MIRA
INFORM REPORT
|
Report Date : |
01.08.2007 |
IDENTIFICATION DETAILS
|
Name : |
MAKSAN |
|
|
|
|
Registered Office : |
Elazig Karayolu 9. Km. Malatya/ |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
10.10.1974 (Commercial Registry Gazette Date/No: 16.10.1974/5263) |
|
|
|
|
Com. Reg. No.: |
2217 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacture and trade of transformers |
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 : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
COMPANY
IDENTIFICATION
|
NAME |
: |
MAKSAN |
|
ADDRESS |
: |
Head Office & Factory: Elazig Karayolu 9. Km. Malatya/ Branch: Yildiz Posta Caddesi Akin Sitesi No:12 4.Blok D.72 Gayrettepe-
Istanbul/ |
|
PHONE NUMBER |
: |
90-422-341 00 90 |
|
FAX NUMBER |
: |
90-422-341 00 99 |
LEGAL STATUS AND
HISTORY
|
TAX OFFICE / NO |
: |
Firat / 6110015731 |
|
REGISTRATION NUMBER |
: |
2217 |
|
REGISTERED OFFICE |
: |
|
|
DATE ESTABLISHED |
: |
10.10.1974 (Commercial Registry Gazette Date/No: 16.10.1974/5263) |
|
LEGAL FORM |
: |
Joint Stock Company |
|
TYPE OF COMPANY |
: |
Private |
|
ISSUED CAPITAL |
: |
YTL 1,525,200 |
|
HISTORY |
: |
The issued capital was increased from YTL 49,200 to YTL 1,525,200 on
29.12.2005 (Commercial Registry Gazette Date/No: 03.01.2006/6466). |
OWNERSHIP /
MANAGEMENT
|
SHAREHOLDERS |
: |
Turkiye Kalkinma Bankasi A.S. Z. Nilgun Tortum Ebru Tortum Ipek Tortum Others |
31,14 % 17,79 % 17,79 % |
|
GROUP PARENT COMPANY |
: |
None |
|
|
SUBSIDIARIES |
: |
None |
|
|
BOARD OF DIRECTORS |
: |
Ebru Tortum M.Ismail Kutan Z. Nilgun Tortum Seyid Zabci K.Kemal Unsal |
Chairman Vice- Chairman Member Member Member |
OPERATIONS
|
BUSINESS ACTIVITIES |
: |
Manufacture and trade of transformers |
|
|
TRADEMARK |
: |
“Maksan” |
|
|
NUMBER OF EMPLOYEES |
: |
160 |
|
|
NET SALES |
: |
(YTL Thousand) 9,515 10,640 10,831 13,603 22,542 3,509 |
(2002) (2003) (2004) (2005) (2006) (01.01-31.03.2007) |
|
CAPACITY |
: |
(Mva/Yr.) 1,221 1,221 1,221 1,221 1,283 |
(2002) (2003) (2004) (2005) (2006) |
|
|
PRODUCTION |
: |
(Mva) 735 828 769 585 1,044 |
(2002) (2003) (2004) (2005) (2006) |
|
|
IMPORT VALUE |
: |
(USD) 1,725,485 784,310 909,891 1,748,000 6,223,850 |
(2002) (2003) (2004) (2005) (2006) |
|
|
IMPORT COUNTRIES |
: |
|
||
|
MERCHANDISE IMPORTED |
: |
Isolation materials |
||
|
EXPORT VALUE |
: |
None 5,377,911 965,614 |
(2005) (2006) (01.01-31.03.2007) |
|
|
EXPORT COUNTRIES |
: |
|
||
|
MERCHANDISE EXPORTED |
: |
Transformers, converters, bobbins, carob… etc |
||
|
PREMISES |
: |
Head Office & Factory: Elazig Karayolu 9. Km. Malatya (120,000
sqm) (owned) Branch: Yildiz Posta Caddesi Akin Sitesi No:12 4.Blok D.72 Gayrettepe-
Istanbul (73 sqm) (owned) |
||
|
FIXED CAPITAL INVESTMENTS |
: |
None |
||
|
TREND OF BUSINESS |
: |
There was upwards trend at business volume in 2005 and 2006. |
|
COMMERCIAL MORALITY |
: |
Good |
|
SIZE OF BUSINESS |
: |
Large |
FINANCE
|
MAIN DEALING BANKERS |
: |
Garanti Bankasi Malatya branch in Malatya Yapi Kredi Bankasi Malatya branch in |
|
CREDIT FACILITIES |
: |
No credit facility has come to our knowledge. |
|
PAYMENT BEHAVIOUR |
: |
No complaints have been heard regarding payments from banks. According to the official registries between 01.01.2000-15.06.2007,
