MIRA INFORM REPORT

 

 

Report Date :

10.09.2014

 

IDENTIFICATION DETAILS

 

Name :

ELIAR ELEKTRONIK SANAYII A.S.

 

 

Registered Office :

Levazim Mah. Korukent Sitesi A1  Blok Koru Sok. No:26C Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

26.01.1984

 

 

Com. Reg. No.:

200291

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Subject is engaged in Assembly and Trade of Industrial Computerized Automation Systems.

 

 

No of Employees :

50

 

 

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 – June 01, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Turkey

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate High Risk

 

C1

High Risk

C2

Very High Risk

 

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 around 9% in 2010-11, as exports returned to normal levels following the recession. Growth dropped to roughly 3-4% in 2012-13. Turkey's public sector debt to GDP ratio has fallen below 40%, and two rating agencies upgraded Turkey's debt to investment grade in 2012 and 2013. Turkey remains dependent on often volatile, short-term investment to finance its large current account deficit. The stock value of FDI reached nearly $195 billion at year-end 2013, reflecting Turkey's robust growth even in the face of economic turmoil in Europe, the source of much of Turkey's FDI. Turkey's relatively high current account deficit, domestic political uncertainty, and turmoil within Turkey's neighborhood leave the economy vulnerable to destabilizing shifts in investor confidence.

 

Source : CIA

 

 

NOTES

:

Address is different from the address at your inquiry.

 

 

COMPANY IDENTIFICATION

 

 

NAME

:

ELIAR ELEKTRONIK SANAYII A.S.

HEAD OFFICE ADDRESS

:

Levazim Mah. Korukent Sitesi A1  Blok Koru Sok. No:26C Istanbul / Turkey

PHONE NUMBER

:

90-212-274 30 31

 

FAX NUMBER

:

90-212-274 20 30

 

WEB-ADDRESS

:

www.eliar.com.tr

E-MAIL

:

info@eliar.com.tr

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Besiktas

TAX NO

:

3310051247

REGISTRATION NUMBER

:

200291

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

26.01.1984

ESTABLISHMENT GAZETTE DATE/NO

:

27.03.1984/976

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

 

REGISTERED CAPITAL

:

TL   500.000

PAID-IN CAPITAL

:

TL   500.000

HISTORY

:

Previous Address

:

Sulun Sok No:18 1. Levent Istanbul

Changed On

:

08.09.2005 (Commercial Gazette Date /Number 13.09.2005/ 6388)

Previous Address

:

Levazim Mah. Korukent Sitesi A Blok No:3-4 Bodrum Katlar (A3 Alti) Besiktas Istanbul

Changed On

:

28.02.2014 (Commercial Gazette Date /Number 06.03.2014/ 8522)

 

 

OWNERSHIP / MANAGEMENT

 

 

 

SHAREHOLDERS

:

Osman Metin Gunhos

29,80 %

Muhsin Mehmet Taygun

29,80 %

Osman Nejat Cinar

18 %

Mehmet Saruhan Erim

13,50 %

Timucin Guner

7,50 %

Kezban Melek Boyla

1,40 %

 

 

BOARD OF DIRECTORS

:

Osman Metin Gunhos

Chairman

Muhsin Mehmet Taygun

Vice-Chairman

 

 

OPERATIONS

 

 

 

BUSINESS ACTIVITIES

:

Assembly and trade of industrial computerized automation systems.

 

NACE CODE

:

G .51.81

 

NUMBER OF EMPLOYEES

:

50

 

NET SALES

:

5.429.187 TL

(2005) 

5.613.501 TL

(2006) 

4.619.070 TL

(2007) 

3.986.500 TL

(2008) 

6.094.317 TL

(2009) 

8.060.267 TL

(2010) 

5.140.776 TL

(2011) 

10.519.100 TL

(2012) 

15.785 TL Thousand

(2013) 

5.044 TL Thousand

(01.01-31.03.2014) 

 

 

IMPORT VALUE

:

369.195 TL

(2009)

840.700 TL

(2010)

356.610 TL

(2011)

 

 

 

 

IMPORT COUNTRIES

:

Taiwan

U.S.A.

