MIRA INFORM REPORT

 

 

Report No. :

495667

Report Date :

07.03.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

NIG TAS A.S.

 

 

Formerly Known As :

·         NIGTAS MOZAIK HAFRIYAT MADENCILIK INSAAT TAAHHUT TARIM ITHALAT IHRACAT TICARET VE SANAYI LTD. STI. 

·         NIGTAS MIKRONIZE KALSIT TICARET VE SANAYI LTD. STI.   

 

 

Registered Office :

Ilhanli Mah. Mozaikciler Kume Evleri No:1/G/1 Merkez 51100 Nigde

 

 

Country :

Turkey

 

 

Financials (as on) :

05.05.2017 

 

 

Date of Incorporation :

07.02.1996

 

 

Com. Reg. No.:

2171

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Quarrying and processing of stone and trade of micronized calcite. The subject also started to deal with manufacture and trade of milk in 2011. The subject has declared that it has 2.000 cattle for dairy farming.

 

 

No. of Employees :

2171

 

RATING & COMMENTS

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

 

MIRA’s Rating :

A

 

Credit Rating

Explanation

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

Status :

Good

 

 

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

 

 

COMPANY IDENTIFICATION

 

 

 

NAME

NIG TAS A.S.

HEAD OFFICE ADDRESS

Ilhanli Mah. Mozaikciler Kume Evleri No:1/G/1 Merkez 51100 Nigde / Turkey

PHONE NUMBER

90-388-233 53 00

 

FAX NUMBER

90-388-233 53 04

 

WEB-ADDRESS

www.nigtasmikronize.com

E-MAIL

nigtas@nigtasmikronize.com

 

 

LEGAL STATUS AND HISTORY

 

 

NOTES ON LEGAL STATUS AND HISTORY

Change at tax no.                                                                                                                                                                         

TAX OFFICE

Nigde

TAX NO

6310777331

REGISTRATION NUMBER

2171

REGISTERED OFFICE

Nigde Chamber of Commerce and Industry

COMMERCIAL REGISTRY

Nigde Commercial Registry

DATE ESTABLISHED

07.02.1996

ESTABLISHMENT GAZETTE DATE/NO

23.02.1996/3983

LEGAL FORM

Joint Stock Company

TYPE OF COMPANY

Private

REGISTERED CAPITAL

TL   37.000.000

HISTORY

Previous Legal Type   :  

Limited Company    / Changed on : 05.05.2017/(Commercial Gazette Date /Number 09.05.2017 /9322)

Previous Name   :  

Nigtas Mozaik Hafriyat Madencilik Insaat Taahhut Tarim Ithalat Ihracat Ticaret ve Sanayi Ltd. Sti.    / Changed on : 05.12.2006/(Commercial Gazette Date /Number 13.12.2006 /6703)

Previous Name   :  

Nigtas Mikronize Kalsit Ticaret ve Sanayi Ltd. Sti.    / Changed on : 05.05.2017/(Commercial Gazette Date /Number 09.05.2017 /9322)

Previous Registered Capital   :  

TL 9.900.000    / Changed on : 17.08.2009/(Commercial Gazette Date /Number 24.08.2009 /7382)

Previous Registered Capital   :  

TL 13.800.000    / Changed on : 26.04.2010/(Commercial Gazette Date /Number 06.05.2010 /7558)

Previous Registered Capital   :  

TL 15.550.000    / Changed on : 14.09.2011/(Commercial Gazette Date /Number 21.09.2011 /7904)

Previous Registered Capital   :  

TL 20.000.000    / Changed on : 28.08.2015/(Commercial Gazette Date /Number 09.09.2015 /8902)

Previous Registered Capital   :  

TL 30.000.000    / Changed on : 26.12.2017/(Commercial Gazette Date /Number 04.01.2018 /9487)

Previous Address   :  

Kayseri Yolu Uzeri Ata Sanayi Karsisi Hidirlik Mevkii Nigde    / Changed on : 05.05.2017/(Commercial Gazette Date /Number 09.05.2017 /9322)

Previous Tax No   :  

6310086889    / Changed on : 05.05.2017/(Commercial Gazette Date /Number 09.05.2017 /9322)

