MIRA
INFORM REPORT
|
Report Date : |
08.02.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ELTAS TRANSFORMATOR SANAYI VE TICARET A.S. |
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Formerly Known As : |
ELTAS ELEKTRIK TECHIZATI VE MAKINALARI SANAYI VE TICARET A.S |
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Registered Office : |
Ataturk Organize Sanayi Bolgesi 10006 Sok. No: 21 Cigli- Izmir |
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Country : |
Turkey |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
07.01.1981 |
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Com. Reg. No.: |
6294 K-1707 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Manufacture, Trade and Maintenance of
Transformer |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
|
Maximum Credit Limit : |
USD 1.2 million. |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
NOTE:
The name of the company at your
inquiry “ELTAS ELEKTRIK TECHIZATI VE MAKINALARI SANAYI VE TICARET A.S.” is the previous
name of “ELTAS TRANSFORMATOR SANAYI VE TICARET A.S.” which is located at the
address at your inquiry “Ataturk Organize Sanayi Bolgesi 10006 Sok. No: 21
Cigli- Izmir/ Turkey”.
COMPANY IDENTIFICATION
|
NAME |
: |
ELTAS TRANSFORMATOR SANAYI VE TICARET A.S. |
|
ADDRESS |
: |
Head Office & Factory: Ataturk
Organize Sanayi Bolgesi 10006 Sok. No: 21 Cigli- Izmir/ Turkey |
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PHONE NUMBER |
: |
90-232-376 77 61-62-63 |
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FAX NUMBER |
: |
90-232-376 77 64 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Hasan Tahsin / 3330031641 |
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REGISTRATION NUMBER |
: |
6294 K-1707 |
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REGISTERED OFFICE |
: |
Izmir Chamber of Commerce |
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DATE ESTABLISHED |
: |
07.01.1981 |
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LEGAL FORM |
: |
Joint Stock Company |
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TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
YTL 2,650,000 |
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HISTORY |
: |
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Previous Name |
: ELTAS ELEKTRIK TECHIZATI VE MAKINALARI
SANAYI VE TICARET A.S. |
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Name Changed On |
: 27.09.2004 |
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Previous Registered Capital |
: YTL 1,250,000 |
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Regist. Capital Changed on |
: 18.05.2007 (Commercial Registry Gazette
Date/No: 24.05.2007/6815) All of this increase is decided to be
financed by reserves. |
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OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Ahmet Gure Hayriye Ayla Gure Zulfiye Bilge Gure Ozdogan Semahat Ozge Gure Aybike Gure Mehmet Gure |
95 % 1 % 1 % 1 % 1 % 1 %
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SISTER COMPANIES |
: |
Declared to be: None |
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GROUP PARENT COMPANY |
: |
None |
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BOARD OF DIRECTORS |
: |
Ahmet Gure Zulfiye Bilge Gure Ozdogan Semahat Ozge Gure |
Chairman Member Member |
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OPERATIONS
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BUSINESS
ACTIVITIES |
: |
Manufacture, trade and maintenance of
transformer |
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TRADEMARK(S) |
: |
“Eltas” |
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NUMBER OF
EMPLOYEES |
: |
114 |
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NET SALES |
: |
(YTL) 10,572,079 19,730,516 17,773,117 |
(2005) (2006) (01.01.-30.09.2007) |
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IMPORT COUNTRIES |
: |
Germany, Italy, Switzerland |
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MERCHANDISE
IMPORTED |
: |
Raw materials, intermediary goods |
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EXPORT VALUE |
: |
(YTL) 1,805,203 5,797,099 3,815,017 |
(2005) (2006) (01.01.-30.09.2007) |
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EXPORT COUNTRIES |
: |
Jordan, Yemen, Jordan, Iraq, Northern Cyprus
Turkish Republic, Sudan, Hungary, Germany, Netherlands, U.S.A, U.A.E…. |
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MERCHANDISE
EXPORTED |
: |
Transformer |
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PREMISES |
: |
Head Office & Factory: Ataturk
Organize Sanayi Bolgesi 10006 Sok. No: 21 Cigli-Izmir (owned) |
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FIXED CAPITAL
INVESTMENTS |
: |
The firm is investing in a new factory
located at Organize Sanayi Bolgesi- Izmir. |
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TREND OF
BUSINESS |
: |
Upwards |
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SIZE OF BUSINESS |
: |
Medium |
FINANCE
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MAIN DEALING BANKERS |
: |
Yapi ve Kredi Bankasi Ataturk Organize
Sanayi Bolgesi branch in Izmir Halk Bankasi Ataturk Organize Sanayi
Bolgesi branch in Izmir Akbank Ataturk Organize Sanayi Bolgesi
branch in Izmir Garanti Bankasi Ataturk Organize Sanayi
Bolgesi branch in Izmir |
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CREDIT FACILITIES |
: |
The
subject company is making use of credit facilities. |
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PAYMENT BEHAVIOUR |
: |
No payment delays have come to our knowledge. |
COMMENT ON FINANCIAL POSITION
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FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
