MIRA INFORM REPORT

 

 

Report Date :           

09.09.2011

 

IDENTIFICATION DETAILS

 

Name :

DANIS DIS TICARET VE TEKSTIL SANAYI LTD. STI.

 

 

Registered Office :

Akcaburgaz Mah. 1. Cad. No:7 Kat:1 Esenyurt Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

29.12.2003

 

 

Com. Reg. No.:

512477

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Wholesale trade of textile industry, sewing and knitting machines

 

RATING & COMMENTS

 

MIRA’s Rating :

C

 

RATING

STATUS

PROPOSED CREDIT LINE

<10

C

Absolute credit risk exists. Caution needed to be exercised

Credit not recommended

 

Status :

Poor

 

 

Payment Behaviour :

Unknown

 

 

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 – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

Turkey

b1

b1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 Bottom of Form

COMPANY IDENTIFICATION

 

NAME

:

DANIS DIS TICARET VE TEKSTIL SANAYI LTD. STI.

HEAD OFFICE ADDRESS

:

Akcaburgaz Mah. 1. Cad. No:7 Kat:1 Esenyurt Istanbul / Turkey

PHONE NUMBER

:

90-212-886 10 50

 

FAX NUMBER

:

90-212-886 15 34

 

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Beylikduzu

TAX NO

:

2700358233

REGISTRATION NUMBER

:

512477

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

29.12.2003

ESTABLISHMENT GAZETTE DATE/NO

:

02.01.2004/5959

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   25.000

PAID-IN CAPITAL

:

TL   25.000

 

           

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Mensur Kose

65 %

Neda Begum Kose Aydin

15 %

Ceyda Kose Kavsak

15 %

Aytug Alagoz

5 %

 

 

SISTER COMPANIES

:

DANIS MAKINE  TURIZM SANAYI VE TICARET LTD. STI.

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Ceyda Kose Kavsak

 

Mensur Kose

 

Neda Begum Kose Aydin

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Wholesale trade of textile industry, sewing and knitting machines.

 

NACE CODE

:

G .51.83

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

0

 

REMARKS ON NUMBER OF EMPLOYEES

:

The firm has no employees. Operations are carried out by shareholders.

 

NET SALES

:

2.281.455 TL

(2009) 

1.217.655 TL

(2010) 

1.096.189 TL

(01.01-30.06.2011) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT VALUE

:

0 TL

(2010)

 

 

 

EXPORT VALUE

:

2.281.455 TL

(2009)

1.197.190 TL

(2010)

1.089.476 TL

(01.01-30.06.2011)

 

 

EXPORT COUNTRIES

:

Egypt

Sri Lanka

Pakistan

Bangladesh

Iran

India

Jordan

 

MERCHANDISE  EXPORTED

:

Sewing and knitting machines

Textile machinery

 

HEAD OFFICE ADDRESS

:

Akcaburgaz Mah. 1. Cad. No:7 Kat:1 Esenyurt Istanbul / Turkey

 

 

 

TREND OF BUSINESS

:

There was a decline at business volume in nominal terms in  2010. There appears an upwards trend in  1.1 - 30.6.2011.

SIZE OF BUSINESS

:

Lower-Moderate

 

 

FINANCE

 

MAIN DEALING BANKS

:

Garanti Bankasi Beylikduzu Branch

HSBC Bank Beylikduzu Branch

 

CREDIT FACILITIES

:

No credit facility has come to our knowledge.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

 

KEY FINANCIAL ELEMENTS

:

 

(2010) TL

(01.01-30.06.2011) TL

 

 

 

Net Sales

1.217.655

1.096.189

 

 

 

Profit (Loss) Before Tax

93.263

-325.603

 

 

 

Stockholders' Equity

676.820

 

 

 

 

Total Assets

1.059.102

 

 

 

 

Current Assets

1.059.102

 

 

 

 

Non-Current Assets

0

 

 

 

 

Current Liabilities

382.282

 

 

 

 

Long-Term Liabilities

0

 

 

 

 

Gross Profit (loss)

138.824

120.989

 

 

 

Operating Profit (loss)

60.205

44.514

 

 

 

Net Profit (loss)

74.599

-325.603

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

In Order As of 31.12.2010

Remarks on Capitalization

The loss at the last period is expected to have a negative effect on equity total since the date of last stockholders’ equity.

