MIRA INFORM REPORT

 

 

Report Date :           

11.04.2012

 

IDENTIFICATION DETAILS

 

Correct Name :

TEKMAR MERMER VE MADEN ISLETMELERI URETIM IHRACAT VE TICARET A.S.

 

 

Registered Office :

Gazeteciler Mah. Haberler Sok. No:11 34394 Esentepe Sisli Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

25.01.2000          

 

 

Com. Reg. No.:

432271

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Quarrying, processing and trade of marble

 

 

No. of Employees :

480

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

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 – March 31st, 2012

 

Country Name

Previous Rating

                   (31.12.2011)                  

Current Rating

(31.03.2012)

Turkey

b1

b1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

NOTES

:

Full name of the firm was missing at your inquiry.

 

 

COMPANY IDENTIFICATION

 

NAME

:

TEKMAR MERMER VE MADEN ISLETMELERI URETIM IHRACAT VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Gazeteciler Mah. Haberler Sok. No:11 34394 Esentepe Sisli Istanbul / Turkey

PHONE NUMBER

:

90-212-337 28 00

90-212-513 13 34

 

FAX NUMBER

:

90-212-337 28 28

 

WEB-ADDRESS

:

www.tekmarble.com

E-MAIL

:

info@tekmarble.com

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Dis Ticaret

TAX NO

:

8360142095

REGISTRATION NUMBER

:

432271

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

25.01.2000

ESTABLISHMENT GAZETTE DATE/NO

:

28.01.2000/4971

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   800.000

PAID-IN CAPITAL

:

TL   800.000

HISTORY

:

Previous Registered Capital

:

TL 200.000

Changed On

:

03.04.2002 (Commercial Gazette Date /Number 08.04.2002/ 5522)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Chuan Qi Shi Cai Limited

80 %

Naime Zeynep Tuzmen

19,25 %

Fuat Necdet Tuzmen

0,50 %

Irfan Fikret Tuzmen

0,12 %

Ohannes Yanci

0,12 %

 

 

REMARKS ON SHAREHOLDERS

:

The shareholder Chuan Qi Shi Cai Limited is a foreign company located in Hong Kong.

 

SISTER COMPANIES

:

BEP YAPI ENDUSTRI URUNLERI DEKORASYON TAAHHUT TICARET LTD. STI.

 

SEDEF MADENCILIK VE MUHENDISLIK HIZMETLERI A.S.

 

TEK ATBASI BIDON VE GALVANIZ SAC SANAYI A.S.

 

TEKMADEN MERMER SANAYI VE TICARET A.S.

 

TEKMAR MERMER MADENCILIK SANAYI VE DIS TICARET A.S.

 

TEKMAR MERMER-GRANIT SANAYI VE TICARET A.S.

 

SUBSIDIARIES

:

Quadrum (Austria)

 

BOARD OF DIRECTORS

:

Fuat Necdet Tuzmen

Chairman

Irfan Fikret Tuzmen

Vice-Chairman

Muhammed Fethi Cakmak

Member

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Quarrying, processing and trade of marble.

 

NACE CODE

:

CB.14.11

 

NUMBER OF EMPLOYEES

:

480

 

 

NET SALES

:

43.879.239 TL

(2006) 

46.229.796 TL

(2007) 

40.669.400 TL

(2008) 

41.874.383 TL

(2009) 

45.728.843 TL

(2010) 

45.783.971 TL

(2011) 

 

 

IMPORT VALUE

:

645.787 USD

(2008)

2.103.060 USD

(01.01-31.10.2009)

 

 

IMPORT COUNTRIES

:

Italy

 

MERCHANDISE IMPORTED

:

Abrasive

Machinery

Spare parts

 

EXPORT VALUE

:

31.634.566 TL

(2006)

31.699.922 TL

(2007)

27.657.512 TL

(2008)

24.869.139 TL

(2009)

25.126.452 TL

(2010)

18.658.443 TL

(2011)

 

 

EXPORT COUNTRIES

:

Albania

Belgium

China

Germany

France

U.K.

