MIRA INFORM REPORT

 

 

Report No. :

356336

Report Date :

25.12.2015

 

IDENTIFICATION DETAILS

 

Name :

DICLE TEKSTIL SANAYI VE TICARET A.S.

 

 

Registered Office :

Beylikduzu Bakircilar ve Pirincciler Sanayi Sitesi Acalya Sok. No:45 C Blok Beylikduzu Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

06.12.61975

 

 

Com. Reg. No.:

131083

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Twisting and trade of yarn

 

 

No. of Employee :

60

 

 

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

:

DICLE TEKSTIL SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Beylikduzu Bakircilar ve Pirincciler Sanayi Sitesi Acalya Sok. No:45 C Blok Beylikduzu Istanbul / Turkey

PHONE NUMBER

:

90-212-876 36 72

 

FAX NUMBER

:

90-212-876 36 84

 

WEB-ADDRESS

:

www.dicletekstil.com

E-MAIL

:

dicleinfo@dicletekstil.com

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Marmara Kurumlar

TAX NO

:

2950022836

REGISTRATION NUMBER

:

131083

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

06.02.1975

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   6.750.000

PAID-IN CAPITAL

:

TL   6.750.000

 

HISTORY

:

Previous Registered Capital

:

TL 5.000.000

Changed On

:

22.07.2009 (Commercial Gazette Date /Number 28.07.2009/ 7363)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Jak Zakuto

44,44 %

Livyo Zakuto

40,74 %

Korin Zakuto

7,41 %

Sara Sibel Kastro

6,67 %

Ceki Cem Zakuto

0,74 %

 

 

BOARD OF DIRECTORS

:

Jak Zakuto

Chairman

Sara Sibel Kastro

Member

Livyo Zakuto

Member

Korin Zakuto

Member

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Twisting and trade of yarn.

 

NACE CODE

:

DB.17.10

 

SECTOR

:

Textile

 

NUMBER OF EMPLOYEES

:

60

 

NET SALES

:

23.130.582 TL

(2007) 

22.350.081 TL

(2008) 

23.086.027 TL

(2009) 

25.459.656 TL

(2010) 

35.308.407 TL

(2011) 

36.205 TL Thousand

(2012) 

48.840 TL Thousand

(2013) 

66.231 TL Thousand

(2014) 

58.611 TL Thousand

(01.01-30.09.2015) 

 

 

IMPORT COUNTRIES

:

India

Indonesia

Vietnam

 

MERCHANDISE IMPORTED

:

Yarn

 

 

EXPORT VALUE

:

430.750 TL

(2007)

391.608 TL

(2008)

172.873 TL

(2009)

1.870.209 TL

(2010)

3.354.251 TL

(2011)

1.101 TL Thousand

(2012)

3.077 TL Thousand

(2013)

3.978 TL Thousand

(2014)

4.173 TL Thousand

(01.01-30.09.2015)

 

 

EXPORT COUNTRIES

:

Italy

Middle East Countries

 

MERCHANDISE  EXPORTED

:

Fibers

Synthetic filament

Yarn

 

HEAD OFFICE ADDRESS

:

Beylikduzu Bakircilar ve Pirincciler Sanayi Sitesi Acalya Sok. No:45 C Blok Beylikduzu  Istanbul / Turkey ( owned )

 

BRANCHES

:

Head Office/Processing Plant  :  Beylikduzu Bakircilar ve Pirincciler Sanayi Sitesi Acalya Sok. No:45 C Blok Beylikduzu Istanbul/Turkey (owned)

 

Branch Office  :  Asirefendi Cad. Bornovali Han No:17/2 Eminonu Istanbul/Turkey (rented)

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2014. There appears an upwards trend in  1.1 - 30.9.2015.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Finansbank Beylikduzu Branch

Garanti Bankasi Beylikduzu Branch

T. Is Bankasi Avcilar Branch

Turk Ekonomi Bankasi Beylikduzu 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

:

 

(2011) TL

(2012) TL Thousand

(2013) TL Thousand

(2014) TL Thousand

(01.01-30.09.2015) TL Thousand

Net Sales

35.308.407

36.205

48.840

66.231

58.611

Profit (Loss) Before Tax

1.930.816

2.258

2.690

6.347

6.025

Stockholders' Equity

14.498.894

16.298

21.251

26.326

 

