MIRA
INFORM REPORT
|
Report Date : |
24.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
DORCE PREFABRIK YAPI VE INSAAT SANAYII TICARET A.S. |
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Formerly Known As : |
DORCE PREFABRIK YAPI VE PROFIL SANAYI TICARET LTD. STI. |
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Registered Office : |
Asagiovecler Mah. 1325. Sok. No:6 Cankaya Ankara |
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Country : |
Turkey |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
13.06.1989 |
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Com. Reg. No.: |
74695 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Preparing projects, manufacture and assembly of prefabricated structures such as building, office, school, health center etc. |
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No. of Employees : |
350 |
RATING & COMMENTS
|
MIRAs Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
9.500.000 USD |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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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 September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Turkey |
B1 |
B1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
REMARKS |
: |
The name stated at your inquiry DORCE PREFABRICATED BUILDING & CONSTRUCTION
INDUSTRY TRADE INC. is the name of the subject in English. The registered
full name of the firm is DORCE PREFABRIK YAPI VE INSAAT SANAYII TICARET
A.S. |
COMPANY IDENTIFICATION
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NAME |
: |
DORCE PREFABRIK YAPI VE INSAAT SANAYII TICARET A.S. |
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HEAD OFFICE ADDRESS |
: |
Asagiovecler Mah. 1325. Sok. No:6 Cankaya Ankara / Turkey |
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PHONE NUMBER |
: |
90-312-472 82 10 |
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FAX NUMBER |
: |
90-312-472 82 18-19 |
LEGAL STATUS AND HISTORY
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TAX OFFICE |
: |
Kavaklidere |
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TAX NO |
: |
3100444740 |
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REGISTRATION NUMBER |
: |
74695 |
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REGISTERED OFFICE |
: |
Ankara Chamber of Commerce |
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DATE ESTABLISHED |
: |
13.06.1989 |
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LEGAL FORM |
: |
Joint Stock Company |
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TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
TL 3.998.894 |
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PAID-IN CAPITAL |
: |
TL 3.998.894 |
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HISTORY |
: |
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OWNERSHIP / MANAGEMENT
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SHAREHOLDERS |
: |
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SISTER COMPANIES |
: |
ALCE PREFABRIK CELIK YAPI SANAYII VE TICARET A.S. D.N.S.DIS TICARET INSAAT SANAYI VE PAZARLAMA LTD.STI. DORCE HOLDING A.S. DOST SERVIS INSAAT TURIZM EGITIM GIDA SANAYII VE TICARET LTD.STI. |
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SUBSIDIARIES |
: |
Dorce Kazak (Kazakhistan) ( 100
% ) |
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BOARD OF DIRECTORS |
: |
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OPERATIONS
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BUSINESS ACTIVITIES |
: |
Preparing projects, manufacture and assembly of prefabricated
structures such as building, office, school, health center etc. The subject has declared that it has branch offices in abroad. |
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NACE CODE |
: |
DJ.28.11 |
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NUMBER OF EMPLOYEES |
: |
350 |
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NET SALES |
: |
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IMPORT COUNTRIES |
: |
Finland Spain India Netherlands |
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MERCHANDISE IMPORTED |
: |
Machinery Raw materials |
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EXPORT VALUE |
: |
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EXPORT COUNTRIES |
: |
U.A.E. Niger Iraq Afghanistan Kazakhstan Algeria Germany Yemen Gabon Oman Qatar Kyrgyzstan Libya Azerbaijan Nigeria |
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MERCHANDISE EXPORTED |
: |
Prefabricated construction elements |
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HEAD OFFICE ADDRESS |
: |
Asagiovecler Mah. 1325. Sok. No:6 Cankaya Ankara / Turkey ( owned ) |
