MIRA INFORM REPORT

 

 

Report Date :

09.05.2012

 

IDENTIFICATION DETAILS

 

Name :

MANGAN INSAAT TAAHHUT TICARET TURIZM VE MUSAVIRLIK A.S. 

 

 

Formerly Known As :

Mangan Insaat Taahhut Ticaret Turizm Ve Musavirlik Ltd. Sti.

 

 

Registered Office :

Ataturk Cad. Sitkibey Plaza No: 82/3-4 Kozyatagi Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

13.02.1986

 

 

Com. Reg. No.:

682710

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Processing of marble and granite and application of marble and granite coverings at buildings

 

 

No. of Employees :

270

 

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 – 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

 

 

 

REMARKS

:

The address stated at your inquiry "Cetin Emec Bulvari No:41/7 Ovecler - Ankara" is the former branch office address of the firm.

 

 

COMPANY IDENTIFICATION

 

NAME

:

MANGAN INSAAT TAAHHUT TICARET TURIZM VE MUSAVIRLIK A.S.

HEAD OFFICE ADDRESS

:

Ataturk Cad. Sitkibey Plaza No: 82/3-4 Kozyatagi Istanbul / Turkey

PHONE NUMBER

:

90-216-478 22 43 (Head Office)

90-312-398 10 63 (Factory)

 

FAX NUMBER

:

90-216-478 22 43 (Head Office)

90-312-398 10 66 (Factory)

 

WEB-ADDRESS

:

www.mangan.com.tr 

E-MAIL

:

manganist@mangan.com.tr

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Erenkoy

TAX NO

:

6120556869

REGISTRATION NUMBER

:

682710

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

13.02.1986

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

 

 

REGISTERED CAPITAL

:

TL   800.000

PAID-IN CAPITAL

:

TL   800.000

HISTORY

:

Previous Legal Type

:

Limited Company

Changed On

:

25.05.2007 (Commercial Gazette Date /Number 30.05.2007/ 6819)

Previous Name

:

Mangan Insaat Taahhut Ticaret Turizm Ve Musavirlik Ltd. Sti.

Changed On

:

25.05.2007 (Commercial Gazette Date /Number 30.05.2007/ 6819)

Previous Registered Capital

:

TL 300.000

Changed On

:

25.05.2007 (Commercial Gazette Date /Number 30.05.2007/ 6819)

Previous Address

:

Cetin Emec Bulvari No:41/2-15 Cankaya Ankara

Changed On

:

10.11.2008 (Commercial Gazette Date /Number 14.11.2008/ 7189)

Other Changes

:

The firm was firstly established in Ankara on 13.02.1986 and registered at Ankara Commercial Registry with registration number: 59791. Then the firm moved to Istanbul and registered at Istanbul Commercial Registry with reg no. 682710.

Changed On

:

10.11.2008 (Commercial Gazette Date /Number 14.11.2008/ 7189)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

 

Mangan-Art Mimarlik Organizasyon Danismanlik Ticaret Ltd. Sti.

81,25 %

Bedir Burak Mangan

5 %

Serpil Mangan

5 %

Burcin Pelin Mangan

5 %

Alibey Mangan

3,70 %

Sadik Berat Ertunc

0,05 %

 

 

SISTER COMPANIES

:

MANGAN-ART MIMARLIK ORGANIZASYON DANISMANLIK TICARET LTD. STI.

 

S-P ORGANIZASYON TURIZM GOSTERI HIZMETLERI INSAAT TAAHHUT SANAYI VE TICARET LTD. STI.

 

SUBSIDIARIES

:

FIRATTUR TURIZM YATIRIMLARI VE ISLETMELERI A.S.

 

BOARD OF DIRECTORS

:

Alibey Mangan

Chairman

Burcin Pelin Mangan

Member

Serpil Mangan

Member

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Processing of marble and granite and application of marble and granite coverings at buildings. 

