MIRA INFORM REPORT

 

 

Report Date :

30.06.2012

 

IDENTIFICATION DETAILS

 

Name :

FIBROSAN CAM TAKVIYELI POLYESTER SANAYI VE TICARET A.S.

 

 

Registered Office :

Kemalpasa Cad. No:14 35060 Pinarbasi Izmir

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

20.03.1983

 

 

Com. Reg. No.:

3790-Borno-2382

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of roof coverage made of glass strengthened polyester.

 

 

No. of Employees :

81

 

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 – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

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

:

FIBROSAN CAM TAKVIYELI POLYESTER SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Kemalpasa Cad. No:14 35060 Pinarbasi Izmir / Turkey

PHONE NUMBER

:

90-232-479 16 73

 

FAX NUMBER

:

90-232-479 12 47

 

WEB-ADDRESS

:

www.fibrosan.com.tr

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Hasan Tahsin

TAX NO

:

3870004296

REGISTRATION NUMBER

:

3790-Borno-2382

REGISTERED OFFICE

:

Izmir Chamber of Commerce

DATE ESTABLISHED

:

20.03.1983

ESTABLISHMENT GAZETTE DATE/NO

:

30.05.1983/766

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   2.500.000

PAID-IN CAPITAL

:

TL   2.500.000

 

HISTORY

:

Previous Registered Capital

:

TL 860.000

Changed On

:

28.11.2005 (Commercial Gazette Date /Number 02.12.2005/ 6444)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Erdal Yucel

35 %

Erdem Yucel

30 %

Haydar Yucel

25 %

Beril Yucel

5 %

Serap Yucel

5 %

 

 

GROUP

:

-YUCEL GROUP OF COMPANIES

 

SISTER COMPANIES

:

FIBERPLAST PLASTIK SANAYI VE TICARET LTD. STI.

 

FIBROSAN GMBH

 

FIBROSAN SLOVAKIA

 

FIBROSAN UK

 

HLM INTERNATIONAL KOMPOZIT PANEL SANAYI VE TICARET LTD. STI.

 

YUCEL KOMPOZIT MALZEMELERI PAZARLAMA VE TICARET LTD. STI.

 

SUBSIDIARIES

:

FIBROSAN SLOVAKIA S.R.O.  ( 80 % )

FIBROSAN U.K. LIMITED  ( 100 % )

 

BOARD OF DIRECTORS

:

Haydar Yucel

Chairman

Erdem Yucel

Vice-Chairman

Erdal Yucel

Member

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of roof coverage made of glass strengthened polyester.

 

NACE CODE

:

DI.26.82

 

TRADEMARKS OWNED

:

Agroser

Decocor

Decopan

Fibroline

Fibropan

Fibrosan

Fibroser

Panoline

Panolux

Renopan

 

NUMBER OF EMPLOYEES

:

81

 

NET SALES

:

19.309.346 TL

(2008) 

12.970.851 TL

(2009) 

17.287.731 TL

(2010) 

26.665.196 TL

(2011) 

8.142.455 TL

(01.01-31.03.2012) 

 

 

CAPACITY

:

  ( Sqm/yr)

 

 

 

3.204.432

 

 

(2008)

3.204.432

 

 

(2009)

3.204.432

 

 

(2010)

 

 

 

 

PRODUCTION

:

  ( Sqm )

 

 

 

2.022.397

 

 

(2008)

1.635.076

 

 

(2009)

2.081.397

 

 

(2010)

 

 

 

 

IMPORT VALUE

:

2.478.612 USD

(2008)

689.450 USD

(2009)

1.898.450 USD

(2010)

 

 

IMPORT COUNTRIES

:

Germany

U.K.

Netherlands

China

Belgium

U.S.A.

 

 

MERCHANDISE IMPORTED

:

Glass fibres

Peroxide

Polyester film

 

EXPORT VALUE

:

11.362.813 TL

(2008)

6.379.403 TL

(2009)

8.564.997 TL

(2010)

16.814.050 TL

(2011)

4.681.200 TL

(01.01-31.03.2012)

 

 

EXPORT COUNTRIES

:

Germany

Ukraine

Slovakia

Russia

Saudi Arabia

Switzerland

China

Singapore

India

Pakistan

U.A.E.

Brazil

Egypt

Serbia

Kazakhstan

Czech Republic

Greece

Belgium

 

MERCHANDISE  EXPORTED

:

Board

Glass fibers

Roof coverage

 

HEAD OFFICE ADDRESS

:

Kemalpasa Cad. No:14 35060 Pinarbasi  Izmir / Turkey ( owned )

 

BRANCHES

:

Head Office/Warehouse  :  Kemalpasa Cad. No:14 35060 Pinarbasi Izmir/Turkey (owned) (4.432 sqm)

 

Production Plant  :  Cinar Mah. Kemalpasa Cad. No: 24/1-B Cinar Kemalpasa Izmir/Turkey (owned) (12.776 sqm)

                                                                                

INVESTMENTS

:

None

 

 

TREND OF BUSINESS

:

