MIRA
INFORM REPORT
|
Report Date : |
13.08.2007 |
IDENTIFICATION DETAILS
|
Name : |
MANGAN INSAAT TAAHHUT TICARET TURIZM VE MUSAVIRLIK A.S. |
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Registered Office : |
Cetin Emec Bulvari No:41/7 Ovecler Ankara |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
February,1986 |
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Com. Reg. No.: |
59791 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Processing of marble and granite and application of marble and granite
coverings at buildings. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
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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 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
COMPANY
IDENTIFICATION
|
NAME |
: |
MANGAN INSAAT TAAHHUT TICARET TURIZM VE MUSAVIRLIK A.S. |
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ADDRESS |
: |
Head Office: Cetin Emec Bulvari No:41/7
Ovecler Ankara / |
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PHONE NUMBER |
: |
90-312-479 16 45 |
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FAX NUMBER |
: |
90-312-479 03 13 |
LEGAL STATUS AND
HISTORY
|
TAX OFFICE / NO |
: |
Kavaklidere / 6120556869 |
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REGISTRATION NUMBER |
: |
59791 |
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REGISTERED OFFICE |
: |
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DATE ESTABLISHED |
: |
February,1986 |
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LEGAL FORM |
: |
Joint Stock Company |
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TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
YTL 800,000 |
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HISTORY |
: |
The legal form of the firm was changed
from “Limited Company” to “Joint Stock Company” and the name of the firm was changed
from “Mangan Insaat Taahhut Ticaret Turizm Ve Musavirlik Ltd Sti” to “Mangan
Insaat Taahhut Ticaret Turizm Ve Musavirlik A.S.”, the registered capital was
increased from YTL 300,000 to YTL 800,000 on 25.05.2007 (Commercial Registry
Gazette Date/No: 30.05.2007/6819) |
|
OWNERSHIP /
MANAGEMENT
|
SHAREHOLDERS |
: |
Serpil Mangan Alibey Mangan Burcin Pelin Mangan Bedir Burak Mangan Sadik Berat Ertunc |
48,75 % 41,2375 % 5 % 5 % 0,0125 % |
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GROUP PARENT COMPANY |
: |
None |
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SUBSIDIARIES |
: |
None |
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BOARD OF DIRECTORS |
: |
Alibey Mangan Serpil Mangan Burcin Pelin Mangan |
Chairman Member Member |
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OPERATIONS
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BUSINESS
ACTIVITIES |
: |
Processing of marble and granite and application
of marble and granite coverings at buildings |
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NUMBER OF
EMPLOYEES |
: |
350 |
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NET SALES |
: |
(YTL Thousand) 8,307 9,549 10,222 11,550 11,740 14,475 2,941 |
(2001) (2002) (2003) (2004) (2005) (2006) |
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IMPORT VALUE |
: |
EUR 1,019,001 + USD 740,066 EUR 468,970 + USD 653,087 EUR 473,395 + USD 648,491 |
(2005) (2006) (01.01-30.06.2007) |
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IMPORT COUNTRIES |
: |
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MERCHANDISE
IMPORTED |
: |
Granite |
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EXPORT VALUE |
: |
YTL 1,950 None None YTL 858,111 YTL 529,166 YTL 798,087 YTL 438,409 |
(2001) (2002) (2003) (2004) (2005) (2006) |
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EXPORT COUNTRIES |
: |
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MERCHANDISE EXPORTED |
: |
Marble, building stone, grindstones…. |
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PREMISES |
: |
Head Office: Cetin Emec Bulvari No:41/7 Ovecler Ankara (owned by the shareholders) Showroom: Cetin Emec Bulvari No:41/15
Ovecler Ankara (owned by the shareholders) Project Facility: Cetin Emec Bulvari No:41/2 Ovecler Ankara (owned by the shareholders) Processing Plant: Esenboga Yolu 26. Km. Mardek Kapi Fabrikasi Arkasi Esenboga Ankara (owned) Workshop: Karsiyaka Mez. Mermerciler
Sitesi E Blok No:4 Rented liaison offices at Kozyatagi / |
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FIXED CAPITAL
INVESTMENTS |
: |
None |
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TREND OF BUSINESS : There was a slowdown at business volume in real terms in 2005 but
there was an upwards trend in 2006.
