MIRA INFORM REPORT

 

 

Report Date :

10.10.2013

 

IDENTIFICATION DETAILS

 

Name :

ELEKS DIS TICARET A.S. 

 

 

Formerly Known as:

Yeba Sihhi Tesisat Armaturleri Yenileme ve Bakim A.S

 

 

Registered Office :

Yali Mah. Ziya Gokalp Cad. D:3 Maltepe 34844 Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

30.06.2013

 

 

Date of Incorporation :

07.02.1975

 

 

Com. Reg. No.:

131135

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

subject performs foreign trade activities of Elginkan group

 

 

No. of Employees :

32

 

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 :

Slow but Correct  

 

 

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

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 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

:

ELEKS DIS TICARET A.S.

HEAD OFFICE ADDRESS

:

Yali Mah. Ziya Gokalp Cad. D:3 Maltepe 34844 Istanbul / Turkey

PHONE NUMBER

:

90-216-458 92 00

 

FAX NUMBER

:

90-216-441 45 55

 

WEB-ADDRESS

:

www.eleks.com.tr

E-MAIL

:

eleks@eleks.com.tr 

 

 

LEGAL STATUS AND HISTORY

 

 

NOTES ON LEGAL STATUS AND HISTORY

:

The paid-in capital is declared by the subject. There is no certification for the paid-in capital..

 

 

TAX OFFICE

:

Buyuk Mukellefler

TAX NO

:

3310031920

REGISTRATION NUMBER

:

131135

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

07.02.1975

ESTABLISHMENT GAZETTE DATE /NO

:

13.02.1975/70

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   2.500.000

PAID-IN CAPITAL

:

TL   2.500.000

HISTORY

:

Previous Name

:

Yeba Sihhi Tesisat Armaturleri Yenileme ve Bakim A.S.

Changed On

:

24.02.1989 (Commercial Gazette Date /Number 03.03.1989/ 2223)

Previous Registered Capital

:

TL 50.000

Changed On

:

26.09.2002 (Commercial Gazette Date /Number 01.10.2002/ 5646)

Previous Registered Capital

:

TL 1.000.000

Changed On

:

13.11.2008 (Commercial Gazette Date /Number 19.11.2008/ 7192)

Previous Address

:

Kemeralti Cad. No:71/4 Karakoy - Istanbul

Changed On

:

25.07.2005 (Commercial Gazette Date /Number 28.07.2005/ 6356)

Previous Address

:

Aydinevler Sanayi Cad. Centrum Is Merkezi No:3 K:6 Kucukyali – Istanbul

Changed On

:

15.07.2008 (Commercial Gazette Date /Number 21.07.2008/ 7109)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Elginkan Holding A.S.

50,56 %

Elper Yatirim A.S.

25,28 %

Valfsel Armatur Sanayi A.S.

18,11 %

Valf Sanayi A.S.

 

Elba Basincli Dokum Sanayii A.S.

 

 

 

GROUP PARENT COMPANY

:

ELGINKAN HOLDING A.S.

 

SISTER COMPANIES

:

AR MUSLUKCULUK SANAYI A.S.

E.C.A.PRES DOKUM SANAYI A.S.

ECA GERMANY GMBH

EKE INSAAT SANAYI VE TICARET A.S.

ELBA BASINCLI DOKUM SANAYII A.S.

ELGINKAN HOLDING A.S.

ELMOR TESISAT MALZEMESI TICARET A.S.

ELPER SIGORTA ACENTELIGI A.S.

ELPER YATIRIM A.S.

ELSAN HAMMADDE SANAYII A.S.

ELSEL GAZ ARMATURLERI SANAYI VE TICARET A.S.

EMAR SATIS SONRASI MUSTERI HIZMETLERI SANAYI VE TICARET A.S.

EMAS MAKINA SANAYI A.S.

MATEL HAMMADDE SANAYI VE TICARET A.S.

TEZEL GIDA GIDA MADDELERI IMALAT VE SATIS A.S.

TEZTAS TUM ECZACILIK TICARET VE SANAYI A.S.

VALF SANAYI A.S.

VALFSEL ARMATUR SANAYI A.S.

 

BOARD OF DIRECTORS

:

Gaye Akcen

Chairman

Ahmet Nuri Bilgili

Vice-Chairman

Ercument Arici

Member

Huseyin Orhan

Member

Kemal Yuksel Yunusoglu

Member

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

The subject performs foreign trade activities of Elginkan group.

