MIRA INFORM REPORT

 

 

Report Date :           

19.03.2012

 

IDENTIFICATION DETAILS

 

Name :

GRANITAS GRANIT SANAYI VE PAZARLAMA A.S.

 

 

Registered Office :

1.Organize Sanayi Bolgesi 4. Cad. No:1 Bilecik

 

 

Country :

Turkey

 

 

Financials (as on) :

30.09.2011

 

 

Date of Incorporation :

24.08.1989

 

 

Com. Reg. No.:

1333

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Mining, processing, implementing and trade of granite.

 

 

No. of Employees :

165

 

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 :

5.900.000 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

:

GRANITAS GRANIT SANAYI VE PAZARLAMA A.S.

HEAD OFFICE ADDRESS

:

1.Organize Sanayi Bolgesi 4. Cad. No:1 Bilecik / Turkey

PHONE NUMBER

:

90-216-482 55 95 (Administrative Office/Store)

90-228-216 03 25 (Head Office/Factory)

 

FAX NUMBER

:

90- 228-216 03 24 (Head Office/Factory)

90-216-482 55 96 (Administrative Office/Store)

 

WEB-ADDRESS

:

www.granitas.com.tr

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Bilecik

TAX NO

:

1800038221

REGISTRATION NUMBER

:

1333

REGISTERED OFFICE

:

Bilecik Chamber of Commerce and Industry

DATE ESTABLISHED

:

24.08.1989

ESTABLISHMENT GAZETTE DATE/NO

:

01.09.1989/2348

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   15.600.000

PAID-IN CAPITAL

:

TL   15.600.000

 

HISTORY

:

Previous Registered Capital

:

TL 12.000.000

Changed On

:

28.12.2007 (Commercial Gazette Date /Number 09.01.2008/ 6973)

Previous Address

:

E-5 Yanyol 22 Soganlik Kartal Istanbul

Changed On

:

22.11.2001 (Commercial Gazette Date /Number 07.12.2001/ 5441)

Merger

:

The firm took over and merged with “Kup Yapi Izolasyon ve Tas Sanayi Ticaret A.S.” and “Granitas Proje Yonetim ve Pazarlama A.S.”

Changed On

:

09.03.2007 (Commercial Gazette Date /Number 14.03.2007/ 6765)

Merger

:

The subject took over and merged with "Anadolu Tas Pazarlama A.S."

Changed On

:

29.12.2011 (Commercial Gazette Date /Number 11.01.2012/ 7981)

Other Changes

:

The firm was firstly established in Istanbul and registered at Istanbul Commercial Registry with the registration no “257323-204895” on 24.08.1989. Then, the firm moved from Istanbul to Bilecik and registered at Bilecik Commercial Registry with registration no. “1333”.

Changed On

:

22.11.2001 (Commercial Gazette Date /Number 07.12.2001/ 5441)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Tas Holding A.S.

79,13 %

Suat Sarisoy

20,54 %

Arslan Salman

 

Yasemin Celikaksoy

 

Ozden Zeynep Oktav

 

Sedef Sarisoy

 

Alper Sarisoy

 

Ahmet Sarisoy

 

 

 

GROUP PARENT COMPANY

:

TAS HOLDING A.S

 

SISTER COMPANIES

:

GRANITAS ANADOLU GRANITLERI SANAYI VE TICARET A.S.

GRANITEK MAKINE VE DOGALTAS SANAYI TICARET A.S.

GRANMER GRANIT MERMER SANAYI VE TICARET A.S.

MADENTAS MADEN ISLETMECILIGI A.S.

MERMERTAS MADEN ISLETMECILIGI LTD. STI.

TAS HOLDING A.S.

TEKTAS GRANIT SANAYI VE TICARET A.S.

 

 

SUBSIDIARIES

:

GRANITAS ANADOLU GRANITLERI SANAYI VE TICARET A.S. 

( 98 % )

 

GRANITAS ROMANIA  ( 90 % )

 

GRANITAS UKRAINE  ( 90 % )

 

BOARD OF DIRECTORS

:

Suat Sarisoy

Chairman

Sedef Sarisoy

Vice-Chairman

Ahmet Sarisoy

Member

Arslan Salman

Member

Alper Sarisoy

Member

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Mining, processing, implementing and trade of granite.  

