MIRA INFORM REPORT

 

 

Report Date :

02.10.2014

 

IDENTIFICATION DETAILS

 

Name :

ALTEK DOKUM HADDE MAMULLERI SANAYI VE TICARET A.S.

 

 

Registered Office :

Beylikduzu Bakir Pirinc San.Koop.Kurtoglu Cad. No:10 Beylikduzu Istanbul /

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

17.02.1971

 

 

Com. Reg. No.:

110109

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of copper belts, copper alloyed semi-finished products, sheets, discs, rod profiles

 

 

No. of Employees :

210

 

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 – June 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Turkey

B1

B1

 

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 around 9% in 2010-11, as exports returned to normal levels following the recession. Growth dropped to roughly 3-4% in 2012-13. Turkey's public sector debt to GDP ratio has fallen below 40%, and two rating agencies upgraded Turkey's debt to investment grade in 2012 and 2013. Turkey remains dependent on often volatile, short-term investment to finance its large current account deficit. The stock value of FDI reached nearly $195 billion at year-end 2013, reflecting Turkey's robust growth even in the face of economic turmoil in Europe, the source of much of Turkey's FDI. Turkey's relatively high current account deficit, domestic political uncertainty, and turmoil within Turkey's neighborhood leave the economy vulnerable to destabilizing shifts in investor confidence

 

Source : CIA

 

 

 

 

Company name and address

 

 

NAME

:

ALTEK DOKUM HADDE MAMULLERI SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Beylikduzu Bakir Pirinc San.Koop.Kurtoglu Cad. No:10 Beylikduzu Istanbul / Turkey

PHONE NUMBER

:

90-212-875 10 40

 

FAX NUMBER

:

90-212-875 11 61

 

WEB-ADDRESS

:

www.altekdokum.com

E-MAIL

:

altek@altekdokum.com

 

 

LEGAL STATUS AND HISTORY

 

 

NOTES ON LEGAL STATUS AND HISTORY

:

Change at tax no .

 

 

TAX OFFICE

:

Marmara Kurumlar

TAX NO

:

0600345705

REMARKS ON TAX NO

:

The tax number was changed from "0600028357" to "0600345705" as the legal form changed from limited company to joint stock company.

REGISTRATION NUMBER

:

110109

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

17.02.1971

 

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   17.300.000

PAID-IN CAPITAL

:

TL   17.300.000

HISTORY

:

Previous Legal Type

:

Limited Company

Changed On

:

01.07.2013 (Commercial Gazette Date /Number 05.07.2013/ 8357)

Previous Name

:

Altek Dokum Hadde Mamulleri Sanayi Ve Ticaret Ltd. Sti.

Changed On

:

01.07.2013 (Commercial Gazette Date /Number 05.07.2013/ 8357)

Previous Registered Capital

:

TL 8.000.000

Changed On

:

24.12.2008 (Commercial Gazette Date /Number 30.12.2008/ 7217)

Previous Registered Capital

:

TL 12.000.000

Changed On

:

11.06.2010 (Commercial Gazette Date /Number 17.06.2010/ 7587)

Previous Shareholder

:

Please vide Previous Shareholders section for the former shareholders' names.

Changed On

:

27.08.2009 (Commercial Gazette Date /Number 01.09.2009/ 7388)

 

 

 

PREVIOUS SHAREHOLDERS

:

Fehmi Denizli

70 %

Zeki Denizli

25 %

Turkay Bas

5 %

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Fehmi Denizli

35 %

Aysegul Denizli Ozgur

15 %

Nilay Denizli

15 %

Ece Denizli

9,37 %

Ugur Sukru Denizli

9,37 %

Asuman Kerime Denizli

6,26 %

Burak Bas

5 %

Safak Bas

5 %

 

 

SISTER COMPANIES

:

DVR DOVME VALF VE REGULATOR SANAYI VE TICARET LTD. STI.

 

BOARD OF DIRECTORS

:

Fehmi Denizli

Chairman

Nilay Denizli

Vice-Chairman

Ugur Sukru Denizli

Member

Mesut Ozgur

Member

Safak Bas

Member

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Manufacture and trade of copper belts, copper alloyed semi-finished products, sheets, discs, rod profiles. 

 

NACE CODE

:

DJ.27.44

 

NUMBER OF EMPLOYEES

:

210

 

NET SALES

:

79.001.504 TL

(2006) 

86.100.653 TL

(2007) 

97.571.496 TL

(2008) 

95.281.488 TL

(2009) 

146.728.446 TL

(2010) 

173.529.874 TL

(2011) 

236.876.982 TL

(2012) 

229.957 TL Thousand

(2013) 

56.473 TL Thousand

(01.01-31.03.2014) 

 

 

IMPORT COUNTRIES

:

Bulgaria

Iran

Ukraine

Germany

Sweden

Kazakhstan

 

MERCHANDISE IMPORTED

:

Machinery

Raw materials

 

EXPORT VALUE

:

11.787.728 TL

(2006)

23.560.061 TL

(2007)

29.390.967 TL

(2008)

19.080.497 TL

(2009)

65.044.050 TL

(2010)

72.457.206 TL

(2011)

122.433.398 TL

(2012)

124.108.025 TL

(2013)

56.473.978 TL

(01.01-31.03.2014)

 

 

 

EXPORT COUNTRIES

:

Germany

France

Israel

Italy

Poland

Algeria

U.K.

