MIRA INFORM REPORT

 

 

Report Date :           

11.01.2012

 

IDENTIFICATION DETAILS

 

Name :

SISTEM GRANIT SANAYI VE TICARET LTD. STI. 

 

 

Registered Office :

Ankara Asfalti 22. Km Kemalpasa Izmir

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

30.12.2005

 

 

Com. Reg. No.:

98804-MRKZ.

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Wholesale trade of granite marble.

 

 

No. of Employees :

8

 

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

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

:

SISTEM GRANIT SANAYI VE TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Ankara Asfalti 22. Km Kemalpasa Izmir / Turkey

PHONE NUMBER

:

90-232-877 07 22

 

FAX NUMBER

:

90-232-877 08 87

 

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Kemalpasa

TAX NO

:

7710286686

REGISTRATION NUMBER

:

98804-MRKZ.

REGISTERED OFFICE

:

Izmir Chamber of Commerce

DATE ESTABLISHED

:

30.12.2005

ESTABLISHMENT GAZETTE DATE /NO

:

20.01.2006/6475

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   3.650.000

PAID-IN CAPITAL

:

TL   3.650.000

HISTORY

:

Previous Registered Capital

:

TL 750.000

Changed On

:

29.12.2009 (Commercial Gazette Date /Number 05.01.2010/ 7472)

Previous Shareholder

:

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

Changed On

:

19.10.2011 (Commercial Gazette Date /Number 25.10.2011/ 7928)

PREVIOUS SHAREHOLDERS

:

Ilker Imamoglu

50 %

Mehmet Ali Akman

50 %

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Ilker Imamoglu

97,95 %

Yesim Imamoglu

2,05 %

 

 

SISTER COMPANIES

:

LARA GRANIT VE MERMER SANAYII TICARET LTD. STI.

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Ilker Imamoglu

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Wholesale trade of granite marble.

 

NACE CODE

:

G .51.52

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

8

 

NET SALES

:

8.460.315 TL

(2009) 

6.981.198 TL

(2010) 

5.295.619 TL

(01.01-30.09.2011) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT COUNTRIES

:

Italy

Spain

China

India

 

MERCHANDISE IMPORTED

:

Granite

Marble

 

EXPORT VALUE

:

0 TL

(2009)

0 TL

(2010)

0 TL

(01.01-30.09.2011)

 

 

HEAD OFFICE ADDRESS

:

Ankara Asfalti 22. Km Kemalpasa Izmir / Turkey (rented)

 

BRANCHES

:

Head Office/Warehouse  :  Ankara Asfalti 22. Km Kemalpasa Izmir/Turkey (rented) (13.000 sqm)

 

 

 

TREND OF BUSINESS

:

There was a decline at business volume in nominal terms in  2010. There appears a slowdown at business volume in real terms in  1.1 - 30.9.2011.

SIZE OF BUSINESS

:

Lower-Medium

 

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Kemalpasa Branch

T. Halk Bankasi Kemalpasa Organize Sanayi Bolgesi Branch

 

CREDIT FACILITIES

:

No credit facility has come to our knowledge.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

 

KEY FINANCIAL ELEMENTS

:

 

(2009) TL

(2010) TL

(01.01-30.09.2011) TL

 

 

Net Sales

8.460.315

6.981.198

5.295.619

 

 

Profit (Loss) Before Tax

605.645

362.013

180.501

 

 

Stockholders' Equity

4.122.223

4.418.811

 

 

 

Total Assets

4.412.967

4.616.495

 

 

 

Current Assets

4.251.105

4.440.214

 

 

 

Non-Current Assets

161.862

176.281

 

 

 

Current Liabilities

290.744

197.684

 

 

 

Long-Term Liabilities

0

0

 

 

 

Gross Profit (loss)

1.115.107

694.298

508.409

 

 

Operating Profit (loss)

785.469

328.663

296.560

 

 

Net Profit (loss)

484.516

284.295

180.501

 

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

High As of 31.12.2010

Liquidity

Insufficient As of 31.12.2010

Remarks On Liquidity

The unfavorable gap between average collection and average payable period has an adverse effect on liquidity. 

 

The subject has negative cash and banks which has an adverse effect on liquidity. 

