MIRA INFORM REPORT

 

 

Report Date :

14.10.2013

 

IDENTIFICATION DETAILS

 

Name :

KONERMAK IC VE DIS TICARET LTD. STI.

 

 

Registered Office :

Buyuk Kayacik Mah. Konya Organize Sanayi Bolgesi 4. Sok. No:11/A Selcuklu Konya

 

 

Country :

Turkey

 

 

Financials (as on) :

30.06.2013

 

 

Date of Incorporation :

12.05.2009

 

 

Com. Reg. No.:

35947

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Trader of milling machines

 

 

No. of Employees :

01

 

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 :

Slow

 

 

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

 

 

COMPANY IDENTIFICATION

 

 

NAME

:

KONERMAK IC VE DIS TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Buyuk Kayacik Mah. Konya Organize Sanayi Bolgesi 4. Sok. No:11/A Selcuklu Konya / Turkey

PHONE NUMBER

:

90-332-239 12 00

 

FAX NUMBER

:

90-332-239 12 61

 

WEB-ADDRESS

:

www.konermak.com

E-MAIL

:

info@konermak.com

 

 

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

:

Selcuk

TAX NO

:

5760484712

REGISTRATION NUMBER

:

35947

REGISTERED OFFICE

:

Konya Chamber of Commerce

DATE ESTABLISHED

:

12.05.2009

ESTABLISHMENT GAZETTE DATE/NO

:

25.05.2009/7317

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   150.000

HISTORY

:

Previous Address

:

Haci Yusuf Mescit Mah. Ozkafa Sok. No:70 - Konya

Changed On

:

09.12.2010 (Commercial Gazette Date /Number 16.12.2010/ 7709)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Ahmet Yontar

37 %

Mehmet Koyuncu

37 %

Mustafa Can

13 %

Halil Koyuncu

13 %

 

 

SISTER COMPANIES

:

BARAY OTOMOTIV DOKUM GIDA INSAAT PLASTIK SANAYI VE TICARET LTD. STI.

 

ER-KO INSAAT TAAHHUT SANAYI VE TICARET LTD. STI.

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Ahmet Yontar                                                                                                                                                                                                                                                                                   

 

Mehmet Koyuncu                                                                                                                                                                                                                                                                                   

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Trade of milling machines.  

 

The subject which was established on 12.05.2009 has declared that, it started active operation on 14.05.2010.

 

NACE CODE

:

G .51.80

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

1

 

NET SALES

:

0 TL

(12.05-31.12.2009) 

368.061 TL

(2010) 

3.233.104 TL

(2011) 

312.947 TL

(2012) 

110.333 TL

(01.01-30.06.2013) 

 

 

REMARKS ON NET SALES

:

The sales volume consists mainly of export and it has to be noted the export value of the firm has been declining since 2012.

 

CAPACITY

:

None

 

PRODUCTION

:

None

IMPORT VALUE

:

0 TL

(2010)

0 TL

(2011)

0 TL

(2012)

0 TL

(01.01-31.08.2013)

 

 

EXPORT VALUE

:

0 TL

(12.05-31.12.2009)

368.061 TL

(2010)

3.160.000 TL

(2011)

312.947 TL

(2012)

110.333 TL

(01.01-30.06.2013)

 

 

EXPORT COUNTRIES

:

Kazakhstan

Syria

Iran

 

MERCHANDISE  EXPORTED

:

Grain milling machines

 

HEAD OFFICE ADDRESS

:

Buyuk Kayacik Mah. Konya Organize Sanayi Bolgesi 4. Sok. No:11/A Selcuklu  Konya / Turkey

 

INVESTMENTS

:

None

 

 

TREND OF BUSINESS

:

There was a decline at business volume in nominal terms in 2012. There appears a decline at business volume in nominal terms in 1.1 - 30.6.2013.

SIZE OF BUSINESS

:

Modest

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Finansbank Konya Toptancilar Branch

Garanti Bankasi Busan Branch

 

CREDIT FACILITIES

:

No credit facility has come to our knowledge.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(12.05-31.12.2009) TL

(2010) TL

(2011) TL

(2012) TL

(01.01-30.06.2013) TL

Net Sales

0

368.061

3.233.104

312.947

110.333

Profit (Loss) Before Tax

-3.522

-835

465.095

-5.171

4.493

Stockholders' Equity

33.978

33.143

404.584

399.413

 

Total Assets

34.282

468.756

1.385.561

481.017

 

Current Assets

34.282

468.756

1.385.561

481.017

 

Non-Current Assets

0

0

0

0

 

Current Liabilities

304

435.613

980.977

81.604

 

Long-Term Liabilities

0

0

0

0

 

Gross Profit (loss)

0

-327

574.362

57.272

18.488

Operating Profit (loss)

-3.522

-3.550

291.492

5.625

4.493

Net Profit (loss)

-3.522

-835

371.441

-5.171

4.493

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

High As of 31.12.2012

Liquidity

High As of 31.12.2012

Remarks On Liquidity

The unfavorable gap between average collection and average payable period has an adverse effect on liquidity.