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BRANCHES |
: |
Factory : Ankara-Istanbul Karayolu |
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TREND OF
BUSINESS |
: |
There appears an
upwards trend in 1.1 - 30.9.2011. |
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SIZE OF BUSINESS |
: |
Giant |
FINANCE
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MAIN DEALING BANKS |
: |
Akbank Ulus Branch Finansbank Ataturk Bulvari Branch Garanti Bankasi Cetin Emec Branch HSBC Bank Kizilay Branch T. Is Bankasi Hosdere Branch Yapi ve Kredi Bankasi Cetin Emec Branch |
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CREDIT FACILITIES |
: |
The subject company is making use of credit facilities. |
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PAYMENT BEHAVIOUR |
: |
No payment delays have come to our knowledge. |
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KEY FINANCIAL ELEMENTS |
: |
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COMMENT ON FINANCIAL POSITION
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Capitalization |
High As of
31.12.2010 |
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Liquidity |
High As of
31.12.2010 |
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Remarks On
Liquidity |
The unfavorable gap
between average collection and average payable period has an adverse effect
on liquidity. |
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Profitability |
Good Operating
Profitability in 2010 High Net
Profitability in 2010 High Operating
Profitability (01.01-30.09.2011) Net Loss
(01.01-30.09.2011) |
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Gap between
average collection and payable periods |
Unfavorable in
2010 |
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General
Financial Position |
Satisfactory |
CREDIT OPINION WITHOUT OBLIGATION
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CREDIT LIMIT |
: |
9.500.000 USD |
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CREDIT OPINION WITHOUT OBLIGATION |
: |
We are of the opinion that, a max. credit of 9.500.000 USD may be
granted to the subject company. |
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|
Incr. in producers price index |
Average USD/TL |
Average EUR/TL |
Average GBP/ TL |
|
( 2010 ) |
8,87 % |
1,5128 |
2,0096 |
2,3410 |
|
( 01.01-30.09.2011) |
9,72 % |
1,6335 |
2,3016 |
2,6294 |
|
( 01.01-30.11.2011) |
12,20 % |
1,6616 |
2,3280 |
2,6658 |
BALANCE SHEETS
|
|
( 31.12.2010 ) TL |
|
|
CURRENT ASSETS |
69.045.508 |
0,87 |
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Not Detailed
Current Assets |
0 |
0,00 |
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Cash and Banks |
16.265.188 |
0,20 |
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Marketable
Securities |
0 |
0,00 |
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Account
Receivable |
33.424.997 |
0,42 |
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Other Receivable |
4.946.814 |
0,06 |
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Inventories |
7.118.995 |
0,09 |
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Advances Given |
5.273.983 |
0,07 |
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Accumulated Construction
Expense |
0 |
0,00 |
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Other Current
Assets |
2.015.531 |
0,03 |
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NON-CURRENT
ASSETS |
10.666.435 |
0,13 |
|
Not Detailed
Non-Current Assets |
0 |
0,00 |
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Long-term
Receivable |
1.910.815 |
0,02 |
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Financial Assets |
1.560.909 |
0,02 |
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Tangible Fixed
Assets (net) |
6.616.728 |
0,08 |
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Intangible
Assets |
328.929 |
0,00 |
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Deferred Tax
Assets |
0 |
0,00 |
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Other
Non-Current Assets |
249.054 |
0,00 |
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TOTAL ASSETS |
79.711.943 |
1,00 |
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CURRENT
LIABILITIES |
29.315.831 |
0,37 |
|
Not Detailed
Current Liabilities |
0 |
0,00 |
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Financial Loans |
3.782.500 |
0,05 |
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Accounts Payable |
15.312.530 |
0,19 |
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Loans from
Shareholders |
0 |
0,00 |
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Other Short-term
Payable |
415.062 |
0,01 |
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Advances from
Customers |