There was an upwards trend in 2011.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Pinarbasi Branch

Garanti Bankasi Pinarbasi Branch

Halk Bankasi Pinarbasi Branch

T.Is Bankasi Altindag Branch

Yapi ve Kredi Bankasi Dokuz Eylul 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

(2010) TL

(2011) TL

(01.01-31.03.2012) TL

Net Sales

19.309.346

12.970.851

17.287.731

26.665.196

8.142.455

Profit (Loss) Before Tax

281.191

-629.565

141.247

2.471.855

908.404

Stockholders' Equity

4.720.229

4.090.664

4.231.911

6.292.787

 

Total Assets

15.731.134

17.419.401

20.381.694

24.012.936

 

Current Assets

6.198.696

7.293.809

10.418.834

13.512.991

 

Non-Current Assets

9.532.438

10.125.592

9.962.860

10.499.945

 

Current Liabilities

7.211.265

8.463.149

13.940.635

16.052.727

 

Long-Term Liabilities

3.799.640

4.865.588

2.209.148

1.667.422

 

Gross Profit (loss)

3.924.010

2.150.142

2.981.256

6.358.079

1.797.622

Operating Profit (loss)

222.332

-539.124

909.474

3.188.871

908.968

Net Profit (loss)

258.028

-629.565

141.247

2.060.876

908.404

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Insufficient As of 31.12.2011

Remarks on Capitalization

A part of liabilities consist of loans from shareholders.

Liquidity

Insufficient As of 31.12.2011

Remarks On Liquidity

The favorable gap between average collection and average payable period has a positive effect on liquidity.

Profitability

Low Operating Profitability  in 2008

Low Net Profitability  in 2008

Operating Loss  in 2009

Net Loss  in 2009

In Order Operating Profitability  in 2010

Low Net Profitability  in 2010

High Operating Profitability  in 2011

High Net Profitability  in 2011

High Operating Profitability (01.01-31.03.2012)

High Net Profitability (01.01-31.03.2012)

 

Gap between average collection and payable periods

Favorable in 2011

General Financial Position

Passable

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2008 )

8,11 %

1,2858

1,8876

2,3708

 ( 2009 )

5,93 %

1,5460

2,1529

2,4094

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 01.01-31.03.2012)

0,65 %

1,7995

2,3799

2,8402

 ( 01.01-31.05.2012)

1,27 %

1,8008

2,3565

2,8479

 

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

CURRENT ASSETS

6.198.696

0,39

7.293.809

0,42

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

605.824

0,04

824.471

0,05

Marketable Securities

0

0,00

0

0,00

Account Receivable

2.352.579

0,15

2.042.646

0,12

Other Receivable

388.644

0,02

1.324.378

0,08

Inventories

1.886.117

0,12

2.120.826

0,12

Advances Given

65.974

0,00

97.768

0,01

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

899.558

0,06

883.720

0,05

NON-CURRENT ASSETS

9.532.438

0,61

10.125.592

0,58

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

795.772

0,05

0

0,00

Financial Assets

219

0,00

8.880

0,00

Tangible Fixed Assets (net)

8.717.595

0,55

10.116.712

0,58

Intangible Assets

0

0,00

0

0,00

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

18.852

0,00

0

0,00

TOTAL ASSETS

15.731.134

1,00

17.419.401

1,00

CURRENT LIABILITIES

7.211.265

0,46

8.463.149

0,49

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

3.568.595

0,23

3.143.595

0,18

Accounts Payable

2.166.332

0,14

4.102.683

0,24

Loans from Shareholders

1.358.772

0,09

1.101.326

0,06

Other Short-term Payable

4.022

0,00

12.323

0,00

Advances from Customers

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

55.714

0,00

59.725

0,00

Provisions

23.163

0,00

0

0,00

Other Current Liabilities

34.667

0,00

43.497

0,00

LONG-TERM LIABILITIES

3.799.640

0,24

4.865.588

0,28

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

3.481.696

0,22

4.548.634

0,26

Securities Issued

0

0,00

0

0,00

Long-term Payable

226.845

0,01

225.855

0,01

Loans from Shareholders

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

Provisions

91.099

0,01

91.099

0,01

STOCKHOLDERS' EQUITY

4.720.229

0,30

4.090.664

0,23

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

2.500.000

0,16

2.500.000

0,14

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

-425.827

-0,03

-425.827

-0,02

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

2.489.470

0,16

2.747.498

0,16

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

-101.442

-0,01

-101.442

-0,01

Net Profit (loss)

258.028

0,02

-629.565

-0,04

TOTAL LIABILITIES AND EQUITY

15.731.134

1,00

17.419.401

1,00

 

 

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

10.418.834

0,51

13.512.991

0,56

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

631.996

0,03

631.991

0,03

Marketable Securities

0

0,00

1.118

0,00

Account Receivable

2.258.477

0,11

3.235.549

0,13

Other Receivable

2.327.625

0,11

2.965.405

0,12

Inventories

4.375.487

0,21

5.686.008

0,24

Advances Given

192.083

0,01

27.568

0,00

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

633.166

0,03

965.352

0,04

NON-CURRENT ASSETS

9.962.860

0,49

10.499.945

0,44

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

Financial Assets

9.427

0,00

9.775

0,00

Tangible Fixed Assets (net)

