MIRA
INFORM REPORT
|
Report Date : |
28.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
ATAK ENDUSTRIYEL URUNLER DIS TICARET LTD. STI. |
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Registered Office : |
Prof. Cemil Birsel Cad. Sahin No:20 Kat:3 D:301-302 Eminonu – Istanbul
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Country : |
Turkey |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
01.07.1998 |
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Com. Reg. No.: |
398526 |
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Legal Form : |
Limited Company |
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Line of Business : |
Trade of hand tools equipment and hardware products |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
ATAK ENDUSTRIYEL URUNLER DIS TICARET LTD. STI. |
|
ADDRESS |
: |
Head Office: Prof. Cemil Birsel Cad. Sahin
No:20 Kat:3 D:301-302 Eminonu – Istanbul / Turkey |
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PHONE NUMBER |
: |
90-212-527 81 22 90-212-527 81 59 |
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FAX NUMBER |
: |
90-212-511 60 92 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Mercan / 0940029646 |
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REGISTRATION NUMBER |
: |
398526 |
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REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
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DATE ESTABLISHED |
: |
01.07.1998 (Commercial Registry Gazette
Date/No: 06.07.1998 / 4576) |
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LEGAL FORM |
: |
Limited Company |
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TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
YTL 50,000 |
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PAID-IN CAPITAL |
: |
YTL 50,000 |
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Mevlut Turgutalp Serap Turgutalp |
75 % |
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SISTER COMPANIES |
: |
Declared to be: None |
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GROUP PARENT COMPANY |
: |
None |
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SUBSIDIARIES |
: |
None |
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DIRECTOR |
: |
Mevlut Turgutalp |
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OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Trade of hand tools equipment and hardware
products |
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SECTOR |
: |
Commerce |
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NUMBER OF EMPLOYEES |
: |
2 |
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NET SALES |
: |
(YTL) 2,521,365 3,008,591 2,362,205 |
(2005) (2006) (01.01.-30.09.2007) |
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CAPACITY |
: |
None |
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PRODUCTION |
: |
None |
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IMPORT COUNTRIES |
: |
China, Taiwan, India… |
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MERCHANDISE
IMPORTED |
: |
Hand tools equipment and hardware products |
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EXPORT VALUE |
: |
None |
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PREMISES |
: |
Head Office: Prof. Cemil Birsel Cad. Sahin
No:20 Kat:3 D:301-302 Eminonu – Istanbul Warehouse: Istoc – Istanbul |
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FIXED CAPITAL
INVESTMENTS |
: |
None |
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TREND OF BUSINESS : There was an upwards trend at sales volume in 2006 but there appears
a stagnating trend at sales volume in the first 9 months of 2007.
COMMERCIAL MORALITY : Good
SIZE OF BUSINESS : Small
FINANCE
|
MAIN DEALING BANKERS |
: |
Halkbank Tahtakale branch in Istanbul Garanti Bankasi Tahtakale branch in
Istanbul |
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CREDIT FACILITIES |
: |
No credit facility has come to our
knowledge. |
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PAYMENT BEHAVIOUR |
: |
No complaints have been heard regarding
payments from banks. According to the official
registries between 01.01.2000-15.10.2007, there are no protested bills and
non-paid cheques registered in the name of
“Atak Endustriyel” |
COMMENT ON FINANCIAL POSITION
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FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
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High |
As of 31.12.2006 |
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LIQUIDITY |
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High |
As of 31.12.2006 |
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PROFITABILITY |
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In order |
In 2006 |
Low |
Between 01.01.-30.09.2007 |
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GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
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Unfavorable |
In 2006 |
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GENERAL FINANCIAL POSITION |
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Good |
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CREDIT OPINION
CREDIT OPINION WITHOUT OBLIGATION : We are of the opinion that, a max. credit of USD 88,000 may be
granted to the subject company.
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|
Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(2005) |
2.66 % |
1.3499 |
1.6882 |
2.4623 |
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(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 |
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YTL |
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31.12.05 |
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31.12.06 |
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CURRENT ASSETS |
331.244 |
|
0,99 |
|
239.613 |
|
0,97 |
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Cash and
Banks |
5.332 |
|
0,02 |
|
14.425 |
|
0,06 |
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Marketable Securities |
0 |
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0,00 |
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0 |
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0,00 |
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Account
Receivable |
34.704 |
|
0,10 |
|
78.872 |
|
0,32 |
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Other
Receivable |
0 |
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0,00 |
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0 |
|
0,00 |
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Inventories |
16.768 |
|
0,05 |
|
0 |
|
0,00 |
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Advances
Given |
272.552 |
|
0,81 |
|
106.987 |
|
0,43 |
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Other
Current Assets |
1.888 |
|
0,01 |
|
39.329 |
|
0,16 |
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NON-CURRENT ASSETS |
3.613 |
|
0,01 |
|
7.898 |
|
0,03 |
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Long-term
Receivable |
0 |
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0,00 |
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0 |
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0,00 |
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Financial
Assets |
0 |
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0,00 |
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0 |
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0,00 |
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Tangible
Fixed Assets (net) |
3.062 |
|
0,01 |
|
7.347 |
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0,03 |
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Intangible Assets |
551 |
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0,00 |
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0 |
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0,00 |
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Other
Non-Current Assets |
0 |
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0,00 |
|
551 |
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0,00 |
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TOTAL ASSETS |
334.857 |
|
1,00 |
|
247.511 |
|
1,00 |
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CURRENT LIABILITIES |
174.725 |
|
0,52 |
|
10.012 |
|
0,04 |
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Financial
Loans |
0 |
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0,00 |
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0 |
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0,00 |
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Accounts
Payable |
3.274 |
|
0,01 |
|
933 |
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0,00 |
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Loans
from Shareholders |
161.100 |
|
0,48 |
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0 |
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0,00 |
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Other
Short-term Payable |
0 |
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0,00 |
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0 |
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0,00 |
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Advances
from Customers |
0 |
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0,00 |
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0 |
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0,00 |
