MIRA
INFORM REPORT
|
Report Date : |
29.08.2007 |
IDENTIFICATION DETAILS
|
Name : |
ALTUNKAYA INSAAT NAKLIYAT GIDA TICARET A.S. |
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Registered Office : |
Gazimuhtarpasa Bulvari Kalyon Is Merkezi Kat: 4/14 |
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Country : |
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Financials (as on) : |
30.06.2007 |
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Date of Incorporation : |
28.04.1993 |
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Com. Reg. No.: |
22407 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Trade of food products, detergents, cosmetics, kitchen materials. |
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 : |
Usually correct |
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Litigation : |
Clear |
COMPANY
IDENTIFICATION
|
NAME |
: |
ALTUNKAYA INSAAT NAKLIYAT GIDA TICARET A.S. |
|
ADDRESS |
: |
Head Office: Gazimuhtarpasa Bulvari Kalyon
Is Merkezi Kat: 4/14 |
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PHONE NUMBER |
: |
90-342-215 13 13 (5 Lines) |
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FAX NUMBER |
: |
90-342-215 10 21 |
LEGAL STATUS AND
HISTORY
|
TAX OFFICE / NO |
: |
Gazikent / 0670082527 |
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REGISTRATION NUMBER |
: |
22407 |
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REGISTERED OFFICE |
: |
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DATE ESTABLISHED |
: |
28.04.1993 (Commercial Registry Gazette
Date / No: 10.05.1993 / 3277) |
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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 Legal Form |
:Limited Company |
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Legal Form Changed On |
:31.12.1998 Commercial Registry Gazette
Date/No: 06.01.1999 / 4706) |
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Previous Name |
:Altunkaya Ithalat Ihracat San. ve Tic.
Ltd. Sti. |
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Name Changed On |
:31.12.1998 (Commercial Registry Gazette
Date/No: 06.01.1999 / 4706) |
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Previous
Registered Capital |
:YTL 1,200,000 |
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Regist. Capital
Changed On |
:2003(Commercial Registry Gazette Date/No:
28.04.2003 / 5786) |
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Previous
Registered Capital |
:YTL 1,650,000 |
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Regist. Capital
Changed On |
:11.06.2004 (Commercial Registry Gazette
Date/No:25.06.2004 / 6079) |
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Previous
Registered Capital |
:YTL 2,000,000 |
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Regist. Capital
Changed On |
:20.09.2005 (Commercial Registry Gazette
Date/No:26.09.2005/6397) |
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Previous Registered
Capital |
:YTL 3,300,000 |
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Regist. Capital
Changed On |
:14.06.2006 (Commercial Registry Gazette
Date/No:23.06.2006/6584) |
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Other Historical Events |
:The company was firstly established in Mardin
and it was registered at Mardin Commercial Registry with registration no:
5865. Then the company moved to |
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OWNERSHIP /
MANAGEMENT
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SHAREHOLDERS |
: |
Abdulkerim Altunkaya Mahmut Altunkaya Ahmet Altunkaya Ramazan Altunkaya Mahsum Altunkaya |
20 % 20 % 20 % 20 % 20 % |
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SISTER COMPANIES |
: |
Declared to be: -Altunsa Gida San. ve
Tic.A.S. -Latif Akaryakit
Insaat Nak. Gida Tic.Ltd.Sti. -Lidersan Saglik Ve
Gida Urunleri A.S. |
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BOARD OF DIRECTORS |
: |
Abdulkerim Altunkaya Ahmet Altunkaya Ramazan Altunkaya |
Chairman Vice-Chairman Member |
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OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Trade of food products, detergents,
cosmetics, kitchen materials... The firm exports mainly the products
manufactured by the sister companies. The firm has declared that, it is the distributor
of following: -Kent Gida ( -Miss Biskuvi ( -Baser Kimya ( |
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NUMBER OF
EMPLOYEES |
: |
50 |
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NET SALES |
: |
(YTL Thousand) 19,097 42,087 27,851 40,059 98,944 200,541 250,363 108,355 |
(2000) (2001) (2002) (2003) (2004) (2005) (2006) (01.01.-30.06.2007) |
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IMPORT VALUE |
: |
USD 8,594,000 USD 13 million None None USD 74,726,770 USD 33,239,278 |
(2002) (2003) (2004) (2005) (2006) (01.01.-30.06.2007) |
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IMPORT COUNTRIES |
: |
Sri Lanka, United Arab
Emirates, Germany, Switzerland, China, UK... |
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MERCHANDISE
IMPORTED |
: |
Food products, detergents….. |
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EXPORT VALUE |
: |
YTL 18,210
thousand YTL 41,681
thousand YTL 27,574
