MIRA INFORM REPORT

 

 

Report Date :

22.02.2013

 

IDENTIFICATION DETAILS

 

Name :

USTUN PLASTIK AMBALAJ SANAYI VE TICARET A.S.

 

 

Registered Office :

Organize Sanayi Bolgesi Kagithane Sanayi Sitesi Ataturk Bulvari 17. Cad. No:7 Basaksehir Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

29.01.2007

 

 

Com. Reg. No.:

613933

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of packaging products to be used at food industry.

 

 

No. of Employees :

220

 

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

(31.03.2011)

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

:

USTUN PLASTIK AMBALAJ SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Organize Sanayi Bolgesi Kagithane Sanayi Sitesi Ataturk Bulvari 17. Cad. No:7 Basaksehir Istanbul / Turkey

PHONE NUMBER

:

90-212-485 76 76

 

FAX NUMBER

:

90-212-485 81 22

 

WEB-ADDRESS

:

www.ustunplastik.com

E-MAIL

:

info@ustunplastik.com.tr

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Marmara Kurumlar

TAX NO

:

9200302091

REGISTRATION NUMBER

:

613933

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

29.01.2007

ESTABLISHMENT GAZETTE DATE/NO

:

02.02.2007/6778

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   12.000.000

PAID-IN CAPITAL

:

TL   12.000.000

 

HISTORY

:

Previous Registered Capital

:

TL 100.000

Changed On

:

26.12.2007 (Commercial Gazette Date /Number 31.12.2007/ 6967)

Previous Registered Capital

:

TL 7.660.000

Changed On

:

06.11.2009 (Commercial Gazette Date /Number 11.11.2009/ 7436)

Merger

:

The sole-proprietorship "Ustun Plastik Makina Sanayi Ticaret Saban Gulbahar" was transferred to the  subject with all of its assets and liabilities.

Changed On

:

26.12.2007 (Commercial Gazette Date /Number 31.12.2007/ 6967)

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Saban Gulbahar

99,58 %

Neslihan Ekinci

 

Beyhan Ozokur

 

Ahmet Gulbahar

 

Nurgul Gulbahar

 

Kadir Kursad Gulbahar

 

 

 

SISTER COMPANIES

:

NANO TECH ENERJI URUNLERI URETIM SANAYI VE TICARET A.S.

 

SUBSIDIARIES

:

S.C.KEY ROMANIA  ( 90 % )

 

BOARD OF DIRECTORS

:

Saban Gulbahar

Chairman

Kadir Kursad Gulbahar

Vice-Chairman

Ahmet Gulbahar

Member

 

 

DIRECTORS

:

Ahmet Gulbahar                                                                                                                                                                                                                                                                                   

General Manager

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Manufacture and trade of packaging products to be used at food industry.

 

NACE CODE

:

DH.25.22

 

SECTOR

:

Plastic

 

TRADEMARKS OWNED

:

Ustun Plastik

 

NUMBER OF EMPLOYEES

:

220

 

 

NET SALES

:

25.314.320 TL

(2007) 

25.615.384 TL

(2008) 

31.152.116 TL

(2009) 

31.609.056 TL

(2010) 

37.899.276 TL

(2011) 

38.924.315 TL

(01.01-30.09.2012) 

 

 

CAPACITY

:

  ( tons/yr)

 

 

 

5.404

 

 

(2010)

5.404

 

 

(2011)

5.404

 

 

(2012)

5.404

 

 

(2013)

 

 

 

 

IMPORT VALUE

:

13.000.000 TL

(2011)

17.500.000 TL

(2012)

 

 

IMPORT COUNTRIES

:

Belgium

Saudi Arabia

Germany

Italy

Israel

Korea

 

MERCHANDISE IMPORTED

:

Raw materials

 

EXPORT VALUE

:

1.124.455 TL

(2007)

2.599.434 TL

(2008)

3.496.253 TL

(2009)

5.851.489 TL

(2010)

12.666.788 TL

(2011)

12.851.386 TL

(01.01-30.09.2012)

 

 

EXPORT COUNTRIES

:

Syria

Turkmenistan

Iran

U.A.E.

Bahrain

Saudi Arabia

Jordan

Romania

U.K.

