MIRA INFORM REPORT

 

 

Report Date :

11.01.2011

 

IDENTIFICATION DETAILS

 

Name :

DOGA MADENCILIK ENDUSTRI VE TICARET A.S.

 

 

Registered Office :

Sekerpinar Beldesi Ataturk Mah. Fevzi Cakmak Cad. No:1 Gebze Kocaeli

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2009

 

 

Date of Incorporation :

01.09.1982

 

 

Com. Reg. No.:

4725

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Process and trade of granite plate. 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

EUR  4.600.000

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 – June 30, 2010

 

Country Name

Previous Rating

                   (01.04.2010)                  

Current Rating

(30.06.2010)

Turkey

b1

b1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

COMPANY IDENTIFICATION

 

NAME

:

DOGA MADENCILIK ENDUSTRI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Sekerpinar Beldesi Ataturk Mah. Fevzi Cakmak Cad. No:1 Gebze Kocaeli / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The address was changed from "Sekerpinar Beldesi Ataturk Mah. Fevzi Cakmak Cad. No:100 Gebze Kocaeli" to "Cayirova Sekerpinar Mah. Fevzi Cakmak Cad. Sarmasik Sok. No:1 Gebze Kocaeli" by the Municipality.

PHONE NUMBER

:

90-262-658 94 46

 

FAX NUMBER

:

90-262-658 11 11

 

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Ilyasbey

TAX NO

:

3020015993

REGISTRATION NUMBER

:

4725

REGISTERED OFFICE

:

Gebze Chamber of Commerce

DATE ESTABLISHED

:

01.09.1982

ESTABLISHMENT GAZETTE DATE/NO

:

07.09.1982/583

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   120.000.000

PAID-IN CAPITAL

:

TL   111.905.000

HISTORY

:

Previous Registered Capital

:

TL 75.000.000

Changed On

:

12.01.2009 (Commercial Gazette Date /Number 19.01.2009/ 7230)

Merger

:

The subject took over and merged with “Promar Endustri Ic ve Dis Ticaret A.S.”

Changed On

:

13.11.2008 (Commercial Gazette Date /Number 21.11.2008/ 7194)

Other Changes

:

The subject which was firstly established on 01.09.1982 in Istanbul and registered at Istanbul Commercial Registry  under registration number 189876 moved to Gebze  and registered at Gebze Commercial Registry with 4725 registration number.

Changed On

:

19.03.1998 (Commercial Gazette Date /Number 14.04.1998/ 4519)

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Kemal Ayvaci

52 %

Nevzat Inan

31 %

Hayati Benhabib

7 %

Ilyas Ayvaci

5 %

Omer Faruk Ayvaci

5 %

 

 

SISTER COMPANIES

:

DOGA ETIKET VE AMBALAJ SANAYII TICARET A.S.

 

DOGA SEHIRCILIK IC VE DIS TICARET A.S.

 

DOGA TEKSTIL ENDUSTRI VE TICARET A.S.

 

DOGA TURIZM IC VE DIS TICARET A.S.

 

GOLPA MADENCILIK ENDUSTRI VE TICARET A.S. (NOT ACTIVE)

 

NAR MUHENDISLIK HIZMETLERI INSAAT NAKLIYAT SANAYI VE TICARET A.S.

 

BOARD OF DIRECTORS

:

Kemal Ayvaci

Chairman

Nevzat Inan

Vice-Chairman

Hayati Benhabib

Member

Ilyas Ayvaci

Member

Omer Faruk Ayvaci

Member

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Process and trade of granite plate. 

 

NUMBER OF EMPLOYEES

:

80

 

NET SALES

:

44.802.482 TL

(2006) 

51.311.801 TL

(2007) 

57.207.296 TL

(2008) 

53.570.680 TL

(2009) 

14.380.554 TL

(01.01-31.03.2010) 

 

 

IMPORT VALUE

:

3.285.183 EUR + 13.281.535 USD

(2008)

15.615.745 USD

(2009)

IMPORT COUNTRIES

:

Brazil

Italy

South Africa

India

China

 

MERCHANDISE IMPORTED

:

Granite block

Intermediary goods

Plate

 

EXPORT VALUE

:

1.642.693 TL

(2006)

1.140.302 TL

(2007)

7.613.426 TL

(2008)

4.391.149 TL

(2009)

221.761 TL

(01.01-31.03.2010)

 

 

EXPORT COUNTRIES

:

Bulgaria

Russia

Azerbaijan

Georgia

Iraq

Serbia

Northern Cyprus Turkish Republic

 

