MIRA INFORM REPORT

 

 

Report Date :

03.12.2013

 

IDENTIFICATION DETAILS

 

Name :

AKOVA SUT VE GIDA MAMULLERI SANAYI VE TICARET A.S.

 

 

Registered Office :

Haci Yusuf Mescit Mah. Adana Cevre Yolu Cad. No: 89/1 42030 Karatay Konya

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

1994

 

 

Com. Reg. No.:

20262

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of milk and dairy products. 

 

 

No. of Employees :

430

 

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, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Turkey

B2

B2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

TURKEY - ECONOMIC OVERVIEW

 

Turkey's largely free-market economy is increasingly driven by its industry and service sectors, although its traditional agriculture sector still accounts for about 25% of employment. An aggressive privatization program has reduced state involvement in basic industry, banking, transport, and communication, and an emerging cadre of middle-class entrepreneurs is adding dynamism to the economy and expanding production beyond the traditional textiles and clothing sectors. The automotive, construction, and electronics industries, are rising in importance and have surpassed textiles within Turkey's export mix. Oil began to flow through the Baku-Tbilisi-Ceyhan pipeline in May 2006, marking a major milestone that will bring up to 1 million barrels per day from the Caspian to market. Several gas pipelines projects also are moving forward to help transport Central Asian gas to Europe through Turkey, which over the long term will help address Turkey's dependence on imported oil and gas to meet 97% of its energy needs. After Turkey experienced a severe financial crisis in 2001, Ankara adopted financial and fiscal reforms as part of an IMF program. The reforms strengthened the country's economic fundamentals and ushered in an era of strong growth - averaging more than 6% annually until 2008. Global economic conditions and tighter fiscal policy caused GDP to contract in 2009, but Turkey's well-regulated financial markets and banking system helped the country weather the global financial crisis and GDP rebounded strongly to 9.2% in 2010, as exports returned to normal levels following the recession. Growth dropped to approximately 3% in 2012. Turkey's public sector debt to GDP ratio has fallen to about 40%, and at least one rating agency upgraded Turkey's debt to investment grade in 2012. Turkey remains dependent on often volatile, short-term investment to finance its large trade deficit. The stock value of FDI stood at $117 billion at year-end 2012. Inflows have slowed because of continuing economic turmoil in Europe, the source of much of Turkey's FDI. Turkey's relatively high current account deficit, uncertainty related to monetary policy-making, and political turmoil within Turkey's neighborhood leave the economy vulnerable to destabilizing shifts in investor confidence.

 

Source : CIA

 

 

NOTES

:

Address at your inquiry is the former address.

 

COMPANY IDENTIFICATION

 

NAME

:

AKOVA SUT VE GIDA MAMULLERI SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Haci Yusuf Mescit Mah. Adana Cevre Yolu Cad. No: 89/1 42030 Karatay Konya / Turkey

PHONE NUMBER

:

90-332-342 61 11

 

FAX NUMBER

:

90-332-342 61 21

 

WEB-ADDRESS

:

www.akova.com

E-MAIL

:

akova@akova.com

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Selcuk

TAX NO

:

0330006140

REGISTRATION NUMBER

:

20262

REGISTERED OFFICE

:

Konya Chamber of Commerce

DATE ESTABLISHED

:

1994

ESTABLISHMENT GAZETTE DATE/NO

:

14.06.1994/3551

 LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   30.000.000

PAID-IN CAPITAL

:

TL   30.000.000

HISTORY

:

Previous Registered Capital

:

TL 4.500.000

Changed On

:

14.10.2004 (Commercial Gazette Date /Number 21.10.2004/ 6162)

Previous Registered Capital

:

TL 10.000.000

Changed On

:

14.03.2008 (Commercial Gazette Date /Number 20.03.2008/ 7024)

Previous Registered Capital

:

TL 20.000.000

Changed On

:

07.06.2011 (Commercial Gazette Date /Number 17.06.2011/ 7839)

Previous Address

:

Haci Yusuf Mescit Mah. Adana Cevre Yolu Uzeri Siperli Sokak Sedirler Cikisi No:113 Konya

Changed On

:

31.08.2012 (Commercial Gazette Date /Number 06.09.2012/ 8147)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Kemal Akpinar

82,53 %

Levent Akpinar

6 %

Fatih Bulent Akpinar

6 %

Mete Unsal

 

Adem Fikret Ayranci

 

Hasan Sait Sizma

 

Tufan Oz

 

Zeliha Akpinar

 

Veli Akpinar

 

Hasan Yararoglu

 

Munif Erginer

 

 

 

SISTER COMPANIES

:

AKOVA ALISVERIS MERKEZLERI DAYANIKLI TUKETIM MALLARI TEKSTIL VE GIDA A.S.

