MIRA INFORM REPORT

 

 

Report Date :

03.05.2014

 

 

 

Tel No.:

90-232-8771575

Fax No.:

90-232-8771565

 

IDENTIFICATION DETAILS

 

Name :

EKTAM MAKINA SANAYII VE TICARET A.S.

 

 

Registered Office :

Kemalpasa O.S.B. Mah.  64 Sk. No:5 Kemalpasa Izmir

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2012 (Balance Sheets)

2013 (Income statements)

 

 

Date of Incorporation :

25.08.1977

 

 

Com. Reg. No.:

111456-K-9385

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacturer, installation and trader of filling lines for beverages and non-carbonated drinks, also providing after sale services. 

 

Subject product ranges includes:-

·         Complete Bottling Lines

·         Filling and Capping

·         Mixing and Carbonating

·         Cleaning of Bottles

·         Labeling Machines

·         Pasteurizing, Warming and Cooling Tunnels

·         Carton Case Packer and Uncaser

·         Palletizing and Depalletizing

·         Conveyor Systems

·         Syrup Preparation and CIP Systems

 

 

No. of Employees

160

 

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 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Turkey

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

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 was changed by the authority/municipality.

 

 

COMPANY IDENTIFICATION

 

NAME

:

EKTAM MAKINA SANAYII VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Kemalpasa O.S.B. Mah.  64 Sk. No:5 Kemalpasa Izmir / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The neighbourhood name was changed from "Ataturk Mah." to "Kemalpasa O.S.B.Mah."  by the municipality.

PHONE NUMBER

:

90-232-877 15 75

 

FAX NUMBER

:

90-232 877 15 65

 

WEB-ADDRESS

:

www.ektam.com.tr

E-MAIL

:

info@ektam.com.tr   

 

 

LEGAL STATUS AND HISTORY

 

NOTES ON LEGAL STATUS AND HISTORY

:

Change at registration no .

 

 

TAX OFFICE

:

Kemalpasa

TAX NO

:

3300050926

REGISTRATION NUMBER

:

111456-K-9385

REGISTERED OFFICE

:

Izmir Chamber of Commerce

DATE ESTABLISHED

:

25.08.1977

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   5.000.000

PAID-IN CAPITAL

:

TL   5.000.000

HISTORY

:

Previous Address

:

Doganlar Mah. 1415 Sk. No:1 Bornova-Izmir

Changed On

:

05.01.2007 (Commercial Gazette Date /Number 11.01.2007/ 6721)

Other Changes

:

The firm was firstly established on 25.08.1977 in Istanbul and registered at Istanbul Commercial Registry with registration  number 149220. Then the firm moved to Izmir and registered at Izmir Commercial Registry with registration number 111456-K-9385.

Changed On

:

08.01.2004 (Commercial Gazette Date /Number 16.02.2004/ 5987)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Levent Ozyar

14,29 %

Ahmet Cetin

9,25 %

Ali Kara

9,25 %

Oznur Guloglu

9,25 %

Erol Uzunlar

9,25 %

M. Kamuran Turker

2,16 %

Others

 

 

 

SISTER COMPANIES

:

NOVATEM MUHENDISLIK PROJE MAKINE SANAYI VE TICARET A.S.

 

SUBSIDIARIES

:

None

 

BOARD OF DIRECTORS

:

Levent Ozyar

Chairman

Ali Kara

Vice-Chairman

Oznur Guloglu

Member

Erol Uzunlar

Member

Ahmet Cetin

Member

M. Kamuran Turker

Member

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

                                 

:

Manufacturer, installation and trader of filling lines for beverages and non-carbonated drinks, also providing after sale services. 

 

Product details

 

·         Complete Bottling Lines

·         Filling and Capping

·         Mixing and Carbonating

·         Cleaning of Bottles

·         Labeling Machines

·         Pasteurizing, Warming and Cooling Tunnels

·         Carton Case Packer and Uncaser

·         Palletizing and Depalletizing

·         Conveyor Systems

·         Syrup Preparation and CIP Systems

NACE CODE

:

DK.29.53

 

NUMBER OF EMPLOYEES

:

160

 

NET SALES

:

20.618.741 TL

(2008) 

18.484.462 TL

(2009) 

24.590.566 TL

(2010) 

49.493.252 TL

(2011) 

30.402 TL Thousand

(2012) 

47.463 TL Thousand

(2013) 

 

 

IMPORT COUNTRIES

:

Germany

Netherlands

U.S.A.

Italy

 

MERCHANDISE IMPORTED

:

Conveyor materials

Labelling machineries

 

EXPORT VALUE

:

11.011.788 TL

(2008)

9.091.930 TL

(2009)

10.432.707 TL

(2010)

25.073.217 TL

(2011)

14.056.534 TL

(2012)

24.627.787 TL

(2013)

 

 

EXPORT COUNTRIES

:

Iraq

Iran

Azerbaijan

Pakistan

Egypt

Syria

Kazakhstan

Northern Cyprus Turkish Republic

Saudi Arabia

Oman

Algeria

Tanzania

Malta

Lebanon

Kenya

U.K.

