MIRA
INFORM REPORT
|
Report Date : |
02.10.2007 |
IDENTIFICATION DETAILS
|
Name : |
BSH EV ALETLERI SANAYI VE TICARET A.S. |
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Registered Office : |
Cakmak Mah. Balkan Cad. No: 51 Umraniye- |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
13.08.1974 |
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Com. Reg. No.: |
128825 |
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Legal Form : |
Joint Stock Company (Private) |
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Line of Business : |
Manufacture and trade of white goods, electrical durable
goods, electrical equipments and office machines. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COMPANY
IDENTIFICATION
|
NAME |
: |
BSH EV ALETLERI SANAYI VE TICARET A.S. |
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ADDRESS |
: |
Head Office: Cakmak Mah. Balkan Cad. No: 51 Umraniye- Factory: Kumlu Gecit Mevkii Fevzipasa Mah. Batur Sok. Cerkezkoy -
Tekirdag / Branch Office: Bilkent Plaza A-3 Blok K.4 No: 35 Bilkent- |
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PHONE NUMBER |
: |
90-216-528 90 00 90-282-736 60 00 (Factory) 90-312-266 16 60 (Branch office) |
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FAX NUMBER |
: |
90-216-528 99 99 90-282-726 53 96 (Factory) |
LEGAL STATUS AND
HISTORY
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TAX OFFICE / NO |
: |
Buyuk Mukellefler / 7230046827 |
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REGISTRATION NUMBER |
: |
128825 |
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REGISTERED OFFICE |
: |
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DATE ESTABLISHED |
: |
13.08.1974 |
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LEGAL FORM |
: |
Joint Stock Company |
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TYPE OF COMPANY |
: |
Private |
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AUTHORIZED CAPITAL |
: |
YTL 120,000,000 |
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PAID-IN CAPITAL |
: |
YTL 42,000,000 |
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HISTORY |
: |
The name of the firm was changed from “P.E.G.Profilo Elektrikli Gerecler
San. A.S.” to “BSH Profilo Elektrikli Gerecler Sanayii A.S.” on 09.12. 1998.
(Commercial Registry Gazette Date/No: 14.12.1998 / 4690) |
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The paid-in capital was increased from YTL 16.5 million to YTL 18.5
million in accordance with the decision taken by the Board of Directors at
the meeting dated 30.06.2000. The subject took over and merged with “BSH Grunberg Ev Al. Tic. A.S.”,
“Profilo Dag. A.S.” and “BSH Ev Al. Tic.A.S” on 01.10.2001. Consequently, its
paid-in capital was increased from YTL 18,500 thousand to YTL 20,009 thousand
on 01.10.2001 (Commercial Registry Gazette Date/No: 04.10.2001 / 5396). The paid-in capital was again increased from YTL 20,009 thousand to
YTL 40,018 thousand on 23.10.2001.(Commercial Registry Gazette Date/No: 26.10.2001 / 5412) |
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The authorized capital was increased to YTL 120,000,000 on 18.05.2004 (Commercial Registry Gazette
Date/No: 24.05.2004/6055) The subject company took over and merged with “BSH Peg Beyaz Esya Serv. A.S.” on 07.12.2004 (Commerical Regsitry Gazette
Date/No: 14.12.2004/6197) The paid-in capital was increased from YTL 40,018,672.29 to YTL 42,000,000 on 03.03.2005
(Commerical Regsitry Gazette Date/No: 08.03.2005/6255) The head office moved from “Cemal Sahir Sok.
