MIRA INFORM REPORT

 

 

Report No. :

336039

Report Date :

12.08.2015

 

IDENTIFICATION DETAILS

 

Name :

IS YAPI VE YAPI MALZEMELERI SANAYI VE TICARET A.S.

 

 

Registered Office :

Koza Sok. No: 37/7 Gaziosmanpasa Cankaya Ankara

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

02.12.2010

 

 

Com. Reg. No.:

288657

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Subject is manufacture and trade of fittings to be used at steel construction

 

 

No. of Employee :

53

 

 

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, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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 region to market. Several gas pipeline projects also are moving forward to help transport Caspian gas to Europe through Turkey, which over the long term will help address Turkey's dependence on imported oil and gas, which currently meets 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. Two rating agencies upgraded Turkey's debt to investment grade in 2012 and 2013, and Turkey's public sector debt to GDP ratio fell to 33% in 2014. The stock value of FDI reached nearly $195 billion at year-end 2014. Despite these positive trends, GDP growth dropped to 4.4% in 2013 and 2.9% in 2014. Growth slowed considerably in the last quarter of 2014, largely due to lackluster consumer demand both domestically and in Europe, Turkey’s most important export market. High interest rates have also contributed to the slowdown in growth, as Turkey sharply increased interest rates in January 2014 in order to strengthen the country’s currency and reduce inflation. Turkey then cut rates in February 2015 in a bid to spur economic growth. It is clear from these developments that the Turkish economy retains significant weaknesses. Specifically, 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. Turkey also remains dependent on often volatile, short-term investment to finance its large current account deficit.

 

Source : CIA

 

 

COMPANY IDENTIFICATION

 

 

NAME

:

IS YAPI VE YAPI MALZEMELERI SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Koza Sok. No: 37/7 Gaziosmanpasa Cankaya Ankara / Turkey

PHONE NUMBER

:

90-312-427 00 01

 

FAX NUMBER

:

90-312-427 00 05

 

WEB-ADDRESS

:

www.is-yapi.com

E-MAIL

:

info@is-yapi.com

 

 

LEGAL STATUS AND HISTORY

 

 

NOTES ON LEGAL STATUS AND HISTORY

:

Change at tax no .

 

TAX OFFICE

:

Cumhuriyet

TAX NO

:

4800495221

REMARKS ON TAX NO

:

The tax number was changed from "4800483515" to "4800495221" as the legal form changed from limited company to joint stock company.

REGISTRATION NUMBER

:

288657

REGISTERED OFFICE

:

Ankara Chamber of Commerce

DATE ESTABLISHED

:

02.12.2010

ESTABLISHMENT GAZETTE DATE /NO

:

07.12.2010/7702

 

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   4.370.000

HISTORY

:

Previous Legal Type

:

Limited Company

Changed On

:

01.07.2013 (Commercial Gazette Date /Number 04.07.2013/ 8356)

Previous Name

:

Is Yapi ve Yapi Malzemeleri Sanayi ve Ticaret Ltd. Sti.

Changed On

:

01.07.2013 (Commercial Gazette Date /Number 04.07.2013/ 8356)

Previous Registered Capital

:

TL 500.000

Changed On

:

28.06.2012 (Commercial Gazette Date /Number 03.07.2012/ 8103)

Previous Registered Capital

:

TL 2.000.000

Changed On

:

01.07.2013 (Commercial Gazette Date /Number 04.07.2013/ 8356)

Previous Registered Capital

:

TL 2.452.000

Changed On

:

19.03.2015 (Commercial Gazette Date /Number 24.03.2015/ 8785)

Previous Address

:

Bulten Sok. No:63/ 3 Kavaklidere Cankaya Ankara

Changed On

:

16.11.2012 (Commercial Gazette Date /Number 21.11.2012/ 8198)

Previous Address

:

Kader Sok. No:43/4 Gaziosmanpasa Cankaya Ankara

Changed On

:

02.09.2014 (Commercial Gazette Date /Number 05.09.2014/ 8647)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Nalan Selcuk

50 %

Irfan Selcuk

50 %

 

 

BOARD OF DIRECTORS

:

Irfan Selcuk

Chairman

Nalan Selcuk

Vice-Chairman

Yelda Mutlu

Member

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Manufacture and trade of fittings to be used at steel construction.

