MIRA INFORM REPORT

 

Report Date :

25.01.2012

 

IDENTIFICATION DETAILS

 

Name :

akplas plastik sanayi ve ticaret a.s.

 

 

Formerly Known As :

AKPLAS ILGIN AKIN PLASTIK SAN. VE TIC. LTD. STI.

 

 

Registered Office :

Ucari Mah. Seker Fabrikasi Yolu Uzeri 1 Km. Ilgin Konya

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Year of Establishment :

1995

 

 

Com. Reg. No.:

1837

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of plastic pipe for drip irrigation. 

 

 

No. of Employees :

210

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

890.000 USD

Status :

Moderate

Payment Behaviour :

No Complaints

Litigation :

Clear

 

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Turkey

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

COMPANY IDENTIFICATION

 

NAME

:

AKPLAS PLASTIK SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Ucari Mah. Seker Fabrikasi Yolu Uzeri 1 Km. Ilgin Konya / Turkey

PHONE NUMBER

:

90-332-881 60 60

 

FAX NUMBER

:

90-332-881 32 19

 

WEB-ADDRESS

:

www.akplas.net

E-MAIL

:

info@akplas.net

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Ilgin 

TAX NO

:

0340363156

REGISTRATION NUMBER

:

1837

REGISTERED OFFICE

:

Ilgin Chamber of Commerce

DATE ESTABLISHED

:

1995

ESTABLISHMENT GAZETTE DATE /NO

:

15.11.1995/3915

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   5.000.000

PAID-IN CAPITAL

:

TL   5.000.000

HISTORY

:

Previous Legal Type

:

Limited Company

Changed On

:

06.11.2007 (Commercial Gazette Date /Number 14.11.2007/ 6936)

Previous Name

:

Akplas Ilgin Akin Plastik San. ve Tic. Ltd. Sti.

Changed On

:

14.06.2007 (Commercial Gazette Date /Number 21.06.2007/ 6835)

Previous Name

:

Akplas Plastik Sanayi Ve Ticaret Ltd. Sti.

Changed On

:

06.11.2007 (Commercial Gazette Date /Number 14.11.2007/ 6936)

Previous Registered Capital

:

TL 2.000.000

Changed On

:

22.11.2006 (Commercial Gazette Date /Number 27.11.2006/ 6691)

Previous Registered Capital

:

TL 3.000.000

Changed On

:

06.11.2007 (Commercial Gazette Date /Number 14.11.2007/ 6936)

Previous Address

:

Camiatik Mah. San. Sit. 8. Blok No:10 Ilgin

Changed On

:

10.03.2006 (Commercial Gazette Date /Number 20.03.2006/ 6516)

Previous Shareholder

:

Please vide Previous shareholders section for the former shareholders' names.

Changed On

:

21.11.2011 (Commercial Gazette Date /Number 01.12.2011/ 7952)

 

 

 

PREVIOUS SHAREHOLDERS

:

Cetin Akin

49,80 %

Musa Akin

49,78 %

Huseyin Akin

0,20 %

Tarik Zafer Sahin

0,20 %

Fatih Salih Tastekin

0,02 %

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Tarik Zafer Sahin

25 %

Cetin Akin

25 %

Musa Akin

24,99 %

Huseyin Akin

24,99 %

Fatih Salih Tastekin

0,02 %

 

 

SISTER COMPANIES

:

Declared to be: None

 

SUBSIDIARIES

:

None

 

BOARD OF DIRECTORS

:

Cetin Akin

Chairman

Huseyin Akin

Vice-Chairman

Tarik Zafer Sahin

Member

Musa Akin

Member

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of plastic pipe for drip irrigation. 

 

NACE CODE

:

DH. 25.21

 

SECTOR

:

Plastic

 

TRADEMARKS OWNED

:

Akplas

 

NUMBER OF EMPLOYEES

:

210

 

NET SALES

:

33.654.280 TL

(2009) 

44.206.855 TL

(2010) 

65.634.147 TL

(01.01-30.09.2011) 

 

 

IMPORT COUNTRIES

:

Georgia

Israel

Japan

U.S.A.

India

Saudi Arabia

 

MERCHANDISE IMPORTED

:

Drip irrigation systems

 

EXPORT VALUE

:

458.459 TL

(2009)

336.514 TL

(2010)

1.886.512 TL

(01.01-30.09.2011)

 

 

EXPORT COUNTRIES

:

Greece

Northern Cyprus Turkish Republic

Iraq

Azerbaijan

Georgia

Bulgaria

Romania

Italy

Algeria

 

MERCHANDISE  EXPORTED

:

Fittings for tube

Plastic pipes

Hoses

Taps

Cocks

Valves

 

HEAD OFFICE ADDRESS

:

Ucari Mah. Seker Fabrikasi Yolu Uzeri 1 Km. Ilgin Konya / Turkey (owned)

 

 

BRANCHES

:

Head Office/Factory  :  Ucari Mah. Seker Fabrikasi Yolu Uzeri 1 Km. Ilgin Konya /Turkey (owned)

 

Branch Office  :   Osmaniye/Turkey

 

INVESTMENTS

:

None

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2010. There appears an upwards trend in  1.1 - 30.9.2011.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Turk Ekonomi Bankasi Konya Branch

Turkiye Finans Katilim Bankasi Konya Branch

Turkiye Is Bankasi Ilgin Branch

 

CREDIT FACILITIES

:

The subject company is making active use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2009) TL

(2010) TL

(01.01-30.09.2011) TL

Net Sales

33.654.280

44.206.855

65.634.147

Profit (Loss) Before Tax

629.832

816.834

-552.877

Stockholders' Equity

6.239.040

6.881.686

 

Total Assets

27.277.136

30.551.177

 

Current Assets

23.093.389

25.434.614

 

Non-Current Assets

4.183.747

5.116.563

 

Current Liabilities

19.201.181

22.287.007

 

Long-Term Liabilities

1.836.915

1.382.484

 

Gross Profit (loss)

3.949.473

4.369.731

4.589.479

Operating Profit (loss)

1.720.388

1.049.530

1.772.190

Net Profit (loss)

471.959

642.645

-552.877

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Insufficient As of 31.12.2010

Liquidity

Good As of 31.12.2010

Remarks On Liquidity

The unfavorable gap between average collection and average payable period has an adverse effect on liquidity.

