MIRA INFORM REPORT

 

Report Date :

07.12.2011

 

IDENTIFICATION DETAILS

 

Name :

NAR GRANIT ENDUSTRI VE TICARET A.S.

 

 

Formerly Known As :

NAR ENERJI GRUP ELEKTRIK URETIM SANAYI A.S.

 

 

Registered Office :

Yakuplu Mermerciler Sanayi Sitesi 3. Cad. No:17  Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

22.06.2004

 

 

Com. Reg. No.:

708814

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Wholesale trade of granite. The firm was inactive but it started active operation after the movement to Istanbul in September 2009. 

 

 

No. of Employees :

2

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

30.000 EUR

Status :

Moderate

Payment Behaviour :

No Complaints

Litigation :

Clear

 

 

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Turkey

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

COMPANY IDENTIFICATION

 

NAME

:

NAR GRANIT ENDUSTRI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Yakuplu Mermerciler Sanayi Sitesi 3. Cad. No:17  Istanbul / Turkey

PHONE NUMBER

:

90-212-876 18 88

 

FAX NUMBER

:

90-212-876 18 87

 

 

LEGAL STATUS AND HISTORY

 

NOTES ON LEGAL STATUS AND HISTORY

:

Change at registration no .

 

 

TAX OFFICE

:

Beylikduzu

TAX NO

:

6290358071

REGISTRATION NUMBER

:

708814

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

22.06.2004

ESTABLISHMENT GAZETTE DATE/NO

:

02.07.2004/6084

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

 

REGISTERED CAPITAL

:

TL   480.000

HISTORY

:

Previous Name

:

Nar Enerji Grup Elektrik Uretim Sanayi A.S.

Changed On

:

03.09.2009 (Commercial Gazette Date /Number 09.09.2009/ 7394)

Other Changes

:

The subject was firstly established on 22.06.2004 in Gebze-Kocaeli and registered at Gebze Commercial Registry with registration number 7838. And then the firm moved to Istanbul and registered at Istanbul Commercial Registry with Registration number 708814.

Changed On

:

03.09.2009 (Commercial Gazette Date /Number 09.09.2009/ 7394)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Kasim Bulut

25 %

Osman Bulut

25 %

Vedat Karahan

25 %

Endem Karahan

12,50 %

Zeynep Bulut

12,50 %

 

 

SUBSIDIARIES

:

None

 

BOARD OF DIRECTORS

:

Osman Bulut

Chairman

Vedat Karahan

Vice-Chairman

Kasim Bulut

Member

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Wholesale trade of granite. The firm was inactive but it started active operation after the movement to Istanbul in September 2009. 

 

NACE CODE

:

G .51.56

 

SECTOR

:

Commerce

 

 

NUMBER OF EMPLOYEES

:

2

 

NET SALES

:

0 TL

(2008) 

269.800 TL

(2009) 

3.996.576 TL

(2010) 

2.470.894 TL

(01.01-30.06.2011) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

REMARKS ON IMPORT

:

The subject has not performed any import activity yet. But, it is planning to import granite from China and Spain.

 

EXPORT VALUE

:

0 TL

(2009)

0 TL

(2010)

0 TL

(01.01-30.06.2011)

 

 

HEAD OFFICE ADDRESS

:

Yakuplu Mermerciler Sanayi Sitesi 3. Cad. No:17  Istanbul / Turkey

 

INVESTMENTS

:

None

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2010. There appears an upwards trend in  1.1 - 30.6.2011.

SIZE OF BUSINESS

:

Moderate

 

 

FINANCE

 

MAIN DEALING BANKS

:

Turkiye Finans Katilim Bankasi Beylikduzu Branch

Yapi ve Kredi Bankasi Beylikduzu Branch

 

CREDIT FACILITIES

:

No credit facility has come to our knowledge.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

 

KEY FINANCIAL ELEMENTS

:

 

(2010) TL

(01.01-30.06.2011) TL

Net Sales

3.996.576

2.470.894

Profit (Loss) Before Tax

158.126

143.789

Stockholders' Equity

393.630

 

Total Assets

2.416.426

 

Current Assets

2.380.160

 

Non-Current Assets

36.266

 

Current Liabilities

2.022.796

 

Long-Term Liabilities

0

 

Gross Profit (loss)

351.984

241.276

Operating Profit (loss)

162.489

141.197

Net Profit (loss)

158.126

143.789

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Low As of 31.12.2010

Liquidity

Good As of 31.12.2010

Remarks On Liquidity

The favorable gap between average collection and average payable period has a positive effect on liquidity.

