MIRA INFORM REPORT

 

 

Report Date :

29.09.2012

 

IDENTIFICATION DETAILS

 

Name :

MUDO SATIS MAGAZALARI A.S.

 

 

Registered Office :

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

 

 

Country :

Turkey

 

 

Financials (as on) :

30.06.2012

 

 

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, furniture accessories and giftware

 

 

No. of Employees :

1.800 employees

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

 

Status :

Moderate

Payment Behaviour :

Slow but Correct 

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 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Turkey

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

turkey - ECONOMIC OVERVIEW

 

Turkey's largely free-market economy is increasingly driven by its industry and service sectors, although its traditional agriculture sector still accounts for about 25% of employment. An aggressive privatization program has reduced state involvement in basic industry, banking, transport, and communication, and an emerging cadre of middle-class entrepreneurs is adding dynamism to the economy and expanding production beyond the traditional textiles and clothing sectors. The automotive, construction, and electronics industries, are rising in importance and have surpassed textiles within Turkey's export mix. Oil began to flow through the Baku-Tbilisi-Ceyhan pipeline in May 2006, marking a major milestone that will bring up to 1 million barrels per day from the Caspian to market. Several gas pipelines projects also are moving forward to help transport Central Asian gas to Europe through Turkey, which over the long term will help address Turkey's dependence on imported oil and gas to meet 97% of its energy needs. After Turkey experienced a severe financial crisis in 2001, Ankara adopted financial and fiscal reforms as part of an IMF program. The reforms strengthened the country's economic fundamentals and ushered in an era of strong growth - averaging more than 6% annually until 2008. Global economic conditions and tighter fiscal policy caused GDP to contract in 2009, but Turkey's well-regulated financial markets and banking system helped the country weather the global financial crisis and GDP rebounded strongly to 8.2% in 2010, as exports returned to normal levels following the recession. Turkey's public sector debt to GDP ratio has fallen to roughly 40%. Continued strong growth has pushed inflation to the 8% level, however, and worsened an already high current account deficit. Turkey remains dependent on often volatile, short-term investment to finance its large trade deficit. The stock value of FDI stood at $99 billion at year-end 2011. Inflows have slowed considerably in light of continuing economic turmoil in Europe, the source of much of Turkey's FDI. Further economic and judicial reforms and prospective EU membership are expected to boost Turkey's attractiveness to foreign investors. However, Turkey's relatively high current account deficit, uncertainty related to monetary policy-making, and political turmoil within Turkey's neighborhood leave the economy vulnerable to destabilizing shifts in investor confidence.

 

Source : CIA

 

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

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   230.000

PAID-IN 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

 

 

 

SISTER COMPANIES

:

SIMPEKS KAGIT URUNLERI ITHALAT IHRACAT SANAYI VE TICARET LTD. STI.

 

BOARD OF DIRECTORS

:

Mustafa Taviloglu

Chairman

Aytac Birol Alsan

Member

Mehmet Ufuk Coskun

Member

Omer Taviloglu

Member

Abdulkadir Yalcuva

Member

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

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

 

The subject has 110 stores in Turkey.

 

The subject orders ready-wear to be manufactured in the name of the subject company to contract manufacturers.

 

NACE CODE

:

G .52.42

 

SECTOR

:

Commerce

 

TRADEMARKS TRADED

:

FTS64

Mudo Collection

Mudo Concept

 

NUMBER OF EMPLOYEES

:

1.800

 

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) 

251.805.150 TL

(2010) 

301.400.293 TL

(2011) 

167.535.756 TL

(01.01-30.06.2012) 

 

 

PRODUCTION

:

None

 

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)

506.058 TL

(2010)

828.843 TL

(2011)

1.576.976 TL

(01.01-30.06.2012)

 

 

EXPORT COUNTRIES

:

France

Bulgaria

Netherlands

Spain

Kenya

Kazakhstan

U.A.E.

 

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)

                                                                                

INVESTMENTS

:

None

 

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2011. There appears an upwards trend in  1.1 - 30.6.2012.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Finansbank Bogazici Kurumsal Branch

HSBC Bank Kurumsal Branch

T. Is Bankasi Oto Sanayi Branch

Yapi Ve Kredi Bankasi Gunesli Center Branch

 

CREDIT FACILITIES

:

The subject company is making active use of credit facilities.

 

PAYMENT BEHAVIOUR

:

We are informed about numerous payment delays which were resolved later on.