Greece

Italy

Poland

Portugal

Taiwan

Indonesia

Lebanon

Hong-Kong

South Korea

Spain

Azerbaijan

U.S.A.

 

MERCHANDISE  EXPORTED

:

Marble

 

HEAD OFFICE ADDRESS

:

Gazeteciler Mah. Haberler Sok. No:11 34394 Esentepe Sisli  Istanbul / Turkey ( rented ) (650 sqm)

 

 

BRANCHES

:

Warehouse  :  Sancaktepe /Turkey

 

Factory  :  Istiklal Mah. Alacayir Mevkii Bilecik/Turkey (rented)

 

Factory  :  Yatagan Mugla/Turkey (owned)

 

Mine  :  Finike Antalya/Turkey

                                                                                

 

 

TREND OF BUSINESS

:

There was a slowdown at business volume in real terms in 2011.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Bahcekapi Branch

Yapi ve Kredi Bankasi Eminonu 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

(2011) TL

Net Sales

46.229.796

40.669.400

41.874.383

45.728.843

45.783.971

Profit (Loss) Before Tax

83.278

-756.610

1.483.587

5.809.703

3.058.955

Stockholders' Equity

24.310.061

23.494.281

24.512.912

29.044.934

31.167.264

Total Assets

45.640.329

44.275.157

46.502.233

45.600.609

54.164.381

Current Assets

17.743.283

18.130.053

19.698.742

16.077.530

18.788.765

Non-Current Assets

27.897.046

26.145.104

26.803.491

29.523.079

35.375.616

Current Liabilities

18.920.861

19.087.859

21.293.591

16.555.675

22.775.261

Long-Term Liabilities

2.409.407

1.693.017

695.730

0

221.856

Gross Profit (loss)

11.787.522

11.049.502

12.672.768

16.423.182

14.444.539

Operating Profit (loss)

2.072.432

2.541.453

3.783.543

6.936.225

4.497.946

Net Profit (loss)

13.158

-815.779

1.018.630

4.532.022

2.122.330

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Good As of 31.12.2011

Liquidity

Low As of 31.12.2011

Remarks On Liquidity

The liquid assets consist mainly of receivables the amount of cash&banks or marketable securities (which are more liquid) are low.

Profitability

In Order Operating Profitability  in 2007

Low Net Profitability  in 2007

Good Operating Profitability  in 2008

Net Loss  in 2008

Good Operating Profitability  in 2009

Fair Net Profitability  in 2009

High Operating Profitability  in 2010

High Net Profitability  in 2010

High Operating Profitability  in 2011

Good Net Profitability  in 2011

 

Gap between average collection and payable periods

Unfavorable in 2011

General Financial Position

Unsatisfactory

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2006 )

11,58 %

1,4309

1,7987

2,6377

 ( 2007 )

5,94 %

1,3075

1,7901

2,6133

 ( 2008 )

8,11 %

1,2858

1,8876

2,3708

 ( 01.01-31.10.2009)

3,90 %

1,5558

2,1449

2,4016

 ( 2009 )

5,93 %

1,5460

2,1529

2,4094

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 01.01-31.03.2012)

0,65 %

1,7995

2,3799

2,8402

 

 

BALANCE SHEETS

 

 

 31.12.2007   TL

 

  31.12.2008   TL

 

 31.12.2009   TL

 

 31.12.2010   TL

 

 31.12.2011   TL

 

