MIRA INFORM REPORT

 

 

Report Date :

23.04.2013

 

IDENTIFICATION DETAILS

 

Name :

Kefeli Mermer Granit Sanayii Ve Dis Ticaret Ltd. STI.

 

 

Registered Office :

Merkez Mah. Ataturk Cad. No:165 Alibeykoy Eyup Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

16.12.2004

 

 

Com. Reg. No.:

540260

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Mining, Processing and Wholesale Trade of Granite and Marble.

 

 

No. of Employees :

15

 

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

(31.03.2011)

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

COMPANY IDENTIFICATION

 

NAME

:

KEFELI MERMER GRANIT SANAYII VE DIS TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Merkez Mah. Ataturk Cad. No:165 Alibeykoy Eyup Istanbul / Turkey

PHONE NUMBER

:

90-212-427 42 31

 

FAX NUMBER

:

90-212-626 69 03

 

WEB-ADDRESS

:

www.kefeli.com.tr

E-MAIL

:

info@kefeli.com.tr

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Gaziosmanpasa  

TAX NO

:

5420476378

REGISTRATION NUMBER

:

540260

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

16.12.2004

ESTABLISHMENT GAZETTE DATE/NO

:

21.12.2004/6202

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   4.500.000

 

HISTORY

:

Previous Registered Capital

:

TL 30.000

Changed On

:

21.12.2006 (Commercial Gazette Date /Number 26.12.2006/ 6712)

Previous Registered Capital

:

TL 500.000

Changed On

:

27.12.2012 (Commercial Gazette Date /Number 03.01.2013/ 8228)

Previous Address

:

Merkez Mah. Ataturk Cad. No:133 Alibeykoy Eyup - Istanbul

Changed On

:

20.07.2007 (Commercial Gazette Date /Number 25.07.2007/ 6859)

Previous Address

:

Merkez Mah. Ataturk Cad. No:161 Alibeykoy Eyup - Istanbul

Changed On

:

19.12.2008 (Commercial Gazette Date /Number 26.12.2008/ 7215)

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Hasan Kefeli

50 %

Ismail Kefeli

50 %

 

 

SISTER COMPANIES

:

Declared to be: None

 

DIRECTORS

:

Hasan Kefeli                                                                                                                                                                                                                                                                                   

 

Ismail Kefeli                                                                                                                                                                                                                                                                                   

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Mining, processing and wholesale trade of granite and marble.

 

The subject has declared that, it started processing in 2010 and mining of marble in 2011.

 

NACE CODE

:

CB.14.11

 

NUMBER OF EMPLOYEES

:

15

 

NET SALES

:

2.826.211 TL

(2006) 

2.855.959 TL

(2007) 

3.759.609 TL

(2008) 

2.557.478 TL

(2009) 

2.747.098 TL

(2010) 

3.978.988 TL

(2011) 

2.934.584 TL

(2012) 

 

 

 

CAPACITY

:

  ( Sqm/yr)

 

 

 

72.000

 

 

(2010)

72.000

 

 

(2011)

 

 

 

 

IMPORT VALUE

:

3.000.000 TL

(2009)

2.500.000 TL

(2010)

 

 

REMARKS ON IMPORT

:

The firm has amounts of import which is over its sales volume in 2009, the firm is working with high amounts of inventories.

 

IMPORT COUNTRIES

:

India

China

Spain

Italy

 

MERCHANDISE IMPORTED

:

Granite

 

EXPORT VALUE

:

0 TL

(2008)

0 TL

(2009)

68.729 TL

(2010)

355.007 TL

(2011)

368.884 TL

(2012)

 

 

EXPORT COUNTRIES

:

Libya

Azerbaijan

Albania

China

 

MERCHANDISE  EXPORTED

:

Granite

Marble

 

HEAD OFFICE ADDRESS

:

Merkez Mah. Ataturk Cad. No:165 Alibeykoy Eyup  Istanbul / Turkey

 

BRANCHES

:

Mine  :  Fethiye Mugla/Turkey

 

Head Office/Processing Plant  :  Merkez Mah. Ataturk Cad. No:165 Alibeykoy Eyup Istanbul/Turkey  (200 sqm)

                                                                                

 

TREND OF BUSINESS

:

There was a decline at business volume in nominal terms in  2012.

