MIRA INFORM REPORT

 

 

Report Date :           

24.03.2012

 

IDENTIFICATION DETAILS

 

Name :

SCHINDLER TURKELI ASANSOR SANAYI A.S.

 

 

Formerly Known As :

Turkeli Ticaret A.S.

 

 

Registered Office :

Buyukdere Cad. Maslak Meydani Maslak Is Merkezi No:37/7  34398 Maslak Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

28.03.1953

 

 

Com. Reg. No.:

48440

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Assembly and trade of elevator, escalator, belt conveyor and also providing technical services

 

 

No. of Employees :

226

 

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 :

1.040.000 EUR

 

 

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 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

:

SCHINDLER TURKELI ASANSOR SANAYI A.S.

HEAD OFFICE ADDRESS

:

Buyukdere Cad. Maslak Meydani Maslak Is Merkezi No:37/7  34398 Maslak Istanbul / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The door number was changed from “41” to “37" by the Municipality.

PHONE NUMBER

:

90-212-276 86 00

 

FAX NUMBER

:

90-212-276 50 24

 

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Bogazici Kurumlar

TAX NO

:

7570019024

REGISTRATION NUMBER

:

48440

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

28.03.1953

ESTABLISHMENT GAZETTE DATE/NO

:

01.04.1953/7808

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   14.458.688,30

PAID-IN CAPITAL

:

TL   14.458.688,30

HISTORY

:

Previous Name

:

Turkeli Ticaret A.S.

Changed On

:

18.06.1993 (Commercial Gazette Date /Number 24.06.1993/ 3305)

Previous Registered Capital

:

TL 3.599.544,98

Changed On

:

25.12.2009 (Commercial Gazette Date /Number 30.12.2009/ 7469)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Schindler Holding AG

99 %

Anita Roos

0,30 %

Rudolf Widmer

0,30 %

Christoph Lindenmeyer

0,30 %

Suleyman Mete Zadil

0,10 %

 

 

REMARKS ON SHAREHOLDERS

 

:

“Schindler Holding AG” is a foreign company located in Switzerland.

BOARD OF DIRECTORS

:

Christoph Lindenmeyer

Chairman

Rudolf Widmer

Vice-Chairman

Suleyman Mete Zadil

Member

 

 

DIRECTORS

:

Suleyman Mete Zadil                                                                                                                                                                                                                                                                                   

General Manager

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Assembly and trade of elevator, escalator, belt conveyor and also providing technical services.  

 

DISTRIBUTOR OF

:

Schindler Holding AG   (Switzerland)

 

TRADEMARKS OWNED

:

Schindler

 

NUMBER OF EMPLOYEES

:

226

 

NET SALES

:

37.491.259 TL

(2006) 

55.037.596 TL

(2007) 

57.205.886 TL

(2008) 

65.081.288 TL

(2009) 

97.263.160 TL

(2010) 

100.925.940 TL

(2011) 

 

 

 

IMPORT VALUE

:

6.734.552 EUR

(2006)

11.811.035 EUR

(2007)

7.353.490 EUR

(2008)

10.347.082 EUR

(2009)

17.804.187 EUR

(2010)

6.507.749 EUR

(2011)

 

 

IMPORT COUNTRIES

:

Spain

Austria

China

 

MERCHANDISE IMPORTED

:

Elevator

Escalator

Spare parts

 

EXPORT VALUE

:

10.577.154 TL

(2006)

15.609.120 TL

(2007)

18.378.966 TL

(2008)

20.368.363 TL

(2009)

34.871.207 TL

(2010)

28.447.672 TL

(2011)

 

 

EXPORT COUNTRIES

:

Kazakhstan

Azerbaijan

Syria

Jordan

Oman

Sudan

Bahrain

Iraq

Free Zone

Nigeria

 

MERCHANDISE  EXPORTED

:

Elevator

 

HEAD OFFICE ADDRESS

:

Buyukdere Cad. Maslak Meydani Maslak Is Merkezi No:37/7  34398 Maslak  Istanbul / Turkey ( rented ) (1.600 sqm)

 

BRANCHES

:

Branch Office  :  Cemalpasa Mah. Ordu Cad. No: 92 Baris Apt. A Blok D:1  Seyhan Adana/Turkey (rented) (100 sqm)

 

Branch Office  :  Sair Esref Bulvari Osman Sahin Is Merkezi No: 4/201 Cankaya Izmir/Turkey (rented) (100 sqm)

 

