MIRA
INFORM REPORT
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Report Date : |
09.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
ANTALYA MERMER SANAYI TICARET LTD. STI. |
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Registered Office : |
Liman Mah. 2.Cad. Ozdemir Apt. K:2 D:6 Antalya |
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Country : |
Turkey |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
20.05.1999 |
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Com. Reg. No.: |
30990-33061 |
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Legal Form : |
Limited Company |
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Line of Business : |
Processing and Trade of Marble |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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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 2 million |
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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 |
: |
ANTALYA MERMER SANAYI TICARET LTD. STI. |
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ADDRESS |
: |
Head Office: Liman Mah. 2.Cad. Ozdemir
Apt. K:2 D:6 Antalya/Turkey |
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PHONE NUMBER |
: |
90-242-259 47 30 |
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FAX NUMBER |
: |
90-242-259 48 34 |
LEGAL STATUS AND HISTORY
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TAX OFFICE / NO |
: |
Antalya Kurumlar/0700090237 |
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REGISTRATION NUMBER |
: |
30990-33061 |
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REGISTERED OFFICE |
: |
Antalya Chamber of Commerce and Industry |
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DATE ESTABLISHED |
: |
20.05.1999 (Commercial Registry Gazette
Date/No: 27.05.1999/4799) |
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LEGAL FORM |
: |
Limited Company |
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TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
YTL 7,750,000 |
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HISTORY |
: |
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Previous
Registered Capital |
:YTL 1,000,000 |
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Regist. Capital Changed on |
23.01.2008 (Commercial Registry Gazette
Date / No: 30.01.2008/6988) Only YTL 30,087.32 of this increase is decided
to be financed by cash. According to the capital increase decision, the cash
portion of the increase has to be paid up in 3 months following the date of
capital increase. |
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Previous Address |
:Organize San.Bl. Komurculer Koyu 5163 Ada
2 Par. (1.Cad. No:1) Yenikoy-Antalya |
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Address Changed On |
:28.01.2008 (Commercial Registry Gazette
Date/No: 04.02.2008/6991) |
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Previous Shareholders |
:Osman Gulmez (30,425 %): Umit Kus (20,125 %) Emin Gulmez (19,575 %) Mehmet Gulmez (16,45 %) Ersen Gulmez (13,425 %) |
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Shareholders Changed On |
:07.09.2006 (Commercial Registry Gazette
Date/No: 15.09.2006/6643) |
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Previous Shareholders |
:Emin Gulmez (45 %) Osman Gulmez (45 %) Mehmet Gulmez (10 %) |
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Shareholders Changed On |
:23.11.2007 (Commercial Registry Gazette
Date/No: 03.12.2007/6949) |
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Other Historical Events |
:The subject took over and merged with “4E
Mermer Sanayi Ticaret Ltd. Sti.”, “Akdeniz Mermer Dis Ticaret Ltd. Sti.” and
“Ersen Dis Ticaret Ltd. Sti.” on
23.01.2008 (Commercial Registry Gazette Date / No: 30.01.2008/6988). |
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OWNERSHIP / MANAGEMENT
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SHAREHOLDERS |
: |
Emin Gulmez Ersen Gulmez |
53,096 % 46,903 % |
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DIRECTORS |
: |
Emin Gulmez |
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OPERATIONS
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BUSINESS
ACTIVITIES |
: |
Processing and trade of marble |
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NET SALES |
: |
n.a |
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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 financial data. As the firm’s shares are not open to public it is
not obliged to announce its data. |
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IMPORT |
: |
None |
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EXPORT COUNTRIES |
: |
Taiwan, China, Singapore, Thailand, India,
Saudi Arabia, Greece, Italy, Syria, United Arab Emirates.. |
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MERCHANDISE
EXPORTED |
: |
Marble |
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PREMISES |
: |
Head Office: Liman Mah. 2.Cad. Ozdemir
Apt. K:2 D:6 Antalya Processing Plant: Organize Sanayi
Bolgesi-Antalya Brach/Mining Plant: Ahirtas Koyu Nohutlar
Mah. Antalya Brach/Mining Plant:Taskesigi Koyu
Korkuteli-Antalya Brach/Mining Plant:Liman Mah. Akdeniz
Bulvari Bilaller Otomotiv Arkasi 9975
Ada 02 Parsel Merkez-Antalya |
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SIZE OF BUSINESS |
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Large |
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FINANCE
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CREDIT FACILITIES |
: |
The subject company is making use of credit facilities. |
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PAYMENT BEHAVIOUR |
: |
We are informed about a single payment delay in the former years. |
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KEY FINANCIAL ELEMENTS |
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Net Profit Stockholders’ Equity Total Assets |
2007 (YTL)
2,953,780 12,327,773 53,976,289 |
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COMMENT ON FINANCIAL POSITION
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FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
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Capitalization was insufficient as of 31.12.2007. The subject took
over and merged with “4E Mermer Sanayi Ticaret Ltd. Sti.”, “Akdeniz Mermer
Dis Ticaret Ltd. Sti.” and “Ersen Dis Ticaret Ltd. Sti.” on 23.01.2008. As a consequence of this
merger the registered capital of the firm was increased from YTL 1,000,000 to
YTL 7,750,000 23.01.2008 and only YTL 30,087.32 of this increase is decided
to be financed by cash. |
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LIQUIDITY |
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Good |
As of 31.12.2007 |
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PROFITABILITY |
