MIRA INFORM REPORT

 

 

Report Date :

26.09.2007

 

IDENTIFICATION DETAILS

 

Name :

AKDAS DOKUM SANAYI VE TICARET A.S.

 

 

Registered Office :

1.Organize Sanayi Bolgesi Bati Hun Cad. No:1 Sincan-Ankara

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2005

 

 

Date of Incorporation :

25.07.1978

 

 

Com. Reg. No.:

39256

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of steel casting products.

 

 

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.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

 

COMPANY IDENTIFICATION

 

 

NAME

:

AKDAS DOKUM SANAYI VE TICARET A.S.

ADDRESS

:

Head Office & Factory & Warehouse: 1.Organize Sanayi Bolgesi Bati Hun Cad. No:1 Sincan-Ankara/ Turkey

PHONE NUMBER

:

90-312-267 18 80

FAX NUMBER

:

90-312-267 18 88

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE / NO

:

Ostim / 0200383073

 

REGISTRATION NUMBER

:

39256

 

REGISTERED OFFICE

:

Ankara Chamber of Commerce

 

DATE ESTABLISHED

:

25.07.1978

 

LEGAL FORM

:

Joint Stock Company

 

TYPE OF COMPANY

:

Private

 

REGISTERED CAPITAL

:

YTL 6,055,000

 

PAID-IN CAPITAL

:

YTL 6,055,000

 

HISTORY

:

 

 

 

 

Previous Legal Form

: Limited Company

 

 

Legal Form Changed On

: 16.12.2003 (Commercial Registry Gazette Date/No: 19.12.2003/5950)

 

 

Previous Name

: Sele Gida San. Pazarlama ve Ticaret Ltd Sti.

 

 

Name Changed On

: 04.06.1982 (Commercial Registry Gazette Date: 07.06.1982)

 

 

Previous Name

: Akdas Dokum Sanayi ve Ticaret Ltd Sti.

 

 

Name Changed On

: 16.12.2003 (Commercial Registry Gazette Date/No:19.12.2003/5950)

 

 

Previous Registered Capital

: YTL 2,070,000

 

 

Regist. Capital Changed on

: 02.06.2004 (Commercial Registry Gazette Date/No: 07.06.2004/6065)

 

 

Previous Address

: Istanbul Yolu 17 Km. Ankara

 

 

Address Changed On

: 06.06.2005 (Commercial Registry Gazette Date/No: 09.06.2005/6321)

 

 

Other Historical Events

: “Akdas Dokum Sanayi ve Ticaret A.S.” took over and merged with “Akdas Sanayi A.S.” on 27.02.2004 (Commercial Registry Gazette Date/No: 03.03.2004/5999)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

 

:

Mehmet Niyazi Akdas

Ali Kantur

Cetin Celik

Others

 

SISTER COMPANIES

:

-Kantur-Akdas Enerji Insaat Sanayi  ve Ticaret AS

-GPG Insaat Emlak Turizm Mimarlik Proje Enerji Makina San.Tic. AS

 

GROUP PARENT COMPANY

 

:

None

SUBSIDIARIES

 

:

GPG Insaat Emlak Turizm Mimarlik Proje Enerji Makina San Ticaret AS (49 %) (Project, construction, estate)

 

BOARD OF DIRECTORS

:

Mehmet Niyazi Akdas

Ali Kantur

Cetin Celik

Chairman

Vice-Chairman

Member

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

 

:

Manufacture and trade of steel casting products

 

TRADEMARK(S)

 

:

None

 

NUMBER OF EMPLOYEES

:

340

 

 

NET SALES

:

(YTL)

22,272,432

31,172,870

11,612,836

 

 

(2004)

(2005)

(1.1-30.04.2006)

 

 

 

The net sales figure between 1.1-30.04.2006 is  declared by the company. There is no certification for this figure.

 

 

 

 

 

 

 

In Turkey, there is no public registry on companies’ financial and detailed general data. So, to collect a firm’s data, an information agency has to contact the company and get its authorization.

 

However the company strictly declines to give us an authorization to gather its fresh financial data. As the firm’s shares are not open to public it is not obliged to announce its data.

 

 

CAPACITY

:

(Tons/Year)

9,560

28,512

28,512

 

 

(2004)

(2005)

(2006)

 

 

PRODUCTION

:

(Tons)

8,014

9,798

3,392

 

 

(2004)

(2005)

(1.1-30.04.2006)

 

 

IMPORT VALUE

:

(USD)

355,492

2,227,575

1,599,136

 

 

(2004)

(2005)

(1.1-30.04.2006)

 

 

IMPORT COUNTRIES

:

Italy, Germany

 

 

MERCHANDISE IMPORTED

 

:

Sheet and ceramic

 

EXPORT VALUE

:

YTL 14,146,139

YTL 20,956,407

USD 6,550,795

 

(2004)

(2005)

(1.1-30.04.2006)

 

 

EXPORT COUNTRIES

 

:

Romania, Russia, U.A.E., Germany, U.S.A., Kazakhstan, Georgia, Finland, Sweden, Spain, Italy, France, Australia, Lebanon…

 

 

MERCHANDISE EXPORTED

 

:

Articles of iron, forged, steel, molding patterns, parts of mineral working machines..

