MIRA INFORM REPORT

 

 

Report Date :

01.03.2013

 

IDENTIFICATION DETAILS

 

Name :

CIRAK KUYUMCULUK-TEKSTIL SANAYI VE TICARET A.S.

 

 

Formerly Known As :

CIRAK KUYUMCULUK SANAYI VE TICARET A.S.

 

 

Registered Office :

Molla Fenari Mah. Babiali Cad. No:5 Fatih Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

30.04.1993

 

 

Com. Reg. No.:

298676

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Processing and trade of jewellery.   

 

 

No. of Employees :

40

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

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 30th, 2012

 

Country Name

Previous Rating

(31.03.2011)

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

 

NOTES

:

Address at your inquiry was changed by the authority/municipality.

 

 

COMPANY IDENTIFICATION

 

 

NAME

:

CIRAK KUYUMCULUK-TEKSTIL SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Molla Fenari Mah. Babiali Cad. No:5 Fatih Istanbul / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The address was changed from "Babiali Cad. No:19 Kuflu Is Merkezi A Blok Cagaloglu Eminonu " to "Molla Fenari Mah. Babiali Cad. No:5 Fatih" by the municipality.

PHONE NUMBER

:

90-212-514 11 12-13-14

 

FAX NUMBER

:

90-212-528 63 35

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Hocapasa

TAX NO

:

2520026445

REGISTRATION NUMBER

:

298676

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

30.04.1993

ESTABLISHMENT GAZETTE DATE/NO

:

05.05.1993/3274

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   6.000.000

PAID-IN CAPITAL

:

TL   5.309.378

 

HISTORY

:

Previous Name

:

Cirak Kuyumculuk Sanayi Ve Ticaret A.S.

Changed On

:

29.08.1996 (Commercial Gazette Date /Number 05.09.1996/ 4117)

Previous Registered Capital

:

TL 1.000.000

Changed On

:

22.06.2006 (Commercial Gazette Date /Number 27.06.2006/ 6586)

Previous Registered Capital

:

TL 2.000.000

Changed On

:

22.05.2009 (Commercial Gazette Date /Number 29.05.2009/ 7321)

Previous Registered Capital

:

TL 5.000.000

Changed On

:

02.12.2011 (Commercial Gazette Date /Number 08.12.2011/ 7957)

Previous Address

:

Molla Feneri Mah. Ceridehane Sok. No:3 Cagaloglu Istanbul

Changed On

:

28.02.2008 (Commercial Gazette Date /Number 04.03.2008/ 7012)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Suren Cirak

78 %

Sevan Cirak

16,67 %

Serli Ergun

1,67 %

Sima Cirak

1,67 %

Serkis Muratyan

1,33 %

Baris Ergun

0,33 %

Kirkor Ozkalay

0,33 %

 

 

SISTER COMPANIES

:

MATIS KUYUMCULUK VE TEKSTIL TICARET LTD. STI.

 

MATIS TURIZM TURISTIK ESYA PAZARLAMA TICARET VE SANAYI A.S.

 

SUBSIDIARIES

:

None

 

BOARD OF DIRECTORS

:

Serkis Muratyan

Chairman

Kirkor Ozkalay

Vice-Chairman

Baris Ergun

Member

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Processing and trade of jewellery.   

 

The firm also deals with retail trade of carpet and giftware products. 

 

NACE CODE

:

DN.36.22

 

NUMBER OF EMPLOYEES

:

40

 

NET SALES

:

3.927.396 TL

(2006) 

3.461.252 TL

(2007) 

8.372.447 TL

(2008) 

15.388.870 TL

(2009) 

14.318.340 TL

(2010) 

20.486.460 TL

(2011) 

24.075.285 TL

(2012) 

 

 

IMPORT VALUE

:

4.500.000 USD

(2008)

 

 

IMPORT COUNTRIES

:

India

China

Pakistan

Belgium

 

MERCHANDISE IMPORTED

:

Carpet

Jewellery

 

EXPORT VALUE

:

2.044.176 TL

(2006)

1.242.372 TL

(2007)

1.511.819 TL

(2008)

3.583.387 TL

(2009)

1.924.010 TL

(2010)

3.067.164 TL

(2011)

6.547.001 TL

(2012)

 

 

EXPORT COUNTRIES

:

U.S.A.

