MIRA
INFORM REPORT
|
Report Date : |
15.01.2008 |
IDENTIFICATION
DETAILS
|
Name : |
IZOPOLI YAPI ELEMANLARI TAAHHUT SANAYI VE TICARET A.S. |
|
|
|
|
Registered Office : |
Ciragan Cad. No:97 Ortakoy
Istanbul |
|
|
|
|
Country : |
Turkey |
|
|
|
|
Financials (as on) : |
30.09.2007 |
|
|
|
|
Date of Incorporation : |
1983 |
|
|
|
|
Com. Reg. No.: |
247973 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Installation, manufacture and trade of polyurethane construction
materials, sandwich panels for energy efficient industrial buildings |
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 |
|
Maximum Credit Limit : |
USD 2.5 million |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
IZOPOLI YAPI ELEMANLARI TAAHHUT SANAYI VE
TICARET A.S. |
|
ADDRESS |
: |
Head Office: Ciragan Cad. No:97
Ortakoy Istanbul / Turkey |
|
PHONE NUMBER |
: |
90-212-236 60 32 (Pbx) |
|
FAX NUMBER |
: |
90-212-261 64 48 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE/NO |
: |
Bogazici Kurumlar / 4840672061 |
|
REGISTRATION NUMBER |
: |
247973 |
|
REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
|
DATE ESTABLISHED |
: |
1983 |
|
LEGAL FORM |
: |
Joint Stock Company |
|
TYPE OF COMPANY |
: |
Private |
|
REGISTERED CAPITAL |
: |
YTL 9,734,694 |
|
PAID-IN CAPITAL |
: |
YTL 9,734,694 |
|
HISTORY |
: |
The company was firstly established in
Ankara and it was registered at Ankara
Commercial Registry. Then the head office of the subject company moved to Istanbul on 22.07.1988
(Commercial Registry Gazette Date/No: 03.10.1988 / 2114) and the firm was
registered at Istanbul Commercial Registry under the registration no: 247973-195543. The name of the subject was changed from
“Ankara Kimya Sanayi ve Ticaret Ltd.
Sti” to “Izopoli Ankara Kimya Sanayi ve Ticaret Ltd. Sti” on 22.07.1988
(Commercial Registry Gazette Date/No: 03.10.1988 / 2114) The name of the subject was changed from
“Izopoli Ankara Kimya Sanayi ve Ticaret Ltd. Sti” to “Izopoli Yapi Elemanlari
Taahhut Sanayi ve Ticaret Ltd. Sti.” on 01.04.1997 (Commercial Registry
Gazette Date / No: 04.04.1997 / 4264) The subject moved from “Dumlupinar Cad.
No:6 Kagithane/ Istanbul” to “Muallim Naci Cad. No: 1 (Ciragan Cad. No:97 )
Ortakoy/ Istanbul” on 14.10.1999 (Commercial Registry Gazette Date / No:
19.10.1999 / 4901) The registered capital of the firm was
increased from YTL 300,000 to YTL 1,215,000 on 07.09.2000 (Commercial Registry
Gazette Date / No: 12.09.2000 / 5129) The legal form of the subject was changed
from limited company to joint stock company on 22.06.2006 (Commercial
Registry Gazette Date/No: 28.06.2006 / 6587). Then the name of the subject
was changed from “Izopoli Yapi Elemanlari Taahhut San. ve Tic. Ltd. Sti.” to
“Izopoli Yapi Elemanlari Taahhut San. ve Tic. A.S.” on 22.06.2006 (Commercial
Registry Gazette Date/No: 28.06.2006 / 6587) The registered capital was increased from
YTL 1,215,000 to YTL 4,770,000 on 22.06.2006 (Commercial Registry Gazette
Date/No: 28.06.2006 / 6587) The registered capital was increased from
YTL 4,770,000 to YTL 9,734,694 on 28.09.2006 (Commercial Registry Gazette
Date/No: 03.10.2006 / 6655). By this capital increase Kingspan Group of companies has acquired 51 % shares of the subject. |
