|
Report Date : |
15.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
ELITE ULUSLARARASI KUYUMCULUK MUCEVHERAT
ITHALAT IHRACAT TICARET LTD. STI. |
|
|
|
|
Formerly Known as: |
Bati Kuyumculuk Ihracat Ithalat Ticaret Ltd.
Sti. |
|
|
|
|
Registered Office : |
Ikitelli Organize Sanayi Bolgesi Turgut Ozal Cad. No:102 B Blok
No:407/B Basaksehir Istanbul |
|
|
|
|
Country : |
Turkey |
|
|
|
|
Financials (as on) : |
2012 |
|
|
|
|
Date of Incorporation : |
23.02.2001 |
|
|
|
|
Com. Reg. No.: |
454316 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Trade of jeweler. |
|
|
|
|
No. of Employees : |
Not
available |
RATING & COMMENTS
|
MIRA’s Rating : |
C |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
Status : |
Poor |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
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 |
REMARKS |
: |
The full name of the company was missing at your inquiry. "ELITE
GOLD" is the tradename of "ELITE ULUSLARARASI KUYUMCULUK MUCEVHERAT
ITHALAT IHRACAT TICARET LTD. STI.". |
|
NOTES |
: |
Address at your inquiry is not the registered head office but another
premise. |
|
NAME |
: |
ELITE ULUSLARARASI KUYUMCULUK MUCEVHERAT ITHALAT IHRACAT TICARET LTD.
STI. |
|
HEAD OFFICE ADDRESS |
: |
Ikitelli Organize Sanayi Bolgesi Turgut Ozal Cad. No:102 B Blok
No:407/B Basaksehir Istanbul / Turkey |
|
PHONE NUMBER |
: |
90-212-455 05 05 90-212-519 28 28 |
|
FAX NUMBER |
: |
90-212-528 02 27 |
|
TAX OFFICE |
: |
Gunesli |
|||||||||||||||||||||||||||||
|
TAX NO |
: |
1500197725 |
|||||||||||||||||||||||||||||
|
REGISTRATION NUMBER |
: |
454316 |
|||||||||||||||||||||||||||||
|
REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
|||||||||||||||||||||||||||||
|
DATE ESTABLISHED |
: |
23.02.2001 |
|||||||||||||||||||||||||||||
|
ESTABLISHMENT GAZETTE DATE /NO |
: |
28.02.2001/5246 |
|||||||||||||||||||||||||||||
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LEGAL FORM |
: |
Limited Company |
|||||||||||||||||||||||||||||
|
TYPE OF COMPANY |
: |
Private |
|||||||||||||||||||||||||||||
|
REGISTERED CAPITAL |
: |
TL 10.000 |
|||||||||||||||||||||||||||||
|
PAID-IN CAPITAL |
: |
TL 10.000 |
|||||||||||||||||||||||||||||
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HISTORY |
: |
|
|||||||||||||||||||||||||||||
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PREVIOUS
SHAREHOLDERS |
: |
|
|||||||||||||||||||||||||||||
|
SHAREHOLDERS |
: |
|
||||||
|
GROUP |
: |
GULAYLAR GROUP OF COMPANIES |
||||||
|
GROUP PARENT COMPANY |
: |
GULAYLAR HOLDING A.S. |
||||||
|
SISTER COMPANIES |
: |
AK ULUSLARARASI KUYUMCULUK MUCEVHERAT TICARET
A.S. AKTIF ULUSLARARASI KUYUMCULUK MUCEVHERAT TICARET
A.S. ALTINGUL KUYUMCULUK MAGAZALARI TICARET A.S. ASYA ULUSLARARASI KUYUMCULUK MUCEVHERAT TICARET
A.S. BOGAZICI ULUSLARARASI KUYUMCULUK MUCEVHERAT
