MIRA INFORM REPORT

 

 

Report Date :

08.07.2014

 

IDENTIFICATION DETAILS

 

Name :

POLIN SU PARKLARI VE HAVUZ SISTEMLERI A.S.

 

 

Formerly Known As :

BENSAN PLASTIK METAL URUNLERI SAN. VE TIC. A.S.

 

 

Registered Office :

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

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

09.09.1996

 

 

Com. Reg. No.:

3706

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture, design, installation and trade of waterparks and pool systems. 

 

 

No. of Employees :

247

 

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 :

Unknown

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 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Turkey

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

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 around 9% in 2010-11, as exports returned to normal levels following the recession. Growth dropped to roughly 3-4% in 2012-13. Turkey's public sector debt to GDP ratio has fallen below 40%, and two rating agencies upgraded Turkey's debt to investment grade in 2012 and 2013. Turkey remains dependent on often volatile, short-term investment to finance its large current account deficit. The stock value of FDI reached nearly $195 billion at year-end 2013, reflecting Turkey's robust growth even in the face of economic turmoil in Europe, the source of much of Turkey's FDI. Turkey's relatively high current account deficit, domestic political uncertainty, and turmoil within Turkey's neighborhood leave the economy vulnerable to destabilizing shifts in investor confidence.

 

Source : CIA

 

 

 

 

 

REMARKS

:

The name stated at your additional information dated 07.07.2014 "POLIN WATERPARKS & POOL SYSTEMS" is English name of "POLIN SU PARKLARI VE HAVUZ SISTEMLERI A.S.".

 

So, we provide the report on "POLIN SU PARKLARI VE HAVUZ SISTEMLERI A.S."

 

 

COMPANY IDENTIFICATION

 

NAME

:

POLIN SU PARKLARI VE HAVUZ SISTEMLERI A.S.

HEAD OFFICE ADDRESS

:

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

PHONE NUMBER

:

90-262-656 64 67

 

FAX NUMBER

:

90-262-656 64 75

 

WEB-ADDRESS

:

www.polin.com.tr

E-MAIL

:

polin@polin.com.tr

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Ulucinar 

TAX NO

:

1640059069

REGISTRATION NUMBER

:

3706

REGISTERED OFFICE

:

Gebze Chamber of Commerce

DATE ESTABLISHED

:

09.09.1996

ESTABLISHMENT GAZETTE DATE/NO

:

16.09.1996/4124

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   7.500.000

PAID-IN CAPITAL

:

TL   7.500.000

HISTORY

:

Previous Name

:

Bensan Plastik Metal Urunleri San. ve Tic. A.S.

Changed On

:

14.12.2004 (Commercial Gazette Date /Number 05.01.2005/ 6213)

Previous Registered Capital

:

TL 3.133.100

Changed On

:

07.06.2013 (Commercial Gazette Date /Number 17.06.2013/ 8343)

Previous Address

:

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

Changed On

:

03.03.2010 (Commercial Gazette Date /Number 11.03.2010/ 7519)

Merger

:

The subject took over and merged with "Yagmur Turizm Ticaret ve Sanayi A.S."

Changed On

:

24.07.2009 (Commercial Gazette Date /Number 05.08.2009/ 7369)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Bilge Pakis

33,33 %

Basar Pakis

33,33 %

Baris Pakis

33,33 %

 

 

SISTER COMPANIES

:

FUTURAFORM KOMPOZIT VE REKLAM URUNLERI SANAYI VE TICARET LTD. STI.

 

POLIN DIS TICARET LTD. STI.

 

SUBSIDIARIES

:

FIPOL DENIZ ARACLARI VE TURIZM PLASTIK SANAYI TICARET A.S.

 

BOARD OF DIRECTORS

:

Baris Pakis

Chairman

Basar Pakis

Vice-Chairman

Bilge Pakis

Member

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture, design, installation and trade of waterparks and pool systems. 

 

NACE CODE

:

DH.25.24

 

NUMBER OF EMPLOYEES

:

247

 

NET SALES

:

16.333.306 TL

(2006) 

22.232.554 TL

(2007) 

24.426.607 TL

(2008) 

17.166.130 TL

(2009) 

26.844.619 TL

(2010) 

39.300.205 TL

(2011) 

12.742.351 TL

(01.01-31.03.2012) 

 

 

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.

 

IMPORT VALUE

:

50.000 USD

(2007)

 

 

IMPORT COUNTRIES

:

Spain

U.K.

Germany

U.S.A.

