MIRA INFORM REPORT

 

 

Report Date :

17.08.2012

 

IDENTIFICATION DETAILS

 

Name :

INFORM ELEKTRONIK SANAYI VE TICARET A.S.

 

 

Registered Office :

Emek Mah. Ordu Cad. No:49-51-53 Sarigazi Sancaktepe Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

11.01.1994

 

 

Com. Reg. No.:

309012

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of continuous power supply and their parts such as static voltage regulator, automatic voltage regulator, transformer rectifier units, accumulator cabin, bascule, panel, aluminium cooler, printed circuits etc.

 

 

No. of Employees :

362

 

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

 

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 – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

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

:

INFORM ELEKTRONIK SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Emek Mah. Ordu Cad. No:49-51-53 Sarigazi Sancaktepe Istanbul / Turkey

PHONE NUMBER

:

90-216-622 58 00

 

FAX NUMBER

:

90-216-621 92 35

 

WEB-ADDRESS

:

www.inform.com.tr

E-MAIL

:

info@inform.com.tr

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Anadolu Kurumlar

TAX NO

:

4780036925

REGISTRATION NUMBER

:

309012

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

11.01.1994

ESTABLISHMENT GAZETTE DATE/NO

:

14.01.1994/3449

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   17.000.000

PAID-IN CAPITAL

:

TL   17.000.000

 

HISTORY

:

Previous Registered Capital

:

TL 10.000.000

Changed On

:

17.01.2006 (Commercial Gazette Date /Number 20.01.2006/ 6475)

Merger

:

The subject took over and merged with “Inform Kontrol Otomasyon Olcu Sistemleri Sanayi ve Ticaret A.S.”

Changed On

:

17.01.2006 (Commercial Gazette Date /Number 20.01.2006/ 6475)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Legrand Nederland BV

99,90 %

Others

 

 

 

REMARKS ON SHAREHOLDERS

:

We are informed that the main shareholder "Legrand Nederland BV" is a foreign company located in Netherlands.

 

SUBSIDIARIES

:

None

 

BOARD OF DIRECTORS

:

Luigi Pelucchi

Chairman

Antoine Didier Marie Burel

Vice-Chairman

Franck Roger Michel Lemery

Member

Bulent Ozdirekcan

Member

 

 

DIRECTORS

:

Levent Ilgin                                                                                                                                                                                                                                                                                   

General Manager

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of continuous power supply and their parts such as static voltage regulator, automatic voltage regulator, transformer rectifier units, accumulator cabin, bascule, panel, aluminium cooler, printed circuits etc.

 

NACE CODE

:

DL.31.40

 

TRADEMARKS OWNED

:

Inform

 

NUMBER OF EMPLOYEES

:

362

 

 

NET SALES

:

13.251.517 TL

(2001) 

22.506.742 TL

(2002) 

27.509.493 TL

(2003) 

45.603.727 TL

(2004) 

52.287.619 TL

(2005) 

60.636.221 TL

(2006) 

76.231.427 TL

(2007) 

108.472.294 TL

(2008) 

104.418.477 TL

(2009) 

111.902.097 TL

(2010) 

139.971.741 TL

(2011) 

35.484.927 TL

(01.01-31.03.2012) 

 

 

CAPACITY

:

Accumulator cabin  (units/yr)

Aluminium cooler  (units/yr)

Automatic voltage regulator  (units/yr)

 

 

2.000

5.000

3.000

(2012)

 

5.000

3.000

(2011)

 

 

 

 

Continuous power supply 

(units/yr)

 

Others 

(units/yr)

Printed circuit 

(units/yr)

 

20.000

12.000

2.000.000

(2011)

20.000

12.000

2.000.000

(2012)

 

 

 

 

Rectifier units  (units/yr)

Static voltage regulator  (units/yr)

 

Transformer  (units/yr)

 

1.000

2.000

6.000

(2011)

1.000

2.000

6.000

(2012)

