MIRA INFORM REPORT

 

 

Report Date :

11.07.2013

 

IDENTIFICATION DETAILS

 

Name :

SUNJUT SUNI JUT SANAYI VE TICARET A.S.

 

 

Formerly Known As :

Sunjut Sun’i Jut Sanayii Ve Ticaret A.S.

 

 

Registered Office :

Yukari Dudullu Organize Sanayi Bolgesi (Imes Sanayi Sitesi Arkasi) 1. Cad. No:29 Umraniye Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

2011

 

 

Date of Incorporation :

17.09.1968

 

 

Com. Reg. No.:

100154

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacturer and trader of bulk sacks.

 

 

No. of Employees :

563

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory 

 

 

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

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

:

SUNJUT SUNI JUT SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Yukari Dudullu Organize Sanayi Bolgesi (Imes Sanayi Sitesi Arkasi) 1. Cad. No:29 Umraniye Istanbul / Turkey

PHONE NUMBER

:

90-216-365 39 50

 

FAX NUMBER

:

90-216-365 06 63

 

WEB-ADDRESS

:

www.sunjut.com

E-MAIL

:

info@sunjut.com

 

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Buyuk Mukellefler

TAX NO

:

7840001816

REGISTRATION NUMBER

:

100154

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

17.09.1968

ESTABLISHMENT GAZETTE DATE/NO

:

21.09.1968/

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   34.530.000

PAID-IN CAPITAL

:

TL   34.530.000

HISTORY

:

Previous Name

:

Sunjut Sun’i Jut Sanayii Ve Ticaret A.S.

Changed On

:

17.06.2009 (Commercial Gazette Date /Number 23.06.2009/ 7338)

Previous Registered Capital

:

TL 14.750.000

Changed On

:

04.12.2006 (Commercial Gazette Date /Number 07.12.2006/ 6699)

Previous Registered Capital

:

TL 22.260.000

Changed On

:

27.11.2007 (Commercial Gazette Date /Number 30.11.2007/ 6948)

Other Changes

:

The subject transferred some of its  tangible assets with the book value of TL 24.786.513,45 to “Sun  Plaza Gayrimenkul Kiralama Ins. Ve Tic. A.S.” As a consequence of this transfer the subject participated to  “Sun Plaza  Gayrimenkul Kiralama Ins. Ve Tic. A.S”

Changed On

:

16.08.2005 (Commercial Gazette Date /Number 19.08.2005/ 6372)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Greif Flexibles Asset Holding B.V.

99,99 %

Pinweel Trading Holding BV

 

Emballagefabrieken Verma BV

 

Paauw Holdings BV

 

Gronystaal Trading Holding BV

 

 

 

REMARKS ON SHAREHOLDERS

:

We are informed that, the main shareholder "Greif Flexibles Asset Holding B.V." is a foreign company located in Netherlands.

 

BOARD OF DIRECTORS

:

Sevinc Yener Cimecioglu

 

Robert Sutherly Zimmerman

 

Michael Shawn Mapes

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Manufacture and trade of bulk sacks.

 

NACE CODE

:

DH.25.22

 

TRADEMARKS OWNED

:

Sunjut

Sunpack

 

NUMBER OF EMPLOYEES

:

563

 

REMARKS ON NUMBER OF EMPLOYEES

:

The number of employees increases up to 1000 with subcontractors.

NET SALES

:

126.084.034 TL

(2006) 

123.261.996 TL

(2007) 

159.471.067 TL

(2008) 

112.020.199 TL

(2009) 

142.366.555 TL

(2010) 

192.885.624 TL

(2011) 

200.000.000 TL

(2012) 

56.176.000 TL

(01.01-31.03.2013) 

 

 

REMARKS ON NET SALES

:

The net sales figures of 2012 and 01.01.-31.03.2013 are declared by the company. There is no certification for these figures.

 

IMPORT VALUE

:

80.000.000 TL

(2008)

23.000.000 USD

(2009)

31.000.000 USD

(2010)

30.000.000 USD

(2011)

40.000.000 USD

(2012)

 

 

IMPORT COUNTRIES

:

Germany

U.S.A.

Saudi Arabia

Singapore

China

Hong-Kong

Italy

Greece

Israel

 

MERCHANDISE IMPORTED

:

Raw materials

 

EXPORT VALUE

:

23.391.000 USD

(1997)

28.748.000 USD

(1998)

33.060.000 USD

(1999)

22.573.275 TL

(2000)

40.916.462 TL

(2001)

65.334.974 TL

(2002)

69.555.204 TL

(2003)

82.626.854 TL

(2004)

87.730.227 TL

(2005)

110.396.622 TL

(2006)

112.525.507 TL

(2007)

127.384.988 TL

(2008)

103.333.697 TL

(2009)

130.016.533 TL

(2010)

169.824.337 TL

(2011)

176.000.000 TL

(2012)

 

 

EXPORT COUNTRIES

:

Austria

Germany

China

Bulgaria

Switzerland

Finland

Sweden

Norway

U.S.A.

