MIRA
INFORM REPORT
|
Report Date : |
27.09.2007 |
IDENTIFICATION DETAILS
|
Name : |
AKMETAL METALURJI ENDUSTRISI A.S. |
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Registered Office : |
Tepeoren Eski Istanbul- Izmit Asfalti No:86/A |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
21.03.1997 |
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Com. Reg. No.: |
367461 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Manufacture and trade of steel cast products. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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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 : |
No Complaints |
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Litigation : |
Clear |
COMPANY
IDENTIFICATION
|
NAME |
: |
AKMETAL METALURJI ENDUSTRISI A.S. |
|
ADDRESS |
: |
Head Office & Production Plant:
Tepeoren Eski Istanbul- Izmit Asfalti No:86/A The door number was changed from “ |
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PHONE NUMBER |
: |
90-216-593 03 80 |
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FAX NUMBER |
: |
90-216-593 03 82 |
LEGAL STATUS AND
HISTORY
|
TAX OFFICE / NO |
: |
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REGISTRATION NUMBER |
: |
367461 |
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REGISTERED OFFICE |
: |
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DATE ESTABLISHED |
: |
21.03.1997 (Commercial Registry Gazette
Date/No: 27.03.1997/4258) |
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LEGAL FORM |
: |
Joint Stock Company |
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TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
YTL 2,850,000 |
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PAID-IN CAPITAL |
: |
The paid-in capital which was YTL
2,846,029 as of 31.12.2006, is declared to be YTL 2,850,000 now. There is no
certification for the paid-in capital. |
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HISTORY |
: |
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Previous Name |
:Akmetal Demir Celik Dokum Enerji ve
Sanayi A.S. |
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Name Changed On |
:07.02.2001(Commercial Registry Gazette
Date/No: 12.02.2001 / 5234) |
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Previous
Registered Capital |
:YTL 5,000 |
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Regist. Capital
Changed on |
:10.02.2004 (Commercial Registry Gazette
Date/No: 13.02.2004 / 5986) |
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Previous
Registered Capital |
: YTL 50,000 |
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Regist. Capital Changed on |
:29.12.2006 (Commercial Registry Gazette Date/No:
09.01.2007 / 6719) |
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OWNERSHIP /
MANAGEMENT
|
SHAREHOLDERS |
: |
Fuat Can Akbasoglu Halit Ranazan Ozgun Figen Akbasoglu Adnan Aytekin FCA Televizyon Film |
99,97 % |
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SISTER COMPANIES |
: |
-FCA Televizyon Film -Akmetal Demir Celik Dokum Sanayii Fuat
Can Akbasoglu (Sole proprietorship) |
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GROUP PARENT COMPANY |
: |
None |
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SUBSIDIARIES |
: |
None |
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BOARD OF DIRECTORS |
: |
Fuat Can Akbasoglu Figen Akbasoglu Halit Ranazan Ozgun |
Chairman Vice-Chairman Member |
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DIRECTORS |
: |
Fuat Can Akbasoglu Halit Ranazan Ozgun |
General Manager Finance Manager |
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OPERATIONS
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BUSINESS
ACTIVITIES |
: |
Manufacture and trade of steel cast
products (used in the machine manufacturing,
ship building, iron and steel, mining, valve, food and petroleum industries) |
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SECTOR |
: |
Metal |
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TRADEMARK(S) |
: |
None |
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NUMBER OF
EMPLOYEES |
: |
90 |
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NET SALES |
: |
(YTL) 3,799,670 9,467,656 6,706,563 |
(2005) (2006) (01.01-30.06.2007) |
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CAPACITY |
: |
(Tons/Yr) 2,600 3,500 4,000 |
(2005) (2006) (2007) |
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PRODUCTION |
: |
(Tons) 1,883 2,592 1,367 |
(2005) (2006) (01.01-30.06.2007) |
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IMPORT VALUE |
: |
(USD) 15,990 6,183 89,303 |
(2005) (2006) (01.01-30.06.2007) |
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IMPORT COUNTRIES |
: |
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MERCHANDISE
IMPORTED |
: |
Brick, raw materials |
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EXPORT VALUE |
: |
(YTL) 2,829,156 7,981,474 4,936,157 |
(2005) (2006) (01.01-30.06.2007) |
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EXPORT COUNTRIES |
: |
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MERCHANDISE
EXPORTED |
: |
Malleable cast iron
articles, moulding patterns |
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PREMISES |
: |
Head Office&Production Plant: Tepeoren
Eski Istanbul- Izmit Asfalti No:86 / A Tuzla Istanbul (owned) |
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FIXED CAPITAL
INVESTMENTS |
: |
There is an investment on an open die
forging press in |
