MIRA INFORM REPORT

 

Report Date :

05.01.2012

 

IDENTIFICATION DETAILS

 

Name :

DENGE TICARET VE PAZARLAMA OTOMOTIV LTD. STI.

 

 

Registered Office :

Mimar Sinan Mah. Yedpa Bulvari Yedpa Ticaret Merkezi No:32 Atasehir Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

14.01.2004

 

 

Com. Reg. No.:

513940

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Wholesale trade of automotive spare parts.

 

 

No. of Employees :

12

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

890.000 USD

Status :

Satisfactory

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 30, 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

 

 

NOTES

:

Full name of the firm was missing at your inquiry.

 

Address at your inquiry is not the registered head office but another premise.

 

 

COMPANY IDENTIFICATION

 

 

NAME

:

DENGE TICARET VE PAZARLAMA OTOMOTIV LTD. STI.

HEAD OFFICE ADDRESS

:

Mimar Sinan Mah. Yedpa Bulvari Yedpa Ticaret Merkezi No:32 Atasehir Istanbul / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The address was changed from "Yeni Camlica Mah. Yedpa Ticaret Merkezi A Cad. No:32 Umraniye" to "Mimar Sinan Mah. Yedpa Bulvari Ticaret Merkezi No:32 Atasehir" by the Municipality.

PHONE NUMBER

:

90-216-471 01 55

 

FAX NUMBER

:

90-216-471 01 56

 

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Kozyatagi

TAX NO

:

2910592331

REGISTRATION NUMBER

:

513940

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

14.01.2004

ESTABLISHMENT GAZETTE DATE/NO

:

20.01.2004/5971

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   500.000

PAID-IN CAPITAL

:

TL   500.000

HISTORY

:

Previous Registered Capital

:

TL 250.000

Changed On

:

30.06.2010 (Commercial Gazette Date /Number 08.07.2010/ 7602)

Previous Address

:

Yeni Camlica Mah. Yedpa Ticaret Merkezi A Cad. No:34 Umraniye/Istanbul

Changed On

:

21.04.2008 (Commercial Gazette Date /Number 25.04.2008/ 7049)

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Daniel Azuz

50 %

Ilya Susam

50 %

 

 

SISTER COMPANIES

:

LEVSAN DIS TICARET KOLLEKTIF SIRKETI DANIEL AZUZ ILYA SUSAM

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Daniel Azuz                                                                                                                                                                                                                                                                                   

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Wholesale trade of automotive spare parts.

 

NACE CODE

:

G .50.30

 

SECTOR

:

Commerce

 

REPRESENTATIVE OF

:

Amc   (Spain)

E-Techno.1 Srl   (Italy)

Fae   (Spain)

Samko Srl   (Italy)

Sogefi Societe   (Italy)

 

NUMBER OF EMPLOYEES

:

12

 

NET SALES

:

1.790.164 TL

(14.01-31.12.2004) 

2.238.227 TL

(2005) 

3.182.379 TL

(2006) 

3.620.314 TL

(2007) 

3.895.685 TL

(2008) 

4.523.356 TL

(2009) 

4.792.760 TL

(2010) 

5.839.687 TL

(01.01-30.09.2011) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT COUNTRIES

:

Italy

Spain

China

India

Argentina

Israel

 

MERCHANDISE IMPORTED

:

Automotive spare parts

 

EXPORT VALUE

:

80.548 TL

(2005)

10.474 TL

(2006)

72.973 TL

(2007)

29.633 TL

(2008)

21.456 TL

(2009)

45.711 TL

(2010)

0 TL

(01.01-30.09.2011)

 

 

EXPORT COUNTRIES

:

Middle East Countries

 

MERCHANDISE  EXPORTED

:

Brakes

Electric motors

Fuel pumps

Roller chain

 

HEAD OFFICE ADDRESS

:

Mimar Sinan Mah. Yedpa Bulvari Yedpa Ticaret Merkezi No:32 Atasehir  Istanbul / Turkey ( rented )

 

BRANCHES

:

Warehouse  :  Mimar Sinan Mah. Yedpa Bulvari Yedpa Ticaret Merkezi No:34 Umraniye (The address was changed from "Yeni Camlica Mah. Yedpa Ticaret Merkezi A Cad. No:34 Umraniye" to "Mimar Sinan Mah. Yedpa Bulvari Yedpa Ticaret Merkezi No:34 Atasehir" by the Municipality) Istanbul/Turkey

 

INVESTMENTS

:

None

 

 

TREND OF BUSINESS

:

There was a slowdown at business volume in real terms in  2010. There appears an upwards trend in  1.1 - 30.9.2011.

