MIRA INFORM REPORT

 

 

Report No. :

320542

Report Date :

05.05.2015

 

IDENTIFICATION DETAILS

 

Name :

EAE ELEKTRIK AYDINLATMA ENDUSTRISI SANAYI VE TICARET A.S.

 

 

Registered Office :

Ziya Gokalp Mah. Eski Turgut Ozal Cad. No:20 Basaksehir Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

30.03.1983

 

 

Com. Reg. No.:

194189

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and Trade of Lighting Materials.

 

 

No. of Employees :

187

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Moderate

Payment Behaviour :

Unknown

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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 region to market. Several gas pipeline projects also are moving forward to help transport Caspian gas to Europe through Turkey, which over the long term will help address Turkey's dependence on imported oil and gas which currently meets 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 has dropped to roughly 2-4% in 2013-14. 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 2014, reflecting Turkey's robust growth even in the face of economic turmoil in Europe, the source of most of Turkey's foreign direct investment. 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

 

COMPANY IDENTIFICATION

 

 

NAME

:

EAE ELEKTRIK AYDINLATMA ENDUSTRISI SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Ziya Gokalp Mah. Eski Turgut Ozal Cad. No:20 Basaksehir Istanbul / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The address was changed from "Ikitelli Organize Sanayi Bolgesi Turgut Ozal Cad. Haseyad Koop. No:112 Kucukcekmece" to "Ziya Gokalp Mah. Eski Turgut Ozal Cad. No:20 Basaksehir" by the municipality.

PHONE NUMBER

:

90-212-413 21 50

90-212-549 97 13

 

FAX NUMBER

:

90-212-549 37 90

 

WEB-ADDRESS

:

www.eaeaydinlatma.com

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Marmara Kurumlar

TAX NO

:

3230042981

REGISTRATION NUMBER

:

194189

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

30.03.1983

ESTABLISHMENT GAZETTE DATE/NO

:

07.04.1983/730

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

 

REGISTERED CAPITAL

:

TL   3.000.000

PAID-IN CAPITAL

:

TL   3.000.000

HISTORY

:

Previous Name

:

E.A.E. Elektrik Aydinlatma Endustrisi Sanayi Ve Ticaret A.S.

Changed On

:

28.08.2009 (Commercial Gazette Date /Number 02.09.2009/ 7389)

Previous Registered Capital

:

TL 650.000

Changed On

:

01.08.2006 (Commercial Gazette Date /Number 04.08.2006/ 6614)

Previous Registered Capital

:

TL 1.300.000

Changed On

:

30.12.2010 (Commercial Gazette Date /Number 05.01.2011/ 7723)

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

EAE Elektrik Asansor Endustrisi Insaat Sanayi ve Ticaret A.S.

58,83 %

Yusuf Hikmet Kaya

25,78 %

Ummuhan Gungor Kaya

7,80 %

Mustafa Mehmet Kaya

 

Mehmet Samil Perk

 

Ferhan Atakkaan

 

 

 

GROUP

:

EAE GROUP OF COMPANIES

 

SISTER COMPANIES

:

EAE ELEKTRIK ASANSOR ENDUSTRISI INSAAT SANAYI VE TICARET A.S.

EAE ELEKTROTEKNIK SANAYI VE TICARET A.S.

EAE ITALIA SRL

EAE MAKINA SANAYI VE TICARET A.S.

EAE TEKNOLOJI ARASTIRMA GELISTIRME SANAYI VE TICARET A.S.

 

BOARD OF DIRECTORS

:

EAE Elektrik Asansor Endustrisi Insaat Sanayi ve Ticaret A.S. (Representative: Yusuf Hikmet Kaya)

Chairman

Mehmet Samil Perk

Vice-Chairman

Mustafa Mehmet Kaya

Member

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Manufacture and trade of lighting materials.

