MIRA INFORM REPORT

 

 

Report Date :

25.02.2011

 

IDENTIFICATION DETAILS

 

Name :

OERLIKON KAYNAK ELEKTRODLARI VE SANAYI A.S.

 

 

Registered Office :

Halkali Cad. No:99 Sefakoy  Istanbul

 

 

Country :

Turkey

 

 

Date of Incorporation :

03.10.1957

 

 

Com. Reg. No.:

66163

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

manufacture and trade of welding wires and materials

 

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 :

6.200.000 USD

 

 

Status :

Satisfactory

 

 

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 – June 30, 2010

 

Country Name

Previous Rating

                   (01.04.2010)                  

Current Rating

(30.06.2010)

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

:

OERLIKON KAYNAK ELEKTRODLARI VE SANAYI A.S.

HEAD OFFICE ADDRESS

:

Halkali Cad. No:99 Sefakoy  Istanbul / Turkey

PHONE NUMBER

:

90-212-411 14 00

 

FAX NUMBER

:

90-212-598 92 78

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Bogazici Kurumlar

TAX NO

:

6340013797

REGISTRATION NUMBER

:

66163

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

03.10.1957

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   4.302.360

PAID-IN CAPITAL

:

TL   4.302.360

HISTORY

:

Previous Registered Capital

:

TL 1.000.040

Changed On

:

22.05.2002 (Commercial Gazette Date /Number 27.05.2002/ 5556)

Previous Address

:

Tunel Cad. Percemli Sok. No: 11-15 Karakoy – Istanbul

Changed On

:

03.06.2004 (Commercial Gazette Date /Number 08.06.2004/ 6066)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Zaimoglu Holding A.S.

74,60 %

European Holding Co.

20,79 %

Others

 

 

 

SISTER COMPANIES

:

HIDREL HIDROLIK ELEMANLAR SANAYI VE TICARET A.S.

MAGMA MEKATRONIK MAKINE SANAYI VE TICARET A.S.

MART MAKINA TICARET A.S.

ZAIMOGLU HOLDING A.S.

 

BOARD OF DIRECTORS

:

Osman Tayyar Zaimoglu

Chairman

Ali Deger Elove

Member

Mustafa Cihan Bingol

Member

Hande Taylin Or

Member

Gozdem Taya Bingol

Member

Franck Muller

Member

Jean-Pierre Charpentier

Member

 

 

DIRECTORS

:

Ali Deger Elove

General Manager

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

The firm, which was dealing with manufacture and trade of welding machines and materials, has declared that it has transferred the manufacturing of welding machines activity to its sister company "Magma Mekatronik Makine Sanayi Ve Ticaret A.S." at the beginning of 2010. The subject is dealing with manufacture and trade of welding wires and materials now.

 

NACE CODE

:

DK.29.43

 

DISTRIBUTOR OF

:

Koike   (Netherlands)

 

NUMBER OF EMPLOYEES

:

350

 

NET SALES

:

60.128 TL Thousand

(2004) 

66.593 TL Thousand

(2005) 

78.347 TL Thousand

(2006) 

91.645 TL Thousand

(2007) 

108.238 TL Thousand

(2008) 

93.630 TL Thousand

(2009) 

120.291 TL Thousand

(2010) 

 

 

REMARKS ON NET SALES

:

The net sales figure of 2009 and 2010 are declared by the company. There is no certification for these figures.

 

IMPORT VALUE

:

7.198.745 EUR

(2009)

7.313.945 EUR

(2010)

 

 

IMPORT COUNTRIES

:

European Countries

 

MERCHANDISE IMPORTED

:

Chemicals

Machinery

Raw materials

Welding materials

 

EXPORT VALUE

:

7.027.643 EUR

(2004)

7.629.052 EUR

(2005)

10.000.000 USD

(2006)

11.350.000 USD

(2007)

18.650.000 USD

(2008)

8.192.130 EUR

(2009)

11.676.899 EUR

(2010)

 

 

EXPORT COUNTRIES

:

Kenya

Australia

Belgium

Brazil

Canada

Chile

Croatia

Egypt

Germany

Finland

France

Greece

Iran

Ireland

Jordan

Lebanon

Malta

Northern Cyprus Turkish Republic

 

MERCHANDISE  EXPORTED

:

Welding materials

 

HEAD OFFICE ADDRESS

:

Halkali Cad. No:99 Sefakoy  Istanbul / Turkey ( rented )

 

BRANCHES

:

Factory  :  Manisa Organize Sanayi Bolgesi 2. Kisim Manisa/Turkey (owned) (70.000 sqm)

 

INVESTMENTS

:

Modernization investments are going on.

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2010.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Sefakoy Branch

T. Is Bankasi Gunesli Kurumsal Branch

Yapi ve Kredi Bankasi Merter Branch

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2007) TL Thousand

(2008) TL Thousand

(2009) TL Thousand

 

 

Net Sales

91.645

108.238

93.630

 

 

Profit (Loss) Before Tax

10.966

6.382

7.684

 

 

Stockholders' Equity

47.408

50.523

54.678

 

 

Total Assets

73.226

78.126

72.750

 

 

 

 

REMARKS ON KEY FINANCIAL ELEMENTS

:

The key financial figures of 2009 are declared by the company. There is no certification for these figures.

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

High As of 31.12.2009

Profitability

High Net Profitability  in 2007

Good Net Profitability  in 2008

High Net Profitability  in 2009

 

General Financial Position

Satisfactory

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 6.200.000 USD may be granted to the subject company.

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 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

 ( 01.01-31.01.2011)

2,36 %

1,5759

2,1299

2,4741

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.37

UK Pound

1

Rs.73.54

Euro

1

Rs.62.39

 

 

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

 

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.