AKPINAR METAL OFSET TENEKE KUTU AMBALAJ MAKINA SANAYI VE TICARET A.S.

 

BOARD OF DIRECTORS

:

Kemal Akpinar

Chairman

Fatih Bulent Akpinar

Vice-Chairman

Vedat Mete Unsal

Member

Veli Akpinar

Member

Levent Akpinar

Member

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of milk and dairy products. 

 

NACE CODE

:

DA.15.50

 

SECTOR

:

Food

 

TRADEMARKS OWNED

:

Ova

 

NUMBER OF EMPLOYEES

:

430

 

NET SALES

:

59.410 TL Thousand

(2006) 

95.312 TL Thousand

(2007) 

96.925 TL Thousand

(2008) 

116.734.047 TL

(2009) 

165.619.653 TL

(2010) 

210.516.395 TL

(2011) 

237.669.450 TL

(2012) 

195.175 TL Thousand

(01.01-30.09.2013) 

 

 

CAPACITY

:

Milk  ( tons/yr)

 

 

 

438.000

 

 

(2010)

 

 

 

 

PRODUCTION

:

Milk  ( ton )

 

 

 

310.250

 

 

(2010)

 

 

 

 

IMPORT VALUE

:

1.601.830 TL

(2006)

1.962.166 TL

(2007)

3.312.853 TL

(2008)

1.052.824 EUR

(2009)

455.891 EUR

(2010)

174.974 USD + 797.965 EUR

(2011)

1.309.663 EUR

(2012)

 

 

IMPORT COUNTRIES

:

Germany

Denmark

Netherlands

Sweden

 

MERCHANDISE IMPORTED

:

Machinery and fittings

 

EXPORT VALUE

:

959.673 TL

(2006)

1.426.856 TL

(2007)

1.933.591 TL

(2008)

946.142 TL

(2009)

302.108 TL

(2010)

15.985.976 TL

(2011)

982.071 TL

(2012)

273.391 TL

(01.01-30.09.2013)

 

 

EXPORT COUNTRIES

:

Syria

China

Pakistan

Denmark

 

MERCHANDISE  EXPORTED

:

Dairy products

 

HEAD OFFICE ADDRESS

:

Haci Yusuf Mescit Mah. Adana Cevre Yolu Cad. No: 89/1 42030 Karatay  Konya / Turkey ( owned by shareholder(s) )

 

BRANCHES

:

Other  :  The firm has 20 centers where it collects milk. /Turkey

 

Factory  :   Izmir/Turkey (owned)

 

Head Office/Factory  :  Haci Yusuf Mescit Mah. Adana Cevre Yolu Cad. No: 89/1 42030 Karatay Konya/Turkey (owned by shareholder(s)) (10.000 sqm)

           

INVESTMENTS

:

The firm is investing in a new factory in Bursa.

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2012. There appears an upwards trend in  1.1 - 30.9.2013.

SIZE OF BUSINESS

:

Giant

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Konya Branch

Garanti Bankasi Konya Branch

Halkbank Konya Branch

Turk Ekonomi Bankasi Konya Branch

Vakiflar Bankasi Konya Branch

 

KEY FINANCIAL ELEMENTS

:

 

(2009) TL

(2010) TL

(2011) TL

(2012) TL

(01.01-30.09.2013) TL Thousand

Net Sales

116.734.047

165.619.653

210.516.395

237.669.450

195.175

Profit (Loss) Before Tax

2.245.081

1.026.013

2.811.506

12.114.462

2.115

Stockholders' Equity

23.563.413

24.366.216

32.551.370

42.265.601

 

Total Assets

56.221.814

73.028.167

73.822.278

94.720.198

 

