MIRA INFORM REPORT

 

 

Report No. :

505604

Report Date :

26.04.2018

 

 

IDENTIFICATION DETAILS

 

Name :

YELKEN KALIP PENCERE-KAPI AKSESUARLARI VE METAL SANAYI TICARET A.S.

 

 

Registered Office :

Battalgazi Mah. Ahmet Hasim Cad. No:27 Esenyurt 34522 Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2015

 

 

Date of Incorporation :

12.01.1990

 

 

Com. Reg. No.:

261161

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture, Assembly and Trade of PVC Window and Door Accessories.

 

 

No. of Employees :

312

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A

 

Credit Rating

 

Explanation

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

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

 

Country Name

                Previous Rating               

(30.09.2017)

Current Rating

(31.12.2017)

Turkey

B2

B2

 

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 driven by its industry and, increasingly, service sectors, although its traditional agriculture sector still accounts for about 25% of employment. The automotive, petrochemical, and electronics industries have risen in importance and surpassed the traditional textiles and clothing sectors within Turkey's export mix. However, the recent period of political stability and economic dynamism has given way to domestic uncertainty and security concerns, which are generating financial market volatility and weighing on Turkey’s economic outlook.

 

Current government policies emphasize populist spending measures and credit breaks, while implementation of structural economic reforms has slowed. The government is playing a more active role in some strategic sectors and has used economic institutions and regulators to target political opponents, undermining private sector confidence in the judicial system. Between July 2016 and March 2017, three credit ratings agencies downgraded Turkey’s sovereign credit ratings, citing concerns about the rule of law and the pace of economic reforms.

 

Turkey remains highly dependent on imported oil and gas but is pursuing energy relationships with a broader set of international partners and taking steps to increase use of domestic energy sources including renewables, nuclear, and coal. The joint Turkish-Azerbaijani Trans-Anatolian Natural Gas Pipeline is moving forward to increase transport of Caspian gas to Turkey and Europe, and when completed will help diversify Turkey's sources of imported gas.

 

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. An aggressive privatization program also reduced state involvement in basic industry, banking, transport, power generation, and communication. 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 growth rebounded to around 9% in 2010 and 2011, as exports and investment recovered following the crisis.

 

The growth of Turkish GDP since 2016 has revealed the persistent underlying imbalances in the Turkish economy. In particular, Turkey’s large current account deficit means it must rely on external investment inflows to finance growth, leaving the economy vulnerable to destabilizing shifts in investor confidence. Other troublesome trends include rising unemployment and inflation, which increased in 2017, given the Turkish lira’s continuing depreciation against the dollar. Although government debt remains low at about 30% of GDP, bank and corporate borrowing has almost tripled as a percent of GDP during the past decade, outpacing its emerging-market peers and prompting investor concerns about its long-term sustainability.

 

Source : CIA

 

 

 

COMPANY IDENTIFICATION

 

 

 

NAME

YELKEN KALIP PENCERE-KAPI AKSESUARLARI VE METAL SANAYI TICARET A.S.

HEAD OFFICE ADDRESS

Battalgazi Mah. Ahmet Hasim Cad. No:27 Esenyurt 34522 Istanbul / Turkey

REMARKS ON HEAD OFFICE ADDRESS

The district name was changed from "Istiklal Mah." to "Battalgazi Mah." by the municipality.

PHONE NUMBER

90-212-771 01 01

 

FAX NUMBER

90-212-771 01 15

 

WEB-ADDRESS

www.yelken.com.tr

E-MAIL

sales@fornax.com.tr

 

 

LEGAL STATUS AND HISTORY

 

 

 

TAX OFFICE

Marmara Kurumlar

TAX NO

9470446329

REGISTRATION NUMBER

261161

REGISTERED OFFICE

Istanbul Chamber of Commerce

COMMERCIAL REGISTRY

Istanbul Commercial Registry

DATE ESTABLISHED

12.01.1990

ESTABLISHMENT GAZETTE DATE/NO

19.01.1990/2447

LEGAL FORM

Joint Stock Company

TYPE OF COMPANY

Private

REGISTERED CAPITAL

TL   20.000.000

PAID-IN CAPITAL

TL   20.000.000

HISTORY

Previous Registered Capital   :  

TL 12.000.000    / Changed on : 17.04.2013/(Commercial Gazette Date /Number 24.04.2013 /8306)

Previous Address   :  

Ataturk Sanayi Bolgesi Mustafa Inan Cad. No:47 Arnavutkoy Istanbul    / Changed on : 08.09.2011/(Commercial Gazette Date /Number 14.09.2011 /7899)

Previous Address   :  

Istiklal Mah. Ahmet Hasim Cad. No:27 Esenyurt Istanbul    / Changed on : 01.09.2015/(Commercial Gazette Date /Number 07.09.2015 /8900)

 

 

OWNERSHIP / MANAGEMENT

 

 

 

SHAREHOLDERS

Bekir Yelken

100 %

 

BOARD OF DIRECTORS

 

Bekir Yelken ( Chairman )

Kamil Tufan ( Vice-Chairman )

Murat Cosgun ( Member )

 

 

 

OPERATIONS

 

 

 

BUSINESS ACTIVITIES

Manufacture, assembly and trade of PVC window and door accessories.

