MIRA INFORM REPORT

 

 

Report Date :

27.12.2013

 

IDENTIFICATION DETAILS

 

Name :

DIZAYN MATBAACILIK SANAYI VE TICARET A.S.

 

 

Formerly Known as: 

Dizayn Matbaacilik Sanayi ve Ticaret Ltd. Sti.

 

 

Registered Office :

B. Dalan Cad. Aykosan Sanayi Sitesi 2. Kisim Ada No:6 Blok N:B1 Ikitelli Basaksehir Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

30.06.2013

 

 

Date of Incorporation :

02.04.2004

 

 

Com. Reg. No.:

519892

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

·         Convectional and offset printing of metals and papers.

·         subject also deals with packaging of papers.

 

 

No. of Employees :

97

 

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 :

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, 2013

 

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

Turkey

B2

B2

 

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 9.2% in 2010, as exports returned to normal levels following the recession. Growth dropped to approximately 3% in 2012. Turkey's public sector debt to GDP ratio has fallen to about 40%, and at least one rating agency upgraded Turkey's debt to investment grade in 2012. Turkey remains dependent on often volatile, short-term investment to finance its large trade deficit. The stock value of FDI stood at $117 billion at year-end 2012. Inflows have slowed because of continuing economic turmoil in Europe, the source of much of Turkey's FDI. 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

:

DIZAYN MATBAACILIK SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

B. Dalan Cad. Aykosan Sanayi Sitesi 2. Kisim Ada No:6 Blok N:B1 Ikitelli Basaksehir Istanbul / Turkey

PHONE NUMBER

:

90-212-671 98 98

 

FAX NUMBER

:

90-212 671 96 05

 

WEB-ADDRESS

:

www.dizaynmatbaa.com

E-MAIL

:

info@dizaynmatbaa.com

 

 

LEGAL STATUS AND HISTORY

 

NOTES ON LEGAL STATUS AND HISTORY

:

Change at tax no .

 

 

TAX OFFICE

:

Ikitelli

TAX NO

:

3010557754

REMARKS ON TAX NO

:

The tax number has been changed from 3010428438 to 3010557754 as the legal form changed from limited company to joint stock company.

REGISTRATION NUMBER

:

519892

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

 

DATE ESTABLISHED

:

02.04.2004

ESTABLISHMENT GAZETTE DATE/NO

:

07.04.2004/6024

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   3.000.000

HISTORY

:

Previous Legal Type

:

Limited Company

Changed On

:

21.11.2013 (Commercial Gazette Date /Number 27.11.2013/ 8452)

Previous Name

:

Dizayn Matbaacilik Sanayi ve Ticaret Ltd. Sti.

Changed On

:

21.11.2013 (Commercial Gazette Date /Number 27.11.2013/ 8452)

Previous Registered Capital

:

TL 200.000

Changed On

:

20.05.2010 (Commercial Gazette Date /Number 26.05.2010/ 7571)

Previous Registered Capital

:

TL 950.000

Changed On

:

08.03.2013 (Commercial Gazette Date /Number 14.03.2013/ 8278)

Previous Address

:

Park Sok. No:22 Daire:6 Caglayan Kagithane - Istanbul

Changed On

:

26.08.2004 (Commercial Gazette Date /Number 01.09.2004/ 6126)

Previous Address

:

Oruc Reis Mah. Gazi Cad. 634. Sok. No:14 Esenler - Istanbul

Changed On

:

19.04.2007 (Commercial Gazette Date /Number 25.04.2007/ 6794)

Previous Shareholder

:

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

Changed On

:

11.01.2013 (Commercial Gazette Date /Number 17.01.2013/ 8238)

 

 

 

PREVIOUS SHAREHOLDERS

:

Omer Metin Ciftcioglu

99 %

Meliha Ciftcioglu

1 %

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Omer Metin Ciftcioglu

100 %

 

 

SISTER COMPANIES

:

Declared to be: None

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Omer Metin Ciftcioglu

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Convectional and offset printing of metals and papers. The subject also deals with packaging of papers.

