MIRA INFORM REPORT

 

 

Report No. :

347309

Report Date :

03.11.2015

                       

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) :

31.12.2014

 

 

Date of Incorporation :

30.11.1983

 

 

Com. Reg. No.:

5552

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture, installation and trade of grain milling machinery.

 

 

No. of Employee :

350

 

 

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, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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 has brought up to 1 million barrels per day from the Caspian region to market. Several gas pipeline projects also are moving forward to help transport Caspian gas to Europe through Turkey, which over the long term will help address Turkey's dependence on imported oil and gas, which currently meets 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. Two rating agencies upgraded Turkey's debt to investment grade in 2012 and 2013, and Turkey's public sector debt to GDP ratio fell to 33% in 2014. The stock value of Foreign Direct Investment reached nearly $195 billion at year-end 2014.

Despite these positive trends, GDP growth dropped to 4.4% in 2013 and 2.9% in 2014. Growth slowed considerably in the last quarter of 2014, largely due to lackluster consumer demand both domestically and in Europe, Turkey’s most important export market. High interest rates have also contributed to the slowdown in growth, as Turkey sharply increased interest rates in January 2014 in order to strengthen the country’s currency and reduce inflation. Turkey then cut rates in February 2015 in a bid to spur economic growth.

The Turkish economy retains significant weaknesses. Specifically, 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. Turkey also remains dependent on often volatile, short-term investment to finance its large current account deficit.

 

Source : CIA

 

 

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   8.500.000

PAID-IN CAPITAL

:

TL   8.500.000

 

HISTORY

:

Previous Registered Capital

:

TL 1.000.000

Changed On

:

14.07.2006 (Commercial Gazette Date /Number 25.07.2006/ 6606)

Previous Registered Capital

:

TL 5.100.000

Changed On

:

26.03.2014 (Commercial Gazette Date /Number 02.04.2014/ 8541)

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

90 %

Alapala Makina Gida Sanayi ve Ticaret A.S.

10 %

 

 

GROUP PARENT COMPANY

:

ALAPALA HOLDING A.S.

SISTER COMPANIES

:

ALAPALA DIS TICARET LTD. STI.

ALAPALA HOLDING A.S.

ALAPALA UN SANAYI VE TICARET A.S.

 

BOARD OF DIRECTORS

:

Ismail Alapala

Chairman

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Manufacture, installation and trade of grain milling machinery.

 

NACE CODE

:

DK.29.53

 

NUMBER OF EMPLOYEES

:

350

 

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) 

54.968 TL Thousand

(2013) 

80.479 TL Thousand

(2014) 

43.761 TL Thousand

(01.01-30.06.2015) 

 

 

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)

44.558.152 TL

(2013)

63.396 TL Thousand

(2014)

32.281 TL Thousand

(01.01-30.06.2015)

 

 

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

 

Administrative Office  :  Yesilkoy Dunya Ticaret Merkezi A1 Blok K:15 No:453 Bakirkoy Istanbul/Turkey

                                                                                

 

TREND OF BUSINESS

:

There was an upwards trend in  2014. There appears a stagnating trend in  1.1 - 30.6.2015.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

T. Is Bankasi Corum Branch

T. Vakiflar Bankasi Corum 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 Thousand

(2013) TL Thousand

(2014) TL Thousand

(01.01-30.06.2015) TL Thousand

Net Sales

56.125.523

46.217

54.968

80.479

43.761

Profit (Loss) Before Tax

857.981

1.177

1.738

4.104

1.097

Stockholders' Equity

8.214.150

9.056

10.447

13.444

 

Total Assets

45.917.950

47.287

65.952

88.337

 

Current Assets

29.728.330

32.119

48.165

68.656

 

Non-Current Assets

16.189.620

15.168

17.787

19.681

 

Current Liabilities

30.357.858

32.920

41.011

52.468

 

Long-Term Liabilities

7.345.942

5.311

14.494

22.425

 