TICARET A.S. BOGAZICI ULUSLARARASI TURIZM YATIRIMLARI A.S. CETIBELI TURIZM YATIRIMLARI A.S. CITYS GAYRIMENKUL GELISTIRME A.S. DEMIR ULUSLARARASI KUYUMCULUK MUCEVHERAT TICARET
A.S. DUNYA ULUSLARARASI MUCEVHERAT VE KUYUMCULUK
SANAYI VE TICARET A.S. ELEGANCE HOTEL TURIZM ISLETMELERI A.S. ESENYURT ULUSLARARASI GAYRIMENKUL YATIRIM VE TICARET A.S. GULAYLAR ALTIN KUYUMCULUK MAGAZALARI TICARET A.S. GULAYLAR HOLDING A.S. GULAYLAR PERAKENDE KUYUMCULUK MUCEVHERAT TICARET A.S. GULAYLAR ULUSLARARASI KUYUMCULUK MUCEVHERAT SANAYI VE TICARET A.S. GULAYLAR ULUSLARARASI TOPTAN ALTIN ITHALAT IHRACAT VE TICARET A.S. GUNES KUYUMCULUK MUCEVHERAT TICARET LTD. STI. GUNEYBATI TURIZM YATIRIMLARI A.S. HAYAT GAYRIMENKUL GELISTIRME TURIZM INSAAT VE
TAAHHUT A.S. ISTANBUL GAYRIMENKUL YATIRIM SANAYI VE TICARET
A.S. KEMERALTI TURIZM YATIRIMLARI A.S. KORFEZ ULUSLARARASI KUYUMCULUK MUCEVHERAT TICARET
A.S. MARMARA GAYRIMENKUL YATIRIM SANAYI VE TICARET
A.S. NISANTASI ULUSLARARASI KUYUMCULUK MUCEVHERAT
TICARET A.S. POZITIF KUYUMCULUK MUCEVHERAT TICARET A.S. TEKTAS ULUSLARARASI MUCEVHERAT VE INTERNET SATIS
TICARET A.S. TEPE ULUSLARARASI KUYUMCULUK MUCEVHERAT TICARET
A.S. |
||||||
|
DIRECTORS |
: |
|
|
BUSINESS ACTIVITIES |
: |
Trade of jeweler. |
||||||||
|
NACE CODE |
: |
G .51.52 |
||||||||
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SECTOR |
: |
Commerce |
||||||||
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NET SALES |
: |
|
||||||||
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CAPACITY |
: |
None |
||||||||
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PRODUCTION |
: |
None |
||||||||
|
IMPORT COUNTRIES |
: |
European Countries Hong-Kong India Bangladesh Israel U.A.E. |
||||||||
|
MERCHANDISE IMPORTED |
: |
Jeweler |
||||||||
|
HEAD OFFICE ADDRESS |
: |
Ikitelli Organize Sanayi Bolgesi Turgut Ozal Cad. No:102 B Blok
No:407/B Basaksehir Istanbul / Turkey |
||||||||
|
BRANCHES |
: |
Administrative Office : Nuruosmaniye Cad. N:63 Cagaloglu
Istanbul/Turkey |
||||||||
|
INVESTMENTS |
: |
None |
|
TREND OF BUSINESS |
: |
There was a decline at business volume in nominal terms in 2012. |
|
SIZE OF BUSINESS |
: |
Moderate |
|
MAIN DEALING BANKS |
: |
T. Is Bankasi Merkez Branch Yapi ve Kredi Bankasi Nuruosmaniye Branch |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
CREDIT FACILITIES |
: |
No credit facility has come to our knowledge. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
PAYMENT BEHAVIOUR |
: |
No payment delays have come to our knowledge. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
KEY FINANCIAL ELEMENTS |
: |
|
|
Capitalization |
Negative Stockholders’ Equity As of 31.12.2011 |
|
Liquidity |
Insufficient As of 31.12.2011 |
|
Remarks On Liquidity |
The unfavorable gap between average collection and average payable
period has an adverse effect on liquidity.
