MIRA INFORM REPORT

 

 

Report Date :           

30.01.2012

 

IDENTIFICATION DETAILS

 

Name :

ARCELIK A.S.

 

 

Registered Office :

Sutluce Karaagac Cad No: 2-6 34445 Beyoglu Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

30.09.2011

 

 

Date of Incorporation :

21.01.1955

 

 

Com. Reg. No.:

54957

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of electrical goods

 

 

No. of Employees :

18.693

 

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 :

1.086.000.000 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

:

ARCELIK A.S.

HEAD OFFICE ADDRESS

:

Sutluce Karaagac Cad No: 2-6 34445 Beyoglu Istanbul / Turkey

PHONE NUMBER

:

90-212-314 34 34 (Head Office)

90-212-585 85 85 (Factory)

90-212-872 20 00

 

FAX NUMBER

:

90-212-314 34 90 (Head Office)

90-212-585 85 80 (Factory)

 

WEB-ADDRESS

:

www.arcelik.com.tr

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Buyuk Mukellefler

TAX NO

:

0730018000

REGISTRATION NUMBER

:

54957

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

21.01.1955

ESTABLISHMENT GAZETTE DATE/NO

:

01.02.1955/

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

 

AUTHORIZED CAPITAL

:

TL   1.500.000.000

PAID-IN CAPITAL

:

TL   675.728.205

HISTORY

:

Previous Address

:

Ankara Asfalti Tuzla- Istanbul

Changed On

:

13.04.2006 (Commercial Gazette Date /Number 19.04.2006/ 6538)

Merger

:

According to the decision taken at the General Assembly Meeting dated 29.06.2009, the subject has decided to take over and merge with “GRUNDIG ELEKTRONIK A.S.”.

Changed On

:

30.06.2009 (Commercial Gazette Date /Number 03.07.2009/ 7346)

Other Changes

:

The paid-in capital was increased from TL 399.960.000 to TL 659.934.000

Changed On

:

18.06.2009 (Commercial Gazette Date /Number 24.06.2009/ 7339)

Other Changes

:

The paid-in capital was increased from TL 659.934.000 to TL 675.728.205

Changed On

:

30.06.2009 (Commercial Gazette Date /Number 03.07.2009/ 7346)

 

 

OWNERSHIP / MANAGEMENT

 

NOTES ON OWNERSHIP / MANAGEMENT

 

:

Quoted at Stock Exchange.

SHAREHOLDERS

:

Koc Holding A.S.

40,51 %

Teknosan Buro Makine ve Levazimi Tic. ve San. A.S.

12,05 %

Burla Ticaret ve Yatirim AS

5,56 %

Koc Holding Emekli ve Yardim Sandigi Vakfi

5,14 %

Temel Ticaret ve Yatirim A.S.

2,75 %

Vehbi Koc Vakfi

0,13 %

Others

33,86 %

 

 

GROUP

:

KOC GROUP OF COMPANIES

 

GROUP PARENT COMPANY

:

KOC HOLDING A.S.

 

SISTER COMPANIES

:

AES ENTEK ELEKTRIK URETIMI A.S.

AKPA DAYANIKLI TUKETIM LPG VE AKARYAKIT URUNLERI PAZARLAMA A.S.

ARCELIK-LG KLIMA SANAYI VE TICARET A.S.

ARK INSAAT SANAYI VE TICARET A.S.

AYGAZ A.S.

AYGAZ DOGAL GAZ ILETIM A.S.

AYGAZ DOGAL GAZ TOPTAN SATIS A.S.

BEKO CESKO S.R.O.

BEKO DEUTSCHLAND GMBH

BEKO ELECTRICAL APPLIANCES CO. LTD.

BEKO ELEKTRONICS ESPANA S.L.

BEKO FRANCE S.A

BEKO ITALY S.R.L.

BEKO LLC

BEKO PLC

BEKO S.A.

BEKO SHANGHAI TRADING CO.

BEKO SLOVAKIA S.R.O

BILKOM BILISIM HIZMETLERI A.S.

