MIRA INFORM REPORT

 

 

Report Date :

15.03.2013

 

IDENTIFICATION DETAILS

 

Name :

SESA MERMER ISLETMECILIK VE MADENCILIK GIDA TEKSTIL INSAAT VE INSAAT MALZEMELERI SANAYI VE DIS TICARET LTD. STI. 

 

 

Formerly Known as:

Sesa Musavirlik Hizmetleri Gida Tekstil Insaat ve Insaat Malzemeleri Petrol Urunleri Sanayi ve Dis Ticaret Ltd. Sti.

 

 

Registered Office :

Hamidiye Mah. Ataturk Cad. Venus Apt. No:102 Mersin

 

 

Country :

Turkey

 

 

Financials (as on) :

2012

 

 

Date of Incorporation :

13.01.2004

 

 

Com. Reg. No.:

26144

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Wholesale trade of natural stone such as marble and granite

 

 

No. of Employees :

03

 

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

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

 

 

 

REMARKS

:

Full name of the subject is missing at your inquiry. The name stated at your inquiry as "Sesa Garanit & Mermer" is the trade name of "SESA MERMER ISLETMECILIK VE MADENCILIK GIDA TEKSTIL INSAAT VE INSAAT MALZEMELERI SANAYI VE DIS TICARET LTD. STI. " and the address stated at your inquiry is the branch offices address of the company. So we provide the report on "SESA MERMER ISLETMECILIK VE MADENCILIK GIDA TEKSTIL INSAAT VE INSAAT MALZEMELERI SANAYI VE DIS TICARET LTD. STI.".

NOTES

:

Full name of the firm was missing at your inquiry.

 

Address at your inquiry is not the registered head office but another premise.

 

 

 

COMPANY IDENTIFICATION

 

 

NAME

:

SESA MERMER ISLETMECILIK VE MADENCILIK GIDA TEKSTIL INSAAT VE INSAAT MALZEMELERI SANAYI VE DIS TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Hamidiye Mah. Ataturk Cad. Venus Apt. No:102 Mersin / Turkey

PHONE NUMBER

:

90-322-271 00 22 (Branch office)

 

FAX NUMBER

:

90-322-271 02 12 (Branch Office)

 

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Uray

TAX NO

:

7640284143

REGISTRATION NUMBER

:

26144

REGISTERED OFFICE

:

Mersin Chamber of Commerce and Industry

DATE ESTABLISHED

:

13.01.2004

ESTABLISHMENT GAZETTE DATE/NO

:

22.01.2004/5973

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   50.000

PAID-IN CAPITAL

:

TL   50.000

HISTORY

:

Previous Name

:

Sesa Musavirlik Hizmetleri Gida Tekstil Insaat ve Insaat Malzemeleri Petrol Urunleri Sanayi ve Dis Ticaret Ltd. Sti.

Changed On

:

11.05.2004 (Commercial Gazette Date /Number 21.05.2004/ 6054)

Previous Address

:

Hamidiye Mah. Ataturk Cad. Talas Apt. No:106/A Mersin

Changed On

:

11.03.2011 (Commercial Gazette Date /Number 21.03.2011/ 7776)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Nur Sezen Yilmaz

50 %

Salim Yilmaz

50 %

 

 

SISTER COMPANIES

:

MESINA GRANIT MERMER MADENCILIK INSAAT VE INSAAT MALZEMELERI NAKLIYAT PETROL ELEKTRIK ELEKTRONIK ITHALAT IHRACAT TICARET VE SANAYI LTD. STI.

 

DIRECTORS

:

Salim Yilmaz

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Wholesale trade of natural stone such as marble and granite. 

 

NACE CODE

:

G .51.52

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

3

 

NET SALES

:

1.899.793 TL

(2008) 

3.581.540 TL

(2009) 

5.063.676 TL

(2010) 

6.359.468 TL

(2011) 

5.650.592 TL

(2012) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT COUNTRIES

:

China

India

Italy

Spain

 

MERCHANDISE IMPORTED

:

Granite

Marble

 

EXPORT VALUE

:

680.391 TL

(2007)

198.878 TL

(2008)

65.615 TL

(2009)

75.301 TL

(2010)

0 TL

(2011)

351.942 TL

(2012)

 

 

EXPORT COUNTRIES

:

U.A.E.

Lebanon

South Korea

Northern Cyprus Turkish Republic

Brazil

 

MERCHANDISE  EXPORTED

:

Marble

 

HEAD OFFICE ADDRESS

:

Hamidiye Mah. Ataturk Cad. Venus Apt. No:102  Mersin / Turkey  (rented)

 

BRANCHES

:

Branch Office/Warehouse  :  Ogretmenler Bulvari Yeni Mah. No:4/A Seyhan Adana/Turkey (rented)

 

INVESTMENTS

:

None

 

 

 

TREND OF BUSINESS

:

There was a decline at business volume in nominal terms in  2012.

SIZE OF BUSINESS

:

Medium

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Garanti Bankasi Pozcu Branch

Is Bankasi Uray Branch

 

CREDIT FACILITIES

:

The subject company is making use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2009) TL

(2010) TL

(2011) TL

(2012) TL

 

Net Sales

3.581.540

5.063.676

6.359.468

5.650.592

 

Profit (Loss) Before Tax

84.757

252.188

229.991

339.880

 

Stockholders' Equity

263.054

464.804

648.797

 

 

Total Assets

1.807.032

3.498.659

5.986.450

 

 

Current Assets

1.726.495

3.430.410

5.515.674

 

 

Non-Current Assets

80.537

68.249

470.776

 

 

Current Liabilities

1.543.978

2.295.529

4.283.032

 

 

Long-Term Liabilities

0

738.326

1.054.621

 

 

Gross Profit (loss)

551.540

863.676

804.468

700.282

 

Operating Profit (loss)

84.757

263.206

262.646

482.948

 

Net Profit (loss)

66.737

201.750

183.993

339.880

 

 

 

 

 

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

Satisfactory 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.