Current Assets

32.127.977

49.854.509

49.562.138

62.658.338

 

Non-Current Assets

24.093.837

23.173.658

24.260.140

32.061.860

 

Current Liabilities

26.397.249

21.849.949

19.052.230

25.977.147

 

Long-Term Liabilities

6.261.152

26.812.002

22.218.678

26.477.450

 

Gross Profit (loss)

9.946.545

8.711.485

15.763.783

19.888.929

14.483

Operating Profit (loss)

3.767.406

1.823.148

9.406.111

13.333.595

9.961

Net Profit (loss)

1.790.219

802.802

2.185.153

9.714.233

2.115

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

In Order As of 31.12.2012

Liquidity

High As of 31.12.2012

Remarks On Liquidity

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

 

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

 

Profitability

Fair Operating Profitability  in 2009

Fair Net Profitability  in 2009

Low Operating Profitability  in 2010

Low Net Profitability  in 2010

In Order Operating Profitability  in 2011

Low Net Profitability  in 2011

Good Operating Profitability  in 2012

Good Net Profitability  in 2012

In Order Operating Profitability (01.01-30.09.2013)

Low Net Profitability (01.01-30.09.2013)

 

Gap between average collection and payable periods

Unfavorable in 2012

General Financial Position

In Order

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2006 )

11,58 %

1,4309

1,7987

2,6377

 ( 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

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 ( 01.01-30.09.2013)

4,43 %

1,8785

2,4774

2,9189

 ( 01.01-31.10.2013)

5,15 %

1,8889

2,4999

2,9446

 

 

BALANCE SHEETS

 

 

 (31.12.2009)  TL

 

 (31.12.2010)  TL

 

 (31.12.2011)  TL

 

 (31.12.2012)  TL

 

