MIRA INFORM REPORT

 

 

Report Date :           

23.03.2011

 

IDENTIFICATION DETAILS

 

Name :

BOEM IC VE DIS TICARET LTD. STI.

 

 

Formerly Known As :

Grainfield Dis Ticaret Ltd. Sti.

 

 

Registered Office :

Ferhatpasa Mah. Akdeniz Cad. Akdal Sok. No:4 Atasehir Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2009

 

 

Date of Incorporation :

28.07.2004

 

 

Com. Reg. No.:

529491

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Wholesale trade of granite, natural stone

 

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 :

45.000 USD

Status :

Satisfactory

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 – December 31, 2010

 

Country Name

Previous Rating

                   (30.09.2010)                  

Current Rating

(31.12.2010)

 

 

 

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

NOTES

:

Address at your inquiry is the former address.

 

 

COMPANY IDENTIFICATION

 

NAME

:

BOEM IC VE DIS TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Ferhatpasa Mah. Akdeniz Cad. Akdal Sok. No:4 Atasehir Istanbul / Turkey

PHONE NUMBER

:

90-216-660 18 74

 

FAX NUMBER

:

90-216-660 18 75

 

WEB-ADDRESS

:

www.boem.com.tr

E-MAIL

:

boem@boem.com.tr

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Kucukyali

TAX NO

:

4110258813

REGISTRATION NUMBER

:

529491

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

28.07.2004

ESTABLISHMENT GAZETTE DATE/NO

:

03.08.2004/6106

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   150.000

HISTORY

:

Previous Name

:

Grainfield Dis Ticaret Ltd. Sti.

Changed On

:

28.04.2005 (Commercial Gazette Date /Number 05.05.2005/ 6297)

Previous Registered Capital

:

TL 25.000

Changed On

:

06.12.2010 (Commercial Gazette Date /Number 10.12.2010/ 7705)

Previous Address

:

Girne Mah. Ataturk Cad. Nehir Sok. No:2 Maltepe/Istanbul

Changed On

:

12.03.2010 (Commercial Gazette Date /Number 18.03.2010/ 7524)

Previous Shareholder

:

Please vide Previous Shareholders section for the former shareholders' names.

Changed On

:

28.02.2007 (Commercial Gazette Date /Number 06.03.2007/ 6759)

PREVIOUS SHAREHOLDERS

:

Fusun Hacipasaoglu

50 %

Sayeste Akduman

50 %

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Fusun Hacipasaoglu

50 %

Nuri Bugra Aksoy

50 %

 

 

SISTER COMPANIES

:

Declared to be: None

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Fusun Hacipasaoglu

 

Nuri Bugra Aksoy

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Wholesale trade of granite, natural stone. 

 

NACE CODE

:

G .51.52

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

8

 

NET SALES

:

390.568 TL

(2007) 

900.946 TL

(2008) 

863.765 TL

(2009) 

973.919 TL

(2010) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT VALUE

:

550.000 USD

(2010)

 

 

IMPORT COUNTRIES

:

China

India

Spain

 

MERCHANDISE IMPORTED

:

Granite

 

EXPORT VALUE

:

50.362 TL

(2009)

0 TL

(2010)

 

 

EXPORT COUNTRIES

:

China

 

MERCHANDISE  EXPORTED

:

Marble

 

HEAD OFFICE ADDRESS

:

Ferhatpasa Mah. Akdeniz Cad. Akdal Sok. No:4 Atasehir  Istanbul / Turkey  (rented)

 

BRANCHES

:

Head Office/Warehouse  :  Ferhatpasa Mah. Akdeniz Cad. Akdal Sok. No:4 Atasehir Istanbul/Turkey (rented)

 

INVESTMENTS

:

None

 

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2010.

SIZE OF BUSINESS

:

Modest

 

 

FINANCE

 

MAIN DEALING BANKS

:

Anadolubank Caddebostan Branch

Garanti Bankasi Soganlik Branch

Tekstil Bankasi Maltepe Branch

Turk Ekonomi Bankasi Maltepe Ataturk Caddesi Branch

Yapi ve Kredi Bankasi Pendik Branch

 

CREDIT FACILITIES

:

The subject company is making use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

 

KEY FINANCIAL ELEMENTS

:

 

(2007) TL

(2008) TL

(2009) TL

(2010) TL

 

Net Sales

390.568

900.946

863.765

973.919

 

Profit (Loss) Before Tax

9.625

5.261

9.015

21.375

 

Stockholders' Equity

31.526

36.787

44.432

 

 

Total Assets

284.705

521.404

360.258

 

 

Current Assets

273.598

510.297

350.516

 

 

Non-Current Assets

11.107

11.107

9.742

 

 

Current Liabilities

253.179

484.617

315.826

 

 

Long-Term Liabilities

0

0

0

 

 

Gross Profit (loss)

64.581

178.585

152.321

113.539

 

Operating Profit (loss)

8.849

16.391

29.591

45.268

 

Net Profit (loss)

7.858

5.261

9.015

21.375

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

THE DETAILS OF THE CAPITAL INCREASE  AFTER LAST BALANCE SHEET

 

:

Cash Part

:125.000 TL

Equity Part

:

Payment Due Date

:30.06.2011

Number of Days To Pay First Portion of The Cash Part of Capital Increase

:30

 

Capitalization

Satisfactory

Remarks on Capitalization

There has been capital increase after the last balance sheet date. The capital increase financed by cash is expected to have an improvement at equity total since the last balance sheet date.

 

Liquidity

In Order

Remarks On Liquidity

A part of current liabilities consist of short-term loans from shareholders rather than liabilities to third parties. 

