MIRA INFORM REPORT

 

 

Report Date :

22.04.2013

 

IDENTIFICATION DETAILS

 

Name :

KALE NOBEL AMBALAJ SANAYI VE TICARET A.S.

 

 

Registered Office :

Sevketiye Cobancesme Kav. Istanbul Dunya Ticaret Merkezi (IDTM Bloklari) A2 Blok Kat:6 No:229/230 Bakirkoy Yesilkoy Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

2010

 

 

Date of Incorporation :

03.01.1973

 

 

Com. Reg. No.:

119536

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of printed cardboard and packaging materials of paper and aluminum

 

 

No. of Employees :

288

 

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 :

Unknown 

 

 

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 9.2% in 2010, as exports returned to normal levels following the recession. Growth dropped to approximately 3% in 2012. Turkey's public sector debt to GDP ratio has fallen to about 40%, and at least one rating agency upgraded Turkey's debt to investment grade in 2012. Turkey remains dependent on often volatile, short-term investment to finance its large trade deficit. The stock value of FDI stood at $117 billion at year-end 2012. Inflows have slowed because of continuing economic turmoil in Europe, the source of much of Turkey's FDI. 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

:

KALE NOBEL AMBALAJ SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Sevketiye Cobancesme Kav. Istanbul Dunya Ticaret Merkezi (IDTM Bloklari) A2 Blok Kat:6 No:229/230 Bakirkoy Yesilkoy Istanbul / Turkey

PHONE NUMBER

:

90-212-465 74 60 (8 lines) (Head Office)

90-288-436 25 00 (3 lines) (Production Plant)

 

FAX NUMBER

:

90-212-465 74 69 (Head Office)

90-288-436 24 99 (Production Plant)

 

WEB-ADDRESS

:

www.kalenobel.com.tr

E-MAIL

:

kalenobel@kalenobel.com.tr

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Bogazici Kurumlar

TAX NO

:

4910019049

REGISTRATION NUMBER

:

119536

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

03.01.1973

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   4.000.000

PAID-IN CAPITAL

:

TL   4.000.000

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

 

SHCO 20 S.a.r.l.

50 %

Mehmet Olcay Hephiz

47 %

Melis Hephiz

1 %

Tuncay Hephiz

1 %

Roseline Hephiz

1 %

 

 

REMARKS ON SHAREHOLDERS

:

We are informed that the shareholder "SHCO 20 S.a.r.l." is a British company.

 

SISTER COMPANIES

:

GOLDPAK AMBALAJ SANAYI VE TICARET A.S. (Not Active)

KALENOBEL DIS TICARET VE PAZARLAMA A.S. (Not Active)

 

SUBSIDIARIES

:

None

 

BOARD OF DIRECTORS

:

Mehmet Olcay Hephiz

Chairman

SHCO 20 S.a.r.l. (Representative: Ali Riza Artunkal)

Vice-Chairman

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Manufacture and trade of printed cardboard and packaging materials of paper and aluminum.

 

NACE CODE

:

DE.21.21

 

TRADEMARKS OWNED

:

Kale Nobel

 

NUMBER OF EMPLOYEES

:

288

 

NET SALES

:

1.728 TL Thousand

(1998) 

2.758 TL Thousand

(1999) 

4.793 TL Thousand

(2000) 

11.667 TL Thousand

(2001) 

17.462 TL Thousand

(2002) 

21.793 TL Thousand

(2003) 

28.888 TL Thousand

(2004) 

34.886 TL Thousand

(2005) 

45.652 TL Thousand

(2006) 

47.131 TL Thousand

(2007) 

49.303 TL Thousand

(2008) 

63.438 TL Thousand

(2009) 

72.777 TL Thousand

(2010) 

90.064 TL Thousand

(2011) 

 

 

IMPORT VALUE

:

5.495.730 USD

(2006)

5.750.242 EUR

(2007)

3.340.000 EUR

(2008)

3.865.000 EUR

(2009)

15.000.000 EUR

(2010)

10.700.000 EUR

(2011)

 

 

IMPORT COUNTRIES

:

Germany

Sweden

Israel

Italy

Belgium

Switzerland

Greece

India

Spain

France

U.K.

