MIRA INFORM REPORT

 

 

Report Date :

09.03.2013

 

IDENTIFICATION DETAILS

 

Name :

DOGAN TEKSTIL LTD. STI.

 

 

Registered Office :

Telsiz Mah. G-11 Sok. No:34 Zeytinburnu Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

07.02.1996

 

 

Com. Reg. No.:

342872

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacture and trade of fabric.

 

 

No. of Employees :

271

 

 

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 :

Usually 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 – 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

:

DOGAN TEKSTIL LTD. STI.

HEAD OFFICE ADDRESS

:

Telsiz Mah. G-11 Sok. No:34 Zeytinburnu Istanbul / Turkey

PHONE NUMBER

:

90-212-546 64 04

 

FAX NUMBER

:

90-212-546 57 04

 

WEB-ADDRESS

:

www.dogantekstil.com

E-MAIL

:

info@dogantekstil.com

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Dis Ticaret

TAX NO

:

3060059149

REGISTRATION NUMBER

:

342872

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

07.02.1996

ESTABLISHMENT GAZETTE DATE/NO

:

11.03.1996/3994

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   12.000.000

PAID-IN CAPITAL

:

TL   12.000.000

 

HISTORY

:

Previous Registered Capital

:

TL 1.000.000

Changed On

:

13.09.2007 (Commercial Gazette Date /Number 18.09.2007/ 6897)

Previous Registered Capital

:

TL 5.000.000

Changed On

:

31.12.2010 (Commercial Gazette Date /Number 07.01.2011/ 7725)

Previous Address

:

Keresteciler Sit. Savas Cad. Fidan Sok. No: 6 Zemin Kat Gungoren Merter Istanbul

Changed On

:

21.08.2008 (Commercial Gazette Date /Number 26.08.2008/ 7135)

Previous Address

:

Telsiz Mah. G-2 Sok. No: 40 Zeytinburnu Istanbul

Changed On

:

07.06.2010 (Commercial Gazette Date /Number 10.06.2010/ 7582)

Previous Shareholder

:

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

Changed On

:

10.07.2008 (Commercial Gazette Date /Number 15.07.2008/ 7105)

 

 

 

PREVIOUS SHAREHOLDERS

:

Remzi Dogan

80 %

Birgul Dogan

20 %

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Remzi Dogan

65 %

Birgul Dogan

20 %

Murat Dogan

15 %

 

 

SISTER COMPANIES

:

SUPER IPLIK TICARET VE SANAYI A.S.

 

SUBSIDIARIES

:

KONSAD DIS TICARET VE PAZARLAMA A.S.

 

DIRECTORS

:

Murat Dogan                                                                                                                                                                                                                                                                                   

 

Remzi Dogan                                                                                                                                                                                                                                                                                   

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Manufacture and trade of fabric.

 

NACE CODE

:

DB.17.20

 

SECTOR

:

Textile

 

NUMBER OF EMPLOYEES

:

271

 

 

NET SALES

:

32.390.286 TL

(2007) 

40.832.498 TL

(2008) 

44.139.148 TL

(2009) 

55.071.768 TL

(2010) 

68.720.808 TL

(2011) 

68.597.080 TL

(2012) 

 

 

CAPACITY

:

  ( kgs/yr)

 

 

 

5.175.000

 

 

(2008)

5.175.000

 

 

(2009)

11.330.100

 

 

(2010)

IMPORT VALUE

:

1.900.448 USD

(2009)

8.192.175 USD

(2010)

3.248.605 USD

(01.01-30.09.2011)

 

 

IMPORT COUNTRIES

:

India

Uzbekistan

 

MERCHANDISE IMPORTED

:

Yarn

 

EXPORT VALUE

:

24.473.196 TL

(2007)

26.407.880 TL

(2008)

31.410.605 TL

(2009)

36.424.900 TL

(2010)

50.273.873 TL

(2011)

49.520.095 TL

(2012)

 

 

EXPORT COUNTRIES

:

Romania

Russia

Algeria

Italy

France

Greece

Senegal

Bulgaria

 

MERCHANDISE  EXPORTED

:

Knitted fabric

 

HEAD OFFICE ADDRESS

:

Telsiz Mah. G-11 Sok. No:34 Zeytinburnu  Istanbul / Turkey

 

BRANCHES

:

Workshop  :   Adiyaman/Turkey

 

Branch Office  :  Veliefendi Istanbul/Turkey

 

Production Plant  :  Gaziantep Yolu Uzeri 8. Km. Karaziyaret Mah. Aslanbey Cad. No:29 Karacasu Kahramanmaras/Turkey (owned) (12.694 sqm)

                                                                                

 

TREND OF BUSINESS

:

There was a decline at business volume in nominal terms in  2012.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Denizbank Merter Branch

T. Halk Bankasi Merter Branch

 

CREDIT FACILITIES

:

The subject company is making use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge in the last years.