Denmark

Italy

Free Zone

Mexico

Australia

 

MERCHANDISE  EXPORTED

:

Carpet Jewellery    

Jewellery parts

 

HEAD OFFICE ADDRESS

:

Molla Fenari Mah. Babiali Cad. No:5 Fatih  Istanbul / Turkey

 

 

BRANCHES

:

Branch Office  :  Bahcelievler Mah. Ataturk Cad. No:10/2 Urgup Nevsehir/Turkey    

 

TREND OF BUSINESS

:

There was an upwards trend in  2012.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Garanti Bankasi Nuruosmaniye Branch

Turkiye Is Bankasi Cagaloglu Branch

Yapi ve Kredi Bankasi Nuruosmaniye Branch

 

CREDIT FACILITIES

:

The subject company is making active use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2008) TL

(2009) TL

(2010) TL

(2011) TL

(2012) TL

Net Sales

8.372.447

15.388.870

14.318.340

20.486.460

24.075.285

Profit (Loss) Before Tax

-401.502

488.830

46.267

-1.769.090

-342.547

Stockholders' Equity

2.003.502

5.467.968

5.504.010

4.044.299

 

Total Assets

8.054.782

10.910.986

23.129.544

28.726.619

 

Current Assets

7.064.983

7.174.172

10.037.567

15.989.080

 

Non-Current Assets

989.799

3.736.814

13.091.977

12.737.539

 

Current Liabilities

5.726.071

5.222.514

9.022.554

15.046.560

 

Long-Term Liabilities

325.209

220.504

8.602.980

9.635.760

 

Gross Profit (loss)

2.325.489

3.322.033

3.152.574

4.496.522

3.838.444

Operating Profit (loss)

226.548

411.548

204.472

1.532.465

411.725

Net Profit (loss)

-401.502

464.466

36.044

-1.769.090

-342.547

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Low As of 31.12.2011

Remarks on Capitalization

A part of liabilities consist of loans from shareholders.  The loss at the last period is expected to have a further negative effect on equity total since the last balance sheet date.

 

Liquidity

Insufficient As of 31.12.2011

Remarks On Liquidity

A part of current liabilities consist of short-term loans from shareholders rather than liabilities to third parties. 

 

The unfavorable gap between average collection and average payable period has an adverse effect on liquidity.

 

Profitability

Fair Operating Profitability  in 2008

Net Loss  in 2008

Fair Operating Profitability  in 2009

In Order Net Profitability  in 2009

Low Operating Profitability  in 2010

Low Net Profitability  in 2010

Good Operating Profitability  in 2011

Net Loss  in 2011

Fair Operating Profitability  in 2012

Net Loss  in 2012

 

Gap between average collection and payable periods

Unfavorable in 2011

General Financial Position

Unsatisfactory

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 ( 01.01-31.01.2013)

-0,18 %

1,7748

2,3734

2,8382

 