 

NACE CODE

:

G .51.19

 

SECTOR

:

Commerce

 

TRADEMARKS TRADED

:

E.C.A

Elba

Emas

Odoksan

Serel

 

NUMBER OF EMPLOYEES

:

32

 

NET SALES

:

135.000.000 TL

(2010) 

184.869.112 TL

(2011) 

175.962.126 TL

(2012) 

84.172.507 TL

(01.01-30.06.2013) 

 

 

REMARKS ON NET SALES

:

The sales figure of 2010 is declared by the subject. There is no certification for this figure.

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT VALUE

:

0 TL

(2010)

 

 

EXPORT VALUE

:

77.174.323 USD

(2009)

87.020.226 USD

(2010)

182.384.976 TL

(2011)

172.996.063 TL

(2012)

82.107.465 TL

(01.01-30.06.2013)

 

 

EXPORT COUNTRIES

:

Iraq

Northern Cyprus Turkish Republic

Georgia

Greece

U.K.

Jordan

Italy

Moldova

Hungary

Germany

Bulgaria

France

Turkmenistan

Ukraine

Azerbaijan

Canada

Pakistan

Romania

 

MERCHANDISE  EXPORTED

:

Central heating boilers

Ceramic houseware

Fittings for tubes

Flexible tubes, pipes.hoses

Glass mirrors

Plumbing fixtures

Pressure-reducing valves

Radiators

Sanitary ware

Taps, cocks.valves

Thermostats

 

HEAD OFFICE ADDRESS

:

Yali Mah. Ziya Gokalp Cad. D:3 Maltepe 34844 Istanbul / Turkey

 

INVESTMENTS

:

None

 

 

TREND OF BUSINESS

:

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

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Akbank Dogu Kurumsal Branch

Garanti Bankasi Kozyatagi Branch

Halk Bankasi Kurumsal Anadolu Branch

T. Is Bankasi Kozyatagi Branch

T.C. Ziraat Bankasi Istanbul Kurumsal Branch

 

CREDIT FACILITIES

:

The subject company is making active 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

184.869.112

175.962.126

84.172.507

 

 

Profit (Loss) Before Tax

1.532.254

578.488

345.487

 

 

Stockholders' Equity

4.337.174

3.734.448

 

 

 

Total Assets

144.372.223

160.464.340

 

 

 

Current Assets

144.217.466

159.946.917

 

 

 

Non-Current Assets

154.757

517.423

 

 

 

Current Liabilities

139.510.474

156.158.599

 

 

 

Long-Term Liabilities

524.575

571.293

 

 

 

Gross Profit (loss)

9.263.014

8.154.548

3.969.776

 

 

Operating Profit (loss)

1.130.193

280.846

90.536

 

 

Net Profit (loss)

1.201.397

446.208

345.487

 

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Not in order As of 31.12.2012

Remarks on Capitalization

The firm has heavy short-term financial loans.

Liquidity

Good As of 31.12.2012

Remarks 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

Low Net Profitability  in 2011

Low Operating Profitability  in 2012

Low Net Profitability  in 2012

Low Operating Profitability (01.01-30.06.2013)

Low Net Profitability (01.01-30.06.2013)

 

Gap between average collection and payable periods

In order in 2012

General Financial Position

Unsatisfactory

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 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

144.217.466

1,00

159.946.917

1,00

 

 

Not Detailed Current Assets

0

0,00

0

0,00

 

 

Cash and Banks

3.131.151

0,02

2.697.934

0,02

 

 

Marketable Securities

0

0,00

0

0,00

 

 

Account Receivable

49.861.764

0,35

39.636.973

0,25

 

 

Other Receivable

90.984.932

0,63

117.360.244

0,73

 

 

Inventories

18.266

0,00

82.210

0,00

 

 

Advances Given

0

0,00

37.661

0,00

 

 

Accumulated Construction Expense

0

0,00

0

0,00

 

 

Other Current Assets

221.353

0,00

131.895

0,00

 

 

NON-CURRENT ASSETS

154.757

0,00

517.423

0,00

 

 

Not Detailed Non-Current Assets

0

0,00

0

0,00

 

 

Long-term Receivable

125

0,00

125

0,00

 

 

Financial Assets

0

0,00

0

0,00

 

 

Tangible Fixed Assets (net)

