MIRA INFORM REPORT

 

 

Report Date :

05.05.2014

 

IDENTIFICATION DETAILS

 

Name :

SANAL PLASTIK TICARET VE SANAYI A.S.

 

 

Registered Office :

Kazim Karabekir Cad. No:20 Son Durak Esenler Istanbul

 

 

Country :

Turkey

 

 

Date of Incorporation :

01.04.1976

 

 

Com. Reg. No.:

138343

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacturer and trader of plastic products to be used at textile sector such as flyer tubes, ring spinning tubes, cylindrical and conical bobbins, bobbins for dyeing and steaming and also plastic injection products.

 

 

No of Employees :

34

 

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 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

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% in 2012-13. Turkey's public sector debt to GDP ratio has fallen below 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 reached nearly $195 billion at year-end 2013, reflecting Turkey's good 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, 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

:

SANAL PLASTIK TICARET VE SANAYI A.S.

HEAD OFFICE ADDRESS

:

Kazim Karabekir Cad. No:20 Son Durak Esenler Istanbul / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The door number was changed from "26" to "20" by the municipality.

PHONE NUMBER

:

90-212-568 88 96

 

FAX NUMBER

:

90-212-568 72 65

 

WEB-ADDRESS

:

www.sanalplastik.com

E-MAIL

:

sanal@sanalplastik.com

 

 

LEGAL STATUS AND HISTORY

 

 

NOTES ON LEGAL STATUS AND HISTORY

:

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

 

 

TAX OFFICE

:

Marmara Kurumlar

TAX NO

:

7990003838

REGISTRATION NUMBER

:

138343

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

01.04.1976

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL  2.100.000

PAID-IN CAPITAL

:

TL  2.100.000

HISTORY

:

Previous Registered Capital

:

TL 2.000.000

Changed On

:

02.12.2009 (Commercial Gazette Date /Number 07.12.2009/ 7452)

Merger

:

The subject took over and merged with "Buteks Tekstil Sanayi ve Ticaret A.S.".

Changed On

:

02.12.2009 (Commercial Gazette Date /Number 07.12.2009/ 7452)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Ahmet Sanal

55 %

Reyhan Sanal

19 %

Akgul Sanal

14 %

Hacer Gonca Sanal

 

Murat Sanal

 

Ali Sanal

 

 

 

BOARD OF DIRECTORS

:

Ahmet Sanal

Chairman

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Manufacturer and trader of plastic products to be used at textile sector such as flyer tubes, ring spinning tubes, cylindrical and conical bobbins, bobbins for dyeing and steaming and also plastic injection products.

 

NACE CODE

:

DH.25.24

 

NUMBER OF EMPLOYEES

:

34

 

NET SALES

:

4.850.038 TL

(2011) 

4.439.127 TL

(2012) 

4.592.615 TL

(2013) 

 

 

REMARKS ON NET SALES

:

The net sales figures are declared by the company. There is no certification for these figures.

 

IMPORT VALUE

:

0 TL

(2012)

0 TL

(2013)

0 TL

(01.01-31.01.2014)

 

 

 

EXPORT VALUE

:

372.000 USD

(2011)

1.807.838 TL

(2012)

1.021.143 TL

(2013)

 

 

EXPORT COUNTRIES

:

U.K.

Egypt

Pakistan

South Africa

Czech Republic

Spain

Portugal

Bahrain

Argentina

India

 

MERCHANDISE  EXPORTED

:

Parts of spinning machinery

Plastic bobbins

 

HEAD OFFICE ADDRESS

:

Kazim Karabekir Cad. No:20 Son Durak Esenler Istanbul / Turkey (owned)

 

BRANCHES

:

Head Office/Production Plant  :  Kazim Karabekir Cad. No:20 Son Durak Esenler Istanbul/Turkey (owned)

 

 

 

TREND OF BUSINESS

:

There was a slowdown at business volume in real terms in 2013.

SIZE OF BUSINESS

:

Lower-Medium

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Akbank Esenler Branch

Garanti Bankasi Esenler Branch

T. Is Bankasi Esenler Branch

Yapi ve Kredi Bankasi Esenler Branch

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2012) TL

(2013) TL

 

 

 

Net Sales

4.439.127

4.592.615

 

 

 

Profit (Loss) Before Tax

44.605

333.326

 

 

 

Stockholders' Equity

2.717.692

2.976.382

 

 

 

Total Assets

3.935.189

4.265.541

 

 

 

 

 

REMARKS ON KEY FINANCIAL ELEMENTS

:

The key financial figures of 2012 and 2013 are declared by the company .There is no certification for these figures.

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

High As of 31.12.2013

Profitability

Low Net Profitability  in 2012

High Net Profitability  in 2013

 

General Financial Position

Satisfactory

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 01.01-31.01.2014)

3,32 %

2,2040

3,0090

3,6415

 ( 01.01-31.03.2014)

5,52 %

2,1961

3,0116

3,6488

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.22

UK Pound

1

Rs.101.68

Euro

1

Rs.83.46

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

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.