No: 26-28 80470 Mecidiyekoy- The name of the firm was changed from “BSH Profilo
Elektrikli Gerecler Sanayii A.S.” to “BSH Ev Aletleri Sanayi ve Ticaret A.S”
on 31.05.2005 (Commerical Registry Gazette
Date/No: 03.06.2005 / 6317) |
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OWNERSHIP /
MANAGEMENT
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SHAREHOLDERS |
: |
BSH Bosch Und Siemens GbmH Deutsche Bank AG Ronald Grunberg Daniel Grunberg Jak Grunberg Eric Grunberg Maya Grunberg Others |
95,01 % 1,733 % 0,788 % 0,532 % 0,531 % 0,487 % 0,062 % 0,857 % |
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Shares of the firm are quoted at Istanbul Stock Exchange |
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SUBSIDIARIES |
: |
Name of subsidiaries Profilo Elektrogerate Pro-Eks Dis Ticaret A.S. Profilo Telra A.S. Ak Enerji A.S. |
Share 100 % 0,23 % 0,16 % 0,01 % |
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BOARD OF DIRECTORS |
: |
Dr. Wolfgang Colberg E.H.Werner J.H. Voght Thomas Alexander Baader Leon Grunberg Ali Zafer Incecik Nobert W.Maximillian Klein Wolfgang Tochtermann |
Chairman Vice-Chairman Member Member Member Member Member |
OPERATIONS
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BUSINESS ACTIVITIES |
: |
Manufacture and trade of white goods, electrical durable goods, electrical
equipments and office machines. |
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TRADEMARK (S) |
: |
"Profilo", "Bosch", "Siemens",
“Gaggenau”. |
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NUMBER OF EMPLOYEES |
: |
3,339 (1,326 administrative employees, 2,013 workers) |
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NET SALES |
: |
(YTL) 15,540,140 29,939,186 65,340,182 131,316,892 199,675,877 309,610,964 411,408,156 692,955,913 1,031,965,749 1,476,911,751 1,517,088,000 1,825,141,904 840,171,113 |
(1995) (1996) (1997) (1998) (1999) (2000) (2002) (2004) (2005) (2006) (01.01.-30.06.2007) |
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The financial figures of 31.12.2005, 31.12.2006 and 30.06.2007 are
prepared according to Capital Market Council's Notification Series XI No: 25
based IAS. |
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PRODUCTION |
: |
Refrigerators (Units) 560,984 524,928 600,519 597,850 655,748 654,353 460,349 518,544 671,908 902,846 1,029,804 1,090,995 |
Washing Machines (Units) 179,892 251,215 393,116 448,220 370,116 394,880 230,519 343,803 482,009 747,492 796,521 911,577 |
(1995) (1996) (1997) (1998) (1999) (2000) (2001) (2002) (2003) (2005) (2006) |
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Oven+Hobs (Units) 389,796
402,343 421,809 (2005) |
Dish Washers (Units) --- --- 80,928 |
(2004) (2005) (2006) |
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IMPORT VALUE |
: |
USD 80,861,737 USD 142,640,738 USD 173,167,148 YTL 60,716 thousand USD 204,493,940 USD 209,097,155 USD 128,249,369 USD 70,530,490 USD 186,004,985 USD 282,063,187 USD 331,476,827 USD 401,727,925 |
(1995) (1996) (1997) (1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) |
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IMPORT COUNTRIES |
: |
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MERCHANDISE IMPORTED |
: |
Intermediary goods and durable goods |
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EXPORT VALUE |
: |
(YTL) 294,713,691 398,490,719 452,002,565 577,390,949 306,309,158 |
(2003) (2004) (2005) (2006) (01.01.-30.06.2007) |
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EXPORT COUNTRIES |
: |
Azerbaijan, Brazil, China, Germany, Georgia, Greece, France, Spain,
Switzerland, Turkmenistan, Kyrgyzstan, Azerbaijan, Northern Cyprus Turkish
Republic, Uzbekistan, USA, Tunisia, Tajikistan, Slovakia, Poland, Iraq, Sweden,
Italy, Netherlands, UK, Croatia, Slovenia, Morocco, Ukraine, Czech Republic,
Hungary, India, South Africa, South Korea, Portugal, Austria… |
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MERCHANDISE EXPORTED |
: |
Ovens, refrigerators, washing machines, drying machines, cooking
appliances, generators, fans, valves, taps, cocks … |
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PREMISES |
: |
Head Office: Cakmak Mah. Balkan Cad. No: 51 Umraniye- Factory: Kumlu Gecit Mevkii Fevzi Pasa Mah. Batur Sok. Cerkezkoy-
Tekirdag Factory (Dish Washer): Cerkezkoy Tekirdag Branch Office: Bilkent Plaza A-3 Blok K.4 No: 35 Bilkent- Representation Office: |
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FIXED CAPITAL INVESTMENTS |
: |
Investments are going on. |
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TREND OF BUSINESS |
: |
There was an upwards trend at sales volume in 2005 and 2006. |
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COMMERCIAL MORALITY |
: |
Excellent |
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SIZE OF BUSINESS |
: |
Giant |
FINANCE
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MAIN DEALING BANKERS |
: |
Akbank Merkez branch in Istanbul Yapi ve Kredi Bankasi Merkez branch in Istanbul T.Is Bankasi Merkez branch in Istanbul |
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CREDIT FACILITIES |
: |
The subject company is making active use of credit facilities. |
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PAYMENT BEHAVIOR |
: |
Prompt; banks report satisfactory experiences. According to the official registries between 01.01.2000-15.08.2007,
there are no protested bills and non-paid cheques registered in the former
name (BSH Profilo) or the current name (BSH Ev) of the subject company. |
COMMENT ON FINANCIAL
POSITION
BASIS OF PRESENTATION OF THE FINANCIAL STATEMENTS
The financial statements of 31.12.2006 and 30.06.2007 are prepared
according to Capital Market Council's Notification Series XI No: 25 based IAS.
