MIRA INFORM REPORT

 

 

Report Date :

19.08.2013

 

IDENTIFICATION DETAILS

 

Name :

GRANITAS GRANIT SANAYI VE PAZARLAMA A.S.

 

 

Registered Office :

1.Organize Sanayi Bolgesi 4. Cad. No:1 Bilecik

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

24.08.1989

 

 

Com. Reg. No.:

1333

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Mining, processing, trade and implementation of granite.  

 

 

No. of Employees :

165

 

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, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Turkey

B2

B2

 

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

:

GRANITAS GRANIT SANAYI VE PAZARLAMA A.S.

HEAD OFFICE ADDRESS

:

1.Organize Sanayi Bolgesi 4. Cad. No:1 Bilecik / Turkey

PHONE NUMBER

:

90-216-482 55 95 (Administrative Office/Store)

90-228-216 03 25 (Head Office/Factory)

 

FAX NUMBER

:

90- 228-216 03 24 (Head Office/Factory)

90-216-482 55 96 (Administrative Office/Store)

 

WEB-ADDRESS

:

www.granitas.com.tr

 

 

LEGAL STATUS AND HISTORY

 

 

NOTES ON LEGAL STATUS AND HISTORY

:

Change at registration no .

 

TAX OFFICE

:

Bilecik

TAX NO

:

1800038221

REGISTRATION NUMBER

:

1333

REGISTERED OFFICE

:

Bilecik Chamber of Commerce and Industry

DATE ESTABLISHED

:

24.08.1989

ESTABLISHMENT GAZETTE DATE/NO

:

01.09.1989/2348

 

 

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   16.600.000

PAID-IN CAPITAL

:

TL   16.600.000

HISTORY

:

Previous Registered Capital

:

TL 12.000.000

Changed On

:

28.12.2007 (Commercial Gazette Date /Number 09.01.2008/ 6973)

Previous Registered Capital

:

TL 15.600.000

Changed On

:

20.06.2012 (Commercial Gazette Date /Number 27.06.2012/ 8099)

Previous Address

:

E-5 Yanyol 22 Soganlik Kartal Istanbul

Changed On

:

22.11.2001 (Commercial Gazette Date /Number 07.12.2001/ 5441)

Merger

:

The firm took over and merged with “Kup Yapi Izolasyon ve Tas Sanayi Ticaret A.S.” and “Granitas Proje Yonetim ve Pazarlama A.S.”

Changed On

:

09.03.2007 (Commercial Gazette Date /Number 14.03.2007/ 6765)

Merger

:

The subject took over and merged with "Anadolu Tas Pazarlama A.S."

Changed On

:

29.12.2011 (Commercial Gazette Date /Number 11.01.2012/ 7981)

Other Changes

:

The firm was firstly established in Istanbul and registered at Istanbul Commercial Registry with the registration no “257323-204895” on 24.08.1989. Then, the firm moved from Istanbul to Bilecik and registered at Bilecik Commercial Registry with registration no. “1333”.

Changed On

:

22.11.2001 (Commercial Gazette Date /Number 07.12.2001/ 5441)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

 

Tas Holding A.S.

79,94 %

Suat Sarisoy

19,56 %

Ahmet Sarisoy

 

Alper Sarisoy

 

Sedef Sarisoy

 

 

GROUP PARENT COMPANY

:

TAS HOLDING A.S

 

SISTER COMPANIES

:

GRANITAS ANADOLU GRANITLERI SANAYI VE TICARET A.S.

GRANITEK MAKINE VE DOGALTAS SANAYI TICARET A.S.

GRANMER GRANIT MERMER SANAYI VE TICARET A.S.

MADENTAS MADEN ISLETMECILIGI A.S.

MERMERTAS MADEN ISLETMECILIGI LTD. STI.

TAS HOLDING A.S.

TEKTAS GRANIT SANAYI VE TICARET A.S.

 

SUBSIDIARIES

:

GRANITAS ANADOLU GRANITLERI SANAYI VE TICARET A.S. ( 98 % )

GRANITAS ROMANIA  ( 90 % )

GRANITAS UKRAINE  ( 90 % )

 

BOARD OF DIRECTORS

:

Suat Sarisoy

Chairman

Sedef Sarisoy

Vice-Chairman

Alper Sarisoy

Member

 

 

DIRECTORS

:

Riza Birincioglu

Deputy General Manager

Ali Erol Ozturkmen

Deputy General Manager

Alper Sarisoy

Deputy General Manager

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Mining, processing, trade and implementation of granite.  