 

NACE CODE

:

CB.14.11

 

SECTOR

:

Mining

 

NUMBER OF EMPLOYEES

:

165

 

NET SALES

:

17.388 TL Thousand

(2002) 

17.666 TL Thousand

(2003) 

18.371 TL Thousand

(2004) 

23.732 TL Thousand

(2005) 

33.220.815 TL

(2006) 

37.001.096 TL

(2007) 

46.396.410 TL

(2008) 

44.276.725 TL

(2009) 

48.965.631 TL

(2010) 

50.950.109 TL

(01.01-30.09.2011) 

 

 

PRODUCTION

:

None

 

IMPORT VALUE

:

13.000.000 USD

(2010)

16.000.000 USD

(2011)

 

 

IMPORT COUNTRIES

:

Brazil

India

European Countries

 

MERCHANDISE IMPORTED

:

Granite block

Plate

 

 

EXPORT VALUE

:

4.719 TL Thousand

(2002)

2.240 TL Thousand

(2003)

2.765 TL Thousand

(2004)

1.049 TL Thousand

(2005)

1.583 TL Thousand

(2006)

3.169 TL Thousand

(2007)

4.912 TL Thousand

(2008)

3.817 TL Thousand

(2009)

3.204 TL Thousand

(2010)

790.428 TL

(01.01-30.09.2011)

 

 

EXPORT COUNTRIES

:

Romania

Ukraine

Azerbaijan

Northern Cyprus Turkish Republic

Georgia

Russia

Iraq

U.S.A.

Nigeria

Turkmenistan

Albania

Austria

Italy

Moldova

 

MERCHANDISE  EXPORTED

:

Building stone

Granite

Marble

Sandstone

 

HEAD OFFICE ADDRESS

:

1.Organize Sanayi Bolgesi 4. Cad. No:1  Bilecik / Turkey ( owned )

 

BRANCHES

:

Administrative Office/Store  :  Harmandere Mah. Sehit Mehmet Gunay Cad. No:17 Kurtkoy Pendik Istanbul/Turkey (owned)

 

Mine  :   Aksaray/Turkey

 

Mine  :   Giresun/Turkey

 

Mine  :   Kirklareli/Turkey

 

Mine  :  Sivrihisar Eskisehir/Turkey

 

Mine  :  Bergama Izmir/Turkey

 

Mine  :   Aksaray/Turkey

 

Head Office/Processing Plant  :  1.Organize Sanayi Bolgesi 4. Cad. No:1 Bilecik/Turkey (owned) (8.500 sqm)

                                                                                

 

 

 

TREND OF BUSINESS

:

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

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Kartal Branch

Citibank Kartal Branch

T. Is Bankasi Kartal Sanayi Branch

Yapi ve Kredi Bankasi Anadolu Yakasi Branch

 

CREDIT FACILITIES

:

The subject company is making active use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2007) TL

(2008) TL

(2009) TL

(2010) TL

(01.01-30.09.2011) TL

Net Sales

37.001.096

46.396.410

44.276.725

48.965.631

50.950.109

Profit (Loss) Before Tax

938.727

242.623

496.541

1.637.086

347.748

Stockholders' Equity

20.133.038

20.084.975

20.545.084

22.011.031

21.959.644

Total Assets

49.337.983

49.790.532

43.895.215

57.306.361

66.247.188

Current Assets

35.462.903

35.826.118

30.561.990

44.218.149

48.531.273

Non-Current Assets

13.875.080

13.964.414

13.333.225

13.088.212

17.715.915

Current Liabilities

22.186.817

24.133.396

18.899.483

29.754.608

42.339.397

Long-Term Liabilities

7.018.128

5.572.161

4.450.648

5.540.722

1.948.147

Gross Profit (loss)

4.992.926

11.684.235

8.214.181

6.732.989

9.880.930

Operating Profit (loss)

653.678

6.422.491

2.961.372

1.830.232

5.904.269

Net Profit (loss)

938.727

242.623

496.541

1.637.086

347.748

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Fair As of 30.09.2011

Liquidity

In Order As of 30.09.2011

Remarks On Liquidity

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

Profitability

Fair Operating Profitability  in 2007

Fair Net Profitability  in 2007

High Operating Profitability  in 2008

Low Net Profitability  in 2008

Good Operating Profitability  in 2009

Low Net Profitability  in 2009

In Order Operating Profitability  in 2010

In Order Net Profitability  in 2010

High Operating Profitability (01.01-30.09.2011)

Low Net Profitability (01.01-30.09.2011)

 

Gap between average collection and payable periods

Unfavorable in 01.01-30.09.2011

General Financial Position

Satisfactory

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 5.900.000 USD may be granted to the subject company.