 

MERCHANDISE IMPORTED

:

Aluminum

Raw materials

 

EXPORT VALUE

:

258 TL Thousand

(1998)

167 TL Thousand

(1999)

164 TL Thousand

(2000)

169 TL Thousand

(2001)

771 TL Thousand

(2002)

2.302 TL Thousand

(2003)

3.944 TL Thousand

(2004)

5.623 TL Thousand

(2005)

1.439 TL Thousand

(2006)

7.067 TL Thousand

(2007)

15.074 TL Thousand

(2008)

17.798 TL Thousand

(2009)

17.615 TL Thousand

(2010)

23.052 TL Thousand

(2011)

 

 

EXPORT COUNTRIES

:

Libya

Algeria

Georgia

Bulgaria

Spain

Lebanon

France

Pakistan

Jordan

Iran

 

MERCHANDISE  EXPORTED

:

Carton

Paper

Paperboard

 

HEAD OFFICE ADDRESS

:

Sevketiye Cobancesme Kav. Istanbul Dunya Ticaret Merkezi (IDTM Bloklari) A2 Blok Kat:6 No:229/230 Bakirkoy Yesilkoy  Istanbul / Turkey ( rented )

 

BRANCHES

:

Warehouse  :  Luleburgaz Kirklareli/Turkey (rented)

 

Warehouse  :  Istoc Istanbul/Turkey (rented)

 

Warehouse  :  Buyukkaristiran Mevkii Luleburgaz Kirklareli/Turkey (owned)

 

Factory  :  Muratli Sapagi Buyukkaristiran Mevkii E-5 Karayolu Uzeri Luleburgaz Kirklareli/Turkey (owned) (12.500 sqm)

                                                                                

INVESTMENTS

:

The firm is investing in a new factory in Luleburgaz Kirklareli with 4.000 sqm area which is expected to be completed in 2013.

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2011.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Garanti Bankasi Corlu Branch

HSBC Bank Organize Sanayi Bolgesi Branch

ING Bank Topkapi Sanayi Branch

T. Is Bankasi Carsi Gunesli Branch

T. Vakiflar Bankasi Zeytinburnu Branch

Turk Ekonomi Bankasi Sefakoy Branch

Yapi ve Kredi Bankasi Beylikduzu 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

:

 

(2006) TL Thousand

(2007) TL Thousand

(2008) TL Thousand

(2009) TL Thousand

(2010) TL Thousand

Net Sales

45.652

47.131

49.303

63.438

72.777

Profit (Loss) Before Tax

1.364

-2.533

673

5.506

7.671

Stockholders' Equity

10.394

7.832

8.505

13.245

 

Total Assets

34.400

36.922

38.047

35.216

 

Current Assets

24.194

24.893

26.334

26.182

 

Non-Current Assets

10.206

12.029

11.713

9.034

 

Current Liabilities

16.911

23.104

23.457

18.277

 

Long-Term Liabilities

7.095

5.986

6.085

3.694

 

Gross Profit (loss)

9.528

5.431

8.665

13.292

17.139

Operating Profit (loss)

3.963

222

3.765

7.377

9.074

Net Profit (loss)

1.050

-2.533

673

4.740

5.946

 

 

COMMENT ON FINANCIAL POSITION

 

General Financial Position

General financial position is undetermined the firm declines to give us an authorization to gather its financial data. As the shares of the firm are not open to public, it is not obliged to announce its data.

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 1998 )

54,30 %

0,2657

0,2967

0,4410

 ( 1999 )

62,90 %

0,4278

0,4518

0,6843

 ( 2000 )

32,70 %

0,6251

0,5774

0,9480

 ( 2001 )

88,60 %

1,1991

1,0714

1,7300

 ( 2002 )

30,80 %

1,5168

1,3741

2,2001

 ( 2003 )

13,90 %

1,5302

1,7141

2,4982

 ( 2004 )

13,84 %

1,4266

1,7666

2,6001

 ( 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

 ( 2009 )

5,93 %

1,5460

2,1529

2,4094

 ( 01.01-30.09.2010)

6,52 %

1,5178

2,0112

2,3426

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 01.01-31.03.2013)

0,50 %

1,7901

2,3575

2,7927

 

 

BALANCE SHEETS

 

 

 ( 31.12.2006 )  TL Thousand

 

 ( 31.12.2007 )  TL Thousand

 

 ( 31.12.2008 )  TL Thousand

 

 ( 31.12.2009 )  TL Thousand

 

