MIRA INFORM REPORT

 

 

Report Date :

01.02.2012

 

IDENTIFICATION DETAILS

 

Name :

ELMEK ELEKTROMEKANIK SANAYI VE TICARET A.S.

 

 

Registered Office :

Istasyon Mahallesi Ibisaga Caddesi No:2 Tuzla Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2009

 

 

Date of Incorporation :

26.04.1985

 

 

Com. Reg. No.:

214643

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of transformer parts, accessories. 

 

 

No. of Employees :

160

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

1.780.000 USD

Status :

Moderate

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

 

COMPANY IDENTIFICATION

 

NAME

:

ELMEK ELEKTROMEKANIK SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Istasyon Mahallesi Ibisaga Caddesi No:2 Tuzla Istanbul / Turkey

PHONE NUMBER

:

90-216-395 40 00

 

FAX NUMBER

:

90-216-395 22 10

 

WEB-ADDRESS

:

www.elmek.com.tr

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Anadolu Kurumlar

TAX NO

:

3330023659

REGISTRATION NUMBER

:

214643

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

26.04.1985

ESTABLISHMENT GAZETTE DATE/NO

:

31.05.1985/1276

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   7.100.000

PAID-IN CAPITAL

:

TL   7.100.000

 

HISTORY

:

Previous Registered Capital

:

TL 4.000.008

Changed On

:

27.06.2006 (Commercial Gazette Date /Number 30.06.2006/ 6589)

Previous Address

:

Fatih Caddesi Tinaztepe Sokak No:7 Maltepe/ Istanbul

Changed On

:

09.02.2007 (Commercial Gazette Date /Number 15.02.2007/ 6746)

Merger

:

The subject took over and merged with Emitas Elektromekanik Imalat Sanayi ve Ticaret A.S., Meksan Elektromekanik Sanayi ve Ticaret A.S. and Metal Imalat Sanayi ve Ticaret A.S.

Changed On

:

29.12.2005 (Commercial Gazette Date /Number 03.01.2006/ 6466)

Merger

:

The subject took over and merged with " Eleks Elektromekanik Sanayi ve Ticaret A.S.".

Changed On

:

30.12.2010 (Commercial Gazette Date /Number 05.01.2011/ 7723)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

 

Abb Elektrik Sanayi A.S.

99,99 %

Ozgur Colpan

 

Ismail Timor

 

Cemal Celalettin Karadeniz

 

Burhan Gundem

 

 

 

SISTER COMPANIES

:

ABB ELEKTRIK SANAYI A.S.

 

ABB IHRACAT TICARET VE ELEKTRIK SANAYI A.S.

 

BOARD OF DIRECTORS

:

Cemal Celalettin Karadeniz

Chairman

Ismail Timor

Member

Ozgur Colpan

Member

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of transformer parts, accessories. 

 

NACE CODE

:

DL.31.10

 

NUMBER OF EMPLOYEES

:

160

 

 

NET SALES

:

23.603.005 TL

(2009) 

22.483.731 TL

(2010) 

26.638.451 TL

(2011) 

 

 

REMARKS ON NET SALES

:

The net sale figures of 2010-2011 are declared by the company.There is no certification for these figures.

 

IMPORT VALUE

:

3.162.112 TL

(2010)

2.132.118 TL

(2011)

 

 

IMPORT COUNTRIES

:

Japan

Malaysia

China

Slovenia

Hong-Kong

U.A.E.

 

MERCHANDISE IMPORTED

:

Raw materials

 

EXPORT VALUE

:

15.121.456 TL

(2010)

21.602.981 TL

(2011)

 

 

EXPORT COUNTRIES

:

Saudi Arabia

Vietnam

Pakistan

Syria

Egypt

Germany

Switzerland

Austria

Greece

Italy

Netherlands

Middle East Countries

Poland

Tunisia

Serbia

Singapore

Japan

Macedonia Republic

 

MERCHANDISE  EXPORTED

:

Accessories

Transformer parts

 

HEAD OFFICE ADDRESS

:

Istasyon Mahallesi Ibisaga Caddesi No:2 Tuzla  Istanbul / Turkey ( owned )

 

BRANCHES

:

Head Office/Factory  :  Istasyon Mahallesi Ibisaga Caddesi No:2 Tuzla Istanbul/Turkey (owned) (11.500 sqm)

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2011.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Turk Ekonomi Bankasi Kozyatagi Kurumsal Branch

Yapi ve Kredi Bankasi Tuzla Icmeler Branch

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2009) TL

(2010) TL

(2011) TL

 

 

Net Sales

23.603.005

22.483.731

26.638.451

 

 

Profit (Loss) Before Tax

294.018

 

 

 

 

Stockholders' Equity

8.915.008

9.388.590

11.823.674

 

 

Total Assets

22.755.047

18.400.174

20.292.943

 

 

Current Assets

11.053.919

10.406.037

12.038.622

 

 

Non-Current Assets

11.701.128

7.994.137

8.254.321

 

 

Current Liabilities

7.951.746

4.251.078

5.828.146

 

 

Long-Term Liabilities

5.888.293

4.760.506

2.641.123

 

 

Gross Profit (loss)

3.039.357

 

 

 

 

Operating Profit (loss)

1.221.248

 

 

 

 

Net Profit (loss)

123.961

 

 

 

 

 

 

REMARKS ON KEY FINANCIAL ELEMENTS

:

The key financial figures of 2010 and 2011 are declared by the subject company. There is no certification for these figures.

