MIRA INFORM REPORT

 

 

Report No. :

495024

Report Date :

05.03.2018

 

 

IDENTIFICATION DETAILS

 

Name :

ZENSA GRANIT MERMER SANAYI VE TICARET LTD. STI.

 

 

Registered Office :

Merkez Mah. Belediye Cad. No:23/6 Espiye 28600 Giresun

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2016 

 

 

Date of Incorporation :

03.02.2012

 

 

Com. Reg. No.:

774-Espiye

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Wholesale trade of granite and marble.

 

 

No. of Employees :

23

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

B

 

Credit Rating

 

Explanation

Rating Comments

B

Medium Risk

Business dealings permissible on a regular monitoring basis

 

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

 

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

Turkey

B2

B2

 

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 driven by its industry and, increasingly, service sectors, although its traditional agriculture sector still accounts for about 25% of employment. The automotive, petrochemical, and electronics industries have risen in importance and surpassed the traditional textiles and clothing sectors within Turkey's export mix. However, the recent period of political stability and economic dynamism has given way to domestic uncertainty and security concerns, which are generating financial market volatility and weighing on Turkey’s economic outlook.

Current government policies emphasize populist spending measures and credit breaks, while implementation of structural economic reforms has slowed. The government is playing a more active role in some strategic sectors and has used economic institutions and regulators to target political opponents, undermining private sector confidence in the judicial system. Between July 2016 and March 2017, three credit ratings agencies downgraded Turkey’s sovereign credit ratings, citing concerns about the rule of law and the pace of economic reforms.

Turkey remains highly dependent on imported oil and gas but is pursuing energy relationships with a broader set of international partners and taking steps to increase use of domestic energy sources including renewables, nuclear, and coal. The joint Turkish-Azerbaijani Trans-Anatolian Natural Gas Pipeline is moving forward to increase transport of Caspian gas to Turkey and Europe, and when completed will help diversify Turkey's sources of imported gas.

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. An aggressive privatization program also reduced state involvement in basic industry, banking, transport, power generation, and communication. 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 growth rebounded to around 9% in 2010 and 2011, as exports and investment recovered following the crisis.

The growth of Turkish GDP since 2016 has revealed the persistent underlying imbalances in the Turkish economy. In particular, Turkey’s large current account deficit means it must rely on external investment inflows to finance growth, leaving the economy vulnerable to destabilizing shifts in investor confidence. Other troublesome trends include rising unemployment and inflation, which increased in 2017, given the Turkish lira’s continuing depreciation against the dollar. Although government debt remains low at about 30% of GDP, bank and corporate borrowing has almost tripled as a percent of GDP during the past decade, outpacing its emerging-market peers and prompting investor concerns about its long-term sustainability.

 

Source : CIA

 

 

 

NOTES

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

 

 

COMPANY IDENTIFICATION

 

NAME

ZENSA GRANIT MERMER SANAYI VE TICARET LTD. STI.

HEAD OFFICE ADDRESS

Merkez Mah. Belediye Cad. No:23/6 Espiye 28600 Giresun / Turkey

PHONE NUMBER

90-362-465 53 00

 

FAX NUMBER

90-362-465 53 00

 

WEB-ADDRESS

www.zensa.com.tr

E-MAIL

info@zensa.com.tr

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

Espiye Mal Mudurlugu

TAX NO

9970673346

REGISTRATION NUMBER

774-Espiye

REGISTERED OFFICE

Giresun Chamber of Commerce and Industry

COMMERCIAL REGISTRY

Giresun Commercial Registry

DATE ESTABLISHED

03.02.2012

ESTABLISHMENT GAZETTE DATE/NO

10.02.2012/8003

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 : 27.02.2015/(Commercial Gazette Date /Number 11.03.2015 /8776)

Previous Address   :  

Adabuk Mah. Kelesoglu Cad. Espiye Tirebolu Karayolu 1. Km Espiye Giresun    / Changed on : 02.11.2016/(Commercial Gazette Date /Number 11.11.2016 /9196)

Previous Shareholder   :  

Please vide Previous Shareholders section for the former shareholders' names.    / Changed on : 22.02.2016/(Commercial Gazette Date /Number 01.03.2016 /9022)

 

 

PREVIOUS SHAREHOLDERS

Sacit Ali Eren

62,50 %

Serdar Abidinoglu

37,50 %

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

Sacit Ali Eren

100 %

 

SISTER COMPANIES

 

 

 

- ALI EREN INSAAT SANAYI VE TICARET LTD. STI. ( Origin: Turkey,  Tax Number: 4110375774 ,  Registration Number: 747-Espiye )

 

 

DIRECTORS

 

Sacit Ali Eren ( General Manager )

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

Wholesale trade of granite and marble.