9.953.433

0,49

10.443.743

0,43

Intangible Assets

0

0,00

17.890

0,00

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

28.537

0,00

TOTAL ASSETS

20.381.694

1,00

24.012.936

1,00

CURRENT LIABILITIES

13.940.635

0,68

16.052.727

0,67

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

3.800.114

0,19

2.432.395

0,10

Accounts Payable

8.925.959

0,44

10.501.425

0,44

Loans from Shareholders

972.439

0,05

941.289

0,04

Other Short-term Payable

1.578

0,00

705.018

0,03

Advances from Customers

103.567

0,01

1.136.989

0,05

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

51.675

0,00

223.303

0,01

Provisions

0

0,00

87.484

0,00

Other Current Liabilities

85.303

0,00

24.824

0,00

LONG-TERM LIABILITIES

2.209.148

0,11

1.667.422

0,07

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

2.118.049

0,10

868.326

0,04

Securities Issued

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

Loans from Shareholders

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

761.982

0,03

Provisions

91.099

0,00

37.114

0,00

STOCKHOLDERS' EQUITY

4.231.911

0,21

6.292.787

0,26

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

2.500.000

0,12

2.500.000

0,10

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

-425.827

-0,02

-425.828

-0,02

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

2.747.498

0,13

2.888.746

0,12

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

-731.007

-0,04

-731.007

-0,03

Net Profit (loss)

141.247

0,01

2.060.876

0,09

TOTAL LIABILITIES AND EQUITY

20.381.694

1,00

24.012.936

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 will be given under "Account Receivable" figure and "Account Payable" figure respectively.                                                                                                                                                                                   

 

 

INCOME STATEMENTS

 

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

Net Sales

19.309.346

1,00

12.970.851

1,00

17.287.731

1,00

Cost of Goods Sold

15.385.336

0,80

10.820.709

0,83

14.306.475

0,83

Gross Profit

3.924.010

0,20

2.150.142

0,17

2.981.256

0,17

Operating Expenses

3.701.678

0,19

2.689.266

0,21

2.071.782

0,12

Operating Profit

222.332

0,01

-539.124

-0,04

909.474

0,05

Other Income

379.168

0,02

129.072

0,01

762.253

0,04

Other Expenses

320.309

0,02

219.513

0,02

456.235

0,03

Financial Expenses

0

0,00

0

0,00

1.074.245

0,06

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

281.191

0,01

-629.565

-0,05

141.247

0,01

Tax Payable

23.163

0,00

0

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

258.028

0,01

-629.565

-0,05

141.247

0,01

 

 

 

(2011) TL

 

(01.01-31.03.2012) TL

 

Net Sales

26.665.196

1,00

8.142.455

1,00

Cost of Goods Sold

20.307.117

0,76

6.344.833

0,78

Gross Profit

6.358.079

0,24

1.797.622

0,22

Operating Expenses

3.169.208

0,12

888.654

0,11

Operating Profit

3.188.871

0,12

908.968

0,11

Other Income

804.138

0,03

295.567

0,04

Other Expenses

565.099

0,02

232.958

0,03

Financial Expenses

956.055

0,04

63.173

0,01

Minority Interests

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

Profit (loss) Before Tax

2.471.855

0,09

908.404

0,11

Tax Payable

410.979

0,02

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

Net Profit (loss)

2.060.876

0,08

908.404

0,11

 

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

(2011)

LIQUIDITY RATIOS

 

 

Current Ratio

0,86

0,86

0,75

0,84

Acid-Test Ratio

0,46

0,50

0,37

0,43

Cash Ratio

0,08

0,10

0,05

0,04

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,12

0,12

0,21

0,24

Short-term Receivable/Total Assets

0,17

0,19

0,23

0,26

Tangible Assets/Total Assets

0,55

0,58

0,49

0,43

TURNOVER RATIOS

 

 

Inventory Turnover

8,16

5,10

3,27

3,57

Stockholders' Equity Turnover

4,09

3,17

4,09

4,24

Asset Turnover

1,23

0,74

0,85

1,11

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,30

0,23

0,21

0,26

Current Liabilities/Total Assets

0,46

0,49

0,68

0,67

Financial Leverage

0,70

0,77

0,79

0,74

Gearing Percentage

2,33

3,26

3,82

2,82

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,05

-0,15

0,03

0,33

Operating Profit Margin

0,01

-0,04

0,05

0,12

Net Profit Margin

0,01

-0,05

0,01

0,08

Interest Cover

 

 

1,13

3,59

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

58,70

56,69

47,03

43,68

Average Payable Period (days)

56,00

144,01

224,61

186,17

WORKING CAPITAL

-1012569,00

-1169340,00

-3521801,00

-2539736,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.56.31

UK Pound

1

Rs.88.06

Euro

1

Rs.70.91

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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.