MERCHANDISE  EXPORTED

:

Granite

Sandstone

 

HEAD OFFICE ADDRESS

:

Sekerpinar Beldesi Ataturk Mah. Fevzi Cakmak Cad. No:1 Gebze  Kocaeli / Turkey  (owned)

 

BRANCHES

:

Head Office/Production Plant  :  Sekerpinar Beldesi Ataturk Mah. Fevzi Cakmak Cad. No:100 Gebze Kocaeli/Turkey (owned) (136.000 sqm)

 

 

 

TREND OF BUSINESS

:

There was a decline at business volume in nominal terms in 2009.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Gebze Branch

Anadolubank Gebze Branch

Denizbank Gebze Branch

Garanti Bankasi Gebze Branch

Yapi ve Kredi Bankasi Kurtkoy Branch

 

CREDIT FACILITIES

:

The subject company is making use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2007) TL

(2008) TL

(2009) TL

(01.01-31.03.2010) TL

Net Sales

51.311.801

57.207.296

53.570.680

14.380.554

Profit (Loss) Before Tax

4.156.366

4.815.599

2.015.837

866.835

Stockholders' Equity

100.225.312

111.769.541

117.343.557

 

Total Assets

142.112.198

152.901.358

165.311.800

 

Current Assets

48.206.617

52.529.258

40.634.011

 

Non-Current Assets

93.905.581

100.372.100

124.677.789

 

Current Liabilities

25.790.448

33.382.057

38.938.243

 

Long-Term Liabilities

16.096.438

7.749.760

9.030.000

 

Gross Profit (loss)

8.047.983

13.821.880

6.468.769

1.896.921

Operating Profit (loss)

5.593.947

11.371.489

4.645.787

1.510.546

Net Profit (loss)

3.314.568

3.842.442

1.596.115

866.835

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

High As of 31.12.2009

Liquidity

Insufficient As of 31.12.2009

Remarks On Liquidity

The unfavorable gap between average collection and average payable period has an adverse effect on liquidity.

Profitability

High Operating Profitability  in 2007

High Net Profitability  in 2007

High Operating Profitability  in 2008

High Net Profitability  in 2008

Good Operating Profitability  in 2009

In Order Net Profitability  in 2009

High Operating Profitability (01.01-31.03.2010)

Good Net Profitability (01.01-31.03.2010)

 

Gap between average collection and payable periods

Unfavorable in 2009

General Financial Position

Passable

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT LIMIT

 

:

4.600.000 EUR

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 4.600.000 EUR may be granted to the subject company.

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2006 )

11,58 %

1,4309

1,7987

2,6377

 ( 2007 )

5,94 %

1,3075

1,7901

2,6133

 ( 2008 )

8,11 %

1,2858

1,8876

2,3708

 ( 2009 )

5,93 %

1,5460

2,1529

2,4094

 ( 01.01-31.03.2010)

4,24 %

1,5128

2,0953

2,3698

 ( 01.01-30.06.2010)

4,93 %

1,5268

2,0325

2,3444

 

 

BALANCE SHEETS

 

 

