MIRA
INFORM REPORT
|
Report Date : |
28.01.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ELMAK MAKINA SANAYI VE TICARET A.S. |
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|
|
|
Registered Office : |
Izmir Yolu Nilufer Ticaret Merkezi 64. Sok .No: 3/5 Nilufer Bursa / |
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Country : |
Turkey |
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|
Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1985 |
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Com. Reg. No.: |
24923 |
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|
Legal Form : |
Private Limited |
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Line of Business : |
Manufacture and trade of valve |
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 : |
Small Company |
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|
|
Payment Behaviour : |
No Complaints |
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|
|
|
Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
ELMAK MAKINA SANAYI VE TICARET A.S. |
|
ADDRESS |
: |
Head Office / Store: Izmir Yolu Nilufer Ticaret Merkezi 64. Sok .No:
3/5 Nilufer Bursa / Turkey |
|
PHONE NUMBER |
: |
90-224-443 33 88 |
|
FAX NUMBER |
: |
90-224-441 07 16 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Ertugrulgazi / 3320041436 |
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|
|
REGISTRATION NUMBER |
: |
24923 |
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|
REGISTERED OFFICE |
: |
Bursa Chamber of Commerce and Industry |
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DATE ESTABLISHED |
: |
1985 |
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LEGAL FORM |
: |
Joint Stock Company |
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TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
YTL 240,000 |
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|
|
PAID-IN CAPITAL |
: |
YTL 240,000 |
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|
|
HISTORY |
: |
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|
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|
Previous Address |
:Gazcilar Cad. No: 54 / 4 Bursa |
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Address Changed On |
:14.01.2004 (Commercial Registry Gazette Date / No: 27.01.2004 / 5976) |
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OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Ibrahim Akdemir Nagehan Akdemir Elif Akdemir Eyup Akdemir Mehmet Garip |
90 % 3 % 3 % 3 % 1 % |
|
SISTER COMPANIES |
: |
-Asteknik Makina Sanayi ve Ticaret A.S. |
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|
GROUP PARENT COMPANY |
: |
None |
|
|
SUBSIDIARIES |
: |
None |
|
|
BOARD OF DIRECTORS |
: |
Ibrahim Akdemir Nagehan Akdemir Mehmet Garip |
Chairman Vice-Chairman Member |
OPERATIONS
|
BUSINESS ACTIVITIES |
: |
Manufacture and trade of valve The subject usually manufactures valve in the name of its sister
company. |
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|
TRADEMARK(S) |
: |
“Asteknik Vana” |
|
|
NUMBER OF EMPLOYEES |
: |
85 |
|
|
NET SALES |
: |
(YTL) 3,652,400 4,424,618 5,040,532 4,813,873 |
(2004) (2005) (2006) (01.01.-30.09.2007) |
|
CAPACITY |
: |
(Units/Yr) 107,500 |
(2007) |
|
PRODUCTION |
: |
(Units) 42,509 28,815 11,581 |
(2005) (2006) (01.01.-31.03.2007) |
|
|
IMPORT VALUE |
: |
EUR 89,269 EUR 80,434 EUR 82,357 EUR 178,553+USD 109,885+CHF 20,360 |
(2005) (2006) (2007) |
|
|
IMPORT COUNTRIES |
: |
Germany, France, India, Switzerland |
||
|
MERCHANDISE IMPORTED |
: |
Engine, rubber, paint |
||
|
EXPORT VALUE |
: |
(YTL) 502,783 494,155 552,775 639,005 |
(2004) (2005) (2006) (01.01.-30.09.2007) |
|
|
EXPORT COUNTRIES |
: |
Croatia, Austria, Spain, Greece, UK, Germany… |
||
|
MERCHANDISE EXPORTED |
: |
Valve, taps, cocks |
||
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PREMISES |
: |
Head Office / Store: Izmir Yolu Nilufer Ticaret Merkezi 64. Sok .No: 3/5
Nilufer Bursa (500 sqm) (owned by Ibrahim Akdemir) Production Plant: Organize Sanayi Bolgesi Gulluce Koyu