Gross Profit (loss)

10.280.586

9.966

15.540

21.219

14.812

Operating Profit (loss)

3.082.931

2.626

5.209

8.683

5.788

Net Profit (loss)

104.638

842

1.390

3.074

1.097

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Low As of 31.12.2014

Liquidity

Good As of 31.12.2014

Profitability

In Order Operating Profitability  in 2011

Low Net Profitability  in 2011

Good Operating Profitability  in 2012

Fair Net Profitability  in 2012

Good Operating Profitability  in 2013

In Order Net Profitability  in 2013

High Operating Profitability  in 2014

Good Net Profitability  in 2014

High Operating Profitability (01.01-30.06.2015)

Fair Net Profitability (01.01-30.06.2015)

 

Gap between average collection and payable periods

In order in 2014

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

 ( 2013 )

6,97 %

1,9179

2,5530

3,0178

 ( 2014 )

6,36 %

2,1891

2,8989

3,6060

 ( 01.01-30.06.2015)

5,49 %

2,5568

2,8727

3,9250

 ( 01.01-30.09.2015)

7,81 %

2,6640

2,9843

4,0944

 

 

BALANCE SHEETS

 

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL Thousand

 

 ( 31.12.2013 )  TL Thousand

 

 ( 31.12.2014 )  TL Thousand

 

CURRENT ASSETS

29.728.330

0,65

32.119

0,68

48.165

0,73

68.656

0,78

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

149.078

0,00

995

0,02

4.198

0,06

15.499

0,18

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

16.783.411

0,37

14.180

0,30

24.516

0,37

30.139

0,34

Other Receivable

565.303

0,01

338

0,01

3.870

0,06

2.496

0,03

Inventories

5.086.679

0,11

8.813

0,19

7.580

0,11

9.061

0,10

Advances Given

4.205.496

0,09

3.997

0,08

3.998

0,06

5.193

0,06

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

2.938.363

0,06

3.796

0,08

4.003

0,06

6.268

0,07

NON-CURRENT ASSETS

16.189.620

0,35

15.168

0,32

17.787

0,27

19.681

0,22

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

0

0,00

5.330

0,11

4.797

0,07

3.280

0,04

Financial Assets

6.603.419

0,14

0

0,00

3.646

0,06

0

0,00

Tangible Fixed Assets (net)

9.154.364

0,20

9.328

0,20

8.914

0,14

12.292

0,14

Intangible Assets

431.837

0,01

510

0,01

430

0,01

3.943

0,04

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

166

0,00

TOTAL ASSETS

45.917.950

1,00

47.287

1,00

65.952

1,00

88.337

1,00

CURRENT LIABILITIES

30.357.858

0,66

32.920

0,70

41.011

0,62

52.468

0,59

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

6.620.772

0,14

10.468

0,22

14.071

0,21

19.006

0,22

Accounts Payable

20.834.993

0,45

16.049

0,34

16.754

0,25

24.174

0,27

Loans from Shareholders

0

0,00

43

0,00

0

0,00

0

0,00

Other Short-term Payable

537.264

0,01

478

0,01

579

0,01

974

0,01

Advances from Customers

1.864.444

0,04

5.532

0,12

9.048

0,14

7.381

0,08

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

223.466

0,00

193

0,00

464

0,01

933

0,01

Provisions

213.878

0,00

73

0,00

95

0,00

0

0,00

Other Current Liabilities

63.041

0,00

84

0,00

0

0,00

0

0,00

LONG-TERM LIABILITIES

7.345.942

0,16

5.311

0,11

14.494

0,22

22.425

0,25

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

89.484

0,00

28

0,00

0

0,00

20.106

0,23

Securities Issued

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Payable

0

0,00

5.283

0,11

14.494

0,22

0

0,00

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

Other Long-term Liabilities

7.256.458

0,16

0

0,00

0

0,00

2.319

0,03

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

8.214.150

0,18

9.056

0,19

10.447

0,16

13.444

0,15

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

13.444

0,15

Paid-in Capital

5.100.000

0,11

5.100

0,11

5.100

0,08

0

0,00

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

3.009.512

0,07

3.114

0,07

3.957

0,06

0

0,00

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)

