MIRA INFORM REPORT

 

 

Report Date :           

23.01.2012

 

IDENTIFICATION DETAILS

 

Name :

MARMARA GLOBAL DIS TICARET SANAYI LTD. STI.

 

 

Formerly Known As :

Fam Marmara Otomotiv Sanayi Ic ve Dis Ticaret Ltd. Sti.

 

 

Registered Office :

Orta Mah. Ankara Cd. Tunalar Plaza N.2/17 Pendik  Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

24.03.2004

 

 

Com. Reg. No.:

518957

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Wholesale trade of automotive spare parts such as driving mirror, precured treads

 

 

No. of Employees :

08

 

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 :

157.000 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 – 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

:

MARMARA GLOBAL DIS TICARET SANAYI LTD. STI.

HEAD OFFICE ADDRESS

:

Orta Mah. Ankara Cd. Tunalar Plaza N.2/17 Pendik  Istanbul / Turkey

PHONE NUMBER

:

90-216-598 14 50

 

FAX NUMBER

:

90-216-598 14 51

 

WEB-ADDRESS

:

www.marmaraotomotiv.com

E-MAIL

:

mail@marmaraotomotiv.com

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Kucukyali

TAX NO

:

3850399037

REGISTRATION NUMBER

:

518957

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

24.03.2004

ESTABLISHMENT GAZETTE DATE/NO

:

31.03.2004/6020

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   300.000

PAID-IN CAPITAL

:

TL   300.000

HISTORY

:

Previous Name

:

Fam Marmara Otomotiv Sanayi Ic ve Dis Ticaret Ltd. Sti.

Changed On

:

08.12.2005 (Commercial Gazette Date /Number 15.12.2005/ 6453)

Previous Address

:

Baglarbasi Mah. Kumru Sok. No:16 A/B Maltepe Istanbul

Changed On

:

19.08.2010 (Commercial Gazette Date /Number 26.08.2010/ 7637)

Previous Shareholder

:

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

Changed On

:

17.12.2010 (Commercial Gazette Date /Number 23.12.2010/ 7714)

PREVIOUS SHAREHOLDERS

:

Mehmet Berk Tunc

75 %

Mehmet Lokman Serdaroglu

20 %

Ugur Hanedar

5 %

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Mehmet Berk Tunc

75 %

Nermin Tunc

25 %

 

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Mehmet Berk Tunc

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Wholesale trade of automotive spare parts such as driving mirror, precured treads.

 

NACE CODE

:

G .50.30

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

8

 

NET SALES

:

1.882.833 TL

(2008) 

1.067.792 TL

(2009) 

2.002.572 TL

(2010) 

1.847.709 TL

(01.01-30.09.2011) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

 

IMPORT COUNTRIES

:

Spain

France

Taiwan

Germany

Austria

China

Korea

 

MERCHANDISE IMPORTED

:

Automotive spare parts

 

EXPORT VALUE

:

0 TL

(2007)

0 TL

(2008)

0 TL

(2009)

0 TL

(2010)

0 TL

(01.01-30.09.2011)

 

 

HEAD OFFICE ADDRESS

:

Orta Mah. Ankara Cd. Tunalar Plaza N.2/17 Pendik   Istanbul / Turkey  (rented)

 

BRANCHES

:

Warehouse  :  Genclik Cad. No:18 Pendik Istanbul/Turkey (rented)

INVESTMENTS

:

None

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2010. There appears an upwards trend in  1.1 - 30.9.2011.

SIZE OF BUSINESS

:

Moderate

 

 

FINANCE

 

MAIN DEALING BANKS

:

Albaraka Turk Katilim Bankasi Maltepe Branch

T. Is Bankasi Icerenkoy Branch

Yapi ve Kredi Bankasi Pendik Carsi Branch

 

CREDIT FACILITIES

:

The subject rarely makes use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

 

KEY FINANCIAL ELEMENTS

:

 

(2008) TL

(2009) TL

(2010) TL

(01.01-30.09.2011) TL

 

Net Sales

1.882.833

1.067.792

2.002.572

1.847.709

 

Profit (Loss) Before Tax

40.260

77.354

50.984

24.388

 

Stockholders' Equity

408.567

483.491

524.278

 

 

Total Assets

900.028

955.248

1.626.418

 

 

Current Assets

885.691

955.152

1.592.221

 

 

Non-Current Assets

14.337

96

34.197

 

 

Current Liabilities

491.461

471.757

1.102.140

 

 

Long-Term Liabilities

0

0

0

 

 

Gross Profit (loss)

237.035

249.185

247.878

283.524

 

Operating Profit (loss)

40.260

77.721

51.239

58.391

 

Net Profit (loss)

40.260

61.883

40.787

24.388

 

 

 

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 not too high indebtedness to third parties.

 

Liquidity

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

 

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

 

Profitability

Fair Operating Profitability  in 2008

Fair Net Profitability  in 2008

Good Operating Profitability  in 2009

High Net Profitability  in 2009

Fair Operating Profitability  in 2010

Fair Net Profitability  in 2010

Fair Operating Profitability (01.01-30.09.2011)

Low Net Profitability (01.01-30.09.2011)

 

Gap between average collection and payable periods

Unfavorable in 2010

General Financial Position

In Order

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 157.000 USD may be granted to the subject company.

