|
Report Date : |
22.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
ALTINTAS KIZIROGLU GRANIT MERMER INSAAT
NAKLIYAT MADEN ITHALAT IHRACAT SANAYI VE TICARET LTD. STI. |
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|
|
|
Registered Office : |
Ugur Mumcu Cad. No:70 Kat:2 Daire:2 Buca Izmir |
|
|
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Country : |
Turkey |
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|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
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Date of Incorporation : |
28.04.2011 |
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|
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Com. Reg. No.: |
154172-Merkez |
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|
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Legal Form : |
Limited Company |
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Line of Business : |
Quarrying, processing and trade of stone. |
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No. of Employees |
2 |
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Turkey |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 around 9% in
2010-11, as exports returned to normal levels following the recession. Growth
dropped to roughly 3-4% in 2012-13. Turkey's public sector debt to GDP ratio
has fallen below 40%, and two rating agencies upgraded Turkey's debt to
investment grade in 2012 and 2013. Turkey remains dependent on often volatile,
short-term investment to finance its large current account deficit. The stock
value of FDI reached nearly $195 billion at year-end 2013, reflecting Turkey's
robust growth even in the face of economic turmoil in Europe, the source of
much of Turkey's FDI. Turkey's relatively high current account deficit,
domestic political uncertainty, and turmoil within Turkey's neighborhood leave
the economy vulnerable to destabilizing shifts in investor confidence
|
Source
: CIA |
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NAME |
: |
ALTINTAS KIZIROGLU GRANIT MERMER INSAAT NAKLIYAT MADEN ITHALAT IHRACAT
SANAYI VE TICARET LTD. STI. |
|
HEAD OFFICE ADDRESS |
: |
Ugur Mumcu Cad. No:70 Kat:2 Daire:2 Buca Izmir / Turkey |
|
PHONE NUMBER |
: |
90-232-443 07 33 |
|
WEB-ADDRESS |
: |
www.altinstone.com |
|
|
||
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TAX OFFICE |
: |
Sirinyer |
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TAX NO |
: |
0650316497 |
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REGISTRATION NUMBER |
: |
154172-Merkez |
|
REGISTERED OFFICE |
: |
Izmir Chamber of Commerce |
|
DATE ESTABLISHED |
: |
28.04.2011 |
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ESTABLISHMENT GAZETTE DATE/NO |
: |
04.05.2011/7808 |
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LEGAL FORM |
: |
Limited Company |
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TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
TL 50.000 |
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PAID-IN CAPITAL |
: |
TL 50.000 |
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HISTORY |
: |
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SHAREHOLDERS |
: |
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SUBSIDIARIES |
: |
None |
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DIRECTORS |
: |
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BUSINESS ACTIVITIES |
: |
Quarrying, processing and trade of stone. The subject which was established on 28.04.2011 and dealing with
