MIRA
INFORM REPORT
|
Report Date : |
10.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
KOREL ELEKTRONIK SANAYI VE TICARET A.S. |
|
|
|
|
Formerly Known As : |
KOREL ELEKTRONIK SANAYI VE TICARET LTD. STI. |
|
|
|
|
Registered Office : |
Organize Sanayi Bolgesi 14. Cad. No:18-20 Odunpazari Eskisehir |
|
|
|
|
Country : |
Turkey |
|
|
|
|
Financials (as on) : |
31.07.2010 |
|
|
|
|
Year of Establishment : |
1992 |
|
|
|
|
Com. Reg. No.: |
10303 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacture and trade of heating and cooling elements and aluminum pipe and profile. |
|
|
|
|
No. of Employees : |
1,105 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
10.000.000 USD |
|
Status : |
Good |
|
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 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 |
REPORT ON |
: |
KOREL ELEKTRONIK SANAYI VE TICARET A.S. |
COMPANY IDENTIFICATION
|
|
||
|
NAME |
: |
KOREL ELEKTRONIK SANAYI VE TICARET A.S. |
|
HEAD OFFICE ADDRESS |
: |
Organize Sanayi Bolgesi 14. Cad. No:18-20 Odunpazari Eskisehir /
Turkey |
|
PHONE NUMBER |
: |
90-222-236 08 26 |
|
FAX NUMBER |
: |
90-222-236 02 19 |
LEGAL STATUS AND HISTORY
|
|
||
|
TAX OFFICE |
: |
Battalgazi |
|
TAX NO |
: |
5770417582 |
|
REGISTRATION NUMBER |
: |
10303 |
|
REGISTERED OFFICE |
: |
Eskisehir Chamber of Commerce |
|
DATE ESTABLISHED |
: |
1992 |
|
ESTABLISHMENT GAZETTE DATE/NO |
: |
28.10.1992/3145 |
|
LEGAL FORM |
: |
Joint Stock Company |
|
TYPE OF COMPANY |
: |
Private |
|
REGISTERED CAPITAL |
: |
TL 5.080.000 |
|
PAID-IN CAPITAL |
: |
TL 5.080.000 |
|
HISTORY |
: |
|
OWNERSHIP / MANAGEMENT
|
|
||||||||||||||
|
SHAREHOLDERS |
: |
|
||||||||||||
|
SISTER COMPANIES |
: |
AK-TAV GIDA SANAYI VE TICARET LTD. STI. KORBAY ELEKTROMEKANIK SANAYI VE TICARET LTD. STI. |
||||||||||||
|
BOARD OF DIRECTORS |
: |
|
||||||||||||
OPERATIONS
|
|
||
|
BUSINESS ACTIVITIES |
: |
Manufacture and trade of heating and cooling elements and aluminum
pipe and profile. |
|
TRADEMARKS OWNED |
: |
Korel |
|
NUMBER OF EMPLOYEES |
: |
1.105 |
|
REMARKS ON NET SALES |
: |
In Turkey, there is no public registry on companies’ financial and
detailed general data. So, to collect a firm’s data, an information agency
has to contact the company and get its authorization. However the company strictly declines to give us an authorization to
gather its income statement. As the firm’s shares are not open to public it
is not obliged to announce its data. |
|
IMPORT COUNTRIES |
: |
Italy Germany Russia |
|
MERCHANDISE IMPORTED |
: |
Aluminum ingot Resistance Silicon |
|
EXPORT COUNTRIES |
: |
Russia Romania China |
|
MERCHANDISE EXPORTED |
: |
Subordinate products |
|
HEAD OFFICE ADDRESS |
: |
Organize Sanayi Bolgesi 14. Cad. No:18-20 Odunpazari Eskisehir / Turkey |
|
BRANCHES |
: |
Factory : Organize Sanayi Bolgesi 6. Cad. N:18
Eskisehir/Turkey (owned) Factory : Organzie Sanayi Bolgesi 9. Cad. No:29
Eskisehir/Turkey (owned) ) Factory : Organize Sanayi Bolgesi 3. Kisim Ekrem
Elginkan Cd. No:12 Manisa/Turkey (owned) Head Office/Factory : Organize Sanayi Bolgesi 14. Cad. No:18-20
Odunpazari Eskisehir/Turkey |
FINANCE
|
|
||||||||||||||||
|
MAIN DEALING BANKS |
: |
Denizbank Eskisehir Branch Halk Bankasi Eskisehir Branch T. Is Bankasi Porsuk Branch Yapi ve Kredi Bankasi Porsuk Branch |
||||||||||||||
|
PAYMENT BEHAVIOUR |
: |
No payment delays have come to our knowledge. |
||||||||||||||
|
KEY FINANCIAL ELEMENTS |
: |
|
||||||||||||||
COMMENT ON FINANCIAL POSITION
|
Capitalization |
High As of 31.07.2010 |
|
Liquidity |
In Order As of 31.07.2010 |
|
Profitability |