Denmark

Yemen

Tanzania

Senegal

Egypt

Russia

Italy

Kosovo

Spain

MERCHANDISE  EXPORTED

:

Plastic containers

 

HEAD OFFICE ADDRESS

:

Organize Sanayi Bolgesi Kagithane Sanayi Sitesi Ataturk Bulvari 17. Cad. No:7 Basaksehir  Istanbul / Turkey ( owned )

 

BRANCHES

:

Head Office/Factory  :  Organize Sanayi Bolgesi Kagithane Sanayi Sitesi Ataturk Bulvari 17. Cad. No:7 Basaksehir Istanbul/Turkey (owned)

(10.500 sqm)

INVESTMENTS

:

Investments are going on.

 

 

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

:

Albaraka Turk Katilim Bankasi Bagcilar Branch

ING Bank Imsan Branch

Yapi ve Kredi Bankasi Ikitelli Organize Sanayi 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

25.615.384

31.152.116

31.609.056

37.899.276

38.924.315

Profit (Loss) Before Tax

124.624

588.962

1.017.738

1.170.778

1.209.537

Stockholders' Equity

8.980.194

35.513.703

13.329.167

14.299.131

 

Total Assets

31.253.493

55.464.472

33.918.633

43.721.288

 

Current Assets

12.086.574

13.785.354

15.646.273

21.001.883

 

Non-Current Assets

19.166.919

41.679.118

18.272.360

22.719.405

 

Current Liabilities

15.258.476

17.775.642

17.210.492

19.721.667

 

Long-Term Liabilities

7.014.823

2.175.127

3.378.974

9.700.490

 

Gross Profit (loss)

2.918.079

3.303.223

3.612.989

5.800.181

6.284.289

Operating Profit (loss)

1.051.311

1.292.704

901.789

2.450.171

2.540.239

Net Profit (loss)

135.574

467.841

857.488

969.964

1.209.537

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Fair As of 31.12.2011

Liquidity

Satisfactory As of 31.12.2011

Remarks On Liquidity

The unfavorable gap between average collection and average payable period has an adverse effect on liquidity.

Profitability

In Order Operating Profitability  in 2008

Low Net Profitability  in 2008

In Order Operating Profitability  in 2009

Fair Net Profitability  in 2009

Fair Operating Profitability  in 2010

In Order Net Profitability  in 2010

Good Operating Profitability  in 2011

In Order Net Profitability  in 2011

Good Operating Profitability (01.01-30.09.2012)

Fair Net Profitability (01.01-30.09.2012)

 

Gap between average collection and payable periods

Unfavorable in 2011

General Financial Position

Fair

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

12.086.574

0,39

13.785.354

0,25

15.646.273

0,46

21.001.883

0,48

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

78.770

0,00

369.336

0,01

125.656

0,00

2.062.869

0,05

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

4.292.506

0,14

5.500.136

0,10

7.444.224

0,22

12.001.690

0,27

Other Receivable

0

0,00

0

0,00

826.175

0,02

254.044

0,01

Inventories

5.877.431

0,19

5.425.948

0,10

5.981.688

0,18

4.630.348

0,11

Advances Given

0

0,00

0

0,00

785.004

0,02

932.272

0,02

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

1.837.867

0,06

2.489.934

0,04

483.526

0,01

1.120.660

0,03

NON-CURRENT ASSETS

19.166.919

0,61

41.679.118

0,75

18.272.360

0,54

22.719.405

0,52

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

1.722

0,00

1.722

0,00

67.613

0,00

164.851

0,00

Financial Assets

0

0,00

374.955

0,01

22.282

0,00

22.282

0,00

Tangible Fixed Assets (net)

