MIRA INFORM REPORT

 

 

Report Date :           

25.10.2011

 

IDENTIFICATION DETAILS

 

Name :

GURAL ELEKTRIK MALZEMELERI TICARET VE SANAYI A.S. 

 

 

Registered Office :

Kemankes Mah. Rihtim Cad. No:53 C Blok K:2 D: 25 Karakoy   Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

12.09.1990

 

 

Com. Reg. No.:

268337

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of medium and high voltage electrical 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 :

1.440.000 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 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

 

COMPANY IDENTIFICATION

 

NAME

:

GURAL ELEKTRIK MALZEMELERI TICARET VE SANAYI A.S.

HEAD OFFICE ADDRESS

:

Kemankes Mah. Rihtim Cad. No:53 C Blok K:2 D: 25 Karakoy   Istanbul / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The door number was changed from “No:59” to “No:53” by the municipality.

PHONE NUMBER

:

90-212-249 82 80

 

FAX NUMBER

:

90-212-244 25 07

 

WEB-ADDRESS

:

www.guralelektrik.com

E-MAIL

:

info@guralelektrik.com

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Bogazici Kurumlar

TAX NO

:

4390041862

REGISTRATION NUMBER

:

268337

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

12.09.1990

ESTABLISHMENT GAZETTE DATE /NO

:

21.09.1990/2614

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   1.200.000

PAID-IN CAPITAL

:

TL   1.197.879

HISTORY

:

Previous Registered Capital

:

TL 20.000

Changed On

:

29.06.1998 (Commercial Gazette Date /Number 02.07.1998/ 4574)

Previous Registered Capital

:

TL 100.000

Changed On

:

30.06.2010 (Commercial Gazette Date /Number 08.07.2010/ 7602)

Previous Address

:

Kemeralti Cad. Bankalar Han No:6/1 Karakoy

Changed On

:

07.11.2000 (Commercial Gazette Date /Number 20.11.2000/ 5178)

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Mehmet Bahadir Gural

65 %

Demet Gural

14 %

Nuriye Konca Gural

14 %

Fahretiin Arman

6 %

Ayse Mine Arman

1 %

 

 

SISTER COMPANIES

:

Declared to be: None

 

SUBSIDIARIES

:

Declared to be: None

 

BOARD OF DIRECTORS

:

Mehmet Bahadir Gural

Chairman

Fahrettin Arman

Vice-Chairman

Demet Gural

Member

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of medium and high voltage electrical materials.  

 

NACE CODE

:

DL.31.10

 

NUMBER OF EMPLOYEES

:

75

 

NET SALES

:

18.955.822 TL

(2009) 

11.265.837 TL

(2010) 

6.517.748 TL

(01.01-30.06.2011) 

 

 

IMPORT VALUE

:

14.790 USD + 1.024.122 EUR

(2010)

 

 

IMPORT COUNTRIES

:

Spain

Switzerland

Italy

Germany

India

Portugal

 

MERCHANDISE IMPORTED

:

Isolator raw materials

 

EXPORT VALUE

:

33.105 CHF + 270.000 USD + 242.000 EUR

(2010)

293.504 TL

(01.01-30.06.2011)

 

 

EXPORT COUNTRIES

:

Iran

Mozambique

Lebanon

Afghanistan

Algeria

Free Zone

 

MERCHANDISE  EXPORTED

:

Cables

Electric panels

Electric insulators

Isolating switches

Voltmeters

 

HEAD OFFICE ADDRESS

:

Kemankes Mah. Rihtim Cad. No:53 C Blok K:2 D: 25 Karakoy   Istanbul / Turkey

 

BRANCHES

:

Production Plant  :  Ataturk Organize Sanayi Bolgesi Fahri Koruturk Cad. 32. Sok. No:1 Hadimkoy Istanbul/Turkey (owned)

 

 

 

TREND OF BUSINESS

:

There was a decline at business volume in nominal terms in  2010. There appears an upwards trend in  1.1 - 30.6.2011.

SIZE OF BUSINESS

:

Upper-Medium

  

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

In Order As of 31.12.2010

Liquidity

High As of 31.12.2010

Remarks On Liquidity

The unfavorable gap between average collection and average payable period has an adverse effect on liquidity.

Profitability

High Operating Profitability  in 2009

High Net Profitability  in 2009

Fair Operating Profitability  in 2010

Low Net Profitability  in 2010

In Order Operating Profitability (01.01-30.06.2011)

In Order Net Profitability (01.01-30.06.2011)

 

Gap between average collection and payable periods

Unfavorable in 2010

General Financial Position

In Order

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 1.440.000 USD may be granted to the subject company.

