MIRA INFORM REPORT

 

 

Report Date :

18.02.2011

 

IDENTIFICATION DETAILS

 

Name :

PILENPAK AMBALAJ SANAYI VE TICARET A.S.

 

 

Registered Office :

Organize Sanayi Bolgesi 50. Yil Caddesi Manisa

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2009

 

 

Year of Establishment :

1988

 

 

Com. Reg. No.:

4935

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of flexible printed packaging materials, film. 

 

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 :

10.300.000 USD

Status :

Good

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

:

PILENPAK AMBALAJ SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Organize Sanayi Bolgesi 50. Yil Caddesi Manisa / Turkey

PHONE NUMBER

:

90-236-233 55 56-57

 

FAX NUMBER

:

90-236-233 25 00

 

WEB-ADDRESS

:

www.pilenpak.com

E-MAIL

:

info@pilenpak.com

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Mesir

TAX NO

:

7290062208

REGISTRATION NUMBER

:

4935

REGISTERED OFFICE

:

Manisa Chamber of Commerce and Industry

DATE ESTABLISHED

:

1988

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   20.000.000

HISTORY

:

Previous Registered Capital

:

TL 12.727.252

Changed On

:

04.06.2010 (Commercial Gazette Date /Number 15.06.2010/ 7585)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Melahat Deniz Ozhun

42,26 %

Mahmut Mahir Kusculu

21,33 %

Celal Murat Ozhun

12,39 %

Halide Cinla Ozhun

12,39 %

Halil Bulent Corapci

8,33 %

Others

 

 

 

SISTER COMPANIES

:

INKA AMBALAJ SANAYI VE INSAAT TICARET LTD. STI.

 

BOARD OF DIRECTORS

:

Melahat Deniz Ozhun

Chairman

Mahmut Mahir Kusculu

Vice-Chairman

Celal Murat Ozhun

Member

Halide Cinla Ozhun

Member

Halil Bulent Corapci

Member

 

 

DIRECTORS

:

Celal Murat Ozhun                                                                                                                                                                                                                                                                                   

General Manager

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of flexible printed packaging materials, film. 

 

NACE CODE

:

DH.25.20

 

SECTOR

:

Packaging

 

TRADEMARKS OWNED

:

Pilenpak

 

NUMBER OF EMPLOYEES

:

350

 

NET SALES

:

250.249 TL

(1994) 

581.917 TL

(1995) 

809.856 TL

(1996) 

1.475.318 TL

(1997) 

2.958.377 TL

(1998) 

4.645.236 TL

(1999) 

8.211.005 TL

(2000) 

17.489.250 TL

(2001) 

24.926.903 TL

(2002) 

29.009.592 TL

(2003) 

34.550.367 TL

(2004) 

40.320.362 TL

(2005) 

62.590.968 TL

(2006) 

58.740.605 TL

(2007) 

67.816.187 TL

(2008) 

66.528.413 TL

(2009) 

46.557.977 TL

(01.01-30.09.2010) 

 

 

CAPACITY

:

  ( Sqm/yr)

 

 

 

280.000.000

 

 

(2007)

 

 

 

 

IMPORT VALUE

:

1.828.000 USD

(1998)

2.400.000 USD

(1999)

2.200.000 USD

(2000)

4.000.000 USD

(2001)

4.000.000 USD

(2002)

5.387.191 USD

(2003)

9.000.000 USD

(2004)

8.346.557 USD

(2005)

11.775.948 USD

(2006)

13.416.802 USD

(2007)

5.800.000 USD

(01.01-30.06.2008)

 

 

IMPORT COUNTRIES

:

India

Israel

Belgium

France

U.A.E.

 

MERCHANDISE IMPORTED

:

Film

Raw materials

 

EXPORT VALUE

:

49.805 TL

(1995)

122.810 TL

(1996)

1.237.570 USD

(1997)

2.439.619 USD

(1998)

594.983 TL

(1999)

1.375.024 TL

(2000)

3.893.581 TL

(2001)

3.750.000 USD

(2002)

7.750.994 TL

(2003)

9.366.349 TL

(2004)

14.007.953 TL

(2005)

24.187.641 TL

(2006)

17.894.212 TL

(2007)

21.443.489 TL

(2008)

25.639.132 TL

(2009)

18.935.282 TL

(01.01-30.09.2010)

 

 

EXPORT COUNTRIES

:

Germany

 

MERCHANDISE  EXPORTED

:

Printed packaging materials

 

HEAD OFFICE ADDRESS

:

Organize Sanayi Bolgesi 50. Yil Caddesi  Manisa / Turkey ( owned )

 

BRANCHES

:

