MIRA
INFORM REPORT
|
Report Date : |
01.09.2007 |
IDENTIFICATION DETAILS
|
Name : |
BALIKESIR ELEKTROMEKANIK SANAYI TESISLERI
A.S. |
|
|
|
|
Registered Office : |
Agir Sanayi Bolgesi No: 1 10040 Balikesir |
|
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|
|
Country : |
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|
|
|
|
Financials (as on) : |
31.07.2007 |
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|
|
|
Date of Incorporation : |
1966 |
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|
|
|
Com. Reg. No.: |
5264 |
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|
|
|
Legal Form : |
Joint Stock Company |
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|
|
|
Line of Business : |
Manufacture and trade of power transformers, distribution transformers,
oil immersed transformers and cast resin dry type transformers. |
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 |
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|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Clear |
COMPANY
IDENTIFICATION
|
NAME |
: |
BALIKESIR ELEKTROMEKANIK
SANAYI TESISLERI A.S. |
|
ADDRESS |
: |
Head Office & Factory: Agir Sanayi
Bolgesi No: 1 10040 Balikesir The door number of the company has been
changed from “149” to “1” by the municipality. |
|
PHONE NUMBER |
: |
90-266-241 82 00 90-266-243 40 13 |
|
FAX NUMBER |
: |
90-266-241 52 36 |
LEGAL STATUS AND
HISTORY
|
TAX OFFICE |
: |
Kurtdereli/3310035191 |
|
|
|
REGISTRATION NUMBER |
: |
5264 |
|
|
|
REGISTERED OFFICE |
: |
Balikesir Chamber of Industry and Commerce |
|
|
|
DATE ESTABLISHED |
: |
1966 |
|
|
|
LEGAL FORM |
: |
Joint Stock Company |
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|
|
TYPE OF COMPANY |
: |
Private |
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|
|
REGISTERED CAPITAL |
: |
YTL 1,108,080 |
|
|
|
PAID-IN CAPITAL |
: |
YTL 1,108,080 |
|
|
|
HISTORY |
: |
|
|
|
|
|
|
Previous Registered
Capital |
: YTL 369,360 |
|
|
|
|
Regist. Capital Changed on |
: 27.12.2006(Commercial Registry Gazette
Date/No: 29.12.2006/6715) |
|
OWNERSHIP /
MANAGEMENT
|
SHAREHOLDERS |
: |
The subject has more than 2,000 employees.
Some of them are as follows: Ahmet Rona Yircali Huseyin Sali Rafet Koylan Hasan Kaya Bulut Yucel Aytac |
|
|
GROUP PARENT COMPANY |
: |
None |
|
|
SUBSIDIARIES |
: |
-Gonen Hes Elektrik Uretim A.S. -Pamuk Hes Elektrik Uretim A.S |
|
|
BOARD OF DIRECTORS |
: |
Ahmet Rona Yircali Huseyin Sali M.Rafet Koylan Hasan Kaya Bulut Yucel Aytac Selim Egeli A.Sirri Yircali Ali Tanju Haydar Sargin Zeki Atilla Akalin |
|
|
DIRECTORS |
: |
Ali Haydar Tanju Sargin Yuksel Cicibas Atila Agabeyoglu Kemal Tuzuner Rezzak Kanag |
General Manager Deputy General Manager Deputy General Manager Deputy General Manager Deputy General Manager |
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Manufacture and trade of power transformers,
distribution transformers, oil immersed transformers and cast resin dry type
transformers |
|||
|
TRADEMARK(S) |
: |
"Best" |
|||
|
NUMBER OF
EMPLOYEES |
: |
450 |
|||
|
NET SALES |
: |
(YTL) 7,078,906 7,701,549 22,372,441 18,187,769 27,524,687 27,386,589 53,982,665 80,866,140 60,036,762 |
(1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (01.01-31.07.2007) |
||
|
CAPACITY |
: |
3,500 MVA |
|||
|
IMPORT VALUE |
: |
USD 3,473,470 USD 3,315,000 USD 5,025,000 USD 6.5 million USD 18,700,000 USD 19,190,000 |
(2001) (2002) (2003) (2004) (2005) (2006) |
||
|
IMPORT COUNTRIES |
: |
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|
MERCHANDISE
IMPORTED |
: |
Iron plate, copper, isolators... |
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|
EXPORT VALUE |
: |
USD 3 million USD 4,5 million YTL 12,863,583 YTL 10,384,774 YTL 17,757,557 YTL 13,622,998 YTL 40,975,074 YTL 50,674,293 YTL 34,038,373 |
(1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (01.01-31.07.2007) |
||
|
EXPORT COUNTRIES |
: |
|
|||
|
MERCHANDISE
EXPORTED |
: |
Transformers, safety valves, other fans….
