MIRA INFORM REPORT

 

 

Report Date :

01.10.2012

 

IDENTIFICATION DETAILS

 

Name :

DUAYEN YAPI VE IZOLASYON MALZEMELERI SANAYI TICARET LTD. STI.

 

 

Registered Office :

 

Inonu Cad. No:23/Zemin ve Bodrum Katlar Yukari Dudullu Umraniye Istanbul /

 

 

 

 

Country :

Turkey

 

 

 

 

Financials (as on) :

30.06.2012

 

 

 

 

Date of Incorporation :

25.07.2001

 

 

 

 

Com. Reg. No.:

460688

 

 

 

 

Legal Form :

Limited Company

 

 

 

 

Line of Business :

Manufacture and trade of construction chemicals such as additives, coatings and insulation products.

 

 

 

 

No. of Employees :

25

 

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

Turkey

B1

B1

 

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 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 8.2% in 2010, as exports returned to normal levels following the recession. Turkey's public sector debt to GDP ratio has fallen to roughly 40%. Continued strong growth has pushed inflation to the 8% level, however, and worsened an already high current account deficit. Turkey remains dependent on often volatile, short-term investment to finance its large trade deficit. The stock value of FDI stood at $99 billion at year-end 2011. Inflows have slowed considerably in light of continuing economic turmoil in Europe, the source of much of Turkey's FDI. Further economic and judicial reforms and prospective EU membership are expected to boost Turkey's attractiveness to foreign investors. However, 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

 

NOTES

:

Address at your inquiry is the former address.

 

 

COMPANY IDENTIFICATION

 

NAME

:

DUAYEN YAPI VE IZOLASYON MALZEMELERI SANAYI TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Inonu Cad. No:23/Zemin ve Bodrum Katlar Yukari Dudullu Umraniye Istanbul / Turkey

PHONE NUMBER

:

90-216-365 87 79

 

FAX NUMBER

:

90-216-365 87 78

 

WEB-ADDRESS

:

www.duayen.com.tr

E-MAIL

:

duayen@duayen.com.tr

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Sarigazi

TAX NO

:

3130195874

REGISTRATION NUMBER

:

460688

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

25.07.2001

ESTABLISHMENT GAZETTE DATE/NO

:

02.08.2001/5352

 

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   350.000

PAID-IN CAPITAL

:

TL   350.000

HISTORY

:

Previous Registered Capital

:

TL 200.000

Changed On

:

10.06.2010 (Commercial Gazette Date /Number 16.06.2010/ 7586)

Previous Address

:

Inonu Cad. No:21/1 Yukari Dudullu Umraniye - Istanbul

Changed On

:

26.01.2011 (Commercial Gazette Date /Number 31.01.2011/ 7741)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Umit Yildirim

95 %

Seda Yildirim

5 %

 

 

SISTER COMPANIES

:

DUAYEN DIS TICARET LTD. STI.

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Umit Yildirim                                                                                                                                                                                                                                                                                   

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of construction chemicals such as additives, coatings and insulation products.

 

NACE CODE

:

DG.24.62

 

NUMBER OF EMPLOYEES

:

25

 

 

NET SALES

:

1.815.117 TL

(2008) 

2.803.252 TL

(2009) 

3.261.491 TL

(2010) 

5.812.366 TL

(2011) 

4.216.379 TL

(01.01-30.06.2012) 

 

 

IMPORT VALUE

:

500.000 USD

(2008)

900.000 USD

(2009)

1.500.000 USD

(01.01-30.09.2010)

 

 

IMPORT COUNTRIES

:

India

Netherlands

China

Romania

 

MERCHANDISE IMPORTED

:

Raw materials

 

EXPORT VALUE

:

13.009 TL

(2008)

176.751 TL

(2009)

817.309 TL

(2010)

1.510.191 TL

(2011)

879.775 TL

(01.01-30.06.2012)

 

 

EXPORT COUNTRIES

:

Lebanon

Singapore

Malaysia

Iran

Saudi Arabia

Syria

Peru

Colombia

Croatia

Slovenia

Kazakhstan

Azerbaijan

Ukraine

Bulgaria

Hungary

Greece

Italy

Russia

 

MERCHANDISE  EXPORTED

:

Construction materials

Glues

Rubber

 

 

HEAD OFFICE ADDRESS

:

Inonu Cad. No:23/Zemin ve Bodrum Katlar Yukari Dudullu Umraniye  Istanbul / Turkey

 

BRANCHES

:

Head Office/Production Plant  :  Inonu Cad. No:23/Zemin ve Bodrum Katlar Yukari Dudullu Umraniye Istanbul/Turkey                                

 

TREND OF BUSINESS

:

There was an upwards trend in  2011. There appears an upwards trend in  1.1 - 30.6.2012.