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2007 )

5,94 %

1,3075

1,7901

2,6133

 ( 2008 )

8,11 %

1,2858

1,8876

2,3708

 ( 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

 

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

885.691

0,98

955.152

1,00

1.592.221

0,98

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

Cash and Banks

583

0,00

216.105

0,23

25.595

0,02

Marketable Securities

0

0,00

0

0,00

0

0,00

Account Receivable

0

0,00

117

0,00

652.816

0,40

Other Receivable

0

0,00

0

0,00

763

0,00

Inventories

846.544

0,94

733.439

0,77

903.136

0,56

Advances Given

0

0,00

0

0,00

0

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

Other Current Assets

38.564

0,04

5.491

0,01

9.911

0,01

NON-CURRENT ASSETS

14.337

0,02

96

0,00

34.197

0,02

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

0

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

10.670

0,01

-3.571

0,00

29.401

0,02

Intangible Assets

3.667

0,00

3.667

0,00

3.667

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

0

0,00

1.129

0,00

TOTAL ASSETS

900.028

1,00

955.248

1,00

1.626.418

1,00

CURRENT LIABILITIES

491.461

0,55

471.757

0,49

1.102.140

0,68

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

2.011

0,00

Accounts Payable

445.164

0,49

442.295

0,46

273.090

0,17

Loans from Shareholders

56.000

0,06

0

0,00

818.500

0,50

Other Short-term Payable

0

0,00

0

0,00

0

0,00

Advances from Customers

0

0,00

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

Taxes Payable

5.512

0,01

24.567

0,03

8.539

0,01

Provisions

-15.215

-0,02

4.895

0,01

0

0,00

Other Current Liabilities

0

0,00

0

0,00

0

0,00

LONG-TERM LIABILITIES

0

0,00

0

0,00

0

0,00

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

0

0,00

Securities Issued

0

0,00

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

0

0,00

Loans from Shareholders

0

0,00

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

408.567

0,45

483.491

0,51

524.278

0,32

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

Paid-in Capital

300.000

0,33

300.000

0,31

300.000

0,18

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

20.667

0,02

20.667

0,02

20.667

0,01

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

Reserves

60.680

0,07

100.941

0,11

162.824

0,10

Revaluation Fund

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

-13.040

-0,01

0

0,00

0

0,00

Net Profit (loss)

40.260

0,04

61.883

0,06

40.787

0,03

TOTAL LIABILITIES AND EQUITY

900.028

1,00

955.248

1,00

1.626.418

1,00

 

 

INCOME STATEMENTS

 

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(01.01-30.09.2011) TL

 

Net Sales

1.882.833

1,00

1.067.792

1,00

2.002.572

1,00

1.847.709

1,00

Cost of Goods Sold

1.645.798

0,87

818.607

0,77

1.754.694

0,88

1.564.185

0,85

Gross Profit

237.035

0,13

249.185

0,23

247.878

0,12

283.524

0,15

Operating Expenses

196.775

0,10

171.464

0,16

196.639

0,10

225.133

0,12

Operating Profit

40.260

0,02

77.721

0,07

51.239

0,03

58.391

0,03

Other Income

0

0,00

0

0,00

0

0,00

5.635

0,00

Other Expenses

0

0,00

367

0,00

255

0,00

17.648

0,01

Financial Expenses

0

0,00

0

0,00

0

0,00

21.990

0,01

Minority Interests

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

Profit (loss) Before Tax

40.260

0,02

77.354

0,07

50.984

0,03

24.388

0,01

Tax Payable

0

0,00

15.471

0,01

10.197

0,01

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

40.260

0,02

61.883

0,06

40.787

0,02

24.388

0,01

 

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

LIQUIDITY RATIOS

 

 

 

Current Ratio

1,80

2,02

1,44

Acid-Test Ratio

0,00

0,46

0,62

Cash Ratio

0,00

0,46

0,02

ASSET STRUCTURE RATIOS

 

 

 

Inventory/Total Assets

0,94

0,77

0,56

Short-term Receivable/Total Assets

0,00

0,00

0,40

Tangible Assets/Total Assets

0,01

0,00

0,02

TURNOVER RATIOS

 

 

 

Inventory Turnover

1,94

1,12

1,94

Stockholders' Equity Turnover

4,61

2,21

3,82

Asset Turnover

2,09

1,12

1,23

FINANCIAL STRUCTURE

 

 

 

Stockholders' Equity/Total Assets

0,45

0,51

0,32

Current Liabilities/Total Assets

0,55

0,49

0,68

Financial Leverage

0,55

0,49

0,68

Gearing Percentage

1,20

0,98

2,10

PROFITABILITY RATIOS

 

 

 

Net Profit/Stockholders' Eq.

0,10

0,13

0,08

Operating Profit Margin

0,02

0,07

0,03

Net Profit Margin

0,02

0,06

0,02

Interest Cover

 

 

 

COLLECTION-PAYMENT

 

 

 

Average Collection Period (days)

0,00

0,04

117,36

Average Payable Period (days)

97,37

194,51

56,03

WORKING CAPITAL

394230,00

483395,00

490081,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.50.33

UK Pound

1

Rs.77.97

Euro

1

Rs.65.07

 

 

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.