MIRA INFORM REPORT

 

 

Report Date :

25.02.2011

 

IDENTIFICATION DETAILS

 

Name :

MUDO SATIS MAGAZALARI A.S.

 

 

Registered Office :

Cihangir Mah. Sehit Jan. Kom. Cavus Murat Altintas Sok. No:10 Avcilar Istanbul / Turkey

 

 

Country :

Turkey

 

 

Financials (as on) :

30.09.2010

 

 

Date of Incorporation :

14.02.1978

 

 

Com. Reg. No.:

152190

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Retail 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

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

 

Status :

Moderate

Payment Behaviour :

Slow

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 – June 30, 2010

 

Country Name

Previous Rating

                   (01.04.2010)                  

Current Rating

(30.06.2010)

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

:

MUDO SATIS MAGAZALARI A.S.

HEAD OFFICE ADDRESS

:

Cihangir Mah. Sehit Jan. Kom. Cavus Murat Altintas Sok. No:10 Avcilar Istanbul / Turkey

PHONE NUMBER

:

90-212-456 07 07

 

FAX NUMBER

:

90-212-422 19 51

 

WEB-ADDRESS

:

www.mudo.com.tr

E-MAIL

:

info@mudo.com.tr

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Buyuk Mukellefler

TAX NO

:

6230009811

REGISTRATION NUMBER

:

152190

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

14.02.1978

EGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   230.000

HISTORY

:

Previous Registered Capital

:

TL 50.000

Changed On

:

31.12.2004 (Commercial Gazette Date /Number 10.01.2005/ 6216)

Previous Registered Capital

:

TL 165.000

Changed On

:

31.05.2010 (Commercial Gazette Date /Number 04.06.2010/ 7578)

Previous Address

:

Ambarli Dolum Tesisleri Yolu Cihangir Mah. Sehit Piyade Onbasi Murat Sengoz Sok. No:9 Avcilar Istanbul

Changed On

:

31.08.2010 (Commercial Gazette Date /Number 06.09.2010/ 7643)

Merger

:

The subject took over and merged with “Mudo Hazir Giyim Imalat Ve Pazarlama A.S.”

Changed On

:

31.12.2004 (Commercial Gazette Date /Number 10.01.2005/ 6216)

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Mustafa Taviloglu

92,59 %

Luset Taviloglu

6,33 %

Serhat Soysal

 

Omer Taviloglu

 

Asli Taviloglu

 

 

 

BOARD OF DIRECTORS

:

Mustafa Taviloglu

Chairman

Omer Taviloglu

Member

Abdulkadir Yalcuva

Member

Aytac Birol Alsan

Member

Mehmet Ufuk Coskun

Member

 

 

DIRECTORS

:

Zafer Eser

General Manager

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Retail trade of ready-wear, accessories such as necklace, bracelet, furniture and accessories, giftware.  

 

The subject has 94 stores in Turkey. 

 

NACE CODE

:

G.52.42

 

SECTOR

:

Commerce

 

TRADEMARKS TRADED

:

FTS64

Mudo Collection

Mudo Concept

 

NUMBER OF EMPLOYEES

:

1.700

 

NET SALES

:

122.124.493 TL

(2005) 

153.477.661 TL

(2006) 

192.587.313 TL

(2007) 

214.014.649 TL

(2008) 

226.321.879 TL

(2009) 

182.378.210 TL

(01.01-30.09.2010) 

 

 

 

IMPORT VALUE

:

20.000.000 USD

(2005)

21.700.000 USD

(2006)

35.000.000 USD

(2007)

32.000.000 USD

(2008)

40.000.000 USD

(2009)

40.000.000 USD

(2010)

 

 

 

IMPORT COUNTRIES

:

China

India

France

Netherlands

 

MERCHANDISE IMPORTED

:

Fabric

Furniture

Giftware

Ready- wear

EXPORT VALUE

:

194.674 TL

(2005)

16.033 TL

(2006)

122.112 TL

(2007)

117.681 TL

(2008)

77.135 TL

(2009)

83.094 TL

(01.01-30.09.2010)

 

 

EXPORT COUNTRIES

:

France

Bulgaria

Netherlands

Spain

 

MERCHANDISE  EXPORTED

:

Accessories

Furniture

Giftware

Ready-wear

 

HEAD OFFICE ADDRESS

:

Cihangir Mah. Sehit Jan. Kom. Cavus Murat Altintas Sok. No:10 Avcilar  Istanbul / Turkey  (rented)

 

BRANCHES

:

Warehouse  :  Tuzla Istanbul/Turkey (rented)

 

Head Office/Warehouse  :  Cihangir Mah. Sehit Jan. Kom. Cavus Murat Altuntas Sok. No:10 Avcilar Istanbul/Turkey (rented)

 

TREND OF BUSINESS

:

Trend of business was steady in  2009. Trend of business appears to be steady in  1.1 - 30.9.2010.