CENGELHAN OTELCILIK TURIZM ORGANIZASYON INSAAT VE RESTORASYON A.S.

DEMIR EXPORT A.S.

DITAS DENIZ ISLETMECILIGI VE TANKERCILIGI A.S.

DUZEY TUKETIM MALLARI SANAYI PAZARLAMA VE TICARET A.S.

ELEKTRA BREGENZ AG

ENERJI YATIRIMLARI A.S.

ENTERNASYONAL TURIZM YATIRIM A.S.

FORD OTOMOTIV SANAYI A.S.

GRUNDIG MULTIMEDIA B.V.

HARRANOVA BESI VE TARIM URUNLERI A.S.

INVENTRAM FIKRI MULKIYET HAKLARI YONETIM TICARET VE YATIRIM A.S.

KATRON SAVUNMA UZAY VE SIMULASYON TEKNOLOJILERI A.S.

KOC BILGI VE SAVUNMA TEKNOLOJILERI A.S.

KOC FIAT KREDI TUKETICI FINANSMANI A.S.

KOC FINANSAL HIZMETLER A.S.

KOC HOLDING A.S.

KOC HOLDING EMEKLI VE YARDIM SANDIGI VAKFI

KOC SISTEM BILGI VE ILETISIM HIZMETLERI A.S.

KOC TUKETICI FINANSMANI A.S.

KOC YAPI MALZEMELERI TICARET A.S.

KOCNET HABERLESME TEKNOLOJILERI VE ILETISIM HIZMETLERI A.S.

KOCTAS YAPI MARKETLERI TICARET A.S.

MOGAZ PETROL GAZLARI A.S.

OPET FUCHS MADENI YAG SANAYI VE TICARET A.S.

OPET INTERNATIONAL LONDON LTD

OPET PETROLCULUK A.S.

OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.

OTOKOC OTOMOTIV TICARET VE SANAYI A.S.

OTOKOC SIGORTA ARACILIK HIZMETLERI A.S.

PALMIRA TURIZM TICARET A.S

PROMENA ELEKTRONIK TICARET A.S.

RAM DIS TICARET A.S.

RMK MARINE GEMI YAPIM SANAYII VE DENIZ TASIMACILIGI ISLETMESI A.S.

SC ARTIC S.A

SETAIR HAVA TASIMACILIGI VE HIZMETLERI A.S.

SETUR SERVIS TURISTIK A.S.

TANI PAZARLAMA VE ILETISIM HIZMETLERI A.S.

TAT KONSERVE SANAYI A.S.

TAT TOHUMCULUK A.S.

TEMEL TICARET VE YATIRIM A.S.

TOFAS TURK OTOMOBIL FABRIKASI A.S.

TURK TRAKTOR VE ZIRAAT MAKINELERI A.S.

TURKIYE PETROL RAFINERILERI A.S. (TUPRAS)

VEHBI KOC VAKFI

YAPI KREDI B TIPI YATIRIM ORTAKLIGI A.S.

YAPI KREDI BANK AZERBAYCAN

YAPI KREDI BANK MOSKOW

YAPI KREDI BANK NEDERLAND N.V.

YAPI KREDI EMEKLILIK A.S.

YAPI KREDI FAKTORING A.S.

YAPI KREDI FINANSAL KIRALAMA ANONIM ORTAKLIGI

YAPI KREDI KULTUR SANAT YAYINCILIK TICARET VE SANAYI A.S.

YAPI KREDI PORTFOY YONETIMI A.S.

YAPI KREDI SIGORTA A.S.

YAPI KREDI YATIRIM MENKUL DEGERLER A.S.

YAPI KREDI-KORAY GAYRIMENKUL YATIRIM ORTAKLIGI A.S.

YAPI VE KREDI BANKASI A.S.

ZER MERKEZI HIZMETLER VE TICARET A.S.

