MIRA INFORM REPORT

 

 

Report Date :

13.06.2012

 

IDENTIFICATION DETAILS

 

Name :

AK-PA TEKSTIL IHRACAT PAZARLAMA A.S.

 

 

Registered Office :

Miralay Sefik Bey Sok. Ak Han K:1-2 No:15 34437 Taksim Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

31.12.1976

 

 

Com. Reg. No.:

143420

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Trade of textile products. 

 

 

No. of Employees :

28

 

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

 

 

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 – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

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

:

AK-PA TEKSTIL IHRACAT PAZARLAMA A.S.

HEAD OFFICE ADDRESS

:

Miralay Sefik Bey Sok. Ak Han K:1-2 No:15 34437 Taksim Istanbul / Turkey

PHONE NUMBER

:

90-212-251 92 00

 

FAX NUMBER

:

90-212-393 00 78

 

WEB-ADDRESS

:

www.akpa.com.tr

E-MAIL

:

akpa@akpa.com.trtr

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Dis Ticaret

TAX NO

:

0330011122

REGISTRATION NUMBER

:

143420

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

31.12.1976

ESTABLISHMENT GAZETTE DATE/NO

:

10.01.1977/133

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   2.710.000

PAID-IN CAPITAL

:

TL   2.710.000

 

HISTORY

:

Previous Registered Capital

:

TL 2.000.000

Changed On

:

12.12.2006 (Commercial Gazette Date /Number 15.12.2006/ 6705)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

 

Akkok Sanayi Yatirim ve Gelistirme A.S.

72 %

Aksa Akrilik Kimya Sanayi A.S

13 %

Others

 

 

 

GROUP

:

AKKOK GROUP OF COMPANIES

 

GROUP PARENT COMPANY

:

AKKOK SANAYI YATIRIM VE GELISTIRME A.S.

 

SISTER COMPANIES

:

A.R.D HOLDING A.S.

AK HAVACILIK VE ULASTIRMA HIZMETLERI A.S.

AK TURIZM VE DIS TICARET A.S.

AK YON YONETIM VE BAKIM HIZMETLERI A.S.

AK-AL TEKSTIL SANAYII A.S.

AKARSU ENERJI YATIRIMLARI SANAYI VE TICARET A.S.

AKCEZ ENERJI YATIRIMLARI SANAYI VE TICARET A.S.

AKDEPO LOJISTIK VE DIS TICARET A.S.

AKDUNYA EGITIM EGLENCE SANAT YATIRIMLARI VE DIS TICARET A.S.

AK-EL KEMAH ELEKTRIK URETIM A.S.

AK-EL YALOVA ELEKTRIK URETIM A.S.

AKENERJI DOGALGAZ ITHALAT IHRACAT VE TOPTAN TICARET A.S.

AKENERJI ELEKTRIK ENERJISI ITHALAT IHRACAT VE TOPTAN TICARET A.S.

AKENERJI ELEKTRIK URETIM A.S.

AKFIL HOLDING A.S.

AKGIRISIM KIMYA SANAYI VE TICARET A.S.

AKHAN BAKIM YONETIM SERVIS HIZMETLERI GUVENLIK MALZEMELERI TICARET A.S.

AKIS GAYRIMENKUL YATIRIMI A.S.

AKKA ELEKTRIK URETIM A.S.

AK-KIM KIMYA SANAYI VE TICARET A.S.

AKKOK SANAYI YATIRIM VE GELISTIRME A.S.

AKKON YAPI TAAHHUT INSAAT MUSAVIRLIK A.S.

AKKUR ENERJI URETIM TICARET VE SANAYI A.S.

AKMELTEM POLIURETAN SANAYI VE TICARET A.S.

AKMERKEZ GAYRIMENKUL YATIRIM ORTAKLIGI  A.S.

AKPORT TEKIRDAG LIMAN ISLETMESI A.S

AKSA AKRILIK KIMYA SANAYI A.S.

AKSA EGYPT ACRYLIC FIBER INDUSTRY S.A.E.

AKSA KARBON ELYAF SANAYI A.S.

AKSU IPLIK DOKUMA VE BOYA APRE FABRIKALARI TURK A.S.

AKTEK BILGI ILETISIM TEKNOLOJISI SANAYI VE TICARET A.S.