wholesale trade of stone has declared that it also started to deal with
quarrying of stone at the end of 2012. |
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NACE CODE |
: |
CB.14.10 |
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NUMBER OF EMPLOYEES |
: |
2 |
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NET SALES |
: |
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IMPORT COUNTRIES |
: |
India |
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MERCHANDISE IMPORTED |
: |
Granite |
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EXPORT VALUE |
: |
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EXPORT COUNTRIES |
: |
India China Indonesia Colombia |
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MERCHANDISE EXPORTED |
: |
Marble blocks and plate |
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HEAD OFFICE ADDRESS |
: |
Ugur Mumcu Cad. No:70 Kat:2 Daire:2 Buca Izmir / Turkey |
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BRANCHES |
: |
Mine : Samat Koyu Simav Kutahya/Turkey |
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INVESTMENTS |
: |
Investments are going on. |
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SIZE OF BUSINESS |
: |
Modest |
|
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MAIN DEALING BANKS |
: |
Kuveyt Turk Katilim Bankasi Buca Branch |
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CREDIT FACILITIES |
: |
The subject rarely makes use of credit facilities. |
|
PAYMENT BEHAVIOUR |
: |
No payment delays have come to our knowledge. |
|
KEY FINANCIAL ELEMENTS |
: |
|
|
Capitalization |
Low As of 31.12.2013 |
|
Liquidity |
Low As of 31.12.2013 |
|
Remarks On Liquidity |
A part of current liabilities consist of short-term loans from
shareholders rather than liabilities to third parties. The favorable gap between average collection and average payable
period has a positive effect on liquidity. |
|
Profitability |
Good Operating Profitability in
2012 High Net Profitability in 2012 Operating Loss in 2013 Net Loss in 2013 |
|
Gap between average collection and payable periods |
Favorable in 2013 |
|
General Financial Position |
Not in order |
|
|
Incr. in producers’ price index |
Average USD/TL |
Average EUR/TL |
Average GBP/ TL |
|
( 2012 ) |
2,45 % |
1,7995 |
2,3265 |
2,8593 |
|
( 2013 ) |
6,97 % |
1,9179 |
2,5530 |
3,0178 |
|
( 01.01-30.04.2014) |
5,61 % |
2,1807 |
2,9954 |
3,6333 |
|
( 31.12.2012 ) TL |
|
( 31.12.2013 ) TL |
|
|
|
CURRENT ASSETS |
555.039 |
0,63 |
341.815 |
0,56 |
|
Not Detailed Current Assets |
0 |
0,00 |
0 |
0,00 |
|
Cash and Banks |
97.438 |
0,11 |
23.548 |
0,04 |
|
Marketable Securities |
0 |
0,00 |
0 |
0,00 |
|
Account Receivable |
264.145 |
0,30 |
10.199 |
0,02 |
|
Other Receivable |
1.396 |
0,00 |
293 |
0,00 |
|
Inventories |
20.168 |
0,02 |
106.006 |
0,17 |
|
Advances Given |
0 |
0,00 |
0 |
0,00 |
|
Accumulated Construction Expense |
0 |
0,00 |
0 |
0,00 |
|
Other Current Assets |
171.892 |
0,19 |
201.769 |
0,33 |
|
NON-CURRENT ASSETS |
326.562 |
0,37 |
267.656 |
0,44 |
|
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) |
326.562 |
0,37 |
257.275 |
0,42 |
|
Intangible Assets |
0 |
0,00 |
0 |
0,00 |
|
Deferred Tax Assets |
0 |
0,00 |
0 |
0,00 |
|
Other Non-Current Assets |
0 |
0,00 |
10.381 |
0,02 |
|
TOTAL ASSETS |
881.601 |
1,00 |
609.471 |
1,00 |
|
CURRENT LIABILITIES |
768.665 |
0,87 |
539.917 |
0,89 |
|
Not Detailed Current Liabilities |
0 |
0,00 |
0 |
0,00 |
|
Financial Loans |
740 |
0,00 |
1.188 |
0,00 |
|
Accounts Payable |
483.644 |
