MIRA INFORM REPORT

 

 

Report Date :

11.12.2013

 

IDENTIFICATION DETAILS

 

Name :

ALAPALA MAKINA GIDA SANAYI VE TICARET A.S.

 

 

Registered Office :

Organize Sanayi Bolgesi 12. Cad. No:18 Corum

 

 

Country :

Turkey

 

 

Financials (as on) :

30.09.2013

 

 

Date of Incorporation :

30.11.1983

 

 

Com. Reg. No.:

5552

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacturing, installation and trading of grain milling machinery such as :-

·         Wheat flour mills

Semolina mills

Corn flour mills

Rice processing plants

Feed mills

Cereal storage systems

Weighing, conveying, packing equipment

 

 

No. of Employees :

328

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

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 30th, 2013

           

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

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

:

Full name of the firm was missing at your inquiry.

 

Address at your inquiry was changed by the authority/municipality.

 

 

 

COMPANY IDENTIFICATION

 

 

NAME

:

ALAPALA MAKINA GIDA SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Organize Sanayi Bolgesi 12. Cad. No:18 Corum / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The door number was changed from "15" to "18" by the municipality.

PHONE NUMBER

:

90-364-254 95 60-61

 

FAX NUMBER

:

90-364-254 92 90

 

WEB-ADDRESS

:

www.alapala.com

E-MAIL

:

info@alapala.com

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Corum

TAX NO

:

0480034044

REGISTRATION NUMBER

:

5552

REGISTERED OFFICE

:

Corum Chamber of Commerce and Industry

DATE ESTABLISHED

:

30.11.1983

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL  5.100.000

PAID-IN CAPITAL

:

TL  5.100.000

HISTORY

:

Previous Registered Capital

:

TL 1.000.000

Changed On

:

14.07.2006 (Commercial Gazette Date /Number 25.07.2006/ 6606)

Previous Address

:

Organize Sanayi Bolgesi 1. Cadde Corum

Changed On

:

14.11.2012 (Commercial Gazette Date /Number 19.11.2012/ 8196)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Ismail Alapala

50 %

Nurettin Alapala

49 %

Others

 

 

 

SISTER COMPANIES

:

ALAPALA DIS TICARET LTD. STI.

 

BOARD OF DIRECTORS

:

Ismail Alapala

Chairman

Nurettin Alapala

Vice-Chairman

Mehmet Alapala

Member

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

 

Manufacturing, installation and trading of grain milling machinery such as:-

·         Wheat flour mills

Semolina mills

Corn flour mills

Rice processing plants

Feed mills

Cereal storage systems

Weighing, conveying, packing equipment

NACE CODE

:

DK.29.53

 

NUMBER OF EMPLOYEES

:

328

 

NET SALES

:

20.817.550 TL

(2008) 

21.676.076 TL

(2009) 

22.372.743 TL

(2010) 

56.125.523 TL

(2011) 

46.217 TL Thousand

(2012) 

37.378 TL Thousand

(01.01-30.09.2013) 

 

 

IMPORT COUNTRIES

:

Italy

 

MERCHANDISE IMPORTED

:

Machinery parts

 

EXPORT VALUE

:

13.407.105 TL

(2008)

11.309.608 TL

(2009)

9.343.640 TL

(2010)

36.824.331 TL

(2011)

35.583.817 TL

(2012)

28.154.720 TL

(01.01-30.09.2013)

 

 

EXPORT COUNTRIES

:

Ghana

Mongolia

Germany

Nigeria

France

U.A.E.

