MIRA INFORM REPORT

 

 

Report Date :

18.02.2011

 

IDENTIFICATION DETAILS

 

Name :

KALE NOBEL AMBALAJ SANAYI VE TICARET A.S.

 

 

Registered Office :

Sevketiye Cobancesme Kav. Istanbul Dunya Ticaret Merkezi (IDTM Bloklari) A2 Blok Kat:6 No:229/230 Bakirkoy Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2009

 

 

Date of Incorporation :

03.01.1973

 

 

Com. Reg. No.:

119536

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of printed cardboard and packaging materials of paper and aluminum

 

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 :

3.500.000 USD

Status :

Satisfactory

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

:

KALE NOBEL AMBALAJ SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Sevketiye Cobancesme Kav. Istanbul Dunya Ticaret Merkezi (IDTM Bloklari) A2 Blok Kat:6 No:229/230 Bakirkoy Istanbul / Turkey

PHONE NUMBER

:

90-212-465 74 60 (8 lines) (Head Office)

90-288-436 25 00 (3 lines) (Production Plant)

 

FAX NUMBER

:

90-212-465 74 69 (Head Office)

90-288-436 24 99 (Production Plant)

 

WEB-ADDRESS

:

www.kalenobel.com.trS

E-MAIL

:

kalenobel@kalenobel.com.tr

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Bogazici Kurumlar

TAX NO

:

4910019049

REGISTRATION NUMBER

:

119536

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

03.01.1973

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   4.000.000

PAID-IN CAPITAL

:

TL   4.000.000

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

SHCO 20 S.a.r.l.

50 %

Mehmet Olcay Hephiz

47 %

Melis Hephiz

1 %

Tuncay Hephiz

1 %

Roseline Hephiz

1 %

 

 

SISTER COMPANIES

:

GOLDPAK AMBALAJ SANAYI VE TICARET A.S.

KALENOBEL DIS TICARET VE PAZARLAMA A.S.

 

BOARD OF DIRECTORS

:

Mehmet Olcay Hephiz

Chairman

Roseline Hephiz

Member

Ali Riz Artunkal

Member

Daniel Zach

Member

 

 

DIRECTORS

:

Mehmet Olcay Hephiz                                                                                                                                                                                                                                                                                   

General Manager

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of printed cardboard and packaging materials of paper and aluminum. 

 

NACE CODE

:

DE.21.21

 

TRADEMARKS OWNED

:

Kale Nobel

 

NUMBER OF EMPLOYEES

:

216

 

NET SALES

:

1.728 TL Thousand

(1998) 

2.758 TL Thousand

(1999) 

4.793 TL Thousand

(2000) 

11.667 TL Thousand

(2001) 

17.462 TL Thousand

(2002) 

21.793 TL Thousand

(2003) 

28.888 TL Thousand

(2004) 

34.886 TL Thousand

(2005) 

45.652 TL Thousand

(2006) 

47.131 TL Thousand

(2007) 

49.303 TL Thousand

(2008) 

63.438 TL Thousand

(2009) 

58.055 TL Thousand

(01.01-30.09.2010) 

 

 

IMPORT VALUE

:

5.495.730 USD

(2006)

5.750.242 EUR

(2007)

3.340.000 EUR

(2008)

3.865.000 EUR

(2009)

 

 

IMPORT COUNTRIES

:

Germany

Sweden

Israel

Italy

Belgium

Switzerland

Greece

India

Spain

France

U.K.

 

MERCHANDISE IMPORTED

:

Aluminum

Raw materials

 

EXPORT VALUE

:

258 TL Thousand

(1998)

167 TL Thousand

(1999)

164 TL Thousand

(2000)

169 TL Thousand

(2001)

771 TL Thousand

(2002)

2.302 TL Thousand

(2003)

3.944 TL Thousand

(2004)

5.623 TL Thousand

(2005)

1.439 TL Thousand

(2006)

7.067 TL Thousand

(2007)

15.074 TL Thousand

(2008)

17.798 TL Thousand

(2009)

15.619.935 TL

(01.01-30.09.2010)

 

 

EXPORT COUNTRIES

:

Libya

Algeria

Georgia

Bulgaria

Spain

Lebanon

France

Pakistan

Jordan

Iran

 

MERCHANDISE  EXPORTED

:

Cartons

Paper

Paperboard

 

HEAD OFFICE ADDRESS

:

