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MIRA INFORM REPORT

 

 

Report Date :            

22.04.2011

 

IDENTIFICATION DETAILS

 

Name :

IZOPOLI YAPI ELEMANLARI TAAHHUT SANAYI VE TICARET A.S. 

 

 

Formerly Known As :

IZOPOLI YAPI ELEMANLARI TAAHHUT SANAYI VE TICARET LTD. STI.

 

 

Registered Office :

Ciragan Cad. No:97 Ortakoy Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

30.09.2010

 

 

Year of Establishment :

1983

 

 

Com. Reg. No.:

247973

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Installation, manufacture and trade of polyurethane construction materials, sandwich panels, roof-wall panels, cold store panels, single sheet, cold store doors for energy efficient industrial buildings

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

2.020.000 EUR

 

 

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, 2010

 

Country Name

Previous Rating

                   (30.09.2010)                  

Current Rating

(31.12.2010)

Turkey

b1

b1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

COMPANY IDENTIFICATION

 

NAME

:

IZOPOLI YAPI ELEMANLARI TAAHHUT SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Ciragan Cad. No:97 Ortakoy Istanbul / Turkey

PHONE NUMBER

:

90-212-236 60 32 (Pbx)

 

FAX NUMBER

:

90-212-261 64 48

 

WEB-ADDRESS

:

www.izopoli.com

E-MAIL

:

info@izopoli.com

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Bogazici Kurumlar

TAX NO

:

4840672061

REGISTRATION NUMBER

:

247973

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

1983

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   26.000.000

PAID-IN CAPITAL

:

TL   26.000.000

HISTORY

:

Previous Legal Type

:

Limited Company

Changed On

:

22.06.2006 (Commercial Gazette Date /Number 28.06.2006/ 6587)

Previous Name

:

ANKARA KIMYA SANAYI VE TICARET LTD. STI.

Changed On

:

22.07.1988 (Commercial Gazette Date /Number 03.10.1988/ 2114)

Previous Name

:

IZOPOLI ANKARA KIMYA SANAYI VE TICARET LTD. STI.

Changed On

:

01.04.1997 (Commercial Gazette Date /Number 04.04.1997/ 4264)

Previous Name

:

IZOPOLI YAPI ELEMANLARI TAAHHUT SANAYI VE TICARET LTD. STI.

Changed On

:

22.06.2006 (Commercial Gazette Date /Number 28.06.2006/ 6587)

Previous Registered Capital

:

TL 4.770.000

Changed On

:

28.09.2006 (Commercial Gazette Date /Number 03.10.2006/ 6655)

Previous Registered Capital

:

TL 9.734.694

Changed On

:

20.01.2009 (Commercial Gazette Date /Number 23.01.2009/ 7234)

Other Changes

:

The company was firstly established in Ankara and it was registered at Ankara Commercial Registry. Then it moved to Istanbul and registered at Istanbul Commercial Registry under the reg.no: 247973

Changed On

:

22.07.1988 (Commercial Gazette Date /Number 03.10.1988/ 2114)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Suat Kiroglu

49 %

Kingspan Holdings Netherlands BV

48 %

Kingspan Holdings (IRL) Limited

1 %

Kingspan Nominees Limited

1 %

Kingspan Holdings (Overseas) Limited

1 %

 

 

REMARKS ON SHAREHOLDERS

:

The shareholders Kingspan Holdings Netherlands BV, Kingspan Holdings (IRL) Limited, Kingspan Nominees Limited and Kingspan Holdings (Overseas) Limited are foreign companies.

 

SISTER COMPANIES

:

ASLAN PREFABRIK PANEL SANAYI VE TICARET LTD. STI.

BASKENT OTOPARK VE KUM OCAGI ISLETMECILIGI OTOMOTIV AKARYAKIT SERVIS PAZARLAMA SANAYI VE TICARET LTD. STI.

KIROGLU PREFABRIK PANEL INSAAT TURIZM SANAYI VE TICARET A.S.

