MIRA INFORM REPORT

 

 

Report Date :

06.12.2012

 

IDENTIFICATION DETAILS

 

Name :

PACCOR TURKEY AMBALAJ SANAYI A.S.

 

 

Registered Office :

Akcaburgaz Mah. 361. Sok. No:7 Esenyurt Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

03.11.1975

 

 

Reg. No.:

135169

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of plastic packaging materials. 

 

 

No. of Employees :

147

 

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

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

Turkey

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

Turkey - ECONOMIC OVERVIEW

 

Turkey's largely free-market economy is increasingly driven by its industry and service sectors, although its traditional agriculture sector still accounts for about 25% of employment. An aggressive privatization program has reduced state involvement in basic industry, banking, transport, and communication, and an emerging cadre of middle-class entrepreneurs is adding dynamism to the economy and expanding production beyond the traditional textiles and clothing sectors. The automotive, construction, and electronics industries, are rising in importance and have surpassed textiles within Turkey's export mix. Oil began to flow through the Baku-Tbilisi-Ceyhan pipeline in May 2006, marking a major milestone that will bring up to 1 million barrels per day from the Caspian to market. Several gas pipelines projects also are moving forward to help transport Central Asian gas to Europe through Turkey, which over the long term will help address Turkey's dependence on imported oil and gas to meet 97% of its energy needs. After Turkey experienced a severe financial crisis in 2001, Ankara adopted financial and fiscal reforms as part of an IMF program. The reforms strengthened the country's economic fundamentals and ushered in an era of strong growth - averaging more than 6% annually until 2008. Global economic conditions and tighter fiscal policy caused GDP to contract in 2009, but Turkey's well-regulated financial markets and banking system helped the country weather the global financial crisis and GDP rebounded strongly to 8.2% in 2010, as exports returned to normal levels following the recession. Turkey's public sector debt to GDP ratio has fallen to roughly 40%. Continued strong growth has pushed inflation to the 8% level, however, and worsened an already high current account deficit. Turkey remains dependent on often volatile, short-term investment to finance its large trade deficit. The stock value of FDI stood at $99 billion at year-end 2011. Inflows have slowed considerably in light of continuing economic turmoil in Europe, the source of much of Turkey's FDI. Further economic and judicial reforms and prospective EU membership are expected to boost Turkey's attractiveness to foreign investors. However, Turkey's relatively high current account deficit, uncertainty related to monetary policy-making, and political turmoil within Turkey's neighborhood leave the economy vulnerable to destabilizing shifts in investor confidence.

 

Source : CIA

 

 

 

COMPANY IDENTIFICATION

 

 

NAME

:

PACCOR TURKEY AMBALAJ SANAYI A.S.

HEAD OFFICE ADDRESS

:

Akcaburgaz Mah. 361. Sok. No:7 Esenyurt Istanbul / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The address was changed from "San-Bir Bulvari 3.Bolge 6.Cadde 34900 No:46 Buyukcekmece" to "Akcaburgaz Mah. 361. Sok. No:7 Esenyurt" by the Municipality.

PHONE NUMBER

:

90-212-866 27 00

90-212-886 50 11 (Pbx)

 

FAX NUMBER

:

90-212-886 54 77

90-212-886 81 98

 

WEB-ADDRESS

:

www.paccor.com.tr

E-MAIL

:

info@paccor.com.tr

 

 

LEGAL STATUS AND HISTORY

 

 

NOTES ON LEGAL STATUS AND HISTORY

:

Change at registration no .

 

TAX OFFICE

:

Bogazici Kurumlar

TAX NO

:

4510023776

REGISTRATION NUMBER

:

135169

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

03.11.1975

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   6.600.000

PAID-IN CAPITAL

:

TL   6.600.000

HISTORY

:

Previous Name

:

Guven Plastik Sanayi A.S.

Changed On

:

08.08.2001 (Commercial Gazette Date /Number 13.08.2001/ 5359)

Previous Name

:

Huhtamaki Istanbul Ambalaj Sanayi A.S.

