MIRA INFORM REPORT

Report No. :	317818
Report Date :	22.04.2015

IDENTIFICATION DETAILS

Name :	CEVIKBAS MATBAACILIK VE AMBALAJ SANAYI A.S.

Registered Office :	Haci Yusuf Mescit Mahallesi Kilincbey Sokak No:19 Konya

Country :	Turkey

Financials (as on) :	31.12.2013

Date of Incorporation :	05.02.2002

Com. Reg. No.:	25386

Legal Form :	Joint Stock Company

Line of Business :	Manufacture and trade of packaging materials for confectionery.

No. of Employees :	83

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	520.000 USD

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 – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

Turkey

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 region to market. Several gas pipeline projects also are moving forward to help transport Caspian gas to Europe through Turkey, which over the long term will help address Turkey's dependence on imported oil and gas which currently meets 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 has dropped to roughly 2-4% in 2013-14. 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 2014, reflecting Turkey's robust growth even in the face of economic turmoil in Europe, the source of most of Turkey's foreign direct investment. 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	:	CEVIKBAS MATBAACILIK VE AMBALAJ SANAYI A.S.
HEAD OFFICE ADDRESS	:	Haci Yusuf Mescit Mahallesi Kilincbey Sokak No:19 Konya / Turkey
PHONE NUMBER	:	90-332-342 38 73
FAX NUMBER	:	90-332-342 20 67
WEB-ADDRESS	:	www.cevikbas.com

LEGAL STATUS AND HISTORY

TAX OFFICE

Selcuk

TAX NO

2490220502

REGISTRATION NUMBER

25386

REGISTERED OFFICE

Konya Chamber of Commerce

DATE ESTABLISHED

2002

ESTABLISHMENT GAZETTE DATE/NO

05.02.2002/5480

LEGAL FORM

Joint Stock Company

TYPE OF COMPANY

Private

REGISTERED CAPITAL

TL 9.500.000

HISTORY

Previous Registered Capital	:	TL 1.400.000
Changed On	:	12.07.2010 (Commercial Gazette Date /Number 23.07.2010/ 7613)
Previous Registered Capital	:	TL 2.300.000
Changed On	:	05.04.2011 (Commercial Gazette Date /Number 14.04.2011/ 7794)
Previous Registered Capital	:	TL 3.000.000
Changed On	:	05.04.2012 (Commercial Gazette Date /Number 12.04.2012/ 8047)
Previous Registered Capital	:	TL 5.000.000
Changed On	:	29.03.2013 (Commercial Gazette Date /Number 04.04.2013/ 8293)
Previous Address	:	Fevzi Cakmak Mahallesi Necip Fazil Caddesi Sekerciler Sitesi 2. Blok No:1 Konya
Changed On	:	25.03.2010 (Commercial Gazette Date /Number 01.04.2010/ 7534)
Merger	:	The subject took over and merged with "CVK Ambalaj Sanayi ve Ticaret Ltd. Sti."
Changed On	:	29.03.2013 (Commercial Gazette Date /Number 04.04.2013/ 8293)

OWNERSHIP / MANAGEMENT

SHAREHOLDERS

Mehmet Cevik	50 %
Ahmet Cevikbas	50 %

BOARD OF DIRECTORS

Mehmet Cevikbas	Chairman
Ahmet Cevikbas	Vice-Chairman

OPERATIONS

BUSINESS ACTIVITIES

Manufacture and trade of packaging materials for confectionery.

NACE CODE

DE. 21.21

NUMBER OF EMPLOYEES

NET SALES

11.534.608 TL	(2010)
19.802.938 TL	(2011)
25.027 TL Thousand	(2012)
32.079 TL Thousand	(2013)
42.227 TL Thousand	(2014)

IMPORT COUNTRIES

Sweden

Germany

Free Zone

MERCHANDISE IMPORTED

Machinery

Polyester film

EXPORT VALUE

2.525.252 TL	(2010)
4.223.107 TL	(2011)
10.386.742 TL	(2012)
13.749.510 TL	(2013)
22.259 TL Thousand	(2014)

EXPORT COUNTRIES

Albania

Iran

South Africa

Algeria

Uzbekistan

Turkmenistan

Sudan

Russia

MERCHANDISE EXPORTED

Packaging materials

HEAD OFFICE ADDRESS

Haci Yusuf Mescit Mahallesi Kilincbey Sokak No:19 Konya / Turkey ( rented )

BRANCHES

Head Office/Production Plant : Haci Yusuf Mescit Mahallesi Kilincbey Sokak No:19 Konya/Turkey (rented)

