MIRA
INFORM REPORT
|
Report Date : |
18.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
NEL ELEKTRONIK CIHAZLAR IMALAT VE TICARET A.S. |
|
|
|
|
Registered Office : |
Asagi Ovecler Mahallesi 7. Cadde No:39/9 Nolu Dukkan ve 5-6-7 Nolu Daireler
Cankaya Ankara |
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|
Country : |
Turkey |
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|
Financials (as on) : |
31.12.2007 |
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|
Date of Incorporation : |
04.03.1985 |
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|
Com. Reg. No.: |
56610 |
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|
Legal Form : |
Joint Stock Company |
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|
|
Line of Business : |
Trade of test and measuring instruments and systems such as industrial
controllers, calibrations… etc. |
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 |
|
Status : |
Small Company |
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|
|
|
Payment Behaviour : |
No Complaints |
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|
|
|
Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
NEL ELEKTRONIK CIHAZLAR IMALAT VE TICARET A.S. |
|
ADDRESS |
: |
Head Office: Asagi Ovecler Mahallesi 7.
Cadde No:39/9 Nolu Dukkan ve 5-6-7 Nolu Daireler Cankaya Ankara / Turkey |
|
PHONE NUMBER |
: |
90-312-472 69 00 |
|
FAX NUMBER |
: |
90-312-472 69 79 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Baskent / 6310001544 |
|
REGISTRATION NUMBER |
: |
56610 |
|
REGISTERED OFFICE |
: |
Ankara Chamber of Commerce |
|
DATE ESTABLISHED |
: |
04.03.1985 |
|
LEGAL FORM |
: |
Joint Stock Company |
|
TYPE OF COMPANY |
: |
Private |
|
REGISTERED CAPITAL |
: |
YTL 100.000 |
|
PAID-IN CAPITAL |
: |
YTL 100.000 |
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Huseyin Cahit Erkurt Sevinc Erkurt Zeynep Erkurt Murat Erkurt Pinar Kaygisiz Safak Alpay Ertan Akguner Zeynep Celik |
85 % |
|
GROUP PARENT COMPANY |
: |
None |
|
|
SISTER COMPANIES |
: |
Declared to be: None |
|
|
SUBSIDIARIES |
: |
None |
|
|
BOARD OF DIRECTORS |
: |
Huseyin Cahit Erkurt Zeynep Celik Sevinc Erkurt Safak Alpay Ertan Akguner |
Chairman Member Member Member Member |
|
DIRECTORS |
: |
Huseyin Cahit Erkurt |
General Manager |
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Trade of test and measuring instruments and
systems such as industrial controllers, calibrations… etc. |
|
|
SECTOR |
: |
Commerce |
|
|
NUMBER OF
EMPLOYEES |
: |
32 |
|
|
NET SALES |
: |
(YTL) 7.146.554 6.927.372 2.915.955 |
(2006) (2007) (01.01-30.06.2008) |
|
CAPACITY |
: |
None |
|
|
PRODUCTION |
: |
None |
|
|
IMPORT VALUE |
: |
(USD) 2.838.106 2.000.000 1.000.000 |
(2006) (2007) (01.01-30.06.2008) |
|
IMPORT COUNTRIES |
: |
UK, Switzerland, Japan, Italy |
|
|
MERCHANDISE
IMPORTED |
: |
Spare parts, devices |
|
|
EXPORT VALUE |
: |
(YTL) 0 0 |
(2006) (2007) |
|
EXPORT COUNTRIES |
: |
Istanbul Leather Trade Zone, Aegean Trade
Zone, Kocaeli Trade Zone… |
|
|
MERCHANDISE
EXPORTED |
: |
Static converters, conductors with
connectors… |
|
|
PREMISES |
: |
Head Office: Asagi Ovecler Mahallesi 7.
