MIRA
INFORM REPORT
|
Report Date : |
05.11.2007 |
IDENTIFICATION
DETAILS
|
Name : |
DIGITEK ELEKTRONIK SANAYI VE TICARET A.S. |
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|
Registered Office : |
Samandira Veysel Karani Mah. Zaloglu Rustem Sk. No: 5 Kartal – Istanbul |
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Country : |
Turkey |
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Financials (as on) : |
30.09.2007 |
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Date of Incorporation : |
09.02.2006 |
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Com. Reg. No.: |
578032 |
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|
Legal Form : |
Joint Stock Company |
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Line of Business : |
Assembly and trade of LCD TV, Plazma TV and TV receiver |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
DIGITEK ELEKTRONIK SANAYI VE TICARET A.S. |
|
ADDRESS |
: |
Head Office/Assembly Plant: Samandira
Veysel Karani Mah. Zaloglu Rustem Sk. No: 5
Kartal – Istanbul / Turkey |
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PHONE NUMBER |
: |
90-216-498 92 62 |
|
FAX NUMBER |
: |
90-216-498 92 63 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Sultanbeyli / 2950402919 |
|
REGISTRATION NUMBER |
: |
578032 |
|
REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
|
DATE ESTABLISHED |
: |
09.02.2006 (Commercial Registry Gazette Date/No:
15.02.2006 / 6493) |
|
LEGAL FORM |
: |
Joint Stock Company |
|
TYPE OF COMPANY |
: |
Private |
|
REGISTERED CAPITAL |
: |
YTL 1,000,000 |
|
PAID-IN CAPITAL |
: |
YTL 1,000,000 |
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Kont Bilisim Teknolojileri ve Dis Ticaret
A.S. Ali Kilinc Ergun Kont Nevzat Kont Alper Kont Yahya Kemal Teker |
81 % 15 % 1
% 1
% 1
% |
|
|
GROUP |
: |
Kont Group of Companies Some of the main companies operating at the
group are declared to be as follows: -Kont Bilisim Teknolojileri ve Dis Ticaret
A.S. -Bilisim Teknolojileri Servis Hizmetleri
Ltd. Sti. -Konkur Insaat Yatirim ve Pazarlama A.S. -Bilgi Teknolojileri Kurumsal Hizmetler
A.S. -Yigit Insaat Yapi Taahhut ve Pazarlama
A.S. -Avio Net Telekomunikasyon Bilisim Sanayi
ve Ticaret A.S. -Techetek Bilisim ve Iletisim Ticaret Ltd.
Sti. -Crea Bilisim Teknolojileri A.S. -Kont Insaat ve Taahhut A.S. -Digitek Elektronik Sanayi ve Ticaret A.S. |
||
|
BOARD OF DIRECTORS |
: |
Ergun Kont Ali Kilinc Yahya Kemal Teker |
Chairman Vice-Chairman Member |
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OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Assembly and trade of LCD TV, Plazma TV
and TV receiver |
||
|
NUMBER OF
EMPLOYEES |
: |
20 |
||
|
NET SALES |
: |
(YTL) 3,204,844 4,861,379 |
(09.02.-31.12.2006) (01.01.-30.09.2007) |
|
|
CAPACITY |
: |
Plazma TV 2,000 units/yr |
LCD TV 28,000 units/yr. |
(2007) |
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IMPORT VALUE |
: |
USD 762,000 USD 2,920,520 |
(09.02.-31.12.2006) (01.01.-30.09.2007) |
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IMPORT COUNTRIES |
: |
Korea, China, Germany |
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|
MERCHANDISE
IMPORTED |
: |
Parts of LCD TV |
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|
EXPORT VALUE |
: |
YTL 91,450 |
(01.01.-30.09.2007) |
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|
EXPORT COUNTRIES |
: |
Syria, Greece |
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MERCHANDISE
EXPORTED |
: |
Parts of TV, TV receiver |
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|
PREMISES |
: |
Head Office/Assembly Plant: Samandira
Veysel Karani Mah. Zaloglu Rustem Sk. No: 5
Kartal – Istanbul (rented) (850 sqm) |
||
COMMERCIAL MORALITY : Good
SIZE OF BUSINESS : Lower-medium
FINANCE
|
MAIN DEALING BANKERS |
: |
Garanti Bankasi Imes branch in Istanbul |
|
CREDIT FACILITIES |
: |
The subject company is making use
of credit facilities. |
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PAYMENT BEHAVIOUR |
: |
No complaints have been heard regarding
payments from bank. According to the official registries
since its establishment on 09.02.2006 until 15.09.2007, there are no
protested bills and non-paid cheques registered in the name of “Digitek Elektronik” |
COMMENT ON FINANCIAL POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
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|
Low |
As of 30.09.2007 |
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LIQUIDITY |
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Low |
As of 30.09.2007 |
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PROFITABILITY |
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|
The firm had operating loss in 2006, it had gross, operating and net
losses between 01.01.-30.09.2007 |
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GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
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Favorable |
Between 01.01.-30.09.2007 |
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GENERAL
FINANCIAL POSITION |
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|
Not in order |
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CREDIT OPINION
CREDIT OPINION WITHOUT OBLIGATION : We are of the opinion that, the subject is suitable for dealing on fully
secured terms for any amount of business.
