MIRA
INFORM REPORT
|
Report Date : |
07.08.2007 |
IDENTIFICATION
DETAILS
|
Name : |
ELMAK MAKINA SANAYI VE TICARET A.S. |
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Registered Office : |
Nilufer Ticaret Merkezi 64. Sok .No: 3 Nilufer |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1985 |
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Com. Reg. No.: |
24923 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Manufacture and trade of valve |
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 : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
COMPANY
IDENTIFICATION
|
NAME |
: |
ELMAK MAKINA SANAYI VE TICARET A.S. |
|
ADDRESS |
: |
Head Office / Store: Nilufer Ticaret
Merkezi 64. Sok .No: 3 Nilufer |
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PHONE NUMBER |
: |
90-224-443 33 88 |
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FAX NUMBER |
: |
90-224-441 07 16 |
LEGAL STATUS AND
HISTORY
|
TAX OFFICE / NO |
: |
Ertugrulgazi / 3320041443 |
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REGISTRATION NUMBER |
: |
24923 |
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REGISTERED OFFICE |
: |
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DATE ESTABLISHED |
: |
1985 |
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LEGAL FORM |
: |
Joint Stock Company |
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TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
YTL 240,000 |
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PAID-IN CAPITAL |
: |
YTL 240,000 |
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HISTORY |
: |
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Previous Address |
:Gazcilar Cad. No: 54 / 4 |
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Address Changed On |
:14.01.2004 (Commercial Registry Gazette
Date / No: 27.01.2004 / 5976) |
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OWNERSHIP /
MANAGEMENT
|
SHAREHOLDERS |
: |
Ibrahim Akdemir Nagehan Akdemir Elif Akdemir Eyup Akdemir Mehmet Garip |
90 % 3 % 3 % 3 % 1 % |
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SISTER COMPANIES |
: |
-Asteknik Makina Sanayi ve Ticaret A.S. |
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GROUP PARENT COMPANY |
: |
None |
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SUBSIDIARIES |
: |
None |
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BOARD OF DIRECTORS |
: |
Ibrahim Akdemir Nagehan Akdemir Mehmet Garip |
Chairman Vice-Chairman Member |
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Manufacture and trade of valve The subject usually manufactures valve in the
name of its sister company. |
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TRADEMARK(S) |
: |
“Asteknik Vana” |
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NUMBER OF
EMPLOYEES |
: |
90 |
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NET SALES |
: |
(YTL) 3,652,400 4,424,618 5,040,532 1,426,619 |
(2004) (2005) (2006) (01.01.-31.03.2007) |
|
CAPACITY |
: |
(Units/Yr) 34,000 34,000 |
(2005) (2006) |
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PRODUCTION |
: |
(Units) 42,509 28,815 11,581 |
(2005) (2006) (01.01.-31.03.2007) |
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|
|
The firm manufactured over its normal
capacity in 2005. |
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IMPORT VALUE |
: |
(EUR) 89,269 80,434 82,357 |
(2005) (2006) (01.01.-31.03.2007) |
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IMPORT COUNTRIES |
: |
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MERCHANDISE
IMPORTED |
: |
Engine, rubber, paint |
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EXPORT VALUE |
: |
(YTL) 502,783 494,155 552,775 92,311 |
(2004) (2005) (2006) (01.01.-31.03.2007) |
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EXPORT COUNTRIES |
: |
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MERCHANDISE
EXPORTED |
: |
Valve |
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PREMISES |
: |
Head Office / Store: Nilufer Ticaret Merkezi
64. Sok .No: 3 Nilufer Production Plant: Organize Sanayi Bolgesi
Guluce Koyu Mustafakemalpasa Bursa (6,000 sqm) (owned) |
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FIXED CAPITAL
INVESTMENTS |
: |
Investments are going on. |
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TREND OF BUSINESS : Upwards
COMMERCIAL MORALITY : Good
SIZE OF BUSINESS : Lower-medium
FINANCE
|
MAIN DEALING BANKERS |
: |
Garanti Bankasi Somada branch in Yapi ve Kredi Bankasi Bursa branch in Akbank Garajlar branch in T. Is Bankasi Sanayi Sitesi branch in |
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CREDIT FACILITIES |
: |
The
subject company is making active use of credit facilities.. |
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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 “Elmak Makina”. |
COMMENT ON FINANCIAL
POSITION
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FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
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Low |
As of 31.12.2006 |
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LIQUIDITY |
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Liquidity ratios were low as of 31.12.2006 but the favorable / long
gap between the average collection and payable periods has a positive effect
on liquidity. |
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PROFITABILITY |
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Low |
In 2006 |
Low |
Between 1.1.-31.3.2007 |
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GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
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Favorable / Long |
In 2006 |
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GENERAL
FINANCIAL POSITION |
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Capitalization and liquidity ratios were low as of 31.12.2006 but the favorable
/ long gap between the average collection and payable periods has a positive
effect on liquidity. Profitability was low in 2006 and in the
first 3 months of 2007. |
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CREDIT OPINION
CREDIT OPINION WITHOUT OBLIGATION : We are of the opinion that, a max. credit of USD 70,000 may be
granted to the subject company.
