MIRA INFORM REPORT

 

 

Report Date :           

07.12.2011

 

IDENTIFICATION DETAILS

 

Name :

FEDERAL ELEKTRIK YATIRIM VE TICARET A.S. 

 

 

Registered Office :

1.Organize Sanayi Bolgesi 1.Yol No:25 Hanli Koy P.K. 54060 Adapazari Sakarya

 

 

Country :

Turkey

 

 

Financials (as on) :

31.05.2011

 

 

Date of Incorporation :

17.06.1992

 

 

Com. Reg. No.:

9353-16899

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of switchgear and electrical materials such as voltammeter, electronic transformers, converters, bobbins

 

 

No. of Employees :

370 Persons

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

No Complaints

Litigation :

Clear

 

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

Turkey

b1

b1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

NOTES

:

Address at your inquiry is not the registered head office but another premise.

 

 

COMPANY IDENTIFICATION

 

NAME

:

FEDERAL ELEKTRIK YATIRIM VE TICARET A.S.

HEAD OFFICE ADDRESS

:

1.Organize Sanayi Bolgesi 1.Yol No:25 Hanli Koy P.K. 54060 Adapazari Sakarya / Turkey

PHONE NUMBER

:

90-264-276 42 10

90-264-291 45 00

 

FAX NUMBER

:

90-264-275 41 81

90-264-291 45 19

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Ali Fuat Cebesoy

TAX NO

:

3850031874

REGISTRATION NUMBER

:

9353-16899

REGISTERED OFFICE

:

Adapazari Chamber of Commerce and Industry

DATE ESTABLISHED

:

17.06.1992

ESTABLISHMENT GAZETTE DATE /NO

:

26.06.1992/3057

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   9.000.000

PAID-IN CAPITAL

:

TL   9.000.000

HISTORY

:

Previous Registered Capital

:

TL 5.000.000

Changed On

:

31.07.2006 (Commercial Gazette Date /Number 20.09.2006/ 6646)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Mustafa Nurdogan

55 %

Federal Dis Ticaret A.S.

10 %

Ahmet Saglam

9 %

Mustafa Saglam

9 %

Ismail Kurt

9 %

Irfan Nurdogan

3 %

Mehmet Mesut Nurdogan

3 %

Ummu Nurdogan

2 %

 

 

GROUP

:

FEDERAL GROUP OF COMPANIES

 

SISTER COMPANIES

:

FEDERAL AYDINLATMA ELEKTRONIK SANAYI VE TICARET LTD. STI.

FEDERAL DIS TICARET A.S.

FEDERAL MERMER MADENCILIK ELEKTRIK INSAAT TAAHHUT TICARET VE SANAYI A.S.

FEDERAL PAZARLAMA VE TICARET A.S.

FEDERAL SUS BITKILERI FIDANCILIK SANAYI VE TICARET LTD. STI.

 

SUBSIDIARIES

:

FEDERAL PAZARLAMA VE TICARET A.S.  ( 20 % )

 

BOARD OF DIRECTORS

:

Mustafa Nurdogan

Chairman

Irfan Nurdogan

Vice-Chairman

Mehmet Mesut Nurdogan

Member

Ismail Kurt

Member

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of switchgear and electrical materials such as voltammeter, electronic transformers, converters, bobbins. 

 

NACE CODE

:

DL.31.00

 

TRADEMARKS OWNED

:

Federal Elektrik

 

NUMBER OF EMPLOYEES

:

370

 

NET SALES

:

35.746.993 TL

(2006) 

37.133.904 TL

(2007) 

31.497.550 TL

(2008) 

30.325.505 TL

(2009) 

26.680.807 TL

(2010) 

25.213.923 TL

(01.01-30.09.2011) 

 

 

CAPACITY

:

  ( units/yr)

 

 

 

3.998.650

 

 

(2010)

3.998.650

 

 

(2011)

 

 

 

 

IMPORT COUNTRIES

:

Germany

Switzerland

Italy

Canada

Mexico

Austria

Sweden

 

MERCHANDISE IMPORTED

:

Electrical apparatus

Electrical raw materials

 

EXPORT VALUE

:

10.445.339 TL

(2008)

13.450.828 TL

(2009)

7.242.640 TL

(2010)

6.465.587 TL

(01.01-30.09.2011)

 

 

EXPORT COUNTRIES

:

Azerbaijan

Bangladesh

Bulgaria

Egypt

Germany

Iran

U.K.