SIZE OF BUSINESS

:

Upper-Medium

 

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Alibeykoy Branch

Garanti Bankasi Alibeykoy 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

3.759.609

2.557.478

2.747.098

3.978.988

2.934.584

Profit (Loss) Before Tax

57.449

58.155

76.486

73.467

47.830

Stockholders' Equity

658.508

702.887

766.647

819.463

 

Total Assets

2.056.888

3.511.571

3.956.143

5.084.014

 

Current Assets

1.976.864

3.288.942

3.656.130

3.879.114

 

Non-Current Assets

80.024

222.629

300.013

1.204.900

 

Current Liabilities

1.308.095

2.808.684

3.189.496

3.916.469

 

Long-Term Liabilities

90.285

0

0

348.082

 

Gross Profit (loss)

171.097

249.604

326.333

373.912

373.952

Operating Profit (loss)

47.347

66.914

77.987

59.113

51.083

Net Profit (loss)

45.216

44.380

60.977

55.598

47.830

 

 

COMMENT ON FINANCIAL POSITION

 

THE DETAILS OF THE CAPITAL INCREASE  AFTER LAST BALANCE SHEET

 

:

Cash Part

:4.000.000 TL

Equity Part

:

Payment Due Date

:27.12.2012

 

Capitalization

High

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. 

 

There has been capital increase after the last balance sheet date. The capital increase financed by cash is expected to have an improvement at equity total since the last balance sheet date.

 

Liquidity

High

 

Remarks On Liquidity

A part of current liabilities consist of short-term loans from shareholders rather than liabilities to third parties. 

 

The capital increase after the last balance sheet is expected to have a positive effect on liquidity since the last balance sheet date. 

 

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

 

Profitability

Low Operating Profitability  in 2008

Low Net Profitability  in 2008

Fair Operating Profitability  in 2009

Fair Net Profitability  in 2009

Fair Operating Profitability  in 2010

Fair Net Profitability  in 2010

Low Operating Profitability  in 2011

Low Net Profitability  in 2011

Fair Operating Profitability  in 2012

Low Net Profitability  in 2012

 

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

 ( 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

 ( 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

1.976.864

0,96

3.288.942

0,94

3.656.130

0,92

3.879.114

0,76

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

644.212

0,31

14.700

0,00

56.631

0,01

102.837

0,02

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

177.397

0,09

638.046

0,18

603.153

0,15

614.460

0,12

Other Receivable

0

0,00

100

0,00

2.896

0,00

6.232

0,00

Inventories

596.275

0,29

1.654.740

0,47

1.863.545

0,47

1.793.424

0,35

Advances Given

0

0,00

0

0,00

24.898

0,01

24.898

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

558.980

0,27

981.356

0,28

1.105.007

0,28

1.337.263

0,26

NON-CURRENT ASSETS

80.024

0,04

222.629

0,06

300.013

0,08

1.204.900

0,24

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)