 

BOARD OF DIRECTORS

:

Rahmi Mustafa Koc

Chairman

Mustafa Vehbi Koc

Vice-Chairman

Temel Kamil Atay

Member

Semahat Sevim Arsel

Member

Osman Turgay Durak

Member

Yildirim Ali Koc

Member

Robert Sonman

Member

Levent Cakiroglu

Member

Aka Gunduz Ozdemir

Member

Dr. Bulent Bulgurlu

Member

Mehmet Omer Koc

Member

 

 

DIRECTORS

:

Levent Cakiroglu

General Manager

Tulin Karabuk

Deputy General Manager

Hakan Hamdi Bulgurlu

Deputy General Manager

Cemal Seref Oguzhan Ozturk

Deputy General Manager

Dr. Fatih Kemal Ebiclioglu

Deputy General Manager

Ismail Hakki Sagir

Deputy General Manager

Sirzat Subasi

Deputy General Manager

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of electrical goods.  

 

NACE CODE

:

DK.29.71

 

TRADEMARKS OWNED

:

Arcelik

Beko

 

NUMBER OF EMPLOYEES

:

18.693

 

NET SALES

:

49.472 TL Thousand

(1995) 

87.449 TL Thousand

(1996) 

165.286 TL Thousand

(1997) 

274.201 TL Thousand

(1998) 

569.304 TL Thousand

(1999) 

864.877 TL Thousand

(2000) 

1.207.816 TL Thousand

(2001) 

3.048.544 TL Thousand

(2002) 

3.340.969 TL Thousand

(2003) 

4.906.835 TL Thousand

(2004) 

5.102.907 TL Thousand

(2005) 

6.958.683 TL Thousand

(2006) 

6.622.544 TL Thousand

(2007) 

6.775.538 TL Thousand

(2008) 

6.591.895 TL Thousand

(2009) 

6.936.420 TL Thousand

(2010) 

6.043.017 TL Thousand

(01.01-30.09.2011) 

 

 

 

CAPACITY

:

COOKERS

 ( units/yr)

DISHWASHER

 ( units/yr)

DRYER 

( units/yr)

 

2.500.000

1.600.000

400.000

(2008)

2.500.000

1.600.000

550.000

(2009)

2.500.000

1.600.000

550.000

(2010)

 

 

 

 

LCD  ( units/yr)

REFRIGERATOR  ( units/yr)

WASHING MACHINE

 ( units/yr)

 

2.500.000

4.700.000

3.900.000

(2008)

2.600.000

5.000.000

3.800.000

(2009)

3.000.000

5.300.000

3.400.000

(2010)

 

 

 

 

PRODUCTION

:

LCD  ( units )

WHITE GOODS  ( units )

 

 

1.458.000

9.712.000

 

(2008)

350.000

9.454.000

 

(2009)

1.840.000

10.351.000

 

(2010)

1.281.000

9.293.000

 

(01.01-30.09.2011)

 

 

 

 

IMPORT VALUE

:

318.403.205 USD

(1997)

273.319.410 USD

(1998)

245.395.973 USD

(1999)

270.143.783 USD

(2000)

173.742.021 USD

(2001)

204.801.196 USD

(2002)

291.064.502 EUR

(2003)

435.458.179 EUR

(2004)

481.102.353 EUR

(2005)

534.677.303 EUR

(2006)

589.563.666 EUR

(2007)

1.785.875.000 TL

(2008)

1.519.125 TL Thousand

(2009)

1.765.745 TL Thousand

(2010)

1.606.720 TL Thousand

(01.01-30.09.2011)

 

IMPORT COUNTRIES

:

Germany

France

Italy

U.K.

Netherlands

Far East Countries

 

MERCHANDISE IMPORTED

:

Intermediary goods

Investment goods

Spare parts

 

EXPORT VALUE

:

18.502.000 TL

(1997)

43.348.000 TL

(1998)

104.189.000 TL

(1999)

203.000.000 USD

(2000)

250.950.000 USD

(2001)

409.759.000 EUR

(2002)

543.345.000 EUR

(2003)

669.977.002 EUR

(2004)

2.188.853.000 TL

(2005)

3.671.139.000 TL

(2006)

3.793.178.000 TL

(2007)

2.700.933.000 TL

(2008)

2.574.213 TL Thousand

(2009)

2.712.265 TL Thousand

(2010)

2.263.418 TL Thousand

(01.01-30.09.2011)

 

 

EXPORT COUNTRIES

:

Germany

France

Italy

U.K.

