MIRA INFORM REPORT

 

 

Report Date :

19.02.2011

 

IDENTIFICATION DETAILS

 

Name :

ISIKLAR AMBALAJ PAZARLAMA A.S.

 

 

Registered Office :

Cubuklu Mah. Orhan Veli Kanik Cad. Yakut Sok. No:3 Kat:2 Kavacik Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

30.09.2010

 

 

Date of Incorporation :

28.12.2001

 

 

Com. Reg. No.:

468189

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of paper bags

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

2.270.000 USD

Status :

Moderate

Payment Behaviour :

No Complaints

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 – June 30, 2010

 

Country Name

Previous Rating

                   (01.04.2010)                  

Current Rating

(30.06.2010)

Turkey

b1

b1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

COMPANY IDENTIFICATION

 

NAME

:

ISIKLAR AMBALAJ PAZARLAMA A.S.

HEAD OFFICE ADDRESS

:

Cubuklu Mah. Orhan Veli Kanik Cad. Yakut Sok. No:3 Kat:2 Kavacik Istanbul / Turkey

PHONE NUMBER

:

90-216-537 00 90

 

FAX NUMBER

:

90-216-537 00 98

 

WEB-ADDRESS

:

www.isiklarambalaj.com

E-MAIL

:

info@isiklar.com.tr

 

 

LEGAL STATUS AND HISTORY

 

NOTES ON LEGAL STATUS AND HISTORY

:

The paid-in capital is declared by the subject. There is no certification for the paid-in capital..

 

 

TAX OFFICE

:

Beykoz

TAX NO

:

1780368033

REGISTRATION NUMBER

:

468189

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

28.12.2001

ESTABLISHMENT GAZETTE DATE/NO

:

07.01.2002/5459

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   15.000.000

PAID-IN CAPITAL

:

TL   15.000.000

HISTORY

:

Previous Registered Capital

:

TL 400.000

Changed On

:

05.03.2010 (Commercial Gazette Date /Number 11.03.2010/ 7519)

Previous Registered Capital

:

TL 5.400.000

Changed On

:

10.11.2010 (Commercial Gazette Date /Number 22.11.2010/ 7691)

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Isiklar Yatirim Holding A.S.

99,99 %

Ugur Isik

 

Tolga Isik

 

Sebahattin Levent Demirer

 

Riza Kutlu Isik

 

Sirri Gokcen Odyak

 

 

 

GROUP PARENT COMPANY

:

ISIKLAR HOLDING A.S.

 

SISTER COMPANIES

:

AJANS KUTLU A.S.

CEMAS DOKUM SANAYI VE TICARET A.S.

CIMTEK CIMENTO TEKNOLOJISI MUHENDISLIK A.S.

CUMRA KRAFT TORBA SANAYI VE TICARET A.S.

EGE KRAFT TORBA SANAYI VE TICARET A.S.

ISIKLAR COLUMBUS BILGI TEKNOLOJISI A.S.

ISIKLAR DIS TICARET A.S.

ISIKLAR DOKUM SANAYI VE TICARET A.S.

ISIKLAR HOLDING A.S.

ISIKLAR INSAAT MALZEMELERI PAZARLAMA VE TAAHHUT A.S.

ISIKLAR INSAAT MALZEMELERI SANAYI VE TICARET A.S.

ISIKLAR INSAAT VE TURIZM ISLETMELERI A.S.

ISIKLAR PARK ALISVERIS MERKEZI YATIRIM A.S.

ISIKLAR PAZARLAMA A.S.

ISIKLAR SIGORTA ACENTELIGI A.S.

ISIKLAR YAPI HOLDING A.S.

ISIKLAR YAPI KULTURU ETKINLIKLERI VE YAYINCILIK A.S.

ISIKLAR YATIRIM HOLDING A.S.

KAPADOKYA YAPI KIMYASALLARI SANAYI VE TICARET A.S.

NIGBAS NIGDE BETON SANAYI VE TICARET A.S.

OZISIK INSAAT VE ENERJI A.S.

TURKRAFT HOLDING A.S.