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Good As of 31.12.2011

Liquidity

Good As of 31.12.2011

Remarks On Liquidity

Current ratio is 2,07

Profitability

In Order Operating Profitability  in 2009

Low Net Profitability  in 2009

 

General Financial Position

Fair

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT LIMIT

 

:

1.780.000 USD

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 1.780.000 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

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 

 

BALANCE SHEETS

 

 

 ( 31.12.2009 )  TL

 

CURRENT ASSETS

11.053.919

0,49

Not Detailed Current Assets

0

0,00

Cash and Banks

2.334.034

0,10

Marketable Securities

0

0,00

Account Receivable

4.188.740

0,18

Other Receivable

0

0,00

Inventories

4.414.619

0,19

Advances Given

116.066

0,01

Accumulated Construction Expense

0

0,00

Other Current Assets

460

0,00

NON-CURRENT ASSETS

11.701.128

0,51

Not Detailed Non-Current Assets

0

0,00

Long-term Receivable

476

0,00

Financial Assets

3.595.357

0,16

Tangible Fixed Assets (net)

8.063.115

0,35

Intangible Assets

11.712

0,00

Deferred Tax Assets

0

0,00

Other Non-Current Assets

30.468

0,00

TOTAL ASSETS

22.755.047

1,00

CURRENT LIABILITIES

7.951.746

0,35

Not Detailed Current Liabilities

0

0,00

Financial Loans

4.236.540

0,19

Accounts Payable

3.264.849

0,14

Loans from Shareholders

0

0,00

Other Short-term Payable

172.989

0,01

Advances from Customers

0

0,00

Accumulated Construction Income

0

0,00

Taxes Payable

270.864

0,01

Provisions

0

0,00

Other Current Liabilities

6.504

0,00

LONG-TERM LIABILITIES

5.888.293

0,26

Not Detailed Long-term Liabilities

0

0,00

Financial Loans

4.283.644

0,19

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

1.604.649

0,07

STOCKHOLDERS' EQUITY

8.915.008

0,39

Not Detailed Stockholders' Equity

0

0,00

Paid-in Capital

7.100.000

0,31

Cross Shareholding Adjustment of Capital

0

0,00

Inflation Adjustment of Capital

67.785

0,00

Equity of Consolidated Firms

0

0,00

Reserves

2.959.350

0,13

Revaluation Fund

0

0,00

Accumulated Losses(-)

-1.336.088

-0,06

Net Profit (loss)

123.961

0,01

TOTAL LIABILITIES AND EQUITY

22.755.047

1,00

 

 

INCOME STATEMENT

 

 

(2009) TL

 

Net Sales

23.603.005

1,00

Cost of Goods Sold

20.563.648

0,87

Gross Profit

3.039.357

0,13

Operating Expenses

1.818.109

0,08

Operating Profit

1.221.248

0,05

Other Income

1.607.539

0,07

Other Expenses

392.858

0,02

Financial Expenses

2.141.911

0,09

Minority Interests

0

0,00

Profit (loss) of consolidated firms

0

0,00

Profit (loss) Before Tax

294.018

0,01

Tax Payable

170.057

0,01

Postponed Tax Gain

0

0,00

Net Profit (loss)

123.961

0,01

 

 

FINANCIAL RATIOS

 

 

(2009)

LIQUIDITY RATIOS

 

Current Ratio

1,39

Acid-Test Ratio

0,82

Cash Ratio

0,29

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,19

Short-term Receivable/Total Assets

0,18

Tangible Assets/Total Assets

0,35

TURNOVER RATIOS

 

Inventory Turnover

4,66

Stockholders' Equity Turnover

2,65

Asset Turnover

1,04

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,39

Current Liabilities/Total Assets

0,35

Financial Leverage

0,61

Gearing Percentage

1,55

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,01

Operating Profit Margin

0,05

Net Profit Margin

0,01

Interest Cover

1,14

COLLECTION-PAYMENT

 

Average Collection Period (days)

63,90

Average Payable Period (days)

57,16

WORKING CAPITAL

3102173,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.68

UK Pound

1

Rs.78.17

Euro

1

Rs.65.52

 

 

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.