|
Report Date : |
18.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
ADOPEN PLASTIK VE INSAAT SANAYI A.S. |
|
|
|
|
Registered Office : |
Antalya Organize Sanayi Bolgesi 2. Kisim Mah. 21. Cad.
No:3 Dosemealti Antalya |
|
|
|
|
Country : |
Turkey |
|
|
|
|
Date of Incorporation : |
08.09.2000 |
|
|
|
|
Com. Reg. No.: |
33359-35458 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacture and trade of door and window PVC Profile, Perdefix System, Construction and Exterior Coating Systems. |
|
|
|
|
No of Employees : |
785 |
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 : |
Slow but correct |
|
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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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 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 |
COMPANY
IDENTIFICATION
|
|
|
||
|
NAME |
: |
ADOPEN PLASTIK VE INSAAT SANAYI A.S. |
|
HEAD OFFICE
ADDRESS |
: |
Antalya Organize Sanayi Bolgesi 2. Kisim Mah. 21. Cad.
No:3 Dosemealti Antalya / Turkey |
|
REMARKS ON HEAD
OFFICE ADDRESS |
: |
The address was changed from "Organize Sanayi Bolgesi
2. Etap 27551/1 Ada/Parsel " to "Antalya Organize Sanayi Bolgesi 2.
Kisim Mah. 21. Cad. No:3 " by the municipality. |
|
PHONE NUMBER |
: |
90-242-258 18 00 |
|
FAX NUMBER |
: |
90-242-258 18 26 |
|
WEB-ADDRESS |
: |
www.adopen.com.tr |
|
E-MAIL |
: |
info@adopen.com.tr |
LEGAL
STATUS AND HISTORY
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
|
TAX OFFICE |
: |
Antalya Kurumlar |
||||||||||||||||||||||||||||||||||||||||||
|
TAX NO |
: |
0080237136 |
||||||||||||||||||||||||||||||||||||||||||
|
REGISTRATION
NUMBER |
: |
33359-35458 |
||||||||||||||||||||||||||||||||||||||||||
|
REGISTERED OFFICE |
: |
Antalya Chamber of Commerce and Industry |
||||||||||||||||||||||||||||||||||||||||||
|
DATE ESTABLISHED |
: |
08.09.2000 |
||||||||||||||||||||||||||||||||||||||||||
|
ESTABLISHMENT
GAZETTE DATE/NO |
: |
14.09.2000/5131 |
||||||||||||||||||||||||||||||||||||||||||
|
LEGAL FORM |
: |
Joint Stock Company |
||||||||||||||||||||||||||||||||||||||||||
|
TYPE OF COMPANY |
: |
Private |
||||||||||||||||||||||||||||||||||||||||||
|
REGISTERED CAPITAL |
: |
TL 155.000.000 |
||||||||||||||||||||||||||||||||||||||||||
|
PAID-IN CAPITAL |
: |
TL 155.000.000 |
||||||||||||||||||||||||||||||||||||||||||
|
HISTORY |
: |
|
||||||||||||||||||||||||||||||||||||||||||
OWNERSHIP
/ MANAGEMENT
|
|
|
||||||||
|
SHAREHOLDERS |
: |
|
||||||
|
GROUP |
: |
ADO GROUP OF COMPANIES |
||||||
|
SISTER COMPANIES |
: |
ACCADO KILIT SISTEMLERI AKSESUAR YAPI MALZEMELERI SANAYI
VE TICARET A.S. ADO ELEKTRIK ENERJISI ITHALAT IHRACAT VE TOPTAN SATIS A.S. ADO ENERJI URETIM SANAYI VE TICARET A.S. ADO GERI KAZANIM PLASTIK SANAYI VE TICARET LTD. STI. ADO HAVACILIK A.S. ADO MADENCILIK ELEKTRIK URETIM SANAYI VE TICARET A.S. ADO-PORTISAN HAZIR YAPI SISTEMLERI INSAAT KALIP ISKELE
MIMARLIK MUHENDISLIK SANAYI VE TICARET A.S. AL MADENCILIK BARIT PLASTIK SANAYI VE TICARET A.S. ALARA ENERJI URETIM SANAYI VE TICARET A.S. BASER MADEN SANAYI VE TICARET A.S. GUNEY GRUP METAL MADENCILIK INSAAT SANAYI VE TICARET A.S. HANNOVER KAPI PENCERE SANAYI VE TICARET A.S. KAYRA ENDUSTRIYEL MADEN ISLETMELERI SANAYI VE TICARET A.S. KUSBABA TARIM HAYVANCILIK SANAYI VE TICARET A.S. LATIF CELIK KONSTRUKSIYON INSAAT MUHENDISLIK TURIZM
TASIMACILIK SANAYI VE TICARET LTD. STI. (NOT ACTIVE) MURSAL ENERJI URETIM SANAYI VE TICARET A.S. PRADO PROJE MIMARLIK MUHENDISLIK HIZMETLERI INSAAT TAAHHUT
SANAYI VE TICARET LTD. STI. SAK ENERJI URETIM YATIRIM MADENCILIK SANAYI VE TICARET
A.S. TORU TARIM ORMANCILIK GIDA INSAAT TURIZM TASIMACILIK
PLASTIK SANAYI VE TICARET A.S. YURT ENERJI URETIM SANAYI VE TICARET A.S. |
||||||
|
SUBSIDIARIES |
: |
ADO HAVACILIK A.S.