Profitability

In Order Operating Profitability  in 2009

Low Net Profitability  in 2009

Fair Operating Profitability  in 2010

Low Net Profitability  in 2010

Fair Operating Profitability (01.01-30.09.2011)

Net Loss (01.01-30.09.2011)

 

Gap between average collection and payable periods

Unfavorable in 2010

General Financial Position

Passable

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT LIMIT

 

:

890.000 USD

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 890.000 USD may be granted to the subject company.

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2009 )

5,93 %

1,5460

2,1529

2,4094

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 ( 01.01-30.09.2011)

9,72 %

1,6335

2,3016

2,6294

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 

 

BALANCE SHEETS

 

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

23.093.389

0,85

25.434.614

0,83

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

2.833.655

0,10

5.169.074

0,17

Marketable Securities

0

0,00

0

0,00

Account Receivable

18.727.116

0,69

15.713.399

0,51

Other Receivable

196.490

0,01

923.929

0,03

Inventories

651.182

0,02

1.704.067

0,06

Advances Given

402.597

0,01

907.852

0,03

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

282.349

0,01

1.016.293

0,03

NON-CURRENT ASSETS

4.183.747

0,15

5.116.563

0,17

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

12.992

0,00

12.992

0,00

Financial Assets

0

0,00

0

0,00

Tangible Fixed Assets (net)

4.113.188

0,15

5.075.313

0,17

Intangible Assets

37.319

0,00

19.146

0,00

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

20.248

0,00

9.112

0,00

TOTAL ASSETS

27.277.136

1,00

30.551.177

1,00

CURRENT LIABILITIES

19.201.181

0,70

22.287.007

0,73

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

3.051.586

0,11

10.429.625

0,34

Accounts Payable

7.974.996

0,29

6.734.788

0,22

Loans from Shareholders

0

0,00

0

0,00

Other Short-term Payable

15.185

0,00

168.754

0,01

Advances from Customers

6.828.645

0,25

4.672.589

0,15

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

73.605

0,00

107.062

0,00

Provisions

157.873

0,01

174.189

0,01

Other Current Liabilities

1.099.291

0,04

0

0,00

LONG-TERM LIABILITIES

1.836.915

0,07

1.382.484

0,05

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

1.836.915

0,07

1.382.484

0,05

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

6.239.040

0,23

6.881.686

0,23

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

5.000.000

0,18

5.000.000

0,16

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

767.081

0,03

1.239.041

0,04

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

Net Profit (loss)

471.959

0,02

642.645

0,02

TOTAL LIABILITIES AND EQUITY

27.277.136

1,00

30.551.177

1,00

 

 

REMARKS ON FINANCIAL STATEMENT

:

At the income statement of 1.1.-30.09.2011, TL 3.333.283 of the other expenses is due to "Loss from Foreign Currency Exchange" .

 

 

INCOME STATEMENTS

 

 

(2009) TL

 

(2010) TL

 

(01.01-30.09.2011) TL

 

Net Sales

33.654.280

1,00

44.206.855

1,00

65.634.147

1,00

Cost of Goods Sold

29.704.807

0,88

39.837.124

0,90

61.044.668

0,93

Gross Profit

3.949.473

0,12

4.369.731

0,10

4.589.479

0,07

Operating Expenses

2.229.085

0,07

3.320.201

0,08

2.817.289

0,04

Operating Profit

1.720.388

0,05

1.049.530

0,02

1.772.190

0,03

Other Income

1.802.589

0,05

2.744.217

0,06

2.425.984

0,04

Other Expenses

2.310.595

0,07

2.538.913

0,06

3.689.277

0,06

Financial Expenses

582.550

0,02

438.000

0,01

1.061.774

0,02

Minority Interests

0

0,00

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

0

0,00

Profit (loss) Before Tax

629.832

0,02

816.834

0,02

-552.877

-0,01

Tax Payable

157.873

0,00

174.189

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

471.959

0,01

642.645

0,01

-552.877

-0,01

FINANCIAL RATIOS

 

 

(2009)

(2010)

LIQUIDITY RATIOS

 

 

Current Ratio

1,20

1,14

Acid-Test Ratio

1,13

0,98

Cash Ratio

0,15

0,23

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,02

0,06

Short-term Receivable/Total Assets

0,69

0,54

Tangible Assets/Total Assets

0,15

0,17

TURNOVER RATIOS

 

 

Inventory Turnover

45,62

23,38

Stockholders' Equity Turnover

5,39

6,42

Asset Turnover

1,23

1,45

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,23

0,23

Current Liabilities/Total Assets

0,70

0,73

Financial Leverage

0,77

0,77

Gearing Percentage

3,37

3,44

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,08

0,09

Operating Profit Margin

0,05

0,02

Net Profit Margin

0,01

0,01

Interest Cover

2,08

2,86

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

200,46

128,07

Average Payable Period (days)

96,65

60,86

WORKING CAPITAL

3892208,00

3147607,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.97

UK Pound

1

Rs.77.74

Euro

1

Rs.65.09

 

 

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

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

--

NB

                                       New Business

 

--

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.