MIRA
INFORM REPORT
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Report Date : |
08.12.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ASAN INSAAT SANAYI VE TICARET LTD. STI. |
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Registered Office : |
Ugur Mumcu Cad. No: 75/2 Gaziosmanpasa Ankara |
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Country : |
Turkey |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
17.09.1991 |
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Com. Reg. No.: |
84023 |
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Legal Form : |
Limited Company |
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Line of Business : |
Assembly and covering of interior and outer surface of buildings with
granite and marble |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 200,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
COMPANY IDENTIFICATION
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NAME |
: |
ASAN INSAAT SANAYI VE TICARET LTD. STI. |
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ADDRESS |
: |
Head Office : Ugur Mumcu Cad. No: 75/2
Gaziosmanpasa Ankara/Turkey |
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PHONE NUMBER |
: |
90-312-446 08 52 |
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FAX NUMBER |
: |
90-312-445 06 24 |
LEGAL STATUS AND HISTORY
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TAX OFFICE / NO |
: |
Cumhuriyet / 0910023411 |
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REGISTRATION NUMBER |
: |
84023 |
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REGISTERED OFFICE |
: |
Ankara Chamber of Commerce |
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DATE ESTABLISHED |
: |
17.09.1991 |
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LEGAL FORM |
: |
Limited Company |
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TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
YTL 350.000 |
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PAID-IN CAPITAL |
: |
YTL 350.000 |
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HISTORY |
: |
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Previous
Registered Capital |
:
YTL 500 |
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Regist.Capital Changed On |
:20.09.2001(Commercial Registry Gazette
Date/No: 25.09.2001/5389) |
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OWNERSHIP / MANAGEMENT
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SHAREHOLDERS |
: |
Ersin Asan Ali Kemal Asan |
99 % 1
% |
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GROUP PARENT COMPANY |
: |
None |
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SISTER COMPANIES |
: |
Declared to be:None |
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SUBSIDIARIES |
: |
None |
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DIRECTORS |
: |
Ersin Asan |
General Manager |
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OPERATIONS
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BUSINESS
ACTIVITIES |
: |
Assembly and covering of interior and
outer surface of buildings with granite and marble |
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NUMBER OF
EMPLOYEES |
: |
120 |
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NET SALES |
: |
(YTL) 2.309.107 4.355.781 1.467.869 |
(2006) (2007) (01.01.-30.09.2008) |
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IMPORT COUNTRIES |
: |
Italy, Spain, India, China |
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MERCHANDISE
IMPORTED |
: |
Granite |
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EXPORT VALUE |
: |
(YTL) 0 728.993 56.276 |
(2006) (2007) (01.01.-30.09.2008) |
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EXPORT COUNTRIES |
: |
Northern Cyprus Turkish Republic,
Kazakhstan |
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MERCHANDISE
EXPORTED |
: |
Marble |
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PREMISES |
: |
Head office : Ugur Mumcu Cad. No:75/2
Gaziosmanpasa Ankara (owned by Ersin Asan) Marble plate-cutting plant: Ankara-Eskisehir Yolu 57. Km. Temelli
Ankara.(owned) (25.000 sqm) |
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TREND OF
BUSINESS |
: |
The net sales appear to be fluctuating but
this is a normal case for firms operating on project basis as firms operating
on project basis can not register their income at the income statement unless
the project has been totally completed. |
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SIZE OF BUSINESS |
: |
Medium |
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FINANCE
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MAIN DEALING BANKERS |
: |
Yapi ve Kredi Bankasi
Gazi Osman Pasa branch in Ankara Garanti Bankasi Gazi
Osman Pasa branch in Ankara Sekerbank Birlik branch in Ankara |
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CREDIT FACILITIES |
: |
The
subject company rarely makes use of long-term credit facilities. |
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PAYMENT BEHAVIOR |
: |
No payment delays have come to our
knowledge. |
COMMENT ON FINANCIAL POSITION
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FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
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The financial leverage of the firm appears
to be high but it has to be noted that, a considerable amount of the liabilities
consist of “accumulated construction income” which is in fact not an
indicator of indebtedness. Financial structure is fair. |
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PROFITABILITY |
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Profitability was good in 2007. The firm
had operating and net losses in the first 9 months of 2008. However it has to
be noted that, the income statement does not point out the real profitability
of construction firms as construction companies cannot register their income
at the 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 expenses”. This gap reveals that the
firm was profitable from its construction activity as of 31.12.2007. |
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GENERAL
FINANCIAL POSITION |
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Fair |
CREDIT OPINION
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CREDIT OPINION WITHOUT OBLIGATION |
: |
We are of the opinion that, a max. credit
of USD 200,000 may be granted to the subject company. |
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|
Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(2006) |
11.58 % |
1.4309 |
1.7987 |
2.6377 |
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(2007) |
5.94 % |
1.3075 |
1.7901 |
2.6133 |
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(1.1.-30.09.2008) |
11.48 % |
1.2146 |
1.8490 |
2.3755 |
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(1.1.-31.10.2008) |
12.11 % |
1.2408 |
1.8598 |
2.3855 |
BALANCE
SHEETS
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YTL |
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31.12.2007 |
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CURRENT ASSETS |
4.396.053 |
|
0,67 |
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Cash and
Banks |
-109.029 |
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-0,02 |
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Marketable Securities |
0 |
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0,00 |
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Account
Receivable |
964.759 |
|
0,15 |
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Other
Receivable |
62.484 |
|
0,01 |
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Inventories |
2.136.111 |
|
0,32 |
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Advances
Given |
35.582 |
|
0,01 |
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Accumulated Construction Expenses |
1.095.063 |
|
0,17 |
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Other
Current Assets |
211.083 |
|
0,03 |
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NON-CURRENT ASSETS |
2.188.684 |
|
0,33 |
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Long-term
Receivable |
1.198.399 |
|
0,18 |
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Financial
Assets |
0 |
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0,00 |
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Tangible Fixed
Assets (net) |
922.318 |
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0,14 |
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Intangible Assets |
0 |
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0,00 |
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Other
Non-Current Assets |
67.967 |
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0,01 |
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TOTAL ASSETS |
6.584.737 |
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1,00 |
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CURRENT LIABILITIES |