Changed On

:

14.02.2011 (Commercial Gazette Date /Number 17.02.2011/ 7754)

Previous Registered Capital

:

TL 450.000

Changed On

:

10.08.1998 (Commercial Gazette Date /Number 13.08.1998/ 4604)

Previous Registered Capital

:

TL 1.650.000

Changed On

:

18.11.2002 (Commercial Gazette Date /Number 21.11.2002/ 5682)

Other Changes

:

The subject was firstly established in Kocaeli and it was registered at Kocaeli Commercial Registry. After that, the head office of the firm which was moved from Kocaeli to  “Cihannuma Mah. Mehmet Ali Bey Sok. No: 8 Besiktas- Istanbul” was further moved to “San.- Bir Bulvari 3.Bolge 6.Cadde 34900 No:46 Buyukcekmece- Istanbul”.

Changed On

:

17.02.1999 (Commercial Gazette Date /Number 22.02.1999/ 4736)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

 

Island Acquisition S.a.r.l.

99,99 %

Island Lux. S.a.r.l.

 

Island Services Holdings Limited Walkers Corporate Services Limited

 

Island Lux. S.a.rl. & Partners S.C.A.

 

Island Holding S.a.rl.

 

 

 

REMARKS ON SHAREHOLDERS

:

We are informed that, the shareholders  “Island Acquisition S.a.r.l.”, "Island Lux. S.a.r.l.", "Island Lux. S.a.rl. & Partners S.C.A." and " Island Holding S.a.rl." are foreign companies located in Luxembourg. "Island Services Holdings Limited Walkers Corporate Services Limited" is a foreign company located in Cayman Islands.

 

BOARD OF DIRECTORS

:

Klaus Dieter Bergner

Chairman

Zdenek Rybezuk

Vice-Chairman

Umid Kucuk

Member

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Manufacture and trade of plastic packaging materials. 

 

 

NACE CODE

:

DH.25.22

 

 

SECTOR

:

Plastics

 

 

NUMBER OF EMPLOYEES

:

147

 

 

NET SALES

:

1.152 TL Thousand

(1996) 

2.186 TL Thousand

(1997) 

3.909 TL Thousand

(1998) 

8.295 TL Thousand

(1999) 

13.591 TL Thousand

(2000) 

23.907 TL Thousand

(2001) 

32.437 TL Thousand

(2002) 

42.222 TL Thousand

(2003) 

52.484 TL Thousand

(2004) 

57.517 TL Thousand

(2005) 

62.208 TL Thousand

(2006) 

65.918 TL Thousand

(2007) 

73.475.486 TL

(2008) 

72.155.589 TL

(2009) 

51.892.891 TL

(2010) 

47.199.280 TL

(01.01-30.09.2011) 

 

 

 

REMARKS ON NET SALES

:

In Turkey, there is no public registry on companies’ financial and detailed general data. So, to collect a firm’s data, an information agency has to contact the company and get its authorization. 

 

However the company strictly declines to give us an authorization to gather its fresh financial data. As the firm’s shares are not open to public it is not obliged to announce its data.

 

 

IMPORT VALUE

:

5.781.294 USD

(1996)

4.997.786 USD

(1997)

5.440.217 USD

(1998)

5.678.900 USD

(1999)

5.405.521 USD

(2000)

4.008.700 USD

(2001)

4.360.000 USD

(2002)

7.306.000 USD

(2003)

11.000.000 USD

(2004)

9.000.000 USD

(2005)

11.000.000 USD

(2006)

 

 

 

IMPORT COUNTRIES

:

Netherlands

Germany

Italy

France

Spain

 

 

MERCHANDISE IMPORTED

:

Machinery

Packaging materials

Raw materials of plastic

 

 

EXPORT VALUE

:

224.469 USD

(1996)

422.984 USD

(1997)

494.746 USD

(1998)

527.557 USD

(1999)

1.025.143 USD

(2000)

2.148.630 USD

(2001)

2.916.000 TL

(2002)

3.940.000 TL

(2003)

5.326.000 TL

(2004)

4.720.000 USD

(2005)

5.840.000 USD

(2006)

6.803.000 USD

(2007)

10.495.111 TL

(2008)

10.800.016 TL

(2009)

4.924.697 TL

(2010)

6.462.731 TL

(01.01-30.09.2011)

 

 

 

EXPORT COUNTRIES

:

Romania

Northern Cyprus Turkish Republic

Germany

Pakistan

Georgia

Syria

Poland

Russia

Iran

 

MERCHANDISE  EXPORTED

:

