MIRA INFORM REPORT

 

 

Report Date :

16.04.2013

 

IDENTIFICATION DETAILS

 

Name :

ETAPAK BASKI AMBALAJ SANAYI VE TICARET A.S.

 

 

Registered Office :

AOSB 10034 Sk No:8 Cigli Izmir

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

05.08.1976

 

 

Com. Reg. No.:

38398-K-898

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of printed packages, label, printing on paper, paperboard, packaging materials and OPP film.  

 

 

No. of Employees :

165

 

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

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

:

ETAPAK BASKI AMBALAJ SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

AOSB 10034 Sk No:8 Cigli Izmir / Turkey

PHONE NUMBER

:

90-232-328 33 45

 

FAX NUMBER

:

90-232-328 33 41

 

WEB-ADDRESS

:

www.etapak.com

E-MAIL

:

info@etapak.com

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Hasan Tahsin

TAX NO

:

5790050069

REGISTRATION NUMBER

:

38398-K-898

REGISTERED OFFICE

:

Izmir Chamber of Commerce

DATE ESTABLISHED

:

05.08.1976

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   18.100.050

PAID-IN CAPITAL

:

TL   18.100.050

 

HISTORY

:

Previous Name

:

The name of the firm changed from “Koreta Baski-Ambalaj Sanayi ve Ticaret A.S.” to “Etapak Baski Ambalaj Sanayi ve Ticaret A.S.”

Changed On

:

31.12.2004 (Commercial Gazette Date /Number 11.01.2005/ 6217)

Previous Registered Capital

:

TL 7.000.050

Changed On

:

28.02.2007 (Commercial Gazette Date /Number 06.03.2007/ 6759)

Previous Registered Capital

:

TL 11.200.050

Changed On

:

27.04.2010 (Commercial Gazette Date /Number 05.05.2010/ 7557)

Merger

:

"Koreta Baski-Ambalaj Sanayi ve Ticaret A.S.” took over and merged with “Etapak Ambalaj Sanayi ve Ticaret A.S.”

Changed On

:

30.09.2004 (Commercial Gazette Date /Number 12.10.2004/ 6155)

Merger

:

The subject took over and merged with "ETAP MAKINA KALIP VE PLASTIK SANAYI A.S."

Changed On

:

09.04.2010 (Commercial Gazette Date /Number 15.04.2010/ 7544)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Ozgorkey Holding A.S.

99,96 %

Ziynet Hulya Gurcan

0,01 %

Ahmet Cemal Ozgorkey

0,01 %

Armagan Ozgorkey

0,01 %

Lale Ozgorkey

0,01 %

 

 

GROUP

:

OZGORKEY GROUP OF COMPANIES

 

GROUP PARENT COMPANY

:

OZGORKEY HOLDING A.S.

 

SISTER COMPANIES

:

E. OZGORKEY ICECEK YATIRIMI A.S.

OZGORKEY GIDA URUNLERI SANAYI VE TICARET A.S.

OZGORKEY HOLDING A.S.

OZSER OTOMOTIV URUNLERI TICARETI TEMIZLIK VE SERVIS HIZMETLERI A.S.

OZTAR TOHUMCULUK VE TARIM URUNLERI URETIM VE TICARET A.S.

OZTUR TURIZM ISLETMECILIGI VE INSAAT SANAYI TICARET A.S.

PINARBASI LOJISTIK VE DEPOLAMA HIZMETLERI TICARET A.S.

 

SUBSIDIARIES

:

PINARBASI LOJISTIK VE DEPOLAMA HIZMETLERI TICARET A.S.

 

BOARD OF DIRECTORS

:

Armagan Ozgorkey

Chairman

Ahmet Cemal Ozgorkey

Vice-Chairman

Ziynet Hulya Gurcan

Member

 

 

DIRECTORS

:

Mehmet Sevket Ulusoy                                                                                                                                                                                                                                                                                   

General Manager

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Manufacture and trade of printed packages, label, printing on paper, paperboard, packaging materials and OPP film.  

 

NACE CODE

:

DE.21.12

 

NUMBER OF EMPLOYEES

:

165

 

NET SALES

:

36.193.272 TL

(2008) 

33.576.011 TL

(2009) 

43.822.131 TL

(2010) 

61.442.298 TL

(2011) 

52.130.966 TL

(01.01-30.09.2012) 

 

 

IMPORT COUNTRIES

:

Italy

Germany

Spain

Netherlands

Belgium

China

 

MERCHANDISE IMPORTED

:

Machinery         

OPP film       

Paper 

Paperboard

 

EXPORT VALUE

:

9.527.300 TL

(2008)

7.717.933 TL

(2009)

9.688.597 TL

(2010)

15.816.789 TL

(2011)

1.592.163 TL

(01.01-30.09.2012)

 

 

EXPORT COUNTRIES

:

Azerbaijan

Canada

Denmark

France

Georgia

Italy

Jordan

Russia

Tunisia

Algeria

Romania

Czech Republic

Germany

Hungary

U.K.

