MIRA INFORM REPORT

 

 

Report Date :

07.03.2013

 

IDENTIFICATION DETAILS

 

Name :

BEKAMAR MERMER GRANIT INSAAT SANAYI VE TICARET LTD. STI.

 

 

Formerly Known As :

OTAN MERMER GRANIT INSAAT SANAYI VE TICARET LTD. STI.

 

 

Registered Office :

Ankara Asfalti 36km. No:14/1 Kustepe Mevkii Armutlu Kemalpasa Izmir

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

02.09.2005

 

 

Com. Reg. No.:

121359-MRKZ.

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Wholesale trade of granite, marble and travertine.

 

 

No. of Employees :

14

 

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 – 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 8.2% in 2010, as exports returned to normal levels following the recession. Turkey's public sector debt to GDP ratio has fallen to roughly 40%. Continued strong growth has pushed inflation to the 8% level, however, and worsened an already high current account deficit. Turkey remains dependent on often volatile, short-term investment to finance its large trade deficit. The stock value of FDI stood at $99 billion at year-end 2011. Inflows have slowed considerably in light of continuing economic turmoil in Europe, the source of much of Turkey's FDI. Further economic and judicial reforms and prospective EU membership are expected to boost Turkey's attractiveness to foreign investors. However, 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

:

BEKAMAR MERMER GRANIT INSAAT SANAYI VE TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Ankara Asfalti 36km. No:14/1 Kustepe Mevkii Armutlu Kemalpasa Izmir / Turkey

PHONE NUMBER

:

90-232-877 19 55

90-232-877 40 44

90-232-877 40 45

 

FAX NUMBER

:

90-232-880 40 46

 

WEB-ADDRESS

:

www.bekamar.com

E-MAIL

:

info@bekamar.com

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Kemalpasa

TAX NO

:

6490436273

REGISTRATION NUMBER

:

121359-MRKZ.

REGISTERED OFFICE

:

Izmir Chamber of Commerce

DATE ESTABLISHED

:

02.09.2005

ESTABLISHMENT GAZETTE DATE /NO

:

08.09.2005/6385

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

 

REGISTERED CAPITAL

:

TL   1.800.000

HISTORY

:

Previous Name

:

Otan Mermer Granit Insaat Sanayi Ve Ticaret Ltd. Sti.

Changed On

:

06.01.2011 (Commercial Gazette Date /Number 12.01.2011/ 7728)

Previous Registered Capital

:

TL 500.000

Changed On

:

18.05.2011 (Commercial Gazette Date /Number 25.05.2011/ 7822)

Previous Registered Capital

:

TL 1.300.000

Changed On

:

28.12.2012 (Commercial Gazette Date /Number 04.01.2013/ 8229)

Previous Address

:

Ankara Asfalti 25. km Kemalpasa Izmir

Changed On

:

06.01.2011 (Commercial Gazette Date /Number 12.01.2011/ 7728)

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Ibrahim Hos

35,56 %

Erol Otan

35,56 %

Neriman Hos

14,44 %

Resmiye Otan

14,44 %

 

 

SISTER COMPANIES

:

HOS GRANIT MERMER INSAAT ITHALAT IHRACAT SANAYI VE TICARET LTD. STI.

 

DIRECTORS

:

Ibrahim Hos

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Wholesale trade of granite, marble and travertine.

 

NACE CODE

:

G .51.52

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

14

 

NET SALES

:

1.803.986 TL

(2009) 

3.581.006 TL

(2010) 

11.586.930 TL

(2011) 

14.305.148 TL

(2012) 

 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT VALUE

:

9.253.320 TL

(2011)

11.785.011 TL

(2012)

 

 

IMPORT COUNTRIES

:

India

China

Spain

Brazil

 

MERCHANDISE IMPORTED

:

Granite

 

EXPORT VALUE

:

0 TL

(2010)

0 TL

(2011)

0 TL

(2012)

 

 

HEAD OFFICE ADDRESS

:

Ankara Asfalti 36km. No:14/1 Kustepe Mevkii Armutlu Kemalpasa Izmir / Turkey

 

BRANCHES

:

Warehouse  :  Ankara Asfalti 25. km Kemalpasa Izmir/Turkey

 

TREND OF BUSINESS

:

There was an upwards trend in  2012.

SIZE OF BUSINESS

:

Upper-Medium

 

FINANCE

 

 

MAIN DEALING BANKS

:

T. Halk Bankasi Kemalpasa Ticari Branch

T. Halk Bankasi Kemalpasa Branch

T. Is Bankasi Kemalpasa 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

 

 

Net Sales

3.581.006

11.586.930

14.305.148

 

 

Profit (Loss) Before Tax

70.358

119.361

412.544

 

 

Stockholders' Equity

698.692

1.391.193

 

 

 

Total Assets

3.216.353

6.853.268

 

 

 

Current Assets

2.829.614

6.383.395

 

 

 

Non-Current Assets

386.739

469.873

 

 

 

Current Liabilities

2.213.366

5.349.765

 

 

 

Long-Term Liabilities

304.295

112.310

 

 

 

Gross Profit (loss)

317.956

630.194

1.527.422

 

 

Operating Profit (loss)

138.206

274.927

905.325

 

 

Net Profit (loss)

56.287

91.193

412.544

 

 

 

COMMENT ON FINANCIAL POSITION

 

THE DETAILS OF THE CAPITAL INCREASE  AFTER LAST BALANCE SHEET

 

:

Cash Part

:500.000 TL

Equity Part

:

Payment Due Date

:28.12.2012

 

Capitalization

Insufficient

Remarks on Capitalization

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

Insufficient

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. 

