MIRA INFORM REPORT

 

 

Report Date :           

28.05.2011

 

IDENTIFICATION DETAILS

 

Name :

EGEM AMBALAJ SANAYI VE TICARET A.S.

 

 

Registered Office :

Manisa Organize Sanayi Bolgesi Ekrem Elginkan Cad. No:3 45030 Manisa

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

02.05.2003

 

 

Com. Reg. No.:

9265

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Lamination, manufacture and trade of paperboard and packages

 

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 :

1.910.000 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 – 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

:

EGEM AMBALAJ SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Manisa Organize Sanayi Bolgesi Ekrem Elginkan Cad. No:3 45030 Manisa / Turkey

PHONE NUMBER

:

90-236-213 04 24

 

FAX NUMBER

:

90-236-213 04 25

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Mesir

TAX NO

:

3250373708

REGISTRATION NUMBER

:

9265

REGISTERED OFFICE

:

Manisa Chamber of Commerce and Industry

DATE ESTABLISHED

:

02.05.2003

ESTABLISHMENT GAZETTE DATE/NO

:

13.05.2003/5797

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   9.000.000

PAID-IN CAPITAL

:

TL   9.000.000

HISTORY

:

Previous Registered Capital

:

TL 50.000

Changed On

:

01.12.2005 (Commercial Gazette Date /Number 07.12.2005/ 6447)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Muzaffer Bugdayci

40 %

Mustafa Tuzun

20 %

Cem Tuzun

15 %

Arda Tuzun

10 %

Osman Tuzun

5 %

Cuneyt Bugdayci

2,50 %

Zumrut Akman Bugdayci

2,50 %

Vasfiye Bugdayci

2,50 %

Cihan Bugdayci

2,50 %

 

 

SISTER COMPANIES

:

EGE OFIS PAZARLAMA MATBAA MALZEMELERI SANAYI VE TICARET LTD. STI.

EGE OFSET SANAYI TICARET LTD. STI.

EGE-MET KAGITCILIK SANAYI VE TICARET A.S.

EGESAN BASIM AMBALAJ VE SUREKLI FORMLARI SANAYI VE TICARET LTD. STI.

 

BOARD OF DIRECTORS

:

Muzaffer Bugdayci

Chairman

Cuneyt Bugdayci

Member

Cihan Bugdayci

Member

Mustafa Tuzun

Vice-Chairman

 

 

DIRECTORS

:

Mustafa Kinson                                                                                                                                                                                                                                                                                   

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Lamination, manufacture and trade of paperboard and packages. 

 

NACE CODE

:

DE.21.21

 

NUMBER OF EMPLOYEES

:

111

 

REMARKS ON NUMBER OF EMPLOYEES

:

The number of employees increases to 137 including the subcontractors.

 

NET SALES

:

15.513.986 TL

(2006) 

17.299.321 TL

(2007) 

27.384.146 TL

(2008) 

28.359.738 TL

(2009) 

29.748.683 TL

(2010) 

6.499.729 TL

(01.01-31.03.2011) 

 

 

IMPORT VALUE

:

5.583.938 USD

(2008)

4.329.051 USD

(2009)

10.890.872 USD

(2010)

 

 

IMPORT COUNTRIES

:

India

China

Finland

Germany

Italy

 

MERCHANDISE IMPORTED

:

Machinery

Paperboard

 

EXPORT VALUE

:

1.568.653 TL

(2006)

1.041.336 TL

(2007)

6.855.049 TL

(2008)

6.382.630 TL

(2009)

6.954.046 TL

(2010)

2.400.308 TL

(01.01-31.03.2011)

 

 

EXPORT COUNTRIES

:

Azerbaijan

Uzbekistan

Kyrgyzstan

Bulgaria

Iran

Libya

Georgia

Germany

Iraq

 

MERCHANDISE  EXPORTED

:

Packages

 

HEAD OFFICE ADDRESS

:

Manisa Organize Sanayi Bolgesi Ekrem Elginkan Cad. No:3 45030  Manisa / Turkey ( owned )

 

 

BRANCHES

:

Factory  :  Manisa Organize Sanayi Bolgesi  Ekrem Elginkan Cad. No:1 Manisa/Turkey (owned) (10.000 sqm)

 

Head Office/Factory  :  Manisa Organize Sanayi Bolgesi  Ekrem Elginkan Cad. No:3 Manisa/Turkey (owned) (19.000 sqm)

                                                                                

INVESTMENTS

:

Investments are going on.