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Kingspan Holdings Netherlands BV Kingspan Holdings (IRL) Limited Kingspan Nominees Limited Kingspan Holdings (Overseas) Limited Suat Kiroglu Others |
48 % 1
%
1% |
|
|
GROUP |
: |
Kingspan Group Kingspan has 43
manufacturing plants and 25 sales offices in Ireland, UK, Europe, USA and
Australia. The turnover of Kingspan in 2005 was EUR 1.4 billion. |
||
|
SUBSIDIARIES |
: |
-Izopoli MMC (Azerbaijan) -Izopoli AED (Bulgaria) -Izopoli Yapi Elemanlari SRL (Romania) -Izopoli Suleymaniye (Iraq) |
||
|
BOARD OF DIRECTORS |
: |
Suat Kiroglu Jeremy Patrick Irwin Brash David Kerr Metin Bonfil Dermot Mulvihill Derek Hodsgon Whiteside |
Chairman Vice-chairman Member Member Member Member |
|
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Installation, manufacture and trade of
polyurethane construction materials, sandwich panels for energy efficient
industrial buildings. |
|
|
|
TRADEMARKS |
: |
“Izopoli” |
|
|
|
NUMBER OF
EMPLOYEES |
: |
120 |
|
|
|
NET SALES |
|
(YTL) 24,316,725 35,131,669 44,182,260 56,023,384 59,364,332 |
(2003) (2004) (2005) (2006) (01.01.-30.09.2007) |
|
|
CAPACITY |
: |
(Sqm/Yr) 1,728,000 |
(2006) |
|
|
IMPORT VALUE |
: |
USD 16.2 million USD 18 million USD 20 million |
(2005) (2006) (2007) |
||
|
IMPORT COUNTRIES |
: |
Italy, Germany, Belgium, France, Greece,
Spain, Denmark, Switzerland, Netherlands, USA, Southern Korea, India, China,
Slovakia |
|
||
|
MERCHANDISE
IMPORTED |
: |
Raw materials, polyurethane, roll metal
sheet |
|
||
|
EXPORT VALUE |
: |
USD 7,168,576 YTL 16,232,300 USD 18.9 million YTL 29,287,897 YTL 26,524,729 |
(2003) (2004) (2005) (2006) (01.01.-30.09.2007) |
|
|
|
EXPORT COUNTRIES |
: |
Bulgaria,
Egypt, Lebanon, Iran, Iraq, India, Jordan, Azerbaijan, Romania, Nigeria,
Syria, Moldavia, Netherlands, Philippines, Saudi Arabia |
|
||
|
MERCHANDISE
EXPORTED |
: |
Aluminum structure, parts, aluminum plates,
iron, steel, polyurethanes |
|
||
|
PREMISES |
: |
Head Office: Ciragan Cad. No:97
Ortakoy Istanbul (rented) Factory: Bolu Organize Sanayi Bolgesi
Doktor Akin Cakmakci Bulvari No:59 Bolu (4,800 sqm covered area over a land of
5,000 sqm open area) (owned) Factory / Branch: Yumurtalik Serbest
Bolgesi – Adana (rented) (40,000 sqm) |
|
||
|
FIXED CAPITAL
INVESTMENTS |
: |
None |
|
||
|
TREND OF
BUSINESS |
: |
Upwards |
|
SIZE OF BUSINESS |
: |
Large |
FINANCE
|
MAIN DEALING BANKERS |
: |
Anadolubank Karakoy
branch in Istanbul Finansbank Karakoy
branch in Istanbul Tekstilbank Esentepe
branch in Istanbul Akbank Gayrettepe
branch in Istanbul Halk Bankasi Ikitelli
branch in Istanbul Turkiye Is Bankasi Galata branch in
Istanbul Yapi ve Kredi Bankasi Zincirlikuyu branch
in Istanbul Fortisbank Istanbul
branch in Istanbul Garanti Bankasi
Findikli branch in Istanbul Turk Ekonomi Bankasi
besiktas in Istanbul Oyakbank Mercan
branch in Istanbul |
|
CREDIT FACILITIES |
: |
The subject company is making active use
of credit facilities |
|
PAYMENT BEHAVIOR |
: |
No payment delays have come to our knowledge. |
COMMENT
ON FINANCIAL POSITION
|
FINANCIAL STRUCTURE (SUFFICENCY OF OWN
RESOURCES) |
||
|
Insufficient |
As of 30.09.2007 |
|
|
LIQUIDITY |
||
|
Fair |
As of 30.09.2007 |
|
|
PROFITABILITY |
||
