63 99 (Liaison Office)

90-212-886 71 71 (Head Office/Factory)

 

WEB-ADDRESS

:

www.korozo.com.tr

E-MAIL

:

info@korozo.com.tr

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Buyuk Mukellefler

TAX NO

:

5790049361

REGISTRATION NUMBER

:

62569

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

17.12.1956

ESTABLISHMENT GAZETTE DATE/NO

:

25.12.1956/9030

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   109.000.000

PAID-IN CAPITAL

:

TL   109.000.000

HISTORY

:

Previous Registered Capital

:

TL 67.011.463,30

Changed On

:

03.11.2009 (Commercial Gazette Date /Number 06.11.2009/ 7433)

Previous Registered Capital

:

TL 91.637.101,62

Changed On

:

05.05.2010 (Commercial Gazette Date /Number 11.05.2010/ 7561)

Previous Address

:

Tevfikbey Mahallesi Cicek Sokak Bila No Sefakoy- Istanbul

Changed On

:

19.04.2007 (Commercial Gazette Date /Number 25.04.2007/ 6794)

Merger

:

The subject took over and merged with “Saf Plastik Sanayi ve Ticaret A.S.”

Changed On

:

03.11.2009 (Commercial Gazette Date /Number 06.11.2009/ 7433)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Beki Duvenyaz

15 %

Rejin Duvenyaz

15 %

Refael Duvenyaz

15 %

Liya Duvenyaz

15 %

Rakel Nahmiyas

10 %

Sela Haviyo

10 %

Aylin Duvenyaz Nommaz

10 %

Riva Salhon

10 %

 

 

GROUP

:

KOROZO GROUP OF COMPANIES

 

SISTER COMPANIES

:

ASLAN KLISECILIK SANAYI VE TICARET A.S.

BEYSAN GAYRIMENKUL YATIRIMI A.S.

ELITTUR TURIZM TICARET VE SANAYI A.S.

HAKAN SANAYI YATIRIM VE GELISTIRME A.S.

IDEAL AMBALAJ SANAYI VE TICARET A.S.

KIRAC GAYRIMENKUL YATIRIMI A.S.

KOROPLAST TEMIZLIK AMBALAJ URUNLERI SANAYI VE DIS TICARET A.S.

LIDER AMBALAJ SANAYI VE TICARET A.S.

MELTEM TURIZM TICARET VE SANAYI A.S.

 

BOARD OF DIRECTORS

:

Refael Duvenyaz

Chairman

Liya Duvenyaz

Vice-Chairman

Sela Haviyo

Member

Aylin Duvenyaz Nommaz

Member

Jeki Mizrahi

Member

Riva Salhon

Member

Rakel Nahmiyas

Member

 

 

DIRECTORS

:

Albert Nahmiyas                                                                                                                                                                                                                                                                                   

 

Aylin Duvenyaz Nommaz                                                                                                                                                                                                                                                                                   

 

Izzet Nommaz                                                                                                                                                                                                                                                                                   

 

Jeki Mizrahi                                                                                                                                                                                                                                                                                   

 

Liya Duvenyaz                                                                                                                                                                                                                                                                                   

 

Rakel Nahmiyas                                                                                                                                                                                                                                                                                   

 

Refael Duvenyaz                                                                                                                                                                                                                                                                                   

 

Riva Salhon                                                                                                                                                                                                                                                                                   

 

Sela Haviyo                                                                                                                                                                                                                                                                                   

 

Semih Salhon                                                                                                                                                                                                                                                                                   

 

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Lamination, manufacture and trade of plastic and paper packaging materials such as stretch film, stretch hood, carrier bags.

 

NACE CODE

:

DE.21.21

 

NUMBER OF EMPLOYEES

:

605

 

NET SALES

:

3.012 TL Thousand

(1995) 

5.394 TL Thousand

(1996) 

12.239 TL Thousand

(1997) 

19.175 TL Thousand

(1998) 

28.908 TL Thousand

(1999) 

48.291 TL Thousand

(2000) 

88.092 TL Thousand

(2001) 

114.925 TL Thousand

(2002) 

136.336 TL Thousand

(2003) 

151.165 TL Thousand

(2004) 

190.092 TL Thousand

(2005) 

228.153 TL Thousand

(2006) 

256.675 TL Thousand

(2007) 

294.325 TL Thousand

(2008) 

301.705 TL Thousand

(2009) 

360.269.154 TL

(2010) 

100.515.066 TL

(01.01-31.03.2011) 

 

 

IMPORT VALUE

:

101.404.000 USD

(2010)

 

 

IMPORT COUNTRIES

:

Belgium

France

Saudi Arabia

Italy

 

MERCHANDISE IMPORTED

:

Chemical materials

Polyethylene

 

EXPORT VALUE

:

37.000.000 USD

(1996)

42.700.000 USD

(1997)

42.250.000 USD

(1998)

14.906.000 TL

(1999)

27.017.000 TL

(2000)

44.009.774 USD

(2001)

78.749.000 TL

(2002)

95.076.000 TL

(2003)

111.333.000 TL

(2004)

130.705.000 TL

(2005)

145.957.000 TL

(2006)

143.118.028 TL

(2007)

174.762.294 TL

(2008)

171.160.812 TL

(2009)

194.828.608 TL

(2010)

54.304.386 TL

(01.01-31.03.2011)

 

 

EXPORT COUNTRIES

:

Algeria

Austria

Azerbaijan

Belgium

Bulgaria

Canada

Czech Republic

China

Costa Rica

Croatia

Cuba

Denmark

Egypt

Germany

France

Greece

Italy

Iraq

Ireland

Sudan

U.K.

