MIRA
INFORM REPORT
|
Report Date : |
30.12.2008 |
IDENTIFICATION DETAILS
|
Name : |
MUDO SATIS MAGAZALARI A.S. |
|
|
|
|
Registered Office : |
Ambarli Dolum Tesisleri Yolu Cihangir Mah. Sehit Piyade Onbasi Murat
Sengoz Sok. No:9 Avcilar- |
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|
|
|
Country : |
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|
|
|
|
Financials (as on) : |
30.06.2008 |
|
|
|
|
Date of Incorporation : |
14.02.1978 |
|
|
|
|
Com. Reg. No.: |
152190 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Trade of Ready-Wear, Accessories such as Necklace, Bracelet, Furniture
and Accessories, Giftware |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
Status : |
Moderate |
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|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
MUDO SATIS MAGAZALARI A.S. |
|
ADDRESS |
: |
Head Office & Warehouse: Ambarli Dolum
Tesisleri Yolu Cihangir Mah. Sehit Piyade Onbasi Murat Sengoz Sok. No:9
Avcilar- Istanbul/ |
|
PHONE NUMBER |
: |
90-212-456 07 07 |
|
FAX NUMBER |
: |
90-212-422 19 51 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Buyuk Mukellefler / 6230009811 |
|
REGISTRATION NUMBER |
: |
152190 |
|
REGISTERED OFFICE |
: |
|
|
DATE ESTABLISHED |
: |
14.02.1978 |
|
LEGAL FORM |
: |
Joint Stock Company |
|
TYPE OF COMPANY |
: |
Private |
|
REGISTERED CAPITAL |
: |
YTL 165.000 |
|
PAID-IN CAPITAL |
: |
YTL 165.000 |
|
HISTORY |
: |
The registered capital was increased from YTL
10.000 to YTL 50.000 on 11.11.2002 (Commercial Registry Gazette
Date/No: 14.11.2002 / 5677) The subject took over and merged with
“Mudo Hazir Giyim Imalat Ve Pazarlama A.S.” and with this merger the
registered capital was increased from YTL 50.000 to YTL 165.000 on 31.12.2004
(Commercial Registry Gazette Date/No: 10.01.2005 / 6216) |
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Mustafa Taviloglu Luset Taviloglu Asli Taviloglu Omer Taviloglu Ferhat Soysal |
|
|
SISTER COMPANIES |
: |
Tasfiye
Halinde Koleksiyon Hazir Giyim Imalat San. Tic. Ve Paz. A.S. (under
liquidation) |
|
|
BOARD OF DIRECTORS |
: |
Mustafa Taviloglu Omer Taviloglu Abdulkadir Yalcuva Aytac Birol Alsan Mehmet Ufuk Coskun |
Chairman Member Member Member Member |
|
DIRECTORS |
: |
Zafer Eser |
General Manager |
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Trade of ready-wear, accessories such as
necklace, bracelet, furniture and accessories, giftware. |
|
|
|
SECTOR |
: |
Commerce |
||
|
TRADEMARKS
TRADED |
: |
Mudo Concept, Mudo Collection, FTS 64 |
|
|
|
NUMBER OF
EMPLOYEES |
: |
1.700 |
|
|
|
NET SALES |
: |
(YTL) 122.124.493 153.477.661 192.587.313 104.588.703 |
(2005) (2006) (2007) (01.01.-30.06.2008) |
|
|
IMPORT VALUE |
: |
(USD) 20.000.000 21.700.000 35.000.000 |
(2005) (2006) (2007) |
|
|
IMPORT COUNTRIES |
: |
|
|
|
|
MERCHANDISE
IMPORTED |
: |
Ready- wear, fabric, furniture, giftware… |
|
|
|
EXPORT VALUE |
: |
(YTL) 194.674 16.033 122.112 87.650 |
(2005) (2006) (2007) (01.01.-30.06.2008) |
|
|
EXPORT COUNTRIES |
: |
|
|
|
|
MERCHANDISE
EXPORTED |
: |
Footwear, imitation jewellery, labels,
woven not embroidered, overcoats, twine, cordage, rope … |
|
|
|
PREMISES |
: |
Head Office & Warehouse: Ambarli Dolum
Tesisleri Yolu Cihangir Mah. Sehit Piyade Onbasi Murat Sengoz Sok. No:9
Avcilar- There are 85 stores in different areas in In Istanbul: Carrefour Shopping
Centers (Icerenkoy and Maltepe), Akmerkez Shopping Centre, Carousel Shopping
Centre, Profilo Shopping Centre, Galleria Shopping Centre, Nautilus Shopping
