MIRA
INFORM REPORT
|
Report Date : |
10.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
AKDEMIR METAL,MAKINA,KALIP,DEKORASYON,INSAAT |
|
|
|
|
Registered Office : |
Nilufer Organize Sanayi Bolgesi 315 Sok. No:1 Nilufer-Bursa |
|
|
|
|
Country : |
Turkey |
|
|
|
|
Financials (as on) : |
31.12.2007 |
|
|
|
|
Date of Incorporation : |
09.03.1994 |
|
|
|
|
Com. Reg. No.: |
35295 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacture and Trade of steel
construction, designing, projecting and implementation of steel construction
buildings. |
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 |
Note: The full name of the company was missing at your inquiry. The
registered full name of the company, having the address at your inquiry, is
“Akdemir Metal, Makina, Kalip, Dekorasyon, Insaat Sanayi ve Ticaret A.S.”
COMPANY IDENTIFICATION
|
NAME |
: |
AKDEMIR METAL,MAKINA,KALIP,DEKORASYON,INSAAT SANAYI VE TICARET AS. |
|
ADDRESS |
: |
Head Office: Nilufer Organize Sanayi
Bolgesi 315 Sok. No:1 Nilufer-Bursa / Turkey |
|
PHONE NUMBER |
: |
90- 224-411 11 00 |
|
FAX NUMBER |
: |
90- 224-411 11 04 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Ertugrul Gazi / 0210338324 |
|
REGISTRATION NUMBER |
: |
35295 |
|
REGISTERED OFFICE |
: |
Bursa Chamber of Commerce and Industry |
|
DATE ESTABLISHED |
: |
09.03.1994 (Commercial Registry Gazette
Date/No:18.03.1994/3492) |
|
LEGAL FORM |
: |
Joint Stock Company |
|
TYPE OF COMPANY |
: |
Private |
|
REGISTERED CAPITAL |
: |
YTL 750,000 |
|
PAID-IN CAPITAL |
: |
YTL 750,000 |
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Halil Baglan Yusuf Aktar Senay Aktar Melek Baglan Cevdet Guner |
49 % 49 % |
|
SISTER COMPANIES |
: |
-Ak Contecho Metal Makina Kalip Dekorasyon
Ins. San.ve Tic. Ltd. Sti. - Ak Sirin Mobilya ve Dekorasyon San.ve
Tic. Ltd. Sti. -Akyil Kalip Dekorasyon Metal Makina Yapi
Insaat San. ve Tic. Ltd. Sti. |
|
|
GROUP PARENT COMPANY |
: |
None |
|
|
SUBSIDIARIES |
: |
None |
|
|
BOARD OF DIRECTORS |
: |
Halil Baglan Yusuf Aktar Senay Aktar Melek Baglan |
Chairman Vice-Chairman Member Member |
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Manufacture and trade of steel
construction, designing, projecting and implementation of steel construction
buildings. |
|
|
NUMBER OF
EMPLOYEES |
: |
140 |
|
|
NET SALES |
: |
(YTL) 7,386,172 9,542,100 |
(2006) (2007) |
|
IMPORT COUNTRIES |
: |
France, Romania |
|
|
MERCHANDISE
IMPORTED |
: |
Intermediary goods. |
|
|
EXPORT VALUE |
: |
(YTL) 2,976,112 3,703,549 |
(2006) (2007) |
|
EXPORT COUNTRIES |
: |
France |
|
|
MERCHANDISE
EXPORTED |
: |
Parts of trailers and semi trailers. |
|
|
PREMISES |
: |
Head Office: Nilufer Organize Sanayi
Bolgesi 315 Sok. No:1 Nilufer-Bursa Branch: Mine Sok. No:1 Nilufer-Bursa |
|
TREND OF BUSINESS |
: |
Upwards
in 2007 |
|
SIZE
OF BUSINESS |
: |
Upper-medium |
FINANCE
|
MAIN DEALING BANKERS |
: |
Yapi ve Kredi Bankasi Nilufer branch in
Bursa Finansbank Bursa branch in Bursa Garanti Bankasi Bursa branch in Bursa Halk Bankasi Organize Sanayi Bolgesi
branch in Bursa |
|
CREDIT FACILITIES |
: |
The
subject company is making active use of credit facilities. |
|
PAYMENT BEHAVIOUR |
: |
No payment delays have come to our knowledge. |
COMMENT ON FINANCIAL POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
||
|
Fair |
As of 31.12.2007 |
|
|
LIQUIDITY |
||
|
Good |
As of 31.12.2007 |
|
|
PROFITABILITY |
||
|
Good |
In 2007 |
|
|
GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
||
|
Unfavorable |
In 2007 |
|
|
GENERAL
FINANCIAL POSITION |
||
|
Fair |
||
CREDIT OPINION
|
|
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.-30.04.2008) |
11.04 % |
1.2193 |
1.8541 |
2.4257 |
BALANCE
SHEETS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
31.12.06 |
|
|
|
31.12.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
3.637.657 |
|
0,74 |
|
4.528.671 |
|
0,64 |
|
|
|
Cash and
Banks |
408.380 |
|
0,08 |
|
443.538 |
|
0,06 |
|
|
|
Marketable Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account
Receivable |
1.600.336 |
|
0,33 |
|
2.750.179 |
|
0,39 |
|
|
|
Other
Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Inventories |
1.486.132 |
|
0,30 |
|
1.134.992 |
|
0,16 |
|
|
|
Advances
Given |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Current Assets |