Branch Office  :  Samur Sitesi Guvenlik Mah. 285. Sok. Ziya Sari Is Merkezi No: 14/3 Antalya/Turkey (rented) (100 sqm)

 

Branch Office  :  Mustafa Kemal Mah. 2120 Cad. No: 5 K. 2 D. 3-4 Cankaya Ankara/Turkey (rented) (500 sqm)

                                                                                

INVESTMENTS

:

None

 

 

 

TREND OF BUSINESS

:

There was a slowdown at business volume in real terms in 2011.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Garanti Bankasi Maslak Bulvar Branch

Turk Ekonomi Bankasi Bogazici 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

:

 

(2007) TL

(2008) TL

(2009) TL

(2010) TL

(2011) TL

Net Sales

55.037.596

57.205.886

65.081.288

97.263.160

100.925.940

Profit (Loss) Before Tax

213.949

1.210.277

3.257.145

3.966.764

-48.483

Stockholders' Equity

3.253.761

4.464.038

7.231.042

9.993.950

 

Total Assets

24.364.334

26.440.377

44.564.136

45.370.999

 

Current Assets

23.420.931

25.097.404

43.505.778

43.321.524

 

Non-Current Assets

943.403

1.342.973

1.058.358

2.049.475

 

Current Liabilities

20.200.975

19.839.122

36.377.359

34.110.398

 

Long-Term Liabilities

909.598

2.137.217

955.735

1.266.651

 

Gross Profit (loss)

8.614.792

14.053.027

14.890.265

16.373.033

19.592.250

Operating Profit (loss)

-780.134

2.891.860

3.435.825

3.389.595

2.744.221

Net Profit (loss)

213.949

1.210.277

2.767.004

2.762.916

-48.483

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Insufficient As of 31.12.2010

Liquidity

Good As of 31.12.2010

Profitability

Operating Loss  in 2007

Low Net Profitability  in 2007

In Order Operating Profitability  in 2008

Fair Net Profitability  in 2008

In Order Operating Profitability  in 2009

Good Net Profitability  in 2009

Fair Operating Profitability  in 2010

In Order Net Profitability  in 2010

Fair Operating Profitability  in 2011

Net Loss  in 2011

 

Gap between average collection and payable periods

In order in 2010

General Financial Position

Passable

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of  1.040.000 EUR  may  be granted to the subject company.

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 01.01-29.02.2012)

0,29 %

1,8055

2,3806

2,8364

 

 

 


  BALANCE SHEETS

 

 