Philippines

Indonesia

India

Denmark

Russia

Serbia

Hungary

Romania

Lebanon

Tunisia

Libya

Ukraine

 

MERCHANDISE  EXPORTED

:

Grain milling machinery

 

HEAD OFFICE ADDRESS

:

Organize Sanayi Bolgesi 12. Cad. No:18  Corum / Turkey

 

BRANCHES

:

Head Office/Factory  :  Organize Sanayi Bolgesi 12. Cad. No:18 Corum/Turkey

                                                                                

 

 

TREND OF BUSINESS

:

There was a decline at business volume in nominal terms in 2012. There appears an upwards trend in 1.1 - 30.9.2013.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

T. Is Bankasi Corum Branch

T. Vakiflar Bankasi Corum 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

:

 

(2009) TL

(2010) TL

(2011) TL

(2012) TL Thousand

(01.01-30.09.2013) TL Thousand

Net Sales

21.676.076

22.372.743

56.125.523

46.217

37.378

Profit (Loss) Before Tax

1.231.842

930.566

857.981

1.177

1.169

Stockholders' Equity

7.409.378

8.124.911

8.214.150

9.056

 

Total Assets

26.836.911

35.774.676

45.917.950

47.287

 

Current Assets

12.454.127

21.057.323

29.728.330

32.119

 

Non-Current Assets

14.382.784

14.717.353

16.189.620

15.168

 

Current Liabilities

19.427.533

24.586.637

30.357.858

32.920

 

Long-Term Liabilities

0

3.063.128

7.345.942

5.311

 

Gross Profit (loss)

3.970.785

5.002.759

10.280.586

9.966

8.991

Operating Profit (loss)

1.523.879

1.688.572

3.082.931

2.626

3.107

Net Profit (loss)

955.754

714.011

104.638

842

1.169

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Insufficient As of 31.12.2012

Liquidity

Insufficient As of 31.12.2012

Profitability

Good Operating Profitability  in 2009

Good Net Profitability  in 2009

Good Operating Profitability  in 2010

In Order Net Profitability  in 2010

In Order Operating Profitability  in 2011

Low Net Profitability  in 2011

Good Operating Profitability  in 2012

Fair Net Profitability  in 2012

Good Operating Profitability (01.01-30.09.2013)

In Order Net Profitability (01.01-30.09.2013)

 

Gap between average collection and payable periods

Favorable in 2012

General Financial Position

Passable

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 01.01-30.11.2013)

5,80 %

1,8999

2,5208

2,9748

 

 

BALANCE SHEETS

 

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL Thousand

 

CURRENT ASSETS

12.454.127

0,46

21.057.323

0,59

29.728.330

0,65

32.119

0,68

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

226.690

0,01

521.595

0,01

149.078

0,00

995

0,02

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

8.817.748

0,33

9.126.005

0,26

16.783.411

0,37

14.180

0,30

Other Receivable

784.672

0,03

2.525.996

0,07

565.303

0,01

338

0,01

Inventories

1.138.951

0,04

4.315.938

0,12

5.086.679

0,11

8.813

0,19

Advances Given

1.143.941

0,04

2.744.583

0,08

4.205.496

0,09

3.997

0,08

Accumulated Construction Expense

0

0,00

258.983

0,01

0

0,00

0

0,00

Other Current Assets

342.125

0,01

1.564.223

0,04

2.938.363

0,06

3.796

0,08

NON-CURRENT ASSETS

14.382.784

0,54

14.717.353

0,41

16.189.620

0,35

15.168

0,32

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

0

0,00

5.330

0,11

Financial Assets

6.523.419

0,24

6.603.419

0,18

6.603.419

0,14

0

0,00

Tangible Fixed Assets (net)