Total Assets

22.455.410

26.528

36.834

45.525

 

Current Assets

21.093.379

25.169

35.547

43.897

 

Non-Current Assets

1.362.031

1.359

1.287

1.628

 

Current Liabilities

1.089.683

2.117

6.682

12.533

 

Long-Term Liabilities

6.866.833

8.113

8.901

6.666

 

Gross Profit (loss)

4.867.182

4.828

6.987

10.701

11.388

Operating Profit (loss)

2.912.005

2.647

4.407

7.266

8.317

Net Profit (loss)

1.524.422

1.799

2.138

5.075

6.025

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Good As of 31.12.2014

Liquidity

High As of 31.12.2014

Remarks On Liquidity

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

Profitability

Good Operating Profitability  in 2011

Good Net Profitability  in 2011

Good Operating Profitability  in 2012

Good Net Profitability  in 2012

Good Operating Profitability  in 2013

Good Net Profitability  in 2013

High Operating Profitability  in 2014

High Net Profitability  in 2014

High Operating Profitability (01.01-30.09.2015)

High Net Profitability (01.01-30.09.2015)

 

Gap between average collection and payable periods

Unfavorable in 2014

General Financial Position

Good

 

 

 

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

 ( 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

 ( 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

 

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL Thousand

 

 ( 31.12.2013 )  TL Thousand

 

 ( 31.12.2014 )  TL Thousand

 

 

 

CURRENT ASSETS

21.093.379

0,94

25.169

0,95

35.547

0,97

43.897

0,96

 

 

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Cash and Banks

1.934.300

0,09

2.302

0,09

2.781

0,08

3.491

0,08

 

 

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Account Receivable

10.834.319

0,48

13.710

0,52

21.834

0,59

25.960

0,57

 

 

Other Receivable

8.582

0,00

18

0,00

32

0,00

28

0,00

 

 

Inventories

8.124.120

0,36

8.617

0,32

10.354

0,28

13.109

0,29

 

 

Advances Given

28.049

0,00

399

0,02

231

0,01

287

0,01

 

 

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Other Current Assets

164.009

0,01

123

0,00

315

0,01

1.022

0,02

 

 

NON-CURRENT ASSETS

1.362.031

0,06

1.359

0,05

1.287

0,03

1.628

0,04

 

 

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Long-term Receivable

5.027

0,00

5

0,00

5

0,00

5

0,00

 

 

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Tangible Fixed Assets (net)

1.308.470

0,06

1.283

0,05

1.197

0,03

1.456

0,03

 

 

Intangible Assets

0

0,00

0

0,00

9

0,00

93

0,00

 

 

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Other Non-Current Assets

48.534

0,00

71

0,00

76

0,00

74

0,00

 

 

TOTAL ASSETS

22.455.410

1,00

26.528

1,00

36.834

1,00

45.525

1,00

 

 

CURRENT LIABILITIES

1.089.683

0,05

2.117

0,08

6.682

0,18

12.533

0,28

 

 

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Financial Loans

40.025

0,00

729

0,03

3.500

0,10

7.209

0,16

 

 

Accounts Payable

313.291

0,01

122

0,00

1.680

0,05

2.842

0,06

 

 

Loans from Shareholders

80.874

0,00

369

0,01

0

0,00

0

0,00

 

 

Other Short-term Payable

197.858

0,01

308

0,01

502

0,01

598

0,01

 

 

Advances from Customers

72.808

0,00

144

0,01

220

0,01

374

0,01

 

 

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Taxes Payable

127.210

0,01

101

0,00

110

0,00

143

0,00

 

 

Provisions

178.935

0,01

189

0,01

553

0,02

1.272

0,03

 

 

Other Current Liabilities

78.682

0,00

155

0,01

117

0,00

95

0,00

 

 

LONG-TERM LIABILITIES

6.866.833

0,31

8.113

0,31

8.901

0,24

6.666

0,15

 

 

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Financial Loans

6.866.833

0,31

8.113

0,31

8.901

0,24

6.666

0,15

 

 

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

14.498.894

0,65

16.298

0,61

21.251

0,58

26.326

0,58

 

 

