MIRA
INFORM REPORT
|
Report Date : |
12.11.2007 |
IDENTIFICATION
DETAILS
|
Name : |
TAKOSAN OTOMOBIL GOSTERGELERI SANAYI VE TICARET
A.S. |
|
|
|
|
Registered Office : |
Davutpasa Kisla Cad. No: 24 Gungoren Istanbul |
|
|
|
|
Country : |
Turkey |
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
14.10.1977 |
|
|
|
|
Com. Reg. No.: |
149946 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacture and trade of measurement equipment
used at automobiles |
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 : |
Regular |
|
|
|
|
Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
TAKOSAN OTOMOBIL
GOSTERGELERI SANAYI VE TICARET A.S. |
|
ADDRESS |
: |
Head Office & Factory: Davutpasa Kisla
Cad. No: 24 Gungoren Istanbul/Turkey |
|
PHONE NUMBER |
: |
90-212-554 15 25 |
|
FAX NUMBER |
: |
90-212-642 52 97 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Marmara Kurumlar/8160033462 |
|
REGISTRATION NUMBER |
: |
149946 |
|
REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
|
DATE ESTABLISHED |
: |
14.10.1977 |
|
LEGAL FORM |
: |
Joint Stock Company |
|
TYPE OF COMPANY |
: |
Private |
|
REGISTERED CAPITAL |
: |
YTL 1,939,739.83 |
|
HISTORY |
: |
• According to the decision taken at Board
of Directors Meeting Dated 16.6.2000 ,“Takosan Otomobil Gostergeleri Sanayi
ve Ticaret A.S.” has taken over “Endiksan Endikator ve Gerec Sanayi A.S.” and
merged with that company under the name of “Takosan Otomobil Gostergeleri
Sanayi ve Ticaret A.S”. (Commercial Registry Gazette Date/No:
26.06.2000/5074) • Consequently the registered capital was
increased from YTL 275,000 to YTL 437,115 on 21.06.2000. (Commercial Registry
Gazette Date/No: 26.06.2000/5074) • The registered capital was increased
from YTL 437,115 to YTL 850,000 on 18.03.2002. (Commercial Registry Gazette
Date / No: 21.03.2002 / 5510) • On 07.05.2003, the registered capital
was increased from YTL 850,000 to YTL 1,700,000. (Commercial Registry Gazette
Date / No: 12.05.2003 / 5796) • The subject took over and merged with “Takosan Elektronik Sanayi ve Ticaret A.S.” on
08.06.2007 (Commercial Registry Gazette Date / No: 14.06.2007 / 6830). As a consequence of the merger the registered
capital was increased from YTL 1,700,000 to YTL 1,939,739.83 on 08.06.2007 (Commercial Registry Gazette
Date / No: 14.06.2007 / 6830). YTL 239,739.83 of this increase was financed
by the take over of “Takosan
Elektronik Sanayi ve Ticaret A.S.” |
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Nursanlar Holding A.S. Rifat Kamhi Nursan Dag. ve Paz.
Ort. A.S. Magnetti Marelli Nursan Celik Esya San A.S. Nursan Otomotiv Kablo San. A.S. Alberto Penhas Corono Aldo Bruno Dapei |
68,17 % 22,78 %
7,86 %
1,10 % |
|
|
GROUP PARENT COMPANY |
: |
Nursanlar Holding A.S. Nursanlar Holding A.S. is a conglomerate
which coordinates the financial and administrative operations of Nursanlar
group of companies. Nursanlar group is specialized mainly at automotive
subordinate industry. The main companies operating within the
group are declared as follows: -Aka Otomotiv Sanayi Ve Ticaret A.S -Aka Kalip Sanayi ve Ticaret A.S. -Aka Otomotiv Ekipmanlari Sanayi ve Ticaret A.S. -Aka S.R.L. (Romania) -Nursanlar Holding A.S. -Nursan Elektrik Donanim Sanayi ve Ticaret
A.S. -Nursan Celik Esya Sanayi ve Ticaret A.S. -Nursan Otomotiv Kablo Sanayi ve Ticaret A.S. -Nursan Dagitim ve Pazarlama Ortakligi A.S. -Nursan Otomotiv Sistemleri San. A.S. -Nursan Otomotiv EOOD (Bulgaria) -Takosan Otomobil Gostergeleri Sanayi ve Ticaret
A.S. |
||
|
BOARD OF DIRECTORS |
: |
Erol Ergan Aldo Bruno Dapei Mehmet Kucuk Rifat Kamhi Veli Ozan |
Chairman Vice Chairman Member Member Member |
|
|
GENERAL MANAGER |
: |
Ahmet Ismail Cetinkal |
||