Cadde No:39/9 Nolu Dukkan ve 5-6-7 Nolu Daireler Cankaya Ankara (rented) Branch:Esentepe Mah. Kore Sehitleri
Caddesi 37/3 Sisli Istanbul (rented) |
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|
FIXED CAPITAL
INVESTMENTS |
: |
None |
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|
|
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|
TREND OF BUSINESS |
: |
There was a decline at sales volume in
nominal terms in 2007. |
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SIZE OF BUSINESS |
: |
Moderate |
|
FINANCE
|
MAIN DEALING BANKERS |
: |
Garanti Bankasi Ankara branch in Ankara Finansbank Kizilay branch in Ankara T.Is Bankasi Yenisehir branch in Ankara |
|
CREDIT FACILITIES |
: |
The subject company is making use of credit facilities. |
|
PAYMENT BEHAVIOUR |
: |
No payment delays have come to our knowledge. |
COMMENT ON FINANCIAL POSITION
|
FINANCIAL STRUCTURE
(SUFFICENCY OF OWN RESOURCES) |
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|
Capitalization was satisfactory as of 31.12.2007 but the loss in the
first half of 2008 is expected to have a negative effect on equity total
since 2007. |
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LIQUIDITY |
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|
High |
As of 31.12.2007 |
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PROFITABILITY |
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|
Fair |
In 2007 |
Operating Loss Heavy Net Loss |
Between 01.01.-30.06.2008 |
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|
GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
||||
|
In order |
In 2007 |
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GENERAL
FINANCIAL POSITION |
||||
|
Unsatisfactory |
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|
GUIDE FOR risk OPINION index |
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A B C D E F G Z |
No Risk Low Risk Natural Risk Tolerable Risk Over Normal Risk High Risk Very Negative Position No Assessment |
BALANCE SHEETS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
31.12.06 |
|
|
|
31.12.07 |
|
|
|
|
|
|
|
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|
|
|
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CURRENT ASSETS |
2.292.429 |
|
0.98 |
|
1.690.235 |
|
0.91 |
|
|
|
Cash and Banks |
276.168 |
|
0.12 |
|
408.202 |
|
0.22 |
|
|
|
Marketable Securities |
0 |
|
0.00 |
|
0 |
|
0.00 |
|
|
|
Account Receivable |
1.602.675 |
|
0.69 |
|
883.550 |
|
0.48 |
|
|
|
Other Receivable |
418 |
|
0.00 |
|
0 |
|
0.00 |
|
|
|
Inventories |
328.987 |
|
0.14 |
|
379.734 |
|
0.21 |
|
|
|
Advances Given |
84.181 |
|
0.04 |
|
18.749 |
|
0.01 |
|
|
|
Other Current Assets |
0 |
|
0.00 |
|
0 |
|
0.00 |
|
|
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|
|
|
|
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|
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|
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|
NON-CURRENT ASSETS |
38.456 |
|
0.02 |
|
161.217 |
|
0.09 |
|
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|
Long-term Receivable |
0 |
|
0.00 |
|
0 |
|
0.00 |
|
|
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Financial Assets |
0 |
|
0.00 |
|
0 |
|
0.00 |
|
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Tangible Fixed Assets (net) |
31.670 |
|
0.01 |
|
138.503 |
|
0.07 |
|
|
|
Intangible Assets |
0 |
|
0.00 |
|
0 |
|
0.00 |
|
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|
Other Non-Current Assets |
6.786 |
|
0.00 |
|
22.714 |
|
0.01 |
|
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|
|
|
|
|
|
|
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TOTAL ASSETS |
2.330.885 |
|
1.00 |
|
1.851.452 |
|
1.00 |
|
|
|
|
|
|
|
|
|
|
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CURRENT LIABILITIES |
1.714.363 |
|
0.74 |
|
1.173.359 |
|
0.63 |
|
|
|
Financial Loans |
0 |
|
0.00 |
|
92.202 |
|
0.05 |
|
|
|
Accounts Payable |
691.947 |
|
0.30 |
|
666.719 |
|
0.36 |
|
|
|
Loans from Shareholders |
1.870 |
|
0.00 |
|
922 |
|
0.00 |
|
|
|
Other Short-term Payable |
0 |
|
0.00 |
|
0 |
|
0.00 |
|
|
|
Advances from Customers |
0 |
|
0.00 |
|
0 |
|
0.00 |
|
|
|
Taxes Payable |
121.701 |
|
0.05 |
|
45.796 |
|
0.02 |
|
|
|
Provisions |