The liquid assets consist mainly of receivables; the firm has negative
cash&banks |
|
Profitability |
Gross Loss in 2010 Operating Loss in 2010 Net Loss in 2010 Operating Loss in 2011 Net Loss in 2011 Fair Operating Profitability in
2012 Low Net Profitability in 2012 |
|
Gap between average collection and payable periods |
Unfavorable in 2011 |
|
General Financial Position |
Poor |
|
|
Incr. in producers’ price index |
Average USD/TL |
Average EUR/TL |
Average GBP/ TL |
|
( 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 |
|
( 01.01-28.02.2013) |
-0,31 % |
1,7828 |
2,3690 |
2,8041 |
|
|
( 31.12.2010 ) TL |
|
( 31.12.2011 ) TL |
|
|
|
|
CURRENT ASSETS |
6.115.355 |
1,00 |
1.931.194 |
0,98 |
|
|
|
Not Detailed Current Assets |
0 |
0,00 |
0 |
0,00 |
|
|
|
Cash and Banks |
191.366 |
0,03 |
-70.198 |
-0,04 |
|
|
|
Marketable Securities |
0 |
0,00 |
0 |
0,00 |
|
|
|
Account Receivable |
5.571.873 |
0,91 |
1.994.068 |
1,01 |
|
|
|
Other Receivable |
0 |
0,00 |
0 |
0,00 |
|
|
|
Inventories |
109.342 |
0,02 |
0 |
0,00 |
|
|
|
Advances Given |
205.825 |
0,03 |
4.523 |
0,00 |
|
|
|
Accumulated Construction Expense |
0 |
0,00 |
0 |
0,00 |
|
|
|
Other Current Assets |
36.949 |
0,01 |
2.801 |
0,00 |
|
|
|
NON-CURRENT ASSETS |
22.243 |
0,00 |
44.946 |
0,02 |
|
|
|
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) |
22.243 |
0,00 |
44.946 |
0,02 |
|
|
|
Intangible Assets |
0 |
0,00 |
0 |
0,00 |
|
|
|
Deferred Tax Assets |
0 |
0,00 |
0 |
0,00 |
|
|
|
Other Non-Current Assets |
0 |
0,00 |
0 |
0,00 |
|
|
|
TOTAL ASSETS |
6.137.598 |
1,00 |
1.976.140 |
1,00 |
|
|
|
CURRENT LIABILITIES |
6.192.338 |
1,01 |
2.210.891 |
1,12 |
|
|
|
Not Detailed Current Liabilities |
0 |
0,00 |
0 |
0,00 |
|
|
|
Financial Loans |
0 |
0,00 |
0 |
0,00 |
|
|
|
Accounts Payable |
5.209.858 |
0,85 |
1.221.005 |
0,62 |
|
|
|
Loans from Shareholders |
0 |
0,00 |
0 |
0,00 |
|
|
|
Other Short-term Payable |
0 |
0,00 |
0 |
0,00 |
|
|
|
Advances from Customers |
0 |
0,00 |
0 |
0,00 |
|
|
|
Accumulated Construction Income |
0 |
0,00 |
0 |
0,00 |
|
|
|
Taxes Payable |
170 |
0,00 |
848 |
0,00 |
|
|
|
Provisions |
0 |
0,00 |
0 |
0,00 |
|
|
|
Other Current Liabilities |
982.310 |
0,16 |
989.038 |
0,50 |
|
|
|
LONG-TERM LIABILITIES |
0 |
0,00 |
0 |
0,00 |
|
|
|
Not Detailed Long-term Liabilities |
0 |
0,00 |
0 |
0,00 |
|
|
|
Financial Loans |
0 |
0,00 |
0 |
0,00 |
|
|
|
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 |
0 |
0,00 |
0 |
0,00 |
|
|
|
Provisions |
0 |
0,00 |
0 |
0,00 |
|
|
|
STOCKHOLDERS' EQUITY |
-54.740 |
-0,01 |
-234.751 |
-0,12 |
|
|
|
Not Detailed Stockholders' Equity |
0 |
0,00 |
0 |
0,00 |
|
|
|
Paid-in Capital |
10.000 |
0,00 |
10.000 |
0,01 |
|
|
