MIRA INFORM REPORT

 

 

Report Date :

25.10.2012

 

IDENTIFICATION DETAILS

 

Name :

YENER KIRTASIYE ZARF SANAYI A.S.

 

 

Registered Office :

Tasoluk Mah. Ziraat Sok. No.13 Arnavutkoy Istanbul /

 

 

 

 

Country :

Turkey

 

 

 

 

Financials (as on) :

31.12.2011

 

 

 

 

Date of Incorporation :

15.01.1982

 

 

 

 

Com. Reg. No.:

184576

 

 

 

 

Legal Form :

Joint Stock Company

 

 

 

 

Line of Business :

Manufacture and trade of envelope and continuous form. 

 

 

 

 

No. of Employees :

160

 

 

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 :

Slow but Correct

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

:

YENER KIRTASIYE ZARF SANAYI A.S.

HEAD OFFICE ADDRESS

:

Tasoluk Mah. Ziraat Sok. No.13 Arnavutkoy Istanbul / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The address was changed from "Tasoluk Mah. 107 Sok. No.4 Arnavutkoy"  to "Tasoluk Mah. Ziraat Sok. No.13 Arnavutkoy"  by the Municipality.

 

PHONE NUMBER

:

90-212-444 92 73

 

FAX NUMBER

:

90-212-682 03 93

 

WEB-ADDRESS

:

www.yenerzarf.com

E-MAIL

:

info@yenerzarf.com

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Marmara Kurumlar 

TAX NO

:

9480014897

REGISTRATION NUMBER

:

184576

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

15.01.1982

ESTABLISHMENT GAZETTE DATE/NO

:

20.01.1982/423

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   5.000.000

PAID-IN CAPITAL

:

TL   4.158.154

HISTORY

:

Previous Registered Capital

:

TL 2.250.000

Changed On

:

06.08.2004 (Commercial Gazette Date /Number 11.08.2004/ 6112)

Previous Address

:

Yesilbayir Koyu Girisi  Schenker Arkas Karsisi  Hadimkoy Catalca-Istanbul

Changed On

:

03.08.2007 (Commercial Gazette Date /Number 08.08.2007/ 6869)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Bulent Yener

79 %

Belgin Yener

9 %

Burcu Yener

5 %

Zahide Yener

4 %

Burak Atilla Yener

1 %

Mujdelen Yener

1 %

Burc Neset Yener

1 %

 

 

SISTER COMPANIES

:

ZARF DIS TICARET LTD. STI.

 

SUBSIDIARIES

:

None

 

BOARD OF DIRECTORS

:

Bulent Yener

Chairman

Belgin Yener

Vice-Chairman

Burcu Yener

Member

 

 

DIRECTORS

:

Bulent Yener                                                                                                                                                                                                                                                                                   

General Manager

Ayhan Duran                                                                                                                                                                                                                                                                                   

Deputy General Manager

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Manufacture and trade of envelope and continuous form. 

 

NACE CODE

:

DE.21.23

 

TRADEMARKS OWNED

:

Acmatik

Kopmatik

Yener

 

NUMBER OF EMPLOYEES

:

160

 

NET SALES

:

10.169.832 TL

(2006) 

9.984.811 TL

(2007) 

12.718.780 TL

(2008) 

15.809.174 TL

(2009) 

17.894.429 TL

(2010) 

22.226.033 TL

(2011) 

13.091.484 TL

(01.01-30.06.2012) 

 

 

CAPACITY

:

Continuous form  ( Sqm/yr)

Envelope 

( units/yr)

 

 

4.100.000

976.700.000

 

(2010)

4.100.000

976.700.000

 

(2011)

4.100.000

976.700.000

 

(2012)

 

 

 

 

IMPORT VALUE

:

3.000.000 USD

(2010)

5.085.000 USD

(2011)

3.405.000 TL

(01.01-30.06.2012)

 

 

IMPORT COUNTRIES

:

Netherlands

Belgium

Germany

U.S.A.

 

MERCHANDISE IMPORTED

:

Paper

 

EXPORT VALUE

:

811.360 TL

(2006)

775.284 TL

(2007)

112.471 TL

(2008)

120.152 TL

(2009)

169.609 TL

(2010)

169.010 TL

(2011)

160.362 TL

(01.01-30.06.2012)

 

 

EXPORT COUNTRIES

:

Germany

Northern Cyprus Turkish Republic

Switzerland

Azerbaijan

Georgia

U.S.A.

Liechtenstein

France

U.K.

