MIRA INFORM REPORT

 

 

Report Date :           

05.10.2011

 

IDENTIFICATION DETAILS

 

Name :

FAGOR ENDUSTRIYEL DAYANIKLI TUKETIM MAMULLERI SANAYI VE TICARET A.S.

 

 

Registered Office :

Gebze Guzeller Organize Sanayi Bolgesi Inonu Mah. Ebulfelz Elcibey Sok. No:13 41400 Gebze Kocaeli

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

04.10.1999

 

 

Com. Reg. No.:

9103

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of refrigerator and dishwasher, trade of industrial kitchen equipment. 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Poor

 

 

Payment Behaviour :

Unknown

 

 

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 – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

Turkey

b1

b1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

NOTES

:

Full name of the firm was missing at your inquiry.

 

 

COMPANY IDENTIFICATION

 

NAME

:

FAGOR ENDUSTRIYEL DAYANIKLI TUKETIM MAMULLERI SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Gebze Guzeller Organize Sanayi Bolgesi Inonu Mah. Ebulfelz Elcibey Sok. No:13 41400 Gebze Kocaeli / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

Head office address was changed from "32 M IV B Pafta 4133 Ada 4-5 Parsel" to "Ebulfelz Elcibey Sok. No:13 " by the municipality.

PHONE NUMBER

:

90-262-751 10 31

 

FAX NUMBER

:

90-262-751 30 32

 

WEB-ADDRESS

:

www.fagor.com.tr

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Ilyasbey

TAX NO

:

3840096873

REGISTRATION NUMBER

:

9103

REGISTERED OFFICE

:

Gebze Chamber of Commerce

DATE ESTABLISHED

:

04.10.1999

ESTABLISHMENT GAZETTE DATE/NO

:

08.10.1999/4894

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   16.000.000

REMARKS ON REGISTERED CAPITAL

:

The subject has decided to increase its registered capital from TL 16.000.000 to TL 22.000.000 but the legal procedure for the capital increase has not been completed yet.

PAID-IN CAPITAL

:

  

HISTORY

:

Previous Registered Capital

:

TL 2.700.000

Changed On

:

01.10.2010 (Commercial Gazette Date /Number 08.10.2010/ 7665)

Previous Address

:

Kocayol Cad Huseyin Celik Sok N7 K1 Bostanci Istanbul

Changed On

:

11.10.2002 (Commercial Gazette Date /Number 18.10.2002/ 5659)

Previous Address

:

Yukari Dudullu Mh.Keresteciler Sitesi No.52 Umraniye

Changed On

:

02.01.2006 (Commercial Gazette Date /Number 17.01.2006/ 6472)

Other Changes

:

The firm which was firstly established in Istanbul and registered at Istanbul Commercial Registry under the reg. no:.426404. Then it moved to Kocaeli and registered at Gebze Commercial Registry under the reg. no:9103

Changed On

:

02.01.2006 (Commercial Gazette Date /Number 17.01.2006/ 6472)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Fagor Industrial Coop

96,62 %

Ugur Ozarli

 

Murat Ozuturk

 

Guclu Kaplangi

 

Filiz Tunali Kaplangi

 

 

 

REMARKS ON SHAREHOLDERS

:

Fagor Industrial Coop is a Spanish company.

 

 

SISTER COMPANIES

:

EDESA ENDUSTRIYEL DAYANIKLI TUKETIM MAMULLERI SANAYI VE TICARET A.S.(NOT ACTIVE)

 

SUBSIDIARIES

:

None

 

BOARD OF DIRECTORS

:

Javier Orbea Ascaso

Chairman

Mario Lopez Sola

Vice-Chairman

Kepa Bedialauneta Jayo

Member

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of refrigerator and dishwasher , trade of industrial kitchen equipment.  

 

The firm which was dealing with trade of industrial kitchen equipment also started to deal with manufacturing of refrigerator in 2006 and dishwasher in 2008.

 

NACE CODE

:

DK.29.71

 

NUMBER OF EMPLOYEES

:

95

 

NET SALES

:

35.424.070 TL

(2007) 

36.223.116 TL

(2008) 

30.637.572 TL

(2009) 

25.173.450 TL

(2010) 

12.994.043 TL

(01.01-30.06.2011) 

 

 

IMPORT VALUE

:

6.579.829 USD

(2010)

 

 

IMPORT COUNTRIES

:

Germany

Spain

France

Italy

Netherlands

China

 

MERCHANDISE IMPORTED

:

Raw materials

 

EXPORT VALUE

:

222.567 TL

(2003)

358.415 TL

(2004)

990.181 TL

(2005)

1.818.483 TL

(2006)

3.821.379 TL

(2007)

6.958.393 TL

(2008)

3.079.086 TL

(2009)

4.620.926 TL

(2010)

1.357.723 TL

(01.01-30.06.2011)

 

 

 

EXPORT COUNTRIES

:

Spain

Northern Cyprus Turkish Republic

Ukraine

Kuwait

Egypt

Azerbaijan

Iraq

Turkmenistan

Kazakhstan

China

Iran

Hungary

Syria

Macedonia Republic

Poland

Estonia

U.K.