Free Zone

Kazakhstan

Malaysia

Morocco

Pakistan

Northern Cyprus Turkish Republic

Vietnam

U.A.E.

Russia

 

MERCHANDISE  EXPORTED

:

Bobbins

Converters

Electronical transformers

Switch equipments

Voltammeter

 

HEAD OFFICE ADDRESS

:

1.Organize Sanayi Bolgesi 1.Yol No:25 Hanli Koy P.K. 54060 Adapazari Sakarya / Turkey (owned)

 

BRANCHES

:

Factory  :  Modern Sanayi Sitesi 102 Sok. No.1 Adapazari Sakarya/Turkey

 

Head Office/Factory  :  1. Organize Sanayi Bolgesi 1. Yol No:25 Hanli Koy Adapazari Sakarya/Turkey (owned) (14.974 sqm)

 

Branch Office  :  Perpa Ticaret Merkezi Sisli Istanbul/Turkey (owned)

 

Branch Office  :  Doganbey Mah. Kurucesme Sok. No:3/10-B Ulus Ankara/Turkey (rented) (200 sqm)

 

Branch Office  :  1203/11 Sok. Karahasan Atli Is Merkezi K:5 No:524 Yenisehir Izmir/Turkey (rented) (200 sqm)

 

INVESTMENTS

:

None

 

 

TREND OF BUSINESS

:

There was a decline at business volume in nominal terms in  2010. There appears an upwards trend in  1.1 - 30.9.2011.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Adapazari Ticari Branch

Finansbank Adapazari Branch

Garanti Bankasi Adapazari Branch

Turk Ekonomi Bankasi Adapazari Branch

Yapi ve Kredi Bankasi Adapazari Branch

 

CREDIT FACILITIES

:

The subject company is making active use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2010) TL

 

 

 

 

Net Sales

26.680.807

 

 

 

 

Profit (Loss) Before Tax

-5.955.888

 

 

 

 

Stockholders' Equity

6.683.371

 

 

 

 

Total Assets

33.305.550

 

 

 

 

Current Assets

24.085.654

 

 

 

 

Non-Current Assets

9.219.896

 

 

 

 

Current Liabilities

20.254.512

 

 

 

 

Long-Term Liabilities

6.367.667

 

 

 

 

Gross Profit (loss)

5.218.476

 

 

 

 

Operating Profit (loss)

1.529.740

 

 

 

 

Net Profit (loss)

-5.955.888

 

 

 

 

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Insufficient As of 31.05.2011

Liquidity

Insufficient As of 31.05.2011

Remarks On Liquidity

The favorable gap between average collection and average payable period has a positive effect on liquidity. 

 

The liquid assets consist mainly of receivables; the firm has negative cash&banks

 

Profitability

Good Operating Profitability  in 2010

Net Loss  in 2010

High Operating Profitability (01.01-30.09.2011)

Net Loss (01.01-30.09.2011)

 

Gap between average collection and payable periods

Favorable in 01.01-31.05.2011

General Financial Position

Unsatisfactory

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2006 )

11,58 %

1,4309

1,7987

2,6377

 ( 2007 )

5,94 %

1,3075

1,7901

2,6133

 ( 2008 )

8,11 %

1,2858

1,8876

2,3708

 ( 2009 )

5,93 %

1,5460

2,1529

2,4094

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 ( 01.01-31.05.2011)

6,20 %

1,5693

2,2036

2,5324

 ( 01.01-30.09.2011)

9,72 %

1,6335

2,3016

2,6294

 ( 01.01-30.11.2011)

12,20 %

1,6616

2,3280

2,6658

 

 

BALANCE SHEETS

 

 

 ( 31.12.2010 )  TL

 

 ( 31.05.2011 )  TL

 

CURRENT ASSETS

24.085.654

0,72

27.326.902

0,67

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

-2.274.122

-0,07

-1.300.244

-0,03

Marketable Securities

0

0,00

0

0,00

Account Receivable

12.194.024

0,37

13.656.689

0,33

Other Receivable

473.564

0,01

494.344

0,01

Inventories

12.749.638

0,38

13.409.522

0,33

Advances Given

0

0,00

0

0,00

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

942.550

0,03

1.066.591

0,03

NON-CURRENT ASSETS

9.219.896

0,28

13.445.086

0,33

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

14.253

0,00

14.253

0,00

Financial Assets

4.338.282

0,13

8.338.282

0,20

Tangible Fixed Assets (net)

