MIRA INFORM REPORT

 

 

Report Date :

06.09.2013

 

DENTIFICATION DETAILS

 

Name :

EFSANE AMBALAJ SANAYI VE TICARET LTD. STI.

 

 

Registered Office :

Merkez Mah. Abay Cad. Atlas Sok. Atlas Ismrk. A Blok No:1 K:1 Halkali Kucukcekmece Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

21.12.2001

 

 

Com. Reg. No.:

467454

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Wholesale trader of packaging materials

 

 

No. of Employees :

12

 

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 :

Slow but Correct 

 

 

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

:

EFSANE AMBALAJ SANAYI VE TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Merkez Mah. Abay Cad. Atlas Sok. Atlas Ismrk. A Blok No:1 K:1 Halkali Kucukcekmece Istanbul / Turkey

PHONE NUMBER

:

90-212-221 13 18

 

FAX NUMBER

:

90-212-221 13 19

 

WEB-ADDRESS

:

www.efsaneambalaj.com

E-MAIL

:

info@efsaneambalaj.com

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Halkali

TAX NO

:

3250283303

REGISTRATION NUMBER

:

467454

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

21.12.2001

ESTABLISHMENT GAZETTE DATE/NO

:

26.12.2001/5452

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   250.000

PAID-IN CAPITAL

:

TL   140.000

HISTORY

:

Previous Registered Capital

:

TL 100.000

Changed On

:

28.05.2010 (Commercial Gazette Date /Number 07.06.2010/ 7579)

Previous Address

:

Talatpasa Mah. Igde Sok. No:1 Sisli Istanbul

Changed On

:

02.06.2010 (Commercial Gazette Date /Number 08.06.2010/ 7580)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Erkan Kimil

25 %

Melek Kimil

25 %

Sevket Kimil

25 %

Engin Kimil

25 %

 

 

SISTER COMPANIES

:

Declared to be: None

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Sevket Kimil

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Wholesale trade of packaging materials.

 

NACE CODE

:

G .51.90

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

12

 

NET SALES

:

3.826.536 TL

(2010) 

6.271.243 TL

(2011) 

7.771.582 TL

(2012) 

2.054.313 TL

(01.01-31.03.2013) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT COUNTRIES

:

Germany

Korea

India

 

MERCHANDISE IMPORTED

:

Packaging materials

 

EXPORT VALUE

:

0 TL

(2010)

0 TL

(2011)

0 TL

(2012)

0 TL

(01.01-31.05.2013)

 

 

HEAD OFFICE ADDRESS

:

Merkez Mah. Abay Cad. Atlas Sok. Atlas Ismrk. A Blok No:1 K:1 Halkali Kucukcekmece  Istanbul / Turkey

 

INVESTMENTS

:

None

 

TREND OF BUSINESS

:

There was an upwards trend in  2012.

SIZE OF BUSINESS

:

Medium

 

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Akbank Perpa Branch

Kuveyt Turk Katilim Bankasi Gungoren Branch

T. Finans Katilim Bankasi Topkapi Branch

T. Halk Bankasi Kasimpasa Branch

T. Is Bankasi Haskoy Branch

Yapi ve Kredi Bankasi Perpa 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

:

 

(2010) TL

(2011) TL

(2012) TL

(01.01-31.03.2013) TL

 

Net Sales

3.826.536

6.271.243

7.771.582

2.054.313

 

Profit (Loss) Before Tax

139.553

226.802

360.110

133.034

 

Stockholders' Equity

455.485

992.267

1.305.208

 

 

Total Assets

2.622.248

3.830.134

5.252.315

 

 

Current Assets

2.479.552

3.703.000

4.933.635

 

 

Non-Current Assets

142.696

127.134

318.680

 

 

Current Liabilities

1.571.710

2.775.406

3.906.847

 

 

Long-Term Liabilities

595.053

62.461

40.260

 

 

Gross Profit (loss)

546.800

944.583

1.554.144

514.355

 

Operating Profit (loss)

346.912

620.735

854.322

234.123

 

Net Profit (loss)

111.584

181.219

287.940

133.034

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Insufficient As of 31.12.2012

Liquidity

Insufficient As of 31.12.2012

Remarks On Liquidity

The unfavorable gap between average collection and average payable period has an adverse 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 2010

In Order Net Profitability  in 2010

High Operating Profitability  in 2011

In Order Net Profitability  in 2011

High Operating Profitability  in 2012

Good Net Profitability  in 2012

High Operating Profitability (01.01-31.03.2013)

Good Net Profitability (01.01-31.03.2013)

 

Gap between average collection and payable periods

Unfavorable in 2012

General Financial Position

Passable

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 01.01-31.05.2013)

0,99 %

1,8079

2,3728

2,8064

 ( 01.01-31.07.2013)

3,48 %

1,8387

2,4151

2,8409

 

 

BALANCE SHEETS

 

 

31.12.2010  TL

 

 31.12.2011 TL

 

 31.12.2012  TL

 

 

 

CURRENT ASSETS

2.479.552

0,95

3.703.000

0,97

4.933.635

0,94

 

 

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

 

 

Cash and Banks

1.429.663

0,55

6.996

0,00

241.934

0,05

 

 

Marketable Securities

0

0,00

0

0,00

0

0,00

 

 

Account Receivable

877.191

0,33

2.727.683

0,71

4.144.338

0,79

 

 

Other Receivable

0

0,00

0

0,00

0

0,00

 

 

Inventories

32.037

0,01

365.028

0,10

346.063

0,07

 