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|
Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(2006) |
11.58 % |
1.4309 |
1.7987 |
2.6377 |
|
(1.1.-30.06.2007) |
2.98 % |
1.3733 |
1.8275 |
2.7117 |
|
(1.1.-30.09.2007) |
4.98 % |
1.3447 |
1.8084 |
2.6720 |
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BALANCE SHEETS |
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|
YTL |
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|
YTL |
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|
|
|
|
|
31.12.2006 |
|
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|
30.09.2007 |
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|
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|
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|
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CURRENT ASSETS |
1.204.742 |
|
0,94 |
|
2.511.133 |
|
0,59 |
|
|
|
Cash and
Banks |
8.831 |
|
0,01 |
|
58.782 |
|
0,01 |
|
|
|
Marketable Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account
Receivable |
132.062 |
|
0,10 |
|
70.747 |
|
0,02 |
|
|
|
Other
Receivable |
29.854 |
|
0,02 |
|
14.182 |
|
0,00 |
|
|
|
Inventories |
875.571 |
|
0,69 |
|
1.816.945 |
|
0,43 |
|
|
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Advances
Given |
134.420 |
|
0,11 |
|
499.060 |
|
0,12 |
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Other
Current Assets |
24.004 |
|
0,02 |
|
51.417 |
|
0,01 |
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NON-CURRENT ASSETS |
73.186 |
|
0,06 |
|
1.731.401 |
|
0,41 |
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Long-term
Receivable |
27.656 |
|
0,02 |
|
27.656 |
|
0,01 |
|
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Financial
Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
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Tangible
Fixed Assets (net) |
31.882 |
|
0,02 |
|
1.680.293 |
|
0,40 |
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Intangible Assets |
8.959 |
|
0,01 |
|
21.723 |
|
0,01 |
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Other
Non-Current Assets |
4.689 |
|
0,00 |
|
1.729 |
|
0,00 |
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TOTAL ASSETS |
1.277.928 |
|
1,00 |
|
4.242.534 |
|
1,00 |
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CURRENT LIABILITIES |
276.032 |
|
0,22 |
|
3.512.063 |
|
0,83 |
|
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|
Financial
Loans |
0 |
|
0,00 |
|
1.122.151 |
|
0,26 |
|
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|
Accounts
Payable |
573 |
|
0,00 |
|
1.919.271 |
|
0,45 |
|
|
|
Loans
from Shareholders |
0 |
|
0,00 |
|
0 |
|
0,00 |
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|
Other
Short-term Payable |
7.778 |
|
0,01 |
|
13.004 |
|
0,00 |
|
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|
Advances from
Customers |
0 |
|
0,00 |
|
916 |
|
0,00 |
|
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|
Taxes
Payable |
261.120 |
|
0,20 |
|
456.721 |
|
0,11 |
|
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|
Provisions |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Other
Current Liabilities |
6.561 |
|
0,01 |
|
0 |
|
0,00 |
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LONG-TERM LIABILITIES |
0 |
|
0,00 |
|
0 |
|
0,00 |
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|
Financial
Loans |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
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|
Securities Issued |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
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Long-term
Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
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|
Loans
from Shareholders |
0 |
|
0,00 |
|
0 |
|
0,00 |
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|
Other
Long-term Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Provisions |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
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|
|
|
|
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STOCKHOLDERS' EQUITY |
1.001.896 |
|
0,78 |
|
730.471 |
|
0,17 |
|
|
|
Paid-in
Capital |
1.000.000 |
|
0,78 |
|
1.000.000 |
|
0,24 |
|
|
|
