MIRA INFORM REPORT

 

 

Report Date :

17.04.2012

 

IDENTIFICATION DETAILS

 

Name :

LAZTAS MERMER INSAAT SANAYI VE TICARET LTD. STI.

 

 

Registered Office :

Ramazanoglu Mah. Uludag Sok. 10/2 Pendik Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

07.02.2005

 

 

Com. Reg. No.:

545186

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Processing and trade of marble, import and domestic trade of granite.

 

 

No. of Employees :

10

 

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 :

400.000 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 – 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

:

LAZTAS MERMER INSAAT SANAYI VE TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Ramazanoglu Mah. Uludag Sok. 10/2 Pendik Istanbul / Turkey

PHONE NUMBER

:

90-216-378 21 58

 

FAX NUMBER

:

90-216-378 72 42

 

WEB-ADDRESS

:

www.laztas.com.tr

E-MAIL

:

info@laztas.com.tr

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Pendik

TAX NO

:

6080368654

REGISTRATION NUMBER

:

545186

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

07.02.2005

ESTABLISHMENT GAZETTE DATE /NO

:

14.02.2005/6239

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   1.500.000

PAID-IN CAPITAL

:

TL   1.500.000

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Hamit Keles

50 %

Dursun Keles

50 %

 

 

SISTER COMPANIES

:

MERMER YAPI GAYRIMENKUL HIZMETLERI SANAYI VE TICARET LTD.STI.

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Hamit Keles

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Processing and trade of marble,import and domestic trade of granite.

 

NUMBER OF EMPLOYEES

:

10

 

NET SALES

:

1.331.862 TL

(2009) 

1.429.841 TL

(2010) 

2.371.328 TL

(2011) 

 

 

IMPORT COUNTRIES

:

China

India

Spain

 

MERCHANDISE IMPORTED

:

Granite

 

EXPORT VALUE

:

0 TL

(2010)

0 TL

(2011)

0 TL

(01.01-31.03.2012)

 

 

HEAD OFFICE ADDRESS

:

Ramazanoglu Mah. Uludag Sok. 10/2 Pendik Istanbul / Turkey

 

BRANCHES

:

Head Office/Processing Plant  :  Ramazanoglu Mah. Uludag Sok. 10/2 Pendik Istanbul/Turkey

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2011.

SIZE OF BUSINESS

:

Lower-Medium

 

 

FINANCE

 

MAIN DEALING BANKS

:

Turkiye Is Bankasi Dolayoba Branch

 

CREDIT FACILITIES

:

The subject rarely makes use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2009) TL

(2010) TL

(2011) TL

Net Sales

1.331.862

1.429.841

2.371.328

Profit (Loss) Before Tax

51.213

53.263

62.794

Stockholders' Equity

1.615.594

1.658.204

 

Total Assets

2.717.405

3.811.906

 

Current Assets

1.421.031

2.537.556

 

Non-Current Assets

1.296.374

1.274.350

 

Current Liabilities

1.101.811

2.153.702

 

Long-Term Liabilities

0

0

 

Gross Profit (loss)

111.195

163.851

168.458

Operating Profit (loss)

47.599

52.392

35.106

Net Profit (loss)

40.972

42.610

62.794

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

High As of 31.12.2010

Remarks on Capitalization

A part of total liabilities and equity consist of loans from shareholders rather than liabilities to third parties indicating low indebtedness to third parties.

 

Liquidity

High As of 31.12.2010

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

In Order Operating Profitability  in 2009

In Order Net Profitability  in 2009

In Order Operating Profitability  in 2010

In Order Net Profitability  in 2010

Low Operating Profitability  in 2011

Fair Net Profitability  in 2011

 

Gap between average collection and payable periods

Favorable in 2010

General Financial Position

Good

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT LIMIT

 

:

400.000 USD

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 400.000 USD may be granted to the subject company.

 

 

 

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

1.421.031

0,52

2.537.556

0,67

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

228.235

0,08

1.305.689

0,34

Marketable Securities

0

0,00

0

0,00

Account Receivable

416.404

0,15

79.015

0,02

Other Receivable

0

0,00

0

0,00

Inventories

352.816

0,13

564.437

0,15

Advances Given

1.947

0,00

86.725

0,02

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

421.629

0,16

501.690

0,13

NON-CURRENT ASSETS

1.296.374

0,48

1.274.350

0,33

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)

1.296.209

0,48

1.273.315

0,33

Intangible Assets

0

0,00

0

0,00

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

165

0,00

1.035

0,00

TOTAL ASSETS

2.717.405

1,00

3.811.906

1,00

CURRENT LIABILITIES

1.101.811

0,41

2.153.702

0,56

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

0

0,00

28.268

0,01

Accounts Payable

65.986

0,02

161.424

0,04

Loans from Shareholders

900.586

0,33

1.603.564

0,42

Other Short-term Payable

96.156

0,04

0

0,00

Advances from Customers

34.284

0,01

351.705

0,09

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

1.927

0,00

3.316

0,00

Provisions

2.872

0,00

5.425

0,00

Other Current Liabilities

0

0,00

0

0,00

LONG-TERM LIABILITIES

0

0,00

0

0,00

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

0

0,00

Provisions

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

1.615.594

0,59

1.658.204

0,44

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

1.500.000

0,55

1.500.000

0,39

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

74.622

0,03

115.594

0,03

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

0

0,00

0

0,00

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

Net Profit (loss)

40.972

0,02

42.610

0,01

TOTAL LIABILITIES AND EQUITY

2.717.405

1,00

3.811.906

1,00

 

 

INCOME STATEMENTS

 

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

Net Sales

1.331.862

1,00

1.429.841

1,00

2.371.328

1,00

Cost of Goods Sold

1.220.667

0,92

1.265.990

0,89

2.202.870

0,93

Gross Profit

111.195

0,08

163.851

0,11

168.458

0,07

Operating Expenses

63.596

0,05

111.459

0,08

133.352

0,06

Operating Profit

47.599

0,04

52.392

0,04

35.106

0,01

Other Income

3.614

0,00

4.020

0,00

36.714

0,02

Other Expenses

0

0,00

0

0,00

8.149

0,00

Financial Expenses

0

0,00

3.149

0,00

877

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

51.213

0,04

53.263

0,04

62.794

0,03

Tax Payable

10.241

0,01

10.653

0,01

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

40.972

0,03

42.610

0,03

62.794

0,03

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

LIQUIDITY RATIOS

 

 

Current Ratio

1,29

1,18

Acid-Test Ratio

0,59

0,64

Cash Ratio

0,21

0,61

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,13

0,15

Short-term Receivable/Total Assets

0,15

0,02

Tangible Assets/Total Assets

0,48

0,33

TURNOVER RATIOS

 

 

Inventory Turnover

3,46

2,24

Stockholders' Equity Turnover

0,82

0,86

Asset Turnover

0,49

0,38

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,59

0,44

Current Liabilities/Total Assets

0,41

0,56

Financial Leverage

0,41

0,56

Gearing Percentage

0,68

1,30

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,03

0,03

Operating Profit Margin

0,04

0,04

Net Profit Margin

0,03

0,03

Interest Cover

 

17,91

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

112,55

19,89

Average Payable Period (days)

19,46

45,90

WORKING CAPITAL

319220,00

383854,00

 

 

 

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.