MIRA
INFORM REPORT
|
Report Date : |
25.02.2008 |
IDENTIFICATION
DETAILS
|
Name : |
KAREL ELEKTRONIK SANAYI VE TICARET A.S. |
|
|
|
|
Registered Office : |
Kore Sehitleri Cad. Yzb. Kaya Aldogan Sok.
No: 16 80600 Zincirlikuyu Istanbul |
|
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|
Country : |
Turkey |
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|
|
|
Financials (as on) : |
31.12.2007 |
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|
Date of Incorporation : |
27.11.1986 |
|
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|
Com. Reg. No.: |
265912 |
|
|
|
|
Legal Form : |
Joint Stock Company |
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|
|
|
Line of Business : |
Designs and Manufactures Wired and Wireless Telecommunication Systems,
and also Manufactures Electronic Control Boards Mainly for White Good Sector. |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 17 million |
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|
|
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
No Complaints |
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|
|
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Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
KAREL ELEKTRONIK SANAYI VE TICARET A.S. |
|
ADDRESS |
: |
Head Office: Kore Sehitleri Cad. Yzb. Kaya
Aldogan Sok. No: 16 80600 Zincirlikuyu Istanbul Turkey Factory: Gazneliler Cad. No: 6 Organize
Sanayi Bolgesi 06035 Sincan Ankara / Turkey |
|
PHONE NUMBER |
: |
90-212-288 31 00 (Head Office) 90-312-267 02 40 (Factory) |
|
FAX NUMBER |
: |
90-212-275 40 01 (Head Office) 90-312-267 02 44 (Factory) |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Bogazici Kurumlar / 5240008809 |
|
REGISTRATION NUMBER |
: |
265912 |
|
REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce Istanbul Chamber of Industry |
|
DATE ESTABLISHED |
: |
27.11.1986 |
|
LEGAL FORM |
: |
Joint Stock Company |
|
TYPE OF COMPANY |
: |
Private |
|
PAID-IN CAPITAL |
: |
YTL 21,844,602 |
|
HISTORY |
: |
The paid-in capital
was increased from YTL 18,200,000 to YTL 21,840,000 on 26.07.2007 (Commercial
Registry Gazette Date/No:01.08.2007/6864) The subject took
over and merged with its subsidiary “Karel Arge Sanayi ve Ticaret A.S.” and
as a consequence of the merger the paid-in capital was increased from YTL
21,840,000 to YTL 21,844,602 on 27.12.2007
(Commercial Registry Gazette Date/No: 03.01.2008/6969). |
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Serdar Nuri Tunaoglu Sakir Yaman Tunaoglu Ali Sinan Tunaoglu Others |
23,01 % 23,01 % 22,97 % 31,01 % |
|
|
|
|
The shares of the subject are quoted at
Istanbul Stock Exchange. |
||
|
SISTER COMPANIES |
: |
-Karel Kalip San. AS -Tunaoglu Turizm Ve Tic. AS |
||
|
GROUP PARENT COMPANY |
: |
None |
||
|
BOARD OF DIRECTORS |
: |
Ali Sinan Tunaoglu Serdar Nuri Tunaoglu Sakir Yaman Tunaoglu Ismail Aydin Gunter |
Chairman Vice-chairman Member Member |
|
|
GENERAL MANAGER |
: |
Serdar Nuri Tunaoglu |
||
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
The firm designs and manufactures wired
and wireless telecommunication systems, and also manufactures electronic
control boards mainly for white good sector. |
|
||
|
TRADEMARK(S) |
: |
"Karel" |
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||
|
NUMBER OF
EMPLOYEES |
: |
673 |
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||
|
NET SALES |
: |
(YTL) 51,188,909 63,063,892 79,818,697 |
(2005) (2006) |
|
|
|
PRODUCTION |
: |
Telephone
Systems (Units) 29,208 37,399 |
Electronic
Control Boards) (Units) 1,002,216 2,381,630 |
(2005) |
|
|
IMPORT VALUE |
: |
(USD) 10,324,555 15,749,660 |
(2005) |
|
|
|
IMPORT COUNTRIES |
: |
Europe, Far Eastern countries but mainly
South Korea |
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||
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MERCHANDISE
IMPORTED |
: |
Electronic components and raw materials |
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||
|
EXPORT VALUE |
: |
(YTL) 9,077,309 11,086,356 11,849,954 |
(2005) |
|
|
|
EXPORT COUNTRIES |
: |
Northern Cyprus Turkish Republic, Syria,
Zambia, Kenya, Russia, Bulgaria, Bangladesh, India, Pakistan, Oman… |
|
||
|
MERCHANDISE
EXPORTED |
: |
Equipments for telecommunication systems |
|
||
|
PREMISES |
: |
Head Office: Kore Sehitleri Cad. Yzb. Kaya
Aldogan Sok. No: 16 80600 Zincirlikuyu Istanbul (owned by the shareholder Mr.
