MIRA INFORM REPORT

 

 

Report Date :

19.11.2012

 

IDENTIFICATION DETAILS

 

Name :

DORT-A TIP MALZEMELERI SANAYI ITHALAT IHRACAT TICARET LTD. STI.

 

 

Registered Office :

Balikhisar Mah. Koy Ici Serpmeleri No:795/A Akyurt Ankara

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

20.01.1997

 

 

Com. Reg. No.:

796-Akyurt

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacture and trade of sterilization products such as reels, pouches, papers etc.

 

 

No. of Employees :

Not Available

 

 

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

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Turkey

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

Turkey - ECONOMIC OVERVIEW

 

Turkey's largely free-market economy is increasingly driven by its industry and service sectors, although its traditional agriculture sector still accounts for about 25% of employment. An aggressive privatization program has reduced state involvement in basic industry, banking, transport, and communication, and an emerging cadre of middle-class entrepreneurs is adding dynamism to the economy and expanding production beyond the traditional textiles and clothing sectors. The automotive, construction, and electronics industries, are rising in importance and have surpassed textiles within Turkey's export mix. Oil began to flow through the Baku-Tbilisi-Ceyhan pipeline in May 2006, marking a major milestone that will bring up to 1 million barrels per day from the Caspian to market. Several gas pipelines projects also are moving forward to help transport Central Asian gas to Europe through Turkey, which over the long term will help address Turkey's dependence on imported oil and gas to meet 97% of its energy needs. After Turkey experienced a severe financial crisis in 2001, Ankara adopted financial and fiscal reforms as part of an IMF program. The reforms strengthened the country's economic fundamentals and ushered in an era of strong growth - averaging more than 6% annually until 2008. Global economic conditions and tighter fiscal policy caused GDP to contract in 2009, but Turkey's well-regulated financial markets and banking system helped the country weather the global financial crisis and GDP rebounded strongly to 8.2% in 2010, as exports returned to normal levels following the recession. Turkey's public sector debt to GDP ratio has fallen to roughly 40%. Continued strong growth has pushed inflation to the 8% level, however, and worsened an already high current account deficit. Turkey remains dependent on often volatile, short-term investment to finance its large trade deficit. The stock value of FDI stood at $99 billion at year-end 2011. Inflows have slowed considerably in light of continuing economic turmoil in Europe, the source of much of Turkey's FDI. Further economic and judicial reforms and prospective EU membership are expected to boost Turkey's attractiveness to foreign investors. However, Turkey's relatively high current account deficit, uncertainty related to monetary policy-making, and political turmoil within Turkey's neighborhood leave the economy vulnerable to destabilizing shifts in investor confidence.

 

Source : CIA

COMPANY IDENTIFICATION

 

 

NAME

:

DORT-A TIP MALZEMELERI SANAYI ITHALAT IHRACAT TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Balikhisar Mah. Koy Ici Serpmeleri No:795/A Akyurt Ankara / Turkey

PHONE NUMBER

:

90-312-363 50 53

 

FAX NUMBER

:

90-312-363 52 10

 

WEB-ADDRESS

:

www.4amedical.com

 

 

LEGAL STATUS AND HISTORY

 

 

NOTES ON LEGAL STATUS AND HISTORY

:

Change at registration no .

TAX OFFICE

:

Cubuk

TAX NO

:

3130068060

REGISTRATION NUMBER

:

796-Akyurt

REGISTERED OFFICE

:

Ankara Chamber of Commerce

 

DATE ESTABLISHED

:

20.01.1997

ESTABLISHMENT GAZETTE DATE/NO

:

22.01.1997/4214

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   1.000.000

PAID-IN CAPITAL

:

TL   1.000.000

HISTORY

:

Previous Registered Capital

:

20.000 TL

Changed On

:

06.11.2007 (Commercial Gazette Date /Number 12.11.2007/ 6934)

Previous Address

:

Ulucanlar Caddesi Temel Is Hani No: 88/ 22 Altindag- Ankara

Changed On

:

29.09.2009 (Commercial Gazette Date /Number 02.10.2009/ 7409)

Previous Address

:

The firm moved from "Sakarya Mah. Ulucanlar Cad. Cira Sok. No:1/2 Altindag - Ankara" to "Balikhisar Mah. Koy Ici Serpmeleri No:795/A Akyurt - Ankara". So the registration number was changed from "126071" to "796-Akyurt".