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Manufacture and trade of measurement
equipment used at automobiles |
|
|
TRADEMARK(S) |
: |
"Takosan" |
|
|
NUMBER OF
EMPLOYEES |
: |
370 |
|
|
NET SALES |
: |
(YTL) 51,369,691 76,271,275 |
(2005) (2006) |
|
IMPORT VALUE |
: |
EUR 7,555,400 |
(01.01.-30.06.2007) |
|
IMPORT COUNTRIES |
: |
France, Italy, Germany… |
|
|
MERCHANDISE
IMPORTED |
: |
Spare parts and raw materials |
|
|
EXPORT VALUE |
: |
USD 5,768,000 YTL 16,367,482 EUR 6,169,700 |
(2005) (2006) (01.01.-30.06.2007) |
|
EXPORT COUNTRIES |
: |
Belgium |
|
|
MERCHANDISE
EXPORTED |
: |
Spare parts |
|
|
PREMISES |
: |
Head office&Factory: Davutpasa Kisla
Cad. No: 24 Gungoren Istanbul (owned by Nursanlar Holding A.S.) (10,000 sqm) Factory: Akdeniz Caddesi Tepeoren Mevkii
Tuzla Istanbul |
|
TREND OF BUSINESS : Upwards in 2006
COMMERCIAL MORALITY : Good
SIZE OF BUSINESS : Large
FINANCE
|
MAIN DEALING BANKERS |
: |
Yapi Kredi Bankasi Bakirkoy branch in
Istanbul Oyakbank Bayrampasa branch in Istanbul |
|
CREDIT FACILITIES |
: |
The subject company is making use of
credit facilities. |
|
PAYMENT BEHAVIOUR |
: |
Prompt; banks report satisfactory
experiences. According to the official registries
between 01.01.2000-30.09.2007, there are no protested bills and non-paid
cheques registered in the name of “Takosan Otomobil” |
COMMENT ON FINANCIAL POSITION
The subject took over and merged with “Takosan Elektronik Sanayi ve Ticaret A.S.” on
08.06.2007. The merger was done according to the financial statements dated
31.12.2006. The financial figures of “Takosan Elektronik Sanayi ve Ticaret A.S.” which was taken over by the subject were as
follows:
|
Current Assets Non- Current Assets Current Liabilities Long-Term Liabilities Stockholders’ Equity Total Assets Net Sales Net Profit |
TAKOSAN ELEKTRONIK (31.12.2006) (YTL) 1,939,809 1,017,769 864,023 367,775 1,725,780 2,957,578 18,973,734 343,892 |
FINANCIAL STRUCTURE (SUFFICENCY
OF OWN RESOURCES)
|
|
Capitalization of “Takosan Otomotiv” was low as of 31.12.2006 The subject took over and merged with “Takosan Elektronik Sanayi ve Ticaret A.S.” on 08.06.2007. Capitalization
of “Takosan Elektronik ” was good as
of 31.12.2006. As a consequence of this
merger the registered capital was increased from YTL 1,700,000 to YTL 1,939,739.83 on 08.06.2007.
YTL 239,739.83 of this increase was financed by the take over of “Takosan Elektronik Sanayi ve Ticaret A.S.” |
|
LIQUIDITY |
|
“Takosan Otomotiv” had fair liquidity as of 31.12.2006. Current ratio
of “Takosan Elektronik” was high as of 31.12.2006. |
|
PROFITABILITY |
|
“Takosan Otomotiv” and “Takosan
Elektronik” had fair profitability in 2006 |
|
GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
|
Takosan Otomotiv’s gap between average collection and payable periods
was favorable but short in 2006. |
|
GENERAL
FINANCIAL POSITION |
|
Takosan Otomotiv had low capitalization,
fair liquidity and fair profitability in 2006. The subject took over and merged with “Takosan Elektronik Sanayi ve Ticaret A.S.” on 08.06.2007. As a consequence of this merger the
registered capital was increased from YTL 1,700,000 to YTL 1,939,739.83 on 08.06.2007.
YTL 239,739.83 of this increase was financed by the take over of “Takosan Elektronik Sanayi ve Ticaret A.S.” General financial position of “Takosan Elektronik Sanayi ve Ticaret
A.S.” was good in 2006. However we do not expect a considerable effect of the
merger on the general financial position of “Takosan Otomotiv” as the size of
the firm which has been taken over was low in comparison to the size of
“Takosan Otomotiv”. |
CREDIT OPINION
CREDIT OPINION WITHOUT OBLIGATION : We are of the opinion that, a max. credit of 1.6 million may be
granted to the subject company.