 

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

 

Profitability

Fair Operating Profitability  in 2007

Fair Net Profitability  in 2007

Fair Operating Profitability  in 2008

Low Net Profitability  in 2008

Fair Operating Profitability  in 2009

Low Net Profitability  in 2009

In Order Operating Profitability  in 2010

Fair Net Profitability  in 2010

 

Gap between average collection and payable periods

Favorable in 2009

General Financial Position

Satisfactory

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 45.000 USD may be granted to the subject company.

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2007 )

5,94 %

1,3075

1,7901

2,6133

 ( 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

 ( 01.01-28.02.2011)

4,13 %

1,5841

2,1576

2,5140

 

 

BALANCE SHEETS

 

 

 ( 31.12.2007 )  TL

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

CURRENT ASSETS

273.598

0,96

510.297

0,98

350.516

0,97

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

Cash and Banks

60.324

0,21

223.114

0,43

154.178

0,43

Marketable Securities

0

0,00

0

0,00

0

0,00

Account Receivable

88.079

0,31

65.986

0,13

11.228

0,03

Other Receivable

0

0,00

0

0,00

0

0,00

Inventories

54.816

0,19

110.650

0,21

23.056

0,06

Advances Given

0

0,00

0

0,00

0

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

Other Current Assets

70.379

0,25

110.547

0,21

162.054

0,45

NON-CURRENT ASSETS

11.107

0,04

11.107

0,02

9.742

0,03

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

0

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

10.101

0,04

10.906

0,02

9.742

0,03

Intangible Assets

1.006

0,00

201

0,00

0

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

0

0,00

0

0,00

TOTAL ASSETS

284.705

1,00

521.404

1,00

360.258

1,00

CURRENT LIABILITIES

253.179

0,89

484.617

0,93

315.826

0,88

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

23.297

0,08

277.438

0,53

105.922

0,29

Accounts Payable

63.342

0,22

154.595

0,30

171.084

0,47

Loans from Shareholders

164.398

0,58

52.171

0,10

38.332

0,11

Other Short-term Payable

0

0,00

0

0,00

0

0,00

Advances from Customers

0

0,00

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

Taxes Payable

375

0,00

413

0,00

488

0,00

Provisions

1.767

0,01

0

0,00

0

0,00

Other Current Liabilities

0

0,00

0

0,00

0

0,00

LONG-TERM LIABILITIES

0

0,00

0

0,00

0

0,00

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

0

0,00

Securities Issued

0

0,00

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

0

0,00

Loans from Shareholders

0

0,00

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

31.526

0,11

36.787

0,07

44.432

0,12

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

Paid-in Capital

25.000

0,09

25.000

0,05

25.000

0,07

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

379

0,00

379

0,00

379

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

Reserves

0

0,00

6.147

0,01

10.038

0,03

Revaluation Fund

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

-1.711

-0,01

0

0,00

0

0,00

Net Profit (loss)

7.858

0,03

5.261

0,01

9.015

0,03

TOTAL LIABILITIES AND EQUITY

284.705

1,00

521.404

1,00

360.258

1,00

 

 

INCOME STATEMENTS

 

 

(2007) TL

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

Net Sales

390.568

1,00

900.946

1,00

863.765

1,00

973.919

1,00

Cost of Goods Sold

325.987

0,83

722.361

0,80

711.444

0,82

860.380

0,88

Gross Profit

64.581

0,17

178.585

0,20

152.321

0,18

113.539

0,12

Operating Expenses

55.732

0,14

162.194

0,18

122.730

0,14

68.271

0,07

Operating Profit

8.849

0,02

16.391

0,02

29.591

0,03

45.268

0,05

Other Income

7.384

0,02

23.048

0,03

1.428

0,00

2.828

0,00

Other Expenses

2.370

0,01

20.623

0,02

6.648

0,01

8.943

0,01

Financial Expenses

4.238

0,01

13.555

0,02

15.356

0,02

17.778

0,02

Minority Interests

0

0,00

0

0,00

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

0

0,00

0

0,00

Profit (loss) Before Tax

9.625

0,02

5.261

0,01

9.015

0,01

21.375

0,02

Tax Payable

1.767

0,00

0

0,00

0

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

7.858

0,02

5.261

0,01

9.015

0,01

21.375

0,02

 

 

FINANCIAL RATIOS

 

 

(2007)

(2008)

(2009)

LIQUIDITY RATIOS

 

 

Current Ratio

1,08

1,05

1,11

Acid-Test Ratio

0,59

0,60

0,52

Cash Ratio

0,24

0,46

0,49

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,19

0,21

0,06

Short-term Receivable/Total Assets

0,31

0,13

0,03

Tangible Assets/Total Assets

0,04

0,02

0,03

TURNOVER RATIOS

 

 

Inventory Turnover

5,95

6,53

30,86

Stockholders' Equity Turnover

12,39

24,49

19,44

Asset Turnover

1,37

1,73

2,40

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,11

0,07

0,12

Current Liabilities/Total Assets

0,89

0,93

0,88

Financial Leverage

0,89

0,93

0,88

Gearing Percentage

8,03

13,17

7,11

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,25

0,14

0,20

Operating Profit Margin

0,02

0,02

0,03

Net Profit Margin

0,02

0,01

0,01

Interest Cover

3,27

1,39

1,59

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

81,19

26,37

4,68

Average Payable Period (days)

69,95

77,04

86,57

WORKING CAPITAL

20419,00

25680,00

34690,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.97

UK Pound

1

Rs.73.35

Euro

1

Rs.63.98

 

 

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

 

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.