COMMERCIAL MORALITY : Unsatisfactory
SIZE OF BUSINESS : Large
FINANCE
|
MAIN DEALING BANKERS |
: |
Yapi ve Kredi Bankasi Mesrutiyet branch in
Sekerbank Bahcelievler branch in Garanti Bankasi Ankara branch in Oyakbank Cetin Emec branch in T. Is Bankasi Yildiz branch in Akbank Kizilay branch in |
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CREDIT FACILITIES |
: |
The subject company is making use of
credit facilities. |
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PAYMENT BEHAVIOUR |
: |
According to the official registries between 01.01.2000-30.06.2007, there are many non-paid cheques in 2003, 2004 and 2005 registered in the name of the subject company. Most of these cheques were paid later on. |
COMMENT ON FINANCIAL
POSITION
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FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
|
The financial leverage of the firm appears to be high but a part of
the liabilities consist of “accumulated construction income” which is in fact
not an indicator of indebtedness. Even if ignoring “accumulated construction
income” from liabilities, the firm’s indebtedness to third parties was high
in comparison to its equity total as of 31.12.2006. The registered capital was increased from
YTL 300,000 to YTL 800,000 on 25.05.2007 but the amount of increase is very
low in comparison to asset total of the firm, so we do not expect a
considerable improvement at capitalization as a consequence of the capital
increase. |
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PROFITABILITY |
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The firm had loss in 2006 and had low profitability between
01.01-31.03.2007. However it has to be noted that , the income statement does
not point out real profitability of construction firms as construction
companies can not register their income at income statement unless the
project has been totally completed. The real indicator of profitability of construction companies is the
gap between the “accumulated construction income” and “accumulated
construction expense.” According to the data of 31.12.2006 this gap reveals that the firm was
profitable form its activity in 2006. |
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GENERAL
FINANCIAL POSITION |
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Unsatisfactory |
CREDIT OPINION
CREDIT OPINION WITHOUT OBLIGATION : We are of the opinion that, the subject is suitable for dealing on fully
secured terms for any amount of business.
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Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(2001) |
88.60 % |
1.1991 |
1.0714 |
1.7300 |
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(2002) |
30.80 % |
1.5168 |
1.3741 |
2.2001 |
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(2003) |
13.90 % |
1.5302 |
1.7141 |
2.4982 |
|
(2004) |
13.84 % |
1.4266 |
1.7666 |
2.6001 |
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(2005) |
2.66 % |
1.3499 |
1.6882 |
2.4623 |
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(2006) |
11.58 % |
1.4309 |
1.7987 |
2.6377 |
|
(1.1.-31.03.2007) |
1.88 % |
1.4068 |
1.8521 |
2.7609 |
|
(1.1.-31.07.2007) |
3,05 % |
1.3633 |
1.8196 |
2.6989 |
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BALANCE SHEETS |
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YTL |
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YTL |
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31.12.05 |
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|
31.12.06 |
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CURRENT ASSETS |
12.334.825 |
|
0,85 |
|
11.871.933 |
|
0,86 |
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Cash and
Banks |
26.315 |
|
0,00 |
|
470.717 |
|
0,03 |
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Marketable
Securities |
289.578 |
|
0,02 |
|
4.034 |
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0,00 |
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Account
Receivable |
3.297.169 |
|
0,23 |
|
2.035.299 |
|
0,15 |
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Other
Receivable |
195.150 |
|
0,01 |
|
653.834 |
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0,05 |
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Inventories |
529.356 |
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0,04 |
|
671.219 |
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0,05 |
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Advances
Given |
287.825 |
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0,02 |
|
989.000 |
|
0,07 |
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Accumulated Construction Expenses |
6.143.839 |
|
0,42 |
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4.252.308 |
|
0,31 |
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Other
Current Assets |
1.565.593 |
|
0,11 |
|
2.795.522 |
|
0,20 |
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NON-CURRENT ASSETS |
2.185.756 |
|
0,15 |
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1.896.417 |
|
0,14 |
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Long-term
Receivable |
1.267 |
|
0,00 |
|
1.267 |
|
0,00 |
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Financial
Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Tangible
Fixed Assets (net) |
1.749.937 |
|
0,12 |
|
1.722.451 |
|
0,13 |
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Intangible
Assets |
11.378 |
|
0,00 |
|
8.292 |
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0,00 |
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Other
Non-Current Assets |
423.174 |
|
0,03 |
|
164.407 |
|
0,01 |
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TOTAL ASSETS |
14.520.581 |
|
1,00 |
|
13.768.350 |
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1,00 |
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CURRENT LIABILITIES |
13.829.914 |
|
0,95 |
|
13.059.683 |
|
0,95 |
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Financial
Loans |
1.861.831 |
|
0,13 |
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1.665.674 |
|
0,12 |
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Accounts
Payable |
5.330.013 |
|
0,37 |
|
3.099.875 |
|
0,23 |
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Loans from
Shareholders |
0 |
|
0,00 |
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0 |
|
0,00 |
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Other
Short-term Payable |
0 |
|
0,00 |
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0 |
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0,00 |
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Advances
from Customers |
1.284.806 |
|
0,09 |
|
2.322.125 |
|
0,17 |
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Accumulated Construction Income |
4.278.610 |
|
0,29 |
|
4.674.754 |
|
0,34 |
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Taxes
Payable |
1.074.654 |
|
0,07 |
|
1.297.255 |
|
0,09 |
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Provisions |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Other Current
Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
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LONG-TERM LIABILITIES |
29.889 |
|
0,00 |
|
107.654 |
|
0,01 |
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Financial
