MIRA INFORM REPORT

 

 

Report Date :

19.08.2014

 

IDENTIFICATION DETAILS

 

Name :

SEMBOL AMBALAJ SANAYI A.S.

 

 

Registered Office :

Konya Organize Sanayi Bolgesi Buyuk Kayacik Mah. T. Ziyaeddin Cad. No:6 Konya

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

1987

 

 

Com. Reg. No.:

15937

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and Trade of Flexible Packaging Materials.

 

 

No of Employees :

130

 

 

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 – June 01, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Turkey

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate High Risk

 

C1

High Risk

C2

Very High Risk

 

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 around 9% in 2010-11, as exports returned to normal levels following the recession. Growth dropped to roughly 3-4% in 2012-13. Turkey's public sector debt to GDP ratio has fallen below 40%, and two rating agencies upgraded Turkey's debt to investment grade in 2012 and 2013. Turkey remains dependent on often volatile, short-term investment to finance its large current account deficit. The stock value of FDI reached nearly $195 billion at year-end 2013, reflecting Turkey's robust growth even in the face of economic turmoil in Europe, the source of much of Turkey's FDI. Turkey's relatively high current account deficit, domestic political uncertainty, and turmoil within Turkey's neighborhood leave the economy vulnerable to destabilizing shifts in investor confidence.

 

Source : CIA

 

 

 

 

 

COMPANY IDENTIFICATION

 

 

NAME

:

SEMBOL AMBALAJ SANAYI A.S.

HEAD OFFICE ADDRESS

:

Konya Organize Sanayi Bolgesi Buyuk Kayacik Mah. T. Ziyaeddin Cad. No:6 Konya / Turkey

PHONE NUMBER

:

90-332-239 08 91

 

FAX NUMBER

:

90-332-239 04 52

 

WEB-ADDRESS

:

www.sembolambalaj.com.tr

E-MAIL

:

sembol@sembolambalaj.com.tr

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Selcuk

TAX NO

:

7600047774

REGISTRATION NUMBER

:

15937

REGISTERED OFFICE

:

Konya Chamber of Commerce

DATE ESTABLISHED

:

1987

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   6.000.000

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

 

Mavera Gida Sanayi Ticaret A.S.

97,82 %

Necip Gazi Ozcan

1,10 %

Osman Gurbuz Ozkara

0,27 %

Yakub Aksakal

0,27 %

Ercan Akbas

0,27 %

Fatih Ozcan

0,27 %

 

 

SISTER COMPANIES

:

MAVERA GIDA SANAYI TICARET A.S.

 

SUBSIDIARIES

:

ROTOPAK (KAZAKHISTAN)

 

BOARD OF DIRECTORS

:

Necip Gazi Ozcan

Chairman

Ercan Akbas

Vice-Chairman

Fatih Ozcan

Member

Yakub Aksakal

Member

Osman Gurbuz Ozkara

Member

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Manufacture and trade of flexible packaging materials.

 

NACE CODE

:

DH.25.22

 

NUMBER OF EMPLOYEES

:

130

 

NET SALES

:

21.227.975 TL

(2010) 

29.099.014 TL

(2011) 

30.420.201 TL

(2012) 

35.983 TL Thousand

(2013) 

10.262 TL Thousand

(01.01-31.03.2014) 

 

 

IMPORT COUNTRIES

:

Spain

Free Zone

 

MERCHANDISE IMPORTED

:

Raw Materials

 

 

 

EXPORT VALUE

:

3.894.660 TL

(2010)

5.292.911 TL

(2011)

5.668.486 TL

(2012)

6.415.695 TL

(2013)

1.630.873 TL

(01.01-31.03.2014)

 

 

EXPORT COUNTRIES

:

Kazakhstan

Iraq

Morocco

Germany

Turkmenistan

 

MERCHANDISE  EXPORTED

:

Packaging materials

 

HEAD OFFICE ADDRESS

:

Konya Organize Sanayi Bolgesi Buyuk Kayacik Mah. T. Ziyaeddin Cad. No:6  Konya / Turkey

 

BRANCHES

:

Head Office/Factory  :  Konya Organize Sanayi Bolgesi Buyuk Kayacik Mah. T. Ziyaeddin Cad. No:6 Konya/Turkey (15.000 sqm)

                                                                                

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2013.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Albaraka Turk Katilim Bankasi Konya Sanayi Branch

T. Finans Katilim Bankasi Alaaddin Branch

 

CREDIT FACILITIES

:

The subject company is making active use of credit facilities.

