MIRA INFORM REPORT

 

Report Date :

06.12.2011

 

IDENTIFICATION DETAILS

 

Name :

CEMILE DIS TICARET LTD. STI.

 

 

Registered Office :

Bogazkesen Caddesi Firuzaga Mahallesi Feritbey Is Hani No:56/5 Tophane Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

05.05.1999

 

 

Com. Reg. No.:

419460

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Wholesale trade of glassware, giftware and decorative products.

 

 

No. of Employees :

40

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

274.000 USD

Status :

Moderate

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.

 

 

ECGC Country Risk Classification List – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Turkey

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

COMPANY IDENTIFICATION

 

NAME

:

CEMILE DIS TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Bogazkesen Caddesi Firuzaga Mahallesi Feritbey Is Hani No:56/5 Tophane Istanbul / Turkey

PHONE NUMBER

:

90-212-249 91 34

90-212-251 58 16

 

FAX NUMBER

:

90-212-249 91 76

 

WEB-ADDRESS

:

www.cemile.com.tr

E-MAIL

:

cemile@cemile.com.tr

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Beyoglu

TAX NO

:

2050146777

REGISTRATION NUMBER

:

419460

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

05.05.1999

ESTABLISHMENT GAZETTE DATE /NO

:

11.05.1999/4788

 

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   1.650.000

PAID-IN CAPITAL

:

TL   1.650.000

HISTORY

:

Previous Registered Capital

:

TL 1.500.000

Changed On

:

30.12.2009 (Commercial Gazette Date /Number 06.01.2010/ 7473)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Izak Levi

95,45 %

Sinyora Levi

4,55 %

 

 

DIRECTORS

:

Izak Levi

 

 

OPERATIONS

 

NOTES ON OPERATIONS

:

The firm orders production to contract manufacturers.

 

BUSINESS ACTIVITIES

:

Wholesale trade of glassware, giftware and decorative products.

 

The subject orders glassware products to be manufactured in the name of the subject company to contract manufacturers.

 

NACE CODE

:

G .51.44

 

SECTOR

:

Commerce

 

TRADEMARKS TRADED

:

Alegria

Camella

Cerve

Royal Crystallum

Royal Porcelain

Royal Premium

 

NUMBER OF EMPLOYEES

:

40

 

 

NET SALES

:

1.793.959 TL

(2002) 

2.750.101 TL

(2003) 

3.624.953 TL

(2004) 

3.755.426 TL

(2005) 

6.235.622 TL

(2006) 

7.401.409 TL

(2007) 

8.830.696 TL

(2008) 

9.052.834 TL

(2009) 

13.258.379 TL

(2010) 

6.938.964 TL

(01.01-30.09.2011) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT VALUE

:

700.000 USD

(2002)

900.000 USD

(2003)

1.387.000 USD

(2004)

2.000.000 USD

(2005)

2.553.000 USD

(2006)

2.500.000 TL

(2007)

3.000.000 USD

(2008)

 

 

IMPORT COUNTRIES

:

Thailand

China

India

 

MERCHANDISE IMPORTED

:

Decorative products

Giftware

Kitchenware

 

EXPORT VALUE

:

57.719 TL

(2009)

165.271 TL

(2010)

90.056 TL

(01.01-30.09.2011)

 

 

EXPORT COUNTRIES

:

Northern Cyprus Turkish Republic

Georgia

Saudi Arabia

Tajikistan

 

MERCHANDISE  EXPORTED

:

Glasware products

Kitchenware

Table

 

 

HEAD OFFICE ADDRESS

:

Bogazkesen Caddesi Firuzaga Mahallesi Feritbey Is Hani No:56/5 Tophane Istanbul / Turkey (rented)

 

BRANCHES

:

Warehouse  :  Barismanco Bulvari Mayasan Sitesi 1/B Kirac Istanbul/Turkey

 

Head Office/Store  :  Bogazkesen Caddesi Firuzaga Mahallesi Feritbey Is Hani No.56/5 Tophane Istanbul/Turkey (rented)

 

TREND OF BUSINESS

:

There was an upwards trend in  2010. There appears a decline at business volume in nominal terms in  1.1 - 30.9.2011.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Garanti Bankasi Karakoy 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

:

 

(2009) TL

(2010) TL

(01.01-30.09.2011) TL

Net Sales

9.052.834

13.258.379

6.938.964

Profit (Loss) Before Tax

-208.667

437.178

136.449

Stockholders' Equity

1.418.576

2.744.811

 

Total Assets

13.886.006

19.441.393

 

Current Assets

13.022.587

18.557.233

 

Non-Current Assets

863.419

884.160

 

Current Liabilities

12.458.669

15.615.438

 

Long-Term Liabilities

8.761

1.081.144

 

Gross Profit (loss)

2.990.984

6.619.337

4.700.926

Operating Profit (loss)

1.132.032

1.306.321

746.781

Net Profit (loss)

-236.602

326.234

136.449

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Low As of 31.12.2010

Liquidity

Good As of 31.12.2010

Remarks On Liquidity

The favorable gap between average collection and average payable period has a positive effect on liquidity.