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TREND OF BUSINESS : Upwards
COMMERCIAL MORALITY : Good
SIZE OF BUSINESS : Upper-medium
FINANCE
|
MAIN DEALING BANKERS |
: |
T. Is Bankasi Kartal Sanayi branch in Garanti Bankasi Pendik E-5 Ticari branch
in |
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CREDIT FACILITIES |
: |
The subject company rarely makes
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 01.01.2000-15.08.2007, there are no protested bills and
non-paid cheques registered in the former name (Akmetal Demir) or the current
name (Akmetal Metalurji) of the subject. |
COMMENT ON
FINANCIAL POSITION
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FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
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Fair |
As of 31.12.2006 |
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LIQUIDITY |
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Good |
As of 31.12.2006 |
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PROFITABILITY |
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Good |
In 2006 |
High |
Between 01.01.-30.06.2007 |
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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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Satisfactory |
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CREDIT OPINION
CREDIT OPINION WITHOUT OBLIGATION : We are
of the opinion that, a max. credit of USD 1.1 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 |
|
(2005) |
2.66 % |
1.3499 |
1.6882 |
2.4623 |
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(2006) |
11.58 % |
1.4309 |
1.7987 |
2.6377 |
|
(1.1.-30.06.2007) |
2.98 % |
1.3733 |
1.8275 |
2.7117 |
|
(1.1.-31.08.2007) |
3.93 % |
1.3597 |
1.8186 |
2.6959 |
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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 |
540.264 |
|
0,89 |
|
6.612.649 |
|
0,73 |
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Cash and
Banks |
-40.047 |
|
-0,07 |
|
2.001.228 |
|
0,22 |
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Marketable
Securities |
0 |
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0,00 |
|
204.275 |
|
0,02 |
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Account
Receivable |
472.359 |
|
0,78 |
|
3.171.151 |
|
0,35 |
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Other Receivable |
15.425 |
|
0,03 |
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0 |
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0,00 |
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Inventories |
0 |
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0,00 |
|
464.337 |
|
0,05 |
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Advances
Given |
0 |
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0,00 |
|
396.306 |
|
0,04 |
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Other
Current Assets |
92.527 |
|
0,15 |
|
375.352 |
|
0,04 |
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NON-CURRENT ASSETS |
68.660 |
|
0,11 |
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2.471.439 |
|
0,27 |
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Long-term
Receivable |
0 |
|
0,00 |
|
25.755 |
|
0,00 |
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Financial
Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Tangible Fixed
Assets (net) |
68.452 |
|
0,11 |
|
2.442.518 |
|
0,27 |
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Intangible
Assets |
0 |
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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 |
208 |
|
0,00 |
|
3.166 |
|
0,00 |
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TOTAL ASSETS |
608.924 |
|
1,00 |
|
9.084.088 |
|
1,00 |
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CURRENT LIABILITIES |
327.224 |
|
0,54 |
|
5.569.070 |
|
0,61 |
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Financial
Loans |
0 |
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0,00 |
|
2.308 |
|
0,00 |
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Accounts
Payable |
284.589 |
|
0,47 |
|
588.123 |
|
0,06 |
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Loans from
Shareholders |
0 |
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0,00 |
|
19.942 |
|
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 |
|
5.056.501 |
|
0,56 |
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Taxes
Payable |
48.464 |
|
0,08 |
|
207.446 |
|
0,02 |
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Provisions |
-29.317 |
|
-0,05 |
|
-305.250 |
|
-0,03 |
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Other
Current Liabilities |
23.488 |
|
0,04 |
|
0 |
|
0,00 |
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LONG-TERM LIABILITIES |
0 |
|
0,00 |
|
18.693 |
|
0,00 |
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Financial
Loans |
0 |
|
0,00 |
|
18.693 |
|
0,00 |
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Securities
Issued |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Long-term
Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
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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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STOCKHOLDERS' EQUITY |
281.700 |
|
0,46 |
|
3.496.325 |
|
0,38 |
|
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Paid-in
Capital |
27.500 |
|
0,05 |
|
2.846.029 |
|
0,31 |
|
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Inflation
Adjustment of Capital |
56.884 |
|
0,09 |
|
56.884 |
|
0,01 |
|
