MIRA
INFORM REPORT
|
Report Date : |
10.01.2008 |
IDENTIFICATION
DETAILS
|
Name : |
AK - KIM KIMYA SANAYI VE TICARET A.S |
|
|
|
|
Registered Office : |
Suleyman Seba Cad. Acisu Sok.Taslik Apt.
No:13 Macka Besiktas Istanbul |
|
|
|
|
Country : |
Turkey |
|
|
|
|
Financials (as on) : |
30.09.2007 |
|
|
|
|
Date of Incorporation : |
05.10.1977 |
|
|
|
|
Com. Reg. No.: |
149773 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacture and trade of chemical materials
used at textile industry. The subject also undertakes turn-key chemical plant
projects in Saudi Arabia. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Aa |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Very Good |
|
|
|
|
Payment Behaviour : |
No complaints |
|
|
|
|
Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
AK-KIM KIMYA SANAYI VE TICARET A.S. |
|
ADDRESS |
: |
Head Office: Suleyman Seba Cad. Acisu Sok.Taslik Apt. No:13 Macka Besiktas
Istanbul/Turkey The door number was changed from “19/A” to
“13” by municipality. |
|
PHONE NUMBER |
: |
90-212-258 31 22 90-212-259 74 02 |
|
FAX NUMBER |
: |
90-212-259 12 92 |
LEGAL STATUS AND
HISTORY
|
TAX OFFICE |
: |
Buyuk Mukellefler/0110033222 |
|
REGISTRATION NUMBER |
: |
149773 |
|
REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
|
DATE ESTABLISHED |
: |
05.10.1977 |
|
LEGAL FORM |
: |
Joint Stock Company |
|
TYPE OF COMPANY |
: |
Private |
|
REGISTERED CAPITAL |
: |
YTL 2,000,000 |
|
PAID-IN CAPITAL |
: |
YTL 2,000,000 |
|
HISTORY |
: |
The registered capital was increased to
YTL 2,000,000 on 04.08.1997 (Commercial Registry Gazette
Date/No:08.08.1997/4350) |
OWNERSHIP /
MANAGEMENT
|
SHAREHOLDERS |
: |
Akkok Sanayi
Yatirim ve Gelistirme A.S. Erol Lodrik Refit Sait Omur Mete Tansev Ali Raif
Dinckok Omer
Dinckok Birand
Ergin Selin Ergin |
42 % 14,25 % 12,5 % 7,125 % 7,125 % 4,25 % 4,25 % |
||||
|
GROUP PARENT COMPANY |
: |
Akkok Sanayi
Yatirim ve Gelistirme A.S. Akkok Sanayi Yatirim ve Gelistirme A.S. is the parent company of Akkok Group. Some of the companies operating within Akkok group are declared as follows: A.R.D Holding A.S. Ak Turizm ve Dis Ticaret AS Ak-Al Tekstil Sanayi A.S Akenerji Elektrik Enerjisi Ithalat Ihracat Ve Toptan Ticaret AS Akenerji Elektrik Uretim A.S Ak-Kim Kimya Sanayi ve Ticaret A.S. Akmeltem Poliuretan Sanayi ve Ticaret A.S. Akmerkez Gayrimenkul Yatirim Ortakligi A.S |
|||||
|
|
|
Akmerkez Lokantacilik Gida Sanayi ve Ticaret A.S. Ak-Pa Tekstil Ihracat Pazarlama A.S. Akport Tekirdag Liman Isletmesi A.S Akrom Akal Textile Romania S.R.L. Aksa Akrilik Kimya Sanayi A.S Aksu Iplik Dokuma ve Boya Apre Fabrikalari T.A.S. Aktem Kimyasal Urunler Uluslararasi Mumessillik ve Ticaret A.S Ak-Tops Tekstil Sanayi A.S. Dinkal Sigorta Acenteligi A.S Kartopu Tekstil Mamulleri Pazarlama Ticaret ve Sanayi A.S. NDC Holding A.S O.D.Holding A.S. |