 

 

TREND OF BUSINESS

:

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

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Manisa Branch

Anadolubank Izmir Branch

Denizbank Ticari Pinarbasi Branch

Finansbank Manisa Organize Sanayi Branch

Garanti Bankasi Manisa Branch

HSBC Bank Bornova Branch

T. Halk Bankasi Izmir Ticari Branch

Turk Ekonomi Bankasi Izmir Carsi Branch

 

CREDIT FACILITIES

:

The subject company is making active use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

 

KEY FINANCIAL ELEMENTS

:

 

(2007) TL

(2008) TL

(2009) TL

(2010) TL

(01.01-31.03.2011) TL

Net Sales

17.299.321

27.384.146

28.359.738

29.748.683

6.499.729

Profit (Loss) Before Tax

323.674

-618.112

5.958.432

3.141.789

205.341

Stockholders' Equity

12.251.589

11.633.478

17.087.920

19.746.197

 

Total Assets

30.251.610

31.313.197

28.596.935

35.879.810

 

Current Assets

11.866.549

11.672.593

12.711.308

14.407.493

 

Non-Current Assets

18.385.061

19.640.604

15.885.627

21.472.317

 

Current Liabilities

12.956.246

17.507.986

10.457.146

12.773.398

 

Long-Term Liabilities

5.043.775

2.171.733

1.051.869

3.360.215

 

Gross Profit (loss)

2.270.586

3.241.630

5.432.005

5.679.577

1.583.665

Operating Profit (loss)

741.323

1.284.885

3.321.275

3.738.076

1.031.505

Net Profit (loss)

323.674

-618.112

5.454.442

2.658.277

205.341

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Good As of 31.12.2010

Liquidity

Fair As of 31.12.2010

Remarks On Liquidity

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

 

The liquid assets consist mainly of receivables the amount of cash&banks or marketable securities (which are more liquid) are low.

 

Profitability

In Order Operating Profitability  in 2007

Low Net Profitability  in 2007

In Order Operating Profitability  in 2008

Net Loss  in 2008

High Operating Profitability  in 2009

High Net Profitability  in 2009

High Operating Profitability  in 2010

High Net Profitability  in 2010

High Operating Profitability (01.01-31.03.2011)

In Order Net Profitability (01.01-31.03.2011)

 

Gap between average collection and payable periods

Unfavorable in 2010

General Financial Position

Satisfactory

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 1.910.000 USD may be granted to the subject company.

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 01.01-30.04.2011)

6,04 %

1,5645

2,1852

2,5128

 

 

BALANCE SHEETS

 

 

