MIRA INFORM REPORT

 

 

Report Date :

05.10.2011

 

IDENTIFICATION DETAILS

 

Name :

NAKSAN PLASTIK VE ENERJI SANAYI VE TICARET A.S.

 

 

Formerly Known As :

NAKSAN PLASTIK SANAYI VE TICARET A.S.

 

 

Registered Office :

1. Organize Sanayi Bolgesi 18 Nolu Cad N.13  Baspinar Gaziantep

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Year of Establishment:

1980

 

 

Com. Reg. No.:

8440

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture of different kinds of nylon bags, printed packaging materials and other plastic materials. 

 

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 :

USD  62.800.000

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 – 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

 

NOTES

:

Name at your inquiry is the former name.

 

 

COMPANY IDENTIFICATION

 

NAME

:

NAKSAN PLASTIK VE ENERJI SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

1. Organize Sanayi Bolgesi 18 Nolu Cad N.13  Baspinar Gaziantep / Turkey

PHONE NUMBER

:

90-342-211 21 21

 

FAX NUMBER

:

90-342-211 24 91

 

WEB-ADDRESS

:

www.naksanplastik.com

E-MAIL

:

info@naksanplastik.com

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Gazikent 

TAX NO

:

6280000649

REGISTRATION NUMBER

:

8440

REGISTERED OFFICE

:

Gaziantep Chamber of Commerce

DATE ESTABLISHED

:

1980

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   100.000.000

PAID-IN CAPITAL

:

TL   85.349.956

 

 

HISTORY

:

Previous Name

:

Naksan Plastik Sanayi Ve Ticaret A.S.

Changed On

:

05.11.2009 (Commercial Gazette Date /Number 13.11.2009/ 7438)

Previous Registered Capital

:

TL 50.000.000

Changed On

:

30.12.2010 (Commercial Gazette Date /Number 12.01.2011/ 7728)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Naksan Holding A.S.

99 %

M.Hilmi Nakiboglu

 

Bahaeddin Nakiboglu

 

Taner Nakiboglu

 

Osman Nakiboglu

 

Cahit Nakiboglu

 

 

 

GROUP PARENT COMPANY

:

NAKSAN HOLDING A.S.

 

SISTER COMPANIES

:

ADULARYA ENERJI ELEKTRIK URETIMI VE MADENCILIK A.S.

AKKOZA MENSUCAT SANAYI VE TICARET A.S.

BAKIM ELEKTRIK PLASTIK TEKSTIL SANAYI VE TICARET A.S.

BALTACI IC VE DIS NAKLIYAT PETROL URUNLERI VE MADENCILIK SANAYI TICARET A.S.

ELMACI PAZARI BILGISAYAR YAZILIM VE ILETISIM SANAYI VE TICARET A.S.

NAKPILSA DOKUMA SANAYI VE TICARET A.S.

NAKSAN ELEKTRIK ENERJISI TOPTAN SATIS A.S.

NAKSAN ENERJI ELEKTRIK URETIMI A.S.

NAKSAN HOLDING A.S.

NAKSAN KIMYA SANAYI VE TICARET LTD. STI.

NAKSAN KOLLEKTIF STI. CAHIT NAKIBOGLU VE ORTAKLARI

NAKSAN TEKNOLOJI VE ILETISIM SISTEMLERI SANAYI VE TICARET A.S.

ROYAL HALI IPLIK TEKSTIL MOBILYA SANAYI VE TICARET A.S.

TUMSAN INSAAT MADENCILIK SANAYI VE TICARET A.S.

 

BOARD OF DIRECTORS

:

Osman Nakiboglu

Chairman

Taner Nakiboglu

Vice-Chairman

M.Hilmi Nakiboglu

Member

Cahit Nakiboglu

Member

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture of different kinds of nylon bags, printed packaging materials and other plastic materials. 