|||||
|
|
|
Financial Highlights of the group are as follows: |
|||||
|
|
|
Net Sales Exports(FOB) |
2004 (Million USD) 1,382 252 |
2005 (Million USD) 1,421 311 |
|
||
|
SUBSIDIARIES |
: |
Aktem Kimyasal Urunler Uluslararasi
Mumessillik ve Ticaret A.S. (75 %) |
|||||
|
BOARD OF DIRECTORS |
: |
Ali Raif Dinckok Omer Dinckok Refik Sait Onur Yagiz Ali Dagli Raif Ali Dinckok |
Chairman Vice-Chairman Member Member Member |
||||
|
GENERAL MANAGER |
: |
Refik Sait Onur |
|||||
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Manufacture and trade of chemical
materials used at textile industry. The subject also undertakes turn-key
chemical plant projects in Saudi Arabia. |
|
|
NUMBER OF
EMPLOYEES |
: |
324 |
|
|
NET SALES |
: |
(YTL) 107,499,951 127,855,510 126,623,379 144,651,711 126,711,061 |
(2003) (2004) (2005) (2006) (01.01-30.09.2007) |
|
IMPORT VALUE |
: |
(USD) 25 million 31 million 38 million 35.1 million 30,188,000 |
(2003) (2004) (2005) (2006) (01.01-30.09.2007) |
|
IMPORT COUNTRIES |
: |
Europe, Far East, USA |
|
|
MERCHANDISE
IMPORTED |
: |
Chemical materials |
|
|
EXPORT VALUE |
: |
USD 11,600,000 USD 16,450,000 YTL 23,326,222 YTL 32,565,374 YTL 38,515,181 |
(2003) (2004) (2005) (2006) (01.01-30.09.2007) |
|
EXPORT COUNTRIES |
: |
Jordan, Saudi Arabia |
|
MERCHANDISE
EXPORTED |
: |
Chemical materials, tubes, pipes, hoses,
plate, sheet, glue... |
|
PREMISES |
: |
Head
Office: Suleyman Seba Cad. Acisu Sok.
Taslik Apt No:13 Macka Besiktas
Istanbul (250 sqm) (owned) Factory: Taskopru Mevkii Yalova (30,000
sqm) (owned) Factory: Cerkezkoy Tekirdag (40,000 sqm)
(owned) |
|
FIXED CAPITAL
INVESTMENTS |
: |
The firm is making modernization
investment at the factory in Yalova. |
|
TREND OF
BUSINESS |
: |
Fluctuating |
|
SIZE OF BUSINESS |
: |
Giant |
FINANCE
|
MAIN DEALING BANKERS |
: |
Is Bankasi Maslak Kurumsal branch in
Istanbul Turk Ekonomi Bankasi Merkez branch in
Istanbul Garanti Bankasi
Istanbul Kurumsal branch in Istanbul Yapi ve Kredi Bankasi
Galata branch in Istanbul Oyakbank Karakoy branch in Istanbul |
|
CREDIT FACILITIES |
: |
The firm rarely makes use of credit
facilities. |
|
PAYMENT BEHAVIOR |
: |
No payment delays have come to our knowledge. |
COMMENT ON FINANCIAL
POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
||
|
High |
As of 30.09.2007 |
|
|
LIQUIDITY |
||
|
High |
As of 30.09.2007 |
|
|
PROFITABILITY |
||
|
Fair |
Between 01.01-30.09.2007 |
|
|
GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
||
|
Unfavorable |
Between 01.01-30.09.2007 |
|
|
GENERAL
FINANCIAL POSITION |
||
|
Good |
||
CREDIT OPINION
CREDIT OPINION WITHOUT OBLIGATION : We are of the opinion that, a max. credit of EUR 14 million may be granted to the subject company.
