MIRA INFORM REPORT

 

 

Report Date :           

03.04.2012

 

IDENTIFICATION DETAILS

 

Correct Name :

DOST KARDESLER TEKSTIL SANAYI VE TICARET A.S.

 

 

Registered Office :

2.Organize Sanayi Bolgesi Sehitkamil Gaziantep

 

 

Country :

Turkey

 

 

Financials (as on) :

30.09.2011

 

 

Year of Establishment :

2000

 

 

Com. Reg. No.:

21965

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of polypropylene carpet yarn. 

 

 

No. of Employees :

240

 

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 :

1.490.000 EUR

 

 

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

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

:

DOST KARDESLER TEKSTIL SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

2.Organize Sanayi Bolgesi Sehitkamil Gaziantep / Turkey

PHONE NUMBER

:

90-342-337 93 06

 

FAX NUMBER

:

90-342-337 93 09

 

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Gazikent

TAX NO

:

3100182620

REGISTRATION NUMBER

:

21965

REGISTERED OFFICE

:

Gaziantep Chamber of Commerce

DATE ESTABLISHED

:

2000

ESTABLISHMENT GAZETTE DATE/NO

:

28.03.2000/5011

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   2.500.000

PAID-IN CAPITAL

:

TL   2.500.000

HISTORY

:

Previous Registered Capital

:

TL 1.000.000

Changed On

:

18.09.2003 (Commercial Gazette Date /Number 07.10.2003/ 5901)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Kaplan Kardesler Hali Sanayi ve Ticaret Ltd. Sti.

31,67 %

Salahattin Kaplan

25 %

Ali Kaplan

20 %

Mesut Kaplan

3,33 %

Omer Kaplan

3,33 %

Ilyas Kaplan

3,33 %

Necmettin Kaplan

3,33 %

Mehmet Kaplan

3,33 %

Abdulkadir Kaplan

3,33 %

Mustafa Kaplan

3,33 %

 

 

SISTER COMPANIES

:

KAPLAN KARDESLER HALI SANAYI VE TICARET LTD. STI.

 

SUBSIDIARIES

:

None

 

BOARD OF DIRECTORS

:

Salahattin Kaplan

Chairman

Mehmet Kaplan

Member

Ali Kaplan

Member

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of polypropylene carpet yarn. 

 

NACE CODE

:

DB.17.10

 

SECTOR

:

Textile

 

NUMBER OF EMPLOYEES

:

240

 

NET SALES

:

98.409.943 TL

(2007) 

113.247.968 TL

(2008) 

103.450.811 TL

(2009) 

138.240.103 TL

(2010) 

119.780.844 TL

(01.01-30.09.2011) 

 

 

 

IMPORT COUNTRIES

:

Spain

Greece

Israel

Saudi Arabia

Iran

U.S.A.

 

MERCHANDISE IMPORTED

:

Raw material

 

EXPORT VALUE

:

64.486.291 TL

(2009)

86.021.822 TL

(2010)

75.949.304 TL

(01.01-30.09.2011)

 

 

EXPORT COUNTRIES

:

Uzbekistan

Albania

Iraq

Kyrgyzstan

Middle East Countries

Macedonia Republic

Azerbaijan

Kazakhstan

Greece

Japan

China

Singapore

Malaysia

Taiwan

Bangladesh

Yemen

Russia

South Korea

 

MERCHANDISE  EXPORTED

:

Polypropylene carpet yarn

 

HEAD OFFICE ADDRESS

:

2.Organize Sanayi Bolgesi Sehitkamil  Gaziantep / Turkey ( owned by shareholder(s) )

 

BRANCHES

:

Head Office/Factory  :  2.Organize Sanayi Bolgesi Sehitkamil Gaziantep/Turkey (owned by shareholder(s))

                                                                                

INVESTMENTS

:

None

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2010. There appears an upwards trend in  1.1 - 30.9.2011.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Ticari Branch

Finansbank Gaziantep Branch

Turk Ekonomi Bankasi Guneydogu Anadolu 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

(2010) TL

(01.01-30.09.2011) TL

Net Sales

98.409.943

113.247.968

103.450.811

138.240.103

119.780.844

Profit (Loss) Before Tax

2.206.718

-486.527

3.212.542

3.037.744

-1.052.146

Stockholders' Equity

9.016.517

8.485.864

11.698.407

13.574.566

12.522.419

Total Assets

24.890.394

32.532.383

25.285.093

44.344.851

47.764.219

Current Assets

19.744.908

25.067.293

18.490.318

32.413.025

33.711.831

Non-Current Assets

5.145.486

7.465.090

6.794.775

11.931.826

14.052.388

Current Liabilities

14.106.381

20.559.052

11.999.096

27.895.380

34.111.717

Long-Term Liabilities

1.767.496

3.487.467

1.587.590

2.874.905

1.130.083

Gross Profit (loss)

4.087.667

4.615.836

6.459.690

7.177.192

5.553.599

Operating Profit (loss)

2.209.820

2.672.799

4.812.514

5.005.846

3.548.254

Net Profit (loss)

1.773.373

-486.527

3.212.542

2.429.715

-1.052.146

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Fair As of 30.09.2011

Remarks on Capitalization

A part of liabilities consist of loans from shareholders.