 

 

OWNERSHIP / MANAGEMENT

 

 

 

SHAREHOLDERS

Sakin Aruk

100 %

 

SISTER COMPANIES

 

 

 

- NANOKAL MADEN SANAYI A.S. ( Origin: Turkey,  Tax Number: 6290550043,  Registration Number: 3488 )

- NIGTAS MADEN SANAYI VE TICARET LTD. STI. ( Origin: Turkey,  Registration Number: 4951 )

 

 

BOARD OF DIRECTORS

 

Sakin Aruk ( Chairman )

 

DIRECTORS

 

Hamdi Aruk ( General Manager )

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

Quarrying and processing of stone and trade of micronized calcite. The subject also started to deal with manufacture and trade of milk in 2011. The subject has declared that it has 2.000 cattle for dairy farming.

 

NACE CODE

CB.14.10

 

NUMBER OF EMPLOYEES

319

 

NET SALES

57.549 TL Thousand

(2012) 

64.913 TL Thousand

(2013) 

93.228 TL Thousand

(2014) 

107.451 TL Thousand

(2015) 

121.777 TL Thousand

(2016) 

110.713.338 TL

(01.01-30.09.2017) 

 

IMPORT COUNTRIES

U.S.A.

Uruguay

 

MERCHANDISE IMPORTED

Cattle

 

EXPORT VALUE

16.701 TL Thousand

(2012)

19.112 TL Thousand

(2013)

24.075 TL Thousand

(2014)

22.370 TL Thousand

(2015)

28.932 TL Thousand

(2016)

36.802 TL Thousand

(01.01-30.09.2017)

 

EXPORT COUNTRIES

Korea

India

Russia

Northern Cyprus Turkish Republic

Israel

U.A.E.

Middle East Countries

South Africa

China

Singapore

Saudi Arabia

Iraq

Lebanon

Peru

Venezuela

Sudan

Libya

Tunisia

 

MERCHANDISE  EXPORTED

Carbonates

Magnesium sulphates

Mineral substances

 

HEAD OFFICE ADDRESS

Ilhanli Mah. Mozaikciler Kume Evleri No:1/G/1 Merkez  Nigde / Turkey

 

BRANCHES

Mine  :   Nigde/Turkey  

Head Office/Factory  :  Ilhanli Mah. Mozaikciler Kume Evleri No:1/G/1 Merkez Nigde/Turkey ( owned )  

Branch Office  :   Ankara/Turkey  

Facility  :  Ovacik Nigde/Turkey  

           

GENERAL INFORMATION ON OPERATIONS

The firm has a considerable market potential.

TREND OF BUSINESS

There was an upwards trend in 2015 and 2016. There appears an upwards trend in the first 9 months of 2017.

SIZE OF BUSINESS

Giant

 

 

FINANCE

 

 

 

MAIN DEALING BANKS

T.C. Ziraat Bankasi Nigde Branch

 

CREDIT FACILITIES

 

The subject company is making use of credit facilities.

 

PAYMENT BEHAVIOUR

 

No complaints

 

KEY FINANCIAL ELEMENTS

 

(2014)                                                                                TL Thousand

(2015)                                                                                TL Thousand

(2016)                                                                                TL Thousand

Net Sales

93.228

107.451

121.777

Profit (Loss) Before Tax

4.836

4.990

4.756

Stockholders' Equity

29.906

35.033

43.655

Total Assets

103.295

118.021

135.339

Current Assets

47.085

56.800

75.667

Non-Current Assets

56.210

61.221

59.672

Current Liabilities

42.112

51.278

61.591

Long-Term Liabilities

31.277

31.710

30.093

Gross Profit (loss)

25.329

27.761

34.941

Operating Profit (loss)

7.653

9.071

10.076

Net Profit (loss)

4.093

4.692

4.431

 

 

COMMENT ON FINANCIAL POSITION

 

THE DETAILS OF THE CAPITAL INCREASE  AFTER LAST BALANCE SHEET

 

 

Cash Part

7.000.000 TL

Payment Due Date

26.12.2019

 

 

Capitalization

Satisfactory

Remarks on Capitalization

A part of liabilities consist of loans from shareholders.   