Taiwan

Japan

India

U.S.A.

Luxembourg

China

Morocco

Czech Republic

Iran

Iraq

Bulgaria

 

MERCHANDISE  EXPORTED

:

Copper waste

Refined copper

Scrap

 

HEAD OFFICE ADDRESS

:

Beylikduzu Bakir Pirinc San.Koop.Kurtoglu Cad. No:10 Beylikduzu  Istanbul / Turkey  (owned)

 

BRANCHES

:

Factory  :  Cerkezkoy Istanbul/Turkey (owned by shareholder(s))

 

Store  :  Rami Kisla Caddesi Topcular Is Merkezi A Blok No:88/169 Topcular Istanbul/Turkey (rented)

 

Head Office/Factory  :  Beylikduzu Bakir Pirinc San.Koop.Kurtoglu Cad. No:10 Buyukcekmece Istanbul/Turkey (owned)

 

 

 

TREND OF BUSINESS

:

There was a decline at business volume in nominal terms in  2013.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Akbank Avcilar Ticari Branch

Garanti Bankasi Avcilar Branch

Is Bankasi Beylikduzu Branch

T. Halk Bankasi Hadimkoy Branch

Yapi ve Kredi Bankasi Beylikduzu 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

:

 

(2011) TL

(2012) TL

(2013) TL Thousand

(01.01-31.03.2014) TL Thousand

 

Net Sales

173.529.874

236.876.982

229.957

56.473

 

Profit (Loss) Before Tax

9.811.118

15.063.788

5.852

2.338

 

Stockholders' Equity

84.233.944

95.713.471

100.314

 

 

Total Assets

123.502.039

145.187.320

158.668

 

 

Current Assets

97.636.721

117.843.905

125.998

 

 

Non-Current Assets

25.865.318

27.343.415

32.670

 

 

Current Liabilities

34.974.421

47.042.674

57.384

 

 

Long-Term Liabilities

4.293.674

2.431.175

970

 

 

Gross Profit (loss)

17.827.890

23.832.427

21.904

6.128

 

Operating Profit (loss)

11.632.737

14.359.276

13.042

3.765

 

Net Profit (loss)

7.760.192

11.947.749

4.602

2.338

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

High As of 31.12.2013

Liquidity

Satisfactory As of 31.12.2013

Remarks On Liquidity

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

Profitability

Good Operating Profitability  in 2011

Good Net Profitability  in 2011

Good Operating Profitability  in 2012

Good Net Profitability  in 2012

Good Operating Profitability  in 2013

Fair Net Profitability  in 2013

Good Operating Profitability (01.01-31.03.2014)

In Order Net Profitability (01.01-31.03.2014)

 

Gap between average collection and payable periods

Unfavorable in 2013

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

 ( 2013 )

6,97 %

1,9179

2,5530

3,0178

( 01.01-31.03.2014)

5,52 %

2,1961

3,0116

3,6488

 ( 01.01-31.08.2014)

6,33 %

2,1583

2,9382

3,6128

 

 

BALANCE SHEETS

 

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL

 

 ( 31.12.2013 )  TL Thousand

 

CURRENT ASSETS

97.636.721

0,79

117.843.905

0,81

125.998

0,79

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

Cash and Banks

1.533.919

0,01

4.309.367

0,03

5.523

0,03

Marketable Securities

511.150

0,00

1.196.441

0,01

626

0,00

Account Receivable

45.572.518

0,37

56.629.000

0,39

58.484

0,37

Other Receivable

153.049

0,00

6.250.602

0,04

4.725

0,03

Inventories

40.840.007

0,33

44.151.876

0,30

46.912

0,30

Advances Given

2.057.895

0,02

3.158.729

0,02

6.997

0,04

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

Other Current Assets

6.968.183

0,06

2.147.890

0,01

2.731

0,02

NON-CURRENT ASSETS

25.865.318

0,21

27.343.415

0,19

32.670

0,21

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

0

0,00

Financial Assets

6.898

0,00

0

0,00

7.000

0,04

Tangible Fixed Assets (net)