 

KEY FINANCIAL ELEMENTS

:

 

(2008) TL

(2009) TL

(2010) TL

(2011) TL

(2012) TL

Net Sales

40.832.498

44.139.148

55.071.768

68.720.808

68.597.080

Profit (Loss) Before Tax

637.676

1.147.826

233.193

2.907.892

1.652.764

Stockholders' Equity

6.065.293

7.016.871

10.561.251

14.722.956

 

Total Assets

17.017.029

21.843.789

27.158.086

34.075.453

 

Current Assets

9.902.437

12.728.945

14.136.496

19.359.778

 

Non-Current Assets

7.114.592

9.114.844

13.021.590

14.715.675

 

Current Liabilities

8.395.067

11.057.576

10.536.729

14.483.558

 

Long-Term Liabilities

2.556.669

3.769.342

6.060.106

4.868.939

 

Gross Profit (loss)

3.125.896

4.682.668

3.756.401

7.322.976

5.414.836

Operating Profit (loss)

803.986

1.867.542

779.538

3.825.183

2.102.235

Net Profit (loss)

506.427

880.822

159.942

2.318.872

1.311.821

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Satisfactory As of 31.12.2011

Liquidity

In Order As of 31.12.2011

Remarks On Liquidity

The favorable gap between average collection and average payable period has a positive effect on liquidity.

 

Profitability

Fair Operating Profitability  in 2008

Low Net Profitability  in 2008

In Order Operating Profitability  in 2009

Fair Net Profitability  in 2009

Low Operating Profitability  in 2010

Low Net Profitability  in 2010

Good Operating Profitability  in 2011

In Order Net Profitability  in 2011

Fair Operating Profitability  in 2012

Fair Net Profitability  in 2012

 

Gap between average collection and payable periods

Favorable in 2011

General Financial Position

Satisfactory

 

 

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

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 ( 01.01-31.01.2013)

-0,18 %

1,7748

2,3734

2,8382

 

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

9.902.437

0,58

12.728.945

0,58

14.136.496

0,52

19.359.778

0,57

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

2.302.552

0,14

2.658.796

0,12

2.807.916

0,10

6.503.763

0,19

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

3.936.579

0,23

3.387.581

0,16

3.822.062

0,14

4.489.346

0,13

Other Receivable

687.901

0,04

346.926

0,02

326.207

0,01

817.325

0,02

Inventories

1.400.744

0,08

2.585.321

0,12

4.392.166

0,16

3.999.726

0,12

Advances Given

892.670

0,05

3.379.647

0,15

2.212.045

0,08

3.049.685

0,09

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

681.991

0,04

370.674

0,02

576.100

0,02

499.933

0,01

NON-CURRENT ASSETS

7.114.592

0,42

9.114.844

0,42

13.021.590

0,48

14.715.675

0,43

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

1.163

0,00

1.163

0,00

1.162

0,00

201.163

0,01

Tangible Fixed Assets (net)

