MIRA INFORM REPORT

 

 

Report Date :           

03.01.2012

 

IDENTIFICATION DETAILS

 

Name :

POLIPA PLASTIK AMBALAJ SANAYI VE TICARET LTD. STI. 

 

 

Registered Office :

Fatih Mh. Gurpinar Cad. No:6 Canta Silivri Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

22.01.1998

 

 

Com. Reg. No.:

388035

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacture and trade of plastic boxes

 

 

No. of Employees :

120

 

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 :

3.200.000 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 – September 30th, 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

 

 

NOTES

:

Address at your inquiry is the former address.

 

 

COMPANY IDENTIFICATION

 

NAME

:

POLIPA PLASTIK AMBALAJ SANAYI VE TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Fatih Mh. Gurpinar Cad. No:6 Canta Silivri Istanbul / Turkey

PHONE NUMBER

:

90-212-746 60 60

 

FAX NUMBER

:

90-212-746 60 34-35

 

WEB-ADDRESS

:

www.polipa.com

E-MAIL

:

info@polipa.com

 

 

LEGAL STATUS AND HISTORY

 

NOTES ON LEGAL STATUS AND HISTORY

:

The paid-in capital is declared by the subject. There is no certification for the paid-in capital..

 

 

TAX OFFICE

:

Silivri

TAX NO

:

6480084395

REGISTRATION NUMBER

:

388035

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

22.01.1998

ESTABLISHMENT GAZETTE DATE/NO

:

03.03.1998/4493

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   9.750.000

PAID-IN CAPITAL

:

TL   9.750.000

HISTORY

:

Previous Registered Capital

:

TL 1.000.000

Changed On

:

02.09.2009 (Commercial Gazette Date /Number 08.09.2009/ 7393)

Previous Registered Capital

:

TL 2.500.000

Changed On

:

31.12.2009 (Commercial Gazette Date /Number 07.01.2010/ 7474)

Previous Registered Capital

:

TL 3.500.000

Changed On

:

30.03.2010 (Commercial Gazette Date /Number 05.04.2010/ 7536)

Previous Registered Capital

:

TL 5.018.600

Changed On

:

31.12.2010 (Commercial Gazette Date /Number 10.01.2011/ 7726)

Previous Address

:

Turgut Ozal Cad. No:117 Ikitelli Kucukcekmece Istanbul

Changed On

:

05.09.2011 (Commercial Gazette Date /Number 09.09.2011/ 7896)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Seyit Gazi Vural

99,98 %

Abdullah Karamahmutoglu

0,02 %

 

 

SISTER COMPANIES

:

POLIPA IC VE DIS TICARET LTD. STI.

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Seyit Gazi Vural

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of plastic boxes. 

 

NACE CODE

:

DH.25.22

 

SECTOR

:

Plastics

 

TRADEMARKS OWNED

:

Polipa

 

NUMBER OF EMPLOYEES

:

120

NET SALES

:

22.087.358 TL

(2009) 

23.981.780 TL

(2010) 

7.524.695 TL

(01.01-31.03.2011) 

 

 

IMPORT VALUE

:

3.500.000 TL

(01.01-30.09.2011)

 

 

IMPORT COUNTRIES

:

India

Bulgaria

U.S.A.

Israel

Saudi Arabia

Belgium

 

MERCHANDISE IMPORTED

:

Machinery

Plastic raw materials

 

EXPORT VALUE

:

5.825.104 TL

(2009)

6.500.224 TL

(2010)

1.421.153 TL

(01.01-31.03.2011)

 

 

EXPORT COUNTRIES

:

Albania

Bulgaria

Hungary

Iran

Lebanon

U.A.E.

Oman

Senegal

Mauritius

Belgium

Greece

U.K.

Kosovo

Azerbaijan

Turkmenistan

Trinidad and Tobago

Qatar

Pakistan

 

MERCHANDISE  EXPORTED

:

Plastic packaging materials

 

HEAD OFFICE ADDRESS

:

Fatih Mh. Gurpinar Cad. No:6 Canta Silivri Istanbul / Turkey ( owned )

 

BRANCHES

:

Head Office/Production Plant  :  Fatih Mh. Gurpinar Cad. No:6 Canta Silivri Istanbul/Turkey (owned)

 

 

 

TREND OF BUSINESS

:

Trend of business was steady in 2010.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Garanti Bankasi Ikitelli Organize Sanayi Branch

Yapi ve Kredi Bankasi Ikitelli 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

:

 

(2010) TL

(01.01-31.03.2011) TL

 

 

 

Net Sales

23.981.780

7.524.695

 

 

 

Profit (Loss) Before Tax

1.021.214

300.226

 

 

 

Stockholders' Equity

10.817.643

 

 

 

 

Total Assets

27.458.430

 

 

 

 

Current Assets

11.725.046

 

 

 

 

Non-Current Assets

15.733.384

 

 

 

 

Current Liabilities

11.471.909

 

 

 

 

Long-Term Liabilities

5.168.878

 

 

 

 

Gross Profit (loss)

2.596.143

708.397

 

 

 

Operating Profit (loss)

1.389.729

363.081

 

 

 

Net Profit (loss)

822.983

300.226

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Satisfactory As of 31.12.2010

Remarks on Capitalization

A part of liabilities consist of loans from shareholders.

