MIRA INFORM REPORT

 

 

Report Date :

20.02.2013

 

IDENTIFICATION DETAILS

 

Name :

SAPRO TEMIZLIK URUNLERI SANAYI VE TICARET A.S.

 

 

Registered Office :

Ortakoy Sanayi Bulvari N:23/2 Silivri Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

02.10.1997

 

 

Com. Reg. No.:

377859

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of paper cleaning products mainly wet wipes. 

 

 

No. of Employees :

330

 

 

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

:

SAPRO TEMIZLIK URUNLERI SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Ortakoy Sanayi Bulvari N:23/2 Silivri Istanbul / Turkey

PHONE NUMBER

:

90-212-734 38 08

 

FAX NUMBER

:

90-212-734 38 36

 

WEB-ADDRESS

:

www.sapro.com.tr

E-MAIL

:

info@sapro.com.tr   

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Dis Ticaret

TAX NO

:

7440066878

REGISTRATION NUMBER

:

377859

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

02.10.1997

ESTABLISHMENT GAZETTE DATE/NO

:

08.10.1997/4393

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   4.000.000

PAID-IN CAPITAL

:

TL   3.522.225

 

HISTORY

:

Previous Registered Capital

:

TL 1.750.000

Changed On

:

05.05.2010 (Commercial Gazette Date /Number 11.05.2010/ 7561)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Mehmet Gundogdu

47,95 %

Ceyhun Zincirkiran

47,95 %

Peter Teichmann

2,10 %

Necati Zincirkiran

1 %

Canan Gundogdu

1 %

 

 

SISTER COMPANIES

:

LOTUS PAZARLAMA A.S.

 

MULTIPAK AMBALAJ SANAYI VE TICARET A.S.

 

SARDUNYA ZIYAFET IKRAM VE TICARET A.S.

 

TETRA PAZARLAMA VE DIS TICARET A.S.

 

SUBSIDIARIES

:

None

 

BOARD OF DIRECTORS

:

Ceyhun Zincirkiran

Chairman

Mehmet Gundogdu

Vice-Chairman

Canan Gundogdu

Member

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Manufacture and trade of paper cleaning products mainly wet wipes. 

 

NACE CODE

:

DE.21.22

 

NUMBER OF EMPLOYEES

:

330

 

NET SALES

:

1.042 TL Thousand

(2000) 

2.768 TL Thousand

(2001) 

9.294 TL Thousand

(2002) 

16.805 TL Thousand

(2003) 

17.537 TL Thousand

(2004) 

20.821 TL Thousand

(2005) 

30.432 TL Thousand

(2006) 

37.419.501 TL

(2007) 

58.519.060 TL

(2008) 

74.759.742 TL

(2009) 

70.037.031 TL

(2010) 

106.664.195 TL

(2011) 

82.422.169 TL

(01.01-30.09.2012) 

 

 

IMPORT VALUE

:

4.980.000 USD

(2009)

 

 

IMPORT COUNTRIES

:

Spain

Germany

Israel

Italy

China

Finland

France

 

MERCHANDISE IMPORTED

:

Fabric

Raw materials

 

EXPORT VALUE

:

840.575 TL

(2001)

6.195.914 TL

(2002)

13.986.496 TL

(2003)

11.706.707 TL

(2004)

13.505.995 TL

(2005)

22.089.343 TL

(2006)

26.350.260 TL

(2007)

39.248.562 TL

(2008)

52.491.848 TL

(2009)

44.048.453 TL

(2010)

64.458.664 TL

(2011)

45.815.559 TL

(01.01-30.09.2012)

 

 

EXPORT COUNTRIES

:

France

Netherlands

Czech Republic

Algeria

Syria

Slovenia

Poland

Switzerland

Austria

Jordan

U.K.

