MIRA
INFORM REPORT
|
Report Date : |
16.01.2008 |
IDENTIFICATION
DETAILS
|
Name : |
GUNGOR ELEKTRIK SANAYI VE TICARET LTD. STI. |
|
|
|
|
Registered Office : |
37.Sok No:44/2 Bahcelievler- Ankara |
|
|
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|
Country : |
Turkey |
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|
Financials (as on) : |
31.12.2006 |
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|
Date of Incorporation : |
1988 |
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|
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|
Com. Reg. No.: |
191168 |
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|
Legal Form : |
Limited Company |
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|
|
Line of Business : |
Construction and contracting of electricity
generation, transmission and distribution networks. |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
Maximum Credit Limit : |
USD 800,000 |
|
|
|
|
Status : |
Small Company |
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|
|
|
Payment Behaviour : |
No Complaints |
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|
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Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
GUNGOR ELEKTRIK SANAYI VE TICARET LTD. STI. |
|
ADDRESS |
: |
Head Office: 37.Sok No:44/2 Bahcelievler-
Ankara/ Turkey |
|
PHONE NUMBER |
: |
90-312-212 02 22 |
|
FAX NUMBER |
: |
90-312-222 84 57 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Maltepe / 4370035463 |
|
REGISTRATION NUMBER |
: |
191168 |
|
REGISTERED OFFICE |
: |
Ankara Chamber of Commerce |
|
DATE ESTABLISHED |
: |
1988 |
|
LEGAL FORM |
: |
Limited Company |
|
TYPE OF COMPANY |
: |
Private |
|
REGISTERED CAPITAL |
: |
YTL 6,000,000 |
|
PAID-IN CAPITAL |
: |
YTL 6,000,000 |
|
HISTORY |
: |
|
|
|
|
|
|
Previous Registered Capital |
: YTL 1,100,000 |
|
|
|
|
Regist. Capital Changed on |
: 04.06.2004 (Commercial Registry Gazette
Date/No: 09.06.2004/6067) |
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|
Previous Address |
: Talatpasa Bulvari No:75 K.1 D.1 Izmir |
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|
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|
Address Changed On |
: 04.06.2004 (Commercial Registry Gazette
Date/No: 09.06.2004/6067) |
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|
Previous Shareholders |
: Mustafa Gungor (90 %) Fatih Cersil (4 %) Suleyman Hamdi Aydinli
(4 %) Ahmet Kutluk (2 %) |
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|
|
|
Shareholders Changed On |
: November 2007 (Commercial Registry
Gazette Date/No: 23.11.2007 / 6943) |
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|
|
Other Historical Events |
: The firm was
firstly established in Soma- Manisa in 1988 but moved from Manisa to Izmir in
1993. Then it moved from Izmir to Ankara and registered at Ankara Commercial
Registry with registration no. “191168” on 04.06.2004 (Commercial Registry
Gazette Date/No: 09.06.2004/6067). |
|
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Mustafa Gungor Suleyman Hamdi Aydinli Ahmet Kutluk |
94 % 4 % 2 % |
|
SISTER COMPANIES |
: |
Declared to be: -Gungor Turizm Ltd. Sti. -Gungor Enerji Uretim ve Ticaret A.S. -Gentes Genel Enerji Tesisleri Proje
Isletme Bakim Muhendislik ve Musavirlik A.S. |
|
|
DIRECTORS |
: |
Mustafa Gungor Suleyman Hamdi Aydinli |
|
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Construction and contracting of
electricity generation, transmission and distribution networks. Some of the under-taken projects of the
subject are provided at the end of the report. |
|
|
TRADEMARK(S) |
: |
None |
|
|
NUMBER OF
EMPLOYEES |
: |
150 |
|
|
NET SALES |
: |
(YTL) 13,845,938 18,571,271 1,667,088 |
(2005) (2006) (01.01-30.09.2007) |
|
IMPORT VALUE |
: |
YTL 600,000 |
(2007) |
|
IMPORT COUNTRIES |
: |
India, U.S.A. |
|
|
MERCHANDISE
IMPORTED |
: |
Electrical materials |
|
|
EXPORT |
: |
None |
|
|
PREMISES |
: |
Head Office: 37.Sok No:44/2 Bahcelievler-
Ankara |
|
|
TREND OF
BUSINESS |
: |
The net sales appear to be fluctuating
but this is a normal case for firms
operating on project basis as firms operating on project basis can not
register their income at the income statement unless the project has been
totally completed. |
|
SIZE OF BUSINESS |
: |
Large |
FINANCE
|
MAIN DEALING BANKERS |
: |
Yapi ve Kredi Bankasi Yenisehir Ticari
branch in Ankara Denizbank Balgat Ticari branch in Ankara |
|
CREDIT FACILITIES |
: |
The
subject company rarely makes use of short- term credit facilities. |
|
PAYMENT BEHAVIOUR |
: |
No payment delays have come to our knowledge. |
COMMENT ON FINANCIAL POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
|
The financial leverage of the subject appears to be high but it has to
be noted that, the liabilities consist mainly of “accumulated construction
income” which is in fact not an indicator of indebtedness. Financial structure is fair as of
31.12.2006. |
|
PROFITABILITY |
|
The firm which had high profitability in
2005 and in 2006 had operating and net losses in the first 9 months of 2007 .
