MIRA INFORM REPORT

 

 

Report Date :

07.12.2012

 

IDENTIFICATION DETAILS

 

Name :

MAGMA DOGAL DEKORASYON MAMULLERI PAZARLAMA VE INSAAT SANAYI TICARET LTD. STI.  

 

 

Registered Office :

Ismetpasa Mah. Mahmutbey Yolu 101 Sok. No:1 Sultangazi Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

30.09.2012

 

 

Date of Incorporation :

16.01.2001

 

 

Com. Reg. No.:

452090

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Wholesale trade of granite and marble

 

 

No. of Employees :

10 employees

 

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 :

Slow but Correct

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 – June 30th, 2012

                                                   

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Turkey

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Turkey - ECONOMIC OVERVIEW

 

Turkey's largely free-market economy is increasingly driven by its industry and service sectors, although its traditional agriculture sector still accounts for about 25% of employment. An aggressive privatization program has reduced state involvement in basic industry, banking, transport, and communication, and an emerging cadre of middle-class entrepreneurs is adding dynamism to the economy and expanding production beyond the traditional textiles and clothing sectors. The automotive, construction, and electronics industries, are rising in importance and have surpassed textiles within Turkey's export mix. Oil began to flow through the Baku-Tbilisi-Ceyhan pipeline in May 2006, marking a major milestone that will bring up to 1 million barrels per day from the Caspian to market. Several gas pipelines projects also are moving forward to help transport Central Asian gas to Europe through Turkey, which over the long term will help address Turkey's dependence on imported oil and gas to meet 97% of its energy needs. After Turkey experienced a severe financial crisis in 2001, Ankara adopted financial and fiscal reforms as part of an IMF program. The reforms strengthened the country's economic fundamentals and ushered in an era of strong growth - averaging more than 6% annually until 2008. Global economic conditions and tighter fiscal policy caused GDP to contract in 2009, but Turkey's well-regulated financial markets and banking system helped the country weather the global financial crisis and GDP rebounded strongly to 8.2% in 2010, as exports returned to normal levels following the recession. Turkey's public sector debt to GDP ratio has fallen to roughly 40%. Continued strong growth has pushed inflation to the 8% level, however, and worsened an already high current account deficit. Turkey remains dependent on often volatile, short-term investment to finance its large trade deficit. The stock value of FDI stood at $99 billion at year-end 2011. Inflows have slowed considerably in light of continuing economic turmoil in Europe, the source of much of Turkey's FDI. Further economic and judicial reforms and prospective EU membership are expected to boost Turkey's attractiveness to foreign investors. However, Turkey's relatively high current account deficit, uncertainty related to monetary policy-making, and political turmoil within Turkey's neighborhood leave the economy vulnerable to destabilizing shifts in investor confidence.

 

Source : CIA

 

 

COMPANY IDENTIFICATION

 

 

NAME

:

MAGMA DOGAL DEKORASYON MAMULLERI PAZARLAMA VE INSAAT SANAYI TICARET LTD. STI. 

HEAD OFFICE ADDRESS

:

Ismetpasa Mah. Mahmutbey Yolu 101 Sok. No:1 Sultangazi Istanbul / Turkey

PHONE NUMBER

:

90-212-446 74 73

 

FAX NUMBER

:

90-212-447 11 02

 

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Atisalani

TAX NO

:

6100125385

REGISTRATION NUMBER

:

452090

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

16.01.2001

ESTABLISHMENT GAZETTE DATE /NO

:

19.01.2001/5218

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   100.000

PAID-IN CAPITAL

:

TL   100.000

HISTORY

:

Previous Registered Capital

:

TL 5.000

Changed On

:

25.06.2004 (Commercial Gazette Date /Number 30.06.2004/ 6082)

Previous Address

:

Buyukdere Cad. No:75 Kat:5 D:11 Sisli Istanbul

Changed On

:

12.02.2007 (Commercial Gazette Date /Number 15.02.2007/ 6746)

Previous Address

:

Emirkapi Mah. Inonu Cad. 8. Sok. No:2 Bagcilar Istanbul (The address was canged from Goztepe Mah. Bosna Cad. Tarla Mahmutbey by the Municipality.)

Changed On

:

16.08.2011 (Commercial Gazette Date /Number 22.08.2011/ 7885)

Previous Shareholder

:

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

Changed On

:

01.07.2009 (Commercial Gazette Date /Number 07.07.2009/ 7348)

 

 

 

PREVIOUS SHAREHOLDERS

:

Hasan Acar

75 %

Binnur Acar

25 %

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Hasan Acar

50 %

Okan Acar

25 %

Gokhan Acar

25 %

 

 

SISTER COMPANIES

:

Declared to be: None

 

DIRECTORS

:

Hasan Acar

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Wholesale trade of granite and marble.

 

NACE CODE

:

G .51.52

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

10

 

NET SALES

:

1.467.776 TL

(2010) 

1.816.820 TL

(2011) 

749.631 TL

(01.01-30.09.2012) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT COUNTRIES

:

China

India

Spain

 

MERCHANDISE IMPORTED

:

Granite 

Marble

 

EXPORT VALUE

:

0 TL

(2010)

0 TL

(2011)

0 TL

(01.01-30.11.2012)

 

 

HEAD OFFICE ADDRESS

:

Ismetpasa Mah. Mahmutbey Yolu 101 Sok. No:1 Sultangazi Istanbul / Turkey

 

BRANCHES

:

Head Office/Warehouse  :  Ismetpasa Mah. Mahmutbey Yolu 101 Sok. No:1 Sultangazi Istanbul/Turkey

 

INVESTMENTS

:

None

 

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2011. There appears a decline at business volume in nominal terms in  1.1 - 30.9.2012.