16.316.117

0,13

19.585.682

0,13

20.712

0,13

Intangible Assets

7.263.745

0,06

6.659.437

0,05

4.957

0,03

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

2.278.558

0,02

1.098.296

0,01

1

0,00

TOTAL ASSETS

123.502.039

1,00

145.187.320

1,00

158.668

1,00

CURRENT LIABILITIES

34.974.421

0,28

47.042.674

0,32

57.384

0,36

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

22.889.016

0,19

31.657.478

0,22

38.326

0,24

Accounts Payable

7.258.127

0,06

10.024.206

0,07

12.018

0,08

Loans from Shareholders

445.316

0,00

152.777

0,00

499

0,00

Other Short-term Payable

113.290

0,00

264.206

0,00

165

0,00

Advances from Customers

3.408.421

0,03

2.137.463

0,01

5.237

0,03

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

Taxes Payable

844.600

0,01

2.180.859

0,02

619

0,00

Provisions

0

0,00

0

0,00

0

0,00

Other Current Liabilities

15.651

0,00

625.685

0,00

520

0,00

LONG-TERM LIABILITIES

4.293.674

0,03

2.431.175

0,02

970

0,01

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

4.293.674

0,03

2.431.175

0,02

970

0,01

Securities Issued

0

0,00

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

0

0,00

Loans from Shareholders

0

0,00

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

84.233.944

0,68

95.713.471

0,66

100.314

0,63

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

Paid-in Capital

17.300.000

0,14

17.300.000

0,12

17.300

0,11

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

307.661

0,00

307.661

0,00

307

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

Reserves

27.796.368

0,23

35.088.337

0,24

47.035

0,30

Revaluation Fund

31.069.723

0,25

31.069.724

0,21

31.070

0,20

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

Net Profit (loss)

7.760.192

0,06

11.947.749

0,08

4.602

0,03

TOTAL LIABILITIES AND EQUITY

123.502.039

1,00

145.187.320

1,00

158.668

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.  

 

In the sub-items of "Account Receivable", TL thousand 6.033  is "Doubtful Trade Receivables" and -TL thousand 5.743  is "Provision for Doubtful Trade Receivables" at the last balance sheet.  

 

The details of "Other Receivable" figure at the last balance sheet (TL Thousand): Due From Shareholders:0, Due From Participations: 0, Due From Affiliated Companies: 0, Due From Personnel: 290, Other Miscellaneous Receivables: 4.435, Other Receivable Total: 4.725.  

 

TL thousand 46 of "Tax Payable" is due to "Overdue, Delayed or Deferred Tax by Installments and Other Liabilities" at the last balance sheet. 

 

At the last income statement TL thousand 2.626  of the other expenses is due to "Loss from Foreign Currency Exchange" .                                                                                                                                                                                             

 

 

INCOME STATEMENTS

 

 

(2011) TL

 

(2012) TL

 

(2013) TL Thousand

 

(01.01-31.03.2014) TL Thousand

 

Net Sales

173.529.874

1,00

236.876.982

1,00

229.957

1,00

56.473

1,00

Cost of Goods Sold

155.701.984

0,90

213.044.555

0,90

208.053

0,90

50.345

0,89

Gross Profit

17.827.890

0,10

23.832.427

0,10

21.904

0,10

6.128

0,11

Operating Expenses

6.195.153

0,04

9.473.151

0,04

8.862

0,04

2.363

0,04

Operating Profit

11.632.737

0,07

14.359.276

0,06

13.042

0,06

3.765

0,07

Other Income

5.864.483

0,03

7.378.098

0,03

9.412

0,04

1.730

0,03

Other Expenses

7.086.493

0,04

5.085.080

0,02

15.896

0,07

2.678

0,05

Financial Expenses

599.609

0,00

1.588.506

0,01

706

0,00

479

0,01

Minority Interests

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

Profit (loss) Before Tax

9.811.118

0,06

15.063.788

0,06

5.852

0,03

2.338

0,04

Tax Payable

2.050.926

0,01

3.116.039

0,01

1.250

0,01

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

7.760.192

0,04

11.947.749

0,05

4.602

0,02

2.338

0,04

 

 

FINANCIAL RATIOS

 

(2011)

(2012)

(2013)

LIQUIDITY RATIOS

 

 

Current Ratio

2,79

2,51

2,20

Acid-Test Ratio

1,37

1,45

1,21

Cash Ratio

0,06

0,12

0,11

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,33

0,30

0,30

Short-term Receivable/Total Assets

0,37

0,43

0,40

Tangible Assets/Total Assets

0,13

0,13

0,13

TURNOVER RATIOS

 

 

Inventory Turnover

3,81

4,83

4,43

Stockholders' Equity Turnover

2,06

2,47

2,29

Asset Turnover

1,41

1,63

1,45

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,68

0,66

0,63

Current Liabilities/Total Assets

0,28

0,32

0,36

Financial Leverage

0,32

0,34

0,37

Gearing Percentage

0,47

0,52

0,58

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,09

0,12

0,05

Operating Profit Margin

0,07

0,06

0,06

Net Profit Margin

0,04

0,05

0,02

Interest Cover

17,36

10,48

9,29

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

94,54

86,06

91,56

Average Payable Period (days)

16,78

16,94

20,80

WORKING CAPITAL

62662300,00

70801231,00

68614,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.75

UK Pound

1

Rs.100.07

Euro

1

Rs.77.95

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

NIS

 

               

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.