Serdar Nuri Tunaoglu) Factory: Gazneliler Cad. No: 6 Organize
Sanayi Bolgesi 06035 Sincan Ankara (owned) Research and Development Plant: Cyberplaza
B Blok Kat 3 Bilkent Ankara Regional Directorate: Sair Esref Bulvari
6/303 Cankaya-Izmir Regional Directorate: Lara Cad. 1504 Sok.
No: 3/1 Antalya Regional Directorate: Maras Cad. Senguller
Apt. D:1 Van Regional Directorate: Nilufer Koy
Mah.Yasemin Sok. 11 Osmangazi-Bursa |
|
FIXED CAPITAL
INVESTMENTS |
: |
Investments are going on |
|
TREND OF
BUSINESS |
: |
Upwards |
|
SIZE OF BUSINESS |
: |
Giant |
FINANCE
|
MAIN DEALING BANKERS |
: |
Akbank Zincirlikuyu branch in Istanbul Is Bankasi Zincirlikuyu branch in Istanbul Garanti Bankasi Kavaklidere branch in
Ankara |
|
CREDIT FACILITIES |
: |
The subject company is making use of
credit facilities. |
|
PAYMENT BEHAVIOR |
: |
No payment delays have come to our knowledge except an one off delay
which was resolved later on. |
COMMENT ON FINANCIAL POSITION
BASIS OF PRESENTATION OF THE FINANCIAL STATEMENTS
Financial statements of 2006 have been prepared
by the consolidation of the financial statements of “Karel Arge Sanayi ve Ticaret A.S.”. As the “Karel Elektronik” took over
and merged with “Karel Arge” on 27.12.2007, the financial statements of 2007
are unconsolidated.
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
||
|
High |
As of 31.12.2007 |
|
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LIQUIDITY |
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|
High |
As of 31.12.2007 |
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PROFITABILITY |
||
|
High |
In 2007 |
|
|
GAP BETWEEN COLLECTION-PAYMENT PERIODS |
||
|
Unfavorable |
In 2007 |
|
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GENERAL
FINANCIAL POSITION |
||
|
Strong |
||
CREDIT OPINION
|
CREDIT OPINION WITHOUT OBLIGATION |
: |
We are of the opinion that, a max. credit of
USD 17 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 |
|
(2007) |
5.94 % |
1.3075 |
1.7901 |
2.6133 |
|
(1.1.-31.01.2008) |
0.42 % |
1.1741 |
1.7303 |
2.3417 |
BALANCE SHEETS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
31.12.2006 |
|
|
|
31.12.2007 |
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|
|
|
|
|
|
|
|
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|
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CURRENT ASSETS |
61.426.969 |
|
0,71 |
|
66.966.172 |
|
0,68 |
|
|
|
Cash and Cash Equivalents |
21.871.295 |
|
0,25 |
|
21.230.706 |
|
0,22 |
|
|
|
Marketable Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account Receivable (net) |
19.061.485 |
|
0,22 |
|
26.220.563 |
|
0,27 |
|
|
|
Due from Related Parties |
409.460 |
|
0,00 |
|
7.135 |
|
0,00 |
|
|
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Other Receivable |
43 |
|
0,00 |
|
5.250 |
|
0,00 |
|
|
|
Inventories |
19.362.896 |
|
0,22 |
|
18.771.650 |
|
0,19 |
|
|
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Other Current Assets |
721.790 |
|
0,01 |
|
730.868 |
|
0,01 |
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|
|
|
|
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|
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NON-CURRENT ASSETS |
25.078.361 |
|
0,29 |
|
31.141.376 |
|
0,32 |
|
|
|
Long-term Receivable |
727.076 |
|
0,01 |
|
0 |
|
0,00 |
|
|
|
Due from Related Parties |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Financial Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Tangible Fixed Assets (net) |
11.288.833 |
|
0,13 |
|
14.446.635 |
|
0,15 |
|
|
|
Intangible Assets |
13.031.315 |
|
0,15 |
|
16.666.659 |
|
0,17 |
|
|
|
Other Non-Current Assets |
31.137 |
|
0,00 |
|
28.082 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
86.505.330 |
|
1,00 |
|
98.107.548 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
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CURRENT LIABILITIES |
18.003.891 |
|
0,21 |
|
22.191.765 |
|
0,23 |