 

NACE CODE

G .51.52

 

SECTOR

Commerce

 

NUMBER OF EMPLOYEES

23

 

NET SALES

2.281 TL Thousand

(03.02-31.12.2012) 

5.329 TL Thousand

(2013) 

7.945 TL Thousand

(2014) 

14.944 TL Thousand

(2015) 

15.590 TL Thousand

(2016) 

32.977 TL Thousand

(2017) 

 

REMARKS ON CAPACITY

None

 

REMARKS ON PRODUCTION

None

 

IMPORT COUNTRIES

Spain

Italy

Brazil

India

China

 

MERCHANDISE IMPORTED

Granite

Marble

 

EXPORT VALUE

81 TL Thousand

(2014)

133 TL Thousand

(2015)

250 TL Thousand

(2016)

273 TL Thousand

(2017)

 

EXPORT COUNTRIES

Georgia

 

MERCHANDISE  EXPORTED

Granite

Marble

 

HEAD OFFICE ADDRESS

Merkez Mah. Belediye Cad. No:23/6 Espiye  Giresun / Turkey

 

BRANCHES

Warehouse  :  Ankara Karayolu 10.Km. Derecik Mah. Anadolu Bulv. No:125 Ilkadim Samsun/Turkey  

Branch Office  :  Unye Ordu/Turkey  

Branch Office  :  Eyup Sultan Mah. Mehmet Akif Cad. No:51 A/1 Sancaktepe Istanbul/Turkey  

Branch Office  :  Pinarcay Osb Mah. Osb 16. Cad. No:8 Merkez Corum/Turkey  

           

NOTES ON INVESTMENTS

None                                                                                                                                                              

 

 

TREND OF BUSINESS

There was a slowdown at business volume in real terms in 2016. There was an upwards trend in 2017.

SIZE OF BUSINESS

Upper-Medium

 

 

FINANCE

 

MAIN DEALING BANKS

Albaraka Turk Katilim Bankasi Giresun Branch

Kuveyt Turk Katilim Bankasi Giresun Branch

Akbank  Espiye Branch

QNB Finansbank Giresun 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

 

(2015)                                                                                TL Thousand

(2016)                                                                                TL Thousand

(2017)                                                                                TL Thousand

Net Sales

14.944

15.590

32.977

Profit (Loss) Before Tax

323

363

737

Stockholders' Equity

932

1.918

 

Total Assets

6.535

9.640

 

Current Assets

5.298

8.742

 

Non-Current Assets

1.237

898

 

Current Liabilities

5.515

7.692

 

Long-Term Liabilities

88

30

 

Gross Profit (loss)

2.405

3.094

5.653

Operating Profit (loss)

677

998

1.984

Net Profit (loss)

258

291

737

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Insufficient As of 31.12.2016

Liquidity

Insufficient As of 31.12.2016

Remarks On Liquidity

 

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 and banks or marketable securities (which are more liquid) are low.                                                                                                                                                

 

Profitability

In Order Operating Profitability  in 2015

Low Net Profitability  in 2015

Good Operating Profitability  in 2016

Low Net Profitability  in 2016

Good Operating Profitability  in 2017

Low Net Profitability  in 2017

 

Gap between average collection and payable periods

Unfavorable in 2016

General Financial Position

Passable

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

 

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

 ( 2014 )

6,36 %

2,1891

2,8989

3,6060

 ( 2015 )

5,71 %

2,7230

3,0254

4,1661

 ( 2016 )

9,94 %

3,0292

3,3349

4,1006

 ( 2017 )

15,47 %

3,6337

4,1120

4,7059

 ( 01.01-31.01.2018)

0,99 %

3,7698

4,6025

5,2223

 