Netherlands

Northern Cyprus Turkish Republic

Russia

Slovakia

U.A.E.

Portugal

China

Egypt

Spain

Greece

Finland

Switzerland

Denmark

Australia

 

MERCHANDISE  EXPORTED

:

Air conditioner

Cooker

Dishwasher

Hood

Mini/midi oven

Refrigerator

Vacuum cleaner

Washing machine

 

HEAD OFFICE ADDRESS

:

Sutluce Karaagac Cad No: 2-6 34445 Beyoglu  Istanbul / Turkey 

 

BRANCHES

:

Factory  :  Organize Sanayi Bolgesi Altinordu Cad. No:5 Ankara/Turkey  (109.000 sqm)

 

Factory  :  Cumhuriyet Mah. E-5 Yanyol No: 1 Beylikduzu Buyukcekmece Istanbul/Turkey

 

Factory  :  Ankara Asfalti Yani 34950 Tuzla Istanbul/Turkey

 

Factory  :  Cerkezkoy Organize Sanayi Bolgesi Ataturk Cad. Cerkezkoy Tekirdag/Turkey

 

Factory  :  Cerkezkoy Tekirdag/Turkey (75.000 sqm)

 

Factory  :  Organize Sanayi Bolgesi 1. Cad. 26110 Eskisehir/Turkey

 

Factory  :  Kirzhach /Russia (57.000 sqm)

 

Factory  :  Changzhou /China  (20.000 sqm)

 

Factory  :   Eskisehir/Turkey

 

Factory  :  Yukari Soku Koyu Deliktas Mevkii 14300 Bolu/Turkey (86.000 sqm)

 

INVESTMENTS

:

Investments are going on.

 

 

 

TREND OF BUSINESS

:

There was a slowdown at business volume in real terms in 2010. There appears an upwards trend in 1.1 - 30.9.2011.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

MAIN DEALING BANKS

:

Turkiye Is Bankasi Beyoglu Branch

Yapi ve Kredi Bankasi Gebze 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 Thousand

(2009) TL Thousand

(2010) TL Thousand

(01.01-30.09.2011) TL Thousand

 

Net Sales

6.775.538

6.591.895

6.936.420

6.043.017

 

Profit (Loss) Before Tax

62.359

558.827

624.484

496.120

 

Stockholders' Equity

2.001.329

2.743.503

3.407.734

3.621.629

 

Total Assets

6.929.229

6.426.658

7.321.759

8.379.588

 

Current Assets

4.493.655

4.157.955

4.748.439

5.723.551

 

Non-Current Assets

2.435.574

2.268.703

2.573.320

2.656.037

 

Current Liabilities

3.061.056

3.179.663

2.341.989

3.232.303

 

Long-Term Liabilities

1.866.844

503.492

1.572.036

1.525.656

 

Gross Profit (loss)

1.870.246

2.174.003

2.067.947

1.870.933

 

Operating Profit (loss)

439.551

748.846

637.650

523.630

 

Net Profit (loss)

39.794

485.410

517.093

414.407

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Satisfactory As of 30.09.2011

Liquidity

High As of 30.09.2011

Remarks On Liquidity

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

Profitability

Good Operating Profitability  in 2008

Low Net Profitability  in 2008

High Operating Profitability  in 2009

High Net Profitability  in 2009

Good Operating Profitability  in 2010

High Net Profitability  in 2010

Good Operating Profitability (01.01-30.09.2011)

High Net Profitability (01.01-30.09.2011)

 

Gap between average collection and payable periods

Unfavorable in 01.01-30.09.2011

General Financial Position

In Order

 

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 1.086.000.000 USD may be granted to the subject company.

