MIRA INFORM REPORT

 

 

Report Date :           

07.03.2012

 

IDENTIFICATION DETAILS

 

Name :

SARTEN AMBALAJ SANAYI VE TICARET A.S.

 

 

Registered Office :

Semizkumlar Kinali Mevkii Edirne Yolu 9.Km Silivri Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

15.03.1972

 

 

Com. Reg. No.:

95/2

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of tin cans, plastic cups and bottles for packaging

 

 

No. of Employees :

2.200

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

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 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

 

REMARKS

:

The address stated at your inquiry is administrative office address of the firm. The door number of the address was changed from "38/7" to "68/7" by the Municipality.

 

NOTES

:

Address at your inquiry is not the registered head office but another premise.

 

 

COMPANY IDENTIFICATION

 

NAME

:

SARTEN AMBALAJ SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Semizkumlar Kinali Mevkii Edirne Yolu 9.Km Silivri Istanbul / Turkey

PHONE NUMBER

:

90-212-275 76 60 (Administrative Office)

90-212-288 66 31 (Administrative Office)

90-212-711 71 50 (Head Office/Factory)

 

FAX NUMBER

:

90-212-272 34 17 (Administrative Office)

90-212-711 60 68 (Head Office/Factory)

 

WEB-ADDRESS

:

www.sarten.com.tr

E-MAIL

:

sarten@sarten.com.tr

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Buyuk Mukellefler

TAX NO

:

7510038180

REGISTRATION NUMBER

:

95/2

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

15.03.1972

ESTABLISHMENT GAZETTE DATE/NO

:

02.05.1972

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   92.500.000

PAID-IN CAPITAL

:

TL   92.300.000

HISTORY

:

Previous Registered Capital

:

TL 23.000.000

Changed On

:

27.09.2005 (Commercial Gazette Date /Number 30.09.2005/ 6401)

Previous Registered Capital

:

TL 26.000.000

Changed On

:

10.03.2011 (Commercial Gazette Date /Number 16.03.2011/ 7773)

Merger

:

The firm took over and merged with “Petpak Ambalaj Sanayi ve Ticaret A.S.”

Changed On

:

27.09.2005 (Commercial Gazette Date /Number 30.09.2005/ 6401)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

 

Mustafa Zeki Saribekir

36,26 %

Kinali Ambalaj Sanayi ve Ticaret A.S.

32,04 %

Didem Zeynep Oguz

14,07 %

Zeren Saribekir

14,07 %

Mustafa Yusuf Saribekir

3,56 %

 

 

GROUP PARENT COMPANY

:

SARIBEKIR HOLDING A.S.

 

SISTER COMPANIES

:

KINALI AMBALAJ SANAYI VE TICARET A.S.

PETPAK PAZARLAMA A.S.

SARIBEKIR HOLDING A.S.

SILIVRI TURIZM PETROL VE TEKSTIL TICARET A.S.

 

SUBSIDIARIES

:

KINALI AMBALAJ SANAYI VE TICARET A.S.  ( 32 % )

 

BOARD OF DIRECTORS

:

Mustafa Zeki Saribekir

Chairman

Didem Zeynep Oguz

Member

Zeren Saribekir Guzelbahar

Member

Mustafa Yusuf Saribekir

Member

 

 

DIRECTORS

:

Mustafa Zeki Saribekir                                                                                                                                                                                                                                                                                   

General Manager

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of tin cans, plastic cups and bottles for packaging. 

 

NACE CODE

:

DJ.28.72

 

NUMBER OF EMPLOYEES

:

2.200

 

NET SALES

:

198.108.316 TL

(2005) 

254.103.659 TL

(2006) 

282.134.411 TL

(2007) 

368.589.841 TL

(2008) 

390.158.787 TL

(2009) 

441.163.578 TL

(2010) 

582.778.106 TL

(2011) 

 

 

IMPORT VALUE

:

9.680.000 USD

(01.01-31.03.2009)

 

 

IMPORT COUNTRIES

:

Germany

Spain

Netherlands

Italy

 

MERCHANDISE IMPORTED

:

Tin

 

EXPORT VALUE

:

58.180.192 TL

(2005)

75.552.034 TL

(2006)

85.776.635 TL

(2007)

105.444.756 TL

(2008)

125.555.926 TL

(2009)

136.031.803 TL

(2010)

180.984.239 TL

(2011)

 

 

EXPORT COUNTRIES

:

Romania

Bulgaria

Russia

Czech Republic

Hungary

Spain

U.A.E.