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Taxes
Payable |
10.351 |
|
0,03 |
|
9.079 |
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0,04 |
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Provisions |
0 |
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0,00 |
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0 |
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0,00 |
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Other
Current Liabilities |
0 |
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0,00 |
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0 |
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0,00 |
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LONG-TERM LIABILITIES |
0 |
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0,00 |
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0 |
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0,00 |
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Financial
Loans |
0 |
|
0,00 |
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0 |
|
0,00 |
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Securities Issued |
0 |
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0,00 |
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0 |
|
0,00 |
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Long-term
Payable |
0 |
|
0,00 |
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0 |
|
0,00 |
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Loans
from Shareholders |
0 |
|
0,00 |
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0 |
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0,00 |
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Other
Long-term Liabilities |
0 |
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0,00 |
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0 |
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0,00 |
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Provisions |
0 |
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0,00 |
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0 |
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0,00 |
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STOCKHOLDERS' EQUITY |
160.132 |
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0,48 |
|
237.499 |
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0,96 |
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Paid-in
Capital |
50.000 |
|
0,15 |
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50.000 |
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0,20 |
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Reserves |
88.145 |
|
0,26 |
|
137.986 |
|
0,56 |
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Revaluation Fund |
0 |
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0,00 |
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0 |
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0,00 |
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Accumulated Losses(-) |
-27.854 |
|
-0,08 |
|
-27.854 |
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-0,11 |
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Net
Profit (loss) |
49.841 |
|
0,15 |
|
77.367 |
|
0,31 |
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TOTAL LIABILITIES AND EQUITY |
334.857 |
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1,00 |
|
247.511 |
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1,00 |
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INCOME STATEMENTS |
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YTL |
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YTL |
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YTL |
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|
2005 |
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|
2006 |
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|
1.1.-30.09.2007 |
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Net Sales |
2.521.365 |
|
1,00 |
|
3.008.591 |
|
1,00 |
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2.362.205 |
|
1,00 |
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Cost of
Goods Sold |
2.414.320 |
|
0,96 |
|
2.876.260 |
|
0,96 |
|
2.255.668 |
|
0,95 |
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Gross Profit |
107.045 |
|
0,04 |
|
132.331 |
|
0,04 |
|
106.537 |
|
0,05 |
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Operating
Expenses |
35.591 |
|
0,01 |
|
43.149 |
|
0,01 |
|
36.732 |
|
0,02 |
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Operating Profit |
71.454 |
|
0,03 |
|
89.182 |
|
0,03 |
|
69.805 |
|
0,03 |
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Other
Income |
1.194 |
|
0,00 |
|
10.533 |
|
0,00 |
|
1.101 |
|
0,00 |
|
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|
Other
Expenses |
1.015 |
|
0,00 |
|
2.679 |
|
0,00 |
|
17.740 |
|
0,01 |
|
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|
Financial
Expenses |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
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Profit (loss) Before Tax |
71.633 |
|
0,03 |
|
97.036 |
|
0,03 |
|
53.166 |
|
0,02 |
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Tax
Payable |
21.792 |
|
0,01 |
|
19.669 |
|
0,01 |
|
0 |
|
0,00 |
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Net Profit (loss) |
49.841 |
|
0,02 |
|
77.367 |
|
0,03 |
|
53.166 |
|
0,02 |
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FINANCIAL RATIOS |
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2005 |
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2006 |
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1.1.-30.09.2007 |
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LIQUIDITY RATIOS |
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Current Ratio |
1,90 |
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|
23,93 |
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-- |
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Acid-Test Ratio |
0,23 |
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|
9,32 |
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-- |
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ASSET STRUCTURE RATIOS |
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Inventory/Total Assets |
0,05 |
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|
0,00 |
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-- |
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Short-term Receivable/Total Assets |
0,10 |
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|
0,32 |
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|
-- |
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Tangible Assets/Total Assets |
0,01 |
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|
0,03 |
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-- |
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TURNOVER RATIOS |
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Inventory Turnover |
143,98 |
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-- |
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-- |
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Stockholders' Equity Turnover |
15,75 |
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|
12,67 |
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-- |
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Asset Turnover |
7,53 |
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|
12,16 |
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-- |
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FINANCIAL STRUCTURE |
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Stockholders' Equity/Total Assets |
0,48 |
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|
0,96 |
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|
-- |
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Current Liabilities/Total Assets |
0,52 |
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|
0,04 |
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|
-- |
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Financial Leverage |
0,52 |
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|
0,04 |
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-- |
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PROFITABILITY RATIOS |
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Net Profit/Stockholders' Eq. |
0,31 |
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|
0,33 |
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-- |
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Operating Profit Margin |
0,03 |
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|
0,03 |
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|
0,03 |
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Net Profit Margin |
0,02 |
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|
0,03 |
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|
0,02 |
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COLLECTION-PAYMENT |
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Average Collection Period (days) |
4,96 |
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|
9,44 |
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|
-- |
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Average Payable Period (days) |
0,49 |
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|
0,12 |
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|
-- |
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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%)