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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

490219

Report Date :

06.02.2018

 

 

IDENTIFICATION DETAILS

 

Name :

DICLE GIDA VE TARIM URUNLERI SANAYI VE TICARET LTD. STI.

 

 

Registered Office :

Ofis Mah. Ipekyolu Uzeri No:110 Silopi 73400 Sirnak

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2016

 

 

Date of Incorporation :

07.01.1992

 

 

Com. Reg. No.:

118-Silopi

 

 

Legal Form :

Limited Company

 

 

Line of Business :

·         Processing, packaging and trade of pulse.   

·         The firm is also dealing with trade of cleaning and laboratory materials.

 

 

No. of Employees :

41

 

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A

 

Credit Rating

 

Explanation

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

Maximum Credit Limit :

4.000.000 USD

 

Status :

Good

 

 

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.

 

 

TURKEY - ECONOMIC OVERVIEW

 

Turkey's largely free-market economy is driven by its industry and, increasingly, service sectors, although its traditional agriculture sector still accounts for about 25% of employment. The automotive, petrochemical, and electronics industries have risen in importance and surpassed the traditional textiles and clothing sectors within Turkey's export mix. However, the recent period of political stability and economic dynamism has given way to domestic uncertainty and security concerns, which are generating financial market volatility and weighing on Turkey’s economic outlook.

 

Current government policies emphasize populist spending measures and credit breaks, while implementation of structural economic reforms has slowed. The government is playing a more active role in some strategic sectors and has used economic institutions and regulators to target political opponents, undermining private sector confidence in the judicial system. Between July 2016 and March 2017, three credit ratings agencies downgraded Turkey’s sovereign credit ratings, citing concerns about the rule of law and the pace of economic reforms.

 

Turkey remains highly dependent on imported oil and gas but is pursuing energy relationships with a broader set of international partners and taking steps to increase use of domestic energy sources including renewables, nuclear, and coal. The joint Turkish-Azerbaijani Trans-Anatolian Natural Gas Pipeline is moving forward to increase transport of Caspian gas to Turkey and Europe, and when completed will help diversify Turkey's sources of imported gas.

 

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. An aggressive privatization program also reduced state involvement in basic industry, banking, transport, power generation, and communication. 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 growth rebounded to around 9% in 2010 and 2011, as exports and investment recovered following the crisis.

 

Since 2014, productivity and growth has slowed to reveal persistent underlying imbalances in the Turkish economy. In particular, Turkey’s large current account deficit means it must rely on external investment inflows to finance growth, leaving the economy vulnerable to destabilizing shifts in investor confidence. Other troublesome trends include rising unemployment and inflation, which increased in 2017, given the Turkish lira’s continuing depreciation against the dollar. Although government debt remains low at about 30% of GDP, bank and corporate borrowing has almost tripled as a percent of GDP during the past decade, outpacing its emerging-market peers and prompting investor concerns about its long-term sustainability.

 

Source : CIA

 

 

 

NOTES

Address at your inquiry is not the registered head office but another premise.                                                                                                                                                                          

 

 

COMPANY IDENTIFICATION

 

 

 

NAME

DICLE GIDA VE TARIM URUNLERI SANAYI VE TICARET LTD. STI.

HEAD OFFICE ADDRESS

Ofis Mah. Ipekyolu Uzeri No:110 Silopi 73400 Sirnak / Turkey

PHONE NUMBER

90-324-221 97 70

 

FAX NUMBER

90-324-221 73 77

 

WEB-ADDRESS

www.diclegroup.com

E-MAIL

info@diclegroup.com

 

 

LEGAL STATUS AND HISTORY

 

 

 

NOTES ON LEGAL STATUS AND HISTORY

Change at registration no.                                                                                                                                                                         

 

 

TAX OFFICE

Silopi

TAX NO

2950022810

REGISTRATION NUMBER

118-Silopi

REGISTERED OFFICE

Sirnak Chamber of Commerce and Industry

COMMERCIAL REGISTRY

Sirnak Commercial Registry

DATE ESTABLISHED

07.01.1992

ESTABLISHMENT GAZETTE DATE/NO

14.01.1992/2944

LEGAL FORM

Limited Company

TYPE OF COMPANY

Private

REGISTERED CAPITAL

TL   25.000.000

HISTORY

Previous Registered Capital   :  