SIZE OF BUSINESS

:

Lower-Moderate

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Akbank Mecidiyekoy Branch

 

CREDIT FACILITIES

:

The subject rarely makes use of credit facilities.

 

PAYMENT BEHAVIOUR

:

We are informed about a single payment delay in this year.

 

KEY FINANCIAL ELEMENTS

:

 

(2010) TL

(2011) TL

(01.01-30.09.2012) TL

 

 

Net Sales

1.467.776

1.816.820

749.631

 

 

Profit (Loss) Before Tax

27.123

22.708

-5.616

 

 

Stockholders' Equity

240.998

257.339

 

 

 

Total Assets

1.509.015

836.139

 

 

 

Current Assets

1.325.595

682.193

 

 

 

Non-Current Assets

183.420

153.946

 

 

 

Current Liabilities

1.249.337

558.753

 

 

 

Long-Term Liabilities

18.680

20.047

 

 

 

Gross Profit (loss)

98.343

130.462

61.593

 

 

Operating Profit (loss)

26.542

26.583

21.576

 

 

Net Profit (loss)

21.676

16.340

-5.616

 

 

 

 

 

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 01.01-30.09.2012)

3,34 %

1,8029

2,3233

2,8527

 ( 01.01-30.11.2012)

2,58 %

1,8006

2,3240

2,8569

 

 

BALANCE SHEETS

 

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

1.325.595

0,88

682.193

0,82

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

24.363

0,02

2.770

0,00

Marketable Securities

0

0,00

0

0,00

Account Receivable

379.082

0,25

318.859

0,38

Other Receivable

0

0,00

0

0,00

Inventories

395.812

0,26

346.385

0,41

Advances Given

414.676

0,27

0

0,00

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

111.662

0,07

14.179

0,02

NON-CURRENT ASSETS

183.420

0,12

153.946

0,18

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)

182.002

0,12

152.528

0,18

Intangible Assets

680

0,00

680

0,00

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

738

0,00

738

0,00

TOTAL ASSETS

1.509.015

1,00

836.139

1,00

CURRENT LIABILITIES

1.249.337

0,83

558.753

0,67

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

20.210

0,01

9.641

0,01

Accounts Payable

417.389

0,28

262.048

0,31

Loans from Shareholders

689.105

0,46

150.000

0,18

Other Short-term Payable

0

0,00

0

0,00

Advances from Customers

116.576

0,08

134.911

0,16

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

6.057

0,00

2.153

0,00

Provisions

0

0,00

0

0,00

Other Current Liabilities

0

0,00

0

0,00

LONG-TERM LIABILITIES

18.680

0,01

20.047

0,02

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

18.680

0,01

20.047

0,02

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

240.998

0,16

257.339

0,31

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

100.000

0,07

100.000

0,12

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

2.148

0,00

2.148

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

117.174

0,08

138.851

0,17

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

Net Profit (loss)

21.676

0,01

16.340

0,02

TOTAL LIABILITIES AND EQUITY

1.509.015

1,00

836.139

1,00

 

REMARKS ON FINANCIAL STATEMENT

:

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 are given under "Account Receivable" figure and "Account Payable" figure respectively. 

 

At the last income statement TL 28.379 of the other expenses is due to "Other Extraordinary Expenses and Losses" .

 

 

 

INCOME STATEMENTS

 

 

(2010) TL

 

(2011) TL

 

(01.01-30.09.2012) TL

 

Net Sales

1.467.776

1,00

1.816.820

1,00

749.631

1,00

Cost of Goods Sold

1.369.433

0,93

1.686.358

0,93

688.038

0,92

Gross Profit

98.343

0,07

130.462

0,07

61.593

0,08

Operating Expenses

71.801

0,05

103.879

0,06

40.017

0,05

Operating Profit

26.542

0,02

26.583

0,01

21.576

0,03

Other Income

6.488

0,00

7.967

0,00

1.187

0,00

Other Expenses

639

0,00

8.950

0,00

28.379

0,04

Financial Expenses

5.268

0,00

2.892

0,00

0

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

27.123

0,02

22.708

0,01

-5.616

-0,01

Tax Payable

5.447

0,00

6.368

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

21.676

0,01

16.340

0,01

-5.616

-0,01

 

FINANCIAL RATIOS

 

 

(2010)

(2011)

LIQUIDITY RATIOS

 

Current Ratio

1,06

1,22

Acid-Test Ratio

0,32

0,58

Cash Ratio

0,02

0,00

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,26

0,41

Short-term Receivable/Total Assets

0,25

0,38

Tangible Assets/Total Assets

0,12

0,18

TURNOVER RATIOS

 

Inventory Turnover

3,46

4,87

Stockholders' Equity Turnover

6,09

7,06

Asset Turnover

0,97

2,17

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,16

0,31

Current Liabilities/Total Assets

0,83

0,67

Financial Leverage

0,84

0,69

Gearing Percentage

5,26

2,25

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,09

0,06

Operating Profit Margin

0,02

0,01

Net Profit Margin

0,01

0,01

Interest Cover

6,15

8,85

COLLECTION-PAYMENT

 

Average Collection Period (days)

92,98

63,18

Average Payable Period (days)

109,72

55,94

WORKING CAPITAL

76258,00

123440,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.47

UK Pound

1

Rs.87.63

Euro

1

Rs.71.12

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.