MIRA INFORM REPORT

 

 

Report Date :

10.12.2011

 

IDENTIFICATION DETAILS

 

Name :

EMEK ELEKTRIK ENDUSTRISI A.S.

 

 

Registered Office :

Esenboga Yolu 23 Km 06044 Akyurt Ankara

 

 

Country :

Turkey

 

 

Financials (as on) :

30.09.2011

 

 

Date of Incorporation :

31.01.1969

 

 

Com. Reg. No.:

474-Akyurt

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of transformators, capacitors, disconnecting switches and separators. 

 

 

No. of Employees :

177

 

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 :

Slow

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 30, 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

 

COMPANY IDENTIFICATION

 

NAME

:

EMEK ELEKTRIK ENDUSTRISI A.S.

HEAD OFFICE ADDRESS

:

Esenboga Yolu 23 Km 06044 Akyurt Ankara / Turkey

PHONE NUMBER

:

90-312-398 01 81

 

FAX NUMBER

:

90-312-398 04 74

 

WEB-ADDRESS

:

www.emek.com.tr

E-MAIL

:

emek@emek.com.tr

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Cubuk

TAX NO

:

3330060637

REGISTRATION NUMBER

:

474-Akyurt

REGISTERED OFFICE

:

Ankara Chamber of Commerce

DATE ESTABLISHED

:

31.01.1969

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

 

AUTHORIZED CAPITAL

:

TL   60.000.000

PAID-IN CAPITAL

:

TL   33.000.000

REMARKS ON PAID-IN CAPITAL

:

The Board of Directors will propose to reduce the paid-in capital from TL 33.000.000 to TL 9.900.000 and then to increase it to TL 19.800.000 at the General Assembly Meeting which will be done on 23.12.2011.

HISTORY

:

Other Changes

:

The paid-in capital was increased from TL 10.984.604 to TL 21.969.208.

Changed On

:

19.12.2005 (Commercial Gazette Date /Number 22.12.2005/ 6458)

Other Changes

:

The paid-in capital was increased from TL 21.969.208 to TL 33.000.000.

Changed On

:

04.04.2011 (Commercial Gazette Date /Number 07.04.2011/ 7789)

Other Changes

:

The authorized capital was increased from TL 33.000.000 to TL 60.000.000

Changed On

:

13.05.2011 (Commercial Gazette Date /Number 18.05.2011/ 7818)

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Open to Public

78,88 %

Baris Elektrik Endustrisi A.S.

21,12 %

 

 

SISTER COMPANIES

:

AKEDA ANKARA KIRIKKALE ELEKTRIK DAGITIM A.S.

BARIS ELEKTRIK ENDUSTRISI A.S

BARMEK HOLDING A.S.

ETL DIS TICARET VE ELEKTRIK SANAYI A.S.

V.A.E.S.T. ENERJI YONETIMI IMALAT VE TICARET A.S.

 

SUBSIDIARIES

:

None

 

BOARD OF DIRECTORS

:

Huseyin Arabul

Chairman

Ozcan Kanburoglu

Vice-Chairman

Emel Billur

Member

Zeynep Ece Arabul Gunel

Member

Zafer Arabul

Member

 

 

DIRECTORS

:

Zafer Arabul

General Manager

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of transformators, capacitors, disconnecting switches and separators. 

 

NACE CODE

:

DL.31.10

 

NUMBER OF EMPLOYEES

:

177

 

NET SALES

:

11.946.711 TL

(2005) 

11.997.546 TL

(2006) 

19.230.264 TL

(2007) 

28.180.815 TL

(2008) 

44.083.773 TL

(2009) 

31.414.805 TL

(2010) 

26.591.709 TL

(01.01-30.09.2011) 

 

 

PRODUCTION

:

CAPACITOR

 ( units )

SEPARATOR

 ( units )

THREE-PHASE  ( units )

 

16,80

51

219

(2009)

6.875

115

 

(2010)

 --

189

 ---

(01.01-30.09.2011)

TRANSFORMER  ( units )

 

 

 

5.357

 

 

(2009)

5.485

 

 

(2010)

3.838

 

 

(01.01-30.09.2011)

 

 

 

 

IMPORT VALUE

:

3.318.482 TL

(2005)

3.207.440 TL

(2006)

4.723.717 TL

(2007)

6.756.252 TL

(2008)

5.361.612 TL

(2009)

4.326.108 TL

(2010)

6.328.495 TL

(01.01-30.09.2011)

 

 

IMPORT COUNTRIES

:

Belgium

Germany

Switzerland

U.K.