 

MERCHANDISE IMPORTED

:

Accessories

Adhesives

Engines

 

EXPORT VALUE

:

10.870.758 TL

(2006)

3.651.945 TL

(2007)

3.908.868 TL

(2008)

0 TL

(2009)

0 TL

(2010)

1.311 TL

(2011)

3.500 TL

(01.01-31.03.2012)

 

 

EXPORT COUNTRIES

:

Egypt

Hungary

Russia

Iran

Tunisia

Morocco

Japan

Korea

U.S.A.

Jordan

 

MERCHANDISE  EXPORTED

:

Pool systems

Waterparks’ equipments

 

HEAD OFFICE ADDRESS

:

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

 

BRANCHES

:

Factory  :  Dilovasi OSB 4. Kisim Yeni Yildiz Mah. Ceyhan Cad. No:5 Gebze Kocaeli/Turkey

 

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

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2011.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Denizbank Gebze Branch

Halk Bankasi Organize Sanayi Branch

T. Is Bankasi Gebze Branch

 

CREDIT FACILITIES

:

The subject company is making use of credit facilities.

 

PAYMENT BEHAVIOUR

:

We are informed about a single payment delay in the former years which was resolved later on but no payment delays have come to our knowledge in the last years.

 

KEY FINANCIAL ELEMENTS

:

 

(2009) TL

(2010) TL

(2011) TL

(01.01-31.03.2012) TL

Net Sales

17.166.130

26.844.619

39.300.205

12.742.351

Profit (Loss) Before Tax

-214.442

1.032.922

5.054.665

1.835.981

Stockholders' Equity

4.764.479

5.797.401

9.198.171

 

Total Assets

17.497.564

22.725.319

28.210.183

 

Current Assets

6.995.801

9.119.105

13.721.865

 

Non-Current Assets

10.501.763

13.606.214

14.488.318

 

Current Liabilities

11.868.965

16.626.139

18.983.446

 

Long-Term Liabilities

864.120

301.779

28.566

 

Gross Profit (loss)

3.931.093

7.149.545

12.319.813

3.923.699

Operating Profit (loss)

634.792

2.683.913

6.327.166

1.520.277

Net Profit (loss)

-214.442

1.032.922

4.165.520

1.835.981

 

 

COMMENT ON FINANCIAL POSITION

 

THE DETAILS OF THE CAPITAL INCREASE  AFTER LAST BALANCE SHEET

 

:

Cash Part

:

Equity Part

:4.366.900 TL

Payment Due Date

:07.06.2013

 

Capitalization

Fair

Remarks on Capitalization

There has been capital increase after the last balance sheet date. The increase is decided to be financed by equity items so the capital increase is not expected to have a positive effect on equity total.

 

Liquidity

Low 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

In Order Operating Profitability  in 2009

Net Loss  in 2009

High Operating Profitability  in 2010

In Order 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

Unsatisfactory

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

 ( 01.01-31.03.2012)

0,65 %

1,7995

2,3799

2,8402

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 ( 01.01-30.06.2014)

5,12 %

2,1608

2,9618

3,6153

 

BALANCE SHEETS

 

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

6.995.801

0,40

9.119.105

0,40

13.721.865

0,49

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

Cash and Banks

-296.292

-0,02

1.141.878

0,05

36.901

0,00

Marketable Securities

0

0,00

0

0,00

459.971

0,02

Account Receivable

2.702.050

0,15

2.206.381

0,10

4.621.814

0,16

Other Receivable

737

0,00

19.388

0,00

204.359

0,01

Inventories

3.333.692

0,19

3.349.089

0,15

5.140.529

0,18

Advances Given

856.689

0,05

1.421.781

0,06

1.002.789

0,04

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

Other Current Assets

398.925

0,02

980.588

0,04

2.255.502

0,08

NON-CURRENT ASSETS

10.501.763

0,60

13.606.214

0,60

14.488.318

0,51

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

Long-term Receivable

0

0,00

48.080

0,00

48.080

0,00

Financial Assets

2.997.000

0,17

2.997.000

0,13

2.997.000

0,11

Tangible Fixed Assets (net)