TL 1.100.000    / Changed on : 03.12.2008/(Commercial Gazette Date /Number 16.12.2008 /7207)

Previous Registered Capital   :  

TL 6.000.000    / Changed on : 08.10.2013/(Commercial Gazette Date /Number 23.10.2013 /8428)

Previous Registered Capital   :  

TL 10.000.000    / Changed on : 04.11.2016/(Commercial Gazette Date /Number 09.11.2016 /9194)

Previous Address   :  

Ipekyolu Uzeri No:120 Silopi    / Changed on : 16.01.2014/(Commercial Gazette Date /Number 25.02.2014 /8515)

Previous Address   :  

Ofis Mah. Ipekyolu Uzeri No:330 Silopi    / Changed on : 07.03.2017/(Commercial Gazette Date /Number 15.03.2017 /9284)

Previous Shareholder   :  

Please vide Previous Shareholders section for the former shareholders’ names.    / Changed on : 18.02.2016/(Commercial Gazette Date /Number 24.02.2016 /9018)

Other Changes   :  

The firm was firstly established in Mardin and registered at Mardin Commercial Registry with the registration no .”5657” in 1992. After that, the firm moved from Mardin to Sirnak and registered at Sirnak Commercial Registry with the registration no. “Silopi-118”  in 1995. 

 

 

 

 

PREVIOUS SHAREHOLDERS

Hamit Yildizgorer

67 %

Fatma Yildizgorer

8,25 %

Ibrahim Yildizgorer

3,10 %

Remziye Yildizgorer

3,10 %

Abdulsamet Yildizgorer

3,10 %

Abit Yildizgorer

3,09 %

Halime Yildizgorer

3,09 %

Nurettin Yildizgorer

3,09 %

Metin Yildizgorer

3,09 %

Faysal Yildizgorer

3,09 %

 

 

OWNERSHIP / MANAGEMENT

 

 

 

SHAREHOLDERS

Hamit Yildizgorer

67 %

Ibrahim Yildizgorer

33 %

 

DIRECTORS

 

Ibrahim Yildizgorer 

Hamit Yildizgorer ( General Manager )

 

 

 

 

OPERATIONS

 

 

 

BUSINESS ACTIVITIES

Processing, packaging and trade of pulse.    

 

The firm is also dealing with trade of cleaning and laboratory materials.

 

NACE CODE

DA.15.61

 

SECTOR

Food

 

TRADEMARKS OWNED

Alkeyf

BilBak

Rawinya

 

NUMBER OF EMPLOYEES

41

 

REMARKS ON NUMBER OF EMPLOYEES

 

The number of employees change seasonally.

 

NET SALES

210.016 TL Thousand

(2014) 

206.775 TL Thousand

(2015) 

200.779 TL Thousand

(2016) 

168.285 TL Thousand

(01.01-30.09.2017) 

 

 

 

IMPORT COUNTRIES

Germany

U.S.A.

Italy

Denmark

Uzbekistan

China

Egypt

Ukraine

Lebanon

Algeria

India

Iraq

Jordan

 

MERCHANDISE IMPORTED

Cleaning materials

Laboratory materials

Pulse

 

EXPORT VALUE

11.800.000 TL

(2006)

6.710.690 TL

(2007)

16.884.176 TL

(2008)

11.275.573 TL

(2009)

7.197.393 TL

(2010)

50.368.471 TL

(2011)

203.468.992 TL

(2012)

65.284 USD Thousand

(2013)

205.490 TL Thousand

(2014)

204.146 TL Thousand

(2015)

178.195 TL Thousand

(2016)

149.408 TL Thousand

(01.01-30.09.2017)

 

EXPORT COUNTRIES

Jordan

Iraq

 

MERCHANDISE  EXPORTED

Cereal grains

Chickpeas

Lentils

 

HEAD OFFICE ADDRESS

Ofis Mah. Ipekyolu Uzeri No:110 Silopi  Sirnak / Turkey ( owned )

 

BRANCHES

Processing Plant  :  Cilek Mah. 162. Cad. No:10 33020 Akdeniz Mersin/Turkey ( owned )  

           

GENERAL INFORMATION ON OPERATIONS

The firm has a considerable market potential.