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2002 )

30,80 %

1,5168

1,3741

2,2001

 ( 2003 )

13,90 %

1,5302

1,7141

2,4982

 ( 2004 )

13,84 %

1,4266

1,7666

2,6001

 ( 2005 )

2,66 %

1,3499

1,6882

2,4623

 ( 2006 )

11,58 %

1,4309

1,7987

2,6377

 ( 2007 )

5,94 %

1,3075

1,7901

2,6133

 ( 2008 )

8,11 %

1,2858

1,8876

2,3708

 ( 01.01-30.09.2009)

3,60 %

1,5624

2,1386

2,3953

 ( 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

 ( 01.01-29.02.2012)

0,29 %

1,8055

2,3806

2,8364

 

 

 

BALANCE SHEETS

 

 

 ( 31.12.2007 )  TL

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 30.09.2011 )  TL

 

CURRENT ASSETS

35.462.903

0,72

35.826.118

0,72

30.561.990

0,70

44.218.149

0,77

48.531.273

0,73

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

6.497.977

0,13

7.181.690

0,14

6.117.386

0,14

8.403.509

0,15

13.224.976

0,20

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

7.848.842

0,16

8.033.440

0,16

7.982.284

0,18

14.959.659

0,26

16.100.181

0,24

Other Receivable

387.436

0,01

1.110.266

0,02

968.629

0,02

4.417.228

0,08

2.764.294

0,04

Inventories

17.670.527

0,36

17.077.046

0,34

12.679.581

0,29

13.171.937

0,23

14.468.222

0,22

Advances Given

1.419.532

0,03

384.007

0,01

191.652

0,00

97.935

0,00

362.902

0,01

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

265.640

0,00

265.640

0,00

Other Current Assets

1.638.589

0,03

2.039.669

0,04

2.622.458

0,06

2.902.241

0,05

1.345.058

0,02

NON-CURRENT ASSETS

13.875.080

0,28

13.964.414

0,28

13.333.225

0,30

13.088.212

0,23

17.715.915

0,27

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

67.255

0,00

67.255

0,00

68.255

0,00

68.655

0,00

70.473

0,00

Financial Assets

1.684.680

0,03

1.684.680

0,03

1.684.680

0,04

1.684.680

0,03

1.684.680

0,03

Tangible Fixed Assets (net)

7.112.509

0,14

8.476.810

0,17

8.199.175

0,19

8.808.689

0,15

12.342.842

0,19

Intangible Assets

4.922.044

0,10

3.431.572

0,07

3.085.824

0,07

2.440.926

0,04

3.525.914

0,05

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

88.592

0,00

304.097

0,01

295.291

0,01

85.262

0,00

92.006

0,00

TOTAL ASSETS

49.337.983

1,00

49.790.532

1,00

43.895.215

1,00

57.306.361

1,00

66.247.188

1,00

CURRENT LIABILITIES

22.186.817

0,45

24.133.396

0,48

18.899.483

0,43

29.754.608

0,52

42.339.397

0,64

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

14.777.680

0,30

14.083.781

0,28

9.281.330

0,21

20.536.185

0,36

37.854.184

0,57

Accounts Payable

5.048.938

0,10

4.502.079

0,09

6.058.845

0,14

4.759.141

0,08

2.680.991

0,04

Loans from Shareholders

493.702

0,01

0

0,00

0

0,00

0

0,00

0

0,00

Other Short-term Payable

186.741

0,00

616.128

0,01

249.389

0,01

285.698

0,00

243.925

0,00

Advances from Customers

46.626

0,00

2.177.913

0,04

582.503

0,01

1.148.862

0,02

20.473

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

383.775

0,01

383.775

0,01

Taxes Payable

124.907

0,00

598.270

0,01

473.232

0,01

248.866

0,00

176.802

0,00

Provisions

179.043

0,00

126.057

0,00

169.205

0,00

241.319

0,00

111.749

0,00

Other Current Liabilities

1.329.180

0,03

2.029.168

0,04

2.084.979

0,05

2.150.762

0,04

867.498

0,01

LONG-TERM LIABILITIES

7.018.128

0,14

5.572.161

0,11

4.450.648

0,10

5.540.722

0,10

1.948.147

0,03

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

7.018.128

0,14

5.572.161

0,11

4.256.856

0,10

5.540.722

0,10

1.948.147

0,03

Securities Issued

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

193.792

0,00

0

0,00

0

0,00

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

20.133.038

0,41

20.084.975

0,40

20.545.084

0,47

22.011.031

0,38

21.959.644

0,33

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

15.600.000

0,32

15.600.000

0,31

15.600.000

0,36

15.600.000

0,27

15.600.000

0,24

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

3.619.636

0,07

4.267.677

0,09

4.473.868

0,10

4.799.270

0,08

6.037.221

0,09

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

-25.325

0,00

-25.325

0,00

-25.325

0,00

-25.325

0,00

-25.325

0,00

Net Profit (loss)

938.727

0,02

242.623

0,00

496.541

0,01

1.637.086

0,03

347.748

0,01

TOTAL LIABILITIES AND EQUITY

49.337.983

1,00

49.790.532

1,00

43.895.215

1,00

57.306.361

1,00

66.247.188

1,00

 

 

REMARKS ON FINANCIAL STATEMENT

:

At the last income statement TL 5.715.611 of the other expenses is due to "Loss from Foreign Currency Exchange" .