Georgia

 

MERCHANDISE  EXPORTED

:

Industrial kitchen equipments

Refrigerators

Washing machines

 

HEAD OFFICE ADDRESS

:

Gebze Guzeller Organize Sanayi Bolgesi Inonu Mah. Ebulfelz Elcibey Sok. No:13 41400 Gebze  Kocaeli / Turkey  (owned)

 

BRANCHES

:

Head Office/Production Plant  :  Gebze Guzeller Organize Sanayi Bolgesi Inonu Mah. Ebulfelz Elcibey Sok. No:13 41400 Gebze Kocaeli/Turkey (owned)

 

INVESTMENTS

:

None

 

 

TREND OF BUSINESS

:

There was a decline at business volume in nominal terms in  2010. There appears a slowdown at business volume in real terms in  1.1 - 30.6.2011.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Garanti Bankasi Gebze Ticari Branch

T.Is Bankasi Gebze Kurumsal Branch

Turk Ekonomi Bankasi Dogu Marmara Branch

Yapi ve Kredi Bankasi Gebze OSB 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

:

 

(2008) TL

(2009) TL

(2010) TL

(01.01-30.06.2011) TL

 

Net Sales

36.223.116

30.637.572

25.173.450

12.994.043

 

Profit (Loss) Before Tax

-1.513.307

-9.648.475

-6.182.546

-8.946.506

 

Stockholders' Equity

3.891.273

-5.666.822

1.450.622

 

 

Total Assets

76.886.866

69.269.880

58.787.427

 

 

Current Assets

47.634.353

39.972.122

30.577.369

 

 

Non-Current Assets

29.252.513

29.297.758

28.210.058

 

 

Current Liabilities

30.990.106

32.844.606

28.698.832

 

 

Long-Term Liabilities

42.005.487

42.092.096

28.637.973

 

 

Gross Profit (loss)

7.521.127

915.260

6.142.211

3.181.137

 

Operating Profit (loss)

859.579

-6.236.215

-4.465.611

-373.653

 

Net Profit (loss)

-1.513.307

-9.648.475

-6.182.546

-8.946.506

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Negative Stockholders’ Equity

Remarks on Capitalization

The loss at the last period is expected to have a further negative effect on equity total since the last balance sheet date.

Liquidity

Insufficient As of 31.12.2010

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 amount of cash&banks or marketable securities (which are more liquid) are low.

 

Profitability

Fair Operating Profitability  in 2008

Net Loss  in 2008

Operating Loss  in 2009

Net Loss  in 2009

Operating Loss  in 2010

Net Loss  in 2010

Operating Loss (01.01-30.06.2011)

Net Loss (01.01-30.06.2011)

 

Gap between average collection and payable periods

Favorable in 2010

General Financial Position

Poor

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2003 )

13,90 %

1,5302

1,7141

2,4982

 ( 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

 ( 01.01-30.06.2011)

6,21 %

1,5771

2,2246

2,5422

 ( 01.01-30.09.2011)

9,72 %

1,6335

2,3016

2,6294

 

bALANCE SHEETS

 