 

Profitability

Fair Operating Profitability  in 2009

Fair Net Profitability  in 2009

In Order Operating Profitability  in 2010

Good Net Profitability  in 2010

In Order Operating Profitability  in 2011

In Order Net Profitability  in 2011

Good Operating Profitability  in 2012

Good 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

 

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

1.726.495

0,96

3.430.410

0,98

5.515.674

0,92

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

Cash and Banks

3.868

0,00

8.449

0,00

15.464

0,00

Marketable Securities

0

0,00

0

0,00

0

0,00

Account Receivable

45.781

0,03

631.403

0,18

1.380.372

0,23

Other Receivable

0

0,00

0

0,00

0

0,00

Inventories

1.492.803

0,83

2.543.607

0,73

3.712.591

0,62

Advances Given

0

0,00

0

0,00

0

0,00

Accumulated Construction Expense

0

0,00

0

0,00

40.547

0,01

Other Current Assets

184.043

0,10

246.951

0,07

366.700

0,06

NON-CURRENT ASSETS

80.537

0,04

68.249

0,02

470.776

0,08

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

0

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

77.740

0,04

65.452

0,02

467.979

0,08

Intangible Assets

2.797

0,00

2.797

0,00

2.797

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

0

0,00

0

0,00

TOTAL ASSETS

1.807.032

1,00

3.498.659

1,00

5.986.450

1,00

CURRENT LIABILITIES

1.543.978

0,85

2.295.529

0,66

4.283.032

0,72

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

25.363

0,00

Accounts Payable

44.021

0,02

2.113.078

0,60

836.497

0,14

Loans from Shareholders

1.480.558

0,82

131.147

0,04

3.373.267

0,56

Other Short-term Payable

0

0,00

0

0,00

0

0,00

Advances from Customers

0

0,00

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

Taxes Payable

1.379

0,00

866

0,00

1.907

0,00

Provisions

18.020

0,01

50.438

0,01

45.998

0,01

Other Current Liabilities

0

0,00

0

0,00

0

0,00

LONG-TERM LIABILITIES

0

0,00

738.326

0,21

1.054.621

0,18

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

738.326

0,21

1.054.621

0,18

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

263.054

0,15

464.804

0,13

648.797

0,11

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

Paid-in Capital

50.000

0,03

50.000

0,01

50.000

0,01

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

1.365

0,00

1.365

0,00

1.365

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

Reserves

144.952

0,08

211.689

0,06

413.439

0,07

Revaluation Fund

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

Net Profit (loss)

66.737

0,04

201.750

0,06

183.993

0,03

TOTAL LIABILITIES AND EQUITY

1.807.032

1,00

3.498.659

1,00

5.986.450

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

 

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

(2012) TL

 

Net Sales

3.581.540

1,00

5.063.676

1,00

6.359.468

1,00

5.650.592

1,00

Cost of Goods Sold

3.030.000

0,85

4.200.000

0,83

5.555.000

0,87

4.950.310

0,88

Gross Profit

551.540

0,15

863.676

0,17

804.468

0,13

700.282

0,12

Operating Expenses

466.783

0,13

600.470

0,12

541.822

0,09

217.334

0,04

Operating Profit

84.757

0,02

263.206

0,05

262.646

0,04

482.948

0,09

Other Income

0

0,00

0

0,00

38

0,00

1.088

0,00

Other Expenses

0

0,00

11.018

0,00

2.532

0,00

3.365

0,00

Financial Expenses

0

0,00

0

0,00

30.161

0,00

140.791

0,02

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

84.757

0,02

252.188

0,05

229.991

0,04

339.880

0,06

Tax Payable

18.020

0,01

50.438

0,01

45.998

0,01

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

66.737

0,02

201.750

0,04

183.993

0,03

339.880

0,06

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

(2011)

LIQUIDITY RATIOS

 

Current Ratio

1,12

1,49

1,29

Acid-Test Ratio

0,03

0,28

0,33

Cash Ratio

0,00

0,00

0,00

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,83

0,73

0,62

Short-term Receivable/Total Assets

0,03

0,18

0,23

Tangible Assets/Total Assets

0,04

0,02

0,08

TURNOVER RATIOS

 

Inventory Turnover

2,03

1,65

1,50

Stockholders' Equity Turnover

13,62

10,89

9,80

Asset Turnover

1,98

1,45

1,06

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,15

0,13

0,11

Current Liabilities/Total Assets

0,85

0,66

0,72

Financial Leverage

0,85

0,87

0,89

Gearing Percentage

5,87

6,53

8,23

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,25

0,43

0,28

Operating Profit Margin

0,02

0,05

0,04

Net Profit Margin

0,02

0,04

0,03

Interest Cover

 

 

8,63

COLLECTION-PAYMENT

 

Average Collection Period (days)

4,60

44,89

78,14

Average Payable Period (days)

5,23

181,12

54,21

WORKING CAPITAL

182517,00

1134881,00

1232642,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.44

UK Pound

1

Rs.81.33

Euro

1

Rs.70.50

 

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.