thousand YTL 39,981
thousand YTL 98,012
thousand YTL 199,747
thousand YTL 248,861
thousand YTL 108,148
thousand |
(2000) (2001) (2002) (2003) (2004) (2005) (2006) (01.01.-30.06.2007) |
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EXPORT COUNTRIES |
: |
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MERCHANDISE
EXPORTED |
: |
Food products |
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REMISES |
: |
Head
Office: Gazimuhtarpasa Bulvari Kalyon Is Merkezi Kat: 4/14 Warehouse:
2. Organize Sanayi Bolgesi Gunelpen PVC Bitisigi Altunkaya Deposu Altunsa There are branch offices in Mardin and |
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TREND OF BUSINESS : Upwards
COMMERCIAL MORALITY : Not in Order
SIZE OF BUSINESS : Large
FINANCE
|
MAIN DEALING BANKERS |
: |
Denizbank Gaziantep branch in Turk Ekonomi Bankasi Guneydogu Kurumsal
branch in Garanti Bankasi
Gaziantep branch in Gaziantep Oyakbank Suburcu
branch in Gaziantep |
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CREDIT FACILITIES |
: |
No credit facility has come to our
knowledge. |
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PAYMENT BEHAVIOUR |
: |
According to the official registries between
01.01.2000-15.07.2007 there is 1 protested bill in 2005 (it was paid later
on) and 1 protested bill in 2007 registered in the name of the subject
company. |
COMMENT ON FINANCIAL
POSITION
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FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
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The capitalization was low as of 30.06.2007 |
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LIQUIDITY |
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Insufficient |
As of 30.06.2007 |
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PROFITABILITY |
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Low |
Between 1.1.-30.06.2007 |
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GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
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Favorable |
Between 1.1.-30.06.2007 |
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GENERAL
FINANCIAL POSITION |
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Unsatisfactory |
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Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(2000) |
32.70 % |
0.6251 |
0.5774 |
0.9480 |
|
(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 |
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(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 |
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BALANCE SHEETS |
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YTL Thousand |
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YTL Thousand |
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YTL Thousand |
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|
31.12.05 |
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|
31.12.06 |
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30.6.07 |
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CURRENT ASSETS |
43.182 |
|
0,94 |
|
48.295 |
|
0,92 |
|
33.635 |
|
0,89 |
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Cash and
Banks |
1.431 |
|
0,03 |
|
13.593 |
|
0,26 |
|
3.041 |
|
0,08 |
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Marketable
Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
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Account
Receivable |
31.376 |
|
0,68 |
|
22.436 |
|
0,43 |
|
11.255 |
|
0,30 |
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Other
Receivable |
701 |
|
0,02 |
|
819 |
|
0,02 |
|
456 |
|
0,01 |
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Inventories |
7.916 |
|
0,17 |
|
5.502 |
|
0,10 |
|
7.109 |
|
0,19 |
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Advances
Given |
1.477 |
|
0,03 |
|
5.578 |
|
0,11 |
|
11.238 |
|
0,30 |
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Other
Current Assets |
281 |
|
0,01 |
|
367 |
|
0,01 |
|
536 |
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0,01 |
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NON-CURRENT ASSETS |
2.983 |
|
0,06 |
|
4.429 |
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0,08 |
|
4.301 |
|
0,11 |
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Long-term
Receivable |
5 |
|
0,00 |
|
5 |
|
0,00 |
|
5 |
|
0,00 |
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Financial
Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
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Tangible
Fixed Assets (net) |
2.878 |
|
0,06 |
|
4.253 |
|
0,08 |
|
4.011 |
|
0,11 |
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Intangible
Assets |
25 |
|
0,00 |
|
25 |
|
0,00 |
|
29 |
|
0,00 |
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Other
Non-Current Assets |
75 |
|
0,00 |
|
146 |
|
0,00 |
|
256 |
|
0,01 |
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TOTAL ASSETS |
46.165 |
|
1,00 |
|
52.724 |
|
1,00 |
|
37.936 |
|
1,00 |
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CURRENT LIABILITIES |
40.610 |
|
0,88 |
|
44.442 |
|
0,84 |
|
29.553 |
|
0,78 |
|
|
|
Financial
Loans |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
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Accounts