142.809 |
|
0,03 |
|
199.962 |
|
0,03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
1.257.329 |
|
0,26 |
|
2.533.472 |
|
0,36 |
|
|
|
Long-term
Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Financial
Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Tangible
Fixed Assets (net) |
1.245.491 |
|
0,25 |
|
2.515.361 |
|
0,36 |
|
|
|
Intangible Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Non-Current Assets |
11.838 |
|
0,00 |
|
18.111 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
4.894.986 |
|
1,00 |
|
7.062.143 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
2.599.773 |
|
0,53 |
|
3.619.118 |
|
0,51 |
|
|
|
Financial
Loans |
1.429.911 |
|
0,29 |
|
2.645.651 |
|
0,37 |
|
|
|
Accounts
Payable |
1.073.221 |
|
0,22 |
|
840.684 |
|
0,12 |
|
|
|
Loans
from Shareholders |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Short-term Payable |
0 |
|
0,00 |
|
51.256 |
|
0,01 |
|
|
|
Advances
from Customers |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Taxes
Payable |
62.001 |
|
0,01 |
|
45.440 |
|
0,01 |
|
|
|
Provisions |
34.640 |
|
0,01 |
|
36.087 |
|
0,01 |
|
|
|
Other
Current Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
309.717 |
|
0,06 |
|
1.103.733 |
|
0,16 |
|
|
|
Financial
Loans |
309.717 |
|
0,06 |
|
1.103.733 |
|
0,16 |
|
|
|
Securities Issued |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Long-term
Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Loans
from Shareholders |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Long-term Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Provisions |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
1.985.496 |
|
0,41 |
|
2.339.292 |
|
0,33 |
|
|
|
Paid-in
Capital |
750.000 |
|
0,15 |
|
750.000 |
|
0,11 |
|
|
|
Inflation
Adjustment of Capital |
328.734 |
|
0,07 |
|
328.734 |
|
0,05 |
|
|
|
Reserves |
657.298 |
|
0,13 |
|
906.763 |
|
0,13 |
|
|
|
Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accumulated Losses(-) |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net
Profit (loss) |
249.464 |
|
0,05 |
|
353.795 |
|
0,05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
4.894.986 |
|
1,00 |
|
7.062.143 |
|
1,00 |
|
INCOME STATEMENTS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2006 |
|
|
|
2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
7.386.172 |
|
1,00 |
|
9.542.100 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
6.472.741 |
|
0,88 |
|
8.324.836 |
|
0,87 |
|
|
|
Gross Profit |
913.431 |
|
0,12 |
|
1.217.264 |
|
0,13 |
|
|
|
Operating
Expenses |
290.355 |
|
0,04 |
|
397.938 |
|
0,04 |
|
|
|
Operating Profit |
623.076 |
|
0,08 |
|
819.326 |
|
0,09 |
|
|
|
Other
Income |
4.131 |
|
0,00 |
|
127.240 |
|
0,01 |
|
|
|
Other
Expenses |
87.149 |
|
0,01 |
|
78.362 |
|
0,01 |
|
|
|
Financial
Expenses |
224.946 |
|
0,03 |
|
423.992 |
|
0,04 |
|
|
|
Profit (loss) Before Tax |
315.112 |
|
0,04 |
|
444.212 |
|
0,05 |
|
|
|
Tax
Payable |
65.648 |
|
0,01 |
|
90.417 |
|
0,01 |
|
|
|
Net Profit (loss) |
249.464 |
|
0,03 |
|
353.795 |
|
0,04 |
|
FINANCIAL
RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2006 |
|
|
|
2007 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
Current Ratio |
1,40 |
|
|
|
1,25 |
|
|
|
|
|
Acid-Test Ratio |
0,77 |
|
|
|
0,88 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,30 |
|
|
|
0,16 |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,33 |
|
|
|
0,39 |
|
|
|
|
|
Tangible Assets/Total Assets |
0,25 |
|
|
|
0,36 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
4,36 |
|
|
|
7,33 |
|
|
|
|
|
Stockholders' Equity Turnover |
3,72 |
|
|
|
4,08 |
|
|
|
|
|
Asset Turnover |
1,51 |
|
|
|
1,35 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,41 |
|
|
|
0,33 |
|
|
|
|
|
Current Liabilities/Total Assets |
0,53 |
|
|
|
0,51 |
|
|
|
|
|
Financial Leverage |
0,59 |
|
|
|
0,67 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
0,13 |
|
|
|
0,15 |
|
|
|
|
|
Operating Profit Margin |
0,08 |
|
|
|
0,09 |
|
|
|
|
|
Net Profit Margin |
0,03 |
|
|
|
0,04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
78,00 |
|
|
|
103,76 |
|
|
|
|
|
Average Payable Period (days) |
59,69 |
|
|
|
36,35 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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%)