MIRA
INFORM REPORT
|
Report Date : |
20.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
AKALIN PASLANMAZ METAL PAZARLAMA SANAYI VE TICARET LTD. STI. |
|
|
|
|
Formerly Known As : |
AKALIN TEKSTIL SANAYI VE TICARET LTD. STI. |
|
|
|
|
Registered Office : |
Sanayi Mah. Sancakli Cad. Oznur Sok. No: 28/1-2 Gungoren Istanbul |
|
|
|
|
Country : |
Turkey |
|
|
|
|
Financials (as on) : |
31.12.2007 |
|
|
|
|
Date of Incorporation : |
28.04.1992 |
|
|
|
|
Com. Reg. No.: |
286332 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Processing and Trade of Stainless Steel |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
NOTE: The address at your
inquiry is the former branch address of the firm.
COMPANY IDENTIFICATION
|
NAME |
: |
AKALIN PASLANMAZ METAL PAZARLAMA SANAYI VE TICARET LTD. STI. |
|
ADDRESS |
: |
Head Office&Processing Plant: Sanayi Mah.
Sancakli Cad. Oznur Sok. No: 28/1-2 Gungoren Istanbul / Turkey Branch Offfice: Ikıtelli Demirciler
Sitesi E-2 Blok No:385 Kucukcekmece-Istanbul/Turkey |
|
PHONE NUMBER |
: |
90-212-671 09 86 |
|
FAX NUMBER |
: |
90-212-671 09 87 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Marmara Kurumlar / 0120014402 |
|
REGISTRATION NUMBER |
: |
286332 |
|
REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
|
DATE ESTABLISHED |
: |
28.04.1992 (Commercial Registry Gazette Date/No:
05.05.1992/3022) |
|
LEGAL FORM |
: |
Limited Company |
|
TYPE OF COMPANY |
: |
Private |
|
REGISTERED CAPITAL |
: |
YTL 100,000 |
|
PAID-IN CAPITAL |
: |
YTL 100,000 |
|
HISTORY |
: |
|
|
|
|
|
|
Previous Name |
:AKALIN TEKSTIL SANAYI VE TICARET LTD.
STI. |
|
|
|
|
Name Changed On |
:07.03.2008 (Commercial Registry Gazette
Date/No: 12.03.2008/7018) |
|
|
|
|
Previous Shareholders |
:Asiye Kiygin (70 %) Ebru Kiygin (30 %) |
|
|
|
|
Shareholders Changed On |
:06.10.2006 (Commercial Registry Gazette
Date/No: 11.10.2006/6661) |
|
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Abdullah Kiygin Recep Kiygin |
50 % 50 % |
|
GROUP PARENT COMPANY |
: |
None |
|
|
SUBSIDIARIES |
: |
None |
|
|
DIRECTORS |
: |
Abdullah Kiygin Recep Kiygin |
|
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Processing and trade of stainless steel |
|
|
TRADEMARK(S) |
: |
None |
|
|
NUMBER OF
EMPLOYEES |
: |
2 |
|
|
NET SALES |
: |
(YTL) 399,225 1,021,539 143,811 |
(2006) (2007) (01.01-31.03.2008) |
|
IMPORT VALUE |
: |
The subject has not performed any imports
yet, but it is planning to import steel from India |
|
|
EXPORT VALUE |
: |
None |
|
|
PREMISES |
: |
Head Office&Processing Plant: Sanayi Mah.
Sancakli Cad. Oznur Sok. No: 28/1-2 Gungoren Istanbul (rented) Branch Offfice: Ikıtelli Demirciler
Sitesi E-2 Blok No:385 Kucukcekmece-Istanbul |
|
|
FIXED CAPITAL
INVESTMENTS |
: |
None |
|
|
|
|
|
|
|
TREND OF
BUSINESS |
: |
Upwards in 2007 |
|
|
SIZE OF BUSINESS |
: |
Modest |
|
FINANCE
|
MAIN DEALING BANKERS |
: |
Garanti Bankasi Merter branch in Istanbul |
|
CREDIT FACILITIES |
: |
The subject company rarely makes use of credit facilities. |
|
PAYMENT BEHAVIOUR |
: |
No payment delays have come to our knowledge. |
COMMENT ON FINANCIAL POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
||||
|
High |
As of 31.12.2007 |
|||
|
LIQUIDITY |
||||
|
High |
As of 31.12.2007 |
|||
|
PROFITABILITY |
||||
|
High |
In 2007 |
Low |
Between 01.01.-31.03.2008 |
|
|
GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
||||
|
Unfavorable |
In 2007 |
|||
|
GENERAL
FINANCIAL POSITION |
||||
|
Good |
||||
CREDIT OPINION
|
CREDIT
OPINION WITHOUT OBLIGATION |
: |
We
are of the opinion that, a max. credit of USD 100,000 may be granted to the
subject company. |
|
|
Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(2006) |
11.58 % |
1.4309 |
1.7987 |
2.6377 |
|
(2007) |
5.94 % |
1.3075 |
1.7901 |
2.6133 |
|
(1.1.-31.03.2008) |
6.26 % |
1.2033 |
1.8179 |
2.3972 |
|
