MIRA INFORM REPORT

 

 

Report No. :

354692

Report Date :

18.12.2015

 

IDENTIFICATION DETAILS

 

Name :

DENIMER KUMASCILIK SANAYI VE TICARET LTD. STI.

 

 

Registered Office :

Evren Mah. Gulbahar Cad. Gultepe Sok. No:3 Asma Kat Gunesli Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

05.05.2009

 

 

Com. Reg. No.:

698113

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Wholesale trade of denim fabric.

 

 

No. of Employee :               

17

 

 

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, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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 has brought up to 1 million barrels per day from the Caspian region to market. Several gas pipeline projects also are moving forward to help transport Caspian gas to Europe through Turkey, which over the long term will help address Turkey's dependence on imported oil and gas, which currently meets 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. Two rating agencies upgraded Turkey's debt to investment grade in 2012 and 2013, and Turkey's public sector debt to GDP ratio fell to 33% in 2014. The stock value of Foreign Direct Investment reached nearly $195 billion at year-end 2014.

Despite these positive trends, GDP growth dropped to 4.4% in 2013 and 2.9% in 2014. Growth slowed considerably in the last quarter of 2014, largely due to lackluster consumer demand both domestically and in Europe, Turkey’s most important export market. High interest rates have also contributed to the slowdown in growth, as Turkey sharply increased interest rates in January 2014 in order to strengthen the country’s currency and reduce inflation. Turkey then cut rates in February 2015 in a bid to spur economic growth.

The Turkish economy retains significant weaknesses. Specifically, Turkey's relatively high current account deficit, domestic political uncertainty, and turmoil within Turkey's neighborhood leave the economy vulnerable to destabilizing shifts in investor confidence. Turkey also remains dependent on often volatile, short-term investment to finance its large current account deficit.

 

Source : CIA

 

COMPANY IDENTIFICATION

 

 

NAME

:

DENIMER KUMASCILIK SANAYI VE TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Evren Mah. Gulbahar Cad. Gultepe Sok. No:3 Asma Kat Gunesli Istanbul / Turkey

PHONE NUMBER

:

90-212-489 13 86

 

FAX NUMBER

:

90-212-489 13 06

 

WEB-ADDRESS

:

www.denimer.com.tr

E-MAIL

:

info@denimer.com.tr

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Gunesli

TAX NO

:

2910795011

REGISTRATION NUMBER

:

698113

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

05.05.2009

ESTABLISHMENT GAZETTE DATE /NO

:

11.05.2009/7308

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   1.500.000

PAID-IN CAPITAL

:

TL   1.500.000

 

 

HISTORY

:

Previous Registered Capital

:

TL 100.000

Changed On

:

09.11.2009 (Commercial Gazette Date /Number 12.11.2009/ 7437)

Previous Registered Capital

:

TL 200.000

Changed On

:

16.08.2011 (Commercial Gazette Date /Number 22.08.2011/ 7885)

Previous Registered Capital

:

TL 750.000

Changed On

:

30.12.2013 (Commercial Gazette Date /Number 06.01.2014/ 8479)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Ahmet Deliorman

40 %

Arif Koseoglu

30 %

Burhan Sahinturk

30 %

 

 

SISTER COMPANIES

:

ODAK GRUP INSAAT YAPI SANAYI VE TICARET LTD. STI.

ODAK TARIM HAYVANCILIK VE GIDA SANAYI TICARET LTD. STI.

ODAK TEKSTIL PAZARLAMA SANAYI VE TICARET LTD. STI.

UNATEKS DENIM TEKSTIL PAZARLAMA SANAYI VE TICARET A.S.

 

DIRECTORS

:

Arif Koseoglu

 

Burhan Sahinturk

 

Ahmet Deliorman

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Wholesale trade of denim fabric.

 

NACE CODE

:

G .51.41

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

17

 

NET SALES

:

70.000 TL Thousand

(2012) 

79.416 TL Thousand

(2013) 

85.258 TL Thousand

(2014) 

67.501 TL Thousand

(01.01-30.09.2015) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

 

IMPORT COUNTRIES

:

Bahrain

Palestine

 

MERCHANDISE IMPORTED

:

Fabric

 

EXPORT VALUE

:

13.739 TL Thousand

(2013)

22.542 TL Thousand

(2014)

19.011 TL Thousand

(01.01-30.09.2015)

 

 

EXPORT COUNTRIES

:

Tunisia

 

MERCHANDISE  EXPORTED

:

Denim

 

HEAD OFFICE ADDRESS

:

Evren Mah. Gulbahar Cad. Gultepe Sok. No:3 Asma Kat Gunesli Istanbul / Turkey

 

BRANCHES

:

Head Office/Warehouse  :  Evren Mah. Gulbahar Cad. Gultepe Sok. No:3 Asma Kat Gunesli Istanbul/Turkey

 

INVESTMENTS

:

None

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2014. There appears a slowdown at business volume in real terms in  1.1 - 30.9.2015.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Denizbank Merter Branch

 

CREDIT FACILITIES

:

The subject company is making use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

 

 

KEY FINANCIAL ELEMENTS

:

 

(2013) TL Thousand

(2014) TL Thousand

(01.01-30.09.2015) TL Thousand

 

 

Net Sales

79.416

85.258

67.501

 

 

Profit (Loss) Before Tax

4.299

5.015

2.867

 

 

Stockholders' Equity

9.835

13.918

 

 

 

Total Assets

38.127

38.942

 

 

 

Current Assets

34.581

35.362

 

 

 

Non-Current Assets

3.546

3.580

 

 

 