 

NACE CODE

DH.25.23

 

SECTOR

Plastic

 

NUMBER OF EMPLOYEES

312

 

NET SALES

68.694 TL Thousand

(2013) 

71.293 TL Thousand

(2014) 

78.672 TL Thousand

(2015) 

55.272 TL Thousand

(01.01-30.09.2016) 

 

IMPORT COUNTRIES

China

 

MERCHANDISE IMPORTED

Zinc

 

EXPORT VALUE

20.008 TL Thousand

(2013)

22.544 TL Thousand

(2014)

19.761 TL Thousand

(2015)

13.907 TL Thousand

(01.01-30.09.2016)

 

EXPORT COUNTRIES

Russia

 

MERCHANDISE  EXPORTED

PVC window and door accessories

 

HEAD OFFICE ADDRESS

Battalgazi Mah. Ahmet Hasim Cad. No:27 Esenyurt  Istanbul / Turkey

 

BRANCHES

Head Office/Factory  :  Battalgazi Mah. Ahmet Hasim Cad. No:27 Esenyurt Istanbul/Turkey  

           

 

 

TREND OF BUSINESS

There was a slowdown at business volume in real terms in 2014. There was an upwards trend in 2015. There appears a decline at business volume in nominal terms in the first 9 months of 2016. Consequently, there appears a slowdown at business volume in real terms in the first 9 months of 2016 when compared to 2013.

SIZE OF BUSINESS

Giant

 

 

FINANCE

 

 

 

 

MAIN DEALING BANKS

T.C. Ziraat Bankasi Hadimkoy Branch

Kuveyt Turk Katilim Bankasi Hadimkoy Branch

 

PAYMENT BEHAVIOUR

 

Slow but correct

 

 

KEY FINANCIAL ELEMENTS

 

(2013)                                                                                TL Thousand

(2014)                                                                                TL Thousand

(2015)                                                                                TL Thousand

(2016)                                                                                TL Thousand

Net Sales

68.694

71.293

78.672

 

Profit (Loss) Before Tax

893

4.994

4.092

1.521

Stockholders' Equity

18.759

23.860

27.362

 

Total Assets

78.394

72.296

88.023

 

Current Assets

42.372

36.512

41.882

 

Non-Current Assets

36.022

35.784

46.141

 

Current Liabilities

8.313

6.513

20.532

 

Long-Term Liabilities

51.322

41.923

40.129

 

Gross Profit (loss)

15.033

12.495

16.079

 

Operating Profit (loss)

11.647

9.617

12.574

 

Net Profit (loss)

682

3.970

3.245

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

General Financial Position

The firm has profit but there is a decline at profit amount in the last year when compared to the former year.               

                                                                    

The firm has a high amount of capital. The liability of the shareholders is limited to the capital.

 

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2013 )

6,97 %

1,9179

2,5530

3,0178

 ( 2014 )

6,36 %

2,1891

2,8989

3,6060

 ( 2015 )

5,71 %

2,7230

3,0254

4,1661

 ( 01.01-30.09.2016)

3,79 %

2,9323

3,2588

4,0899

 ( 2016 )

9,94 %

3,0292

3,3349

4,1006

 ( 01.01-31.03.2018)

5,29 %

3,8255

4,6833

5,3266

 

 

BALANCE SHEETS

 

 

31.12.2013  ( Full Year  )  TL Thousand

 

31.12.2014  ( Full Year  )  TL Thousand

 

31.12.2015  ( Full Year  )  TL Thousand

 

