MIRA INFORM REPORT

 

 

Report Date :

23.06.2012

 

IDENTIFICATION DETAILS

 

Name :

SIEMENS SANAYI VE TICARET A.S.

 

 

Formerly Known As :

SIMKO TICARET VE SANAYI A.S.

 

 

Registered Office :

Esentepe Mah. Yakacik Cad. No:111 34870 Kartal Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

30.09.2011

 

 

Date of Incorporation :

04.12.1958

 

 

Com. Reg. No.:

71054

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Production and trade of energy, projecting and installation power plants, manufacture and trade of electrical&electronical devices; providing information and telecommunication data network service, system automating, medical techniques… etc. 

 

 

No. of Employees :

Not Available

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

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 – 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

:

SIEMENS SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Esentepe Mah. Yakacik Cad. No:111 34870 Kartal Istanbul / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The street name was changed from "Yakacik Yolu" to "Yakacik Cad." by the municipality.

PHONE NUMBER

:

90-216-459 20 00

 

FAX NUMBER

:

90-216-459 20 11

 

WEB-ADDRESS

:

www.siemens.com

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Buyuk Mukellefler

TAX NO

:

7700037454

REGISTRATION NUMBER

:

71054

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

04.12.1958

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   80.775.184,88

PAID-IN CAPITAL

:

TL   80.775.184,88

 

HISTORY

:

Previous Name

:

Simko Ticaret ve Sanayi A.S.

Changed On

:

26.12.2000 (Commercial Gazette Date /Number 09.01.2001/ 5210)

Previous Registered Capital

:

TL 57.262.453

Changed On

:

31.08.2006 (Commercial Gazette Date /Number 05.09.2006/ 6635)

Previous Registered Capital

:

TL 70.567.686,52

Changed On

:

04.01.2007 (Commercial Gazette Date /Number 12.01.2007/ 6722)

Merger

:

The subject took over and merged with Siemens Cerberus Guvenlik Sistemleri A.S.

Changed On

:

10.11.2003 (Commercial Gazette Date /Number 20.11.2003/ 5932)

Merger

:

The subject took over and merged with Siemens Business Services Sistem Hiz. A.S.

Changed On

:

31.08.2006 (Commercial Gazette Date /Number 05.09.2006/ 6635)

Merger

:

The subject took over and merged with Flender Guc Aktarma Sist. San Tic A.S.

Changed On

:

04.01.2007 (Commercial Gazette Date /Number 12.01.2007/ 6722)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Siemens A.G.

99,79 %

Thomas Kolbinger

 

Mehmet Celal Savas

 

Nusret Arsel

 

Huseyin Gelis

 

 

 

BOARD OF DIRECTORS

:

Brigitte Ederer

Chairman

Huseyin Gelis

Vice-Chairman

Reinhard Anton Pinzer

Member

Wolfgang Hesoun

Member

Mustafa Vehbi Koc

Member

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Production and trade of energy, projecting and installation power plants, manufacture and trade of electrical&electronical devices; providing information and telecommunication data network service, system automating, medical techniques… etc. 

 

NACE CODE

:

DL.31.00

 

 

NET SALES

:

1.037.439.597 TL

(01.10.2005-30.09.2006) 

1.248.516.217 TL

(01.10.2006-30.09.2007) 

1.385.889.635 TL

(01.10.2007-30.09.2008) 

1.337.846.293 TL

(01.10.2008-30.09.2009) 

1.453.632.337 TL

(01.10.2009-30.09.2010) 

2.136.513.297 TL

(01.10.2010-30.09.2011) 

 

 

REMARKS ON NET SALES

:

The financial period of the firm is from the 1st of October to the 30th of September.