|
The firm had operating and net losses in 2006 but profitability was
good between 01.01.-30.09.2007. |
||
|
GAP BETWEEN COLLECTION-PAYMENT PERIODS |
||
|
Favorable |
Between 01.01.-30.09.2007 |
|
|
GENERAL FINANCIAL POSITION |
||
|
Capitalization was insufficient and liquidity was fair as of
30.09.2007. The firm had operating and net losses in 2006 but profitability
was good between 01.01.-30.09.2007. |
||
CREDIT OPINION
|
CREDIT OPINION WITHOUT OBLIGATION |
: |
We are of the opinion that, the subject is
suitable for a max. credit of USD 2.5 million. |
|
|
Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(2003) |
13.90 % |
1.5302 |
1.7141 |
2.4982 |
|
(2004) |
13.84 % |
1.4266 |
1.7666 |
2.6001 |
|
(2005) |
2.66 % |
1.3499 |
1.6882 |
2.4623 |
|
(2006) |
11.58 % |
1.4309 |
1.7987 |
2.6377 |
|
(1.1.-30.09.2007) |
4.98 % |
1.3447 |
1.8084 |
2.6720 |
|
(2007) |
5.94 % |
1.3075 |
1.7901 |
2.6133 |
(All statements are
prepared according to TAS)
BALANCE SHEETS
|
|
|||||||||||||
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
|
31.12.05 |
|
|
|
31.12.06 |
|
|
|
30.9.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
18.392.528 |
|
0,90 |
|
21.080.014 |
|
0,72 |
|
32.014.803 |
|
0,60 |
|
|
|
|
Cash and Banks |
1.888.627 |
|
0,09 |
|
-1.096.250 |
|
-0,04 |
|
3.014.134 |
|
0,06 |
|
|
|
|
Marketable Securities |
93 |
|
0,00 |
|
93 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
Account Receivable |
9.674.586 |
|
0,47 |
|
9.548.529 |
|
0,33 |
|
10.195.935 |
|
0,19 |
|
|
|
|
Other Receivable |
679.168 |
|
0,03 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
Inventories |
2.595.257 |
|
0,13 |
|
7.564.367 |
|
0,26 |
|
14.766.077 |
|
0,28 |
|
|
|
|
Advances Given |
2.313.428 |
|
0,11 |
|
3.553.924 |
|
0,12 |
|
1.270.745 |
|
0,02 |
|
|
|
|
Other Current Assets |
1.241.369 |
|
0,06 |
|
1.509.351 |
|
0,05 |
|
2.767.912 |
|
0,05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
2.106.074 |
|
0,10 |
|
8.113.235 |
|
0,28 |
|
21.553.206 |
|
0,40 |
|
|
|
|
Long-term Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
Financial Assets |
0 |
|
0,00 |
|
3.602.525 |
|
0,12 |
|
3.649.441 |
|
0,07 |
|
|
|
|
Tangible Fixed Assets (net) |
1.949.856 |
|
0,10 |
|
4.238.875 |
|
0,15 |
|
6.809.868 |
|
0,13 |
|
|
|
|
Intangible Assets |
119.756 |
|
0,01 |
|
120.568 |
|
0,00 |
|
11.040.349 |
|
0,21 |
|
|
|
|
Other Non-Current Assets |
36.462 |
|
0,00 |
|
151.267 |
|
0,01 |
|
53.548 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
20.498.602 |
|
1,00 |
|
29.193.249 |
|
1,00 |
|
53.568.009 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
15.249.242 |
|
0,74 |
|
19.293.709 |
|
0,66 |
|
29.818.402 |
|
0,56 |
|
|
|
|
Financial Loans |
9.884.170 |
|
0,48 |
|
6.112.595 |
|
0,21 |
|
10.782.472 |
|
0,20 |
|
|
|
|
Accounts Payable |
2.510.528 |
|
0,12 |
|
8.680.366 |
|
0,30 |
|
14.010.777 |
|
0,26 |
|
|
|
|
Loans from Shareholders |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
Other Short-term Payable |
0 |
|
0,00 |
|
4.058 |
|
0,00 |
|
208.627 |
|
0,00 |
|
|
|
|
Advances from Customers |
2.348.991 |
|
0,11 |
|
3.612.255 |
|
0,12 |
|
2.980.222 |
|
0,06 |
|
|
|
|
Taxes Payable |
37.025 |
|
0,00 |
|
166.713 |
|
0,01 |
|
264.441 |
|
0,00 |
|
|
|
|
Provisions |
468.528 |