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

47.634.353

0,62

39.972.122

0,58

30.577.369

0,52

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

Cash and Banks

9.532.420

0,12

16.281.792

0,24

1.519.806

0,03

Marketable Securities

0

0,00

0

0,00

0

0,00

Account Receivable

11.007.856

0,14

9.930.317

0,14

14.890.114

0,25

Other Receivable

470.832

0,01

845.934

0,01

544.039

0,01

Inventories

17.860.605

0,23

9.085.151

0,13

9.218.998

0,16

Advances Given

4.563.377

0,06

36.754

0,00

437.833

0,01

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

Other Current Assets

4.199.263

0,05

3.792.174

0,05

3.966.579

0,07

NON-CURRENT ASSETS

29.252.513

0,38

29.297.758

0,42

28.210.058

0,48

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

Long-term Receivable

3.879

0,00

3.878

0,00

3.879

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

28.870.558

0,38

28.844.910

0,42

27.897.330

0,47

Intangible Assets

302.165

0,00

272.318

0,00

278.232

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

75.911

0,00

176.652

0,00

30.617

0,00

TOTAL ASSETS

76.886.866

1,00

69.269.880

1,00

58.787.427

1,00

CURRENT LIABILITIES

30.990.106

0,40

32.844.606

0,47

28.698.832

0,49

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

12.232.856

0,16

15.387.543

0,22

21.403.043

0,36

Accounts Payable

17.072.438

0,22

16.971.893

0,25

6.208.210

0,11

Loans from Shareholders

99.609

0,00

99.609

0,00

0

0,00

Other Short-term Payable

157.265

0,00

114.304

0,00

155.450

0,00

Advances from Customers

1.126.167

0,01

0

0,00

196.598

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

Taxes Payable

245.846

0,00

257.721

0,00

182.182

0,00

Provisions

0

0,00

0

0,00

-2.583

0,00

Other Current Liabilities

55.925

0,00

13.536

0,00

555.932

0,01

LONG-TERM LIABILITIES

42.005.487

0,55

42.092.096

0,61

28.637.973

0,49

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

23.360.738

0,30

24.253.095

0,35

8.966.613

0,15

Securities Issued

0

0,00

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

19.671.360

0,33

Loans from Shareholders

0

0,00

0

0,00

0

0,00

Other Long-term Liabilities

18.644.749

0,24

17.839.001

0,26

0

0,00

Provisions

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

3.891.273

0,05

-5.666.822

-0,08

1.450.622

0,02

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

Paid-in Capital

2.609.620

0,03

2.700.000

0,04

15.999.990

0,27

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

Reserves

2.794.960

0,04

2.794.960

0,04

2.794.960

0,05

Revaluation Fund

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

-1.513.307

-0,02

-11.161.782

-0,19

Net Profit (loss)

-1.513.307

-0,02

-9.648.475

-0,14

-6.182.546

-0,11

TOTAL LIABILITIES AND EQUITY

76.886.866

1,00

69.269.880

1,00

58.787.427

1,00

 

REMARKS ON FINANCIAL STATEMENT

:

At the income statement of 1.1.-30.06.2011,  TL 7.955.401 of the other expenses is due to "Foreign Exchange Losses" .

 

 

INCOME STATEMENTS

 

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(01.01-30.06.2011) TL

 

Net Sales

36.223.116

1,00

30.637.572

1,00

25.173.450

1,00

12.994.043

1,00

Cost of Goods Sold

28.701.989

0,79

29.722.312

0,97

19.031.239

0,76

9.812.906

0,76

Gross Profit

7.521.127

0,21

915.260

0,03

6.142.211

0,24

3.181.137

0,24

Operating Expenses

6.661.548

0,18

7.151.475

0,23

10.607.822

0,42

3.554.790

0,27

Operating Profit

859.579

0,02

-6.236.215

-0,20

-4.465.611

-0,18

-373.653

-0,03

Other Income

6.966.609

0,19

6.547.007

0,21

7.183.408

0,29

734.300

0,06

Other Expenses

6.353.166

0,18

3.300.409

0,11

6.632.177

0,26

7.971.724

0,61

Financial Expenses

2.986.329

0,08

6.658.858

0,22

2.268.166

0,09

1.335.429

0,10

Minority Interests

0

0,00

0

0,00

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

0

0,00

0

0,00

Profit (loss) Before Tax

-1.513.307

-0,04

-9.648.475

-0,31

-6.182.546

-0,25

-8.946.506

-0,69

Tax Payable

0

0,00

0

0,00

0

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

-1.513.307

-0,04

-9.648.475

-0,31

-6.182.546

-0,25

-8.946.506

-0,69

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

LIQUIDITY RATIOS

 

 

Current Ratio

1,54

1,22

1,07

Acid-Test Ratio

0,68

0,82

0,59

Cash Ratio

0,31

0,50

0,05

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,23

0,13

0,16

Short-term Receivable/Total Assets

0,15

0,16

0,26

Tangible Assets/Total Assets

0,38

0,42

0,47

TURNOVER RATIOS

 

 

Inventory Turnover

1,61

3,27

2,06

Stockholders' Equity Turnover

9,31

-5,41

17,35

Asset Turnover

0,47

0,44

0,43

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,05

-0,08

0,02

Current Liabilities/Total Assets

0,40

0,47

0,49

Financial Leverage

0,95

1,08

0,98

Gearing Percentage

18,76

-13,22

39,53

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

-0,39

1,70

-4,26

Operating Profit Margin

0,02

-0,20

-0,18

Net Profit Margin

-0,04

-0,31

-0,25

Interest Cover

0,49

-0,45

-1,73

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

109,44

116,73

213,00

Average Payable Period (days)

214,13

205,57

489,54

WORKING CAPITAL

16644247,00

7127516,00

1878537,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.23

UK Pound

1

Rs.76.07

Euro

1

Rs.65.06

 

 

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.