 

PAYMENT BEHAVIOUR

:

Slow but correct

 

 

 

KEY FINANCIAL ELEMENTS

:

 

(2010) TL

(2011) TL

(2012) TL

(2013) TL Thousand

(01.01-31.03.2014) TL Thousand

Net Sales

21.227.975

29.099.014

30.420.201

35.983

10.262

Profit (Loss) Before Tax

-1.054.752

-4.318.968

1.922.720

-2.477

-902

Stockholders' Equity

5.217.745

898.777

7.658.676

5.182

 

Total Assets

27.020.375

34.582.271

46.547.259

53.193

 

Current Assets

15.803.544

20.843.777

30.101.268

28.618

 

Non-Current Assets

11.216.831

13.738.494

16.445.991

24.575

 

Current Liabilities

19.845.284

31.422.671

18.015.920

24.038

 

Long-Term Liabilities

1.957.346

2.260.823

20.872.663

23.973

 

Gross Profit (loss)

712.477

4.176.415

3.657.009

3.728

763

Operating Profit (loss)

-582.048

2.920.889

2.407.931

2.473

380

Net Profit (loss)

-1.054.752

-4.318.968

1.922.720

-2.477

-902

 

 

COMMENT ON FINANCIAL POSITION

 

 

Capitalization

Low

Remarks on Capitalization

The loss at the last period is expected to have a further negative effect on equity total since the last balance sheet date.

Liquidity

Fair As of 31.12.2013

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

Operating Loss  in 2010

Net Loss  in 2010

High Operating Profitability  in 2011

Net Loss  in 2011

Good Operating Profitability  in 2012

Good Net Profitability  in 2012

Good Operating Profitability  in 2013

Net Loss  in 2013

In Order Operating Profitability (01.01-31.03.2014)

Net Loss (01.01-31.03.2014)

 

Gap between average collection and payable periods

Favorable in 2013

General Financial Position

Not in order

 

 

 

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

 ( 2013 )

6,97 %

1,9179

2,5530

3,0178

 ( 01.01-31.03.2014)

5,52 %

2,1961

3,0116

3,6488

 (01.01-31.07.2014)

5,89 %

2,1578

2,9492

3,6152

 

 

BALANCE SHEETS

 

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL

 

 ( 31.12.2013 )  TL Thousand

 

 

 

CURRENT ASSETS

15.803.544

0,58

20.843.777

0,60

30.101.268

0,65

28.618

0,54

 

 

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Cash and Banks

4.372.997

0,16

76.063

0,00

4.591.761

0,10

358

0,01

 

 

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Account Receivable

4.922.847

0,18

9.530.568

0,28

9.913.831

0,21

13.791

0,26

 

 

Other Receivable

230.662

0,01

249.728

0,01

269.806

0,01

277

0,01

 

 

Inventories

3.028.856

0,11

6.916.308

0,20

8.552.389

0,18

11.918

0,22

 

 

Advances Given

2.714.567

0,10

3.298.826

0,10

6.267.544

0,13

1.105

0,02

 

 

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Other Current Assets

533.615

0,02

772.284

0,02

505.937

0,01

1.169

0,02

 

 

NON-CURRENT ASSETS

11.216.831

0,42

13.738.494

0,40

16.445.991

0,35

24.575

0,46

 

 

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

259.588

0,01

2.656.076

0,08

2.706.479

0,06

3.297

0,06

 

 

Tangible Fixed Assets (net)

10.895.921

0,40

11.024.577

0,32

13.476.008

0,29

15.881

0,30

 

 

Intangible Assets

19.066

0,00

37.306

0,00

40.724

0,00

4.921

0,09

 

 

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Other Non-Current Assets

42.256

0,00

20.535

0,00

222.780

0,00

476

0,01

 

 

TOTAL ASSETS

27.020.375

1,00

34.582.271

1,00

46.547.259

1,00

53.193

1,00

 

 

CURRENT LIABILITIES

19.845.284

0,73

31.422.671

0,91

18.015.920

0,39

24.038

0,45

 

 

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Financial Loans

2.704.870

0,10

1.392.965

0,04

751.439

0,02

3.519

0,07

 

 

Accounts Payable

12.864.911

0,48

25.267.600

0,73

16.605.188

0,36

20.021

0,38

 

 

Loans from Shareholders

0

0,00

1.135.000

0,03

0

0,00

0

0,00

 

 

Other Short-term Payable

4.036.659

0,15

3.319.820

0,10

237.128

0,01

326

0,01

 

 

Advances from Customers

161.627

0,01

201.969

0,01

192.366

0,00

8

0,00

 

 

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Taxes Payable

77.217

0,00

105.317

0,00

229.799

0,00

164

0,00

 

 

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Other Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

LONG-TERM LIABILITIES

1.957.346

0,07

2.260.823

0,07

20.872.663

0,45

23.973

0,45

 

 

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Financial Loans

1.957.346

0,07

2.260.823

0,07

19.300.383

0,41

22.401

0,42

 

 

Securities Issued

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Long-term Payable

0

0,00

0

0,00

1.572.280

0,03

1.572

0,03

 