Centre, … In In |
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|
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TREND OF
BUSINESS |
: |
Upwards |
|
|
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SIZE OF BUSINESS |
: |
Giant |
|
|
FINANCE
|
MAIN DEALING BANKERS |
: |
Finansbank Bogazici Kurumsal branch in Turkiye Is Bankasi Oto Sanayi branch in HSBC Bank Kurumsal branch in Yapi Ve Kredi Bankasi Gunesli Center
branch in |
|
CREDIT FACILITIES |
: |
The subject company is making use of credit facilities. |
|
PAYMENT BEHAVIOUR |
: |
We are informed about some payment delays some of
which were resolved later on. |
COMMENT ON FINANCIAL POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
||
|
Fair |
As of 30.06.2008 |
|
|
LIQUIDITY |
||
|
Current ratio was good but acid-test ratio was low as of 30.06.2008 as
main part of current assets was due to inventories which is not a very liquid
item. |
||
|
PROFITABILITY |
||
|
Fair |
Between 01.01.-30.06.2008 |
|
|
GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
||
|
Favorable |
Between 01.01.-30.06.2008 |
|
|
GENERAL
FINANCIAL POSITION |
||
|
Unsatisfactory |
||
|
|
Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(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.-30.06.2008) |
13.76 % |
1.2197 |
1.8695 |
2.4232 |
|
(1.1.-30.11.2008) |
12.08 % |
1.2682 |
1.8727 |
2.3877 |
BALANCE SHEETS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
31.12.06 |
|
|
|
31.12.07 |
|
|
|
30.06.08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
58.549.977 |
|
0,78 |
|
68.237.714 |
|
0,74 |
|
63.710.924 |
|
0,71 |
|
|
|
Cash and
Banks |
3.603.927 |
|
0,05 |
|
2.212.294 |
|
0,02 |
|
2.310.601 |
|
0,03 |
|
|
|
Marketable
Securities |
222 |
|
0,00 |
|
222 |
|
0,00 |
|
222 |
|
0,00 |
|
|
|
Account
Receivable |
13.171.976 |
|
0,18 |
|
14.868.077 |
|
0,16 |
|
10.440.606 |
|
0,12 |
|
|
|
Other
Receivable |
357.989 |
|
0,00 |
|
250.941 |
|
0,00 |
|
140.462 |
|
0,00 |
|
|
|
Inventories |
36.016.771 |
|
0,48 |
|
45.005.389 |
|
0,49 |
|
46.952.636 |
|
0,53 |
|
|
|
Advances
Given |
3.977.262 |
|
0,05 |
|
4.189.210 |
|
0,05 |
|
3.206.016 |
|
0,04 |
|
|
|
Other
Current Assets |
1.421.830 |
|
0,02 |
|
1.711.581 |
|
0,02 |
|
660.381 |
|
0,01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
16.479.144 |
|
0,22 |
|
23.883.987 |
|
0,26 |
|
25.481.169 |
|
0,29 |
|
|
|
Long-term
Receivable |
87.521 |
|
0,00 |
|
98.293 |
|
0,00 |
|
2.961.620 |
|
0,03 |
|
|
|
Financial
Assets |
2.699.865 |
|
0,04 |
|
2.699.865 |
|
0,03 |
|
0 |
|
0,00 |
|
|
|
Tangible
Fixed Assets (net) |
10.000.144 |
|
0,13 |
|
14.359.589 |
|
0,16 |
|
14.675.202 |
|
0,16 |
|
|
|
Intangible
Assets |
3.691.614 |
|
0,05 |
|
6.726.240 |
|
0,07 |
|
7.824.579 |
|
0,09 |
|
|
|
Other
Non-Current Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
19.768 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
75.029.121 |
|
1,00 |
|
92.121.701 |
|
1,00 |
|
89.192.093 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
47.764.980 |
|
0,64 |
|
62.137.835 |
|
0,67 |
|
57.754.043 |
|
0,65 |
|
|
|
Financial
Loans |
10.830.835 |
|
0,14 |
|
21.685.981 |
|
0,24 |
|
21.431.327 |
|
0,24 |
|
|
|
Accounts
Payable |
32.286.537 |
|
0,43 |
|
35.681.003 |
|
0,39 |
|
31.975.556 |
|
0,36 |
|
|
|
Loans from
Shareholders |
0 |
|
0,00 |
|
36 |
|
0,00 |
|
74.103 |
|
0,00 |
|
|
|
Other
Short-term Payable |
1.347.280 |
|
0,02 |
|
1.996.289 |
|
0,02 |
|
2.176.446 |
|
0,02 |
|
|
|
Advances
from Customers |
16.237 |
|
0,00 |
|
15.380 |
|
0,00 |
|
15.380 |
|
0,00 |
|
|
|
Taxes
Payable |