 

 

 

 

IMPORT VALUE

:

21.430.000 USD

(2009)

20.023.077 USD + 6.495.193 EUR

(2010)

30.314.423 USD

(2011)

 

 

IMPORT COUNTRIES

:

Germany

France

Italy

China

 

MERCHANDISE IMPORTED

:

Accumulator

Continuous power supply

 

 

EXPORT VALUE

:

918.553 USD

(2001)

2.116.851 USD

(2002)

3.793.199 USD

(2003)

10.525.602 TL

(2004)

12.224.066 TL

(2005)

17.255.703 TL

(2006)

21.908.007 TL

(2007)

36.498.588 TL

(2008)

36.988.663 TL

(2009)

40.649.946 TL

(2010)

50.151.909 TL

(2011)

12.774.885 TL

(2012)

 

 

EXPORT COUNTRIES

:

Greece

South Africa

U.K.

Italy

Luxembourg

Norway

Sweden

Australia

Indonesia

Jordan

Syria

France

Spain

Saudi Arabia

U.S.A.

Germany

Hong-Kong

India

 

MERCHANDISE  EXPORTED

:

Bobbins

Electric transformers

Static converters

Transformators

 

HEAD OFFICE ADDRESS

:

Emek Mah. Ordu Cad. No:49-51-53 Sarigazi Sancaktepe  Istanbul / Turkey

( rented )

BRANCHES

:

Head Office/Factory  :  Emek Mah. Ordu Cad. No:49-51-53 Sarigazi,  Sancaktepe Istanbul/Turkey (rented) (27.000 sqm)

 

Branch Office  :   Kayseri/Turkey (rented)

 

Branch Office  :   Ankara/Turkey (owned)

           

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2011.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

MAIN DEALING BANKS

:

HSBC Bank Karakoy Branch

T. Is Bankasi Kozyatagi Kurumsal Branch

T.C. Ziraat Bankasi Kadikoy Branch

Turk Ekonomi Bankasi Korfez Kurumsal Branch

 

CREDIT FACILITIES

:

The subject company is making use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2008) TL

(2009) TL

(2010) TL

(2011) TL

(01.01-31.03.2012) TL

Net Sales

108.472.294

104.418.477

111.902.097

139.971.741

35.484.927

Profit (Loss) Before Tax

4.621.127

14.440.143

14.598.214

19.856.852

2.329.290

Stockholders' Equity

26.368.303

38.142.838

30.951.368

49.139.743

 

Total Assets

65.145.597

75.406.224

65.895.004

87.848.137

 

Current Assets

46.717.554

43.752.894

60.830.231

80.337.863

 

Non-Current Assets

18.428.043

31.653.330

5.064.773

7.510.274

 

Current Liabilities

25.291.112

20.881.123

31.141.063

34.149.944

 

Long-Term Liabilities

13.486.182

16.382.263

3.802.573

4.558.450

 

Gross Profit (loss)

27.448.310

27.018.270

32.080.685

42.730.237

9.493.066

Operating Profit (loss)

14.661.950

14.934.082

16.702.005

23.864.034

4.613.218

Net Profit (loss)

3.361.380

11.774.534

11.458.720

16.141.045

2.329.290

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Good As of 31.12.2011

Liquidity

Satisfactory As of 31.12.2011

Remarks On Liquidity

The unfavorable gap between average collection and average payable period has an adverse 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

High Operating Profitability  in 2008

In Order Net Profitability  in 2008

High Operating Profitability  in 2009

High Net Profitability  in 2009

High Operating Profitability  in 2010

High Net Profitability  in 2010

High Operating Profitability  in 2011

High Net Profitability  in 2011

High Operating Profitability (01.01-31.03.2012)

Good Net Profitability (01.01-31.03.2012)

 

Gap between average collection and payable periods

Unfavorable in 2011

General Financial Position

In Order

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2001 )

