|
Report Date : |
18.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
AKPLAS PLASTIK KALIP SANAYI VE TICARET A.S. |
|
|
|
|
Registered Office : |
Beylikbagi Mah. Memisoglu Cad. 326/2 No:4/A Cayirova Gebze Kocaeli |
|
|
|
|
Country : |
Turkey |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
24.02.1989 |
|
|
|
|
Com. Reg. No.: |
3770 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacture and trade of plastic injection parts, blowing parts,
extrusion profile parts and also deals with printing and welding works. |
|
|
|
|
No of Employees : |
620 |
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
IDENTIFICATION
|
|
|
||
|
NAME |
: |
AKPLAS PLASTIK KALIP SANAYI VE TICARET A.S. |
|
HEAD OFFICE ADDRESS |
: |
Beylikbagi Mah. Memisoglu Cad. 326/2 No:4/A Cayirova Gebze Kocaeli /
Turkey |
|
PHONE NUMBER |
: |
90-262-743 14 92 |
|
FAX NUMBER |
: |
90-262-742 35 21 |
|
WEB-ADDRESS |
: |
www.akplas.com.tr |
|
E-MAIL |
: |
info@akplas.com.tr |
LEGAL
STATUS AND HISTORY
|
|
|
||
|
TAX OFFICE |
: |
Ilyasbey |
|
TAX NO |
: |
0340364454 |
|
REGISTRATION NUMBER |
: |
3770 |
|
REGISTERED OFFICE |
: |
Gebze Chamber of Commerce |
|
DATE ESTABLISHED |
: |
24.02.1989 |
|
ESTABLISHMENT GAZETTE DATE/NO |
: |
02.03.1989/2222 |
|
LEGAL FORM |
: |
Joint Stock Company |
|
TYPE OF COMPANY |
: |
Private |
|
REGISTERED CAPITAL |
: |
TL 12.138.700 |
|
PAID-IN CAPITAL |
: |
TL 12.138.700 |
|
HISTORY |
: |
|
OWNERSHIP
/ MANAGEMENT
|
|
|
||||||||||||||
|
SHAREHOLDERS |
: |
|
||||||||||||
|
SISTER COMPANIES |
: |
AKIM METAL DOKUM SANAYI VE TICARET LTD. STI. AKIM METAL SANAYI VE TICARET A.S. AKSEM PLASTIK METAL KALIP SANAYI VE TICARET LTD. STI. |
||||||||||||
|
BOARD OF DIRECTORS |
: |
|
||||||||||||
OPERATIONS
|
|
|
||||||||||
|
BUSINESS ACTIVITIES |
: |
Manufacture and trade of plastic injection parts, blowing parts,
extrusion profile parts and also deals with printing and welding works. |
||||||||
|
NACE CODE |
: |
DH.25.21 |
||||||||
|
NUMBER OF EMPLOYEES |
: |
620 |
||||||||
|
NET SALES |
: |
|
||||||||
|
IMPORT COUNTRIES |
: |
Netherlands Italy Germany U.K. Far East Countries |
||||
|
MERCHANDISE IMPORTED |
: |
Raw materials |
||||
|
EXPORT VALUE |
: |
|
||||
|
|
|
|
||||
|
EXPORT COUNTRIES |
: |
Italy Poland France Germany Russia Austria Romania Free Zone India |
||||
|
MERCHANDISE EXPORTED |
: |
Parts of electrical ignition Plastic injection parts |
||||
|
HEAD OFFICE ADDRESS |
: |
Beylikbagi Mah. Memisoglu Cad. 326/2 No:4/A Cayirova Gebze Kocaeli /
Turkey |
||||
|
BRANCHES |
: |
Head Office/Factory : Beylikbagi Mah. Memisoglu Cad. 326/2 No:4/A
Cayirova Gebze Kocaeli/Turkey Branch Office : Aydinli Mah. Istanbul Anadolu Organize
Sanayi Bolgesi Tuzla Istanbul/Turkey |
|
TREND OF BUSINESS |
: |
There was an upwards trend in
2013. |
|
SIZE OF BUSINESS |
: |
Large |
FINANCE
|
|
|
||
|
MAIN DEALING BANKS |
: |
Yapi ve Kredi Bankasi Gebze Organize Sanayi Bolgesi 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 |