CURRENT ASSETS

32.127.977

0,57

49.854.509

0,68

49.562.138

0,67

62.658.338

0,66

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

1.759.327

0,03

4.923.103

0,07

3.495.290

0,05

1.976.851

0,02

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

20.302.381

0,36

32.068.930

0,44

37.719.829

0,51

45.141.752

0,48

Other Receivable

11.476

0,00

91.280

0,00

130.605

0,00

588.147

0,01

Inventories

9.802.862

0,17

12.162.889

0,17

6.091.704

0,08

11.906.935

0,13

Advances Given

78.139

0,00

7.981

0,00

2.015.291

0,03

1.681.242

0,02

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

173.792

0,00

600.326

0,01

109.419

0,00

1.363.411

0,01

NON-CURRENT ASSETS

24.093.837

0,43

23.173.658

0,32

24.260.140

0,33

32.061.860

0,34

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

27.780

0,00

28.849

0,00

33.709

0,00

34.022

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

23.266.359

0,41

22.218.449

0,30

23.748.904

0,32

31.605.585

0,33

Intangible Assets

742.127

0,01

568.125

0,01

418.996

0,01

316.774

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

57.571

0,00

358.235

0,00

58.531

0,00

105.479

0,00

TOTAL ASSETS

56.221.814

1,00

73.028.167

1,00

73.822.278

1,00

94.720.198

1,00

CURRENT LIABILITIES

26.397.249

0,47

21.849.949

0,30

19.052.230

0,26

25.977.147

0,27

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

18.206.847

0,32

6.055.063

0,08

1.331.874

0,02

12.670.435

0,13

Accounts Payable

6.970.912

0,12

14.708.609

0,20

16.137.884

0,22

11.786.497

0,12

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

Other Short-term Payable

233.627

0,00

202.172

0,00

503.726

0,01

256.460

0,00

Advances from Customers

91.865

0,00

199.796

0,00

400.963

0,01

702.046

0,01

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

400.538

0,01

281.138

0,00

317.175

0,00

293.400

0,00

Provisions

31.250

0,00

223.211

0,00

360.608

0,00

268.309

0,00

Other Current Liabilities

462.210

0,01

179.960

0,00

0

0,00

0

0,00

LONG-TERM LIABILITIES

6.261.152

0,11

26.812.002

0,37

22.218.678

0,30

26.477.450

0,28

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

3.431.205

0,06

26.812.002

0,37

22.218.678

0,30

26.477.450

0,28

Securities Issued

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Payable

2.829.947

0,05

0

0,00

0

0,00

0

0,00

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

23.563.413

0,42

24.366.216

0,33

32.551.370

0,44

42.265.601

0,45

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

20.000.000

0,36

20.000.000

0,27

30.000.000

0,41

30.000.000

0,32

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

1.773.194

0,03

3.563.414

0,05

366.217

0,00

2.551.368

0,03

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

1.790.219

0,03

802.802

0,01

2.185.153

0,03

9.714.233

0,10

TOTAL LIABILITIES AND EQUITY

56.221.814

1,00

73.028.167

1,00

73.822.278

1,00

94.720.198

1,00

 

REMARKS ON FINANCIAL STATEMENT

:

At the financial statements according to TAS, "Cheques Received" and "Outstanding Cheques" figures are under "Cash And Banks" figure. Beginning from the financial statements of 31.12.2011, "Cheques Received" and "Outstanding Cheques" figures are given under "Account Receivable" figure and "Account Payable" figure respectively. 

 

 

INCOME STATEMENTS

 

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

(2012) TL

 

(01.01-30.09.2013) TL Thousand

 

Net Sales

116.734.047

1,00

165.619.653

1,00

210.516.395

1,00

237.669.450

1,00

195.175

1,00

Cost of Goods Sold

106.787.502

0,91

156.908.168

0,95

194.752.612

0,93

217.780.521

0,92

180.692

0,93

Gross Profit

9.946.545

0,09

8.711.485

0,05

15.763.783

0,07

19.888.929

0,08

14.483

0,07

Operating Expenses

6.179.139

0,05

6.888.337

0,04

6.357.672

0,03

6.555.334

0,03

4.522

0,02

Operating Profit

3.767.406

0,03

1.823.148

0,01

9.406.111

0,04

13.333.595

0,06

9.961

0,05

Other Income

2.265.640

0,02

3.440.710

0,02

1.592.336

0,01

1.939.039

0,01

1.406

0,01

Other Expenses

190.727

0,00

643.997

0,00

559.573

0,00

248.050

0,00

1.122

0,01

Financial Expenses

3.597.238

0,03

3.593.848

0,02

7.627.368

0,04

2.910.122

0,01

8.130

0,04

Minority Interests

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Profit (loss) Before Tax

2.245.081

0,02

1.026.013

0,01

2.811.506

0,01

12.114.462

0,05

2.115

0,01

Tax Payable

454.862

0,00

223.211

0,00

626.353

0,00

2.400.229

0,01

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

1.790.219

0,02

802.802

0,00

2.185.153

0,01

9.714.233

0,04

2.115

0,01

 

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

(2011)

(2012)

LIQUIDITY RATIOS

 

 

Current Ratio

1,22

2,28

2,60

2,41

Acid-Test Ratio

0,84

1,70

2,17

1,84

Cash Ratio

0,07

0,23

0,18

0,08

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,17

0,17

0,08

0,13

Short-term Receivable/Total Assets

0,36

0,44

0,51

0,48

Tangible Assets/Total Assets

0,41

0,30

0,32

0,33

TURNOVER RATIOS

 

 

Inventory Turnover

10,89

12,90

31,97

18,29

Stockholders' Equity Turnover

4,95

6,80

6,47

5,62

Asset Turnover

2,08

2,27

2,85

2,51

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,42

0,33

0,44

0,45

Current Liabilities/Total Assets

0,47

0,30

0,26

0,27

Financial Leverage

0,58

0,67

0,56

0,55

Gearing Percentage

1,39

2,00

1,27

1,24

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,08

0,03

0,07

0,23

Operating Profit Margin

0,03

0,01

0,04

0,06

Net Profit Margin

0,02

0,00

0,01

0,04

Interest Cover

1,62

1,29

1,37

5,16

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

62,70

69,77

64,56

68,43

Average Payable Period (days)

33,04

33,75

29,83

19,48

WORKING CAPITAL

5730728,00

28004560,00

30509908,00

36681191,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.23

UK Pound

1

Rs.102.14

Euro

1

Rs.84.64

 

 

INFORMATION DETAILS

 

Report Prepared by :

NNA

 

 

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

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NB

New Business

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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.