MIRA
INFORM REPORT
|
Report Date : |
26.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ASYA KATILIM BANKASI A.S. |
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Registered Office : |
Kucuksu Cad. Akcakoca Sok. No:6 34768 Umraniye- Istanbul |
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Country : |
Turkey |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
20.09.1996 |
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Com. Reg. No.: |
353195 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Participation Banking |
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 |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
ASYA KATILIM BANKASI A.S. |
|
ADDRESS |
: |
Head Office: Kucuksu Cad. Akcakoca Sok.
No:6 34768 Umraniye- Istanbul / Turkey |
|
PHONE NUMBER |
: |
90-216-633 50 00 |
|
FAX NUMBER |
: |
90-216-633 50 24 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Buyuk Mukellefler / 0910068613 |
|
REGISTRATION NUMBER |
: |
353195 |
|
REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
|
DATE ESTABLISHED |
: |
20.09.1996 (Commercial Registry Gazette
Date / No: 25.09.1996 / 4131) |
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LEGAL FORM |
: |
Joint Stock Company |
|
TYPE OF COMPANY |
: |
Private |
|
ISSUED CAPITAL |
: |
YTL 300,000,000 At the Board of Directors Meeting dated 18.01.2008 and General
Assembly Meeting dated 17.05.2008, the issued capital is decided to be increased from YTL 300,000,000 to YTL
900,000,000. Legal procedure has not been completed yet. |
|
HISTORY |
: |
The issued capital was increased to YTL 60,000,000
on 18.08.2003 (Commercial Registry Gazette Date / No: 21.08.2003 / 5868) The
issued capital was increased from YTL 60,000,000 to YTL 120,000,000 on
30.12.2004. (Commercial Registry Gazette Date/No: 04.01.2005/6212) The issued capital was increased from YTL
120,000,000 to YTL 240,000,000 on 20.12.2005 (Commercial Registry Gazette
Date/No:23.12.2005/6459). The name of the subject bank was changed
from “ASYA FINANS KURUMU A.S.” to “ASYA KATILIM BANKASI A.S.” on 26.12.2005
(Commercial Registry Gazette Date/No:29.12.2005/6463) The issued capital was increased from YTL
240,000,000 to YTL 300,000,000 on 12.05.2006 (Commercial Registry Gazette
Date/No: 17.05.2006/6558) The head office of the subject bank moved
from “Kisikli Cad. Kusbakisi Sok. No:2 Altunizade Uskudar 81190 Istanbul” to
“Kucuksu Cad. Akcakoca Sok. No:6 34768 Umraniye- Istanbul” on 04.10.2007
(Commercial Registry Gazette Date/No: 15.10.2007/6915) |
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
The subject has numerous shareholders.
Some of the shareholders of the subject are as follows: |
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Ortadogu Tekstil Tic.San. A.S. Bj Tekstil Ticaret Ve Sanayi A.S. Birim Birlesik Insaatcilik Mumessillik San
ve Tic AS Forum Insaat Dekorasyon Turizm San ve Tic
AS Negis Giyim Imalat ve Ihracat AS Osman Can Pehlivan Abdulkadir Konukoglu Muammer Ihsan Kalkavan Irfan Haciosmanoglu Hasan Sayin Ibrahim Sayin Fehim Arici Open to Public Others |
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Shares of the subject have been quoted at
Istanbul Stock Exchange since 12.05.2006. |
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GROUP PARENT COMPANY |
: |
None |
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AFFILIATES |
: |
-Asyafin Insaat San. Dis Ticaret ve Paz.
San. A.S -Asyafin Sigorta Aracilik Hiz. Ltd. Sti. -Isik Sigorta A.S -Asyafin Turz. Ins. San. A.S. -Asya Kart Teknolojileri Hizmetleri A.S. |
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BOARD OF DIRECTORS |
: |
Tahsin Tekoglu Mustafa Sevki Kavurmaci Abdurrahman Selcuk Berksan Tacettin Negis Unal Kabaca Cemil Ozdemir Salih Sarigul |
Chairman Vice-Chairman Member Member Member Member Member |
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DIRECTORS |
: |
Unal Kabaca Unsal Sozbir Mustafa Buyukates Ayhan Keser Yusuf Izzettin Imre Mahmut Demirkan Buket Gerecci Ali Tuglu |
General Manager Deputy General Manager Deputy General Manager Deputy General Manager Deputy General Manager Deputy General Manager Deputy General Manager Deputy General Manager |
OPERATIONS
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BUSINESS
ACTIVITIES |
: |
Participation banking |
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SECTOR |
: |
Finance |
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NUMBER OF
EMPLOYEES |
: |
3,554 (As of 31.03.2008) |
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INCOME FROM
PROFIT SHARE |
: |
(YTL Thousand) 170,010 272,958 311,603 481,553 805,275 240,077 |
(2003) (2004) (2005) (2006) (2007) (01.01.-31.03.2008) |
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PREMISES |
: |
Head Office: Kucuksu Cad. Akcakoca Sok.
