MIRA
INFORM REPORT
|
Report Date : |
24.08.2007 |
IDENTIFICATION DETAILS
|
Name : |
POLTEKS-MAK MAKINE SANAYI VE TICARET LTD.STI. |
|
|
|
|
Registered Office : |
Cumhuriyet Meydani No:5 Kayapa, Nilufer- Bursa |
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|
Country : |
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|
|
|
|
Financials (as on) : |
31.12.2006 |
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|
|
|
Date of Incorporation : |
14.01.2004 |
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|
|
|
Com. Reg. No.: |
55299 |
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|
|
Legal Form : |
Limited Company |
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|
Line of Business : |
Trade of textile machinery and polyurethane parts,
polyurethane and rubber cylinder. |
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 : |
Regular |
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|
|
|
Litigation : |
Clear |
COMPANY
IDENTIFICATION
|
NAME |
: |
POLTEKS-MAK MAKINE SANAYI VE TICARET
LTD.STI. |
|
ADDRESS |
: |
Head Office: Cumhuriyet Meydani No:5
Kayapa, Nilufer- Bursa / |
|
PHONE NUMBER |
: |
90-224-493 23 62 |
|
FAX NUMBER |
: |
90-224-493 23 65 |
LEGAL STATUS AND
HISTORY
|
TAX OFFICE / NO |
: |
Ertugrulgazi / 7320499138 |
|
|
|
REGISTRATION NUMBER |
: |
55299 |
|
|
|
REGISTERED OFFICE |
: |
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|
|
|
DATE ESTABLISHED |
: |
14.01.2004 (Commercial Registry Gazette
Date/No:27.01.2004/5976) |
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|
LEGAL FORM |
: |
Limited Company |
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|
|
TYPE OF COMPANY |
: |
Private |
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|
|
REGISTERED CAPITAL |
: |
YTL 5,000 |
|
|
|
PAID-IN CAPITAL |
: |
YTL 5,000 |
|
|
|
HISTORY |
: |
|
|
|
|
|
|
Previous Address |
: Kayapa Sanayi Bolgesi No:109 Kayapa,
Nilufer - |
|
|
|
|
Address Changed On |
: 15.11.2006 (Commercial Registry Gazette
Date/No: 01.12.2006/6695) |
|
OWNERSHIP /
MANAGEMENT
|
SHAREHOLDERS |
: |
Ali Karen Recai Akinci |
80 % 20 % |
|
SISTER COMPANIES |
: |
-Polteks Tekstil Makinalari Sanayi ve
Ticaret Ltd.Sti. -Sc Oyal Polteks Srl ( |
|
|
SUBSIDIARIES |
: |
None |
|
|
DIRECTORS |
: |
Ali Karen Recai Akinci |
|
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Trade of textile machinery and polyurethane parts, polyurethane and rubber cylinder to be used at automotive sector which are manufactured by its sister company “Polteks Tekstil Makinalari Sanayi ve Ticaret Ltd.Sti.” |
||
|
SECTOR |
: |
Commerce |
||
|
NET SALES |
: |
(YTL) 450,453 700,054 1,145,184 359,895 |
(14.01-31.12.2004) (2005) (2006) (01.01.-30.06.2007) |
|
|
CAPACITY |
: |
None |
|
|
|
PRODUCTION |
: |
None |
|
|
|
IMPORT |
: |
None |
|
|
|
EXPORT VALUE |
: |
(YTL) 331,255 375,387 807,810 239,895 |
(14.01-31.12.2004) (2005) (2006) (01.01.-30.06.2007) |
|
|
EXPORT COUNTRIES |
: |
|
|
|
|
MERCHANDISE
EXPORTED |
: |
Plastic articles, packing cases, boxes |
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|
|
PREMISES |
: |
Head Office: Cumhuriyet Meydani No:5
Kayapa, Nilufer- Bursa (rented) |
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|
|
FIXED CAPITAL
INVESTMENTS |
: |
None |
|
|
TREND OF BUSINESS : Upwards in 2005 and 2006.
