MIRA INFORM REPORT

 

 

Report Date :

20.11.2012

 

IDENTIFICATION DETAILS

 

Name :

SCHINDLER TURKELI ASANSOR SANAYI A.S.

 

 

Formerly Known As :

TURKELI TICARET A.S.

 

 

Registered Office :

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

 

 

Country :

Turkey

 

 

Financials (as on) :

30.06.2012

 

 

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 :

250

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Turkey

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

TURKEY - ECONOMIC OVERVIEW

 

Turkey's largely free-market economy is increasingly driven by its industry and service sectors, although its traditional agriculture sector still accounts for about 25% of employment. An aggressive privatization program has reduced state involvement in basic industry, banking, transport, and communication, and an emerging cadre of middle-class entrepreneurs is adding dynamism to the economy and expanding production beyond the traditional textiles and clothing sectors. The automotive, construction, and electronics industries, are rising in importance and have surpassed textiles within Turkey's export mix. Oil began to flow through the Baku-Tbilisi-Ceyhan pipeline in May 2006, marking a major milestone that will bring up to 1 million barrels per day from the Caspian to market. Several gas pipelines projects also are moving forward to help transport Central Asian gas to Europe through Turkey, which over the long term will help address Turkey's dependence on imported oil and gas to meet 97% of its energy needs. After Turkey experienced a severe financial crisis in 2001, Ankara adopted financial and fiscal reforms as part of an IMF program. The reforms strengthened the country's economic fundamentals and ushered in an era of strong growth - averaging more than 6% annually until 2008. Global economic conditions and tighter fiscal policy caused GDP to contract in 2009, but Turkey's well-regulated financial markets and banking system helped the country weather the global financial crisis and GDP rebounded strongly to 8.2% in 2010, as exports returned to normal levels following the recession. Turkey's public sector debt to GDP ratio has fallen to roughly 40%. Continued strong growth has pushed inflation to the 8% level, however, and worsened an already high current account deficit. Turkey remains dependent on often volatile, short-term investment to finance its large trade deficit. The stock value of FDI stood at $99 billion at year-end 2011. Inflows have slowed considerably in light of continuing economic turmoil in Europe, the source of much of Turkey's FDI. Further economic and judicial reforms and prospective EU membership are expected to boost Turkey's attractiveness to foreign investors. However, Turkey's relatively high current account deficit, uncertainty related to monetary policy-making, and political turmoil within Turkey's neighborhood leave the economy vulnerable to destabilizing shifts in investor confidence.

 

Source : CIA

 

 

COMPANY IDENTIFICATION

 

 

NAME

:

SCHINDLER TURKELI ASANSOR SANAYI A.S.

HEAD OFFICE ADDRESS

:

Buyukdere Cad.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

 

WEB-ADDRESS

:

www.schindler.com.tr

E-MAIL

:

info.turkey@tr.schindler.com

 

 

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

99,90 %

Gaetano Conca

 

Suleyman Mete Zadil

 

Christoph Lindenmeyer

 

Rudolf Widmer

 

 

 

REMARKS ON SHAREHOLDERS

:

We are informed that the main shareholder “Schindler Holding AG” is a foreign company located in Switzerland.

 

BOARD OF DIRECTORS

:

Christoph Lindenmeyer

Chairman

Rudolf Widmer

Vice-Chairman

Gaetano Conca

Member

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

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

 

NACE CODE

:

F .45.31

 

DISTRIBUTOR OF

:

Schindler Holding AG   (Switzerland)

 

TRADEMARKS OWNED

:

Schindler

 

NUMBER OF EMPLOYEES

:

250

 

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) 

54.448.745 TL

(01.01-30.06.2012) 

 

 

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)

15.672.244 TL

(01.01-30.06.2012)

 

 

EXPORT COUNTRIES

:

Kazakhstan

Azerbaijan

Syria

Jordan

Oman

Sudan

Bahrain

Iraq

Free Zone

Nigeria

 

MERCHANDISE  EXPORTED

:

Elevator

 

HEAD OFFICE ADDRESS

:

Buyukdere Cad.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. There appears an upwards trend in  1.1 - 30.6.2012.

