MIRA
INFORM REPORT
|
Report Date : |
19.12.2008 |
IDENTIFICATION
DETAILS
|
Name : |
CEMILE DIS TICARET LTD. STI. |
|
|
|
|
Registered Office : |
Bogazkesen Cad. Firuzaga Mah. Feritbey Is Hani No: 56/5 Tophane- Istanbul |
|
|
|
|
Country : |
Turkey |
|
|
|
|
Financials (as on) : |
31.12.2007 |
|
|
|
|
Date of Incorporation : |
05.05.1999 |
|
|
|
|
Com. Reg. No.: |
419460 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Trader of glassware and decorative
products |
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 |
COMPANY IDENTIFICATION
|
NAME |
: |
CEMILE DIS TICARET LTD. STI. |
|
ADDRESS |
: |
Head Office & Showroom: Bogazkesen
Cad. Firuzaga Mah. Feritbey Is Hani No: 56/5
Tophane- Istanbul / Turkey |
|
REMARKS ON HEAD OFFICE ADDRESS |
: |
The door number was changed from “116/5”
to “56/5” by the Municipality. |
|
PHONE NUMBER |
: |
90-212-249 91 34 90-212-251 58 16 |
|
FAX NUMBER |
: |
90-212-249 91 76 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Beyoglu / 2050146777 |
|
|
|
REGISTRATION NUMBER |
: |
419460 |
|
|
|
REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
|
|
|
DATE ESTABLISHED |
: |
05.05.1999 (Commercial Registry Gazette Date/No: 11.05.1999/4788) |
|
|
|
LEGAL FORM |
: |
Limited Company |
|
|
|
TYPE OF COMPANY |
: |
Private |
|
|
|
REGISTERED CAPITAL |
: |
YTL 500.000 |
|
|
|
PAID-IN CAPITAL |
: |
YTL 500.000 |
|
|
|
HISTORY |
: |
|
|
|
|
|
|
Previous Registered Capital |
: YTL 500 |
|
|
|
|
Regist. Capital Changed on |
: 12.07.2002 (Commercial Registry Gazette
Date/No: 22.07.2002/5596) |
|
|
|
|
Previous Registered Capital |
: YTL 20.000 |
|
|
|
|
Regist. Capital Changed on |
: 27.08.2004 (Commercial Registry Gazette
Date/No: 02.09.2004/6127) |
|
|
|
|
Previous Registered Capital |
: YTL 100.000 |
|
|
|
|
Regist. Capital Changed on |
: 29.12.2006 (Commercial Registry Gazette
Date/No: 11.01.2007/6721) |
|
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Izak Levi Sinyora Levi |
95 % 5
% |
|
GROUP PARENT COMPANY |
: |
None |
|
|
SISTER COMPANIES |
: |
Esteks Ev Tekstil Urunleri Dis Ticaret ve
Sanayi Ltd. Sti. Cemile Magazacilik Ic ve Dis Ticaret Ltd.
Sti. |
|
|
SUBSIDIARIES |
: |
None |
|
|
DIRECTORS |
: |
Izak Levi |
|
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Trade of glassware and decorative products The subject orders glassware products to be manufactured in the name of
the subject company to contract manufacturers in abroad. |
||
|
SECTOR |
: |
Commerce |
||
|
REPRESENTATIVE
OF |
: |
Royal Porcelain (Thailand) |
|
|
|
TRADEMARKS
TRADED |
: |
Cemile |
|
|
|
NUMBER OF
EMPLOYEES |
: |
34 |
||
|
NET SALES |
: |
(YTL) 1.793.959 2.750.101 3.624.953 3.755.426 6.235.622 7.401.409 6.337.608 |
(2002) (2003) (2004) (2005) (2006) (2007) (01.01.-30.09.2008) |
|
|
CAPACITY |
: |
None |
|
|
|
PRODUCTION |
: |
None |
|
|
|
IMPORT VALUE |
: |
USD 700.000 USD 900.000 USD 1.387.000 USD 2.000.000 USD 2.553.000 YTL 2.500.000 USD 2.900.000 |
(2002) (2003) (2004) (2005) (2006) (2007) (01.01.-05.12.2008) |
|
|
IMPORT COUNTRIES |
: |
Thailand, India, China… |
|
|
|
MERCHANDISE
IMPORTED |
: |
Kitchenware, giftware and decorative
products |
|
|
|
EXPORT VALUE |
: |
(YTL) 0 0 13.893 0 5.011 12.900 0 |
(2002) (2003) (2004) (2005) (2006) (2007) (01.01.-30.09.2008) |
|
|
EXPORT COUNTRIES |
: |
Northern Cyprus Turkish Republic, Greece |
|
|
|
MERCHANDISE
EXPORTED |
: |
Table, kitchenware and glassware products
etc… |
|
|
|
PREMISES |
: |
Head Office & Showroom: Bogazkesen
Cad. Firuzaga Mah. Feritbey Is Hani No: 116-5 Tophane - Istanbul (rented) Warehouse: Bakir ve Pirincciler Sanayi Sitesi
Menekse Cad. No: 16 Beylikduzu - Istanbul (15.000) (rented) |
|
|
|
FIXED CAPITAL
INVESTMENTS |
: |
None |
|
|
|
TREND OF
BUSINESS |
