MIRA
INFORM REPORT
|
Report Date : |
06.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
ESSE EV URUNLERI PAZARLAMA SANAYI VE TICARET A.S. |
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|
|
|
Registered Office : |
Ahi Evran Cad. No:1 Polaris Is Merkezi Kat: 4 Maslak Istanbul |
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Country : |
Turkey |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
01.07.1998 |
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Com. Reg. No.: |
398486 |
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|
|
Legal Form : |
Joint Stock Company |
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Line of Business : |
Trade of small home-appliances, kitchen-ware
and gift-ware |
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 |
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|
|
|
Payment Behaviour : |
No Complaints |
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|
|
Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
ESSE EV URUNLERI PAZARLAMA SANAYI VE TICARET A.S. |
|
ADDRESS |
: |
Head Office: Ahi Evran Cad. No:1 Polaris Is
Merkezi Kat: 4 Maslak Istanbul /
Turkey |
|
PHONE NUMBER |
: |
90-212-346 05 65 |
|
FAX NUMBER |
: |
90-212-346 04 73 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Maslak / 3880307811 |
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|
REGISTRATION NUMBER |
: |
398486 |
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|
REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
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DATE ESTABLISHED |
: |
01.07.1998 ( Commercial Registry Gazette
Date /No: 06.07.1998/4576) |
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LEGAL FORM |
: |
Joint Stock Company |
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TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
YTL 3,000,000 |
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|
HISTORY |
: |
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|
Previous Legal Form |
: Limited Company |
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|
Legal Form Changed On |
: 24.12.2001 (
Commercial Registry Gazette Date /No: 27.12.2001/5453) |
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Previous Name |
:Funday Dayanikli
Tuketim Malzemeleri Sanayi ve Ticaret Ltd. Sti. |
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Name Changed On |
:24.12.2001 (
Commercial Registry Gazette Date /No: 27.12.2001/5453) |
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Previous Name |
:Funday
Dayanikli Tuketim Malzemeleri Tekstil Gida Sanayi ve Ticaret A.S. |
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Name Changed On |
: 26.08.2003
(Commercial Registry Gazette Date / No: 29.08.2003 / 5874) |
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Previous
Registered Capital |
: YTL 800,000 |
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|
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Regist. Capital
Changed On |
: 29.12.2006 (Commercial
Registry Gazette Date /No: 08.01.2007 / 6718) |
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Previous
Registered Capital |
: YTL 2,000,000 |
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Regist.Capital Changed On |
: 05.10.2007 (Commercial Registry Gazette
Date /No: 10.10.2007 / 6913) The increase is decided to be financed by
cash. According to the capital increase decision ¼ of the increase has to be
paid-up within 3 months and the rest has to be paid-up within 3 years. |
|
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Semih Seftali Sibel Seftali Endeks Danismanlik Yayincilik Ilet. Tur.
San. Ve Tic. A.S. Evist Dis Ticaret ve Yonetim Danismanligi
Ltd. Sti. Murat Seftali |
51 % 28,975 % 19,938 % |
|
|
SISTER COMPANIES |
: |
-Ilyas Seftali Organik Tarim ve
Hayvancilik Urunleri San.ve Tic. A.S. -Endeks Danismanlik Yayincilik Iletisim
Turizm San. Ve Tic. A.S. -Evist Dis Ticaret ve Yonetim Danismanligi
Ltd. Sti. |
||
|
GROUP PARENT COMPANY |
: |
None |
||
|
SUBSIDIARIES |
: |
-Ilyas Seftali Organik Tarim ve
Hayvancilik Urunleri San. ve Tic. A.S. -Endeks Danismanlik Yayincilik Iletisim
Turizm San. Ve Tic. A.S. |
||
|
BOARD OF DIRECTORS |
: |
Semih Seftali Murat Seftali Sener Seftali |
Chairman Vice-Chairman Member |
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|
GENERAL MANAGER |
: |
Semih Seftali |
||
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Trade of small home-appliances,
kitchen-ware and gift-ware |
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|
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SECTOR |
: |
Commerce |
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|
|
TRADEMARK(S) |
: |
The firm sells the following trademark:
“Esse” |
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|
NUMBER OF
EMPLOYEES |
: |
250 |
|
|
|
NET SALES |
: |
(YTL) 2,401,634 4,350,898 8,202,740 15,497,325 18,819,805 15,813,229 19,847,554 15,731,357 |
(2000) (2001) (2002) (2003) (2004) (2005) |
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CAPACITY |
: |
None |
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PRODUCTION |
: |
None |
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IMPORT VALUE |
: |
None None USD 593,000 USD 700,000 USD 2,100,000 USD 3,200,000 USD 900,000 |
(2000) (2001) (2002) (2003) (2004) (01.01.-31.03.2006) |
|
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IMPORT COUNTRIES |
: |
China, Italy, Germany, UK, France, Hong
Kong |
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MERCHANDISE
IMPORTED |
: |
Small home-appliances, kitchen-ware and
gift-ware |
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EXPORT VALUE |
: |
None |
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PREMISES |
: |
Head Office: Ahi Evran Cad. No:1 Polaris
Is Merkezi Kat: 4 Maslak Istanbul
(250 sqm) (rented) Store : There are rented 31 stores. |
|
|
TREND OF BUSINESS : There was a decline at sales volume in nominal terms in 2005 but there
was upwards trend at sales volume in 2006 and in the first 9 months of
2007.
COMMERCIAL MORALITY : Good
SIZE OF BUSINESS : Upper-medium
FINANCE
|
MAIN DEALING BANKERS |
: |
Yapi ve Kredi Bankasi
Sanayi Mah. branch in Istanbul Garanti Bankasi
Maslak branch in Istanbul T. Is Bankasi Akadlar
branch in Istanbul Turk Ekonomi Bankasi
Maslak branch in Istanbul |
|
CREDIT FACILITIES |
: |
The
subject company is making use of credit facilities. |
|
PAYMENT BEHAVIOUR |
: |
No complaints have been heard regarding
payments from banks. According to the official registries
between 01.01.2000-15.10.2007, there are no protested bills and non-paid
cheques registered in the name of the subject company. |
COMMENT ON FINANCIAL POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
||||
|
Capitalization was fair as of 31.12.2006.
The registered capital was increased from YTL 2,000,000 to YTL 3,000,000 on
05.10.2007. The increase is decided to be financed by cash. According to the
capital increase decision ¼ of the increase has to be paid-up within 3 months
and the rest has to be paid-up within 3 years. So we expect an improvement at
equity total since then. |
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LIQUIDITY |
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|
Current ratio was good but acid-test ratio was low as of 31.12.2006. However
the favorable and long gap between the average collection and payable periods
has a positive effect on liquidity |
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PROFITABILITY |
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|
Low |
In 2006 |
Low |
Between 01.01.-30.09.2007 |
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GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
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Favorable |
In 2006 |
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GENERAL
FINANCIAL POSITION |
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|
Fair |
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CREDIT OPINION
CREDIT OPINION WITHOUT OBLIGATION : We are of the opinion that, a max. credit of USD 895,000 may be
granted to the subject company.
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|
Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(2000) |
32.70 % |
0.6251 |
0.5774 |
0.9480 |
|
(2001) |
88.60 % |
1.1991 |
1.0714 |
1.7300 |
|
(2002) |
30.80 % |
1.5168 |
1.3741 |
2.2001 |
|
(2003) |
13.90 % |
1.5302 |
1.7141 |
2.4982 |
|
(2004) |
13.84 % |
1.4266 |
1.7666 |
2.6001 |
|
(2005) |
2.66 % |
1.3499 |
1.6882 |
2.4623 |
|
(2006) |
11.58 % |
1.4309 |
1.7987 |
2.6377 |
|
(1.1.-30.09.2007) |
4.98 % |
1.3447 |
1.8084 |
2.6720 |
|
(1.1.-30.11.2007) |
5.78 % |
1.3190 |
1.7961 |
2.6363 |
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BALANCE SHEETS |
||||||||
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|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
31.12.05 |
|
|
|
31.12.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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CURRENT ASSETS |
5.130.701 |
|
0,86 |
|
6.959.342 |
|
0,88 |
|
|
|
Cash and
Banks |
287.179 |
|
0,05 |
|
340.113 |
|
0,04 |
|
|
|
Marketable Securities |
23 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account
Receivable |
215.000 |
|
0,04 |
|
507.216 |
|
0,06 |
|
|
|
Other
Receivable |
81.737 |
|
0,01 |
|
81.292 |
|
0,01 |
|
|
|
Inventories |
4.304.852 |
|
0,72 |
|
5.179.805 |
|
0,66 |
|
|
|
Advances
Given |
71.209 |
|
0,01 |
|
597.817 |
|
0,08 |
|
|
|
Other
Current Assets |
170.701 |
|
0,03 |
|
253.099 |
|
0,03 |
|
|
|
|
|
|
|
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NON-CURRENT ASSETS |
843.008 |
|
0,14 |
|
941.347 |
|
0,12 |
|
|
|
Long-term
Receivable |
27.894 |
|
0,00 |
|
43.711 |
|
0,01 |
|
|
|
Financial
Assets |
1.080 |
|
0,00 |
|
1.080 |
|
0,00 |
|
|
|
Tangible
Fixed Assets (net) |
359.764 |
|
0,06 |
|
343.797 |
|
0,04 |
|
|
|
Intangible Assets |
454.270 |
|
0,08 |
|
552.759 |
|
0,07 |
|
|
|
Other
Non-Current Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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TOTAL ASSETS |
5.973.709 |
|
1,00 |
|
7.900.689 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
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|
CURRENT LIABILITIES |
3.444.183 |
|
0,58 |
|
5.210.377 |
|
0,66 |
|
|
|
Financial
Loans |
0 |
|
0,00 |
|
2.149.608 |
|
0,27 |
|
|
|
Accounts
Payable |
2.595.460 |
|
0,43 |
|
2.824.480 |
|
0,36 |
|
|
|
Loans
from Shareholders |
608.429 |
|
0,10 |
|
0 |
|
0,00 |
|
|
|
Other
Short-term Payable |
16.558 |
|
0,00 |
|
43.171 |
|
0,01 |
|
|
|
Advances
from Customers |
1.330 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Taxes
Payable |
190.741 |
|
0,03 |
|
143.948 |
|
0,02 |
|
|
|
Provisions |
10.436 |
|
0,00 |
|
26.582 |
|
0,00 |
|
|
|
Other
Current Liabilities |
21.229 |
|
0,00 |
|
22.588 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
65.175 |
|
0,01 |
|
108.585 |
|
0,01 |
|
|
|
Financial
Loans |
65.175 |
|
0,01 |
|
108.585 |
|
0,01 |
|
|
|
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 |
2.464.351 |
|
0,41 |
|
2.581.727 |
|
0,33 |
|
|
|
Paid-in
Capital |
800.000 |
|
0,13 |
|
2.000.000 |
|
0,25 |
|
|
|
Inflation
Adjustment of Capital |
463.452 |
|
0,08 |
|
0 |
|
0,00 |
|
|
|
Reserves |
1.193.511 |
|
0,20 |
|
464.351 |
|
0,06 |
|
|
|
Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accumulated Losses(-) |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net
Profit (loss) |
7.388 |
|
0,00 |
|