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Paid-in Capital

6.750.000

0,30

6.750

0,25

6.750

0,18

6.750

0,15

 

 

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Inflation Adjustment of Capital

8.185

0,00

8

0,00

8

0,00

8

0,00

 

 

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Reserves

3.693.587

0,16

5.218

0,20

7.018

0,19

9.156

0,20

 

 

Revaluation Fund

2.522.700

0,11

2.523

0,10

5.337

0,14

5.337

0,12

 

 

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Net Profit (loss)

1.524.422

0,07

1.799

0,07

2.138

0,06

5.075

0,11

 

 

TOTAL LIABILITIES AND EQUITY

22.455.410

1,00

26.528

1,00

36.834

1,00

45.525

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 1.482 is "Doubtful Trade Receivables" and -TL thousand 1.482 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:4,Other Miscellaneous Receivables:24,Other Receivable Total:28 

 

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 3.424 of the other income is due to "Profit from Foreign Currency Exchange". 

 

At the last income statement TL thousand 4.717 of the other expenses is due to "Loss from Foreign Currency Exchange" .

 

 

INCOME STATEMENTS

 

 

(2011) TL

 

(2012) TL Thousand

 

(2013) TL Thousand

 

(2014) TL Thousand

 

(01.01-30.09.2015) TL Thousand

 

Net Sales

35.308.407

1,00

36.205

1,00

48.840

1,00

66.231

1,00

58.611

1,00

Cost of Goods Sold

30.441.225

0,86

31.377

0,87

41.853

0,86

55.530

0,84

47.223

0,81

Gross Profit

4.867.182

0,14

4.828

0,13

6.987

0,14

10.701

0,16

11.388

0,19

Operating Expenses

1.955.177

0,06

2.181

0,06

2.580

0,05

3.435

0,05

3.071

0,05

Operating Profit

2.912.005

0,08

2.647

0,07

4.407

0,09

7.266

0,11

8.317

0,14

Other Income

2.196.123

0,06

1.228

0,03

2.040

0,04

3.718

0,06

3.881

0,07

Other Expenses

2.716.904

0,08

1.135

0,03

3.053

0,06

3.939

0,06

5.584

0,10

Financial Expenses

460.408

0,01

482

0,01

704

0,01

698

0,01

589

0,01

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

1.930.816

0,05

2.258

0,06

2.690

0,06

6.347

0,10

6.025

0,10

Tax Payable

406.394

0,01

459

0,01

552

0,01

1.272

0,02

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

1.524.422

0,04

1.799

0,05

2.138

0,04

5.075

0,08

6.025

0,10

 

 

FINANCIAL RATIOS

 

(2011)

(2012)

(2013)

(2014)

 

LIQUIDITY RATIOS

 

 

Current Ratio

19,36

11,89

5,32

3,50

 

Acid-Test Ratio

11,73

7,57

3,69

2,35

 

Cash Ratio

1,78

1,09

0,42

0,28

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,36

0,32

0,28

0,29

 

Short-term Receivable/Total Assets

0,48

0,52

0,59

0,57

 

Tangible Assets/Total Assets

0,06

0,05

0,03

0,03

 

TURNOVER RATIOS

 

 

Inventory Turnover

3,75

3,64

4,04

4,24

 

Stockholders' Equity Turnover

2,44

2,22

2,30

2,52

 

Asset Turnover

1,57

1,36

1,33

1,45

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,65

0,61

0,58

0,58

 

Current Liabilities/Total Assets

0,05

0,08

0,18

0,28

 

Financial Leverage

0,35

0,39

0,42

0,42

 

Gearing Percentage

0,55

0,63

0,73

0,73

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,11

0,11

0,10

0,19

 

Operating Profit Margin

0,08

0,07

0,09

0,11

 

Net Profit Margin

0,04

0,05

0,04

0,08

 

Interest Cover

5,19

5,68

4,82

10,09

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

110,52

136,37

160,98

141,13

 

Average Payable Period (days)

3,71

1,40

14,45

18,42

 

WORKING CAPITAL

20003696,00

23052,00

28865,00

31364,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.20

UK Pound

1

Rs.98.30

Euro

1

Rs.72.41

TRY

1

Rs.22.59

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAS

 

 

Report Prepared by :

TRU

 

 

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.