SIZE OF BUSINESS

:

Lower-Medium

 

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Kiziltoprak Branch

T. Is Bankasi Yedpa Branch

Yapi ve Kredi Bankasi Yedpa Branch

 

CREDIT FACILITIES

:

No credit facility has come to our knowledge.

 

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

3.620.314

3.895.685

4.523.356

4.792.760

5.839.687

Profit (Loss) Before Tax

407.763

545.061

737.212

977.991

1.300.722

Stockholders' Equity

979.796

1.414.538

2.201.774

2.981.864

 

Total Assets

2.402.491

2.633.026

3.269.849

4.216.664

 

Current Assets

2.328.208

2.586.885

3.238.096

4.174.511

 

Non-Current Assets

74.283

46.141

31.753

42.153

 

Current Liabilities

1.422.695

1.218.488

1.068.075

1.234.800

 

Long-Term Liabilities

0

0

0

0

 

Gross Profit (loss)

777.160

787.503

1.111.201

1.423.378

1.531.245

Operating Profit (loss)

451.404

423.110

693.734

940.404

1.033.378

Net Profit (loss)

325.628

434.742

587.236

781.377

1.300.722

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

High As of 31.12.2010

Remarks on Capitalization

A part of total liabilities and equity consist of loans from shareholders rather than liabilities to third parties indicating low indebtedness to third parties.

 

Liquidity

High As of 31.12.2010

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.

 

Profitability

High Operating Profitability  in 2007

High Net Profitability  in 2007

High Operating Profitability  in 2008

High Net Profitability  in 2008

High Operating Profitability  in 2009

High Net Profitability  in 2009

High Operating Profitability  in 2010

High Net Profitability  in 2010

High Operating Profitability (01.01-30.09.2011)

High Net Profitability (01.01-30.09.2011)

 

Gap between average collection and payable periods

Unfavorable in 2010

General Financial Position

Good

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT LIMIT

 

:

890.000 USD

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 890.000 USD may be granted to the subject company.

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2004 )

13,84 %

1,4266

1,7666

2,6001

 ( 2005 )

2,66 %

1,3499

1,6882

2,4623

 ( 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

 ( 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

 

 

 ( 31.12.2007 )  TL

 

 ( 31.12.2008 )  TL

 

CURRENT ASSETS

2.328.208

0,97

2.586.885

0,98

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

654.705

0,27

1.201.487

0,46

Marketable Securities

0

0,00

0

0,00

Account Receivable

863.087

0,36

633.862

0,24

Other Receivable

0

0,00

0

0,00

Inventories

546.149

0,23

402.590

0,15

Advances Given

237.996

0,10

310.472

0,12

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

26.271

0,01

38.474

0,01

NON-CURRENT ASSETS

74.283

0,03

46.141

0,02

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

Financial Assets

0

0,00

0

0,00

Tangible Fixed Assets (net)

28.883

0,01

15.874

0,01

Intangible Assets

45.400

0,02

30.267

0,01

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

0

0,00

TOTAL ASSETS

2.402.491

1,00

2.633.026

1,00

CURRENT LIABILITIES

1.422.695

0,59

1.218.488

0,46

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

Accounts Payable

1.303.155

0,54

3.911

0,00

Loans from Shareholders

90.876

0,04

1.175.217

0,45

Other Short-term Payable

0

0,00

0

0,00

Advances from Customers

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

28.664

0,01

39.360

0,01

Provisions

0

0,00

0

0,00

Other Current Liabilities

0

0,00

0

0,00

LONG-TERM LIABILITIES

0

0,00

0

0,00

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

Securities Issued

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

Loans from Shareholders

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

979.796

0,41

1.414.538

0,54

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

250.000

0,10

250.000

0,09

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

39.304

0,02

39.304

0,01

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

364.864

0,15

690.492

0,26

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

Net Profit (loss)

325.628

0,14

434.742

0,17

TOTAL LIABILITIES AND EQUITY

2.402.491

1,00

2.633.026

1,00

 

 

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

3.238.096

0,99

4.174.511

0,99

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

1.690.214

0,52

2.004.420

0,48

Marketable Securities

0

0,00

0

0,00

Account Receivable

970.358

0,30

1.314.142

0,31

Other Receivable

0

0,00

0

0,00

Inventories

254.836

0,08

299.308

0,07

Advances Given

273.385

0,08

523.378

0,12

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

49.303

0,02

33.263

0,01

NON-CURRENT ASSETS

31.753

0,01

42.153

0,01

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

Financial Assets

0

0,00

0

0,00

Tangible Fixed Assets (net)