|
|
Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(1998) |
54.30 % |
0.2657 |
0.2967 |
0.4410 |
|
(1999) |
62.90 % |
0.4278 |
0.4518 |
0.6843 |
|
(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 |
|
(2005) |
2.66 % |
1.3499 |
1.6882 |
2.4623 |
|
(2006) |
11.58 % |
1.4309 |
1.7987 |
2.6377 |
|
(1.1.-30.09.2007) |
4.98 % |
1.3447 |
1.8084 |
2.6720 |
|
(2007) |
5.94 % |
1.3075 |
1.7901 |
2.6133 |
|
BALANCE SHEETS |
|||||||||||||
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
31.12.05 |
|
|
|
31.12.06 |
|
|
|
30.9.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
59.578.387 |
|
0,61 |
|
62.879.894 |
|
0,58 |
|
60.927.608 |
|
0,55 |
|
|
|
Cash and Banks |
28.367.506 |
|
0,29 |
|
8.826.807 |
|
0,08 |
|
3.982.853 |
|
0,04 |
|
|
|
Marketable Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account Receivable |
14.396.415 |
|
0,15 |
|
28.383.875 |
|
0,26 |
|
35.160.697 |
|
0,32 |
|
|
|
Other Receivable |
30.445 |
|
0,00 |
|
119.060 |
|
0,00 |
|
186.630 |
|
0,00 |
|
|
|
Inventories |
14.087.801 |
|
0,14 |
|
19.464.405 |
|
0,18 |
|
15.908.407 |
|
0,14 |
|
|
|
Advances Given |
200.661 |
|
0,00 |
|
1.314.687 |
|
0,01 |
|
202.964 |
|
0,00 |
|
|
|
Accumulated Construction Expenses |
585.992 |
|
0,01 |
|
1.281.814 |
|
0,01 |
|
761.466 |
|
0,01 |
|
|
|
Other Current Assets |
1.909.567 |
|
0,02 |
|
3.489.246 |
|
0,03 |
|
4.724.591 |
|
0,04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
38.084.730 |
|
0,39 |
|
46.142.543 |
|
0,42 |
|
49.570.528 |
|
0,45 |
|
|
|
Long-term Receivable |
2.722 |
|
0,00 |
|
2.824 |
|
0,00 |
|
2.503 |
|
0,00 |
|
|
|
Financial Assets |
71.595 |
|
0,00 |
|
71.595 |
|
0,00 |
|
111.595 |
|
0,00 |
|
|
|
Tangible Fixed Assets (net) |
37.839.170 |
|
0,39 |
|
45.909.211 |
|
0,42 |
|
49.303.332 |
|
0,45 |
|
|
|
Intangible Assets |
171.243 |
|
0,00 |
|
158.913 |
|
0,00 |
|
153.098 |
|
0,00 |
|
|
|
Other Non-Current Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
0,00 |
|
|
|
0,00 |
|
|
|
0,00 |
|
|
|
TOTAL ASSETS |
97.663.117 |
|
1,00 |
|
109.022.437 |
|
1,00 |
|
110.498.136 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
13.672.923 |
|
0,14 |
|
13.916.503 |
|
0,13 |
|
12.101.928 |
|
0,11 |
|
|
|
Financial Loans |
558 |
|
0,00 |
|
2.892 |
|
0,00 |
|
40.110 |
|
0,00 |
|
|
|
Accounts Payable |
5.534.774 |
|
0,06 |
|
4.741.401 |
|
0,04 |
|
7.926.923 |
|
0,07 |
|
|
|
Loans from Shareholders |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other Short-term Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Advances from Customers |
8.534 |
|
0,00 |
|
76.870 |
|
0,00 |
|
53.082 |
|
0,00 |
|
|
|
Accumulated Construction Income |
1.078.124 |
|
0,01 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Taxes Payable |
833.010 |
|
0,01 |
|
979.930 |
|
0,01 |
|
1.076.807 |
|
0,01 |
|
|
|
Provisions |
0 |
|
0,00 |
|
367.182 |
|
0,00 |
|
1.138.965 |
|
0,01 |
|
|
|
Other Current Liabilities |
6.217.923 |
|
0,06 |
|
7.748.228 |
|
0,07 |
|
1.866.041 |
|
0,02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
2.646.462 |
|
0,03 |
|
3.164.543 |
|
0,03 |
|
3.463.735 |
|
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 |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
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 |
2.646.462 |
|
0,03 |
|
3.164.543 |
|
0,03 |
|
3.463.735 |
|
0,03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