Profitability

In Order Operating Profitability  in 2010

In Order Net Profitability  in 2010

Good Operating Profitability (01.01-30.06.2011)

Good Net Profitability (01.01-30.06.2011)

 

Gap between average collection and payable periods

Favorable in 2010

General Financial Position

Passable

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT LIMIT

 

:

30.000 EUR

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 30.000 EUR may be granted to the subject company.

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2008 )

8,11 %

1,2858

1,8876

2,3708

 ( 2009 )

5,93 %

1,5460

2,1529

2,4094

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 ( 01.01-30.06.2011)

6,21 %

1,5771

2,2246

2,5422

 ( 01.01-30.11.2011)

12,20 %

1,6616

2,3280

2,6658

 

 

BALANCE SHEETS

 

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

2.380.160

0,98

Not Detailed Current Assets

0

0,00

Cash and Banks

820.310

0,34

Marketable Securities

0

0,00

Account Receivable

584.094

0,24

Other Receivable

0

0,00

Inventories

865.378

0,36

Advances Given

0

0,00

Accumulated Construction Expense

0

0,00

Other Current Assets

110.378

0,05

NON-CURRENT ASSETS

36.266

0,02

Not Detailed Non-Current Assets

0

0,00

Long-term Receivable

0

0,00

Financial Assets

0

0,00

Tangible Fixed Assets (net)

23.653

0,01

Intangible Assets

12.613

0,01

Deferred Tax Assets

0

0,00

Other Non-Current Assets

0

0,00

TOTAL ASSETS

2.416.426

1,00

CURRENT LIABILITIES

2.022.796

0,84

Not Detailed Current Liabilities

0

0,00

Financial Loans

0

0,00

Accounts Payable

1.950.245

0,81

Loans from Shareholders

31.399

0,01

Other Short-term Payable

0

0,00

Advances from Customers

37.727

0,02

Accumulated Construction Income

0

0,00

Taxes Payable

3.425

0,00

Provisions

0

0,00

Other Current Liabilities

0

0,00

LONG-TERM LIABILITIES

0

0,00

Not Detailed Long-term Liabilities

0

0,00

Financial Loans

0

0,00

Securities Issued

0

0,00

Long-term Payable

0

0,00

Loans from Shareholders

0

0,00

Other Long-term Liabilities

0

0,00

Provisions

0

0,00

STOCKHOLDERS' EQUITY

393.630

0,16

Not Detailed Stockholders' Equity

393.630

0,16

Paid-in Capital

0

0,00

Cross Shareholding Adjustment of Capital

0

0,00

Inflation Adjustment of Capital

0

0,00

Equity of Consolidated Firms

0

0,00

Reserves

0

0,00

Revaluation Fund

0

0,00

Accumulated Losses(-)

0

0,00

Net Profit (loss)

0

0,00

TOTAL LIABILITIES AND EQUITY

2.416.426

1,00

 

 

INCOME STATEMENTS

 

 

(2010) TL

 

(01.01-30.06.2011) TL

 

Net Sales

3.996.576

1,00

2.470.894

1,00

Cost of Goods Sold

3.644.592

0,91

2.229.618

0,90

Gross Profit

351.984

0,09

241.276

0,10

Operating Expenses

189.495

0,05

100.079

0,04

Operating Profit

162.489

0,04

141.197

0,06

Other Income

2.094

0,00

6.855

0,00

Other Expenses

5.375

0,00

2.978

0,00

Financial Expenses

1.082

0,00

1.285

0,00

Minority Interests

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

Profit (loss) Before Tax

158.126

0,04

143.789

0,06

Tax Payable

0

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

Net Profit (loss)

158.126

0,04

143.789

0,06

 

 

FINANCIAL RATIOS

 

 

(2010)

LIQUIDITY RATIOS

 

Current Ratio

1,18

Acid-Test Ratio

0,69

Cash Ratio

0,41

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,36

Short-term Receivable/Total Assets

0,24

Tangible Assets/Total Assets

0,01

TURNOVER RATIOS

 

Inventory Turnover

4,21

Stockholders' Equity Turnover

10,15

Asset Turnover

1,65

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,16

Current Liabilities/Total Assets

0,84

Financial Leverage

0,84

Gearing Percentage

5,14

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,40

Operating Profit Margin

0,04

Net Profit Margin

0,04

Interest Cover

147,14

COLLECTION-PAYMENT

 

Average Collection Period (days)

52,61

Average Payable Period (days)

192,64

WORKING CAPITAL

357364,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.39

UK Pound

1

Rs.80.20

Euro

1

Rs.68.92

 

 

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

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

--

NB

                                       New Business

 

--

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.