MIRA INFORM
REPORT
|
Report Date : |
23.07.2007 |
IDENTIFICATION DETAILS
|
Name : |
POLAT MADEN SANAYI VE TICARET A.S. |
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Registered Office : |
Buyukdere Cad. Polat Han. No: 87 Mecidiyekoy |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
15.02.1991 |
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Com. Reg. No.: |
272877 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Extracting and trade of mine |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
|
Status : |
Moderate |
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Payment Behaviour : |
Usually correct |
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|
Litigation : |
Clear |
COMPANY
IDENTIFICATION
|
NAME |
: |
POLAT MADEN SANAYI VE TICARET A.S. |
|
ADDRESS |
: |
Head Office: Buyukdere Cad. Polat Han. No:
87 Mecidiyekoy Istanbul/Turkey |
|
PHONE NUMBER |
: |
90-212-213 60 95 |
|
FAX NUMBER |
: |
90-212-213 60 98 |
LEGAL STATUS AND
HISTORY
|
TAX OFFICE / NO |
: |
Bogazici Kurumlar / 7320036152 |
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REGISTRATION NUMBER |
: |
272877 |
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REGISTERED OFFICE |
: |
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DATE ESTABLISHED |
: |
15.02.1991 (Commercial Registry Gazette
Date/No:20.02.1991/2720) |
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LEGAL FORM |
: |
Joint Stock Company |
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TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
YTL 5,300,000 |
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PAID-IN CAPITAL |
: |
YTL 5,300,000 |
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|
HISTORY |
: |
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|
Previous Registered Capital |
:YTL 2,250,000 |
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Regist. Capital Changed on |
: 09.05.2006 (Commercial Registry Gazette Date/No:12.05.2006/6555
) |
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Previous Address |
:Buyukdere Cad. Polat Han Kat:1 Mecidiyekoy Sisli |
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Address Changed On |
: 09.05.2006 (Commercial Registry Gazette
Date/No:12.05.2006/6555 ) |
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OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Ibrahim Polat Holding A.S. Ibrahim Polat Adnan Polat Murat Polat Songul Sel |
96 % 1 % 1 % 1 % 1 % |
|
GROUP PARENT COMPANY |
: |
Ibrahim Polat Holding A.S. Ibrahim Polat Holding A.S. is a well-known
conglomerate which coordinates the financial and administrative operations of
Ibrahim Polat group of companies. Ibrahim Polat group consists mainly of the
following companies -Ege Seramik Dis Ticaret A.S -Ege Ins. Malz. Paz. A.S -Polat Ins. San. ve Tic. A.S. -Polat Ins. Hizm. Ve Taah. San. Tic. A.S. -Polat Ins. Malz. Tic. A.S -Polat Turizm Otel. Tic. ve San. A.S -Ege Seramik San. ve Tic. A.S. -Polat Maden San. ve Tic. A.S -Ege Birlesik Enerji
Elektrik Uretim Otoproduktor Grubu A.S -Polat Enerji San. ve Tic. A.S -Ege Vitrifiye Saglik Gerecleri San. ve
Tic. A.S. -Ege Seramik Trading East Europe S.A. -Ibrahim Polat Holding A.S. -Ege Seramik America S.A. -Ege Seramik Europe S.A. -Ege
Seramik Hungary Ltd. |
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SUBSIDIARIES |
: |
Ege Birlesik Enerji
Elektrik Uretim Otoproduktor Grubu A.S |
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BOARD OF DIRECTORS |
: |
Adnan Polat Bulent Zihnali Baran Demir |
Chairman Vice-Chairman Member |
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DIRECTORS |
: |
Ertugrul Eraydin Ali Iscan Enver Sever |
General Manager Deputy General Manager Finance Manager |
OPERATIONS
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BUSINESS
ACTIVITIES |
: |
Extracting and trade of mine |
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SECTOR |
: |
Mining |
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TRADENAME |
: |
“Polat Quartz” |
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NUMBER OF
EMPLOYEES |
: |
110 |
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NET SALES |
: |
(YTL) 16,258,126 16,705,916 8,632,301 |
(2005) (2006) (01.01.-31.05.2007) |
|
The a.m.sales figure of 01.01.-31.05.2007 is declared by the
subject company. There is no certification for this figure. |
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CAPACITY OF
EXTRACTING |
: |
(Tons/Yr) 75,000 100,000 140,000 |
(2005) (2006) (2007) |
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AMOUNT OF
PRODUCT EXTRACTED |
: |
(Tons) 72,048 85,778 46,500 |
(2005) (2006) (01.01.-31.05.2007) |
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IMPORT VALUE |
: |
(USD) 484,525 613,257 27,000 |
(2005) (2006) (01.01.-31.05.2007) |
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IMPORT COUNTRIES |
: |
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MERCHANDISE
IMPORTED |
: |
Chemicals |
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EXPORT VALUE |
: |
YTL 6,675,372 YTL 10,909,054 USD 4,863,753 |
(2005) (2006) (01.01.-31.05.2007) |
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EXPORT COUNTRIES |
: |
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MERCHANDISE EXPORTED |
: |
Quartz |
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PREMISES |
: |
Head Office:Buyukdere Cad. Polat Han.