COMMERCIAL MORALITY : Good
SIZE OF BUSINESS : Very small
FINANCE
|
MAIN DEALING BANKERS |
: |
Halkbank Girisimci branch in Yapi ve Kredi Bankasi Setbasi branch in Garanti Bankasi Besevler Kucuk Sanayi
Sitesi 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 since its foundation on 14.01.2004 until 15.07.2007, there are no protested bills and non-paid cheques registered in the name of “Polteks-Mak” |
COMMENT ON FINANCIAL
POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
||
|
Low |
As of 31.12.2006 |
|
|
LIQUIDITY |
||
|
Good |
As of 31.12.2006 |
|
|
PROFITABILITY |
||
|
The subject which was in loss in 2006 had fair net profitability in
the first 6 months of 2007. |
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|
GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
||
|
Favorable |
In 2006 |
|
|
GENERAL
FINANCIAL POSITION |
||
|
Liquidity was good but capitalization was low and the subject was in
loss in 2006. Profitability was fair in the first 6 months of 2007. |
||
|
|
Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(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.-30.06.2007) |
2.98 % |
1.3733 |
1.8275 |
2.7117 |
|
(1.1.-31.07.2007) |
3,05 % |
1.3633 |
1.8196 |
2.6989 |
|
BALANCE SHEETS |
|||||||||||||
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
31.12.04 |
|
|
|
31.12.05 |
|
|
|
31.12.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
135.539 |
|
1,00 |
|
415.522 |
|
1,00 |
|
89.267 |
|
1,00 |
|
|
|
Cash and
Banks |
63.416 |
|
0,47 |
|
2.684 |
|
0,01 |
|
14.426 |
|
0,16 |
|
|
|
Marketable
Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account
Receivable |
40.792 |
|
0,30 |
|
0 |
|
0,00 |
|
54.710 |
|
0,61 |
|
|
|
Other
Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Inventories |
25.970 |
|
0,19 |
|
89.720 |
|
0,22 |
|
8.720 |
|
0,10 |
|
|
|
Advances
Given |
0 |
|
0,00 |
|
323.072 |
|
0,78 |
|
6.331 |
|
0,07 |
|
|
|
Other
Current Assets |
5.361 |
|
0,04 |
|
46 |
|
0,00 |
|
5.080 |
|
0,06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
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) |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Intangible
Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other Non-Current
Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
135.539 |
|
1,00 |
|
415.522 |
|
1,00 |
|
89.267 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
112.828 |
|
0,83 |
|
390.854 |
|
0,94 |
|
80.620 |
|
0,90 |
|
|
|
Financial
Loans |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accounts
Payable |
31.421 |
|
0,23 |
|
126.808 |
|
0,31 |
|
76.470 |
|
0,86 |
|
|
|
Loans from
Shareholders |
65.000 |
|
0,48 |
|
210.340 |
|
0,51 |
|
0 |
|
0,00 |
|
|
|
Other
Short-term Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Advances
from Customers |
0 |
|
0,00 |
|
37.137 |
|
0,09 |
|
1.379 |
|
0,02 |
|
|
|
Taxes
Payable |
7.938 |
|
0,06 |
|
16.569 |
|
0,04 |
|
2.771 |
|
0,03 |
|
|
|
Provisions |
8.469 |
|
0,06 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Current Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
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 |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
22.711 |
|
0,17 |
|
24.668 |
|
0,06 |
|
8.647 |
|
0,10 |
|
|
|
Paid-in
Capital |
5.000 |
|
0,04 |
|
5.000 |
|
0,01 |
|
5.000 |
|
0,06 |
|
|
|
Inflation
Adjustment of Capital |
546 |
|
0,00 |
|
546 |
|
0,00 |
|
546 |
|
0,01 |
|
|
|
Reserves |
0 |
|
0,00 |
|
17.125 |
|
0,04 |
|
19.123 |
|
0,21 |
|
|
|
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) |