SIZE OF BUSINESS

:

Large

 

 

 

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Garanti Bankasi Maslak Bulvar Branch

Turk Ekonomi Bankasi Bogazici Kurumsal Branch

 

CREDIT FACILITIES

:

No credit facility has come to our knowledge.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2008) TL

(2009) TL

(2010) TL

(2011) TL

(01.01-30.06.2012) TL

Net Sales

57.205.886

65.081.288

97.263.160

100.925.940

54.448.745

Profit (Loss) Before Tax

1.210.277

3.257.145

3.966.764

-48.482

2.626.800

Stockholders' Equity

4.464.038

7.231.042

9.993.950

8.483.154

 

Total Assets

26.440.377

44.564.136

45.370.999

67.454.515

 

Current Assets

25.097.404

43.505.778

43.321.523

64.967.648

 

Non-Current Assets

1.342.973

1.058.358

2.049.476

2.486.867

 

Current Liabilities

19.839.122

36.377.359

34.110.397

57.532.945

 

Long-Term Liabilities

2.137.217

955.735

1.266.652

1.438.416

 

Gross Profit (loss)

14.053.027

14.890.265

16.373.033

19.592.250

9.327.717

Operating Profit (loss)

2.891.860

3.435.825

3.389.595

2.744.221

749.020

Net Profit (loss)

1.210.277

2.767.004

2.762.916

-1.510.796

2.626.800

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Low 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.

Profitability

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

Low Operating Profitability (01.01-30.06.2012)

Good Net Profitability (01.01-30.06.2012)

 

Gap between average collection and payable periods

Unfavorable in 2011

General Financial Position

Passable

 

 

 

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

 ( 01.01-30.06.2012)

1,95 %

1,8028

2,3463

2,8462

 ( 01.01-31.10.2012)

5,36 %

1,8020

2,3241

2,8562

 

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

 

 

CURRENT ASSETS

25.097.404

0,95

43.505.778

0,98

43.321.523

0,95

64.967.648

0,96

 

 

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Cash and Banks

6.535.748

0,25

14.032.980

0,31

13.515.859

0,30

8.937.498

0,13

 

 

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Account Receivable

7.345.388

0,28

15.128.551

0,34

11.636.825

0,26

25.970.309

0,39

 

 

Other Receivable

126.846

0,00

496.272

0,01

155.955

0,00

134.463

0,00

 

 

Inventories

1.918.730

0,07

1.945.034

0,04

3.185.983

0,07

4.773.851

0,07

 

 

Advances Given

2.619.046

0,10

2.765.092

0,06

2.907.857

0,06

4.552.800

0,07

 

 

Accumulated Construction Expense

6.138.668

0,23

9.000.180

0,20

10.764.338

0,24

18.660.917

0,28

 

 

Other Current Assets

412.978

0,02

137.669

0,00

1.154.706

0,03

1.937.810

0,03

 

 

NON-CURRENT ASSETS

1.342.973

0,05

1.058.358

0,02

2.049.476

0,05

2.486.867

0,04

 

 

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Long-term Receivable

48.159

0,00

52.329

0,00

68.278

0,00

108.529

0,00

 

 

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Tangible Fixed Assets (net)

758.488

0,03

719.784

0,02

1.324.740

0,03

1.449.641

0,02

 

 

Intangible Assets

196.115

0,01

10.246

0,00

187.339

0,00

192.592

0,00

 

 

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Other Non-Current Assets

340.211

0,01

275.999

0,01

469.119

0,01

736.105

0,01

 

 

TOTAL ASSETS

26.440.377

1,00

44.564.136

1,00

45.370.999

1,00

67.454.515

1,00

 

 

CURRENT LIABILITIES

19.839.122

0,75

36.377.359

0,82

34.110.397

0,75

57.532.945

0,85

 

 

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Financial Loans

129.338

0,00

0

0,00

0

0,00

0

0,00

 

 

Accounts Payable

6.279.298

0,24

7.651.384

0,17

9.065.245

0,20

11.417.181

0,17

 

 

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Other Short-term Payable

133.336

0,01

143.702

0,00

203.689

0,00

225.070

0,00

 

 

Advances from Customers

11.141.702

0,42

25.304.727

0,57

20.741.326

0,46

41.066.379

0,61

 

 

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Taxes Payable

311.424

0,01

439.239

0,01

423.843

0,01

643.328

0,01

 

 

Provisions

0

0,00

490.141

0,01

1.203.848

0,03

1.462.314

0,02

 

 

Other Current Liabilities

1.844.024

0,07

2.348.166

0,05

2.472.446

0,05

2.718.673

0,04

 

 

LONG-TERM LIABILITIES

2.137.217

0,08

955.735

0,02

1.266.652

0,03

1.438.416

0,02

 

 

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Financial Loans

1.070.400

0,04

0

0,00

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

1.066.817

0,04

955.735

0,02

1.266.652

0,03

1.438.416

0,02

 

 

STOCKHOLDERS' EQUITY

4.464.038

0,17

7.231.042

0,16

9.993.950

0,22

8.483.154

0,13

 