 

MERCHANDISE IMPORTED

:

Raw materials

 

 

EXPORT VALUE

:

5.207.257 TL

(2005)

5.867.796 TL

(2006)

12.379.074 TL

(2007)

17.358.607 TL

(2008)

21.116.970 TL

(2009)

12.823.306 TL

(2010)

5.755.299 TL

(01.01-30.09.2011)

 

 

EXPORT COUNTRIES

:

Azerbaijan

Germany

Ireland

Egypt

Tajikistan

Morocco

Free Zone

Norway

Pakistan

Singapore

Iraq

India

Indonesia

Malaysia

U.K.

Australia

Bangladesh

Belgium

 

MERCHANDISE  EXPORTED

:

Capacitors

Separators

Transformators

 

HEAD OFFICE ADDRESS

:

Esenboga Yolu 23 Km 06044 Akyurt Ankara / Turkey

 

BRANCHES

:

Head Office/Factory  :  Esenboga Yolu 23 Km 06044 Akyurt Ankara/Turkey  (10.836 sqm)

 

INVESTMENTS

:

Investments are going on.

 

 

TREND OF BUSINESS

:

There was a decline at business volume in nominal terms in  2010. Trend of business appears to be steady in  1.1 - 30.9.2011.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

T. Halk Bankasi Mithatpasa Branch

T. Is Bankasi Ankara Branch

Yapi ve Kredi Bankasi Baskent Branch

 

CREDIT FACILITIES

:

The subject company is making use of credit facilities.

 

PAYMENT BEHAVIOUR

:

We are informed about numerous payment delays some of which were resolved later on.

 

KEY FINANCIAL ELEMENTS

:

 

(2009) TL

(2010) TL

(01.01-30.09.2011) TL

Net Sales

44.083.773

31.414.805

26.591.709

Profit (Loss) Before Tax

7.015.078

-745.567

-403.175

Stockholders' Equity

12.605.068

19.928.063

28.200.189

Total Assets

43.554.561

50.372.995

66.933.427

Current Assets

15.275.716

11.293.656

19.465.283

Non-Current Assets

28.278.845

39.079.339

47.468.144

Current Liabilities

21.043.628

21.654.112

24.638.836

Long-Term Liabilities

9.905.865

8.790.820

14.094.402

Gross Profit (loss)

13.689.825

7.712.664

6.441.790

Operating Profit (loss)

7.015.078

-1.563.010

2.267.409

Net Profit (loss)

4.653.144

-1.100.357

-138.123

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Satisfactory As of 30.09.2011

Liquidity

Low As of 30.09.2011

Remarks On Liquidity

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

Profitability

High Operating Profitability  in 2009

High Net Profitability  in 2009

Operating Loss  in 2010

Net Loss  in 2010

Good Operating Profitability (01.01-30.09.2011)

Net Loss (01.01-30.09.2011)

 

Gap between average collection and payable periods

Favorable in 01.01-30.09.2011

General Financial Position

Unsatisfactory

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 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

 ( 01.01-30.09.2011)

9,72 %

1,6335

2,3016

2,6294

 ( 01.01-30.11.2011)

12,20 %

1,6616

2,3280

2,6658

 

 

BALANCE SHEETS

 

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 30.09.2011 )  TL

 

