MIRA INFORM REPORT
|
Report Date : |
17.12.2008 |
IDENTIFICATION
DETAILS
|
Name : |
CAN MERMER VE DOGAL TAS TICARETI GUNAY KART |
|
|
|
|
Registered Office : |
Ankara Karayolu 14. Km Merkez - Afyonkarahisar |
|
|
|
|
Country : |
Turkey |
|
|
|
|
Financials (as on) : |
31.12.2007 |
|
|
|
|
Date of Incorporation : |
May 2002 |
|
|
|
|
Com. Reg. No.: |
8433 |
|
|
|
|
Legal Form : |
Sole-Proprietorship |
|
|
|
|
Line of Business : |
Trade of granite and marble |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 100.000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
CAN MERMER VE DOGAL TAS TICARETI GUNAY KART |
|
ADDRESS |
: |
Head Office: Ankara Karayolu 14. Km Merkez
- Afyonkarahisar / Turkey |
|
PHONE NUMBER |
: |
90-272-223 18 82 |
|
FAX NUMBER |
: |
90-272-223 18 83 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Tinaztepe / 26525582128 |
|
REGISTRATION NUMBER |
: |
8433 |
|
REGISTERED OFFICE |
: |
Afyonkarahisar Chamber of Commerce and Industry |
|
DATE ESTABLISHED |
: |
May 2002 (Commercial Registry Gazette
Date/No: 22.05.2002/5553) |
|
LEGAL FORM |
: |
Sole-Proprietorship |
|
TYPE OF COMPANY |
: |
Private |
|
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
|
SHAREHOLDERS |
: |
Gunay Kart |
100 % |
|
REMARKS ON SHAREHOLDERS |
: |
The owner, Gunay Kart was born in 1966 |
|
|
PROPERTIES OWNED BY THE OWNER/PARTNERS |
: |
2 flats |
|
|
SISTER COMPANIES |
: |
Declared to be : None |
|
|
DIRECTORS |
: |
Gunay Kart |
|
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Trade of granite and marble |
|
|
SECTOR |
: |
Commerce |
|
|
NUMBER OF
EMPLOYEES |
: |
4 |
|
|
NET SALES |
: |
(YTL) 522.285 1.242.801 2.700.596 2.406.402 |
(2005) (2006) (2007) (01.01.-30.09.2008) |
|
CAPACITY |
: |
None |
|
|
PRODUCTION |
: |
None |
|
|
IMPORT COUNTRIES |
: |
China, India, Spain |
|
|
MERCHANDISE
IMPORTED |
: |
Granite |
|
|
EXPORT VALUE |
: |
(YTL) 95.130 88.421 54.400 60.545 |
(2005) (2006) (2007) (01.01.-30.09.2008) |
|
EXPORT COUNTRIES |
: |
India, Singapore, Saudi Arabia, Northern Cyprus
Turkish Republic, Austria… |
|
|
MERCHANDISE
EXPORTED |
: |
Marble |
|
|
PREMISES |
: |
Head Office: Ankara Karayolu 14. Km Merkez
- Afyonkarahisar (rented) |
|
|
FIXED CAPITAL
INVESTMENTS |
: |
None |
|
|
TREND OF
BUSINESS |
: |
Upwards |
|
SIZE OF BUSINESS |
: |
Lower-moderate |
FINANCE
|
MAIN DEALING BANKERS |
: |
Halk Bankasi Afyonkarahisar branch in
Afyonkarahisar T.Is Bankasi Afyonkarahisar branch in
Afyonkarahisar |
|
CREDIT FACILITIES |
: |
The subject is making active use of
credit facilities. |
|
PAYMENT BEHAVIOUR |
: |
No payment delays have come to our
knowledge. |
COMMENT ON FINANCIAL POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
||||
|
Capitalization was fair as of 31.12.2007. However the liabilities of
the sole-proprietorships are not limited to the capital. The owners of the
sole-proprietorships are responsible for the debtors of the
sole-proprietorship with all of their personal wealth. We are informed that,
the owner possesses 2 flats. |
||||
|
LIQUIDITY |
||||
|
Liquiidty ratios were satisfactory as of 31.12.2007. The unfavorable
gap between average collection and average payable period has an adverse
effect on liquidity. |
||||
|
PROFITABILITY |
||||
|
In order |
In 2007 |
Good |
Between 01.01.-30.09.2008 |
|
|
GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
||||
|
Unfavorable |
In 2007 |
|||
|
GENERAL
FINANCIAL POSITION |
||||
|
Fair |
||||
CREDIT OPINION
|
CREDIT OPINION WITHOUT OBLIGATION |
: |
We are of the opinion that, a max. credit
of USD 100.000 may be granted to the subject company. |
|
|
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 |
|
(2007) |
5.94 % |
1.3075 |
1.7901 |
2.6133 |
|
(1.1.-30.09.2008) |
11.48 % |
1.2146 |
1.8490 |