 

IMPORT VALUE

:

454.934.820 TL

(2007)

384.300.000 USD

(2008)

 

 

IMPORT COUNTRIES

:

Germany

 

MERCHANDISE IMPORTED

:

Electrical materials

Raw materials

 

EXPORT VALUE

:

279.384.552 TL

(01.10.2007-30.09.2008)

407.892.353 TL

(01.01.2008-30.09.2009)

 

 

EXPORT COUNTRIES

:

Russia

Iraq

Germany

 

MERCHANDISE  EXPORTED

:

Halides

Oxides

Petroleum oils

 

HEAD OFFICE ADDRESS

:

Esentepe Mah. Yakacik Cad. No:111 34870 Kartal  Istanbul / Turkey  (owned)

 

 

BRANCHES

:

Factory  :  Gebze Organize Sanayi Bolgesi 1000. Cad. 1004. Sok. 41480 Gebze Kocaeli/Turkey

 

Liaison Office  :  Ataturk Bulvari 169/6 06680 Kavaklidere Ankara/Turkey

 

Head Office/Factory  :  Esentepe Mah. Yakacik Yolu No:111 34870 Kartal Istanbul/Turkey (owned)

 

Branch Office  :  O.D.T.U. Teknokent Ankara/Turkey

 

Branch Office  :  Antalya Serbest Bolge (Free Zone) Antalya/Turkey

 

INVESTMENTS

:

The company is investing in a new factory in Gebze.

 

 

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

MAIN DEALING BANKS

:

Garanti Bankasi Kozyatagi Kurumsal Branch

T.Is Bankasi Kozyatagi Kurumsal Branch

Yapi ve Kredi Bankasi Anadolu Yakasi Branch

 

CREDIT FACILITIES

:

The subject rarely makes use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(01.10.2007-30.09.2008) TL

(01.10.2008-30.09.2009) TL

(01.10.2009-30.09.2010) TL

(01.10.2010-30.09.2011) TL

 

Net Sales

1.385.889.635

1.337.846.293

1.453.632.337

2.136.513.297

 

Profit (Loss) Before Tax

157.662.348

140.357.990

189.968.051

322.806.939

 

Stockholders' Equity

357.397.357

352.513.591

404.453.422

648.851.300

 

Total Assets

846.092.492

989.353.230

1.007.008.833

1.278.778.877

 

Current Assets

697.589.756

813.266.293

820.185.925

1.078.388.810

 

Non-Current Assets

148.502.736

176.086.937

186.822.908

200.390.067

 

Current Liabilities

455.696.875

602.877.281

565.522.146

590.087.671

 

Long-Term Liabilities

32.998.260

33.962.358

37.033.265

39.839.906

 

Gross Profit (loss)

285.916.329

303.529.676

268.376.680

523.913.562

 

Operating Profit (loss)

156.974.368

201.050.416

167.600.508

406.204.263

 

Net Profit (loss)

122.639.861

108.263.107

150.727.997

244.397.878

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Good 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

High Operating Profitability (01.10.2010-30.09.2011)

High Net Profitability (01.10.2010-30.09.2011)

 

Gap between average collection and payable periods

Unfavorable in 01.01-30.09.2011

General Financial Position

Good

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 01.01-30.09.2008)

11,48 %

1,2146

1,8490

2,3755

 ( 2008 )

8,11 %

1,2858

1,8876

2,3708

 ( 01.01-30.09.2009)

3,60 %

1,5624

2,1386

2,3953

 ( 2009 )

5,93 %

1,5460

2,1529

2,4094

 ( 01.01-30.09.2010)

6,52 %

1,5178

2,0112

2,3426

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 ( 01.01-30.09.2011)

9,72 %

1,6335

2,3016

2,6294

 ( 01.01-31.05.2012)

1,27 %

1,8008

2,3565

2,8479

 

 

BALANCE SHEETS

 

 

 ( 30.09.2008 )  TL

 

 ( 30.09.2009 )  TL

 

CURRENT ASSETS

697.589.756

0,82

813.266.293

0,82

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

56.839.748

0,07

88.328.401

0,09

Marketable Securities

0

0,00

0

0,00

Account Receivable

281.465.500

0,33

316.114.332

0,32

Other Receivable

6.446.698

0,01

3.935.951

0,00

Inventories

131.383.444

0,16

94.925.828

0,10

Advances Given

6.849.676

0,01

1.882.155

0,00

Accumulated Construction Expense

172.100.974

0,20

278.630.125

0,28

Other Current Assets

42.503.716

0,05

29.449.501

0,03

NON-CURRENT ASSETS

148.502.736

0,18

176.086.937

0,18

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

Financial Assets

26.934

0,00

26.934

0,00

Tangible Fixed Assets (net)