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Reserves |
234.541 |
|
0,39 |
|
281.867 |
|
0,03 |
|
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Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Accumulated Losses(-) |
-88.154 |
|
-0,14 |
|
-88.154 |
|
-0,01 |
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Net Profit
(loss) |
50.929 |
|
0,08 |
|
399.699 |
|
0,04 |
|
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|
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|
|
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TOTAL LIABILITIES AND EQUITY |
608.924 |
|
1,00 |
|
9.084.088 |
|
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 |
|
|
|
2006 |
|
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|
1.1.-30.06.07 |
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Net Sales |
3.799.670 |
|
1,00 |
|
9.467.656 |
|
1,00 |
|
6.706.563 |
|
1,00 |
|
|
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Cost of
Goods Sold |
3.587.041 |
|
0,94 |
|
8.573.492 |
|
0,91 |
|
4.283.734 |
|
0,64 |
|
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Gross Profit |
212.629 |
|
0,06 |
|
894.164 |
|
0,09 |
|
2.422.829 |
|
0,36 |
|
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Operating
Expenses |
134.908 |
|
0,04 |
|
639.227 |
|
0,07 |
|
1.505.938 |
|
0,22 |
|
|
|
Operating Profit |
77.721 |
|
0,02 |
|
254.937 |
|
0,03 |
|
916.891 |
|
0,14 |
|
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Other
Income |
31.840 |
|
0,01 |
|
333.367 |
|
0,04 |
|
81.588 |
|
0,01 |
|
|
|
Other
Expenses |
58.632 |
|
0,02 |
|
186.190 |
|
0,02 |
|
385.153 |
|
0,06 |
|
|
|
Financial
Expenses |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Profit (loss) Before Tax |
50.929 |
|
0,01 |
|
402.114 |
|
0,04 |
|
613.326 |
|
0,09 |
|
|
|
Tax
Payable |
0 |
|
0,00 |
|
2.415 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
50.929 |
|
0,01 |
|
399.699 |
|
0,04 |
|
613.326 |
|
0,09 |
|
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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 |
1,65 |
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|
1,19 |
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-- |
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Acid-Test Ratio |
1,37 |
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|
0,97 |
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-- |
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ASSET STRUCTURE RATIOS |
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Inventory/Total Assets |
0,00 |
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|
0,05 |
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|
-- |
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Short-term Receivable/Total Assets |
0,80 |
|
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|
0,35 |
|
|
|
-- |
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Tangible Assets/Total Assets |
0,11 |
|
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|
0,27 |
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|
-- |
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TURNOVER RATIOS |
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Inventory Turnover |
-- |
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|
18,46 |
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|
-- |
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Stockholders' Equity Turnover |
13,49 |
|
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|
2,71 |
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|
|
-- |
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Asset Turnover |
6,24 |
|
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|
1,04 |
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|
|
-- |
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FINANCIAL STRUCTURE |
|
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Stockholders' Equity/Total Assets |
0,46 |
|
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|
0,38 |
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|
|
-- |
|
|
|
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Current Liabilities/Total Assets |
0,54 |
|
|
|
0,61 |
|
|
|
-- |
|
|
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Financial Leverage |
0,54 |
|
|
|
0,62 |
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|
|
-- |
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PROFITABILITY RATIOS |
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Net Profit/Stockholders' Eq. |
0,18 |
|
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|
0,11 |
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|
|
-- |
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Operating Profit Margin |
0,02 |
|
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|
0,03 |
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|
0,14 |
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Net Profit Margin |
0,01 |
|
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|
0,04 |
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|
0,09 |
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COLLECTION-PAYMENT |
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Average Collection Period (days) |
44,75 |
|
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|
121,56 |
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|
|
-- |
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Average Payable Period (days) |
28,56 |
|
|
|
24,70 |
|
|
|
-- |
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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%)