Greece

Georgia

 

MERCHANDISE  EXPORTED

:

Casks

Containers

Rubber tubes

Tanks

 

 

HEAD OFFICE ADDRESS

:

Semizkumlar Kinali Mevkii Edirne Yolu 9.Km Silivri  Istanbul / Turkey

( owned )

 

BRANCHES

:

Factory  :  Corlu Tekirdag/Turkey

 

Factory  :  Gebze Kocaeli/Turkey

 

Factory  :  Gemlik Bursa/Turkey

 

Factory  :  Karacabey Bursa/Turkey

 

Factory  :  Organize Sanayi Bolgesi 2.Kisim Sehitler Cad. Manisa/Turkey

 

Factory  :   Adana/Turkey

 

Factory  :  Izmir Yolu Uzeri Karlica Mevkii Kucukkoy Ayvalik Balikesir/Turkey

 

Factory  :   Manisa/Turkey

 

Factory  :   Manisa/Turkey

 

Head Office/Factory  :  Semizkumlar Mevkii Edirne Yolu 9.Km Silivri Istanbul/Turkey (owned)

 

Administrative Office  :  Barboros Bulvari Marmara Apt. 68/7 Balmumcu Istanbul/Turkey (owned) 

                                                                                

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2011.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

MAIN DEALING BANKS

:

Citibank Merkez Branch

ING Bank Merkez Branch

T. Halk Bankasi Esentepe Kurumsal Branch

T. Is Bankasi Istanbul Kurumsal Branch

Yapi ve Kredi Bankasi Esentepe Kurumsal Branch

 

CREDIT FACILITIES

:

The subject company is making active 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

282.134.411

368.589.841

390.158.787

441.163.578

582.778.106

Profit (Loss) Before Tax

6.337.373

5.379.914

31.172.695

-11.815.682

-19.470.139

Stockholders' Equity

67.704.220

71.948.724

97.811.733

86.178.667

68.816.656

Total Assets

219.776.522

315.440.024

342.545.188

428.376.966

549.046.035

Current Assets

158.977.839

234.287.962

251.461.463

299.041.168

398.807.578

Non-Current Assets

60.798.683

81.152.062

91.083.725

129.335.798

150.238.457

Current Liabilities

112.817.923

199.427.760

184.469.398

257.200.574

400.182.856

Long-Term Liabilities

39.254.379

44.063.540

60.264.057

84.997.725

80.046.523

Gross Profit (loss)

25.120.881

78.668.098

83.238.598

50.483.877

101.093.937

Operating Profit (loss)

1.164.770

49.510.056

52.091.885

11.274.044

58.878.813

Net Profit (loss)

5.367.403

4.244.504

25.269.158

-11.815.682

-19.470.139

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Low As of 31.12.2011

Liquidity

Insufficient 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

Low Operating Profitability  in 2007

Fair Net Profitability  in 2007

High Operating Profitability  in 2008

Low Net Profitability  in 2008

High Operating Profitability  in 2009

High Net Profitability  in 2009

Fair Operating Profitability  in 2010

Net Loss  in 2010

High Operating Profitability  in 2011

Net Loss  in 2011

 

Gap between average collection and payable periods

Favorable in 2011

General Financial Position

Unsatisfactory

 

 

 

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

 ( 01.01-31.03.2009)

1,70 %

1,6241

2,1327

2,3261

 ( 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

 

 