CURRENT ASSETS

17.743.283

0,39

18.130.053

0,41

19.698.742

0,42

16.077.530

0,35

18.788.765

0,35

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

408.864

0,01

215.033

0,00

525.204

0,01

613.036

0,01

354.646

0,01

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

12.278.738

0,27

10.659.333

0,24

9.061.165

0,19

8.682.116

0,19

11.698.033

0,22

Other Receivable

74.353

0,00

2.870.972

0,06

2.813.155

0,06

1.118.908

0,02

280.248

0,01

Inventories

3.992.924

0,09

3.286.554

0,07

5.140.155

0,11

4.581.600

0,10

4.839.837

0,09

Advances Given

538.236

0,01

596.584

0,01

1.354.907

0,03

529.788

0,01

697.898

0,01

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

450.168

0,01

501.577

0,01

804.156

0,02

552.082

0,01

918.103

0,02

NON-CURRENT ASSETS

27.897.046

0,61

26.145.104

0,59

26.803.491

0,58

29.523.079

0,65

35.375.616

0,65

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

7.787.651

0,17

7.801.593

0,18

10.089.769

0,22

14.669.712

0,32

14.860.716

0,27

Financial Assets

3.940.378

0,09

3.940.378

0,09

3.940.378

0,08

3.940.378

0,09

3.940.378

0,07

Tangible Fixed Assets (net)

14.612.197

0,32

13.134.218

0,30

11.591.292

0,25

9.884.436

0,22

13.671.841

0,25

Intangible Assets

1.473.207

0,03

1.189.233

0,03

1.106.773

0,02

961.984

0,02

1.052.915

0,02

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

83.613

0,00

79.682

0,00

75.279

0,00

66.569

0,00

1.849.766

0,03

TOTAL ASSETS

45.640.329

1,00

44.275.157

1,00

46.502.233

1,00

45.600.609

1,00

54.164.381

1,00

CURRENT LIABILITIES

18.920.861

0,41

19.087.859

0,43

21.293.591

0,46

16.555.675

0,36

22.775.261

0,42

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

3.109.723

0,07

1.550.563

0,04

1.365.204

0,03

1.058.864

0,02

645.027

0,01

Accounts Payable

10.970.871

0,24

14.496.178

0,33

16.511.969

0,36

11.379.603

0,25

16.664.517

0,31

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Short-term Payable

1.523.939

0,03

358.271

0,01

700.755

0,02

758.190

0,02

922.878

0,02

Advances from Customers

2.689.226

0,06

2.007.081

0,05

1.829.165

0,04

1.926.275

0,04

2.452.144

0,05

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

377.702

0,01

292.154

0,01

324.753

0,01

372.309

0,01

1.117.919

0,02

Provisions

192

0,00

26.877

0,00

133.243

0,00

426.121

0,01

470.805

0,01

Other Current Liabilities

249.208

0,01

356.735

0,01

428.502

0,01

634.313

0,01

501.971

0,01

LONG-TERM LIABILITIES

2.409.407

0,05

1.693.017

0,04

695.730

0,01

0

0,00

221.856

0,00

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

2.409.407

0,05

1.693.017

0,04

695.730

0,01

0

0,00

221.856

0,00

Securities Issued

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

24.310.061

0,53

23.494.281

0,53

24.512.912

0,53

29.044.934

0,64

31.167.264

0,58

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

800.000

0,02

800.000

0,02

800.000

0,02

800.000

0,02

800.000

0,01

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

661.143

0,01

661.143

0,01

661.143

0,01

661.143

0,01

661.143

0,01

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

23.420.920

0,51

23.434.077

0,53

23.434.077

0,50

24.452.707

0,54

28.984.729

0,54

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

-585.160

-0,01

-585.160

-0,01

-1.400.938

-0,03

-1.400.938

-0,03

-1.400.938

-0,03

Net Profit (loss)

13.158

0,00

-815.779

-0,02

1.018.630

0,02

4.532.022

0,10

2.122.330

0,04

TOTAL LIABILITIES AND EQUITY

45.640.329

1,00

44.275.157

1,00

46.502.233

1,00

45.600.609

1,00

54.164.381

1,00

 

REMARKS ON FINANCIAL STATEMENT

:

The financial statements of 2011 have not become certain yet.

 

 At the financial statements according to TAS,  "Cheques Received" and "Outstanding Cheques"  figures are under “Cash And Banks" figure. Beginning from the financial statements of 31.12.2011, "Cheques Received" and "Outstanding Cheques"  figures  will be given under  "Account Receivable" figure and  "Account Payable" figure respectively.

