MIRA
INFORM REPORT
|
Report Date : |
14.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
AKFEL MUHENDISLIK ENERJI TESISLERI SANAYI VE TICARET A.S. |
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Registered Office : |
Kisikli Alemdag Cad. Masaldan Is
Merkezi No:46 A Blok K.1 D: 5-6 Uskudar |
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Country : |
Turkey |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
16.01.1995 |
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Com. Reg. No.: |
325010 |
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|
Legal Form : |
Joint Stock Company |
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|
Line of Business : |
Manufacture and trade of natural gas
distribution equipment |
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 |
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COMPANY
IDENTIFICATION |
|
NAME |
: |
AKFEL MUHENDISLIK ENERJI TESISLERI SANAYI VE TICARET A.S. |
|
ADDRESS |
: |
Head Office: Kisikli Alemdag Cad. Masaldan Is Merkezi No:46 A Blok K.1 D: 5-6
Uskudar Istanbul / Turkey |
|
PHONE NUMBER |
: |
90-216-521 38 50-51 |
|
FAX NUMBER |
: |
90-216-521 38 55 |
|
LEGAL STATUS AND
HISTORY |
|
TAX OFFICE/NO |
: |
Umraniye / 0230283370 |
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REGISTRATION NUMBER |
: |
325010 |
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REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
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DATE ESTABLISHED |
: |
16.01.1995 (Commercial Registry Gazette
Date / No: 19.01.1995 / 3707) |
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LEGAL FORM |
: |
Joint Stock Company |
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TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
YTL 3,000,000 |
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|
PAID-IN CAPITAL |
: |
YTL 3,000,000 |
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|
HISTORY |
: |
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Previous Name |
:Ipekyolu Gida Sanayi ve Ticaret Ltd. Sti. |
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Name Changed On |
:28.08.1996 (Commercial Registry Gazette
Date/No:05.09.1996 /4117) |
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Previous Name |
:Akfel Muhendislik Ic ve Dis Ticaret Ltd
Sti |
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Name Changed On |
: 03.02.2006(Commercial Registry Gazette
Date/No: 10.02.2006/6490) |
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Previous Legal Form |
:Limited Company |
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|
Legal Form Changed On |
:03.02.2006 (Commercial Registry Gazette
Date/No: 10.02.2006/6490) |
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Previous Registered Capital |
:YTL 30,000 |
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|
|
Regist.Capital Changed On |
:05.09.2002 (Commercial Registry Gazette
Date/No: 10.09.2002 / 5631) |
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Previous Registered Capital |
:YTL 1,000,000 |
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|
|
Regist.Capital Changed On |
:23.09.2003 (Commercial Registry Gazette
Date/No: 26.09.2003 / 5894) |
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Previous Registered Capital |
:YTL 1,015,000 |
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|
Regist.Capital Changed On |
: 31.08.2005(Commercial Registry Gazette
Date/No: 05.09.2005/6382) |
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Previous Address |
: Kisikli Mah. Alemdag Cad. No: 48/4
Uskudar-Istanbul |
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Address Changed On |
: 16.08.2004 (Commercial Registry Gazette
Date/No: 23.08.2004/6120) |
OWNERSHIP /
MANAGEMENT |
|
SHAREHOLDERS |
: |
Mehmet Fatih Baltaci Murad Abdurrahman Baltaci Sukriye Baltaci Mehlika Betul Baltaci Melike Aydin |
83,75 % 14,78 %
0,49 %
0,49 %
0,49 % |
|
GROUP |
: |
Akfel Group of companies: Some of the companies operating within
Akfel Group are as follows: -Akpol Insaat Muhendislik Proje ve Tic.
Ltd. Sti. -Akfel Uluslararasi Danismanlik ve Tic.
Ltd. Sti. -Enerco Enerji San. ve Tic. A.S -Avrasya Enerji San. ve Tic. A.S -Gastrans Enerji San. ve Tic. A.S -Turen Enerji Insaat San. ve Tic. A.S -Promet Insaat Proje
Kontrol ve Enformasyon Teknolojileri Tic A.S -Akfel Muhendislik Enerji Tesisleri San.
ve Tic. A.S. -Tez Elektronik Sanayi ve Ticaret Sanayi
ve Ticaret A.S. -Gazmarket Ic ve Dis Ticaret Ltd.Sti. -DBN Insaat Endustri ve Ticaret A.S. -Akpro Ic Ve Dis Ticaret Kollektif Sirketi
Murad Abdurrahman Baltaci Ve Ortagi |
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|
SUBSIDIARIES |
: |
Promet Insaat Proje Kontrol
ve Enformasyon Teknolojileri Tic A.S Turen Enerji Insaat
San. ve Tic. A.S Gastrans Enerji San.
ve Tic. A.S Avrasya Enerji San.