Morocco

Serbia

Kazakhstan

Georgia

Bulgaria

Hungary

Germany

 

MERCHANDISE  EXPORTED

:

Cleaning products

 

HEAD OFFICE ADDRESS

:

Ortakoy Sanayi Bulvari N:23/2 Silivri  Istanbul / Turkey

( owned by shareholder(s) )

 

BRANCHES

:

Head Office/Factory  :  Ortakoy Sanayi Bulvari N:23/2 Silivri Istanbul/Turkey (owned by shareholder(s))

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

:

Large

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Akbank Ikitelli Branch

Eurobank Tekfen Hadimkoy Branch

Sekerbank Bayrampasa Branch

Yapi ve Kredi Bankasi Corlu 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

:

 

(2008) TL

(2009) TL

(2010) TL

(2011) TL

(01.01-30.09.2012) TL

Net Sales

58.519.060

74.759.742

70.037.031

106.664.195

82.422.169

Profit (Loss) Before Tax

606.268

1.170.891

869.255

-5.095.657

1.514.939

Stockholders' Equity

2.871.530

3.796.354

4.800.200

-57.960

 

Total Assets

35.021.855

37.044.985

50.409.867

53.545.210

 

Current Assets

27.567.025

28.971.399

40.646.519

40.811.471

 

Non-Current Assets

7.454.830

8.073.586

9.763.348

12.733.739

 

Current Liabilities

30.732.924

31.327.995

36.040.035

47.645.326

 

Long-Term Liabilities

1.417.401

1.920.636

9.569.632

5.957.844

 

Gross Profit (loss)

7.713.478

8.554.623

6.638.181

11.894.592

5.356.879

Operating Profit (loss)

3.894.222

4.214.082

974.846

5.467.502

1.952.163

Net Profit (loss)

474.516

924.825

687.359

-5.411.054

1.514.939

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Negative Stockholders’ Equity 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

Good Operating Profitability  in 2008

Low Net Profitability  in 2008

Good Operating Profitability  in 2009

Low Net Profitability  in 2009

Low Operating Profitability  in 2010

Low Net Profitability  in 2010

In Order Operating Profitability  in 2011

Net Loss  in 2011

Fair Operating Profitability (01.01-30.09.2012)

Low Net Profitability (01.01-30.09.2012)

 

Gap between average collection and payable periods

Favorable in 2011

General Financial Position

Poor

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 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

 ( 01.01-31.01.2013)

