MIRA INFORM REPORT

 

 

Report Date :

18.09.2013

 

IDENTIFICATION DETAILS

 

Name :

EPSAN PLASTIK SANAYI VE TICARET A.S.

 

 

Registered Office :

Demirtas Organize Sanayi Bolgesi  Ali Osman Sonmez Cad. No:16 Osmangazi Bursa

 

 

Country :

Turkey

 

 

Financials (as on) :

12.02.2013

 

 

Date of Incorporation :

10.11.1994

 

 

Com. Reg. No.:

36508

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of plastic raw materials

 

 

No. of Employees :

86

 

 

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 :

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

:

EPSAN PLASTIK SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Demirtas Organize Sanayi Bolgesi  Ali Osman Sonmez Cad. No:16 Osmangazi Bursa / Turkey

PHONE NUMBER

:

90-224-261 20 20

 

FAX NUMBER

:

90-224-261 27 18

 

WEB-ADDRESS

:

www.epsan.com.tr

 

 

LEGAL STATUS AND HISTORY

 

 

NOTES ON LEGAL STATUS AND HISTORY

:

Change at tax no .

 

The paid-in capital is declared by the subject. There is no certification for the paid-in capital..

 

TAX OFFICE

:

Ertugrulgazi

TAX NO

:

3360563885

REMARKS ON TAX NO

:

As the subject changed its legal status from limited company to joint stock company, the tax number was changed from 3360011553 to 3360563885.

REGISTRATION NUMBER

:

36508

REGISTERED OFFICE

:

Bursa Chamber of Commerce and Industry

DATE ESTABLISHED

:

10.11.1994

ESTABLISHMENT GAZETTE DATE/NO

:

16.11.1994/3661

 

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   3.850.000

PAID-IN CAPITAL

:

TL   3.850.000

HISTORY

:

Previous Legal Type

:

Limited Company

Changed On

:

13.02.2013 (Commercial Gazette Date /Number 19.02.2013/ 8261)

Previous Name

:

Epsan Plastik Sanayi Ve Ticaret Ltd. Sti.

Changed On

:

13.02.2013 (Commercial Gazette Date /Number 19.02.2013/ 8261)

Previous Registered Capital

:

TL 400.000

Changed On

:

05.06.2007 (Commercial Gazette Date /Number 18.06.2007/ 6832)

Previous Registered Capital

:

TL 3.000.000

Changed On

:

16.12.2009 (Commercial Gazette Date /Number 23.12.2009/ 7464)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Atila Efe

53,24 %

Bora Efe

23,38 %

Arda Efe

23,38 %

 

 

SISTER COMPANIES

:

ETAP PLASTIK SANAYI VE TICARET LTD. STI.

 

POLYCOM PLASTIK TEKSTIL SANAYI VE TICARET LTD. STI.

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Atila Efe                                                                                                                                                                                                                                                                                   

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Manufacture and trade of plastic raw materials. 

 

NACE CODE

:

DG.24.16

 

SECTOR

:

Plastics

 

NUMBER OF EMPLOYEES

:

86

 

 

NET SALES

:

10.569.367 TL

(2006) 

14.881.648 TL

(2007) 

15.715.553 TL

(2008) 

16.278.227 TL

(2009) 

26.870.610 TL

(2010) 

46.678.411 TL

(2011) 

59.540.544 TL

(2012) 

32.225.593 TL

(01.01-30.06.2013) 

 

 

CAPACITY

:

Granule  ( kgs/yr)

 

 

 

4.528.800

 

 

(2012)

 

 

 

 

IMPORT VALUE

:

2.680.000 EUR + 974.000 USD

(2009)

4.200.000 EUR

(2010)

9.430.000 EUR

(2011)

 

 

IMPORT COUNTRIES

:

Germany

U.K.

Belgium

Iran

Russia

U.S.A.

India

Taiwan

 

MERCHANDISE IMPORTED

:

Raw materials

 

EXPORT VALUE

:

557.727 TL

(2006)

2.694.996 TL

(2007)

1.412.203 TL

(2008)

1.602.221 TL

(2009)

4.162.349 TL

(2010)

10.699.919 TL

(2011)

17.903.198 TL

(2012)

7.981.197 TL

(01.01-30.06.2013)

 

 

 

EXPORT COUNTRIES

:

Iran

China

Hungary

Bulgaria

Romania

U.S.A.