SIZE OF BUSINESS

:

Giant

 

 

 

 

 

 

 

FINANCE

 

MAIN DEALING BANKS

:

Finansbank Bogazici Kurumsal Branch

HSBC Bank Kurumsal Branch

Turkiye Is Bankasi Oto Sanayi Branch

Yapi Ve Kredi Bankasi Gunesli Center Branch

 

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.

 

 

KEY FINANCIAL ELEMENTS

:

 

(2007) TL

(2008) TL

(2009) TL

(01.01-30.09.2010) TL

Net Sales

192.587.313

214.014.649

226.321.879

182.378.210

Profit (Loss) Before Tax

6.531.615

322.769

4.844.872

8.617.272

Stockholders' Equity

29.983.866

27.684.280

29.355.222

34.448.438

Total Assets

92.121.701

102.557.334

105.793.026

117.002.177

Current Assets

68.237.714

74.363.046

81.417.259

90.833.873

Non-Current Assets

23.883.987

28.194.288

24.375.767

26.168.304

Current Liabilities

62.137.835

74.873.054

76.437.804

82.553.739

Long-Term Liabilities

0

0

0

0

Gross Profit (loss)

100.322.971

108.091.303

110.977.126

93.454.983

Operating Profit (loss)

17.323.593

14.587.648

17.299.067

15.753.816

Net Profit (loss)

5.072.666

85.745

3.370.647

6.824.442

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Insufficient As of 30.09.2010

Liquidity

Insufficient As of 30.09.2010

Remarks On Liquidity

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

Profitability

Good Operating Profitability  in 2007

In Order Net Profitability  in 2007

Good Operating Profitability  in 2008

Low Net Profitability  in 2008

Good Operating Profitability  in 2009

Low Net Profitability  in 2009

Good Operating Profitability (01.01-30.09.2010)

Good Net Profitability (01.01-30.09.2010)

 

Gap between average collection and payable periods

Favorable in 01.01-30.09.2010

General Financial Position

Passable

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 01.01-30.09.2010)

6,52 %

1,5178

2,0112

2,3426

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 ( 01.01-31.01.2011)

2,36 %

1,5759

2,1299

2,4741

 

 

BALANCE SHEETS

 

 

 ( 31.12.2007 )  TL

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 30.09.2010 )  TL

 

CURRENT ASSETS

68.237.714

0,74

74.363.046

0,73

81.417.259

0,77

90.833.873

0,78

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

2.212.294

0,02

2.652.827

0,03

2.578.367

0,02

2.624.833

0,02

Marketable Securities

222

0,00

222

0,00

222

0,00

222

0,00

Account Receivable

14.868.077

0,16

17.623.775

0,17

13.971.614

0,13

13.782.163

0,12

Other Receivable

250.941

0,00

128.003

0,00

124.781

0,00

130.502

0,00

Inventories

45.005.389

0,49

49.344.709

0,48

58.630.579

0,55

69.791.808

0,60

Advances Given

4.189.210

0,05

3.456.301

0,03

5.118.147

0,05

3.402.900

0,03

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

1.711.581

0,02

1.157.209

0,01

993.549

0,01

1.101.445

0,01

NON-CURRENT ASSETS

23.883.987

0,26

28.194.288

0,27

24.375.767

0,23

26.168.304

0,22

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

98.293

0,00

53.293

0,00

67.258

0,00

372.230

0,00

Financial Assets

2.699.865

0,03

2.866.640

0,03

1.017.838

0,01

1.017.838

0,01

Tangible Fixed Assets (net)