Liquidity

Insufficient As of 30.09.2011

Remarks On Liquidity

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

 

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

 

The liquid assets consist mainly of receivables; the firm has negative cash&banks

 

Profitability

Fair Operating Profitability  in 2007

Fair Net Profitability  in 2007

Fair Operating Profitability  in 2008

Net Loss  in 2008

In Order Operating Profitability  in 2009

Fair Net Profitability  in 2009

In Order Operating Profitability  in 2010

Fair Net Profitability  in 2010

Fair Operating Profitability (01.01-30.09.2011)

Net Loss (01.01-30.09.2011)

 

Gap between average collection and payable periods

Unfavorable in 01.01-30.09.2011

General Financial Position

Passable

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 1.490.000 EUR may be granted to the subject company.

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 ( 01.01-30.09.2011)

9,72 %

1,6335

2,3016

2,6294

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 01.01-29.02.2012)

0,29 %

1,8055

2,3806

2,8364

 

BALANCE SHEETS

 

 

 ( 31.12.2007 )  TL

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 30.09.2011 )  TL

 

CURRENT ASSETS

19.744.908

0,79

25.067.293

0,77

18.490.318

0,73

32.413.025

0,73

33.711.831

0,71

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

-1.252.666

-0,05

-829.445

-0,03

-1.392.873

-0,06

-357.753

-0,01

-2.296.172

-0,05

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

16.343.500

0,66

21.869.707

0,67

16.310.880

0,65

25.554.472

0,58

29.866.453

0,63

Other Receivable

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Inventories

4.578.402

0,18

3.908.123

0,12

2.795.126

0,11

6.974.102

0,16

6.014.842

0,13

Advances Given

75.672

0,00

4.474

0,00

567.423

0,02

239.617

0,01

32.529

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

0

0,00

114.434

0,00

209.762

0,01

2.587

0,00

94.179

0,00

NON-CURRENT ASSETS

5.145.486

0,21

7.465.090

0,23

6.794.775

0,27

11.931.826

0,27

14.052.388

0,29

Not Detailed Non-Current Assets

0

0,00

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

0

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

3.198.409

0,13

3.114.705

0,10

2.903.839

0,11

5.086.533

0,11

7.208.014

0,15

Intangible Assets

1.895.875

0,08

4.289.118

0,13

3.881.443

0,15

6.834.592

0,15

6.834.592

0,14

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

51.202

0,00

61.267

0,00

9.493

0,00

10.701

0,00

9.782

0,00

TOTAL ASSETS

24.890.394

1,00

32.532.383

1,00

25.285.093

1,00

44.344.851

1,00

47.764.219

1,00

CURRENT LIABILITIES

14.106.381

0,57

20.559.052

0,63

11.999.096

0,47

27.895.380

0,63

34.111.717

0,71

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

1.536.043

0,05

908.955

0,04

2.608.345

0,06

2.963.133

0,06

Accounts Payable

12.809.871

0,51

18.529.307

0,57

8.279.069

0,33

18.246.847

0,41

24.470.273

0,51

Loans from Shareholders

515.482

0,02

151.313

0,00

2.078.355

0,08

6.137.532

0,14

5.943.887

0,12

Other Short-term Payable

0

0,00

11.801

0,00

636

0,00

4.358

0,00

65.408

0,00

Advances from Customers

38.871

0,00

0

0,00

175.991

0,01

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

100.700

0,00

88.738

0,00

48.345

0,00

65.907

0,00

81.381

0,00

Provisions

433.345

0,02

0

0,00

0

0,00

287.722

0,01

0

0,00

Other Current Liabilities

208.112

0,01

241.850

0,01

507.745

0,02

544.669

0,01

587.635

0,01

LONG-TERM LIABILITIES

1.767.496

0,07

3.487.467

0,11

1.587.590

0,06

2.874.905

0,06

1.130.083

0,02

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

1.767.496

0,07

3.487.467

0,11

1.587.590

0,06

2.874.905

0,06

1.130.083

0,02

Securities Issued

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

9.016.517

0,36

8.485.864

0,26

11.698.407

0,46

13.574.566

0,31

12.522.419

0,26

Not Detailed Stockholders' Equity

9.016.517

0,36

8.485.864

0,26

11.698.407

0,46

0

0,00

0

0,00

Paid-in Capital

0

0,00

0

0,00

0

0,00

2.500.000

0,06

2.500.000

0,05

Cross Shareholding Adjustment of Capital

0

0,00

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

1.127.437

0,03

1.127.436

0,02

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

0

0,00

0

0,00

0

0,00

8.229.977

0,19

10.659.692

0,22

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

-712.563

-0,02

-712.563

-0,01

Net Profit (loss)

