MIRA INFORM REPORT

 

 

Report Date :

07.09.2013

 

IDENTIFICATION DETAILS

 

Name :

ARDIC ELEKTRIK SANAYI VE TICARET LTD. STI.

 

 

Registered Office :

Evren Mah. Bahar Cad. No:2 Polat Is Merkezi C Blok K:3 D:8 34212 Gunesli Bagcilar Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

30.06.2013

 

 

Date of Incorporation :

23.12.1992

 

 

Com. Reg. No.:

293059

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacturer and trader of cable trays, channels, sheet panels

 

 

No. of Employees :

82

 

 

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 – 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

:

ARDIC ELEKTRIK SANAYI VE TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Evren Mah. Bahar Cad. No:2 Polat Is Merkezi C Blok K:3 D:8 34212 Gunesli Bagcilar Istanbul / Turkey

PHONE NUMBER

:

90-212-444 13 64

90-282-758 39 10 (Factory)

 

FAX NUMBER

:

90-212-651 71 70

 

WEB-ADDRESS

:

www.ardic.com

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Dis Ticaret

TAX NO

:

0730046126

REGISTRATION NUMBER

:

293059

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

23.12.1992

ESTABLISHMENT GAZETTE DATE/NO

:

30.12.1992/3189

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   2.850.000

HISTORY

:

Previous Registered Capital

:

TL 750.000

Changed On

:

02.11.2007 (Commercial Gazette Date /Number 07.11.2007/ 6931)

Previous Registered Capital

:

TL 2.750.000

Changed On

:

26.03.2010 (Commercial Gazette Date /Number 01.04.2010/ 7534)

Previous Address

:

Perpa Ticaret Merkezi Elektrokent A Blok K:4 No:353 Sisli Istanbul

Changed On

:

22.03.2007 (Commercial Gazette Date /Number 27.03.2007/ 6774)

Previous Address

:

Yenidogan Mah. Cicoz Yolu No:11 Bayrampasa Istanbul

Changed On

:

23.10.2009 (Commercial Gazette Date /Number 30.10.2009/ 7428)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Asim Ardic

95 %

Leyla Ardic

5 %

 

 

DIRECTORS

:

Ozlem Hilal Hayta                                                                                                                                                                                                                                                                                   

 

Asim Ardic                                                                                                                                                                                                                                                                                   

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Manufacture and trade of cable trays, channels, sheet panels. 

 

NACE CODE

:

DL.31.20

 

TRADEMARKS OWNED

:

Ardic

 

NUMBER OF EMPLOYEES

:

82

 

NET SALES

:

9.173.329 TL

(2006) 

12.137.645 TL

(2007) 

13.550.438 TL

(2008) 

14.007.015 TL

(2009) 

13.924.419 TL

(2010) 

17.014.835 TL

(2011) 

16.963.930 TL

(2012) 

13.306.625 TL

(01.01-30.06.2013) 

 

 

IMPORT VALUE

:

0 TL

(2010)

0 TL

(2011)

0 TL

(2012)

0 TL

(01.01-31.07.2013)

 

 

EXPORT VALUE

:

769.624 TL

(2006)

1.601.575 TL

(2007)

1.773.049 TL

(2008)

4.835.421 TL

(2009)

5.722.935 TL

(2010)

6.114.469 TL

(2011)

7.127.606 TL

(2012)

4.495.296 TL

(01.01-30.06.2013)

 

 

EXPORT COUNTRIES

:

Ethiopia

Sudan

Lebanon

Turkmenistan

Malaysia

U.K.

France

Russia

Ukraine

U.A.E.

Northern Cyprus Turkish Republic

Kenya

 

MERCHANDISE  EXPORTED

:

Cable trays

Channels

Sheet panels

 

HEAD OFFICE ADDRESS

:

Evren Mah. Bahar Cad. No:2 Polat Is Merkezi C Blok K:3 D:8 34212 Gunesli Bagcilar  Istanbul / Turkey

 

BRANCHES

:

Production Plant  :  Ataturk Mah. Yani Sanayi Bolgesi Fatih Bulvari No:23 Karaagac Cerkezkoy Tekirdag/Turkey (owned) (4.419 sqm)

                                                                                

INVESTMENTS

:

None

 

 

 

 

TREND OF BUSINESS

:

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

SIZE OF BUSINESS

:

