MIRA INFORM REPORT

 

 

Report No. :

498837

Report Date :

24.03.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

KINGSPAN YAPI ELEMANLARI A.S.

 

 

Formerly Known As :

IZOPOLI YAPI ELEMANLARI TAAHHUT SANAYI VE TICARET A.S. [10.03.2016]

 

IZOPOLI YAPI ELEMANLARI TAAHHUT SANAYI VE TICARET LTD. STI. [22.06.2006]

 

IZOPOLI ANKARA KIMYA SANAYI VE TICARET LTD. [01.04.1997]

 

ANKARA KIMYA SANAYI VE TICARET LTD. STI.[22.07.1988]

 

 

Registered Office :

Ciragan Cad. No:97 Ortakoy 34349 Istanbul

 

 

Country :

Turkey

 

 

Date of Incorporation :

01.01.1983

 

 

Com. Reg. No.:

247973

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Installation, manufacture and trade of polyurethane construction materials, sandwich panels, roof-wall panels, cold store panels, single sheet, cold store doors for energy efficient industrial buildings.

 

 

No. of Employees :

123

 

 

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

(30.09.2017)

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

 

 

NOTES

Address at your inquiry is not the registered head office but another premise.                                                                                                                                                                          

 

 

COMPANY IDENTIFICATION

 

 

 

NAME

KINGSPAN YAPI ELEMANLARI A.S.

HEAD OFFICE ADDRESS

Ciragan Cad. No:97 Ortakoy 34349 Istanbul / Turkey

PHONE NUMBER

90-212-236 60 32

 

FAX NUMBER

90-212-261 64 48

 

WEB-ADDRESS

www.izopoli.com

E-MAIL

info@izopoli.com

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

Bogazici Kurumlar

TAX NO

4840672061

REGISTRATION NUMBER

247973

REGISTERED OFFICE

Istanbul Chamber of Commerce

COMMERCIAL REGISTRY

Istanbul Commercial Registry

DATE ESTABLISHED

01.01.1983

NOTES ON DATE ESTABLISHED

Establishment date and month are not known.The subject was established in the year stated at “Date Established”section.        

                                                                                                             

LEGAL FORM

Joint Stock Company

TYPE OF COMPANY

Private

REGISTERED CAPITAL

TL   26.000.000

PAID-IN CAPITAL

TL   26.000.000

HISTORY

Previous Legal Type   :  

Limited Company    / Changed on : 22.06.2006/(Commercial Gazette Date /Number 28.06.2006 /6587)

Previous Name   :  

Ankara Kimya Sanayi ve Ticaret Ltd. Sti.    / Changed on : 22.07.1988/(Commercial Gazette Date /Number 03.10.1988 /2114)

Previous Name   :  

Izopoli Ankara Kimya Sanayi ve Ticaret Ltd. Sti.    / Changed on : 01.04.1997/(Commercial Gazette Date /Number 04.04.1997 /4264)

Previous Name   :  

Izopoli Yapi Elemanlari Taahhut Sanayi ve Ticaret Ltd. Sti.    / Changed on : 22.06.2006/(Commercial Gazette Date /Number 28.06.2006 /6587)

Previous Name   :  

Izopoli Yapi Elemanlari Taahhut Sanayi ve Ticaret A.S.    / Changed on : 10.03.2016/(Commercial Gazette Date /Number 16.03.2016 /9033)

Previous Registered Capital   :  

TL 4.770.000    / Changed on : 28.09.2006/(Commercial Gazette Date /Number 03.10.2006 /6655)

Previous Registered Capital   :  

TL 9.734.694    / Changed on : 20.01.2009/(Commercial Gazette Date /Number 23.01.2009 /7234)

Previous Commercial Registry   :  

Ankara Commercial Registry    / Changed on : 22.07.1988/(Commercial Gazette Date /Number 03.10.1988 /2114)

 

 

OWNERSHIP / MANAGEMENT

 

 

 

SHAREHOLDERS

Kingspan (MEATI) B.V.

100 %

 

 

 

- Name Of Shareholder:

 

Kingspan (MEATI) B.V.

Origin of Shareholder:

Netherlands

 

 

BOARD OF DIRECTORS

 

Gilbert Mc Carthy ( Chairman )

Suat Kiroglu ( Vice-Chairman )

Jim Anthony Loughran ( Member )

Peter James C. Bullough ( Member )

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

Installation, manufacture and trade of polyurethane construction materials, sandwich panels, roof-wall panels, cold store panels, single sheet, cold store doors for energy efficient industrial buildings.

 

NACE CODE

DJ.28.11

 

ISIC Code

2511

 

TRADEMARKS OWNED

Kingspan Izopoli

Polydoor

 

NUMBER OF EMPLOYEES

123

 

NET SALES

24.316.725 TL

(2003) 

35.131.669 TL

(2004) 

44.182.260 TL

(2005) 

56.023.384 TL

(2006) 

82.494.213 TL

(2007) 

105.313.311 TL

(2008) 

103.651.414 TL

(2009) 

114.127.419 TL

(2010) 

144.453.857 TL

(2011) 

109.783.494 TL

(2012) 

156.726.485 TL

(2013) 

120.688.222 TL

(2014) 

185.434.686 TL

(2015) 

 

IMPORT COUNTRIES

Italy

Germany

Belgium

France

Greece

Spain

Denmark

Switzerland

Netherlands

U.S.A.

South Korea

India

China

Slovakia

 

MERCHANDISE IMPORTED

Polyurethane

Raw materials

Roll metal sheet

 

EXPORT VALUE

15.739 USD Thousand

(2014)

26.383 USD Thousand

(2015)

 

EXPORT COUNTRIES

Bulgaria

Egypt

Lebanon

Iran

Iraq

India

Jordan

Azerbaijan

Romania

Nigeria

Syria

Netherlands

Philippines

Saudi Arabia

Czech Republic

Hungary

U.A.E.

 

MERCHANDISE  EXPORTED

Aluminium structures

Iron & Steel bars

Metal structures

Polyurethanes

 

HEAD OFFICE ADDRESS

Ciragan Cad. No:97 Ortakoy  Istanbul / Turkey ( rented )

 

BRANCHES

Factory  :  Bolu Organize Sanayi Bolgesi Doktor Akin Cakmakci Bulvari No:59 Bolu/Turkey ( owned ) ( 5.000  sqm )

Factory  :  Yumurtalik Serbest Bolgesi (Free Zone) 3 Nolu Parsel Adana/Turkey ( rented ) ( 40.000  sqm )

           

GENERAL INFORMATION ON OPERATIONS

The firm has a considerable market potential.

 

TREND OF BUSINESS

Fluctuating

 

 

FINANCE

 

 

 

MAIN DEALING BANKS

Turk Ekonomi Bankasi Besiktas Branch

T. Is Bankasi Galata Ticari Branch

T. Vakiflar Bankasi Ortakoy Branch

 

PAYMENT BEHAVIOUR

 

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

 

(2014)                                                                                TL

(2015)                                                                                TL

(2016)                                                                                TL

Net Sales

120.688.222

185.434.686

 

Profit (Loss) Before Tax

 

9.176.381

3.184.826

Stockholders' Equity

23.790.960

 

 

Total Assets

56.603.018

 

 

 

 

 

 

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

 ( 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

 ( 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

 ( 01.01-28.02.2018)

3,69 %

3,7820

4,6191

5,2464

 

 

 

 

 

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 65.13

UK Pound

1

INR 91.95

Euro

1

INR 80.34

TL

1

INR 16.32

 

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

PRA

 

 

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.