 ( 31.12.2007 )  TL

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

11.866.549

0,39

11.672.593

0,37

12.711.308

0,44

14.407.493

0,40

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

942.976

0,03

385.991

0,01

3.020.581

0,11

921.713

0,03

Marketable Securities

400.000

0,01

0

0,00

0

0,00

0

0,00

Account Receivable

4.339.821

0,14

5.331.525

0,17

4.408.042

0,15

5.128.922

0,14

Other Receivable

169.577

0,01

274.618

0,01

1.558.909

0,05

1.715.490

0,05

Inventories

4.779.883

0,16

3.886.073

0,12

1.702.754

0,06

5.251.254

0,15

Advances Given

999.284

0,03

1.307.303

0,04

1.952.607

0,07

465.687

0,01

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

235.008

0,01

487.083

0,02

68.415

0,00

924.427

0,03

NON-CURRENT ASSETS

18.385.061

0,61

19.640.604

0,63

15.885.627

0,56

21.472.317

0,60

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

495

0,00

9.979

0,00

12.373

0,00

11.521

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

18.299.172

0,60

18.948.204

0,61

15.251.859

0,53

20.904.669

0,58

Intangible Assets

17.873

0,00

615.108

0,02

546.188

0,02

482.012

0,01

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

67.521

0,00

67.313

0,00

75.207

0,00

74.115

0,00

TOTAL ASSETS

30.251.610

1,00

31.313.197

1,00

28.596.935

1,00

35.879.810

1,00

CURRENT LIABILITIES

12.956.246

0,43

17.507.986

0,56

10.457.146

0,37

12.773.398

0,36

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

4.837.708

0,16

6.250.162

0,20

6.212.928

0,22

9.343.591

0,26

Accounts Payable

3.695.755

0,12

4.694.588

0,15

3.451.439

0,12

3.059.123

0,09

Loans from Shareholders

4.339.378

0,14

6.356.680

0,20

165.055

0,01

0

0,00

Other Short-term Payable

0

0,00

0

0,00

82.614

0,00

25.976

0,00

Advances from Customers

21.165

0,00

156.480

0,00

111.820

0,00

185.794

0,01

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

62.240

0,00

50.923

0,00

54.823

0,00

68.426

0,00

Provisions

0

0,00

-847

0,00

378.467

0,01

90.488

0,00

Other Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

LONG-TERM LIABILITIES

5.043.775

0,17

2.171.733

0,07

1.051.869

0,04

3.360.215

0,09

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

1.631.164

0,05

415.582

0,01

419.960

0,01

3.360.215

0,09

Securities Issued

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Payable

3.412.611

0,11

1.756.151

0,06

631.909

0,02

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

12.251.589

0,40

11.633.478

0,37

17.087.920

0,60

19.746.197

0,55

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

9.000.000

0,30

9.000.000

0,29

9.000.000

0,31

9.000.000

0,25

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

7.043

0,00

7.043

0,00

7.043

0,00

7.043

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

2.949.988

0,10

3.433.308

0,11

3.433.308

0,12

8.092.266

0,23

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

-29.116

0,00

-188.761

-0,01

-806.873

-0,03

-11.389

0,00

Net Profit (loss)

323.674

0,01

-618.112

-0,02

5.454.442

0,19

2.658.277

0,07

TOTAL LIABILITIES AND EQUITY

30.251.610

1,00

31.313.197

1,00

28.596.935

1,00

35.879.810

1,00

 

 

 

INCOME STATEMENTS

 

 

(2007) TL

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(01.01-31.03.2011) TL

 

Net Sales

17.299.321

1,00

27.384.146

1,00

28.359.738

1,00

29.748.683

1,00

6.499.729

1,00

Cost of Goods Sold

15.028.735

0,87

24.142.516

0,88

22.927.733

0,81

24.069.106

0,81

4.916.064

0,76

Gross Profit

2.270.586

0,13

3.241.630

0,12

5.432.005

0,19

5.679.577

0,19

1.583.665

0,24

Operating Expenses

1.529.263

0,09

1.956.745

0,07

2.110.730

0,07

1.941.501

0,07

552.160

0,08

Operating Profit

741.323

0,04

1.284.885

0,05

3.321.275

0,12

3.738.076

0,13

1.031.505

0,16

Other Income

1.134.829

0,07

882.784

0,03

7.309.114

0,26

1.559.817

0,05

46.670

0,01

Other Expenses

996.152

0,06

2.167.317

0,08

4.015.809

0,14

1.670.894

0,06

707.850

0,11

Financial Expenses

556.326

0,03

618.464

0,02

656.148

0,02

485.210

0,02

164.984

0,03

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

323.674

0,02

-618.112

-0,02

5.958.432

0,21

3.141.789

0,11

205.341

0,03

Tax Payable

0

0,00

0

0,00

503.990

0,02

483.512

0,02

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

323.674

0,02

-618.112

-0,02

5.454.442

0,19

2.658.277

0,09

205.341

0,03

 

 

FINANCIAL RATIOS

 

 

(2007)

(2008)

(2009)

(2010)

LIQUIDITY RATIOS

 

 

Current Ratio

0,92

0,67

1,22

1,13

Acid-Test Ratio

0,45

0,34

0,86

0,61

Cash Ratio

0,10

0,02

0,29

0,07

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,16

0,12

0,06

0,15

Short-term Receivable/Total Assets

0,15

0,18

0,21

0,19

Tangible Assets/Total Assets

0,60

0,61

0,53

0,58

TURNOVER RATIOS

 

 

Inventory Turnover

3,14

6,21

13,47

4,58

Stockholders' Equity Turnover

1,41

2,35

1,66

1,51

Asset Turnover

0,57

0,87

0,99

0,83

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,40

0,37

0,60

0,55

Current Liabilities/Total Assets

0,43

0,56

0,37

0,36

Financial Leverage

0,60

0,63

0,40

0,45

Gearing Percentage

1,47

1,69

0,67

0,82

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,03

-0,05

0,32

0,13

Operating Profit Margin

0,04

0,05

0,12

0,13

Net Profit Margin

0,02

-0,02

0,19

0,09

Interest Cover

1,58

0,00

10,08

7,48

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

90,32

70,22

56,11

62,21

Average Payable Period (days)

170,27

96,19

64,11

45,76

WORKING CAPITAL

-1089697,00

-5835393,00

2254162,00

1634095,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.21

UK Pound

1

Rs.74.31

Euro

1

Rs.64.40

 

 

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.