 

 

KEY FINANCIAL ELEMENTS

:

 

(2008) TL

(2009) TL

(2010) TL

(2011) TL

(01.01-30.06.2012) TL

Net Sales

214.014.649

226.321.879

251.805.150

301.400.293

167.535.756

Profit (Loss) Before Tax

322.769

4.844.872

11.641.856

1.258.633

-6.021.622

Stockholders' Equity

27.684.280

29.355.222

36.144.051

34.162.910

24.905.994

Total Assets

102.557.334

105.793.026

121.646.295

155.097.759

174.053.289

Current Assets

74.363.046

81.417.259

92.082.674

124.320.875

140.974.916

Non-Current Assets

28.194.288

24.375.767

29.563.621

30.776.884

33.078.373

Current Liabilities

74.873.054

76.437.804

85.502.244

120.934.849

149.147.295

Long-Term Liabilities

0

0

0

0

0

Gross Profit (loss)

108.091.303

110.977.126

131.291.853

150.404.540

79.221.867

Operating Profit (loss)

14.587.648

17.299.067

22.368.565

17.593.961

4.000.101

Net Profit (loss)

85.745

3.370.647

9.177.608

371.804

-6.021.622

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Low As of 30.06.2012

Liquidity

Low As of 30.06.2012

Remarks On Liquidity

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

 

Profitability

Good Operating Profitability  in 2008

Low Net Profitability  in 2008

Good Operating Profitability  in 2009

Low Net Profitability  in 2009

Good Operating Profitability  in 2010

Good Net Profitability  in 2010

Good Operating Profitability  in 2011

Low Net Profitability  in 2011

Fair Operating Profitability (01.01-30.06.2012)

Net Loss (01.01-30.06.2012)

 

Gap between average collection and payable periods

Favorable in 01.01-30.06.2012

General Financial Position

Not in order

 

 

 

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

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 01.01-30.06.2012)

1,95 %

1,8028

2,3463

2,8462

 ( 01.01-31.08.2012)

2,28 %

1,8038

2,3238

2,8465

 

 

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

 ( 30.06.2012 )  TL

 

CURRENT ASSETS

74.363.046

0,73

81.417.259

0,77

92.082.674

0,76

124.320.875

0,80

140.974.916

0,81

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

2.652.827

0,03

2.578.367

0,02

1.488.670

0,01

3.923.789

0,03

3.736.660

0,02

Marketable Securities

222

0,00

222

0,00

222

0,00

222

0,00

222

0,00

Account Receivable

17.623.775

0,17

13.971.614

0,13

19.694.889

0,16

10.319.333

0,07

5.923.491

0,03

Other Receivable

128.003

0,00

124.781

0,00

200.876

0,00

1.373.637

0,01

176.702

0,00

Inventories

49.344.709

0,48

58.630.579

0,55

66.121.940

0,54

98.189.805

0,63

120.916.575

0,69

Advances Given

3.456.301

0,03

5.118.147

0,05

3.494.354

0,03

6.781.922

0,04

4.315.460

0,02

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

1.157.209

0,01

993.549

0,01

1.081.723

0,01

3.732.167

0,02

5.905.806

0,03

NON-CURRENT ASSETS

28.194.288

0,27

24.375.767

0,23

29.563.621

0,24

30.776.884

0,20

33.078.373

0,19

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

53.293

0,00

67.258

0,00

443.074

0,00

46.088

0,00

46.088

0,00

Financial Assets

2.866.640

0,03

1.017.838

0,01

1.017.838

0,01

1.017.838

0,01

1.017.838

0,01

Tangible Fixed Assets (net)

16.507.482

0,16

15.829.189

0,15

17.192.250

0,14

18.660.725

0,12

20.117.222

0,12

Intangible Assets

8.766.873

0,09

7.461.482

0,07

10.910.459

0,09

11.052.233

0,07

11.867.827

0,07

Deferred Tax Assets

0

0,00

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

0

0,00

29.398

0,00

TOTAL ASSETS

102.557.334

1,00

105.793.026

1,00

121.646.295

1,00

155.097.759

1,00

174.053.289

1,00

CURRENT LIABILITIES

74.873.054

0,73

76.437.804

0,72

85.502.244

0,70

120.934.849

0,78

149.147.295

0,86

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

24.140.469

0,24

19.905.405

0,19

34.032.614

0,28

50.307.363

0,32

75.511.692

0,43

Accounts Payable

46.743.287

0,46

50.826.246

0,48

45.531.615

0,37

63.841.862

0,41

66.019.696

0,38

Loans from Shareholders

148.170

0,00

111.173

0,00

42.397

0,00

8.771

0,00

291.026

0,00

Other Short-term Payable

2.198.613

0,02

2.069.004

0,02

2.513.231

0,02

2.769.004

0,02

3.175.866

0,02

Advances from Customers

65.499

0,00

330.273

0,00

329.039

0,00

119.311

0,00

8.500

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

1.388.607

0,01

1.615.601

0,02

1.654.655

0,01

2.931.292

0,02

3.267.529

0,02

Provisions

-371.201

0,00

1.072.514

0,01

780.867

0,01

178.853

0,00

0

0,00

Other Current Liabilities

559.610

0,01

507.588

0,00

617.826

0,01

778.393

0,01

872.986

0,01

LONG-TERM LIABILITIES

0

0,00

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

0

0,00

Financial Loans

0

0,00

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

0

0,00

Long-term Payable

0

0,00

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

0

0,00

Other Long-term Liabilities

0

0,00

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

0

0,00

STOCKHOLDERS' EQUITY

27.684.280

0,27

29.355.222

0,28

36.144.051

0,30

34.162.910

0,22

24.905.994

0,14

Not Detailed Stockholders' Equity

27.684.280

0,27

29.355.222

0,28

0

0,00

0

0,00

0

0,00

Paid-in Capital

0

0,00

0

0,00

230.000

0,00

230.000

0,00

230.000

0,00

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

7.694.002

0,06

7.694.002

0,05

7.694.002

0,04

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

0

0,00

0

0,00

19.042.441

0,16

25.867.104

0,17

23.003.614

0,13

Revaluation Fund

0

0,00

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

0

0,00

Net Profit (loss)