Payable |
34.072 |
|
0,74 |
|
37.463 |
|
0,71 |
|
24.297 |
|
0,64 |
|
|
|
Loans from
Shareholders |
297 |
|
0,01 |
|
205 |
|
0,00 |
|
475 |
|
0,01 |
|
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Other
Short-term Payable |
14 |
|
0,00 |
|
4 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Advances
from Customers |
5.980 |
|
0,13 |
|
6.660 |
|
0,13 |
|
4.704 |
|
0,12 |
|
|
|
Taxes
Payable |
158 |
|
0,00 |
|
13 |
|
0,00 |
|
57 |
|
0,00 |
|
|
|
Provisions |
70 |
|
0,00 |
|
76 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Current Liabilities |
19 |
|
0,00 |
|
21 |
|
0,00 |
|
20 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
LONG-TERM LIABILITIES |
273 |
|
0,01 |
|
2.073 |
|
0,04 |
|
966 |
|
0,03 |
|
|
|
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 |
273 |
|
0,01 |
|
2.073 |
|
0,04 |
|
966 |
|
0,03 |
|
|
|
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 |
|
|
|
|
|
|
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STOCKHOLDERS' EQUITY |
5.282 |
|
0,11 |
|
6.209 |
|
0,12 |
|
7.417 |
|
0,20 |
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|
|
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TOTAL LIABILITIES AND EQUITY |
46.165 |
|
1,00 |
|
52.724 |
|
1,00 |
|
37.936 |
|
1,00 |
|
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INCOME STATEMENTS |
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|
YTL Thousand |
|
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|
YTL Thousand |
|
|
|
YTL Thousand |
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
1.1.-30.06.07 |
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Net Sales |
200.541 |
|
1,00 |
|
250.363 |
|
1,00 |
|
108.355 |
|
1,00 |
|
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Cost of
Goods Sold |
195.680 |
|
0,98 |
|
238.093 |
|
0,95 |
|
105.882 |
|
0,98 |
|
|
|
Gross Profit |
4.861 |
|
0,02 |
|
12.270 |
|
0,05 |
|
2.473 |
|
0,02 |
|
|
|
Operating Expenses |
3.542 |
|
0,02 |
|
6.611 |
|
0,03 |
|
1.006 |
|
0,01 |
|
|
|
Operating Profit |
1.319 |
|
0,01 |
|
5.659 |
|
0,02 |
|
1.467 |
|
0,01 |
|
|
|
Other
Income |
2.235 |
|
0,01 |
|
6.783 |
|
0,03 |
|
3.113 |
|
0,03 |
|
|
|
Other
Expenses |
1.105 |
|
0,01 |
|
5.742 |
|
0,02 |
|
3.693 |
|
0,03 |
|
|
|
Financial
Expenses |
827 |
|
0,00 |
|
5.512 |
|
0,02 |
|
434 |
|
0,00 |
|
|
|
Profit (loss) Before Tax |
1.622 |
|
0,01 |
|
1.188 |
|
0,00 |
|
453 |
|
0,00 |
|
|
|
Tax
Payable |
214 |
|
0,00 |
|
278 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
1.408 |
|
0,01 |
|
910 |
|
0,00 |
|
453 |
|
0,00 |
|
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FINANCIAL RATIOS |
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2005 |
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|
2006 |
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|
1.1.-30.06.07 |
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LIQUIDITY RATIOS |
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Current Ratio |
1,06 |
|
|
|
1,09 |
|
|
|
1,14 |
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Acid-Test Ratio |
0,83 |
|
|
|
0,83 |
|
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|
0,50 |
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ASSET STRUCTURE RATIOS |
|
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|
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|
|
|
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Inventory/Total Assets |
0,17 |
|
|
|
0,10 |
|
|
|
0,19 |
|
|
|
|
|
Short-term Rec./Total Assets |
0,69 |
|
|
|
0,44 |
|
|
|
0,31 |
|
|
|
|
|
Tangible Assets/Total Assets |
0,06 |
|
|
|
0,08 |
|
|
|
0,11 |
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TURNOVER RATIOS |
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Inventory Turnover |
24,72 |
|
|
|
43,27 |
|
|
|
14,89 |
|
|
|
|
|
Stockholders' Equity Turnover |
37,97 |
|
|
|
40,32 |
|
|
|
14,61 |
|
|
|
|
|
Asset Turnover |
4,34 |
|
|
|
4,75 |
|
|
|
2,86 |
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FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
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|
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|
|
|
Stockholders' Equity/Total Assets |
0,11 |
|
|
|
0,12 |
|
|
|
0,20 |
|
|
|
|
|
Current Liabilities/Total Assets |
0,88 |
|
|
|
0,84 |
|
|
|
0,78 |
|
|
|
|
|
Financial Leverage |
0,89 |
|
|
|
0,88 |
|
|
|
0,80 |
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PROFITABILITY RATIOS |
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Net Profit/Stockholders' Eq. |
0,27 |
|
|
|
0,15 |
|
|
|
0,06 |
|
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Operating Profit Margin |
0,01 |
|
|
|
0,02 |
|
|
|
0,01 |
|
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|
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|
Net Profit Margin |
0,01 |
|
|
|
0,00 |
|
|
|
0,00 |
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COLLECTION-PAYMENT |
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|
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|
Average Collection Period (days) |
56,33 |
|
|
|
32,27 |
|
|
|
37,41 |
|
|
|
|
|
Average Payable Period (days) |
63,19 |
|
|
|
59,78 |
|
|
|
85,89 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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%)