 

 

PREMISES

:

Head Office & Factory & Warehouse: 1.Organize Sanayi Bolgesi Bati Hun Cad. No:1 Sincan-Ankara (15,156 sqm) (owned)

 

Factory: Organize Sanayi Bolgesi Genisleme Sahasi Sincan-Ankara (39,203 sqm) (owned)

 

Warehouse: Organize Sanayi Bolgesi Erkunt Cad. No:4 Sincan-Ankara (rented)

 

 

FIXED CAPITAL INVESTMENTS

:

None

 

 

 

COMMERCIAL MORALITY         :           Good

 

 

FINANCE

 

 

MAIN DEALING BANKERS

:

Oyakbank Kizilay branch in Ankara

Akbank Ostim branch in Ankara

Garanti Bankasi Sincan branch in Ankara

 

PAYMENT BEHAVIOUR

:

No complaints have been heard regarding payments from banks.

 

According to the official registries between 01.01.2000-15.08.2007, there are no protested bills and non-paid cheques registered in the name of  “Akdas Dokum”

 

 

 

COMMENT ON FINANCIAL POSITION

 

 

FINANCIAL STRUCTURE (SUFFICENCY OF OWN RESOURCES)

 

In order

As of 31.12.2005

 

LIQUIDITY

 

High

 

As of 31.12.2005

PROFITABILITY

 

High

In 2005

 

GAP BETWEEN COLLECTION-PAYMENT

PERIODS

 

Favorable

 

In 2005

GENERAL FINANCIAL

POSITION

 

The general financial position was in order as of 31.12.2005. However, current financial position is undetermined; the firm declines to give us an authorization to gather its fresh financial data. As the shares of the firm are not open to public, it is not obliged to announce its data.

 

 

 

 

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.-31.08.2007)

3.93 %

1.3597

1.8186

2.6959

 

 

 

 

BALANCE SHEETS

 

 

YTL

 

 

 

YTL

 

 

 

 

 

31.12.04

 

 

 

31.12.05

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CURRENT ASSETS

6.408.036

 

0,59

 

10.866.191

 

0,42

 

 

 Cash and Banks

2.349.406

 

0,22

 

1.233.651

 

0,05

 

 

 Marketable Securities

0

 

0,00

 

0

 

0,00

 

 

 Account Receivable

2.832.275

 

0,26

 

4.465.971

 

0,17

 

 

 Other Receivable

203.162

 

0,02

 

3.697.856

 

0,14

 

 

 Inventories

928.329

 

0,09

 

1.154.580

 

0,04

 

 

 Advances Given

55.760

 

0,01

 

133.710

 

0,01

 

 

 Other Current Assets

39.104

 

0,00

 

180.423

 

0,01

 

 

 

 

 

 

 

 

 

 

 

 

NON-CURRENT ASSETS

4.430.579

 

0,41

 

14.906.526

 

0,58

 

 

 Long-term Receivable

1.946.495

 

0,18

 

859.191

 

0,03

 

 

 Financial Assets

0

 

0,00

 

122.150

 

0,00

 

 

 Tangible Fixed Assets (net)

2.440.219

 

0,23

 

13.872.939

 

0,54

 

 

 Intangible Assets

43.865

 

0,00

 

52.246

 

0,00

 

 

 Other Non-Current Assets

0

 

0,00

 

0

 

0,00

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL ASSETS

10.838.615

 

1,00

 

25.772.717

 

1,00

 

 

 

 

 

 

 

 

 

 

 

 

CURRENT LIABILITIES

2.504.508

 

0,23

 

8.954.567

 

0,35

 

 

 Financial Loans

0

 

0,00

 

2.471.996

 

0,10

 

 

 Accounts Payable

2.032.712

 

0,19

 

5.624.616

 

0,22

 

 

 Loans from Shareholders

0

 

0,00

 

0

 

0,00

 

 

 Other Short-term Payable

0

 

0,00

 

438.913

 

0,02

 

 

 Advances from Customers

220.287

 

0,02

 

63.689

 

0,00

 

 

 Taxes Payable

124.357

 

0,01

 

163.956

 

0,01

 

 

 Provisions

127.152

 

0,01

 

191.397

 