117.376 |
|
0,01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
5.973.709 |
|
1,00 |
|
7.900.689 |
|
1,00 |
|
|
|
INCOME STATEMENTS |
||||||||||||
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
1.1.-30.09.2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
15.813.229 |
|
1,00 |
|
19.847.554 |
|
1,00 |
|
15.731.357 |
|
1,00 |
|
|
|
Cost of Goods
Sold |
8.257.302 |
|
0,52 |
|
10.198.338 |
|
0,51 |
|
6.507.757 |
|
0,41 |
|
|
|
Gross Profit |
7.555.927 |
|
0,48 |
|
9.649.216 |
|
0,49 |
|
9.223.600 |
|
0,59 |
|
|
|
Operating
Expenses |
6.919.002 |
|
0,44 |
|
8.521.763 |
|
0,43 |
|
7.899.966 |
|
0,50 |
|
|
|
Operating Profit |
636.925 |
|
0,04 |
|
1.127.453 |
|
0,06 |
|
1.323.634 |
|
0,08 |
|
|
|
Other
Income |
170.534 |
|
0,01 |
|
169.271 |
|
0,01 |
|
201.756 |
|
0,01 |
|
|
|
Other
Expenses |
132.875 |
|
0,01 |
|
308.620 |
|
0,02 |
|
153.988 |
|
0,01 |
|
|
|
Financial
Expenses |
656.703 |
|
0,04 |
|
837.589 |
|
0,04 |
|
1.356.369 |
|
0,09 |
|
|
|
Profit (loss) Before Tax |
17.881 |
|
0,00 |
|
150.515 |
|
0,01 |
|
15.033 |
|
0,00 |
|
|
|
Tax
Payable |
10.493 |
|
0,00 |
|
33.139 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
7.388 |
|
0,00 |
|
117.376 |
|
0,01 |
|
15.033 |
|
0,00 |
|
|
|
FINANCIAL RATIOS |
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2005 |
|
|
|
2006 |
|
|
|
1.1.-30.09.2007 |
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LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Ratio |
1,49 |
|
|
|
1,34 |
|
|
|
-- |
|
|
|
|
|
Acid-Test Ratio |
0,17 |
|
|
|
0,18 |
|
|
|
-- |
|
|
|
|
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|
|
|
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ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,72 |
|
|
|
0,66 |
|
|
|
-- |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,05 |
|
|
|
0,07 |
|
|
|
-- |
|
|
|
|
|
Tangible Assets/Total Assets |
0,06 |
|
|
|
0,04 |
|
|
|
-- |
|
|
|
|
|
|
|
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|
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TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
1,92 |
|
|
|
1,97 |
|
|
|
-- |
|
|
|
|
|
Stockholders' Equity Turnover |
6,42 |
|
|
|
7,69 |
|
|
|
-- |
|
|
|
|
|
Asset Turnover |
2,65 |
|
|
|
2,51 |
|
|
|
-- |
|
|
|
|
|
|
|
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FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,41 |
|
|
|
0,33 |
|
|
|
-- |
|
|
|
|
|
Current Liabilities/Total Assets |
0,58 |
|
|
|
0,66 |
|
|
|
-- |
|
|
|
|
|
Financial Leverage |
0,59 |
|
|
|
0,67 |
|
|
|
-- |
|
|
|
|
|
|
|
|
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PROFITABILITY RATIOS |
|
|
|
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|
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|
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|
|
|
Net Profit/Stockholders' Eq. |
0,00 |
|
|
|
0,05 |
|
|
|
-- |
|
|
|
|
|
Operating Profit Margin |
0,04 |
|
|
|
0,06 |
|
|
|
0,08 |
|
|
|
|
|
Net Profit Margin |
0,00 |
|
|
|
0,01 |
|
|
|
0,00 |
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COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
5,53 |
|
|
|
9,99 |
|
|
|
-- |
|
|
|
|
|
Average Payable Period (days) |
113,16 |
|
|
|
99,70 |
|
|
|
-- |
|
|
|
|
|
|
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RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)