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

7.064.983

0,88

7.174.172

0,66

10.037.567

0,43

15.989.080

0,56

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

133.320

0,02

379.864

0,03

197.753

0,01

93.999

0,00

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

639.194

0,08

1.729.485

0,16

1.425.897

0,06

3.604.222

0,13

Other Receivable

1.209.275

0,15

73.432

0,01

87.767

0,00

51.764

0,00

Inventories

4.816.052

0,60

4.694.412

0,43

7.960.422

0,34

11.448.302

0,40

Advances Given

37.215

0,00

166.012

0,02

292.572

0,01

787.425

0,03

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

229.927

0,03

130.967

0,01

73.156

0,00

3.368

0,00

NON-CURRENT ASSETS

989.799

0,12

3.736.814

0,34

13.091.977

0,57

12.737.539

0,44

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

0

0,00

851.698

0,08

0

0,00

0

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

542.273

0,07

2.544.385

0,23

12.845.224

0,56

12.523.828

0,44

Intangible Assets

431.631

0,05

325.938

0,03

230.161

0,01

196.223

0,01

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

15.895

0,00

14.793

0,00

16.592

0,00

17.488

0,00

TOTAL ASSETS

8.054.782

1,00

10.910.986

1,00

23.129.544

1,00

28.726.619

1,00

CURRENT LIABILITIES

5.726.071

0,71

5.222.514

0,48

9.022.554

0,39

15.046.560

0,52

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

1.917.156

0,24

1.703.823

0,16

3.151.470

0,14

5.411.654

0,19

Accounts Payable

962.696

0,12

849.177

0,08

1.183.657

0,05

2.227.906

0,08

Loans from Shareholders

1.322.189

0,16

1.782.877

0,16

4.370.000

0,19

7.119.688

0,25

Other Short-term Payable

0

0,00

145

0,00

0

0,00

173

0,00

Advances from Customers

1.490.184

0,19

817.883

0,07

273.284

0,01

253.453

0,01

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

33.846

0,00

44.245

0,00

33.920

0,00

33.686

0,00

Provisions

0

0,00

24.364

0,00

10.223

0,00

0

0,00

Other Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

LONG-TERM LIABILITIES

325.209

0,04

220.504

0,02

8.602.980

0,37

9.635.760

0,34

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

325.209

0,04

220.504

0,02

8.602.980

0,37

9.635.760

0,34

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

2.003.502

0,25

5.467.968

0,50

5.504.010

0,24

4.044.299

0,14

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

2.000.000

0,25

5.000.000

0,46

5.000.000

0,22

5.309.378

0,18

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

293.385

0,04

293.385

0,03

293.384

0,01

293.384

0,01

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

0

0,00

0

0,00

174.582

0,01

210.627

0,01

Revaluation Fund

111.619

0,01

111.619

0,01

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

-401.502

-0,04

0

0,00

0

0,00

Net Profit (loss)

-401.502

-0,05

464.466

0,04

36.044

0,00

-1.769.090

-0,06

TOTAL LIABILITIES AND EQUITY

8.054.782

1,00

10.910.986

1,00

23.129.544

1,00

28.726.619

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.                                                                                                                                                                        

At the last income statement TL 1.488.580 of the other income is due to "Profit from Foreign Currency Exchange".                                                                                                     

At the last income statement TL 816.094 of the other expenses is due to "Loss from Foreign Currency Exchange" .                                                                                                    

 

 

INCOME STATEMENTS

 

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

(2012) TL

 

Net Sales

8.372.447

1,00

15.388.870

1,00

14.318.340

1,00

20.486.460

1,00

24.075.285

1,00

Cost of Goods Sold

6.046.958

0,72

12.066.837

0,78

11.165.766

0,78

15.989.938

0,78

20.236.841

0,84

Gross Profit

2.325.489

0,28

3.322.033

0,22

3.152.574

0,22

4.496.522

0,22

3.838.444

0,16

Operating Expenses

2.098.941

0,25

2.910.485

0,19

2.948.102

0,21

2.964.057

0,14

3.426.719

0,14

Operating Profit

226.548

0,03

411.548

0,03

204.472

0,01

1.532.465

0,07

411.725

0,02

Other Income

582.894

0,07

1.101.875

0,07

763.092

0,05

828.417

0,04

1.488.580

0,06

Other Expenses

1.018.196

0,12

729.289

0,05

670.747

0,05

3.184.559

0,16

930.585

0,04

Financial Expenses

192.748

0,02

295.304

0,02

250.550

0,02

945.413

0,05

1.312.267

0,05

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

-401.502

-0,05

488.830

0,03

46.267

0,00

-1.769.090

-0,09

-342.547

-0,01

Tax Payable

0

0,00

24.364

0,00

10.223

0,00

0

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)