 

 

 

INCOME STATEMENTS

 

 

(2007) TL

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

Net Sales

46.229.796

1,00

40.669.400

1,00

41.874.383

1,00

45.728.843

1,00

45.783.971

1,00

Cost of Goods Sold

34.442.274

0,75

29.619.898

0,73

29.201.615

0,70

29.305.661

0,64

31.339.432

0,68

Gross Profit

11.787.522

0,25

11.049.502

0,27

12.672.768

0,30

16.423.182

0,36

14.444.539

0,32

Operating Expenses

9.715.090

0,21

8.508.049

0,21

8.889.225

0,21

9.486.957

0,21

9.946.593

0,22

Operating Profit

2.072.432

0,04

2.541.453

0,06

3.783.543

0,09

6.936.225

0,15

4.497.946

0,10

Other Income

1.004.980

0,02

2.261.103

0,06

1.738.845

0,04

1.517.350

0,03

2.950.988

0,06

Other Expenses

1.526.062

0,03

2.036.458

0,05

2.362.356

0,06

939.930

0,02

1.884.315

0,04

Financial Expenses

1.468.072

0,03

3.522.708

0,09

1.676.445

0,04

1.703.942

0,04

2.505.664

0,05

Minority Interests

0

0,00

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

0

0,00

Profit (loss) Before Tax

83.278

0,00

-756.610

-0,02

1.483.587

0,04

5.809.703

0,13

3.058.955

0,07

Tax Payable

70.120

0,00

59.169

0,00

464.957

0,01

1.277.681

0,03

936.625

0,02

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

13.158

0,00

-815.779

-0,02

1.018.630

0,02

4.532.022

0,10

2.122.330

0,05

 

FINANCIAL RATIOS

 

 

(2007)

(2008)

(2009)

(2010)

(2011)

LIQUIDITY RATIOS

 

 

 

 

 

Current Ratio

0,94

0,95

0,93

0,97

0,82

Acid-Test Ratio

0,67

0,72

0,58

0,63

0,54

Cash Ratio

0,02

0,01

0,02

0,04

0,02

ASSET STRUCTURE RATIOS

 

 

 

 

 

Inventory/Total Assets

0,09

0,07

0,11

0,10

0,09

Short-term Receivable/Total Assets

0,27

0,31

0,26

0,21

0,22

Tangible Assets/Total Assets

0,32

0,30

0,25

0,22

0,25

TURNOVER RATIOS

 

 

 

 

 

Inventory Turnover

8,63

9,01

5,68

6,40

6,48

Stockholders' Equity Turnover

1,90

1,73

1,71

1,57

1,47

Asset Turnover

1,01

0,92

0,90

1,00

0,85

FINANCIAL STRUCTURE

 

 

 

 

 

Stockholders' Equity/Total Assets

0,53

0,53

0,53

0,64

0,58

Current Liabilities/Total Assets

0,41

0,43

0,46

0,36

0,42

Financial Leverage

0,47

0,47

0,47

0,36

0,42

Gearing Percentage

0,88

0,88

0,90

0,57

0,74

PROFITABILITY RATIOS

 

 

 

 

 

Net Profit/Stockholders' Eq.

0,00

-0,03

0,04

0,16

0,07

Operating Profit Margin

0,04

0,06

0,09

0,15

0,10

Net Profit Margin

0,00

-0,02

0,02

0,10

0,05

Interest Cover

1,06

0,79

1,88

4,41

2,22

COLLECTION-PAYMENT

 

 

 

 

 

Average Collection Period (days)

156,26

163,41

164,64

183,84

208,83

Average Payable Period (days)

114,67

176,19

203,56

139,79

191,43

WORKING CAPITAL

-1177578,00

-957806,00

-1594849,00

-478145,00

-3986496,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.20

UK Pound

1

Rs.81.50

Euro

1

Rs.67.15

 

 

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

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NB

New Business

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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%)

 

 

 

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.