However it has to be noted that the income statement does not point out the
real profitability of firms operating on project basis as such firms can not
register their income at the income statement unless the project has been
totally completed. The real indicator of profitability of firms operating on
project basis is the gap between the “accumulated construction income +
advances from customers” and “accumulated construction expenses”. According to the data of 31.12.2006, this gap reveals that, the firm
was profitable from its construction activity. |
|
GENERAL
FINANCIAL POSITION |
|
Fair |
CREDIT OPINION
|
CREDIT OPINION WITHOUT OBLIGATION |
: |
We are of the opinion that, a max. credit
of USD 800,000 may be granted to the subject company. |
|
|
Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(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.-30.09.2007) |
4.98 % |
1.3447 |
1.8084 |
2.6720 |
|
(2007) |
5.94 % |
1.3075 |
1.7901 |
2.6133 |
“ SOME OF THE UNDER-TAKEN
PROJECTS OF " GUNGOR ELEKTRIK SANAYI VE TICARET LTD. STI."
|
Project
-Construction and Installation of 154 Kv
Oltu, Golkoy, Cayeli Transformer Substations. -Construction and Installation of 154 Kv
Denizli 3 , Kursunlu, Bozyaka, Ambarli Transformer Substations -Turnkey Construction and Installation of
154 Kv Silvan, Bismil, Diyarbakir 4 , Sanliurfa Oiz, Fevzi Pasa,
Golbasi(Adiyaman), Kilavuzlu, Corum, Tatvan, Bingol, Birecik Transformer
Substations. -Operation of 154 Kv Y.Gediz, Demirci,
Transformer Substations Group -Operation of 154 Kv Alasehir, K.pasa,
Tire, Turgutlu 2 Transformer Substations Group -Operation of 154 Kv Kestel, Yenisehir,
Bursa 3 , Transformer Substations Group -Operation of 154 Kv Usak Organized Industrial
Zone, Cifeler, Sandikli Transformer Substations Group -Operation of 154 Kv Bozkurt, Acipayam
Transformer Substations Group |
Employer -TEK General Management -TEAS General Management -TEAS General Management -TEIAS General Management -TEIAS General Management -TEIAS General Management -TEIAS General Management -TEIAS General Management |
BALANCE
SHEETS
|
|||||||||
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
31.12.05 |
|
|
|
31.12.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
50.808.845 |
|
0,95 |
|
57.532.124 |
|
0,93 |
|
|
|
Cash and
Banks |
2.441.716 |
|
0,05 |
|
51.200 |
|
0,00 |
|
|
|
Marketable
Securities |
1.044.872 |
|
0,02 |
|
1.101.586 |
|
0,02 |
|
|
|
Account
Receivable |
7.360.387 |
|
0,14 |
|
3.510.688 |
|
0,06 |
|
|
|
Other
Receivable |
85.288 |
|
0,00 |
|
492.466 |
|
0,01 |
|
|
|
Inventories |
250.278 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Advances
Given |
0 |
|
0,00 |
|
1.510.118 |
|
0,02 |
|
|
|
Accumulated Construction Expenses |
38.132.092 |
|
0,71 |
|
50.421.307 |
|
0,82 |
|
|
|
Other
Current Assets |
1.494.212 |
|
0,03 |
|
444.759 |
|
0,01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
2.742.249 |
|
0,05 |
|
4.235.188 |
|
0,07 |
|
|
|
Long-term
Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Financial
Assets |
232.604 |
|
0,00 |
|
1.400.729 |
|
0,02 |
|
|
|
Tangible
Fixed Assets (net) |
387.110 |
|
0,01 |
|
281.260 |
|
0,00 |
|
|
|
Intangible Assets |
9.785 |
|
0,00 |
|
5.585 |
|
0,00 |
|
|
|
Other
Non-Current Assets |
2.112.750 |
|
0,04 |
|
2.547.614 |
|
0,04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
53.551.094 |
|
1,00 |
|
61.767.312 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
50.424.566 |
|
0,94 |
|
57.551.087 |
|
0,93 |
|
|
|
Financial
Loans |
66.705 |
|
0,00 |
|
802.380 |
|
0,01 |
|
|
|
Accounts
Payable |
6.633.574 |
|
0,12 |
|
3.353.254 |
|
0,05 |
|
|
|
Loans
from Shareholders |
66.895 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Short-term Payable |
60.831 |
|
0,00 |
|
525.094 |
|
0,01 |
|
|
|
Accumulated
Construction Income |
42.879.613 |
|
0,80 |
|
51.390.313 |
|
0,83 |
|
|
|
Advances
from Customers |
46.495 |
|
0,00 |
|
1.329.265 |
|
0,02 |
|
|
|
Taxes
Payable |
670.453 |
|
0,01 |
|
