MIRA INFORM REPORT

           

 

Report Date :

13.05.2014

 

IDENTIFICATION DETAILS

 

Name :

DIMOL BOYA LABORATUAR MALZEMELERI KIMYA TEKSTIL SANAYI VE TICARET LTD. STI.

 

 

Registered Office :

Aaaddinbey Mah. Nilufer Ticaret Merkezi 632. Sok. No:10-1N-1M Nilufer Bursa

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

01.11.2010

 

 

Com. Reg. No.:

73385

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Trade of textile dye and laboratory materials.

 

 

No. of Employees :

10

 

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 – March 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Turkey

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

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 around 9% in 2010-11, as exports returned to normal levels following the recession. Growth dropped to roughly 3% in 2012-13. Turkey's public sector debt to GDP ratio has fallen below 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 reached nearly $195 billion at year-end 2013, reflecting Turkey's good growth even in the face of 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

 

 

 

 

 

NOTES

:

Address at your inquiry is the former address.

 

 

COMPANY IDENTIFICATION

 

NAME

:

DIMOL BOYA LABORATUAR MALZEMELERI KIMYA TEKSTIL SANAYI VE TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Aaaddinbey Mah. Nilufer Ticaret Merkezi 632. Sok. No:10-1N-1M Nilufer Bursa / Turkey

PHONE NUMBER

:

90-224-211 00 32

90-532-488 00 78 (Contact number of Omer Akgun)

 

FAX NUMBER

:

90-224-212 00 57

 

WEB-ADDRESS

:

www.dimolkimya.com

E-MAIL

:

info@dimolkimya.com

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Cekirge

TAX NO

:

2970609615

REGISTRATION NUMBER

:

73385

REGISTERED OFFICE

:

Bursa Chamber of Commerce and Industry

DATE ESTABLISHED

:

01.11.2010

ESTABLISHMENT GAZETTE DATE/NO

:

12.11.2010/7689

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   500.000

PAID-IN CAPITAL

:

TL   400.000

HISTORY

:

Previous Registered Capital

:

TL 50.000

Changed On

:

08.06.2012 (Commercial Gazette Date /Number 22.06.2012/ 8096)

Previous Address

:

Kazimkarabekir Mah. 2. Karaagac Sok. No:9/19 Yildirim Bursa

Changed On

:

07.01.2014 (Commercial Gazette Date /Number 13.01.2014/ 8484)

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Nazligul Akgun

50 %

Yasemin Gelmedi

50 %

 

 

SISTER COMPANIES

:

Declared to be: None

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Omer Akgun

 

Nazligul Akgun

 

Yasemin Gelmedi

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Trade of textile dye and laboratory materials.

 

NACE CODE

:

G .51.55

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

10

 

NET SALES

:

153.211 TL

(01.11-31.12.2010) 

4.154.753 TL

(2011) 

8.214.503 TL

(2012) 

7.921 TL Thousand

(2013) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT COUNTRIES

:

China

India

 

MERCHANDISE IMPORTED

:

Laboratory materials

Textile dye

 

EXPORT VALUE

:

0 TL

(01.11-31.12.2010)

0 TL

(2011)

0 TL

(2012)

0 TL

(2013)

0 TL

(01.01-30.04.2014)

 

 

HEAD OFFICE ADDRESS

:

Aaaddinbey Mah. Nilufer Ticaret Merkezi 632. Sok. No:10-1N-1M Nilufer  Bursa / Turkey 

 

INVESTMENTS

:

None

TREND OF BUSINESS

:

There was a decline at business volume in nominal terms in  2013.

SIZE OF BUSINESS

:

Lower-Medium

 

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Visne Cad. 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

:

 

(01.11-31.12.2010) TL

(2011) TL

(2012) TL

(2013) TL Thousand

Net Sales

153.211

4.154.753

8.214.503

7.921

Profit (Loss) Before Tax

340

368.591

854.470

756

Stockholders' Equity

13.032

345.145

1.449.433

1.983

Total Assets

350.600

1.661.823

3.164.098

4.880

Current Assets

339.040

1.582.372

3.103.957

4.690

Non-Current Assets

11.560

79.451

60.141

190

Current Liabilities

337.568

1.316.678

1.714.665

2.569

Long-Term Liabilities

0

0

0

328

Gross Profit (loss)

4.739

690.023

1.418.200

1.582

Operating Profit (loss)

353

377.113

975.335

989

Net Profit (loss)

272

294.873

854.470

604

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Satisfactory As of 31.12.2013

Remarks on Capitalization

A part of liabilities consist of loans from shareholders.

Liquidity

Satisfactory As of 31.12.2013

Remarks On Liquidity

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

Profitability

Low Operating Profitability (01.11-31.12.2010)

Low Net Profitability (01.11-31.12.2010)

Good Operating Profitability  in 2011

High Net Profitability  in 2011

High Operating Profitability  in 2012

High Net Profitability  in 2012

High Operating Profitability  in 2013

High Net Profitability  in 2013

 

Gap between average collection and payable periods

Unfavorable in 2013

General Financial Position

Satisfactory

 

 

 

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

 ( 2013 )

6,97 %

1,9179

2,5530

3,0178

 ( 01.01-31.03.2014)

5,52 %

2,1961

3,0116

3,6488

 

 

BALANCE SHEETS

 

 

 (31.12.2010)  TL

 

 (31.12.2011)  TL

 

 (31.12.2012)  TL

 

 (31.12.2013)  TL Thousand

 