No:87 Mecidiyekoy The subject has declared that it has more
than 30 mines, mainly around Aydin and Mugla. |
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FIXED CAPITAL INVESTMENTS |
: |
None |
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TREND OF BUSINESS : There was a slowdown at sales volume in real terms in 2006.
COMMERCIAL MORALITY : Good
SIZE OF BUSINESS : Large
FINANCE
|
MAIN DEALING BANKERS |
: |
Turkish Bank Merkez branch in Finansbank Merkez branch in Turkiye Is Bankasi Mecidiyekoy 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 “Polat Maden” |
COMMENT ON FINANCIAL
POSITION
|
FINANCIAL STRUCTURE
(SUFFICENCY OF OWN RESOURCES) |
||
|
Insufficient |
As of 31.12.2006 |
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LIQUIDITY |
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Low |
As of 31.12.2006 |
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PROFITABILITY |
||
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The firm which had operating profitability, had loss after other
expenses in 2006. |
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GAP BETWEEN COLLECTION-PAYMENT PERIODS |
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Favorable |
In 2006 |
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GENERAL
FINANCIAL POSITION |
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Unsatisfactory |
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CREDIT OPINION
CREDIT OPINION WITHOUT OBLIGATION : We are of the opinion that, the subject is suitable for dealing on
secured terms for any amount of business.
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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 |
|
(2006) |
11.58 % |
1.4309 |
1.7987 |
2.6377 |
|
(1.1.-31.05.2007) |
3.09 % |
1.3821 |
1.8357 |
2.7229 |
|
(1.1.-30.06.2007) |
2.98 % |
1.3733 |
1.8275 |
2.7117 |
|
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 |
6.956.684 |
|
0,46 |
|
7.879.642 |
|
0,41 |
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Cash and
Banks |
1.030.914 |
|
0,07 |
|
7.122 |
|
0,00 |
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Marketable
Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Account
Receivable |
2.450.711 |
|
0,16 |
|
3.381.731 |
|
0,18 |
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Other
Receivable |
1.099 |
|
0,00 |
|
343.189 |
|
0,02 |
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Inventories |
1.691.808 |
|
0,11 |
|
2.381.043 |
|
0,12 |
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Advances
Given |
5.871 |
|
0,00 |
|
1.075 |
|
0,00 |
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Other
Current Assets |
1.776.281 |
|
0,12 |
|
1.765.482 |
|
0,09 |
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NON-CURRENT ASSETS |
8.049.244 |
|
0,54 |
|
11.408.439 |
|
0,59 |
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Long-term
Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Financial
Assets |
3.307.576 |
|
0,22 |
|
3.307.830 |
|
0,17 |
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Tangible
Fixed Assets (net) |
4.403.492 |
|
0,29 |
|
7.828.100 |
|
0,41 |
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Intangible
Assets |
338.176 |
|
0,02 |
|
272.509 |
|
0,01 |
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Other
Non-Current Assets |
0 |
|
0,00 |
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0 |
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0,00 |
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TOTAL ASSETS |
15.005.928 |
|
1,00 |
|
19.288.081 |
|
1,00 |
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CURRENT LIABILITIES |
8.863.215 |
|
0,59 |
|
12.327.255 |
|
0,64 |
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Financial
Loans |
4.647.633 |
|
0,31 |
|
5.819.026 |
|
0,30 |
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Accounts
Payable |
3.423.141 |
|
0,23 |
|
5.462.886 |
|
0,28 |
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Loans from
Shareholders |
0 |
|
0,00 |
|
397.373 |
|
0,02 |
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Other
Short-term Payable |
136.674 |
|
0,01 |
|
75.558 |
|
0,00 |
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Advances
from Customers |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Taxes
Payable |
142.103 |
|
0,01 |
|
171.230 |
|
0,01 |
|
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Provisions |
379.722 |
|
0,03 |
|
41.118 |
|
0,00 |
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Other
Current Liabilities |
133.942 |
|
0,01 |
|
360.064 |
|
0,02 |
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|
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LONG-TERM LIABILITIES |
101.094 |
|
0,01 |
|
1.457.710 |
|
0,08 |
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Financial
Loans |
101.094 |
|
0,01 |
|
661.565 |
|
0,03 |
|
|
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Securities