 

The liquid assets consist mainly of receivables; the firm has negative cash&banks

 

Profitability

Good Operating Profitability  in 2009

High Net Profitability  in 2009

In Order Operating Profitability  in 2010

Good Net Profitability  in 2010

Good Operating Profitability (01.01-30.09.2011)

In Order Net Profitability (01.01-30.09.2011)

 

Gap between average collection and payable periods

Unfavorable in 2010

General Financial Position

Unsatisfactory

 

 

 

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

 ( 01.01-30.09.2011)

9,72 %

1,6335

2,3016

2,6294

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 

 

BALANCE SHEETS

 

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

4.251.105

0,96

4.440.214

0,96

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

404.597

0,09

-1.591.914

-0,34

Marketable Securities

0

0,00

0

0,00

Account Receivable

3.181.064

0,72

3.692.785

0,80

Other Receivable

982

0,00

2.659

0,00

Inventories

587.628

0,13

2.037.218

0,44

Advances Given

0

0,00

0

0,00

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

76.834

0,02

299.466

0,06

NON-CURRENT ASSETS

161.862

0,04

176.281

0,04

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)

161.304

0,04

176.281

0,04

Intangible Assets

558

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

4.412.967

1,00

4.616.495

1,00

CURRENT LIABILITIES

290.744

0,07

197.684

0,04

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

Accounts Payable

272.157

0,06

173.147

0,04

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

6.543

0,00

21.383

0,00

Provisions

12.044

0,00

3.154

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

4.122.223

0,93

4.418.811

0,96

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

3.637.707

0,82

3.650.000

0,79

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

0

0,00

484.516

0,10

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

Net Profit (loss)

484.516

0,11

284.295

0,06

TOTAL LIABILITIES AND EQUITY

4.412.967

1,00

4.616.495

1,00

 

 

INCOME STATEMENTS

 

 

(2009) TL

 

(2010) TL

 

(01.01-30.09.2011) TL

 

Net Sales

8.460.315

1,00

6.981.198

1,00

5.295.619

1,00

Cost of Goods Sold

7.345.208

0,87

6.286.900

0,90

4.787.210

0,90

Gross Profit

1.115.107

0,13

694.298

0,10

508.409

0,10

Operating Expenses

329.638

0,04

365.635

0,05

211.849

0,04

Operating Profit

785.469

0,09

328.663

0,05

296.560

0,06

Other Income

116.860

0,01

65.284

0,01

38.147

0,01

Other Expenses

296.684

0,04

31.934

0,00

153.800

0,03

Financial Expenses

0

0,00

0

0,00

406

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

605.645

0,07

362.013

0,05

180.501

0,03

Tax Payable

121.129

0,01

77.718

0,01

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

484.516

0,06

284.295

0,04

180.501

0,03

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

 

LIQUIDITY RATIOS

 

 

 

Current Ratio

14,62

22,46

 

Acid-Test Ratio

12,34

10,64

 

Cash Ratio

1,39

-8,05

 

ASSET STRUCTURE RATIOS

 

 

 

Inventory/Total Assets

0,13

0,44

 

Short-term Receivable/Total Assets

0,72

0,80

 

Tangible Assets/Total Assets

0,04

0,04

 

TURNOVER RATIOS

 

 

 

Inventory Turnover

12,50

3,09

 

Stockholders' Equity Turnover

2,05

1,58

 

Asset Turnover

1,92

1,51

 

FINANCIAL STRUCTURE

 

 

 

Stockholders' Equity/Total Assets

0,93

0,96

 

Current Liabilities/Total Assets

0,07

0,04

 

Financial Leverage

0,07

0,04

 

Gearing Percentage

0,07

0,04

 

PROFITABILITY RATIOS

 

 

 

Net Profit/Stockholders' Eq.

0,12

0,06

 

Operating Profit Margin

0,09

0,05

 

Net Profit Margin

0,06

0,04

 

Interest Cover

 

 

 

COLLECTION-PAYMENT

 

 

 

Average Collection Period (days)

135,36

190,43

 

Average Payable Period (days)

13,34

9,91

 

WORKING CAPITAL

3960361,00

4242530,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.52.23

UK Pound

1

Rs.80.84

Euro

1

Rs.66.79

 

 

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.