Mustafakemalpasa Bursa (5,000 sqm closed area over a land of 48,000 sqm)
(owned) |
||
|
FIXED CAPITAL INVESTMENTS |
: |
Investments are going on. |
||
|
TREND OF BUSINESS |
: |
Upwards |
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SIZE OF BUSINESS |
: |
Lower-medium |
FINANCE
|
MAIN DEALING BANKERS |
: |
Garanti Bankasi Fomara branch in Bursa Yapi ve Kredi Bankasi Bursa branch in Bursa Akbank Garajlar branch in Bursa T. Is Bankasi Sanayi Sitesi branch in Bursa |
|
CREDIT FACILITIES |
: |
The subject company is making active use of credit facilities.. |
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PAYMENT BEHAVIOUR |
: |
No payment delays have come to our knowledge. |
COMMENT ON FINANCIAL POSITION
|
FINANCIAL STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
||||
|
Low |
As of 31.12.2006 |
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LIQUIDITY |
||||
|
Liquidity ratios were low as of 31.12.2006 but the favorable / long
gap between the average collection and payable periods has a positive effect on
liquidity. |
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PROFITABILITY |
||||
|
Low |
In 2006 |
Low |
Between 1.1.-30.09.2007 |
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GAP BETWEEN COLLECTION-PAYMENT PERIODS |
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Favorable / Long |
In 2006 |
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GENERAL FINANCIAL POSITION |
||||
|
Capitalization and liquidity ratios were low as of 31.12.2006 but the
favorable / long gap between the average collection and payable periods has a
positive effect on liquidity. Profitability was low in 2006 and in the first
9 months of 2007. |
||||
CREDIT OPINION
|
CREDIT OPINION WITHOUT OBLIGATION |
: |
We are of the opinion that, a max. credit of USD 75,000 may be granted to the subject
company. |
|
|
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.-30.09.2007) |
4.98 % |
1.3447 |
1.8084 |
2.6720 |
|
(2007) |
5.94 % |
1.3075 |
1.7901 |
2.6133 |
BALANCE
SHEETS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
31.12.05 |
|
|
|
31.12.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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CURRENT ASSETS |
1.948.733 |
|
0,55 |
|
2.537.533 |
|
0,62 |
|
|
|
Cash and
Banks |
328.607 |
|
0,09 |
|
800.738 |
|
0,20 |
|
|
|
Marketable Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account
Receivable |
515.169 |
|
0,14 |
|
146.140 |
|
0,04 |
|
|
|
Other
Receivable |
30.453 |
|
0,01 |
|
0 |
|
0,00 |
|
|
|
Inventories |
1.062.926 |
|
0,30 |
|
1.558.802 |
|
0,38 |
|
|
|
Advances
Given |
8.736 |
|
0,00 |
|
28.814 |
|
0,01 |
|
|
|
Other
Current Assets |
2.842 |
|
0,00 |
|
3.039 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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NON-CURRENT ASSETS |
1.618.803 |
|
0,45 |
|
1.566.347 |
|
0,38 |
|
|
|
Long-term
Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Financial
Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Tangible
Fixed Assets (net) |
921.998 |
|
0,26 |
|
861.650 |
|
0,21 |
|
|
|
Intangible Assets |
673.542 |
|
0,19 |
|
610.024 |
|
0,15 |
|
|
|
Other
Non-Current Assets |
23.263 |
|
0,01 |
|
94.673 |
|
0,02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
3.567.536 |
|
1,00 |
|
4.103.880 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
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|
CURRENT LIABILITIES |
2.326.927 |
|
0,65 |
|
2.666.447 |
|
0,65 |
|
|
|
Financial
Loans |
1.320.209 |
|
0,37 |
|
1.130.966 |
|
0,28 |
|
|
|
Accounts
Payable |
881.842 |
|
0,25 |
|
1.309.759 |
|
0,32 |
|
|
|
Loans
from Shareholders |
20.800 |
|
0,01 |
|
0 |
|
0,00 |
|
|
|
Other
Short-term Payable |
29.553 |
|
0,01 |
|
41.263 |
|
0,01 |
|
|
|
Advances
from Customers |
32.318 |
|
0,01 |
|
114.844 |
|
0,03 |
|
|
|
Taxes
Payable |
42.205 |
|
0,01 |
|
63.112 |
|
0,02 |
|
|
|
Provisions |
0 |
|
0,00 |
|
6.503 |
|
0,00 |
|
|
|
Other
Current Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
496.011 |
|
0,14 |
|
660.574 |
|
0,16 |
|
|
|
