MIRA INFORM REPORT

 

 

Report Date :

12.05.2012

 

IDENTIFICATION DETAILS

 

Name :

SEZERSAN MATBAACILIK VE AMBALAJ SANAYI VE TICARET A.S. 

 

 

Formerly Known As :

Sezersan Matbaacilik ve Ambalaj Sanayi Ticaret Ltd. Sti.

 

 

Registered Office :

1. Organize Sanayi Bolgesi Horozluhan Mah. Cevreli Sok. No:6/8 Selcuklu Konya

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

14.04.1988

 

 

Com. Reg. No.:

16434

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Lamination, manufacture and trade of PVC film, OPP+PVC printing (on food packages), aluminum folio

 

 

No. of Employees :

142

 

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 – 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

 

 

 

REMARKS

:

 The full name of the firm was missing at your inquiry.The name stated at your inquiry “Sezersan Printing and Packaging Ind.Trd.Inc.Co.(Nf)”  is the name of the firm in English. The registered full name of the firm is “Sezersan Matbaacilik ve Ambalaj Sanayi ve Ticaret A.S.".

 

 

 

COMPANY IDENTIFICATION

 

NAME

:

SEZERSAN MATBAACILIK VE AMBALAJ SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

1. Organize Sanayi Bolgesi Horozluhan Mah. Cevreli Sok. No:6/8 Selcuklu Konya / Turkey

PHONE NUMBER

:

90-332-251 39 40

 

FAX NUMBER

:

90-332-248 79 23

 

WEB-ADDRESS

:

www.sezersan.com.tr

E-MAIL

:

bilgi@sezersan.com.tr

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Selcuk

TAX NO

:

7680490456

REGISTRATION NUMBER

:

16434

REGISTERED OFFICE

:

Konya Chamber of Commerce

DATE ESTABLISHED

:

14.04.1988

ESTABLISHMENT GAZETTE DATE /NO

:

10.06.1988/2037

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   9.000.000

PAID-IN CAPITAL

:

TL   9.000.000

HISTORY

:

Previous Legal Type

:

Limited Company

Changed On

:

01.05.2007 (Commercial Gazette Date /Number 10.05.2007/ 6805)

Previous Name

:

Sezersan Matbaacilik ve Ambalaj Sanayi Ticaret Ltd. Sti.

Changed On

:

01.05.2007 (Commercial Gazette Date /Number 10.05.2007/ 6805)

Previous Registered Capital

:

TL 8.000.000

Changed On

:

10.05.2010 (Commercial Gazette Date /Number 21.05.2010/ 7568)

Previous Address

:

Organize Sanayi Bolgesi Carman Sok. No:4 Konya

Changed On

:

09.07.2009 (Commercial Gazette Date /Number 16.07.2009/ 7355)

Merger

:

The subject took over and merged with "Sezer Gravur Klisecilik Sanayi ve Ticaret A.S."

Changed On

:

10.05.2010 (Commercial Gazette Date /Number 21.05.2010/ 7568)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Musa Asci

32,44 %

Ibrahim Asci

32,44 %

Mehmet Asci

32,44 %

Halil Burkay Asci

0,89 %

Osman Asci

0,89 %

Halil Asci

0,89 %

 

 

SISTER COMPANIES

:

ASCILAR GIDA VE IHTIYAC MADDELERI TICARET VE SANAYI A.S.

 

GESAS GENEL GIDA SANAYI VE TICARET A.S.

 

SUBSIDIARIES

:

None

 

BOARD OF DIRECTORS

:

Mehmet Asci

Chairman

Musa Asci

Member

Ibrahim Asci

Member

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Lamination, manufacture and trade of PVC film, OPP+PVC printing (on food packages), aluminum folio. 

 

NACE CODE

:

DH.25.23

 

TRADEMARKS OWNED

:

Sezerpak

Sezersan

 

NUMBER OF EMPLOYEES

:

142

 

NET SALES

:

8.855.064 TL

(2009)  

15.867.047 TL

(2010) 

26.829.846 TL

(2011) 

 

 

IMPORT VALUE

:

1.000.000 USD

(2011)

 

 

IMPORT COUNTRIES

:

Germany

Italy

Spain

India

 

MERCHANDISE IMPORTED

:

Machinery

Raw material

 

EXPORT VALUE

:

551.248 TL

(2009)

931.809 TL

(2010)

2.303.288 TL

(2011)

 

 

EXPORT COUNTRIES

:

Russia

Afghanistan

Iraq

Syria

Libya

Tajikistan

U.S.A.