SIZE OF BUSINESS

:

Lower-Medium

 

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Imes Branch

Akbank Dudullu Branch

Garanti Bankasi Keyap Branch

T. Halk Bankasi Kucukyali Branch

T. Vakiflar Bankasi Fikirtepe 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

:

 

(2008) TL

(2009) TL

(2010) TL

(2011) TL

(01.01-30.06.2012) TL

Net Sales

1.815.117

2.803.252

3.261.491

5.812.366

4.216.379

Profit (Loss) Before Tax

21.714

58.555

48.948

87.070

37.826

Stockholders' Equity

280.242

315.606

467.751

528.744

558.936

Total Assets

833.977

1.532.520

2.581.307

2.822.209

3.791.866

Current Assets

740.743

1.414.009

1.687.676

1.707.267

2.569.084

Non-Current Assets

93.234

118.511

893.631

1.114.942

1.222.782

Current Liabilities

538.782

1.212.077

2.087.364

1.127.121

1.776.453

Long-Term Liabilities

14.953

4.837

26.192

1.166.344

1.456.477

Gross Profit (loss)

164.271

431.992

599.898

843.928

518.983

Operating Profit (loss)

21.714

89.547

36.311

193.455

67.295

Net Profit (loss)

17.371

41.217

39.159

60.993

30.191

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Low As of 30.06.2012

Liquidity

Satisfactory As of 30.06.2012

Remarks On Liquidity

The unfavorable gap between average collection and average payable period has an adverse effect on liquidity. 

 

The liquid assets consist mainly of receivables the amount of cash&banks or marketable securities (which are more liquid) are low.

 

Profitability

Low Operating Profitability  in 2008

Low Net Profitability  in 2008

Fair Operating Profitability  in 2009

Low Net Profitability  in 2009

Low Operating Profitability  in 2010

Low Net Profitability  in 2010

Fair Operating Profitability  in 2011

Low Net Profitability  in 2011

Fair Operating Profitability (01.01-30.06.2012)

Low Net Profitability (01.01-30.06.2012)

 

Gap between average collection and payable periods

Unfavorable in 01.01-30.06.2012

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

 ( 01.01-30.09.2010)

6,52 %

1,5178

2,0112

2,3426

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 01.01-30.06.2012)

1,95 %

1,8028

2,3463

2,8462

 ( 01.01-31.08.2012)

2,28 %

1,8038

2,3238

2,8465

 

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

 ( 30.06.2012 )  TL

 