4.858.750

0,15

5.089.422

0,12

Intangible Assets

0

0,00

0

0,00

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

8.611

0,00

3.129

0,00

TOTAL ASSETS

33.305.550

1,00

40.771.988

1,00

CURRENT LIABILITIES

20.254.512

0,61

24.696.326

0,61

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

25.186.867

0,76

27.501.643

0,67

Accounts Payable

7.642.590

0,23

11.899.938

0,29

Loans from Shareholders

0

0,00

0

0,00

Other Short-term Payable

0

0,00

0

0,00

Advances from Customers

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

484.975

0,01

442.080

0,01

Provisions

0

0,00

0

0,00

Other Current Liabilities

-13.059.920

-0,39

-15.147.335

-0,37

LONG-TERM LIABILITIES

6.367.667

0,19

6.345.428

0,16

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

5.635.466

0,17

5.736.600

0,14

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

732.201

0,02

608.828

0,01

STOCKHOLDERS' EQUITY

6.683.371

0,20

9.730.234

0,24

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

9.000.000

0,27

9.000.000

0,22

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

6.722.884

0,20

8.864.370

0,22

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

-3.083.625

-0,09

-8.326.449

-0,20

Net Profit (loss)

-5.955.888

-0,18

192.313

0,00

TOTAL LIABILITIES AND EQUITY

33.305.550

1,00

40.771.988

1,00

 

 

REMARKS ON FINANCIAL STATEMENT

:

At the income statement of 1.1.-30.09.2011,  TL  1.024.998 of the other expenses is due to "Other Extraordinary Expenses and Losses" .

 

At the income statement of 1.1.-30.09.2011,  TL 828.869 of the other expenses is due to "Loss from Foreign Currency Exchange" .

 

 

INCOME STATEMENTS

 

 

(2010) TL

 

(01.01-31.05.2011) TL

 

(01.01-30.09.2011) TL

 

Net Sales

26.680.807

1,00

13.540.035

1,00

25.213.923

1,00

Cost of Goods Sold

21.462.331

0,80

10.286.136

0,76

20.524.283

0,81

Gross Profit

5.218.476

0,20

3.253.899

0,24

4.689.640

0,19

Operating Expenses

3.688.736

0,14

1.324.726

0,10

2.178.904

0,09

Operating Profit

1.529.740

0,06

1.929.173

0,14

2.510.736

0,10

Other Income

1.057.849

0,04

233.508

0,02

795.602

0,03

Other Expenses

2.181.732

0,08

968.615

0,07

2.098.120

0,08

Financial Expenses

6.361.745

0,24

1.001.753

0,07

2.604.538

0,10

Minority Interests

0

0,00

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

0

0,00

Profit (loss) Before Tax

-5.955.888

-0,22

192.313

0,01

-1.396.320

-0,06

Tax Payable

0

0,00

0

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

-5.955.888

-0,22

192.313

0,01

-1.396.320

-0,06

 

 

 

FINANCIAL RATIOS

 

 

(2010)

(01.01-31.05.2011)

 

LIQUIDITY RATIOS

 

Current Ratio

1,19

1,11

 

Acid-Test Ratio

0,51

0,52

 

Cash Ratio

-0,11

-0,05

 

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,38

0,33

 

Short-term Receivable/Total Assets

0,38

0,35

 

Tangible Assets/Total Assets

0,15

0,12

 

TURNOVER RATIOS

 

Inventory Turnover

1,68

0,77

 

Stockholders' Equity Turnover

3,99

1,39

 

Asset Turnover

0,80

0,33

 

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,20

0,24

 

Current Liabilities/Total Assets

0,61

0,61

 

Financial Leverage

0,80

0,76

 

Gearing Percentage

3,98

3,19

 

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

-0,89

0,02

 

Operating Profit Margin

0,06

0,14

 

Net Profit Margin

-0,22

0,01

 

Interest Cover

0,06

1,19

 

COLLECTION-PAYMENT

 

Average Collection Period (days)

164,72

363,48

 

Average Payable Period (days)

128,19

416,48

 

WORKING CAPITAL

3831142,00

2630576,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.39

UK Pound

1

Rs.80.20

Euro

1

Rs.68.92

 

 

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

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

----

NB

New Business

----

 

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%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.