                                                                                                                                                There has been capital increase after the last balance sheet date.                                                                                                                                                  The capital increase is expected to have an improvement at equity total since the last balance sheet date.        

                                                                                                                                        

Liquidity

Satisfactory

Remarks On Liquidity

 

A part of current liabilities consist of short-term loans from shareholders rather than liabilities to third parties.                                                                                                                                                

 

Profitability

Good Operating Profitability  in 2014

Good Net Profitability  in 2014

Good Operating Profitability  in 2015

Good Net Profitability  in 2015

Good Operating Profitability  in 2016

In Order Net Profitability  in 2016

Good Operating Profitability (01.01-30.09.2017)

Good Net Profitability (01.01-30.09.2017)

 

General Financial Position

Satisfactory

 

 

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

 ( 01.01-30.09.2017)

9,78 %

3,5731

3,9855

4,5746

 ( 2017 )

15,47 %

3,6337

4,1120

4,7059

 ( 01.01-31.01.2018)

0,99 %

3,7698

4,6025

5,2223

 

 

Financials

 

BALANCE SHEETS

 

 

31.12.2014  ( Full Year  )  TL Thousand

 

31.12.2015  ( Full Year  )  TL Thousand

 

31.12.2016  ( Full Year  )  TL Thousand

 

05.05.2017  ( Interim Period )  TL

 

CURRENT ASSETS

47.085

0,46

56.800

0,48

75.667

0,56

81.481.560

0,58

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

2.293

0,02

1.748

0,01

2.010

0,01

3.918.988

0,03

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

23.874

0,23

28.848

0,24

39.583

0,29

44.734.820

0,32

Other Receivable

7.056

0,07

6.928

0,06

114

0,00

128.258

0,00

Inventories

7.271

0,07

11.690

0,10

27.290

0,20

27.756.067

0,20

Advances Given

1.828

0,02

2.457

0,02

1.589

0,01

1.048.795

0,01

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

4.763

0,05

5.129

0,04

5.081

0,04

3.894.632

0,03

NON-CURRENT ASSETS

56.210

0,54

61.221

0,52

59.672

0,44

59.608.829

0,42

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

53

0,00

53

0,00

52

0,00

52.500

0,00

Tangible Fixed Assets (net)

52.768

0,51

57.964

0,49

55.730

0,41

54.321.577

0,39

Intangible Assets

161

0,00

149

0,00

153

0,00

184.863

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

3.228

0,03

3.055

0,03

3.737

0,03

5.049.889

0,04

TOTAL ASSETS

103.295

1,00

118.021

1,00

135.339

1,00

141.090.389

1,00

CURRENT LIABILITIES

42.112

0,41

51.278

0,43

61.591

0,46

58.378.718

0,41

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

26.226

0,25

29.735

0,25

29.239

0,22

19.116.059

0,14

Accounts Payable

9.202

0,09

13.507

0,11

12.016

0,09

13.973.489

0,10

Loans from Shareholders

0

0,00

2.125

0,02

7.005

0,05

9.270.958

0,07

Other Short-term Payable

342

0,00

367

0,00

1.456

0,01

4.649.435

0,03

Advances from Customers

1.261

0,01

947

0,01

6.508

0,05

7.119.042

0,05

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

922

0,01

185

0,00

356

0,00

622.315

0,00

Provisions

0

0,00

-256

0,00

48

0,00

126.152

0,00

Other Current Liabilities

4.159

0,04

4.668

0,04

4.963

0,04

3.501.268

0,02

LONG-TERM LIABILITIES

31.277

0,30

31.710

0,27

30.093

0,22

36.608.526

0,26

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

28.048

0,27

28.644

0,24

27.529

0,20

32.984.358

0,23

Securities Issued

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

81

0,00

81.430

0,00

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

Other Long-term Liabilities

3.229

0,03

3.066

0,03

2.483

0,02

3.542.738

0,03

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

29.906

0,29

35.033

0,30

43.655

0,32

46.103.145

0,33

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

20.000

0,19

30.000

0,25

30.000

0,22

30.000.000

0,21

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

5.813

0,06

341

0,00

5.032

0,04

9.463.173

0,07

Revaluation Fund

0

0,00

0

0,00

4.192

0,03

4.192.000

0,03

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

4.093

0,04

4.692

0,04

4.431

0,03

2.447.972

0,02

TOTAL LIABILITIES AND EQUITY

103.295

1,00

118.021

1,00

135.339

1,00

141.090.389

1,00

 

