MIRA INFORM REPORT

 

 

Report Date :

26.12.2013

 

IDENTIFICATION DETAILS

 

Name :

POLIN DIS TICARET LTD. STI.

 

 

Registered Office :

Istasyon Mah. 1495 / 2 Sok. No: 1 Gebze Kocaeli

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

04.10.2005

 

 

Com. Reg. No.:

8891

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Trade of water slides and pool equipment.

 

 

No. of Employees :

21

 

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 – March, 31st, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Turkey

B2

B2

 

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 9.2% in 2010, as exports returned to normal levels following the recession. Growth dropped to approximately 3% in 2012. Turkey's public sector debt to GDP ratio has fallen to about 40%, and at least one rating agency upgraded Turkey's debt to investment grade in 2012. Turkey remains dependent on often volatile, short-term investment to finance its large trade deficit. The stock value of FDI stood at $117 billion at year-end 2012. Inflows have slowed because of continuing economic turmoil in Europe, the source of much of Turkey's FDI. 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

 

COMPANY IDENTIFICATION

 

NAME

:

POLIN DIS TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Istasyon Mah. 1495 / 2 Sok. No: 1 Gebze Kocaeli / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The address was changed from "Sirasogutler Mah. 1687 Sok. No:6-8 Gebze" to "Istasyon Mah. 1495 / 2 Sok. No: 1 Gebze" by the Municipality.

PHONE NUMBER

:

90-262-656 64 67-69

 

FAX NUMBER

:

90-262-656 64 75

 

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Ulucinar 

TAX NO

:

7320603610

REGISTRATION NUMBER

:

8891

REGISTERED OFFICE

:

Gebze Chamber of Commerce

DATE ESTABLISHED

:

04.10.2005

ESTABLISHMENT GAZETTE DATE/NO

:

19.10.2005/6414

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   60.000

PAID-IN CAPITAL

:

TL   60.000

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Bilge Pakis

33,33 %

Basar Pakis

33,33 %

Baris Pakis

33,33 %

 

 

SISTER COMPANIES

:

POLIN SU PARKLARI VE HAVUZ SISTEMLERI A.S.

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Bilge Pakis

 

Basar Pakis

 

Baris Pakis

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Trade of water slides and pool equipment.

 

NACE CODE

:

G .51.90

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

21

 

NET SALES

:

1.667.771 TL

(2006) 

14.671.200 TL

(2007) 

18.353.518 TL

(2008) 

16.108.164 TL

(2009) 

20.324.693 TL

(2010) 

34.003.552 TL

(2011) 

29.288.793 TL

(01.01-30.06.2012) 

 

 

REMARKS ON NET SALES

:

In Turkey, there is no public registry on companies’ financial and detailed general data. So, to collect a firm’s data, an information agency has to contact the company and get its authorization.

 

However the company strictly declines to give us an authorization to gather its fresh financial data. As the firm’s shares are not open to public it is not obliged to announce its data.

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT VALUE

:

0 TL

(2010)

 

 

IMPORT COUNTRIES

:

Germany

France

U.K.

MERCHANDISE IMPORTED

:

Machinery spare parts

 

EXPORT VALUE

:

1.667.771 TL

(2006)

14.312.069 TL

(2007)

18.350.377 TL

(2008)

15.895.380 TL

(2009)

19.654.341 TL

(2010)

32.844.828 TL

(2011)

28.272.045 TL

(01.01-30.06.2012)

 

 

EXPORT COUNTRIES

:

Syria

Canada

Russia

Bulgaria

Egypt

Ukraine

South Korea

U.A.E.

Kuwait

Azerbaijan

Germany

Romania

France

Greece

 

MERCHANDISE  EXPORTED

:

Pool equipment

 

HEAD OFFICE ADDRESS

:

Istasyon Mah. 1495 / 2 Sok. No: 1 Gebze  Kocaeli / Turkey  (rented)

 

INVESTMENTS

:

None

 

 

 

TREND OF BUSINESS

:

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

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Denizbank Gebze Ticari Branch

Garanti BaNkasi Gebze Organize Sanayi Bolgesi Branch

T. Halk Bankasi Gebze Organize Sanayi Bolgesi Branch

T.Is Bankasi Gebze Organize Sanayi Bolgesi Branch

Yapi ve Kredi Bankasi Kurtkoy Branch

 

CREDIT FACILITIES

:

The subject rarely makes use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2009) TL

(2010) TL

(2011) TL

(01.01-30.06.2012) TL

Net Sales

16.108.164

20.324.693

34.003.552

29.288.793

Profit (Loss) Before Tax

737.577

106.569

425.942

610.253

Stockholders' Equity

837.307

921.703

1.261.152

 

Total Assets

4.111.809

10.121.799

13.049.783

 

Current Assets

4.111.809

10.121.799

13.015.315

 

Non-Current Assets

0

0

34.468

 

Current Liabilities

3.274.502

9.200.096

11.788.631

 

Long-Term Liabilities

0

0

0

 

Gross Profit (loss)

2.389.514

1.823.514

2.797.916

3.093.323

Operating Profit (loss)

668.784

534.054

421.328

785.878

Net Profit (loss)

588.319

84.397

339.448

610.253

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Low As of 31.12.2011

Liquidity

Good As of 31.12.2011

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

In Order Operating Profitability  in 2009

Good Net Profitability  in 2009

Fair Operating Profitability  in 2010

Low Net Profitability  in 2010

Low Operating Profitability  in 2011

Low Net Profitability  in 2011

Fair Operating Profitability (01.01-30.06.2012)

Fair Net Profitability (01.01-30.06.2012)

 

Gap between average collection and payable periods

Unfavorable in 2011

General Financial Position

Passable

Remarks on General Financial Position

Recent financial figures are not available the firm declines to provide fresh financial data.