Financial
Loans |
496.011 |
|
0,14 |
|
619.774 |
|
0,15 |
|
|
|
Securities Issued |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Long-term
Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Loans
from Shareholders |
0 |
|
0,00 |
|
40.800 |
|
0,01 |
|
|
|
Other
Long-term Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Provisions |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
744.598 |
|
0,21 |
|
776.859 |
|
0,19 |
|
|
|
Paid-in
Capital |
240.000 |
|
0,07 |
|
240.000 |
|
0,06 |
|
|
|
Inflation
Adjustment of Capital |
224.653 |
|
0,06 |
|
224.653 |
|
0,05 |
|
|
|
Reserves |
374.594 |
|
0,11 |
|
471.161 |
|
0,11 |
|
|
|
Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accumulated Losses(-) |
-191.215 |
|
-0,05 |
|
-191.215 |
|
-0,05 |
|
|
|
Net
Profit (loss) |
96.566 |
|
0,03 |
|
32.260 |
|
0,01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
3.567.536 |
|
1,00 |
|
4.103.880 |
|
1,00 |
|
INCOME
STATEMENTS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
1.1.-30.09.2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
4.424.618 |
|
1,00 |
|
5.040.532 |
|
1,00 |
|
4.813.873 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
3.266.523 |
|
0,74 |
|
3.769.222 |
|
0,75 |
|
3.719.534 |
|
0,77 |
|
|
|
Gross Profit |
1.158.095 |
|
0,26 |
|
1.271.310 |
|
0,25 |
|
1.094.339 |
|
0,23 |
|
|
|
Operating
Expenses |
626.346 |
|
0,14 |
|
721.295 |
|
0,14 |
|
588.532 |
|
0,12 |
|
|
|
Operating Profit |
531.749 |
|
0,12 |
|
550.015 |
|
0,11 |
|
505.807 |
|
0,11 |
|
|
|
Other
Income |
37.871 |
|
0,01 |
|
23.349 |
|
0,00 |
|
55.663 |
|
0,01 |
|
|
|
Other
Expenses |
19.009 |
|
0,00 |
|
33.878 |
|
0,01 |
|
7.232 |
|
0,00 |
|
|
|
Financial
Expenses |
454.045 |
|
0,10 |
|
507.226 |
|
0,10 |
|
449.906 |
|
0,09 |
|
|
|
Profit (loss) Before Tax |
96.566 |
|
0,02 |
|
32.260 |
|
0,01 |
|
104.332 |
|
0,02 |
|
|
|
Tax
Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
96.566 |
|
0,02 |
|
32.260 |
|
0,01 |
|
104.332 |
|
0,02 |
|
FINANCIAL
RATIOS
|
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2005 |
|
|
|
2006 |
|
|
|
1.1.-30.09.2007 |
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|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
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|
Current Ratio |
0,84 |
|
|
|
0,95 |
|
|
|
-- |
|
|
|
|
|
Acid-Test Ratio |
0,38 |
|
|
|
0,36 |
|
|
|
-- |
|
|
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ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,30 |
|
|
|
0,38 |
|
|
|
-- |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,15 |
|
|
|
0,04 |
|
|
|
-- |
|
|
|
|
|
Tangible Assets/Total Assets |
0,26 |
|
|
|
0,21 |
|
|
|
-- |
|
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TURNOVER RATIOS |
|
|
|
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|
|
|
|
|
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|
Inventory Turnover |
3,07 |
|
|
|
2,42 |
|
|
|
-- |
|
|
|
|
|
Stockholders' Equity Turnover |
5,94 |
|
|
|
6,49 |
|
|
|
-- |
|
|
|
|
|
Asset Turnover |
1,24 |
|
|
|
1,23 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
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FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,21 |
|
|
|
0,19 |
|
|
|
-- |
|
|
|
|
|
Current Liabilities/Total Assets |
0,65 |
|
|
|
0,65 |
|
|
|
-- |
|
|
|
|
|
Financial Leverage |
0,79 |
|
|
|
0,81 |
|
|
|
-- |
|
|
|
|
|
|
|
|
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PROFITABILITY RATIOS |
|
|
|
|
|
|
|
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|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
0,13 |
|
|
|
0,04 |
|
|
|
-- |
|
|
|
|
|
Operating Profit Margin |
0,12 |
|
|
|
0,11 |
|
|
|
0,11 |
|
|
|
|
|
Net Profit Margin |
0,02 |
|
|
|
0,01 |
|
|
|
0,02 |
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COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
41,92 |
|
|
|
10,44 |
|
|
|
-- |
|
|
|
|
|
Average Payable Period (days) |
97,19 |
|
|
|
125,10 |
|
|
|
-- |
|
|
|
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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%)