Liquidity

In Order 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 2010

In Order Net Profitability  in 2010

In Order Operating Profitability (01.01-31.03.2011)

In Order Net Profitability (01.01-31.03.2011)

 

Gap between average collection and payable periods

Favorable in 2010

General Financial Position

In Order

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 3.200.000 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

 ( 01.01-30.09.2011)

9,72 %

1,6335

2,3016

2,6294

 ( 01.01-30.11.2011)

12,20 %

1,6616

2,3280

2,6658

 

 

BALANCE SHEETS

 

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

11.725.046

0,43

Not Detailed Current Assets

0

0,00

Cash and Banks

2.501.837

0,09

Marketable Securities

0

0,00

Account Receivable

5.868.050

0,21

Other Receivable

146.209

0,01

Inventories

1.186.454

0,04

Advances Given

1.162.750

0,04

Accumulated Construction Expense

0

0,00

Other Current Assets

859.746

0,03

NON-CURRENT ASSETS

15.733.384

0,57

Not Detailed Non-Current Assets

0

0,00

Long-term Receivable

0

0,00

Financial Assets

0

0,00

Tangible Fixed Assets (net)

5.421.618

0,20

Intangible Assets

10.311.503

0,38

Deferred Tax Assets

0

0,00

Other Non-Current Assets

263

0,00

TOTAL ASSETS

27.458.430

1,00

CURRENT LIABILITIES

11.471.909

0,42

Not Detailed Current Liabilities

0

0,00

Financial Loans

2.232.617

0,08

Accounts Payable

7.929.726

0,29

Loans from Shareholders

197.520

0,01

Other Short-term Payable

59.045

0,00

Advances from Customers

839.019

0,03

Accumulated Construction Income

0

0,00

Taxes Payable

98.405

0,00

Provisions

0

0,00

Other Current Liabilities

115.577

0,00

LONG-TERM LIABILITIES

5.168.878

0,19

Not Detailed Long-term Liabilities

0

0,00

Financial Loans

3.487.438

0,13

Securities Issued

0

0,00

Long-term Payable

981.440

0,04

Loans from Shareholders

700.000

0,03

Other Long-term Liabilities

0

0,00

Provisions

0

0,00

STOCKHOLDERS' EQUITY

10.817.643

0,39

Not Detailed Stockholders' Equity

0

0,00

Paid-in Capital

9.750.000

0,36

Cross Shareholding Adjustment of Capital

0

0,00

Inflation Adjustment of Capital

0

0,00

Equity of Consolidated Firms

0

0,00

Reserves

244.660

0,01

Revaluation Fund

0

0,00

Accumulated Losses(-)

0

0,00

Net Profit (loss)

822.983

0,03

TOTAL LIABILITIES AND EQUITY

27.458.430

1,00

 

 

INCOME STATEMENTS

 

 

(2010) TL

 

(01.01-31.03.2011) TL

 

Net Sales

23.981.780

1,00

7.524.695

1,00

Cost of Goods Sold

21.385.637

0,89

6.816.298

0,91

Gross Profit

2.596.143

0,11

708.397

0,09

Operating Expenses

1.206.414

0,05

345.316

0,05

Operating Profit

1.389.729

0,06

363.081

0,05

Other Income

2.908.149

0,12

157.303

0,02

Other Expenses

2.870.958

0,12

96.700

0,01

Financial Expenses

405.706

0,02

123.458

0,02

Minority Interests

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

Profit (loss) Before Tax

1.021.214

0,04

300.226

0,04

Tax Payable

198.231

0,01

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

Net Profit (loss)

822.983

0,03

300.226

0,04

 

FINANCIAL RATIOS

 

 

(2010)

LIQUIDITY RATIOS

 

Current Ratio

1,02

Acid-Test Ratio

0,74

Cash Ratio

0,22

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,04

Short-term Receivable/Total Assets

0,22

Tangible Assets/Total Assets

0,20

TURNOVER RATIOS

 

Inventory Turnover

18,02

Stockholders' Equity Turnover

2,22

Asset Turnover

0,87

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,39

Current Liabilities/Total Assets

0,42

Financial Leverage

0,61

Gearing Percentage

1,54

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,08

Operating Profit Margin

0,06

Net Profit Margin

0,03

Interest Cover

3,52

COLLECTION-PAYMENT

 

Average Collection Period (days)

88,09

Average Payable Period (days)

150,01

WORKING CAPITAL

253137,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.30

UK Pound

1

Rs.82.66

Euro

1

Rs.68.91

 

 

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.