|
|
Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(2005) |
2.66 % |
1.3499 |
1.6882 |
2.4623 |
|
(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 |
|
(1.1.-31.10.2007) |
4.84 % |
1.3308 |
1.7999 |
2.6527 |
|
BALANCE SHEETS |
|||||
|
|
|
YTL |
|
|
|
|
|
|
31.12.06 |
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
23.587.020 |
|
0,69 |
|
|
|
Cash and
Banks |
109.121 |
|
0,00 |
|
|
|
Marketable Securities |
0 |
|
0,00 |
|
|
|
Account
Receivable |
16.778.237 |
|
0,49 |
|
|
|
Other
Receivable |
19.720 |
|
0,00 |
|
|
|
Inventories |
5.524.142 |
|
0,16 |
|
|
|
Advances
Given |
406.942 |
|
0,01 |
|
|
|
Other
Current Assets |
748.858 |
|
0,02 |
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
10.617.577 |
|
0,31 |
|
|
|
Long-term
Receivable |
2.225 |
|
0,00 |
|
|
|
Financial
Assets |
1.329.468 |
|
0,04 |
|
|
|
Tangible
Fixed Assets (net) |
3.512.889 |
|
0,10 |
|
|
|
Intangible Assets |
5.680.071 |
|
0,17 |
|
|
|
Other
Non-Current Assets |
92.924 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
34.204.597 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
26.298.301 |
|
0,77 |
|
|
|
Financial
Loans |
10.358.631 |
|
0,30 |
|
|
|
Accounts
Payable |
13.654.041 |
|
0,40 |
|
|
|
Loans
from Shareholders |
0 |
|
0,00 |
|
|
|
Other
Short-term Payable |
420.705 |
|
0,01 |
|
|
|
Advances
from Customers |
1.147.847 |
|
0,03 |
|
|
|
Taxes
Payable |
433.240 |
|
0,01 |
|
|
|
Provisions |
265.540 |
|
0,01 |
|
|
|
Other
Current Liabilities |
18.297 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
1.124.212 |
|
0,03 |
|
|
|
Financial
Loans |
0 |
|
0,00 |
|
|
|
Securities Issued |
0 |
|
0,00 |
|
|
|
Long-term
Payable |
1.124.212 |
|
0,03 |
|
|
|
Loans
from Shareholders |
0 |
|
0,00 |
|
|
|
Other
Long-term Liabilities |
0 |
|
0,00 |
|
|
|
Provisions |
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
6.782.084 |
|
0,20 |
|
|
|
Paid-in
Capital |
1.700.000 |
|
0,05 |
|
|
|
Inflation
Adjustment of Capital |
7.814.549 |
|
0,23 |
|
|
|
Reserves |
11.916.067 |
|
0,35 |
|
|
|
Revaluation Fund |
0 |
|
0,00 |
|
|
|
Accumulated Losses(-) |
-15.877.935 |
|
-0,46 |
|
|
|
Net
Profit (loss) |
1.229.403 |
|
0,04 |
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
34.204.597 |
|
1,00 |
|
|
|
INCOME STATEMENTS |
||||
|
|
|
YTL |
|
|
|
|
|
|
2006 |
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
76.271.275 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
66.329.267 |
|
0,87 |
|
|
|
Gross Profit |
9.942.008 |
|
0,13 |
|
|
|
Operating
Expenses |
7.811.972 |
|
0,10 |
|
|
|
Operating Profit |
2.130.036 |
|
0,03 |
|
|
|
Other
Income |
1.680.319 |
|
0,02 |
|
|
|
Other
Expenses |
779.911 |
|
0,01 |
|
|
|
Financial
Expenses |
1.782.744 |
|
0,02 |
|
|
|
Profit (loss) Before Tax |
1.247.700 |
|
0,02 |
|
|
|
Tax
Payable |
18.297 |
|
0,00 |
|
|
|
Net Profit (loss) |
1.229.403 |
|
0,02 |
|
|
|
FINANCIAL RATIOS |
||||
|
|
|||||
|
|
|
|
|
|
|
|
|
|
2006 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
Current Ratio |
0,90 |
|
|
|
|
|
Acid-Test Ratio |
0,64 |
|
|
|
|
|
|
|
|
|
|
|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
Inventory/Total Assets |
0,16 |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,49 |
|
|
|
|
|
Tangible Assets/Total Assets |
0,10 |
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER RATIOS |
|
|
|
|
|
|
Inventory Turnover |
12,01 |
|
|
|
|
|
Stockholders' Equity Turnover |
11,25 |
|
|
|
|
|
Asset Turnover |
2,23 |
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,20 |
|
|
|
|
|
Current Liabilities/Total Assets |
0,77 |
|
|
|
|
|
Financial Leverage |
0,80 |
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
0,18 |
|
|
|
|
|
Operating Profit Margin |
0,03 |
|
|
|
|
|
Net Profit Margin |
0,02 |
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
Average Collection Period (days) |
79,20 |
|
|
|
|
|
Average Payable Period (days) |
80,21 |
|
|
|
|
|
|
|
|
|
|
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%)