 

NACE CODE

:

DL.31.50

TRADEMARKS OWNED

:

Esta

Sas

Tak-Yak

 

NUMBER OF EMPLOYEES

:

187

 

NET SALES

:

976.747 TL

(2000) 

1.503.356 TL

(2001) 

3.109.796 TL

(2002) 

4.910.363 TL

(2003) 

5.950.109 TL

(2004) 

5.341.145 TL

(2005) 

6.659.290 TL

(2006) 

11.329.725 TL

(2007) 

11.554.436 TL

(2008) 

16.537.439 TL

(2009) 

24.835.821 TL

(2010) 

43.040.954 TL

(2011) 

34.464.276 TL

(01.01-30.09.2012) 

 

 

REMARKS ON NET SALES

:

In Turkey, there is no public registry on companies’ financial and detailed general data. So, to collect a firm’s data, an information agency has to contact the company and get its authorization.

 

However the company strictly declines to give us an authorization to gather its fresh financial data. As the firm’s shares are not open to public it is not obliged to announce its data.

 

IMPORT COUNTRIES

:

Germany

Belgium

 

MERCHANDISE IMPORTED

:

Armature

Plastic materials

Raw materials

 

 

EXPORT VALUE

:

100.935 TL

(2002)

0 TL

(2003)

452.874 TL

(2004)

238.067 TL

(2005)

154.941 TL

(2006)

387.114 TL

(2007)

798.222 TL

(2008)

807.439 TL

(2009)

3.250.077 TL

(2010)

4.472.381 TL

(2011)

4.880.973 TL

(01.01-30.09.2012)

 

 

EXPORT COUNTRIES

:

Russia

Egypt

Germany

Ukraine

 

MERCHANDISE  EXPORTED

:

Chandeliers

Electronical lamps

Light equipment

 

HEAD OFFICE ADDRESS

:

Ziya Gokalp Mah. Eski Turgut Ozal Cad. No:20 Basaksehir  Istanbul / Turkey ( owned by shareholder(s) )

 

BRANCHES

:

Head Office/Factory  :  Ziya Gokalp Mah. Eski Turgut Ozal Cad. No:20 Basaksehir Istanbul/Turkey (owned by shareholder(s)) (2.000 sqm)

           

 

 

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Garanti Bankasi Ikitelli Organize Sanayi Branch

HSBC Bank Ikitelli Organize Sanayi Branch

T. Halk Bankasi Ikitelli Organize Sanayi Branch

Yapi ve Kredi Bankasi Ikitelli Organize Sanayi Branch

 

PAYMENT BEHAVIOUR

:

Unknown

 

KEY FINANCIAL ELEMENTS

:

 

(2008) TL

(2009) TL

(2010) TL

(2011) TL

(01.01-30.09.2012) TL

Net Sales

11.554.436

16.537.439

24.835.821

43.040.954

34.464.276

Profit (Loss) Before Tax

-714.513

-98.649

2.253.074

7.547.352

3.733.525

Stockholders' Equity

743.000

644.351

4.184.590

10.127.910

 

Total Assets

6.324.127

8.406.525

15.405.674

21.224.590

 

Current Assets

4.544.378

6.981.223

12.871.710

18.412.357

 

Non-Current Assets

1.779.749

1.425.302

2.533.964

2.812.233

 

Current Liabilities

4.501.876

7.277.807

10.736.717

10.323.819

 

Long-Term Liabilities

1.079.251

484.367

484.367

772.861

 

Gross Profit (loss)

2.014.340

3.915.801

6.959.034

14.683.533

9.742.782

Operating Profit (loss)

97.666

1.137.590

2.678.447

9.880.722

4.638.333

Net Profit (loss)

-714.513

-98.649

1.840.239

5.943.320

3.733.525

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

General Financial Position

General financial position is undetermined the firm declines to give us an authorization to gather its financial data. As the shares of the firm are not open to public, it is not obliged to announce its data.