there are no protested bills and non-paid cheques registered in the name of
“Maksan Malatya”. |
COMMENT ON FINANCIAL
POSITION
|
FINANCIAL STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
|
|
Good |
As of 31.03.2007 |
|
LIQUIDITY |
|
|
High |
As of 31.03.2007 |
|
PROFITABILITY |
|
|
High |
Between 1.1.-31.03.2007 |
|
GAP BETWEEN COLLECTION-PAYMENT PERIODS |
|
|
Unfavorable |
Between 1.1.-31.03.2007 |
|
GENERAL FINANCIAL POSITION |
|
|
Good |
|
CREDIT OPINION
|
OUR RISK OPINION |
: |
Ba |
|
CREDIT OPINION WITHOUT OBLIGATION |
: |
We are of the opinion that, a max. credit of USD 2.5 million may be
granted to the subject company. |
|
|
Incr. in producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(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 |
|
(1.1.-31.03.2007) |
1.88 % |
1.4068 |
1.8521 |
2.7609 |
|
(1.1.-30.06.2007) |
2.98 % |
1.3733 |
1.8275 |
2.7117 |
|
BALANCE SHEETS |
|||||||||||||
|
|
|
YTL Thousand |
|
|
|
YTL Thousand |
|
|
|
YTL Thousand |
|
|
|
|
|
|
31.12.05 |
|
|
|
31.12.06 |
|
|
|
31.03.2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
7.683 |
|
0,74 |
|
9.082 |
|
0,77 |
|
8.438 |
|
0,75 |
|
|
|
Cash and Banks |
1.934 |
|
0,19 |
|
1.221 |
|
0,10 |
|
1.913 |
|
0,17 |
|
|
|
Marketable
Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account
Receivable |
2.940 |
|
0,28 |
|
3.671 |
|
0,31 |
|
1.466 |
|
0,13 |
|
|
|
Other
Receivable |
5 |
|
0,00 |
|
0 |
|
0,00 |
|
92 |
|
0,01 |
|
|
|
Inventories |
2.416 |
|
0,23 |
|
4.057 |
|
0,34 |
|
4.563 |
|
0,41 |
|
|
|
Advances
Given |
261 |
|
0,03 |
|
82 |
|
0,01 |
|
71 |
|
0,01 |
|
|
|
Other
Current Assets |
127 |
|
0,01 |
|
51 |
|
0,00 |
|
333 |
|
0,03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
2.740 |
|
0,26 |
|
2.739 |
|
0,23 |
|
2.773 |
|
0,25 |
|
|
|
Long-term
Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Financial
Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Tangible
Fixed Assets (net) |
2.714 |
|
0,26 |
|
2.720 |
|
0,23 |
|
2.770 |
|
0,25 |
|
|
|
Intangible
Assets |
15 |
|
0,00 |
|
2 |
|
0,00 |
|
2 |
|
0,00 |
|
|
|
Other
Non-Current Assets |
11 |
|
0,00 |
|
17 |
|
0,00 |
|
1 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
10.423 |
|
1,00 |
|
11.821 |
|
1,00 |
|
11.211 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
2.952 |
|
0,28 |
|
2.846 |
|
0,24 |
|
1.857 |
|
0,17 |
|
|
|
Financial
Loans |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accounts
Payable |
1.403 |
|
0,13 |
|
1.176 |
|
0,10 |
|
476 |
|
0,04 |
|
|
|
Loans from
Shareholders |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Short-term Payable |
169 |
|
0,02 |
|
144 |
|
0,01 |
|
353 |
|
0,03 |
|
|
|
Advances
from Customers |
533 |
|
0,05 |
|
418 |
|
0,04 |
|
540 |
|
0,05 |
|
|
|
Taxes
Payable |
427 |
|
0,04 |
|
472 |
|
0,04 |
|
196 |
|
0,02 |
|
|
|
Provisions |
197 |
|
0,02 |
|
114 |
|
0,01 |
|
-10 |
|
0,00 |
|
|
|
Other
Current Liabilities |
223 |
|
0,02 |
|
522 |
|
0,04 |
|
302 |
|
0,03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
1.683 |
|
0,16 |
|
1.985 |
|
0,17 |
|
1.904 |
|
0,17 |
|
|
|
Financial
Loans |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Securities
Issued |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Long-term
Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
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 |
1.683 |
|
0,16 |
|
1.985 |
|
0,17 |
|
1.904 |
|
0,17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
5.788 |
|
0,56 |
|
6.990 |
|
0,59 |
|
7.450 |
|
0,66 |
|
|
|
Paid-in
Capital |
1.525 |
|
0,15 |
|
1.525 |
|
0,13 |
|
1.525 |
|
0,14 |
|
|
|
Inflation
Adjustment of Capital |
3.278 |
|
0,31 |
|
3.293 |
|
0,28 |
|
3.293 |
|
0,29 |
|
|
|
Reserves |
132 |
|
0,01 |
|
671 |
|
0,06 |
|
2.171 |
|
0,19 |
|
|
|
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) |
853 |
|
0,08 |
|
1.501 |
|
0,13 |
|
461 |
|
0,04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQ. |
10.423 |
|
1,00 |
|
11.821 |
|
1,00 |
|
11.211 |
|
1,00 |
|
|
|
INCOME STATEMENTS |
||||||||||||
|
|
|
YTL Thousand |
|
|
|
YTL Thousand |
|
|
|
YTL Thousand |
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
1.1-31.03.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
13.603 |
|
1,00 |
|
22.542 |
|
1,00 |
|
3.509 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
10.943 |
|
0,80 |
|
19.143 |
|
0,85 |
|
2.838 |
|
0,81 |
|
|
|
Gross Profit |
2.660 |
|
0,20 |
|
3.399 |
|
0,15 |
|
671 |
|
0,19 |
|
|
|
Operating
Expenses |
1.193 |
|
0,09 |
|
1.582 |
|
0,07 |
|
309 |
|
0,09 |
|
|
|
Operating Profit |
1.467 |
|
0,11 |
|
1.817 |
|
0,08 |
|
362 |
|
0,10 |
|
|
|
Other
Income |
211 |
|
0,02 |
|
634 |
|
0,03 |
|
242 |
|
0,07 |
|
|
|
Other
Expenses |
533 |
|
0,04 |
|
470 |
|
0,02 |
|
143 |
|
0,04 |
|
|
|
Financial
Expenses |
1 |
|
0,00 |
|
7 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Profit (loss) Before Tax |
1.144 |
|
0,08 |
|
1.974 |
|
0,09 |
|
461 |
|
0,13 |
|
|
|
Tax
Payable |
291 |
|
0,02 |
|
473 |
|
0,02 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
853 |
|
0,06 |
|
1.501 |
|
0,07 |
|
461 |
|
0,13 |
|
|
|
FINANCIAL RATIOS |
||||||||||||
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
1.1-31.03.07 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Ratio |
2,60 |
|
|
|
3,19 |
|
|
|
4,54 |
|
|
|
|
|
Acid-Test Ratio |
1,65 |
|
|
|
1,72 |
|
|
|
1,87 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,23 |
|
|
|
0,34 |
|
|
|
0,41 |
|
|
|
|
|
Short-term Receiv./Total Assets |
0,28 |
|
|
|
0,31 |
|
|
|
0,14 |
|
|
|
|
|
Tangible Assets/Total Assets |
0,26 |
|
|
|
0,23 |
|
|
|
0,25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
4,53 |
|
|
|
4,72 |
|
|
|
0,62 |
|
|
|
|
|
Stockholders' Equity Turnover |
2,35 |
|
|
|
3,22 |
|
|
|
0,47 |
|
|
|
|
|
Asset Turnover |
1,31 |
|
|
|
1,91 |
|
|
|
0,31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,56 |
|
|
|
0,59 |
|
|
|
0,66 |
|
|
|
|
|
Current Liabilities/Total Assets |
0,28 |
|
|
|
0,24 |
|
|
|
0,17 |
|
|
|
|
|
Financial Leverage |
0,44 |
|
|
|
0,41 |
|
|
|
0,34 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
0,15 |
|
|
|
0,21 |
|
|
|
0,06 |
|
|
|
|
|
Operating Profit Margin |
0,11 |
|
|
|
0,08 |
|
|
|
0,10 |
|
|
|
|
|
Net Profit Margin |
0,06 |
|
|
|
0,07 |
|
|
|
0,13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
77,81 |
|
|
|
58,63 |
|
|
|
150,40 |
|
|
|
|
|
Average Payable Period (days) |
46,16 |
|
|
|
22,12 |
|
|
|
60,38 |
|
|
|
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)