104.638

0,00

842

0,02

1.390

0,02

0

0,00

TOTAL LIABILITIES AND EQUITY

45.917.950

1,00

47.287

1,00

65.952

1,00

88.337

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 0 is "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: 0, Other Miscellaneous Receivables: 2.496, Other Receivable Total: 2.496    TL thousand 0 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 5.910 of the other income is due to "Profit from Foreign Currency Exchange".  At the last income statement TL thousand 8.784 of the other expenses is due to "Loss from Foreign Currency Exchange" .

 

 

INCOME STATEMENTS

 

 

(2011) TL

 

(2012) TL Thousand

 

(2013) TL Thousand

 

(2014) TL Thousand

 

(01.01-30.06.2015) TL Thousand

 

Net Sales

56.125.523

1,00

46.217

1,00

54.968

1,00

80.479

1,00

43.761

1,00

Cost of Goods Sold

45.844.937

0,82

36.251

0,78

39.428

0,72

59.260

0,74

28.949

0,66

Gross Profit

10.280.586

0,18

9.966

0,22

15.540

0,28

21.219

0,26

14.812

0,34

Operating Expenses

7.197.655

0,13

7.340

0,16

10.331

0,19

12.536

0,16

9.024

0,21

Operating Profit

3.082.931

0,05

2.626

0,06

5.209

0,09

8.683

0,11

5.788

0,13

Other Income

4.309.501

0,08

1.930

0,04

3.600

0,07

4.667

0,06

6.502

0,15

Other Expenses

5.245.386

0,09

1.653

0,04

5.415

0,10

6.154

0,08

9.228

0,21

Financial Expenses

1.289.065

0,02

1.726

0,04

1.656

0,03

3.092

0,04

1.965

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

857.981

0,02

1.177

0,03

1.738

0,03

4.104

0,05

1.097

0,03

Tax Payable

753.343

0,01

335

0,01

348

0,01

1.030

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)

104.638

0,00

842

0,02

1.390

0,03

3.074

0,04

1.097

0,03

 

 

FINANCIAL RATIOS

 

 

(2011)

(2012)

(2013)

(2014)

LIQUIDITY RATIOS

 

 

Current Ratio

0,98

0,98

1,17

1,31

Acid-Test Ratio

0,58

0,47

0,79

0,92

Cash Ratio

0,00

0,03

0,10

0,30

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,11

0,19

0,11

0,10

Short-term Receivable/Total Assets

0,38

0,31

0,43

0,37

Tangible Assets/Total Assets

0,20

0,20

0,14

0,14

TURNOVER RATIOS

 

 

Inventory Turnover

9,01

4,11

5,20

6,54

Stockholders' Equity Turnover

6,83

5,10

5,26

5,99

Asset Turnover

1,22

0,98

0,83

0,91

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,18

0,19

0,16

0,15

Current Liabilities/Total Assets

0,66

0,70

0,62

0,59

Financial Leverage

0,82

0,81

0,84

0,85

Gearing Percentage

4,59

4,22

5,31

5,57

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,01

0,09

0,13

0,23

Operating Profit Margin

0,05

0,06

0,09

0,11

Net Profit Margin

0,00

0,02

0,03

0,04

Interest Cover

1,67

1,68

2,05

2,33

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

107,65

151,97

191,98

149,49

Average Payable Period (days)

163,61

211,84

285,31

146,86

WORKING CAPITAL

-629528,00

-801,00

7154,00

16188,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.65.48

UK Pound

1

Rs.101.06

Euro

1

Rs.72.22

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

ASH

 

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.