Aluminum foil

Cap

Cartons

Injection moulds for rubber

Paper dishes

Petroleum resins

Plastic cover

Plastic plate

Porous plates

Sheet of plastics

 

HEAD OFFICE ADDRESS

:

Akcaburgaz Mah. 361. Sok. No:7 Esenyurt  Istanbul / Turkey  (owned)

 

BRANCHES

:

Head Office/Factory  :  Akcaburgaz Mah. 361. Sok. No:7 Esenyurt Istanbul/Turkey (owned) (23.500 sqm)

 

INVESTMENTS

:

None

 

TREND OF BUSINESS

:

There was a decline at business volume in nominal terms in  2010. There appears an upwards trend in  1.1 - 30.9.2011.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Denizbank Bayrampasa Ticari Branch

HSBC Bank Avrupa Kurumsal Branch

T. Is Bankasi Hadimkoy 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

(01.01-30.09.2011) TL

 

Net Sales

73.475.486

72.155.589

51.892.891

47.199.280

 

Profit (Loss) Before Tax

1.783.598

4.760.591

2.911.906

1.347.017

 

Stockholders' Equity

25.314.530

30.075.121

20.924.353

 

 

Total Assets

43.705.368

37.724.723

30.357.861

 

 

Current Assets

28.670.791

28.714.394

20.600.092

 

 

Non-Current Assets

15.034.577

9.010.329

9.757.769

 

 

Current Liabilities

18.390.838

7.649.602

9.433.508

 

 

Long-Term Liabilities

0

0

0

 

 

Gross Profit (loss)

14.597.732

16.376.831

6.888.035

7.078.249

 

Operating Profit (loss)

4.671.142

5.082.079

1.131.968

1.511.545

 

Net Profit (loss)

1.431.342

4.760.591

2.315.121

1.347.017

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

High As of 31.12.2010

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

Good Operating Profitability  in 2008

Fair Net Profitability  in 2008

Good Operating Profitability  in 2009

Good Net Profitability  in 2009

Fair Operating Profitability  in 2010

Good Net Profitability  in 2010

Fair Operating Profitability (01.01-30.09.2011)

Fair Net Profitability (01.01-30.09.2011)

 

Gap between average collection and payable periods

Unfavorable in 2010

General Financial Position

Good

Remarks on General Financial Position

Recent financial figures are not available the firm declines to provide fresh financial data.

 

 

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

 ( 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

 ( 01.01-30.09.2011)

9,72 %

1,6335

2,3016

2,6294

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 01.01-30.11.2012)

2,58 %

1,8006

2,3240

2,8569

 

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 

 

CURRENT ASSETS

28.670.791

0,66

28.714.394

0,76

20.600.092

0,68

 

 

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

 

 

Cash and Banks

3.214.128

0,07

11.860.835

0,31

3.606.661

0,12

 

 

Marketable Securities

0

0,00

0

0,00

0

0,00

 

 

Account Receivable

18.753.329

0,43

11.519.855

0,31

12.440.451

0,41

 

 

Other Receivable

791

0,00

0

0,00

0

0,00

 

 

Inventories

6.592.817

0,15

4.237.584

0,11

3.992.494

0,13

 

 

Advances Given

6.463

0,00

0

0,00

499.357

0,02

 

 

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

 

 

Other Current Assets

103.263

0,00

1.096.120

0,03

61.129

0,00

 

 

NON-CURRENT ASSETS

15.034.577

0,34

9.010.329

0,24

9.757.769

0,32

 

 

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

 

 

Long-term Receivable

13.195

0,00

13.195

0,00

13.195

0,00

 

 

Financial Assets

2.642

0,00

2.642

0,00

2.643

0,00

 

 

Tangible Fixed Assets (net)

14.753.144

0,34

8.897.416

0,24

9.619.501

0,32

 

 

Intangible Assets

128.569

0,00

50.943

0,00

41.149

0,00

 

 

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

 

 

Other Non-Current Assets

137.027

0,00

46.133

0,00

81.281

0,00

 

 

TOTAL ASSETS

43.705.368

1,00

37.724.723

1,00

30.357.861

1,00

 

 

CURRENT LIABILITIES

18.390.838

0,42

7.649.602

0,20

9.433.508

0,31

 

 

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

 