7.516.192

0,28

7.714.788

0,22

9.154.364

0,20

9.328

0,20

Intangible Assets

343.173

0,01

399.146

0,01

431.837

0,01

510

0,01

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

TOTAL ASSETS

26.836.911

1,00

35.774.676

1,00

45.917.950

1,00

47.287

1,00

CURRENT LIABILITIES

19.427.533

0,72

24.586.637

0,69

30.357.858

0,66

32.920

0,70

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

11.369.624

0,42

10.399.817

0,29

6.620.772

0,14

10.468

0,22

Accounts Payable

6.453.015

0,24

11.373.846

0,32

20.834.993

0,45

16.049

0,34

Loans from Shareholders

0

0,00

0

0,00

0

0,00

43

0,00

Other Short-term Payable

186.226

0,01

295.836

0,01

537.264

0,01

478

0,01

Advances from Customers

1.027.572

0,04

2.234.195

0,06

1.864.444

0,04

5.532

0,12

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

116.697

0,00

141.989

0,00

223.466

0,00

193

0,00

Provisions

171.190

0,01

37.067

0,00

213.878

0,00

73

0,00

Other Current Liabilities

103.209

0,00

103.887

0,00

63.041

0,00

84

0,00

LONG-TERM LIABILITIES

0

0,00

3.063.128

0,09

7.345.942

0,16

5.311

0,11

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

252.674

0,01

89.484

0,00

28

0,00

Securities Issued

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Payable

0

0,00

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

2.810.454

0,08

7.256.458

0,16

5.283

0,11

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

7.409.378

0,28

8.124.911

0,23

8.214.150

0,18

9.056

0,19

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

5.098.479

0,19

5.100.000

0,14

5.100.000

0,11

5.100

0,11

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

1.355.145

0,05

2.310.900

0,06

3.009.512

0,07

3.114

0,07

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)

955.754

0,04

714.011

0,02

104.638

0,00

842

0,02

TOTAL LIABILITIES AND EQUITY

26.836.911

1,00

35.774.676

1,00

45.917.950

1,00

47.287

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 Thousand

 

(01.01-30.09.2013) TL Thousand

 

Net Sales

21.676.076

1,00

22.372.743

1,00

56.125.523

1,00

46.217

1,00

37.378

1,00

Cost of Goods Sold

17.705.291

0,82

17.369.984

0,78

45.844.937

0,82

36.251

0,78

28.387

0,76

Gross Profit

3.970.785

0,18

5.002.759

0,22

10.280.586

0,18

9.966

0,22

8.991

0,24

Operating Expenses

2.446.906

0,11

3.314.187

0,15

7.197.655

0,13

7.340

0,16

5.884

0,16

Operating Profit

1.523.879

0,07

1.688.572

0,08

3.082.931

0,05

2.626

0,06

3.107

0,08

Other Income

1.809.425

0,08

2.093.165

0,09

4.309.501

0,08

1.930

0,04

802

0,02

Other Expenses

445.046

0,02

1.587.222

0,07

5.245.386

0,09

1.653

0,04

1.405

0,04

Financial Expenses

1.656.416

0,08

1.263.949

0,06

1.289.065

0,02

1.726

0,04

1.335

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

1.231.842

0,06

930.566

0,04

857.981

0,02

1.177

0,03

1.169

0,03

Tax Payable

276.088

0,01

216.555

0,01

753.343

0,01

335

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)

955.754

0,04

714.011

0,03

104.638

0,00

842

0,02

1.169

0,03

 

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

(2011)

(2012)

 

LIQUIDITY RATIOS

 

 

Current Ratio

0,64

0,86

0,98

0,98

 

Acid-Test Ratio

0,51

0,50

0,58

0,47

 

Cash Ratio

0,01

0,02

0,00

0,03

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,04

0,12

0,11

0,19

 

Short-term Receivable/Total Assets

0,36

0,33

0,38

0,31

 

Tangible Assets/Total Assets

0,28

0,22

0,20

0,20

 

TURNOVER RATIOS

 

 

Inventory Turnover

15,55

4,02

9,01

4,11

 

Stockholders' Equity Turnover

2,93

2,75

6,83

5,10

 

Asset Turnover

0,81

0,63

1,22

0,98

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,28

0,23

0,18

0,19

 

Current Liabilities/Total Assets

0,72

0,69

0,66

0,70

 

Financial Leverage

0,72

0,77

0,82

0,81

 

Gearing Percentage

2,62

3,40

4,59

4,22

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,13

0,09

0,01

0,09

 

Operating Profit Margin

0,07

0,08

0,05

0,06

 

Net Profit Margin

0,04

0,03

0,00

0,02

 

Interest Cover

1,74

1,74

1,67

1,68

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

146,45

146,85

107,65

151,97

 

Average Payable Period (days)

131,21

235,73

163,61

159,38

 

WORKING CAPITAL

-6973406,00

-3529314,00

-629528,00

-801,00

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.21

UK Pound

1

Rs.100.65

Euro

1

Rs.84.15

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.