0,55 |
222.617 |
0,37 |
|
Loans from Shareholders |
86.000 |
0,10 |
94.500 |
0,16 |
|
Other Short-term Payable |
0 |
0,00 |
0 |
0,00 |
|
Advances from Customers |
178.622 |
0,20 |
178.622 |
0,29 |
|
Accumulated Construction Income |
0 |
0,00 |
0 |
0,00 |
|
Taxes Payable |
14.265 |
0,02 |
42.990 |
0,07 |
|
Provisions |
5.394 |
0,01 |
0 |
0,00 |
|
Other Current Liabilities |
0 |
0,00 |
0 |
0,00 |
|
LONG-TERM LIABILITIES |
0 |
0,00 |
0 |
0,00 |
|
Not Detailed Long-term Liabilities |
0 |
0,00 |
0 |
0,00 |
|
Financial Loans |
0 |
0,00 |
0 |
0,00 |
|
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 |
112.936 |
0,13 |
69.554 |
0,11 |
|
Not Detailed Stockholders' Equity |
0 |
0,00 |
0 |
0,00 |
|
Paid-in Capital |
50.000 |
0,06 |
50.000 |
0,08 |
|
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 |
0 |
0,00 |
67.508 |
0,11 |
|
Revaluation Fund |
0 |
0,00 |
0 |
0,00 |
|
Accumulated Losses(-) |
-4.572 |
-0,01 |
-4.572 |
-0,01 |
|
Net Profit (loss) |
67.508 |
0,08 |
-43.382 |
-0,07 |
|
TOTAL LIABILITIES AND EQUITY |
881.601 |
1,00 |
609.471 |
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. In the sub-items of "Account Receivable", TL 0 is
"Doubtful Trade Receivables" at the last balance sheet. The details of "Other Receivable" figure at the last balance
sheet (TL): Due From Shareholders: 0, Due From Participations: 0, Due From
Affiliated Companies: 0, Due From Personnel: 0, Other Miscellaneous
Receivables: 293, Other Receivable Total: 293. TL 0 of "Tax Payable" is due to "Overdue, Delayed or
Deferred Tax by Installments and Other Liabilities" at the last balance
sheet. |
|
|
(2012) TL |
|
(2013) TL |
|
|
Net Sales |
1.143.621 |
1,00 |
260.998 |
1,00 |
|
Cost of Goods Sold |
867.324 |
0,76 |
208.798 |
0,80 |
|
Gross Profit |
276.297 |
0,24 |
52.200 |
0,20 |
|
Operating Expenses |
191.590 |
0,17 |
104.130 |
0,40 |
|
Operating Profit |
84.707 |
0,07 |
-51.930 |
-0,20 |
|
Other Income |
0 |
0,00 |
8.562 |
0,03 |
|
Other Expenses |
79 |
0,00 |
14 |
0,00 |
|
Financial Expenses |
243 |
0,00 |
0 |
0,00 |
|
Minority Interests |
0 |
0,00 |
0 |
0,00 |
|
Profit (loss) of consolidated firms |
0 |
0,00 |
0 |
0,00 |
|
Profit (loss) Before Tax |
84.385 |
0,07 |
-43.382 |
-0,17 |
|
Tax Payable |
16.877 |
0,01 |
0 |
0,00 |
|
Postponed Tax Gain |
0 |
0,00 |
0 |
0,00 |
|
Net Profit (loss) |
67.508 |
0,06 |
-43.382 |
-0,17 |
|
(2012) |
(2013) |
|
|
LIQUIDITY RATIOS |
|
|
|
Current Ratio |
0,72 |
0,63 |
|
Acid-Test Ratio |
0,47 |
0,06 |
|
Cash Ratio |
0,13 |
0,04 |
|
ASSET STRUCTURE RATIOS |
|
|
|
Inventory/Total Assets |
0,02 |
0,17 |
|
Short-term Receivable/Total Assets |
0,30 |
0,02 |
|
Tangible Assets/Total Assets |
0,37 |
0,42 |
|
TURNOVER RATIOS |
|
|
|
Inventory Turnover |
43,00 |
1,97 |
|
Stockholders' Equity Turnover |
10,13 |
3,75 |
|
Asset Turnover |
1,30 |
0,43 |
|
FINANCIAL STRUCTURE |
|
|
|
Stockholders' Equity/Total Assets |
0,13 |
0,11 |
|
Current Liabilities/Total Assets |
0,87 |
0,89 |
|
Financial Leverage |
0,87 |
0,89 |
|
Gearing Percentage |
6,81 |
7,76 |
|
PROFITABILITY RATIOS |
|
|
|
Net Profit/Stockholders' Eq. |
0,60 |
-0,62 |
|
Operating Profit Margin |
0,07 |
-0,20 |
|
Net Profit Margin |
0,06 |
-0,17 |
|
Interest Cover |
348,26 |
|
|
COLLECTION-PAYMENT |
|
|
|
Average Collection Period (days) |
83,15 |
14,07 |
|
Average Payable Period (days) |
200,75 |
383,83 |
|
WORKING CAPITAL |
-213626,00 |
-198102,00 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.77 |
|
|
1 |
Rs.99.01 |
|
Euro |
1 |
Rs.80.56 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.