MIRA INFORM REPORT

 

 

Report Date :

07.11.2013

 

IDENTIFICATION DETAILS

 

Name :

KALEPORSELEN ELEKTROTEKNIK SANAYI A.S.

 

 

Registered Office :

Halkali Cad. No:160 Sefakoy  Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

13.08.1969

 

 

Com. Reg. No.:

104025

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of electrical installation materials

 

 

No. of Employees :

115

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

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 – March 31st, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Turkey

B2

B2

 

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 9.2% in 2010, as exports returned to normal levels following the recession. Growth dropped to approximately 3% in 2012. Turkey's public sector debt to GDP ratio has fallen to about 40%, and at least one rating agency upgraded Turkey's debt to investment grade in 2012. Turkey remains dependent on often volatile, short-term investment to finance its large trade deficit. The stock value of FDI stood at $117 billion at year-end 2012. Inflows have slowed because of continuing economic turmoil in Europe, the source of much of Turkey's FDI. 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

:

KALEPORSELEN ELEKTROTEKNIK SANAYI A.S.

HEAD OFFICE ADDRESS

:

Halkali Cad. No:160 Sefakoy  Istanbul / Turkey

PHONE NUMBER

:

90-212-698 95 80

 

FAX NUMBER

:

90-212-698 95 94

 

WEB-ADDRESS

:

www.kaleporselen.com.tr

E-MAIL

:

kaleporselen@kaleporselen.com.tr

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Kucukcekmece

TAX NO

:

4920012978

REGISTRATION NUMBER

:

104025

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

13.08.1969

ESTABLISHMENT GAZETTE DATE /NO

:

20.08.1969/

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   2.500.000

PAID-IN CAPITAL

:

TL   2.500.000

HISTORY

:

Previous Registered Capital

:

TL 1.200.000

Changed On

:

09.05.2012 (Commercial Gazette Date /Number 15.05.2012/ 8068)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

H. Ibrahim Bodur Holding A.S.

83,66 %

Halil Ibrahim Bodur

9,41 %

Bodur Menkul Is Gelistirme Sanayi ve Ticaret A.S.

3,30 %

Kalekalip Makina ve Kalip Sanayii A.S.

2,94 %

Kalenakliyat , Seyahat ve Turizm A.S.

0,12 %

Kale Holding A.S.

 

Others

 

 

 

GROUP PARENT COMPANY

:

H.IBRAHIM BODUR HOLDING A.S.

 

SISTER COMPANIES

:

BODUR MENKUL IS GELISTIRME SANAYI VE TICARET A.S.

BODUR PROJE GELISTIRME GAYRIMENKUL INSAAT SANAYI VE TICARET A.S

H.IBRAHIM BODUR HOLDING A.S.

IBRAHIM BODUR KALESERAMIK EGITIM, SAGLIK VE SOSYAL YARDIM VAKFI

KALE HAVACILIK SANAYI A.S.

KALE HOLDING A.S.

KALE IDA SAGLIK VE TURIZM HIZMETLERI A.S.

KALE ITALIA SRL

KALE PRATT&WHITNEY UCAK MOTOR SANAYI A.S.

KALEBODUR GAYRIMENKUL GELISTIRME YATIRIM VE TICARET A.S.

KALEFRIT SILIKAT MAMULLER SIR VE BOYA SANAYI VE TICARET A.S.

KALEKALIP MAKINE VE KALIP SANAYII A.S.

KALEKIM KIMYEVI MADDELER SANAYI VE TICARET A.S.

KALEKIM MERSIN KIMYEVI MADDELER SANAYI VE TICARET LTD. STI.

KALEMADEN ENDUSTRIYEL HAMMADDELER SANAYI VE TICARET A.S.

KALENAKLIYAT, SEYAHAT VE TURIZM A.S.

KALESERAMIK CANAKKALE KALEBODUR SERAMIK SANAYI A.S.