Changed On

:

02.05.2012 (Commercial Gazette Date /Number 07.05.2012/ 8062)

Previous Shareholder

:

Please vide Previous Shareholders section for the former shareholders' names.

Changed On

:

02.05.2011 (Commercial Gazette Date /Number 05.05.2011/ 7809)

 

 

 

PREVIOUS SHAREHOLDERS

:

Senol Devrim Akcay

46 %

Oral Akcay

37,50 %

Yildiz Akcay

8,50 %

Canan Oktem

8 %

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Senol Devrim Akcay

45,14 %

Oral Akcay

26 %

Yildiz Akcay

19,14 %

Canan Oktem

9,72 %

 

 

 

SISTER COMPANIES

:

AYGUN CERRAHI ALETLER PAZARLAMA LTD. STI.

 

KARDESLER TIBBI CIHAZLAR TICARET LTD. STI.

 

LEVENT TIBBI CIHAZLAR BAHARAT VE SIFALI BITKILER ITHALAT IHRACAT TICARET LTD. STI.

 

YSD MEDIKAL TIP MALZEMELERI BAHARAT VE SIFALI BITKILER ITHALAT IHRACAT SANAYI TICARET LTD. STI.

 

DIRECTORS

:

Selahattin Akcay                                                                                                                                                                                                                                                                                   

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Manufacture and trade of sterilization products such as reels, pouches, papers etc.

 

NACE CODE

:

DL.33.10

 

TRADEMARKS OWNED

:

Dort-A

Dort-A Echo

 

NUMBER OF EMPLOYEES

:

65

 

NET SALES

:

4.741.595 TL

(2008) 

6.240.109 TL

(2009) 

6.909.504 TL

(2010) 

9.688.694 TL

(2011) 

6.533.373 TL

(01.01-30.06.2012) 

 

 

IMPORT COUNTRIES

:

Germany

U.S.A.

Netherlands

France

 

MERCHANDISE IMPORTED

:

Indicator

Machinery

Paint

Paper

 

EXPORT VALUE

:

632.368 TL

(2008)

1.303.037 TL

(2009)

1.980.833 TL

(2010)

3.402.820 TL

(2011)

2.765.993 TL

(01.01-30.06.2012)

 

 

 

EXPORT COUNTRIES

:

Thailand

Kuwait

Saudi Arabia

Iran

Lebanon

Tunisia

Romania

Russia

Egypt

 

MERCHANDISE  EXPORTED

:

Sterilization products

 

HEAD OFFICE ADDRESS

:

Balikhisar Mah. Koy Ici Serpmeleri No:795/A Akyurt  Ankara / Turkey (rented)

 

BRANCHES

:

Head Office/Production Plant  :  Balikhisar Mah. Koy Ici Serpmeleri No:795/A Akyurt Ankara/Turkey (rented)

                                                                                

INVESTMENTS

:

Investments are going on.

 

 

TREND OF BUSINESS

:

There was an upwards trend in 2011. There appears an upwards trend in 1.1 - 30.6.2012.

SIZE OF BUSINESS

:

Upper-Medium

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Akbank Kizilay Branch

Garanti Bankasi Siteler Branch

T. Halk Bankasi Cebeci Branch

T.C. Ziraat Bankasi Siteler Branch

 

CREDIT FACILITIES

:

The subject company is making active use of credit facilities.

 

PAYMENT BEHAVIOUR

:

We are informed about a single payment delay in the former years which was resolved later on but no payment delays have come to our knowledge in the last years.