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|
Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(2004) |
13.84 % |
1.4266 |
1.7666 |
2.6001 |
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(2005) |
2.66 % |
1.3499 |
1.6882 |
2.4623 |
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(2006) |
11.58 % |
1.4309 |
1.7987 |
2.6377 |
|
(1.1.-31.03.2007) |
1.88 % |
1.4068 |
1.8521 |
2.7609 |
|
(1.1.-31.07.2007) |
3,05 % |
1.3633 |
1.8196 |
2.6989 |
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BALANCE SHEETS |
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|
YTL |
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YTL |
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|
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|
31.12.05 |
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|
31.12.06 |
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CURRENT ASSETS |
1.948.733 |
|
0,55 |
|
2.537.533 |
|
0,62 |
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Cash and
Banks |
328.607 |
|
0,09 |
|
800.738 |
|
0,20 |
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Marketable Securities |
0 |
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0,00 |
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0 |
|
0,00 |
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Account
Receivable |
515.169 |
|
0,14 |
|
146.140 |
|
0,04 |
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Other
Receivable |
30.453 |
|
0,01 |
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0 |
|
0,00 |
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Inventories |
1.062.926 |
|
0,30 |
|
1.558.802 |
|
0,38 |
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Advances
Given |
8.736 |
|
0,00 |
|
28.814 |
|
0,01 |
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Other
Current Assets |
2.842 |
|
0,00 |
|
3.039 |
|
0,00 |
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NON-CURRENT ASSETS |
1.618.803 |
|
0,45 |
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1.566.347 |
|
0,38 |
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Long-term
Receivable |
0 |
|
0,00 |
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0 |
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0,00 |
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Financial
Assets |
0 |
|
0,00 |
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0 |
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0,00 |
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Tangible
Fixed Assets (net) |
921.998 |
|
0,26 |
|
861.650 |
|
0,21 |
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Intangible Assets |
673.542 |
|
0,19 |
|
610.024 |
|
0,15 |
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Other
Non-Current Assets |
23.263 |
|
0,01 |
|
94.673 |
|
0,02 |
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TOTAL ASSETS |
3.567.536 |
|
1,00 |
|
4.103.880 |
|
1,00 |
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CURRENT LIABILITIES |
2.326.927 |
|
0,65 |
|
2.666.447 |
|
0,65 |
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Financial
Loans |
1.320.209 |
|
0,37 |
|
1.130.966 |
|
0,28 |
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Accounts
Payable |
881.842 |
|
0,25 |
|
1.309.759 |
|
0,32 |
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Loans
from Shareholders |
20.800 |
|
0,01 |
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0 |
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0,00 |
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Other
Short-term Payable |
29.553 |
|
0,01 |
|
41.263 |
|
0,01 |
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Advances
from Customers |
32.318 |
|
0,01 |
|
114.844 |
|
0,03 |
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Taxes
Payable |
42.205 |
|
0,01 |
|
63.112 |
|
0,02 |
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Provisions |
0 |
|
0,00 |
|
6.503 |
|
0,00 |
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Other
Current Liabilities |
0 |
|
0,00 |
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0 |
|
0,00 |
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LONG-TERM LIABILITIES |
496.011 |
|
0,14 |
|
660.574 |
|
0,16 |
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Financial
Loans |
496.011 |
|
0,14 |
|
619.774 |
|
0,15 |
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Securities Issued |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Long-term
Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Loans
from Shareholders |
0 |
|
0,00 |
|
40.800 |
|
0,01 |
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Other
Long-term Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Provisions |
0 |
|
0,00 |
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0 |
|
0,00 |
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STOCKHOLDERS' EQUITY |
744.598 |
|
0,21 |
|
776.859 |
|
0,19 |
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Paid-in
Capital |
240.000 |
|
0,07 |
|
240.000 |
|
0,06 |
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Inflation
Adjustment of Capital |
224.653 |
|
0,06 |
|
224.653 |
|
0,05 |
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Reserves |
374.594 |
|