 

NACE CODE

:

DE.22.22

 

NUMBER OF EMPLOYEES

:

97

 

NET SALES

:

10.941.414 TL

(2010) 

11.323.477 TL

(2011) 

18.168.789 TL

(2012) 

11.847.189 TL

(01.01-30.06.2013) 

 

 

IMPORT COUNTRIES

:

Germany

 

MERCHANDISE IMPORTED

:

Metal

Paper

 

EXPORT VALUE

:

42.392 TL

(2010)

103.466 TL

(2011)

387.056 TL

(2012)

452.287 TL

(01.01-30.06.2013)

 

 

EXPORT COUNTRIES

:

Germany

Egypt

 

MERCHANDISE  EXPORTED

:

Printed metals

 

HEAD OFFICE ADDRESS

:

B. Dalan Cad. Aykosan Sanayi Sitesi 2. Kisim Ada No:6 Blok N:B1 Ikitelli Basaksehir  Istanbul / Turkey 

 

BRANCHES

:

Facility  :  B. Dalan Cad. Aykosan Sanayi Sitesi 2. Kisim Ada No:6 Blok N:B1 Ikitelli Basaksehir Istanbul/Turkey

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2012. There appears an upwards trend in  1.1 - 30.6.2013.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Ikitelli Branch

 

CREDIT FACILITIES

:

The subject company is making active use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2010) TL

(2011) TL

(2012) TL

(01.01-30.06.2013) TL

 

Net Sales

10.941.414

11.323.477

18.168.789

11.847.189

 

Profit (Loss) Before Tax

465.247

446.709

658.179

280.456

 

Stockholders' Equity

1.639.860

1.986.916

2.506.902

 

 

Total Assets

4.689.175

6.692.129

13.237.831

 

 

Current Assets

1.658.699

2.241.260

5.797.744

 

 

Non-Current Assets

3.030.476

4.450.869

7.440.087

 

 

Current Liabilities

1.648.821

2.375.796

5.817.393

 

 

Long-Term Liabilities

1.400.494

2.329.417

4.913.536

 

 

Gross Profit (loss)

1.044.850

1.423.886

2.095.815

1.549.522

 

Operating Profit (loss)

637.289

714.571

859.108

594.990

 

Net Profit (loss)

372.151

347.056

519.986

280.456

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Insufficient

Remarks on Capitalization

There has been capital increase after the last balance sheet date. The capital increase financed by cash is expected to have an improvement at equity total since the last balance sheet date.

 

Liquidity

Satisfactory As of 31.12.2012

Remarks On Liquidity

The capital increase after the last balance sheet is expected to have a positive effect on liquidity since the last balance sheet date. 

 

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

 

Profitability

Good Operating Profitability  in 2010

In Order Net Profitability  in 2010

Good Operating Profitability  in 2011

In Order Net Profitability  in 2011

In Order Operating Profitability  in 2012

In Order Net Profitability  in 2012

In Order Operating Profitability (01.01-30.06.2013)

Fair Net Profitability (01.01-30.06.2013)

 

Gap between average collection and payable periods

Favorable in 2012

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

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 ( 01.01-30.06.2013)

2,46 %

1,8251

2,3936

2,8262

 ( 01.01-30.11.2013)

5,80 %

1,8999

2,5208

2,9748

 

 

BALANCE SHEETS

 

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL

 

