MIRA INFORM REPORT

 

 

Report Date :

30.05.2014

 

IDENTIFICATION DETAILS

 

Name :

DEREN AMBALAJ SANAYI VE TICARET A.S.

 

 

Registered Office :

Sifa Mah. Sekerpinar Cad. No:27 Tuzla Istanbul

 

 

Country :

Turkey

 

 

Date of Incorporation :

28.02.1985

 

 

Com. Reg. No.:

212930

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

·         Manufacturer and trader of barrel

supplier of HDPE Jerry-Cans, Open-Top Drums, L-Ring Drums, IBC’s and water tanks from 5 liter to 1000 liter to industry food industry and chemical industry 

 

 

No of Employees :

47

 

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 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

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate 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% in 2012-13. Turkey's public sector debt to GDP ratio has fallen below 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 reached nearly $195 billion at year-end 2013, reflecting Turkey's good 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, 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

:

DEREN AMBALAJ SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Sifa Mah. Sekerpinar Cad. No:27 Tuzla Istanbul / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The street name was changed from "Mimar Sinan Mah." to "Sifa Mah." by the municipality.

PHONE NUMBER

:

90-216-423 55 55 (Pbx)

 

FAX NUMBER

:

90-216-423 55 56

 

WEB-ADDRESS

:

www.deren.com.tr

E-MAIL

:

deren@deren.com.tr  

 

 

LEGAL STATUS AND HISTORY

 

 

NOTES ON LEGAL STATUS AND HISTORY

:

The paid-in capital is declared by the subject. There is no certification for the paid-in capital..

 

 

TAX OFFICE

:

Anadolu Kurumlar

TAX NO

:

2920068050

REGISTRATION NUMBER

:

212930

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

28.02.1985

ESTABLISHMENT GAZETTE DATE/NO

:

05.03.1985/1214

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   12.000.000

PAID-IN CAPITAL

:

TL   12.000.000

HISTORY

:

Previous Registered Capital

:

TL 3.000.000

Changed On

:

13.12.2007 (Commercial Gazette Date /Number 19.12.2007/ 6961)

Previous Address

:

Nakiye Elgun Sok.  No: 35/4    Osmanbey Istanbul

Changed On

:

09.10.2006 (Commercial Gazette Date /Number 12.10.2006/ 6662)

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Zeki Levi

49,99 %

Eren Levi

14,95 %

Dogan Levi

14,95 %

Others

 

 

 

BOARD OF DIRECTORS

:

Zeki Levi

Chairman

Dogan Levi

Vice-Chairman

Rut Levi

Member

Eren Levi

Member

 

 

DIRECTORS

:

Zeki Levi

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

·         Manufacturer and trader of barrel

supplier of HDPE Jerry-Cans, Open-Top Drums, L-Ring Drums, IBC’s and water tanks from 5 liter to 1000 liter to industry food industry and chemical industry 

NACE CODE

:

DH.25.22

 

TRADEMARKS OWNED

:

Deren

 

NUMBER OF EMPLOYEES

:

47

 

NET SALES

:

27.061.260 TL

(2008) 

26.377.121 TL

(2009) 

33.343.432 TL

(2010) 

39.756 TL Thousand

(2011) 

40.500 TL Thousand

(2012) 

46.413 TL Thousand

(2013) 

 

 

REMARKS ON NET SALES

:

The net sales figures of 2011, 2012 and 2013 are declared by the subject. There is no certification for these figures.

 

CAPACITY

:

Barrel  ( units/yr)

 

 

 

6.060.000

 

 

(2011)

6.060.000

 

 

(2012)

6.060.000

 

 

(2013)

 

 

 

 

IMPORT VALUE

:

6.505.971 USD

(2005)

10.663.914 USD

(2006)

11.146.500 USD

(2007)

11.306.048 USD

(2008)

7.408.430 USD

(2009)

11.500.000 USD

(2010)

12.468.242 USD

(2011)

10.799.850 USD

(2012)

6.272.282 USD

(01.01-30.09.2013)

 

 

IMPORT COUNTRIES

:

Middle East Countries

Germany

Far East Countries

U.S.A.

Saudi Arabia

Qatar

Spain

 

MERCHANDISE IMPORTED

:

High density polyethylene

Machinery and spare parts

Raw Materials

 

EXPORT VALUE

:

1.886.237 TL

(2005)

1.328.741 TL

(2006)

583.700 USD

(2007)

177.588 USD

(2008)

211.040 USD

(2009)

1.167.086 TL

(2010)

217.199 USD

(2011)

380.334 USD

(2012)

333.282 USD

(01.01-30.09.2013)

 

 

EXPORT COUNTRIES

:

Middle East Countries

Algeria

Bulgaria

Free Zone

Iraq

Greece

Pakistan

 

MERCHANDISE  EXPORTED

:

Barrel

 

HEAD OFFICE ADDRESS

:

Sifa Mah. Sekerpinar Cad. No:27 Tuzla Istanbul / Turkey ( owned )

 

 

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2013.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Akbank Osmanbey Branch

Akbank Sisli Ticari Branch

Garanti Bankasi Sisli Branch

Turk Ekonomi Bankasi Bogazici Kurumlar Branch

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2011) TL Thousand

(2012) TL Thousand

(2013) TL Thousand

 

 

Net Sales

39.756

40.500

46.413

 

 

Profit (Loss) Before Tax

2.235

819

2.973

 

 

Stockholders' Equity

19.789

19.963

22.119

 

 

Total Assets

23.017

23.530

27.057

 

 

 

 

REMARKS ON KEY FINANCIAL ELEMENTS

:

The key financial figures of 2011, 2012 and 2013 are declared by the subject. There is no certification for these figures.

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

High As of 31.12.2013

Profitability

Good Net Profitability  in 2011

Fair Net Profitability  in 2012

Good Net Profitability  in 2013

 

General Financial Position

Satisfactory

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 ( 01.01-30.09.2013)

4,43 %

1,8785

2,4774

2,9189

 ( 2013 )

6,97 %

1,9179

2,5530

3,0178

 ( 01.01-30.04.2014)

5,61 %

2,1807

2,9954

3,6333

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.58.84

UK Pound

1

Rs.98.41

Euro

1

Rs.80.03

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

MNL

 

 

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.