 

At the last income statement TL 1.947.768 of the other expenses is due to "Other Extraordinary Expenses and Losses" .

 

 

 

INCOME STATEMENTS

 

 

(2007) TL

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(01.01-30.09.2011) TL

 

Net Sales

37.001.096

1,00

46.396.410

1,00

44.276.725

1,00

48.965.631

1,00

50.950.109

1,00

Cost of Goods Sold

32.008.170

0,87

34.712.175

0,75

36.062.544

0,81

42.232.642

0,86

41.069.179

0,81

Gross Profit

4.992.926

0,13

11.684.235

0,25

8.214.181

0,19

6.732.989

0,14

9.880.930

0,19

Operating Expenses

4.339.248

0,12

5.261.744

0,11

5.252.809

0,12

4.902.757

0,10

3.976.661

0,08

Operating Profit

653.678

0,02

6.422.491

0,14

2.961.372

0,07

1.830.232

0,04

5.904.269

0,12

Other Income

5.167.398

0,14

8.869.130

0,19

6.446.031

0,15

6.222.994

0,13

4.100.686

0,08

Other Expenses

3.186.284

0,09

12.683.039

0,27

6.468.408

0,15

4.913.750

0,10

8.100.260

0,16

Financial Expenses

1.696.065

0,05

2.365.959

0,05

2.442.454

0,06

1.502.390

0,03

1.556.947

0,03

Minority Interests

0

0,00

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

0

0,00

Profit (loss) Before Tax

938.727

0,03

242.623

0,01

496.541

0,01

1.637.086

0,03

347.748

0,01

Tax Payable

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

938.727

0,03

242.623

0,01

496.541

0,01

1.637.086

0,03

347.748

0,01

 

FINANCIAL RATIOS

 

 

(2007)

(2008)

(2009)

(2010)

(01.01-30.09.2011)

LIQUIDITY RATIOS

 

 

 

 

 

Current Ratio

1,60

1,48

1,62

1,49

1,15

Acid-Test Ratio

0,66

0,68

0,80

0,93

0,76

Cash Ratio

0,29

0,30

0,32

0,28

0,31

ASSET STRUCTURE RATIOS

 

 

 

 

 

Inventory/Total Assets

0,36

0,34

0,29

0,23

0,22

Short-term Receivable/Total Assets

0,17

0,18

0,20

0,34

0,28

Tangible Assets/Total Assets

0,14

0,17

0,19

0,15

0,19

TURNOVER RATIOS

 

 

 

 

 

Inventory Turnover

1,81

2,03

2,84

3,21

2,84

Stockholders' Equity Turnover

1,84

2,31

2,16

2,22

2,32

Asset Turnover

0,75

0,93

1,01

0,85

0,77

FINANCIAL STRUCTURE

 

 

 

 

 

Stockholders' Equity/Total Assets

0,41

0,40

0,47

0,38

0,33

Current Liabilities/Total Assets

0,45

0,48

0,43

0,52

0,64

Financial Leverage

0,59

0,60

0,53

0,62

0,67

Gearing Percentage

1,45

1,48

1,14

1,60

2,02

PROFITABILITY RATIOS

 

 

 

 

 

Net Profit/Stockholders' Eq.

0,05

0,01

0,02

0,07

0,02

Operating Profit Margin

0,02

0,14

0,07

0,04

0,12

Net Profit Margin

0,03

0,01

0,01

0,03

0,01

Interest Cover

1,55

1,10

1,20

2,09

1,22

COLLECTION-PAYMENT

 

 

 

 

 

Average Collection Period (days)

77,02

62,86

65,46

110,49

114,26

Average Payable Period (days)

56,79

46,69

62,42

40,57

23,50

WORKING CAPITAL

13276086,00

11692722,00

11662507,00

14463541,00

6191876,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.50.31

UK Pound

1

Rs.79.04

Euro

1

Rs.65.82

 

 

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.