AKTEM KIMYASAL URUNLER ULUSLARARASI MUMESSILLIK VE TICARET A.S

AK-TOPS TEKSTIL SANAYI A.S.

ARIS SANAYI VE TICARET TURK A.S.

ATLANTIK HOLDING A.S.

CERKEZKOY TEKSTIL SANAYI VE TICARET A.S.

DINKAL SIGORTA ACENTELIGI A.S

EMBOY-YUNTAS TEKSTIL SANAYI VE TICARET A.S.

EMNIYET TICARET VE SANAYI A.S.

GAC GAYRIMENKUL YATIRIMI A.S.

ISTASYON TEKSTIL SANAYI VE TICARET A.S.

MEM ENERJI ELEKTRIK URETIM SANAYI VE TICARET A.S.

NDC HOLDING A.S.

SAF GAYRIMENKUL GELISTIRME INSAAT VE TICARET A.S.

SAF GAYRIMENKUL YATIRIM ORTAKLIGI A.S.

UCGEN BAKIM VE YONETIM HIZMETLERI A.S.

ZEYTINLIADA TURIZM VE TICARET A.S.

 

SUBSIDIARIES

:

AKSA EGYPT

 

BOARD OF DIRECTORS

:

Ali Raif Dinckok

Chairman

Mustafa Yilmaz

Vice-Chairman

Cengiz Tas

Member

Necdet Colpan

Member

Vedat Lodrik

Member

 

 

DIRECTORS

:

Necdet Colpan                                                                                                                                                                                                                                                                                   

General Manager

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Trade of textile products. 

 

NACE CODE

:

G .51.41

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

28

 

NET SALES

:

363.644.582 TL

(2007) 

372.413.891 TL

(2008) 

422.891.009 TL

(2009) 

560.857.979 TL

(2010) 

712.382.086 TL

(2011) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

 

IMPOT VALUE

:

32.000 USD

(2011)

 

 

IMPORT COUNTRIES

:

China

Vietnam

Indonesia

 

MERCHANDISE IMPORTED

:

Bamboo

Fiber

Raw materials of textile

 

EXPORT VALUE

:

362.000.000 TL

(2007)

369.000.000 TL

(2008)

405.895.212 TL

(2009)

520.758.312 TL

(2010)

649.825.952 TL

(2011)

 

 

EXPORT COUNTRIES

:

Albania

Algeria

Argentina

Free Zone

Australia

Brazil

Bulgaria

Canada

China

Egypt

Germany

France

Hungary

India

Italy

Jordan

Malaysia

Netherlands

Pakistan

Poland

Romania

Spain

Syria

Tunisia

U.S.A.

Venezuela

 

MERCHANDISE  EXPORTED

:

Chemicals

Fabric

Synthetic filament tow

 

 

HEAD OFFICE ADDRESS

:

Miralay Sefik Bey Sok. Ak Han K:1-2 No:15 34437 Taksim  Istanbul / Turkey

( owned ) (1.178 sqm)

 

TREND OF BUSINESS

:

There was an upwards trend in  2011.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

MAIN DEALING BANKS

:

T. Is Bankasi Maslak Kurumsal Branch

Turk Ekonomi Bankasi Merkez Branch

Yapi ve Kredi Bankasi Esentepe Branch

 

CREDIT FACILITIES

:

The subject company is making use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2008) TL

(2009) TL

(2010) TL

Net Sales

372.413.891

422.891.009

560.857.979

Profit (Loss) Before Tax

1.984.845

2.037.369

4.974.410

Stockholders' Equity

6.956.887

7.280.047

9.740.891

Total Assets

116.476.877

117.482.082

187.589.651

Current Assets

113.662.462

114.788.496

184.973.547

Non-Current Assets

2.814.415

2.693.586

2.616.104

Current Liabilities

109.022.559

109.789.873

177.384.802

Long-Term Liabilities

497.431

412.162

463.958

Gross Profit (loss)

5.961.357

6.237.492

7.756.710

Operating Profit (loss)

615.137

1.365.580

4.679.910

Net Profit (loss)

1.614.574

1.642.946

3.966.751

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Low As of 31.03.2011

Liquidity

Satisfactory As of 31.03.2011

Remarks On Liquidity

The liquid assets consist mainly of receivables the amount of cash&banks or marketable securities (which are more liquid) are low.