Bulgaria

Morocco

 

MERCHANDISE  EXPORTED

:

Envelope

 

HEAD OFFICE ADDRESS

:

Tasoluk Mah.Ziraat Sok.No.13 Arnavutkoy  Istanbul / Turkey

( owned by shareholder(s) )

 

BRANCHES

:

Head Office/Factory  :  Tasoluk Mah. Ziraat Sok. No:13 Arnavutkoy Istanbul/Turkey (owned by shareholder(s)) (6.500 sqm)

 

Branch Office  :  Merkez Efendi Mh. 2. Matbaacilar Sit.1. Bdr. K.1 Bl.No.13 Istanbul/Turkey (rented)

           

 

TREND OF BUSINESS

:

There was an upwards trend in  2011. There appears an upwards trend in  1.1 - 30.6.2012.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Garanti Bankasi Bayrampasa Branch

T. Halk Bankasi Salipazari Ticari Branch

T. Is Bankasi Ikitelli Ticari Branch

Yapi ve Kredi Bankasi Topcular Rami 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

:

 

(2008) TL

(2009) TL

(2010) TL

(2011) TL

(01.01-30.06.2012) TL

Net Sales

12.718.780

15.809.174

17.894.429

22.226.033

13.091.484

Profit (Loss) Before Tax

212.983

280.161

341.192

307.630

234.892

Stockholders' Equity

6.721.474

6.608.053

6.826.453

5.927.922

 

Total Assets

11.249.671

12.216.162

19.272.801

24.225.998

 

Current Assets

9.846.912

10.709.861

15.599.650

20.907.990

 

Non-Current Assets

1.402.759

1.506.301

3.673.151

3.318.008

 

Current Liabilities

4.528.197

5.220.354

8.332.209

15.327.593

 

Long-Term Liabilities

0

387.755

4.114.139

2.970.483

 

Gross Profit (loss)

2.598.282

2.424.273

2.320.439

3.630.944

1.966.904

Operating Profit (loss)

1.506.215

1.267.254

815.238

1.565.851

661.544

Net Profit (loss)

212.983

215.565

286.300

219.585

234.892

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Insufficient As of 31.12.2011

Liquidity

Insufficient As of 31.12.2011

Remarks On Liquidity

The unfavorable gap between average collection and average payable period has an adverse 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

High Operating Profitability  in 2008

Low Net Profitability  in 2008

Good Operating Profitability  in 2009

Low Net Profitability  in 2009

In Order Operating Profitability  in 2010

Fair Net Profitability  in 2010

Good Operating Profitability  in 2011

Low Net Profitability  in 2011

In Order Operating Profitability (01.01-30.06.2012)

Low Net Profitability (01.01-30.06.2012)

 

Gap between average collection and payable periods

Unfavorable 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

 ( 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

 ( 01.01-30.06.2012)

1,95 %

1,8028

2,3463

2,8462

 ( 01.01-30.09.2012)

3,34 %

1,8029

2,3233

2,8527

 

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

 

 

CURRENT ASSETS

9.846.912

0,88

10.709.861

0,88

15.599.650

0,81

20.907.990

0,86

 

 

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Cash and Banks

3.075.847

0,27

4.932.847

0,40

4.032.344

0,21

275.515

0,01

 

 

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Account Receivable

3.131.531

0,28

3.565.272

0,29

3.331.402

0,17

9.319.831

0,38

 

 

Other Receivable

4.101

0,00

35.089

0,00

96.971

0,01

105.537

0,00

 

 

Inventories

2.590.225

0,23

2.032.521

0,17

3.786.169

0,20

6.014.116

0,25

 

 

Advances Given

208

0,00

49.132

0,00

0

0,00

5.150.404

0,21

 

 

Accumulated Construction Expense

0

0,00

0

0,00

4.352.764

0,23

0

0,00

 

 

Other Current Assets

1.045.000

0,09

95.000

0,01

0

0,00

42.587

0,00

 

 

NON-CURRENT ASSETS

1.402.759

0,12

1.506.301

0,12

3.673.151

0,19

3.318.008

0,14

 

 

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Long-term Receivable

0

0,00

5.199

0,00

5.199

0,00

5.198

0,00

 

 

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Tangible Fixed Assets (net)

748.980

0,07

944.544

0,08

1.588.709

0,08

1.843.412

0,08

 

 

Intangible Assets

628.074

0,06

519.643

0,04

1.338.889

0,07

1.036.552

0,04

 

 

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Other Non-Current Assets

25.705

0,00

36.915

0,00

740.354

0,04

432.846

0,02

 

 

TOTAL ASSETS

11.249.671

1,00

12.216.162

1,00

19.272.801

1,00

24.225.998

1,00

 

 

CURRENT LIABILITIES

4.528.197

0,40

5.220.354

0,43

8.332.209

0,43

15.327.593

0,63

 

 

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Financial Loans

3.631.769

0,32

3.844.649

0,31

5.876.435

0,30

8.063.507

0,33

 

 

Accounts Payable

866.267

0,08

728.977

0,06

1.049.592

0,05

4.665.219

0,19

 

 

Loans from Shareholders

0

0,00

0

0,00

0

0,00

34.972

0,00

 

 

