MIRA INFORM REPORT

 

 

Report Date :

17.04.2012

 

IDENTIFICATION DETAILS

 

Name :

ART TAS MERMER GRANIT INSAAT TURIZM TICARET LTD. STI.

 

 

Registered Office :

Yildizevler Mah. 4. Cad. 20/3 Cankaya Ankara

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

28.03.2006

 

 

Com. Reg. No.:

219172

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Processing and Trade of Marble.

 

 

No. of Employees :

10

 

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 :

Small Company

Payment Behaviour :

Slow

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

 

COMPANY IDENTIFICATION

 

NAME

:

ART TAS MERMER GRANIT INSAAT TURIZM TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Yildizevler Mah. 4. Cad. 20/3 Cankaya Ankara / Turkey

PHONE NUMBER

:

90-312-442 81 79

 

FAX NUMBER

:

90-312-440 65 29

 

WEB-ADDRESS

:

info@arttas.com

E-MAIL

:

info@arttas.com

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Segmenler

TAX NO

:

0850353651

REGISTRATION NUMBER

:

219172

REGISTERED OFFICE

:

Ankara Chamber of Commerce

DATE ESTABLISHED

:

28.03.2006

ESTABLISHMENT GAZETTE DATE /NO

:

31.03.2006/6525

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   50.000

PAID-IN CAPITAL

:

TL   50.000

HISTORY

:

Previous Address

:

Ornek Mah. Turgut Ozal Bulvari No:26 Altindag Ankara

Changed On

:

15.10.2008 (Commercial Gazette Date /Number 20.10.2008/ 7171)

Previous Address

:

Yildizevler Mah. Duyu Sok. No:31/A Cankaya Ankara

Changed On

:

08.07.2010 (Commercial Gazette Date /Number 12.07.2010/ 7604)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Selahattin Hasancebi

98 %

Zinnet Hasancebi

2 %

 

 

SISTER COMPANIES

:

Declared to be:None

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Selahattin Hasancebi

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Processing and trade of marble.

 

NUMBER OF EMPLOYEES

:

10

 

NET SALES

:

619.011 TL

(2009) 

951.323 TL

(2010) 

2.600.939 TL

(2011) 

 

 

EXPORT VALUE

:

0 TL

(2010)

0 TL

(2011)

0 TL

(01.01-31.03.2012)

 

 

HEAD OFFICE ADDRESS

:

Yildizevler Mah. 4. Cad. 20/3 Cankaya Ankara / Turkey (rented) (180 sqm)

 

 

TREND OF BUSINESS

:

There was an upwards trend in 2011.

SIZE OF BUSINESS

:

Modest

 

 

FINANCE

 

MAIN DEALING BANKS

:

Turkiye Halk Bankasi Siteler Branch

 

CREDIT FACILITIES

:

No credit facility has come to our knowledge.

PAYMENT BEHAVIOUR

:

We are informed about numerous payment delays in the former years some of which were resolved later on

 

KEY FINANCIAL ELEMENTS

:

 

(2009) TL

(2010) TL

(2011) TL

Net Sales

619.011

951.323

2.600.939

Profit (Loss) Before Tax

11.569

12.427

10.467

Stockholders' Equity

67.514

79.718

 

Total Assets

297.920

411.579

 

Current Assets

296.600

410.272

 

Non-Current Assets

1.320

1.307

 

Current Liabilities

230.406

242.638

 

Long-Term Liabilities

0

89.223

 

Gross Profit (loss)

33.940

89.473

219.817

Operating Profit (loss)

11.569

19.978

29.778

Net Profit (loss)

9.236

9.871

10.467

 

 

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

Fair Operating Profitability  in 2009

Low Net Profitability  in 2009

Fair Operating Profitability  in 2010

Low Net Profitability  in 2010

Low Operating Profitability  in 2011

Low Net Profitability  in 2011

 

Gap between average collection and payable periods

Favorable in 2010

General Financial Position

Passable

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

296.600

1,00

410.272

1,00

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

2.832

0,01

83.133

0,20

Marketable Securities

0

0,00

0

0,00

Account Receivable

81.562

0,27

103.292

0,25

Other Receivable

0

0,00

0

0,00

Inventories

201.478

0,68

218.048

0,53

Advances Given

0

0,00

0

0,00

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

10.728

0,04

5.799

0,01

NON-CURRENT ASSETS

1.320

0,00

1.307

0,00

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

Financial Assets

0

0,00

0

0,00

Tangible Fixed Assets (net)

1.320

0,00

1.307

0,00

Intangible Assets

0

0,00

0

0,00

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

0

0,00

TOTAL ASSETS

297.920

1,00

411.579

1,00

CURRENT LIABILITIES

230.406

0,77

242.638

0,59

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

Accounts Payable

226.821

0,76

221.763

0,54

Loans from Shareholders

0

0,00

0

0,00

Other Short-term Payable

0

0,00

0

0,00

Advances from Customers

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

1.252

0,00

18.318

0,04

Provisions

2.333

0,01

2.557

0,01

Other Current Liabilities

0

0,00

0

0,00

LONG-TERM LIABILITIES

0

0,00

89.223

0,22

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

Securities Issued

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

Loans from Shareholders

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

89.223

0,22

Provisions

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

67.514

0,23

79.718

0,19

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

50.000

0,17

50.000

0,12

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

8.278

0,03

19.847

0,05

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

Net Profit (loss)

9.236

0,03

9.871

0,02

TOTAL LIABILITIES AND EQUITY

297.920

1,00

411.579

1,00

 

 

INCOME STATEMENTS

 

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

Net Sales

619.011

1,00

951.323

1,00

2.600.939

1,00

Cost of Goods Sold

585.071

0,95

861.850

0,91

2.381.122

0,92

Gross Profit

33.940

0,05

89.473

0,09

219.817

0,08

Operating Expenses

22.371

0,04

69.495

0,07

190.039

0,07

Operating Profit

11.569

0,02

19.978

0,02

29.778

0,01

Other Income

0

0,00

44

0,00

308

0,00

Other Expenses

0

0,00

219

0,00

8.855

0,00

Financial Expenses

0

0,00

7.376

0,01

10.764

0,00

Minority Interests

0

0,00

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

0

0,00

Profit (loss) Before Tax

11.569

0,02

12.427

0,01

10.467

0,00

Tax Payable

2.333

0,00

2.556

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

9.236

0,01

9.871

0,01

10.467

0,00

 

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

LIQUIDITY RATIOS

 

 

Current Ratio

1,29

1,69

Acid-Test Ratio

0,37

0,77

Cash Ratio

0,01

0,34

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,68

0,53

Short-term Receivable/Total Assets

0,27

0,25

Tangible Assets/Total Assets

0,00

0,00

TURNOVER RATIOS

 

 

Inventory Turnover

2,90

3,95

Stockholders' Equity Turnover

9,17

11,93

Asset Turnover

2,08

2,31

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,23

0,19

Current Liabilities/Total Assets

0,77

0,59

Financial Leverage

0,77

0,81

Gearing Percentage

3,41

4,16

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,14

0,12

Operating Profit Margin

0,02

0,02

Net Profit Margin

0,01

0,01

Interest Cover

 

2,68

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

47,43

39,09

Average Payable Period (days)

139,57

92,63

WORKING CAPITAL

66194,00

167634,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.66

UK Pound

1

Rs.81.79

Euro

1

Rs.67.18

 

 

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.