88,60 %

1,1991

1,0714

1,7300

 ( 2002 )

30,80 %

1,5168

1,3741

2,2001

 ( 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

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 01.01-31.03.2012)

0,65 %

1,7995

2,3799

2,8402

 ( 01.01-31.07.2012)

1,71 %

1,8018

2,3285

2,8424

 

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

46.717.554

0,72

43.752.894

0,58

60.830.231

0,92

80.337.863

0,91

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

448.606

0,01

1.151.543

0,02

1.290.900

0,02

1.140.670

0,01

Marketable Securities

0

0,00

49.266

0,00

0

0,00

0

0,00

Account Receivable

24.490.254

0,38

27.509.242

0,36

38.629.305

0,59

44.691.626

0,51

Other Receivable

1.029.664

0,02

69.014

0,00

1.812.208

0,03

2.834.877

0,03

Inventories

19.880.813

0,31

12.559.869

0,17

17.667.298

0,27

27.036.667

0,31

Advances Given

339.179

0,01

702.089

0,01

395.367

0,01

3.240.901

0,04

Accumulated Construction Expense

0

0,00

0

0,00

221.427

0,00

0

0,00

Other Current Assets

529.038

0,01

1.711.871

0,02

813.726

0,01

1.393.122

0,02

NON-CURRENT ASSETS

18.428.043

0,28

31.653.330

0,42

5.064.773

0,08

7.510.274

0,09

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

14.622

0,00

14.622

0,00

0

0,00

0

0,00

Financial Assets

6.517.309

0,10

8.993.859

0,12

0

0,00

0

0,00

Tangible Fixed Assets (net)

9.290.485

0,14

20.085.842

0,27

1.770.156

0,03

5.392.104

0,06

Intangible Assets

2.605.627

0,04

2.559.007

0,03

3.294.617

0,05

2.118.170

0,02

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

TOTAL ASSETS

65.145.597

1,00

75.406.224

1,00

65.895.004

1,00

87.848.137

1,00

CURRENT LIABILITIES

25.291.112

0,39

20.881.123

0,28

31.141.063

0,47

34.149.944

0,39

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

13.254.955

0,20

5.904.404

0,08

19.368.944

0,29

23.665.256

0,27

Accounts Payable

8.254.291

0,13

10.340.298

0,14

8.210.972

0,12

5.349.906

0,06

Loans from Shareholders

213.101

0,00

61.812

0,00

0

0,00

0

0,00

Other Short-term Payable

597.040

0,01

668.458

0,01

940.215

0,01

816.626

0,01

Advances from Customers

1.215.335

0,02

524.970

0,01

776.169

0,01

2.701.276

0,03

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

972.058

0,01

662.260

0,01

1.835.442

0,03

1.387.333

0,02

Provisions

2.072

0,00

2.665.609

0,04

6.787

0,00

63.837

0,00

Other Current Liabilities

782.260

0,01

53.312

0,00

2.534

0,00

165.710

0,00

LONG-TERM LIABILITIES

13.486.182

0,21

16.382.263

0,22

3.802.573

0,06

4.558.450

0,05

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

9.048.847

0,14

13.174.845

0,17

0

0,00

0

0,00

Securities Issued

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

0

0,00

0

0,00

Loans from Shareholders

1.800.000

0,03

0

0,00

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Provisions

2.637.335

0,04

3.207.418

0,04

3.802.573

0,06

4.558.450

0,05

STOCKHOLDERS' EQUITY

26.368.303

0,40

38.142.838

0,51

30.951.368

0,47

49.139.743

0,56

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

17.000.000

0,26

17.000.000

0,23

17.000.000

0,26

17.000.000

0,19

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

6.006.923

0,09

9.368.304

0,12

2.492.648

0,04

13.951.367

0,16

Revaluation Fund

0

0,00

0

0,00

0

0,00

2.047.331

0,02

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

3.361.380

0,05

11.774.534

0,16

11.458.720

0,17

16.141.045

0,18

TOTAL LIABILITIES AND EQUITY

65.145.597

1,00

75.406.224

1,00

65.895.004

1,00

87.848.137

1,00

 

 

REMARKS ON FINANCIAL STATEMENT

:

At the financial statements according to TAS, "Cheques Received" and "Outstanding Cheques" figures are under "Cash And Banks" figure. Beginning from the financial statements of 31.12.2011, "Cheques Received" and "Outstanding Cheques" figures are given under "Account Receivable" figure and "Account Payable" figure respectively. 