17.165 |
|
0,13 |
|
1.997 |
|
0,00 |
|
-16.022 |
|
-0,18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
135.539 |
|
1,00 |
|
415.522 |
|
1,00 |
|
89.267 |
|
1,00 |
|
|
|
INCOME STATEMENTS |
||||||||||||
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
14.1.-31.12.04 |
|
|
|
2005 |
|
|
|
2006 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
450.453 |
|
1,00 |
|
700.054 |
|
1,00 |
|
1.145.184 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
417.959 |
|
0,93 |
|
664.644 |
|
0,95 |
|
1.081.980 |
|
0,94 |
|
|
|
Gross Profit |
32.494 |
|
0,07 |
|
35.410 |
|
0,05 |
|
63.204 |
|
0,06 |
|
|
|
Operating
Expenses |
10.914 |
|
0,02 |
|
15.648 |
|
0,02 |
|
53.319 |
|
0,05 |
|
|
|
Operating Profit |
21.580 |
|
0,05 |
|
19.762 |
|
0,03 |
|
9.885 |
|
0,01 |
|
|
|
Other
Income |
5.153 |
|
0,01 |
|
221 |
|
0,00 |
|
12.761 |
|
0,01 |
|
|
|
Other
Expenses |
1.068 |
|
0,00 |
|
16.584 |
|
0,02 |
|
38.668 |
|
0,03 |
|
|
|
Financial
Expenses |
31 |
|
0,00 |
|
107 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Profit (loss) Before Tax |
25.634 |
|
0,06 |
|
3.292 |
|
0,00 |
|
-16.022 |
|
-0,01 |
|
|
|
Tax
Payable |
8.469 |
|
0,02 |
|
1.295 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
17.165 |
|
0,04 |
|
1.997 |
|
0,00 |
|
-16.022 |
|
-0,01 |
|
|
|
FINANCIAL RATIOS |
||||||||||||
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|||||||||||||
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|
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|
|
|
|
|
|
|
|
|
|
|
14.1.-31.12.04 |
|
|
|
2005 |
|
|
|
2006 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Ratio |
1,20 |
|
|
|
1,06 |
|
|
|
1,11 |
|
|
|
|
|
Acid-Test Ratio |
0,92 |
|
|
|
0,01 |
|
|
|
0,86 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,19 |
|
|
|
0,22 |
|
|
|
0,10 |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,30 |
|
|
|
0,00 |
|
|
|
0,61 |
|
|
|
|
|
Tangible Assets/Total Assets |
0,00 |
|
|
|
0,00 |
|
|
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
16,09 |
|
|
|
7,41 |
|
|
|
124,08 |
|
|
|
|
|
Stockholders' Equity Turnover |
19,83 |
|
|
|
28,38 |
|
|
|
132,44 |
|
|
|
|
|
Asset Turnover |
3,32 |
|
|
|
1,68 |
|
|
|
12,83 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,17 |
|
|
|
0,06 |
|
|
|
0,10 |
|
|
|
|
|
Current Liabilities/Total Assets |
0,83 |
|
|
|
0,94 |
|
|
|
0,90 |
|
|
|
|
|
Financial Leverage |
0,83 |
|
|
|
0,94 |
|
|
|
0,90 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
0,76 |
|
|
|
0,08 |
|
|
|
-1,85 |
|
|
|
|
|
Operating Profit Margin |
0,05 |
|
|
|
0,03 |
|
|
|
0,01 |
|
|
|
|
|
Net Profit Margin |
0,04 |
|
|
|
0,00 |
|
|
|
-0,01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
32,60 |
|
|
|
0,00 |
|
|
|
17,20 |
|
|
|
|
|
Average Payable Period (days) |
27,06 |
|
|
|
68,68 |
|
|
|
25,44 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME STATEMENT |
||||
|
|
|
YTL |
|
|
|
|
|
|
1.1-30.06.2007 |
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
359.895 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
324.094 |
|
0,90 |
|
|
|
Gross Profit |
35.801 |
|
0,10 |
|
|
|
Operating Expenses |
24.077 |
|
0,07 |
|
|
|
Operating Profit |
11.724 |
|
0,03 |
|
|
|
Other
Income |
2.122 |
|
0,01 |
|
|
|
Other
Expenses |
4.130 |
|
0,01 |
|
|
|
Financial
Expenses |
0 |
|
0,00 |
|
|
|
Profit (loss) Before Tax |
9.716 |
|
0,03 |
|
|
|
Tax
Payable |
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
9.716 |
|
0,03 |
|
|
|
|
|
|
|
|
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. |
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%)