Uzbekistan

Turkmenistan

Malta

Italy

 

MERCHANDISE  EXPORTED

:

OPP+PVC printing (on food packages)

PVC film

 

HEAD OFFICE ADDRESS

:

1. Organize Sanayi Bolgesi Horozluhan Mah. Cevreli Sok. No:6/8 Selcuklu Konya / Turkey (owned)

 

BRANCHES

:

Head Office/Factory  :  1. Organize Sanayi Bolgesi Horozluhan Mah. Cevreli Sok. No:6/8 Konya/Turkey (owned) (14.000 sqm)

 

 

 

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2011.

SIZE OF BUSINESS

:

Large

 

 

 

FINANCE

 

MAIN DEALING BANKS

:

Albaraka Turk Katilim Bankasi Konya Branch

 

CREDIT FACILITIES

:

The subject company is making use of credit facilities.

 

PAYMENT BEHAVIOUR

:

We are informed about numerous payment delays in the former years some of which were resolved later on.

 

KEY FINANCIAL ELEMENTS

:

 

(2009) TL

(2010) TL

(2011) TL

 

 

Net Sales

8.855.064

15.867.047

26.829.846

 

 

Profit (Loss) Before Tax

-445.552

-1.811.475

500.365

 

 

Stockholders' Equity

4.779.770

5.607.748

6.148.135

 

 

Total Assets

15.729.790

21.852.660

34.923.673

 

 

Current Assets

5.850.694

11.569.848

19.330.029

 

 

Non-Current Assets

9.879.096

10.282.812

15.593.644

 

 

Current Liabilities

10.950.020

16.111.207

28.775.538

 

 

Long-Term Liabilities

0

133.705

0

 

 

Gross Profit (loss)

1.973.359

2.394.750

3.197.438

 

 

Operating Profit (loss)

1.533.778

1.171.003

1.241.023

 

 

Net Profit (loss)

-445.552

-1.811.475

478.948

 

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Satisfactory As of 31.12.2011

Remarks on Capitalization

A part of total liabilities and equity consist of loans from shareholders rather than liabilities to third parties indicating not too high indebtedness to third parties.

 

Liquidity

Satisfactory As of 31.12.2011

Remarks On Liquidity

A part of current liabilities consist of short-term loans from shareholders rather than liabilities to third parties. 

 

The unfavorable gap between average collection and average payable period has an adverse effect on liquidity.

 

Profitability

High Operating Profitability  in 2009

Net Loss  in 2009

Good Operating Profitability  in 2010

Net Loss  in 2010

In Order Operating Profitability  in 2011

Fair Net Profitability  in 2011

 

Gap between average collection and payable periods

Unfavorable in 2011

General Financial Position

Satisfactory

 

 

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

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 01.01-30.04.2012)

0,73 %

1,7910

2,3688

2,8440

 

 

BALANCE SHEETS

 

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

5.850.694

0,37

11.569.848

0,53

19.330.029

0,55

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

Cash and Banks

4.136.081

0,26

1.969.457

0,09

544.202

0,02

Marketable Securities

0

0,00

0

0,00

0

0,00

Account Receivable

291.330

0,02

7.766.708

0,36

12.621.495

0,36

Other Receivable

1.072.668

0,07

0

0,00

2.631

0,00

Inventories

89.337

0,01

1.492.084

0,07

4.183.436

0,12

Advances Given

250.736

0,02

111.748

0,01

448.737

0,01

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

Other Current Assets

10.542

0,00

229.851

0,01

1.529.528

0,04

NON-CURRENT ASSETS

9.879.096

0,63

10.282.812

0,47

15.593.644

0,45

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

0

0,00

Financial Assets

1.878.137

0,12

0

0,00

0

0,00

Tangible Fixed Assets (net)