 

NACE CODE

:

CB.14.11

 

SECTOR

:

Mining

 

NUMBER OF EMPLOYEES

:

165

 

NET SALES

:

17.388 TL Thousand

(2002) 

17.666 TL Thousand

(2003) 

18.371 TL Thousand

(2004) 

23.732 TL Thousand

(2005) 

33.220.815 TL

(2006) 

37.001.096 TL

(2007) 

46.396.410 TL

(2008) 

44.276.725 TL

(2009) 

48.965.631 TL

(2010) 

70.462.437 TL

(2011) 

102.485.013 TL

(2012) 

25.385.940 TL

(01.01-31.03.2013) 

 

 

 

IMPORT VALUE

:

13.000.000 USD

(2010)

16.000.000 USD

(2011)

 

 

IMPORT COUNTRIES

:

Brazil

India

European Countries

 

MERCHANDISE IMPORTED

:

Granite block

Plate

 

EXPORT VALUE

:

4.719 TL Thousand

(2002)

2.240 TL Thousand

(2003)

2.765 TL Thousand

(2004)

1.049 TL Thousand

(2005)

1.583 TL Thousand

(2006)

3.169 TL Thousand

(2007)

4.912 TL Thousand

(2008)

3.817 TL Thousand

(2009)

3.204 TL Thousand

(2010)

1.427 TL Thousand

(2011)

2.229 TL Thousand

(2012)

145.955 TL

(01.01-31.03.2013)

 

 

EXPORT COUNTRIES

:

Romania

Ukraine

Azerbaijan

Northern Cyprus Turkish Republic

Georgia

Russia

Iraq

U.S.A.

Nigeria

Turkmenistan

Albania

Austria

Italy

Moldova

 

MERCHANDISE  EXPORTED

:

Building stone

Granite

Marble

Sandstone

 

HEAD OFFICE ADDRESS

:

1.Organize Sanayi Bolgesi 4. Cad. No:1  Bilecik / Turkey  (owned)

 

 

BRANCHES

:

Administrative Office/Store  :  Harmandere Mah. Sehit Mehmet Gunay Cad. No:17 Kurtkoy Pendik Istanbul/Turkey (owned)

 

Mine  :   Aksaray/Turkey

 

Mine  :   Giresun/Turkey

 

Mine  :   Kirklareli/Turkey

 

Mine  :  Sivrihisar Eskisehir/Turkey

 

Mine  :  Bergama Izmir/Turkey

 

Mine  :   Aksaray/Turkey

 

Head Office/Processing Plant  :  1.Organize Sanayi Bolgesi 4. Cad. No:1 Bilecik/Turkey (owned) (8.500 sqm)

 

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2012.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Akbank Kartal Branch

Citibank Kartal Branch

T. Is Bankasi Kartal Sanayi Branch

Yapi ve Kredi Bankasi Anadolu Yakasi Branch

 

CREDIT FACILITIES

:

The subject company is making active use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

 

KEY FINANCIAL ELEMENTS

:

 

(2010) TL

(2011) TL

(2012) TL

(01.01-31.03.2013) TL

 

Net Sales

48.965.631

70.462.437

102.485.013

25.385.940

 

Profit (Loss) Before Tax

1.637.086

1.091.224

3.207.790

801.322

 

Stockholders' Equity

22.011.031

25.051.172

27.906.025

 

 

Total Assets

57.306.361

72.114.794

80.411.225

 

 

Current Assets

44.218.149

54.002.620

54.218.819

 

 

Non-Current Assets

13.088.212

18.112.174

26.192.406

 

 

Current Liabilities

29.754.608

35.451.404

42.770.432

 

 

Long-Term Liabilities

5.540.722

11.612.218

9.734.768

 

 

Gross Profit (loss)

6.732.989

12.115.015

13.463.773

4.261.051

 

Operating Profit (loss)

1.830.232

6.769.481

3.179.739

1.760.134

 

Net Profit (loss)

1.637.086

493.579

2.815.295

801.322

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Fair As of 31.12.2012

Liquidity

Good As of 31.12.2012

Remarks On Liquidity

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

Profitability

In Order Operating Profitability  in 2010

In Order Net Profitability  in 2010

High Operating Profitability  in 2011

Low Net Profitability  in 2011

Fair Operating Profitability  in 2012

In Order Net Profitability  in 2012

Good Operating Profitability (01.01-31.03.2013)

In Order Net Profitability (01.01-31.03.2013)

 

Gap between average collection and payable periods

Unfavorable in 2012

General Financial Position

Satisfactory

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2002 )

30,80 %

1,5168

1,3741

2,2001

 ( 2003 )

13,90 %

1,5302

1,7141

2,4982

 ( 2004 )

13,84 %

1,4266

1,7666

2,6001

 ( 2005 )

2,66 %

1,3499

1,6882

2,4623

 ( 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

 ( 01.01-31.07.2013)

3,48 %

1,8387

2,4151

2,8409

 

 

BALANCE SHEETS

 

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL

 

CURRENT ASSETS

44.218.149

0,77

54.002.620

0,75

54.218.819

0,67

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

Cash and Banks

8.403.509

0,15

425.921

0,01

23.742.727

0,30

Marketable Securities

0

0,00

0

0,00

0

0,00

Account Receivable

14.959.659

0,26

32.343.057

0,45

16.043.697

0,20

Other Receivable

4.417.228

0,08

563.166

0,01

455.408

0,01

Inventories

13.171.937

0,23

18.336.512

0,25

10.370.893

0,13

Advances Given

97.935

0,00

956.851

0,01

1.480.278

0,02

Accumulated Construction Expense

265.640

0,00

265.640

0,00

0

0,00

Other Current Assets

2.902.241

0,05

1.111.473

0,02

2.125.816

0,03

NON-CURRENT ASSETS

13.088.212

0,23

18.112.174

0,25

26.192.406

0,33

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

Long-term Receivable

68.655

0,00

71.670

0,00

106.168

0,00

Financial Assets

1.684.680

0,03

1.684.680

0,02

5.604.680

0,07

Tangible Fixed Assets (net)