 ( 31.12.2007 )  TL

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

158.977.839

0,72

234.287.962

0,74

251.461.463

0,73

299.041.168

0,70

398.807.578

0,73

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

42.297.395

0,19

71.367.923

0,23

65.861.765

0,19

51.244.394

0,12

1.492.486

0,00

Marketable Securities

250.000

0,00

1.750.000

0,01

300.000

0,00

0

0,00

210.000

0,00

Account Receivable

61.454.362

0,28

106.509.470

0,34

128.320.927

0,37

140.871.451

0,33

279.431.457

0,51

Other Receivable

3.218.685

0,01

2.124.752

0,01

2.004.521

0,01

4.625.220

0,01

6.955.877

0,01

Inventories

44.675.251

0,20

46.722.376

0,15

45.369.198

0,13

74.906.979

0,17

82.187.709

0,15

Advances Given

1.644.734

0,01

1.890.244

0,01

4.037.813

0,01

5.420.173

0,01

12.777.870

0,02

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

5.437.412

0,02

3.923.197

0,01

5.567.239

0,02

21.972.951

0,05

15.752.179

0,03

NON-CURRENT ASSETS

60.798.683

0,28

81.152.062

0,26

91.083.725

0,27

129.335.798

0,30

150.238.457

0,27

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

11.362

0,00

9.862

0,00

10.862

0,00

12.188

0,00

10.736

0,00

Financial Assets

21.576.828

0,10

31.664.227

0,10

32.771.899

0,10

40.707.684

0,10

40.737.684

0,07

Tangible Fixed Assets (net)

36.487.547

0,17

46.902.323

0,15

56.221.968

0,16

81.078.366

0,19

101.309.056

0,18

Intangible Assets

2.654.817

0,01

2.529.085

0,01

2.059.199

0,01

7.457.305

0,02

8.154.281

0,01

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

68.129

0,00

46.565

0,00

19.797

0,00

80.255

0,00

26.700

0,00

TOTAL ASSETS

219.776.522

1,00

315.440.024

1,00

342.545.188

1,00

428.376.966

1,00

549.046.035

1,00

CURRENT LIABILITIES

112.817.923

0,51

199.427.760

0,63

184.469.398

0,54

257.200.574

0,60

400.182.856

0,73

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

18.514.728

0,08

41.739.741

0,13

50.542.889

0,15

61.363.343

0,14

116.238.503

0,21

Accounts Payable

86.297.205

0,39

151.428.565

0,48

122.076.767

0,36

182.137.175

0,43

262.169.344

0,48

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Short-term Payable

87

0,00

1.624.000

0,01

1.514.962

0,00

1.841.805

0,00

1.999.266

0,00

Advances from Customers

639.728

0,00

2.247.010

0,01

2.593.139

0,01

4.755.659

0,01

6.144.956

0,01

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

1.511.606

0,01

1.528.333

0,00

1.356.545

0,00

1.479.691

0,00

2.719.490

0,00

Provisions

959.669

0,00

-3.014.331

-0,01

-108.126

0,00

-1.224.667

0,00

0

0,00

Other Current Liabilities

4.894.900

0,02

3.874.442

0,01

6.493.222

0,02

6.847.568

0,02

10.911.297

0,02

LONG-TERM LIABILITIES

39.254.379

0,18

44.063.540

0,14

60.264.057

0,18

84.997.725

0,20

80.046.523

0,15

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

38.568.734

0,18

43.173.269

0,14

60.264.051

0,18

84.997.719

0,20

80.046.517

0,15

Securities Issued

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Payable

685.645

0,00

890.271

0,00

6

0,00

6

0,00

6

0,00

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

67.704.220

0,31

71.948.724

0,23

97.811.733

0,29

86.178.667

0,20

68.816.656

0,13

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

25.615.866

0,12

25.615.866

0,08

26.000.000

0,08

26.000.000

0,06

92.300.000

0,17

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

25.008.574

0,11

25.008.574

0,08

25.008.574

0,07

25.008.574

0,06

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

11.712.377

0,05

17.079.780

0,05

21.534.001

0,06

46.985.775

0,11

5.872.323

0,01

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

0

0,00

-9.885.528

-0,02

Net Profit (loss)