 

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

5.217.745

0,19

898.777

0,03

7.658.676

0,16

5.182

0,10

 

 

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Paid-in Capital

100.000

0,00

100.000

0,00

5.735.956

0,12

5.736

0,11

 

 

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Inflation Adjustment of Capital

13.840

0,00

13.840

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

11.226.976

0,42

11.226.976

0,32

0

0,00

1.923

0,04

 

 

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Accumulated Losses(-)

-5.068.319

-0,19

-6.123.071

-0,18

0

0,00

0

0,00

 

 

Net Profit (loss)

-1.054.752

-0,04

-4.318.968

-0,12

1.922.720

0,04

-2.477

-0,05

 

 

TOTAL LIABILITIES AND EQUITY

27.020.375

1,00

34.582.271

1,00

46.547.259

1,00

53.193

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.

 

In the sub-items of "Account Receivable", TL thousand 0 is "Doubtful Trade Receivables"  at the last balance sheet. 

 

The details of "Other Receivable" figure at the last balance sheet (TL Thousand): Due From Shareholders:0,Due From Participations:0,Due From Affiliated Companies:0,Due From Personnel:0,Other Miscellaneous Receivables:277,Other Receivable Total:277. 

 

TL thousand 0 of "Tax Payable" is due to "Overdue, Delayed or Deferred Tax by Installments and Other Liabilities" at the last balance sheet. 

 

At the last income statement TL thousand 1.415 of the other expenses is due to "Loss from Foreign Currency Exchange" .

 

 

INCOME STATEMENTS

 

(2010) TL

 

(2011) TL

 

(2012) TL

 

(2013) TL Thousand

 

(01.01-31.03.2014) TL Thousand

 

Net Sales

21.227.975

1,00

29.099.014

1,00

30.420.201

1,00

35.983

1,00

10.262

1,00

Cost of Goods Sold

20.515.498

0,97

24.922.599

0,86

26.763.192

0,88

32.255

0,90

9.499

0,93

Gross Profit

712.477

0,03

4.176.415

0,14

3.657.009

0,12

3.728

0,10

763

0,07

Operating Expenses

1.294.525

0,06

1.255.526

0,04

1.249.078

0,04

1.255

0,03

383

0,04

Operating Profit

-582.048

-0,03

2.920.889

0,10

2.407.931

0,08

2.473

0,07

380

0,04

Other Income

1.443.318

0,07

1.330.014

0,05

1.921.187

0,06

1.774

0,05

352

0,03

Other Expenses

890.153

0,04

7.204.828

0,25

1.032.614

0,03

5.658

0,16

1.444

0,14

Financial Expenses

1.025.869

0,05

1.365.043

0,05

1.373.784

0,05

1.066

0,03

190

0,02

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

-1.054.752

-0,05

-4.318.968

-0,15

1.922.720

0,06

-2.477

-0,07

-902

-0,09

Tax Payable

0

0,00

0

0,00

0

0,00

0

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)

-1.054.752

-0,05

-4.318.968

-0,15

1.922.720

0,06

-2.477

-0,07

-902

-0,09

 

 

FINANCIAL RATIOS

 

 

(2010)

(2011)

(2012)

(2013)

 

LIQUIDITY RATIOS

 

 

Current Ratio

0,80

0,66

1,67

1,19

 

Acid-Test Ratio

0,48

0,31

0,82

0,60

 

Cash Ratio

0,22

0,00

0,25

0,01

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,11

0,20

0,18

0,22

 

Short-term Receivable/Total Assets

0,19

0,28

0,22

0,26

 

Tangible Assets/Total Assets

0,40

0,32

0,29

0,30

 

TURNOVER RATIOS

 

 

Inventory Turnover

6,77

3,60

3,13

2,71

 

Stockholders' Equity Turnover

4,07

32,38

3,97

6,94

 

Asset Turnover

0,79

0,84

0,65

0,68

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,19

0,03

0,16

0,10

 

Current Liabilities/Total Assets

0,73

0,91

0,39

0,45

 

Financial Leverage

0,81

0,97

0,84

0,90

 

Gearing Percentage

4,18

37,48

5,08

9,26

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

-0,20

-4,81

0,25

-0,48

 

Operating Profit Margin

-0,03

0,10

0,08

0,07

 

Net Profit Margin

-0,05

-0,15

0,06

-0,07

 

Interest Cover

-0,03

-2,16

2,40

-1,32

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

83,49

117,91

117,32

137,98

 

Average Payable Period (days)

225,75

364,98

244,51

241,00

 

WORKING CAPITAL

-4041740,00

-10578894,00

12085348,00

4580,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.05

UK Pound

1

Rs.101.84

Euro

1

Rs.81.55

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

TPT

 

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.