Afghanistan

South Africa

 

MERCHANDISE  EXPORTED

:

Fittings for tubes

Pipes

Tubes

 

HEAD OFFICE ADDRESS

:

Kemalpasa O.S.B. Mah.  64 Sk. No:5 Kemalpasa  Izmir / Turkey ( owned )

 

BRANCHES

:

Head Office/Factory  :  Kemalpasa O.S.B. Mah. 64 Sk.No:5 Kemalpasa Izmir/Turkey (owned)     

 

TREND OF BUSINESS

:

There was an upwards trend in  2013.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Pinarbasi Ticari Branch

Garanti Bankasi Pinarbasi Ticari Branch

T. Is Bankasi Bornova Ticari Branch

Turk Ekonomi Bankasi 4. Sanayi Sitesi 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

(2013) TL Thousand

Net Sales

18.484.462

24.590.566

49.493.252

30.402

47.463

Profit (Loss) Before Tax

534.698

1.121.676

5.416.748

1.816

2.933

Stockholders' Equity

6.753.936

7.647.935

11.927.463

11.576

 

Total Assets

15.649.071

19.619.024

25.261.416

24.466

 

Current Assets

12.395.227

16.365.552

21.745.830

21.260

 

Non-Current Assets

3.253.844

3.253.472

3.515.586

3.206

 

Current Liabilities

8.895.055

11.934.029

12.678.567

12.873

 

Long-Term Liabilities

80

37.060

655.386

17

 

Gross Profit (loss)

4.605.986

5.976.668

13.338.527

8.516

9.396

Operating Profit (loss)

612.934

1.025.796

6.765.488

2.536

2.593

Net Profit (loss)

405.336

893.999

4.279.527

1.430

2.933

 

 

 

 

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.

Profitability

Fair Operating Profitability  in 2009

Fair Net Profitability  in 2009

In Order Operating Profitability  in 2010

Good Net Profitability  in 2010

High Operating Profitability  in 2011

High Net Profitability  in 2011

Good Operating Profitability  in 2012

Good Net Profitability  in 2012

In Order Operating Profitability  in 2013

Good Net Profitability  in 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

 ( 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

 ( 2013 )

6,97 %

1,9179

2,5530

3,0178

 ( 01.01-28.02.2014)

4,75 %

2,2083

3,0237

3,6651

 

 

 

BALANCE SHEETS

 

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL Thousand

 

 

 

CURRENT ASSETS

12.395.227

0,79

16.365.552

0,83

21.745.830

0,86

21.260

0,87

 

 

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Cash and Banks

1.977.133

0,13

4.771.355

0,24

1.844.617

0,07

2.264

0,09

 

 

Marketable Securities

39.716

0,00

0

0,00

357

0,00

0

0,00

 

 

Account Receivable

3.841.179

0,25

2.805.143

0,14

14.729.014

0,58

10.471

0,43

 

 

Other Receivable

348.246

0,02

368.957

0,02

1.483.468

0,06

617

0,03

 

 

Inventories

3.955.442

0,25

5.820.169

0,30

884.164

0,04

3.744

0,15

 

 

Advances Given

972.356

0,06

1.106.168

0,06

1.341.906

0,05

2.545

0,10

 

 

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Other Current Assets

1.261.155

0,08

1.493.760

0,08

1.462.304

0,06

1.619

0,07

 

 

NON-CURRENT ASSETS

3.253.844

0,21

3.253.472

0,17

3.515.586

0,14

3.206

0,13

 

 

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Long-term Receivable

40.853

0,00

41.631

0,00

48.251

0,00

46

0,00

 

 

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Tangible Fixed Assets (net)

3.102.471

0,20

3.125.614

0,16

3.177.193

0,13

2.955

0,12

 

 

Intangible Assets

98.380

0,01

82.474

0,00

179.460

0,01

182

0,01

 

 

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Other Non-Current Assets

12.140

0,00

3.753

0,00

110.682

0,00

23

0,00

 

 

TOTAL ASSETS

15.649.071

1,00

19.619.024

1,00

25.261.416

1,00

24.466

1,00

 

 

CURRENT LIABILITIES

8.895.055

0,57

11.934.029

0,61

12.678.567

0,50

12.873

0,53

 

 

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Financial Loans

436.597

0,03

228.943

0,01

2.665.858

0,11

2.325

0,10

 

 

Accounts Payable

1.074.122

0,07

1.795.449

0,09

1.122.047

0,04

3.043

0,12

 

 

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Other Short-term Payable

632

0,00

631

0,00

703

0,00

1

0,00

 