8.976.097 |
0,11 |
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Accumulated
Construction Income |
0 |
0,00 |
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Taxes Payable |
828.768 |
0,01 |
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Provisions |
874 |
0,00 |
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Other Current
Liabilities |
0 |
0,00 |
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LONG-TERM
LIABILITIES |
0 |
0,00 |
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Not Detailed
Long-term Liabilities |
0 |
0,00 |
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Financial Loans |
0 |
0,00 |
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Securities
Issued |
0 |
0,00 |
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Long-term
Payable |
0 |
0,00 |
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Loans from
Shareholders |
0 |
0,00 |
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Other Long-term
Liabilities |
0 |
0,00 |
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Provisions |
0 |
0,00 |
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STOCKHOLDERS'
EQUITY |
50.396.112 |
0,63 |
|
Not Detailed
Stockholders' Equity |
0 |
0,00 |
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Paid-in Capital |
3.998.894 |
0,05 |
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Cross
Shareholding Adjustment of Capital |
0 |
0,00 |
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Inflation
Adjustment of Capital |
521.637 |
0,01 |
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Equity of
Consolidated Firms |
0 |
0,00 |
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Reserves |
32.148.529 |
0,40 |
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Revaluation Fund |
0 |
0,00 |
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Accumulated
Losses(-) |
0 |
0,00 |
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Net Profit
(loss) |
13.727.052 |
0,17 |
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TOTAL
LIABILITIES AND EQUITY |
79.711.943 |
1,00 |
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REMARKS ON
FINANCIAL STATEMENT |
: |
At the income statement
of 01.01.-30.09.2011, TL
9.077.309 of the other expenses is due
to "Other Extraordinary Expenses and Losses" . At the income
statement of 01.01.-30.09.2011, TL
9.915.955 of the other expenses is due to "Loss from Foreign Currency
Exchange" . |
INCOME STATEMENTS
|
|
(2010) TL |
|
(01.01-30.09.2011)
TL |
|
|
Net Sales |
65.155.005 |
1,00 |
65.429.021 |
1,00 |
|
Cost of Goods
Sold |
54.599.629 |
0,84 |
47.365.000 |
0,72 |
|
Gross Profit |
10.555.376 |
0,16 |
18.064.021 |
0,28 |
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Operating
Expenses |
6.905.855 |
0,11 |
9.360.757 |
0,14 |
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Operating Profit |
3.649.521 |
0,06 |
8.703.264 |
0,13 |
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Other Income |
13.178.346 |
0,20 |
7.740.257 |
0,12 |
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Other Expenses |
1.978.382 |
0,03 |
19.933.795 |
0,30 |
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Financial
Expenses |
14.602 |
0,00 |
264.156 |
0,00 |
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Minority
Interests |
0 |
0,00 |
0 |
0,00 |
|
Profit (loss) of
consolidated firms |
0 |
0,00 |
0 |
0,00 |
|
Profit (loss)
Before Tax |
14.834.883 |
0,23 |
-3.754.430 |
-0,06 |
|
Tax Payable |
1.107.831 |
0,02 |
0 |
0,00 |
|
Postponed Tax
Gain |
0 |
0,00 |
0 |
0,00 |
|
Net Profit
(loss) |
13.727.052 |
0,21 |
-3.754.430 |
-0,06 |
FINANCIAL
RATIOS
|
|
(2010) |
|
LIQUIDITY RATIOS |
|
|
Current Ratio |
2,36 |
|
Acid-Test Ratio |
1,86 |
|
Cash Ratio |
0,55 |
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ASSET STRUCTURE
RATIOS |
|
|
Inventory/Total
Assets |
0,09 |
|
Short-term
Receivable/Total Assets |
0,48 |
|
Tangible
Assets/Total Assets |
0,08 |
|
TURNOVER RATIOS |
|
|
Inventory
Turnover |
7,67 |
|
Stockholders'
Equity Turnover |
1,29 |
|
Asset Turnover |
0,82 |
|
FINANCIAL
STRUCTURE |
|
|
Stockholders'
Equity/Total Assets |
0,63 |
|
Current
Liabilities/Total Assets |
0,37 |
|
Financial
Leverage |
0,37 |
|
Gearing
Percentage |
0,58 |
|
PROFITABILITY
RATIOS |
|
|
Net
Profit/Stockholders' Eq. |
0,27 |
|
Operating Profit
Margin |
0,06 |
|
Net Profit
Margin |
0,21 |
|
Interest Cover |
1016,95 |
|
COLLECTION-PAYMENT |
|
|
Average
Collection Period (days) |
195,24 |
|
Average Payable
Period (days) |
100,96 |
|
WORKING CAPITAL |
39729677,00 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.72 |
|
|
1 |
Rs.82.70 |
|
Euro |
1 |
Rs.68.90 |
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 SCs 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.