 

 

TREND OF BUSINESS

There was a decline at business volume in nominal terms in 2015 and 2016. Trend of business appears to be steady in the first 9 months of 2017.

SIZE OF BUSINESS

Large

 

 

FINANCE

 

 

 

 

MAIN DEALING BANKS

Turk Ekonomi Bankasi Camlibel Branch

ING Bank Mersin Branch

T. Is Bankasi Mersin Branch

Yapi ve Kredi Bankasi Mersin Branch

T. Halk Bankasi Mersin Ticari 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

 

(2014)                                                                                TL Thousand

(2015)                                                                                TL Thousand

(2016)                                                                                TL Thousand

(01.01-30.09.2017)                                                                                TL Thousand

Net Sales

210.016

206.775

200.779

168.285

Profit (Loss) Before Tax

3.702

2.213

2.024

1.704

Stockholders' Equity

15.410

17.504

39.580

 

Total Assets

54.740

60.667

72.996

 

Current Assets

48.144

52.588

57.300

 

Non-Current Assets

6.596

8.079

15.696

 

Current Liabilities

31.555

32.506

29.523

 

Long-Term Liabilities

7.775

10.657

3.893

 

Gross Profit (loss)

20.523

19.396

16.592

10.901

Operating Profit (loss)

5.598

5.721

8.082

2.156

Net Profit (loss)

2.929

1.771

1.499

1.704

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Good As of 31.12.2016

Liquidity

High As of 31.12.2016

Profitability

Fair Operating Profitability  in 2014

Low Net Profitability  in 2014

Fair Operating Profitability  in 2015

Low Net Profitability  in 2015

In Order Operating Profitability  in 2016

Low Net Profitability  in 2016

Low Operating Profitability (01.01-30.09.2017)

Low Net Profitability (01.01-30.09.2017)

 

Gap between average collection and payable periods

Unfavorable in 2016

General Financial Position

Good

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

 

CREDIT LIMIT

 

:

4.000.000 USD

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2006 )

11,58 %

1,4309

1,7987

2,6377

 ( 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

 ( 2015 )

5,71 %

2,7230

3,0254

4,1661

 ( 2016 )

9,94 %

3,0292

3,3349

4,1006

 ( 01.01-30.09.2017)

9,78 %

3,5731

3,9855

4,5746

 ( 2017 )

15,47 %

3,6337

4,1120

4,7059

 

 

BALANCE SHEETS

 

 

31.12.2014  ( Full Year  )  TL Thousand

 

31.12.2015  ( Full Year  )  TL Thousand

 

31.12.2016  ( Full Year  )  TL Thousand

 

