|
Report Date : |
07.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
FARMAMAK AMBALAJ MADDELERI VE AMBALAJ MAKINELERI SANAYI VE TICARET A.S. |
|
|
|
|
Registered Office : |
Organize Sanayi Bolgesi 1400 Sok. No:1402 P.K. 41480 Gebze Kocaeli |
|
|
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|
Country : |
Turkey |
|
|
|
|
Financials (as on) : |
30.09.2013 |
|
|
|
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Date of Incorporation : |
01.07.1979 |
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|
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Com. Reg. No.: |
2741 |
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|
|
Legal Form : |
Joint Stock Company |
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|
|
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Line of Business : |
Manufacture and trade of hard PVC folio and plastic packaging
products |
|
|
|
|
No. of Employees : |
192 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limits : |
TL 1.9465 |
|
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Turkey |
B2 |
B2 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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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
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NAME |
: |
FARMAMAK AMBALAJ MADDELERI VE AMBALAJ MAKINELERI SANAYI VE TICARET A.S. |
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HEAD OFFICE ADDRESS |
: |
Organize Sanayi Bolgesi 1400 Sok. No:1402 P.K. 41480 Gebze Kocaeli / Turkey |
|
PHONE NUMBER |
: |
90-262-751 12 98 (3 lines) |
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FAX NUMBER |
: |
90-262-751 06 04 |
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WEB-ADDRESS |
: |
www.farmamak.com.tr |
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|
: |
info@farmamak.com.tr |
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NOTES ON LEGAL STATUS AND HISTORY |
: |
The paid-in capital is declared by the subject. There is no certification for the paid-in capital. |
|
TAX OFFICE |
: |
Ilyasbey |
|
TAX NO |
: |
3850010280 |
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REGISTRATION NUMBER |
: |
2741 |
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REGISTERED OFFICE |
: |
Gebze Chamber of Commerce |
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DATE ESTABLISHED |
: |
01.07.1979 |
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LEGAL FORM |
: |
Joint Stock Company |
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TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
TL 38.930.000 |
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PAID-IN CAPITAL |
: |
TL 38.930.000 |
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HISTORY |
: |
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SHAREHOLDERS |
: |
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REMARKS ON SHAREHOLDERS |
: |
According to Turkish Commercial Law, joint stock companies are not obliged to register the changes at shareholders to Commercial Registry. The a.m shareholders show the ownership structure of the firm which are declared by the company and there is no data showing the distribution of the shares of the shareholders. |
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GROUP |
: |
ULKER GROUP OF COMPANIES |
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GROUP PARENT COMPANY |
: |
YILDIZ HOLDING A.S. |
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SISTER COMPANIES |
: |
