MIRA INFORM REPORT

 

 

Report Date :

02.04.2012

 

IDENTIFICATION DETAILS

 

Name :

PAKSTAR GIDA URUNLERI AMBALAJ SANAYI VE TICARET LTD. STI.

 

 

Registered Office :

Loras Mahallesi Karaman Cad. No:818/1  Meram Konya

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

27.08.2004

 

 

Com. Reg. No.:

28801

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Filling, packaging and trade of food products.  

 

 

No. of Employees :

13

 

 

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 :

86.000 EUR

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 – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

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

:

PAKSTAR GIDA URUNLERI AMBALAJ SANAYI VE TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Loras Mahallesi Karaman Cad. No:818/1  Meram Konya / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The address was changed from "Alakova Mahallesi Karaman Yolu 6. km No1218 " to "Loras Mahallesi Karaman Caddesi No:818/1" by the municipality

PHONE NUMBER

:

90-332-375 04 04 (Pbx)

 

FAX NUMBER

:

90-332-375 04 10-15

 

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Mevlana

TAX NO

:

7200431441

REGISTRATION NUMBER

:

28801

REGISTERED OFFICE

:

Konya Chamber of Commerce

DATE ESTABLISHED

:

27.08.2004

ESTABLISHMENT GAZETTE DATE/NO

:

03.09.2004/6128

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   100.000

PAID-IN CAPITAL

:

TL   100.000

HISTORY

:

Previous Shareholder

:

Please vide Previous Shareholders section for the former shareholders' names.

Changed On

:

06.08.2009 (Commercial Gazette Date /Number 14.08.2009/ 7376)

 

 

 

PREVIOUS SHAREHOLDERS

:

Aydin Olgun

50 %

Mehmet Ali Kuntoglu

50 %

 

 

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Serife Kuntoglu

50 %

Mehmet Ali Kuntoglu

50 %

 

 

SISTER COMPANIES

:

HEDEFSAN ENDUSTRIYEL GIDA MADDELERI PAZARLAMA NAKLIYE AMBALAJ VE BASKI SANAYI VE TICARET A.S.

 

DIRECTORS

:

Mehmet Ali Kuntoglu

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Filling, packaging and trade of food products.  

 

NACE CODE

:

G .51.39

 

SECTOR

:

Commerce

 

TRADEMARKS OWNED

:

Escala

Pakarom

Pakstar

 

NUMBER OF EMPLOYEES

:

13

 

NET SALES

:

3.719.417 TL

(2008) 

2.719.846 TL

(2009) 

21.429.184 TL

(2010) 

75.168.924 TL

(2011) 

 

 

CAPACITY

:

  ( kgs/yr)

 

 

 

2.008.200

 

 

(2009)

2.008.200

 

 

(2010)

 

 

 

 

IMPORT COUNTRIES

:

India

Malaysia

Bulgaria

 

MERCHANDISE IMPORTED

:

Food

Lecithin

Packaging Materials

 

HEAD OFFICE ADDRESS

:

Loras Mahallesi Karaman Cad. No:818/1  Meram  Konya / Turkey  (rented)

 

BRANCHES

:

Head Office/Processing Plant  :  Alakova Mahallesi Karaman Yolu Uzeri 6. Km. No:1218 Meram Konya/Turkey (rented) (2.452 sqm)

 

Branch Office  :  Meclis mah. Teraziler Cad. No:11 Sancaktepe Istanbul/Turkey

 

TREND OF BUSINESS

:

There was an upwards trend in  2011.

SIZE OF BUSINESS

:

Large

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Busan Branch

HSBC Bank Busan Branch

T. Is Bankasi Konya Kurumsal Branch

Yapi ve Kredi Bankasi Busan 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

:

 

(2008) TL

(2009) TL

(2010) TL

(2011) TL

 

Net Sales

3.719.417

2.719.846

21.429.184

75.168.924

 

Profit (Loss) Before Tax

260.933

126.483

998.258

1.873.399

 

Stockholders' Equity

308.746

409.932

1.208.201

 

 

Total Assets

1.024.223

931.694

10.532.056

 

 

Current Assets

1.010.851

821.415

10.461.308

 

 

Non-Current Assets

13.372

110.279

70.748

 

 

Current Liabilities

715.477

521.762

9.323.855

 

 

Long-Term Liabilities

0

0

0

 

 

Gross Profit (loss)

413.229

327.157

1.453.582

5.101.263

 

Operating Profit (loss)

208.891

138.927

921.083

3.247.534

 

Net Profit (loss)

208.746

101.186

798.269

1.873.399

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Low As of 31.12.2010

Liquidity

Good As of 31.12.2010

Remarks On Liquidity

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

Profitability

Good Operating Profitability  in 2008

High Net Profitability  in 2008

In Order Operating Profitability  in 2009

Good Net Profitability  in 2009

In Order Operating Profitability  in 2010

Good Net Profitability  in 2010

In Order Operating Profitability  in 2011

Fair Net Profitability  in 2011

 

Gap between average collection and payable periods

Favorable in 2010

General Financial Position

Passable

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT LIMIT

 

:

86.000 EUR

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 86.000 EUR may be granted to the subject company.