No:6 34768 Umraniye- Istanbul There are 119 branches in Turkey as of
31.03.2008. |
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TREND
OF BUSINESS |
: |
Upwards |
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SIZE
OF BUSINESS |
: |
Giant |
FINANCE
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PAYMENT BEHAVIOR |
: |
Prompt |
COMMENT ON FINANCIAL POSITION
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COMMENT ON FINANCIAL POSITION |
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General
Financial Position |
: |
Fair |
CREDIT OPINION
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|
Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(2003) |
13.90 % |
1.5302 |
1.7141 |
2.4982 |
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(2004) |
13.84 % |
1.4266 |
1.7666 |
2.6001 |
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(2005) |
2.66 % |
1.3499 |
1.6882 |
2.4623 |
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(2006) |
11.58 % |
1.4309 |
1.7987 |
2.6377 |
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(2007) |
5.94 % |
1.3075 |
1.7901 |
2.6133 |
|
(1.1.-30.04.2008) |
11.04 % |
1.2193 |
1.8541 |
2.4257 |
BALANCE SHEETS
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YTL Thousand |
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|
YTL Thousand |
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|
31.12.07 |
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|
31.3.08 |
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Cash and Central Bank |
999.492 |
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|
832.415 |
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Trading Securities (net) |
0 |
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0 |
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Banks and Other Financial Institutions |
383.210 |
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|
476.458 |
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Money Market |
0 |
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0 |
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Investment Securities
Available For Sale (net) |
4.833 |
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0 |
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Loans |
4.082.489 |
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4.786.038 |
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Overdue Loans |
235.656 |
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|
277.000 |
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Factoring Receivables |
0 |
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0 |
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Investment Securities Held To
Maturity (net) |
0 |
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0 |
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Subsidiaries |
0 |
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0 |
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Affiliated Companies |
130.810 |
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|
130.810 |
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Other Investments (net) |
0 |
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0 |
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Finance Lease Receivables
(net) |
291.520 |
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|
303.606 |
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Reserve Deposits |
0 |
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0 |
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Miscellaneous Receivables |
0 |
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0 |
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Accrued Interest and Income
Receivables |
0 |
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0 |
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Tangible Fixed Assets (net) |
111.132 |
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|
172.198 |
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Intangible Fixed Assets (net) |
4.595 |
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|
4.748 |
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Other Assets |
16.311 |
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19.913 |
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TOTAL ASSETS |
6.260.048 |
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7.003.186 |
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LIABILITIES |
5.406.192 |
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6.111.991 |
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Funds Collected |
4.697.750 |
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5.203.202 |
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Interbank Money Market |
0 |
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|
9.610 |
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Borrowed Credits |
312.921 |
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|
439.159 |
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Bills and Bonds |
0 |
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0 |
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Funds |
0 |
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0 |
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Miscellaneous Payables |
131.342 |
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|
181.662 |
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Other Liabilities |
152.108 |
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|
155.204 |
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Taxes,Fees and Premiums |
32.840 |
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|
32.710 |
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Factoring Payables |
0 |
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0 |
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Finance Lease Payables (net) |
10.311 |
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|
6.209 |
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Accrued Interest and Expenses
Payables |
0 |
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0 |
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Provisions |
68.920 |
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|
84.235 |
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Credits like capital |
0 |
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0 |
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Minority Interest |
0 |
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0 |
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STOCKHOLDERS' EQUITY |
853.856 |
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|
891.195 |
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Paid-in Capital |
300.000 |
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|
300.000 |
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Reserves |
182.519 |
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|
403.856 |
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Revaluation Fund |
150.000 |
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|
150.000 |
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Accumulated Losses |
0 |
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0 |
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Net Profit (loss) |
221.337 |
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|
37.339 |
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TOTAL LIABILITIES AND EQUITY |
6.260.048 |
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|
7.003.186 |
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INCOME STATEMENTS
|
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YTL Thousand |
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|
YTL Thousand |
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|
2007 |
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|
1.1.-31.3.2008 |
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Income From Profit Share |
805.275 |
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|
240.077 |
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Expenses From Profit Share |
388.117 |
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|
118.413 |
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Net Profit Share Income |
417.158 |
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|
121.664 |
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Net Fees and Commission Income |
144.701 |
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|
48.181 |
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Dividend Income |
0 |
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|
0 |
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Net Trading Profit/Loss |
14.659 |
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|
18.374 |
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Profit/loss From Held To
Maturity Marketable Securities |
0 |
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|
0 |
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Other Operating Income |
85.413 |
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|
18.253 |
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Total Operating Income |
661.931 |
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|
206.472 |
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Provision For Loan Losses or
Other Receivables |
123.058 |
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|
61.867 |
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|
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Other Operating Expenses |
265.972 |
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|
94.031 |
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|
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Operating Profit (Loss) |
272.901 |
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|
50.574 |
|
|
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Profit/Loss Share From Affiliated
Firms and Subsidiaries |
0 |
|
|
0 |
|
|
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Profit (Loss) before tax |
272.901 |
|
|
50.574 |
|
|
|
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Taxes payable |
51.564 |
|
|
13.235 |
|
|
|
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Net Profit (loss) |
221.337 |
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|
37.339 |
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|
|
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FINANCIAL RATIOS
|
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|
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|
2007 |
|
|
1.1.-31.3.2008 |
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CAPITAL SUFFICIENCY RATIOS |
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Stockholders' Equity/Total Assets |
0.14 |
|
|
0.13 |
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ASSET QUALITY RATIOS |
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Loans/Total Assets |
0.65 |
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|
0.68 |
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Overdue Loans/Loans |
0.06 |
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|
0.06 |
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LIQUIDITY RATIOS |
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Liquid Assets/Total Assets |
0.22 |
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|
0.19 |
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PROFITABILITY RATIOS |
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Net Profit/Total Assets |
0.04 |
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|
0.01 |
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Net Profit/Stockholders' Equity |
0.26 |
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|
0.04 |
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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%)