|
Cross Shareholding Adjustment of Capital |
0 |
0,00 |
0 |
0,00 |
|
|
|
Inflation Adjustment of Capital |
10.654 |
0,00 |
12.756 |
0,01 |
|
|
|
Equity of Consolidated Firms |
0 |
0,00 |
0 |
0,00 |
|
|
|
Reserves |
0 |
0,00 |
0 |
0,00 |
|
|
|
Revaluation Fund |
0 |
0,00 |
0 |
0,00 |
|
|
|
Accumulated Losses(-) |
-44.052 |
-0,01 |
-82.841 |
-0,04 |
|
|
|
Net Profit (loss) |
-31.342 |
-0,01 |
-174.666 |
-0,09 |
|
|
|
TOTAL LIABILITIES AND EQUITY |
6.137.598 |
1,00 |
1.976.140 |
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 |
|
|
(2010) TL |
|
(2011) TL |
|
(2012) TL |
|
|
Net Sales |
5.935.635 |
1,00 |
11.631.751 |
1,00 |
6.322.779 |
1,00 |
|
Cost of Goods Sold |
5.982.128 |
1,01 |
9.488.593 |
0,82 |
3.991.692 |
0,63 |
|
Gross Profit |
-46.493 |
-0,01 |
2.143.158 |
0,18 |
2.331.087 |
0,37 |
|
Operating Expenses |
208.465 |
0,04 |
2.202.244 |
0,19 |
2.125.647 |
0,34 |
|
Operating Profit |
-254.958 |
-0,04 |
-59.086 |
-0,01 |
205.440 |
0,03 |
|
Other Income |
224.453 |
0,04 |
161.893 |
0,01 |
73.557 |
0,01 |
|
Other Expenses |
192 |
0,00 |
275.382 |
0,02 |
218.233 |
0,03 |
|
Financial Expenses |
645 |
0,00 |
2.091 |
0,00 |
3.714 |
0,00 |
|
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 |
-31.342 |
-0,01 |
-174.666 |
-0,02 |
57.050 |
0,01 |
|
Tax Payable |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Postponed Tax Gain |
0 |
0,00 |
0 |
0,00 |
0 |
0,00 |
|
Net Profit (loss) |
-31.342 |
-0,01 |
-174.666 |
-0,02 |
57.050 |
0,01 |
|
|
(2010) |
(2011) |
|
LIQUIDITY RATIOS |
|
|
|
Current Ratio |
0,99 |
0,87 |
|
Acid-Test Ratio |
0,93 |
0,87 |
|
Cash Ratio |
0,03 |
-0,03 |
|
ASSET STRUCTURE RATIOS |
|
|
|
Inventory/Total Assets |
0,02 |
0,00 |
|
Short-term Receivable/Total Assets |
0,91 |
1,01 |
|
Tangible Assets/Total Assets |
0,00 |
0,02 |
|
TURNOVER RATIOS |
|
|
|
Inventory Turnover |
54,71 |
|
|
Stockholders' Equity Turnover |
-108,43 |
-49,55 |
|
Asset Turnover |
0,97 |
5,89 |
|
FINANCIAL STRUCTURE |
|
|
|
Stockholders' Equity/Total Assets |
-0,01 |
-0,12 |
|
Current Liabilities/Total Assets |
1,01 |
1,12 |
|
Financial Leverage |
1,01 |
1,12 |
|
Gearing Percentage |
-113,12 |
-9,42 |
|
PROFITABILITY RATIOS |
|
|
|
Net Profit/Stockholders' Eq. |
0,57 |
0,74 |
|
Operating Profit Margin |
-0,04 |
-0,01 |
|
Net Profit Margin |
-0,01 |
-0,02 |
|
Interest Cover |
-47,59 |
-82,53 |
|
COLLECTION-PAYMENT |
|
|
|
Average Collection Period (days) |
337,94 |
61,72 |
|
Average Payable Period (days) |
313,53 |
46,33 |
|
WORKING CAPITAL |
-76983,00 |
-279697,00 |
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.54.44 |
|
UK Pound |
1 |
Rs.81.33 |
|
Euro |
1 |
Rs.70.50 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.