10.170

0,00

24.436

0,01

Intangible Assets

21.583

0,01

17.717

0,00

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

0

0,00

TOTAL ASSETS

3.269.849

1,00

4.216.664

1,00

CURRENT LIABILITIES

1.068.075

0,33

1.234.800

0,29

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

Accounts Payable

15.525

0,00

27.110

0,01

Loans from Shareholders

975.217

0,30

1.148.344

0,27

Other Short-term Payable

0

0,00

0

0,00

Advances from Customers

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

77.089

0,02

59.346

0,01

Provisions

244

0,00

0

0,00

Other Current Liabilities

0

0,00

0

0,00

LONG-TERM LIABILITIES

0

0,00

0

0,00

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

Securities Issued

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

Loans from Shareholders

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

2.201.774

0,67

2.981.864

0,71

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

250.000

0,08

500.000

0,12

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

39.304

0,01

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

1.325.234

0,41

1.700.487

0,40

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

Net Profit (loss)

587.236

0,18

781.377

0,19

TOTAL LIABILITIES AND EQUITY

3.269.849

1,00

4.216.664

1,00

 

 

INCOME STATEMENTS

 

 

(2007) TL

 

(2008) TL

 

(2009) TL

 

Net Sales

3.620.314

1,00

3.895.685

1,00

4.523.356

1,00

Cost of Goods Sold

2.843.154

0,79

3.108.182

0,80

3.412.155

0,75

Gross Profit

777.160

0,21

787.503

0,20

1.111.201

0,25

Operating Expenses

325.756

0,09

364.393

0,09

417.467

0,09

Operating Profit

451.404

0,12

423.110

0,11

693.734

0,15

Other Income

7.462

0,00

160.719

0,04

125.607

0,03

Other Expenses

51.103

0,01

38.768

0,01

82.129

0,02

Financial Expenses

0

0,00

0

0,00

0

0,00

Minority Interests

0

0,00

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

0

0,00

Profit (loss) Before Tax

407.763

0,11

545.061

0,14

737.212

0,16

Tax Payable

82.135

0,02

110.319

0,03

149.976

0,03

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

325.628

0,09

434.742

0,11

587.236

0,13

 

 

 

(2010) TL

 

(01.01-30.09.2011) TL

 

Net Sales

4.792.760

1,00

5.839.687

1,00

Cost of Goods Sold

3.369.382

0,70

4.308.442

0,74

Gross Profit

1.423.378

0,30

1.531.245

0,26

Operating Expenses

482.974

0,10

497.867

0,09

Operating Profit

940.404

0,20

1.033.378

0,18

Other Income

146.608

0,03

337.548

0,06

Other Expenses

109.021

0,02

70.204

0,01

Financial Expenses

0

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

977.991

0,20

1.300.722

0,22

Tax Payable

196.614

0,04

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

Net Profit (loss)

781.377

0,16

1.300.722

0,22

 

 

 

 

 

FINANCIAL RATIOS

 

 

(2007)

(2008)

(2009)

(2010)

LIQUIDITY RATIOS

 

 

Current Ratio

1,64

2,12

3,03

3,38

Acid-Test Ratio

1,07

1,51

2,49

2,69

Cash Ratio

0,46

0,99

1,58

1,62

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,23

0,15

0,08

0,07

Short-term Receivable/Total Assets

0,36

0,24

0,30

0,31

Tangible Assets/Total Assets

0,01

0,01

0,00

0,01

TURNOVER RATIOS

 

 

Inventory Turnover

5,21

7,72

13,39

11,26

Stockholders' Equity Turnover

3,69

2,75

2,05

1,61

Asset Turnover

1,51

1,48

1,38

1,14

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,41

0,54

0,67

0,71

Current Liabilities/Total Assets

0,59

0,46

0,33

0,29

Financial Leverage

0,59

0,46

0,33

0,29

Gearing Percentage

1,45

0,86

0,49

0,41

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,33

0,31

0,27

0,26

Operating Profit Margin

0,12

0,11

0,15

0,20

Net Profit Margin

0,09

0,11

0,13

0,16

Interest Cover

 

 

 

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

85,82

58,58

77,23

98,71

Average Payable Period (days)

165,01

0,45

1,64

2,90

WORKING CAPITAL

905513,00

1368397,00

2170021,00

2939711,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.14

UK Pound

1

Rs.83.08

Euro

1

Rs.69.25

 

 

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.