MIRA INFORM REPORT

 

 

Report Date :

30.05.2014

 

IDENTIFICATION DETAILS

 

Name :

DEMSAN DENIZLI MENSUCAT SANAYI VE TICARET A.S.

 

 

Registered Office :

Goveclik Mah. Cumhuriyet Cad. 105. Sok. No:6/A Denizli

 

 

Country :

Turkey

 

 

Date of Incorporation :

29.12.1986

 

 

Com. Reg. No.:

8424

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacturer and trader of textile products such as terry towels and bathrobes

 

 

No of Employees :

150

 

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 :

Unknown

 

 

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

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate 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

:

DEMSAN DENIZLI MENSUCAT SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Goveclik Mah. Cumhuriyet Cad. 105. Sok. No:6/A Denizli / Turkey

PHONE NUMBER

:

90-258-385 70 28

 

FAX NUMBER

:

90-258-385 71 75

 

WEB-ADDRESS

:

www.demsantextile.com

E-MAIL

:

info@demsantextile.com

 

 

LEGAL STATUS AND HISTORY

 

 

NOTES ON LEGAL STATUS AND HISTORY

:

The paid-in capital is declared by the subject. There is no certification for the paid-in capital..

 

 

TAX OFFICE

:

Pamukkale

TAX NO

:

2910083907

REGISTRATION NUMBER

:

8424

REGISTERED OFFICE

:

Denizli Chamber of Commerce

DATE ESTABLISHED

:

29.12.1986

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   4.500.000

PAID-IN CAPITAL

:

TL   4.500.000

HISTORY

:

Previous Registered Capital

:

TL 1.850.000

Changed On

:

25.12.2006 (Commercial Gazette Date /Number 28.12.2006/ 6714)

Previous Address

:

Goveclik Mah. Cumhuriyet Cad. 105. Sok. No:12 Denizli

Changed On

:

13.05.2014 (Commercial Gazette Date /Number 22.05.2014/ 8574)

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Nursen Guntas

 

Hulusi Guntas

 

Nergis Gungor

 

Huriye Kilicarslan

 

Celal Demirkan

 

Salih Demirkan

 

Rasit Guntas

 

Muharrem Ozkan

 

Hacer Ozkan

 

Others

 

 

 

SISTER COMPANIES

:

Declared to be: None

 

SUBSIDIARIES

:

Declared to be: None

 

BOARD OF DIRECTORS

:

Celal Demirkan

Chairman

Akile Ozer

Member

Muharrem Ozkan

Member

Hacer Ozkan

Member

Sabri Ozkan

Member

Fevziye Demirkan

Member

 

 

DIRECTORS

:

Muharrem Ozkan

General Manager

Salih Demirkan

Deputy General Manager

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Manufacturer and trader of textile products such as terry towels and bathrobes

NACE CODE

:

DB.17.20

 

SECTOR

:

Textile

 

NUMBER OF EMPLOYEES

:

150

 

NET SALES

:

24.422.064 TL

(2012) 

32.686.303 TL

(2013) 

 

 

REMARKS ON NET SALES

:

The sales figures of 2012 and 2013 are declared by the company. There is no certification for these figures.

 

IMPORT COUNTRIES

:

Egypt

Syria

Uzbekistan

Pakistan

 

MERCHANDISE IMPORTED

:

Machinery

Yarn

 

EXPORT VALUE

:

0 TL

(2012)

0 TL

(2013)

0 TL

(01.01-28.02.2014)

 

 

HEAD OFFICE ADDRESS

:

Goveclik Mah. Cumhuriyet Cad. 105. Sok. No:6/A Denizli / Turkey ( owned )

 

BRANCHES

:

Head Office/Factory  :  Goveclik Mah. Cumhuriyet Cad. 105. Sok. No:6/A Denizli/Turkey (owned) (18.443 sqm)

 

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2013.

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Akbank Denizli Branch

Finansbank Denizli Branch

 

PAYMENT BEHAVIOUR

:

Unknown

 

KEY FINANCIAL ELEMENTS

:

 

(2012) TL

(2013) TL

 

 

 

Net Sales

24.422.064

32.686.303

 

 

 

Net Profit (loss)

489.215

2.526.111

 

 

 

 

 

REMARKS ON KEY FINANCIAL ELEMENTS

:

The key financial figures of 2012 and 2013 are declared by the company. There is no certification for these figures.

 

 

COMMENT ON FINANCIAL POSITION

 

Profitability

Fair Net Profitability  in 2012

High Net Profitability  in 2013

 

General Financial Position

The firm has profit but general financial position is undetermined.

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 ( 2013 )

6,97 %

1,9179

2,5530

3,0178

 ( 01.01-28.02.2014)

4,75 %

2,2083

3,0237

3,6651

 ( 01.01-30.04.2014)

5,61 %

2,1807

2,9954

3,6333

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.58.84

UK Pound

1

Rs.98.41

Euro

1

Rs.80.03

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

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.