0

0,00

0

0,00

0

0,00

2.429.715

0,05

-1.052.146

-0,02

TOTAL LIABILITIES AND EQUITY

24.890.394

1,00

32.532.383

1,00

25.285.093

1,00

44.344.851

1,00

47.764.219

1,00

 

REMARKS ON FINANCIAL STATEMENT

:

At the income statement of 1.1.-30.09.2011,  TL 6.794.624  of the other expenses is due to "Loss from Foreign Currency Exchange" .                                                                                     

 

 

 

INCOME STATEMENTS

 

 

(2007) TL

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(01.01-30.09.2011) TL

 

Net Sales

98.409.943

1,00

113.247.968

1,00

103.450.811

1,00

138.240.103

1,00

119.780.844

1,00

Cost of Goods Sold

94.322.276

0,96

108.632.132

0,96

96.991.121

0,94

131.062.911

0,95

114.227.245

0,95

Gross Profit

4.087.667

0,04

4.615.836

0,04

6.459.690

0,06

7.177.192

0,05

5.553.599

0,05

Operating Expenses

1.877.847

0,02

1.943.037

0,02

1.647.176

0,02

2.171.346

0,02

2.005.345

0,02

Operating Profit

2.209.820

0,02

2.672.799

0,02

4.812.514

0,05

5.005.846

0,04

3.548.254

0,03

Other Income

3.585.201

0,04

8.527.843

0,08

4.285.770

0,04

3.386.991

0,02

2.578.951

0,02

Other Expenses

3.299.635

0,03

10.725.929

0,09

5.335.779

0,05

4.442.490

0,03

6.799.587

0,06

Financial Expenses

288.668

0,00

961.240

0,01

549.963

0,01

912.603

0,01

379.764

0,00

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

2.206.718

0,02

-486.527

0,00

3.212.542

0,03

3.037.744

0,02

-1.052.146

-0,01

Tax Payable

433.345

0,00

0

0,00

0

0,00

608.029

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

1.773.373

0,02

-486.527

0,00

3.212.542

0,03

2.429.715

0,02

-1.052.146

-0,01

 

 

FINANCIAL RATIOS

 

 

(2007)

(2008)

(2009)

(2010)

(01.01-30.09.2011)

LIQUIDITY RATIOS

 

Current Ratio

1,40

1,22

1,54

1,16

0,99

Acid-Test Ratio

1,07

1,02

1,24

0,90

0,81

Cash Ratio

-0,09

-0,04

-0,12

-0,01

-0,07

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,18

0,12

0,11

0,16

0,13

Short-term Receivable/Total Assets

0,66

0,67

0,65

0,58

0,63

Tangible Assets/Total Assets

0,13

0,10

0,11

0,11

0,15

TURNOVER RATIOS

 

Inventory Turnover

20,60

27,80

34,70

18,79

18,99

Stockholders' Equity Turnover

10,91

13,35

8,84

10,18

9,57

Asset Turnover

3,95

3,48

4,09

3,12

2,51

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,36

0,26

0,46

0,31

0,26

Current Liabilities/Total Assets

0,57

0,63

0,47

0,63

0,71

Financial Leverage

0,64

0,74

0,54

0,69

0,74

Gearing Percentage

1,76

2,83

1,16

2,27

2,81

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,20

-0,06

0,27

0,18

-0,08

Operating Profit Margin

0,02

0,02

0,05

0,04

0,03

Net Profit Margin

0,02

0,00

0,03

0,02

-0,01

Interest Cover

8,64

0,49

6,84

4,33

-1,77

COLLECTION-PAYMENT

 

Average Collection Period (days)

59,79

69,52

56,76

66,55

89,76

Average Payable Period (days)

48,89

61,40

30,73

50,12

77,12

WORKING CAPITAL

5638527,00

4508241,00

6491222,00

4517645,00

-399886,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.16

UK Pound

1

Rs.81.79

Euro

1

Rs.68.34

 

 

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%)

 

 

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.