CURRENT ASSETS

48.144

0,88

52.588

0,87

57.300

0,78

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

Cash and Banks

92

0,00

324

0,01

345

0,00

Marketable Securities

0

0,00

0

0,00

0

0,00

Account Receivable

33.174

0,61

30.897

0,51

30.660

0,42

Other Receivable

145

0,00

222

0,00

2.702

0,04

Inventories

12.869

0,24

15.939

0,26

20.849

0,29

Advances Given

782

0,01

3.692

0,06

449

0,01

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

Other Current Assets

1.082

0,02

1.514

0,02

2.295

0,03

NON-CURRENT ASSETS

6.596

0,12

8.079

0,13

15.696

0,22

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

0

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

6.538

0,12

7.994

0,13

15.612

0,21

Intangible Assets

29

0,00

63

0,00

56

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

29

0,00

22

0,00

28

0,00

TOTAL ASSETS

54.740

1,00

60.667

1,00

72.996

1,00

CURRENT LIABILITIES

31.555

0,58

32.506

0,54

29.523

0,40

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

18.266

0,33

24.455

0,40

15.367

0,21

Accounts Payable

13.103

0,24

7.891

0,13

12.004

0,16

Loans from Shareholders

0

0,00

0

0,00

0

0,00

Other Short-term Payable

26

0,00

12

0,00

34

0,00

Advances from Customers

4

0,00

0

0,00

1.303

0,02

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

Taxes Payable

156

0,00

52

0,00

601

0,01

Provisions

0

0,00

96

0,00

214

0,00

Other Current Liabilities

0

0,00

0

0,00

0

0,00

LONG-TERM LIABILITIES

7.775

0,14

10.657

0,18

3.893

0,05

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

0

0,00

Securities Issued

0

0,00

0

0,00

0

0,00

Long-term Payable

7.775

0,14

10.657

0,18

3.893

0,05

Loans from Shareholders

0

0,00

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

15.410

0,28

17.504

0,29

39.580

0,54

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

Paid-in Capital

9.677

0,18

10.000

0,16

24.759

0,34

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

Reserves

2.804

0,05

5.733

0,09

422

0,01

Revaluation Fund

0

0,00

0

0,00

12.900

0,18

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

Net Profit (loss)

2.929

0,05

1.771

0,03

1.499

0,02

TOTAL LIABILITIES AND EQUITY

54.740

1,00

60.667

1,00

72.996

1,00

 

 

 

INCOME STATEMENTS

 

 

(2014)  ( Full Year  )  TL Thousand

 

(2015)  ( Full Year  )  TL Thousand

 

(2016)  ( Full Year  )  TL Thousand

 

(01.01-30.09.2017)  ( Interim Period )  TL Thousand

 

Net Sales

210.016

1,00

206.775

1,00

200.779

1,00

168.285

1,00

Cost of Goods Sold

189.493

0,90

187.379

0,91

184.187

0,92

157.384

0,94

Gross Profit

20.523

0,10

19.396

0,09

16.592

0,08

10.901

0,06

Operating Expenses

14.925

0,07

13.675

0,07

8.510

0,04

8.745

0,05

Operating Profit

5.598

0,03

5.721

0,03

8.082

0,04

2.156

0,01

Other Income

5.595

0,03

12.670

0,06

7.834

0,04

5.719

0,03

Other Expenses

6.791

0,03

15.126

0,07

12.906

0,06

4.784

0,03

Financial Expenses

700

0,00

1.052

0,01

986

0,00

1.387

0,01

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

3.702

0,02

2.213

0,01

2.024

0,01

1.704

0,01

Tax Payable

773

0,00

442

0,00

525

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

2.929

0,01

1.771

0,01

1.499

0,01

1.704

0,01

 

 

LAST FINANCIAL STATEMENT DETAILS

 

 

TL Thousand

Cash

32

Banks

313

Doubtful Trade Receivables

275

Provision for Doubtful Trade Receivables

-275

Other Miscellaneous Receivables (in Other Receivable)

2.702

Overdue, Delayed or Deferred Tax by Installments and Other Liabilities

454

 

 

 

FINANCIAL RATIOS

 

 

(2014)

(2015)

(2016)

LIQUIDITY RATIOS

 

Current Ratio

1,53

1,62

1,94

Acid-Test Ratio

1,06

0,97

1,14

Cash Ratio

0,00

0,01

0,01

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,24

0,26

0,29

Short-term Receivable/Total Assets

0,61

0,51

0,46

Tangible Assets/Total Assets

0,12

0,13

0,21

TURNOVER RATIOS

 

Inventory Turnover

14,72

11,76

8,83

Stockholders' Equity Turnover

13,63

11,81

5,07

Asset Turnover

3,84

3,41

2,75

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,28

0,29

0,54

Current Liabilities/Total Assets

0,58

0,54

0,40

Financial Leverage

0,72

0,71

0,46

Gearing Percentage

2,55

2,47

0,84

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,19

0,10

0,04

Operating Profit Margin

0,03

0,03

0,04

Net Profit Margin

0,01

0,01

0,01

Interest Cover

6,29

3,10

3,05

COLLECTION-PAYMENT

 

Average Collection Period (days)

56,87

53,79

54,97

Average Payable Period (days)

39,66

35,64

31,07

WORKING CAPITAL

16589,00

20082,00

27777,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 64.03

UK Pound

1

INR 90.40

Euro

1

INR 79.73

TL

1

INR 16.98

 

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

PRI

 

 

Report Prepared by :

TPT

 

 

RATING EXPLANATIONS

 

Credit Rating

 

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

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 are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

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.