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FINANCIAL STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
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Fair |
As of 30.06.2007 |
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LIQUIDITY |
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Good |
As of 30.06.2007 |
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PROFITABILITY |
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Fair |
Between 01.01.-30.06.2007 |
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GAP BETWEEN COLLECTION-PAYMENT PERIODS |
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Unfavorable& Long |
Between 01.01.-30.06.2007 |
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GENERAL FINANCIAL POSITION |
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Fair |
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CREDIT OPINION
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CREDIT OPINION WITHOUT OBLIGATION |
: |
We are of the opinion that, the proposed amount of credit is
admissible. |
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Incr. in producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(1998) |
54.30 % |
0.2657 |
0.2967 |
0.4410 |
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(1999) |
62.90 % |
0.4278 |
0.4518 |
0.6843 |
|
(2000) |
32.70 % |
0.6251 |
0.5774 |
0.9480 |
|
(2001) |
88.60 % |
1.1991 |
1.0714 |
1.7300 |
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(2002) |
30.80 % |
1.5168 |
1.3741 |
2.2001 |
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(2003) |
13.90 % |
1.5302 |
1.7141 |
2.4982 |
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(2004) |
13.84 % |
1.4266 |
1.7666 |
2.6001 |
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(2005) |
2.66 % |
1.3499 |
1.6882 |
2.4623 |
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(2006) |
11.58 % |
1.4309 |
1.7987 |
2.6377 |
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(1.1.-30.06.2007) |
2.98 % |
1.3733 |
1.8275 |
2.7117 |
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(1.1.-31.08.2007) |
3.93 % |
1.3597 |
1.8186 |
2.6959 |
Statements of 31.12.2006 and 30.06.2007 are prepared according to Capital
Market Council's Notification Series XI No: 25 based IAS
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BALANCE SHEETS |
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YTL |
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YTL |
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31.12.06 |
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30.6.07 |
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CURRENT ASSETS |
744.989.101 |
|
0,71 |
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840.962.999 |
|
0,73 |
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Cash and
Cash Equivalents |
17.565.767 |
|
0,02 |
|
4.314.410 |
|
0,00 |
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Marketable
Securities |
0 |
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0,00 |
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0 |
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0,00 |
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Account
Receivable (net) |
499.959.469 |
|
0,48 |
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521.603.079 |
|
0,45 |
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Due from
Related Parties |
84.236.077 |
|
0,08 |
|
75.588.411 |
|
0,07 |
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Other
Receivable |
11.674.677 |
|
0,01 |
|
2.355.814 |
|
0,00 |
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|
|
Inventories |
124.456.726 |
|
0,12 |
|
227.723.338 |
|
0,20 |
|
|
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Other
Current Assets |
7.096.385 |
|
0,01 |
|
9.377.947 |
|
0,01 |
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NON-CURRENT ASSETS |
305.545.271 |
|
0,29 |
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307.813.436 |
|
0,27 |
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Long-term
Receivable |
80.251 |
|
0,00 |
|
77.827 |
|
0,00 |
|
|
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Due from
Related Parties |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Financial
Assets |
1.467.607 |
|
0,00 |
|
1.468.115 |
|
0,00 |
|
|
|
Tangible
Fixed Assets (net) |
303.315.404 |
|
0,29 |
|
305.734.128 |
|
0,27 |
|
|
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Intangible
Assets |
674.474 |
|
0,00 |
|
529.786 |
|
0,00 |
|
|
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Other
Non-Current Assets |
7.535 |
|
0,00 |
|
3.580 |
|
0,00 |
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|
|
|
|
|
|
|
|
|
|
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TOTAL ASSETS |
1.050.534.372 |
|
1,00 |
|
1.148.776.435 |
|
1,00 |
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CURRENT LIABILITIES |
541.723.010 |
|
0,52 |
|
675.779.199 |
|
0,59 |
|
|
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Financial
Loans |
346.446.469 |
|
0,33 |
|
179.874.612 |
|
0,16 |
|
|
|
Accounts Payable |
78.999.044 |
|
0,08 |
|
117.347.978 |
|
0,10 |
|
|
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Due to
Related Parties |
22.637.740 |
|
0,02 |
|
255.769.098 |
|
0,22 |
|
|
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Advances
from Customers |
35.156.788 |
|
0,03 |
|