Iran

Thailand

Northern Cyprus Turkish Republic

 

MERCHANDISE  EXPORTED

:

OPP film

Packaging materials

Paperboard

Printed paper

 

HEAD OFFICE ADDRESS

:

AOSB 10034 Sk No:8 Cigli  Izmir / Turkey ( owned )

 

BRANCHES

:

Head Office/Factory  :  AOSB 10034 Sk No:8 Cigli Izmir/Turkey (owned) (12.000 sqm)

                                                                                

INVESTMENTS

:

None

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2011. There appears an upwards trend in  1.1 - 30.9.2012.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

T. Is Bankasi Izmir Branch

Turk Ekonomi Bankasi Efes 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

:

 

(2008) TL

(2009) TL

(2010) TL

(2011) TL

(01.01-30.09.2012) TL

Net Sales

36.193.272

33.576.011

43.822.131

61.442.298

52.130.966

Profit (Loss) Before Tax

-11.327.989

-4.385.863

-6.385.231

1.099.526

1.439.876

Stockholders' Equity

5.530.249

10.059.913

8.078.661

9.007.187

 

Total Assets

49.925.684

47.310.411

64.738.516

75.331.333

 

Current Assets

11.759.506

10.495.572

16.448.366

31.851.260

 

Non-Current Assets

38.166.178

36.814.839

48.290.150

43.480.073

 

Current Liabilities

28.728.904

27.895.098

27.895.260

41.206.869

 

Long-Term Liabilities

15.666.531

9.355.400

28.764.595

25.117.277

 

Gross Profit (loss)

4.342.535

3.239.272

4.432.211

8.657.795

8.063.621

Operating Profit (loss)

-913.888

-146.038

-579.803

2.101.508

2.390.482

Net Profit (loss)

-11.327.989

-4.385.863

-6.385.231

1.099.526

1.439.876

 

 

 

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

Operating Loss  in 2008

Net Loss  in 2008

Operating Loss  in 2009

Net Loss  in 2009

Operating Loss  in 2010

Net Loss  in 2010

Fair Operating Profitability  in 2011

Low Net Profitability  in 2011

In Order Operating Profitability (01.01-30.09.2012)

Fair Net Profitability (01.01-30.09.2012)

 

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

 ( 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

 ( 01.01-30.09.2012)

3,34 %

1,8029

2,3233

2,8527

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 ( 01.01-31.03.2013)

0,50 %

1,7901

2,3575

2,7927

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

11.759.506

0,24

10.495.572

0,22

16.448.366

0,25

31.851.260

0,42

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

237.899

0,00

308.585

0,01

1.138.597

0,02

977.036

0,01

Marketable Securities

0

0,00

0

0,00

0

0,00

3.022.841

0,04

Account Receivable

5.689.552

0,11

5.146.832

0,11

7.120.495

0,11

12.154.184

0,16

Other Receivable

41.203

0,00

14.326

0,00

656.816

0,01

6.290.833

0,08

Inventories

3.719.789

0,07

3.362.811

0,07

4.974.011

0,08

6.385.095

0,08

Advances Given

5.070

0,00

8.499

0,00

51.302

0,00

227.169

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

2.065.993

0,04

1.654.519

0,03

2.507.145

0,04

2.794.102

0,04

NON-CURRENT ASSETS

38.166.178

0,76

36.814.839

0,78

48.290.150

0,75

43.480.073

0,58

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

354

0,00

354

0,00

2.010.155

0,03

1.754.333

0,02

Financial Assets

250

0,00

250

0,00

34.807

0,00

34.807

0,00

Tangible Fixed Assets (net)