CURRENT ASSETS

15.275.716

0,35

11.293.656

0,22

19.465.283

0,29

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

Cash and Banks

293.747

0,01

85.059

0,00

698.362

0,01

Marketable Securities

0

0,00

0

0,00

0

0,00

Account Receivable

1.965.555

0,05

3.309.258

0,07

5.462.467

0,08

Other Receivable

5.990.359

0,14

348.936

0,01

768.420

0,01

Inventories

6.891.658

0,16

7.016.118

0,14

10.917.710

0,16

Advances Given

0

0,00

0

0,00

0

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

Other Current Assets

134.397

0,00

534.285

0,01

1.618.324

0,02

NON-CURRENT ASSETS

28.278.845

0,65

39.079.339

0,78

47.468.144

0,71

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

Long-term Receivable

9.186.774

0,21

13.093.896

0,26

12.476.420

0,19

Financial Assets

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

185.128

0,00

25.123.717

0,50

33.672.966

0,50

Intangible Assets

17.921.182

0,41

21.577

0,00

20.276

0,00

Deferred Tax Assets

950.285

0,02

840.149

0,02

1.283.590

0,02

Other Non-Current Assets

35.476

0,00

0

0,00

14.892

0,00

TOTAL ASSETS

43.554.561

1,00

50.372.995

1,00

66.933.427

1,00

CURRENT LIABILITIES

21.043.628

0,48

21.654.112

0,43

24.638.836

0,37

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

2.478.656

0,06

1.569.701

0,03

1.658.211

0,02

Accounts Payable

13.144.240

0,30

13.283.259

0,26

14.494.617

0,22

Loans from Shareholders

0

0,00

0

0,00

0

0,00

Other Short-term Payable

168.337

0,00

215.749

0,00

3.236.780

0,05

Advances from Customers

0

0,00

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

Taxes Payable

0

0,00

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

0

0,00

Other Current Liabilities

5.252.395

0,12

6.585.403

0,13

5.249.228

0,08

LONG-TERM LIABILITIES

9.905.865

0,23

8.790.820

0,17

14.094.402

0,21

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

6.605.292

0,15

4.572.477

0,09

4.055.090

0,06

Securities Issued

0

0,00

0

0,00

0

0,00

Long-term Payable

1.474.282

0,03

1.847.777

0,04

7.251.355

0,11

Loans from Shareholders

0

0,00

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

0

0,00

Provisions

1.826.291

0,04

2.370.566

0,05

2.787.957

0,04

STOCKHOLDERS' EQUITY

12.605.068

0,29

19.928.063

0,40

28.200.189

0,42

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

Paid-in Capital

21.969.208

0,50

21.969.208

0,44

33.000.000

0,49

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

11.680.878

0,27

11.680.878

0,23

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

Reserves

2.776.165

0,06

2.776.165

0,06

2.776.164

0,04

Revaluation Fund

11.286.104

0,26

19.704.102

0,39

16.013.233

0,24

Accumulated Losses(-)

-39.760.431

-0,91

-35.101.933

-0,70

-23.451.085

-0,35

Net Profit (loss)

4.653.144

0,11

-1.100.357

-0,02

-138.123

0,00

TOTAL LIABILITIES AND EQUITY

43.554.561

1,00

50.372.995

1,00

66.933.427

1,00

 

 

INCOME STATEMENTS

 

 

(2009) TL

 

(2010) TL

 

(01.01-30.09.2011) TL

 

Net Sales

44.083.773

1,00

31.414.805

1,00

26.591.709

1,00

Cost of Goods Sold

30.393.948

0,69

23.702.141

0,75

20.149.919

0,76

Gross Profit

13.689.825

0,31

7.712.664

0,25

6.441.790

0,24

Operating Expenses

6.674.747

0,15

9.275.674

0,30

4.174.381

0,16

Operating Profit

7.015.078

0,16

-1.563.010

-0,05

2.267.409

0,09

Other Income

0

0,00

3.462.469

0,11

1.930.515

0,07

Other Expenses

0

0,00

2.645.026

0,08

4.601.099

0,17

Financial Expenses

0

0,00

0

0,00

0

0,00

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

7.015.078

0,16

-745.567

-0,02

-403.175

-0,02

Tax Payable

2.361.934

0,05

244.654

0,01

0

0,00

Postponed Tax Gain

0

0,00

-110.136

0,00

265.052

0,01

Net Profit (loss)

4.653.144

0,11

-1.100.357

-0,04

-138.123

-0,01

 

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

(01.01-30.09.2011)

LIQUIDITY RATIOS

 

Current Ratio

0,73

0,52

0,79

Acid-Test Ratio

0,39

0,17

0,28

Cash Ratio

0,01

0,00

0,03

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,16

0,14

0,16

Short-term Receivable/Total Assets

0,18

0,07

0,09

Tangible Assets/Total Assets

0,00

0,50

0,50

TURNOVER RATIOS

 

Inventory Turnover

4,41

3,38

1,85

Stockholders' Equity Turnover

3,50

1,58

0,94

Asset Turnover

1,01

0,62

0,40

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,29

0,40

0,42

Current Liabilities/Total Assets

0,48

0,43

0,37

Financial Leverage

0,71

0,60

0,58

Gearing Percentage

2,46

1,53

1,37

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,37

-0,06

0,00

Operating Profit Margin

0,16

-0,05

0,09

Net Profit Margin

0,11

-0,04

-0,01

Interest Cover

 

 

 

COLLECTION-PAYMENT

 

Average Collection Period (days)

91,07

187,97

242,86

Average Payable Period (days)

173,15

229,82

388,52

WORKING CAPITAL

-5767912,00

-10360456,00

-5173553,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.52.28

UK Pound

1

Rs.81.55

Euro

1

Rs.69.60

 

 

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.