MIRA INFORM REPORT

 

 

Report Date :

12.03.2013

 

IDENTIFICATION DETAILS

 

Name :

BOEM IC VE DIS TICARET LTD. STI.

 

 

Formerly Known As :

Grainfield Dis Ticaret Ltd. Sti.

 

 

Registered Office :

Ferhatpasa Mah. Akdeniz Cad. Akdal Sok. No:4 Atasehir Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

2012

 

 

Date of Incorporation :

28.07.2004

 

 

Com. Reg. No.:

529491

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Wholesale trade of granite, natural stone

 

 

No. of Employees :

08

 

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 :

Regular 

 

 

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

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 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

:

BOEM IC VE DIS TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Ferhatpasa Mah. Akdeniz Cad. Akdal Sok. No:4 Atasehir Istanbul / Turkey

PHONE NUMBER

:

90-216-660 18 74

 

FAX NUMBER

:

90-216-660 18 75

 

WEB-ADDRESS

:

www.boem.com.tr

E-MAIL

:

boem@boem.com.tr

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Kucukyali

TAX NO

:

4110258813

REGISTRATION NUMBER

:

529491

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

28.07.2004

ESTABLISHMENT GAZETTE DATE/NO

:

03.08.2004/6106

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   150.000

PAID-IN CAPITAL

:

TL   150.000

HISTORY

:

Previous Name

:

Grainfield Dis Ticaret Ltd. Sti.

Changed On

:

28.04.2005 (Commercial Gazette Date /Number 05.05.2005/ 6297)

Previous Registered Capital

:

TL 25.000

Changed On

:

06.12.2010 (Commercial Gazette Date /Number 10.12.2010/ 7705)

Previous Address

:

Girne Mah. Ataturk Cad. Nehir Sok. No:2 Maltepe/Istanbul

Changed On

:

12.03.2010 (Commercial Gazette Date /Number 18.03.2010/ 7524)

Previous Shareholder

:

Please vide Previous Shareholders section for the former shareholders' names.

Changed On

:

28.02.2007 (Commercial Gazette Date /Number 06.03.2007/ 6759)

 

PREVIOUS SHAREHOLDERS

:

Fusun Hacipasaoglu

50 %

Sayeste Akduman

50 %

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Fusun Hacipasaoglu

50 %

Nuri Bugra Aksoy

50 %

 

 

SISTER COMPANIES

:

Declared to be: None

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Fusun Hacipasaoglu                                                                                                                                                                                                                                                                                   

 

Nuri Bugra Aksoy                                                                                                                                                                                                                                                                                   

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Wholesale trade of granite, natural stone.

 

NACE CODE

:

G .51.52

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

8

 

NET SALES

:

390.568 TL

(2007) 

900.946 TL

(2008) 

863.765 TL

(2009) 

973.919 TL

(2010) 

1.662.915 TL

(2011) 

1.664.435 TL

(2012) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT VALUE

:

550.000 USD

(2010)

650.000 USD

(2011)

 

 

IMPORT COUNTRIES

:

China

India

Spain

 

MERCHANDISE IMPORTED

:

Granite

 

EXPORT VALUE

:

50.362 TL

(2009)

0 TL

(2010)

0 TL

(2011)

107.755 TL

(2012)

 

 

EXPORT COUNTRIES

:

China

 

MERCHANDISE  EXPORTED

:

Marble

 

HEAD OFFICE ADDRESS

:

Ferhatpasa Mah. Akdeniz Cad. Akdal Sok. No:4 Atasehir  Istanbul / Turkey ( rented )

 

BRANCHES

:

Head Office/Warehouse  :  Ferhatpasa Mah. Akdeniz Cad. Akdal Sok. No:4 Atasehir Istanbul/Turkey (rented)

                                                                                

INVESTMENTS

:

None

 

 

TREND OF BUSINESS

:

There was a slowdown at business volume in real terms in  2012.

SIZE OF BUSINESS

:

Lower-Moderate

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Anadolubank Caddebostan Branch

Garanti Bankasi Soganlik Branch

Tekstil Bankasi Maltepe Branch

Turk Ekonomi Bankasi Maltepe Ataturk Caddesi Branch

Yapi ve Kredi Bankasi Pendik Aydinliyolu 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

:

 

(2008) TL

(2009) TL

(2010) TL

(2011) TL

(2012) TL

Net Sales

900.946

863.765

973.919

1.662.915

1.664.435

Profit (Loss) Before Tax

5.261

9.015

21.375

35.014

23.501

Stockholders' Equity

36.787

44.432

90.334

219.098

 

Total Assets

521.404

360.258

564.013

1.302.515

 

Current Assets

510.297

350.516

507.673

1.256.716

 

Non-Current Assets

11.107

9.742

56.340

45.799

 

Current Liabilities

484.617

315.826

473.679

1.083.417

 

Long-Term Liabilities

0

0

0

0

 

Gross Profit (loss)

178.585

152.321

113.538

213.160

212.678

Operating Profit (loss)

16.391

29.591

45.266

113.381

131.381

Net Profit (loss)

5.261

9.015

16.920

35.014

23.501

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Insufficient As of 31.12.2011

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.