81.343.732 |
|
0,83 |
|
91.941.391 |
|
0,84 |
|
94.932.473 |
|
0,86 |
|
|
|
Paid-in Capital |
2.000.000 |
|
0,02 |
|
2.000.000 |
|
0,02 |
|
2.000.000 |
|
0,02 |
|
|
|
Inflation Adjustment of Capital |
4.894.526 |
|
0,05 |
|
4.894.526 |
|
0,04 |
|
4.894.526 |
|
0,04 |
|
|
|
Reserves |
66.746.710 |
|
0,68 |
|
74.411.806 |
|
0,68 |
|
85.009.466 |
|
0,77 |
|
|
|
Revaluation Fund |
37.399 |
|
0,00 |
|
37.399 |
|
0,00 |
|
37.399 |
|
0,00 |
|
|
|
Accumulated Losses(-) |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
7.665.097 |
|
0,08 |
|
10.597.660 |
|
0,10 |
|
2.991.082 |
|
0,03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
97.663.117 |
|
1,00 |
|
109.022.437 |
|
1,00 |
|
110.498.136 |
|
1,00 |
|
|
|
INCOME STATEMENTS |
||||||||||||
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
1.1-30.09.2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
126.623.379 |
|
1,00 |
|
144.651.711 |
|
1,00 |
|
126.711.061 |
|
1,00 |
|
|
|
Cost of Goods Sold |
106.927.526 |
|
0,84 |
|
116.533.670 |
|
0,81 |
|
107.870.586 |
|
0,85 |
|
|
|
Gross Profit |
19.695.853 |
|
0,16 |
|
28.118.041 |
|
0,19 |
|
18.840.475 |
|
0,15 |
|
|
|
Operating Expenses |
12.932.824 |
|
0,10 |
|
15.795.356 |
|
0,11 |
|
13.374.049 |
|
0,11 |
|
|
|
Operating Profit |
6.763.029 |
|
0,05 |
|
12.322.685 |
|
0,09 |
|
5.466.426 |
|
0,04 |
|
|
|
Other Income |
5.799.089 |
|
0,05 |
|
10.576.094 |
|
0,07 |
|
2.556.054 |
|
0,02 |
|
|
|
Other Expenses |
4.497.346 |
|
0,04 |
|
9.905.722 |
|
0,07 |
|
3.845.515 |
|
0,03 |
|
|
|
Financial Expenses |
61.264 |
|
0,00 |
|
44.215 |
|
0,00 |
|
46.918 |
|
0,00 |
|
|
|
Profit (loss) Before Tax |
8.003.508 |
|
0,06 |
|
12.948.842 |
|
0,09 |
|
4.130.047 |
|
0,03 |
|
|
|
Tax Payable |
338.411 |
|
0,00 |
|
2.351.182 |
|
0,02 |
|
1.138.965 |
|
0,01 |
|
|
|
Net Profit (loss) |
7.665.097 |
|
0,06 |
|
10.597.660 |
|
0,07 |
|
2.991.082 |
|
0,02 |
|
|
|
FINANCIAL RATIOS |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
1.130.09.2007 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Ratio |
4,36 |
|
|
|
4,52 |
|
|
|
5,03 |
|
|
|
|
|
Acid-Test Ratio |
3,13 |
|
|
|
2,68 |
|
|
|
3,25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,14 |
|
|
|
0,18 |
|
|
|
0,14 |
|
|
|
|
|
Short-term
Receivable/Total Assets |
0,15 |
|
|
|
0,26 |
|
|
|
0,32 |
|
|
|
|
|
Tangible Assets/Total
Assets |
0,39 |
|
|
|
0,42 |
|
|
|
0,45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
7,59 |
|
|
|
5,99 |
|
|
|
6,78 |
|
|
|
|
|
Stockholders' Equity
Turnover |
1,56 |
|
|
|
1,57 |
|
|
|
1,33 |
|
|
|
|
|
Asset Turnover |
1,30 |
|
|
|
1,33 |
|
|
|
1,15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
Equity/Total Assets |
0,83 |
|
|
|
0,84 |
|
|
|
0,86 |
|
|
|
|
|
Current Liabilities/Total
Assets |
0,14 |
|
|
|
0,13 |
|
|
|
0,11 |
|
|
|
|
|
Financial Leverage |
0,17 |
|
|
|
0,16 |
|
|
|
0,14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders'
Eq. |
0,09 |
|
|
|
0,12 |
|
|
|
0,03 |
|
|
|
|
|
Operating Profit Margin |
0,05 |
|
|
|
0,09 |
|
|
|
0,04 |
|
|
|
|
|
Net Profit Margin |
0,06 |
|
|
|
0,07 |
|
|
|
0,02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Collection Period
(days) |
40,94 |
|
|
|
70,65 |
|
|
|
99,90 |
|
|
|
|
|
Average Payable Period
(days) |
18,63 |
|
|
|
14,65 |
|
|
|
26,45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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%)