MIRA INFORM REPORT

 

 

Report Date :

06.06.2012

 

IDENTIFICATION DETAILS

 

Name :

JAKKO PLASTIK SANAYI VE DIS TICARET A.S.

 

 

Formerly Known As :

Jakko Plastik Sanayi ve Dis Ticaret Ltd. Sti.

 

 

Registered Office :

Guvercintepe Mevkii Merkez Mah. 2107 Sok. No: 17/3 Selimpasa  Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

31.07.2006

 

 

Com. Reg. No.:

596440

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of plastic pipe

 

 

No. of Employees :

152

 

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 – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

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

:

JAKKO PLASTIK SANAYI VE DIS TICARET A.S.

HEAD OFFICE ADDRESS

:

Guvercintepe Mevkii Merkez Mah. 2107 Sok. No: 17/3 Selimpasa  Istanbul / Turkey

PHONE NUMBER

:

90-212-731 33 33

 

FAX NUMBER

:

90-212-731 33 20

 

WEB-ADDRESS

:

www.jakkoplast.com

E-MAIL

:

info@jakkoplast.com

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Dis Ticaret

TAX NO

:

4840799929

REMARKS ON TAX NO

:

The tax number was changed from "4840677635" to "4840799929" as the legal form changed from limited company to joint stock company. 

REGISTRATION NUMBER

:

596440

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

31.07.2006

ESTABLISHMENT GAZETTE DATE/NO

:

04.08.2006/6614

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   4.000.000

HISTORY

:

Previous Legal Type

:

Limited Company

Changed On

:

03.01.2012 (Commercial Gazette Date /Number 09.01.2012/ 7979)

Previous Name

:

Jakko Insaat Malzemeleri Sanayi ve Dis Ticaret Ltd. Sti.

Changed On

:

16.12.2011 (Commercial Gazette Date /Number 22.12.2011/ 7967)

Previous Name

:

Jakko Plastik Sanayi ve Dis Ticaret Ltd. Sti.

Changed On

:

03.01.2012 (Commercial Gazette Date /Number 09.01.2012/ 7979)

Previous Registered Capital

:

TL 150.000

Changed On

:

26.02.2007 (Commercial Gazette Date /Number 02.03.2007/ 6757)

Previous Registered Capital

:

TL 1.000.000

Changed On

:

28.12.2010 (Commercial Gazette Date /Number 03.01.2011/ 7721)

Previous Registered Capital

:

TL 2.500.00

Changed On

:

03.01.2012 (Commercial Gazette Date /Number 09.01.2012/ 7979)

Previous Address

:

Merter Mah. General Ali Riza Gurcan Cad. No: 31 Kat: 4 D: 18 Gungoren Istanbul

Changed On

:

02.04.2007 (Commercial Gazette Date /Number 06.04.2007/ 6782)

Previous Address

:

Ortakoy Merkez Mah. Atalay Sok. A Blok No:1 Silivri - Istanbul

Changed On

:

16.12.2011 (Commercial Gazette Date /Number 22.12.2011/ 7967)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Zhaslan Zhaxymbetov

98,13 %

Sinan Ozer

0,50 %

Yerlan Zhaxymbetov

0,50 %

Kairzhan Zhaxymbetov

0,50 %

Zharkynat Zhaxymbetov

0,37 %

 

 

REMARKS ON SHAREHOLDERS

:

The shareholders Zhaslan Zhaxymbetov, Yerlan Zhaxymbetov,Kairzhan Zhaxymbetov and Zharkynat Zhaxymbetov are citizen of Kazakhstan.

 

GROUP PARENT COMPANY

:

JAKKO HOLDING A.S.

 

SISTER COMPANIES

:

AKTOBE DIS TICARET LTD. STI.

ARKYAPI INSAAT MALZEMELERI VE DIS TICARET A.S.

JAKKO HOLDING A.S.