0,01

 

 

 Other Current Liabilities

0

 

0,00

 

0

 

0,00

 

 

 

 

 

 

 

 

 

 

 

 

LONG-TERM LIABILITIES

0

 

0,00

 

4.763.701

 

0,18

 

 

 Financial Loans

0

 

0,00

 

4.762.500

 

0,18

 

 

 Securities Issued

0

 

0,00

 

0

 

0,00

 

 

 Long-term Payable

0

 

0,00

 

0

 

0,00

 

 

 Loans from Shareholders

0

 

0,00

 

1.201

 

0,00

 

 

 Other Long-term Liabilities

0

 

0,00

 

0

 

0,00

 

 

 Provisions

0

 

0,00

 

0

 

0,00

 

 

 

 

 

 

 

 

 

 

 

 

STOCKHOLDERS' EQUITY

8.334.107

 

0,77

 

12.054.449

 

0,47

 

 

 Paid-in Capital

6.055.000

 

0,56

 

6.055.000

 

0,23

 

 

 Inflation Adjustment of Capital

2.742.554

 

0,25

 

2.742.554

 

0,11

 

 

 Reserves

108.870

 

0,01

 

2.106.715

 

0,08

 

 

 Revaluation Fund

0

 

0,00

 

0

 

0,00

 

 

 Accumulated Losses(-)

-2.613.642

 

-0,24

 

-2.613.642

 

-0,10

 

 

 Net Profit (loss)

2.041.325

 

0,19

 

3.763.822

 

0,15

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL LIABILITIES AND EQUITY

10.838.615

 

1,00

 

25.772.717

 

1,00

 

 

 

INCOME STATEMENTS

 

 

YTL

 

 

 

YTL

 

 

 

 

 

2004

 

 

 

2005

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Sales

22.272.432

 

1,00

 

31.172.870

 

1,00

 

 

 Cost of Goods Sold

17.289.614

 

0,78

 

25.025.335

 

0,80

 

 

Gross Profit

4.982.818

 

0,22

 

6.147.535

 

0,20

 

 

 Operating Expenses

1.596.997

 

0,07

 

1.845.796

 

0,06

 

 

Operating Profit

3.385.821

 

0,15

 

4.301.739

 

0,14

 

 

 Other Income

614.429

 

0,03

 

627.220

 

0,02

 

 

 Other Expenses

1.035.874

 

0,05

 

857.492

 

0,03

 

 

 Financial Expenses

0

 

0,00

 

116.248

 

0,00

 

 

Profit (loss) Before Tax

2.964.376

 

0,13

 

3.955.219

 

0,13

 

 

 Tax Payable

923.051

 

0,04

 

191.397

 

0,01

 

 

Net Profit (loss)

2.041.325

 

0,09

 

3.763.822

 

0,12

 

 

 

FINANCIAL RATIOS

 

 

 

 

 

 

 

 

 

 

 

 

 

2004

 

 

 

2005

 

 

 

 

LIQUIDITY RATIOS

 

 

 

 

 

 

 

 

 

Current Ratio

2,56

 

 

 

1,21

 

 

 

 

Acid-Test Ratio

2,15

 

 

 

1,05

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSET STRUCTURE RATIOS

 

 

 

 

 

 

 

 

 

Inventory/Total Assets

0,09

 

 

 

0,04

 

 

 

 

Short-term Receivable/Total Assets

0,28

 

 

 

0,32

 

 

 

 

Tangible Assets/Total Assets

0,23

 

 

 

0,54

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TURNOVER RATIOS

 

 

 

 

 

 

 

 

 

Inventory Turnover

18,62

 

 

 

21,67

 

 

 

 

Stockholders' Equity Turnover

2,67

 

 

 

2,59

 

 

 

 

Asset Turnover

2,05

 

 

 

1,21

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL STRUCTURE

 

 

 

 

 

 

 

 

 

Stockholders' Equity/Total Assets

0,77

 

 

 

0,47

 

 

 

 

Current Liabilities/Total Assets

0,23

 

 

 

0,35

 

 

 

 

Financial Leverage

0,23

 

 

 

0,53

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PROFITABILITY RATIOS

 

 

 

 

 

 

 

 

 

Net Profit/Stockholders' Eq.

0,24

 

 

 

0,31

 

 

 

 

Operating Profit Margin

0,15

 

 

 

0,14

 

 

 

 

Net Profit Margin

0,09

 

 

 

0,12

 

 

 

 

 

 

 

 

 

 

 

 

 

 

COLLECTION-PAYMENT

 

 

 

 

 

 

 

 

 

Average Collection Period (days)

77,24

 

 

 

61,50

 

 

 

 

Average Payable Period (days)

42,32

 

 

 

80,91

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions