MIRA INFORM REPORT

 

 

Report Date :

01.07.2013

 

IDENTIFICATION DETAILS

 

Name :

ASAS ALUMINYUM SANAYI VE TICARET A.S.

 

 

Registered Office :

Ruzgarlibahce Asas Is Merkezi Kavacik Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

17.09.1990

 

 

Com. Reg. No.:

268473

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Processing and trade of aluminum profile, composite panel and PVC blind

 

 

No. of Employees :

1.546

 

 

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 – 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

 

 

 

COMPANY IDENTIFICATION

 

 

NAME

:

ASAS ALUMINYUM SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Ruzgarlibahce Asas Is Merkezi Kavacik Istanbul / Turkey

PHONE NUMBER

:

90-216-680 07 80

 

FAX NUMBER

:

90-216-680 07 81

 

WEB-ADDRESS

:

www.asasalu.com.tr

E-MAIL

:

info@asasalu.com.tr

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Buyuk Mukellefler

TAX NO

:

0860038375

REGISTRATION NUMBER

:

268473

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

17.09.1990

ESTABLISHMENT GAZETTE DATE /NO

:

19.09.1990/2612

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   11.500.000

PAID-IN CAPITAL

:

TL   11.500.000

 

HISTORY

:

Previous Registered Capital

:

TL 8.310.000

Changed On

:

21.11.2006 (Commercial Gazette Date /Number 27.11.2006/ 6691)

Previous Address

:

Abide-I Hurriyet Cad. Celil Aga Ishani No:7 Sisli Istanbul

Changed On

:

22.08.2005 (Commercial Gazette Date /Number 29.08.2005/ 6378)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Samet Ali Yavuz

30 %

Safa Bayar Yavuz

30 %

Gokhan Yavuz

30 %

Ahmet Yavuz

10 %

 

 

SISTER COMPANIES

:

KENT AYDINLATMA DIREKLERI SANAYI VE TICARET A.S.

 

SUBSIDIARIES

:

None

 

BOARD OF DIRECTORS

:

Samet Ali Yavuz

Chairman

Gokhan Yavuz

Member

Safa Bayar Yavuz

Member

 

 

DIRECTORS

:

Samet Ali Yavuz

General Manager

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Processing and trade of aluminum profile, composite panel and PVC blind.  

 

NACE CODE

:

DJ.27.42

 

TRADEMARKS OWNED

:

Asas Aluminyum

Asas Pen

Natural

Natural Band

Reskara

Veratek

 

NUMBER OF EMPLOYEES

:

1.546

 

 

NET SALES

:

615 TL Thousand

(1995) 

1.255 TL Thousand

(1996) 

3.254 TL Thousand

(1997) 

7.002 TL Thousand

(1998) 

9.478 TL Thousand

(1999) 

15.401 TL Thousand

(2000) 

36.159 TL Thousand

(2001) 

57.274 TL Thousand

(2002) 

86.873 TL Thousand

(2003) 

128.854 TL Thousand

(2004) 

162.425 TL Thousand

(2005) 

249.042 TL Thousand

(2006) 

287.178.590 TL

(2007) 

314.624.019 TL

(2008) 

296.807.343 TL

(2009) 

367.422.310 TL

(2010) 

487.310.961 TL

(2011) 

549.622.708 TL

(2012) 

134.913.968 TL

(01.01-31.03.2013) 

 

 

IMPORT VALUE

:

110.000.000 USD

(2006)

150.000.000 USD

(2007)

140.000.000 USD

(2008)

166.182.000 USD

(2009)

140.000.000 USD

(2010)

242.000.000 USD

(2011)

272.000.000 USD

(2012)

 

 

IMPORT COUNTRIES

:

Italy

Tajikistan

Switzerland

China

U.S.A.

Russia

 

MERCHANDISE IMPORTED

:

Aluminum chunk

Raw materials

 

 

EXPORT VALUE

:

329.004 TL

(1997)

1.223.665 TL

(1998)

1.792.783 TL

(1999)

2.695.000 TL

(2000)

13.079.000 TL

(2001)

24.761.000 TL

(2002)

42.438.000 TL

(2003)

63.024.000 TL

(2004)

72.907.000 TL

(2005)

115.086.000 TL

(2006)

137.983.243 TL

(2007)

140.911.626 TL

(2008)

98.694.694 TL

(2009)

104.328.338 TL

(2010)

133.976.118 TL

(2011)

147.040.937 TL

(2012)

33.520.056 TL

(01.01-31.03.2013)

 

 

EXPORT COUNTRIES

:

Kazakhstan

Afghanistan

Georgia

Germany

Ethiopia

Ukraine

Syria

Ghana

France

Azerbaijan

Romania

Italy

Iran

Iraq

Northern Cyprus Turkish Republic

Turkmenistan

Kyrgyzstan

Bulgaria

 

MERCHANDISE  EXPORTED

:

Aluminum waste

Scrap

 

HEAD OFFICE ADDRESS

:

Ruzgarlibahce Asas Is Merkezi Kavacik Istanbul / Turkey (owned)

 

BRANCHES

:

Warehouse  :   Adana/Turkey

 

Factory  :  Akyazi Ilcesi Kucucek Beldesi Kisla Alani Mevkii Adapazari Sakarya/Turkey (owned) (35.000 sqm)

 

INVESTMENTS

:

Machinery investments are going on.

 

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2012.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Akbank Bati Kurumsal Branch

HSBC Bank Mecidiyekoy Branch

ING Bank Mecidiyekoy Branch

T. Garanti Bankasi Mecidiyekoy Branch

T. Halk Bankasi Mecidiyekoy Branch

Turk Ekonomi Bankasi Merkez Branch

Turk Ekonomi Bankasi Bogazici Kurumsal 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

:

 

(2011) TL

(2012) TL

(01.01-31.03.2013) TL

 

 

Net Sales

487.310.961

549.622.708

134.913.968

 

 

Profit (Loss) Before Tax

42.244.534

66.276.049

25.943.162

 

 

Stockholders' Equity

237.613.966

290.273.340

 

 

 

Total Assets

932.808.370

1.125.406.443

 

 

 

Current Assets

636.143.221

658.342.467

 

 

 

Non-Current Assets

296.665.149

467.063.976

 

 

 

Current Liabilities

390.029.659

500.644.691

 

 

 

Long-Term Liabilities

305.164.745

334.488.412

 

 

 

Gross Profit (loss)

100.039.223

88.538.618

29.440.987

 

 

Operating Profit (loss)

82.200.206

67.592.874

22.137.050

 

 

Net Profit (loss)

33.434.658

52.431.519

25.943.162

 

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Insufficient As of 31.12.2012

Liquidity

Good As of 31.12.2012

Remarks On Liquidity

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

Profitability

High Operating Profitability  in 2011

High Net Profitability  in 2011

High Operating Profitability  in 2012

High Net Profitability  in 2012

High Operating Profitability (01.01-31.03.2013)

High Net Profitability (01.01-31.03.2013)

 

Gap between average collection and payable periods

Unfavorable in 2012

General Financial Position

Passable

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 1998 )

54,30 %

0,2657

0,2967

0,4410

 ( 1999 )

62,90 %

0,4278

0,4518

0,6843

 ( 2000 )

32,70 %

0,6251

0,5774

0,9480

 ( 2001 )

88,60 %

1,1991

1,0714

1,7300

 ( 2002 )

30,80 %

1,5168

1,3741

2,2001

 ( 2003 )

13,90 %

1,5302

1,7141

2,4982

 ( 2004 )

13,84 %

1,4266

1,7666

2,6001

 ( 2005 )

2,66 %

1,3499

1,6882

2,4623

 ( 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

 ( 01.01-31.03.2013)

0,50 %

1,7901

2,3575

2,7927

 ( 01.01-31.05.2013)

0,99 %

1,8079

2,3728

2,8064

 

 

BALANCE SHEETS

 

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL

 

 

 

CURRENT ASSETS

636.143.221

0,68

658.342.467

0,58

 

 

Not Detailed Current Assets

0

0,00

0

0,00

 

 

Cash and Banks

257.199.846

0,28

235.918.030

0,21

 

 

Marketable Securities

0

0,00

0

0,00

 

 

Account Receivable

184.285.074

0,20

213.896.858

0,19

 

 

Other Receivable

15.917.547

0,02

10.720.629

0,01

 

 

Inventories

134.990.054

0,14

142.887.703

0,13

 

 

Advances Given

30.023.266

0,03

28.128.040

0,02

 

 

Accumulated Construction Expense

0

0,00

0

0,00

 

 

Other Current Assets

13.727.434

0,01

26.791.207

0,02

 

 

NON-CURRENT ASSETS

296.665.149

0,32

467.063.976

0,42

 

 

Not Detailed Non-Current Assets

0

0,00

0

0,00

 

 

Long-term Receivable

7.295

0,00

7.295

0,00

 

 

Financial Assets

0

0,00

0

0,00

 

 

Tangible Fixed Assets (net)

270.562.165

0,29

446.929.505

0,40

 

 

Intangible Assets

25.702.418

0,03

19.603.742

0,02

 

 

Deferred Tax Assets

0

0,00

0

0,00

 

 