Profitability

Low Operating Profitability  in 2008

Low Net Profitability  in 2008

Low Operating Profitability  in 2009

Low Net Profitability  in 2009

Low Operating Profitability  in 2010

Low Net Profitability  in 2010

Low Operating Profitability  in 2011

Low Net Profitability  in 2011

Low Operating Profitability (01.01-31.03.2011)

Low Net Profitability (01.01-31.03.2011)

 

Gap between average collection and payable periods

Favorable in 01.01-31.03.2011

General Financial Position

Passable

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2007 )

5,94 %

1,3075

1,7901

2,6133

 ( 2008 )

8,11 %

1,2858

1,8876

2,3708

 ( 2009 )

5,93 %

1,5460

2,1529

2,4094

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 ( 01.01-31.03.2011)

5,40 %

1,5753

2,1664

2,5072

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 01.01-31.05.2012)

1,27 %

1,8008

2,3565

2,8479

 

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

CURRENT ASSETS

113.662.462

0,98

114.788.496

0,98

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

4.401.850

0,04

4.668.017

0,04

Marketable Securities

0

0,00

0

0,00

Account Receivable

90.453.888

0,78

98.631.835

0,84

Other Receivable

17.538.842

0,15

9.528.153

0,08

Inventories

1.048.399

0,01

1.764.544

0,02

Advances Given

0

0,00

35.683

0,00

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

219.483

0,00

160.264

0,00

NON-CURRENT ASSETS

2.814.415

0,02

2.693.586

0,02

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

Financial Assets

37.275

0,00

37.275

0,00

Tangible Fixed Assets (net)

2.682.882

0,02

2.590.853

0,02

Intangible Assets

8.430

0,00

2.992

0,00

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

85.828

0,00

62.466

0,00

TOTAL ASSETS

116.476.877

1,00

117.482.082

1,00

CURRENT LIABILITIES

109.022.559

0,94

109.789.873

0,93

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

17.580.881

0,15

9.553.043

0,08

Accounts Payable

90.395.717

0,78

99.321.407

0,85

Loans from Shareholders

0

0,00

0

0,00

Other Short-term Payable

5.133

0,00

171

0,00

Advances from Customers

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

597.736

0,01

520.829

0,00

Provisions

443.092

0,00

394.423

0,00

Other Current Liabilities

0

0,00

0

0,00

LONG-TERM LIABILITIES

497.431

0,00

412.162

0,00

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

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

497.431

0,00

412.162

0,00

STOCKHOLDERS' EQUITY

6.956.887

0,06

7.280.047

0,06

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

2.710.000

0,02

2.710.000

0,02

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

535

0,00

535

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

2.631.778

0,02

2.794.538

0,02

Revaluation Fund

0

0,00

132.028

0,00

Accumulated Losses(-)

0

0,00

0

0,00

Net Profit (loss)

1.614.574

0,01

1.642.946

0,01

TOTAL LIABILITIES AND EQUITY

116.476.877

1,00

117.482.082

1,00

 

 

 

 ( 31.12.2010 )  TL

 

 ( 31.03.2011 )  TL

 

CURRENT ASSETS

184.973.547

0,99

197.528.940

0,99

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

8.383.573

0,04

10.712.963

0,05

Marketable Securities

0

0,00

0

0,00

Account Receivable

134.304.842

0,72

119.726.382

0,60

Other Receivable

36.763.084

0,20

59.078.849

0,30

Inventories

4.207.136

0,02

6.938.261

0,03

Advances Given

614.683

0,00

648.671

0,00

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

700.229

0,00

423.814

0,00

NON-CURRENT ASSETS

2.616.104

0,01

2.538.517

0,01

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

Financial Assets

41.267

0,00

41.267

0,00

Tangible Fixed Assets (net)