Germany

U.K.

 

MERCHANDISE IMPORTED

:

Electronic parts

 

EXPORT VALUE

:

1.798.865 TL

(2005)

858.604 TL

(2006)

1.025.812 TL

(2007)

189.771 TL

(2008)

399.227 TL

(2009)

540.819 TL

(2010)

550.705 TL

(2011)

408.739 TL

(2012)

876.847 TL

(2013)

447.459 TL

(01.01-31.03.2014)

 

 

EXPORT COUNTRIES

:

Georgia

Taiwan

Pakistan

Brazil

Italy

New Zealand

 

MERCHANDISE  EXPORTED

:

Panels equipped by computers

Parts of glass working machines

 

HEAD OFFICE ADDRESS

:

Levazim Mah. Korukent Sitesi A1  Blok Koru Sok. No:26C  Istanbul / Turkey (rented)

 

BRANCHES

:

Head Office/Workshop  :  Levazim Mah. Korukent Sitesi A1  Blok Koru Sok. No:26C Istanbul/Turkey (rented)

 

Branch Office  :  Muhittin Mah. Cinar Sok. No:16 Corlu Tekirdag/Turkey (rented)

           

 

 

TREND OF BUSINESS

:

There was an upwards trend in 2013.

SIZE OF BUSINESS

:

Upper-Medium

 

FINANCE

 

 

 

MAIN DEALING BANKS

:

Anadolubank Karakoy Branch

Garanti Bankasi Levent Branch

ING Bank Topkapi Branch

Sekerbank Levent Branch

T. Is Bankasi Balmumcu Branch

T.C. Ziraat Bankasi Levent Branch

Turk Ekonomi Bankasi Mecidiyekoy Branch

Yapi ve Kredi Bankasi Perpa 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

:

 

(2010) TL

(2011) TL

(2012) TL

(2013) TL Thousand

(01.01-31.03.2014) TL Thousand

Net Sales

8.060.267

5.140.776

10.519.100

15.785

5.044

Profit (Loss) Before Tax

38.296

-587.805

371.895

897

-64

Stockholders' Equity

1.069.509

459.263

1.175.599

1.947

 

Total Assets

4.517.041

4.102.135

5.458.653

9.836

 

Current Assets

4.014.030

3.744.266

5.057.556

9.500

 

Non-Current Assets

503.011

357.869

401.097

336

 

Current Liabilities

3.398.852

3.623.041

4.257.183

7.863

 

Long-Term Liabilities

48.680

19.831

25.871

26

 

Gross Profit (loss)

2.374.703

1.666.914

2.603.728

4.175

1.146

Operating Profit (loss)

192.670

-332.213

340.184

986

-16

Net Profit (loss)

6.096

-587.805

371.895

772

-64

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

 

Capitalization

Insufficient

Remarks on Capitalization

The loss at the last period is expected to have a negative effect on equity total since the date of last stockholders’ equity.

 

Liquidity

Good As of 31.12.2013

Remarks On Liquidity

The unfavorable gap between average collection and average payable period has an adverse effect on liquidity.

 

Profitability

Fair Operating Profitability  in 2010

Low Net Profitability  in 2010

Operating Loss  in 2011

Net Loss  in 2011

Fair Operating Profitability  in 2012

In Order Net Profitability  in 2012

Good Operating Profitability  in 2013

Good Net Profitability  in 2013

Operating Loss (01.01-31.03.2014)

Net Loss (01.01-31.03.2014)

 

Gap between average collection and payable periods

Unfavorable in 2013

General Financial Position

Unsatisfactory

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2005 )

2,66 %

1,3499

1,6882

2,4623

 ( 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

 ( 2013 )

6,97 %

1,9179

2,5530

3,0178

 ( 01.01-31.03.2014)