Profitability

High Operating Profitability  in 2009

Net Loss  in 2009

High Operating Profitability  in 2010

Fair Net Profitability  in 2010

High Operating Profitability (01.01-30.09.2011)

Fair Net Profitability (01.01-30.09.2011)

 

Gap between average collection and payable periods

Favorable in 2010

General Financial Position

Passable

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT LIMIT

 

:

274.000 USD

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 274.000 USD may be granted to the subject company.

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 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

 ( 01.01-30.09.2011)

9,72 %

1,6335

2,3016

2,6294

 ( 01.01-30.11.2011)

12,20 %

1,6616

2,3280

2,6658

 

 

BALANCE SHEETS

 

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

13.022.587

0,94

18.557.233

0,95

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

6.447.832

0,46

8.654.466

0,45

Marketable Securities

5.000

0,00

6.035

0,00

Account Receivable

3.765.740

0,27

4.939.597

0,25

Other Receivable

436.891

0,03

0

0,00

Inventories

241.198

0,02

774.312

0,04

Advances Given

2.049.388

0,15

3.237.646

0,17

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

76.538

0,01

945.177

0,05

NON-CURRENT ASSETS

863.419

0,06

884.160

0,05

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

Financial Assets

0

0,00

0

0,00

Tangible Fixed Assets (net)

325.128

0,02

404.707

0,02

Intangible Assets

266.992

0,02

224.658

0,01

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

271.299

0,02

254.795

0,01

TOTAL ASSETS

13.886.006

1,00

19.441.393

1,00

CURRENT LIABILITIES

12.458.669

0,90

15.615.438

0,80

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

4.207.279

0,30

3.093.722

0,16

Accounts Payable

3.172.055

0,23

3.823.057

0,20

Loans from Shareholders

0

0,00

95.764

0,00

Other Short-term Payable

31.147

0,00

44.854

0,00

Advances from Customers

4.864.453

0,35

8.306.069

0,43

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

123.313

0,01

124.016

0,01

Provisions

12.077

0,00

76.267

0,00

Other Current Liabilities

48.345

0,00

51.689

0,00

LONG-TERM LIABILITIES

8.761

0,00

1.081.144

0,06

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

0

0,00

1.066.239

0,05

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

8.761

0,00

14.905

0,00

Provisions

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

1.418.576

0,10

2.744.811

0,14

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

650.000

0,05

1.650.000

0,08

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

13.631

0,00

13.632

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

991.547

0,07

991.547

0,05

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

-236.602

-0,01

Net Profit (loss)

-236.602

-0,02

326.234

0,02

TOTAL LIABILITIES AND EQUITY

13.886.006

1,00

19.441.393

1,00

 

 

INCOME STATEMENTS

 

 

(2009) TL

 

(2010) TL

 

(01.01-30.09.2011) TL

 

Net Sales

9.052.834

1,00

13.258.379

1,00

6.938.964

1,00

Cost of Goods Sold

6.061.850

0,67

6.639.042

0,50

2.238.038

0,32

Gross Profit

2.990.984

0,33

6.619.337

0,50

4.700.926

0,68

Operating Expenses

1.858.952

0,21

5.313.016

0,40

3.954.145

0,57

Operating Profit

1.132.032

0,13

1.306.321

0,10

746.781

0,11

Other Income

189.801

0,02

251.360

0,02

290.799

0,04

Other Expenses

556.318

0,06

329.515

0,02

157.032

0,02

Financial Expenses

974.182

0,11

790.988

0,06

744.099

0,11

Minority Interests

0

0,00

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

0

0,00

Profit (loss) Before Tax

-208.667

-0,02

437.178

0,03

136.449

0,02

Tax Payable

27.935

0,00

110.944

0,01

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

-236.602

-0,03

326.234

0,02

136.449

0,02

 

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

LIQUIDITY RATIOS

 

 

Current Ratio

1,05

1,19

Acid-Test Ratio

0,86

0,87

Cash Ratio

0,52

0,55

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,02

0,04

Short-term Receivable/Total Assets

0,30

0,25

Tangible Assets/Total Assets

0,02

0,02

TURNOVER RATIOS

 

 

Inventory Turnover

25,13

8,57

Stockholders' Equity Turnover

6,38

4,83

Asset Turnover

0,65

0,68

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,10

0,14

Current Liabilities/Total Assets

0,90

0,80

Financial Leverage

0,90

0,86

Gearing Percentage

8,79

6,08

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

-0,17

0,12

Operating Profit Margin

0,13

0,10

Net Profit Margin

-0,03

0,02

Interest Cover

0,79

1,55

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

149,75

134,12

Average Payable Period (days)

188,38

207,30

WORKING CAPITAL

563918,00

2941795,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.39

UK Pound

1

Rs.80.20

Euro

1

Rs.68.92

 

 

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

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

--

NB

                                       New Business

 

--

 

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%)

 

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.