etc |
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|
PREMISES |
: |
Head Office/Factory: Agir Sanayi Bolgesi No:
1 10040 Balikesir. (owned) (10,000 sqm covered area and located over a land
of 46,000 sqm area.) Branch: Cumhuriyet Cad. Kervansaray Apt.
No: 28/1 Harbiye 80200 – Branch: Necatibey Cad. No: 6 Kat: 6/143-144
Sihhiye 06430– Ankara (owned) Workshop:Organize Sanayi Bolgesi Savastepe Yolu 7. Km 198 Ada Parsel
No:2 Balikesir |
|||
|
FIXED CAPITAL
INVESTMENTS |
: |
Investments are going on |
|||
TREND OF BUSINESS : There was a decline at sales volume in nominal terms in 2004 but there
was upwards trend in 2005 and 2006.
COMMERCIAL MORALITY : Good
SIZE OF BUSINESS : Giant
FINANCE
|
MAIN DEALING BANKERS |
: |
Yapi ve Kredi Bankasi
Balikesir branch in Balikesir Is Bankasi Balikesir
branch in Balikesir Garanti Bankasi
Balikesir branch in Balikesir Akbank Balikesir
branch in Balikesir |
|
CREDIT FACILITIES |
: |
The subject company is making active use
of credit facilities. |
|
PAYMENT BEHAVIOR |
: |
Prompt; banks report satisfactory
experiences. According to the official registries between 01.01.2000-15.07.2007, there are no protested bills and non-paid cheques registered in the name of “Balikesir Elektromekanik” |
COMMENT ON FINANCIAL
POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
||
|
Fair |
As of 31.07.2007 |
|
|
LIQUIDITY |
||
|
Low |
As of 31.07.2007 |
|
|
PROFITABILITY |
||
|
High |
Between 1.1-31.07.2007 |
|
|
GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
||
|
Unfavorable |
Between 1.1-31.07.2007 |
|
|
GENERAL
FINANCIAL POSITION |
||
|
Liquidity was low and capitalization was fair but profitability was
high in the first 7 months of 2007. |
||
CREDIT OPINION
CREDIT OPINION WITHOUT OBLIGATION : We are of the opinion that, a max. credit of EUR 4 million may be
granted to the subject company.