5,52 %

2,1961

3,0116

3,6488

 ( 01.01-31.08.2014)

6,33 %

2,1583

2,9382

3,6128

 

 

BALANCE SHEETS

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL

 

 ( 31.12.2013 )  TL Thousand

 

 

 

CURRENT ASSETS

4.014.030

0,89

3.744.266

0,91

5.057.556

0,93

9.500

0,97

 

 

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Cash and Banks

354.732

0,08

171.699

0,04

690.534

0,13

1.022

0,10

 

 

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Account Receivable

1.807.773

0,40

1.869.777

0,46

2.421.954

0,44

4.994

0,51

 

 

Other Receivable

411.762

0,09

2.552

0,00

99.686

0,02

802

0,08

 

 

Inventories

1.102.894

0,24

1.322.340

0,32

1.611.372

0,30

1.674

0,17

 

 

Advances Given

264.572

0,06

377.898

0,09

229.060

0,04

769

0,08

 

 

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Other Current Assets

72.297

0,02

0

0,00

4.950

0,00

239

0,02

 

 

NON-CURRENT ASSETS

503.011

0,11

357.869

0,09

401.097

0,07

336

0,03

 

 

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Long-term Receivable

14.525

0,00

18.864

0,00

14.970

0,00

17

0,00

 

 

Financial Assets

90.000

0,02

90.000

0,02

90.000

0,02

0

0,00

 

 

Tangible Fixed Assets (net)

169.252

0,04

168.943

0,04

209.351

0,04

206

0,02

 

 

Intangible Assets

67.044

0,01

41.468

0,01

71.139

0,01

78

0,01

 

 

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Other Non-Current Assets

162.190

0,04

38.594

0,01

15.637

0,00

35

0,00

 

 

TOTAL ASSETS

4.517.041

1,00

4.102.135

1,00

5.458.653

1,00

9.836

1,00

 

 

CURRENT LIABILITIES

3.398.852

0,75

3.623.041

0,88

4.257.183

0,78

7.863

0,80

 

 

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Financial Loans

774.403

0,17

1.368.666

0,33

493.795

0,09

1.826

0,19

 

 

Accounts Payable

1.667.771

0,37

433.324

0,11

342.361

0,06

1.499

0,15

 

 

Loans from Shareholders

0

0,00

22.108

0,01

63.344

0,01

0

0,00

 

 

Other Short-term Payable

71.972

0,02

109.780

0,03

131.317

0,02

192

0,02

 

 

Advances from Customers

798.533

0,18

1.592.954

0,39

3.148.929

0,58

4.047

0,41

 

 

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Taxes Payable

72.756

0,02

94.251

0,02

77.437

0,01

174

0,02

 

 

Provisions

9.108

0,00

0

0,00

0

0,00

125

0,01

 

 

Other Current Liabilities

4.309

0,00

1.958

0,00

0

0,00

0

0,00

 

 

LONG-TERM LIABILITIES

48.680

0,01

19.831

0,00

25.871

0,00

26

0,00

 

 

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Financial Loans

48.680

0,01

19.831

0,00

25.871

0,00

26

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

0

0,00

0

0,00

0

0,00

0

0,00

 

 

STOCKHOLDERS' EQUITY

1.069.509

0,24

459.263

0,11

1.175.599

0,22

1.947

0,20

 

 

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Paid-in Capital

500.000

0,11

500.000

0,12

500.000

0,09

500

0,05

 

 

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Inflation Adjustment of Capital

306.607

0,07

306.607

0,07

306.607

0,06

307

0,03

 

 

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Reserves

256.806

0,06

240.461

0,06

240.461

0,04

612

0,06

 

 

Revaluation Fund

0

0,00

0

0,00

344.441

0,06

344

0,03

 

 

Accumulated Losses(-)

0

0,00

0

0,00

-587.805

-0,11

-588

-0,06

 

 

Net Profit (loss)

6.096

0,00

-587.805

-0,14

371.895

0,07

772

0,08

 

 

TOTAL LIABILITIES AND EQUITY

4.517.041

1,00

4.102.135

1,00

5.458.653

1,00

9.836

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.

