|
Report Date : |
04.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
MARSAN SAGLIK URUNLERI A.S. |
|
|
|
|
Head Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
18.06.2009 |
|
|
|
|
Com. Reg. No.: |
57273 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacture and trade of diapers. |
|
|
|
|
No. of Employees : |
74 |
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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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 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 |
NOTES |
: |
Address at your inquiry is not the registered head office but another premise. |
|
NAME |
: |
MARSAN SAGLIK URUNLERI A.S. |
|
HEAD OFFICE ADDRESS |
: |
Adana Haci Sabanci Organize Sanayi Bolgesi OSB Anafartalar Cad.
No:15 Yuregir Adana /
Turkey |
|
REMARKS ON HEAD OFFICE ADDRESS |
: |
The address was changed from "Yakapinar
Beldesi Haci Omer Sabanci Organize Sanayi Bolgesi 11.Cad. No:11 Saricam"
to "Adana Haci Sabanci Organize Sanayi Bolgesi OSB Anafartalar Cad.
No:15 Yuregir" by the municipality. |
|
PHONE NUMBER |
: |
90-322-458 99 22 |
|
FAX NUMBER |
: |
90-322-457 11 99 |
|
NOTES ON LEGAL STATUS AND HISTORY |
: |
Change at tax no . |
|||||||||||||||||||||||||||||||||
|
TAX OFFICE |
: |
Yuregir |
|||||||||||||||||||||||||||||||||
|
TAX NO |
: |
6120622927 |
|||||||||||||||||||||||||||||||||
|
REMARKS ON TAX NO |
: |
The tax number was changed from "3220450607" to
"6120622927" as the legal form changed from limited company to
joint stock company. |
|||||||||||||||||||||||||||||||||
|
REGISTRATION NUMBER |
: |
57273 |
|||||||||||||||||||||||||||||||||
|
REGISTERED OFFICE |
: |
Adana Chamber of Commerce |
|||||||||||||||||||||||||||||||||
|
DATE ESTABLISHED |
: |
18.06.2009 |
|||||||||||||||||||||||||||||||||
|
ESTABLISHMENT GAZETTE DATE/NO |
: |
25.06.2009/7340 |
|||||||||||||||||||||||||||||||||
|
LEGAL FORM |
: |
Joint Stock Company |
|||||||||||||||||||||||||||||||||
|
TYPE OF COMPANY |
: |
Private |
|||||||||||||||||||||||||||||||||
|
REGISTERED CAPITAL |
: |
TL 1.065.000 |
|||||||||||||||||||||||||||||||||
|
PAID-IN CAPITAL |
: |
TL 1.065.000 |
|||||||||||||||||||||||||||||||||
|
HISTORY |
: |
|
|||||||||||||||||||||||||||||||||
|
PREVIOUS SHAREHOLDERS |
: |
|
|
SHAREHOLDERS |
: |
|
||||||
|
SISTER COMPANIES |
: |
AIM GLOBAL DIS TICARET A.S. AS KIMYA KAGIT VE TEMIZLIK URUNLERI SANAYI TICARET LTD. STI. ASLANBABA COCUKBEZI VE TEMIZLIK URUNLERI SANAYI TICARET LTD. STI. |
||||||
|
BOARD OF DIRECTORS |
: |
|
|
BUSINESS ACTIVITIES |
: |
Manufacture and trade of diapers. |
||||||||||||
|
NACE CODE |
: |
DE.21.22 |
||||||||||||
|
NUMBER OF EMPLOYEES |
: |
74 |
||||||||||||
|
NET SALES |
: |
|
||||||||||||
|
IMPORT VALUE |
: |
|
||||||||||||
|
IMPORT COUNTRIES |
: |
U.S.A. U.A.E. |
||||||||||||
|
MERCHANDISE IMPORTED |
: |
Raw material |
||||||||||||
|
EXPORT VALUE |
: |
|
||||||||||||
|
EXPORT COUNTRIES |
: |
Middle East Countries |
||||||||||||
|
MERCHANDISE EXPORTED |
: |
Diapers |
||||||||||||
|
HEAD OFFICE ADDRESS |
: |
Adana Haci Sabanci Organize Sanayi Bolgesi OSB Anafartalar Cad.