35.505.207 |
|
0,03 |
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Provisions |
43.297.521 |
|
0,04 |
|
77.025.266 |
|
0,07 |
|
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Other
Current Liabilities |
15.185.448 |
|
0,01 |
|
10.257.038 |
|
0,01 |
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LONG-TERM LIABILITIES |
41.066.723 |
|
0,04 |
|
38.338.342 |
|
0,03 |
|
|
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Financial
Loans |
7.099.927 |
|
0,01 |
|
4.495.533 |
|
0,00 |
|
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Long Term
Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
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Other
Long-term Liabilities |
5.208.496 |
|
0,00 |
|
6.496.592 |
|
0,01 |
|
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Provisions |
23.603.368 |
|
0,02 |
|
25.465.778 |
|
0,02 |
|
|
|
Deferred
Tax Liability |
5.154.932 |
|
0,00 |
|
1.880.439 |
|
0,00 |
|
|
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|
|
|
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|
STOCKHOLDERS' EQUITY |
467.744.639 |
|
0,45 |
|
434.658.894 |
|
0,38 |
|
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Paid-in
Capital |
42.000.000 |
|
0,04 |
|
42.000.000 |
|
0,04 |
|
|
|
Reserves |
80.829.295 |
|
0,08 |
|
131.886.069 |
|
0,11 |
|
|
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Revaulation Fund |
190.724.867 |
|
0,18 |
|
190.724.867 |
|
0,17 |
|
|
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Accumulated
Profits (Losses) |
31.311.807 |
|
0,03 |
|
52.733.703 |
|
0,05 |
|
|
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Net Profit
(loss) |
122.878.670 |
|
0,12 |
|
17.314.255 |
|
0,02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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TOTAL LIABILITIES AND EQUITY |
1.050.534.372 |
|
1,00 |
|
1.148.776.435 |
|
1,00 |
|
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INCOME STATEMENTS |
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|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2006 |
|
|
|
1.1.-30.06.2007 |
|
|
|
|
|
|
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|
|
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Net Sales |
1.825.141.904 |
|
1,00 |
|
840.171.113 |
|
1,00 |
|
|
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Cost of
Goods Sold |
1.286.070.990 |
|
0,70 |
|
621.277.350 |
|
0,74 |
|
|
|
Gross Profit |
539.070.914 |
|
0,30 |
|
218.893.763 |
|
0,26 |
|
|
|
Operating
Expenses |
352.050.583 |
|
0,19 |
|
186.881.197 |
|
0,22 |
|
|
|
Operating Profit |
187.020.331 |
|
0,10 |
|
32.012.566 |
|
0,04 |
|
|
|
Other
Income |
54.616.965 |
|
0,03 |
|
49.521.715 |
|
0,06 |
|
|
|
Other
Expenses |
24.952.855 |
|
0,01 |
|
32.463.131 |
|
0,04 |
|
|
|
Financial
Income-Expenses(net) |
-62.908.350 |
|
-0,03 |
|
-25.311.186 |
|
-0,03 |
|
|
|
Profit (loss) Before Tax |
153.776.091 |
|
0,08 |
|
23.759.964 |
|
0,03 |
|
|
|
Tax
Payable |
30.897.421 |
|
0,02 |
|
6.445.709 |
|
0,01 |
|
|
|
Net Profit (loss) |
122.878.670 |
|
0,07 |
|
17.314.255 |
|
0,02 |
|
|
|
FINANCIAL RATIOS |
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|
2006 |
|
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|
1.1.-30.06.2007 |
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LIQUIDITY RATIOS |
|
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|
|
|
|
|
|
|
|
Current Ratio |
1,38 |
|
|
|
1,24 |
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|
|
|
Acid-Test Ratio |
1,13 |
|
|
|
0,89 |
|
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|
|
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ASSET STRUCTURE RATIOS |
|
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|
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|
|
|
|
|
Inventory/Total Assets |
0,12 |
|
|
|
0,20 |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,57 |
|
|
|
0,52 |
|
|
|
|
|
Tangible Assets/Total Assets |
0,29 |
|
|
|
0,27 |
|
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TURNOVER RATIOS |
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|
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Inventory Turnover |
10,33 |
|
|
|
2,73 |
|
|
|
|
|
Stockholders' Equity Turnover |
3,90 |
|
|
|
1,93 |
|
|
|
|
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Asset Turnover |
1,74 |
|
|
|
0,73 |
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FINANCIAL STRUCTURE |
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Stockholders' Equity/Total Assets |
0,45 |
|
|
|
0,38 |
|
|
|
|
|
Current Liabilities/Total Assets |
0,52 |
|
|
|
0,59 |
|
|
|
|
|
Financial Leverage |
0,55 |
|
|
|
0,62 |
|
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PROFITABILITY RATIOS |
|
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|
|
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Net Profit/Stockholders' Eq. |
0,26 |
|
|
|
0,04 |
|
|
|
|
|
Operating Profit Margin |
0,10 |
|
|
|
0,04 |
|
|
|
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Net Profit Margin |
0,07 |
|
|
|
0,02 |
|
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COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
98,63 |
|
|
|
223,53 |
|
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|
|
Average Payable Period (days) |
22,11 |
|
|
|
68,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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%)