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MIRA INFORM REPORT
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Report No. : |
492483 |
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Report Date : |
17.02.2018 |
IDENTIFICATION DETAILS
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Name : |
MEHMET DOGAN DOCOTTON GROUP |
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Registered Office : |
Sarkpinar Mah. Demirci Yolu Uzeri No:35/D Viransehir 63700 Sanliurfa |
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Country : |
Turkey |
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Financials (as on) : |
31.12.2016 |
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Date of Incorporation : |
16.06.2009 |
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Com. Reg. No.: |
2970-Viransehir |
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Legal Form : |
Sole-Proprietorship |
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Line of Business : |
Trade of Cotton. The subject also deals with construction. |
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No. of Employees : |
Not Available |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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Turkey |
B2 |
B2 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
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.
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Source
: CIA |
NOTES
Address at the inquiry is not the registered
head office but another premise.
COMPANY
IDENTIFICATION
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NAME |
MEHMET DOGAN DOCOTTON GROUP |
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HEAD OFFICE ADDRESS |
Sarkpinar Mah. Demirci Yolu Uzeri No:35/D Viransehir 63700 Sanliurfa / Turkey |
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PHONE NUMBER |
90-344-231 00 48 |
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FAX NUMBER |
90-344-618 11 04 |
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WEB-ADDRESS |
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E-MAIL |
LEGAL
STATUS AND HISTORY
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NOTES ON LEGAL STATUS AND HISTORY |
Liability of the subject is not limited to the capital.
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TAX OFFICE |
Viransehir |
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TAX NO |
3040135930 |
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REGISTRATION NUMBER |
2970-Viransehir |
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REGISTERED OFFICE |
Sanliurfa Chamber of Commerce and Industry |
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COMMERCIAL REGISTRY |
Sanliurfa Commercial Registry |
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DATE ESTABLISHED |
16.06.2009 |
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REMARKS ON DATE ESTABLISHED |
The subject sole-proprietorship is established on 16.06.2009. As the
sole-proprietorships are not obliged to be registered at commercial registry,
it was registered at Sanliurfa Commercial Registry on 03.09.2012 (Commercial
Registry Gazette Date/No:12.09.2012/8151) |
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NOTES ON DATE ESTABLISHED |
As the sole-proprietorships are not obliged to be registered at
commercial registry when they were established, it was registered at
Commercial Registry later on.
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LEGAL FORM |
Sole-Proprietorship |
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TYPE OF COMPANY |
Private |
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HISTORY |
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OWNERSHIP/
MANAGEMENT
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SHAREHOLDERS |
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DIRECTORS |
Mehmet Dogan |
OPERATIONS
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BUSINESS ACTIVITIES |
Trade of cotton. The subject also deals with construction. |
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NACE CODE |
G .51.21 |
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NET SALES |
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REMARKS ON CAPACITY |
None |
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REMARKS ON PRODUCTION |
None |
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IMPORT COUNTRIES |
Uzbekistan Turkmenistan Tajikistan Syria Greece U.S.A. India Brazil |
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MERCHANDISE IMPORTED |
Cotton |
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EXPORT VALUE |
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EXPORT COUNTRIES |
Bangladesh Russia Belarus Egypt |
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MERCHANDISE EXPORTED |
Cotton |
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HEAD OFFICE ADDRESS |
Sarkpinar Mah. Demirci Yolu Uzeri No:35/D Viransehir Sanliurfa / Turkey |
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BRANCHES |
Branch Office: Istasyon Mah. Adana
Yolu Uzeri Turkoglu Kahramanmaras/ Turkey
Branch Office: GMK Bulvari
Merkez Mah. No:876 Mezitli Mersin/Turkey
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NOTES ON INVESTMENTS |
None
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TREND OF BUSINESS |
There was a decline at business volume in nominal terms in 2015. There
was an upwards trend in 2016. There appears an upwards trend in the first 9
months of 2017. |
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SIZE OF BUSINESS |
Giant |
FINANCE
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MAIN DEALING BANKS |
T. Is Bankasi Viransehir Branch T. Vakiflar Bankasi Kahramanmaras Merkez Branch |
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CREDIT FACILITIES |
The subject company is making use of credit facilities. |
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KEY FINANCIAL ELEMENTS |
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COMMENT
ON FINANCIAL POSITION
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Capitalization |
Fair As of 31.12.2016 |
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Remarks on Capitalization |
The liability of the sole-proprietorships is not limited to the
capital.
The
owners of the sole-proprietorships are responsible for the debts of the
sole-proprietorships with all of their personal wealth.