 

In the sub-items of "Account Receivable", TL thousand 0 is "Doubtful Trade Receivables" at the last balance sheet.

 

The details of "Other Receivable" figure at the last balance sheet (TL Thousand): Due From Shareholders: 50, Due From Participations: 0, Due From Affiliated Companies: 0, Due From Personnel: 0, Other Miscellaneous Receivables: 752, Other Receivable Total: 802.

 

TL thousand 25 of "Tax Payable" is due to "Overdue, Delayed or Deferred Tax by Installments and Other Liabilities" at the last balance sheet.

 

At the last income statement TL thousand 58 of the other income is due to "Profit from Foreign Currency Exchange".

 

At the last income statement TL thousand 44 of the other expenses is due to "Loss from Foreign Currency Exchange".

 

 

INCOME STATEMENTS

 

(2010) TL

 

(2011) TL

 

(2012) TL

 

(2013) TL Thousand

 

(01.01-31.03.2014) TL Thousand

 

Net Sales

8.060.267

1,00

5.140.776

1,00

10.519.100

1,00

15.785

1,00

5.044

1,00

Cost of Goods Sold

5.685.564

0,71

3.473.862

0,68

7.915.372

0,75

11.610

0,74

3.898

0,77

Gross Profit

2.374.703

0,29

1.666.914

0,32

2.603.728

0,25

4.175

0,26

1.146

0,23

Operating Expenses

2.182.033

0,27

1.999.127

0,39

2.263.544

0,22

3.189

0,20

1.162

0,23

Operating Profit

192.670

0,02

-332.213

-0,06

340.184

0,03

986

0,06

-16

0,00

Other Income

214.621

0,03

218.654

0,04

413.618

0,04

703

0,04

69

0,01

Other Expenses

273.474

0,03

288.548

0,06

220.469

0,02

614

0,04

59

0,01

Financial Expenses

95.521

0,01

185.698

0,04

161.438

0,02

178

0,01

58

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

38.296

0,00

-587.805

-0,11

371.895

0,04

897

0,06

-64

-0,01

Tax Payable

32.200

0,00

0

0,00

0

0,00

125

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)

6.096

0,00

-587.805

-0,11

371.895

0,04

772

0,05

-64

-0,01

 

 

FINANCIAL RATIOS

 

(2010)

(2011)

(2012)

(2013)

 

LIQUIDITY RATIOS

 

 

Current Ratio

1,18

1,03

1,19

1,21

 

Acid-Test Ratio

0,76

0,56

0,75

0,87

 

Cash Ratio

0,10

0,05

0,16

0,13

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,24

0,32

0,30

0,17

 

Short-term Receivable/Total Assets

0,49

0,46

0,46

0,59

 

Tangible Assets/Total Assets

0,04

0,04

0,04

0,02

 

TURNOVER RATIOS

 

 

Inventory Turnover

5,16

2,63

4,91

6,94

 

Stockholders' Equity Turnover

7,54

11,19

8,95

8,11

 

Asset Turnover

1,78

1,25

1,93

1,60

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,24

0,11

0,22

0,20

 

Current Liabilities/Total Assets

0,75

0,88

0,78

0,80

 

Financial Leverage

0,76

0,89

0,78

0,80

 

Gearing Percentage

3,22

7,93

3,64

4,05

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,01

-1,28

0,32

0,40

 

Operating Profit Margin

0,02

-0,06

0,03

0,06

 

Net Profit Margin

0,00

-0,11

0,04

0,05

 

Interest Cover

1,40

-2,17

3,30

6,04

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

81,39

132,26

83,40

114,28

 

Average Payable Period (days)

105,60

44,91

15,57

46,48

 

WORKING CAPITAL

615178,00

121225,00

800373,00

1637,00

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.43

UK Pound

1

Rs.97.25

Euro

1

Rs.77.93

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

TPT

 

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.