2.3755 |
|
(1.1.-30.11.2008) |
12.08 % |
1.2682 |
1.8727 |
2.3877 |
BALANCE
SHEETS
|
|
|
YTL |
|
|
|
|
|
|
31.12.07 |
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
883.332 |
|
0,89 |
|
|
|
Cash and
Banks |
11.406 |
|
0,01 |
|
|
|
Marketable Securities |
0 |
|
0,00 |
|
|
|
Account
Receivable |
408.910 |
|
0,41 |
|
|
|
Other
Receivable |
0 |
|
0,00 |
|
|
|
Inventories |
379.952 |
|
0,38 |
|
|
|
Advances
Given |
16.797 |
|
0,02 |
|
|
|
Other
Current Assets |
66.267 |
|
0,07 |
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
104.010 |
|
0,11 |
|
|
|
Long-term
Receivable |
0 |
|
0,00 |
|
|
|
Financial
Assets |
0 |
|
0,00 |
|
|
|
Tangible
Fixed Assets (net) |
76.122 |
|
0,08 |
|
|
|
Intangible Assets |
0 |
|
0,00 |
|
|
|
Other
Non-Current Assets |
27.888 |
|
0,03 |
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
987.342 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
628.402 |
|
0,64 |
|
|
|
Financial
Loans |
438.909 |
|
0,44 |
|
|
|
Accounts
Payable |
167.930 |
|
0,17 |
|
|
|
Loans
from Owner |
0 |
|
0,00 |
|
|
|
Other
Short-term Payable |
0 |
|
0,00 |
|
|
|
Advances
from Customers |
16.929 |
|
0,02 |
|
|
|
Taxes
Payable |
4.634 |
|
0,00 |
|
|
|
Provisions |
0 |
|
0,00 |
|
|
|
Other Current
Liabilities |
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
0 |
|
0,00 |
|
|
|
Financial
Loans |
0 |
|
0,00 |
|
|
|
Securities Issued |
0 |
|
0,00 |
|
|
|
Long-term
Payable |
0 |
|
0,00 |
|
|
|
Loans from
Owner |
0 |
|
0,00 |
|
|
|
Other
Long-term Liabilities |
0 |
|
0,00 |
|
|
|
Provisions |
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
358.940 |
|
0,36 |
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
987.342 |
|
1,00 |
|
INCOME
STATEMENTS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2007 |
|
|
|
1.1.-30.09.2008 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
2.700.596 |
|
1,00 |
|
2.406.402 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
2.414.609 |
|
0,89 |
|
2.182.964 |
|
0,91 |
|
|
|
Gross Profit |
285.987 |
|
0,11 |
|
223.438 |
|
0,09 |
|
|
|
Operating
Expenses |
101.352 |
|
0,04 |
|
79.896 |
|
0,03 |
|
|
|
Operating Profit |
184.635 |
|
0,07 |
|
143.542 |
|
0,06 |
|
|
|
Other
Income |
312 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Expenses |
3.512 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Financial
Expenses |
62.495 |
|
0,02 |
|
18.214 |
|
0,01 |
|
|
|
Profit (loss) Before Tax |
118.940 |
|
0,04 |
|
125.328 |
|
0,05 |
|
|
|
Tax
Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
118.940 |
|
0,04 |
|
125.328 |
|
0,05 |
|
FINANCIAL
RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2007 |
|
|
|
1.1.-30.09.2008 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
Current Ratio |
1,41 |
|
|
|
-- |
|
|
|
|
|
Acid-Test Ratio |
0,67 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,38 |
|
|
|
-- |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,41 |
|
|
|
-- |
|
|
|
|
|
Tangible Assets/Total Assets |
0,08 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
6,36 |
|
|
|
-- |
|
|
|
|
|
Stockholders' Equity Turnover |
7,52 |
|
|
|
-- |
|
|
|
|
|
Asset Turnover |
2,74 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,36 |
|
|
|
-- |
|
|
|
|
|
Current Liabilities/Total Assets |
0,64 |
|
|
|
-- |
|
|
|
|
|
Financial Leverage |
0,64 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
0,33 |
|
|
|
-- |
|
|
|
|
|
Operating Profit Margin |
0,07 |
|
|
|
0,06 |
|
|
|
|
|
Net Profit Margin |
0,04 |
|
|
|
0,05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
54,51 |
|
|
|
-- |
|
|
|
|
|
Average Payable Period (days) |
25,04 |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.47.94 |
|
UK Pound |
1 |
Rs.72.07 |
|
Euro |
1 |
Rs.64.70 |
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%)