145.811.741

0,17

173.492.946

0,18

Intangible Assets

2.614.482

0,00

2.567.057

0,00

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

49.579

0,00

0

0,00

TOTAL ASSETS

846.092.492

1,00

989.353.230

1,00

CURRENT LIABILITIES

455.696.875

0,54

602.877.281

0,61

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

0

0,00

421.929

0,00

Accounts Payable

167.153.534

0,20

146.696.068

0,15

Loans from Shareholders

0

0,00

0

0,00

Other Short-term Payable

2.164.303

0,00

5.719.376

0,01

Advances from Customers

53.492.373

0,06

54.426.679

0,06

Accumulated Construction Income

125.821.299

0,15

273.061.462

0,28

Taxes Payable

16.374.134

0,02

10.891.138

0,01

Provisions

85.060.213

0,10

107.435.513

0,11

Other Current Liabilities

5.631.019

0,01

4.225.116

0,00

LONG-TERM LIABILITIES

32.998.260

0,04

33.962.358

0,03

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

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

0

0,00

0

0,00

Provisions

32.998.260

0,04

33.962.358

0,03

STOCKHOLDERS' EQUITY

357.397.357

0,42

352.513.591

0,36

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

80.775.184

0,10

80.775.184

0,08

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

420.395

0,00

420.395

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

159.806.575

0,19

169.299.563

0,17

Revaluation Fund

-6.244.658

-0,01

-6.244.658

-0,01

Accumulated Losses(-)

0

0,00

0

0,00

Net Profit (loss)

122.639.861

0,14

108.263.107

0,11

TOTAL LIABILITIES AND EQUITY

846.092.492

1,00

989.353.230

1,00

 

 

 

 ( 30.09.2010 )  TL

 

 ( 30.09.2011 )  TL

 

CURRENT ASSETS

820.185.925

0,81

1.078.388.810

0,84

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

116.581.088

0,12

207.513.467

0,16

Marketable Securities

0

0,00

0

0,00

Account Receivable

280.327.538

0,28

386.554.606

0,30

Other Receivable

4.159.200

0,00

7.290.232

0,01

Inventories

105.338.925

0,10

193.721.585

0,15

Advances Given

0

0,00

0

0,00

Accumulated Construction Expense

259.800.740

0,26

221.963.865

0,17

Other Current Assets

53.978.434

0,05

61.345.055

0,05

NON-CURRENT ASSETS

186.822.908

0,19

200.390.067

0,16

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

Financial Assets

0

0,00

0

0,00

Tangible Fixed Assets (net)

178.997.456

0,18

191.589.813

0,15

Intangible Assets

7.825.452

0,01

8.770.909

0,01

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

29.345

0,00

TOTAL ASSETS

1.007.008.833

1,00

1.278.778.877

1,00

CURRENT LIABILITIES

565.522.146

0,56

590.087.671

0,46

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

6.654

0,00

0

0,00

Accounts Payable

104.739.881

0,10

152.323.203

0,12

Loans from Shareholders

0

0,00

0

0,00

Other Short-term Payable

3.506.314

0,00

2.269.656

0,00

Advances from Customers

83.592.825

0,08

57.780.970

0,05

Accumulated Construction Income

245.798.650

0,24

159.843.913

0,12

Taxes Payable

10.382.073

0,01

17.538.557

0,01

Provisions

113.403.469

0,11

173.392.269

0,14

Other Current Liabilities

4.092.280

0,00

26.939.103

0,02

LONG-TERM LIABILITIES

37.033.265

0,04

39.839.906

0,03

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

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

0

0,00

0

0,00

Provisions

37.033.265

0,04

39.839.906

0,03

STOCKHOLDERS' EQUITY

404.453.422

0,40

648.851.300

0,51

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

80.775.184

0,08

80.775.184

0,06

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

420.395

0,00

420.395

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

178.774.504

0,18

329.502.501

0,26

Revaluation Fund

-6.244.658

-0,01

-6.244.658

0,00

Accumulated Losses(-)

0

0,00

0

0,00

Net Profit (loss)

150.727.997

0,15

244.397.878

0,19

TOTAL LIABILITIES AND EQUITY

1.007.008.833

1,00

1.278.778.877

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 30.09.2011, "Cheques Received" and "Outstanding Cheques" figures  will be given under "Account Receivable" figure and "Account Payable" figure respectively.