 

 

KEY FINANCIAL ELEMENTS

:

 

(2008) TL

(2009) TL

(2010) TL

(2011) TL

(01.01-30.06.2012) TL

Net Sales

4.741.595

6.240.109

6.909.504

9.688.694

6.533.373

Profit (Loss) Before Tax

794.050

551.727

302.905

-482.953

134.712

Stockholders' Equity

2.350.732

2.217.532

2.405.130

1.565.478

 

Total Assets

4.443.325

5.025.156

7.467.951

9.128.372

 

Current Assets

3.033.326

3.247.517

5.567.062

6.995.158

 

Non-Current Assets

1.409.999

1.777.639

1.900.889

2.133.214

 

Current Liabilities

1.653.770

2.450.710

4.515.439

6.995.126

 

Long-Term Liabilities

438.823

356.914

547.382

567.768

 

Gross Profit (loss)

1.394.469

1.371.734

1.306.995

1.566.219

966.342

Operating Profit (loss)

997.746

796.649

472.400

435.901

173.383

Net Profit (loss)

632.972

428.800

240.507

-520.661

134.712

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Low As of 31.12.2011

Liquidity

Satisfactory As of 31.12.2011

Remarks On Liquidity

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

 

Profitability

High Operating Profitability  in 2008

High Net Profitability  in 2008

High Operating Profitability  in 2009

High Net Profitability  in 2009

Good Operating Profitability  in 2010

In Order Net Profitability  in 2010

In Order Operating Profitability  in 2011

Net Loss  in 2011

Fair Operating Profitability (01.01-30.06.2012)

Fair Net Profitability (01.01-30.06.2012)

 

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

 ( 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

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 01.01-30.06.2012)

1,95 %

1,8028

2,3463

2,8462

 ( 01.01-31.10.2012)

5,36 %

1,8020

2,3241

2,8562

 