Head Office/Factory  :  Organize Sanayi Bolgesi 50. Yil Caddesi Manisa/Turkey (owned) (4.000 sqm)

 

Factory  :  Organize Sanayi Bolgesi Gaziler Caddesi Manisa/Turkey (owned) (20.000 sqm)

 

Liaison Office  :   Istanbul/Turkey

 

Liaison Office  :   Konya/Turkey  

 

 

TREND OF BUSINESS

:

There was a decline at business volume in nominal terms in  2009. There appears a decline at business volume in nominal terms in  1.1 - 30.9.2010.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Pinarbasi Branch

Denizbank Manisa Branch

Garanti Bankasi Manisa Branch

Ziraat Bankasi Izmir 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

(2007) TL

(2008) TL

(2009) TL

(01.01-30.09.2010) TL

Net Sales

62.590.968

58.740.605

67.816.187

66.528.413

46.557.977

Profit (Loss) Before Tax

8.142.324

5.441.569

6.682.846

14.676.723

5.557.807

Stockholders' Equity

22.522.403

26.883.542

34.826.981

51.453.300

 

Total Assets

44.519.442

48.657.283

55.105.746

62.544.972

 

Current Assets

28.666.937

27.718.702

33.727.114

41.780.424

 

Non-Current Assets

15.852.505

20.938.581

21.378.632

20.764.548

 

Current Liabilities

15.168.164

13.178.481

9.302.725

11.088.672

 

Long-Term Liabilities

6.828.875

8.595.260

10.976.040

3.000

 

Gross Profit (loss)

12.558.976

8.428.137

12.427.910

17.655.345

6.963.617

Operating Profit (loss)

9.601.749

5.203.247

8.881.440

13.657.599

5.366.598

Net Profit (loss)

6.442.091

4.312.633

5.236.609

11.615.919

4.417.042

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

 

 

Equity Part

:7.272.748 TL

Payment Due Date

:04.06.2010

 

 

Capitalization

High As of 31.12.2009

Remarks on Capitalization

There has been capital increase after the last balance sheet date. The increase is decided to be financed by equity items so the capital increase is not expected to have a positive effect on equity total.

 

Liquidity

High As of 31.12.2009

Profitability

High Operating Profitability  in 2006

High Net Profitability  in 2006

Good Operating Profitability  in 2007

High Net Profitability  in 2007

High Operating Profitability  in 2008

High Net Profitability  in 2008

High Operating Profitability  in 2009

High Net Profitability  in 2009

High Operating Profitability (01.01-30.09.2010)

High Net Profitability (01.01-30.09.2010)

 

Gap between average collection and payable periods

Unfavorable in 2009

General Financial Position

Good

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 10.300.000 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

 ( 01.01-30.06.2008)

13,76 %

1,2197

1,8695

2,4232

 ( 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

 