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The capitalization was good as of
31.12.2006. The registered capital was increased from YTL 1,250,000 to YTL
2,650,000 on 18.05.2007 but all of this increase is decided to be financed by
reserves. |
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LIQUIDITY |
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High |
As of 31.12.2006 |
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PROFITABILITY |
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High |
In 2006 |
High |
Between 01.01-30.09.2007 |
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GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
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Unfavorable |
In 2006 |
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GENERAL
FINANCIAL POSITION |
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Good |
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CREDIT OPINION
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PROPOSED CREDIT AMOUNT |
: |
USD 1,500,000 |
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CREDIT OPINION
WITHOUT OBLIGATION |
: |
We are of the opinion that the proposed
amount of credit appears to be high for the subject company in view of its size.
Taking into account its size we consider max. granted credit should be USD
1.2 million. |
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|
Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(2005) |
2.66 % |
1.3499 |
1.6882 |
2.4623 |
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(2006) |
11.58 % |
1.4309 |
1.7987 |
2.6377 |
|
(1.1.-30.09.2007) |
4.98 % |
1.3447 |
1.8084 |
2.6720 |
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(2007) |
5.94 % |
1.3075 |
1.7901 |
2.6133 |
|
(1.1.-31.01.2008) |
0.42 % |
1.1741 |
1.7303 |
2.3417 |
BALANCE
SHEETS
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YTL |
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31.12.06 |
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CURRENT ASSETS |
5.153.324 |
|
0,82 |
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Cash and Banks |
1.430.773 |
|
0,23 |
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Marketable Securities |
0 |
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0,00 |
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Account Receivable |
1.833.576 |
|
0,29 |
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Other Receivable |
0 |
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0,00 |
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Inventories |
816.751 |
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0,13 |
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Advances Given |
891.871 |
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0,14 |
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Other Current Assets |
180.353 |
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0,03 |
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NON-CURRENT ASSETS |
1.101.422 |
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0,18 |
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Long-term Receivable |
0 |
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0,00 |
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Financial Assets |
0 |
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0,00 |
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Tangible Fixed Assets (net) |
1.067.401 |
|
0,17 |
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Intangible Assets |
11.721 |
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0,00 |
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Other Non-Current Assets |
22.300 |
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0,00 |
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TOTAL ASSETS |
6.254.746 |
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1,00 |
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CURRENT LIABILITIES |
2.302.944 |
|
0,37 |
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Financial Loans |
1.416.341 |
|
0,23 |
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Accounts Payable |
280.827 |
|
0,04 |
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Loans from Shareholders |
0 |
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0,00 |
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Other Short-term Payable |
0 |
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0,00 |
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Advances from Customers |
190.032 |
|
0,03 |
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Taxes Payable |
72.813 |
|
0,01 |
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Provisions |
297.007 |
|
0,05 |
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Other Current Liabilities |
45.924 |
|
0,01 |
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LONG-TERM LIABILITIES |
749.348 |
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0,12 |
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Financial Loans |
305.283 |
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0,05 |
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Securities Issued |
0 |
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0,00 |
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Long-term Payable |
0 |
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0,00 |
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Loans from Shareholders |
0 |
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0,00 |
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Other Long-term Liabilities |
444.065 |
|
0,07 |
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Provisions |
