MIRA INFORM REPORT

 

 

Report Date :

23.05.2012

 

IDENTIFICATION DETAILS

 

Name :

DEM-KAR TEKSTIL SANAYI VE DIS TICARET LTD. STI.

 

 

Registered Office :

Haracci Beldesi Merkez Mah. Ataturk Bulvari 1025/7 No:40 Arnavutkoy Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

17.09.1996

 

 

Com. Reg. No.:

352993

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacture and trade of upholstery fabric.

 

 

No. of Employees :

30

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

Slow but Correct

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, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

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

:

DEM-KAR TEKSTIL SANAYI VE DIS TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Haracci Beldesi Merkez Mah. Ataturk Bulvari 1025/7 No:40 Arnavutkoy Istanbul / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The door number of the subject was changed from "6" to "40" by the Municipality.

PHONE NUMBER

:

90-212-683 18 67

90-212-683 22 17

 

FAX NUMBER

:

90-212-683 17 87

 

WEB-ADDRESS

:

www.demkartekstil.com

E-MAIL

:

info@demkartekstil.com

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Kucukkoy

TAX NO

:

2740079285

REGISTRATION NUMBER

:

352993

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

17.09.1996

ESTABLISHMENT GAZETTE DATE/NO

:

23.09.1996/4129

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   3.000.000

PAID-IN CAPITAL

:

TL   3.000.000

HISTORY

:

Previous Registered Capital

:

TL 500.000

Changed On

:

06.02.2007 (Commercial Gazette Date /Number 09.02.2007/ 6742)

Previous Address

:

Yenimahalle Cebeci Cad. 542/1 Sok. No:98/1 Gaziosmanpasa - Istanbul

Changed On

:

21.09.2007 (Commercial Gazette Date /Number 27.09.2007/ 6904)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Orhan Demir

50 %

Genc Demir

50 %

 

 

SISTER COMPANIES

:

Declared to be: None

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Orhan Demir

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of upholstery fabric.

 

NACE CODE

:

DB.17.20

 

SECTOR

:

Textile

 

NUMBER OF EMPLOYEES

:

30

 

NET SALES

:

3.941.959 TL

(2010) 

5.587.798 TL

(2011) 

 

 

IMPORT COUNTRIES

:

China

Malaysia

India

 

MERCHANDISE IMPORTED

:

Yarn

 

HEAD OFFICE ADDRESS

:

Haracci Beldesi Merkez Mah. Ataturk Bulvari 1025/7 No:40 Arnavutkoy Istanbul / Turkey

 

BRANCHES

:

Head Office/Production Plant  :  Haracci Beldesi Merkez Mah. Ataturk Bulvari 1025/7 No:40 Arnavutkoy Istanbul/Turkey

INVESTMENTS

:

None

 

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2011.

SIZE OF BUSINESS

:

Upper-Medium

 

 

FINANCE

 

MAIN DEALING BANKS

:

Garanti Bankasi Laleli Branch

Yapi Kredi Bankasi Aksaray Ordu Caddesi Branch

 

CREDIT FACILITIES

:

The subject company is making use of credit facilities.

 

PAYMENT BEHAVIOUR

:

We are informed about numerous payment delays some of which were resolved later on..

 

KEY FINANCIAL ELEMENTS

:

 

(2010) TL

(2011) TL

Net Sales

3.941.959

5.587.798

Profit (Loss) Before Tax

550.869

37.222

Stockholders' Equity

4.066.233

4.096.010

Total Assets

8.083.383

7.891.365

Current Assets

7.442.720

7.263.669

Non-Current Assets

640.663

627.696

Current Liabilities

3.986.661

3.764.866

Long-Term Liabilities

30.489

30.489

Gross Profit (loss)

168.728

385.898

Operating Profit (loss)

-60.764

37.222

Net Profit (loss)

545.675

29.777

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Good As of 31.12.2011

Liquidity

Insufficient As of 31.12.2011

Remarks On Liquidity

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

 

The liquid assets consist mainly of receivables the amount of cash&banks or marketable securities (which are more liquid) are low.

