MIRA INFORM REPORT

 

 

Report No. :

492154

Report Date :

17.02.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

MIKROPOR MAKINA SANAYI VE TICARET A.S.

 

 

Registered Office :

Organize Sanayi Bolgesi Buyuk Selcuklu Cad. No:4 Sincan 06935 Ankara

 

 

Country :

Turkey

 

 

Date of Incorporation :

16.12.1987

 

 

Com. Reg. No.:

67880

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and Trade of Filter and Separator.

 

 

No. of Employees :

650

 

 

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 :

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

 

Country Name

Previous Rating

(30.06.2017)

Current Rating

(30.09.2017)

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.

Since 2014, productivity and growth has slowed to reveal 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

MIKROPOR MAKINA SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

Organize Sanayi Bolgesi Buyuk Selcuklu Cad. No:4 Sincan 06935 Ankara / Turkey

PHONE NUMBER

90-312-267 07 00

FAX NUMBER

90-312-267 05 52

WEB-ADDRESS

www.mikropor.com.tr

E-MAIL

mikropor@mikropor.com.tr

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

Sincan

TAX NO

6210029078

REGISTRATION NUMBER

67880

REGISTERED OFFICE

Ankara Chamber of Commerce

COMMERCIAL REGISTRY

Ankara Commercial Registry

DATE ESTABLISHED

16.12.1987

LEGAL FORM

Joint Stock Company

TYPE OF COMPANY

Private

REGISTERED CAPITAL

TL   150.000

PAID-IN CAPITAL

TL   150.000

HISTORY

Previous Registered Capital   :  

TL 10.000    / Changed on : 26.10.1998/(Commercial Gazette Date /Number 28.10.1998 /4658)

Previous Address   :  

Cinnah Cad. No:37/27 Cankaya - Ankara    / Changed on : 02.04.2002/(Commercial Gazette Date /Number 24.04.2002 /5533)

 

 

OWNERSHIP/ MANAGEMENT

 

 

 

SHAREHOLDERS

Ibrahim Kemal Yazici

51 %

Evren Yazici

20,50 %

Sevim Yazici

20,50 %

Gizem Yazici

8 %

 

BOARD OF DIRECTORS

 

Ibrahim Kemal Yazici ( Chairman )

Sevim Yazici ( Vice-Chairman )

Evren Yazici ( Member )

Gizem Yazici ( Member )

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

Manufacture and trade of filter and separator.

 

NACE CODE

DK.29.23

 

SECTOR

Machinery

 

TRADEMARKS OWNED

Mikropor

 

NUMBER OF EMPLOYEES

650

 

 

NET SALES

15.488.747 TL

(2004) 

17.882.323 TL

(2005) 

27.425.164 TL

(2006) 

29.502.717 TL

(2007) 

34.191.659 TL

(2008) 

40.009.875 TL

(2009) 

50.130.451 TL

(2010) 

77.021.911 TL

(2011) 

105.789.233 TL

(2012) 

97.451.411 TL

(2013) 

126.759.057 TL

(2014) 

138.034.151 TL

(2015) 

170.410.974 TL

(2016) 

156.000 TL Thousand

(2017) 

 

REMARKS ON NET SALES

The sales figure of 2017 is declared by the company. There is no certification for this figure.

 

IMPORT COUNTRIES

Germany

France

U.K.

Italy

Austria

Netherlands

U.S.A.

Belgium

Romania

China

Finland

 

MERCHANDISE IMPORTED

Filter materials

Filter paper

 

EXPORT VALUE

8.065.000 TL

(2004)

10.112.000 TL

(2005)

16.366.969 TL

(2006)

15.425.710 TL

(2007)

20.847.778 TL

(2008)

26.521.347 TL

(2009)

36.092.685 TL

(2010)

57.301.886 TL

(2011)

42.897.325 USD

(2012)

37.572 USD Thousand

(2013)

41.519 USD Thousand

(2014)

35.470 USD Thousand

(2015)

40.280 USD Thousand

(2016)

 

EXPORT COUNTRIES

Pakistan

U.S.A.

Jordan

Serbia

Russia

U.K.

European Countries

Australia

China

Israel

Indonesia

Uruguay

Venezuela

U.A.E.

Finland

 

MERCHANDISE  EXPORTED

Air filter

Separator

 

HEAD OFFICE ADDRESS

Organize Sanayi Bolgesi Buyuk Selcuklu Cad. No:4 Sincan  Ankara / Turkey ( owned )

 

BRANCHES

Factory:  Organize Sanayi Bolgesi Osmanli Cad. No:5 Sincan Ankara/Turkey ( owned ) ( 6.000  sqm )

Factory:  Organize Sanayi Bolgesi Oguz Cad. No:5 Sincan Ankara/Turkey ( owned )  

Factory:  Organize Sanayi Bolgesi Oguz Cad. No:4 Sincan Ankara/Turkey  

Head Office/Factory:  Organize Sanayi Bolgesi Buyuk Selcuklu Cad. No:4 Sincan Ankara/Turkey ( owned )            

GENERAL INFORMATION ON OPERATIONS

The firm has a considerable market potential.

 

TREND OF BUSINESS

There was an upwards trend in 2016. There was a decline at business volume in nominal terms in 2017. Consequently, there was a slowdown at business volume in real terms in 2017 when compared to 2015.

SIZE OF BUSINESS

Giant

 

 

FINANCE

 

 

 

MAIN DEALING BANKS

T. Is Bankasi Organize Sanayi Bolgesi Branch

T. Garanti Bankasi Organize Sanayi Bolgesi Branch

Yapi ve Kredi Bankasi Organize Sanayi Bolgesi Branch

 

PAYMENT BEHAVIOUR

 

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

 

(2012)                                                                                TL

(2013)                                                                                TL

(2014)                                                                                TL

(2015)                                                                                TL

(2016)                                                                                TL

Net Sales

105.789.233

97.451.411

126.759.057

138.034.151

170.410.974

Profit (Loss) Before Tax

16.413.401

19.025.911

25.118.538

28.724.712

38.705.903

Stockholders' Equity

 

 

85.218.033

 

130.253.964

Total Assets

79.471.441

92.997.403

114.595.375

 

167.378.077

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

High As of 31.12.2016

Profitability

High Net Profitability  in 2012

High Net Profitability  in 2013

High Net Profitability  in 2014

High Net Profitability  in 2015

High Net Profitability  in 2016

 

General Financial Position

Satisfactory

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

 

Incr. in producers’ price index

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 2014 )

6,36 %

2,1891

2,8989

3,6060

 ( 2015 )

5,71 %

2,7230

3,0254

4,1661

 ( 2016 )

9,94 %

3,0292

3,3349

4,1006

 ( 2017 )

15,47 %

3,6337

4,1120

4,7059

 ( 01.01-31.01.2018)

0,99 %

3,7698

4,6025

5,2223

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 63.91

UK Pound

1

INR 90.31

Euro

1

INR 80.17

TRY

1

INR 17.19

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

NIT

 

 

 

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.