South Africa

Taiwan

Russia

Slovakia

Poland

Austria

Finland

Sweden

Belgium

Spain

Portugal

Italy

 

MERCHANDISE  EXPORTED

:

Palimi Acids

Plastic raw materials

Polyamide

 

HEAD OFFICE ADDRESS

:

Demirtas Organize Sanayi Bolgesi  Ali Osman Sonmez Cad. No:16 Osmangazi  Bursa / Turkey

 

BRANCHES

:

Store  :  Umraniye Istanbul/Turkey (rented)

 

Head Office/Production Plant  :  Demirtas Organize Sanayi Bolgesi  Ali Osman Sonmez Cad. No:16 Osmangazi Bursa/Turkey    

 

 

TREND OF BUSINESS

:

There was an upwards trend in 2012. There appears an upwards trend in 1.1 - 30.6.2013.

SIZE OF BUSINESS

:

Large

 

FINANCE

 

 

MAIN DEALING BANKS

:

Akbank DOSAB Ticari Branch

Garanti Bankasi Gazcilar Branch

Halk Bankasi Cekirge Branch

T. Is Bankasi DOSAB 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

 

 

Net Sales

26.870.610

46.678.411

59.540.544

 

 

Profit (Loss) Before Tax

135.241

1.447.005

3.370.896

 

 

Stockholders' Equity

4.068.441

4.820.003

6.863.492

 

 

Total Assets

18.243.638

29.535.831

34.585.956

 

 

Current Assets

15.040.950

25.165.521

29.906.586

 

 

Non-Current Assets

3.202.688

4.370.310

4.679.370

 

 

Current Liabilities

8.692.781

19.676.909

18.841.867

 

 

Long-Term Liabilities

5.482.416

5.038.919

8.880.597

 

 

Gross Profit (loss)

3.114.067

6.890.934

9.878.059

 

 

Operating Profit (loss)

1.540.027

4.493.226

6.352.723

 

 

Net Profit (loss)

46.184

751.562

2.614.057

 

 

 

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Insufficient As of 12.02.2013

Liquidity

Insufficient As of 12.02.2013

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

Low Net Profitability  in 2010

High Operating Profitability  in 2011

Fair Net Profitability  in 2011

High Operating Profitability  in 2012

Good Net Profitability  in 2012

High Operating Profitability (01.01-30.06.2013)

High Net Profitability (01.01-30.06.2013)

 

Gap between average collection and payable periods

Unfavorable in 01.01-12.02.2013

General Financial Position

Passable

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 01.01-30.06.2013)

2,46 %

1,8251

2,3936

2,8262

 ( 01.01-31.08.2013)

3,52 %

1,8605

2,4465

2,8765

 

BALANCE SHEETS

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL

 

 ( 12.02.2013 )  TL

 

 

 

CURRENT ASSETS

15.040.950

0,82

25.165.521

0,85

29.906.586

0,86

32.652.467

0,88

 

 

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Cash and Banks

5.001.875

0,27

439.658

0,01

2.361.933

0,07

284.941

0,01

 

 

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Account Receivable

5.203.608

0,29

19.154.981

0,65

19.396.678

0,56

22.651.768

0,61

 

 

Other Receivable

1.891.828

0,10

1.345.168

0,05

143.348

0,00

2.345.252

0,06

 

 

Inventories

2.156.814

0,12

2.863.913

0,10

6.011.151

0,17

5.711.719

0,15

 

 

Advances Given

669.282

0,04

1.282.122

0,04

1.212.070

0,04

1.093.462

0,03

 

 

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Other Current Assets

117.543

0,01

79.679

0,00

781.406

0,02

565.325

0,02

 

 

NON-CURRENT ASSETS

3.202.688

0,18

4.370.310

0,15

4.679.370

0,14

4.268.172

0,12

 

 

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Long-term Receivable

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Tangible Fixed Assets (net)

2.060.126

0,11

2.219.533

0,08

2.327.639

0,07

2.359.396

0,06

 

 

Intangible Assets

1.037.491

0,06

2.122.528

0,07

1.944.149

0,06

1.903.039

0,05

 

 

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Other Non-Current Assets

105.071

0,01

28.249

0,00

407.582

0,01

5.737

0,00

 

 

TOTAL ASSETS

18.243.638

1,00

29.535.831

1,00

34.585.956

1,00

36.920.639

1,00

 

 

CURRENT LIABILITIES

8.692.781

0,48

19.676.909

0,67

18.841.867

0,54

24.647.707

0,67

 

 

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Financial Loans

7.303.278

0,40

14.511.780

0,49

14.801.144

0,43

20.122.660

0,55

 

 

Accounts Payable

1.214.453

0,07

3.649.417

0,12

1.382.779

0,04

1.698.858

0,05

 

 

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Other Short-term Payable

5.816

0,00

2.857

0,00

113

0,00

0

0,00

 

 

Advances from Customers

71.660

0,00

944.862

0,03

1.679.023

0,05

2.038.625

0,06

 

 