CURRENT ASSETS

1.658.699

0,35

2.241.260

0,33

5.797.744

0,44

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

Cash and Banks

81.543

0,02

74.627

0,01

129.441

0,01

Marketable Securities

0

0,00

0

0,00

0

0,00

Account Receivable

1.523.980

0,32

2.150.617

0,32

5.448.811

0,41

Other Receivable

0

0,00

0

0,00

15

0,00

Inventories

43.028

0,01

16.016

0,00

219.477

0,02

Advances Given

0

0,00

0

0,00

0

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

Other Current Assets

10.148

0,00

0

0,00

0

0,00

NON-CURRENT ASSETS

3.030.476

0,65

4.450.869

0,67

7.440.087

0,56

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

0

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

3.016.066

0,64

4.134.428

0,62

7.437.540

0,56

Intangible Assets

12.540

0,00

313.754

0,05

-2.939

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

1.870

0,00

2.687

0,00

5.486

0,00

TOTAL ASSETS

4.689.175

1,00

6.692.129

1,00

13.237.831

1,00

CURRENT LIABILITIES

1.648.821

0,35

2.375.796

0,36

5.817.393

0,44

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

398.261

0,08

872.302

0,13

729.220

0,06

Accounts Payable

983.014

0,21

1.442.900

0,22

4.964.384

0,38

Loans from Shareholders

232.030

0,05

0

0,00

15.418

0,00

Other Short-term Payable

0

0,00

0

0,00

0

0,00

Advances from Customers

0

0,00

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

Taxes Payable

23.529

0,01

34.626

0,01

69.456

0,01

Provisions

11.987

0,00

25.968

0,00

38.915

0,00

Other Current Liabilities

0

0,00

0

0,00

0

0,00

LONG-TERM LIABILITIES

1.400.494

0,30

2.329.417

0,35

4.913.536

0,37

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

1.400.494

0,30

2.329.417

0,35

4.913.536

0,37

Securities Issued

0

0,00

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

0

0,00

Loans from Shareholders

0

0,00

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

1.639.860

0,35

1.986.916

0,30

2.506.902

0,19

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

Paid-in Capital

950.000

0,20

950.000

0,14

950.000

0,07

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

826

0,00

826

0,00

826

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

Reserves

312.180

0,07

684.331

0,10

1.031.387

0,08

Revaluation Fund

4.703

0,00

4.703

0,00

4.703

0,00

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

Net Profit (loss)

372.151

0,08

347.056

0,05

519.986

0,04

TOTAL LIABILITIES AND EQUITY

4.689.175

1,00

6.692.129

1,00

13.237.831

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

 

 

(2010) TL

 

(2011) TL

 

(2012) TL

 

(01.01-30.06.2013) TL

 

Net Sales

10.941.414

1,00

11.323.477

1,00

18.168.789

1,00

11.847.189

1,00

Cost of Goods Sold

9.896.564

0,90

9.899.591

0,87

16.072.974

0,88

10.297.667

0,87

Gross Profit

1.044.850

0,10

1.423.886

0,13

2.095.815

0,12

1.549.522

0,13

Operating Expenses

407.561

0,04

709.315

0,06

1.236.707

0,07

954.532

0,08

Operating Profit

637.289

0,06

714.571

0,06

859.108

0,05

594.990

0,05

Other Income

1.947

0,00

14.614

0,00

88.002

0,00

16.107

0,00

Other Expenses

98.639

0,01

147.851

0,01

140.543

0,01

200.835

0,02

Financial Expenses

75.350

0,01

134.625

0,01

148.388

0,01

129.806

0,01

Minority Interests

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

Profit (loss) Before Tax

465.247

0,04

446.709

0,04

658.179

0,04

280.456

0,02

Tax Payable

93.096

0,01

99.653

0,01

138.193

0,01

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

372.151

0,03

347.056

0,03

519.986

0,03

280.456

0,02

 

FINANCIAL RATIOS

 

 

(2010)

(2011)

(2012)

 

LIQUIDITY RATIOS

 

 

Current Ratio

1,01

0,94

1,00

 

Acid-Test Ratio

0,97

0,94

0,96

 

Cash Ratio

0,05

0,03

0,02

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,01

0,00

0,02

 

Short-term Receivable/Total Assets

0,32

0,32

0,41

 

Tangible Assets/Total Assets

0,64

0,62

0,56

 

TURNOVER RATIOS

 

 

Inventory Turnover

230,00

618,11

73,23

 

Stockholders' Equity Turnover

6,67

5,70

7,25

 

Asset Turnover

2,33

1,69

1,37

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,35

0,30

0,19

 

Current Liabilities/Total Assets

0,35

0,36

0,44

 

Financial Leverage

0,65

0,70

0,81

 

Gearing Percentage

1,86

2,37

4,28

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,23

0,17

0,21

 

Operating Profit Margin

0,06

0,06

0,05

 

Net Profit Margin

0,03

0,03

0,03

 

Interest Cover

7,17

4,32

5,44

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

50,14

68,37

107,96

 

Average Payable Period (days)

35,76

52,47

111,19

 

WORKING CAPITAL

9878,00

-134536,00

-19649,00

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.98

UK Pound

1

Rs.101.49

Euro

1

Rs.84.79

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.