-0,18 %

1,7748

2,3734

2,8382

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

27.567.025

0,79

28.971.399

0,78

40.646.519

0,81

40.811.471

0,76

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

535.595

0,02

468.960

0,01

4.331.076

0,09

1.656.871

0,03

Marketable Securities

0

0,00

0

0,00

0

0,00

1.051

0,00

Account Receivable

13.972.004

0,40

19.992.831

0,54

24.057.123

0,48

26.073.739

0,49

Other Receivable

897.691

0,03

0

0,00

3.486.761

0,07

0

0,00

Inventories

9.685.707

0,28

6.482.803

0,17

7.447.666

0,15

10.653.486

0,20

Advances Given

579.789

0,02

1.342.105

0,04

499.582

0,01

1.387.003

0,03

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

1.896.239

0,05

684.700

0,02

824.311

0,02

1.039.321

0,02

NON-CURRENT ASSETS

7.454.830

0,21

8.073.586

0,22

9.763.348

0,19

12.733.739

0,24

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

11.531

0,00

10.662

0,00

10.662

0,00

10.662

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

945.605

0,03

969.888

0,03

1.875.707

0,04

2.658.596

0,05

Intangible Assets

6.485.152

0,19

7.088.036

0,19

7.401.823

0,15

9.776.519

0,18

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

12.542

0,00

5.000

0,00

475.156

0,01

287.962

0,01

TOTAL ASSETS

35.021.855

1,00

37.044.985

1,00

50.409.867

1,00

53.545.210

1,00

CURRENT LIABILITIES

30.732.924

0,88

31.327.995

0,85

36.040.035

0,71

47.645.326

0,89

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

8.212.271

0,23

8.176.820

0,22

8.343.303

0,17

8.018.833

0,15

Accounts Payable

18.616.935

0,53

18.518.210

0,50

21.832.346

0,43

33.601.788

0,63

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

Other Short-term Payable

2.953.498

0,08

3.047.400

0,08

3.865.042

0,08

4.277.768

0,08

Advances from Customers

776.555

0,02

1.329.479

0,04

1.593.242

0,03

1.286.752

0,02

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

171.932

0,00

255.196

0,01

303.456

0,01

452.616

0,01

Provisions

1.733

0,00

890

0,00

1.431

0,00

-1.229

0,00

Other Current Liabilities

0

0,00

0

0,00

101.215

0,00

8.798

0,00

LONG-TERM LIABILITIES

1.417.401

0,04

1.920.636

0,05

9.569.632

0,19

5.957.844

0,11

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

1.417.401

0,04

1.920.636

0,05

9.569.632

0,19

5.913.715

0,11

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

44.129

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

2.871.530

0,08

3.796.354

0,10

4.800.200

0,10

-57.960

0,00

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

1.750.000

0,05

1.750.000

0,05

3.122.225

0,06

3.522.225

0,07

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

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

647.014

0,02

1.121.529

0,03

990.616

0,02

1.830.869

0,03

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

474.516

0,01

924.825

0,02

687.359

0,01

-5.411.054

-0,10

TOTAL LIABILITIES AND EQUITY

35.021.855

1,00

37.044.985

1,00

50.409.867

1,00

53.545.210

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

 

At the last income statement TL 4.260.321 of the other expenses is due to "Loss from Foreign Currency Exchange" . 

 

 

 

INCOME STATEMENTS

 

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

(01.01-30.09.2012) TL

 

Net Sales

58.519.060

1,00

74.759.742

1,00

70.037.031

1,00

106.664.195

1,00

82.422.169

1,00

Cost of Goods Sold

50.805.582

0,87

66.205.119

0,89

63.398.850

0,91

94.769.603

0,89

77.065.290

0,94

Gross Profit

7.713.478

0,13

8.554.623

0,11

6.638.181

0,09

11.894.592

0,11

5.356.879

0,06

Operating Expenses

3.819.256

0,07

4.340.541

0,06

5.663.335

0,08

6.427.090

0,06

3.404.716

0,04

Operating Profit

3.894.222

0,07

4.214.082

0,06

974.846

0,01

5.467.502

0,05

1.952.163

0,02

Other Income

1.427.809

0,02

1.178.045

0,02

1.948.267

0,03

4.191.346

0,04

4.884.239

0,06

Other Expenses

1.943.252

0,03

1.698.736

0,02

1.092.344

0,02

13.178.835

0,12

4.272.026

0,05

Financial Expenses

2.772.511

0,05

2.522.500

0,03

961.514

0,01

1.575.670

0,01

1.049.437

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

606.268

0,01

1.170.891

0,02

869.255

0,01

-5.095.657

-0,05

1.514.939

0,02

Tax Payable

131.752

0,00

246.066

0,00

181.896

0,00

315.397

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)

474.516

0,01

924.825

0,01

687.359

0,01

-5.411.054

-0,05

1.514.939

0,02

 

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

(2011)

 

LIQUIDITY RATIOS

 

 

Current Ratio

0,90

0,92

1,13

0,86

 

Acid-Test Ratio

0,50

0,65

0,88

0,58

 

Cash Ratio

0,02

0,01

0,12

0,03

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,28

0,17

0,15

0,20

 

Short-term Receivable/Total Assets

0,42

0,54

0,55

0,49

 

Tangible Assets/Total Assets

0,03

0,03

0,04

0,05

 

TURNOVER RATIOS

 

 

Inventory Turnover

5,25

10,21

8,51

8,90

 

Stockholders' Equity Turnover

20,38

19,69

14,59

-1840,31

 

Asset Turnover

1,67

2,02

1,39

1,99

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,08

0,10

0,10

0,00

 

Current Liabilities/Total Assets

0,88

0,85

0,71

0,89

 

Financial Leverage

0,92

0,90

0,90

1,00

 

Gearing Percentage

11,20

8,76

9,50

-924,83

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,17

0,24

0,14

93,36

 

Operating Profit Margin

0,07

0,06

0,01

0,05

 

Net Profit Margin

0,01

0,01

0,01

-0,05

 

Interest Cover

1,22

1,46

1,90

-2,23

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

86,02

96,33

123,71

88,04

 

Average Payable Period (days)

131,92

100,70

123,97

127,81

 

WORKING CAPITAL

-3165899,00

-2356596,00

4606484,00

-6833855,00

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.28

UK Pound

1

Rs.84.09

Euro

1

Rs.72.44

 

 

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.