ve Tic. A.S |
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|
BOARD OF DIRECTORS |
: |
Mehmet Fatih Baltaci Murad Abdurrahman Baltaci Mehlika Betul Baltaci |
Chairman Vice-Chairman Member |
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OPERATIONS |
|
BUSINESS
ACTIVITIES |
: |
Manufacture and trade of natural gas
distribution equipment The company has declared that it is the
representative of “Fancel” (France), “Tartarini”
(Italy), “Firiatec” (Germany), “Sifel” (France), “Steel Trade” (Italy). |
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NUMBER OF
EMPLOYEES |
: |
60 |
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NET SALES |
: |
(YTL Thousand) 2,492 2,524 8,852 18,130 17,673 18,343 12,014 |
(2001) (2002) (2003) (2004) (2005) (2006) |
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IMPORT COUNTRIES |
: |
France, Italy, Germany… |
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MERCHANDISE
IMPORTED |
: |
Gas regulators and accessories |
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EXPORT VALUE |
: |
(YTL Thousand) 865 829 1,442 1,358 2,998 |
(2003) (2004) (2005) (2006) |
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EXPORT COUNTRIES |
: |
Georgia, Germany, Istanbul Leather Free
Zone, Iran, Turkmenistan, Ukraine… |
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MERCHANDISE
EXPORTED |
: |
Fittings for tubes, valves, regulating or
controlling instruments, hoses… |
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PREMISES |
: |
Head Office: Kisikli Alemdag Cad. Masaldan Is Merkezi No:46 A Blok K.1 D: 5-6
Uskudar Istanbul (rented) Production Plant: Aksanayi Sitesi 1. Kisim No:1 Umraniye Istanbul
(1,000 sqm) (rented) |
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FIXED CAPITAL
INVESTMENTS |
: |
None |
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TREND OF
BUSINESS |
: |
Fluctuating |
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COMMERCIAL MORALITY |
: |
Satisfactory |
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SIZE OF BUSINESS |
: |
Large |
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FINANCE |
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MAIN DEALING BANKERS |
: |
Turk Ekonomi Bankasi
Altunizade branch in Istanbul Asya Katilim Bankasi Kadikoy
branch in Istanbul Denizbank Umraniye
branch in Istanbul Fortisbank Umraniye
branch in Istanbul Yapi ve Kredi Bankasi Umraniye branch in
Istanbul |
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CREDIT FACILITIES |
: |
The subject company is making use of
short-term and long-term credit facilities. |
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PAYMENT BEHAVIOUR |
: |
According
to the official registries between 01.01.2000-15.10.2007, there is 1 non-paid
cheque in 2006 registered in the name of “Akfel Muhendislik”. However this
cheque was paid later on. |
COMMENT ON
FINANCIAL POSITION |
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
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|
Capitalization was insufficient as of 30.09.2007. A part of
liabilities was due to loans from shareholders but major part of liabilities
to third parties as of 30.09.2007. |
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LIQUIDITY |
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Liquidity may be regarded as being satisfactory as of 30.09.2007
disregarding “loans from shareholders” from “current liabilities”. |
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PROFITABILITY |
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Low |
Between 01.01-30.09.2007 |
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GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
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Favorable |
Between 01.01-30.09.2007 |
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GENERAL
FINANCIAL POSITION |
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Profitability was low and capitalization
was insufficient but liquidity may be regarded as being satisfactory in the
first 9 months of 2007 |
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CREDIT OPINION |
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CREDIT OPINION WITHOUT OBLIGATION |
: |
We are of the opinion that, a max. credit
of USD 1 million may be granted to
the subject company. |
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|
Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(2001) |
88.60 % |
1.1991 |
1.0714 |
1.7300 |
|
(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.-30.09.2007) |
4.98 % |
1.3447 |
1.8084 |
2.6720 |
|
(1.1.-30.11.2007) |
5.78 % |
1.3190 |
1.7961 |
2.6363 |
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|
BALANCE SHEETS |
||||||||
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|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
31.12.06 |
|
|
|
30.9.07 |
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CURRENT ASSETS |
12.205.182 |
|
0,76 |
|
13.597.686 |
|
0,69 |
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Cash and
Banks |
4.795.087 |
|
0,30 |
|
3.847.401 |
|
0,20 |
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|
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Marketable
Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Account
Receivable |
3.744.078 |
|
0,23 |
|
4.182.093 |
|
0,21 |
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Other
Receivable |
163.570 |
|
0,01 |
|
271.712 |
|
0,01 |
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Inventories |
2.318.971 |
|
0,15 |
|
2.753.947 |
|
0,14 |
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Advances
Given |
999.764 |
|
0,06 |
|
2.408.643 |
|
0,12 |