 

Advances from Customers

7.215.120

0,46

9.604.842

0,49

7.739.896

0,31

6.277

0,26

 

 

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Taxes Payable

168.584

0,01

304.164

0,02

1.150.063

0,05

782

0,03

 

 

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Other Current Liabilities

0

0,00

0

0,00

0

0,00

445

0,02

 

 

LONG-TERM LIABILITIES

80

0,00

37.060

0,00

655.386

0,03

17

0,00

 

 

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Financial Loans

80

0,00

37.060

0,00

655.386

0,03

17

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

0

0,00

0

0,00

0

0,00

 

 

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

 

 

STOCKHOLDERS' EQUITY

6.753.936

0,43

7.647.935

0,39

11.927.463

0,47

11.576

0,47

 

 

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Paid-in Capital

5.000.000

0,32

5.000.000

0,25

5.000.000

0,20

5.000

0,20

 

 

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Inflation Adjustment of Capital

2.599.382

0,17

2.599.382

0,13

2.599.382

0,10

2.599

0,11

 

 

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Reserves

4.547.482

0,29

4.952.818

0,25

5.846.818

0,23

8.345

0,34

 

 

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Accumulated Losses(-)

-5.798.264

-0,37

-5.798.264

-0,30

-5.798.264

-0,23

-5.798

-0,24

 

 

Net Profit (loss)

405.336

0,03

893.999

0,05

4.279.527

0,17

1.430

0,06

 

 

TOTAL LIABILITIES AND EQUITY

15.649.071

1,00

19.619.024

1,00

25.261.416

1,00

24.466

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 thousand 8.232 of the other income is due to "Profit from Foreign Currency Exchange". 

 

At the last income statement TL thousand 8.305 of the other expenses is due to "Loss from Foreign Currency Exchange" .

 

 

 

INCOME STATEMENTS

 

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

(2012) TL Thousand

 

(2013) TL Thousand

 

Net Sales

18.484.462

1,00

24.590.566

1,00

49.493.252

1,00

30.402

1,00

47.463

1,00

Cost of Goods Sold

13.878.476

0,75

18.613.898

0,76

36.154.725

0,73

21.886

0,72

38.067

0,80

Gross Profit

4.605.986

0,25

5.976.668

0,24

13.338.527

0,27

8.516

0,28

9.396

0,20

Operating Expenses

3.993.052

0,22

4.950.872

0,20

6.573.039

0,13

5.980

0,20

6.803

0,14

Operating Profit

612.934

0,03

1.025.796

0,04

6.765.488

0,14

2.536

0,08

2.593

0,05

Other Income

842.070

0,05

1.496.764

0,06

9.025.570

0,18

4.582

0,15

9.034

0,19

Other Expenses

858.282

0,05

1.293.495

0,05

9.971.762

0,20

4.825

0,16

8.432

0,18

Financial Expenses

62.024

0,00

107.389

0,00

402.548

0,01

477

0,02

262

0,01

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

534.698

0,03

1.121.676

0,05

5.416.748

0,11

1.816

0,06

2.933

0,06

Tax Payable

129.362

0,01

227.677

0,01

1.137.221

0,02

386

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)

405.336

0,02

893.999

0,04

4.279.527

0,09

1.430

0,05

2.933

0,06

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

(2011)

(2012)

 

LIQUIDITY RATIOS

 

 

Current Ratio

1,39

1,37

1,72

1,65

 

Acid-Test Ratio

0,70

0,67

1,42

1,04

 

Cash Ratio

0,23

0,40

0,15

0,18

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,25

0,30

0,04

0,15

 

Short-term Receivable/Total Assets

0,27

0,16

0,64

0,45

 

Tangible Assets/Total Assets

0,20

0,16

0,13

0,12

 

TURNOVER RATIOS

 

 

Inventory Turnover

3,51

3,20

40,89

5,85

 

Stockholders' Equity Turnover

2,74

3,22

4,15

2,63

 

Asset Turnover

1,18

1,25

1,96

1,24

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,43

0,39

0,47

0,47

 

Current Liabilities/Total Assets

0,57

0,61

0,50

0,53

 

Financial Leverage

0,57

0,61

0,53

0,53

 

Gearing Percentage

1,32

1,57

1,12

1,11

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,06

0,12

0,36

0,12

 

Operating Profit Margin

0,03

0,04

0,14

0,08

 

Net Profit Margin

0,02

0,04

0,09

0,05

 

Interest Cover

9,62

11,44

14,46

4,81

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

75,61

41,68

107,49

124,54

 

Average Payable Period (days)

27,86

34,72

11,17

50,05

 

WORKING CAPITAL

3500172,00

4431523,00

9067263,00

8387,00

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.23

UK Pound

1

Rs.101.68

Euro

1

Rs.83.46

                

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

 

--

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.