130.000 |
|
0.06 |
|
92.000 |
|
0.05 |
|
|
|
Other Current Liabilities |
768.845 |
|
0.33 |
|
275.720 |
|
0.15 |
|
|
|
|
|
|
|
|
|
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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 |
|
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|
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|
STOCKHOLDERS' EQUITY |
616.522 |
|
0.26 |
|
678.093 |
|
0.37 |
|
|
|
Paid-in Capital |
100.000 |
|
0.04 |
|
100.000 |
|
0.05 |
|
|
|
Inflation Adjustment of
Capital |
868.228 |
|
0.37 |
|
868.228 |
|
0.47 |
|
|
|
Reserves |
301.465 |
|
0.13 |
|
457.787 |
|
0.25 |
|
|
|
Revaluation Fund |
0 |
|
0.00 |
|
0 |
|
0.00 |
|
|
|
Accumulated Losses(-) |
-902.693 |
|
-0.39 |
|
-902.693 |
|
-0.49 |
|
|
|
Net Profit (loss) |
249.522 |
|
0.11 |
|
154.771 |
|
0.08 |
|
|
|
|
|
|
|
|
|
|
|
|
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TOTAL LIABILITIES AND EQUITY |
2.330.885 |
|
1.00 |
|
1.851.452 |
|
1.00 |
|
INCOME STATEMENTS
|
|
|
YTL |
|
|
YTL |
|
|
YTL |
|
|
|
|
|
2006 |
|
|
2007 |
|
|
01.01.-30.06.08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Net Sales |
7.146.554 |
1.00 |
|
6.927.372 |
1.00 |
|
2.915.955 |
1.00 |
|
|
|
Cost of Goods Sold |
5.069.276 |
0.71 |
|
4.863.619 |
0.70 |
|
2.094.434 |
0.72 |
|
|
|
Gross Profit |
2.077.278 |
0.29 |
|
2.063.753 |
0.30 |
|
821.521 |
0.28 |
|
|
|
Operating Expenses |
1.656.560 |
0.23 |
|
1.935.319 |
0.28 |
|
1.040.361 |
0.36 |
|
|
|
Operating Profit |
420.718 |
0.06 |
|
128.434 |
0.02 |
|
-218.840 |
-0.08 |
|
|
|
Other Income |
186.179 |
0.03 |
|
227.050 |
0.03 |
|
74.702 |
0.03 |
|
|
|
Other Expenses |
196.782 |
0.03 |
|
90.078 |
0.01 |
|
123.690 |
0.04 |
|
|
|
Financial Expenses |
94.519 |
0.01 |
|
68.818 |
0.01 |
|
20.691 |
0.01 |
|
|
|
Profit (loss) Before Tax |
315.596 |
0.04 |
|
196.588 |
0.03 |
|
-288.519 |
-0.10 |
|
|
|
Tax Payable |
66.074 |
0.01 |
|
41.817 |
0.01 |
|
0 |
0.00 |
|
|
|
Net Profit (loss) |
249.522 |
0.03 |
|
154.771 |
0.02 |
|
-288.519 |
-0.10 |
|
FINANCIAL RATIOS
|
|
|
2006 |
|
|
2007 |
|
|
01.01.-30.06.08 |
|
|
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|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
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|
Current Ratio |
1.34 |
|
|
1.44 |
|
|
-- |
|
|
|
|
Acid-Test Ratio |
1.10 |
|
|
1.10 |
|
|
-- |
|
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ASSET STRUCTURE RATIOS |
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Inventory/Total Assets |
0.14 |
|
|
0.21 |
|
|
-- |
|
|
|
|
Short-term Receivable/Total Assets |
0.69 |
|
|
0.48 |
|
|
-- |
|
|
|
|
Tangible Assets/Total Assets |
0.01 |
|
|
0.07 |
|
|
-- |
|
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TURNOVER RATIOS |
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Inventory Turnover |
15.41 |
|
|
12.81 |
|
|
-- |
|
|
|
|
Stockholders' Equity Turnover |
11.59 |
|
|
10.22 |
|
|
-- |
|
|
|
|
Asset Turnover |
3.07 |
|
|
3.74 |
|
|
-- |
|
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|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
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|
Stockholders' Equity/Total Assets |
0.26 |
|
|
0.37 |
|
|
-- |
|
|
|
|
Current Liabilities/Total Assets |
0.74 |
|
|
0.63 |
|
|
-- |
|
|
|
|
Financial Leverage |
0.74 |
|
|
0.63 |
|
|
-- |
|
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PROFITABILITY RATIOS |
|
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|
Net Profit/Stockholders' Eq. |
0.40 |
|
|
0.23 |
|
|
-- |
|
|
|
|
Operating Profit Margin |
0.06 |
|
|
0.02 |
|
|
-0.08 |
|
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Net Profit Margin |
0.03 |
|
|
0.02 |
|
|
-0.10 |
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COLLECTION-PAYMENT |
|
|
|
|
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|
|
|
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|
Average Collection Period (days) |
80.73 |
|
|
45.92 |
|
|
-- |
|
|
|
|
Average Payable Period (days) |
49.14 |
|
|
49.35 |
|
|
-- |
|
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FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.68 |
|
UK Pound |
1 |
Rs.84.37 |
|
Euro |
1 |
Rs.65.70 |
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%)