POLYFOAM YALITIM SANAYI VE TICARET LTD. STI.

 

REMARKS ON SISTER COMPANIES

:

The Turkish shareholder "Suat Kiroglu" has shares at a.m. companies.

SUBSIDIARIES

:

IZOPOLI EAD (BULGARIA)

IZOPOLI EGYPT LLC.

IZOPOLI MMC (AZERBAIJAN)

IZOPOLI SULEYMANIA (IRAQ)

IZOPOLI YAPI ELEMANLARI RO SRL (ROMANIA)

 

BOARD OF DIRECTORS

:

Jeremy Patrick Irwin Brash

Chairman

Peter Charles Keeling

Vice-Chairman

Suat Kiroglu

Member

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Installation, manufacture and trade of polyurethane construction materials, sandwich panels, roof-wall panels, cold store panels, single sheet, cold store doors for energy efficient industrial buildings.  

 

NACE CODE

:

DJ.28.11

 

MAIN CLIENTS

:

Betek Boya   (Turkey)

Citruc   (Romania)

Coca Cola   (Turkey)

Domino Trading   (Romania)

Hama Veterinary Faculty   (Syria)

Jawad Trading   (Syria)

Mas Makine   (Turkey)

Ulker Natura Gida   (Turkey)

 

TRADEMARKS OWNED

:

Kingspan Izopoli

 

NUMBER OF EMPLOYEES

:

150

 

NET SALES

:

24.316.725 TL

(2003) 

35.131.669 TL

(2004) 

44.182.260 TL

(2005) 

56.023.384 TL

(2006) 

82.494.213 TL

(2007) 

105.313.311 TL

(2008) 

103.651.414 TL

(2009) 

85.544.017 TL

(01.01-30.09.2010) 

 

 

CAPACITY

:

  ( Sqm/yr)

 

5.400.000

(2010)

 

 

IMPORT VALUE

:

16.200.000 USD

(2005)

18.000.000 USD

(2006)

20.000.000 USD

(2007)

53.714.628 TL

(2008)

12.558.860 TL

(2009)

 

 

IMPORT COUNTRIES

:

Italy

Germany

Belgium

France

Greece

Spain

Denmark

Switzerland

Netherlands

U.S.A.

South Korea

India

China

Slovakia

 

MERCHANDISE IMPORTED

:

Polyurethane

Raw materials

Roll metal sheet

 

EXPORT VALUE

:

7.168.576 USD

(2003)

16.232.300 TL

(2004)

18.900.000 USD

(2005)

29.287.897 TL

(2006)

20.221.000 USD

(2007)

59.228.126 TL

(2008)

67.493.449 TL

(2009)

55.872.412 TL

(01.01-30.09.2010)

 

 

EXPORT COUNTRIES

:

Bulgaria

Egypt

Lebanon

Iran

Iraq

India

Jordan

Azerbaijan

Romania

Nigeria

Syria

Netherlands

Philippines

Saudi Arabia

Czech Republic

Hungary

U.A.E.

 

MERCHANDISE  EXPORTED

:

Aluminium structures

Iron & Steel bars

Metal structures

Polyurethanes

 

HEAD OFFICE ADDRESS

:

Ciragan Cad. No:97 Ortakoy Istanbul / Turkey (rented)

 

BRANCHES

:

Factory  :  Bolu Organize Sanayi Bolgesi Doktor Akin Cakmakci Bulvari No:59 Bolu/Turkey (owned) (5.000 sqm)

 

Factory  :  Yumurtalik Serbest Bolgesi(Free Zone) Adana/Turkey (rented) (40.000 sqm)

 

INVESTMENTS

:

None

 

 

TREND OF BUSINESS

:

There was a decline at business volume in nominal terms in  2009. Trend of business appears to be steady in  1.1 - 30.9.2010.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Turk Ekonomi Bankasi Besiktas Branch