CURRENT ASSETS

339.040

0,97

1.582.372

0,95

3.103.957

0,98

4.690

0,96

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

60.616

0,17

82.846

0,05

169.109

0,05

337

0,07

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

101.826

0,29

1.055.726

0,64

1.368.511

0,43

2.570

0,53

Other Receivable

0

0,00

770

0,00

928

0,00

3

0,00

Inventories

147.987

0,42

437.782

0,26

1.465.000

0,46

1.780

0,36

Advances Given

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

28.611

0,08

5.248

0,00

100.409

0,03

0

0,00

NON-CURRENT ASSETS

11.560

0,03

79.451

0,05

60.141

0,02

190

0,04

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)

11.428

0,03

78.856

0,05

59.049

0,02

175

0,04

Intangible Assets

132

0,00

132

0,00

1.092

0,00

6

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

463

0,00

0

0,00

9

0,00

TOTAL ASSETS

350.600

1,00

1.661.823

1,00

3.164.098

1,00

4.880

1,00

CURRENT LIABILITIES

337.568

0,96

1.316.678

0,79

1.714.665

0,54

2.569

0,53

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

363.511

0,22

797.463

0,25

2.005

0,41

Accounts Payable

337.240

0,96

853.715

0,51

816.520

0,26

299

0,06

Loans from Shareholders

0

0,00

19.906

0,01

0

0,00

161

0,03

Other Short-term Payable

0

0,00

0

0,00

32.296

0,01

15

0,00

Advances from Customers

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

260

0,00

5.828

0,00

68.386

0,02

89

0,02

Provisions

68

0,00

73.718

0,04

0

0,00

0

0,00

Other Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

LONG-TERM LIABILITIES

0

0,00

0

0,00

0

0,00

328

0,07

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

0

0,00

328

0,07

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

13.032

0,04

345.145

0,21

1.449.433

0,46

1.983

0,41

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

12.760

0,04

50.000

0,03

300.000

0,09

400

0,08

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

0

0,00

272

0,00

294.963

0,09

979

0,20

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)

272

0,00

294.873

0,18

854.470

0,27

604

0,12

TOTAL LIABILITIES AND EQUITY

350.600

1,00

1.661.823

1,00

3.164.098

1,00

4.880

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. 

 

In the sub-items of "Account Receivable", TL thousand 9 is "Doubtful Trade Receivables" and -TL thousand 9  is "Provision for Doubtful Trade Receivables" at the last balance sheet. 

 

The details of "Other Receivable" figure at the last balance sheet (TL Thousand): Due From Shareholders: 0, Due From Participations: 0, Due From Affiliated Companies: 0, Due From Personnel: 0, Other Miscellaneous Receivables: 3, Other Receivable Total: 3. 

 

TL thousand 0 of "Tax Payable" is due to "Overdue, Delayed or Deferred Tax by Installments and Other Liabilities" at the last balance sheet.            

 

 

 

INCOME STATEMENTS

 

 

(01.11-31.12.2010) TL

 

(2011) TL

 

(2012) TL

 

(2013) TL Thousand

 

Net Sales

153.211

1,00

4.154.753

1,00

8.214.503

1,00

7.921

1,00

Cost of Goods Sold

148.472

0,97

3.464.730

0,83

6.796.303

0,83

6.339

0,80

Gross Profit

4.739

0,03

690.023

0,17

1.418.200

0,17

1.582

0,20

Operating Expenses

4.386

0,03

312.910

0,08

442.865

0,05

593

0,07

Operating Profit

353

0,00

377.113

0,09

975.335

0,12

989

0,12

Other Income

0

0,00

5.604

0,00

19.600

0,00

0

0,00

Other Expenses

0

0,00

1.065

0,00

52.601

0,01

75

0,01

Financial Expenses

13

0,00

13.061

0,00

87.864

0,01

158

0,02

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

340

0,00

368.591

0,09

854.470

0,10

756

0,10

Tax Payable

68

0,00

73.718

0,02

0

0,00

152

0,02

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

272

0,00

294.873

0,07

854.470

0,10

604

0,08

 

 

FINANCIAL RATIOS

 

 

(01.11-31.12.2010)

(2011)

(2012)

(2013)

LIQUIDITY RATIOS

 

Current Ratio

1,00

1,20

1,81

1,83

Acid-Test Ratio

0,48

0,87

0,90

1,13

Cash Ratio

0,18

0,06

0,10

0,13

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,42

0,26

0,46

0,36

Short-term Receivable/Total Assets

0,29

0,64

0,43

0,53

Tangible Assets/Total Assets

0,03

0,05

0,02

0,04

TURNOVER RATIOS

 

Inventory Turnover

1,00

7,91

4,64

3,56

Stockholders' Equity Turnover

11,76

12,04

5,67

3,99

Asset Turnover

0,44

2,50

2,60

1,62

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,04

0,21

0,46

0,41

Current Liabilities/Total Assets

0,96

0,79

0,54

0,53

Financial Leverage

0,96

0,79

0,54

0,59

Gearing Percentage

25,90

3,81

1,18

1,46

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,02

0,85

0,59

0,30

Operating Profit Margin

0,00

0,09

0,12

0,12

Net Profit Margin

0,00

0,07

0,10

0,08

Interest Cover

27,15

29,22

10,72

5,78

COLLECTION-PAYMENT

 

Average Collection Period (days)

239,26

91,48

59,97

116,80

Average Payable Period (days)

817,71

88,70

43,25

16,98

WORKING CAPITAL

1472,00

265694,00

1389292,00

2121,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.59.73

UK Pound

1

Rs.100.82

Euro

1

Rs.82.22

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

Report Prepared by :

NNA

 

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.