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 01.01-29.02.2012)

0,29 %

1,8055

2,3806

2,8364

 

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

1.010.851

0,99

821.415

0,88

10.461.308

0,99

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

Cash and Banks

78.598

0,08

107.496

0,12

152.709

0,01

Marketable Securities

0

0,00

0

0,00

8.522.145

0,81

Account Receivable

752.056

0,73

493.011

0,53

0

0,00

Other Receivable

0

0,00

0

0,00

0

0,00

Inventories

115.157

0,11

96.197

0,10

488.517

0,05

Advances Given

1.666

0,00

0

0,00

1.240.539

0,12

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

Other Current Assets

63.374

0,06

124.711

0,13

57.398

0,01

NON-CURRENT ASSETS

13.372

0,01

110.279

0,12

70.748

0,01

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

70.433

0,01

Financial Assets

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

13.372

0,01

110.279

0,12

0

0,00

Intangible Assets

0

0,00

0

0,00

0

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

0

0,00

315

0,00

TOTAL ASSETS

1.024.223

1,00

931.694

1,00

10.532.056

1,00

CURRENT LIABILITIES

715.477

0,70

521.762

0,56

9.323.855

0,89

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

250.000

0,27

1.979.705

0,19

Accounts Payable

562.806

0,55

242.956

0,26

6.917.575

0,66

Loans from Shareholders

0

0,00

0

0,00

0

0,00

Other Short-term Payable

0

0,00

0

0,00

0

0,00

Advances from Customers

98.738

0,10

0

0,00

339.916

0,03

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

Taxes Payable

1.746

0,00

3.509

0,00

11.042

0,00

Provisions

52.187

0,05

25.297

0,03

75.617

0,01

Other Current Liabilities

0

0,00

0

0,00

0

0,00

LONG-TERM LIABILITIES

0

0,00

0

0,00

0

0,00

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

0

0,00

Securities Issued

0

0,00

0

0,00

0

0,00

Long-term Payable

0

0,00

0

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

308.746

0,30

409.932

0,44

1.208.201

0,11

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

Paid-in Capital

100.000

0,10

100.000

0,11

100.000

0,01

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

Reserves

0

0,00

208.746

0,22

309.932

0,03

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)

208.746

0,20

101.186

0,11

798.269

0,08

TOTAL LIABILITIES AND EQUITY

1.024.223

1,00

931.694

1,00

10.532.056

1,00

 

REMARKS ON FINANCIAL STATEMENT

:

At the last income statement TL 1.962.687 of the other expenses is due to "Loss from Foreign Currency Exchange" .

 

 

 

 

 

 

 

INCOME STATEMENTS

 

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

Net Sales

3.719.417

1,00

2.719.846

1,00

21.429.184

1,00

75.168.924

1,00

Cost of Goods Sold

3.306.188

0,89

2.392.689

0,88

19.975.602

0,93

70.067.661

0,93

Gross Profit

413.229

0,11

327.157

0,12

1.453.582

0,07

5.101.263

0,07

Operating Expenses

204.338

0,05

188.230

0,07

532.499

0,02

1.853.729

0,02

Operating Profit

208.891

0,06

138.927

0,05

921.083

0,04

3.247.534

0,04

Other Income

98.860

0,03

18.461

0,01

348.842

0,02

1.062.053

0,01

Other Expenses

46.818

0,01

30.905

0,01

185.502

0,01

2.100.650

0,03

Financial Expenses

0

0,00

0

0,00

86.165

0,00

335.538

0,00

Minority Interests

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

Profit (loss) Before Tax

260.933

0,07

126.483

0,05

998.258

0,05

1.873.399

0,02

Tax Payable

52.187

0,01

25.297

0,01

199.989

0,01

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

208.746

0,06

101.186

0,04

798.269

0,04

1.873.399

0,02

 

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

LIQUIDITY RATIOS

 

 

Current Ratio

1,41

1,57

1,12

Acid-Test Ratio

1,16

1,15

0,93

Cash Ratio

0,11

0,21

0,93

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,11

0,10

0,05

Short-term Receivable/Total Assets

0,73

0,53

0,00

Tangible Assets/Total Assets

0,01

0,12

0,00

TURNOVER RATIOS

 

 

Inventory Turnover

28,71

24,87

40,89

Stockholders' Equity Turnover

12,05

6,63

17,74

Asset Turnover

3,63

2,92

2,03

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,30

0,44

0,11

Current Liabilities/Total Assets

0,70

0,56

0,89

Financial Leverage

0,70

0,56

0,89

Gearing Percentage

2,32

1,27

7,72

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,68

0,25

0,66

Operating Profit Margin

0,06

0,05

0,04

Net Profit Margin

0,06

0,04

0,04

Interest Cover

 

 

12,59

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

72,79

65,26

1,18

Average Payable Period (days)

61,28

36,55

124,67

WORKING CAPITAL

295374,00

299653,00

1137453,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.15

UK Pound

1

Rs.81.79

Euro

1

Rs.68.34

 

 

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.