MIRA INFORM REPORT

 

 

Report Date :

23.04.2013

 

IDENTIFICATION DETAILS

 

Name :

DEVAY MERMER MADEN MUHENDISLIK NAKLIYE GIDA ITHALAT IHRACAT SANAYI VE TICARET LTD. STI. 

 

 

Registered Office :

Hamzabey Mah. Sokullu Sok. No:17/5 Mustafakemalpasa Bursa

 

 

Country :

Turkey

 

 

Financials (as on) :

2012

 

 

Year of Establishments:

2003

 

 

Com. Reg. No.:

2230-1713

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Wholesale trade of block marble

 

 

No. of Employees :

17

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Turkey

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Turkey ECONOMIC OVERVIEW

 

Turkey's largely free-market economy is increasingly driven by its industry and service sectors, although its traditional agriculture sector still accounts for about 25% of employment. An aggressive privatization program has reduced state involvement in basic industry, banking, transport, and communication, and an emerging cadre of middle-class entrepreneurs is adding dynamism to the economy and expanding production beyond the traditional textiles and clothing sectors. The automotive, construction, and electronics industries, are rising in importance and have surpassed textiles within Turkey's export mix. Oil began to flow through the Baku-Tbilisi-Ceyhan pipeline in May 2006, marking a major milestone that will bring up to 1 million barrels per day from the Caspian to market. Several gas pipelines projects also are moving forward to help transport Central Asian gas to Europe through Turkey, which over the long term will help address Turkey's dependence on imported oil and gas to meet 97% of its energy needs. After Turkey experienced a severe financial crisis in 2001, Ankara adopted financial and fiscal reforms as part of an IMF program. The reforms strengthened the country's economic fundamentals and ushered in an era of strong growth - averaging more than 6% annually until 2008. Global economic conditions and tighter fiscal policy caused GDP to contract in 2009, but Turkey's well-regulated financial markets and banking system helped the country weather the global financial crisis and GDP rebounded strongly to 9.2% in 2010, as exports returned to normal levels following the recession. Growth dropped to approximately 3% in 2012. Turkey's public sector debt to GDP ratio has fallen to about 40%, and at least one rating agency upgraded Turkey's debt to investment grade in 2012. Turkey remains dependent on often volatile, short-term investment to finance its large trade deficit. The stock value of FDI stood at $117 billion at year-end 2012. Inflows have slowed because of continuing economic turmoil in Europe, the source of much of Turkey's FDI. Turkey's relatively high current account deficit, uncertainty related to monetary policy-making, and political turmoil within Turkey's neighborhood leave the economy vulnerable to destabilizing shifts in investor confidence.

 

Source : CIA

 

NOTES

:

Full name of the firm was missing at your inquiry.

 

 

 

COMPANY IDENTIFICATION

 

 

NAME

:

DEVAY MERMER MADEN MUHENDISLIK NAKLIYE GIDA ITHALAT IHRACAT SANAYI VE TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Hamzabey Mah. Sokullu Sok. No:17/5 Mustafakemalpasa Bursa / Turkey

PHONE NUMBER

:

90-224-613 09 99

 

FAX NUMBER

:

90-224-613 09 99

 

WEB-ADDRESS

:

www.devaymermer.com

E-MAIL

:

info@devaymermer.com

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Mustafakemalpasa

TAX NO

:

2940233217

REGISTRATION NUMBER

:

2230-1713

REGISTERED OFFICE

:

Mustafakemalpasa Chamber of Commerce and Industry

DATE ESTABLISHED

:

2003

ESTABLISHMENT GAZETTE DATE/NO

:

02.04.2003/5769

 

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   500.000

HISTORY

:

Previous Registered Capital

:

TL 45.000

Changed On

:

14.02.2011 (Commercial Gazette Date /Number 23.02.2011/ 7758)

Previous Address

:

Hamidiye Mah. Yalintas Cad. Bila No Mustafakemalpasa - Bursa

Changed On

:

14.02.2011 (Commercial Gazette Date /Number 23.02.2011/ 7758)

Previous Shareholder

:

Please vide previous shareholders section for the former shareholders' names.