No:15 Yuregir
Adana / Turkey (rented) |
||||||||||||
|
BRANCHES |
: |
Liaison Office : Turgut Reis Mah. Barbaros Cad. Istanbul Ticaret Sarayi K:4 No:280 Giyimkent Esenler
Istanbul/Turkey (rented) Head Office/Production Plant
: Adana
Haci Sabanci Organize Sanayi Bolgesi OSB Anafartalar Cad. No:15 Yuregir Adana/Turkey (rented) |
|
TREND OF BUSINESS |
: |
There was an upwards trend in
2013. |
|
SIZE OF BUSINESS |
: |
Large |
|
MAIN DEALING BANKS |
: |
Turkiye Finans Katilim Bankasi Adana Branch |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
CREDIT FACILITIES |
: |
The subject company is making use of credit facilities. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
PAYMENT BEHAVIOUR |
: |
No payment delays have come to our knowledge. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
KEY FINANCIAL ELEMENTS |
: |
|
|
Capitalization |
Low As of 31.12.2013 |
|
Liquidity |
Insufficient As of 31.12.2013 |
|
Remarks On Liquidity |
The favorable gap between average collection and average payable period
has a positive effect on liquidity. |
|
Profitability |
Fair Operating Profitability in
2011 Low Net Profitability in 2011 Low Operating Profitability in
2012 Low Net Profitability in 2012 In Order Operating Profitability
in 2013 Low Net Profitability in 2013 In Order Operating Profitability (01.01-31.03.2014) Low Net Profitability (01.01-31.03.2014) |
|
Gap between average collection and payable periods |
Favorable in 2013 |
|
General Financial Position |
Unsatisfactory |
|
|
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 |
|
( 01.01-31.10.2014) |
8,22 % |
2,1739 |
2,9177 |
3,6143 |
|
|
( 31.12.2011 ) TL |
|
( 31.12.2012 ) TL |
|
( 31.12.2013 ) TL Thousand |
|
|
|
|
CURRENT ASSETS |
2.066.216 |
0,93 |
5.815.093 |
0,74 |
6.826 |
0,68 |
|
|
|
Not Detailed Current Assets |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
|
|
Cash and Banks |
28.927 |
0,01 |
19.407 |
0,00 |
94 |
0,01 |
|
|
|
Marketable Securities |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
|
|
Account Receivable |
831.179 |
0,37 |
1.125.821 |
0,14 |
1.643 |
0,16 |
|
|
|
Other Receivable |
0 |
0,00 |
0 |
0,00 |
852 |
0,08 |
|
|
|
Inventories |
994.762 |
0,45 |
4.232.144 |
0,54 |
3.863 |
0,38 |
|
|
|
Advances Given |
0 |
0,00 |
0 |
0,00 |
245 |
0,02 |
|
|
|
Accumulated Construction Expense |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
|
|
Other Current Assets |
211.348 |
0,09 |
437.721 |
0,06 |
129 |
0,01 |
|
|
|
NON-CURRENT ASSETS |
161.379 |
0,07 |
2.021.665 |
0,26 |
3.247 |
0,32 |
|
|
|
Not Detailed Non-Current Assets |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
|
|
Long-term Receivable |
0 |
0,00 |
0 |
0,00 |
6 |
0,00 |
|
|
|
Financial Assets |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
|
|
Tangible Fixed Assets (net) |
160.235 |
0,07 |
2.021.665 |
0,26 |
2.019 |
0,20 |
|
|
|
Intangible Assets |
1.144 |
0,00 |
0 |
0,00 |
1.128 |
0,11 |
|
|
|
Deferred Tax Assets |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
|
|
Other Non-Current Assets |
0 |
0,00 |
0 |
0,00 |
94 |
0,01 |
|
|
|
TOTAL ASSETS |
2.227.595 |
1,00 |
7.836.758 |
1,00 |
10.073 |
1,00 |
|
|
|
CURRENT LIABILITIES |
1.200.337 |
0,54 |
6.757.101 |
0,86 |
5.625 |
0,56 |
|
|
|
Not Detailed Current Liabilities |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
|
|
Financial Loans |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
|
|
Accounts Payable |
813.577 |
0,37 |
4.881.049 |
0,62 |
4.643 |
0,46 |
|
|
|
Loans from Shareholders |
371.753 |
0,17 |
1.819.598 |
0,23 |
234 |
0,02 |
|
|
|
Other Short-term Payable |
0 |
0,00 |
20.101 |
0,00 |
46 |
0,00 |
|
|
|
Advances from Customers |
0 |
0,00 |
0 |
0,00 |
484 |
0,05 |
|
|
|
Accumulated Construction Income |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
|
|
Taxes Payable |
4.307 |
0,00 |
32.753 |
0,00 |
203 |
0,02 |
|
|
|
Provisions |
10.700 |
0,00 |
3.600 |
0,00 |
15 |
0,00 |
|
|
|
Other Current Liabilities |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
|
|
LONG-TERM LIABILITIES |
0 |
0,00 |
0 |
0,00 |
3.186 |
0,32 |
|
|
|
Not Detailed Long-term Liabilities |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
|
|
Financial Loans |
0 |
0,00 |
0 |
0,00 |
3.186 |
0,32 |
|
|
|
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 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
|
|
STOCKHOLDERS' EQUITY |
1.027.258 |
0,46 |
1.079.657 |
0,14 |
1.262 |
0,13 |
|
|
|
Not Detailed Stockholders' Equity |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
|
|
Paid-in Capital |
1.000.000 |
0,45 |
1.000.000 |
0,13 |
1.065 |
0,11 |
|
|
|
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 |
12.034 |
0,01 |
54.833 |
0,01 |
107 |
0,01 |
|
|
|
Revaluation Fund |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
|
|
Accumulated Losses(-) |
-27.576 |
-0,01 |
-27.576 |
0,00 |
-27 |
0,00 |
|
|
|
Net Profit (loss) |
42.800 |
0,02 |
52.400 |
0,01 |
117 |
0,01 |
|
|
|
TOTAL LIABILITIES AND EQUITY |
2.227.595 |
1,00 |
7.836.758 |
1,00 |
10.073 |
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:852, Other Receivable Total:852. TL thousand 123 of "Tax Payable" is due to "Overdue,
Delayed or Deferred Tax by Installments and Other Liabilities" at the
last balance sheet.