Branch Office : 3. Organize Sanayi Bolgesi Konya/Turkey

TREND OF BUSINESS	:	There was an upwards trend in 2014.
SIZE OF BUSINESS	:	Large

FINANCE

MAIN DEALING BANKS

T. Is Bankasi Konya Ticari Branch

T.C. Ziraat Bankasi Konya Branch

Yapi ve Kredi Bankasi Selcuklu 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 Thousand	(2013) TL Thousand	(2014) TL Thousand
Net Sales	11.534.608	19.802.938	25.027	32.079	42.227
Profit (Loss) Before Tax	1.034.568	1.688.880	1.881	2.048	-665
Stockholders' Equity	3.079.295	4.427.816	5.920	7.585
Total Assets	10.570.160	22.660.219	26.085	39.051
Current Assets	7.416.501	14.970.752	18.360	24.899
Non-Current Assets	3.153.659	7.689.467	7.725	14.152
Current Liabilities	7.064.912	17.962.494	17.037	23.461
Long-Term Liabilities	425.953	269.909	3.128	8.005
Gross Profit (loss)	1.989.548	3.066.012	4.536	5.596	4.558
Operating Profit (loss)	1.344.637	2.218.150	3.127	4.177	2.641
Net Profit (loss)	804.233	1.348.521	1.443	1.557	-665

COMMENT ON FINANCIAL POSITION

Capitalization	Insufficient As of 31.12.2013
Liquidity	Satisfactory 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	High Operating Profitability in 2010 High Net Profitability in 2010 High Operating Profitability in 2011 High Net Profitability in 2011 High Operating Profitability in 2012 High Net Profitability in 2012 High Operating Profitability in 2013 Good Net Profitability in 2013 Good Operating Profitability in 2014 Net Loss in 2014
Gap between average collection and payable periods	Favorable in 2013
General Financial Position	Passable

CREDIT OPINION WITHOUT OBLIGATION

CREDIT LIMIT

520.000 USD

	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
( 2014 )	6,36 %	2,1891	2,8989	3,6060
(01.01-1.03.2015)	2,60 %	2,4709	2,8023	3,7626

BALANCE SHEETS

	( 31.12.2010 ) TL		( 31.12.2011 ) TL		( 31.12.2012 ) TL Thousand		( 31.12.2013 ) TL Thousand
CURRENT ASSETS	7.416.501	0,70	14.970.752	0,66	18.360	0,70	24.899	0,64
Not Detailed Current Assets	0	0,00	0	0,00	0	0,00	0	0,00
Cash and Banks	1.503.900	0,14	3.267.726	0,14	3.514	0,13	5.546	0,14
Marketable Securities	0	0,00	0	0,00	2	0,00	2	0,00
Account Receivable	2.824.555	0,27	6.410.571	0,28	5.412	0,21	8.175	0,21
Other Receivable	0	0,00	0	0,00	0	0,00	0	0,00
Inventories	2.286.847	0,22	4.121.908	0,18	7.057	0,27	9.767	0,25
Advances Given	485.635	0,05	522.128	0,02	1.231	0,05	614	0,02
Accumulated Construction Expense	0	0,00	0	0,00	0	0,00	0	0,00
Other Current Assets	315.564	0,03	648.419	0,03	1.144	0,04	795	0,02
NON-CURRENT ASSETS	3.153.659	0,30	7.689.467	0,34	7.725	0,30	14.152	0,36
Not Detailed Non-Current Assets	0	0,00	0	0,00	0	0,00	0	0,00
Long-term Receivable	35.943	0,00	6.944	0,00	0	0,00	5	0,00
Financial Assets	0	0,00	2.950.000	0,13	2.950	0,11	0	0,00
Tangible Fixed Assets (net)	2.567.230	0,24	3.383.828	0,15	3.714	0,14	8.213	0,21
Intangible Assets	511.970	0,05	449.584	0,02	397	0,02	4.579	0,12
Deferred Tax Assets	0	0,00	0	0,00	0	0,00	0	0,00
Other Non-Current Assets	38.516	0,00	899.111	0,04	664	0,03	1.355	0,03
TOTAL ASSETS	10.570.160	1,00	22.660.219	1,00	26.085	1,00	39.051	1,00
CURRENT LIABILITIES	7.064.912	0,67	17.962.494	0,79	17.037	0,65	23.461	0,60
Not Detailed Current Liabilities	0	0,00	0	0,00	0	0,00	0	0,00
Financial Loans	3.892.651	0,37	9.814.433	0,43	8.101	0,31	12.001	0,31
Accounts Payable	2.893.984	0,27	7.679.802	0,34	8.278	0,32	8.889	0,23
Loans from Shareholders	0	0,00	0	0,00	0	0,00	0	0,00
Other Short-term Payable	36.528	0,00	69.148	0,00	92	0,00	138	0,00
Advances from Customers	133.367	0,01	199.959	0,01	36	0,00	2.190	0,06
Accumulated Construction Income	0	0,00	0	0,00	0	0,00	0	0,00
Taxes Payable	108.382	0,01	199.152	0,01	93	0,00	231	0,01
Provisions	0	0,00	0	0,00	437	0,02	12	0,00
Other Current Liabilities	0	0,00	0	0,00	0	0,00	0	0,00
LONG-TERM LIABILITIES	425.953	0,04	269.909	0,01	3.128	0,12	8.005	0,20
Not Detailed Long-term Liabilities	0	0,00	0	0,00	0	0,00	0	0,00
Financial Loans	425.953	0,04	269.909	0,01	3.128	0,12	8.005	0,20
Securities Issued	0	0,00	0	0,00	0	0,00	0	0,00
Long-term Payable	0	0,00	0	0,00	0	0,00	0	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	0	0,00	0	0,00
STOCKHOLDERS' EQUITY	3.079.295	0,29	4.427.816	0,20	5.920	0,23	7.585	0,19
Not Detailed Stockholders' Equity	0	0,00	0	0,00	0	0,00	0	0,00
Paid-in Capital	2.220.392	0,21	2.920.392	0,13	4.310	0,17	5.900	0,15
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	54.670	0,01	158.903	0,01	167	0,01	212	0,01
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	-84	0,00
Net Profit (loss)	804.233	0,08	1.348.521	0,06	1.443	0,06	1.557	0,04
TOTAL LIABILITIES AND EQUITY	10.570.160	1,00	22.660.219	1,00	26.085	1,00	39.051	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.