BOARD OF DIRECTORS

:

Riza Kutlu Isik

Chairman

Ugur Isik

Vice-Chairman

Sebahattin Levent Demirer

Member

Sirri Gokcen Odyak

Member

 

 

 

 

OPERATIONS

 

NOTES ON OPERATIONS

:

Paused active operation and started operating again.

 

 

BUSINESS ACTIVITIES

:

Manufacture and trade of paper bags. 

 

The firm has declared that it was not very active in 2008 and it stopped temporarily actively operating in 2009. We are informed that started operating again in February 2010.

 

NACE CODE

:

DE.21.21

 

NUMBER OF EMPLOYEES

:

103

 

NET SALES

:

1.126.308 TL

(2008) 

0 TL

(2009) 

19.137.268 TL

(01.01-30.09.2010) 

 

 

IMPORT COUNTRIES

:

Germany

Finland

Sweden

 

MERCHANDISE IMPORTED

:

Paper

 

EXPORT VALUE

:

1.126.308 TL

(2008)

0 TL

(2009)

7.130.889 TL

(01.01-30.09.2010)

 

 

EXPORT COUNTRIES

:

France

Germany

Denmark

Sweden

India

Jordan

 

MERCHANDISE  EXPORTED

:

Paper bag

 

HEAD OFFICE ADDRESS

:

Cubuklu Mah. Orhan Veli Kanik Cad. Yakut Sok. No:3 Kat:2 Kavacik Istanbul / Turkey ( owned by shareholder(s) )

 

BRANCHES

:

Factory  :  Cumra Konya/Turkey (owned by shareholder(s))

 

 

 

SIZE OF BUSINESS

:

Large

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Sisli Ticari Branch

Eurobank Merkez Branch

T. Is Bankasi Sisli Ticari Branch

 

CREDIT FACILITIES

:

No credit facility has come to our knowledge.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2009) TL

(01.01-30.09.2010) TL

 

 

 

Net Sales

0

19.137.268

 

 

 

Profit (Loss) Before Tax

-47.761

-594.112

 

 

 

Stockholders' Equity

4.629.019

4.034.907

 

 

 

Total Assets

28.957.533

11.861.545

 

 

 

Current Assets

28.957.532

11.767.622

 

 

 

Non-Current Assets

1

93.923

 

 

 

Current Liabilities

24.328.514

7.826.638

 

 

 

Long-Term Liabilities

0

0

 

 

 

Gross Profit (loss)

0

1.855.271

 

 

 

Operating Profit (loss)

-59.401

-195.878

 

 

 

Net Profit (loss)

-151.973

-594.112

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

THE DETAILS OF THE CAPITAL INCREASE  AFTER LAST BALANCE SHEET

 

:

Cash Part

:9.600.000 TL

Equity Part

:

Payment Due Date

:10.12.2010

 

Capitalization

High

Remarks on Capitalization

A part of total liabilities and equity consist of loans from shareholders rather than liabilities to third parties indicating not too high indebtedness to third parties.

 

There has been capital increase after the last balance sheet date. The capital increase financed by cash is expected to have an improvement at equity total since the last balance sheet date.

 

Liquidity

High

Remarks On Liquidity

A part of current liabilities consist of short-term loans from shareholders rather than liabilities to third parties. 

 

The capital increase after the last balance sheet is expected to have a positive effect on liquidity since the last balance sheet date. 

 

The unfavorable gap between average collection and average payable period has an adverse effect on liquidity.

 

Profitability

Operating Loss (01.01-30.09.2010)

Net Loss (01.01-30.09.2010)

 

Gap between average collection and payable periods

Unfavorable in 01.01-30.09.2010

General Financial Position

Passable

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 2.270.000 USD may be granted to the subject company.