AK GIDA SANAYI VE TICARET A.S. AKYEL INSAAT TURIZM SANAYI VE TICARET A.S. ANCOKER SU URUNLERI SANAYI VE TICARET A.S. ATADEMIR GIDA SANAYI VE TICARET A.S. ATLAS GIDA PAZARLAMA SANAYI VE TICARET A.S. AZMUSEBAT CELIK SANAYI VE TICARET A.S. BAGETURK GIDA SANAYI VE TICARET A.S. BAHAR SU SANAYI VE TICARET A.S. BASAK SAGLIK VE EGITIM HIZMETLERI SANAYI VE TICARET A.S. BAYCAN SAKIZ VE GIDA YATIRIMLARI SANAYI VE TICARET A.S. BESLER GIDA VE KIMYA SANAYI VE TICARET A.S. BIRLESIK DIS TICARET A.S. BISKOT BISKUVI GIDA SANAYI VE TICARET A.S. BIZIM TOPTAN SATIS MAGAZALARI A.S. BUYUK ENDUSTRIYEL URUNLER PAZARLAMA VE SANAYI TICARET LTD. STI. CONTINENTAL CONFECTIONERY COMPANY GIDA SANAYI VE TICARET A.S. DANEM GIDA SANAYI VE TICARET A.S. DANK GIDA SANAYI VE TICARET A.S. DELLA GIDA SANAYI VE TICARET A.S. DINAMIK BILISIM HIZMETLERI LTD. STI. DONUK FIRINCILIK URUNLERI SANAYI VE TICARET A.S. DORE DIREKT PAZARLAMA VE TICARET A.S. DORUK UNLU MAMULLER SANAYI VE PERAKENDE HIZMETLERI A.S. DOSU MAYA MAYACILIK A.S. DURAN-DOGAN BASIM VE AMBALAJ SANAYI A.S. E SISTEM BILGI TEKNOLOJILERI SANAYI VE TICARET A.S. EGAL GIDA MADDELERI SANAYI VE TICARET A.S. EKSPER GIDA PAZARLAMA SANAYI VE TICARET A.S. EKZIMER DIS TICARET GIDA SANAYI A.S. ELIT MIMARLIK TURIZM SANAYI VE TICARET A.S. EVAR KESICI TAKIM SANAYI VE TICARET A.S. EXPER BILGISAYAR SISTEMLERI SANAYI VE TICARET A.S. FFK FON FINANSAL KIRALAMA A.S. FRB UNLU MAMULLER SANAYI VE TICARET A.S. GLOBAL KAHVE PERAKENDECILIGI GIDA SANAYI VE TICARET A.S. GOZDE GIRISIM SERMAYESI YATIRIM ORTAKLIGI A.S. HERO GIDA SANAYI VE TICARET A.S. HORIZON HIZLI TUKETIM URUNLERI PAZARLAMA SATIS VE TICARET A.S HUNER PAZARLAMA VE TICARET A.S. INTEGRAL BILGISAYAR ENDUSTRI URUNLERI SANAYI VE TICARET LTD. STI. ISTANBUL GIDA DIS TICARET A.S. IZSAL GAYRIMENKUL GELISTIRME A.S. KARMA GIDA YATIRIM SANAYI VE TICARET A.S. KARMA TARIMSAL URETIM VE TICARET A.S. KAYNAK FINANSAL KIRALAMA A.S. KELLOGG MED GIDA TICARET LTD. STI. KEREVITAS GIDA SANAYI VE TICARET A.S. KOKLER YATIRIM HOLDING A.S. KOMILI TEMIZLIK URUNLERI PAZARLAMA A.S. LEZIZ UNLU MAMULLER GIDA SANAYI VE TICARET A.S. LINK GIDA YATIRIM SANAYI TICARET A.S. MARSA YAG SANAYI VE TICARET A.S. MCCORMICK YILDIZ GIDA SANAYI VE TICARET A.S. MEDYASOFT BILGI SISTEMLERI SANAYI VE TICARET A.S. MERKUR INSAAT TICARET A.S. MERSU SU URUNLERI SANAYI VE TICARET A.S. MGS MARMARA GIDA SANAYI VE TICARET A.S. MILFORD YILDIZ GIDA SANAYI VE TICARET A.S. MIS KOPUZ GIDA SANAYI VE TICARET A.S. NATURA GIDA SANAYI VE TICARET A.S. NISSIN YILDIZ GIDA SANAYI VE TICARET A.S. NORTHSTAR INNOVATION ENDUSTRIYEL YATIRIMLAR VE DANISMANLIK A.S. ODAK DIS TICARET A.S. ONEM GIDA SANAYI VE TICARET A.S. ORGEN GIDA SANAYI VE TICARET A.S. PAKYAG SANAYII VE TICARET A.S. PASIFIK TUKETIM URUNLERI SATIS VE TICARET A.S. PNS PENDIK NISASTA SANAYI A.S. POLINAS PLASTIK SANAYII VE TICARET A.S. REFORM GIDA PAZARLAMA SANAYI VE TICARET A.S. REKOR GIDA PAZARLAMA SANAYI VE TICARET A.S. ROTOPAS AMBALAJ SANAYI VE TICARET A.S. SAF GAYRIMENKUL YATIRIM ORTAKLIGI A.S. SAGLAM INSAAT TAAHHUT TICARET A.S. SCA YILDIZ KAGIT VE KISISEL BAKIM URETIM A.S. SEHER GIDA PAZARLAMA SANAYI VE TICARET A.S. SOK MARKETLER TICARET A.S. TAC YATIRIM ORTAKLIGI A.S. TEKOZEL GIDA TEMIZLIK SAGLIK MARKA HIZMETLERI SANAYI VE TICARET A.S. TOPKAPI MUHENDISLIK A.S. UFUK DOGAL GIDA VE AMBALAJ SANAYI A.S. ULKER BISKUVI SANAYI A.S. ULKER CIKOLATA SANAYI A.S. UNMAS UNLU MAMULLER SANAYI VE TICARET A.S. UNO TASIMACILIK VE DAGITIM HIZMETLERI A.S. US HOLDING A.S. YD MADENCILIK A.S. YENI CIKOLATALI MAMULLER GIDA SANAYI VE TICARET A.S. YILDIZ GRANINI MEYVE SUYU SANAYI VE TICARET A.S. YILDIZ HOLDING A.S. |
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SUBSIDIARIES |
: |
DURAN-DOGAN BASIM VE AMBALAJ SANAYI A.S. ( 23 % ) |
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BOARD OF DIRECTORS |
: |
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BUSINESS ACTIVITIES |
: |
Manufacture and trade of hard PVC folio and plastic packaging products. The firm which was dealing with manufacturing of strech film has transferred this activity to its sister company in June 2009.