 

NACE CODE

:

F .45.43

 

SECTOR

:

Construction

 

NUMBER OF EMPLOYEES

:

270

 

NET SALES

:

18.006.263 TL

(2009) 

12.787.735 TL

(2010) 

10.643.894 TL

(2011) 

 

 

IMPORT VALUE

:

282.381 EUR + 183.520 USD

(2009)

931.331 EUR + 200.469 USD

(2010)

1.643.000 EUR + 321.533 USD

(2011)

 

 

IMPORT COUNTRIES

:

Spain

Italy

India

China

Brazil

 

MERCHANDISE IMPORTED

:

Granite

Marble

 

EXPORT VALUE

:

330.071 TL

(2009)

2.247.224 TL

(2010)

566.690 TL

(2011)

EXPORT COUNTRIES

:

Latvia

Azerbaijan

Finland

Iraq

 

MERCHANDISE  EXPORTED

:

Marble

Mineral substances

Parquet panels

 

HEAD OFFICE ADDRESS

:

Ataturk Cad. Sitkibey Plaza No: 82/3-4 Kozyatagi Istanbul / Turkey (rented)

 

BRANCHES

:

Workshop  :  Karsiyaka Mezarligi Mermerciler Sitesi E Blok No:4 Ankara/Turkey (owned)

 

Processing Plant  :  Esenboga Yolu 26. Km. Mardek Kapi Fabrikasi Arkasi Esenboga Ankara/Turkey (owned)

 

 

 

 

TREND OF BUSINESS

:

The net sales appears to be fluctuating but  this is a normal case for firms operating on project basis  as firms operating on project basis  can not register their income at the income statement unless the project has been totally completed.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Ankara Ticari Branch

Anadolubank Ankara Branch

Denizbank Keyap Branch

Garanti Bankasi Kizilay Branch

ING Bank Cetin Emec Branch

T. Halk Bankasi Cukurambar Branch

T. Is Bankasi Ticari Branch

Yapi ve Kredi Bankasi Mesrutiyet Branch

 

CREDIT FACILITIES

:

The subject company is making 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

18.006.263

12.787.735

10.643.894

 

 

Profit (Loss) Before Tax

-17.987

-626.491

881.751

 

 

Stockholders' Equity

10.882.067

10.255.576

8.137.327

 

 

Total Assets

15.349.312

18.688.978

40.128.871

 

 

Current Assets

11.068.801

12.984.215

34.771.367

 

 

Non-Current Assets

4.280.511

5.704.763

5.357.504

 

 

Current Liabilities

4.467.245

6.633.242

31.991.544

 

 

Long-Term Liabilities

0

1.800.160

0

 

 

Gross Profit (loss)

3.513.638

1.222.326

760.118

 

 

Operating Profit (loss)

1.708.230

-584.972

145.074

 

 

Net Profit (loss)

-40.015

-626.491

881.751

 

 

 

 

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Fair As of 31.12.2011

Remarks on Capitalization

A part of total liabilities and equity consist of accumulated construction income which is in fact not an indicator of indebtedness and loans from shareholders.

 

Profitability

Profitable  in 2011

 

Remarks on Profitability

The income statement does not point out the real profitability of firms operating on project basis as such firms can not register their income at the income statement unless the project has been totally completed.The real indicator of profitability of firms operating on project basis is the gap between the “accumulated construction income+ advances from customers” and “accumulated construction expense”. 

 

This gap reveals that, the firm was profitable from its projects.

 

General Financial Position

Fair

 

 

 

 

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

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

11.068.801

0,72

12.984.215

0,69

34.771.367

0,87

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

Cash and Banks

100.726

0,01

84.506

0,00

851.807

0,02

Marketable Securities

2.073.148

0,14

719.712

0,04

1.401.553

0,03

Account Receivable

6.045.141

0,39

4.688.261

0,25

9.366.310

0,23

Other Receivable

93.195

0,01

145.558

0,01

189.290

0,00

Inventories

2.175.967

0,14

3.294.933

0,18

3.459.437

0,09

Advances Given

152.963

0,01

314.527

0,02

198.701

0,00

Accumulated Construction Expense

361.741

0,02

3.595.347

0,19

19.234.265

0,48

Other Current Assets

65.920

0,00

141.371

0,01

70.004

0,00

NON-CURRENT ASSETS

4.280.511

0,28

5.704.763

0,31

5.357.504

0,13

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

Long-term Receivable

1.268

0,00

2.700.000

0,14

0

0,00

Financial Assets

0

0,00

243.800

0,01

4.063

0,00

Tangible Fixed Assets (net)