 

NACE CODE

:

DH.25.22

 

TRADEMARKS OWNED

:

Naksan

 

NUMBER OF EMPLOYEES

:

1.907

 

NET SALES

:

239.950.103 TL

(2005) 

319.835.719 TL

(2006) 

340.173.245 TL

(2007) 

439.237.949 TL

(2008) 

449.522.488 TL

(2009) 

544.697.864 TL

(2010) 

325.001.545 TL

(01.01-30.06.2011) 

 

 

PRODUCTION

:

  ( kgs )

 

 

 

91.531.049

 

 

(2004)

100.813.547

 

 

(2005)

111.477.310

 

 

(2006)

133.872.857

 

 

(2007)

138.502.127

 

 

(2008)

110.668.871

 

 

(2009)

 

 

 

 

IMPORT VALUE

:

110.000.000 USD

(2006)

149.940.000 USD

(2007)

147.298.000 USD

(2008)

122.240.000 USD

(2009)

178.598.962 USD

(2010)

 

 

IMPORT COUNTRIES

:

Saudi Arabia

 

MERCHANDISE IMPORTED

:

Machinery

Raw materials

 

EXPORT VALUE

:

53.920.299 TL

(2005)

79.809.887 TL

(2006)

64.966.848 TL

(2007)

100.356.711 TL

(2008)

100.481.846 TL

(2009)

117.055.501 TL

(2010)

74.603.790 TL

(01.01-30.06.2011)

 

 

 

EXPORT COUNTRIES

:

Germany

Iraq

Finland

Italy

Free Zone

Northern Cyprus Turkish Republic

Taiwan

 

MERCHANDISE  EXPORTED

:

Nylon bags

Pallets

Plastic materials

Printed packaging materials

 

HEAD OFFICE ADDRESS

:

1. Organize Sanayi Bolgesi 18 Nolu Cad N.13  Baspinar  Gaziantep / Turkey

( owned )

 

BRANCHES

:

Warehouse  :   Antalya/Turkey (rented)

 

Warehouse  :   Istanbul/Turkey (owned)

 

Warehouse  :   Izmir/Turkey (rented)

 

Liaison Office  :  Elmaci Pazari No:5 Gaziantep/Turkey (rented)

 

Head Office/Factory  :  1. Organize Sanayi Bolgesi 18 Nolu Cad. No:13  Baspinar Gaziantep/Turkey (owned)

                                                                                

INVESTMENTS

:

Investments are going on.

 

TREND OF BUSINESS

:

There was an upwards trend in 2010. There appears an upwards trend in 1.1 - 30.6.2011.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Gaziantep Branch

Akbank Pazaryeri Branch

T.Is Bankasi Gaziantep Branch

Turk Ekonomi Bankasi Kurumsal Branch

Yapi ve Kredi Bankasi Gaziantep 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

:

 

(2007) TL

(2008) TL

(2009) TL

(2010) TL

(01.01-30.06.2011) TL

Net Sales

340.173.245

439.237.949

449.522.488

544.697.864

325.001.545

Profit (Loss) Before Tax

14.465.509

13.240.365

25.313.463

20.517.389

9.455.228

Stockholders' Equity

245.756.131

252.453.878

272.768.475

249.699.404

 

Total Assets

316.170.881

387.539.822

372.698.513

454.458.845

 

Current Assets

105.469.951

165.673.642

147.342.226

187.296.081

 

Non-Current Assets

210.700.930

221.866.180

225.356.287

267.162.764

 

Current Liabilities

69.482.990

39.019.585

81.584.366

72.096.543

 

Long-Term Liabilities

931.760

96.066.359

18.345.672

132.662.898

 

Gross Profit (loss)

32.647.413

62.347.940

50.099.529

46.479.465

31.663.470

Operating Profit (loss)

13.702.195

38.367.791

25.230.151

19.284.784

16.747.397

Net Profit (loss)

12.101.544

10.605.969

20.234.088

16.093.089

9.455.228

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Good 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

High As of 31.12.2010

Remarks On Liquidity

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

Profitability

In Order Operating Profitability  in 2007

Good Net Profitability  in 2007

Good Operating Profitability  in 2008

Fair Net Profitability  in 2008

Good Operating Profitability  in 2009

Good Net Profitability  in 2009

In Order Operating Profitability  in 2010

In Order Net Profitability  in 2010

In Order Operating Profitability (01.01-30.06.2011)

Fair Net Profitability (01.01-30.06.2011)

 

Gap between average collection and payable periods

Unfavorable in 2010

General Financial Position

Good

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT LIMIT

 

:

62.800.000 USD

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 62.800.000 USD may be granted to the subject company.