 ( 31.12.2007 )  TL

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

23.420.931

0,96

25.097.404

0,95

43.505.778

0,98

43.321.524

0,95

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

3.951.923

0,16

6.535.748

0,25

14.032.980

0,31

13.515.859

0,30

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

6.299.366

0,26

7.345.388

0,28

15.128.551

0,34

11.636.825

0,26

Other Receivable

334.156

0,01

126.846

0,00

496.272

0,01

155.955

0,00

Inventories

1.944.097

0,08

1.918.730

0,07

1.945.034

0,04

3.185.983

0,07

Advances Given

1.251.147

0,05

2.619.046

0,10

2.765.092

0,06

2.907.857

0,06

Accumulated Construction Expense

8.270.813

0,34

6.138.668

0,23

9.000.180

0,20

10.764.338

0,24

Other Current Assets

1.369.429

0,06

412.978

0,02

137.669

0,00

1.154.707

0,03

NON-CURRENT ASSETS

943.403

0,04

1.342.973

0,05

1.058.358

0,02

2.049.475

0,05

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

36.616

0,00

48.159

0,00

52.329

0,00

68.278

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

607.151

0,02

758.488

0,03

719.784

0,02

1.324.740

0,03

Intangible Assets

43.372

0,00

196.115

0,01

10.246

0,00

187.339

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

256.264

0,01

340.211

0,01

275.999

0,01

469.118

0,01

TOTAL ASSETS

24.364.334

1,00

26.440.377

1,00

44.564.136

1,00

45.370.999

1,00

CURRENT LIABILITIES

20.200.975

0,83

19.839.122

0,75

36.377.359

0,82

34.110.398

0,75

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

128.704

0,01

129.338

0,00

0

0,00

0

0,00

Accounts Payable

6.182.275

0,25

6.279.298

0,24

7.651.384

0,17

9.065.245

0,20

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

Other Short-term Payable

110.052

0,00

133.336

0,01

143.702

0,00

203.689

0,00

Advances from Customers

11.903.448

0,49

11.141.702

0,42

25.304.727

0,57

20.741.326

0,46

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

297.922

0,01

311.424

0,01

439.239

0,01

423.843

0,01

Provisions

0

0,00

0

0,00

490.141

0,01

1.203.848

0,03

Other Current Liabilities

1.578.574

0,06

1.844.024

0,07

2.348.166

0,05

2.472.447

0,05

LONG-TERM LIABILITIES

909.598

0,04

2.137.217

0,08

955.735

0,02

1.266.651

0,03

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

1.070.400

0,04

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

0

0,00

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

909.598

0,04

1.066.817

0,04

955.735

0,02

1.266.651

0,03

STOCKHOLDERS' EQUITY

3.253.761

0,13

4.464.038

0,17

7.231.042

0,16

9.993.950

0,22

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

3.599.544

0,15

3.599.544

0,14

14.458.688

0,32

14.458.688

0,32

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

3.247.031

0,13

3.247.031

0,12

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

389.730

0,02

603.679

0,02

1.813.956

0,04

4.580.952

0,10

Revaluation Fund

7.612.113

0,31

7.612.113

0,29

0

0,00

0

0,00

Accumulated Losses(-)

-11.808.606

-0,48

-11.808.606

-0,45

-11.808.606

-0,26

-11.808.606

-0,26

Net Profit (loss)

213.949

0,01

1.210.277

0,05

2.767.004

0,06

2.762.916

0,06

TOTAL LIABILITIES AND EQUITY

24.364.334

1,00

26.440.377

1,00

44.564.136

1,00

45.370.999

1,00

 

 

INCOME STATEMENTS

 

 

(2007) TL

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

Net Sales

55.037.596

1,00

57.205.886

1,00

65.081.288

1,00

97.263.160

1,00

100.925.940

1,00

Cost of Goods Sold

46.422.804

0,84

43.152.859

0,75

50.191.023

0,77

80.890.127

0,83

81.333.690

0,81

Gross Profit

8.614.792

0,16

14.053.027

0,25

14.890.265

0,23

16.373.033

0,17

19.592.250

0,19

Operating Expenses

9.394.926

0,17

11.161.167

0,20

11.454.440

0,18

12.983.438

0,13

16.848.029

0,17

Operating Profit

-780.134

-0,01

2.891.860

0,05

3.435.825

0,05

3.389.595

0,03

2.744.221

0,03

Other Income

1.279.519

0,02

152.159

0,00

388.643

0,01

743.304

0,01

232.740

0,00

Other Expenses

250.139

0,00

1.784.537

0,03

425.472

0,01

113.439

0,00

2.843.528

0,03

Financial Expenses

35.297

0,00

49.205

0,00

141.851

0,00

52.696

0,00

181.916

0,00

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

213.949

0,00

1.210.277

0,02

3.257.145

0,05

3.966.764

0,04

-48.483

0,00

Tax Payable

0

0,00

0

0,00

490.141

0,01

1.203.848

0,01

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

213.949

0,00

1.210.277

0,02

2.767.004

0,04

2.762.916

0,03

-48.483

0,00

 

FINANCIAL RATIOS

 

 

(2007)

(2008)

(2009)

(2010)

LIQUIDITY RATIOS

 

 

Current Ratio

1,16

1,27

1,20

1,27

Acid-Test Ratio

0,52

0,71

0,82

0,74

Cash Ratio

0,20

0,33

0,39

0,40

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,08

0,07

0,04

0,07

Short-term Receivable/Total Assets

0,27

0,28

0,35

0,26

Tangible Assets/Total Assets

0,02

0,03

0,02

0,03

TURNOVER RATIOS

 

 

Inventory Turnover

23,88

22,49

25,80

25,39

Stockholders' Equity Turnover

16,92

12,81

9,00

9,73

Asset Turnover

2,26

2,16

1,46

2,14

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,13

0,17

0,16

0,22

Current Liabilities/Total Assets

0,83

0,75

0,82

0,75

Financial Leverage

0,87

0,83

0,84

0,78

Gearing Percentage

6,49

4,92

5,16

3,54

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,07

0,27

0,38

0,28

Operating Profit Margin

-0,01

0,05

0,05

0,03

Net Profit Margin

0,00

0,02

0,04

0,03

Interest Cover

7,06

25,60

23,96

76,28

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

41,44

46,53

83,97

43,32

Average Payable Period (days)

47,94

52,38

54,88

40,34

WORKING CAPITAL

3219956,00

5258282,00

7128419,00

9211126,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.50.91

UK Pound

1

Rs.80.77

Euro

1

Rs.67.40

 

 

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.