MIRA
INFORM REPORT
|
Report Date : |
03.11.2007 |
IDENTIFICATION
DETAILS
|
Name : |
OSMANOGLU MERMERCILIK MUSTAFA OSMANOGLU |
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Registered Office : |
Ataturk Cad. No: 131 Alibeykoy-Istanbul / |
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Country : |
Turkey |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
20.10.1998 (Commercial Registry Gazette Date/No: 26.10.1998/4656) |
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Com. Reg. No.: |
406133 |
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Legal Form : |
Sole-Proprietorship |
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Line of Business : |
Trade of marble, granite, travertine… |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
COMPANY
IDENTIFICATION
|
NAME |
: |
OSMANOGLU MERMERCILIK MUSTAFA OSMANOGLU |
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ADDRESS |
: |
Head Office: Ataturk Cad. No: 131 Alibeykoy-Istanbul / Turkey The door number was changed from “219” to “131” by municipality. |
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PHONE NUMBER |
: |
90-212-625 63 62 |
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FAX NUMBER |
: |
90-212-627 41 24 |
LEGAL STATUS AND
HISTORY
|
TAX OFFICE / NO |
: |
Gaziosmanpasa / 13490438024 From the beginning of year 2007,the sole proprietorships perform
fiscal manipulations with personal ID number instead of tax number. So the number
of the subject changed from 6480058771 to 13490438024 for fiscal
manipulations. |
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REGISTRATION NUMBER |
: |
406133 |
|
REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
|
DATE ESTABLISHED |
: |
20.10.1998 (Commercial Registry Gazette Date/No: 26.10.1998/4656) |
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LEGAL FORM |
: |
Sole-Proprietorship |
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TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
The liability of the sole-proprietorships is not limited to the capital.
The owners of the sole-proprietorships are responsible for the debts of the
sole-proprietorships with all of their personal wealth. |
OWNERSHIP /
MANAGEMENT
|
OWNER |
: |
Mustafa Osmanoglu |
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The owner of the subject Mustafa Osmanoglu was born in 1967 and
graduated from primary school. Properties owned by the owner are declared to be as follows: -a flat in Fatih-Istanbul -a car Other companies owned by the owner are declared to be: None |
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DIRECTOR |
: |
Mustafa Osmanoglu Murat Osmanoglu |
OPERATIONS
|
BUSINESS ACTIVITIES |
: |
Trade of marble, granite, travertine… |
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SECTOR |
: |
Commerce |
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NUMBER OF EMPLOYEES |
: |
Operations are carried out by the owner “Mustafa Osmanoglu” and his
brother “Murat Osmanoglu” |
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NET SALES |
: |
(YTL) 261,030 561,925 334,639 |
(2005) (2006) (01.01-30.09.2007) |
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CAPACITY |
: |
None |
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PRODUCTION |
: |
None |
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IMPORT VALUE |
: |
(USD) 17,120 37,076 |
(2006) (01.01-30.09.2007) |
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IMPORT COUNTRIES |
: |
China |
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MERCHANDISE IMPORTED |
: |
Granite |
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EXPORT |
: |
None |
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PREMISES |
: |
Head Office: Ataturk Cad. No: 131 Alibeykoy-Istanbul (rented) |
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FIXED CAPITAL INVESTMENTS |
: |
None |
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TREND OF BUSINESS |
: |
Upwards in 2006 |
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COMMERCIAL MORALITY |
: |
Good |
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SIZE OF BUSINESS |
: |
Small |
FINANCE
|
MAIN DEALING BANKERS |
: |
T.Is Bankasi Tahtakale branch in Istanbul |
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CREDIT FACILITIES |
: |
No credit facility has come to our knowledge. |
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PAYMENT BEHAVIOUR |
: |
No complaints have been heard regarding payments from the bank. According to the official registries between 01.01.2000-15.09.2007, there
are no protested bills and non-paid cheques registered in the name of “Osmanoglu Mermercilik” |
COMMENT ON FINANCIAL
POSITION
|
FINANCIAL STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
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Capitalization was in order as of 31.12.2006. The liability of the
sole-proprietorships is not limited to the capital. The owners of the
sole-proprietorships are responsible for the debts of the
sole-proprietorships with all of their personal wealth. The owner of the
subject has a flat in Fatih-Istanbul and a car. |
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LIQUIDITY |
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Current ratio was high but acid-test ratio was very low as
a considerable part of “current assets” was consisting of “inventories” which
is not a very liquid item as of 31.12.2006.