0 |
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0,00 |
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STOCKHOLDERS' EQUITY |
3.202.454 |
|
0,51 |
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Paid-in Capital |
1.250.000 |
|
0,20 |
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Inflation Adjustment of Capital |
308.647 |
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0,05 |
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Reserves |
470.765 |
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0,08 |
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Revaluation Fund |
0 |
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0,00 |
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Accumulated Losses(-) |
0 |
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0,00 |
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Net Profit (loss) |
1.173.042 |
|
0,19 |
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TOTAL LIABILITIES AND
EQUITY |
6.254.746 |
|
1,00 |
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INCOME
STATEMENTS
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YTL |
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YTL |
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|
2006 |
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|
1.1.-30.09.2007 |
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Net Sales |
19.730.516 |
|
1,00 |
|
17.773.117 |
|
1,00 |
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Cost of Goods Sold |
17.129.819 |
|
0,87 |
|
14.682.740 |
|
0,83 |
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Gross Profit |
2.600.697 |
|
0,13 |
|
3.090.377 |
|
0,17 |
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Operating Expenses |
688.513 |
|
0,03 |
|
835.727 |
|
0,05 |
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Operating Profit |
1.912.184 |
|
0,10 |
|
2.254.650 |
|
0,13 |
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Other Income |
599.412 |
|
0,03 |
|
353.125 |
|
0,02 |
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Other Expenses |
872.578 |
|
0,04 |
|
264.349 |
|
0,01 |
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Financial Expenses |
169.005 |
|
0,01 |
|
109.128 |
|
0,01 |
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Profit (loss) Before Tax |
1.470.013 |
|
0,07 |
|
2.234.298 |
|
0,13 |
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Tax Payable |
296.971 |
|
0,02 |
|
0 |
|
0,00 |
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Net Profit (loss) |
1.173.042 |
|
0,06 |
|
2.234.298 |
|
0,13 |
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FINANCIAL
RATIOS
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2006 |
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|
1.1.-30.09.2007 |
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LIQUIDITY RATIOS |
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Current Ratio |
2,24 |
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-- |
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Acid-Test Ratio |
1,42 |
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-- |
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ASSET STRUCTURE RATIOS |
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Inventory/Total Assets |
0,13 |
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|
-- |
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Short-term
Receivable/Total Assets |
0,29 |
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|
-- |
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Tangible Assets/Total
Assets |
0,17 |
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|
-- |
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TURNOVER RATIOS |
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Inventory Turnover |
20,97 |
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-- |
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Stockholders' Equity
Turnover |
6,16 |
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-- |
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Asset Turnover |
3,15 |
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-- |
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FINANCIAL STRUCTURE |
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Stockholders'
Equity/Total Assets |
0,51 |
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|
-- |
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Current Liabilities/Total
Assets |
0,37 |
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|
-- |
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Financial Leverage |
0,49 |
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-- |
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PROFITABILITY RATIOS |
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Net Profit/Stockholders'
Eq. |
0,37 |
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|
-- |
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Operating Profit Margin |
0,10 |
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|
0,13 |
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Net Profit Margin |
0,06 |
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|
0,13 |
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COLLECTION-PAYMENT |
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Average Collection Period
(days) |
33,46 |
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|
-- |
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Average Payable Period
(days) |
5,90 |
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-- |
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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%)