2.824.105 |
|
0,04 |
|
1.572.200 |
|
0,02 |
|
1.509.623 |
|
0,02 |
|
|
|
Provisions |
103.655 |
|
0,00 |
|
661.603 |
|
0,01 |
|
0 |
|
0,00 |
|
|
|
Other
Current Liabilities |
356.331 |
|
0,00 |
|
525.343 |
|
0,01 |
|
571.608 |
|
0,01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
27.264.141 |
|
0,36 |
|
29.983.866 |
|
0,33 |
|
31.438.050 |
|
0,35 |
|
|
|
Paid-in
Capital |
165.000 |
|
0,00 |
|
165.000 |
|
0,00 |
|
165.000 |
|
0,00 |
|
|
|
Inflation Adjustment
of Capital |
7.694.002 |
|
0,10 |
|
7.694.002 |
|
0,08 |
|
7.694.002 |
|
0,09 |
|
|
|
Reserves |
9.371.747 |
|
0,12 |
|
17.052.198 |
|
0,19 |
|
20.916.004 |
|
0,23 |
|
|
|
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) |
10.033.392 |
|
0,13 |
|
5.072.666 |
|
0,06 |
|
2.663.044 |
|
0,03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
75.029.121 |
|
1,00 |
|
92.121.701 |
|
1,00 |
|
89.192.093 |
|
1,00 |
|
INCOME STATEMENTS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2006 |
|
|
|
2007 |
|
|
|
1.1.-30.06.2008 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
153.477.661 |
|
1,00 |
|
192.587.313 |
|
1,00 |
|
104.588.703 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
71.948.124 |
|
0,47 |
|
92.264.342 |
|
0,48 |
|
50.276.427 |
|
0,48 |
|
|
|
Gross Profit |
81.529.537 |
|
0,53 |
|
100.322.971 |
|
0,52 |
|
54.312.276 |
|
0,52 |
|
|
|
Operating
Expenses |
61.773.880 |
|
0,40 |
|
82.999.378 |
|
0,43 |
|
44.890.906 |
|
0,43 |
|
|
|
Operating Profit |
19.755.657 |
|
0,13 |
|
17.323.593 |
|
0,09 |
|
9.421.370 |
|
0,09 |
|
|
|
Other
Income |
288.500 |
|
0,00 |
|
566.918 |
|
0,00 |
|
364.556 |
|
0,00 |
|
|
|
Other
Expenses |
414.453 |
|
0,00 |
|
242.775 |
|
0,00 |
|
273.307 |
|
0,00 |
|
|
|
Financial
Expenses |
6.841.140 |
|
0,04 |
|
11.116.121 |
|
0,06 |
|
6.849.575 |
|
0,07 |
|
|
|
Profit (loss) Before Tax |
12.788.564 |
|
0,08 |
|
6.531.615 |
|
0,03 |
|
2.663.044 |
|
0,03 |
|
|
|
Tax
Payable |
2.755.172 |
|
0,02 |
|
1.458.949 |
|
0,01 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
10.033.392 |
|
0,07 |
|
5.072.666 |
|
0,03 |
|
2.663.044 |
|
0,03 |
|
FINANCIAL
RATIOS
|
|
|
2006 |
|
|
|
2007 |
|
|
|
1.1.-30.06.2008 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Ratio |
1,23 |
|
|
|
1,10 |
|
|
|
1,10 |
|
|
|
|
|
Acid-Test Ratio |
0,36 |
|
|
|
0,28 |
|
|
|
0,22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,48 |
|
|
|
0,49 |
|
|
|
0,53 |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,18 |
|
|
|
0,16 |
|
|
|
0,12 |
|
|
|
|
|
Tangible Assets/Total Assets |
0,13 |
|
|
|
0,16 |
|
|
|
0,16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
2,00 |
|
|
|
2,05 |
|
|
|
1,07 |
|
|
|
|
|
Stockholders' Equity Turnover |
5,63 |
|
|
|
6,42 |
|
|
|
3,33 |
|
|
|
|
|
Asset Turnover |
2,05 |
|
|
|
2,09 |
|
|
|
1,17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,36 |
|
|
|
0,33 |
|
|
|
0,35 |
|
|
|
|
|
Current Liabilities/Total Assets |
0,64 |
|
|
|
0,67 |
|
|
|
0,65 |
|
|
|
|
|
Financial Leverage |
0,64 |
|
|
|
0,67 |
|
|
|
0,65 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
0,37 |
|
|
|
0,17 |
|
|
|
0,08 |
|
|
|
|
|
Operating Profit Margin |
0,13 |
|
|
|
0,09 |
|
|
|
0,09 |
|
|
|
|
|
Net Profit Margin |
0,07 |
|
|
|
0,03 |
|
|
|
0,03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
31,10 |
|
|
|
27,98 |
|
|
|
46,13 |
|
|
|
|
|
Average Payable Period (days) |
161,55 |
|
|
|
139,22 |
|
|
|
228,96 |
|
|
|
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.50 |
|
|
1 |
Rs.70.02 |
|
Euro |
1 |
Rs.67.95 |
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%)