4.368.976

0,26

7.013.591

0,32

11.439.396

0,42

13.457.602

0,39

Intangible Assets

2.706.886

0,16

2.051.930

0,09

1.527.072

0,06

991.412

0,03

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

37.567

0,00

48.160

0,00

53.960

0,00

65.498

0,00

TOTAL ASSETS

17.017.029

1,00

21.843.789

1,00

27.158.086

1,00

34.075.453

1,00

CURRENT LIABILITIES

8.395.067

0,49

11.057.576

0,51

10.536.729

0,39

14.483.558

0,43

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

94.763

0,01

76.555

0,00

142.956

0,01

110.891

0,00

Accounts Payable

6.449.795

0,38

7.632.318

0,35

5.040.467

0,19

7.370.514

0,22

Loans from Shareholders

113.433

0,01

835.811

0,04

2.460.337

0,09

152.103

0,00

Other Short-term Payable

14.682

0,00

107.714

0,00

137.774

0,01

163.049

0,00

Advances from Customers

1.527.884

0,09

2.136.303

0,10

2.562.310

0,09

6.245.206

0,18

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

99.884

0,01

84.390

0,00

76.290

0,00

117.570

0,00

Provisions

0

0,00

71.450

0,00

0

0,00

114.092

0,00

Other Current Liabilities

94.626

0,01

113.035

0,01

116.595

0,00

210.133

0,01

LONG-TERM LIABILITIES

2.556.669

0,15

3.769.342

0,17

6.060.106

0,22

4.868.939

0,14

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

2.556.669

0,15

3.769.342

0,17

6.060.106

0,22

4.868.939

0,14

Securities Issued

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

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

0

0,00

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

6.065.293

0,36

7.016.871

0,32

10.561.251

0,39

14.722.956

0,43

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

5.000.000

0,29

5.000.000

0,23

10.145.000

0,37

12.000.000

0,35

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

558.866

0,03

1.136.049

0,05

256.309

0,01

404.084

0,01

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)

506.427

0,03

880.822

0,04

159.942

0,01

2.318.872

0,07

TOTAL LIABILITIES AND EQUITY

17.017.029

1,00

21.843.789

1,00

27.158.086

1,00

34.075.453

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

 

(2012) TL

 

Net Sales

40.832.498

1,00

44.139.148

1,00

55.071.768

1,00

68.720.808

1,00

68.597.080

1,00

Cost of Goods Sold

37.706.602

0,92

39.456.480

0,89

51.315.367

0,93

61.397.832

0,89

63.182.244

0,92

Gross Profit

3.125.896

0,08

4.682.668

0,11

3.756.401

0,07

7.322.976

0,11

5.414.836

0,08

Operating Expenses

2.321.910

0,06

2.815.126

0,06

2.976.863

0,05

3.497.793

0,05

3.312.601

0,05

Operating Profit

803.986

0,02

1.867.542

0,04

779.538

0,01

3.825.183

0,06

2.102.235

0,03

Other Income

2.607.974

0,06

1.110.896

0,03

910.564

0,02

2.083.926

0,03

201.330

0,00

Other Expenses

1.482.279

0,04

1.504.559

0,03

1.034.129

0,02

1.472.153

0,02

387.272

0,01

Financial Expenses

1.292.005

0,03

326.053

0,01

422.780

0,01

1.529.064

0,02

263.529

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

637.676

0,02

1.147.826

0,03

233.193

0,00

2.907.892

0,04

1.652.764

0,02

Tax Payable

131.249

0,00

267.004

0,01

73.251

0,00

589.020

0,01

340.943

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

506.427

0,01

880.822

0,02

159.942

0,00

2.318.872

0,03

1.311.821

0,02

 

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

(2011)

 

LIQUIDITY RATIOS

 

 

Current Ratio

1,18

1,15

1,34

1,34

 

Acid-Test Ratio

0,83

0,58

0,66

0,82

 

Cash Ratio

0,27

0,24

0,27

0,45

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,08

0,12

0,16

0,12

 

Short-term Receivable/Total Assets

0,27

0,17

0,15

0,16

 

Tangible Assets/Total Assets

0,26

0,32

0,42

0,39

 

TURNOVER RATIOS

 

 

Inventory Turnover

26,92

15,26

11,68

15,35

 

Stockholders' Equity Turnover

6,73

6,29

5,21

4,67

 

Asset Turnover

2,40

2,02

2,03

2,02

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,36

0,32

0,39

0,43

 

Current Liabilities/Total Assets

0,49

0,51

0,39

0,43

 

Financial Leverage

0,64

0,68

0,61

0,57

 

Gearing Percentage

1,81

2,11

1,57

1,31

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,08

0,13

0,02

0,16

 

Operating Profit Margin

0,02

0,04

0,01

0,06

 

Net Profit Margin

0,01

0,02

0,00

0,03

 

Interest Cover

1,49

4,52

1,55

2,90

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

34,71

27,63

24,98

23,52

 

Average Payable Period (days)

61,58

69,64

35,36

43,22

 

WORKING CAPITAL

1507370,00

1671369,00

3599767,00

4876220,00

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.40

UK Pound

1

Rs.81.56

Euro

1

Rs.71.23

 

 

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.