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 

 

CURRENT ASSETS

5.650.570

0,58

5.744.176

0,59

 

 

Not Detailed Current Assets

0

0,00

0

0,00

 

 

Cash and Banks

1.068.211

0,11

1.415.537

0,15

 

 

Marketable Securities

0

0,00

0

0,00

 

 

Account Receivable

1.815.279

0,19

1.876.414

0,19

 

 

Other Receivable

68.630

0,01

72.157

0,01

 

 

Inventories

2.166.212

0,22

1.925.668

0,20

 

 

Advances Given

17.718

0,00

26.695

0,00

 

 

Accumulated Construction Expense

0

0,00

0

0,00

 

 

Other Current Assets

514.520

0,05

427.705

0,04

 

 

NON-CURRENT ASSETS

4.069.225

0,42

4.012.773

0,41

 

 

Not Detailed Non-Current Assets

0

0,00

0

0,00

 

 

Long-term Receivable

2.009

0,00

1.296

0,00

 

 

Financial Assets

56

0,00

56

0,00

 

 

Tangible Fixed Assets (net)

3.925.504

0,40

3.944.450

0,40

 

 

Intangible Assets

14.635

0,00

24.828

0,00

 

 

Deferred Tax Assets

0

0,00

0

0,00

 

 

Other Non-Current Assets

127.021

0,01

42.143

0,00

 

 

TOTAL ASSETS

9.719.795

1,00

9.756.949

1,00

 

 

CURRENT LIABILITIES

2.477.769

0,25

3.010.658

0,31

 

 

Not Detailed Current Liabilities

0

0,00

0

0,00

 

 

Financial Loans

44.852

0,00

373.906

0,04

 

 

Accounts Payable

1.220.828

0,13

1.421.227

0,15

 

 

Loans from Shareholders

0

0,00

0

0,00

 

 

Other Short-term Payable

4.560

0,00

8.409

0,00

 

 

Advances from Customers

422.002

0,04

475.711

0,05

 

 

Accumulated Construction Income

0

0,00

0

0,00

 

 

Taxes Payable

264.893

0,03

112.123

0,01

 

 

Provisions

0

0,00

0

0,00

 

 

Other Current Liabilities

520.634

0,05

619.282

0,06

 

 

LONG-TERM LIABILITIES

2.579.638

0,27

1.961.267

0,20

 

 

Not Detailed Long-term Liabilities

0

0,00

0

0,00

 

 

Financial Loans

2.452.617

0,25

1.919.124

0,20

 

 

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

127.021

0,01

42.143

0,00

 

 

Provisions

0

0,00

0

0,00

 

 

STOCKHOLDERS' EQUITY

4.662.388

0,48

4.785.024

0,49

 

 

Not Detailed Stockholders' Equity

0

0,00

0

0,00

 

 

Paid-in Capital

100.000

0,01

1.197.879

0,12

 

 

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

719.175

0,07

185.650

0,02

 

 

Revaluation Fund

3.278.860

0,34

3.278.860

0,34

 

 

Accumulated Losses(-)

-2.259.960

-0,23

0

0,00

 

 

Net Profit (loss)

2.824.313

0,29

122.635

0,01

 

 

TOTAL LIABILITIES AND EQUITY

9.719.795

1,00

9.756.949

1,00

 

 

 

 

INCOME STATEMENTS

 

 

(2009) TL

 

(2010) TL

 

(01.01-30.06.2011) TL

 

Net Sales

18.955.822

1,00

11.265.837

1,00

6.517.748

1,00

Cost of Goods Sold

13.917.244

0,73

10.241.593

0,91

5.679.891

0,87

Gross Profit

5.038.578

0,27

1.024.244

0,09

837.857

0,13

Operating Expenses

1.169.796

0,06

800.218

0,07

535.614

0,08

Operating Profit

3.868.782

0,20

224.026

0,02

302.243

0,05

Other Income

1.253.293

0,07

825.471

0,07

276.543

0,04

Other Expenses

478.077

0,03

345.560

0,03

67.737

0,01

Financial Expenses

1.111.397

0,06

547.997

0,05

302.595

0,05

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

3.532.601

0,19

155.940

0,01

208.454

0,03

Tax Payable

708.288

0,04

33.305

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

2.824.313

0,15

122.635

0,01

208.454

0,03

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

 

LIQUIDITY RATIOS

 

 

Current Ratio

2,28

1,91

 

Acid-Test Ratio

1,19

1,12

 

Cash Ratio

0,43

0,47

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,22

0,20

 

Short-term Receivable/Total Assets

0,19

0,20

 

Tangible Assets/Total Assets

0,40

0,40

 

TURNOVER RATIOS

 

 

Inventory Turnover

6,42

5,32

 

Stockholders' Equity Turnover

4,07

2,35

 

Asset Turnover

1,95

1,15

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,48

0,49

 

Current Liabilities/Total Assets

0,25

0,31

 

Financial Leverage

0,52

0,51

 

Gearing Percentage

1,08

1,04

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,61

0,03

 

Operating Profit Margin

0,20

0,02

 

Net Profit Margin

0,15

0,01

 

Interest Cover

4,18

1,28

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

34,51

60,00

 

Average Payable Period (days)

31,58

49,96

 

WORKING CAPITAL

3172801,00

2733518,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.87

UK Pound

1

Rs.79.73

Euro

1

Rs.69.52

 

 

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.