0

0,00

0

0,00

9.177.608

0,08

371.804

0,00

-6.021.622

-0,03

TOTAL LIABILITIES AND EQUITY

102.557.334

1,00

105.793.026

1,00

121.646.295

1,00

155.097.759

1,00

174.053.289

1,00

 

REMARKS ON FINANCIAL STATEMENT

:

At the financial statements according to TAS, "Cheques Received" and "Outstanding Cheques" figures are under "Cash And Banks" figure. Beginning from the financial statements of 31.12.2011, "Cheques Received" and "Outstanding Cheques" figures are given under "Account Receivable" figure and "Account Payable" figure respectively.

 

 

INCOME STATEMENTS

 

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

(01.01-30.06.2012) TL

 

Net Sales

214.014.649

1,00

226.321.879

1,00

251.805.150

1,00

301.400.293

1,00

167.535.756

1,00

Cost of Goods Sold

105.923.346

0,49

115.344.753

0,51

120.513.297

0,48

150.995.753

0,50

88.313.889

0,53

Gross Profit

108.091.303

0,51

110.977.126

0,49

131.291.853

0,52

150.404.540

0,50

79.221.867

0,47

Operating Expenses

93.503.655

0,44

93.678.059

0,41

108.923.288

0,43

132.810.579

0,44

75.221.766

0,45

Operating Profit

14.587.648

0,07

17.299.067

0,08

22.368.565

0,09

17.593.961

0,06

4.000.101

0,02

Other Income

962.267

0,00

604.920

0,00

724.657

0,00

1.540.934

0,01

732.669

0,00

Other Expenses

1.191.677

0,01

634.111

0,00

623.774

0,00

3.245.983

0,01

132.833

0,00

Financial Expenses

14.035.469

0,07

12.425.004

0,05

10.827.592

0,04

14.630.279

0,05

10.621.559

0,06

Minority Interests

0

0,00

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

0

0,00

Profit (loss) Before Tax

322.769

0,00

4.844.872

0,02

11.641.856

0,05

1.258.633

0,00

-6.021.622

-0,04

Tax Payable

237.024

0,00

1.474.225

0,01

2.464.248

0,01

886.829

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

85.745

0,00

3.370.647

0,01

9.177.608

0,04

371.804

0,00

-6.021.622

-0,04

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

(2011)

(01.01-30.06.2012)

LIQUIDITY RATIOS

 

 

 

 

 

Current Ratio

0,99

1,07

1,08

1,03

0,95

Acid-Test Ratio

0,27

0,22

0,25

0,13

0,07

Cash Ratio

0,04

0,03

0,02

0,03

0,03

ASSET STRUCTURE RATIOS

 

 

 

 

 

Inventory/Total Assets

0,48

0,55

0,54

0,63

0,69

Short-term Receivable/Total Assets

0,17

0,13

0,16

0,08

0,04

Tangible Assets/Total Assets

0,16

0,15

0,14

0,12

0,12

TURNOVER RATIOS

 

 

 

 

 

Inventory Turnover

2,15

1,97

1,82

1,54

0,73

Stockholders' Equity Turnover

7,73

7,71

6,97

8,82

6,73

Asset Turnover

2,09

2,14

2,07

1,94

0,96

FINANCIAL STRUCTURE

 

 

 

 

 

Stockholders' Equity/Total Assets

0,27

0,28

0,30

0,22

0,14

Current Liabilities/Total Assets

0,73

0,72

0,70

0,78

0,86

Financial Leverage

0,73

0,72

0,70

0,78

0,86

Gearing Percentage

2,70

2,60

2,37

3,54

5,99

PROFITABILITY RATIOS

 

 

 

 

 

Net Profit/Stockholders' Eq.

0,00

0,11

0,25

0,01

-0,24

Operating Profit Margin

0,07

0,08

0,09

0,06

0,02

Net Profit Margin

0,00

0,01

0,04

0,00

-0,04

Interest Cover

1,02

1,39

2,08

1,09

0,43

COLLECTION-PAYMENT

 

 

 

 

 

Average Collection Period (days)

29,74

22,33

28,79

12,38

12,83

Average Payable Period (days)

158,87

158,63

136,01

152,21

269,12

WORKING CAPITAL

-510008,00

4979455,00

6580430,00

3386026,00

-8172379,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.52.70

UK Pound

1

Rs.85.72

Euro

1

Rs.68.15

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.