 

 

INCOME STATEMENTS

 

 

(01.10.2007-30.09.2008) TL

 

(01.10.2008-30.09.2009) TL

 

Net Sales

1.385.889.635

1,00

1.337.846.293

1,00

Cost of Goods Sold

1.099.973.306

0,79

1.034.316.617

0,77

Gross Profit

285.916.329

0,21

303.529.676

0,23

Operating Expenses

128.941.961

0,09

102.479.260

0,08

Operating Profit

156.974.368

0,11

201.050.416

0,15

Other Income

50.420.550

0,04

30.985.392

0,02

Other Expenses

36.257.648

0,03

33.546.823

0,03

Financial Expenses

13.474.922

0,01

58.130.995

0,04

Minority Interests

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

Profit (loss) Before Tax

157.662.348

0,11

140.357.990

0,10

Tax Payable

35.022.487

0,03

32.094.883

0,02

Postponed Tax Gain

0

0,00

0

0,00

Net Profit (loss)

122.639.861

0,09

108.263.107

0,08

 

 

 

(01.10.2009-30.09.2010) TL

 

(01.10.2010-30.09.2011) TL

 

Net Sales

1.453.632.337

1,00

2.136.513.297

1,00

Cost of Goods Sold

1.185.255.657

0,82

1.612.599.735

0,75

Gross Profit

268.376.680

0,18

523.913.562

0,25

Operating Expenses

100.776.172

0,07

117.709.299

0,06

Operating Profit

167.600.508

0,12

406.204.263

0,19

Other Income

37.822.601

0,03

39.772.582

0,02

Other Expenses

10.430.390

0,01

123.060.353

0,06

Financial Expenses

5.024.668

0,00

109.553

0,00

Minority Interests

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

Profit (loss) Before Tax

189.968.051

0,13

322.806.939

0,15

Tax Payable

39.240.054

0,03

78.409.061

0,04

Postponed Tax Gain

0

0,00

0

0,00

Net Profit (loss)

150.727.997

0,10

244.397.878

0,11

 

 

FINANCIAL RATIOS

 

 

(01.10.2007-30.09.2008)

(01.10.2008-30.09.2009)

(01.10.2009-30.09.2010)

(01.10.2010-30.09.2011)

LIQUIDITY RATIOS

 

Current Ratio

1,53

1,35

1,45

1,83

Acid-Test Ratio

0,76

0,68

0,71

1,02

Cash Ratio

0,12

0,15

0,21

0,35

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,16

0,10

0,10

0,15

Short-term Receivable/Total Assets

0,34

0,32

0,28

0,31

Tangible Assets/Total Assets

0,17

0,18

0,18

0,15

TURNOVER RATIOS

 

Inventory Turnover

8,37

10,90

11,25

8,32

Stockholders' Equity Turnover

3,88

3,80

3,59

3,29

Asset Turnover

1,64

1,35

1,44

1,67

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,42

0,36

0,40

0,51

Current Liabilities/Total Assets

0,54

0,61

0,56

0,46

Financial Leverage

0,58

0,64

0,60

0,49

Gearing Percentage

1,37

1,81

1,49

0,97

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,34

0,31

0,37

0,38

Operating Profit Margin

0,11

0,15

0,12

0,19

Net Profit Margin

0,09

0,08

0,10

0,11

Interest Cover

12,70

3,41

38,81

2947,58

COLLECTION-PAYMENT

 

Average Collection Period (days)

73,11

85,06

69,42

65,13

Average Payable Period (days)

54,71

51,06

31,81

34,00

WORKING CAPITAL

241892881,00

210389012,00

254663779,00

488301139,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.56.99

UK Pound

1

Rs.88.97

Euro

1

Rs.71.57

 

 

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.