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 ( 01.01-30.06.2011)

6,21 %

1,5771

2,2246

2,5422

 ( 01.01-30.09.2011)

9,72 %

1,6335

2,3016

2,6294

 

 

BALANCE SHEETS

 

 

 ( 31.12.2007 )  TL

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

CURRENT ASSETS

105.469.951

0,33

165.673.642

0,43

147.342.226

0,40

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

Cash and Banks

13.771.067

0,04

30.374.402

0,08

21.127.358

0,06

Marketable Securities

0

0,00

0

0,00

0

0,00

Account Receivable

47.113.321

0,15

58.436.621

0,15

49.972.616

0,13

Other Receivable

2.005.866

0,01

64.381.742

0,17

40.956.529

0,11

Inventories

27.596.569

0,09

7.976.890

0,02

27.787.455

0,07

Advances Given

7.096.201

0,02

3.910.523

0,01

6.547.417

0,02

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

Other Current Assets

7.886.927

0,02

593.464

0,00

950.851

0,00

NON-CURRENT ASSETS

210.700.930

0,67

221.866.180

0,57

225.356.287

0,60

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

Long-term Receivable

761

0,00

761

0,00

761

0,00

Financial Assets

1.530.110

0,00

1.530.110

0,00

1.530.110

0,00

Tangible Fixed Assets (net)

207.946.929

0,66

217.740.253

0,56

223.020.638

0,60

Intangible Assets

998.177

0,00

2.359.449

0,01

634.264

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

224.953

0,00

235.607

0,00

170.514

0,00

TOTAL ASSETS

316.170.881

1,00

387.539.822

1,00

372.698.513

1,00

CURRENT LIABILITIES

69.482.990

0,22

39.019.585

0,10

81.584.366

0,22

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

49.828.384

0,16

130.666

0,00

18.054.255

0,05

Accounts Payable

15.515.798

0,05

29.509.399

0,08

54.189.188

0,15

Loans from Shareholders

0

0,00

0

0,00

0

0,00

Other Short-term Payable

330.945

0,00

592.872

0,00

2.161.256

0,01

Advances from Customers

1.342.107

0,00

4.686.634

0,01

3.218.969

0,01

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

Taxes Payable

412.652

0,00

383.627

0,00

425.529

0,00

Provisions

1.727.041

0,01

2.634.397

0,01

2.200.820

0,01

Other Current Liabilities

326.063

0,00

1.081.990

0,00

1.334.349

0,00

LONG-TERM LIABILITIES

931.760

0,00

96.066.359

0,25

18.345.672

0,05

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

94.406.951

0,24

18.345.672

0,05

Securities Issued

0

0,00

0

0,00

0

0,00

Long-term Payable

931.760

0,00

1.659.408

0,00

0

0,00

Loans from Shareholders

0

0,00

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

245.756.131

0,78

252.453.878

0,65

272.768.475

0,73

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

Paid-in Capital

50.000.000

0,16

50.000.000

0,13

50.000.000

0,13

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

32.037.767

0,10

32.037.767

0,08

32.037.767

0,09

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

Reserves

151.616.820

0,48

159.810.142

0,41

170.496.620

0,46

Revaluation Fund

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

Net Profit (loss)

12.101.544

0,04

10.605.969

0,03

20.234.088

0,05

TOTAL LIABILITIES AND EQUITY

316.170.881

1,00

387.539.822

1,00

372.698.513

1,00

 

 

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

187.296.081

0,41

Not Detailed Current Assets

0

0,00

Cash and Banks

31.261.228

0,07

Marketable Securities

0

0,00

Account Receivable

85.806.122

0,19

Other Receivable

2.839.835

0,01

Inventories

55.117.632

0,12

Advances Given

6.786.957

0,01

Accumulated Construction Expense

0

0,00

Other Current Assets

5.484.307

0,01

NON-CURRENT ASSETS

267.162.764

0,59

Not Detailed Non-Current Assets

0

0,00

Long-term Receivable

761

0,00

Financial Assets

0

0,00

Tangible Fixed Assets (net)