So the subject had terribly low very liquid items as of 31.12.2006. |
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PROFITABILITY |
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Low |
In 2006 |
Fair |
Between 01.01.-30.09.2007 |
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GENERAL FINANCIAL POSITION |
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The liability of the sole-proprietorships is not limited to the
capital. The owners of the sole-proprietorships are responsible for the debts
of the sole-proprietorships with all of their personal wealth. Profitability was low in 2006 and it was fair in the
first 9 months of 2007. Capitalization was in order and current ratio
was high but acid-test ratio was very low as a
considerable part of “current assets” was consisting of “inventories” which
is not a very liquid item as of
31.12.2006. So the subject had terribly low very liquid items as of
31.12.2006. |
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CREDIT OPINION
|
CREDIT OPINION WITHOUT OBLIGATION |
: |
We are of the opinion that, the subject is suitable for dealing on
secured terms for any amount of business. |
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|
Incr. in producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(2005) |
2.66 % |
1.3499 |
1.6882 |
2.4623 |
|
(2006) |
11.58 % |
1.4309 |
1.7987 |
2.6377 |
|
(1.1.-30.06.2007) |
2.98 % |
1.3733 |
1.8275 |
2.7117 |
|
(1.1.-30.09.2007) |
4.98 % |
1.3447 |
1.8084 |
2.6720 |
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 |
81.552 |
|
1,00 |
|
186.551 |
|
1,00 |
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Cash and
Banks |
5.032 |
|
0,06 |
|
598 |
|
0,00 |
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Marketable Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Account
Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Other
Receivable |
20.000 |
|
0,25 |
|
0 |
|
0,00 |
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Inventories |
51.325 |
|
0,63 |
|
156.692 |
|
0,84 |
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Advances
Given |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Other
Current Assets |
5.195 |
|
0,06 |
|
29.261 |
|
0,16 |
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NON-CURRENT ASSETS |
0 |
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0,00 |
|
462 |
|
0,00 |
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Long-term
Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Financial
Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Tangible
Fixed Assets (net) |
0 |
|
0,00 |
|
462 |
|
0,00 |
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Intangible Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Other
Non-Current Assets |
0 |
|
0,00 |
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0 |
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0,00 |
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TOTAL ASSETS |
81.552 |
|
1,00 |
|
187.013 |
|
1,00 |
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CURRENT LIABILITIES |
1.557 |
|
0,02 |
|
95.481 |
|
0,51 |
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Financial
Loans |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Accounts
Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Other
Short-term Payable |
0 |
|
0,00 |
|
93.000 |
|
0,50 |
|
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Advances
from Customers |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Taxes
Payable |
53 |
|
0,00 |
|
66 |
|
0,00 |
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Provisions |
1.504 |
|
0,02 |
|
2.415 |
|
0,01 |
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Other
Current Liabilities |
0 |
|
0,00 |
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0 |
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0,00 |
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LONG-TERM LIABILITIES |
0 |
|
0,00 |
|
0 |
|
0,00 |
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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 |
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0 |
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0,00 |
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Loans
from Owner |
0 |
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0,00 |
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0 |
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0,00 |
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Other
Long-term Liabilities |
0 |
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0,00 |
|
0 |
|
0,00 |
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Provisions |
0 |
|
0,00 |
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0 |
|
0,00 |
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STOCKHOLDERS' EQUITY |
79.995 |
|
0,98 |
|
91.532 |
|
0,49 |
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TOTAL LIABILITIES AND EQUITY |
81.552 |
|
1,00 |
|
187.013 |
|
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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|
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|
2005 |
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|
2006 |
|
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|
1.1-30.09.2007 |
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Net Sales |
261.030 |
|
1,00 |
|
561.925 |
|
1,00 |
|
334.639 |
|
1,00 |
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Cost of
Goods Sold |
242.757 |
|
0,93 |
|
503.067 |
|
0,90 |
|
285.419 |
|
0,85 |
|
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Gross Profit |
18.273 |
|
0,07 |
|
58.858 |
|
0,10 |
|
49.220 |
|
0,15 |
|
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Operating
Expenses |
10.754 |
|
0,04 |
|
44.907 |
|
0,08 |
|
40.787 |
|
0,12 |
|
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|
Operating Profit |
7.519 |
|
0,03 |
|
13.951 |
|
0,02 |
|
8.433 |
|
0,03 |
|
|
|
Other
Income |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Expenses |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Financial
Expenses |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
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Profit (loss) Before Tax |
7.519 |
|
0,03 |
|
13.951 |
|
0,02 |
|
8.433 |
|
0,03 |
|
|
|
Tax
Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
7.519 |
|
0,03 |
|
13.951 |
|
0,02 |
|
8.433 |
|
0,03 |
|
FINANCIAL RATIOS
|
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|
2005 |
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2006 |
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|
1.1.-30.09.2007 |
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LIQUIDITY RATIOS |
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Current Ratio |
52,38 |
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|
1,95 |
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|
-- |
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Acid-Test Ratio |
16,08 |
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|
0,01 |
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|
-- |
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ASSET STRUCTURE RATIOS |
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Inventory/Total Assets |
0,63 |
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|
0,84 |
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|
-- |
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Short-term Receivable/Total Assets |
0,25 |
|
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|
0,00 |
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|
-- |
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Tangible Assets/Total Assets |
0,00 |
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|
0,00 |
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|
-- |
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TURNOVER RATIOS |
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Inventory Turnover |
4,73 |
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|
3,21 |
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|
-- |
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Stockholders' Equity Turnover |
3,26 |
|
|
|
6,14 |
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|
-- |
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Asset Turnover |
3,20 |
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|
3,00 |
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|
-- |
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FINANCIAL STRUCTURE |
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Stockholders' Equity/Total Assets |
0,98 |
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|
0,49 |
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|
-- |
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Current Liabilities/Total Assets |
0,02 |
|
|
|
0,51 |
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|
|
-- |
|
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Financial Leverage |
0,02 |
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|
0,51 |
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|
-- |
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PROFITABILITY RATIOS |
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Net Profit/Stockholders' Eq. |
0,09 |
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|
0,15 |
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|
-- |
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Operating Profit Margin |
0,03 |
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|
0,02 |
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|
0,03 |
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Net Profit Margin |
0,03 |
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|
0,02 |
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|
0,03 |
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COLLECTION-PAYMENT |
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Average Collection Period (days) |
0,00 |
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|
0,00 |
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|
|
-- |
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Average Payable Period (days) |
0,00 |
|
|
|
0,00 |
|
|
|
-- |
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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%)