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2000 )

32,70 %

0,6251

0,5774

0,9480

 ( 2001 )

88,60 %

1,1991

1,0714

1,7300

 ( 2002 )

30,80 %

1,5168

1,3741

2,2001

 ( 2003 )

13,90 %

1,5302

1,7141

2,4982

 ( 2004 )

13,84 %

1,4266

1,7666

2,6001

 ( 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

 ( 01.01-30.09.2012)

3,34 %

1,8029

2,3233

2,8527

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 ( 01.01-31.03.2015)

2,60 %

2,4709

2,8023

3,7626

 

 

 

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

 

 

CURRENT ASSETS

4.544.378

0,72

6.981.223

0,83

12.871.710

0,84

18.412.357

0,87

 

 

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Cash and Banks

219.184

0,03

84.633

0,01

133.260

0,01

245.565

0,01

 

 

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Account Receivable

1.644.837

0,26

2.114.968

0,25

6.644.767

0,43

7.752.153

0,37

 

 

Other Receivable

120.082

0,02

392.464

0,05

176.879

0,01

249.499

0,01

 

 

Inventories

2.351.715

0,37

4.076.270

0,48

4.804.288

0,31

8.534.474

0,40

 

 

Advances Given

122.592

0,02

113.706

0,01

855.466

0,06

896.376

0,04

 

 

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Other Current Assets

85.968

0,01

199.182

0,02

257.050

0,02

734.290

0,03

 

 

NON-CURRENT ASSETS

1.779.749

0,28

1.425.302

0,17

2.533.964

0,16

2.812.233

0,13

 

 

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Long-term Receivable

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Tangible Fixed Assets (net)

888.727

0,14

720.322

0,09

2.078.112

0,13

2.521.821

0,12

 

 

Intangible Assets

832.205

0,13

687.192

0,08

452.356

0,03

281.656

0,01

 

 

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Other Non-Current Assets

58.817

0,01

17.788

0,00

3.496

0,00

8.756

0,00

 

 

TOTAL ASSETS

6.324.127

1,00

8.406.525

1,00

15.405.674

1,00

21.224.590

1,00

 

 

CURRENT LIABILITIES

4.501.876

0,71

7.277.807

0,87

10.736.717

0,70

10.323.819

0,49

 

 

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Financial Loans

530.997

0,08

2.839.073

0,34

4.077.395

0,26

2.449.779

0,12

 

 

Accounts Payable

2.970.881

0,47

3.639.147

0,43

4.883.114

0,32

5.380.956

0,25

 

 

Loans from Shareholders

417.583

0,07

191.990

0,02

312.513

0,02

12.308

0,00

 

 

Other Short-term Payable

89.655

0,01

45.138

0,01

75.928

0,00

49.744

0,00

 

 

Advances from Customers

328.633

0,05

401.006

0,05

747.865

0,05

760.211

0,04

 

 

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Taxes Payable

102.459

0,02

86.532

0,01

411.284

0,03

1.078.742

0,05

 

 

Provisions

0

0,00

0

0,00

41.761

0,00

0

0,00

 

 

Other Current Liabilities

61.668

0,01

74.921

0,01

186.857

0,01

592.079

0,03

 

 

LONG-TERM LIABILITIES

1.079.251

0,17

484.367

0,06

484.367

0,03

772.861

0,04

 

 

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Financial Loans

1.079.251

0,17

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

0

0,00

484.367

0,06

484.367

0,03

772.861

0,04

 

 

STOCKHOLDERS' EQUITY

743.000

0,12

644.351

0,08

4.184.590

0,27

10.127.910

0,48

 

 

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Paid-in Capital

1.300.000

0,21

1.300.000

0,15

3.000.000

0,19

3.000.000

0,14

 

 

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Inflation Adjustment of Capital

0

0,00

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

157.513

0,02

157.513

0,02

157.513

0,01

1.997.752

0,09

 

 

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Accumulated Losses(-)

0

0,00

-714.513

-0,08

-813.162

-0,05

-813.162

-0,04

 

 

Net Profit (loss)

-714.513

-0,11

-98.649

-0,01

1.840.239

0,12

5.943.320

0,28

 

 

TOTAL LIABILITIES AND EQUITY

6.324.127

1,00

8.406.525

1,00

15.405.674

1,00

21.224.590

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 770.197 is "Doubtful Trade Receivables" and -TL 731.426 is "Provision for Doubtful Trade Receivables" at the last balance sheet. 

