MIRA INFORM REPORT
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Report Date : |
12th May 2006 |
IDENTIFICATION DETAILS
|
Name : |
DOGAN
TICARET MUMESSILLIK VE ITHALAT LTD.STI. |
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Registered Office : |
Istanbul
Chamber of Commerce |
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Date of Incorporation : |
02.03.2005 |
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Com. Reg. No.: |
547473-495055 |
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Legal Form : |
Limited
Company |
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Line of Business : |
Engaged in the business of representation and trade
of plastic chemical materials. |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
RATING
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STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Unfavourable &
favourable factors carry similar weight in credit consideration. Capability
to overcome financial difficulties seems comparatively below average/normal. |
Small |
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Status : |
New Company |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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COMPANY
IDENTIFICATION |
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NAME |
: |
DOGAN TICARET MUMESSILLIK VE ITHALAT LTD.STI. |
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ADDRESS |
: |
Head Office: H.Rifat Pasa Mah. Perpa Ticaret Merkezi B Blok K.13 No:2542 Sisli Istanbul / Turkey |
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PHONE NUMBER |
: |
90-212-320 96 90 |
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FAX NUMBER |
: |
90-212-320 96 94 |
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LEGAL STATUS AND
HISTORY |
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TAX OFFICE / NO |
: |
Sisli / 3060448023 |
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REGISTRATION NUMBER |
: |
547473-495055 |
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REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
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DATE ESTABLISHED |
: |
02.03.2005 (Commercial Registry Gazette Date/No:08.03.2005 / 6255) |
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LEGAL FORM |
: |
Limited Company |
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TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
YTL 50,000 |
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PAID-IN CAPITAL |
: |
YTL 50,000 |
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OWNERSHIP
/ MANAGEMENT |
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SHAREHOLDERS |
: |
Dogan Daniel Biton Yusef Biton |
90 % 10 % |
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SISTER COMPANIES |
: |
Declared to be: None |
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GROUP PARENT COMPANY |
: |
None |
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SUBSIDIARIES |
: |
None |
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DIRECTORS |
: |
Dagan Daniel Biton |
General Manager |
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OPERATIONS |
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BUSINESS ACTIVITIES |
: |
Representation and trade of plastic chemical materials. The subject has declared that, it is the representative of the following companies: -PT. Sumi Asih (Indonesia) -Fredcolor S.L. (Spain) The subject has declared that, it is the distributor of following: - Fredcolor S.L. (Spain) |
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SECTOR |
: |
Commerce |
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NUMBER OF EMPLOYEES |
: |
2 |
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NET SALES |
|
(YTL) 803,405 |
(02.03.-31.12.2005) |
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CAPACITY |
: |
None |
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PRODUCTION |
: |
None |
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IMPORT VALUE |
: |
USD 300,000 |
(02.03.-31.12.2005) |
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IMPORT COUNTRIES |
: |
Indonesia, India, China, Spain |
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MERCHANDISE IMPORTED |
: |
Acid, pigment and other plastic chemicals |
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EXPORT |
: |
None |
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PREMISES |
: |
Head Office: H.Rifat Pasa Mah. Perpa Ticaret Merkezi B Blok K.13 No:2542 Sisli Istanbul (rented) |
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FIXED CAPITAL INVESTMENTS |
: |
None |
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TREND OF BUSINESS |
: |
Undetermined, young business. |
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COMMERCIAL MORALITY |
: |
Good |
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SIZE OF BUSINESS |
: |
Modest |
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FINANCE |
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MAIN DEALING BANKERS |
: |
Kocbank Perpa branch in Istanbul Anadolubank Taksim branch in Istanbul Akbank Mecidiyekoy branch in Istanbul |
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CREDIT FACILITIES |
: |
The subject company is making use of credit facilities. |
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PAYMENT BEHAVIOUR |
: |
No complaints have been heard regarding payments from banks. According to the official registries since its establishment on
02.03.2005 until 15.03.2006, there are no protested bills and non-paid
cheques registered in the name of
“Dogan Ticaret”. |
COMMENT
ON FINANCIAL POSITION |
As there was a decline at cumulative inflation rate, inflation adjustment has not been applied to the financial statements of 31.12.2005.
