MIRA INFORM REPORT

 

 

Report Date :

17.05.2012

 

IDENTIFICATION DETAILS

 

Name :

GUNES MERMER SANAYI VE TICARET LTD. STI.

 

 

Registered Office :

Yeni Mah. Kadir Akdogan Cad. No:17 Kucukkoy Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

29.04.1994

 

 

Com. Reg. No.:

314157

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Wholesale trade of marble and granite.

 

 

No. of Employees :

2

 

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

 

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 – 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

 

NOTES

:

Address at your inquiry was changed by the authority/municipality.

 

 

COMPANY IDENTIFICATION

 

NAME

:

GUNES MERMER SANAYI VE TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Yeni Mah. Kadir Akdogan Cad. No:17 Kucukkoy Istanbul / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The door number was changed from "15" to "17" by the municipality.

PHONE NUMBER

:

90-212-538 06 24

 

FAX NUMBER

:

90-212-537 73 42

 

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Kucukkoy

TAX NO

:

4340053287

REGISTRATION NUMBER

:

314157

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

29.04.1994

ESTABLISHMENT GAZETTE DATE/NO

:

04.05.1994/3525

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   450.000

PAID-IN CAPITAL

:

TL   450.000

HISTORY

:

Previous Registered Capital

:

TL 150.000

Changed On

:

28.06.2010 (Commercial Gazette Date /Number 02.07.2010/ 7598)

Previous Shareholder

:

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

Changed On

:

09.12.2011 (Commercial Gazette Date /Number 15.12.2011/ 7962)

 

 

 

PREVIOUS SHAREHOLDERS

:

Ozgur Gunes

33,50 %

Ergun Gunes

33,50 %

Ertan Gunes

33 %

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Recep Onur Gunes

33,50 %

Ozgur Gunes

33,50 %

Ertan Gunes

33 %

 

 

SISTER COMPANIES

:

Declared to be: None

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Ertan Gunes

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Wholesale trade of marble and granite.

 

NACE CODE

:

G .51.52

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

2

 

NET SALES

:

1.022.380 TL

(2010) 

1.973.589 TL

(2011) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT COUNTRIES

:

Spain

India

 

MERCHANDISE IMPORTED

:

Granite

Marble

 

EXPORT VALUE

:

0 TL

(2010)

0 TL

(2011)

 

 

HEAD OFFICE ADDRESS

:

Yeni Mah. Kadir Akdogan Cad. No:17 Kucukkoy Istanbul / Turkey

 

INVESTMENTS

:

None

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2011.

SIZE OF BUSINESS

:

Lower-Moderate

 

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Kucukkoy Branch

Kuveyt Turk Katilim Bankasi Kucukkoy Branch

 

CREDIT FACILITIES

:

No credit facility has come to our knowledge.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2010) TL

(2011) TL

Net Sales

1.022.380

1.973.589

Profit (Loss) Before Tax

52.370

122.324

Stockholders' Equity

493.832

590.118

Total Assets

723.389

1.358.737

Current Assets

698.756

1.338.140

Non-Current Assets

24.633

20.597

Current Liabilities

229.557

768.619

Long-Term Liabilities

0

0

Gross Profit (loss)

116.460

212.911

Operating Profit (loss)

50.609

105.422

Net Profit (loss)

41.799

96.286

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

High As of 31.12.2011

Remarks on Capitalization

A part of total liabilities and equity consist of loans from shareholders rather than liabilities to third parties indicating low indebtedness to third parties.

 

Liquidity

High As of 31.12.2011

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.

 

Profitability

In Order Operating Profitability  in 2010

Good Net Profitability  in 2010

In Order Operating Profitability  in 2011

Good Net Profitability  in 2011

 

Gap between average collection and payable periods

Unfavorable in 2011

General Financial Position

Good

 

 

 

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

 ( 01.01-30.04.2012)

0,73 %

1,7910

2,3688

2,8440

 

 

BALANCE SHEETS

 

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

698.756

0,97

1.338.140

0,98

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

169.219

0,23

185.919

0,14

Marketable Securities

0

0,00

0

0,00

Account Receivable

81.298

0,11

590.806

0,43

Other Receivable

328

0,00

306

0,00

Inventories

341.488

0,47

446.696

0,33

Advances Given

45.969

0,06

12.134

0,01

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

60.454

0,08

102.279

0,08

NON-CURRENT ASSETS

24.633

0,03

20.597

0,02

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)

6.376

0,01

2.340

0,00

Intangible Assets

18.257

0,03

18.257

0,01

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

0

0,00

TOTAL ASSETS

723.389

1,00

1.358.737

1,00

CURRENT LIABILITIES

229.557

0,32

768.619

0,57

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

Accounts Payable

34.777

0,05

88.378

0,07

Loans from Shareholders

187.775

0,26

614.527

0,45

Other Short-term Payable

0

0,00

0

0,00

Advances from Customers

0

0,00

53.783

0,04

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

6.889

0,01

11.931

0,01

Provisions

116

0,00

0

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

493.832

0,68

590.118

0,43

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

450.000

0,62

450.000

0,33

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

2.033

0,00

43.832

0,03

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

Net Profit (loss)

41.799

0,06

96.286

0,07

TOTAL LIABILITIES AND EQUITY

723.389

1,00

1.358.737

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.

 

 

INCOME STATEMENTS

 

 

(2010) TL

 

(2011) TL

 

Net Sales

1.022.380

1,00

1.973.589

1,00

Cost of Goods Sold

905.920

0,89

1.760.678

0,89

Gross Profit

116.460

0,11

212.911

0,11

Operating Expenses

65.851

0,06

107.489

0,05

Operating Profit

50.609

0,05

105.422

0,05

Other Income

9.896

0,01

32.563

0,02

Other Expenses

8.135

0,01

15.661

0,01

Financial Expenses

0

0,00

0

0,00

Minority Interests

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

Profit (loss) Before Tax

52.370

0,05

122.324

0,06

Tax Payable

10.571

0,01

26.038

0,01

Postponed Tax Gain

0

0,00

0

0,00

Net Profit (loss)

41.799

0,04

96.286

0,05

 

 

FINANCIAL RATIOS

 

 

(2010)

(2011)

LIQUIDITY RATIOS

 

Current Ratio

3,04

1,74

Acid-Test Ratio

1,09

1,01

Cash Ratio

0,74

0,24

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,47

0,33

Short-term Receivable/Total Assets

0,11

0,44

Tangible Assets/Total Assets

0,01

0,00

TURNOVER RATIOS

 

Inventory Turnover

2,65

3,94

Stockholders' Equity Turnover

2,07

3,34

Asset Turnover

1,41

1,45

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,68

0,43

Current Liabilities/Total Assets

0,32

0,57

Financial Leverage

0,32

0,57

Gearing Percentage

0,46

1,30

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,08

0,16

Operating Profit Margin

0,05

0,05

Net Profit Margin

0,04

0,05

Interest Cover

 

 

COLLECTION-PAYMENT

 

Average Collection Period (days)

28,63

107,77

Average Payable Period (days)

13,82

18,07

WORKING CAPITAL

469199,00

569521,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.29

UK Pound

1

Rs.86.61

Euro

1

Rs.68.87

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

 

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.