 

BOARD OF DIRECTORS

:

Zhaslan Zhaxymbetov

Chairman

Yerlan Zhaxymbetov

Vice-Chairman

Sinan Ozer

Member

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of plastic pipe.  

 

NACE CODE

:

DH.25.13

 

NUMBER OF EMPLOYEES

:

152

 

NET SALES

:

323.193 TL

(31.07-31.12.2006) 

5.201.656 TL

(2007) 

9.855.163 TL

(2008) 

18.616.731 TL

(2009) 

30.560.050 TL

(2010) 

42.570.387 TL

(2011) 

 

 

IMPORT VALUE

:

5.500.000 TL

(2008)

7.500.000 TL

(01.01-30.11.2009)

 

 

IMPORT COUNTRIES

:

Netherlands

China

Germany

Korea

 

MERCHANDISE IMPORTED

:

Machinery

Raw Materials

 

EXPORT VALUE

:

323.193 TL

(31.07-31.12.2006)

5.187.064 TL

(2007)

9.510.563 TL

(2008)

16.825.419 TL

(2009)

27.803.131 TL

(2010)

39.301.332 TL

(2011)

 

 

 

EXPORT COUNTRIES

:

Kazakhstan

Bulgaria

Azerbaijan

Uzbekistan

Jordan

Russia

Ukraine

Moldova

Georgia

Egypt

Northern Cyprus Turkish Republic

Lebanon

Syria

Iraq

 

MERCHANDISE  EXPORTED

:

Plastic pipe

 

HEAD OFFICE ADDRESS

:

Guvercintepe Mevkii Merkez Mah. 2107 Sok. No: 17/3 Selimpasa   Istanbul / Turkey

 

BRANCHES

:

Head Office/Factory  :  Merkez Mah. Guvercin Tepe Mevki 2107 Sok. No:17/3 Selimpasa Istanbul/Turkey 

                                                                                

 

 

TREND OF BUSINESS

:

There was an upwards trend in 2011.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Garanti Bankasi Silivri 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

(2011) TL

Net Sales

5.201.656

9.855.163

18.616.731

30.560.050

42.570.387

Profit (Loss) Before Tax

-199.695

177.946

401.165

984.125

1.006.263

Stockholders' Equity

788.651

966.597

1.289.383

2.069.562

3.924.734

Total Assets

2.426.572

3.275.722

7.803.674

11.848.872

23.029.238

Current Assets

1.203.878

1.965.666

3.629.745

5.409.789

14.778.353

Non-Current Assets

1.222.694

1.310.056

4.173.929

6.439.083

8.250.885

Current Liabilities

1.637.558

2.308.665

6.514.291

9.531.724

10.649.036

Long-Term Liabilities

363

460

0

247.586

8.455.468

Gross Profit (loss)

612.002

1.266.831

2.058.349

3.377.286

5.841.240

Operating Profit (loss)

-200.388

531.167

788.916

726.949

2.595.728

Net Profit (loss)

-199.695

177.946

322.786

780.178

791.377

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Low As of 31.12.2011

Liquidity

Satisfactory As of 31.12.2011

Remarks On Liquidity

The favorable gap between average collection and average payable period has a positive 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

Operating Loss  in 2007

Net Loss  in 2007

In Order Operating Profitability  in 2008

Low Net Profitability  in 2008

In Order Operating Profitability  in 2009

Fair Net Profitability  in 2009

Fair Operating Profitability  in 2010

In Order Net Profitability  in 2010

Good Operating Profitability  in 2011

Fair Net Profitability  in 2011

 

Gap between average collection and payable periods

Favorable in 2011

General Financial Position

Passable

 

 

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

 ( 01.01-30.11.2009)

5,24 %

1,5503

2,1529

2,4089

 ( 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

 ( 01.01-30.04.2012)

0,73 %

1,7910

2,3688

2,8440




BALANCE SHEETS

 

 