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The subject was profitable in 2007. |
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GENERAL
FINANCIAL POSITION |
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Passable |
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CREDIT OPINION
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CREDIT
OPINION WITHOUT OBLIGATION |
: |
We
are of the opinion that, a max. credit of USD 2 million may be granted to the
subject company. |
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Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
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(2007) |
5.94 % |
1.3075 |
1.7901 |
2.6133 |
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(1.1.-31.07.2008) |
15.18 % |
1.2161 |
1.8679 |
2.4151 |
MERGER BALANCE
SHEET
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YTL |
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31.12.07 |
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CURRENT ASSETS |
37.640.099 |
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0,70 |
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Cash and
Banks |
1.269.035 |
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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 |
11.577.329 |
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0,21 |
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Other
Receivable |
12.174.224 |
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0,23 |
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Inventories |
4.730.452 |
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0,09 |
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Advances
Given |
6.426.785 |
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0,12 |
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Other
Current Assets |
1.462.274 |
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0,03 |
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NON-CURRENT ASSETS |
16.336.190 |
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0,30 |
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Long-term
Receivable |
202.006 |
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0,00 |
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Financial
Assets |
0 |
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0,00 |
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Tangible
Fixed Assets (net) |
10.568.091 |
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0,20 |
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Intangible Assets |
4.640.816 |
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0,09 |
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Other
Non-Current Assets |
925.277 |
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0,02 |
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TOTAL ASSETS |
53.976.289 |
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1,00 |
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CURRENT LIABILITIES |
28.831.825 |
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0,53 |
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Financial
Loans |
5.871.350 |
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0,11 |
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Accounts
Payable |
8.708.777 |
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0,16 |
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Loans
from Shareholders |
3.830 |
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0,00 |
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Other
Short-term Payable |
98.591 |
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0,00 |
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Advances
from Customers |
11.423.701 |
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0,21 |
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Taxes
Payable |
1.590.738 |
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0,03 |
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Provisions |
1.131.207 |
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0,02 |
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Other
Current Liabilities |
3.631 |
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0,00 |
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LONG-TERM LIABILITIES |
12.816.691 |
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0,24 |
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Financial
Loans |
8.713.561 |
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0,16 |
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Securities Issued |
0 |
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0,00 |
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Long-term
Payable |
4.103.130 |
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0,08 |
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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 |
12.327.773 |
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0,23 |
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TOTAL LIABILITIES AND EQUITY |
53.976.289 |
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1,00 |
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FINANCIAL
RATIOS
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2007 |
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LIQUIDITY RATIOS |
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Current Ratio |
1,31 |
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Acid-Test Ratio |
0,87 |
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ASSET STRUCTURE RATIOS |
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Inventory/Total Assets |
0,09 |
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Short-term Receivable/Total Assets |
0,44 |
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Tangible Assets/Total Assets |
0,20 |
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FINANCIAL STRUCTURE |
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Stockholders' Equity/Total Assets |
0,23 |
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Current Liabilities/Total Assets |
0,53 |
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Financial Leverage |
0,77 |
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FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.44.89 |
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UK Pound |
1 |
Rs.78.86 |
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Euro |
1 |
Rs.63.33 |
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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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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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<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%)