Profitability

Gross Loss  in 2010

Operating Loss  in 2010

Net Loss  in 2010

Good Operating Profitability  in 2011

High Net Profitability  in 2011

Fair Operating Profitability  in 2012

Net Loss  in 2012

In Order Operating Profitability (01.01-30.06.2013)

In Order Net Profitability (01.01-30.06.2013)

 

Gap between average collection and payable periods

Unfavorable in 2012

Remarks on General Financial Position

Financial ratios were good but there was a decline at business volume in nominal terms in  2012. There appears a decline at business volume in nominal terms in  1.1 - 30.6.2013.

 

 

 

 

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

 ( 01.01-30.06.2013)

2,46 %

1,8251

2,3936

2,8262

 ( 01.01-31.08.2013)

3,52 %

1,8605

2,4465

2,8765

 ( 01.01-30.09.2013)

4,43 %

1,8785

2,4774

2,9189

 

 

BALANCE SHEETS

 

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL

 

CURRENT ASSETS

34.282

1,00

468.756

1,00

1.385.561

1,00

481.017

1,00

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

33.941

0,99

31.233

0,07

38.645

0,03

9.512

0,02

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

0

0,00

370.776

0,79

277.128

0,20

83.528

0,17

Other Receivable

0

0,00

66.310

0,14

0

0,00

0

0,00

Inventories

0

0,00

0

0,00

0

0,00

0

0,00

Advances Given

0

0,00

0

0,00

1.069.249

0,77

385.590

0,80

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

341

0,01

437

0,00

539

0,00

2.387

0,00

NON-CURRENT ASSETS

0

0,00

0

0,00

0

0,00

0

0,00

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)

0

0,00

0

0,00

0

0,00

0

0,00

Intangible Assets

0

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

34.282

1,00

468.756

1,00

1.385.561

1,00

481.017

1,00

CURRENT LIABILITIES

304

0,01

435.613

0,93

980.977

0,71

81.604

0,17

Not Detailed Current 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

Accounts Payable

0

0,00

434.698

0,93

839.597

0,61

0

0,00

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

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

61.115

0,04

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

304

0,01

915

0,00

750

0,00

81.604

0,17

Provisions

0

0,00

0

0,00

79.515

0,06

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

33.978

0,99

33.143

0,07

404.584

0,29

399.413

0,83

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

37.500

1,09

37.500

0,08

37.500

0,03

37.500

0,08

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

0

0,00

0

0,00

0

0,00

367.084

0,76

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

-3.522

-0,01

-4.357

0,00

0

0,00

Net Profit (loss)

-3.522

-0,10

-835

0,00

371.441

0,27

-5.171

-0,01

TOTAL LIABILITIES AND EQUITY

34.282

1,00

468.756

1,00

1.385.561

1,00

481.017

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

 

 

(12.05-31.12.2009) TL

 

(2010) TL

 

(2011) TL

 

(2012) TL

 

(01.01-30.06.2013) TL

 

Net Sales

0

0,00

368.061

1,00

3.233.104

1,00

312.947

1,00

110.333

1,00

Cost of Goods Sold

0

0,00

368.388

1,00

2.658.742

0,82

255.675

0,82

91.845

0,83

Gross Profit

0

0,00

-327

0,00

574.362

0,18

57.272

0,18

18.488

0,17

Operating Expenses

3.522

0,00

3.223

0,01

282.870

0,09

51.647

0,17

13.995

0,13

Operating Profit

-3.522

0,00

-3.550

-0,01

291.492

0,09

5.625

0,02

4.493

0,04

Other Income

0

0,00

3.300

0,01

175.562

0,05

2.927

0,01

0

0,00

Other Expenses

0

0,00

585

0,00

1.959

0,00

13.723

0,04

0

0,00

Financial Expenses

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

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

-3.522

0,00

-835

0,00

465.095

0,14

-5.171

-0,02

4.493

0,04

Tax Payable

0

0,00

0

0,00

93.654

0,03

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)

-3.522

0,00

-835

0,00

371.441

0,11

-5.171

-0,02

4.493

0,04

 

 

FINANCIAL RATIOS

 

 

(12.05-31.12.2009)

(2010)

(2011)

(2012)

 

LIQUIDITY RATIOS

 

 

Current Ratio

112,77

1,08

1,41

5,89

 

Acid-Test Ratio

111,65

1,08

0,32

1,14

 

Cash Ratio

111,65

0,07

0,04

0,12

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,00

0,00

0,00

0,00

 

Short-term Receivable/Total Assets

0,00

0,93

0,20

0,17

 

Tangible Assets/Total Assets

0,00

0,00

0,00

0,00

 

TURNOVER RATIOS

 

 

Inventory Turnover

 

 

 

 

 

Stockholders' Equity Turnover

0,00

11,11

7,99

0,78

 

Asset Turnover

0,00

0,79

2,33

0,65

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,99

0,07

0,29

0,83

 

Current Liabilities/Total Assets

0,01

0,93

0,71

0,17

 

Financial Leverage

0,01

0,93

0,71

0,17

 

Gearing Percentage

0,01

13,14

2,42

0,20

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

-0,10

-0,03

0,92

-0,01

 

Operating Profit Margin

 

-0,01

0,09

0,02

 

Net Profit Margin

 

0,00

0,11

-0,02

 

Interest Cover

 

 

 

 

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

 

362,66

30,86

96,09

 

Average Payable Period (days)

 

424,80

113,68

0,00

 

WORKING CAPITAL

33978,00

33143,00

404584,00

399413,00

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.16

UK Pound

1

Rs.97.77

Euro

1

Rs.82.78

 

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.