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Liquidity |
Insufficient As of 31.12.2016 |
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Profitability |
Low Operating Profitability in
2015 Low Net Profitability in 2015 Low 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) |
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Gap between average collection and payable periods |
Unfavorable in 2016 |
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General Financial Position |
Passable |
CREDIT
OPINION WITHOUT OBLIGATION
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Incr. in
producers’ price index |
Average USD/TL |
Average EUR/TL |
Average GBP/ TL |
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( 2012 ) |
2,45 % |
1,7995 |
2,3265 |
2,8593 |
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( 2013 ) |
6,97 % |
1,9179 |
2,5530 |
3,0178 |
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( 2014 ) |
6,36 % |
2,1891 |
2,8989 |
3,6060 |
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( 2015 ) |
5,71 % |
2,7230 |
3,0254 |
4,1661 |
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( 2016 ) |
9,94 % |
3,0292 |
3,3349 |
4,1006 |
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( 01.01-30.09.2017) |
9,78 % |
3,5731 |
3,9855 |
4,5746 |
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( 2017 ) |
15,47 % |
3,6337 |
4,1120 |
4,7059 |
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( 01.01-31.01.2018) |
0,99 % |
3,7698 |
4,6025 |
5,2223 |
BALANCE
SHEETS
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31.12.2015 (Full Year) TL Thousand |
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31.12.2016 (Full Year) TL Thousand |
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CURRENT ASSETS |
99.358 |
0,92 |
113.746 |
0,91 |
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Not Detailed Current Assets |
0 |
0,00 |
0 |
0,00 |
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Cash and Banks |
7.106 |
0,07 |
989 |
0,01 |
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Marketable Securities |
0 |
0,00 |
0 |
0,00 |
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Account Receivable |
28.803 |
0,27 |
31.711 |
0,25 |
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Other Receivable |
1.634 |
0,02 |
707 |
0,01 |
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Inventories |
38.709 |
0,36 |
58.741 |
0,47 |
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Advances Given |
20.850 |
0,19 |
18.722 |
0,15 |
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Accumulated Construction Expense |
0 |
0,00 |
0 |
0,00 |
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Other Current Assets |
2.256 |
0,02 |
2.876 |
0,02 |
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NON-CURRENT ASSETS |
8.618 |
0,08 |
10.760 |
0,09 |
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Not Detailed Non-Current Assets |
0 |
0,00 |
0 |
0,00 |
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Long-term Receivable |
0 |
0,00 |
0 |
0,00 |
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Financial Assets |
0 |
0,00 |
0 |
0,00 |
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Tangible Fixed Assets (net) |
8.610 |
0,08 |
10.729 |
0,09 |
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Intangible Assets |
8 |
0,00 |
31 |
0,00 |
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Deferred Tax Assets |
0 |
0,00 |
0 |
0,00 |
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Other Non-Current Assets |
0 |
0,00 |
0 |
0,00 |
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TOTAL ASSETS |
107.976 |
1,00 |
124.506 |
1,00 |
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CURRENT LIABILITIES |
93.440 |
0,87 |
79.942 |
0,64 |
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Not Detailed Current Liabilities |
0 |
0,00 |
0 |
0,00 |
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Financial Loans |
33.316 |
0,31 |
43.361 |
0,35 |
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Accounts Payable |
56.187 |
0,52 |
29.501 |
0,24 |
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Loans from Shareholders |
0 |
0,00 |
0 |
0,00 |
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Other Short-term Payable |
0 |
0,00 |
0 |
0,00 |
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Advances from Customers |
3.475 |
0,03 |
6.351 |
0,05 |
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Accumulated Construction Income |
0 |
0,00 |
0 |
0,00 |
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Taxes Payable |
247 |
0,00 |
296 |
0,00 |
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Provisions |
215 |
0,00 |
433 |
0,00 |
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Other Current Liabilities |
0 |
0,00 |
0 |
0,00 |
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LONG-TERM LIABILITIES |
0 |
0,00 |
0 |
0,00 |
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Not Detailed Long-term Liabilities |
0 |
0,00 |
0 |
0,00 |
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Financial Loans |
0 |
0,00 |
0 |
0,00 |
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Securities Issued |
0 |
0,00 |
0 |
0,00 |
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Long-term Payable |
0 |
0,00 |
0 |
0,00 |
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Loans from Shareholders |
0 |
0,00 |
0 |
0,00 |
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Other Long-term Liabilities |
0 |
0,00 |
0 |
0,00 |
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Provisions |
0 |
0,00 |
0 |
0,00 |
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STOCKHOLDERS' EQUITY |
14.536 |
0,13 |
44.564 |
0,36 |
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Not Detailed Stockholders' Equity |
14.536 |
0,13 |
44.564 |
0,36 |
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Paid-in Capital |