 

BALANCE SHEETS

 

 

31.12.2015  ( Full Year  )  TL Thousand

 

31.12.2016  ( Full Year  )  TL Thousand

 

CURRENT ASSETS

5.298

0,81

8.742

0,91

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

50

0,01

129

0,01

Marketable Securities

0

0,00

0

0,00

Account Receivable

2.335

0,36

3.925

0,41

Other Receivable

0

0,00

0

0,00

Inventories

1.889

0,29

2.789

0,29

Advances Given

454

0,07

1.128

0,12

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

570

0,09

771

0,08

NON-CURRENT ASSETS

1.237

0,19

898

0,09

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)

1.022

0,16

743

0,08

Intangible Assets

215

0,03

155

0,02

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

0

0,00

TOTAL ASSETS

6.535

1,00

9.640

1,00

CURRENT LIABILITIES

5.515

0,84

7.692

0,80

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

4.937

0,76

6.350

0,66

Accounts Payable

504

0,08

1.291

0,13

Loans from Shareholders

0

0,00

0

0,00

Other Short-term Payable

4

0,00

0

0,00

Advances from Customers

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

20

0,00

21

0,00

Provisions

50

0,01

30

0,00

Other Current Liabilities

0

0,00

0

0,00

LONG-TERM LIABILITIES

88

0,01

30

0,00

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

88

0,01

30

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

932

0,14

1.918

0,20

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

505

0,08

1.200

0,12

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

169

0,03

427

0,04

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

Net Profit (loss)

258

0,04

291

0,03

TOTAL LIABILITIES AND EQUITY

6.535

1,00

9.640

1,00

 

 

INCOME STATEMENTS

 

 

(2015)  ( Full Year  )  TL Thousand

 

(2016)  ( Full Year  )  TL Thousand

 

(2017)  ( Full Year  )  TL Thousand

 

Net Sales

14.944

1,00

15.590

1,00

32.977

1,00

Cost of Goods Sold

12.539

0,84

12.496

0,80

27.324

0,83

Gross Profit

2.405

0,16

3.094

0,20

5.653

0,17

Operating Expenses

1.728

0,12

2.096

0,13

3.669

0,11

Operating Profit

677

0,05

998

0,06

1.984

0,06

Other Income

15

0,00

86

0,01

6

0,00

Other Expenses

26

0,00

262

0,02

25

0,00

Financial Expenses

343

0,02

459

0,03

1.228

0,04

Minority Interests

0

0,00

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

0

0,00

Profit (loss) Before Tax

323

0,02

363

0,02

737

0,02

Tax Payable

65

0,00

72

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

258

0,02

291

0,02

737

0,02

 

 

LAST FINANCIAL STATEMENT DETAILS

 

 

TL Thousand

Cash

28

Banks

101

Doubtful Trade Receivables

0

Overdue, Delayed or Deferred Tax by Installments and Other Liabilities

0

 

 

FINANCIAL RATIOS

 

 

(2015)

(2016)

LIQUIDITY RATIOS

 

Current Ratio

0,96

1,14

Acid-Test Ratio

0,43

0,53

Cash Ratio

0,01

0,02

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,29

0,29

Short-term Receivable/Total Assets

0,36

0,41

Tangible Assets/Total Assets

0,16

0,08

TURNOVER RATIOS

 

Inventory Turnover

6,64

4,48

Stockholders' Equity Turnover

16,03

8,13

Asset Turnover

2,29

1,62

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,14

0,20

Current Liabilities/Total Assets

0,84

0,80

Financial Leverage

0,86

0,80

Gearing Percentage

6,01

4,03

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,28

0,15

Operating Profit Margin

0,05

0,06

Net Profit Margin

0,02

0,02

Interest Cover

1,94

1,79

COLLECTION-PAYMENT

 

Average Collection Period (days)

56,25

90,64

Average Payable Period (days)

14,47

37,19

WORKING CAPITAL

-217,00

1050,00

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 65.22

UK Pound

1

INR 89.71

Euro

1

INR 79.50

TRY

1

INR 17.13

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

NIY

 

 

Report Prepared by :

SDA

 

 

RATING EXPLANATIONS

 

Credit Rating

 

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

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 are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

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.