Current Liabilities

23.897

21.833

 

 

 

Long-Term Liabilities

4.395

3.191

 

 

 

Gross Profit (loss)

4.799

7.290

5.060

 

 

Operating Profit (loss)

3.213

4.755

2.907

 

 

Net Profit (loss)

3.423

3.991

2.867

 

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Fair As of 31.12.2014

Liquidity

High As of 31.12.2014

Profitability

In Order Operating Profitability  in 2013

Good Net Profitability  in 2013

Good Operating Profitability  in 2014

Good Net Profitability  in 2014

In Order Operating Profitability (01.01-30.09.2015)

In Order Net Profitability (01.01-30.09.2015)

 

Gap between average collection and payable periods

Favorable in 2014

General Financial Position

Satisfactory

 

 

 

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

 ( 2014 )

6,36 %

2,1891

2,8989

3,6060

 ( 01.01-30.09.2015)

7,81 %

2,6640

2,9843

4,0944

 ( 01.01-30.11.2015)

6,06 %

2,7064

3,0117

4,1515

 

 

BALANCE SHEETS

 

 

 ( 31.12.2013 )  TL Thousand

 

 ( 31.12.2014 )  TL Thousand

 

CURRENT ASSETS

34.581

0,91

35.362

0,91

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

7.051

0,18

7.665

0,20

Marketable Securities

0

0,00

0

0,00

Account Receivable

23.179

0,61

21.810

0,56

Other Receivable

86

0,00

105

0,00

Inventories

4.138

0,11

5.332

0,14

Advances Given

11

0,00

212

0,01

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

116

0,00

238

0,01

NON-CURRENT ASSETS

3.546

0,09

3.580

0,09

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

1

0,00

1

0,00

Financial Assets

0

0,00

0

0,00

Tangible Fixed Assets (net)

3.384

0,09

3.484

0,09

Intangible Assets

75

0,00

58

0,00

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

86

0,00

37

0,00

TOTAL ASSETS

38.127

1,00

38.942

1,00

CURRENT LIABILITIES

23.897

0,63

21.833

0,56

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

0

0,00

116

0,00

Accounts Payable

22.498

0,59

21.320

0,55

Loans from Shareholders

397

0,01

24

0,00

Other Short-term Payable

151

0,00

127

0,00

Advances from Customers

251

0,01

44

0,00

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

284

0,01

217

0,01

Provisions

0

0,00

-15

0,00

Other Current Liabilities

316

0,01

0

0,00

LONG-TERM LIABILITIES

4.395

0,12

3.191

0,08

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

4.395

0,12

3.191

0,08

Securities Issued

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

Loans from Shareholders

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

9.835

0,26

13.918

0,36

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

1.500

0,04

1.500

0,04

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

4.912

0,13

8.427

0,22

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

Net Profit (loss)

3.423

0,09

3.991

0,10

TOTAL LIABILITIES AND EQUITY

38.127

1,00

38.942

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 344 is "Doubtful Trade Receivables" and -TL thousand 344 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:105,Other Receivable Total:105 

 

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

 

At the last income statement TL thousand 3.442 of the other income is due to "Profit from Foreign Currency Exchange".                                                                                         

 

At the last income statement TL thousand 3.440 of the other expenses is due to "Loss from Foreign Currency Exchange" .                                                                                                           

 

 

INCOME STATEMENTS

 

 

(2013) TL Thousand

 

(2014) TL Thousand

 

(01.01-30.09.2015) TL Thousand

 

Net Sales

79.416

1,00

85.258

1,00

67.501

1,00

Cost of Goods Sold

74.617

0,94

77.968

0,91

62.441

0,93

Gross Profit

4.799

0,06

7.290

0,09

5.060

0,07

Operating Expenses

1.586

0,02

2.535

0,03

2.153

0,03

Operating Profit

3.213

0,04

4.755

0,06

2.907

0,04

Other Income

3.984

0,05

3.163

0,04

3.651

0,05

Other Expenses

2.898

0,04

2.861

0,03

3.576

0,05

Financial Expenses

0

0,00

42

0,00

115

0,00

Minority Interests

0

0,00

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

0

0,00

Profit (loss) Before Tax

4.299

0,05

5.015

0,06

2.867

0,04

Tax Payable

876

0,01

1.024

0,01

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

3.423

0,04

3.991

0,05

2.867

0,04

 

 

FINANCIAL RATIOS

 

 

(2013)

(2014)

 

LIQUIDITY RATIOS

 

 

Current Ratio

1,45

1,62

 

Acid-Test Ratio

1,27

1,35

 

Cash Ratio

0,30

0,35

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,11

0,14

 

Short-term Receivable/Total Assets

0,61

0,56

 

Tangible Assets/Total Assets

0,09

0,09

 

TURNOVER RATIOS

 

 

Inventory Turnover

18,03

14,62

 

Stockholders' Equity Turnover

8,07

6,13

 

Asset Turnover

2,08

2,19

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,26

0,36

 

Current Liabilities/Total Assets

0,63

0,56

 

Financial Leverage

0,74

0,64

 

Gearing Percentage

2,88

1,80

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,35

0,29

 

Operating Profit Margin

0,04

0,06

 

Net Profit Margin

0,04

0,05

 

Interest Cover

 

120,40

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

105,08

92,10

 

Average Payable Period (days)

108,54

98,44

 

WORKING CAPITAL

10684,00

13529,00

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.65

UK Pound

1

Rs.99.61

Euro

1

Rs.72.33

TRY

1

Rs.22.68

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAS

 

 

Report Prepared by :

ANK

 

 

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%)

 

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.