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

3.033.326

0,68

3.247.517

0,65

5.567.062

0,75

6.995.158

0,77

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

46.956

0,01

81.960

0,02

929.075

0,12

808.944

0,09

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

2.360.974

0,53

2.708.447

0,54

3.419.218

0,46

4.116.066

0,45

Other Receivable

73.222

0,02

10.470

0,00

107.331

0,01

59.111

0,01

Inventories

265.618

0,06

300.516

0,06

861.505

0,12

1.535.654

0,17

Advances Given

280.756

0,06

141.043

0,03

218.828

0,03

411.485

0,05

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

5.800

0,00

5.081

0,00

31.105

0,00

63.898

0,01

NON-CURRENT ASSETS

1.409.999

0,32

1.777.639

0,35

1.900.889

0,25

2.133.214

0,23

Not Detailed Non-Current Assets

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

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

1.403.907

0,32

1.744.604

0,35

1.860.167

0,25

2.104.033

0,23

Intangible Assets

6.092

0,00

33.035

0,01

40.722

0,01

29.181

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

TOTAL ASSETS

4.443.325

1,00

5.025.156

1,00

7.467.951

1,00

9.128.372

1,00

CURRENT LIABILITIES

1.653.770

0,37

2.450.710

0,49

4.515.439

0,60

6.995.126

0,77

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

708.624

0,16

949.685

0,19

2.117.594

0,28

3.202.345

0,35

Accounts Payable

790.107

0,18

1.363.963

0,27

2.061.540

0,28

3.104.185

0,34

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

Other Short-term Payable

0

0,00

0

0,00

0

0,00

56.678

0,01

Advances from Customers

63.529

0,01

56.525

0,01

200.760

0,03

520.682

0,06

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

87.103

0,02

31.484

0,01

37.067

0,00

103.397

0,01

Provisions

0

0,00

44.646

0,01

14.393

0,00

0

0,00

Other Current Liabilities

4.407

0,00

4.407

0,00

84.085

0,01

7.839

0,00

LONG-TERM LIABILITIES

438.823

0,10

356.914

0,07

547.382

0,07

567.768

0,06

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

438.823

0,10

356.914

0,07

260.686

0,03

150.418

0,02

Securities Issued

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

286.696

0,04

0

0,00

Loans from Shareholders

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

286.696

0,03

Provisions

0

0,00

0

0,00

0

0,00

130.654

0,01

STOCKHOLDERS' EQUITY

2.350.732

0,53

2.217.532

0,44

2.405.130

0,32

1.565.478

0,17

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

1.000.000

0,23

1.000.000

0,20

1.000.000

0,13

1.000.000

0,11

Cross Shareholding Adjustment of Capital

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

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

717.760

0,16

788.732

0,16

1.164.623

0,16

1.086.139

0,12

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

632.972

0,14

428.800

0,09

240.507

0,03

-520.661

-0,06

TOTAL LIABILITIES AND EQUITY

4.443.325

1,00

5.025.156

1,00

7.467.951

1,00

9.128.372

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 are given under "Account Receivable" figure and "Account Payable" figure respectively.

 

 

 

INCOME STATEMENTS

 

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

(01.01-30.06.2012) TL

 

Net Sales

4.741.595

1,00

6.240.109

1,00

6.909.504

1,00

9.688.694

1,00

6.533.373

1,00

Cost of Goods Sold

3.347.126

0,71

4.868.375

0,78

5.602.509

0,81

8.122.475

0,84

5.567.031

0,85

Gross Profit

1.394.469

0,29

1.371.734

0,22

1.306.995

0,19

1.566.219

0,16

966.342

0,15

Operating Expenses

396.723

0,08

575.085

0,09

834.595

0,12

1.130.318

0,12

792.959

0,12

Operating Profit

997.746

0,21

796.649

0,13

472.400

0,07

435.901

0,04

173.383

0,03

Other Income

147.650

0,03

70.180

0,01

100.276

0,01

181.610

0,02

169.843

0,03

Other Expenses

43.707

0,01

116.481

0,02

127.060

0,02

793.996

0,08

26.860

0,00

Financial Expenses

307.639

0,06

198.621

0,03

142.711

0,02

306.468

0,03

181.654

0,03

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

794.050

0,17

551.727

0,09

302.905

0,04

-482.953

-0,05

134.712

0,02

Tax Payable

161.078

0,03

122.927

0,02

62.398

0,01

37.708

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)

632.972

0,13

428.800

0,07

240.507

0,03

-520.661

-0,05

134.712

0,02

 

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

(2011)

LIQUIDITY RATIOS

 

 

Current Ratio

1,83

1,33

1,23

1,00

Acid-Test Ratio

1,50

1,14

0,99

0,71

Cash Ratio

0,03

0,03

0,21

0,12

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,06

0,06

0,12

0,17

Short-term Receivable/Total Assets

0,55

0,54

0,47

0,46

Tangible Assets/Total Assets

0,32

0,35

0,25

0,23

TURNOVER RATIOS

 

 

Inventory Turnover

12,60

16,20

6,50

5,29

Stockholders' Equity Turnover

2,02

2,81

2,87

6,19

Asset Turnover

1,07

1,24

0,93

1,06

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,53

0,44

0,32

0,17

Current Liabilities/Total Assets

0,37

0,49

0,60

0,77

Financial Leverage

0,47

0,56

0,68

0,83

Gearing Percentage

0,89

1,27

2,11

4,83

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,27

0,19

0,10

-0,33

Operating Profit Margin

0,21

0,13

0,07

0,04

Net Profit Margin

0,13

0,07

0,03

-0,05

Interest Cover

3,58

3,78

3,12

-0,58

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

179,25

156,25

178,15

152,94

Average Payable Period (days)

84,98

100,86

150,89

137,58

WORKING CAPITAL

1379556,00

796807,00

1051623,00

32,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.99

UK Pound

1

Rs.87.21

Euro

1

Rs.70.22

 

 

INFORMATION DETAILS

 

Report Prepared by :

PDT

 

 

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.