MIRA INFORM REPORT

 

 

Report Date :

12.03.2013

 

IDENTIFICATION DETAILS

 

Name :

ERDEM MADENCILIK INSAAT TAAHHUT SANAYI VE TICARET LTD. STI.

 

 

Registered Office :

Beymersan Mermerciler Sanayi Sitesi 2. Bulvar No:14 Yakuplu Beylikluzu Istanbul

 

 

Country :

Turkey

 

 

Date of Incorporation :

05.01.2005

 

 

Com. Reg. No.:

542059

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Cutting and trade of granite and marble.

 

 

No. of Employees :

36

 

 

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 :

Unknown

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

:

ERDEM MADENCILIK INSAAT TAAHHUT SANAYI VE TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Beymersan Mermerciler Sanayi Sitesi 2. Bulvar No:14 Yakuplu Beylikluzu Istanbul / Turkey

PHONE NUMBER

:

90-212-875 40 88

 

FAX NUMBER

:

90-212-875 35 38

90-212-875 88 49

 

WEB-ADDRESS

:

www.ermad.com.tr 

E-MAIL

:

info@ermad.com.tr 

 

 

LEGAL STATUS AND HISTORY

 

 

NOTES ON LEGAL STATUS AND HISTORY

:

The paid-in capital is declared by the subject. There is no certification for the paid-in capital.

TAX OFFICE

:

Beylikduzu

TAX NO

:

3450204593

REGISTRATION NUMBER

:

542059

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

05.01.2005

ESTABLISHMENT GAZETTE DATE/NO

:

10.01.2005/6216

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

 

REGISTERED CAPITAL

:

TL   1.200.000

PAID-IN CAPITAL

:

TL   1.200.000

HISTORY

:

Previous Registered Capital

:

TL 300.000

Changed On

:

24.09.2010 (Commercial Gazette Date /Number 30.09.2010/ 7659)

Previous Registered Capital

:

TL 600.000

Changed On

:

06.06.2012 (Commercial Gazette Date /Number 12.06.2012/ 8088)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Vahidettin Erdem

33,33 %

Selamettin Erdem

33,33 %

Hasan Erdem

33,33 %

 

 

SISTER COMPANIES

:

Declared to be: None

 

SUBSIDIARIES

:

Declared to be: None

 

DIRECTORS

:

Vahidettin Erdem

 

Selamettin Erdem

 

Hasan Erdem

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Cutting and trade of granite and marble.

 

NACE CODE

:

G .51.52

 

NUMBER OF EMPLOYEES

:

36

 

NET SALES

:

11.200.000 TL

(2011) 

16.693.585 TL

(2012) 

 

 

REMARKS ON NET SALES

:

The net sales figures are declared by the company. There is no certification for these figures.

 

IMPORT COUNTRIES

:

China

India

Spain

Italy

Vietnam

 

MERCHANDISE IMPORTED

:

Granite

 

EXPORT VALUE

:

0 TL

(2010)

0 TL

(2011)

0 TL

(2012)

 

 

HEAD OFFICE ADDRESS

:

Beymersan Mermerciler Sanayi Sitesi 2. Bulvar No:14 Yakuplu Beylikluzu Istanbul / Turkey

 

 

 

BRANCHES

:

Store  :  Merkez Mah. Ataturk Cad. No:138 Alibeykoy Istanbul/Turkey

 

Store  :  Gursel Mah. Imrahor Cad. No:5 Istanbul/Turkey

 

Store  :  Istiklal Mah. Eski Edirne Asfalti Zingil Petrol Bitisigi No:14 Arnavutkoy Istanbul/Turkey

 

TREND OF BUSINESS

:

There was an upwards trend in 2012.

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Albaraka Turk Hadimkoy Branch

Bank Asya Beylikduzu Branch

Turkiye Finans Katilim Bankasi Beylikduzu Branch

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

 

 

COMMENT ON FINANCIAL POSITION

 

General Financial Position

General financial position is undetermined the firm declines to give us an authorization to gather its financial data. As the shares of the firm are not open to public, it is not obliged to announce its 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

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 ( 01.01-28.02.2013)

-0,31 %

1,7828

2,3690

2,8041

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.29

UK Pound

1

Rs.81.08

Euro

1

Rs.70.61

 

 

INFORMATION DETAILS

 

Report Prepared by :

PDT

 

 

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.