 

At the last income statement TL 1.141.076 of the other income is due to "Profit from Foreign Currency Exchange". 

 

At the last income statement TL 2.079.162 of the other expenses is due to "Provision Expenses".

 

 

 

INCOME STATEMENTS

 

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

(01.01-31.03.2012) TL

 

Net Sales

108.472.294

1,00

104.418.477

1,00

111.902.097

1,00

139.971.741

1,00

35.484.927

1,00

Cost of Goods Sold

81.023.984

0,75

77.400.207

0,74

79.821.412

0,71

97.241.504

0,69

25.991.861

0,73

Gross Profit

27.448.310

0,25

27.018.270

0,26

32.080.685

0,29

42.730.237

0,31

9.493.066

0,27

Operating Expenses

12.786.360

0,12

12.084.188

0,12

15.378.680

0,14

18.866.203

0,13

4.879.848

0,14

Operating Profit

14.661.950

0,14

14.934.082

0,14

16.702.005

0,15

23.864.034

0,17

4.613.218

0,13

Other Income

3.926.973

0,04

5.966.586

0,06

3.366.370

0,03

3.240.678

0,02

1.986.093

0,06

Other Expenses

4.327.463

0,04

3.068.719

0,03

3.798.607

0,03

4.995.493

0,04

3.576.334

0,10

Financial Expenses

9.640.333

0,09

3.391.806

0,03

1.671.554

0,01

2.252.367

0,02

693.687

0,02

Minority Interests

0

0,00

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

0

0,00

Profit (loss) Before Tax

4.621.127

0,04

14.440.143

0,14

14.598.214

0,13

19.856.852

0,14

2.329.290

0,07

Tax Payable

1.259.747

0,01

2.665.609

0,03

3.139.494

0,03

3.715.807

0,03

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

3.361.380

0,03

11.774.534

0,11

11.458.720

0,10

16.141.045

0,12

2.329.290

0,07

 

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

(2011)

LIQUIDITY RATIOS

 

 

Current Ratio

1,85

2,10

1,95

2,35

Acid-Test Ratio

1,03

1,38

1,34

1,43

Cash Ratio

0,02

0,06

0,04

0,03

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,31

0,17

0,27

0,31

Short-term Receivable/Total Assets

0,39

0,37

0,61

0,54

Tangible Assets/Total Assets

0,14

0,27

0,03

0,06

TURNOVER RATIOS

 

 

Inventory Turnover

4,08

6,16

4,52

3,60

Stockholders' Equity Turnover

4,11

2,74

3,62

2,85

Asset Turnover

1,67

1,38

1,70

1,59

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,40

0,51

0,47

0,56

Current Liabilities/Total Assets

0,39

0,28

0,47

0,39

Financial Leverage

0,60

0,49

0,53

0,44

Gearing Percentage

1,47

0,98

1,13

0,79

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,13

0,31

0,37

0,33

Operating Profit Margin

0,14

0,14

0,15

0,17

Net Profit Margin

0,03

0,11

0,10

0,12

Interest Cover

1,48

5,26

9,73

9,82

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

81,33

94,89

124,27

114,94

Average Payable Period (days)

36,67

48,09

37,03

19,81

WORKING CAPITAL

21426442,00

22871771,00

29689168,00

46187919,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.99

UK Pound

1

Rs.87.55

Euro

1

Rs.68.68

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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.