5.090.782

0,32

10.153.760

0,46

15.567.550

0,45

Intangible Assets

2.290.777

0,15

4.536

0,00

15.330

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

619.400

0,04

124.516

0,01

10.764

0,00

TOTAL ASSETS

15.729.790

1,00

21.852.660

1,00

34.923.673

1,00

CURRENT LIABILITIES

10.950.020

0,70

16.111.207

0,74

28.775.538

0,82

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

7.649.740

0,49

5.847.075

0,27

8.649.369

0,25

Accounts Payable

3.258.325

0,21

783.878

0,04

662.025

0,02

Loans from Shareholders

0

0,00

9.197.952

0,42

19.038.229

0,55

Other Short-term Payable

0

0,00

76.909

0,00

117.824

0,00

Advances from Customers

24.901

0,00

161.950

0,01

241.114

0,01

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

Taxes Payable

17.054

0,00

43.443

0,00

61.100

0,00

Provisions

0

0,00

0

0,00

5.877

0,00

Other Current Liabilities

0

0,00

0

0,00

0

0,00

LONG-TERM LIABILITIES

0

0,00

133.705

0,01

0

0,00

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

133.705

0,01

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

4.779.770

0,30

5.607.748

0,26

6.148.135

0,18

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

Paid-in Capital

6.360.547

0,40

9.000.000

0,41

9.000.000

0,26

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

0

0,00

61.439

0,00

Revaluation Fund

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

-1.135.225

-0,07

-1.580.777

-0,07

-3.392.252

-0,10

Net Profit (loss)

-445.552

-0,03

-1.811.475

-0,08

478.948

0,01

TOTAL LIABILITIES AND EQUITY

15.729.790

1,00

21.852.660

1,00

34.923.673

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

 

At the last income statement TL 992.977 of the other expenses is due to "Loss from Foreign Currency Exchange" . 

 

 

 

 

INCOME STATEMENTS

 

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

Net Sales

8.855.064

1,00

15.867.047

1,00

26.829.846

1,00

Cost of Goods Sold

6.881.705

0,78

13.472.297

0,85

23.632.408

0,88

Gross Profit

1.973.359

0,22

2.394.750

0,15

3.197.438

0,12

Operating Expenses

439.581

0,05

1.223.747

0,08

1.956.415

0,07

Operating Profit

1.533.778

0,17

1.171.003

0,07

1.241.023

0,05

Other Income

790.005

0,09

405.198

0,03

956.978

0,04

Other Expenses

1.916.937

0,22

2.725.180

0,17

1.208.174

0,05

Financial Expenses

852.398

0,10

662.496

0,04

489.462

0,02

Minority Interests

0

0,00

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

0

0,00

Profit (loss) Before Tax

-445.552

-0,05

-1.811.475

-0,11

500.365

0,02

Tax Payable

0

0,00

0

0,00

21.417

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

-445.552

-0,05

-1.811.475

-0,11

478.948

0,02

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

(2011)

LIQUIDITY RATIOS

 

 

 

Current Ratio

0,53

0,72

0,67

Acid-Test Ratio

0,50

0,60

0,46

Cash Ratio

0,38

0,12

0,02

ASSET STRUCTURE RATIOS

 

 

 

Inventory/Total Assets

0,01

0,07

0,12

Short-term Receivable/Total Assets

0,09

0,36

0,36

Tangible Assets/Total Assets

0,32

0,46

0,45

TURNOVER RATIOS

 

 

 

Inventory Turnover

77,03

9,03

5,65

Stockholders' Equity Turnover

1,85

2,83

4,36

Asset Turnover

0,56

0,73

0,77

FINANCIAL STRUCTURE

 

 

 

Stockholders' Equity/Total Assets

0,30

0,26

0,18

Current Liabilities/Total Assets

0,70

0,74

0,82

Financial Leverage

0,70

0,74

0,82

Gearing Percentage

2,29

2,90

4,68

PROFITABILITY RATIOS

 

 

 

Net Profit/Stockholders' Eq.

-0,09

-0,32

0,08

Operating Profit Margin

0,17

0,07

0,05

Net Profit Margin

-0,05

-0,11

0,02

Interest Cover

0,48

-1,73

2,02

COLLECTION-PAYMENT

 

 

 

Average Collection Period (days)

11,84

176,22

169,35

Average Payable Period (days)

170,45

20,95

10,08

WORKING CAPITAL

-5099326,00

-4541359,00

-9445509,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.64

UK Pound

1

Rs.86.42

Euro

1

Rs.69.29

 

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

----

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.