CURRENT ASSETS

24.194

0,70

24.893

0,67

26.334

0,69

26.182

0,74

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

2.469

0,07

4.799

0,13

1.702

0,04

2.718

0,08

Marketable Securities

191

0,01

296

0,01

252

0,01

325

0,01

Account Receivable

9.583

0,28

6.060

0,16

10.574

0,28

11.280

0,32

Other Receivable

15

0,00

107

0,00

150

0,00

59

0,00

Inventories

10.411

0,30

11.229

0,30

11.575

0,30

10.336

0,29

Advances Given

96

0,00

89

0,00

111

0,00

112

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

1.429

0,04

2.313

0,06

1.970

0,05

1.352

0,04

NON-CURRENT ASSETS

10.206

0,30

12.029

0,33

11.713

0,31

9.034

0,26

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

5

0,00

5

0,00

5

0,00

5

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

8.264

0,24

9.965

0,27

10.082

0,26

8.271

0,23

Intangible Assets

302

0,01

229

0,01

202

0,01

163

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

1.635

0,05

1.830

0,05

1.424

0,04

595

0,02

TOTAL ASSETS

34.400

1,00

36.922

1,00

38.047

1,00

35.216

1,00

CURRENT LIABILITIES

16.911

0,49

23.104

0,63

23.457

0,62

18.277

0,52

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

4.192

0,12

12.012

0,33

10.767

0,28

3.981

0,11

Accounts Payable

7.949

0,23

6.700

0,18

11.319

0,30

11.973

0,34

Loans from Shareholders

1.907

0,06

1.650

0,04

0

0,00

0

0,00

Other Short-term Payable

0

0,00

0

0,00

0

0,00

0

0,00

Advances from Customers

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

373

0,01

377

0,01

249

0,01

355

0,01

Provisions

313

0,01

-1

0,00

0

0,00

700

0,02

Other Current Liabilities

2.177

0,06

2.366

0,06

1.122

0,03

1.268

0,04

LONG-TERM LIABILITIES

7.095

0,21

5.986

0,16

6.085

0,16

3.694

0,10

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

7.095

0,21

5.986

0,16

6.085

0,16

3.694

0,10

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

10.394

0,30

7.832

0,21

8.505

0,22

13.245

0,38

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

4.000

0,12

4.000

0,11

4.000

0,11

4.000

0,11

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

676

0,02

676

0,02

676

0,02

676

0,02

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

4.668

0,14

5.689

0,15

5.689

0,15

5.689

0,16

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

-2.533

-0,07

-1.860

-0,05

Net Profit (loss)

1.050

0,03

-2.533

-0,07

673

0,02

4.740

0,13

TOTAL LIABILITIES AND EQUITY

34.400

1,00

36.922

1,00

38.047

1,00

35.216

1,00

 

 

INCOME STATEMENTS

 

 

(2006) TL Thousand

 

(2007) TL Thousand

 

(2008) TL Thousand

 

(2009) TL Thousand

 

(2010) TL Thousand

 

Net Sales

45.652

1,00

47.131

1,00

49.303

1,00

63.438

1,00

72.777

1,00

Cost of Goods Sold

36.124

0,79

41.700

0,88

40.638

0,82

50.146

0,79

55.638

0,76

Gross Profit

9.528

0,21

5.431

0,12

8.665

0,18

13.292

0,21

17.139

0,24

Operating Expenses

5.565

0,12

5.209

0,11

4.900

0,10

5.915

0,09

8.065

0,11

Operating Profit

3.963

0,09

222

0,00

3.765

0,08

7.377

0,12

9.074

0,12

Other Income

1.771

0,04

1.462

0,03

2.606

0,05

1.546

0,02

1.548

0,02

Other Expenses

2.956

0,06

1.457

0,03

2.388

0,05

1.645

0,03

1.907

0,03

Financial Expenses

1.414

0,03

2.760

0,06

3.310

0,07

1.772

0,03

1.044

0,01

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

1.364

0,03

-2.533

-0,05

673

0,01

5.506

0,09

7.671

0,11

Tax Payable

314

0,01

0

0,00

0

0,00

766

0,01

1.725

0,02

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

1.050

0,02

-2.533

-0,05

673

0,01

4.740

0,07

5.946

0,08

 

 

FINANCIAL RATIOS

 

 

(2006)

(2007)

(2008)

(2009)

LIQUIDITY RATIOS

 

 

Current Ratio

1,43

1,08

1,12

1,43

Acid-Test Ratio

0,72

0,49

0,54

0,79

Cash Ratio

0,16

0,22

0,08

0,17

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,30

0,30

0,30

0,29

Short-term Receivable/Total Assets

0,28

0,17

0,28

0,32

Tangible Assets/Total Assets

0,24

0,27

0,26

0,23

TURNOVER RATIOS

 

 

Inventory Turnover

3,47

3,71

3,51

4,85

Stockholders' Equity Turnover

4,39

6,02

5,80

4,79

Asset Turnover

1,33

1,28

1,30

1,80

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,30

0,21

0,22

0,38

Current Liabilities/Total Assets

0,49

0,63

0,62

0,52

Financial Leverage

0,70

0,79

0,78

0,62

Gearing Percentage

2,31

3,71

3,47

1,66

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,10

-0,32

0,08

0,36

Operating Profit Margin

0,09

0,00

0,08

0,12

Net Profit Margin

0,02

-0,05

0,01

0,07

Interest Cover

1,96

0,08

1,20

4,11

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

75,61

46,33

77,25

64,04

Average Payable Period (days)

79,22

57,84

100,27

85,95

WORKING CAPITAL

7283,00

1789,00

2877,00

7905,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.03

UK Pound

1

Rs.82.43

Euro

1

Rs.70.49

 

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.