Upper-Medium

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Akbank Topcular Branch

Garanti Bankasi Gunesli Branch

T. Halk Bankasi Bayrampasa Branch

T.Is Bankasi Ikitelli Branch

Yapi ve Kredi Bankasi Topcular 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

:

 

(2009) TL

(2010) TL

(2011) TL

(2012) TL

(01.01-30.06.2013) TL

Net Sales

14.007.015

13.924.419

17.014.835

16.963.930

13.306.625

Profit (Loss) Before Tax

640.146

690.080

426.788

512.018

338.470

Stockholders' Equity

3.203.855

3.753.074

4.069.270

4.622.791

 

Total Assets

4.630.111

4.985.039

7.128.224

8.281.000

 

Current Assets

1.982.837

2.106.227

4.339.317

5.323.325

 

Non-Current Assets

2.647.274

2.878.812

2.788.907

2.957.675

 

Current Liabilities

1.426.256

828.016

3.058.954

2.658.209

 

Long-Term Liabilities

0

403.949

0

1.000.000

 

Gross Profit (loss)

2.432.760

2.440.163

2.246.163

2.439.337

1.554.354

Operating Profit (loss)

847.961

670.359

562.513

473.168

370.140

Net Profit (loss)

501.201

549.219

316.195

398.921

338.470

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Good As of 31.12.2012

Liquidity

High As of 31.12.2012

Remarks On Liquidity

The unfavorable gap between average collection and average payable period has an adverse 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

Good Operating Profitability  in 2009

Good Net Profitability  in 2009

In Order Operating Profitability  in 2010

Good Net Profitability  in 2010

Fair Operating Profitability  in 2011

Fair Net Profitability  in 2011

Fair Operating Profitability  in 2012

Fair Net Profitability  in 2012

Fair Operating Profitability (01.01-30.06.2013)

Fair Net Profitability (01.01-30.06.2013)

 

Gap between average collection and payable periods

Unfavorable in 2012

General Financial Position

Good

 

 

 

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

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 ( 01.01-30.06.2013)

2,46 %

1,8251

2,3936

2,8262

 ( 01.01-31.07.2013)

3,48 %

1,8387

2,4151

2,8409

 

 

BALANCE SHEETS

 

 

  31.12.2009   TL

 

  31.12.2010  TL

 

 31.12.2011   TL

 

 31.12.2012   TL

 