Changed On

:

12.08.2011 (Commercial Gazette Date /Number 17.08.2011/ 7882)

 

 

 

PREVIOUS SHAREHOLDERS

:

Ahmet Turhan Demirel

30 %

Salih Ayhan

30 %

Muhammet Catakli

30 %

Selman Guler

10 %

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Ahmet Turhan Demirel

40 %

Salih Ayhan

40 %

Selman Guler

20 %

 

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Selman Guler                                                                                                                                                                                                                                                                                   

 

Ahmet Turhan Demirel                                                                                                                                                                                                                                                                                   

 

Salih Ayhan                                                                                                                                                                                                                                                                                   

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Wholesale trade of block marble.

 

The subject has declared that, it was also dealing with processing of marble but it stopped processing activity in August 2010.

 

NACE CODE

:

G .51.90

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

17

 

NET SALES

:

191.416 TL

(2008) 

2.921.639 TL

(2009) 

6.747.381 TL

(2010) 

12.949.816 TL

(2011) 

25.788.732 TL

(2012) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT VALUE

:

0 TL

(2010)

0 TL

(2011)

0 TL

(2012)

 

 

EXPORT VALUE

:

169.999 TL

(2008)

2.886.192 TL

(2009)

6.365.691 TL

(2010)

12.768.868 TL

(2011)

25.761.071 TL

(2012)

 

 

EXPORT COUNTRIES

:

China

Singapore

Thailand

India

 

MERCHANDISE  EXPORTED

:

Marble

 

HEAD OFFICE ADDRESS

:

Hamzabey Mah. Sokullu Sok. No:17/5 Mustafakemalpasa  Bursa / Turkey

 

INVESTMENTS

:

None

 

 

 

TREND OF BUSINESS

:

There was an upwards trend in 2012.

SIZE OF BUSINESS

:

Medium

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Akbank Kemalpasa Branch

HSBC Bank Kemalpasa 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

:

 

(2008) TL

(2009) TL

(2010) TL

(2011) TL

(2012) TL

Net Sales

191.416

2.921.639

6.747.381

12.949.816

25.788.732

Profit (Loss) Before Tax

32.713

476.164

615.151

412.940

892.962

Stockholders' Equity

53.556

523.178

1.099.459

1.383.242

 

Total Assets

174.545

1.148.001

1.402.892

6.559.818

 

Current Assets

146.353

1.045.952

1.292.434

6.317.786

 

Non-Current Assets

28.192

102.049

110.458

242.032

 

Current Liabilities

120.989

624.823

303.433

5.176.576

 

Long-Term Liabilities

0

0

0

0

 

Gross Profit (loss)

84.524

804.423

1.468.857

1.798.315

5.528.239

Operating Profit (loss)

34.788

490.958

608.488

874.565

1.186.965

Net Profit (loss)

32.713

476.164

615.151

412.940

892.962

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Insufficient As of 31.12.2011

Liquidity

Good As of 31.12.2011

Remarks On Liquidity

The favorable gap between average collection and average payable period has a positive effect on liquidity.

 

Profitability

High Operating Profitability  in 2008

High Net Profitability  in 2008

High Operating Profitability  in 2009

High Net Profitability  in 2009

Good Operating Profitability  in 2010

High Net Profitability  in 2010

Good Operating Profitability  in 2011

In Order Net Profitability  in 2011

In Order Operating Profitability  in 2012

In Order Net Profitability  in 2012

 

Gap between average collection and payable periods

Favorable in 2011

General Financial Position

Passable

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 ( 01.01-31.03.2013)

0,50 %

1,7901

2,3575

2,7927

 

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

146.353

0,84

1.045.952

0,91

1.292.434

0,92

6.317.786

0,96

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

134

0,00

346.762

0,30

493.279

0,35

2.482.371

0,38

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

101.096

0,58

659.061

0,57

628.852

0,45

2.094.580

0,32

Other Receivable

4.741

0,03

8.755

0,01

30.205

0,02

268.299

0,04

Inventories

36.015

0,21

21.963

0,02

24.561

0,02

499.867

0,08

Advances Given

0

0,00

0

0,00

0

0,00

906.626

0,14

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

4.367

0,03

9.411

0,01

115.537

0,08

66.043

0,01

NON-CURRENT ASSETS

28.192

0,16

102.049

0,09

110.458

0,08

242.032

0,04

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)