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NACE CODE |
: |
DH.25.22 |
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NUMBER OF EMPLOYEES |
: |
192 |
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NET SALES |
: |
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REMARKS ON NET SALES |
: |
The net sales figure of 2011 is declared by the company. There is no certification for this figure. |
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IMPORT COUNTRIES |
: |
Germany Romania China Japan Korea Malaysia |
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MERCHANDISE IMPORTED |
: |
Intermediary goods Machinery Raw materials |
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EXPORT VALUE |
: |
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EXPORT COUNTRIES |
: |
Azerbaijan Georgia Bulgaria Jordan Northern Cyprus Turkish Republic Tunisia Malta Iraq |
MERCHANDISE EXPORTED |
: |
Plastic container PVC folio |
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HEAD OFFICE ADDRESS |
: |
Organize Sanayi Bolgesi 1400 Sok. No:1402 P.K. 41480 Gebze Kocaeli / Turkey (owned) |
|
BRANCHES |
: |
Head Office/Factory : Organize Sanayi Bolgesi 1400 Sok. No:1402 P.K. 41480 Gebze Kocaeli/Turkey (owned) (24.000 sqm) |
|
TREND OF BUSINESS |
: |
There was a slowdown at business volume in real terms in 2012. There appears an upwards trend in 1.1 - 30.9.2013. |
|
SIZE OF BUSINESS |
: |
Giant |
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MAIN DEALING BANKS |
: |
Finansbank Gebze Branch HSBC Bank Asya Kurumsal Branch Turk Ekonomi Bankasi Korfez Kurumsal Branch Yapi ve Kredi Bankasi Galata Kurumsal Branch |
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PAYMENT BEHAVIOUR |
: |
No payment delays have come to our knowledge. |
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KEY FINANCIAL ELEMENTS |
: |
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REMARKS ON KEY FINANCIAL ELEMENTS |
: |
The key financial figures of 2009, 2010, 2011 and some of the key financial figures of 2012 are declared by the subject company. There is no certification for these figures. |
|
Capitalization |
Negative Stockholders’ Equity |
|
Remarks on Capitalization |
The loss at the last interim period is expected to have a further negative effect on equity total since the last balance sheet date. |
|
Liquidity |
Good As of 31.12.2012 |
|
Remarks On Liquidity |
Current ratio is 2,87 |
|
Profitability |
Net Loss in 2009 Net Loss in 2010 Net Loss in 2011 In Order Operating Profitability in 2012 Net Loss in 2012 Good Operating Profitability (01.01-30.09.2013) Net Loss (01.01-30.09.2013) |
|
General Financial Position |
Unsatisfactory |
|
|
Incr. in producers’ price index |
Average USD/TL |
Average EUR/TL |
Average GBP/ TL |
|
( 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 |
|
( 2010 ) |
8,87 % |
1,5128 |
2,0096 |
2,3410 |
|
( 2011 ) |
13,33 % |
1,6797 |
2,3378 |
2,6863 |
|
( 2012 ) |
2,45 % |
1,7995 |
2,3265 |
2,8593 |
|
( 01.01-30.09.2013) |
4,43 % |
1,8785 |
2,4774 |
2,9189 |
|
( 01.01-31.10.2013) |
5,15 % |
1,8889 |
2,4999 |
2,9446 |
|
|
(2012) TL |
|
(01.01-30.09.2013) TL |
|
|
Net Sales |
101.907.519 |
1,00 |
85.647.331 |
1,00 |
|
Cost of Goods Sold |
85.703.282 |
0,84 |
71.011.186 |
0,83 |
|
Gross Profit |
16.204.237 |
0,16 |
14.636.145 |
0,17 |
|
Operating Expenses |
11.744.566 |
0,12 |
8.493.330 |
0,10 |
|
Operating Profit |
4.459.671 |
0,04 |
6.142.815 |
0,07 |
|
Other Income |
19.312.850 |
0,19 |
17.270.799 |
0,20 |
|
Other Expenses |
15.695.355 |
0,15 |
12.901.902 |
0,15 |
|
Financial Expenses |
11.045.573 |
0,11 |
25.192.869 |
0,29 |
|
Minority Interests |
0 |
0,00 |
0 |
0,00 |
|
Profit (loss) of consolidated firms |
0 |
0,00 |
0 |
0,00 |
|
Profit (loss) Before Tax |
-2.968.407 |
-0,03 |
-14.681.157 |
-0,17 |
|
Tax Payable |
0 |
0,00 |
0 |
0,00 |
|
Postponed Tax Gain |
0 |
0,00 |
0 |
0,00 |
|
Net Profit (loss) |
-2.968.407 |
-0,03 |
-14.681.157 |
-0,17 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.67 |
|
|
1 |
Rs.100.65 |
|
Euro |
1 |
Rs.84.25 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.