 

 

BOARD OF DIRECTORS

:

H. Ibrahim Holding A.S.(Representative:Osman Okyay)

Chairman

Bodur Menkul Is Gelistirme Sanayi ve Ticaret A.S.(Representative:Haci Huseyin Sut)

Vice-Chairman

Kale Holding A.S.(Representative::Ender Ferruh Arslan)

Member

Kalekalip Makina ve Kalip Sanayi A.S.(Representative:Kadri Tarik Ozcelik)

Member

Kalenakliyat Seyahat ve Turizm A.S.(Representative:Haluk Alperat)

Member

 

 

DIRECTORS

:

Hasan Memduh Birbilen

General Manager

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Manufacture and trade of electrical installation materials such as HRC fuses,HRC fuses disconnectors,lamp holders and lighting fittings,miniature circuit breakers,switches,socket outlets,connection equipment,distrubition boards,advanced technical ceramics and D-Fuse...

 

NACE CODE

:

DL.31.20

 

NUMBER OF EMPLOYEES

:

115

 

REMARKS ON NUMBER OF EMPLOYEES

 

:

The number of employees includes subcontractors.

NET SALES

:

10.534.721 TL

(2011) 

11.573.819 TL

(2012) 

5.724.478 TL

(01.01-30.06.2013) 

 

 

IMPORT COUNTRIES

:

Germany

U.S.A.

 

MERCHANDISE IMPORTED

:

Intermediary goods

Raw materials

 

EXPORT VALUE

:

3.259.368 TL

(2011)

1.809.056 TL

(2012)

1.378.136 TL

(01.01-30.06.2013)

 

 

EXPORT COUNTRIES

:

Greece

India

Iran

U.S.A.

Ukraine

Bulgaria

Czech Republic

MERCHANDISE  EXPORTED

:

Refractory ceramic goods

 

HEAD OFFICE ADDRESS

:

Halkali Cad. No:160 Sefakoy  Istanbul / Turkey

 

BRANCHES

:

Head Office/Factory  :  Halkali Cad. No:160 Sefakoy Istanbul/Turkey

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2012. There appears a decline at business volume in nominal terms in  1.1 - 30.6.2013.

SIZE OF BUSINESS

:

Upper-Medium

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Akbank Bati Kurumsal Branch

Garanti Bankasi Istanbul Kurumsal Branch

ING Bank Merkez Branch

T. Halk Bankasi Gunesli Kurumsal Branch

T. Is Bankasi Sefakoy Branch

T. Is Bankasi Istanbul Merkez Branch

Yapi ve Kredi Bankasi Sefakoy Sanayi 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

:

 

(2011) TL

(2012) TL

(01.01-30.06.2013) TL

 

 

Net Sales

10.534.721

11.573.819

5.724.478

 

 

Profit (Loss) Before Tax

-903.777

-467.170

62.171

 

 

Stockholders' Equity

2.699.095

3.443.067

 

 

 

Total Assets

8.392.447

8.741.935

 

 

 

Current Assets

5.659.754

5.509.691

 

 

 

Non-Current Assets

2.732.693

3.232.244

 

 

 

Current Liabilities

5.244.620

4.171.461

 

 

 

Long-Term Liabilities

448.732

1.127.407

 

 

 

Gross Profit (loss)

2.160.726

2.269.175

1.104.657

 

 

Operating Profit (loss)

87.427

-77.013

-112.477

 

 

Net Profit (loss)

-903.777

-556.028

62.171

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Satisfactory As of 31.12.2012

Liquidity

Fair As of 31.12.2012

Remarks On Liquidity

The favorable gap between average collection and average payable period has a positive effect on liquidity. 

 

The liquid assets consist mainly of receivables the amount of cash&banks or marketable securities (which are more liquid) are low.

 

Profitability

Low Operating Profitability  in 2011

Net Loss  in 2011

Operating Loss  in 2012

Net Loss  in 2012

Operating Loss (01.01-30.06.2013)

Low Net Profitability (01.01-30.06.2013)

 

Gap between average collection and payable periods

Favorable in 2012

General Financial Position

Passable

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 ( 01.01-30.06.2013)

2,46 %

1,8251

2,3936

2,8262

 ( 01.01-30.09.2013)

4,43 %

1,8785

2,4774

2,9189

 

 

BALANCE SHEETS

 

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL

 