 

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Paid-in Capital

3.599.544

0,14

14.458.688

0,32

14.458.688

0,32

14.458.688

0,21

 

 

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Inflation Adjustment of Capital

3.247.031

0,12

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

603.679

0,02

1.813.956

0,04

4.580.952

0,10

7.343.868

0,11

 

 

Revaluation Fund

7.612.113

0,29

0

0,00

0

0,00

0

0,00

 

 

Accumulated Losses(-)

-11.808.606

-0,45

-11.808.606

-0,26

-11.808.606

-0,26

-11.808.606

-0,18

 

 

Net Profit (loss)

1.210.277

0,05

2.767.004

0,06

2.762.916

0,06

-1.510.796

-0,02

 

 

TOTAL LIABILITIES AND EQUITY

26.440.377

1,00

44.564.136

1,00

45.370.999

1,00

67.454.515

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 1.426.231of the other income is due to "Other Ordinary Income" .                                                                         

 

 

INCOME STATEMENTS

 

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

(01.01-30.06.2012) TL

 

Net Sales

57.205.886

1,00

65.081.288

1,00

97.263.160

1,00

100.925.940

1,00

54.448.745

1,00

Cost of Goods Sold

43.152.859

0,75

50.191.023

0,77

80.890.127

0,83

81.333.690

0,81

45.121.028

0,83

Gross Profit

14.053.027

0,25

14.890.265

0,23

16.373.033

0,17

19.592.250

0,19

9.327.717

0,17

Operating Expenses

11.161.167

0,20

11.454.440

0,18

12.983.438

0,13

16.848.029

0,17

8.578.697

0,16

Operating Profit

2.891.860

0,05

3.435.825

0,05

3.389.595

0,03

2.744.221

0,03

749.020

0,01

Other Income

152.159

0,00

388.643

0,01

743.304

0,01

233.418

0,00

1.982.753

0,04

Other Expenses

1.784.537

0,03

425.472

0,01

113.439

0,00

2.844.205

0,03

103.214

0,00

Financial Expenses

49.205

0,00

141.851

0,00

52.696

0,00

181.916

0,00

1.759

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

1.210.277

0,02

3.257.145

0,05

3.966.764

0,04

-48.482

0,00

2.626.800

0,05

Tax Payable

0

0,00

490.141

0,01

1.203.848

0,01

1.462.314

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)

1.210.277

0,02

2.767.004

0,04

2.762.916

0,03

-1.510.796

-0,01

2.626.800

0,05

 

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

(2011)

 

LIQUIDITY RATIOS

 

 

 

 

 

Current Ratio

1,27

1,20

1,27

1,13

 

Acid-Test Ratio

0,71

0,82

0,74

0,61

 

Cash Ratio

0,33

0,39

0,40

0,16

 

ASSET STRUCTURE RATIOS

 

 

 

 

 

Inventory/Total Assets

0,07

0,04

0,07

0,07

 

Short-term Receivable/Total Assets

0,28

0,35

0,26

0,39

 

Tangible Assets/Total Assets

0,03

0,02

0,03

0,02

 

TURNOVER RATIOS

 

 

 

 

 

Inventory Turnover

22,49

25,80

25,39

17,04

 

Stockholders' Equity Turnover

12,81

9,00

9,73

11,90

 

Asset Turnover

2,16

1,46

2,14

1,50

 

FINANCIAL STRUCTURE

 

 

 

 

 

Stockholders' Equity/Total Assets

0,17

0,16

0,22

0,13

 

Current Liabilities/Total Assets

0,75

0,82

0,75

0,85

 

Financial Leverage

0,83

0,84

0,78

0,87

 

Gearing Percentage

4,92

5,16

3,54

6,95

 

PROFITABILITY RATIOS

 

 

 

 

 

Net Profit/Stockholders' Eq.

0,27

0,38

0,28

-0,18

 

Operating Profit Margin

0,05

0,05

0,03

0,03

 

Net Profit Margin

0,02

0,04

0,03

-0,01

 

Interest Cover

25,60

23,96

76,28

0,73

 

COLLECTION-PAYMENT

 

 

 

 

 

Average Collection Period (days)

46,53

83,97

43,32

93,02

 

Average Payable Period (days)

52,38

54,88

40,34

50,53

 

WORKING CAPITAL

5258282,00

7128419,00

9211126,00

7434703,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.97

UK Pound

1

Rs.87.50

Euro

1

Rs.70.16

 

INFORMATION DETAILS

 

Report Prepared by :

SMN

 

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

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NB

New Business

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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.