 

INCOME STATEMENTS

 

 

(2014)  ( Full Year  )  TL Thousand

 

(2015)  ( Full Year  )  TL Thousand

 

(2016)  ( Full Year  )  TL Thousand

 

(01.01-05.05.2017)  ( Interim Period )  TL

 

(01.01-30.09.2017)  ( Interim Period )  TL

 

Net Sales

93.228

1,00

107.451

1,00

121.777

1,00

51.181.999

1,00

110.713.338

1,00

Cost of Goods Sold

67.899

0,73

79.690

0,74

86.836

0,71

36.507.106

0,71

76.986.447

0,70

Gross Profit

25.329

0,27

27.761

0,26

34.941

0,29

14.674.893

0,29

33.726.891

0,30

Operating Expenses

17.676

0,19

18.690

0,17

24.865

0,20

10.227.058

0,20

24.683.672

0,22

Operating Profit

7.653

0,08

9.071

0,08

10.076

0,08

4.447.835

0,09

9.043.219

0,08

Other Income

3.774

0,04

5.452

0,05

3.778

0,03

1.465.743

0,03

2.387.945

0,02

Other Expenses

2.742

0,03

2.461

0,02

2.484

0,02

1.267.291

0,02

1.721.156

0,02

Financial Expenses

3.849

0,04

7.072

0,07

6.614

0,05

2.072.163

0,04

4.258.677

0,04

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

4.836

0,05

4.990

0,05

4.756

0,04

2.574.124

0,05

5.451.331

0,05

Tax Payable

743

0,01

298

0,00

325

0,00

126.152

0,00

308.563

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

4.093

0,04

4.692

0,04

4.431

0,04

2.447.972

0,05

5.142.768

0,05

 

 

LAST FINANCIAL STATEMENT DETAILS

 

 

TL

Cash

13.871

Banks

3.586.139

Doubtful Trade Receivables

4.207.823

Provision for Doubtful Trade Receivables

-4.207.823

Other Miscellaneous Receivables (in Other Receivable)

128.258

Overdue, Delayed or Deferred Tax by Installments and Other Liabilities

411.710

 

 

FINANCIAL RATIOS

 

 

(2014)

(2015)

(2016)

(01.01-05.05.2017)

LIQUIDITY RATIOS

 

Current Ratio

1,12

1,11

1,23

1,40

Acid-Test Ratio

0,79

0,73

0,68

0,84

Cash Ratio

0,05

0,03

0,03

0,07

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,07

0,10

0,20

0,20

Short-term Receivable/Total Assets

0,30

0,30

0,29

0,32

Tangible Assets/Total Assets

0,51

0,49

0,41

0,39

TURNOVER RATIOS

 

Inventory Turnover

9,34

6,82

3,18

1,32

Stockholders' Equity Turnover

3,12

3,07

2,79

1,11

Asset Turnover

0,90

0,91

0,90

0,36

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,29

0,30

0,32

0,33

Current Liabilities/Total Assets

0,41

0,43

0,46

0,41

Financial Leverage

0,71

0,70

0,68

0,67

Gearing Percentage

2,45

2,37

2,10

2,06

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,14

0,13

0,10

0,05

Operating Profit Margin

0,08

0,08

0,08

0,09

Net Profit Margin

0,04

0,04

0,04

0,05

Interest Cover

2,26

1,71

1,72

2,24

COLLECTION-PAYMENT

 

Average Collection Period (days)

92,19

96,65

117,02

314,65

Average Payable Period (days)

48,79

61,02

50,15

138,60

WORKING CAPITAL

4973,00

5522,00

14076,00

23102842,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 64.99

UK Pound

1

INR 89.91

Euro

1

INR 80.21

TRY

1

INR 17.12

 

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

SYL

                                                


 

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.