CURRENT ASSETS

5.659.754

0,67

5.509.691

0,63

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

115.807

0,01

145.055

0,02

Marketable Securities

0

0,00

0

0,00

Account Receivable

2.321.278

0,28

3.253.922

0,37

Other Receivable

0

0,00

2.611

0,00

Inventories

2.174.982

0,26

1.553.406

0,18

Advances Given

565.338

0,07

191.639

0,02

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

482.349

0,06

363.058

0,04

NON-CURRENT ASSETS

2.732.693

0,33

3.232.244

0,37

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

99

0,00

99

0,00

Financial Assets

35.845

0,00

3.845

0,00

Tangible Fixed Assets (net)

2.696.749

0,32

2.855.713

0,33

Intangible Assets

0

0,00

0

0,00

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

372.587

0,04

TOTAL ASSETS

8.392.447

1,00

8.741.935

1,00

CURRENT LIABILITIES

5.244.620

0,62

4.171.461

0,48

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

1.883.401

0,22

665.231

0,08

Accounts Payable

2.309.516

0,28

3.133.344

0,36

Loans from Shareholders

19.027

0,00

19.004

0,00

Other Short-term Payable

105.316

0,01

150.660

0,02

Advances from Customers

759.849

0,09

62.364

0,01

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

107.469

0,01

138.329

0,02

Provisions

0

0,00

0

0,00

Other Current Liabilities

60.042

0,01

2.529

0,00

LONG-TERM LIABILITIES

448.732

0,05

1.127.407

0,13

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

51.000

0,01

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

397.732

0,05

1.127.407

0,13

STOCKHOLDERS' EQUITY

2.699.095

0,32

3.443.067

0,39

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

1.200.000

0,14

2.500.000

0,29

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

1.140.493

0,14

1.140.493

0,13

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

1.262.379

0,15

1.262.379

0,14

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

-903.777

-0,10

Net Profit (loss)

-903.777

-0,11

-556.028

-0,06

TOTAL LIABILITIES AND EQUITY

8.392.447

1,00

8.741.935

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 253.199 of the other income is due to "Provisions No Longer Required" .

 

 

 

INCOME STATEMENTS

 

 

(2011) TL

 

(2012) TL

 

(01.01-30.06.2013) TL

 

Net Sales

10.534.721

1,00

11.573.819

1,00

5.724.478

1,00

Cost of Goods Sold

8.373.995

0,79

9.304.644

0,80

4.619.821

0,81

Gross Profit

2.160.726

0,21

2.269.175

0,20

1.104.657

0,19

Operating Expenses

2.073.299

0,20

2.346.188

0,20

1.217.134

0,21

Operating Profit

87.427

0,01

-77.013

-0,01

-112.477

-0,02

Other Income

273.762

0,03

650.973

0,06

379.298

0,07

Other Expenses

841.345

0,08

919.206

0,08

131.705

0,02

Financial Expenses

423.621

0,04

121.924

0,01

72.945

0,01

Minority Interests

0

0,00

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

0

0,00

Profit (loss) Before Tax

-903.777

-0,09

-467.170

-0,04

62.171

0,01

Tax Payable

0

0,00

88.858

0,01

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

-903.777

-0,09

-556.028

-0,05

62.171

0,01

 

 

FINANCIAL RATIOS

 

 

(2011)

(2012)

LIQUIDITY RATIOS

 

 

Current Ratio

1,08

1,32

Acid-Test Ratio

0,46

0,82

Cash Ratio

0,02

0,03

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,26

0,18

Short-term Receivable/Total Assets

0,28

0,37

Tangible Assets/Total Assets

0,32

0,33

TURNOVER RATIOS

 

 

Inventory Turnover

3,85

5,99

Stockholders' Equity Turnover

3,90

3,36

Asset Turnover

1,26

1,32

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,32

0,39

Current Liabilities/Total Assets

0,62

0,48

Financial Leverage

0,68

0,61

Gearing Percentage

2,11

1,54

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

-0,33

-0,16

Operating Profit Margin

0,01

-0,01

Net Profit Margin

-0,09

-0,05

Interest Cover

-1,13

-2,83

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

79,33

101,22

Average Payable Period (days)

99,29

121,23

WORKING CAPITAL

415134,00

1338230,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.92

UK Pound

1

Rs.99.60

Euro

1

Rs.83.64

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIS

 

 

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.