 

Advances Given

140.661

0,05

551.921

0,14

114.968

0,02

 

 

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

 

 

Other Current Assets

0

0,00

51.372

0,01

86.332

0,02

 

 

NON-CURRENT ASSETS

142.696

0,05

127.134

0,03

318.680

0,06

 

 

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

 

 

Long-term Receivable

0

0,00

0

0,00

0

0,00

 

 

Financial Assets

0

0,00

0

0,00

0

0,00

 

 

Tangible Fixed Assets (net)

101.501

0,04

117.851

0,03

313.347

0,06

 

 

Intangible Assets

3.193

0,00

2.384

0,00

1.694

0,00

 

 

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

 

 

Other Non-Current Assets

38.002

0,01

6.899

0,00

3.639

0,00

 

 

TOTAL ASSETS

2.622.248

1,00

3.830.134

1,00

5.252.315

1,00

 

 

CURRENT LIABILITIES

1.571.710

0,60

2.775.406

0,72

3.906.847

0,74

 

 

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

 

 

Financial Loans

422.282

0,16

1.705.465

0,45

2.218.316

0,42

 

 

Accounts Payable

1.020.614

0,39

912.766

0,24

1.318.583

0,25

 

 

Loans from Shareholders

40.855

0,02

0

0,00

0

0,00

 

 

Other Short-term Payable

0

0,00

0

0,00

0

0,00

 

 

Advances from Customers

64.905

0,02

86.073

0,02

270.922

0,05

 

 

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

 

 

Taxes Payable

23.054

0,01

36.805

0,01

36.476

0,01

 

 

Provisions

0

0,00

0

0,00

0

0,00

 

 

Other Current Liabilities

0

0,00

34.297

0,01

62.550

0,01

 

 

LONG-TERM LIABILITIES

595.053

0,23

62.461

0,02

40.260

0,01

 

 

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

 

 

Financial Loans

562.974

0,21

55.562

0,01

36.621

0,01

 

 

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

32.079

0,01

6.899

0,00

3.639

0,00

 

 

Provisions

0

0,00

0

0,00

0

0,00

 

 

STOCKHOLDERS' EQUITY

455.485

0,17

992.267

0,26

1.305.208

0,25

 

 

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

 

 

Paid-in Capital

115.000

0,04

115.000

0,03

140.000

0,03

 

 

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

 

 

Inflation Adjustment of Capital

505

0,00

505

0,00

505

0,00

 

 

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

 

 

Reserves

228.396

0,09

339.979

0,09

521.199

0,10

 

 

Revaluation Fund

0

0,00

355.564

0,09

355.564

0,07

 

 

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

 

 

Net Profit (loss)

111.584

0,04

181.219

0,05

287.940

0,05

 

 

TOTAL LIABILITIES AND EQUITY

2.622.248

1,00

3.830.134

1,00

5.252.315

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. 

 

 

INCOME STATEMENTS

 

 

(2010) TL

 

(2011) TL

 

(2012) TL

 

(01.01-31.03.2013) TL

 

Net Sales

3.826.536

1,00

6.271.243

1,00

7.771.582

1,00

2.054.313

1,00

Cost of Goods Sold

3.279.736

0,86

5.326.660

0,85

6.217.438

0,80

1.539.958

0,75

Gross Profit

546.800

0,14

944.583

0,15

1.554.144

0,20

514.355

0,25

Operating Expenses

199.888

0,05

323.848

0,05

699.822

0,09

280.232

0,14

Operating Profit

346.912

0,09

620.735

0,10

854.322

0,11

234.123

0,11

Other Income

49.353

0,01

128.190

0,02

134.287

0,02

25.895

0,01

Other Expenses

100.981

0,03

307.762

0,05

166.671

0,02

9.482

0,00

Financial Expenses

155.731

0,04

214.361

0,03

461.828

0,06

117.502

0,06

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

139.553

0,04

226.802

0,04

360.110

0,05

133.034

0,06

Tax Payable

27.969

0,01

45.583

0,01

72.170

0,01

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

111.584

0,03

181.219

0,03

287.940

0,04

133.034

0,06

 

 

FINANCIAL RATIOS

 

 

(2010)

(2011)

(2012)

 

LIQUIDITY RATIOS

 

 

Current Ratio

1,58

1,33

1,26

 

Acid-Test Ratio

1,47

0,99

1,12

 

Cash Ratio

0,91

0,00

0,06

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,01

0,10

0,07

 

Short-term Receivable/Total Assets

0,33

0,71

0,79

 

Tangible Assets/Total Assets

0,04

0,03

0,06

 

TURNOVER RATIOS

 

 

Inventory Turnover

102,37

14,59

17,97

 

Stockholders' Equity Turnover

8,40

6,32

5,95

 

Asset Turnover

1,46

1,64

1,48

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,17

0,26

0,25

 

Current Liabilities/Total Assets

0,60

0,72

0,74

 

Financial Leverage

0,83

0,74

0,75

 

Gearing Percentage

4,76

2,86

3,02

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,24

0,18

0,22

 

Operating Profit Margin

0,09

0,10

0,11

 

Net Profit Margin

0,03

0,03

0,04

 

Interest Cover

1,90

2,06

1,78

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

82,53

156,58

191,98

 

Average Payable Period (days)

112,03

61,69

76,35

 

WORKING CAPITAL

907842,00

927594,00

1026788,00

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.04

UK Pound

1

Rs.103.11

Euro

1

Rs.86.99

 

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.