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 1998 )

54,30 %

0,2657

0,2967

0,4410

 ( 1999 )

62,90 %

0,4278

0,4518

0,6843

 ( 2000 )

32,70 %

0,6251

0,5774

0,9480

 ( 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

 ( 01.01-30.09.2011)

9,72 %

1,6335

2,3016

2,6294

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 

 

NOTES ON FINANCIAL STATEMENTS

:

Financial statements are consolidated.

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  TL Thousand

 

 ( 31.12.2009 )  TL Thousand

 

 ( 31.12.2010 )  TL Thousand

 

 ( 30.09.2011 )  TL Thousand

 

CURRENT ASSETS

4.493.655

0,65

4.157.955

0,65

4.748.439

0,65

5.723.551

0,68

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

415.586

0,06

904.734

0,14

1.317.166

0,18

1.051.821

0,13

Marketable Securities

26.039

0,00

4.444

0,00

1.185

0,00

1.211

0,00

Account Receivable

2.644.927

0,38

2.233.011

0,35

2.324.578

0,32

3.206.128

0,38

Other Receivable

0

0,00

0

0,00

0

0,00

0

0,00

Inventories

1.303.931

0,19

906.786

0,14

987.526

0,13

1.370.504

0,16

Advances Given

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

103.172

0,01

108.980

0,02

117.984

0,02

93.887

0,01

NON-CURRENT ASSETS

2.435.574

0,35

2.268.703

0,35

2.573.320

0,35

2.656.037

0,32

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

9.060

0,00

4.254

0,00

12.461

0,00

21.324

0,00

Financial Assets

667.045

0,10

524.983

0,08

795.283

0,11

763.829

0,09

Tangible Fixed Assets (net)

1.281.121

0,18

1.250.453

0,19

1.257.725

0,17

1.295.272

0,15

Intangible Assets

412.470

0,06

447.504

0,07

468.607

0,06

529.259

0,06

Deferred Tax Assets

0

0,00

41.509

0,01

39.244

0,01

46.353

0,01

Other Non-Current Assets

65.878

0,01

0

0,00

0

0,00

0

0,00

TOTAL ASSETS

6.929.229

1,00

6.426.658

1,00

7.321.759

1,00

8.379.588

1,00

CURRENT LIABILITIES

3.061.056

0,44

3.179.663

0,49

2.341.989

0,32

3.232.303

0,39

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

1.920.038

0,28

1.924.425

0,30

839.459

0,11

1.383.037

0,17

Accounts Payable

705.327

0,10

762.402

0,12

968.962

0,13

1.142.539

0,14

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

Other Short-term Payable

83.835

0,01

104.533

0,02

129.530

0,02

128.053

0,02

Advances from Customers

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

0

0,00

0

0,00

0

0,00

22.565

0,00

Provisions

198.294

0,03

219.015

0,03

224.130

0,03

253.599

0,03

Other Current Liabilities

153.562

0,02

169.288

0,03

179.908

0,02

302.510

0,04

LONG-TERM LIABILITIES

1.866.844

0,27

503.492

0,08

1.572.036

0,21

1.525.656

0,18

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

1.576.603

0,23

188.314

0,03

1.218.072

0,17

1.132.033

0,14

Securities Issued

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Payable

72.955

0,01

67.380

0,01

63.681

0,01

70.806

0,01

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

Other Long-term Liabilities

103.872

0,01

101.702

0,02

132.447

0,02

144.533

0,02

Provisions

113.414

0,02

146.096

0,02

157.836

0,02

178.284

0,02

STOCKHOLDERS' EQUITY

2.001.329

0,29

2.743.503

0,43

3.407.734

0,47

3.621.629

0,43

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

399.960

0,06

675.728

0,11

675.728

0,09

675.728

0,08

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

468.811

0,06

Equity of Consolidated Firms

63.265

0,01

43.382

0,01

66.182

0,01

94.627

0,01

Reserves

741.501

0,11

771.218

0,12

1.152.555

0,16

1.516.810

0,18

Revaluation Fund

756.809

0,11

767.765

0,12

996.176

0,14

451.246

0,05

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

39.794

0,01

485.410

0,08

517.093

0,07

414.407

0,05

TOTAL LIABILITIES AND EQUITY

6.929.229

1,00

6.426.658

1,00

7.321.759

1,00

8.379.588

1,00

 

REMARKS ON FINANCIAL STATEMENT

:

The financial statements of “Arcelik A.S.” have been prepared by the consolidation of the financial statements of its participations.