Loans |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Securities
Issued |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Long-term
Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Loans from
Shareholders |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Other
Long-term Liabilities |
29.889 |
|
0,00 |
|
107.654 |
|
0,01 |
|
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Provisions |
0 |
|
0,00 |
|
0 |
|
0,00 |
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STOCKHOLDERS' EQUITY |
660.778 |
|
0,05 |
|
601.013 |
|
0,04 |
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Paid-in
Capital |
300.000 |
|
0,02 |
|
300.000 |
|
0,02 |
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Inflation Adjustment
of Capital |
510.724 |
|
0,04 |
|
510.724 |
|
0,04 |
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Reserves |
29.111 |
|
0,00 |
|
256.303 |
|
0,02 |
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Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Accumulated Losses(-) |
-404.203 |
|
-0,03 |
|
-404.203 |
|
-0,03 |
|
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Net Profit
(loss) |
225.146 |
|
0,02 |
|
-61.811 |
|
0,00 |
|
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TOTAL LIABILITIES AND EQUITY |
14.520.581 |
|
1,00 |
|
13.768.350 |
|
1,00 |
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INCOME STATEMENTS |
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YTL |
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YTL |
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YTL |
|
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|
2005 |
|
|
|
2006 |
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|
1.1.-31.03.07 |
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Net Sales |
11.740.211 |
|
1,00 |
|
14.475.538 |
|
1,00 |
|
2.941.295 |
|
1,00 |
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Cost of
Goods Sold |
10.371.483 |
|
0,88 |
|
13.481.316 |
|
0,93 |
|
2.607.322 |
|
0,89 |
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Gross Profit |
1.368.728 |
|
0,12 |
|
994.222 |
|
0,07 |
|
333.973 |
|
0,11 |
|
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Operating
Expenses |
735.537 |
|
0,06 |
|
958.410 |
|
0,07 |
|
203.710 |
|
0,07 |
|
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Operating Profit |
633.191 |
|
0,05 |
|
35.812 |
|
0,00 |
|
130.263 |
|
0,04 |
|
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Other
Income |
63.083 |
|
0,01 |
|
433.037 |
|
0,03 |
|
23.450 |
|
0,01 |
|
|
|
Other
Expenses |
51.695 |
|
0,00 |
|
49.766 |
|
0,00 |
|
9.480 |
|
0,00 |
|
|
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Financial
Expenses |
410.557 |
|
0,03 |
|
480.894 |
|
0,03 |
|
92.981 |
|
0,03 |
|
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Profit (loss) Before Tax |
234.022 |
|
0,02 |
|
-61.811 |
|
0,00 |
|
51.252 |
|
0,02 |
|
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|
Tax
Payable |
8.876 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
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Net Profit (loss) |
225.146 |
|
0,02 |
|
-61.811 |
|
0,00 |
|
51.252 |
|
0,02 |
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FINANCIAL RATIOS |
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2005 |
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2006 |
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1.1.-31.03.07 |
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LIQUIDITY RATIOS |
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Current Ratio |
0,89 |
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|
0,91 |
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-- |
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Acid-Test Ratio |
0,28 |
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|
0,24 |
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-- |
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ASSET STRUCTURE RATIOS |
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Inventory/Total Assets |
0,04 |
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|
0,05 |
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|
-- |
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Short-term Receivable/Total Assets |
0,24 |
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|
0,20 |
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|
-- |
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Tangible Assets/Total Assets |
0,12 |
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|
0,13 |
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|
-- |
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TURNOVER RATIOS |
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Inventory Turnover |
19,59 |
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|
20,08 |
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|
-- |
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Stockholders' Equity Turnover |
17,77 |
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|
24,09 |
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|
-- |
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Asset Turnover |
0,81 |
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|
1,05 |
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|
-- |
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FINANCIAL STRUCTURE |
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Stockholders' Equity/Total Assets |
0,05 |
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|
0,04 |
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|
-- |
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Current Liabilities/Total Assets |
0,95 |
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|
0,95 |
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|
-- |
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Financial Leverage |
0,95 |
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|
0,96 |
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|
-- |
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PROFITABILITY RATIOS |
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Net Profit/Stockholders' Eq. |
0,34 |
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|
-0,10 |
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|
-- |
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Operating Profit Margin |
0,05 |
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|
0,00 |
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|
0,04 |
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Net Profit Margin |
0,02 |
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|
0,00 |
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|
0,02 |
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COLLECTION-PAYMENT |
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Average Collection Period (days) |
101,14 |
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|
50,65 |
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|
-- |
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Average Payable Period (days) |
185,01 |
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|
82,78 |
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-- |
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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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)