8.808.689

0,15

13.026.700

0,18

12.969.163

0,16

Intangible Assets

2.440.926

0,04

3.071.045

0,04

7.463.337

0,09

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

85.262

0,00

258.079

0,00

49.058

0,00

TOTAL ASSETS

57.306.361

1,00

72.114.794

1,00

80.411.225

1,00

CURRENT LIABILITIES

29.754.608

0,52

35.451.404

0,49

42.770.432

0,53

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

20.536.185

0,36

25.912.787

0,36

31.770.373

0,40

Accounts Payable

4.759.141

0,08

6.426.396

0,09

4.729.177

0,06

Loans from Shareholders

0

0,00

0

0,00

0

0,00

Other Short-term Payable

285.698

0,00

381.822

0,01

470.794

0,01

Advances from Customers

1.148.862

0,02

190.709

0,00

3.624.979

0,05

Accumulated Construction Income

383.775

0,01

383.775

0,01

0

0,00

Taxes Payable

248.866

0,00

761.399

0,01

503.404

0,01

Provisions

241.319

0,00

512.904

0,01

199.995

0,00

Other Current Liabilities

2.150.762

0,04

881.612

0,01

1.471.710

0,02

LONG-TERM LIABILITIES

5.540.722

0,10

11.612.218

0,16

9.734.768

0,12

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

5.540.722

0,10

11.612.218

0,16

9.734.768

0,12

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

22.011.031

0,38

25.051.172

0,35

27.906.025

0,35

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

Paid-in Capital

15.600.000

0,27

16.600.000

0,23

16.600.000

0,21

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

116.818

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

Reserves

4.799.270

0,08

7.998.189

0,11

8.531.326

0,11

Revaluation Fund

0

0,00

0

0,00

116.818

0,00

Accumulated Losses(-)

-25.325

0,00

-157.414

0,00

-157.414

0,00

Net Profit (loss)

1.637.086

0,03

493.579

0,01

2.815.295

0,04

TOTAL LIABILITIES AND EQUITY

57.306.361

1,00

72.114.794

1,00

80.411.225

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

 

 

(2010) TL

 

(2011) TL

 

(2012) TL

 

(01.01-31.03.2013) TL

 

Net Sales

48.965.631

1,00

70.462.437

1,00

102.485.013

1,00

25.385.940

1,00

Cost of Goods Sold

42.232.642

0,86

58.347.422

0,83

89.021.240

0,87

21.124.889

0,83

Gross Profit

6.732.989

0,14

12.115.015

0,17

13.463.773

0,13

4.261.051

0,17

Operating Expenses

4.902.757

0,10

5.345.534

0,08

10.284.034

0,10

2.500.917

0,10

Operating Profit

1.830.232

0,04

6.769.481

0,10

3.179.739

0,03

1.760.134

0,07

Other Income

6.222.994

0,13

7.323.840

0,10

9.085.131

0,09

920.147

0,04

Other Expenses

4.913.750

0,10

10.821.667

0,15

5.940.746

0,06

1.132.994

0,04

Financial Expenses

1.502.390

0,03

2.180.430

0,03

3.116.334

0,03

745.965

0,03

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

1.637.086

0,03

1.091.224

0,02

3.207.790

0,03

801.322

0,03

Tax Payable

0

0,00

597.645

0,01

392.495

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

1.637.086

0,03

493.579

0,01

2.815.295

0,03

801.322

0,03

 

 

FINANCIAL RATIOS

 

 

(2010)

(2011)

(2012)

LIQUIDITY RATIOS

 

 

Current Ratio

1,49

1,52

1,27

Acid-Test Ratio

0,93

0,94

0,94

Cash Ratio

0,28

0,01

0,56

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,23

0,25

0,13

Short-term Receivable/Total Assets

0,34

0,46

0,21

Tangible Assets/Total Assets

0,15

0,18

0,16

TURNOVER RATIOS

 

 

Inventory Turnover

3,21

3,18

8,58

Stockholders' Equity Turnover

2,22

2,81

3,67

Asset Turnover

0,85

0,98

1,27

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,38

0,35

0,35

Current Liabilities/Total Assets

0,52

0,49

0,53

Financial Leverage

0,62

0,65

0,65

Gearing Percentage

1,60

1,88

1,88

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,07

0,02

0,10

Operating Profit Margin

0,04

0,10

0,03

Net Profit Margin

0,03

0,01

0,03

Interest Cover

2,09

1,50

2,03

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

110,49

165,61

56,73

Average Payable Period (days)

40,57

39,65

19,12

WORKING CAPITAL

14463541,00

18551216,00

11448387,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs. 61.82

UK Pound

1

Rs. 96.57

Euro

1

Rs. 82.45

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIS

 

 

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.