MIRA INFORM REPORT

 

 

Report Date :

16.12.2013

 

IDENTIFICATION DETAILS

 

Name :

HAK IS SENGUN MERMER SANAYI NAKLIYAT VE TICARET LTD. STI.

 

 

Registered Office :

Erzurum Cad. No:40 Degirmendere Trabzon

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

08.03.1996

 

 

Com. Reg. No.:

10284

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Processing and trade of marble and granite.

 

 

No. of Employees :

12

 

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

:

HAK IS SENGUN MERMER SANAYI NAKLIYAT VE TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Erzurum Cad. No:40 Degirmendere Trabzon / Turkey

PHONE NUMBER

:

90-462-325 15 56 (Head Office)

90-462-328 13 10 (Processing Plant)

 

FAX NUMBER

:

90-462-325 39 49 (Head Office)

90-462-328 13 11 (Processing Plant)

 

WEB-ADDRESS

:

www.hakismermer.com

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Karadeniz

TAX NO

:

8070050821

REGISTRATION NUMBER

:

10284

REGISTERED OFFICE

:

Trabzon Chamber of Commerce and Industry

DATE ESTABLISHED

:

08.03.1996

ESTABLISHMENT GAZETTE DATE/NO

:

13.03.1996/3996

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL  10.000

HISTORY

:

Previous Registered Capital

:

TL 5.500

Changed On

:

08.06.2012 (Commercial Gazette Date /Number 21.06.2012/ 8095)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Leyla Sengun

51 %

Murat Sengun

49 %

 

 

SISTER COMPANIES

:

Declared to be: None

 

DIRECTORS

:

Leyla Sengun

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Processing and trade of marble and granite.

 

NACE CODE

:

DI.26.70

 

NUMBER OF EMPLOYEES

:

12

 

NET SALES

:

399.447 TL

(2010) 

900.336 TL

(2011) 

 

 

REMARKS ON NET SALES

:

In Turkey, there is no public registry on companies’ financial and detailed general data. So, to collect a firm’s data, an information agency has to contact the company and get its authorization.

 

However the company strictly declines to give us an authorization to gather its fresh financial data. As the firm’s shares are not open to public it is not obliged to announce its data.

 

IMPORT COUNTRIES

:

Spain

Norway

China

Italy

India

 

MERCHANDISE IMPORTED

:

Granite

 

EXPORT VALUE

:

54.123 TL

(2011)

 

 

EXPORT COUNTRIES

:

Georgia

 

MERCHANDISE  EXPORTED

:

Granite

 

HEAD OFFICE ADDRESS

:

Erzurum Cad. No:40 Degirmendere Trabzon / Turkey

 

BRANCHES

:

Processing Plant  :  Deliklitas Mevkii Trabzon/Turkey

 

Head Office/Store  :  Erzurum Cad. No:40 Degirmendere Trabzon/Turkey

 

 

TREND OF BUSINESS

:

There was an upwards trend in 2011.

SIZE OF BUSINESS

:

Lower-Moderate

 

 

FINANCE

 

MAIN DEALING BANKS

:

Yapi ve Kredi Bankasi Degirmendere Branch

 

CREDIT FACILITIES

:

No credit facility has come to our knowledge.

 

PAYMENT BEHAVIOUR

:

We are informed about a few payment delays in the former years which were resolved later on.

 

KEY FINANCIAL ELEMENTS

:

 

(2010) TL

(2011) TL

Net Sales

399.447

900.336

Profit (Loss) Before Tax

5.642

16.118

Stockholders' Equity

-106.171

-93.277

Total Assets

466.086

1.193.627

Current Assets

241.729

836.290

Non-Current Assets

224.357

357.337

Current Liabilities

572.257

1.286.904

Long-Term Liabilities

0

0

Gross Profit (loss)

118.192

178.960

Operating Profit (loss)

-14.527

16.117

Net Profit (loss)

4.515

12.893

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

THE DETAILS OF THE CAPITAL INCREASE  AFTER LAST BALANCE SHEET

 

:

Cash Part

:4.500 TL

Equity Part

:

Payment Due Date

:30.11.2014

Number of Days To Pay First Portion of The Cash Part of Capital Increase

:90

 

 

Capitalization

Negative Stockholders’ Equity

Remarks on Capitalization

A part of total liabilities and equity consist of loans from shareholders rather than liabilities to third parties indicating not too high indebtedness to third parties.

