MIRA INFORM REPORT

 

 

Report Date :

05.05.2011

 

IDENTIFICATION DETAILS

 

Name :

BASRI PLASTIK AMBALAJ SANAYI VE TICARET LTD. STI.

 

 

Registered Office :

1572. Sokak No:33 Cinarli Izmir

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

09.06.1989

 

 

Com. Reg. No.:

57391

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Trade of decoration materials, giftware, artificial flowers and florists' materials.

 

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 :

54.000 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 – December 31, 2010

 

Country Name

Previous Rating

(30.09.2010)

Current Rating

(31.12.2010)

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

:

BASRI PLASTIK AMBALAJ SANAYI VE TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

1572. Sokak No:33 Cinarli Izmir / Turkey

PHONE NUMBER

:

90-232-461 67 99

 

FAX NUMBER

:

90-232-461 25 84

 

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Karsiyaka

TAX NO

:

1430036231

REGISTRATION NUMBER

:

57391

REGISTERED OFFICE

:

Izmir Chamber of Commerce

DATE ESTABLISHED

:

09.06.1989

ESTABLISHMENT GAZETTE DATE/NO

:

20.06.1989/2298

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   50.000

 

HISTORY

:

Merger

:

The subject took over and merged with "Egesera Cicek Dekorasyon Ve Ambalaj Malzemeleri Sanayi Ticaret Ltd Sti."

Changed On

:

11.02.2008 (Commercial Gazette Date /Number 19.02.2008/ 7002)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Mustafa Basri Basalp

99 %

Emine Basalp

1 %

 

 

SISTER COMPANIES

:

Declared to be:None

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Mustafa Basri Basalp

General Manager

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Trade of decoration materials, giftware, artificial flowers and florists' materials.

 

NACE CODE

:

G .52.48

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

8

 

NET SALES

:

1.273.755 TL

(2009) 

1.332.415 TL

(2010) 

272.847 TL

(01.01-31.03.2011) 

 

 

REMARKS ON NET SALES

:

The net sales figure of 1.1.-31.03.2011 is declared by the subject company. There is no certification for this figure.

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT VALUE

:

40.197 TL

(2009)

197.507 TL

(2010)

48.857 TL

(01.01-31.03.2011)

 

 

 

 

IMPORT COUNTRIES

:

China

 

MERCHANDISE IMPORTED

:

Artificial Flowers

Gifts

 

HEAD OFFICE ADDRESS

:

1572. Sokak No:33 Cinarli Izmir / Turkey ( rented ) (2.650 sqm)

 

 

TREND OF BUSINESS

:

There was a slowdown at business volume in real terms in 2010.

SIZE OF BUSINESS

:

Lower-Moderate

 

 

FINANCE

 

MAIN DEALING BANKS

:

Yapi Ve Kredi Bankasi Bornova 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

:

 

(2009) TL

(2010) TL

Net Sales

1.273.755

1.332.415

Profit (Loss) Before Tax

-17.922

38.007

Stockholders' Equity

412.473

440.138

Total Assets

1.225.943

1.342.823

Current Assets

1.098.189

1.170.663

Non-Current Assets

127.754

172.160

Current Liabilities

813.470

902.685

Long-Term Liabilities

0

0

Gross Profit (loss)

546.902

494.418

Operating Profit (loss)

74.691

65.819

Net Profit (loss)

-19.283

26.282

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Satisfactory As of 31.12.2010

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.

 

Liquidity

Insufficient As of 31.12.2010

Remarks On Liquidity

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

 

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

 

Profitability

Good Operating Profitability  in 2009

Net Loss  in 2009

In Order Operating Profitability  in 2010

Fair Net Profitability  in 2010

 

Gap between average collection and payable periods

Unfavorable in 2010

General Financial Position

Passable

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT LIMIT

 

:

54.000 USD

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 54.000 USD may be granted to the subject company.

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 01.01-30.04.2011)

6,04 %

1,5645

2,1852

2,5128

 

 

BALANCE SHEETS

 

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

1.098.189

0,90

1.170.663

0,87

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

27.477

0,02

17.042

0,01

Marketable Securities

0

0,00

0

0,00

Account Receivable

171.735

0,14

242.390

0,18

Other Receivable

1.740

0,00

1.987

0,00

Inventories

882.819

0,72

861.074

0,64

Advances Given

14.418

0,01

46.424

0,03

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

0

0,00

1.746

0,00

NON-CURRENT ASSETS

127.754

0,10

172.160

0,13

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

Financial Assets

0

0,00

0

0,00

Tangible Fixed Assets (net)

92.258

0,08

116.499

0,09

Intangible Assets

28.532

0,02

46.640

0,03

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

6.964

0,01

9.021

0,01

TOTAL ASSETS

1.225.943

1,00

1.342.823

1,00

CURRENT LIABILITIES

813.470

0,66

902.685

0,67

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

211.963

0,17

389.491

0,29

Accounts Payable

290.344

0,24

122.500

0,09

Loans from Shareholders

220.691

0,18

307.469

0,23

Other Short-term Payable

0

0,00

0

0,00

Advances from Customers

31.007

0,03

5.671

0,00

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

58.104

0,05

67.213

0,05

Provisions

1.361

0,00

10.341

0,01

Other Current Liabilities

0

0,00

0

0,00

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

412.473

0,34

440.138

0,33

Not Detailed Stockholders' Equity

412.473

0,34

440.138

0,33

Paid-in Capital

0

0,00

0

0,00

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

0

0,00

0

0,00

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

Net Profit (loss)

0

0,00

0

0,00

TOTAL LIABILITIES AND EQUITY

1.225.943

1,00

1.342.823

1,00

 

 

INCOME STATEMENTS

 

 

(2009) TL

 

(2010) TL

 

Net Sales

1.273.755

1,00

1.332.415

1,00

Cost of Goods Sold

726.853

0,57

837.997

0,63

Gross Profit

546.902

0,43

494.418

0,37

Operating Expenses

472.211

0,37

428.599

0,32

Operating Profit

74.691

0,06

65.819

0,05

Other Income

417

0,00

2.910

0,00

Other Expenses

93.030

0,07

30.722

0,02

Financial Expenses

0

0,00

0

0,00

Minority Interests

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

Profit (loss) Before Tax

-17.922

-0,01

38.007

0,03

Tax Payable

1.361

0,00

11.725

0,01

Postponed Tax Gain

0

0,00

0

0,00

Net Profit (loss)

-19.283

-0,02

26.282

0,02

 

 

 

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

LIQUIDITY RATIOS

 

Current Ratio

1,35

1,30

Acid-Test Ratio

0,25

0,29

Cash Ratio

0,03

0,02

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,72

0,64

Short-term Receivable/Total Assets

0,14

0,18

Tangible Assets/Total Assets

0,08

0,09

TURNOVER RATIOS

 

Inventory Turnover

0,82

0,97

Stockholders' Equity Turnover

3,09

3,03

Asset Turnover

1,04

0,99

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,34

0,33

Current Liabilities/Total Assets

0,66

0,67

Financial Leverage

0,66

0,67

Gearing Percentage

1,97

2,05

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

-0,05

0,06

Operating Profit Margin

0,06

0,05

Net Profit Margin

-0,02

0,02

Interest Cover

 

 

COLLECTION-PAYMENT

 

Average Collection Period (days)

48,54

65,49

Average Payable Period (days)

143,80

52,63

WORKING CAPITAL

284719,00

267978,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.59

UK Pound

1

Rs.73.42

Euro

1

Rs.66.04

 

 

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.