|
|
|
Financial Loans |
9.016.270 |
|
0,10 |
|
9.708.609 |
|
0,10 |
|
|
|
Accounts Payable |
5.312.638 |
|
0,06 |
|
10.211.672 |
|
0,10 |
|
|
|
Due to Related Parties |
23.767 |
|
0,00 |
|
5.171 |
|
0,00 |
|
|
|
Advances from Customers |
567.131 |
|
0,01 |
|
359.911 |
|
0,00 |
|
|
|
Provisions |
622.130 |
|
0,01 |
|
271.619 |
|
0,00 |
|
|
|
Other Current Liabilities |
2.461.955 |
|
0,03 |
|
1.634.783 |
|
0,02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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LONG-TERM LIABILITIES |
6.184.267 |
|
0,07 |
|
5.517.199 |
|
0,06 |
|
|
|
Financial Loans |
1.661.582 |
|
0,02 |
|
326.679 |
|
0,00 |
|
|
|
Long Term Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other Long-term Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Provisions |
1.704.063 |
|
0,02 |
|
2.204.844 |
|
0,02 |
|
|
|
Deferred Tax Liability |
2.818.622 |
|
0,03 |
|
2.985.676 |
|
0,03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EQUITY OF CONSOLID. FIRMS |
7.860 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Equity of Consolidated Firms |
7.860 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
62.309.312 |
|
0,72 |
|
70.398.584 |
|
0,72 |
|
|
|
Paid-in Capital |
18.200.000 |
|
0,21 |
|
21.844.602 |
|
0,22 |
|
|
|
Reserves |
7.698.066 |
|
0,09 |
|
15.110.767 |
|
0,15 |
|
|
|
Revaluation Fund |
12.866.544 |
|
0,15 |
|
12.866.544 |
|
0,13 |
|
|
|
Accumulated Profits (Losses) |
11.680.902 |
|
0,14 |
|
12.492.001 |
|
0,13 |
|
|
|
Net Profit (loss) |
11.863.800 |
|
0,14 |
|
8.084.670 |
|
0,08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQ. |
86.505.330 |
|
1,00 |
|
98.107.548 |
|
1,00 |
|
CONSOLIDATED INCOME STATEMENTS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2006 |
|
|
|
2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
63.063.892 |
|
1,00 |
|
79.818.697 |
|
1,00 |
|
|
|
Cost of Goods Sold |
41.192.652 |
|
0,65 |
|
59.754.619 |
|
0,75 |
|
|
|
Gross Profit |
21.871.240 |
|
0,35 |
|
20.064.078 |
|
0,25 |
|
|
|
Operating Expenses |
9.815.611 |
|
0,16 |
|
13.202.608 |
|
0,17 |
|
|
|
Operating Profit |
12.055.629 |
|
0,19 |
|
6.861.470 |
|
0,09 |
|
|
|
Other Income |
2.753.368 |
|
0,04 |
|
5.791.043 |
|
0,07 |
|
|
|
Other Expenses |
1.065.738 |
|
0,02 |
|
2.212.131 |
|
0,03 |
|
|
|
Financial Income-Expenses(net) |
-1.166.376 |
|
-0,02 |
|
-1.313.723 |
|
-0,02 |
|
|
|
Profit (loss) of consolidated
firms |
-4.300 |
|
0,00 |
|
-19.840 |
|
0,00 |
|
|
|
Profit (loss) Before Tax |
12.572.583 |
|
0,20 |
|
9.106.819 |
|
0,11 |
|
|
|
Tax Payable |
708.783 |
|
0,01 |
|
1.022.149 |
|
0,01 |
|
|
|
Net Profit (loss) |
11.863.800 |
|
0,19 |
|
8.084.670 |
|
0,10 |
|
FINANCIAL RATIOS
|
|
|
2006 |
|
|
|
2007 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
Current Ratio |
3,41 |
|
|
|
3,02 |
|
|
|
|
|
Acid-Test Ratio |
2,30 |
|
|
|
2,14 |
|
|
|
|
|
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|
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ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,22 |
|
|
|
0,19 |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,23 |
|
|
|
0,27 |
|
|
|
|
|
Tangible Assets/Total Assets |
0,13 |
|
|
|
0,15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
2,13 |
|
|
|
3,18 |
|
|
|
|
|
Stockholders' Equity Turnover |
1,01 |
|
|
|
1,13 |
|
|
|
|
|
Asset Turnover |
0,73 |
|
|
|
0,81 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,72 |
|
|
|
0,72 |
|
|
|
|
|
Current Liabilities/Total Assets |
0,21 |
|
|
|
0,23 |
|
|
|
|
|
Financial Leverage |
0,28 |
|
|
|
0,28 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
0,19 |
|
|
|
0,11 |
|
|
|
|
|
Operating Profit Margin |
0,19 |
|
|
|
0,09 |
|
|
|
|
|
Net Profit Margin |
0,19 |
|
|
|
0,10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
112,96 |
|
|
|
118,26 |
|
|
|
|
|
Average Payable Period (days) |
46,43 |
|
|
|
61,52 |
|
|
|
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%)