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 1.324 of the other income is due to "Profit from Foreign Currency Exchange".

At the last income statement TL thousand 2.760 of the other expenses is due to "Other Extraordinary Expenses and Losses" .

INCOME STATEMENTS

	(2010) TL		(2011) TL		(2012) TL Thousand		(2013) TL Thousand		(2014) TL Thousand
Net Sales	11.534.608	1,00	19.802.938	1,00	25.027	1,00	32.079	1,00	42.227	1,00
Cost of Goods Sold	9.545.060	0,83	16.736.926	0,85	20.491	0,82	26.483	0,83	37.669	0,89
Gross Profit	1.989.548	0,17	3.066.012	0,15	4.536	0,18	5.596	0,17	4.558	0,11
Operating Expenses	644.911	0,06	847.862	0,04	1.409	0,06	1.419	0,04	1.917	0,05
Operating Profit	1.344.637	0,12	2.218.150	0,11	3.127	0,12	4.177	0,13	2.641	0,06
Other Income	132.249	0,01	614.158	0,03	667	0,03	1.348	0,04	1.675	0,04
Other Expenses	170.120	0,01	466.514	0,02	743	0,03	2.553	0,08	4.037	0,10
Financial Expenses	272.198	0,02	676.914	0,03	1.170	0,05	924	0,03	944	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	1.034.568	0,09	1.688.880	0,09	1.881	0,08	2.048	0,06	-665	-0,02
Tax Payable	230.335	0,02	340.359	0,02	438	0,02	491	0,02	0	0,00
Postponed Tax Gain	0	0,00	0	0,00	0	0,00	0	0,00	0	0,00
Net Profit (loss)	804.233	0,07	1.348.521	0,07	1.443	0,06	1.557	0,05	-665	-0,02

FINANCIAL RATIOS

	(2010)	(2011)	(2012)	(2013)
LIQUIDITY RATIOS
Current Ratio	1,05	0,83	1,08	1,06
Acid-Test Ratio	0,61	0,54	0,52	0,58
Cash Ratio	0,21	0,18	0,21	0,24
ASSET STRUCTURE RATIOS
Inventory/Total Assets	0,22	0,18	0,27	0,25
Short-term Receivable/Total Assets	0,27	0,28	0,21	0,21
Tangible Assets/Total Assets	0,24	0,15	0,14	0,21
TURNOVER RATIOS
Inventory Turnover	4,17	4,06	2,90	2,71
Stockholders' Equity Turnover	3,75	4,47	4,23	4,23
Asset Turnover	1,09	0,87	0,96	0,82
FINANCIAL STRUCTURE
Stockholders' Equity/Total Assets	0,29	0,20	0,23	0,19
Current Liabilities/Total Assets	0,67	0,79	0,65	0,60
Financial Leverage	0,71	0,80	0,77	0,81
Gearing Percentage	2,43	4,12	3,41	4,15
PROFITABILITY RATIOS
Net Profit/Stockholders' Eq.	0,26	0,30	0,24	0,21
Operating Profit Margin	0,12	0,11	0,12	0,13
Net Profit Margin	0,07	0,07	0,06	0,05
Interest Cover	4,80	3,49	2,61	3,22
COLLECTION-PAYMENT
Average Collection Period (days)	89,28	116,66	77,85	91,80
Average Payable Period (days)	109,15	165,19	145,43	120,83
WORKING CAPITAL	351589,00	-2991742,00	1323,00	1438,00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.92
UK Pound	1	Rs.93.57
Euro	1	Rs.67.34

INFORMATION DETAILS

Analysis Done by :	SUB

Report Prepared by :	VNT

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%)

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