: |
Upwards |
|
SIZE OF BUSINESS |
: |
Medium |
FINANCE
|
MAIN DEALING BANKERS |
: |
ING Bank Mercan branch in Istanbul Yapi ve Kredi Bankasi Yedpa branch in
Istanbul Garanti Bankasi Karakoy branch in Istanbul |
|
CREDIT FACILITIES |
: |
The subject company is making use of credit facilities. |
|
PAYMENT BEHAVIOUR |
: |
No payment delays have come to our knowledge. |
COMMENT ON FINANCIAL POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
||||
|
Capitalization was low as of 31.12.2007. A part of liabilities was due
to loans from shareholders but major part of liabilities was to third parties
as of 31.12.2007. |
||||
|
LIQUIDITY |
||||
|
Good |
As of 31.12.2007 |
|||
|
PROFITABILITY |
||||
|
In order |
In 2007 |
Good |
Between 01.01.-30.09.2008 |
|
|
GAP BETWEEN COLLECTION-PAYMENT PERIODS |
||||
|
Unfavorable |
In 2007 |
|||
|
GENERAL
FINANCIAL POSITION |
||||
|
The capitalization was low but liquidity was good and profitability
was in order in 2007. The firm had good profitability in the first 9 months
of 2008. |
||||
|
|
Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(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 |
|
(2007) |
5.94 % |
1.3075 |
1.7901 |
2.6133 |
|
(1.1.-30.09.2008) |
11.48 % |
1.2146 |
1.8490 |
2.3755 |
|
(1.1.-30.11.2008) |
12.08 % |
1.2682 |
1.8727 |
2.3877 |
BALANCE
SHEETS
|
|
|||||||||||||
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
31.12.05 |
|
|
|
31.12.06 |
|
|
|
31.12.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
4.528.606 |
|
0,96 |
|
6.205.100 |
|
0,96 |
|
6.135.786 |
|
0,95 |
|
|
|
Cash and
Banks |
1.397.715 |
|
0,30 |
|
1.476.411 |
|
0,23 |
|
2.561.106 |
|
0,40 |
|
|
|
Marketable Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account
Receivable |
685.648 |
|
0,14 |
|
1.959.221 |
|
0,30 |
|
2.986.426 |
|
0,46 |
|
|
|
Other
Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Inventories |
2.039.448 |
|
0,43 |
|
2.176.923 |
|
0,34 |
|
347.437 |
|
0,05 |
|
|
|
Advances
Given |
22.696 |
|
0,00 |
|
140.622 |
|
0,02 |
|
171.151 |
|
0,03 |
|
|
|
Other
Current Assets |
383.099 |
|
0,08 |
|
451.923 |
|
0,07 |
|
69.666 |
|
0,01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
204.405 |
|
0,04 |
|
268.850 |
|
0,04 |
|
309.576 |
|
0,05 |
|
|
|
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) |
186.025 |
|
0,04 |
|
208.263 |
|
0,03 |
|
242.218 |
|
0,04 |
|
|
|
Intangible Assets |
16.964 |
|
0,00 |
|
59.171 |
|
0,01 |
|
48.060 |
|
0,01 |
|
|
|
Other
Non-Current Assets |
1.416 |
|
0,00 |
|
1.416 |
|
0,00 |
|
19.298 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
4.733.011 |
|
1,00 |
|
6.473.950 |
|
1,00 |
|
6.445.362 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
4.446.019 |
|
0,94 |
|
5.600.882 |
|
0,87 |
|
5.333.459 |
|
0,83 |
|
|
|
Financial
Loans |
742.266 |
|
0,16 |
|
1.460.073 |
|
0,23 |
|
1.139.739 |
|
0,18 |
|
|
|
Accounts
Payable |
2.782.891 |
|
0,59 |
|
2.067.418 |
|
0,32 |
|
1.974.295 |
|
0,31 |
|
|
|
Loans
from Shareholders |
792.175 |
|
0,17 |
|
938.032 |
|
0,14 |
|
1.077.957 |
|
0,17 |
|
|
|
Other
Short-term Payable |
11.812 |
|
0,00 |
|
0 |
|
0,00 |
|
1.042 |
|
0,00 |
|
|
|
Advances
from Customers |
80.571 |
|
0,02 |
|
1.101.487 |
|
0,17 |
|
1.101.487 |
|
0,17 |
|
|
|
Taxes
Payable |
16.512 |
|
0,00 |
|
18.510 |
|
0,00 |
|
18.687 |
|
0,00 |
|
|
|
Provisions |
19.792 |
|
0,00 |
|
15.362 |
|
0,00 |
|
20.252 |
|
0,00 |
|
|
|
Other
Current Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
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 |
286.992 |
|
0,06 |
|
873.068 |
|
0,13 |
|
1.111.903 |
|
0,17 |
|
|
|
Paid-in
Capital |
100.000 |
|
0,02 |
|
500.000 |
|
0,08 |
|
500.000 |
|
0,08 |
|
|
|
Inflation
Adjustment of Capital |
13.632 |
|