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FINANCIAL STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
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Capitalization was insufficient as of 31.12.2005. However it has to be noted that, 43 % of total liabilities and equity was consisting of loans from shareholders rather than liabilities to third parties indicating not too high indebtedness to third parties. |
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LIQUIDITY |
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Good |
As of 31.12.2005 |
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PROFITABILITY |
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High |
In 2005 |
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GAP BETWEEN COLLECTION-PAYMENT PERIODS |
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Unfavorable |
In 2005 |
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GENERAL FINANCIAL POSITION |
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Capitalization was insufficient but indebtedness to third parties was not too high, liquidity was good and profitability was high in 2005. |
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CREDIT
OPINION |
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CREDIT OPINION WITHOUT OBLIGATION |
: |
We are of the opinion that, a max. credit of USD 30,000 may be granted to the subject company. |
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Incr. in producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(2005) |
2.66 % |
1.3499 |
1.6882 |
2.4623 |
|
(1.1.-30.04.2006) |
4.46 % |
1.3330 |
1.6098 |
2.3391 |
(Inflation adjustment has not been applied to the
statements of 31.12.2005)
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BALANCE SHEETS |
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YTL |
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31.12.05 |
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CURRENT ASSETS |
324.760 |
|
0,82 |
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Cash and Banks |
15.205 |
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0,04 |
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Marketable
Securities |
0 |
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0,00 |
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Account
Receivable |
252.658 |
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0,64 |
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Other
Receivable |
0 |
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0,00 |
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Inventories |
53.775 |
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0,14 |
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Advances Given |
1.055 |
|
0,00 |
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Other Current
Assets |
2.067 |
|
0,01 |
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NON-CURRENT ASSETS |
68.902 |
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0,18 |
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Long-term
Receivable |
0 |
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0,00 |
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Financial
Assets |
0 |
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0,00 |
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Tangible Fixed
Assets (net) |
68.016 |
|
0,17 |
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Intangible
Assets |
0 |
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0,00 |
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Other
Non-Current Assets |
886 |
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0,00 |
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TOTAL ASSETS |
393.662 |
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1,00 |
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CURRENT LIABILITIES |
297.050 |
|
0,75 |
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Financial Loans |
25.170 |
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0,06 |
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Accounts
Payable |
66.424 |
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0,17 |
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Loans from Shareholders |
169.045 |
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0,43 |
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Other
Short-term Payable |
0 |
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0,00 |
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Advances from Customers |
27.527 |
|
0,07 |
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Taxes Payable |
1.160 |
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0,00 |
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Provisions |
7.724 |
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0,02 |
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Other Current Liabilities |
0 |
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0,00 |
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LONG-TERM LIABILITIES |
0 |
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0,00 |
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Financial Loans |
0 |
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0,00 |
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Securities
Issued |
0 |
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0,00 |
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Long-term
Payable |
0 |
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0,00 |
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Loans from
Shareholders |
0 |
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0,00 |
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Other Long-term
Liabilities |
0 |
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0,00 |
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Provisions |
0 |
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0,00 |
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STOCKHOLDERS' EQUITY |
96.612 |
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0,25 |
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Paid-in Capital |
50.000 |
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0,13 |
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Reserves |
0 |
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0,00 |
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Revaluation
Fund |
0 |
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0,00 |
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Accumulated
Losses(-) |
0 |
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0,00 |
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Net Profit
(loss) |
46.612 |
|
0,12 |
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TOTAL LIABILITIES AND EQUITY |
393.662 |
|
1,00 |
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INCOME STATEMENTS |
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YTL |
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02.03.-31.12.2005 |
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Net Sales |
803.405 |
|
1,00 |
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Cost of Goods
Sold |
689.139 |
|
0,86 |
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Gross Profit |
114.266 |
|
0,14 |
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Operating
Expenses |
47.536 |
|
0,06 |
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Operating Profit |
66.730 |
|
0,08 |
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Other Income |
2.910 |
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0,00 |
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Other Expenses |
1.069 |
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0,00 |
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Financial
Expenses |
1.769 |
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0,00 |
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Profit (loss) Before Tax |
66.802 |
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0,08 |
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Tax Payable |
20.190 |
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0,03 |
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Net Profit (loss) |
46.612 |
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0,06 |
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FINANCIAL RATIOS |
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02.03.-31.12.2005 |
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LIQUIDITY RATIOS |
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Current Ratio |
1,09 |
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Acid-Test Ratio |
0,90 |
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ASSET STRUCTURE RATIOS |
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Inventory/Total Assets |
0,14 |
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Short-term Receivable/Total Assets |
0,64 |
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Tangible Assets/Total Assets |
0,17 |
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TURNOVER RATIOS |
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Inventory Turnover |
12,82 |
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Stockholders' Equity Turnover |
8,32 |
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Asset Turnover |
2,04 |
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FINANCIAL STRUCTURE |
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Stockholders' Equity/Total Assets |
0,25 |
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Current Liabilities/Total Assets |
0,75 |
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Financial Leverage |
0,75 |
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PROFITABILITY RATIOS |
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Net Profit/Stockholders' Eq. |
0,48 |
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Operating Profit Margin |
0,08 |
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Net Profit Margin |
0,06 |
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COLLECTION-PAYMENT |
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Average Collection Period (days) |
113,21 |
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Average Payable Period (days) |
34,70 |
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RATING EXPLANATIONS
RATING
|
STATUS |
PROPOSED CREDIT LINE |
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|
>86 |
Aaa |
Possesses an extremely
sound financial base with the strongest capability for timely payment of
interest and principal sums |
Unlimited |
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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 |
Unfavourable &
favourable factors carry similar weight in credit consideration. Capability
to overcome financial difficulties seems comparatively below average/normal. |
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 |