150.781 |
|
0,00 |
|
|
|
Provisions |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Current Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Financial
Loans |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Securities Issued |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Long-term
Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Loans
from Shareholders |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Long-term Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Provisions |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
3.126.528 |
|
0,06 |
|
4.216.225 |
|
0,07 |
|
|
|
Paid-in
Capital |
6.000.000 |
|
0,11 |
|
6.000.000 |
|
0,10 |
|
|
|
Inflation
Adjustment of Capital |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Reserves |
179.624 |
|
0,00 |
|
232.029 |
|
0,00 |
|
|
|
Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accumulated Losses(-) |
-4.101.189 |
|
-0,08 |
|
-3.105.496 |
|
-0,05 |
|
|
|
Net
Profit (loss) |
1.048.093 |
|
0,02 |
|
1.089.692 |
|
0,02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
53.551.094 |
|
1,00 |
|
61.767.312 |
|
1,00 |
|
|
|
INCOME
STATEMENTS
|
||||||||||||
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
1.1.-30.09.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
13.845.938 |
|
1,00 |
|
18.571.271 |
|
1,00 |
|
1.667.088 |
|
1,00 |
|
|
|
Expenses |
12.389.639 |
|
0,89 |
|
17.335.637 |
|
0,93 |
|
2.213.917 |
|
1,33 |
|
|
|
Operating
Profit |
1.456.299 |
|
0,11 |
|
1.235.634 |
|
0,07 |
|
-546.829 |
|
-0,33 |
|
|
|
Other
Income |
138.528 |
|
0,01 |
|
172.057 |
|
0,01 |
|
343.490 |
|
0,21 |
|
|
|
Other
Expenses |
71.073 |
|
0,01 |
|
0 |
|
0,00 |
|
13.289 |
|
0,01 |
|
|
|
Financial
Expenses |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Profit (loss) Before Tax |
1.523.754 |
|
0,11 |
|
1.407.691 |
|
0,08 |
|
-216.628 |
|
-0,13 |
|
|
|
Tax
Payable |
475.661 |
|
0,03 |
|
317.999 |
|
0,02 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
1.048.093 |
|
0,08 |
|
1.089.692 |
|
0,06 |
|
-216.628 |
|
-0,13 |
|
|
|
FINANCIAL
RATIOS
|
||||||||||||
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|
2005 |
|
|
|
2006 |
|
|
|
1.1.-30.09.07 |
|
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|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Ratio |
1,01 |
|
|
|
1,00 |
|
|
|
-- |
|
|
|
|
|
Acid-Test Ratio |
0,22 |
|
|
|
0,09 |
|
|
|
-- |
|
|
|
|
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|
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|
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|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,00 |
|
|
|
0,00 |
|
|
|
-- |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,14 |
|
|
|
0,06 |
|
|
|
-- |
|
|
|
|
|
Tangible Assets/Total Assets |
0,01 |
|
|
|
0,00 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
49,50 |
|
|
|
-- |
|
|
|
-- |
|
|
|
|
|
Stockholders' Equity Turnover |
4,43 |
|
|
|
4,40 |
|
|
|
-- |
|
|
|
|
|
Asset Turnover |
0,26 |
|
|
|
0,30 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,06 |
|
|
|
0,07 |
|
|
|
-- |
|
|
|
|
|
Current Liabilities/Total Assets |
0,94 |
|
|
|
0,93 |
|
|
|
-- |
|
|
|
|
|
Financial Leverage |
0,94 |
|
|
|
0,93 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
0,34 |
|
|
|
0,26 |
|
|
|
-- |
|
|
|
|
|
Operating Profit Margin |
0,11 |
|
|
|
0,07 |
|
|
|
-0,33 |
|
|
|
|
|
Net Profit Margin |
0,08 |
|
|
|
0,06 |
|
|
|
-0,13 |
|
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COLLECTION-PAYMENT |
|
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|
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|
Average Collection Period (days) |
191,37 |
|
|
|
68,05 |
|
|
|
-- |
|
|
|
|
|
Average Payable Period (days) |
192,75 |
|
|
|
69,64 |
|
|
|
-- |
|
|
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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 |
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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%)