Issued |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
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Long-term
Payable |
0 |
|
0,00 |
|
796.145 |
|
0,04 |
|
|
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Loans from
Shareholders |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
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Other
Long-term Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
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|
Provisions |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
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|
|
|
|
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|
|
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STOCKHOLDERS' EQUITY |
6.041.619 |
|
0,40 |
|
5.503.116 |
|
0,29 |
|
|
|
Paid-in
Capital |
2.250.000 |
|
0,15 |
|
5.300.000 |
|
0,27 |
|
|
|
Inflation
Adjustment of Capital |
2.746.009 |
|
0,18 |
|
0 |
|
0,00 |
|
|
|
Reserves |
749.890 |
|
0,05 |
|
781.618 |
|
0,04 |
|
|
|
Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accumulated Losses(-) |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
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|
Net Profit
(loss) |
295.720 |
|
0,02 |
|
-578.502 |
|
-0,03 |
|
|
|
|
|
|
|
|
|
|
|
|
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TOTAL LIABILITIES AND EQUITY |
15.005.928 |
|
1,00 |
|
19.288.081 |
|
1,00 |
|
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INCOME STATEMENTS |
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|
YTL |
|
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|
YTL |
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
|
|
|
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Net Sales |
16.258.126 |
|
1,00 |
|
16.705.916 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
11.613.764 |
|
0,71 |
|
10.734.908 |
|
0,64 |
|
|
|
Gross Profit |
4.644.362 |
|
0,29 |
|
5.971.008 |
|
0,36 |
|
|
|
Operating
Expenses |
3.839.269 |
|
0,24 |
|
4.936.245 |
|
0,30 |
|
|
|
Operating Profit |
805.093 |
|
0,05 |
|
1.034.763 |
|
0,06 |
|
|
|
Other
Income |
477.126 |
|
0,03 |
|
738.468 |
|
0,04 |
|
|
|
Other
Expenses |
774.769 |
|
0,05 |
|
1.553.295 |
|
0,09 |
|
|
|
Financial
Expenses |
135.126 |
|
0,01 |
|
798.438 |
|
0,05 |
|
|
|
Profit (loss) Before Tax |
372.324 |
|
0,02 |
|
-578.502 |
|
-0,03 |
|
|
|
Tax
Payable |
76.604 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
295.720 |
|
0,02 |
|
-578.502 |
|
-0,03 |
|
|
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FINANCIAL RATIOS |
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2005 |
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2006 |
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LIQUIDITY RATIOS |
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Current Ratio |
0,78 |
|
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|
0,64 |
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Acid-Test Ratio |
0,39 |
|
|
|
0,30 |
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ASSET STRUCTURE RATIOS |
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Inventory/Total Assets |
0,11 |
|
|
|
0,12 |
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|
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|
Short-term Receivable/Total Assets |
0,16 |
|
|
|
0,19 |
|
|
|
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|
Tangible Assets/Total Assets |
0,29 |
|
|
|
0,41 |
|
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TURNOVER RATIOS |
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|
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|
|
Inventory Turnover |
6,86 |
|
|
|
4,51 |
|
|
|
|
|
Stockholders' Equity Turnover |
2,69 |
|
|
|
3,04 |
|
|
|
|
|
Asset Turnover |
1,08 |
|
|
|
0,87 |
|
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FINANCIAL STRUCTURE |
|
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|
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|
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Stockholders' Equity/Total Assets |
0,40 |
|
|
|
0,29 |
|
|
|
|
|
Current Liabilities/Total Assets |
0,59 |
|
|
|
0,64 |
|
|
|
|
|
Financial Leverage |
0,60 |
|
|
|
0,71 |
|
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PROFITABILITY RATIOS |
|
|
|
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|
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|
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|
Net Profit/Stockholders' Eq. |
0,05 |
|
|
|
-0,11 |
|
|
|
|
|
Operating Profit Margin |
0,05 |
|
|
|
0,06 |
|
|
|
|
|
Net Profit Margin |
0,02 |
|
|
|
-0,03 |
|
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COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
54,27 |
|
|
|
72,87 |
|
|
|
|
|
Average Payable Period (days) |
106,11 |
|
|
|
209,90 |
|
|
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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%)