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 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

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 ( 01.01-30.11.2013)

5,80 %

1,8999

2,5208

2,9748

 

 

BALANCE SHEETS

 

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

4.111.809

1,00

10.121.799

1,00

13.015.315

1,00

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

Cash and Banks

-427.349

-0,10

323.888

0,03

886.074

0,07

Marketable Securities

0

0,00

0

0,00

0

0,00

Account Receivable

2.937.703

0,71

6.422.492

0,63

8.892.362

0,68

Other Receivable

0

0,00

9.604

0,00

344.517

0,03

Inventories

90.134

0,02

342.397

0,03

726.257

0,06

Advances Given

1.364.420

0,33

2.951.292

0,29

1.904.080

0,15

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

Other Current Assets

146.901

0,04

72.126

0,01

262.025

0,02

NON-CURRENT ASSETS

0

0,00

0

0,00

34.468

0,00

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

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

0

0,00

0

0,00

0

0,00

Intangible Assets

0

0,00

0

0,00

34.468

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

0

0,00

0

0,00

TOTAL ASSETS

4.111.809

1,00

10.121.799

1,00

13.049.783

1,00

CURRENT LIABILITIES

3.274.502

0,80

9.200.096

0,91

11.788.631

0,90

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

309.200

0,03

0

0,00

Accounts Payable

12.436

0,00

32.917

0,00

152.446

0,01

Loans from Shareholders

0

0,00

0

0,00

0

0,00

Other Short-term Payable

35.197

0,01

18.517

0,00

23.862

0,00

Advances from Customers

3.141.804

0,76

8.825.765

0,87

11.597.521

0,89

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

Taxes Payable

13.281

0,00

13.697

0,00

14.802

0,00

Provisions

71.784

0,02

0

0,00

0

0,00

Other Current Liabilities

0

0,00

0

0,00

0

0,00

LONG-TERM LIABILITIES

0

0,00

0

0,00

0

0,00

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

0

0,00

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

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

837.307

0,20

921.703

0,09

1.261.152

0,10

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

Paid-in Capital

60.000

0,01

60.000

0,01

60.000

0,00

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

390.059

0,09

978.377

0,10

1.062.775

0,08

Revaluation Fund

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

-201.071

-0,05

-201.071

-0,02

-201.071

-0,02

Net Profit (loss)

588.319

0,14

84.397

0,01

339.448

0,03

TOTAL LIABILITIES AND EQUITY

4.111.809

1,00

10.121.799

1,00

13.049.783

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

 

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

(01.01-30.06.2012) TL

 

Net Sales

16.108.164

1,00

20.324.693

1,00

34.003.552

1,00

29.288.793

1,00

Cost of Goods Sold

13.718.650

0,85

18.501.179

0,91

31.205.636

0,92

26.195.470

0,89

Gross Profit

2.389.514

0,15

1.823.514

0,09

2.797.916

0,08

3.093.323

0,11

Operating Expenses

1.720.730

0,11

1.289.460

0,06

2.376.588

0,07

2.307.445

0,08

Operating Profit

668.784

0,04

534.054

0,03

421.328

0,01

785.878

0,03

Other Income

906.261

0,06

1.329.625

0,07

3.314.806

0,10

182.134

0,01

Other Expenses

796.314

0,05

1.616.452

0,08

3.308.761

0,10

357.759

0,01

Financial Expenses

41.154

0,00

140.658

0,01

1.431

0,00

0

0,00

Minority Interests

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

Profit (loss) Before Tax

737.577

0,05

106.569

0,01

425.942

0,01

610.253

0,02

Tax Payable

149.258

0,01

22.172

0,00

86.494

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

588.319

0,04

84.397

0,00

339.448

0,01

610.253

0,02

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

(2011)

LIQUIDITY RATIOS

 

 

Current Ratio

1,26

1,10

1,10

Acid-Test Ratio

0,77

0,73

0,86

Cash Ratio

-0,13

0,04

0,08

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,02

0,03

0,06

Short-term Receivable/Total Assets

0,71

0,64

0,71

Tangible Assets/Total Assets

0,00

0,00

0,00

TURNOVER RATIOS

 

 

Inventory Turnover

152,20

54,03

42,97

Stockholders' Equity Turnover

19,24

22,05

26,96

Asset Turnover

3,92

2,01

2,61

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,20

0,09

0,10

Current Liabilities/Total Assets

0,80

0,91

0,90

Financial Leverage

0,80

0,91

0,90

Gearing Percentage

3,91

9,98

9,35

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,70

0,09

0,27

Operating Profit Margin

0,04

0,03

0,01

Net Profit Margin

0,04

0,00

0,01

Interest Cover

18,92

1,76

298,65

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

65,65

113,76

94,14

Average Payable Period (days)

0,33

0,64

1,76

WORKING CAPITAL

837307,00

921703,00

1226684,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.87

UK Pound

1

Rs.101.10

Euro

1

Rs.84.65

 

 

INFORMATION DETAILS

 

Report Prepared by :

NNA

 

 

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.