Sevketiye Cobancesme Kav. Istanbul Dunya Ticaret Merkezi (IDTM Bloklari) A2 Blok Kat:6 No:229/230 Bakirkoy  Istanbul / Turkey ( rented )

 

BRANCHES

:

Warehouse  :  Luleburgaz Kirklareli/Turkey (rented)

 

Warehouse  :  Istoc Istanbul/Turkey (rented)

 

Factory  :  Muratli Sapagi Buyukkaristiran Mevkii E-5 Karayolu Uzeri Luleburgaz Istanbul/Turkey (owned) (12.500 sqm)

                                                                                

INVESTMENTS

:

None

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2009. There appears an upwards trend in  1.1 - 30.9.2010.

SIZE OF BUSINESS

:

Large

 

 

 

FINANCE

 

MAIN DEALING BANKS

:

Garanti Bankasi Corlu Branch

HSBC Bank Ikitelli Organize Sanayi Bolgesi Branch

T. Is Bankasi Carsi Gunesli Branch

T.Vakiflar Bankasi Zeytinburnu Branch

Turk Ekonomi Bankasi Sefakoy Branch

Yapi ve Kredi Bankasi Beylikduzu 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

:

 

(2006) TL Thousand

(2007) TL Thousand

(2008) TL Thousand

(2009) TL Thousand

(01.01-30.09.2010) TL Thousand

Net Sales

45.652

47.131

49.303

63.438

58.055

Profit (Loss) Before Tax

1.364

-2.533

673

5.506

1.590

Stockholders' Equity

10.394

7.832

8.505

13.245

 

Total Assets

34.400

36.922

38.047

35.216

 

Current Assets

24.194

24.893

26.334

26.182

 

Non-Current Assets

10.206

12.029

11.713

9.034

 

Current Liabilities

16.911

23.104

23.457

18.277

 

Long-Term Liabilities

7.095

5.986

6.085

3.694

 

Gross Profit (loss)

9.528

5.431

8.665

13.292

6.758

Operating Profit (loss)

3.963

222

3.765

7.377

1.668

Net Profit (loss)

1.050

-2.533

673

4.740

1.590

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Satisfactory As of 31.12.2009

Liquidity

In Order As of 31.12.2009

Remarks On Liquidity

The favorable gap between average collection and average payable period has a positive effect on liquidity.

Profitability

Good Operating Profitability  in 2006

Fair Net Profitability  in 2006

Low Operating Profitability  in 2007

Net Loss  in 2007

Good Operating Profitability  in 2008

Low Net Profitability  in 2008

High Operating Profitability  in 2009

High Net Profitability  in 2009

Fair Operating Profitability (01.01-30.09.2010)

Fair Net Profitability (01.01-30.09.2010)

 

Gap between average collection and payable periods

Favorable in 2009

General Financial Position

Satisfactory

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 3.500.000 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

 ( 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

 

 

 31.12.2006   TL Thousand

 

 31.12.2007  TL Thousand

 

 31.12.2008   TL Thousand

 

 31.12.2009   TL Thousand

 