 

Financial Loans

6.207.691

0,14

147.925

0,00

158.658

0,01

 

 

Accounts Payable

11.520.173

0,26

6.499.515

0,17

8.704.463

0,29

 

 

Loans from Shareholders

0

0,00

0

0,00

0

0,00

 

 

Other Short-term Payable

379.791

0,01

300.829

0,01

259.870

0,01

 

 

Advances from Customers

0

0,00

0

0,00

0

0,00

 

 

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

 

 

Taxes Payable

398.348

0,01

676.286

0,02

303.784

0,01

 

 

Provisions

-311.566

-0,01

0

0,00

-61.044

0,00

 

 

Other Current Liabilities

196.401

0,00

25.047

0,00

67.777

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

25.314.530

0,58

30.075.121

0,80

20.924.353

0,69

 

 

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

 

 

Paid-in Capital

6.600.000

0,15

6.600.000

0,17

6.600.000

0,22

 

 

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

 

 

Inflation Adjustment of Capital

21.160.062

0,48

21.160.062

0,56

21.160.062

0,70

 

 

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

 

 

Reserves

13.526.591

0,31

14.957.933

0,40

8.252.635

0,27

 

 

Revaluation Fund

0

0,00

0

0,00

0

0,00

 

 

Accumulated Losses(-)

-17.403.465

-0,40

-17.403.465

-0,46

-17.403.465

-0,57

 

 

Net Profit (loss)

1.431.342

0,03

4.760.591

0,13

2.315.121

0,08

 

 

TOTAL LIABILITIES AND EQUITY

43.705.368

1,00

37.724.723

1,00

30.357.861

1,00

 

 

 

 

INCOME STATEMENTS

 

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(01.01-30.09.2011) TL

 

Net Sales

73.475.486

1,00

72.155.589

1,00

51.892.891

1,00

47.199.280

1,00

Cost of Goods Sold

58.877.754

0,80

55.778.758

0,77

45.004.856

0,87

40.121.031

0,85

Gross Profit

14.597.732

0,20

16.376.831

0,23

6.888.035

0,13

7.078.249

0,15

Operating Expenses

9.926.590

0,14

11.294.752

0,16

5.756.067

0,11

5.566.704

0,12

Operating Profit

4.671.142

0,06

5.082.079

0,07

1.131.968

0,02

1.511.545

0,03

Other Income

4.149.075

0,06

2.915.879

0,04

3.046.821

0,06

2.207.140

0,05

Other Expenses

4.868.132

0,07

2.104.894

0,03

1.237.607

0,02

2.296.195

0,05

Financial Expenses

2.168.487

0,03

1.132.473

0,02

29.276

0,00

75.473

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

1.783.598

0,02

4.760.591

0,07

2.911.906

0,06

1.347.017

0,03

Tax Payable

352.256

0,00

0

0,00

596.785

0,01

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

1.431.342

0,02

4.760.591

0,07

2.315.121

0,04

1.347.017

0,03

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

 

LIQUIDITY RATIOS

 

 

Current Ratio

1,56

3,75

2,18

 

Acid-Test Ratio

1,19

3,06

1,70

 

Cash Ratio

0,17

1,55

0,38

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,15

0,11

0,13

 

Short-term Receivable/Total Assets

0,43

0,31

0,41

 

Tangible Assets/Total Assets

0,34

0,24

0,32

 

TURNOVER RATIOS

 

 

Inventory Turnover

8,93

13,16

11,27

 

Stockholders' Equity Turnover

2,90

2,40

2,48

 

Asset Turnover

1,68

1,91

1,71

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,58

0,80

0,69

 

Current Liabilities/Total Assets

0,42

0,20

0,31

 

Financial Leverage

0,42

0,20

0,31

 

Gearing Percentage

0,73

0,25

0,45

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,06

0,16

0,11

 

Operating Profit Margin

0,06

0,07

0,02

 

Net Profit Margin

0,02

0,07

0,04

 

Interest Cover

1,82

5,20

100,46

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

91,95

57,54

86,40

 

Average Payable Period (days)

70,44

41,95

69,63

 

WORKING CAPITAL

10279953,00

21064792,00

11166584,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.57

UK Pound

1

Rs.87.90

Euro

1

Rs.71.53

 

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

 

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.