82.110

0,00

482.465

0,00

 

 

Intangible Assets

61.292

0,00

22.914

0,00

 

 

Deferred Tax Assets

0

0,00

0

0,00

 

 

Other Non-Current Assets

11.230

0,00

11.919

0,00

 

 

TOTAL ASSETS

144.372.223

1,00

160.464.340

1,00

 

 

CURRENT LIABILITIES

139.510.474

0,97

156.158.599

0,97

 

 

Not Detailed Current Liabilities

0

0,00

0

0,00

 

 

Financial Loans

90.976.354

0,63

117.348.009

0,73

 

 

Accounts Payable

46.934.931

0,33

37.774.514

0,24

 

 

Loans from Shareholders

0

0,00

0

0,00

 

 

Other Short-term Payable

71

0,00

0

0,00

 

 

Advances from Customers

736.260

0,01

643.229

0,00

 

 

Accumulated Construction Income

0

0,00

0

0,00

 

 

Taxes Payable

61.663

0,00

62.765

0,00

 

 

Provisions

162.731

0,00

39.876

0,00

 

 

Other Current Liabilities

638.464

0,00

290.206

0,00

 

 

LONG-TERM LIABILITIES

524.575

0,00

571.293

0,00

 

 

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

524.575

0,00

571.293

0,00

 

 

STOCKHOLDERS' EQUITY

4.337.174

0,03

3.734.448

0,02

 

 

Not Detailed Stockholders' Equity

0

0,00

0

0,00

 

 

Paid-in Capital

2.500.000

0,02

2.500.000

0,02

 

 

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

 

 

Inflation Adjustment of Capital

0

0,00

0

0,00

 

 

Equity of Consolidated Firms

0

0,00

0

0,00

 

 

Reserves

635.777

0,00

788.240

0,00

 

 

Revaluation Fund

0

0,00

0

0,00

 

 

Accumulated Losses(-)

0

0,00

0

0,00

 

 

Net Profit (loss)

1.201.397

0,01

446.208

0,00

 

 

TOTAL LIABILITIES AND EQUITY

144.372.223

1,00

160.464.340

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 5.926.071 of the other income is due to "Interest Income" .

 

 

INCOME STATEMENTS

 

 

(2011) TL

 

(2012) TL

 

(01.01-30.06.2013) TL

 

Net Sales

184.869.112

1,00

175.962.126

1,00

84.172.507

1,00

Cost of Goods Sold

175.606.098

0,95

167.807.578

0,95

80.202.731

0,95

Gross Profit

9.263.014

0,05

8.154.548

0,05

3.969.776

0,05

Operating Expenses

8.132.821

0,04

7.873.702

0,04

3.879.240

0,05

Operating Profit

1.130.193

0,01

280.846

0,00

90.536

0,00

Other Income

11.020.949

0,06

11.614.448

0,07

6.448.129

0,08

Other Expenses

2.076.146

0,01

2.636.174

0,01

355.705

0,00

Financial Expenses

8.542.742

0,05

8.680.632

0,05

5.837.473

0,07

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

1.532.254

0,01

578.488

0,00

345.487

0,00

Tax Payable

330.857

0,00

132.280

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

1.201.397

0,01

446.208

0,00

345.487

0,00

 

FINANCIAL RATIOS

 

 

(2011)

(2012)

 

LIQUIDITY RATIOS

 

 

Current Ratio

1,03

1,02

 

Acid-Test Ratio

1,03

1,02

 

Cash Ratio

0,02

0,02

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,00

0,00

 

Short-term Receivable/Total Assets

0,98

0,98

 

Tangible Assets/Total Assets

0,00

0,00

 

TURNOVER RATIOS

 

 

Inventory Turnover

9613,82

2041,21

 

Stockholders' Equity Turnover

42,62

47,12

 

Asset Turnover

1,28

1,10

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,03

0,02

 

Current Liabilities/Total Assets

0,97

0,97

 

Financial Leverage

0,97

0,98

 

Gearing Percentage

32,29

41,97

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,28

0,12

 

Operating Profit Margin

0,01

0,00

 

Net Profit Margin

0,01

0,00

 

Interest Cover

1,18

1,07

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

97,10

81,09

 

Average Payable Period (days)

96,22

81,04

 

WORKING CAPITAL

4706992,00

3788318,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.92

UK Pound

1

Rs.99.45

Euro

1

Rs.83.92

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.