0,00 |
|
13.632 |
|
0,00 |
|
13.632 |
|
0,00 |
|
|
|
Reserves |
137.232 |
|
0,03 |
|
173.361 |
|
0,03 |
|
359.436 |
|
0,06 |
|
|
|
Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accumulated Losses(-) |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net
Profit (loss) |
36.128 |
|
0,01 |
|
186.075 |
|
0,03 |
|
238.835 |
|
0,04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES &EQUITY |
4.733.011 |
|
1,00 |
|
6.473.950 |
|
1,00 |
|
6.445.362 |
|
1,00 |
|
INCOME
STATEMENTS
|
|
|
||||||||||||
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
3.755.426 |
|
1,00 |
|
6.235.622 |
|
1,00 |
|
7.401.409 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
2.787.797 |
|
0,74 |
|
4.330.259 |
|
0,69 |
|
5.445.069 |
|
0,74 |
|
|
|
Gross Profit |
967.629 |
|
0,26 |
|
1.905.363 |
|
0,31 |
|
1.956.340 |
|
0,26 |
|
|
|
Operating
Expenses |
896.465 |
|
0,24 |
|
1.398.990 |
|
0,22 |
|
1.539.625 |
|
0,21 |
|
|
|
Operating Profit |
71.164 |
|
0,02 |
|
506.373 |
|
0,08 |
|
416.715 |
|
0,06 |
|
|
|
Other
Income |
21.103 |
|
0,01 |
|
46.652 |
|
0,01 |
|
137.708 |
|
0,02 |
|
|
|
Other
Expenses |
36.347 |
|
0,01 |
|
93.162 |
|
0,01 |
|
145.337 |
|
0,02 |
|
|
|
Financial
Expenses |
0 |
|
0,00 |
|
223.112 |
|
0,04 |
|
107.432 |
|
0,01 |
|
|
|
Profit (loss) Before Tax |
55.920 |
|
0,01 |
|
236.751 |
|
0,04 |
|
301.654 |
|
0,04 |
|
|
|
Tax
Payable |
19.792 |
|
0,01 |
|
50.676 |
|
0,01 |
|
62.819 |
|
0,01 |
|
|
|
Net Profit (loss) |
36.128 |
|
0,01 |
|
186.075 |
|
0,03 |
|
238.835 |
|
0,03 |
|
FINANCIAL
RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
2007 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Ratio |
1,02 |
|
|
|
1,11 |
|
|
|
1,15 |
|
|
|
|
|
Acid-Test Ratio |
0,47 |
|
|
|
0,61 |
|
|
|
1,04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,43 |
|
|
|
0,34 |
|
|
|
0,05 |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,14 |
|
|
|
0,30 |
|
|
|
0,46 |
|
|
|
|
|
Tangible Assets/Total Assets |
0,04 |
|
|
|
0,03 |
|
|
|
0,04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
1,37 |
|
|
|
1,99 |
|
|
|
15,67 |
|
|
|
|
|
Stockholders' Equity Turnover |
13,09 |
|
|
|
7,14 |
|
|
|
6,66 |
|
|
|
|
|
Asset Turnover |
0,79 |
|
|
|
0,96 |
|
|
|
1,15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,06 |
|
|
|
0,13 |
|
|
|
0,17 |
|
|
|
|
|
Current Liabilities/Total Assets |
0,94 |
|
|
|
0,87 |
|
|
|
0,83 |
|
|
|
|
|
Financial Leverage |
0,94 |
|
|
|
0,87 |
|
|
|
0,83 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
0,13 |
|
|
|
0,21 |
|
|
|
0,21 |
|
|
|
|
|
Operating Profit Margin |
0,02 |
|
|
|
0,08 |
|
|
|
0,06 |
|
|
|
|
|
Net Profit Margin |
0,01 |
|
|
|
0,03 |
|
|
|
0,03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
65,73 |
|
|
|
113,11 |
|
|
|
145,26 |
|
|
|
|
|
Average Payable Period (days) |
359,37 |
|
|
|
171,88 |
|
|
|
130,53 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME
STATEMENT
|
|
|
||||
|
|
|
YTL |
|
|
|
|
|
|
1.1.-30.09.2008 |
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
6.337.608 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
4.119.445 |
|
0,65 |
|
|
|
Gross Profit |
2.218.163 |
|
0,35 |
|
|
|
Operating
Expenses |
1.628.963 |
|
0,26 |
|
|
|
Operating Profit |
589.200 |
|
0,09 |
|
|
|
Other
Income |
152.679 |
|
0,02 |
|
|
|
Other
Expenses |
140.817 |
|
0,02 |
|
|
|
Financial
Expenses |
217.190 |
|
0,03 |
|
|
|
Profit (loss) Before Tax |
383.872 |
|
0,06 |
|
|
|
Tax
Payable |
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
383.872 |
|
0,06 |
|
|
|
|
|
|
|
|
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.47.28 |
|
UK Pound |
1 |
Rs.73.43 |
|
Euro |
1 |
Rs.68.22 |
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 |
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%)