 ( 31.12.2007 )  TL

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

CURRENT ASSETS

28.666.937

0,64

27.718.702

0,57

33.727.114

0,61

41.780.424

0,67

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

5.842.663

0,13

6.472.720

0,13

8.329.206

0,15

18.111.744

0,29

Marketable Securities

116.434

0,00

19.509

0,00

38.730

0,00

0

0,00

Account Receivable

14.040.214

0,32

11.912.140

0,24

14.063.242

0,26

11.052.066

0,18

Other Receivable

599.267

0,01

304.607

0,01

161.201

0,00

122.123

0,00

Inventories

6.663.219

0,15

6.894.344

0,14

7.147.622

0,13

6.846.200

0,11

Advances Given

1.050.523

0,02

943.797

0,02

2.652.961

0,05

2.868.104

0,05

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

354.617

0,01

1.171.585

0,02

1.334.152

0,02

2.780.187

0,04

NON-CURRENT ASSETS

15.852.505

0,36

20.938.581

0,43

21.378.632

0,39

20.764.548

0,33

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

8.257

0,00

8.257

0,00

8.257

0,00

8.257

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

15.732.890

0,35

20.776.917

0,43

21.276.786

0,39

20.659.517

0,33

Intangible Assets

102.371

0,00

142.735

0,00

74.127

0,00

79.589

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

8.987

0,00

10.672

0,00

19.462

0,00

17.185

0,00

TOTAL ASSETS

44.519.442

1,00

48.657.283

1,00

55.105.746

1,00

62.544.972

1,00

CURRENT LIABILITIES

15.168.164

0,34

13.178.481

0,27

9.302.725

0,17

11.088.672

0,18

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

13.785

0,00

131.092

0,00

125.483

0,00

127.561

0,00

Accounts Payable

9.548.522

0,21

8.328.461

0,17

7.349.713

0,13

7.355.458

0,12

Loans from Shareholders

0

0,00

487

0,00

487

0,00

42.679

0,00

Other Short-term Payable

30.876

0,00

686.310

0,01

27.293

0,00

81.767

0,00

Advances from Customers

326.476

0,01

241.524

0,00

87.523

0,00

94.962

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

419.359

0,01

235.793

0,00

258.200

0,00

321.841

0,01

Provisions

1.700.233

0,04

1.128.936

0,02

1.446.237

0,03

3.060.804

0,05

Other Current Liabilities

3.128.913

0,07

2.425.878

0,05

7.789

0,00

3.600

0,00

LONG-TERM LIABILITIES

6.828.875

0,15

8.595.260

0,18

10.976.040

0,20

3.000

0,00

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

6.825.875

0,15

8.592.260

0,18

10.973.040

0,20

0

0,00

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

3.000

0,00

3.000

0,00

3.000

0,00

3.000

0,00

STOCKHOLDERS' EQUITY

22.522.403

0,51

26.883.542

0,55

34.826.981

0,63

51.453.300

0,82

Not Detailed Stockholders' Equity

22.522.403

0,51

26.883.542

0,55

34.826.981

0,63

51.453.300

0,82

Paid-in Capital

0

0,00

0

0,00

0

0,00

0

0,00

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

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

0

0,00

0

0,00

0

0,00

0

0,00

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

0

0,00

0

0,00

0

0,00

0

0,00

TOTAL LIABILITIES AND EQUITY

44.519.442

1,00

48.657.283

1,00

55.105.746

1,00

62.544.972

1,00

 

 

 

 

INCOME STATEMENTS

 

 

(2006) TL

 

(2007) TL

 

(2008) TL

 

(2009) TL

 

(01.01-30.09.2010) TL

 

Net Sales

62.590.968

1,00

58.740.605

1,00

67.816.187

1,00

66.528.413

1,00

46.557.977

1,00

Cost of Goods Sold

50.031.992

0,80

50.312.468

0,86

55.388.277

0,82

48.873.068

0,73

39.594.360

0,85

Gross Profit

12.558.976

0,20

8.428.137

0,14

12.427.910

0,18

17.655.345

0,27

6.963.617

0,15

Operating Expenses

2.957.227

0,05

3.224.890

0,05

3.546.470

0,05

3.997.746

0,06

1.597.019

0,03

Operating Profit

9.601.749

0,15

5.203.247

0,09

8.881.440

0,13

13.657.599

0,21

5.366.598

0,12

Other Income

1.346.180

0,02

3.366.080

0,06

4.533.302

0,07

5.503.006

0,08

2.746.454

0,06

Other Expenses

1.225.252

0,02

2.020.483

0,03

2.091.737

0,03

1.433.259

0,02

2.155.608

0,05

Financial Expenses

1.580.353

0,03

1.107.275

0,02

4.640.159

0,07

3.050.623

0,05

399.637

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

8.142.324

0,13

5.441.569

0,09

6.682.846

0,10

14.676.723

0,22

5.557.807

0,12

Tax Payable

1.700.233

0,03

1.128.936

0,02

1.446.237

0,02

3.060.804

0,05

1.140.765

0,02

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

6.442.091

0,10

4.312.633

0,07

5.236.609

0,08

11.615.919

0,17

4.417.042

0,09

 

FINANCIAL RATIOS

 

 

(2006)

(2007)

(2008)

(2009)

LIQUIDITY RATIOS

 

 

Current Ratio

1,89

2,10

3,63

3,77

Acid-Test Ratio

1,36

1,42

2,43

2,64

Cash Ratio

0,39

0,49

0,90

1,63

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,15

0,14

0,13

0,11

Short-term Receivable/Total Assets

0,33

0,25

0,26

0,18

Tangible Assets/Total Assets

0,35

0,43

0,39

0,33

TURNOVER RATIOS

 

 

Inventory Turnover

7,51

7,30

7,75

7,14

Stockholders' Equity Turnover

2,78

2,19

1,95

1,29

Asset Turnover

1,41

1,21

1,23

1,06

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,51

0,55

0,63

0,82

Current Liabilities/Total Assets

0,34

0,27

0,17

0,18

Financial Leverage

0,49

0,45

0,37

0,18

Gearing Percentage

0,98

0,81

0,58

0,22

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,29

0,16

0,15

0,23

Operating Profit Margin

0,15

0,09

0,13

0,21

Net Profit Margin

0,10

0,07

0,08

0,17

Interest Cover

6,15

5,91

2,44

5,81

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

80,80

73,06

74,70

59,85

Average Payable Period (days)

68,71

59,59

47,77

54,18

WORKING CAPITAL

13498773,00

14540221,00

24424389,00

30691752,00

 

 

 

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.