Turkiye Is Bankasi Galata Ticari Branch

Vakifbank Ortakoy 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

:

 

(2008) TL

(2009) TL

(01.01-30.09.2010) TL

 

 

Net Sales

105.313.311

103.651.414

85.544.017

 

 

Profit (Loss) Before Tax

-13.418.755

2.865.066

4.582.021

 

 

Stockholders' Equity

41.828

12.348.259

16.930.280

 

 

Total Assets

51.537.599

51.373.324

65.312.455

 

 

Current Assets

30.121.116

30.548.690

44.931.934

 

 

Non-Current Assets

21.416.483

20.824.634

20.380.521

 

 

Current Liabilities

39.556.097

25.058.521

37.605.853

 

 

Long-Term Liabilities

11.939.674

13.966.544

10.776.322

 

 

Gross Profit (loss)

16.192.384

19.821.507

14.830.761

 

 

Operating Profit (loss)

-1.394.566

3.976.456

2.673.349

 

 

Net Profit (loss)

-13.418.755

2.865.066

4.582.021

 

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Insufficient As of 30.09.2010

Remarks on Capitalization

A part of liabilities consist of loans from shareholders.

Liquidity

Satisfactory As of 30.09.2010

Profitability

Operating Loss  in 2008

Net Loss  in 2008

In Order Operating Profitability  in 2009

Fair Net Profitability  in 2009

Fair Operating Profitability (01.01-30.09.2010)

Good Net Profitability (01.01-30.09.2010)

 

Gap between average collection and payable periods

In order in 01.01-30.09.2010

General Financial Position

Passable

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 2.020.000 EUR may be granted to the subject company.

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 2007 )

5,94 %

1,3075

1,7901

2,6133

 ( 2008 )

8,11 %

1,2858

1,8876

2,3708

 ( 2009 )

5,93 %

1,5460

2,1529

2,4094

 ( 01.01-30.09.2010)

6,52 %

1,5178

2,0112

2,3426

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 ( 01.01-31.03.2011)

5,40 %

1,5753

2,1664

2,5072

 

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 30.09.2010 )  TL

 

CURRENT ASSETS

30.121.116

0,58

30.548.690

0,59

44.931.934

0,69

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

Cash and Banks

2.056.837

0,04

5.813.723

0,11

9.395.199

0,14

Marketable Securities

0

0,00

13.145.793

0,26

15.569

0,00

Account Receivable

12.308.893

0,24

0

0,00

13.558.352

0,21

Other Receivable

0

0,00

0

0,00

0

0,00

Inventories

9.811.384

0,19

8.893.319

0,17

17.082.769

0,26

Advances Given

2.159.799

0,04

764.993

0,01

1.735.176

0,03

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

Other Current Assets

3.784.203

0,07

1.930.862

0,04

3.144.869

0,05

NON-CURRENT ASSETS

21.416.483

0,42

20.824.634

0,41

20.380.521

0,31

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

0

0,00

Financial Assets

3.667.124

0,07

3.667.124

0,07

3.667.124

0,06

Tangible Fixed Assets (net)