 

The details of "Other Receivable" figure at the last balance sheet: Due From Shareholders: 0, Due From Participations: 0, Due From Affiliated Companies: 0, Due From Personnel: 402, Other Miscellaneous Receivables: 249.097, Other Receivable Total: 249.499. 

 

TL 49.153 of "Tax Payable" is due to "Overdue, Delayed or Deferred Tax by Installments and Other Liabilities" at the last balance sheet.

 

 

INCOME STATEMENTS

 

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

(01.01-30.09.2012) TL

 

Net Sales

11.554.436

1,00

16.537.439

1,00

24.835.821

1,00

43.040.954

1,00

34.464.276

1,00

Cost of Goods Sold

9.540.096

0,83

12.621.638

0,76

17.876.787

0,72

28.357.421

0,66

24.721.494

0,72

Gross Profit

2.014.340

0,17

3.915.801

0,24

6.959.034

0,28

14.683.533

0,34

9.742.782

0,28

Operating Expenses

1.916.674

0,17

2.778.211

0,17

4.280.587

0,17

4.802.811

0,11

5.104.449

0,15

Operating Profit

97.666

0,01

1.137.590

0,07

2.678.447

0,11

9.880.722

0,23

4.638.333

0,13

Other Income

175.150

0,02

108.791

0,01

350.304

0,01

365.865

0,01

480.729

0,01

Other Expenses

523.274

0,05

1.080.711

0,07

536.117

0,02

2.176.745

0,05

1.169.366

0,03

Financial Expenses

464.055

0,04

264.319

0,02

239.560

0,01

522.490

0,01

216.171

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

-714.513

-0,06

-98.649

-0,01

2.253.074

0,09

7.547.352

0,18

3.733.525

0,11

Tax Payable

0

0,00

0

0,00

412.835

0,02

1.604.032

0,04

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

-714.513

-0,06

-98.649

-0,01

1.840.239

0,07

5.943.320

0,14

3.733.525

0,11

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

(2011)

 

LIQUIDITY RATIOS

 

 

Current Ratio

1,01

0,96

1,20

1,78

 

Acid-Test Ratio

0,44

0,36

0,65

0,80

 

Cash Ratio

0,05

0,01

0,01

0,02

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,37

0,48

0,31

0,40

 

Short-term Receivable/Total Assets

0,28

0,30

0,44

0,38

 

Tangible Assets/Total Assets

0,14

0,09

0,13

0,12

 

TURNOVER RATIOS

 

 

Inventory Turnover

4,06

3,10

3,72

3,32

 

Stockholders' Equity Turnover

15,55

25,67

5,94

4,25

 

Asset Turnover

1,83

1,97

1,61

2,03

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,12

0,08

0,27

0,48

 

Current Liabilities/Total Assets

0,71

0,87

0,70

0,49

 

Financial Leverage

0,88

0,92

0,73

0,52

 

Gearing Percentage

7,51

12,05

2,68

1,10

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

-0,96

-0,15

0,44

0,59

 

Operating Profit Margin

0,01

0,07

0,11

0,23

 

Net Profit Margin

-0,06

-0,01

0,07

0,14

 

Interest Cover

-0,54

0,63

10,41

15,44

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

51,25

46,04

96,32

64,84

 

Average Payable Period (days)

112,11

103,80

98,34

68,31

 

WORKING CAPITAL

42502,00

-296584,00

2134993,00

8088538,00

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.57

UK Pound

1

Rs.97.99

Euro

1

Rs.70.53

 

 

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

 

--

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.