Reserves |
0 |
|
0,00 |
|
1.896 |
|
0,00 |
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|
Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Accumulated Losses(-) |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Net
Profit (loss) |
1.896 |
|
0,00 |
|
-271.425 |
|
-0,06 |
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|
|
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TOTAL LIABILITIES AND EQUITY |
1.277.928 |
|
1,00 |
|
4.242.534 |
|
1,00 |
|
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INCOME STATEMENTS |
||||||||
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|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
9.2.-31.12.2006 |
|
|
|
1.1.-30.9.2007 |
|
|
|
|
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|
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|
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Net Sales |
3.204.844 |
|
1,00 |
|
4.861.379 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
3.012.558 |
|
0,94 |
|
4.916.793 |
|
1,01 |
|
|
|
Gross Profit |
192.286 |
|
0,06 |
|
-55.414 |
|
-0,01 |
|
|
|
Operating
Expenses |
253.022 |
|
0,08 |
|
546.917 |
|
0,11 |
|
|
|
Operating Profit |
-60.736 |
|
-0,02 |
|
-602.331 |
|
-0,12 |
|
|
|
Other
Income |
223.240 |
|
0,07 |
|
666.342 |
|
0,14 |
|
|
|
Other
Expenses |
151.315 |
|
0,05 |
|
326.314 |
|
0,07 |
|
|
|
Financial
Expenses |
7.147 |
|
0,00 |
|
9.122 |
|
0,00 |
|
|
|
Profit (loss) Before Tax |
4.042 |
|
0,00 |
|
-271.425 |
|
-0,06 |
|
|
|
Tax
Payable |
2.146 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
1.896 |
|
0,00 |
|
-271.425 |
|
-0,06 |
|
|
|
FINANCIAL RATIOS |
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|
9.2.-31.12.2006 |
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|
1.1.-30.9.2007 |
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LIQUIDITY RATIOS |
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Current Ratio |
4,36 |
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|
0,72 |
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Acid-Test Ratio |
0,62 |
|
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|
0,04 |
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ASSET STRUCTURE RATIOS |
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Inventory/Total Assets |
0,69 |
|
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|
0,43 |
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Short-term Receivable/Total Assets |
0,13 |
|
|
|
0,02 |
|
|
|
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|
Tangible Assets/Total Assets |
0,02 |
|
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|
0,40 |
|
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TURNOVER RATIOS |
|
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|
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|
Inventory Turnover |
3,44 |
|
|
|
2,71 |
|
|
|
|
|
Stockholders' Equity Turnover |
3,20 |
|
|
|
6,66 |
|
|
|
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|
Asset Turnover |
2,51 |
|
|
|
1,15 |
|
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FINANCIAL STRUCTURE |
|
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Stockholders' Equity/Total Assets |
0,78 |
|
|
|
0,17 |
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|
|
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Current Liabilities/Total Assets |
0,22 |
|
|
|
0,83 |
|
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Financial Leverage |
0,22 |
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|
0,83 |
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PROFITABILITY RATIOS |
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Net Profit/Stockholders' Eq. |
0,00 |
|
|
|
-0,37 |
|
|
|
|
|
Operating Profit Margin |
-0,02 |
|
|
|
-0,12 |
|
|
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Net Profit Margin |
0,00 |
|
|
|
-0,06 |
|
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COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
17,94 |
|
|
|
7,29 |
|
|
|
|
|
Average Payable Period (days) |
0,07 |
|
|
|
140,53 |
|
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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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)