 ( 31.12.2007 )  TL

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

1.203.878

0,50

1.965.666

0,60

3.629.745

0,47

5.409.789

0,46

14.778.353

0,64

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

164.820

0,07

91.948

0,03

412.141

0,05

71.410

0,01

473.936

0,02

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

223.883

0,09

670.746

0,20

993.304

0,13

1.185.396

0,10

7.515.937

0,33

Other Receivable

0

0,00

0

0,00

0

0,00

0

0,00

229.059

0,01

Inventories

335.973

0,14

541.460

0,17

1.290.855

0,17

2.339.373

0,20

3.686.846

0,16

Advances Given

329.473

0,14

326.494

0,10

0

0,00

407.567

0,03

1.982.874

0,09

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

149.729

0,06

335.018

0,10

933.445

0,12

1.406.043

0,12

889.701

0,04

NON-CURRENT ASSETS

1.222.694

0,50

1.310.056

0,40

4.173.929

0,53

6.439.083

0,54

8.250.885

0,36

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

29.687

0,00

50.000

0,00

Tangible Fixed Assets (net)

1.037.764

0,43

1.144.981

0,35

4.146.296

0,53

5.964.565

0,50

7.763.169

0,34

Intangible Assets

181.780

0,07

161.158

0,05

23.716

0,00

438.601

0,04

433.776

0,02

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

3.150

0,00

3.917

0,00

3.917

0,00

6.230

0,00

3.940

0,00

TOTAL ASSETS

2.426.572

1,00

3.275.722

1,00

7.803.674

1,00

11.848.872

1,00

23.029.238

1,00

CURRENT LIABILITIES

1.637.558

0,67

2.308.665

0,70

6.514.291

0,83

9.531.724

0,80

10.649.036

0,46

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

117.376

0,05

518.434

0,16

0

0,00

747.064

0,06

679.489

0,03

Accounts Payable

1.510.469

0,62

1.778.999

0,54

5.250.074

0,67

7.090.142

0,60

3.197.281

0,14

Loans from Shareholders

0

0,00

0

0,00

0

0,00

210.773

0,02

0

0,00

Other Short-term Payable

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Advances from Customers

0

0,00

0

0,00

1.187.617

0,15

1.382.000

0,12

6.589.328

0,29

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

9.713

0,00

11.232

0,00

45.714

0,01

101.574

0,01

181.033

0,01

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Liabilities

0

0,00

0

0,00

30.886

0,00

171

0,00

1.905

0,00

LONG-TERM LIABILITIES

363

0,00

460

0,00

0

0,00

247.586

0,02

8.455.468

0,37

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

363

0,00

460

0,00

0

0,00

247.586

0,02

737.348

0,03

Securities Issued

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

0

0,00

0

0,00

7.718.120

0,34

Loans from Shareholders

0

0,00

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

0

0,00

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

788.651

0,33

966.597

0,30

1.289.383

0,17

2.069.562

0,17

3.924.734

0,17

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

1.000.000

0,41

1.000.000

0,31

1.000.000

0,13

1.000.000

0,08

2.063.794

0,09

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

0

0,00

0

0,00

8.897

0,00

331.684

0,03

1.069.563

0,05

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

-11.654

0,00

-211.349

-0,06

-42.300

-0,01

-42.300

0,00

0

0,00

Net Profit (loss)

-199.695

-0,08

177.946

0,05

322.786

0,04

780.178

0,07

791.377

0,03

TOTAL LIABILITIES AND EQUITY

2.426.572

1,00

3.275.722

1,00

7.803.674

1,00

11.848.872

1,00

23.029.238

1,00

 

REMARKS ON FINANCIAL STATEMENT

:

At the financial statements according to TAS,  "Cheques Received" and "Outstanding Cheques"  figures are under “Cash And Banks" figure.   Beginning from the financial statements of 31.12.2011, "Cheques Received" and "Outstanding Cheques"  figures  will be given under  "Account Receivable" figure and  "Account Payable" figure respectively.