0 |
0,00 |
0 |
0,00 |
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Cross Shareholding Adjustment of Capital |
0 |
0,00 |
0 |
0,00 |
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Inflation Adjustment of Capital |
0 |
0,00 |
0 |
0,00 |
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Equity of Consolidated Firms |
0 |
0,00 |
0 |
0,00 |
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Reserves |
0 |
0,00 |
0 |
0,00 |
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Revaluation Fund |
0 |
0,00 |
0 |
0,00 |
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Accumulated Losses(-) |
0 |
0,00 |
0 |
0,00 |
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Net Profit (loss) |
0 |
0,00 |
0 |
0,00 |
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TOTAL LIABILITIES AND EQUITY |
107.976 |
1,00 |
124.506 |
1,00 |
INCOME
STATEMENTS
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|
(2015) (Full Year) TL Thousand |
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(2016) (Full Year) TL Thousand |
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(01.01-30.09.2017)
(Interim
Period) TL Thousand |
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Net Sales |
152.104 |
1,00 |
213.593 |
1,00 |
220.244 |
1,00 |
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Cost of Goods Sold |
150.621 |
0,99 |
210.595 |
0,99 |
216.380 |
0,98 |
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Gross Profit |
1.483 |
0,01 |
2.998 |
0,01 |
3.864 |
0,02 |
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Operating Expenses |
1.220 |
0,01 |
2.328 |
0,01 |
1.424 |
0,01 |
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Operating Profit |
263 |
0,00 |
670 |
0,00 |
2.440 |
0,01 |
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Other Income |
2.034 |
0,01 |
12.196 |
0,06 |
284 |
0,00 |
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Other Expenses |
1.123 |
0,01 |
9.567 |
0,04 |
312 |
0,00 |
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Financial Expenses |
171 |
0,00 |
1.652 |
0,01 |
1.310 |
0,01 |
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Minority Interests |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
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Profit (loss) of consolidated firms |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
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Profit (loss) Before Tax |
1.003 |
0,01 |
1.647 |
0,01 |
1.102 |
0,01 |
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Tax Payable |
343 |
0,00 |
568 |
0,00 |
0 |
0,00 |
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Postponed Tax Gain |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
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Net Profit (loss) |
660 |
0,00 |
1.079 |
0,01 |
1.102 |
0,01 |
LAST
FINANCIAL STATEMENT DETAILS
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|
TL Thousand |
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Cash |
49 |
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Banks |
940 |
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Doubtful Trade Receivables |
0 |
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Other Miscellaneous Receivables (in Other Receivable) |
707 |
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Overdue, Delayed or Deferred Tax by Installments and Other Liabilities |
0 |
FINANCIAL RATIOS
|
|
(2015) |
(2016) |
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LIQUIDITY RATIOS |
|
|
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Current Ratio |
1,06 |
1,42 |
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Acid-Test Ratio |
0,40 |
0,42 |
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Cash Ratio |
0,08 |
0,01 |
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ASSET STRUCTURE RATIOS |
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|
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Inventory/Total Assets |
0,36 |
0,47 |
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Short-term Receivable/Total Assets |
0,28 |
0,26 |
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Tangible Assets/Total Assets |
0,08 |
0,09 |
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TURNOVER RATIOS |
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|
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Inventory Turnover |
3,89 |
3,59 |
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Stockholders' Equity Turnover |
10,46 |
4,79 |
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Asset Turnover |
1,41 |
1,72 |
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FINANCIAL STRUCTURE |
|
|
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Stockholders' Equity/Total Assets |
0,13 |
0,36 |
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Current Liabilities/Total Assets |
0,87 |
0,64 |
|
Financial Leverage |
0,87 |
0,64 |
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Gearing Percentage |
6,43 |
1,79 |
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PROFITABILITY RATIOS |
|
|
|
Net Profit/Stockholders' Eq. |
0,05 |
0,02 |
|
Operating Profit Margin |
0,00 |
0,00 |
|
Net Profit Margin |
0,00 |
0,01 |
|
Interest Cover |
6,87 |
2,00 |
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COLLECTION-PAYMENT |
|
|
|
Average Collection Period (days) |
68,17 |
53,45 |
|
Average Payable Period (days) |
134,29 |
50,43 |
|
WORKING CAPITAL |
5918,00 |
33804,00 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 63.91 |
|
|
1 |
INR 90.31 |
|
Euro |
1 |
INR 80.17 |
|
TRY |
1 |
INR 17.19 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
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|
Report Prepared
by : |
NIT |
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)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.