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Taxes Payable

53.565

0,00

431.749

0,01

166.720

0,00

198.286

0,01

 

 

Provisions

0

0,00

2.721

0,00

756.839

0,02

529.262

0,01

 

 

Other Current Liabilities

44.009

0,00

133.523

0,00

55.249

0,00

60.016

0,00

 

 

LONG-TERM LIABILITIES

5.482.416

0,30

5.038.919

0,17

8.880.597

0,26

4.501.754

0,12

 

 

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Financial Loans

5.482.416

0,30

5.019.516

0,17

8.867.992

0,26

4.496.826

0,12

 

 

Securities Issued

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Long-term Payable

0

0,00

19.403

0,00

0

0,00

4.928

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

12.605

0,00

0

0,00

 

 

STOCKHOLDERS' EQUITY

4.068.441

0,22

4.820.003

0,16

6.863.492

0,20

7.771.178

0,21

 

 

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Paid-in Capital

2.720.033

0,15

2.720.033

0,09

3.850.000

0,11

3.850.000

0,10

 

 

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

1.302.224

0,07

1.348.408

0,05

399.435

0,01

3.013.492

0,08

 

 

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)

46.184

0,00

751.562

0,03

2.614.057

0,08

907.686

0,02

 

 

TOTAL LIABILITIES AND EQUITY

18.243.638

1,00

29.535.831

1,00

34.585.956

1,00

36.920.639

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

 

(01.01-12.02.2013) TL

 

(01.01-30.06.2013) TL

 

Net Sales

26.870.610

1,00

46.678.411

1,00

59.540.544

1,00

8.723.359

1,00

32.225.593

1,00

Cost of Goods Sold

23.756.543

0,88

39.787.477

0,85

49.662.485

0,83

6.950.018

0,80

26.236.163

0,81

Gross Profit

3.114.067

0,12

6.890.934

0,15

9.878.059

0,17

1.773.341

0,20

5.989.430

0,19

Operating Expenses

1.574.040

0,06

2.397.708

0,05

3.525.336

0,06

447.530

0,05

1.970.351

0,06

Operating Profit

1.540.027

0,06

4.493.226

0,10

6.352.723

0,11

1.325.811

0,15

4.019.079

0,12

Other Income

614.556

0,02

1.984.570

0,04

1.502.249

0,03

130.436

0,01

4.019.079

0,12

Other Expenses

748.296

0,03

3.117.732

0,07

1.989.245

0,03

135.857

0,02

1.716.199

0,05

Financial Expenses

1.271.046

0,05

1.913.059

0,04

2.494.831

0,04

177.307

0,02

902.862

0,03

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

135.241

0,01

1.447.005

0,03

3.370.896

0,06

1.143.083

0,13

5.419.097

0,17

Tax Payable

89.057

0,00

695.443

0,01

756.839

0,01

235.397

0,03

649.667

0,02

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

46.184

0,00

751.562

0,02

2.614.057

0,04

907.686

0,10

4.769.430

0,15

 

FINANCIAL RATIOS

 

(2010)

(2011)

(2012)

(01.01-12.02.2013)

 

LIQUIDITY RATIOS

 

 

Current Ratio

1,73

1,28

1,59

1,32

 

Acid-Test Ratio

1,39

1,06

1,16

1,03

 

Cash Ratio

0,58

0,02

0,13

0,01

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,12

0,10

0,17

0,15

 

Short-term Receivable/Total Assets

0,39

0,69

0,56

0,68

 

Tangible Assets/Total Assets

0,11

0,08

0,07

0,06

 

TURNOVER RATIOS

 

 

Inventory Turnover

11,01

13,89

8,26

1,22

 

Stockholders' Equity Turnover

6,60

9,68

8,67

1,12

 

Asset Turnover

1,47

1,58

1,72

0,24

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,22

0,16

0,20

0,21

 

Current Liabilities/Total Assets

0,48

0,67

0,54

0,67

 

Financial Leverage

0,78

0,84

0,80

0,79

 

Gearing Percentage

3,48

5,13

4,04

3,75

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,01

0,16

0,38

0,12

 

Operating Profit Margin

0,06

0,10

0,11

0,15

 

Net Profit Margin

0,00

0,02

0,04

0,10

 

Interest Cover

1,11

1,76

2,35

7,45

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

69,72

147,73

117,28

934,80

 

Average Payable Period (days)

18,40

33,20

10,02

88,25

 

WORKING CAPITAL

6348169,00

5488612,00

11064719,00

8004760,00

 

 

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.37

UK Pound

1

Rs.100.85

Euro

1

Rs.84.59

 

INFORMATION DETAILS

 

Report Prepared by :

NLM

 

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.