266.534.480

0,59

Intangible Assets

350.186

0,00

Deferred Tax Assets

0

0,00

Other Non-Current Assets

277.337

0,00

TOTAL ASSETS

454.458.845

1,00

CURRENT LIABILITIES

72.096.543

0,16

Not Detailed Current Liabilities

0

0,00

Financial Loans

6.124.304

0,01

Accounts Payable

21.804.739

0,05

Loans from Shareholders

14.600.870

0,03

Other Short-term Payable

16.000.507

0,04

Advances from Customers

9.907.386

0,02

Accumulated Construction Income

0

0,00

Taxes Payable

612.412

0,00

Provisions

2.349.021

0,01

Other Current Liabilities

697.304

0,00

LONG-TERM LIABILITIES

132.662.898

0,29

Not Detailed Long-term Liabilities

0

0,00

Financial Loans

103.957.215

0,23

Securities Issued

0

0,00

Long-term Payable

28.691.933

0,06

Loans from Shareholders

0

0,00

Other Long-term Liabilities

13.750

0,00

Provisions

0

0,00

STOCKHOLDERS' EQUITY

249.699.404

0,55

Not Detailed Stockholders' Equity

0

0,00

Paid-in Capital

85.349.956

0,19

Cross Shareholding Adjustment of Capital

0

0,00

Inflation Adjustment of Capital

0

0,00

Equity of Consolidated Firms

0

0,00

Reserves

148.256.359

0,33

Revaluation Fund

0

0,00

Accumulated Losses(-)

0

0,00

Net Profit (loss)

16.093.089

0,04

TOTAL LIABILITIES AND EQUITY

454.458.845

1,00

 

 

INCOME STATEMENTS

 

 

(2007) TL

 

(2008) TL

 

(2009) TL

 

Net Sales

340.173.245

1,00

439.237.949

1,00

449.522.488

1,00

Cost of Goods Sold

307.525.832

0,90

376.890.009

0,86

399.422.959

0,89

Gross Profit

32.647.413

0,10

62.347.940

0,14

50.099.529

0,11

Operating Expenses

18.945.218

0,06

23.980.149

0,05

24.869.378

0,06

Operating Profit

13.702.195

0,04

38.367.791

0,09

25.230.151

0,06

Other Income

1.701.521

0,01

14.732.088

0,03

16.971.115

0,04

Other Expenses

523.619

0,00

34.553.058

0,08

10.973.318

0,02

Financial Expenses

414.588

0,00

5.306.456

0,01

5.914.485

0,01

Minority Interests

0

0,00

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

0

0,00

Profit (loss) Before Tax

14.465.509

0,04

13.240.365

0,03

25.313.463

0,06

Tax Payable

2.363.965

0,01

2.634.396

0,01

5.079.375

0,01

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

12.101.544

0,04

10.605.969

0,02

20.234.088

0,05

 

 

 

(2010) TL

 

(01.01-30.06.2011) TL

 

Net Sales

544.697.864

1,00

325.001.545

1,00

Cost of Goods Sold

498.218.399

0,91

293.338.075

0,90

Gross Profit

46.479.465

0,09

31.663.470

0,10

Operating Expenses

27.194.681

0,05

14.916.073

0,05

Operating Profit

19.284.784

0,04

16.747.397

0,05

Other Income

23.683.798

0,04

9.843.296

0,03

Other Expenses

19.654.007

0,04

14.631.872

0,05

Financial Expenses

2.797.186

0,01

2.503.593

0,01

Minority Interests

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

Profit (loss) Before Tax

20.517.389

0,04

9.455.228

0,03

Tax Payable

4.424.300

0,01

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

Net Profit (loss)

16.093.089

0,03

9.455.228

0,03

 

 

FINANCIAL RATIOS

 

 

(2007)

(2008)

(2009)

(2010)

LIQUIDITY RATIOS

 

 

Current Ratio

1,52

4,25

1,81

2,60

Acid-Test Ratio

0,91

3,93

1,37

1,66

Cash Ratio

0,20

0,78

0,26

0,43

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,09

0,02

0,07

0,12

Short-term Receivable/Total Assets

0,16

0,32

0,24

0,20

Tangible Assets/Total Assets

0,66

0,56

0,60

0,59

TURNOVER RATIOS

 

 

Inventory Turnover

11,14

47,25

14,37

9,04

Stockholders' Equity Turnover

1,38

1,74

1,65

2,18

Asset Turnover

1,08

1,13

1,21

1,20

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,78

0,65

0,73

0,55

Current Liabilities/Total Assets

0,22

0,10

0,22

0,16

Financial Leverage

0,22

0,35

0,27

0,45

Gearing Percentage

0,29

0,54

0,37

0,82

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,05

0,04

0,07

0,06

Operating Profit Margin

0,04

0,09

0,06

0,04

Net Profit Margin

0,04

0,02

0,05

0,03

Interest Cover

35,89

3,50

5,28

8,34

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

49,86

47,90

40,02

56,71

Average Payable Period (days)

19,25

29,77

48,84

36,49

WORKING CAPITAL

35986961,00

126654057,00

65757860,00

115199538,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.22

UK Pound

1

Rs.76.07

Euro

1

Rs.65.06

 

 

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

 

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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.