|
|
Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(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 |
|
(2002) |
30.80 % |
1.5168 |
1.3741 |
2.2001 |
|
(2003) |
13.90 % |
1.5302 |
1.7141 |
2.4982 |
|
(2004) |
13.84 % |
1.4266 |
1.7666 |
2.6001 |
|
(2005) |
2.66 % |
1.3499 |
1.6882 |
2.4623 |
|
(2006) |
11.58 % |
1.4309 |
1.7987 |
2.6377 |
|
(1.1.-31.07.2007) |
3,05 % |
1.3633 |
1.8196 |
2.6989 |
|
|
BALANCE SHEETS |
||||||||||||
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
31.12.05 |
|
|
|
31.12.06 |
|
|
|
31.7.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
32.863.820 |
|
0,63 |
|
47.733.576 |
|
0,66 |
|
66.992.636 |
|
0,71 |
|
|
|
Cash and
Banks |
92.570 |
|
0,00 |
|
134.920 |
|
0,00 |
|
1.312.003 |
|
0,01 |
|
|
|
Marketable
Securities |
104.849 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account
Receivable |
15.721.721 |
|
0,30 |
|
25.194.122 |
|
0,35 |
|
25.293.493 |
|
0,27 |
|
|
|
Other
Receivable |
155.841 |
|
0,00 |
|
64.455 |
|
0,00 |
|
237.158 |
|
0,00 |
|
|
|
Inventories |
13.961.423 |
|
0,27 |
|
18.030.199 |
|
0,25 |
|
32.634.405 |
|
0,34 |
|
|
|
Advances
Given |
1.049.658 |
|
0,02 |
|
682.592 |
|
0,01 |
|
2.849.977 |
|
0,03 |
|
|
|
Other
Current Assets |
1.777.758 |
|
0,03 |
|
3.627.288 |
|
0,05 |
|
4.665.600 |
|
0,05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
19.694.355 |
|
0,37 |
|
25.010.183 |
|
0,34 |
|
27.912.152 |
|
0,29 |
|
|
|
Long-term
Receivable |
530.575 |
|
0,01 |
|
645.068 |
|
0,01 |
|
582.282 |
|
0,01 |
|
|
|
Financial
Assets |
13.318.129 |
|
0,25 |
|
15.150.106 |
|
0,21 |
|
15.650.080 |
|
0,16 |
|
|
|
Tangible
Fixed Assets (net) |
5.546.813 |
|
0,11 |
|
9.085.015 |
|
0,12 |
|
11.431.011 |
|
0,12 |
|
|
|
Intangible
Assets |
298.838 |
|
0,01 |
|
129.994 |
|
0,00 |
|
248.779 |
|
0,00 |
|
|
|
Other
Non-Current Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
52.558.175 |
|
1,00 |
|
72.743.759 |
|
1,00 |
|
94.904.788 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
34.557.077 |
|
0,66 |
|
45.005.853 |
|
0,62 |
|
59.369.660 |
|
0,63 |
|
|
|
Financial
Loans |
25.551.115 |
|
0,49 |
|
22.248.542 |
|
0,31 |
|
34.379.492 |
|
0,36 |
|
|
|
Accounts
Payable |
2.973.123 |
|
0,06 |
|
5.665.388 |
|
0,08 |
|
4.373.257 |
|
0,05 |
|
|
|
Loans from
Shareholders |
36.217 |
|
0,00 |
|
27.444 |
|
0,00 |
|
207.042 |
|
0,00 |
|
|
|
Other
Short-term Payable |
229.603 |
|
0,00 |
|
381.642 |
|
0,01 |
|
377.047 |
|
0,00 |
|
|
|
Advances
from Customers |
2.127.277 |
|
0,04 |
|
9.532.694 |
|
0,13 |
|
15.788.913 |
|
0,17 |
|
|
|
Taxes
Payable |
372.727 |
|
0,01 |
|
446.829 |
|
0,01 |
|
397.456 |
|
0,00 |
|
|
|
Provisions |
777.652 |
|
0,01 |
|
2.426.778 |
|
0,03 |
|
0 |
|
0,00 |
|
|
|
Other
Current Liabilities |
2.489.363 |
|
0,05 |
|
4.276.536 |
|
0,06 |
|
3.846.453 |
|
0,04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
1.556.605 |
|
0,03 |
|
1.579.635 |
|
0,02 |
|
1.624.370 |
|
0,02 |
|
|
|
Financial
Loans |
0 |
|
0,00 |
|
23.030 |
|
0,00 |
|
23.030 |
|
0,00 |
|
|
|
Securities
Issued |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Long-term
Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Loans from
Shareholders |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Long-term Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Provisions |
1.556.605 |
|
0,03 |
|
1.556.605 |
|
0,02 |
|
1.601.340 |
|