 ( 31.12.2007 )  TL

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

CURRENT ASSETS

48.206.617

0,34

52.529.258

0,34

40.634.011

0,25

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

Cash and Banks

12.345.773

0,09

9.954.124

0,07

9.141.021

0,06

Marketable Securities

0

0,00

0

0,00

0

0,00

Account Receivable

9.113.689

0,06

9.127.506

0,06

9.434.287

0,06

Other Receivable

695.387

0,00

790.729

0,01

243.026

0,00

Inventories

23.392.716

0,16

27.794.878

0,18

20.355.271

0,12

Advances Given

2.649.006

0,02

2.924.458

0,02

958.232

0,01

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

Other Current Assets

10.046

0,00

1.937.563

0,01

502.174

0,00

NON-CURRENT ASSETS

93.905.581

0,66

100.372.100

0,66

124.677.789

0,75

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

Long-term Receivable

28.891

0,00

29.713

0,00

29.713

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

93.848.171

0,66

100.306.372

0,66

124.615.929

0,75

Intangible Assets

22.858

0,00

36.015

0,00

28.365

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

5.661

0,00

0

0,00

3.782

0,00

TOTAL ASSETS

142.112.198

1,00

152.901.358

1,00

165.311.800

1,00

CURRENT LIABILITIES

25.790.448

0,18

33.382.057

0,22

38.938.243

0,24

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

17.335.191

0,12

28.800.857

0,19

36.056.462

0,22

Accounts Payable

6.546.644

0,05

1.970.579

0,01

1.359.746

0,01

Loans from Shareholders

344.153

0,00

0

0,00

0

0,00

Other Short-term Payable

83.873

0,00

150.215

0,00

466.776

0,00

Advances from Customers

887.648

0,01

2.228.011

0,01

804.490

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

Taxes Payable

334.594

0,00

230.623

0,00

119.076

0,00

Provisions

255.989

0,00

1.772

0,00

131.693

0,00

Other Current Liabilities

2.356

0,00

0

0,00

0

0,00

LONG-TERM LIABILITIES

16.096.438

0,11

7.749.760

0,05

9.030.000

0,05

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

16.096.438

0,11

7.749.760

0,05

9.030.000

0,05

Securities Issued

0

0,00

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

0

0,00

Loans from Shareholders

0

0,00

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

100.225.312

0,71

111.769.541

0,73

117.343.557

0,71

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

Paid-in Capital

75.000.000

0,53

107.927.099

0,71

111.905.000

0,68

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

15.971.422

0,11

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

Reserves

5.939.322

0,04

0

0,00

3.842.442

0,02

Revaluation Fund

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

Net Profit (loss)

3.314.568

0,02

3.842.442

0,03

1.596.115

0,01

TOTAL LIABILITIES AND EQUITY

142.112.198

1,00

152.901.358

1,00

165.311.800

1,00

 

 

REMARKS ON FINANCIAL STATEMENT

:

Although the capital was increased from TL 75.000.000  to TL 120.000.000 on 12.01.2009, the increase was reflected to the balance sheet of 31.12.2008..                                                                                                                                                                                  

 

 

INCOME STATEMENTS

 

 

(2007) TL

 

(2008) TL

 

(2009) TL

 

(01.01-31.03.2010) TL

 

Net Sales

51.311.801

1,00

57.207.296

1,00

53.570.680

1,00

14.380.554

1,00

Cost of Goods Sold

43.263.818

0,84

43.385.416

0,76

47.101.911

0,88

12.483.633

0,87

Gross Profit

8.047.983

0,16

13.821.880

0,24

6.468.769

0,12

1.896.921

0,13

Operating Expenses

2.454.036

0,05

2.450.391

0,04

1.822.982

0,03

386.375

0,03

Operating Profit

5.593.947

0,11

11.371.489

0,20

4.645.787

0,09

1.510.546

0,11

Other Income

1.512.004

0,03

4.485.768

0,08

2.308.672

0,04

48.207

0,00

Other Expenses

594.985

0,01

9.186.250

0,16

2.953.356

0,06

24.155

0,00

Financial Expenses

2.354.600

0,05

1.855.408

0,03

1.985.266

0,04

667.763

0,05

Minority Interests

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

Profit (loss) Before Tax

4.156.366

0,08

4.815.599

0,08

2.015.837

0,04

866.835

0,06

Tax Payable

841.798

0,02

973.157

0,02

419.722

0,01

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

3.314.568

0,06

3.842.442

0,07

1.596.115

0,03

866.835

0,06

 

 

 

FINANCIAL RATIOS

 

 

(2007)

(2008)

(2009)

LIQUIDITY RATIOS

 

 

Current Ratio

1,87

1,57

1,04

Acid-Test Ratio

0,86

0,60

0,48

Cash Ratio

0,48

0,30

0,23

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,16

0,18

0,12

Short-term Receivable/Total Assets

0,07

0,06

0,06

Tangible Assets/Total Assets

0,66

0,66

0,75

TURNOVER RATIOS

 

 

Inventory Turnover

1,85

1,56

2,31

Stockholders' Equity Turnover

0,51

0,51

0,46

Asset Turnover

0,36

0,37

0,32

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,71

0,73

0,71

Current Liabilities/Total Assets

0,18

0,22

0,24

Financial Leverage

0,29

0,27

0,29

Gearing Percentage

0,42

0,37

0,41

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,03

0,03

0,01

Operating Profit Margin

0,11

0,20

0,09

Net Profit Margin

0,06

0,07

0,03

Interest Cover

2,77

3,60

2,02

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

64,14

57,63

63,60

Average Payable Period (days)

54,47

16,35

10,39

WORKING CAPITAL

22416169,00

19147201,00

1695768,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.37

UK Pound

1

Rs.70.38

Euro

1

Rs.58.93

 

 

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%)

 

 

 

 

 

 

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.