 

The liquid assets consist mainly of receivables the amount of cash&banks or marketable securities (which are more liquid) are low.

 

Profitability

In Order Operating Profitability  in 2010

Fair Net Profitability  in 2010

Fair Operating Profitability  in 2011

Low Net Profitability  in 2011

Good Operating Profitability  in 2012

Fair Net Profitability  in 2012

 

Gap between average collection and payable periods

Unfavorable in 2011

General Financial Position

Passable

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 01.01-31.01.2013)

-0,18 %

1,7748

2,3734

2,8382

 

 

BALANCE SHEETS

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

 

 

CURRENT ASSETS

2.829.614

0,88

6.383.395

0,93

 

 

Not Detailed Current Assets

0

0,00

0

0,00

 

 

Cash and Banks

730.481

0,23

133.037

0,02

 

 

Marketable Securities

0

0,00

0

0,00

 

 

Account Receivable

1.084.744

0,34

3.940.600

0,57

 

 

Other Receivable

0

0,00

1.553

0,00

 

 

Inventories

653.932

0,20

1.687.720

0,25

 

 

Advances Given

26.282

0,01

0

0,00

 

 

Accumulated Construction Expense

0

0,00

0

0,00

 

 

Other Current Assets

334.175

0,10

620.485

0,09

 

 

NON-CURRENT ASSETS

386.739

0,12

469.873

0,07

 

 

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)

383.334

0,12

466.468

0,07

 

 

Intangible Assets

3.003

0,00

3.003

0,00

 

 

Deferred Tax Assets

0

0,00

0

0,00

 

 

Other Non-Current Assets

402

0,00

402

0,00

 

 

TOTAL ASSETS

3.216.353

1,00

6.853.268

1,00

 

 

CURRENT LIABILITIES

2.213.366

0,69

5.349.765

0,78

 

 

Not Detailed Current Liabilities

0

0,00

0

0,00

 

 

Financial Loans

609.596

0,19

2.312.529

0,34

 

 

Accounts Payable

956.946

0,30

2.582.066

0,38

 

 

Loans from Shareholders

580.913

0,18

426.608

0,06

 

 

Other Short-term Payable

0

0,00

0

0,00

 

 

Advances from Customers

52.763

0,02

0

0,00

 

 

Accumulated Construction Income

0

0,00

0

0,00

 

 

Taxes Payable

9.234

0,00

15.409

0,00

 

 

Provisions

3.914

0,00

13.153

0,00

 

 

Other Current Liabilities

0

0,00

0

0,00

 

 

LONG-TERM LIABILITIES

304.295

0,09

112.310

0,02

 

 

Not Detailed Long-term Liabilities

0

0,00

0

0,00

 

 

Financial Loans

304.295

0,09

112.310

0,02

 

 

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

698.692

0,22

1.391.193

0,20

 

 

Not Detailed Stockholders' Equity

0

0,00

0

0,00

 

 

Paid-in Capital

500.000

0,16

1.300.000

0,19

 

 

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

 

 

Inflation Adjustment of Capital

0

0,00

0

0,00

 

 

Equity of Consolidated Firms

0

0,00

0

0,00

 

 

Reserves

142.405

0,04

0

0,00

 

 

Revaluation Fund

0

0,00

0

0,00

 

 

Accumulated Losses(-)

0

0,00

0

0,00

 

 

Net Profit (loss)

56.287

0,02

91.193

0,01

 

 

TOTAL LIABILITIES AND EQUITY

3.216.353

1,00

6.853.268

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

 

Net Sales

3.581.006

1,00

11.586.930

1,00

14.305.148

1,00

Cost of Goods Sold

3.263.050

0,91

10.956.736

0,95

12.777.726

0,89

Gross Profit

317.956

0,09

630.194

0,05

1.527.422

0,11

Operating Expenses

179.750

0,05

355.267

0,03

622.097

0,04

Operating Profit

138.206

0,04

274.927

0,02

905.325

0,06

Other Income

29.701

0,01

67.492

0,01

107.980

0,01

Other Expenses

19.557

0,01

33.950

0,00

145.382

0,01

Financial Expenses

77.992

0,02

189.108

0,02

455.379

0,03

Minority Interests

0

0,00

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

0

0,00

Profit (loss) Before Tax

70.358

0,02

119.361

0,01

412.544

0,03

Tax Payable

14.071

0,00

28.168

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

56.287

0,02

91.193

0,01

412.544

0,03

 

FINANCIAL RATIOS

 

(2010)

(2011)

 

LIQUIDITY RATIOS

 

 

Current Ratio

1,28

1,19

 

Acid-Test Ratio

0,82

0,76

 

Cash Ratio

0,33

0,02

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,20

0,25

 

Short-term Receivable/Total Assets

0,34

0,58

 

Tangible Assets/Total Assets

0,12

0,07

 

TURNOVER RATIOS

 

 

Inventory Turnover

4,99

6,49

 

Stockholders' Equity Turnover

5,13

8,33

 

Asset Turnover

1,11

1,69

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,22

0,20

 

Current Liabilities/Total Assets

0,69

0,78

 

Financial Leverage

0,78

0,80

 

Gearing Percentage

3,60

3,93

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,08

0,07

 

Operating Profit Margin

0,04

0,02

 

Net Profit Margin

0,02

0,01

 

Interest Cover

1,90

1,63

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

109,05

122,43

 

Average Payable Period (days)

105,58

84,84

 

WORKING CAPITAL

616248,00

1033630,00

 

 

 

                                                                                    

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.70

UK Pound

1

Rs.82.78

Euro

1

Rs.71.42

 

INFORMATION DETAILS

 

Report Prepared by :

NLM

 

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.