MIRA INFORM REPORT

 

 

Report No. :

338557

Report Date :

02.09.2015

 

IDENTIFICATION DETAILS

 

Name :

DOF ROBOTIK SANAYI A.S.

 

 

Registered Office :

Ikitelli OSB Mah. Heskoop San. Sit. Heskoop G Blok Diskapi No: 21 Basaksehir Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

28.03.2014

 

 

Com. Reg. No.:

916381

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and Trade of Cinema Systems.

 

 

No. of Employees :

14

 

 

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 :

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

:

DOF ROBOTIK SANAYI A.S.

HEAD OFFICE ADDRESS

:

Ikitelli OSB Mah. Heskoop San. Sit. Heskoop G Blok Diskapi No: 21 Basaksehir Istanbul / Turkey

PHONE NUMBER

:

90-212-801 00 03

90-532-220 87 63 (Contact Number of Mustafa Mertcan)

 

FAX NUMBER

:

90-212-801 00 04

 

WEB-ADDRESS

:

www.dof.com.tr

E-MAIL

:

info@dof.com.tr

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Ikitelli

TAX NO

:

3020516063

REGISTRATION NUMBER

:

916381

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

28.03.2014

ESTABLISHMENT GAZETTE DATE/NO

:

03.04.2014/8542

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   50.000

PAID-IN CAPITAL

:

TL   50.000

HISTORY

:

Previous Address

:

Ziya Gokalp Mah. Suleyman Demirel Bulvari No: 1/C Is Modern Binalari G-Blok 1. Kat No: G-21 Basaksehir Istanbul

Changed On

:

09.10.2014 (Commercial Gazette Date /Number 14.10.2014/ 8672)

 

 

OWNERSHIP/ MANAGEMENT

 

 

SHAREHOLDERS

:

Mustafa Mertcan

80 %

Bakit Baydaliev

10 %

Ramazan Mertcan

5 %

Muhammet Mildan

5 %

 

 

SISTER COMPANIES

:

RIDE FILM PRODUKSIYON EGLENCE HIZMETLERI A.S.

SIMULATOR MAKINE PRODUKSIYON SANAYI VE TICARET LTD. STI.

TRAST DIS TICARET VE SANAYI LTD. STI.

 

BOARD OF DIRECTORS

:

Mustafa Mertcan

Chairman

Bakit Baydaliev

Vice-Chairman

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Manufacture and trade of cinema systems.

 

NACE CODE

:

DL.33.40

 

NUMBER OF EMPLOYEES

:

14

 

NET SALES

:

385.265 TL

(28.03-31.12.2014) 

1.913.570 TL

(01.01-30.06.2015) 

 

 

IMPORT COUNTRIES

:

Slovenia

China

 

MERCHANDISE IMPORTED

:

3D glasses

Seatbelt

 

EXPORT VALUE

:

381.092 TL

(28.03-31.12.2014)

1.700.072 TL

(01.01-31.07.2015)

 

 

EXPORT COUNTRIES

:

Iraq

Albania

 

MERCHANDISE  EXPORTED

:

Cinema systems

 

HEAD OFFICE ADDRESS

:

Ikitelli OSB Mah. Heskoop San. Sit. Heskoop G Blok Diskapi No: 21 Basaksehir Istanbul / Turkey

 

BRANCHES

:

Head Office/Production Plant  :  Ikitelli OSB Mah. Heskoop San. Sit. Heskoop G Blok Diskapi No: 21 Basaksehir Istanbul/Turkey

 

 

 

TREND OF BUSINESS

:

Undetermined; young business.

SIZE OF BUSINESS

:

Lower-Moderate

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

T. Garanti Bankasi Sagmalcilar Branch

 

CREDIT FACILITIES

:

No credit facility has come to our knowledge.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(28.03-31.12.2014) TL

(01.01-30.06.2015) TL

Net Sales

385.265

1.913.570

Profit (Loss) Before Tax

-40.461

68.839

Stockholders' Equity

9.539

 

Total Assets

1.136.962

 

Current Assets

1.067.364

 

Non-Current Assets

69.598

 

Current Liabilities

1.127.423

 

Long-Term Liabilities

0

 

Gross Profit (loss)

148.637

366.794

Operating Profit (loss)

-39.863

107.577

Net Profit (loss)

-40.461

68.839

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Not in order As of 31.12.2014

Remarks on Capitalization

A part of total liabilities and equity consist of loans from shareholders rather than liabilities to third parties indicating not too high indebtedness to third parties.

 

Liquidity

Fair As of 31.12.2014

Remarks On Liquidity

A part of current liabilities consist of short-term loans from shareholders rather than liabilities to third parties.  The favorable gap between average collection and average payable period has a positive effect on liquidity.