WINTECH (TUNISIA) WINTECH GmbH (GERMANY) WINTECH PLASTIK LTD. STI. (RUSSIA) WINTWCH (KAZAKHSTAN)
|
||||||
|
BOARD OF DIRECTORS |
: |
|
||||||
OPERATIONS
|
|
|
||||||||||||||||||||||||||||||||||
|
BUSINESS ACTIVITIES |
: |
Manufacture and trade of door and window PVC Profile, perdefix system, construction and exterior coating systems. The subject has declared that, it has regional directorates in Antalya, Istanbul and Adana. |
||||||||||||||||||||||||||||||||
|
NACE CODE |
: |
DH.25.21 |
||||||||||||||||||||||||||||||||
|
TRADEMARKS OWNED |
: |
Adopen Pentek Pladek Plaspen Vinopen Wintech |
||||||||||||||||||||||||||||||||
|
NUMBER OF
EMPLOYEES |
: |
785 |
||||||||||||||||||||||||||||||||
|
NET SALES |
: |
|
||||||||||||||||||||||||||||||||
|
IMPORT VALUE |
: |
|
||||||||||||||||||||||||||||||||
|
IMPORT COUNTRIES |
: |
Netherlands Germany Greece China Korea |
||||||||||||||||||||||||||||||
|
MERCHANDISE IMPORTED |
: |
Machinery Raw materials |
||||||||||||||||||||||||||||||
|
EXPORT VALUE |
: |
|
||||||||||||||||||||||||||||||
|
EXPORT COUNTRIES |
: |
U.A.E. Iran Russia Azerbaijan Kazakhstan Tajikistan Kyrgyzstan Albania Bulgaria Romania Poland Iraq Northern Cyprus Turkish Republic India Saudi Arabia Jordan U.S.A. Rwanda |
||||||||||||||||||||||||||||||
|
MERCHANDISE EXPORTED |
: |
Fittings Plastic articles PVC Profile |
|
HEAD OFFICE
ADDRESS |
: |
Antalya Organize Sanayi Bolgesi 2. Kisim Mah. 21. Cad.
No:3 Dosemealti Antalya / Turkey ( owned ) |
|
BRANCHES |
: |
Regional Directorate : Tasocagi
Yolu No: 7 Bagcilar Istanbul/Turkey (rented) Liaison Office : Ulus
Mah. Orhan Veli Cad. No:18 K.1 Antalya/Turkey (owned by shareholder(s))
Head Office/Factory : Organize Sanayi Bolgesi 2. Etap 27551/1 Ada/Parsel Antalya/Turkey (owned) (34.000 sqm) Administrative Office : Organize
Sanayi Bolgesi 3. Etap 07040 Antalya/Turkey |
|
TREND OF BUSINESS |
: |
There was an upwards trend in 2013. |
|
SIZE OF BUSINESS |
: |
Giant |
FINANCE
|
|
|
||
|
MAIN DEALING BANKS |
: |
Finansbank Antalya Branch Garanti Bankasi Antalya Branch T. Is Bankasi Maslak Branch T. Is Bankasi Antalya Branch Turk Ekonomi Bankasi
Ikitelli Branch |
|
PAYMENT BEHAVIOUR |
: |
No payment delays have come to our knowledge. |
|
KEY FINANCIAL
ELEMENTS |
: |
|
COMMENT
ON FINANCIAL POSITION
|
|
Capitalization |
Insufficient As of 31.12.2013 |
|
Profitability |
High Net Profitability in 2010 High Net Profitability in 2011 High Operating Profitability in 2012 High Net Profitability in 2012 Good Net Profitability in 2013 Good Net Profitability (01.01-31.03.2014) |
|
General Financial
Position |
Passable |
|
|
Incr. in producers’ price index |
Average USD/TL |
Average EUR/TL |
Average GBP/ TL |
|
( 2000 ) |
32,70 % |
0,6251 |
0,5774 |
0,9480 |
|
( 2001 ) |
88,60 % |
1,1991 |
1,0714 |
1,7300 |
|
( 2002 ) |
30,80 % |
1,5168 |
1,3741 |
2,2001 |
|
( 2003 ) |
13,90 % |
1,5302 |
1,7141 |
2,4982 |
|
( 2004 ) |
13,84 % |
1,4266 |
1,7666 |
2,6001 |
|
( 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 |
|
( 2013 ) |
6,97 % |
1,9179 |
2,5530 |
3,0178 |
|
( 01.01-31.03.2014) |
5,52 % |
2,1961 |
3,0116 |
3,6488 |
|
( 01.01-31.10.2014) |
8,22 % |
2,1739 |
2,9177 |
3,6143 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.68 |
|
|
1 |
Rs.96.94 |
|
Euro |
1 |
Rs.77.36 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TPT |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.