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2008 )

8,11 %

1,2858

1,8876

2,3708

 ( 2009 )

5,93 %

1,5460

2,1529

2,4094

 ( 01.01-30.09.2010)

6,52 %

1,5178

2,0112

2,3426

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 ( 01.01-31.01.2011)

2,36 %

1,5759

2,1299

2,4741

 

 

BALANCE SHEETS

 

 

 ( 31.12.2009 )  TL

 

 ( 30.09.2010 )  TL

 

CURRENT ASSETS

28.957.532

1,00

11.767.622

0,99

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

28.239.751

0,98

-1.117.087

-0,09

Marketable Securities

0

0,00

0

0,00

Account Receivable

55.941

0,00

3.858.849

0,33

Other Receivable

510.846

0,02

1.856.564

0,16

Inventories

0

0,00

5.169.740

0,44

Advances Given

24

0,00

8.744

0,00

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

150.970

0,01

1.990.812

0,17

NON-CURRENT ASSETS

1

0,00

93.923

0,01

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

0

0,00

7.104

0,00

Financial Assets

1

0,00

1

0,00

Tangible Fixed Assets (net)

0

0,00

3.931

0,00

Intangible Assets

0

0,00

50.388

0,00

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

32.499

0,00

TOTAL ASSETS

28.957.533

1,00

11.861.545

1,00

CURRENT LIABILITIES

24.328.514

0,84

7.826.638

0,66

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

Accounts Payable

6.876

0,00

1.608.315

0,14

Loans from Shareholders

21.521.671

0,74

4.912.069

0,41

Other Short-term Payable

2.716.102

0,09

506.209

0,04

Advances from Customers

8.450

0,00

179.176

0,02

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

37

0,00

95.072

0,01

Provisions

75.378

0,00

0

0,00

Other Current Liabilities

0

0,00

525.797

0,04

LONG-TERM LIABILITIES

0

0,00

0

0,00

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

Securities Issued

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

Loans from Shareholders

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

4.629.019

0,16

4.034.907

0,34

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

400.000

0,01

5.400.000

0,46

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

700

0,00

700

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

1.614

0,00

1.614

0,00

Revaluation Fund

5.000.000

0,17

0

0,00

Accumulated Losses(-)

-621.322

-0,02

-773.295

-0,07

Net Profit (loss)

-151.973

-0,01

-594.112

-0,05

TOTAL LIABILITIES AND EQUITY

28.957.533

1,00

11.861.545

1,00

 

INCOME STATEMENTS

 

 

(2009) TL

 

(01.01-30.09.2010) TL

 

Net Sales

0

0,00

19.137.268

1,00

Cost of Goods Sold

0

0,00

17.281.997

0,90

Gross Profit

0

0,00

1.855.271

0,10

Operating Expenses

59.401

0,00

2.051.149

0,11

Operating Profit

-59.401

0,00

-195.878

-0,01

Other Income

741.035

0,00

707.701

0,04

Other Expenses

127.515

0,00

705.085

0,04

Financial Expenses

601.880

0,00

400.850

0,02

Minority Interests

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

Profit (loss) Before Tax

-47.761

0,00

-594.112

-0,03

Tax Payable

104.212

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

Net Profit (loss)

-151.973

0,00

-594.112

-0,03

 

FINANCIAL RATIOS

 

 

(2009)

(01.01-30.09.2010)

LIQUIDITY RATIOS

 

Current Ratio

1,19

1,50

Acid-Test Ratio

1,18

0,59

Cash Ratio

1,16

-0,14

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,00

0,44

Short-term Receivable/Total Assets

0,02

0,48

Tangible Assets/Total Assets

0,00

0,00

TURNOVER RATIOS

 

Inventory Turnover

 

3,34

Stockholders' Equity Turnover

0,00

4,74

Asset Turnover

0,00

1,61

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,16

0,34

Current Liabilities/Total Assets

0,84

0,66

Financial Leverage

0,84

0,66

Gearing Percentage

5,26

1,94

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

-0,03

-0,15

Operating Profit Margin

 

-0,01

Net Profit Margin

 

-0,03

Interest Cover

0,92

-0,48

COLLECTION-PAYMENT

 

Average Collection Period (days)

 

72,72

Average Payable Period (days)

 

33,50

WORKING CAPITAL

4629018,00

3940984,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.18

UK Pound

1

Rs.73.04

Euro

1

Rs.61.43

 

 

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

 

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.