CURRENT ASSETS

1.982.837

0,43

2.106.227

0,42

4.339.317

0,61

5.323.325

0,64

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

254.621

0,05

49.341

0,01

9.186

0,00

30.002

0,00

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

660.616

0,14

1.056.316

0,21

3.251.782

0,46

3.582.816

0,43

Other Receivable

894.039

0,19

350.158

0,07

348.285

0,05

394.914

0,05

Inventories

22.728

0,00

391.001

0,08

372.881

0,05

818.132

0,10

Advances Given

107.764

0,02

170.049

0,03

259.893

0,04

336.570

0,04

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

43.069

0,01

89.362

0,02

97.290

0,01

160.891

0,02

NON-CURRENT ASSETS

2.647.274

0,57

2.878.812

0,58

2.788.907

0,39

2.957.675

0,36

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

3.364

0,00

3.364

0,00

3.364

0,00

3.364

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

2.426.854

0,52

2.648.187

0,53

2.656.823

0,37

2.856.165

0,34

Intangible Assets

201.178

0,04

219.478

0,04

117.095

0,02

91.005

0,01

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

15.878

0,00

7.783

0,00

11.625

0,00

7.141

0,00

TOTAL ASSETS

4.630.111

1,00

4.985.039

1,00

7.128.224

1,00

8.281.000

1,00

CURRENT LIABILITIES

1.426.256

0,31

828.016

0,17

3.058.954

0,43

2.658.209

0,32

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

926.623

0,20

338.700

0,07

1.293.145

0,18

1.329.997

0,16

Accounts Payable

264.580

0,06

257.229

0,05

1.540.072

0,22

653.160

0,08

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

Other Short-term Payable

32.533

0,01

53.237

0,01

77.589

0,01

81.568

0,01

Advances from Customers

115.360

0,02

115.655

0,02

45.678

0,01

413.893

0,05

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

62.160

0,01

63.195

0,01

73.716

0,01

93.767

0,01

Provisions

25.000

0,01

0

0,00

28.754

0,00

82.277

0,01

Other Current Liabilities

0

0,00

0

0,00

0

0,00

3.547

0,00

LONG-TERM LIABILITIES

0

0,00

403.949

0,08

0

0,00

1.000.000

0,12

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

403.949

0,08

0

0,00

1.000.000

0,12

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

0

0,00

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

3.203.855

0,69

3.753.074

0,75

4.069.270

0,57

4.622.791

0,56

Not Detailed Stockholders' Equity

0

0,00

3.753.074

0,75

4.069.270

0,57

4.622.791

0,56

Paid-in Capital

1.955.813

0,42

0

0,00

0

0,00

0

0,00

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

27.690

0,01

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

719.151

0,16

0

0,00

0

0,00

0

0,00

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

501.201

0,11

0

0,00

0

0,00

0

0,00

TOTAL LIABILITIES AND EQUITY

4.630.111

1,00

4.985.039

1,00

7.128.224

1,00

8.281.000

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.

 

 

 

INCOME STATEMENTS

 

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

(2012) TL

 

(01.01-30.06.2013) TL

 

Net Sales

14.007.015

1,00

13.924.419

1,00

17.014.835

1,00

16.963.930

1,00

13.306.625

1,00

Cost of Goods Sold

11.574.255

0,83

11.484.256

0,82

14.768.672

0,87

14.524.593

0,86

11.752.271

0,88

Gross Profit

2.432.760

0,17

2.440.163

0,18

2.246.163

0,13

2.439.337

0,14

1.554.354

0,12

Operating Expenses

1.584.799

0,11

1.769.804

0,13

1.683.650

0,10

1.966.169

0,12

1.184.214

0,09

Operating Profit

847.961

0,06

670.359

0,05

562.513

0,03

473.168

0,03

370.140

0,03

Other Income

220.321

0,02

294.135

0,02

395.821

0,02

427.907

0,03

250.027

0,02

Other Expenses

285.177

0,02

170.442

0,01

388.569

0,02

236.822

0,01

194.286

0,01

Financial Expenses

142.959

0,01

103.972

0,01

142.977

0,01

152.235

0,01

87.411

0,01

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

640.146

0,05

690.080

0,05

426.788

0,03

512.018

0,03

338.470

0,03

Tax Payable

138.945

0,01

140.861

0,01

110.593

0,01

113.097

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)

501.201

0,04

549.219

0,04

316.195

0,02

398.921

0,02

338.470

0,03

 

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

(2011)

(2012)

 

LIQUIDITY RATIOS

 

 

 

 

 

Current Ratio

1,39

2,54

1,42

2,00

 

Acid-Test Ratio

1,27

1,76

1,18

1,51

 

Cash Ratio

0,18

0,06

0,00

0,01

 

ASSET STRUCTURE RATIOS

 

 

 

 

 

Inventory/Total Assets

0,00

0,08

0,05

0,10

 

Short-term Receivable/Total Assets

0,34

0,28

0,51

0,48

 

Tangible Assets/Total Assets

0,52

0,53

0,37

0,34

 

TURNOVER RATIOS

 

 

 

 

 

Inventory Turnover

509,25

29,37

39,61

17,75

 

Stockholders' Equity Turnover

4,37

3,71

4,18

3,67

 

Asset Turnover

3,03

2,79

2,39

2,05

 

FINANCIAL STRUCTURE

 

 

 

 

 

Stockholders' Equity/Total Assets

0,69

0,75

0,57

0,56

 

Current Liabilities/Total Assets

0,31

0,17

0,43

0,32

 

Financial Leverage

0,31

0,25

0,43

0,44

 

Gearing Percentage

0,45

0,33

0,75

0,79

 

PROFITABILITY RATIOS

 

 

 

 

 

Net Profit/Stockholders' Eq.

0,16

0,15

0,08

0,09

 

Operating Profit Margin

0,06

0,05

0,03

0,03

 

Net Profit Margin

0,04

0,04

0,02

0,02

 

Interest Cover

5,48

7,64

3,99

4,36

 

COLLECTION-PAYMENT

 

 

 

 

 

Average Collection Period (days)

17,07

27,40

68,87

76,10

 

Average Payable Period (days)

8,23

8,06

37,54

16,19

 

WORKING CAPITAL

556581,00

1278211,00

1280363,00

2665116,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.65.96

UK Pound

1

Rs.102.91

Euro

1

Rs.86.58

 

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.