 

 

INCOME STATEMENTS

 

 

(2008) TL Thousand

 

(2009) TL Thousand

 

(2010) TL Thousand

 

(01.01-30.09.2011) TL Thousand

 

Net Sales

6.775.538

1,00

6.591.895

1,00

6.936.420

1,00

6.043.017

1,00

Cost of Goods Sold

4.905.292

0,72

4.417.892

0,67

4.868.473

0,70

4.172.084

0,69

Gross Profit

1.870.246

0,28

2.174.003

0,33

2.067.947

0,30

1.870.933

0,31

Operating Expenses

1.430.695

0,21

1.425.157

0,22

1.430.297

0,21

1.347.303

0,22

Operating Profit

439.551

0,06

748.846

0,11

637.650

0,09

523.630

0,09

Other Income

12.473

0,00

5.567

0,00

11.907

0,00

381.741

0,06

Other Expenses

0

0,00

0

0,00

0

0,00

0

0,00

Financial Expenses

422.903

0,06

177.970

0,03

-7.081

0,00

385.329

0,06

Minority Interests

0

0,00

0

0,00

0

0,00

-23.922

0,00

Profit (loss) of consolidated firms

33.238

0,00

-17.616

0,00

-32.154

0,00

0

0,00

Profit (loss) Before Tax

62.359

0,01

558.827

0,08

624.484

0,09

496.120

0,08

Tax Payable

22.565

0,00

73.417

0,01

107.391

0,02

79.813

0,01

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

-1.900

0,00

Net Profit (loss)

39.794

0,01

485.410

0,07

517.093

0,07

414.407

0,07

 

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

(01.01-30.09.2011)

LIQUIDITY RATIOS

 

 

 

 

Current Ratio

1,47

1,31

2,03

1,77

Acid-Test Ratio

1,01

0,99

1,56

1,32

Cash Ratio

0,14

0,29

0,56

0,33

ASSET STRUCTURE RATIOS

 

 

 

 

Inventory/Total Assets

0,19

0,14

0,13

0,16

Short-term Receivable/Total Assets

0,38

0,35

0,32

0,38

Tangible Assets/Total Assets

0,18

0,19

0,17

0,15

TURNOVER RATIOS

 

 

 

 

Inventory Turnover

3,76

4,87

4,93

3,04

Stockholders' Equity Turnover

3,39

2,40

2,04

1,67

Asset Turnover

0,98

1,03

0,95

0,72

FINANCIAL STRUCTURE

 

 

 

 

Stockholders' Equity/Total Assets

0,29

0,43

0,47

0,43

Current Liabilities/Total Assets

0,44

0,49

0,32

0,39

Financial Leverage

0,71

0,57

0,53

0,57

Gearing Percentage

2,46

1,34

1,15

1,31

PROFITABILITY RATIOS

 

 

 

 

Net Profit/Stockholders' Eq.

0,02

0,18

0,15

0,11

Operating Profit Margin

0,06

0,11

0,09

0,09

Net Profit Margin

0,01

0,07

0,07

0,07

Interest Cover

1,15

4,14

-87,19

2,29

COLLECTION-PAYMENT

 

 

 

 

Average Collection Period (days)

141,01

122,18

121,29

192,27

Average Payable Period (days)

57,12

67,62

76,36

104,70

WORKING CAPITAL

1432599,00

978292,00

2406450,00

2491248,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.65

UK Pound

1

Rs.77.80

Euro

1

Rs.65.05

 

 

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.