Czech Republic

Japan

India

France

U.K.

Mexico

 

MERCHANDISE  EXPORTED

:

Sacks

 

HEAD OFFICE ADDRESS

:

Yukari Dudullu Organize Sanayi Bolgesi (Imes Sanayi Sitesi Arkasi) 1. Cad. No:29 Umraniye  Istanbul / Turkey  (rented)

 

BRANCHES

:

Factory  :  Hadimkoy Dulger Cukuru Mevkii Yesilbayir Catalca Istanbul/Turkey (owned by shareholder(s)) (28.000 sqm)

 

Factory  :  Hadimkoy Dulger Cukuru Mevkii Yesilbayir Catalca Istanbul/Turkey (owned by shareholder(s))

 

Head Office/Factory  :  Yukari Dudullu Organize Sanayi Bolgesi (Imes Sanayi Sitesi Arkasi) 1. Cad. No:29 Umraniye Istanbul/Turkey (rented) ( )

 

 

 

TREND OF BUSINESS

:

There was an upwards trend in 2012.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Akbank Imes Ticari Branch

Garanti Bankasi Sultanbeyli Branch

ING Bank Kozyatagi Kurumsal Branch

T. Is Bankasi Kozyatagi Kurumsal Branch

Yapi ve Kredi Bankasi Marmara Kurumsal Branch

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2008) TL

(2009) TL

(2010) TL

(2011) TL Thousand

(2012) TL Thousand

Net Sales

159.471.067

112.020.199

142.366.555

192.885

200.000

Profit (Loss) Before Tax

2.683.632

13.769.055

8.077.644

24.238

 

Stockholders' Equity

42.349.288

53.224.814

48.118.091

67.575

74.388

Total Assets

104.090.183

75.967.809

84.819.623

91.674

114.226

Current Assets

71.637.345

59.146.102

69.850.132

78.546

100.438

Non-Current Assets

32.452.838

16.821.707

14.969.491

13.128

 

Current Liabilities

61.236.713

22.238.813

35.302.198

24.099

39.838

Long-Term Liabilities

504.182

504.182

1.399.334

0

 

Gross Profit (loss)

42.760.457

25.153.573

27.325.278

40.105

 

Operating Profit (loss)

27.758.729

12.809.985

10.949.345

15.405

 

Net Profit (loss)

2.008.659

10.875.515

6.167.383

19.457

6.812

 

 

REMARKS ON KEY FINANCIAL ELEMENTS

:

Some of the key financials figures of 2011 and key financials figures of 2012 are declared by the company. There is no certification for these figures.

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

High As of 31.12.2012

Liquidity

Good As of 31.12.2012

Remarks On Liquidity

Current ratio is 2,52

Profitability

High Operating Profitability  in 2008

Low Net Profitability  in 2008

High Operating Profitability  in 2009

High Net Profitability  in 2009

Good Operating Profitability  in 2010

Good Net Profitability  in 2010

Good Operating Profitability  in 2011

High Net Profitability  in 2011

In Order Net Profitability  in 2012

 

General Financial Position

Satisfactory

 

 

 

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

 ( 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

 ( 01.01-31.03.2013)

0,50 %

1,7901

2,3575

2,7927

 ( 01.01-30.06.2013)

2,46 %

1,8251

2,3936

2,8262

 

 

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

71.637.345

0,69

59.146.102

0,78

69.850.132

0,82

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

Cash and Banks

159.327

0,00

89.653

0,00

8.231.832

0,10

Marketable Securities

0

0,00

0

0,00

0

0,00

Account Receivable

48.405.772

0,47

38.602.351

0,51

36.940.545

0,44

Other Receivable

3.287.076

0,03

1.967.810

0,03

2.921.704

0,03

Inventories

19.173.048

0,18

17.910.051

0,24

20.015.284

0,24

Advances Given

15.807

0,00

1.858

0,00

106.032

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

Other Current Assets

596.315

0,01

574.379

0,01

1.634.735

0,02

NON-CURRENT ASSETS

32.452.838

0,31

16.821.707

0,22

14.969.491

0,18

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

Long-term Receivable

183.761

0,00

183.761

0,00

1.403

0,00

Financial Assets

570.876

0,01

593.898

0,01

44.430

0,00

Tangible Fixed Assets (net)