CURRENT ASSETS

24.194

0,70

24.893

0,67

26.334

0,69

26.182

0,74

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

2.469

0,07

4.799

0,13

1.702

0,04

2.718

0,08

Marketable Securities

191

0,01

296

0,01

252

0,01

325

0,01

Account Receivable

9.583

0,28

6.060

0,16

10.574

0,28

11.280

0,32

Other Receivable

15

0,00

107

0,00

150

0,00

59

0,00

Inventories

10.411

0,30

11.229

0,30

11.575

0,30

10.336

0,29

Advances Given

96

0,00

89

0,00

111

0,00

112

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

1.429

0,04

2.313

0,06

1.970

0,05

1.352

0,04

NON-CURRENT ASSETS

10.206

0,30

12.029

0,33

11.713

0,31

9.034

0,26

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

5

0,00

5

0,00

5

0,00

5

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

8.264

0,24

9.965

0,27

10.082

0,26

8.271

0,23

Intangible Assets

302

0,01

229

0,01

202

0,01

163

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

1.635

0,05

1.830

0,05

1.424

0,04

595

0,02

TOTAL ASSETS

34.400

1,00

36.922

1,00

38.047

1,00

35.216

1,00

CURRENT LIABILITIES

16.911

0,49

23.104

0,63

23.457

0,62

18.277

0,52

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

4.192

0,12

12.012

0,33

10.767

0,28

3.981

0,11

Accounts Payable

7.949

0,23

6.700

0,18

11.319

0,30

11.973

0,34

Loans from Shareholders

1.907

0,06

1.650

0,04

0

0,00

0

0,00

Other Short-term Payable

0

0,00

0

0,00

0

0,00

0

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

373

0,01

377

0,01

249

0,01

355

0,01

Provisions

313

0,01

-1

0,00

0

0,00

700

0,02

Other Current Liabilities

2.177

0,06

2.366

0,06

1.122

0,03

1.268

0,04

LONG-TERM LIABILITIES

7.095

0,21

5.986

0,16

6.085

0,16

3.694

0,10

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

7.095

0,21

5.986

0,16

6.085

0,16

3.694

0,10

Securities Issued

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

0

0,00

0

0,00

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

10.394

0,30

7.832

0,21

8.505

0,22

13.245

0,38

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

4.000

0,12

4.000

0,11

4.000

0,11

4.000

0,11

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

676

0,02

676

0,02

676

0,02

676

0,02

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

4.668

0,14

5.689

0,15

5.689

0,15

5.689

0,16

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

-2.533

-0,07

-1.860

-0,05

Net Profit (loss)

1.050

0,03

-2.533

-0,07

673

0,02

4.740

0,13

TOTAL LIABILITIES AND EQUITY

34.400

1,00

36.922

1,00

38.047

1,00

35.216

1,00

 

 

 

INCOME STATEMENTS

 

 

(2006) TL Thousand

 

(2007) TL Thousand

 

(2008) TL Thousand

 

(2009) TL Thousand

 

(01.01-30.09.2010) TL Thousand

 

Net Sales

45.652

1,00

47.131

1,00

49.303

1,00

63.438

1,00

58.055

1,00

Cost of Goods Sold

36.124

0,79

41.700

0,88

40.638

0,82

50.146

0,79

51.297

0,88

Gross Profit

9.528

0,21

5.431

0,12

8.665

0,18

13.292

0,21

6.758

0,12

Operating Expenses

5.565

0,12

5.209

0,11

4.900

0,10

5.915

0,09

5.090

0,09

Operating Profit

3.963

0,09

222

0,00

3.765

0,08

7.377

0,12

1.668

0,03

Other Income

1.771

0,04

1.462

0,03

2.606

0,05

1.546

0,02

1.390

0,02

Other Expenses

2.956

0,06

1.457

0,03

2.388

0,05

1.645

0,03

576

0,01

Financial Expenses

1.414

0,03

2.760

0,06

3.310

0,07

1.772

0,03

892

0,02

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

1.364

0,03

-2.533

-0,05

673

0,01

5.506

0,09

1.590

0,03

Tax Payable

314

0,01

0

0,00

0

0,00

766

0,01

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

1.050

0,02

-2.533

-0,05

673

0,01

4.740

0,07

1.590

0,03

 

FINANCIAL RATIOS

 

 

(2006)

(2007)

(2008)

(2009)

LIQUIDITY RATIOS

 

 

Current Ratio

1,43

1,08

1,12

1,43

Acid-Test Ratio

0,72

0,49

0,54

0,79

Cash Ratio

0,16

0,22

0,08

0,17

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,30

0,30

0,30

0,29

Short-term Receivable/Total Assets

0,28

0,17

0,28

0,32

Tangible Assets/Total Assets

0,24

0,27

0,26

0,23

TURNOVER RATIOS

 

 

Inventory Turnover

3,47

3,71

3,51

4,85

Stockholders' Equity Turnover

4,39

6,02

5,80

4,79

Asset Turnover

1,33

1,28

1,30

1,80

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,30

0,21

0,22

0,38

Current Liabilities/Total Assets

0,49

0,63

0,62

0,52

Financial Leverage

0,70

0,79

0,78

0,62

Gearing Percentage

2,31

3,71

3,47

1,66

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,10

-0,32

0,08

0,36

Operating Profit Margin

0,09

0,00

0,08

0,12

Net Profit Margin

0,02

-0,05

0,01

0,07

Interest Cover

1,96

0,08

1,20

4,11

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

75,61

46,33

77,25

64,04

Average Payable Period (days)

79,22

57,84

100,27

85,95

WORKING CAPITAL

7283,00

1789,00

2877,00

7905,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.38

UK Pound

1

Rs.73.08

Euro

1

Rs.61.60

 

 

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.