 

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 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

Fair Operating Profitability  in 2008

Low Net Profitability  in 2008

Fair Operating Profitability  in 2009

Low Net Profitability  in 2009

In Order Operating Profitability  in 2010

Fair Net Profitability  in 2010

Good Operating Profitability  in 2011

Fair Net Profitability  in 2011

Good Operating Profitability  in 2012

Low 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

 ( 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

 ( 01.01-28.02.2013)

-0,31 %

1,7828

2,3690

2,8041

 

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

510.297

0,98

350.516

0,97

507.673

0,90

1.256.716

0,96

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

223.114

0,43

154.178

0,43

175.248

0,31

10.067

0,01

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

65.986

0,13

11.228

0,03

80.486

0,14

631.955

0,49

Other Receivable

0

0,00

0

0,00

0

0,00

0

0,00

Inventories

110.650

0,21

23.056

0,06

53.310

0,09

215.148

0,17

Advances Given

0

0,00

0

0,00

0

0,00

100.861

0,08

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

110.547

0,21

162.054

0,45

198.629

0,35

298.685

0,23

NON-CURRENT ASSETS

11.107

0,02

9.742

0,03

56.340

0,10

45.799

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)

10.906

0,02

9.742

0,03

56.340

0,10

45.799

0,04

Intangible Assets

201

0,00

0

0,00

0

0,00

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

521.404

1,00

360.258

1,00

564.013

1,00

1.302.515

1,00

CURRENT LIABILITIES

484.617

0,93

315.826

0,88

473.679

0,84

1.083.417

0,83

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

277.438

0,53

105.922

0,29

85.248

0,15

458.276

0,35

Accounts Payable

154.595

0,30

171.084

0,47

44.704

0,08

158.159

0,12

Loans from Shareholders

52.171

0,10

38.332

0,11

338.597

0,60

465.457

0,36

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

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

413

0,00

488

0,00

675

0,00

1.525

0,00

Provisions

0

0,00

0

0,00

4.455

0,01

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

36.787

0,07

44.432

0,12

90.334

0,16

219.098

0,17

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

25.000

0,05

25.000

0,07

56.250

0,10

150.000

0,12

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

379

0,00

379

0,00

379

0,00

379

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

6.147

0,01

10.038

0,03

0

0,00

0

0,00

Revaluation Fund

0

0,00

0

0,00

16.785

0,03

33.705

0,03

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

5.261

0,01

9.015

0,03

16.920

0,03

35.014

0,03

TOTAL LIABILITIES AND EQUITY

521.404

1,00

360.258

1,00

564.013

1,00

1.302.515

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

900.946

1,00

863.765

1,00

973.919

1,00

1.662.915

1,00

1.664.435

1,00

Cost of Goods Sold

722.361

0,80

711.444

0,82

860.381

0,88

1.449.755

0,87

1.451.757

0,87

Gross Profit

178.585

0,20

152.321

0,18

113.538

0,12

213.160

0,13

212.678

0,13

Operating Expenses

162.194

0,18

122.730

0,14

68.272

0,07

99.779

0,06

81.297

0,05

Operating Profit

16.391

0,02

29.591

0,03

45.266

0,05

113.381

0,07

131.381

0,08

Other Income

23.048

0,03

1.428

0,00

2.830

0,00

25.540

0,02

26.076

0,02

Other Expenses

20.623

0,02

6.648

0,01

8.943

0,01

33.901

0,02

36.329

0,02

Financial Expenses

13.555

0,02

15.356

0,02

17.778

0,02

70.006

0,04

97.627

0,06

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

5.261

0,01

9.015

0,01

21.375

0,02

35.014

0,02

23.501

0,01

Tax Payable

0

0,00

0

0,00

4.455

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)

5.261

0,01

9.015

0,01

16.920

0,02

35.014

0,02

23.501

0,01

 

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

(2011)

LIQUIDITY RATIOS

 

 

 

 

Current Ratio

1,05

1,11

1,07

1,16

Acid-Test Ratio

0,60

0,52

0,54

0,59

Cash Ratio

0,46

0,49

0,37

0,01

ASSET STRUCTURE RATIOS

 

 

 

 

Inventory/Total Assets

0,21

0,06

0,09

0,17

Short-term Receivable/Total Assets

0,13

0,03

0,14

0,49

Tangible Assets/Total Assets

0,02

0,03

0,10

0,04

TURNOVER RATIOS

 

 

 

 

Inventory Turnover

6,53

30,86

16,14

6,74

Stockholders' Equity Turnover

24,49

19,44

10,78

7,59

Asset Turnover

1,73

2,40

1,73

1,28

FINANCIAL STRUCTURE

 

 

 

 

Stockholders' Equity/Total Assets

0,07

0,12

0,16

0,17

Current Liabilities/Total Assets

0,93

0,88

0,84

0,83

Financial Leverage

0,93

0,88

0,84

0,83

Gearing Percentage

13,17

7,11

5,24

4,94

PROFITABILITY RATIOS

 

 

 

 

Net Profit/Stockholders' Eq.

0,14

0,20

0,19

0,16

Operating Profit Margin

0,02

0,03

0,05

0,07

Net Profit Margin

0,01

0,01

0,02

0,02

Interest Cover

1,39

1,59

2,20

1,50

COLLECTION-PAYMENT

 

 

 

 

Average Collection Period (days)

26,37

4,68

29,75

136,81

Average Payable Period (days)

77,04

86,57

18,71

39,27

WORKING CAPITAL

25680,00

34690,00

33994,00

173299,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.29

UK Pound

1

Rs.81.09

Euro

1

Rs.70.61

 

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.