 

Profitability

Operating Loss  in 2010

High Net Profitability  in 2010

Low Operating Profitability  in 2011

Low Net Profitability  in 2011

 

Gap between average collection and payable periods

Unfavorable in 2011

General Financial Position

Passable

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 01.01-30.04.2012)

0,73 %

1,7910

2,3688

2,8440

 

 

BALANCE SHEETS

 

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

7.442.720

0,92

7.263.669

0,92

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

591.910

0,07

13.334

0,00

Marketable Securities

0

0,00

0

0,00

Account Receivable

3.267.275

0,40

4.984.326

0,63

Other Receivable

0

0,00

0

0,00

Inventories

2.745.651

0,34

1.811.920

0,23

Advances Given

829.520

0,10

454.089

0,06

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

8.364

0,00

0

0,00

NON-CURRENT ASSETS

640.663

0,08

627.696

0,08

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)

637.654

0,08

624.687

0,08

Intangible Assets

3.009

0,00

3.009

0,00

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

0

0,00

TOTAL ASSETS

8.083.383

1,00

7.891.365

1,00

CURRENT LIABILITIES

3.986.661

0,49

3.764.866

0,48

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

897.902

0,11

638.269

0,08

Accounts Payable

2.197.395

0,27

2.007.441

0,25

Loans from Shareholders

497.014

0,06

0

0,00

Other Short-term Payable

37.605

0,00

159.313

0,02

Advances from Customers

17.500

0,00

293.735

0,04

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

334.051

0,04

653.470

0,08

Provisions

5.194

0,00

12.638

0,00

Other Current Liabilities

0

0,00

0

0,00

LONG-TERM LIABILITIES

30.489

0,00

30.489

0,00

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

30.489

0,00

30.489

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

4.066.233

0,50

4.096.010

0,52

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

3.000.000

0,37

3.000.000

0,38

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

438.350

0,05

438.350

0,06

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

140.335

0,02

686.010

0,09

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

-58.127

-0,01

-58.127

-0,01

Net Profit (loss)

545.675

0,07

29.777

0,00

TOTAL LIABILITIES AND EQUITY

8.083.383

1,00

7.891.365

1,00

 

 

REMARKS ON FINANCIAL STATEMENT

:

At the financial statements according to TAS,  "Cheques Received" and "Outstanding Cheques"  figures are under “Cash And Banks" figure. Beginning from the financial statements of 31.12.2011, "Cheques Received" and "Outstanding Cheques" figures will be given under "Account Receivable" figure and "Account Payable" figure respectively.

 

 

INCOME STATEMENTS

 

 

(2010) TL

 

(2011) TL

 

Net Sales

3.941.959

1,00

5.587.798

1,00

Cost of Goods Sold

3.773.231

0,96

5.201.900

0,93

Gross Profit

168.728

0,04

385.898

0,07

Operating Expenses

229.492

0,06

348.676

0,06

Operating Profit

-60.764

-0,02

37.222

0,01

Other Income

700.562

0,18

0

0,00

Other Expenses

521

0,00

0

0,00

Financial Expenses

88.408

0,02

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

550.869

0,14

37.222

0,01

Tax Payable

5.194

0,00

7.445

0,00

Postponed Tax Gain

0

0,00

0

0,00

Net Profit (loss)

545.675

0,14

29.777

0,01

 

 

FINANCIAL RATIOS

 

 

(2010)

(2011)

LIQUIDITY RATIOS

 

Current Ratio

1,87

1,93

Acid-Test Ratio

0,97

1,33

Cash Ratio

0,15

0,00

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,34

0,23

Short-term Receivable/Total Assets

0,40

0,63

Tangible Assets/Total Assets

0,08

0,08

TURNOVER RATIOS

 

Inventory Turnover

1,37

2,87

Stockholders' Equity Turnover

0,97

1,36

Asset Turnover

0,49

0,71

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,50

0,52

Current Liabilities/Total Assets

0,49

0,48

Financial Leverage

0,50

0,48

Gearing Percentage

0,99

0,93

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,13

0,01

Operating Profit Margin

-0,02

0,01

Net Profit Margin

0,14

0,01

Interest Cover

7,23

 

COLLECTION-PAYMENT

 

Average Collection Period (days)

298,38

321,12

Average Payable Period (days)

209,65

138,93

WORKING CAPITAL

3456059,00

3498803,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.88

UK Pound

1

Rs.86.84

Euro

1

Rs.70.21

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

 

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.