0,11 |
|
471.161 |
|
0,11 |
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Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Accumulated Losses(-) |
-191.215 |
|
-0,05 |
|
-191.215 |
|
-0,05 |
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Net
Profit (loss) |
96.566 |
|
0,03 |
|
32.260 |
|
0,01 |
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TOTAL LIABILITIES AND EQUITY |
3.567.536 |
|
1,00 |
|
4.103.880 |
|
1,00 |
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INCOME STATEMENTS |
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|
YTL |
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|
YTL |
|
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|
YTL |
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
1.1.-31.03.07 |
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Net Sales |
4.424.618 |
|
1,00 |
|
5.040.532 |
|
1,00 |
|
1.426.619 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
3.266.523 |
|
0,74 |
|
3.769.222 |
|
0,75 |
|
1.154.925 |
|
0,81 |
|
|
|
Gross Profit |
1.158.095 |
|
0,26 |
|
1.271.310 |
|
0,25 |
|
271.694 |
|
0,19 |
|
|
|
Operating
Expenses |
626.346 |
|
0,14 |
|
721.295 |
|
0,14 |
|
178.070 |
|
0,12 |
|
|
|
Operating Profit |
531.749 |
|
0,12 |
|
550.015 |
|
0,11 |
|
93.624 |
|
0,07 |
|
|
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Other
Income |
37.871 |
|
0,01 |
|
23.349 |
|
0,00 |
|
7.594 |
|
0,01 |
|
|
|
Other
Expenses |
19.009 |
|
0,00 |
|
33.878 |
|
0,01 |
|
3.626 |
|
0,00 |
|
|
|
Financial
Expenses |
454.045 |
|
0,10 |
|
507.226 |
|
0,10 |
|
79.960 |
|
0,06 |
|
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|
Profit (loss) Before Tax |
96.566 |
|
0,02 |
|
32.260 |
|
0,01 |
|
17.632 |
|
0,01 |
|
|
|
Tax
Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
96.566 |
|
0,02 |
|
32.260 |
|
0,01 |
|
17.632 |
|
0,01 |
|
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FINANCIAL RATIOS |
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2005 |
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2006 |
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|
1.1.-31.03.07 |
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LIQUIDITY RATIOS |
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Current Ratio |
0,84 |
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|
0,95 |
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|
-- |
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Acid-Test Ratio |
0,38 |
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|
0,36 |
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|
-- |
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ASSET STRUCTURE RATIOS |
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Inventory/Total Assets |
0,30 |
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|
0,38 |
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|
|
-- |
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Short-term Receivable/Total Assets |
0,15 |
|
|
|
0,04 |
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|
|
-- |
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Tangible Assets/Total Assets |
0,26 |
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|
0,21 |
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|
-- |
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TURNOVER RATIOS |
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Inventory Turnover |
3,07 |
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|
2,42 |
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|
|
-- |
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Stockholders' Equity Turnover |
5,94 |
|
|
|
6,49 |
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|
|
-- |
|
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Asset Turnover |
1,24 |
|
|
|
1,23 |
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|
|
-- |
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FINANCIAL STRUCTURE |
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Stockholders' Equity/Total Assets |
0,21 |
|
|
|
0,19 |
|
|
|
-- |
|
|
|
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|
Current Liabilities/Total Assets |
0,65 |
|
|
|
0,65 |
|
|
|
-- |
|
|
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|
Financial Leverage |
0,79 |
|
|
|
0,81 |
|
|
|
-- |
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PROFITABILITY RATIOS |
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Net Profit/Stockholders' Eq. |
0,13 |
|
|
|
0,04 |
|
|
|
-- |
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Operating Profit Margin |
0,12 |
|
|
|
0,11 |
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|
|
0,07 |
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Net Profit Margin |
0,02 |
|
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|
0,01 |
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|
0,01 |
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COLLECTION-PAYMENT |
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Average Collection Period (days) |
41,92 |
|
|
|
10,44 |
|
|
|
-- |
|
|
|
|
|
Average Payable Period (days) |
97,19 |
|
|
|
125,10 |
|
|
|
-- |
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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%)