Liquidity

High As of 31.12.2010

Profitability

In Order Operating Profitability  in 2010

High Net Profitability  in 2010

In Order Operating Profitability (01.01-30.06.2011)

Net Loss (01.01-30.06.2011)

 

Gap between average collection and payable periods

Favorable in 2010

General Financial Position

Unsatisfactory

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2009 )

5,93 %

1,5460

2,1529

2,4094

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 ( 01.01-30.06.2011)

6,21 %

1,5771

2,2246

2,5422

 ( 01.01-31.08.2011)

8,05 %

1,6083

2,2781

2,5994

 

 

BALANCE SHEETS

 

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

1.059.102

1,00

Not Detailed Current Assets

0

0,00

Cash and Banks

49.167

0,05

Marketable Securities

0

0,00

Account Receivable

387.898

0,37

Other Receivable

416.215

0,39

Inventories

198.000

0,19

Advances Given

0

0,00

Accumulated Construction Expense

0

0,00

Other Current Assets

7.822

0,01

NON-CURRENT ASSETS

0

0,00

Not Detailed Non-Current Assets

0

0,00

Long-term Receivable

0

0,00

Financial Assets

0

0,00

Tangible Fixed Assets (net)

0

0,00

Intangible Assets

0

0,00

Deferred Tax Assets

0

0,00

Other Non-Current Assets

0

0,00

TOTAL ASSETS

1.059.102

1,00

CURRENT LIABILITIES

382.282

0,36

Not Detailed Current Liabilities

0

0,00

Financial Loans

0

0,00

Accounts Payable

358.439

0,34

Loans from Shareholders

0

0,00

Other Short-term Payable

5.678

0,01

Advances from Customers

12.229

0,01

Accumulated Construction Income

0

0,00

Taxes Payable

859

0,00

Provisions

5.077

0,00

Other Current Liabilities

0

0,00

LONG-TERM LIABILITIES

0

0,00

Not Detailed Long-term Liabilities

0

0,00

Financial Loans

0

0,00

Securities Issued

0

0,00

Long-term Payable

0

0,00

Loans from Shareholders

0

0,00

Other Long-term Liabilities

0

0,00

Provisions

0

0,00

STOCKHOLDERS' EQUITY

676.820

0,64

Not Detailed Stockholders' Equity

0

0,00

Paid-in Capital

25.000

0,02

Cross Shareholding Adjustment of Capital

0

0,00

Inflation Adjustment of Capital

3.460

0,00

Equity of Consolidated Firms

0

0,00

Reserves

573.761

0,54

Revaluation Fund

0

0,00

Accumulated Losses(-)

0

0,00

Net Profit (loss)

74.599

0,07

TOTAL LIABILITIES AND EQUITY

1.059.102

1,00

 

 

INCOME STATEMENTS

 

 

(2010) TL

 

(01.01-30.06.2011) TL

 

Net Sales

1.217.655

1,00

1.096.189

1,00

Cost of Goods Sold

1.078.831

0,89

975.200

0,89

Gross Profit

138.824

0,11

120.989

0,11

Operating Expenses

78.619

0,06

76.475

0,07

Operating Profit

60.205

0,05

44.514

0,04

Other Income

110.097

0,09

26.531

0,02

Other Expenses

77.035

0,06

396.648

0,36

Financial Expenses

4

0,00

0

0,00

Minority Interests

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

Profit (loss) Before Tax

93.263

0,08

-325.603

-0,30

Tax Payable

18.664

0,02

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

Net Profit (loss)

74.599

0,06

-325.603

-0,30

 


FINANCIAL RATIOS

 

 

(2010)

LIQUIDITY RATIOS

 

Current Ratio

2,77

Acid-Test Ratio

2,23

Cash Ratio

0,13

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,19

Short-term Receivable/Total Assets

0,76

Tangible Assets/Total Assets

0,00

TURNOVER RATIOS

 

Inventory Turnover

5,45

Stockholders' Equity Turnover

1,80

Asset Turnover

1,15

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,64

Current Liabilities/Total Assets

0,36

Financial Leverage

0,36

Gearing Percentage

0,56

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,11

Operating Profit Margin

0,05

Net Profit Margin

0,06

Interest Cover

23316,75

COLLECTION-PAYMENT

 

Average Collection Period (days)

114,68

Average Payable Period (days)

119,61

WORKING CAPITAL

676820,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.46.18

UK Pound

1

Rs.73.65

Euro

1

Rs.64.95

 

 

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.