6.981.139

0,40

9.966.865

0,44

11.025.182

0,39

Intangible Assets

523.624

0,03

535.320

0,02

418.056

0,01

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

58.949

0,00

0

0,00

TOTAL ASSETS

17.497.564

1,00

22.725.319

1,00

28.210.183

1,00

CURRENT LIABILITIES

11.868.965

0,68

16.626.139

0,73

18.983.446

0,67

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

4.890.765

0,28

5.349.532

0,24

8.209.829

0,29

Accounts Payable

3.223.424

0,18

4.523.840

0,20

5.543.124

0,20

Loans from Shareholders

0

0,00

0

0,00

69.588

0,00

Other Short-term Payable

426.689

0,02

340.791

0,01

442.338

0,02

Advances from Customers

2.978.351

0,17

6.136.263

0,27

3.754.929

0,13

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

Taxes Payable

349.736

0,02

275.713

0,01

705.886

0,03

Provisions

0

0,00

0

0,00

257.752

0,01

Other Current Liabilities

0

0,00

0

0,00

0

0,00

LONG-TERM LIABILITIES

864.120

0,05

301.779

0,01

28.566

0,00

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

864.120

0,05

301.779

0,01

28.566

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

4.764.479

0,27

5.797.401

0,26

9.198.171

0,33

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

Paid-in Capital

3.133.100

0,18

3.133.100

0,14

3.133.100

0,11

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

898.096

0,05

898.096

0,04

898.096

0,03

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

Reserves

3.565.390

0,20

3.565.390

0,16

3.833.562

0,14

Revaluation Fund

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

-2.617.665

-0,15

-2.832.107

-0,12

-2.832.107

-0,10

Net Profit (loss)

-214.442

-0,01

1.032.922

0,05

4.165.520

0,15

TOTAL LIABILITIES AND EQUITY

17.497.564

1,00

22.725.319

1,00

28.210.183

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. 

 

In the sub-items of "Account Receivable", TL 1.464.311  is "Doubtful Trade Receivables" and -TL 1.420.246 is "Provision for Doubtful Trade Receivables" at the last balance sheet. 

 

The details of "Other Receivable" figure at the last balance sheet: Due From Shareholders:0,Due From Participations:0, Due From Affiliated Companies:0, Due From Personnel:0, Other Miscellaneous Receivables:204.359, Other Receivable Total:204.359             

 

TL 0 of "Tax Payable" is due to "Overdue, Delayed or Deferred Tax by Installments and Other Liabilities" at the last balance sheet.

 

 

INCOME STATEMENTS

 

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

(01.01-31.03.2012) TL

 

Net Sales

17.166.130

1,00

26.844.619

1,00

39.300.205

1,00

12.742.351

1,00

Cost of Goods Sold

13.235.037

0,77

19.695.074

0,73

26.980.392

0,69

8.818.652

0,69

Gross Profit

3.931.093

0,23

7.149.545

0,27

12.319.813

0,31

3.923.699

0,31

Operating Expenses

3.296.301

0,19

4.465.632

0,17

5.992.647

0,15

2.403.422

0,19

Operating Profit

634.792

0,04

2.683.913

0,10

6.327.166

0,16

1.520.277

0,12

Other Income

1.005.807

0,06

1.062.625

0,04

1.194.687

0,03

587.718

0,05

Other Expenses

1.088.854

0,06

2.254.803

0,08

2.026.168

0,05

186.929

0,01

Financial Expenses

766.187

0,04

458.813

0,02

441.020

0,01

85.085

0,01

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

-214.442

-0,01

1.032.922

0,04

5.054.665

0,13

1.835.981

0,14

Tax Payable

0

0,00

0

0,00

889.145

0,02

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

-214.442

-0,01

1.032.922

0,04

4.165.520

0,11

1.835.981

0,14

FINANCIAL RATIOS

 

 

(2009)

(2010)

(2011)

LIQUIDITY RATIOS

 

 

Current Ratio

0,59

0,55

0,72

Acid-Test Ratio

0,20

0,20

0,28

Cash Ratio

-0,02

0,07

0,03

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,19

0,15

0,18

Short-term Receivable/Total Assets

0,15

0,10

0,17

Tangible Assets/Total Assets

0,40

0,44

0,39

TURNOVER RATIOS

 

 

Inventory Turnover

3,97

5,88

5,25

Stockholders' Equity Turnover

3,60

4,63

4,27

Asset Turnover

0,98

1,18

1,39

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,27

0,26

0,33

Current Liabilities/Total Assets

0,68

0,73

0,67

Financial Leverage

0,73

0,74

0,67

Gearing Percentage

2,67

2,92

2,07

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

-0,05

0,18

0,45

Operating Profit Margin

0,04

0,10

0,16

Net Profit Margin

-0,01

0,04

0,11

Interest Cover

0,72

3,25

12,46

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

56,67

30,23

42,78

Average Payable Period (days)

87,68

82,69

73,96

WORKING CAPITAL

-4873164,00

-7507034,00

-5261581,00

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.59.95

UK Pound

1

Rs.102.78

Euro

1

Rs.81.39

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

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.