21.610.576

0,43

21.755.604

0,46

37.867.448

0,58

33.884.893

0,45

Intangible Assets

16.554.998

0,33

15.058.631

0,32

8.377.740

0,13

7.806.040

0,10

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

TOTAL ASSETS

49.925.684

1,00

47.310.411

1,00

64.738.516

1,00

75.331.333

1,00

CURRENT LIABILITIES

28.728.904

0,58

27.895.098

0,59

27.895.260

0,43

41.206.869

0,55

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

18.047.836

0,36

12.600.420

0,27

5.582.509

0,09

11.965.911

0,16

Accounts Payable

7.902.421

0,16

7.856.017

0,17

20.743.890

0,32

27.429.631

0,36

Loans from Shareholders

1.371.504

0,03

2.157.015

0,05

22.606

0,00

0

0,00

Other Short-term Payable

1.024.874

0,02

5.107.668

0,11

481.834

0,01

452.492

0,01

Advances from Customers

0

0,00

0

0,00

0

0,00

440.718

0,01

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

152.124

0,00

140.215

0,00

317.147

0,00

378.886

0,01

Provisions

95.208

0,00

0

0,00

0

0,00

0

0,00

Other Current Liabilities

134.937

0,00

33.763

0,00

747.274

0,01

539.231

0,01

LONG-TERM LIABILITIES

15.666.531

0,31

9.355.400

0,20

28.764.595

0,44

25.117.277

0,33

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

15.666.531

0,31

9.355.400

0,20

28.358.223

0,44

24.534.809

0,33

Securities Issued

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

406.372

0,01

582.468

0,01

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

5.530.249

0,11

10.059.913

0,21

8.078.661

0,12

9.007.187

0,12

Not Detailed Stockholders' Equity

0

0,00

0

0,00

8.078.661

0,12

0

0,00

Paid-in Capital

11.200.050

0,22

11.200.050

0,24

0

0,00

18.100.050

0,24

Cross Shareholding Adjustment of Capital

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

3.277.670

0,04

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

14.989.236

0,30

11.329.893

0,24

0

0,00

12.128.693

0,16

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

-9.331.048

-0,19

-8.084.167

-0,17

0

0,00

-25.598.752

-0,34

Net Profit (loss)

-11.327.989

-0,23

-4.385.863

-0,09

0

0,00

1.099.526

0,01

TOTAL LIABILITIES AND EQUITY

49.925.684

1,00

47.310.411

1,00

64.738.516

1,00

75.331.333

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.

 

 

 

INCOME STATEMENTS

 

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

(01.01-30.09.2012) TL

 

Net Sales

36.193.272

1,00

33.576.011

1,00

43.822.131

1,00

61.442.298

1,00

52.130.966

1,00

Cost of Goods Sold

31.850.737

0,88

30.336.739

0,90

39.389.920

0,90

52.784.503

0,86

44.067.345

0,85

Gross Profit

4.342.535

0,12

3.239.272

0,10

4.432.211

0,10

8.657.795

0,14

8.063.621

0,15

Operating Expenses

5.256.423

0,15

3.385.310

0,10

5.012.014

0,11

6.556.287

0,11

5.673.139

0,11

Operating Profit

-913.888

-0,03

-146.038

0,00

-579.803

-0,01

2.101.508

0,03

2.390.482

0,05

Other Income

1.897.440

0,05

1.900.509

0,06

3.034.356

0,07

16.716.559

0,27

4.744.372

0,09

Other Expenses

2.782.114

0,08

2.814.605

0,08

5.373.768

0,12

6.647.328

0,11

4.799.430

0,09

Financial Expenses

9.529.427

0,26

3.325.729

0,10

3.466.016

0,08

11.071.213

0,18

895.548

0,02

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

-11.327.989

-0,31

-4.385.863

-0,13

-6.385.231

-0,15

1.099.526

0,02

1.439.876

0,03

Tax Payable

0

0,00

0

0,00

0

0,00

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)

-11.327.989

-0,31

-4.385.863

-0,13

-6.385.231

-0,15

1.099.526

0,02

1.439.876

0,03

 

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

(2011)

LIQUIDITY RATIOS

 

 

Current Ratio

0,41

0,38

0,59

0,77

Acid-Test Ratio

0,21

0,20

0,32

0,54

Cash Ratio

0,01

0,01

0,04

0,10

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,07

0,07

0,08

0,08

Short-term Receivable/Total Assets

0,11

0,11

0,12

0,24

Tangible Assets/Total Assets

0,43

0,46

0,58

0,45

TURNOVER RATIOS

 

 

Inventory Turnover

8,56

9,02

7,92

8,27

Stockholders' Equity Turnover

6,54

3,34

5,42

6,82

Asset Turnover

0,72

0,71

0,68

0,82

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,11

0,21

0,12

0,12

Current Liabilities/Total Assets

0,58

0,59

0,43

0,55

Financial Leverage

0,89

0,79

0,88

0,88

Gearing Percentage

8,03

3,70

7,01

7,36

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

-2,05

-0,44

-0,79

0,12

Operating Profit Margin

-0,03

0,00

-0,01

0,03

Net Profit Margin

-0,31

-0,13

-0,15

0,02

Interest Cover

-0,19

-0,32

-0,84

1,10

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

56,60

55,19

75,01

81,49

Average Payable Period (days)

89,32

93,23

193,30

191,05

WORKING CAPITAL

-16969398,00

-17399526,00

-11446894,00

-9355609,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.62

UK Pound

1

Rs.83.69

Euro

1

Rs.71.41

 

 

INFORMATION DETAILS

 

Report Prepared by :

PDT

 

 

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.