Other Short-term Payable

0

0,00

38.815

0,00

80.081

0,00

108.774

0,00

 

 

Advances from Customers

0

0,00

534.120

0,04

1.247.932

0,06

2.223.073

0,09

 

 

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Taxes Payable

30.161

0,00

36.489

0,00

55.672

0,00

144.004

0,01

 

 

Provisions

0

0,00

37.304

0,00

22.497

0,00

88.044

0,00

 

 

Other Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

LONG-TERM LIABILITIES

0

0,00

387.755

0,03

4.114.139

0,21

2.970.483

0,12

 

 

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Financial Loans

0

0,00

387.755

0,03

4.114.139

0,21

2.970.483

0,12

 

 

Securities Issued

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

 

 

Loans from Shareholders

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

 

 

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

 

 

STOCKHOLDERS' EQUITY

6.721.474

0,60

6.608.053

0,54

6.826.453

0,35

5.927.922

0,24

 

 

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Paid-in Capital

4.158.154

0,37

4.158.154

0,34

4.158.154

0,22

4.158.154

0,17

 

 

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Inflation Adjustment of Capital

474.682

0,04

474.682

0,04

474.682

0,02

474.682

0,02

 

 

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Reserves

1.959.998

0,17

1.759.652

0,14

1.907.317

0,10

1.075.501

0,04

 

 

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Accumulated Losses(-)

-84.343

-0,01

0

0,00

0

0,00

0

0,00

 

 

Net Profit (loss)

212.983

0,02

215.565

0,02

286.300

0,01

219.585

0,01

 

 

TOTAL LIABILITIES AND EQUITY

11.249.671

1,00

12.216.162

1,00

19.272.801

1,00

24.225.998

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 are given under "Account Receivable" figure and "Account Payable" figure respectively. 

 

At the last income statement, TL 383.306 of the other income is due to "Other Extraordinary Income" .                                                                                                                       

 

 

INCOME STATEMENTS

 

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

(01.01-30.06.2012) TL

 

Net Sales

12.718.780

1,00

15.809.174

1,00

17.894.429

1,00

22.226.033

1,00

13.091.484

1,00

Cost of Goods Sold

10.120.498

0,80

13.384.901

0,85

15.573.990

0,87

18.595.089

0,84

11.124.580

0,85

Gross Profit

2.598.282

0,20

2.424.273

0,15

2.320.439

0,13

3.630.944

0,16

1.966.904

0,15

Operating Expenses

1.092.067

0,09

1.157.019

0,07

1.505.201

0,08

2.065.093

0,09

1.305.360

0,10

Operating Profit

1.506.215

0,12

1.267.254

0,08

815.238

0,05

1.565.851

0,07

661.544

0,05

Other Income

291.695

0,02

269.955

0,02

645.257

0,04

749.701

0,03

609.241

0,05

Other Expenses

978.264

0,08

532.804

0,03

85.177

0,00

677.341

0,03

114.014

0,01

Financial Expenses

606.663

0,05

724.244

0,05

1.034.126

0,06

1.330.581

0,06

921.879

0,07

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

212.983

0,02

280.161

0,02

341.192

0,02

307.630

0,01

234.892

0,02

Tax Payable

0

0,00

64.596

0,00

54.892

0,00

88.045

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)

212.983

0,02

215.565

0,01

286.300

0,02

219.585

0,01

234.892

0,02

 

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

(2011)

 

LIQUIDITY RATIOS

 

 

Current Ratio

2,17

2,05

1,87

1,36

 

Acid-Test Ratio

1,37

1,63

0,90

0,63

 

Cash Ratio

0,68

0,94

0,48

0,02

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,23

0,17

0,20

0,25

 

Short-term Receivable/Total Assets

0,28

0,29

0,18

0,39

 

Tangible Assets/Total Assets

0,07

0,08

0,08

0,08

 

TURNOVER RATIOS

 

 

Inventory Turnover

3,91

6,59

4,11

3,09

 

Stockholders' Equity Turnover

1,89

2,39

2,62

3,75

 

Asset Turnover

1,13

1,29

0,93

0,92

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,60

0,54

0,35

0,24

 

Current Liabilities/Total Assets

0,40

0,43

0,43

0,63

 

Financial Leverage

0,40

0,46

0,65

0,76

 

Gearing Percentage

0,67

0,85

1,82

3,09

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,03

0,03

0,04

0,04

 

Operating Profit Margin

0,12

0,08

0,05

0,07

 

Net Profit Margin

0,02

0,01

0,02

0,01

 

Interest Cover

1,35

1,39

1,33

1,23

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

88,64

81,31

67,13

151,04

 

Average Payable Period (days)

30,81

19,61

24,26

90,32

 

WORKING CAPITAL

5318715,00

5489507,00

7267441,00

5580397,00

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.59

UK Pound

1

Rs.85.81

Euro

1

Rs.69.91

 

 

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

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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.