MIRA INFORM REPORT

 

 

Report Date :

18.05.2012

 

IDENTIFICATION DETAILS

 

Correct Name :

INTER GRANIT DIS TICARET PAZARLAMA LTD. STI.

 

 

Formerly Known As :

Abbasoglu Demir Celik Ticareti ve Sanayi Urunleri Pazarlama Ltd. Sti.

 

 

Registered Office :

Malkocoglu Mah. Mahmutbey Yolu Cad. No:62 Sultangazi Gaziosmanpasa Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

20.10.1994

 

 

Com. Reg. No.:

319701

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Trader of granite

 

 

No. of Employees :

07

 

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

:

INTER GRANIT DIS TICARET PAZARLAMA LTD. STI.

HEAD OFFICE ADDRESS

:

Malkocoglu Mah. Mahmutbey Yolu Cad. No:62 Sultangazi Gaziosmanpasa Istanbul / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The address was changed from "Sultanciftligi" to "Sultangazi" by the Municipality.

 

PHONE NUMBER

:

90-212-668 16 59

 

FAX NUMBER

:

90-212-667 83 13

 

WEB-ADDRESS

:

www.intergranitstone.com

E-MAIL

:

bilgi@intergranitstone.com

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Atisalani 

TAX NO

:

0010049458

REGISTRATION NUMBER

:

319701

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

20.10.1994

ESTABLISHMENT GAZETTE DATE/NO

:

25.10.1994/3645

 

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   3.000.000

PAID-IN CAPITAL

:

TL   2.200.000

HISTORY

:

Previous Name

:

Abbasoglu Demir Celik Ticareti ve Sanayi Urunleri Pazarlama Ltd. Sti.

Changed On

:

04.08.2004 (Commercial Gazette Date /Number 10.08.2004/ 6111)

Previous Registered Capital

:

TL 5.000

Changed On

:

04.08.2004 (Commercial Gazette Date /Number 18.08.2004/ 6117)

Previous Registered Capital

:

TL 150.000

Changed On

:

29.12.2011 (Commercial Gazette Date /Number 04.01.2012/ 7976)

Previous Address

:

Demirciler Sitesi 7. Cad. No:76 Zeytinburnu-Istanbul

Changed On

:

06.05.2008 (Commercial Gazette Date /Number 12.05.2008/ 7060)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Kemal Golsel

83,33 %

Elif Golsel

16,67 %

 

 

SISTER COMPANIES

:

Declared to be: None

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Saban Kisa

 

Sezai Kisa

 

Kemal Golsel

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Trade of granite.  

 

NACE CODE

:

G .51.52

 

SECTOR

:

Commerce

 

 

NUMBER OF EMPLOYEES

:

7

 

NET SALES

:

332.302 TL

(2007) 

1.606.513 TL

(2008) 

2.834.739 TL

(2009) 

4.106.957 TL

(2010) 

3.644.072 TL

(2011) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT COUNTRIES

:

China

India

Spain

Israel

Brazil

Italy

 

MERCHANDISE IMPORTED

:

Granite

 

EXPORT VALUE

:

0 TL

(2008)

0 TL

(2009)

0 TL

(2010)

0 TL

(2011)

 

 

HEAD OFFICE ADDRESS

:

Malkocoglu Mah. Mahmutbey Yolu Cad. No:62 Sultangazi Gaziosmanpasa  Istanbul / Turkey  (rented)

 

BRANCHES

:

Warehouse  :  Beylikduzu Mermerciler Sanayi Sitesi 4. Cad. No:11 Buyukcekmece Istanbul/Turkey

 

INVESTMENTS

:

None

 

 

 

TREND OF BUSINESS

:

There was a decline at business volume in nominal terms in  2011.

SIZE OF BUSINESS

:

Medium

 

 

FINANCE

 

MAIN DEALING BANKS

:

Kuveyt Turk Katilim Bankasi Bayrampasa Branch

 

CREDIT FACILITIES

:

No credit facility has come to our knowledge.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

 

KEY FINANCIAL ELEMENTS

:

 

(2008) TL

(2009) TL

(2010) TL

(2011) TL

 

Net Sales

1.606.513

2.834.739

4.106.957

3.644.072

 

Profit (Loss) Before Tax

75.258

74.194

70.801

116.056

 

Stockholders' Equity

249.700

323.281

379.673

2.519.640

 

Total Assets

1.331.637

1.740.774

2.538.436

5.052.348

 

Current Assets

1.301.956

1.694.665

2.494.128

3.195.699

 

Non-Current Assets

29.681

46.109

44.308

1.856.649

 

Current Liabilities

1.081.937

1.417.493

2.158.763

2.532.708

 

Long-Term Liabilities

0

0

0

0

 

Gross Profit (loss)

106.046

165.364

271.362

373.616

 

Operating Profit (loss)

76.626

84.290

40.234

168.478

 

Net Profit (loss)

60.162

58.486

56.392

89.966

 

 

 

 

 

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

Satisfactory 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 2008

Good Net Profitability  in 2008

Fair Operating Profitability  in 2009

Fair Net Profitability  in 2009

Low Operating Profitability  in 2010

Low Net Profitability  in 2010

In Order Operating Profitability  in 2011

Fair Net Profitability  in 2011

 

Gap between average collection and payable periods

Unfavorable in 2011

General Financial Position

In Order

 

 

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

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 01.01-30.04.2012)

0,73 %

1,7910

2,3688

2,8440

 