 

At the last income statement TL 2.015.198 of the other income is due to "Profit from Foreign Currency Exchange".

 

At the last income statement TL  3.565.570 of the other expenses is due to "Loss from Foreign Currency Exchange" .

 

 

 

INCOME STATEMENTS

 

 

(2007) TL

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

Net Sales

5.201.656

1,00

9.855.163

1,00

18.616.731

1,00

30.560.050

1,00

42.570.387

1,00

Cost of Goods Sold

4.589.654

0,88

8.588.332

0,87

16.558.382

0,89

27.182.764

0,89

36.729.147

0,86

Gross Profit

612.002

0,12

1.266.831

0,13

2.058.349

0,11

3.377.286

0,11

5.841.240

0,14

Operating Expenses

812.390

0,16

735.664

0,07

1.269.433

0,07

2.650.337

0,09

3.245.512

0,08

Operating Profit

-200.388

-0,04

531.167

0,05

788.916

0,04

726.949

0,02

2.595.728

0,06

Other Income

347.661

0,07

148.895

0,02

602.701

0,03

1.423.047

0,05

2.207.893

0,05

Other Expenses

344.496

0,07

501.420

0,05

967.892

0,05

1.147.420

0,04

3.651.505

0,09

Financial Expenses

2.472

0,00

696

0,00

22.560

0,00

18.451

0,00

145.853

0,00

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

-199.695

-0,04

177.946

0,02

401.165

0,02

984.125

0,03

1.006.263

0,02

Tax Payable

0

0,00

0

0,00

78.379

0,00

203.947

0,01

214.886

0,01

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

-199.695

-0,04

177.946

0,02

322.786

0,02

780.178

0,03

791.377

0,02

 

FINANCIAL RATIOS

 

 

(2007)

(2008)

(2009)

(2010)

(2011)

LIQUIDITY RATIOS

 

 

 

 

 

Current Ratio

0,74

0,85

0,56

0,57

1,39

Acid-Test Ratio

0,24

0,33

0,22

0,13

0,77

Cash Ratio

0,10

0,04

0,06

0,01

0,04

ASSET STRUCTURE RATIOS

 

 

 

 

 

Inventory/Total Assets

0,14

0,17

0,17

0,20

0,16

Short-term Receivable/Total Assets

0,09

0,20

0,13

0,10

0,34

Tangible Assets/Total Assets

0,43

0,35

0,53

0,50

0,34

TURNOVER RATIOS

 

 

 

 

 

Inventory Turnover

13,66

15,86

12,83

11,62

9,96

Stockholders' Equity Turnover

6,60

10,20

14,44

14,77

10,85

Asset Turnover

2,14

3,01

2,39

2,58

1,85

FINANCIAL STRUCTURE

 

 

 

 

 

Stockholders' Equity/Total Assets

0,33

0,30

0,17

0,17

0,17

Current Liabilities/Total Assets

0,67

0,70

0,83

0,80

0,46

Financial Leverage

0,67

0,70

0,83

0,83

0,83

Gearing Percentage

2,08

2,39

5,05

4,73

4,87

PROFITABILITY RATIOS

 

 

 

 

 

Net Profit/Stockholders' Eq.

-0,25

0,18

0,25

0,38

0,20

Operating Profit Margin

-0,04

0,05

0,04

0,02

0,06

Net Profit Margin

-0,04

0,02

0,02

0,03

0,02

Interest Cover

-79,78

256,67

18,78

54,34

7,90

COLLECTION-PAYMENT

 

 

 

 

 

Average Collection Period (days)

15,49

24,50

19,21

13,96

63,56

Average Payable Period (days)

118,48

74,57

114,14

93,90

106,99

WORKING CAPITAL

-433680,00

-342999,00

-2884546,00

-4121935,00

4129317,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.56

UK Pound

1

Rs.85.52

Euro

1

Rs.69.50

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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

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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.