0,02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
16.444.493 |
|
0,31 |
|
26.158.271 |
|
0,36 |
|
33.910.758 |
|
0,36 |
|
|
|
Paid-in
Capital |
369.360 |
|
0,01 |
|
1.108.080 |
|
0,02 |
|
1.108.080 |
|
0,01 |
|
|
|
Inflation Adjustment of Capital |
11.766.038 |
|
0,22 |
|
11.027.318 |
|
0,15 |
|
11.027.318 |
|
0,12 |
|
|
|
Reserves |
1.850.172 |
|
0,04 |
|
3.251.985 |
|
0,04 |
|
9.308.252 |
|
0,10 |
|
|
|
Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accumulated Losses(-) |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net Profit
(loss) |
2.458.923 |
|
0,05 |
|
10.770.888 |
|
0,15 |
|
12.467.108 |
|
0,13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
52.558.175 |
|
1,00 |
|
72.743.759 |
|
1,00 |
|
94.904.788 |
|
1,00 |
|
|
|
INCOME STATEMENTS |
||||||||||||
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
1.1-31.07.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
53.982.665 |
|
1,00 |
|
80.866.140 |
|
1,00 |
|
60.036.762 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
45.248.720 |
|
0,84 |
|
61.189.995 |
|
0,76 |
|
41.607.663 |
|
0,69 |
|
|
|
Gross Profit |
8.733.945 |
|
0,16 |
|
19.676.145 |
|
0,24 |
|
18.429.099 |
|
0,31 |
|
|
|
Operating
Expenses |
6.673.293 |
|
0,12 |
|
7.551.468 |
|
0,09 |
|
6.415.552 |
|
0,11 |
|
|
|
Operating Profit |
2.060.652 |
|
0,04 |
|
12.124.677 |
|
0,15 |
|
12.013.547 |
|
0,20 |
|
|
|
Other
Income |
3.408.869 |
|
0,06 |
|
10.093.823 |
|
0,12 |
|
4.776.120 |
|
0,08 |
|
|
|
Other
Expenses |
2.232.946 |
|
0,04 |
|
9.020.834 |
|
0,11 |
|
4.322.559 |
|
0,07 |
|
|
|
Financial
Expenses |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Profit (loss) Before Tax |
3.236.575 |
|
0,06 |
|
13.197.666 |
|
0,16 |
|
12.467.108 |
|
0,21 |
|
|
|
Tax
Payable |
777.652 |
|
0,01 |
|
2.426.778 |
|
0,03 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
2.458.923 |
|
0,05 |
|
10.770.888 |
|
0,13 |
|
12.467.108 |
|
0,21 |
|
|
|
FINANCIAL RATIOS |
||||||||||||
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
1.1-31.07.07 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Ratio |
0,95 |
|
|
|
1,06 |
|
|
|
1,13 |
|
|
|
|
|
Acid-Test Ratio |
0,47 |
|
|
|
0,56 |
|
|
|
0,45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,27 |
|
|
|
0,25 |
|
|
|
0,34 |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,30 |
|
|
|
0,35 |
|
|
|
0,27 |
|
|
|
|
|
Tangible Assets/Total Assets |
0,11 |
|
|
|
0,12 |
|
|
|
0,12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
3,24 |
|
|
|
3,39 |
|
|
|
1,27 |
|
|
|
|
|
Stockholders' Equity Turnover |
3,28 |
|
|
|
3,09 |
|
|
|
1,77 |
|
|
|
|
|
Asset Turnover |
1,03 |
|
|
|
1,11 |
|
|
|
0,63 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,31 |
|
|
|
0,36 |
|
|
|
0,36 |
|
|
|
|
|
Current Liabilities/Total Assets |
0,66 |
|
|
|
0,62 |
|
|
|
0,63 |
|
|
|
|
|
Financial Leverage |
0,69 |
|
|
|
0,64 |
|
|
|
0,64 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
0,15 |
|
|
|
0,41 |
|
|
|
0,37 |
|
|
|
|
|
Operating Profit Margin |
0,04 |
|
|
|
0,15 |
|
|
|
0,20 |
|
|
|
|
|
Net Profit Margin |
0,05 |
|
|
|
0,13 |
|
|
|
0,21 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
108,38 |
|
|
|
115,03 |
|
|
|
155,16 |
|
|
|
|
|
Average Payable Period (days) |
23,65 |
|
|
|
33,33 |
|
|
|
37,84 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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%)