: |
|
COMMENT
ON FINANCIAL POSITION
|
|
Capitalization |
Insufficient As of 31.12.2012 |
|
Liquidity |
Insufficient As of 31.12.2012 |
|
Remarks On Liquidity |
The liquid assets consist mainly of receivables the amount of
cash&banks or marketable securities (which are more liquid) are low. |
|
Profitability |
In Order Operating Profitability
in 2011 Low Net Profitability in 2011 Fair Operating Profitability in
2012 Low Net Profitability in 2012 |
|
Gap between average collection and payable periods |
Unfavorable in 2012 |
|
General Financial Position |
Passable |
|
Remarks on General Financial Position |
Recent financial figures are not available the firm declines to
provide fresh financial data. |
|
|
Incr. in producers’ price index |
Average USD/TL |
Average EUR/TL |
Average GBP/ TL |
|
( 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 |
|
( 01.01-30.09.2014) |
7,24 % |
2,1706 |
2,9323 |
3,6222 |
BALANCE
SHEETS
|
||||
|
|
( 31.12.2011 ) TL |
|
( 31.12.2012 ) TL |
|
|
CURRENT ASSETS |
25.641.281 |
0,65 |
30.019.361 |
0,63 |
|
Not Detailed Current Assets |
0 |
0,00 |
0 |
0,00 |
|
Cash and Banks |
25.034 |
0,00 |
13.973 |
0,00 |
|
Marketable Securities |
0 |
0,00 |
0 |
0,00 |
|
Account Receivable |
15.271.687 |
0,39 |
23.180.306 |
0,48 |
|
Other Receivable |
0 |
0,00 |
0 |
0,00 |
|
Inventories |
9.200.775 |
0,23 |
6.314.495 |
0,13 |
|
Advances Given |
855.110 |
0,02 |
178.780 |
0,00 |
|
Accumulated Construction Expense |
0 |
0,00 |
0 |
0,00 |
|
Other Current Assets |
288.675 |
0,01 |
331.807 |
0,01 |
|
NON-CURRENT ASSETS |
13.986.465 |
0,35 |
17.908.697 |
0,37 |
|
Not Detailed Non-Current Assets |
0 |
0,00 |
0 |
0,00 |
|
Long-term Receivable |
0 |
0,00 |
0 |
0,00 |
|
Financial Assets |
0 |
0,00 |
0 |
0,00 |
|
Tangible Fixed Assets (net) |
12.883.318 |
0,33 |
15.334.202 |
0,32 |
|
Intangible Assets |
1.042.455 |
0,03 |
2.515.440 |
0,05 |
|
Deferred Tax Assets |
0 |
0,00 |
0 |
0,00 |
|
Other Non-Current Assets |
60.692 |
0,00 |
59.055 |
0,00 |
|
TOTAL ASSETS |
39.627.746 |
1,00 |
47.928.058 |
1,00 |
|
CURRENT LIABILITIES |
23.434.842 |
0,59 |
33.025.858 |
0,69 |
|
Not Detailed Current Liabilities |
0 |
0,00 |
0 |
0,00 |
|
Financial Loans |
6.308.707 |
0,16 |
10.292.603 |
0,21 |
|
Accounts Payable |
14.864.696 |
0,38 |
20.237.766 |
0,42 |
|
Loans from Shareholders |
0 |
0,00 |
448.883 |
0,01 |
|
Other Short-term Payable |
676.818 |
0,02 |
834.935 |
0,02 |
|
Advances from Customers |
287.649 |
0,01 |
275.305 |
0,01 |
|
Accumulated Construction Income |
0 |
0,00 |
0 |
0,00 |
|
Taxes Payable |
1.295.706 |
0,03 |
893.678 |
0,02 |
|
Provisions |
1.266 |
0,00 |
42.688 |
0,00 |
|
Other Current Liabilities |
0 |
0,00 |
0 |
0,00 |
|
LONG-TERM LIABILITIES |
2.467.301 |
0,06 |
1.540.410 |
0,03 |
|
Not Detailed Long-term Liabilities |
0 |
0,00 |
0 |
0,00 |
|
Financial Loans |
2.467.301 |
0,06 |
1.540.410 |
0,03 |
|