4.734.316 |
|
0,72 |
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Financial
Loans |
38.671 |
|
0,01 |
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Accounts
Payable |
1.775.052 |
|
0,27 |
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Loans
from Shareholders |
0 |
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0,00 |
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Other
Short-term Payable |
5.909 |
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0,00 |
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Advances
from Customers |
871.130 |
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0,13 |
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Accumulated Construction Incomes |
1.637.664 |
|
0,25 |
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Taxes
Payable |
404.284 |
|
0,06 |
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Provisions |
1.606 |
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0,00 |
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Other
Current Liabilities |
0 |
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0,00 |
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LONG-TERM LIABILITIES |
14.460 |
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0,00 |
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Financial
Loans |
14.460 |
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0,00 |
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Securities Issued |
0 |
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0,00 |
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Long-term
Payable |
0 |
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0,00 |
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Loans
from Shareholders |
0 |
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0,00 |
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Other
Long-term Liabilities |
0 |
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0,00 |
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Provisions |
0 |
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0,00 |
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STOCKHOLDERS' EQUITY |
1.835.961 |
|
0,28 |
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Paid-in
Capital |
350.000 |
|
0,05 |
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Inflation
Adjustment of Capital |
279.764 |
|
0,04 |
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Reserves |
1.031.233 |
|
0,16 |
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Revaluation Fund |
0 |
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0,00 |
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Accumulated Losses(-) |
-378 |
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0,00 |
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Net
Profit (loss) |
175.342 |
|
0,03 |
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TOTAL LIABILITIES AND EQUITY |
6.584.737 |
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1,00 |
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INCOME
STATEMENTS
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YTL |
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YTL |
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2007 |
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01.01.-30.09.2008 |
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Net Sales |
4.355.781 |
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1,00 |
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1.467.869 |
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1,00 |
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Cost of
Goods Sold |
3.930.528 |
|
0,90 |
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1.311.058 |
|
0,89 |
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Gross Profit |
425.253 |
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0,10 |
|
156.811 |
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0,11 |
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Operating
Expenses |
281.365 |
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0,06 |
|
185.788 |
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0,13 |
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Operating Profit |
143.888 |
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0,03 |
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-28.977 |
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-0,02 |
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Other
Income |
153.700 |
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0,04 |
|
12.526 |
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0,01 |
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Other
Expenses |
18.045 |
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0,00 |
|
8.575 |
|
0,01 |
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Financial
Expenses |
32.050 |
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0,01 |
|
6.828 |
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0,00 |
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Profit (loss) Before Tax |
247.493 |
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0,06 |
|
-31.854 |
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-0,02 |
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Tax
Payable |
72.151 |
|
0,02 |
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0 |
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0,00 |
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Net Profit (loss) |
175.342 |
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0,04 |
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-31.854 |
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-0,02 |
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FINANCIAL
RATIOS
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2007 |
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01.01.-30.09.2008 |
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LIQUIDITY RATIOS |
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Current Ratio |
0,93 |
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-- |
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Acid-Test Ratio |
0,19 |
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-- |
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ASSET STRUCTURE RATIOS |
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Inventory/Total Assets |
0,32 |
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-- |
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Short-term Receivable/Total Assets |
0,16 |
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-- |
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Tangible Assets/Total Assets |
0,14 |
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-- |
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TURNOVER RATIOS |
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Inventory Turnover |
1,84 |
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-- |
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Stockholders' Equity Turnover |
2,37 |
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-- |
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Asset Turnover |
0,66 |
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-- |
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FINANCIAL STRUCTURE |
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Stockholders' Equity/Total Assets |
0,28 |
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-- |
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Current Liabilities/Total Assets |
0,72 |
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-- |
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Financial Leverage |
0,72 |
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-- |
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PROFITABILITY RATIOS |
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Net Profit/Stockholders' Eq. |
0,10 |
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-- |
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Operating Profit Margin |
0,03 |
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|
-0,02 |
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Net Profit Margin |
0,04 |
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|
-0,02 |
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COLLECTION-PAYMENT |
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Average Collection Period (days) |
178,78 |
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-- |
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Average Payable Period (days) |
162,58 |
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-- |
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FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.22 |
|
UK Pound |
1 |
Rs.75.03 |
|
Euro |
1 |
Rs.63.14 |
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 |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)