|
|
|
(2011) TL |
|
(2012) TL |
|
(2013) TL
Thousand |
|
(01.01-31.03.2014)
TL Thousand |
|
|
Net Sales |
3.244.739 |
1,00 |
6.364.673 |
1,00 |
14.933 |
1,00 |
5.425 |
1,00 |
|
Cost of Goods Sold |
2.932.741 |
0,90 |
5.587.424 |
0,88 |
13.604 |
0,91 |
4.921 |
0,91 |
|
Gross Profit |
311.998 |
0,10 |
777.249 |
0,12 |
1.329 |
0,09 |
504 |
0,09 |
|
Operating Expenses |
258.498 |
0,08 |
705.599 |
0,11 |
776 |
0,05 |
262 |
0,05 |
|
Operating Profit |
53.500 |
0,02 |
71.650 |
0,01 |
553 |
0,04 |
242 |
0,04 |
|
Other Income |
0 |
0,00 |
0 |
0,00 |
95 |
0,01 |
15 |
0,00 |
|
Other Expenses |
0 |
0,00 |
6.150 |
0,00 |
343 |
0,02 |
1 |
0,00 |
|
Financial Expenses |
0 |
0,00 |
0 |
0,00 |
158 |
0,01 |
157 |
0,03 |
|
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 |
53.500 |
0,02 |
65.500 |
0,01 |
147 |
0,01 |
99 |
0,02 |
|
Tax Payable |
10.700 |
0,00 |
13.100 |
0,00 |
30 |
0,00 |
0 |
0,00 |
|
Postponed Tax Gain |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Net Profit (loss) |
42.800 |
0,01 |
52.400 |
0,01 |
117 |
0,01 |
99 |
0,02 |
|
|
(2011) |
(2012) |
(2013) |
|
|
LIQUIDITY RATIOS |
|
|
||
|
Current Ratio |
1,72 |
0,86 |
1,21 |
|
|
Acid-Test Ratio |
0,72 |
0,17 |
0,46 |
|
|
Cash Ratio |
0,02 |
0,00 |
0,02 |
|
|
ASSET STRUCTURE RATIOS |
|
|
||
|
Inventory/Total Assets |
0,45 |
0,54 |
0,38 |
|
|
Short-term Receivable/Total Assets |
0,37 |
0,14 |
0,25 |
|
|
Tangible Assets/Total Assets |
0,07 |
0,26 |
0,20 |
|
|
TURNOVER RATIOS |
|
|
||
|
Inventory Turnover |
2,95 |
1,32 |
3,52 |
|
|
Stockholders' Equity Turnover |
3,16 |
5,90 |
11,83 |
|
|
Asset Turnover |
1,46 |
0,81 |
1,48 |
|
|
FINANCIAL STRUCTURE |
|
|
||
|
Stockholders' Equity/Total Assets |
0,46 |
0,14 |
0,13 |
|
|
Current Liabilities/Total Assets |
0,54 |
0,86 |
0,56 |
|
|
Financial Leverage |
0,54 |
0,86 |
0,87 |
|
|
Gearing Percentage |
1,17 |
6,26 |
6,98 |
|
|
PROFITABILITY RATIOS |
|
|
||
|
Net Profit/Stockholders' Eq. |
0,04 |
0,05 |
0,09 |
|
|
Operating Profit Margin |
0,02 |
0,01 |
0,04 |
|
|
Net Profit Margin |
0,01 |
0,01 |
0,01 |
|
|
Interest Cover |
|
|
1,93 |
|
|
COLLECTION-PAYMENT |
|
|
||
|
Average Collection Period (days) |
92,22 |
63,68 |
39,75 |
|
|
Average Payable Period (days) |
99,87 |
314,49 |
122,87 |
|
|
WORKING CAPITAL |
865879,00 |
-942008,00 |
1201,00 |
|
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.87 |
|
|
1 |
Rs.96.83 |
|
Euro |
1 |
Rs.76.57 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
SDA |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.