 

Profitability

Operating Loss (28.03-31.12.2014)

Net Loss (28.03-31.12.2014)

Good Operating Profitability (01.01-30.06.2015)

In Order Net Profitability (01.01-30.06.2015)

 

Gap between average collection and payable periods

Favorable in 2014

General Financial Position

Unsatisfactory

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2014 )

6,36 %

2,1891

2,8989

3,6060

 (01.01-30.06.2015)

5,49 %

2,5568

2,8727

3,9250

 (01.01-31.07.2015)

5,15 %

2,5858

2,8956

3,9782

 

 

BALANCE SHEETS

 

 

 ( 31.12.2014 )  TL

 

 

 

CURRENT ASSETS

1.067.364

0,94

 

 

Not Detailed Current Assets

0

0,00

 

 

Cash and Banks

8.739

0,01

 

 

Marketable Securities

0

0,00

 

 

Account Receivable

370.529

0,33

 

 

Other Receivable

46.158

0,04

 

 

Inventories

549.366

0,48

 

 

Advances Given

2.743

0,00

 

 

Accumulated Construction Expense

0

0,00

 

 

Other Current Assets

89.829

0,08

 

 

NON-CURRENT ASSETS

69.598

0,06

 

 

Not Detailed Non-Current Assets

0

0,00

 

 

Long-term Receivable

0

0,00

 

 

Financial Assets

0

0,00

 

 

Tangible Fixed Assets (net)

59.196

0,05

 

 

Intangible Assets

10.402

0,01

 

 

Deferred Tax Assets

0

0,00

 

 

Other Non-Current Assets

0

0,00

 

 

TOTAL ASSETS

1.136.962

1,00

 

 

CURRENT LIABILITIES

1.127.423

0,99

 

 

Not Detailed Current Liabilities

0

0,00

 

 

Financial Loans

0

0,00

 

 

Accounts Payable

282.147

0,25

 

 

Loans from Shareholders

610.652

0,54

 

 

Other Short-term Payable

3.177

0,00

 

 

Advances from Customers

182.062

0,16

 

 

Accumulated Construction Income

0

0,00

 

 

Taxes Payable

49.385

0,04

 

 

Provisions

0

0,00

 

 

Other Current Liabilities

0

0,00

 

 

LONG-TERM LIABILITIES

0

0,00

 

 

Not Detailed Long-term Liabilities

0

0,00

 

 

Financial Loans

0

0,00

 

 

Securities Issued

0

0,00

 

 

Long-term Payable

0

0,00

 

 

Loans from Shareholders

0

0,00

 

 

Other Long-term Liabilities

0

0,00

 

 

Provisions

0

0,00

 

 

STOCKHOLDERS' EQUITY

9.539

0,01

 

 

Not Detailed Stockholders' Equity

0

0,00

 

 

Paid-in Capital

50.000

0,04

 

 

Cross Shareholding Adjustment of Capital

0

0,00

 

 

Inflation Adjustment of Capital

0

0,00

 

 

Equity of Consolidated Firms

0

0,00

 

 

Reserves

0

0,00

 

 

Revaluation Fund

0

0,00

 

 

Accumulated Losses(-)

0

0,00

 

 

Net Profit (loss)

-40.461

-0,04

 

 

TOTAL LIABILITIES AND EQUITY

1.136.962

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 0 is "Doubtful Trade Receivables" at the last balance sheet.                                                                                  

 

The details of "Other Receivable" figure at the last balance sheet (TL): Due From Shareholders: 0, Due From Participations: 0, Due From Affiliated Companies: 0            , Due From Personnel: 0, Other Miscellaneous Receivables: 46.158, Other Receivable Total: 46.158 

 

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

 

 

INCOME STATEMENTS

 

 

(28.03-31.12.2014) TL

 

(01.01-30.06.2015) TL

 

Net Sales

385.265

1,00

1.913.570

1,00

Cost of Goods Sold

236.628

0,61

1.546.776

0,81

Gross Profit

148.637

0,39

366.794

0,19

Operating Expenses

188.500

0,49

259.217

0,14

Operating Profit

-39.863

-0,10

107.577

0,06

Other Income

0

0,00

10

0,00

Other Expenses

598

0,00

218

0,00

Financial Expenses

0

0,00

38.530

0,02

Minority Interests

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

Profit (loss) Before Tax

-40.461

-0,11

68.839

0,04

Tax Payable

0

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

Net Profit (loss)

-40.461

-0,11

68.839

0,04

 

 

FINANCIAL RATIOS

 

 

(28.03-31.12.2014)

 

LIQUIDITY RATIOS

 

 

Current Ratio

0,95

 

Acid-Test Ratio

0,38

 

Cash Ratio

0,01

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,48

 

Short-term Receivable/Total Assets

0,37

 

Tangible Assets/Total Assets

0,05

 

TURNOVER RATIOS

 

 

Inventory Turnover

0,43

 

Stockholders' Equity Turnover

40,39

 

Asset Turnover

0,34

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,01

 

Current Liabilities/Total Assets

0,99

 

Financial Leverage

0,99

 

Gearing Percentage

118,19

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

-4,24

 

Operating Profit Margin

-0,10

 

Net Profit Margin

-0,11

 

Interest Cover

 

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

346,23

 

Average Payable Period (days)

429,25

 

WORKING CAPITAL

-60059,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.26

UK Pound

1

Rs.101.99

Euro

1

Rs.74.79

 

 

 

 

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

NIT

 

 

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

0

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.