7.471.178

0,14

7.256.528

0,14

7.353.124

0,11

Intangible Assets

9.944.910

0,19

9.396.857

0,18

9.337.994

0,14

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

333.271

0,01

504.125

0,01

22.279

0,00

TOTAL ASSETS

51.537.599

1,00

51.373.324

1,00

65.312.455

1,00

CURRENT LIABILITIES

39.556.097

0,77

25.058.521

0,49

37.605.853

0,58

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

16.429.587

0,32

12.620.218

0,25

14.689.775

0,22

Accounts Payable

16.485.406

0,32

5.532.098

0,11

11.579.899

0,18

Loans from Shareholders

0

0,00

0

0,00

0

0,00

Other Short-term Payable

282.147

0,01

313.595

0,01

183.414

0,00

Advances from Customers

5.204.168

0,10

5.077.631

0,10

8.042.421

0,12

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

Taxes Payable

263.235

0,01

248.053

0,00

147.821

0,00

Provisions

0

0,00

0

0,00

0

0,00

Other Current Liabilities

891.554

0,02

1.266.926

0,02

2.962.523

0,05

LONG-TERM LIABILITIES

11.939.674

0,23

13.966.544

0,27

10.776.322

0,16

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

11.303.405

0,22

8.954.603

0,17

6.041.050

0,09

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

4.320.600

0,08

3.950.800

0,06

Other Long-term Liabilities

0

0,00

0

0,00

0

0,00

Provisions

636.269

0,01

691.341

0,01

784.472

0,01

STOCKHOLDERS' EQUITY

41.828

0,00

12.348.259

0,24

16.930.280

0,26

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

Paid-in Capital

9.734.694

0,19

26.000.000

0,51

26.000.000

0,40

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

0

0,00

0

0,00

0

0,00

Revaluation Fund

5.052.104

0,10

727.705

0,01

727.705

0,01

Accumulated Losses(-)

-1.326.215

-0,03

-17.244.512

-0,34

-14.379.446

-0,22

Net Profit (loss)

-13.418.755

-0,26

2.865.066

0,06

4.582.021

0,07

TOTAL LIABILITIES AND EQUITY

51.537.599

1,00

51.373.324

1,00

65.312.455

1,00

 

 

INCOME STATEMENTS

 

 

(2008) TL

 

(2009) TL

 

(01.01-30.09.2010) TL

 

Net Sales

105.313.311

1,00

103.651.414

1,00

85.544.017

1,00

Cost of Goods Sold

89.120.927

0,85

83.829.907

0,81

70.713.256

0,83

Gross Profit

16.192.384

0,15

19.821.507

0,19

14.830.761

0,17

Operating Expenses

17.586.950

0,17

15.845.051

0,15

12.157.412

0,14

Operating Profit

-1.394.566

-0,01

3.976.456

0,04

2.673.349

0,03

Other Income

21.750.374

0,21

13.954.806

0,13

10.416.580

0,12

Other Expenses

30.709.663

0,29

13.074.949

0,13

7.781.388

0,09

Financial Expenses

3.064.900

0,03

1.991.247

0,02

726.520

0,01

Minority Interests

0

0,00

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

0

0,00

Profit (loss) Before Tax

-13.418.755

-0,13

2.865.066

0,03

4.582.021

0,05

Tax Payable

0

0,00

0

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

-13.418.755

-0,13

2.865.066

0,03

4.582.021

0,05

 

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(01.01-30.09.2010)

LIQUIDITY RATIOS

 

Current Ratio

0,76

1,22

1,19

Acid-Test Ratio

0,36

0,76

0,61

Cash Ratio

0,05

0,76

0,25

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,19

0,17

0,26

Short-term Receivable/Total Assets

0,24

0,00

0,21

Tangible Assets/Total Assets

0,14

0,14

0,11

TURNOVER RATIOS

 

Inventory Turnover

9,08

9,43

4,14

Stockholders' Equity Turnover

2517,77

8,39

5,05

Asset Turnover

2,04

2,02

1,31

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,00

0,24

0,26

Current Liabilities/Total Assets

0,77

0,49

0,58

Financial Leverage

1,00

0,76

0,74

Gearing Percentage

1231,13

3,16

2,86

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

-320,81

0,23

0,27

Operating Profit Margin

-0,01

0,04

0,03

Net Profit Margin

-0,13

0,03

0,05

Interest Cover

-3,38

2,44

7,31

COLLECTION-PAYMENT

 

Average Collection Period (days)

42,08

0,00

57,06

Average Payable Period (days)

66,59

23,76

58,95

WORKING CAPITAL

-9434981,00

5490169,00

7326081,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.33

UK Pound

1

Rs.72.92

Euro

1

Rs.64.69

 

 

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

 

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.