 

NACE CODE

:

DJ.28.74

 

 

NUMBER OF EMPLOYEES

:

53

 

NET SALES

:

1.676.800 TL

(2011) 

5.516.382 TL

(2012) 

2.278.200 TL

(01.01-31.03.2013) 

 

 

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 COUNTRIES

:

India

 

MERCHANDISE IMPORTED

:

Stainless steel bar

 

EXPORT VALUE

:

1.637.770 TL

(2011)

4.230.976 TL

(2012)

1.709.968 TL

(01.01-31.03.2013)

 

 

EXPORT COUNTRIES

:

U.A.E.

Qatar

Bahrain

 

MERCHANDISE  EXPORTED

:

Fittings elements

 

HEAD OFFICE ADDRESS

:

Koza Sok. No: 37/7 Gaziosmanpasa Cankaya Ankara / Turkey

 

BRANCHES

:

Production Plant  :  AOSB 10001 Sok No:26 Cigli Izmir/Turkey

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Akbank Tunali Hilmi Branch

HSBC Bank Tunali Hilmi Branch

ING Bank Kemalpasa Branch

T. Is Bankasi Kavaklidere Ticari Branch

Yapi ve Kredi Bankasi Tunali Hilmi Branch

 

PAYMENT BEHAVIOUR

:

Unknown

 

KEY FINANCIAL ELEMENTS

:

 

(2011) TL

(2012) TL

(01.01-31.03.2013) TL

 

 

Net Sales

1.676.800

5.516.382

2.278.200

 

 

Profit (Loss) Before Tax

-471.912

252.136

50.528

 

 

Stockholders' Equity

22.224

1.761.694

 

 

 

Total Assets

3.977.578

5.758.269

 

 

 

Current Assets

2.348.780

3.938.117

 

 

 

Non-Current Assets

1.628.798

1.820.152

 

 

 

Current Liabilities

2.369.436

3.844.082

 

 

 

Long-Term Liabilities

1.585.918

152.493

 

 

 

Gross Profit (loss)

323.849

1.297.581

465.883

 

 

Operating Profit (loss)

86.792

394.559

81.826

 

 

Net Profit (loss)

-477.621

239.470

50.528

 

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

General Financial Position

General financial position is undetermined the firm declines to give us an authorization to gather its financial data. As the shares of the firm are not open to public, it is not obliged to announce its data.

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 ( 01.01-31.03.2013)

0,50 %

1,7901

2,3575

2,7927

 ( 2013 )

6,97 %

1,9179

2,5530

3,0178

 ( 01.01-31.07.2015)

5,15 %

2,5858

2,8956

3,9782

 

 

BALANCE SHEETS

 

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL

 

 

 

CURRENT ASSETS

2.348.780

0,59

3.938.117

0,68

 

 

Not Detailed Current Assets

0

0,00

0

0,00

 

 

Cash and Banks

6.612

0,00

6.080

0,00

 

 

Marketable Securities

0

0,00

0

0,00

 

 

Account Receivable

969.126

0,24

2.361.608

0,41

 

 

Other Receivable

6.269

0,00

0

0,00

 

 

Inventories

898.342

0,23

887.297

0,15

 

 

Advances Given

93.885

0,02

33.535

0,01

 

 

Accumulated Construction Expense

0

0,00

0

0,00

 

 

Other Current Assets

374.546

0,09

649.597

0,11

 

 

NON-CURRENT ASSETS

1.628.798

0,41

1.820.152

0,32

 

 

Not Detailed Non-Current Assets

0

0,00

0

0,00

 

 

Long-term Receivable

0

0,00

3.079

0,00

 

 

Financial Assets

190.599

0,05

242.599

0,04

 

 

Tangible Fixed Assets (net)

1.223.628

0,31

1.383.393

0,24

 

 

Intangible Assets

87.631

0,02

114.902

0,02

 

 

Deferred Tax Assets

0

0,00

0

0,00

 

 

Other Non-Current Assets

126.940

0,03

76.179

0,01

 

 

TOTAL ASSETS

3.977.578

1,00

5.758.269

1,00

 

 

CURRENT LIABILITIES

2.369.436

0,60

3.844.082

0,67

 

 

Not Detailed Current Liabilities

0

0,00

0

0,00

 

 

Financial Loans

353.987

0,09

1.450.059

0,25

 

 