31.342.330

0,30

15.786.983

0,21

14.761.401

0,17

Intangible Assets

355.871

0,00

257.065

0,00

162.257

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

0

0,00

0

0,00

TOTAL ASSETS

104.090.183

1,00

75.967.809

1,00

84.819.623

1,00

CURRENT LIABILITIES

61.236.713

0,59

22.238.813

0,29

35.302.198

0,42

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

42.881.497

0,41

24.427

0,00

0

0,00

Accounts Payable

16.781.321

0,16

20.631.306

0,27

24.400.791

0,29

Loans from Shareholders

0

0,00

0

0,00

0

0,00

Other Short-term Payable

237.811

0,00

240.903

0,00

8.345.498

0,10

Advances from Customers

0

0,00

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

Taxes Payable

631.542

0,01

1.299.238

0,02

2.555.771

0,03

Provisions

0

0,00

0

0,00

0

0,00

Other Current Liabilities

704.542

0,01

42.939

0,00

138

0,00

LONG-TERM LIABILITIES

504.182

0,00

504.182

0,01

1.399.334

0,02

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

0

0,00

Securities Issued

0

0,00

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

0

0,00

Loans from Shareholders

0

0,00

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

0

0,00

Provisions

504.182

0,00

504.182

0,01

1.399.334

0,02

STOCKHOLDERS' EQUITY

42.349.288

0,41

53.224.814

0,70

48.118.091

0,57

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

Paid-in Capital

34.530.000

0,33

34.530.000

0,45

34.530.000

0,41

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

Reserves

5.617.418

0,05

7.626.077

0,10

7.217.408

0,09

Revaluation Fund

193.211

0,00

193.222

0,00

203.300

0,00

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

Net Profit (loss)

2.008.659

0,02

10.875.515

0,14

6.167.383

0,07

TOTAL LIABILITIES AND EQUITY

104.090.183

1,00

75.967.809

1,00

84.819.623

1,00

 

 

INCOME STATEMENTS

 

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

Net Sales

159.471.067

1,00

112.020.199

1,00

142.366.555

1,00

192.885.624

1,00

Cost of Goods Sold

116.710.610

0,73

86.866.626

0,78

115.041.277

0,81

152.779.758

0,79

Gross Profit

42.760.457

0,27

25.153.573

0,22

27.325.278

0,19

40.105.866

0,21

Operating Expenses

15.001.728

0,09

12.343.588

0,11

16.375.933

0,12

24.700.170

0,13

Operating Profit

27.758.729

0,17

12.809.985

0,11

10.949.345

0,08

15.405.696

0,08

Other Income

8.730.499

0,05

10.966.404

0,10

9.322.899

0,07

16.039.630

0,08

Other Expenses

30.650.156

0,19

8.605.837

0,08

11.986.116

0,08

7.102.724

0,04

Financial Expenses

3.155.440

0,02

1.401.497

0,01

208.484

0,00

103.817

0,00

Minority Interests

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

Profit (loss) Before Tax

2.683.632

0,02

13.769.055

0,12

8.077.644

0,06

24.238.785

0,13

Tax Payable

674.973

0,00

2.893.540

0,03

1.910.261

0,01

4.781.348

0,02

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

2.008.659

0,01

10.875.515

0,10

6.167.383

0,04

19.457.437

0,10

 

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

 

LIQUIDITY RATIOS

 

 

Current Ratio

1,17

2,66

1,98

 

Acid-Test Ratio

0,85

1,83

1,36

 

Cash Ratio

0,00

0,00

0,23

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,18

0,24

0,24

 

Short-term Receivable/Total Assets

0,50

0,53

0,47

 

Tangible Assets/Total Assets

0,30

0,21

0,17

 

TURNOVER RATIOS

 

 

Inventory Turnover

6,09

4,85

5,75

 

Stockholders' Equity Turnover

3,77

2,10

2,96

 

Asset Turnover

1,53

1,47

1,68

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,41

0,70

0,57

 

Current Liabilities/Total Assets

0,59

0,29

0,42

 

Financial Leverage

0,59

0,30

0,43

 

Gearing Percentage

1,46

0,43

0,76

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,05

0,20

0,13

 

Operating Profit Margin

0,17

0,11

0,08

 

Net Profit Margin

0,01

0,10

0,04

 

Interest Cover

1,85

10,82

39,74

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

109,69

124,65

93,41

 

Average Payable Period (days)

51,76

85,50

76,36

 

WORKING CAPITAL

10400632,00

36907289,00

34547934,00

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.13

UK Pound

1

Rs.89.52

Euro

1

Rs.76.89

 

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.