-401.502

-0,05

464.466

0,03

36.044

0,00

-1.769.090

-0,09

-342.547

-0,01

 

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

(2011)

LIQUIDITY RATIOS

 

 

Current Ratio

1,23

1,37

1,11

1,06

Acid-Test Ratio

0,35

0,42

0,19

0,25

Cash Ratio

0,02

0,07

0,02

0,01

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,60

0,43

0,34

0,40

Short-term Receivable/Total Assets

0,23

0,17

0,07

0,13

Tangible Assets/Total Assets

0,07

0,23

0,56

0,44

TURNOVER RATIOS

 

 

Inventory Turnover

1,26

2,57

1,40

1,40

Stockholders' Equity Turnover

4,18

2,81

2,60

5,07

Asset Turnover

1,04

1,41

0,62

0,71

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,25

0,50

0,24

0,14

Current Liabilities/Total Assets

0,71

0,48

0,39

0,52

Financial Leverage

0,75

0,50

0,76

0,86

Gearing Percentage

3,02

1,00

3,20

6,10

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

-0,20

0,08

0,01

-0,44

Operating Profit Margin

0,03

0,03

0,01

0,07

Net Profit Margin

-0,05

0,03

0,00

-0,09

Interest Cover

-1,08

2,66

1,18

-0,87

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

27,48

60,38

35,85

63,34

Average Payable Period (days)

57,31

25,33

38,16

50,16

WORKING CAPITAL

1338912,00

1951658,00

1015013,00

942520,00

 

 

 

 

DIAMOND INDUSTRY – INDIA

 

-          From time immemorial, India is well known in the world as the birthplace for diamonds.  It is difficult to trace the origin of diamonds but history says that in the remote past, diamonds were mined only in India. Diamond production in India can be traced back to almost 8th Century B.C.  India, in fact, remained undisputed leader till 18th Century when Brazilian fields were discovered in 1725 followed by emergence of S. Africa, Russia and Australia.

-          The achievement of the Indian diamond industry was possible only due to combination of the manufacturing skills of the Indian workforce and the untiring and unflagging efforts of the Indian diamantaires, supported by progressive Government policies.

-          The area of study of family owned diamond businesses derives its importance from the huge conglomerate of family run organizations which operate in the diamond industry since many generations.

-          Some of the basic traits of family run business enterprises include spirit of entrepreneurship, mutual trust lowers transaction costs, small, nimble and quick to react, information as a source of advantage and philanthropy.

-          Family owned diamond businesses need to improve on many fronts including higher standard of corporate governance, long-term performance – focused strategies, modern management and technology.

-          The diamond jewellery industry in India today may be more than Rs 60000 mil and is rated amongst the fastest growing  in the world. Indi ranks third in the world in domestic diamond consumption.

-          Utmost caution is to be exercised while dealing with some medium and large diamond traders which are usually engaged in fictitious import – export, inter-company transactions, financially assisted by banks. In the process, several public sector banks lost several hundred million rupees. They mostly diverted borrowed money for diamond business into real estate and capital markets.

-          Excerpts from Times of India dated 30th October 2010 is as under –

 

DIAMOND SAGA – DIRTY DOZEN STUCK WITH 2K CR DEBT

This could be the biggest credibility crisis the Indian diamond industry has ever faced. Fifteen banks run the risk of losing Rs 2000 crore lent to a dozen diamond firms in Surat. Until about two months ago, they had not repaid  these dues. Bankers believe many diamantaires borrowed money during the economic downturn two years ago and diverted funds to businesses like real estate and capital markets. Many of themselves made money from these businesses but their diamond companies have gone sick and declared insolvency.

-          Most of the money borrowed from the banks in the name of their diamond business has been diverted in real estate and the share market. The banks are not in a position to seize their properties because in many cases, these were purchased in the name of their relatives and friends.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.77

UK Pound

1

Rs.81.57

Euro

1

Rs.70.68

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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

 

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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%)

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.