CURRENT ASSETS

42.372

0,54

36.512

0,51

41.882

0,48

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

Cash and Banks

5.054

0,06

4.126

0,06

2.612

0,03

Marketable Securities

0

0,00

0

0,00

0

0,00

Account Receivable

23.395

0,30

21.016

0,29

27.069

0,31

Other Receivable

0

0,00

0

0,00

84

0,00

Inventories

6.622

0,08

8.241

0,11

9.495

0,11

Advances Given

6.790

0,09

2.492

0,03

1.674

0,02

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

Other Current Assets

511

0,01

637

0,01

948

0,01

NON-CURRENT ASSETS

36.022

0,46

35.784

0,49

46.141

0,52

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

23

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

21.939

0,28

21.968

0,30

28.346

0,32

Intangible Assets

10.780

0,14

10.400

0,14

8.915

0,10

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

3.303

0,04

3.416

0,05

8.857

0,10

TOTAL ASSETS

78.394

1,00

72.296

1,00

88.023

1,00

CURRENT LIABILITIES

8.313

0,11

6.513

0,09

20.532

0,23

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

1.409

0,02

0

0,00

15.878

0,18

Accounts Payable

5.429

0,07

1.962

0,03

2.185

0,02

Loans from Shareholders

0

0,00

0

0,00

449

0,01

Other Short-term Payable

369

0,00

565

0,01

644

0,01

Advances from Customers

596

0,01

3.000

0,04

516

0,01

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

Taxes Payable

300

0,00

513

0,01

605

0,01

Provisions

210

0,00

473

0,01

255

0,00

Other Current Liabilities

0

0,00

0

0,00

0

0,00

LONG-TERM LIABILITIES

51.322

0,65

41.923

0,58

40.129

0,46

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

51.322

0,65

41.923

0,58

35.979

0,41

Securities Issued

0

0,00

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

4.150

0,05

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

18.759

0,24

23.860

0,33

27.362

0,31

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

Paid-in Capital

17.791

0,23

18.921

0,26

20.000

0,23

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

286

0,00

969

0,01

4.117

0,05

Revaluation Fund

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

Net Profit (loss)

682

0,01

3.970

0,05

3.245

0,04

TOTAL LIABILITIES AND EQUITY

78.394

1,00

72.296

1,00

88.023

1,00

 

 

INCOME STATEMENTS

 

 

(2013)  ( Full Year  )  TL Thousand

 

(2014)  ( Full Year  )  TL Thousand

 

(2015)  ( Full Year  )  TL Thousand

 

Net Sales

68.694

1,00

71.293

1,00

78.672

1,00

Cost of Goods Sold

53.661

0,78

58.798

0,82

62.593

0,80

Gross Profit

15.033

0,22

12.495

0,18

16.079

0,20

Operating Expenses

3.386

0,05

2.878

0,04

3.505

0,04

Operating Profit

11.647

0,17

9.617

0,13

12.574

0,16

Other Income

3.869

0,06

2.215

0,03

6.386

0,08

Other Expenses

11.518

0,17

4.004

0,06

10.514

0,13

Financial Expenses

3.105

0,05

2.834

0,04

4.354

0,06

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

893

0,01

4.994

0,07

4.092

0,05

Tax Payable

211

0,00

1.024

0,01

847

0,01

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

682

0,01

3.970

0,06

3.245

0,04

 

 

LAST FINANCIAL STATEMENT DETAILS

 

 

TL Thousand

Cash

9

Banks

2.603

Doubtful Trade Receivables

619

Provision for Doubtful Trade Receivables

-153

Receivables  From Personnel (in Other Receivable)

84

Overdue, Delayed or Deferred Tax by Installments and Other Liabilities

0

 

 

FINANCIAL RATIOS

 

 

(2013)

(2014)

(2015)

LIQUIDITY RATIOS

 

Current Ratio

5,10

5,61

2,04

Acid-Test Ratio

3,42

3,86

1,45

Cash Ratio

0,61

0,63

0,13

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,08

0,11

0,11

Short-term Receivable/Total Assets

0,30

0,29

0,31

Tangible Assets/Total Assets

0,28

0,30

0,32

TURNOVER RATIOS

 

Inventory Turnover

8,10

7,13

6,59

Stockholders' Equity Turnover

3,66

2,99

2,88

Asset Turnover

0,88

0,99

0,89

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,24

0,33

0,31

Current Liabilities/Total Assets

0,11

0,09

0,23

Financial Leverage

0,76

0,67

0,69

Gearing Percentage

3,18

2,03

2,22

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,04

0,17

0,12

Operating Profit Margin

0,17

0,13

0,16

Net Profit Margin

0,01

0,06

0,04

Interest Cover

1,29

2,76

1,94

COLLECTION-PAYMENT

 

Average Collection Period (days)

122,60

106,12

123,97

Average Payable Period (days)

36,42

12,01

36,44

WORKING CAPITAL

34059,00

29999,00

21350,00

 

 

 

 

 

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 66.70

UK Pound

1

INR 93.14

Euro

1

INR 81.43

TL

1

INR 16.42

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

VIV

 

 

Report Prepared by :

TPT

 

 

RATING EXPLANATIONS

 

Credit Rating

 

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

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 are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

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.