19.088.351

0,61

41.229.903

0,74

17.890.877

0,53

22.290.564

0,51

Intangible Assets

17.780

0,00

19.418

0,00

129.070

0,00

71.442

0,00

Deferred Tax Assets

59.066

0,00

53.120

0,00

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

0

0,00

162.518

0,00

170.266

0,00

TOTAL ASSETS

31.253.493

1,00

55.464.472

1,00

33.918.633

1,00

43.721.288

1,00

CURRENT LIABILITIES

15.258.476

0,49

17.775.642

0,32

17.210.492

0,51

19.721.667

0,45

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

6.618.490

0,21

9.316.272

0,17

10.885.761

0,32

11.880.004

0,27

Accounts Payable

7.831.911

0,25

6.242.016

0,11

5.125.396

0,15

4.672.517

0,11

Loans from Shareholders

0

0,00

0

0,00

26.511

0,00

482.329

0,01

Other Short-term Payable

0

0,00

0

0,00

175.051

0,01

167.400

0,00

Advances from Customers

0

0,00

0

0,00

400.526

0,01

1.059.747

0,02

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

0

0,00

127.842

0,00

106.846

0,00

186.178

0,00

Provisions

0

0,00

0

0,00

0

0,00

379

0,00

Other Current Liabilities

808.075

0,03

2.089.512

0,04

490.401

0,01

1.273.113

0,03

LONG-TERM LIABILITIES

7.014.823

0,22

2.175.127

0,04

3.378.974

0,10

9.700.490

0,22

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

0

0,00

7.423.728

0,17

Securities Issued

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Payable

2.856.167

0,09

1.573.741

0,03

3.378.974

0,10

2.276.762

0,05

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

Other Long-term Liabilities

3.979.458

0,13

384.309

0,01

0

0,00

0

0,00

Provisions

179.198

0,01

217.077

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

8.980.194

0,29

35.513.703

0,64

13.329.167

0,39

14.299.131

0,33

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

7.660.000

0,25

12.000.000

0,22

12.000.000

0,35

12.000.000

0,27

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

254.880

0,01

254.880

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

929.740

0,03

22.790.982

0,41

671.354

0,02

1.329.167

0,03

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

-199.675

-0,01

0

0,00

Net Profit (loss)

135.574

0,00

467.841

0,01

857.488

0,03

969.964

0,02

TOTAL LIABILITIES AND EQUITY

31.253.493

1,00

55.464.472

1,00

33.918.633

1,00

43.721.288

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

 

At the last income statement TL 1.785.166 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

25.615.384

1,00

31.152.116

1,00

31.609.056

1,00

37.899.276

1,00

38.924.315

1,00

Cost of Goods Sold

22.697.305

0,89

27.848.893

0,89

27.996.067

0,89

32.099.095

0,85

32.640.026

0,84

Gross Profit

2.918.079

0,11

3.303.223

0,11

3.612.989

0,11

5.800.181

0,15

6.284.289

0,16

Operating Expenses

1.866.768

0,07

2.010.519

0,06

2.711.200

0,09

3.350.010

0,09

3.744.050

0,10

Operating Profit

1.051.311

0,04

1.292.704

0,04

901.789

0,03

2.450.171

0,06

2.540.239

0,07

Other Income

729.211

0,03

522.014

0,02

3.036.508

0,10

3.462.342

0,09

2.870.862

0,07

Other Expenses

0

0,00

0

0,00

1.527.489

0,05

3.211.792

0,08

2.126.846

0,05

Financial Expenses

1.655.898

0,06

1.225.756

0,04

1.393.070

0,04

1.529.943

0,04

2.074.718

0,05

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

124.624

0,00

588.962

0,02

1.017.738

0,03

1.170.778

0,03

1.209.537

0,03

Tax Payable

0

0,00

127.842

0,00

160.250

0,01

200.814

0,01

0

0,00

Postponed Tax Gain

10.950

0,00

6.721

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

135.574

0,01

467.841

0,02

857.488

0,03

969.964

0,03

1.209.537

0,03

 

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

(2011)

LIQUIDITY RATIOS

 

 

Current Ratio

0,79

0,78

0,91

1,06

Acid-Test Ratio

0,29

0,33

0,49

0,73

Cash Ratio

0,01

0,02

0,01

0,10

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,19

0,10

0,18

0,11

Short-term Receivable/Total Assets

0,14

0,10

0,24

0,28

Tangible Assets/Total Assets

0,61

0,74

0,53

0,51

TURNOVER RATIOS

 

 

Inventory Turnover

3,86

5,13

4,68

6,93

Stockholders' Equity Turnover

2,85

0,88

2,37

2,65

Asset Turnover

0,82

0,56

0,93

0,87

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,29

0,64

0,39

0,33

Current Liabilities/Total Assets

0,49

0,32

0,51

0,45

Financial Leverage

0,71

0,36

0,61

0,67

Gearing Percentage

2,48

0,56

1,54

2,06

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,02

0,01

0,06

0,07

Operating Profit Margin

0,04

0,04

0,03

0,06

Net Profit Margin

0,01

0,02

0,03

0,03

Interest Cover

1,08

1,48

1,73

1,77

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

60,35

63,58

85,55

115,57

Average Payable Period (days)

169,52

101,03

109,36

77,94

WORKING CAPITAL

-3171902,00

-3990288,00

-1564219,00

1280216,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.48

UK Pound

1

Rs.82.71

Euro

1

Rs.72.23

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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.