|
0,02 |
|
717.722 |
|
0,02 |
|
0 |
|
0,00 |
|
|
|
|
Other Current Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
1.571.863 |
|
0,03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
0 |
|
0,00 |
|
336.005 |
|
0,01 |
|
11.393.345 |
|
0,21 |
|
|
|
|
Financial Loans |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
10.904.441 |
|
0,20 |
|
|
|
|
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 |
|
336.005 |
|
0,01 |
|
488.904 |
|
0,01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
5.249.360 |
|
0,26 |
|
9.563.535 |
|
0,33 |
|
12.356.262 |
|
0,23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQ. |
20.498.602 |
|
1,00 |
|
29.193.249 |
|
1,00 |
|
53.568.009 |
|
1,00 |
|
|
|
|
INCOME
STATEMENTS
|
||||||||||||
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
1.1.-30.09.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
44.182.260 |
|
1,00 |
|
56.023.384 |
|
1,00 |
|
59.364.332 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
37.381.344 |
|
0,85 |
|
47.413.886 |
|
0,85 |
|
49.621.209 |
|
0,84 |
|
|
|
Gross Profit |
6.800.916 |
|
0,15 |
|
8.609.498 |
|
0,15 |
|
9.743.123 |
|
0,16 |
|
|
|
Operating
Expenses |
5.047.803 |
|
0,11 |
|
8.809.574 |
|
0,16 |
|
7.999.018 |
|
0,13 |
|
|
|
Operating Profit |
1.753.113 |
|
0,04 |
|
-200.076 |
|
0,00 |
|
1.744.105 |
|
0,03 |
|
|
|
Other
Income |
2.798.912 |
|
0,06 |
|
7.681.752 |
|
0,14 |
|
5.162.004 |
|
0,09 |
|
|
|
Other
Expenses |
2.419.658 |
|
0,05 |
|
7.242.621 |
|
0,13 |
|
3.283.716 |
|
0,06 |
|
|
|
Financial
Expenses |
1.118.608 |
|
0,03 |
|
1.137.919 |
|
0,02 |
|
789.518 |
|
0,01 |
|
|
|
Profit (loss) Before Tax |
1.013.759 |
|
0,02 |
|
-898.864 |
|
-0,02 |
|
2.832.875 |
|
0,05 |
|
|
|
Tax
Payable |
227.578 |
|
0,01 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
786.181 |
|
0,02 |
|
-898.864 |
|
-0,02 |
|
2.832.875 |
|
0,05 |
|
|
|
FINANCIAL
RATIOS
|
||||||||||||
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
1.1.-30.09.07 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Ratio |
1,21 |
|
|
|
1,09 |
|
|
|
1,07 |
|
|
|
|
|
Acid-Test Ratio |
0,80 |
|
|
|
0,44 |
|
|
|
0,44 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,13 |
|
|
|
0,26 |
|
|
|
0,28 |
|
|
|
|
|
Short-term Rec./Total Assets |
0,51 |
|
|
|
0,33 |
|
|
|
0,19 |
|
|
|
|
|
Tangible Assets/Total Assets |
0,10 |
|
|
|
0,15 |
|
|
|
0,13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
14,40 |
|
|
|
6,27 |
|
|
|
3,36 |
|
|
|
|
|
Stockholders' Equity Turnover |
8,42 |
|
|
|
5,86 |
|
|
|
4,80 |
|
|
|
|
|
Asset Turnover |
2,16 |
|
|
|
1,92 |
|
|
|
1,11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,26 |
|
|
|
0,33 |
|
|
|
0,23 |
|
|
|
|
|
Current Liabilities/Total Assets |
0,74 |
|
|
|
0,66 |
|
|
|
0,56 |
|
|
|
|
|
Financial Leverage |
0,74 |
|
|
|
0,67 |
|
|
|
0,77 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
0,15 |
|
|
|
-0,09 |
|
|
|
0,23 |
|
|
|
|
|
Operating Profit Margin |
0,04 |
|
|
|
0,00 |
|
|
|
0,03 |
|
|
|
|
|
Net Profit Margin |
0,02 |
|
|
|
-0,02 |
|
|
|
0,05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
78,83 |
|
|
|
61,36 |
|
|
|
61,83 |
|
|
|
|
|
Average Payable Period (days) |
24,18 |
|
|
|
65,91 |
|
|
|
101,65 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)