Other Non-Current Assets

393.271

0,00

523.434

0,00

 

 

TOTAL ASSETS

932.808.370

1,00

1.125.406.443

1,00

 

 

CURRENT LIABILITIES

390.029.659

0,42

500.644.691

0,44

 

 

Not Detailed Current Liabilities

0

0,00

0

0,00

 

 

Financial Loans

358.702.527

0,38

459.747.496

0,41

 

 

Accounts Payable

8.604.216

0,01

13.299.954

0,01

 

 

Loans from Shareholders

0

0,00

0

0,00

 

 

Other Short-term Payable

882.510

0,00

1.798.603

0,00

 

 

Advances from Customers

0

0,00

0

0,00

 

 

Accumulated Construction Income

0

0,00

0

0,00

 

 

Taxes Payable

6.551.862

0,01

2.640.700

0,00

 

 

Provisions

8.809.876

0,01

13.844.530

0,01

 

 

Other Current Liabilities

6.478.668

0,01

9.313.408

0,01

 

 

LONG-TERM LIABILITIES

305.164.745

0,33

334.488.412

0,30

 

 

Not Detailed Long-term Liabilities

0

0,00

0

0,00

 

 

Financial Loans

296.809.615

0,32

324.328.906

0,29

 

 

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

8.355.130

0,01

10.159.506

0,01

 

 

STOCKHOLDERS' EQUITY

237.613.966

0,25

290.273.340

0,26

 

 

Not Detailed Stockholders' Equity

0

0,00

0

0,00

 

 

Paid-in Capital

11.500.000

0,01

11.500.000

0,01

 

 

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

192.679.308

0,21

226.113.966

0,20

 

 

Revaluation Fund

0

0,00

227.855

0,00

 

 

Accumulated Losses(-)

0

0,00

0

0,00

 

 

Net Profit (loss)

33.434.658

0,04

52.431.519

0,05

 

 

TOTAL LIABILITIES AND EQUITY

932.808.370

1,00

1.125.406.443

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. 

 

At the last income statement TL 14.329.440 of the other income is due to "Profit from Foreign Currency Exchange".

 

At the last income statement, TL 13.407.787 of the other income is due to "Interest Income" . 

 

At the last income statement TL 11.533.669 of the other expenses is due to "Loss from Foreign Currency Exchange" .

 

 

 

INCOME STATEMENTS

 

 

(2011) TL

 

(2012) TL

 

(01.01-31.03.2013) TL

 

Net Sales

487.310.961

1,00

549.622.708

1,00

134.913.968

1,00

Cost of Goods Sold

387.271.738

0,79

461.084.090

0,84

105.472.981

0,78

Gross Profit

100.039.223

0,21

88.538.618

0,16

29.440.987

0,22

Operating Expenses

17.839.017

0,04

20.945.744

0,04

7.303.937

0,05

Operating Profit

82.200.206

0,17

67.592.874

0,12

22.137.050

0,16

Other Income

72.262.704

0,15

54.251.999

0,10

28.360.105

0,21

Other Expenses

87.583.893

0,18

29.256.456

0,05

14.923.176

0,11

Financial Expenses

24.634.483

0,05

26.312.368

0,05

9.630.817

0,07

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

42.244.534

0,09

66.276.049

0,12

25.943.162

0,19

Tax Payable

8.809.876

0,02

13.844.530

0,03

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

33.434.658

0,07

52.431.519

0,10

25.943.162

0,19

 

 

FINANCIAL RATIOS

 

 

(2011)

(2012)

 

LIQUIDITY RATIOS

 

 

Current Ratio

1,63

1,31

 

Acid-Test Ratio

1,17

0,92

 

Cash Ratio

0,66

0,47

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,14

0,13

 

Short-term Receivable/Total Assets

0,21

0,20

 

Tangible Assets/Total Assets

0,29

0,40

 

TURNOVER RATIOS

 

 

Inventory Turnover

2,87

3,23

 

Stockholders' Equity Turnover

2,05

1,89

 

Asset Turnover

0,52

0,49

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,25

0,26

 

Current Liabilities/Total Assets

0,42

0,44

 

Financial Leverage

0,75

0,74

 

Gearing Percentage

2,93

2,88

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,14

0,18

 

Operating Profit Margin

0,17

0,12

 

Net Profit Margin

0,07

0,10

 

Interest Cover

2,71

3,52

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

136,15

140,11

 

Average Payable Period (days)

8,00

10,38

 

WORKING CAPITAL

246113562,00

157697776,00

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.59.69

UK Pound

1

Rs.91.14

Euro

1

Rs.77.97

 

INFORMATION DETAILS

 

Report Prepared by :

NLM

 

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.