Profitable (01.01-31.07.2010) |
|
General Financial Position |
Good |
CREDIT OPINION WITHOUT OBLIGATION
|
CREDIT LIMIT |
: |
10.000.000 USD |
|
CREDIT OPINION WITHOUT OBLIGATION |
: |
We are of the opinion that, a max. credit of USD 10.000.000 may be
granted to the subject company. |
|
|
Incr. in producers’ price index |
Average USD/TL |
Average EUR/TL |
Average GBP/ TL |
|
( 01.01-31.07.2010) |
4,77 % |
1,5249 |
2,0246 |
2,3462 |
|
( 2010 ) |
8,87 % |
1,5128 |
2,0096 |
2,3410 |
|
( 01.01-30.11.2011) |
12,20 % |
1,6616 |
2,3280 |
2,6658 |
BALANCE SHEETS
|
|
( 31.07.2010 ) TL |
|
|
CURRENT ASSETS |
54.531.807 |
0,49 |
|
Not Detailed Current Assets |
0 |
0,00 |
|
Cash and Banks |
16.663.070 |
0,15 |
|
Marketable Securities |
0 |
0,00 |
|
Account Receivable |
30.565.914 |
0,28 |
|
Other Receivable |
45.227 |
0,00 |
|
Inventories |
3.741.005 |
0,03 |
|
Advances Given |
0 |
0,00 |
|
Accumulated Construction Expense |
0 |
0,00 |
|
Other Current Assets |
3.516.591 |
0,03 |
|
NON-CURRENT ASSETS |
56.282.796 |
0,51 |
|
Not Detailed Non-Current Assets |
0 |
0,00 |
|
Long-term Receivable |
0 |
0,00 |
|
Financial Assets |
30.000 |
0,00 |
|
Tangible Fixed Assets (net) |
55.898.402 |
0,50 |
|
Intangible Assets |
7.047 |
0,00 |
|
Deferred Tax Assets |
0 |
0,00 |
|
Other Non-Current Assets |
347.347 |
0,00 |
|
TOTAL ASSETS |
110.814.603 |
1,00 |
|
CURRENT LIABILITIES |
30.352.183 |
0,27 |
|
Not Detailed Current Liabilities |
0 |
0,00 |
|
Financial Loans |
18.504.627 |
0,17 |
|
Accounts Payable |
9.418.008 |
0,08 |
|
Loans from Shareholders |
0 |
0,00 |
|
Other Short-term Payable |
849.631 |
0,01 |
|
Advances from Customers |
8.007 |
0,00 |
|
Accumulated Construction Income |
0 |
0,00 |
|
Taxes Payable |
1.571.910 |
0,01 |
|
Provisions |
0 |
0,00 |
|
Other Current Liabilities |
0 |
0,00 |
|
LONG-TERM LIABILITIES |
14.686.500 |
0,13 |
|
Not Detailed Long-term Liabilities |
0 |
0,00 |
|
Financial Loans |
14.686.500 |
0,13 |
|
Securities Issued |
0 |
0,00 |
|
Long-term Payable |
0 |
0,00 |
|
Loans from Shareholders |
0 |
0,00 |
|
Other Long-term Liabilities |
0 |
0,00 |
|
Provisions |
0 |
0,00 |
|
STOCKHOLDERS' EQUITY |
65.775.920 |
0,59 |
|
Not Detailed Stockholders' Equity |
0 |
0,00 |
|
Paid-in Capital |
5.080.000 |
0,05 |
|
Cross Shareholding Adjustment of Capital |
0 |
0,00 |
|
Inflation Adjustment of Capital |
245.609 |
0,00 |
|
Equity of Consolidated Firms |
0 |
0,00 |
|
Reserves |
59.673.634 |
0,54 |
|
Revaluation Fund |
0 |
0,00 |
|
Accumulated Losses(-) |
-8.025.315 |
-0,07 |
|
Net Profit (loss) |
8.801.992 |
0,08 |
|
TOTAL LIABILITIES AND EQUITY |
110.814.603 |
1,00 |
|
REMARKS ON FINANCIAL STATEMENT |
: |
The balance sheet of 01.01.-31.07.2010 is the merger balance sheet.
The income statement is not available. |
FINANCIAL
RATIOS
|
|
(01.01-31.07.2010) |
|
LIQUIDITY RATIOS |
|
|
Current Ratio |
1,80 |
|
Acid-Test Ratio |
1,56 |
|
Cash Ratio |
0,55 |
|
ASSET STRUCTURE RATIOS |
|
|
Inventory/Total Assets |
0,03 |
|
Short-term Receivable/Total Assets |
0,28 |
|
Tangible Assets/Total Assets |
0,50 |
|
TURNOVER RATIOS |
|
|
Inventory Turnover |
0,00 |
|
Stockholders' Equity Turnover |
0,00 |
|
Asset Turnover |
0,00 |
|
FINANCIAL STRUCTURE |
|
|
Stockholders' Equity/Total Assets |
0,59 |
|
Current Liabilities/Total Assets |
0,27 |
|
Financial Leverage |
0,41 |
|
Gearing Percentage |
0,68 |
|
COLLECTION-PAYMENT |
|
|
Average Collection Period (days) |
|
|
Average Payable Period (days) |
|
|
WORKING CAPITAL |
24179624,00 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.28 |
|
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.