U.S.A.

 

MERCHANDISE  EXPORTED

:

Ethylene

Plate

Polyethylene

Polypropylene

Sheet

 

HEAD OFFICE ADDRESS

:

Ataturk Mah. Orhan Veli Cad. No:12 Esenyurt  Istanbul / Turkey ( owned )

 

BRANCHES

:

Factory  :  Mermerciler Sanayi Sitesi 2.Bulvar 5.Cad. Buyukcekmece Istanbul/Turkey (owned)

 

Liaison Office  :  Uzuncarsi Cad. Milas Han No: 184 Mercan, Eminonu Istanbul/Turkey (rented)

 

Head Office/Factory  :  Ataturk Mah. Orhan Veli Cad. No:10-11-12-13 Kirac Buyukcekmece Istanbul/Turkey (owned)

                                                                                

INVESTMENTS

:

Machinery investments are going on.

 

 

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2010.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Bati Kurumsal Branch

Citibank Merkez Branch

HSBC Bank Merkez Branch

T. Is Bankasi Gunesli Kurumsal Branch

Yapi ve Kredi Bankasi Sefakoy Branch

 

CREDIT FACILITIES

:

The subject company is making use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2007) TL Thousand

(2008) TL Thousand

(2009) TL Thousand

(2010)

 

TL

(01.01-31.03.2011) TL

Net Sales

256.675

294.325

301.705

360.269.154

100.515.066

Profit (Loss) Before Tax

11.868

1.893

26.479

9.401.233

7.306.207

Stockholders' Equity

85.525

73.485

126.026

136.264.398

 

Total Assets

167.497

171.564

211.098

235.340.479

 

Current Assets

126.330

135.214

145.991

153.501.692

 

Non-Current Assets

41.167

36.350

65.107

81.838.787

 

Current Liabilities

64.293

79.152

67.281

75.990.780

 

Long-Term Liabilities

17.679

18.927

17.791

23.085.301

 

Gross Profit (loss)

42.137

50.616

63.235

54.117.887

21.231.220

Operating Profit (loss)

13.612

21.000

28.115

9.331.322

10.615.001

Net Profit (loss)

9.466

1.587

23.681

7.576.945

6.235.778

 

 

 

 

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Good As of 31.12.2010

Liquidity

Satisfactory As of 31.12.2010

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 2007

Good Net Profitability  in 2007

Good Operating Profitability  in 2008

Low Net Profitability  in 2008

Good Operating Profitability  in 2009

High Net Profitability  in 2009

Fair Operating Profitability  in 2010

Fair Net Profitability  in 2010

High Operating Profitability (01.01-31.03.2011)

High Net Profitability (01.01-31.03.2011)

 

Gap between average collection and payable periods

Unfavorable in 2010

General Financial Position

In Order

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 32.000.000 USD may be granted to the subject company.

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 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

 ( 01.01-31.03.2011)

5,40 %

1,5753

2,1664

2,5072

 ( 01.01-31.07.2011)

6,18 %

1,5901

2,2465

2,5668

 

 

bALANCE SHEETS

 

 

 ( 31.12.2007 )  TL Thousand

 

 ( 31.12.2008 )  TL Thousand

 

 ( 31.12.2009 )  TL Thousand

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

126.330

0,75

135.214

0,79

145.991

0,69

153.501.692

0,65

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

5.979

0,04

4.513

0,03

8.618

0,04

7.023.421

0,03

Marketable Securities

2.331

0,01

9.824

0,06

9.361

0,04

4.871.917

0,02

Account Receivable

49.686

0,30

60.832

0,35

63.432

0,30

72.941.580

0,31

Other Receivable

849

0,01

1.675

0,01

1.123

0,01

2.596.028

0,01

Inventories

65.868

0,39

51.917

0,30

55.885

0,26

59.158.694

0,25

Advances Given

145

0,00

4.747

0,03

4.606

0,02

4.742.479

0,02

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

1.472

0,01

1.706

0,01

2.966

0,01

2.167.573

0,01

NON-CURRENT ASSETS

41.167

0,25

36.350

0,21

65.107

0,31

81.838.787

0,35

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

1

0,00

1

0,00

18

0,00

17.684

0,00

Financial Assets

223

0,00

319

0,00

3.316

0,02

3.315.532

0,01

Tangible Fixed Assets (net)