14.359.589

0,16

16.507.482

0,16

15.829.189

0,15

15.172.881

0,13

Intangible Assets

6.726.240

0,07

8.766.873

0,09

7.461.482

0,07

9.593.251

0,08

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

0

0,00

0

0,00

12.104

0,00

TOTAL ASSETS

92.121.701

1,00

102.557.334

1,00

105.793.026

1,00

117.002.177

1,00

CURRENT LIABILITIES

62.137.835

0,67

74.873.054

0,73

76.437.804

0,72

82.553.739

0,71

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

21.685.981

0,24

24.140.469

0,24

19.905.405

0,19

38.806.537

0,33

Accounts Payable

35.681.003

0,39

46.743.287

0,46

50.826.246

0,48

38.295.808

0,33

Loans from Shareholders

36

0,00

148.170

0,00

111.173

0,00

10.687

0,00

Other Short-term Payable

1.996.289

0,02

2.198.613

0,02

2.069.004

0,02

2.087.705

0,02

Advances from Customers

15.380

0,00

65.499

0,00

330.273

0,00

14.380

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

1.572.200

0,02

1.388.607

0,01

1.615.601

0,02

2.347.047

0,02

Provisions

661.603

0,01

-371.201

0,00

1.072.514

0,01

0

0,00

Other Current Liabilities

525.343

0,01

559.610

0,01

507.588

0,00

991.575

0,01

LONG-TERM LIABILITIES

0

0,00

0

0,00

0

0,00

0

0,00

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

0

0,00

0

0,00

Securities Issued

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

0

0,00

0

0,00

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

29.983.866

0,33

27.684.280

0,27

29.355.222

0,28

34.448.438

0,29

Not Detailed Stockholders' Equity

29.983.866

0,33

27.684.280

0,27

29.355.222

0,28

34.448.438

0,29

Paid-in Capital

0

0,00

0

0,00

0

0,00

0

0,00

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

0

0,00

0

0,00

0

0,00

0

0,00

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

0

0,00

0

0,00

0

0,00

0

0,00

TOTAL LIABILITIES AND EQUITY

92.121.701

1,00

102.557.334

1,00

105.793.026

1,00

117.002.177

1,00

 

 

INCOME STATEMENTS

 

 

(2007) TL

 

(2008) TL

 

(2009) TL

 

(01.01-30.09.2010) TL

 

Net Sales

192.587.313

1,00

214.014.649

1,00

226.321.879

1,00

182.378.210

1,00

Cost of Goods Sold

92.264.342

0,48

105.923.346

0,49

115.344.753

0,51

88.923.227

0,49

Gross Profit

100.322.971

0,52

108.091.303

0,51

110.977.126

0,49

93.454.983

0,51

Operating Expenses

82.999.378

0,43

93.503.655

0,44

93.678.059

0,41

77.701.167

0,43

Operating Profit

17.323.593

0,09

14.587.648

0,07

17.299.067

0,08

15.753.816

0,09

Other Income

566.918

0,00

962.267

0,00

604.920

0,00

1.687.326

0,01

Other Expenses

242.775

0,00

1.191.677

0,01

634.111

0,00

557.726

0,00

Financial Expenses

11.116.121

0,06

14.035.469

0,07

12.425.004

0,05

8.266.144

0,05

Minority Interests

0

0,00

0

0,00

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

0

0,00

0

0,00

Profit (loss) Before Tax

6.531.615

0,03

322.769

0,00

4.844.872

0,02

8.617.272

0,05

Tax Payable

1.458.949

0,01

237.024

0,00

1.474.225

0,01

1.792.830

0,01

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

5.072.666

0,03

85.745

0,00

3.370.647

0,01

6.824.442

0,04

 

 

FINANCIAL RATIOS

 

 

 

 

(2007)

(2008)

(2009)

(01.01-30.09.2010)

LIQUIDITY RATIOS

 

Current Ratio

1,10

0,99

1,07

1,10

Acid-Test Ratio

0,28

0,27

0,22

0,20

Cash Ratio

0,04

0,04

0,03

0,03

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,49

0,48

0,55

0,60

Short-term Receivable/Total Assets

0,16

0,17

0,13

0,12

Tangible Assets/Total Assets

0,16

0,16

0,15

0,13

TURNOVER RATIOS

 

Inventory Turnover

2,05

2,15

1,97

1,27

Stockholders' Equity Turnover

6,42

7,73

7,71

5,29

Asset Turnover

2,09

2,09

2,14

1,56

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,33

0,27

0,28

0,29

Current Liabilities/Total Assets

0,67

0,73

0,72

0,71

Financial Leverage

0,67

0,73

0,72

0,71

Gearing Percentage

2,07

2,70

2,60

2,40

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,17

0,00

0,11

0,20

Operating Profit Margin

0,09

0,07

0,08

0,09

Net Profit Margin

0,03

0,00

0,01

0,04

Interest Cover

1,59

1,02

1,39

2,04

COLLECTION-PAYMENT

 

Average Collection Period (days)

27,98

29,74

22,33

27,94

Average Payable Period (days)

139,22

158,87

158,63

155,04

WORKING CAPITAL

6099879,00

-510008,00

4979455,00

8280134,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.37

UK Pound

1

Rs.73.54

Euro

1

Rs.62.39

 

 

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 Company

----

 

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.