Accounts Payable

1.643.343

0,41

1.624.893

0,28

 

 

Loans from Shareholders

0

0,00

20.182

0,00

 

 

Other Short-term Payable

359.056

0,09

518.788

0,09

 

 

Advances from Customers

0

0,00

207.024

0,04

 

 

Accumulated Construction Income

0

0,00

0

0,00

 

 

Taxes Payable

11.880

0,00

22.442

0,00

 

 

Provisions

1.170

0,00

694

0,00

 

 

Other Current Liabilities

0

0,00

0

0,00

 

 

LONG-TERM LIABILITIES

1.585.918

0,40

152.493

0,03

 

 

Not Detailed Long-term Liabilities

0

0,00

0

0,00

 

 

Financial Loans

971.419

0,24

152.493

0,03

 

 

Securities Issued

0

0,00

0

0,00

 

 

Long-term Payable

0

0,00

0

0,00

 

 

Loans from Shareholders

614.499

0,15

0

0,00

 

 

Other Long-term Liabilities

0

0,00

0

0,00

 

 

Provisions

0

0,00

0

0,00

 

 

STOCKHOLDERS' EQUITY

22.224

0,01

1.761.694

0,31

 

 

Not Detailed Stockholders' Equity

0

0,00

0

0,00

 

 

Paid-in Capital

500.000

0,13

2.000.000

0,35

 

 

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

 

 

Inflation Adjustment of Capital

0

0,00

0

0,00

 

 

Equity of Consolidated Firms

0

0,00

0

0,00

 

 

Reserves

0

0,00

0

0,00

 

 

Revaluation Fund

0

0,00

0

0,00

 

 

Accumulated Losses(-)

-155

0,00

-477.776

-0,08

 

 

Net Profit (loss)

-477.621

-0,12

239.470

0,04

 

 

TOTAL LIABILITIES AND EQUITY

3.977.578

1,00

5.758.269

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 0 is "Doubtful Trade Receivables"at the last balance sheet.                                                                          

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

 

 

(2011) TL

 

(2012) TL

 

(01.01-31.03.2013) TL

 

Net Sales

1.676.800

1,00

5.516.382

1,00

2.278.200

1,00

Cost of Goods Sold

1.352.951

0,81

4.218.801

0,76

1.812.317

0,80

Gross Profit

323.849

0,19

1.297.581

0,24

465.883

0,20

Operating Expenses

237.057

0,14

903.022

0,16

384.057

0,17

Operating Profit

86.792

0,05

394.559

0,07

81.826

0,04

Other Income

83.684

0,05

125.059

0,02

24.578

0,01

Other Expenses

558.478

0,33

46.808

0,01

11.542

0,01

Financial Expenses

83.910

0,05

220.674

0,04

44.334

0,02

Minority Interests

0

0,00

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

0

0,00

Profit (loss) Before Tax

-471.912

-0,28

252.136

0,05

50.528

0,02

Tax Payable

5.709

0,00

12.666

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

-477.621

-0,28

239.470

0,04

50.528

0,02

 

 

FINANCIAL RATIOS

 

 

(2011)

(2012)

 

LIQUIDITY RATIOS

 

 

Current Ratio

0,99

1,02

 

Acid-Test Ratio

0,41

0,62

 

Cash Ratio

0,00

0,00

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,23

0,15

 

Short-term Receivable/Total Assets

0,25

0,41

 

Tangible Assets/Total Assets

0,31

0,24

 

TURNOVER RATIOS

 

 

Inventory Turnover

1,51

4,75

 

Stockholders' Equity Turnover

75,45

3,13

 

Asset Turnover

0,42

0,96

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,01

0,31

 

Current Liabilities/Total Assets

0,60

0,67

 

Financial Leverage

0,99

0,69

 

Gearing Percentage

177,98

2,27

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

-21,49

0,14

 

Operating Profit Margin

0,05

0,07

 

Net Profit Margin

-0,28

0,04

 

Interest Cover

-4,62

2,14

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

208,07

154,32

 

Average Payable Period (days)

437,27

138,66

 

WORKING CAPITAL

-20656,00

94035,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.64.17

UK Pound

1

Rs.99.84

Euro

1

Rs.70.36

 

INFORMATION DETAILS

 

Analysis Done by :

KAS

 

 

Report Prepared by :

ASH

 

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.