2.511.135

0,01

2.495.063

0,01

Intangible Assets

-1

0,00

-1

0,00

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

63.703

0,00

2.188

0,00

TOTAL ASSETS

187.589.651

1,00

200.067.457

1,00

CURRENT LIABILITIES

177.384.802

0,95

188.021.804

0,94

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

39.107.277

0,21

66.096.226

0,33

Accounts Payable

136.939.654

0,73

120.456.521

0,60

Loans from Shareholders

0

0,00

0

0,00

Other Short-term Payable

1.927

0,00

3.038

0,00

Advances from Customers

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

328.285

0,00

527.010

0,00

Provisions

1.007.659

0,01

939.009

0,00

Other Current Liabilities

0

0,00

0

0,00

LONG-TERM LIABILITIES

463.958

0,00

443.502

0,00

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

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

463.958

0,00

443.502

0,00

STOCKHOLDERS' EQUITY

9.740.891

0,05

11.602.151

0,06

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

2.710.000

0,01

2.710.000

0,01

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

534

0,00

534

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

2.931.578

0,02

6.898.329

0,03

Revaluation Fund

132.028

0,00

132.028

0,00

Accumulated Losses(-)

0

0,00

0

0,00

Net Profit (loss)

3.966.751

0,02

1.861.260

0,01

TOTAL LIABILITIES AND EQUITY

187.589.651

1,00

200.067.457

1,00

 

 

INCOME STATEMENTS

 

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

Net Sales

372.413.891

1,00

422.891.009

1,00

560.857.979

1,00

Cost of Goods Sold

366.452.534

0,98

416.653.517

0,99

553.101.269

0,99

Gross Profit

5.961.357

0,02

6.237.492

0,01

7.756.710

0,01

Operating Expenses

5.346.220

0,01

4.871.912

0,01

3.076.800

0,01

Operating Profit

615.137

0,00

1.365.580

0,00

4.679.910

0,01

Other Income

2.196.622

0,01

29.800.575

0,07

35.793.332

0,06

Other Expenses

825.478

0,00

29.128.065

0,07

35.496.712

0,06

Financial Expenses

1.436

0,00

721

0,00

2.120

0,00

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

1.984.845

0,01

2.037.369

0,00

4.974.410

0,01

Tax Payable

370.271

0,00

394.423

0,00

1.007.659

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

1.614.574

0,00

1.642.946

0,00

3.966.751

0,01

 

 

 

(01.01-31.03.2011) TL

 

(2011) TL

 

Net Sales

174.723.220

1,00

712.382.086

1,00

Cost of Goods Sold

171.501.712

0,98

702.036.434

0,99

Gross Profit

3.221.508

0,02

10.345.652

0,01

Operating Expenses

898.131

0,01

3.878.721

0,01

Operating Profit

2.323.377

0,01

6.466.931

0,01

Other Income

18.387.527

0,11

71.243.768

0,10

Other Expenses

18.356.250

0,11

71.665.866

0,10

Financial Expenses

32.028

0,00

415.763

0,00

Minority Interests

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

Profit (loss) Before Tax

2.322.626

0,01

5.629.070

0,01

Tax Payable

461.366

0,00

1.139.776

0,00

Postponed Tax Gain

0

0,00

0

0,00

Net Profit (loss)

1.861.260

0,01

4.489.294

0,01

 

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

(01.01-31.03.2011)

LIQUIDITY RATIOS

 

 

Current Ratio

1,04

1,05

1,04

1,05

Acid-Test Ratio

1,03

1,03

1,01

1,01

Cash Ratio

0,04

0,04

0,05

0,06

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,01

0,02

0,02

0,03

Short-term Receivable/Total Assets

0,93

0,92

0,91

0,89

Tangible Assets/Total Assets

0,02

0,02

0,01

0,01

TURNOVER RATIOS

 

 

Inventory Turnover

349,54

236,13

131,47

24,72

Stockholders' Equity Turnover

53,53

58,09

57,58

15,06

Asset Turnover

3,20

3,60

2,99

0,87

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,06

0,06

0,05

0,06

Current Liabilities/Total Assets

0,94

0,93

0,95

0,94

Financial Leverage

0,94

0,94

0,95

0,94

Gearing Percentage

15,74

15,14

18,26

16,24

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,23

0,23

0,41

0,16

Operating Profit Margin

0,00

0,00

0,01

0,01

Net Profit Margin

0,00

0,00

0,01

0,01

Interest Cover

1383,20

2826,75

2347,42

73,52

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

87,44

83,96

86,21

246,68

Average Payable Period (days)

88,80

85,82

89,13

252,85

WORKING CAPITAL

4639903,00

4998623,00

7588745,00

9507136,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.56.05

UK Pound

1

Rs.86.69

Euro

1

Rs.69.98

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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.