(1.1.-31.05.2008) |
13.39 % |
1.2181 |
1.8583 |
2.4201 |
BALANCE
SHEET
|
|
|
YTL |
|
|
|
|
|
|
31.12.07 |
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
297.874 |
|
0,72 |
|
|
|
Cash and Banks |
92.004 |
|
0,22 |
|
|
|
Marketable Securities |
0 |
|
0,00 |
|
|
|
Account Receivable |
180.354 |
|
0,44 |
|
|
|
Other Receivable |
0 |
|
0,00 |
|
|
|
Inventories |
16.676 |
|
0,04 |
|
|
|
Advances Given |
1.458 |
|
0,00 |
|
|
|
Other Current Assets |
7.382 |
|
0,02 |
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
114.642 |
|
0,28 |
|
|
|
Long-term Receivable |
0 |
|
0,00 |
|
|
|
Financial Assets |
0 |
|
0,00 |
|
|
|
Tangible Fixed Assets (net) |
55.006 |
|
0,13 |
|
|
|
Intangible Assets |
59.636 |
|
0,14 |
|
|
|
Other Non-Current Assets |
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
412.516 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
131.531 |
|
0,32 |
|
|
|
Financial Loans |
13.613 |
|
0,03 |
|
|
|
Accounts Payable |
96.554 |
|
0,23 |
|
|
|
Loans from Shareholders |
0 |
|
0,00 |
|
|
|
Other Short-term Payable |
0 |
|
0,00 |
|
|
|
Advances from Customers |
12.271 |
|
0,03 |
|
|
|
Taxes Payable |
9.093 |
|
0,02 |
|
|
|
Provisions |
0 |
|
0,00 |
|
|
|
Other Current Liabilities |
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
413 |
|
0,00 |
|
|
|
Financial Loans |
413 |
|
0,00 |
|
|
|
Securities Issued |
0 |
|
0,00 |
|
|
|
Long-term Payable |
0 |
|
0,00 |
|
|
|
Loans from Shareholders |
0 |
|
0,00 |
|
|
|
Other Long-term Liabilities |
0 |
|
0,00 |
|
|
|
Provisions |
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
280.572 |
|
0,68 |
|
|
|
Paid-in Capital |
100.000 |
|
0,24 |
|
|
|
Reserves |
694.530 |
|
1,68 |
|
|
|
Revaluation Fund |
0 |
|
0,00 |
|
|
|
Accumulated Losses(-) |
-618.524 |
|
-1,50 |
|
|
|
Net Profit (loss) |
104.566 |
|
0,25 |
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
412.516 |
|
1,00 |
|
INCOME
STATEMENTS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2007 |
|
|
|
01.01-31.03.2008 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
1.021.539 |
|
1,00 |
|
143.811 |
|
1,00 |
|
|
|
Cost of Goods Sold |
861.814 |
|
0,84 |
|
113.595 |
|
0,79 |
|
|
|
Gross Profit |
159.725 |
|
0,16 |
|
30.216 |
|
0,21 |
|
|
|
Operating Expenses |
28.769 |
|
0,03 |
|
9.960 |
|
0,07 |
|
|
|
Operating Profit |
130.956 |
|
0,13 |
|
20.256 |
|
0,14 |
|
|
|
Other Income |
12.031 |
|
0,01 |
|
31.321 |
|
0,22 |
|
|
|
Other Expenses |
10.651 |
|
0,01 |
|
49.500 |
|
0,34 |
|
|
|
Financial Expenses |
4.127 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Profit (loss) Before Tax |
128.209 |
|
0,13 |
|
2.077 |
|
0,01 |
|
|
|
Tax Payable |
23.643 |
|
0,02 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
104.566 |
|
0,10 |
|
2.077 |
|
0,01 |
|
FINANCIAL RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2007 |
|
|
|
01.01-31.03.2008 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
Current Ratio |
2,26 |
|
|
|
-- |
|
|
|
|
|
Acid-Test Ratio |
2,07 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,04 |
|
|
|
-- |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,44 |
|
|
|
-- |
|
|
|
|
|
Tangible Assets/Total Assets |
0,13 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
51,68 |
|
|
|
-- |
|
|
|
|
|
Stockholders' Equity Turnover |
3,64 |
|
|
|
-- |
|
|
|
|
|
Asset Turnover |
2,48 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,68 |
|
|
|
-- |
|
|
|
|
|
Current Liabilities/Total Assets |
0,32 |
|
|
|
-- |
|
|
|
|
|
Financial Leverage |
0,32 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
0,37 |
|
|
|
-- |
|
|
|
|
|
Operating Profit Margin |
0,13 |
|
|
|
0,14 |
|
|
|
|
|
Net Profit Margin |
0,10 |
|
|
|
0,01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
63,56 |
|
|
|
-- |
|
|
|
|
|
Average Payable Period (days) |
40,33 |
|
|
|
-- |
|
|
|
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%)