28.192

0,16

102.049

0,09

61.478

0,04

242.032

0,04

Intangible Assets

0

0,00

0

0,00

48.980

0,03

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

174.545

1,00

1.148.001

1,00

1.402.892

1,00

6.559.818

1,00

CURRENT LIABILITIES

120.989

0,69

624.823

0,54

303.433

0,22

5.176.576

0,79

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

9.974

0,01

1.176.226

0,18

Accounts Payable

96.052

0,55

623.864

0,54

268.720

0,19

3.765.615

0,57

Loans from Shareholders

23.752

0,14

0

0,00

0

0,00

0

0,00

Other Short-term Payable

0

0,00

0

0,00

0

0,00

0

0,00

Advances from Customers

0

0,00

0

0,00

20.000

0,01

224.803

0,03

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

1.185

0,01

959

0,00

4.739

0,00

9.932

0,00

Provisions

0

0,00

0

0,00

0

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

53.556

0,31

523.178

0,46

1.099.459

0,78

1.383.242

0,21

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

1.383.242

0,21

Paid-in Capital

45.000

0,26

45.000

0,04

45.000

0,03

0

0,00

Cross Shareholding Adjustment of Capital

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

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

5.063

0,03

31.234

0,03

439.308

0,31

0

0,00

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

-29.220

-0,17

-29.220

-0,03

0

0,00

0

0,00

Net Profit (loss)

32.713

0,19

476.164

0,41

615.151

0,44

0

0,00

TOTAL LIABILITIES AND EQUITY

174.545

1,00

1.148.001

1,00

1.402.892

1,00

6.559.818

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 are given under "Account Receivable" figure and "Account Payable" figure respectively.

 

 

 

INCOME STATEMENTS

 

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

(2012) TL

 

Net Sales

191.416

1,00

2.921.639

1,00

6.747.381

1,00

12.949.816

1,00

25.788.732

1,00

Cost of Goods Sold

106.892

0,56

2.117.216

0,72

5.278.524

0,78

11.151.501

0,86

20.260.493

0,79

Gross Profit

84.524

0,44

804.423

0,28

1.468.857

0,22

1.798.315

0,14

5.528.239

0,21

Operating Expenses

49.736

0,26

313.465

0,11

860.369

0,13

923.750

0,07

4.341.274

0,17

Operating Profit

34.788

0,18

490.958

0,17

608.488

0,09

874.565

0,07

1.186.965

0,05

Other Income

0

0,00

0

0,00

63.005

0,01

186.941

0,01

81.007

0,00

Other Expenses

2.075

0,01

14.794

0,01

56.342

0,01

648.566

0,05

216.774

0,01

Financial Expenses

0

0,00

0

0,00

0

0,00

0

0,00

158.236

0,01

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

32.713

0,17

476.164

0,16

615.151

0,09

412.940

0,03

892.962

0,03

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)

32.713

0,17

476.164

0,16

615.151

0,09

412.940

0,03

892.962

0,03

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

(2011)

LIQUIDITY RATIOS

 

 

Current Ratio

1,21

1,67

4,26

1,22

Acid-Test Ratio

0,88

1,62

3,80

0,94

Cash Ratio

0,00

0,55

1,63

0,48

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,21

0,02

0,02

0,08

Short-term Receivable/Total Assets

0,61

0,58

0,47

0,36

Tangible Assets/Total Assets

0,16

0,09

0,04

0,04

TURNOVER RATIOS

 

 

Inventory Turnover

2,97

96,40

214,91

22,31

Stockholders' Equity Turnover

3,57

5,58

6,14

9,36

Asset Turnover

1,10

2,54

4,81

1,97

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,31

0,46

0,78

0,21

Current Liabilities/Total Assets

0,69

0,54

0,22

0,79

Financial Leverage

0,69

0,54

0,22

0,79

Gearing Percentage

2,26

1,19

0,28

3,74

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,61

0,91

0,56

0,30

Operating Profit Margin

0,18

0,17

0,09

0,07

Net Profit Margin

0,17

0,16

0,09

0,03

Interest Cover

 

 

 

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

190,13

81,21

33,55

58,23

Average Payable Period (days)

323,49

106,08

18,33

121,56

WORKING CAPITAL

25364,00

421129,00

989001,00

1141210,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.17

UK Pound

1

Rs.82.45

Euro

1

Rs.70.70

 

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.