5.367.403

0,02

4.244.504

0,01

25.269.158

0,07

-11.815.682

-0,03

-19.470.139

-0,04

TOTAL LIABILITIES AND EQUITY

219.776.522

1,00

315.440.024

1,00

342.545.188

1,00

428.376.966

1,00

549.046.035

1,00

 

REMARKS ON FINANCIAL STATEMENT

:

The financial statements of 2011 have not become certain yet 

 

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 77.884.639 of the other income is due to "Profit from Foreign Currency Exchange".                                                                                                      

At the last income statement TL 93.721.497 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

282.134.411

1,00

368.589.841

1,00

390.158.787

1,00

441.163.578

1,00

582.778.106

1,00

Cost of Goods Sold

257.013.530

0,91

289.921.743

0,79

306.920.189

0,79

390.679.701

0,89

481.684.169

0,83

Gross Profit

25.120.881

0,09

78.668.098

0,21

83.238.598

0,21

50.483.877

0,11

101.093.937

0,17

Operating Expenses

23.956.111

0,08

29.158.042

0,08

31.146.713

0,08

39.209.833

0,09

42.215.124

0,07

Operating Profit

1.164.770

0,00

49.510.056

0,13

52.091.885

0,13

11.274.044

0,03

58.878.813

0,10

Other Income

25.039.376

0,09

42.469.587

0,12

29.451.566

0,08

54.909.477

0,12

81.604.438

0,14

Other Expenses

14.473.401

0,05

51.980.944

0,14

30.437.032

0,08

47.666.071

0,11

98.904.184

0,17

Financial Expenses

5.393.372

0,02

34.618.785

0,09

19.933.724

0,05

30.333.132

0,07

61.049.206

0,10

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

6.337.373

0,02

5.379.914

0,01

31.172.695

0,08

-11.815.682

-0,03

-19.470.139

-0,03

Tax Payable

969.970

0,00

1.135.410

0,00

5.903.537

0,02

0

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

5.367.403

0,02

4.244.504

0,01

25.269.158

0,06

-11.815.682

-0,03

-19.470.139

-0,03

 

 

FINANCIAL RATIOS

 

 

(2007)

(2008)

(2009)

(2010)

(2011)

LIQUIDITY RATIOS

Current Ratio

1,41

1,17

1,36

1,16

1,00

Acid-Test Ratio

0,95

0,91

1,07

0,76

0,72

Cash Ratio

0,38

0,37

0,36

0,20

0,00

ASSET STRUCTURE RATIOS

Inventory/Total Assets

0,20

0,15

0,13

0,17

0,15

Short-term Receivable/Total Assets

0,29

0,34

0,38

0,34

0,52

Tangible Assets/Total Assets

0,17

0,15

0,16

0,19

0,18

TURNOVER RATIOS

Inventory Turnover

5,75

6,21

6,76

5,22

5,86

Stockholders' Equity Turnover

4,17

5,12

3,99

5,12

8,47

Asset Turnover

1,28

1,17

1,14

1,03

1,06

FINANCIAL STRUCTURE

Stockholders' Equity/Total Assets

0,31

0,23

0,29

0,20

0,13

Current Liabilities/Total Assets

0,51

0,63

0,54

0,60

0,73

Financial Leverage

0,69

0,77

0,71

0,80

0,87

Gearing Percentage

2,25

3,38

2,50

3,97

6,98

PROFITABILITY RATIOS

Net Profit/Stockholders' Eq.

0,08

0,06

0,26

-0,14

-0,28

Operating Profit Margin

0,00

0,13

0,13

0,03

0,10

Net Profit Margin

0,02

0,01

0,06

-0,03

-0,03

Interest Cover

2,18

1,16

2,56

0,61

0,68

COLLECTION-PAYMENT

Average Collection Period (days)

78,43

104,04

118,41

114,96

172,62

Average Payable Period (days)

121,84

189,14

143,19

167,83

195,94

WORKING CAPITAL

46159916,00

34860202,00

66992065,00

41840594,00

-1375278,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.50.03

UK Pound

1

Rs.79.32

Euro

1

Rs.66.02

 

 

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.