37.461

0,22

32.149

0,19

57.984

0,27

72.973.854

0,31

Intangible Assets

3.482

0,02

3.881

0,02

3.789

0,02

5.531.717

0,02

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

TOTAL ASSETS

167.497

1,00

171.564

1,00

211.098

1,00

235.340.479

1,00

CURRENT LIABILITIES

64.293

0,38

79.152

0,46

67.281

0,32

75.990.780

0,32

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

39.128

0,23

53.224

0,31

28.839

0,14

36.815.187

0,16

Accounts Payable

19.746

0,12

22.791

0,13

35.854

0,17

35.188.055

0,15

Loans from Shareholders

0

0,00

0

0,00

0

0,00

49.000

0,00

Other Short-term Payable

844

0,01

887

0,01

1.331

0,01

992.863

0,00

Advances from Customers

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

1.123

0,01

1.123

0,01

1.540

0,01

1.613.464

0,01

Provisions

2.363

0,01

252

0,00

-1.252

-0,01

332.094

0,00

Other Current Liabilities

1.089

0,01

875

0,01

969

0,00

1.000.117

0,00

LONG-TERM LIABILITIES

17.679

0,11

18.927

0,11

17.791

0,08

23.085.301

0,10

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

17.377

0,10

18.648

0,11

15.673

0,07

21.929.288

0,09

Securities Issued

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

1.093

0,01

226.056

0,00

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

Other Long-term Liabilities

302

0,00

279

0,00

175

0,00

253.669

0,00

Provisions

0

0,00

0

0,00

850

0,00

676.288

0,00

STOCKHOLDERS' EQUITY

85.525

0,51

73.485

0,43

126.026

0,60

136.264.398

0,58

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

67.000

0,40

67.011

0,39

91.637

0,43

109.000.000

0,46

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

25.712

0,12

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

9.059

0,05

4.887

0,03

11.487

0,05

18.965.790

0,08

Revaluation Fund

0

0,00

0

0,00

11.374

0,05

721.663

0,00

Accumulated Losses(-)

0

0,00

0

0,00

-37.865

-0,18

0

0,00

Net Profit (loss)

9.466

0,06

1.587

0,01

23.681

0,11

7.576.945

0,03

TOTAL LIABILITIES AND EQUITY

167.497

1,00

171.564

1,00

211.098

1,00

235.340.479

1,00

 

 

INCOME STATEMENTS

 

 

(2007) TL Thousand

 

(2008) TL Thousand

 

(2009) TL Thousand

 

(2010) TL

 

(01.01-31.03.2011) TL

 

Net Sales

256.675

1,00

294.325

1,00

301.705

1,00

360.269.154

1,00

100.515.066

1,00

Cost of Goods Sold

214.538

0,84

243.709

0,83

238.470

0,79

306.151.267

0,85

79.283.846

0,79

Gross Profit

42.137

0,16

50.616

0,17

63.235

0,21

54.117.887

0,15

21.231.220

0,21

Operating Expenses

28.525

0,11

29.616

0,10

35.120

0,12

44.786.565

0,12

10.616.219

0,11

Operating Profit

13.612

0,05

21.000

0,07

28.115

0,09

9.331.322

0,03

10.615.001

0,11

Other Income

30.494

0,12

13.262

0,05

7.594

0,03

9.878.341

0,03

3.319.709

0,03

Other Expenses

14.985

0,06

27.387

0,09

5.976

0,02

7.009.009

0,02

5.707.470

0,06

Financial Expenses

17.253

0,07

4.982

0,02

3.254

0,01

2.799.421

0,01

921.033

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

11.868

0,05

1.893

0,01

26.479

0,09

9.401.233

0,03

7.306.207

0,07

Tax Payable

2.402

0,01

306

0,00

2.798

0,01

1.824.288

0,01

1.070.429

0,01

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

9.466

0,04

1.587

0,01

23.681

0,08

7.576.945

0,02

6.235.778

0,06

 

 

FINANCIAL RATIOS

 

 

(2007)

(2008)

(2009)

(2010)

LIQUIDITY RATIOS

 

 

Current Ratio

1,96

1,71

2,17

2,02

Acid-Test Ratio

0,92

0,97

1,23

1,15

Cash Ratio

0,13

0,18

0,27

0,16

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,39

0,30

0,26

0,25

Short-term Receivable/Total Assets

0,30

0,36

0,31

0,32

Tangible Assets/Total Assets

0,22

0,19

0,27

0,31

TURNOVER RATIOS

 

 

Inventory Turnover

3,26

4,69

4,27

5,18

Stockholders' Equity Turnover

3,00

4,01

2,39

2,64

Asset Turnover

1,53

1,72

1,43

1,53

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,51

0,43

0,60

0,58

Current Liabilities/Total Assets

0,38

0,46

0,32

0,32

Financial Leverage

0,49

0,57

0,40

0,42

Gearing Percentage

0,96

1,33

0,68

0,73

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,11

0,02

0,19

0,06

Operating Profit Margin

0,05

0,07

0,09

0,03

Net Profit Margin

0,04

0,01

0,08

0,02

Interest Cover

1,69

1,38

9,14

4,36

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

69,69

74,41

75,71

72,90

Average Payable Period (days)

33,13

33,67

55,78

41,64

WORKING CAPITAL

62037,00

56062,00

78710,00

77510912,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.37

UK Pound

1

Rs.73.53

Euro

1

Rs.64.37

 

 

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.