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 |
0 |
0,00 |
0 |
0,00 |
|
STOCKHOLDERS' EQUITY |
13.725.603 |
0,35 |
13.361.790 |
0,28 |
|
Not Detailed Stockholders' Equity |
0 |
0,00 |
0 |
0,00 |
|
Paid-in Capital |
12.138.700 |
0,31 |
12.138.700 |
0,25 |
|
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 |
918.652 |
0,02 |
124.356 |
0,00 |
|
Revaluation Fund |
0 |
0,00 |
0 |
0,00 |
|
Accumulated Losses(-) |
0 |
0,00 |
0 |
0,00 |
|
Net Profit (loss) |
668.251 |
0,02 |
1.098.734 |
0,02 |
|
TOTAL LIABILITIES AND EQUITY |
39.627.746 |
1,00 |
47.928.058 |
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 0 is
"Doubtful Trade Receivables" at the last balance sheet. TL 0 of "Tax Payable" is due to "Overdue, Delayed or
Deferred Tax by Installments and Other Liabilities" at the last balance
sheet. |
INCOME
STATEMENTS
|
||||
|
|
(2011)
TL |
|
(2012)
TL |
|
|
Net Sales |
94.651.073 |
1,00 |
92.640.882 |
1,00 |
|
Cost of Goods Sold |
88.529.779 |
0,94 |
87.253.301 |
0,94 |
|
Gross Profit |
6.121.294 |
0,06 |
5.387.581 |
0,06 |
|
Operating Expenses |
2.133.267 |
0,02 |
2.824.959 |
0,03 |
|
Operating Profit |
3.988.027 |
0,04 |
2.562.622 |
0,03 |
|
Other Income |
1.104.665 |
0,01 |
1.496.387 |
0,02 |
|
Other Expenses |
2.872.184 |
0,03 |
1.351.344 |
0,01 |
|
Financial Expenses |
1.300.531 |
0,01 |
1.248.878 |
0,01 |
|
Minority Interests |
0 |
0,00 |
0 |
0,00 |
|
Profit (loss) of consolidated firms |
0 |
0,00 |
0 |
0,00 |
|
Profit (loss) Before Tax |
919.977 |
0,01 |
1.458.787 |
0,02 |
|
Tax Payable |
251.726 |
0,00 |
360.053 |
0,00 |
|
Postponed Tax Gain |
0 |
0,00 |
0 |
0,00 |
|
Net Profit (loss) |
668.251 |
0,01 |
1.098.734 |
0,01 |
FINANCIAL RATIOS
|
||
|
|
(2011) |
(2012) |
|
LIQUIDITY RATIOS |
|
|
|
Current Ratio |
1,09 |
0,91 |
|
Acid-Test Ratio |
0,65 |
0,70 |
|
Cash Ratio |
0,00 |
0,00 |
|
ASSET STRUCTURE RATIOS |
|
|
|
Inventory/Total Assets |
0,23 |
0,13 |
|
Short-term Receivable/Total Assets |
0,39 |
0,48 |
|
Tangible Assets/Total Assets |
0,33 |
0,32 |
|
TURNOVER RATIOS |
|
|
|
Inventory Turnover |
9,62 |
13,82 |
|
Stockholders' Equity Turnover |
6,90 |
6,93 |
|
Asset Turnover |
2,39 |
1,93 |
|
FINANCIAL STRUCTURE |
|
|
|
Stockholders' Equity/Total Assets |
0,35 |
0,28 |
|
Current Liabilities/Total Assets |
0,59 |
0,69 |
|
Financial Leverage |
0,65 |
0,72 |
|
Gearing Percentage |
1,89 |
2,59 |
|
PROFITABILITY RATIOS |
|
|
|
Net Profit/Stockholders' Eq. |
0,05 |
0,08 |
|
Operating Profit Margin |
0,04 |
0,03 |
|
Net Profit Margin |
0,01 |
0,01 |
|
Interest Cover |
1,71 |
2,17 |
|
COLLECTION-PAYMENT |
|
|
|
Average Collection Period (days) |
58,08 |
90,08 |
|
Average Payable Period (days) |
60,45 |
83,50 |
|
WORKING CAPITAL |
2206439,00 |
-3006497,00 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.62 |
|
|
1 |
Rs.99.12 |
|
Euro |
1 |
Rs.78.89 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
TPT |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.