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Other
Current Assets |
183.712 |
|
0,01 |
|
133.890 |
|
0,01 |
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NON-CURRENT ASSETS |
3.768.198 |
|
0,24 |
|
6.103.132 |
|
0,31 |
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Long-term
Receivable |
47 |
|
0,00 |
|
4.271 |
|
0,00 |
|
|
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Financial
Assets |
1.738.533 |
|
0,11 |
|
3.504.033 |
|
0,18 |
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Tangible
Fixed Assets (net) |
586.539 |
|
0,04 |
|
761.608 |
|
0,04 |
|
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Intangible Assets |
1.381.477 |
|
0,09 |
|
1.828.190 |
|
0,09 |
|
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Other
Non-Current Assets |
61.602 |
|
0,00 |
|
5.030 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
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TOTAL ASSETS |
15.973.380 |
|
1,00 |
|
19.700.818 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
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CURRENT LIABILITIES |
9.917.605 |
|
0,62 |
|
13.917.093 |
|
0,71 |
|
|
|
Financial
Loans |
3.633.017 |
|
0,23 |
|
3.462.025 |
|
0,18 |
|
|
|
Accounts
Payable |
3.990.145 |
|
0,25 |
|
6.113.194 |
|
0,31 |
|
|
|
Loans
from Shareholders |
0 |
|
0,00 |
|
957.228 |
|
0,05 |
|
|
|
Other
Short-term Payable |
200.000 |
|
0,01 |
|
0 |
|
0,00 |
|
|
|
Advances
from Customers |
2.019.377 |
|
0,13 |
|
3.151.105 |
|
0,16 |
|
|
|
Taxes
Payable |
71.998 |
|
0,00 |
|
233.541 |
|
0,01 |
|
|
|
Provisions |
3.068 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Current Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
1.407.453 |
|
0,09 |
|
944.461 |
|
0,05 |
|
|
|
Financial
Loans |
1.407.453 |
|
0,09 |
|
944.461 |
|
0,05 |
|
|
|
Securities Issued |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Long-term
Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Loans
from Shareholders |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Long-term Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Provisions |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
4.648.322 |
|
0,29 |
|
4.839.264 |
|
0,25 |
|
|
|
Paid-in
Capital |
3.000.000 |
|
0,19 |
|
3.000.000 |
|
0,15 |
|
|
|
Inflation
Adjustment of Capital |
923.344 |
|
0,06 |
|
923.344 |
|
0,05 |
|
|
|
Reserves |
898.810 |
|
0,06 |
|
1.210.398 |
|
0,06 |
|
|
|
Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accumulated Losses(-) |
-485.420 |
|
-0,03 |
|
-485.420 |
|
-0,02 |
|
|
|
Net
Profit (loss) |
311.588 |
|
0,02 |
|
190.942 |
|
0,01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
15.973.380 |
|
1,00 |
|
19.700.818 |
|
1,00 |
|
|
|
INCOME STATEMENTS |
||||||||
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2006 |
|
|
|
1.1.-30.9.2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
18.343.459 |
|
1,00 |
|
12.014.583 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
13.658.674 |
|
0,74 |
|
8.423.497 |
|
0,70 |
|
|
|
Gross Profit |
4.684.785 |
|
0,26 |
|
3.591.086 |
|
0,30 |
|
|
|
Operating
Expenses |
1.858.959 |
|
0,10 |
|
1.420.005 |
|
0,12 |
|
|
|
Operating Profit |
2.825.826 |
|
0,15 |
|
2.171.081 |
|
0,18 |
|
|
|
Other
Income |
1.067.922 |
|
0,06 |
|
251.050 |
|
0,02 |
|
|
|
Other Expenses |
977.030 |
|
0,05 |
|
839.689 |
|
0,07 |
|
|
|
Financial
Expenses |
2.514.357 |
|
0,14 |
|
1.391.500 |
|
0,12 |
|
|
|
Profit (loss) Before Tax |
402.361 |
|
0,02 |
|
190.942 |
|
0,02 |
|
|
|
Tax
Payable |
90.773 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
311.588 |
|
0,02 |
|
190.942 |
|
0,02 |
|
|
|
FINANCIAL RATIOS |
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|
2006 |
|
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|
1.1.-30.9.2007 |
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LIQUIDITY RATIOS |
|
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|
|
|
|
|
|
|
|
Current Ratio |
1,23 |
|
|
|
0,98 |
|
|
|
|
|
Acid-Test Ratio |
0,88 |
|
|
|
0,60 |
|
|
|
|
|
|
|
|
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|
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|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,15 |
|
|
|
0,14 |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,24 |
|
|
|
0,23 |
|
|
|
|
|
Tangible Assets/Total Assets |
0,04 |
|
|
|
0,04 |
|
|
|
|
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TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
5,89 |
|
|
|
3,06 |
|
|
|
|
|
Stockholders' Equity Turnover |
3,95 |
|
|
|
2,48 |
|
|
|
|
|
Asset Turnover |
1,15 |
|
|
|
0,61 |
|
|
|
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|
|
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|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,29 |
|
|
|
0,25 |
|
|
|
|
|
Current Liabilities/Total Assets |
0,62 |
|
|
|
0,71 |
|
|
|
|
|
Financial Leverage |
0,71 |
|
|
|
0,75 |
|
|
|
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|
|
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PROFITABILITY RATIOS |
|
|
|
|
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|
|
|
|
|
Net Profit/Stockholders' Eq. |
0,07 |
|
|
|
0,04 |
|
|
|
|
|
Operating Profit Margin |
0,15 |
|
|
|
0,18 |
|
|
|
|
|
Net Profit Margin |
0,02 |
|
|
|
0,02 |
|
|
|
|
|
|
|
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|
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|
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COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
73,48 |
|
|
|
125,44 |
|
|
|
|
|
Average Payable Period (days) |
105,17 |
|
|
|
261,26 |
|
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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. |
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%)