 

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

1.301.956

0,98

1.694.665

0,97

2.494.128

0,98

3.195.699

0,63

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

34.012

0,03

60.981

0,04

206.753

0,08

158.749

0,03

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

668.652

0,50

264.787

0,15

1.280.603

0,50

933.259

0,18

Other Receivable

0

0,00

0

0,00

0

0,00

0

0,00

Inventories

443.692

0,33

857.141

0,49

347.661

0,14

1.090.728

0,22

Advances Given

0

0,00

32.050

0,02

41.451

0,02

17.472

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

155.600

0,12

479.706

0,28

617.660

0,24

995.491

0,20

NON-CURRENT ASSETS

29.681

0,02

46.109

0,03

44.308

0,02

1.856.649

0,37

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

0

0,00

0

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

29.681

0,02

46.109

0,03

44.308

0,02

1.856.649

0,37

Intangible Assets

0

0,00

0

0,00

0

0,00

0

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

TOTAL ASSETS

1.331.637

1,00

1.740.774

1,00

2.538.436

1,00

5.052.348

1,00

CURRENT LIABILITIES

1.081.937

0,81

1.417.493

0,81

2.158.763

0,85

2.532.708

0,50

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

0

0,00

0

0,00

Accounts Payable

253.657

0,19

724.652

0,42

505.305

0,20

418.465

0,08

Loans from Shareholders

819.812

0,62

684.905

0,39

900.760

0,35

1.974.609

0,39

Other Short-term Payable

0

0,00

0

0,00

0

0,00

0

0,00

Advances from Customers

0

0,00

3.263

0,00

741.592

0,29

130.959

0,03

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

826

0,00

4.673

0,00

11.108

0,00

8.675

0,00

Provisions

7.642

0,01

0

0,00

-2

0,00

0

0,00

Other Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

LONG-TERM LIABILITIES

0

0,00

0

0,00

0

0,00

0

0,00

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

0

0,00

0

0,00

Securities Issued

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

0

0,00

0

0,00

Loans from Shareholders

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

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

249.700

0,19

323.281

0,19

379.673

0,15

2.519.640

0,50

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

150.000

0,11

150.000

0,09

150.000

0,06

2.200.000

0,44

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

67.664

0,05

67.664

0,04

67.664

0,03

67.664

0,01

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

65.430

0,05

140.687

0,08

199.173

0,08

255.565

0,05

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

-93.556

-0,07

-93.556

-0,05

-93.556

-0,04

-93.555

-0,02

Net Profit (loss)

60.162

0,05

58.486

0,03

56.392

0,02

89.966

0,02

TOTAL LIABILITIES AND EQUITY

1.331.637

1,00

1.740.774

1,00

2.538.436

1,00

5.052.348

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

 

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

Net Sales

1.606.513

1,00

2.834.739

1,00

4.106.957

1,00

3.644.072

1,00

Cost of Goods Sold

1.500.467

0,93

2.669.375

0,94

3.835.595

0,93

3.270.456

0,90

Gross Profit

106.046

0,07

165.364

0,06

271.362

0,07

373.616

0,10

Operating Expenses

29.420

0,02

81.074

0,03

231.128

0,06

205.138

0,06

Operating Profit

76.626

0,05

84.290

0,03

40.234

0,01

168.478

0,05

Other Income

336

0,00

21.391

0,01

75.792

0,02

17.362

0,00

Other Expenses

221

0,00

23.623

0,01

36.232

0,01

62.026

0,02

Financial Expenses

1.483

0,00

7.864

0,00

8.993

0,00

7.758

0,00

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

75.258

0,05

74.194

0,03

70.801

0,02

116.056

0,03

Tax Payable

15.096

0,01

15.708

0,01

14.409

0,00

26.090

0,01

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

60.162

0,04

58.486

0,02

56.392

0,01

89.966

0,02

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

(2011)

LIQUIDITY RATIOS

Current Ratio

1,20

1,20

1,16

1,26

Acid-Test Ratio

0,65

0,23

0,69

0,43

Cash Ratio

0,03

0,04

0,10

0,06

ASSET STRUCTURE RATIOS

Inventory/Total Assets

0,33

0,49

0,14

0,22

Short-term Receivable/Total Assets

0,50

0,15

0,50

0,18

Tangible Assets/Total Assets

0,02

0,03

0,02

0,37

TURNOVER RATIOS

Inventory Turnover

3,38

3,11

11,03

3,00

Stockholders' Equity Turnover

6,43

8,77

10,82

1,45

Asset Turnover

1,21

1,63

1,62

0,72

FINANCIAL STRUCTURE

Stockholders' Equity/Total Assets

0,19

0,19

0,15

0,50

Current Liabilities/Total Assets

0,81

0,81

0,85

0,50

Financial Leverage

0,81

0,81

0,85

0,50

Gearing Percentage

4,33

4,38

5,69

1,01

PROFITABILITY RATIOS

Net Profit/Stockholders' Eq.

0,24

0,18

0,15

0,04

Operating Profit Margin

0,05

0,03

0,01

0,05

Net Profit Margin

0,04

0,02

0,01

0,02

Interest Cover

51,75

10,43

8,87

15,96

COLLECTION-PAYMENT

Average Collection Period (days)

149,84

33,63

112,25

92,20

Average Payable Period (days)

60,86

97,73

47,43

46,06

WORKING CAPITAL

220019,00

277172,00

335365,00

662991,00

 

 

 

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 :

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.