CURRENT ASSETS

740.743

0,89

1.414.009

0,92

1.687.676

0,65

1.707.267

0,60

2.569.084

0,68

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

345.465

0,41

676.245

0,44

146.435

0,06

7.345

0,00

105.013

0,03

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

68.136

0,08

318.678

0,21

759.146

0,29

885.459

0,31

1.811.907

0,48

Other Receivable

6.297

0,01

20.339

0,01

97.058

0,04

266.541

0,09

508.138

0,13

Inventories

294.000

0,35

355.276

0,23

624.393

0,24

521.915

0,18

144.026

0,04

Advances Given

0

0,00

0

0,00

0

0,00

2.471

0,00

0

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

26.845

0,03

43.471

0,03

60.644

0,02

23.536

0,01

0

0,00

NON-CURRENT ASSETS

93.234

0,11

118.511

0,08

893.631

0,35

1.114.942

0,40

1.222.782

0,32

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

92.541

0,11

113.787

0,07

883.823

0,34

1.076.836

0,38

1.165.140

0,31

Intangible Assets

693

0,00

4.724

0,00

9.808

0,00

9.808

0,00

9.808

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

0

0,00

0

0,00

28.298

0,01

47.834

0,01

TOTAL ASSETS

833.977

1,00

1.532.520

1,00

2.581.307

1,00

2.822.209

1,00

3.791.866

1,00

CURRENT LIABILITIES

538.782

0,65

1.212.077

0,79

2.087.364

0,81

1.127.121

0,40

1.776.453

0,47

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

316.300

0,21

787.849

0,31

386.866

0,14

369.158

0,10

Accounts Payable

163.003

0,20

37.450

0,02

721.198

0,28

373.444

0,13

506.757

0,13

Loans from Shareholders

48.000

0,06

204.197

0,13

139.992

0,05

0

0,00

0

0,00

Other Short-term Payable

0

0,00

0

0,00

6.497

0,00

0

0,00

0

0,00

Advances from Customers

297.000

0,36

619.180

0,40

420.000

0,16

320.319

0,11

851.653

0,22

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

30.779

0,04

34.950

0,02

13.481

0,01

37.460

0,01

48.885

0,01

Provisions

0

0,00

0

0,00

-1.653

0,00

9.032

0,00

0

0,00

Other Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

LONG-TERM LIABILITIES

14.953

0,02

4.837

0,00

26.192

0,01

1.166.344

0,41

1.456.477

0,38

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

14.953

0,02

4.837

0,00

26.192

0,01

566.344

0,20

1.086.477

0,29

Securities Issued

0

0,00

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

0

0,00

Loans from Shareholders

0

0,00

0

0,00

0

0,00

600.000

0,21

370.000

0,10

Other Long-term Liabilities

0

0,00

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

0

0,00

STOCKHOLDERS' EQUITY

280.242

0,34

315.606

0,21

467.751

0,18

528.744

0,19

558.936

0,15

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

200.000

0,24

200.000

0,13

350.000

0,14

350.000

0,12

350.000

0,09

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

692

0,00

692

0,00

692

0,00

692

0,00

692

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

63.870

0,08

75.388

0,05

79.591

0,03

117.059

0,04

178.053

0,05

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

-1.691

0,00

-1.691

0,00

-1.691

0,00

0

0,00

0

0,00

Net Profit (loss)

17.371

0,02

41.217

0,03

39.159

0,02

60.993

0,02

30.191

0,01

TOTAL LIABILITIES AND EQUITY

833.977

1,00

1.532.520

1,00

2.581.307

1,00

2.822.209

1,00

3.791.866

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.                                                                                                                                                                 

 

 

INCOME STATEMENTS

 

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

(01.01-30.06.2012) TL

 

Net Sales

1.815.117

1,00

2.803.252

1,00

3.261.491

1,00

5.812.366

1,00

4.216.379

1,00

Cost of Goods Sold

1.650.846

0,91

2.371.260

0,85

2.661.593

0,82

4.968.438

0,85

3.697.396

0,88

Gross Profit

164.271

0,09

431.992

0,15

599.898

0,18

843.928

0,15

518.983

0,12

Operating Expenses

142.557

0,08

342.445

0,12

563.587

0,17

650.473

0,11

451.688

0,11

Operating Profit

21.714

0,01

89.547

0,03

36.311

0,01

193.455

0,03

67.295

0,02

Other Income

0

0,00

9.618

0,00

21.887

0,01

84.823

0,01

26.382

0,01

Other Expenses

0

0,00

35.990

0,01

9.250

0,00

78.098

0,01

12.209

0,00

Financial Expenses

0

0,00

4.620

0,00

0

0,00

113.110

0,02

43.642

0,01

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

21.714

0,01

58.555

0,02

48.948

0,02

87.070

0,01

37.826

0,01

Tax Payable

4.343

0,00

17.338

0,01

9.789

0,00

26.077

0,00

7.635

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

17.371

0,01

41.217

0,01

39.159

0,01

60.993

0,01

30.191

0,01

 

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

(2011)

(01.01-30.06.2012)

LIQUIDITY RATIOS

 

Current Ratio

1,37

1,17

0,81

1,51

1,45

Acid-Test Ratio

0,78

0,84

0,48

1,03

1,37

Cash Ratio

0,64

0,56

0,07

0,01

0,06

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,35

0,23

0,24

0,18

0,04

Short-term Receivable/Total Assets

0,09

0,22

0,33

0,41

0,61

Tangible Assets/Total Assets

0,11

0,07

0,34

0,38

0,31

TURNOVER RATIOS

 

Inventory Turnover

5,62

6,67

4,26

9,52

25,67

Stockholders' Equity Turnover

6,48

8,88

6,97

10,99

7,54

Asset Turnover

2,18

1,83

1,26

2,06

1,11

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,34

0,21

0,18

0,19

0,15

Current Liabilities/Total Assets

0,65

0,79

0,81

0,40

0,47

Financial Leverage

0,66

0,79

0,82

0,81

0,85

Gearing Percentage

1,98

3,86

4,52

4,34

5,78

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,06

0,13

0,08

0,12

0,05

Operating Profit Margin

0,01

0,03

0,01

0,03

0,02

Net Profit Margin

0,01

0,01

0,01

0,01

0,01

Interest Cover

 

13,67

 

1,77

1,87

COLLECTION-PAYMENT

 

Average Collection Period (days)

13,51

40,93

83,79

54,84

154,70

Average Payable Period (days)

35,55

5,69

97,55

27,06

49,34

WORKING CAPITAL

201961,00

201932,00

-399688,00

580146,00

792631,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.52.69

UK Pound

1

Rs.85.71

Euro

1

Rs.68.15

 

 

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.