66.790

0,03

188.612

0,05

265.997

0,07

618.715

0,12

Intangible Assets

12.903

0,01

33.686

0,01

33.686

0,01

584.847

0,12

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

331

0,00

331

0,00

330

0,00

1.338

0,00

TOTAL ASSETS

2.056.888

1,00

3.511.571

1,00

3.956.143

1,00

5.084.014

1,00

CURRENT LIABILITIES

1.308.095

0,64

2.808.684

0,80

3.189.496

0,81

3.916.469

0,77

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

107.640

0,05

357.545

0,10

0

0,00

0

0,00

Accounts Payable

53.242

0,03

86.998

0,02

127.746

0,03

92.191

0,02

Loans from Shareholders

1.129.780

0,55

2.328.397

0,66

3.054.385

0,77

3.788.802

0,75

Other Short-term Payable

0

0,00

2.000

0,00

0

0,00

13.256

0,00

Advances from Customers

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

17.533

0,01

33.744

0,01

7.055

0,00

20.533

0,00

Provisions

-100

0,00

0

0,00

310

0,00

1.687

0,00

Other Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

LONG-TERM LIABILITIES

90.285

0,04

0

0,00

0

0,00

348.082

0,07

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

90.285

0,04

0

0,00

0

0,00

348.082

0,07

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

658.508

0,32

702.887

0,20

766.647

0,19

819.463

0,16

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

500.000

0,24

500.000

0,14

500.000

0,13

500.000

0,10

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

114.665

0,06

159.880

0,05

207.042

0,05

263.865

0,05

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

-1.373

0,00

-1.373

0,00

-1.372

0,00

0

0,00

Net Profit (loss)

45.216

0,02

44.380

0,01

60.977

0,02

55.598

0,01

TOTAL LIABILITIES AND EQUITY

2.056.888

1,00

3.511.571

1,00

3.956.143

1,00

5.084.014

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

3.759.609

1,00

2.557.478

1,00

2.747.098

1,00

3.978.988

1,00

2.934.584

1,00

Cost of Goods Sold

3.588.512

0,95

2.307.874

0,90

2.420.765

0,88

3.605.076

0,91

2.560.632

0,87

Gross Profit

171.097

0,05

249.604

0,10

326.333

0,12

373.912

0,09

373.952

0,13

Operating Expenses

123.750

0,03

182.690

0,07

248.346

0,09

314.799

0,08

322.869

0,11

Operating Profit

47.347

0,01

66.914

0,03

77.987

0,03

59.113

0,01

51.083

0,02

Other Income

16.150

0,00

6.601

0,00

1.693

0,00

39.692

0,01

0

0,00

Other Expenses

6.048

0,00

15.360

0,01

3.194

0,00

25.338

0,01

1.440

0,00

Financial Expenses

0

0,00

0

0,00

0

0,00

0

0,00

1.813

0,00

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

57.449

0,02

58.155

0,02

76.486

0,03

73.467

0,02

47.830

0,02

Tax Payable

12.233

0,00

13.775

0,01

15.509

0,01

17.869

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)

45.216

0,01

44.380

0,02

60.977

0,02

55.598

0,01

47.830

0,02

 

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

(2011)

LIQUIDITY RATIOS

 

 

Current Ratio

1,51

1,17

1,15

0,99

Acid-Test Ratio

0,63

0,23

0,21

0,18

Cash Ratio

0,49

0,01

0,02

0,03

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,29

0,47

0,47

0,35

Short-term Receivable/Total Assets

0,09

0,18

0,15

0,12

Tangible Assets/Total Assets

0,03

0,05

0,07

0,12

TURNOVER RATIOS

 

 

Inventory Turnover

6,02

1,39

1,30

2,01

Stockholders' Equity Turnover

5,71

3,64

3,58

4,86

Asset Turnover

1,83

0,73

0,69

0,78

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,32

0,20

0,19

0,16

Current Liabilities/Total Assets

0,64

0,80

0,81

0,77

Financial Leverage

0,68

0,80

0,81

0,84

Gearing Percentage

2,12

4,00

4,16

5,20

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,07

0,06

0,08

0,07

Operating Profit Margin

0,01

0,03

0,03

0,01

Net Profit Margin

0,01

0,02

0,02

0,01

Interest Cover

 

 

 

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

16,99

89,81

79,04

55,59

Average Payable Period (days)

5,34

13,57

19,00

9,21

WORKING CAPITAL

668769,00

480258,00

466634,00

-37355,00

 

 

 

 

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 :

NIT

 

 

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.