 

There has been capital increase after the last balance sheet date. The capital increase appears to be insufficient to compensate the negative stockholders’ equity.

 

Liquidity

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

 

Profitability

Operating Loss  in 2010

Low Net Profitability  in 2010

Fair Operating Profitability  in 2011

Low Net Profitability  in 2011

 

Gap between average collection and payable periods

Favorable in 2011

General Financial Position

Poor

Remarks on General Financial Position

Recent financial figures are not available the firm declines to provide fresh financial data.

 

 

 

 

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

 ( 01.01-30.11.2013)

5,80 %

1,8999

2,5208

2,9748

 

 

BALANCE SHEETS

 

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

241.729

0,52

836.290

0,70

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

19.665

0,04

14.897

0,01

Marketable Securities

0

0,00

0

0,00

Account Receivable

0

0,00

220.692

0,18

Other Receivable

0

0,00

0

0,00

Inventories

219.065

0,47

538.065

0,45

Advances Given

0

0,00

0

0,00

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

2.999

0,01

62.636

0,05

NON-CURRENT ASSETS

224.357

0,48

357.337

0,30

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)

220.491

0,47

353.471

0,30

Intangible Assets

3.866

0,01

3.866

0,00

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

0

0,00

TOTAL ASSETS

466.086

1,00

1.193.627

1,00

CURRENT LIABILITIES

572.257

1,23

1.286.904

1,08

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

Accounts Payable

80.445

0,17

503.848

0,42

Loans from Shareholders

471.744

1,01

776.568

0,65

Other Short-term Payable

0

0,00

0

0,00

Advances from Customers

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

20.068

0,04

6.488

0,01

Provisions

0

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

-106.171

-0,23

-93.277

-0,08

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

5.500

0,01

5.500

0,00

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

1.256

0,00

1.256

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

18.476

0,04

22.992

0,02

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

-135.918

-0,29

-135.918

-0,11

Net Profit (loss)

4.515

0,01

12.893

0,01

TOTAL LIABILITIES AND EQUITY

466.086

1,00

1.193.627

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

 

Net Sales

399.447

1,00

900.336

1,00

Cost of Goods Sold

281.255

0,70

721.376

0,80

Gross Profit

118.192

0,30

178.960

0,20

Operating Expenses

132.719

0,33

162.843

0,18

Operating Profit

-14.527

-0,04

16.117

0,02

Other Income

20.169

0,05

1

0,00

Other Expenses

0

0,00

0

0,00

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

5.642

0,01

16.118

0,02

Tax Payable

1.127

0,00

3.225

0,00

Postponed Tax Gain

0

0,00

0

0,00

Net Profit (loss)

4.515

0,01

12.893

0,01

 

 

FINANCIAL RATIOS

 

 

(2010)

(2011)

LIQUIDITY RATIOS

 

Current Ratio

0,42

0,65

Acid-Test Ratio

0,03

0,18

Cash Ratio

0,03

0,01

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,47

0,45

Short-term Receivable/Total Assets

0,00

0,18

Tangible Assets/Total Assets

0,47

0,30

TURNOVER RATIOS

 

Inventory Turnover

1,28

1,34

Stockholders' Equity Turnover

-3,76

-9,65

Asset Turnover

0,86

0,75

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

-0,23

-0,08

Current Liabilities/Total Assets

1,23

1,08

Financial Leverage

1,23

1,08

Gearing Percentage

-5,39

-13,80

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

-0,04

-0,14

Operating Profit Margin

-0,04

0,02

Net Profit Margin

0,01

0,01

Interest Cover

 

 

COLLECTION-PAYMENT

 

Average Collection Period (days)

0,00

88,24

Average Payable Period (days)

102,97

251,44

WORKING CAPITAL

-330528,00

-450614,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.13

UK Pound

1

Rs.101.53

Euro

1

Rs.85.41

 

 

INFORMATION DETAILS

 

Report Prepared by :

NNA

 

 

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.