4.259.900

0,28

2.751.772

0,15

4.768.433

0,12

Intangible Assets

17.098

0,00

9.191

0,00

5.655

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

2.245

0,00

0

0,00

579.353

0,01

TOTAL ASSETS

15.349.312

1,00

18.688.978

1,00

40.128.871

1,00

CURRENT LIABILITIES

4.467.245

0,29

6.633.242

0,35

31.991.544

0,80

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

225.415

0,01

97.378

0,01

799.959

0,02

Accounts Payable

2.026.117

0,13

1.186.076

0,06

5.634.248

0,14

Loans from Shareholders

632.563

0,04

0

0,00

1.861.305

0,05

Other Short-term Payable

335.324

0,02

211.989

0,01

504.887

0,01

Advances from Customers

985.765

0,06

3.126.032

0,17

7.898.974

0,20

Accumulated Construction Income

83.108

0,01

1.626.654

0,09

14.528.189

0,36

Taxes Payable

169.289

0,01

385.113

0,02

763.982

0,02

Provisions

9.664

0,00

0

0,00

0

0,00

Other Current Liabilities

0

0,00

0

0,00

0

0,00

LONG-TERM LIABILITIES

0

0,00

1.800.160

0,10

0

0,00

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

1.800.160

0,10

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

10.882.067

0,71

10.255.576

0,55

8.137.327

0,20

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

Paid-in Capital

800.000

0,05

800.000

0,04

800.000

0,02

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

Reserves

10.196.494

0,66

10.196.494

0,55

7.196.494

0,18

Revaluation Fund

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

-74.412

0,00

-114.427

-0,01

-740.918

-0,02

Net Profit (loss)

-40.015

0,00

-626.491

-0,03

881.751

0,02

TOTAL LIABILITIES AND EQUITY

15.349.312

1,00

18.688.978

1,00

40.128.871

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 will be given under "Account Receivable" figure and "Account Payable" figure respectively. 

 

At the last income statement TL 606.274 of the other income is due to "Profit from Foreign Currency Exchange". 

 

At the last income statement TL 295.212 of the other expenses is due to "Loss from Foreign Currency Exchange".

 

 

INCOME STATEMENTS

 

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

Net Sales

18.006.263

1,00

12.787.735

1,00

10.643.894

1,00

Cost of Goods Sold

14.492.625

0,80

11.565.409

0,90

9.883.776

0,93

Gross Profit

3.513.638

0,20

1.222.326

0,10

760.118

0,07

Operating Expenses

1.805.408

0,10

1.807.298

0,14

615.044

0,06

Operating Profit

1.708.230

0,09

-584.972

-0,05

145.074

0,01

Other Income

2.432.224

0,14

653.948

0,05

1.284.634

0,12

Other Expenses

4.109.103

0,23

583.258

0,05

421.003

0,04

Financial Expenses

49.338

0,00

112.209

0,01

126.954

0,01

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

-17.987

0,00

-626.491

-0,05

881.751

0,08

Tax Payable

22.028

0,00

0

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

-40.015

0,00

-626.491

-0,05

881.751

0,08

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

(2011)

LIQUIDITY RATIOS

 

Current Ratio

2,48

1,96

1,09

Acid-Test Ratio

1,86

0,85

0,37

Cash Ratio

0,49

0,12

0,07

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,14

0,18

0,09

Short-term Receivable/Total Assets

0,40

0,26

0,24

Tangible Assets/Total Assets

0,28

0,15

0,12

TURNOVER RATIOS

 

Inventory Turnover

6,66

3,51

2,86

Stockholders' Equity Turnover

1,65

1,25

1,31

Asset Turnover

1,17

0,68

0,27

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,71

0,55

0,20

Current Liabilities/Total Assets

0,29

0,35

0,80

Financial Leverage

0,29

0,45

0,80

Gearing Percentage

0,41

0,82

3,93

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,00

-0,06

0,11

Operating Profit Margin

0,09

-0,05

0,01

Net Profit Margin

0,00

-0,05

0,08

Interest Cover

0,64

-4,58

7,95

COLLECTION-PAYMENT

 

Average Collection Period (days)

120,89

207,99

316,79

Average Payable Period (days)

50,33

36,92

205,22

WORKING CAPITAL

6601556,00

6350973,00

2779823,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.34

UK Pound

1

Rs.86.09

Euro

1

Rs.69.37

 

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.