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Report Date : |
18.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
MAVI GIYIM SANAYI VE TICARET A.S. |
|
|
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Registered Office : |
Eski Buyukdere Cad. No:43 4.Levent Istanbul |
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Country : |
Turkey |
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Date of Incorporation : |
13.01.1994 |
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Com. Reg. No.: |
309315 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Trade of ready-wear mainly jeans.
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|
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No of Employees : |
2,000 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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 around 9% in
2010-11, as exports returned to normal levels following the recession. Growth
dropped to roughly 3-4% in 2012-13. Turkey's public sector debt to GDP ratio
has fallen below 40%, and two rating agencies upgraded Turkey's debt to
investment grade in 2012 and 2013. Turkey remains dependent on often volatile,
short-term investment to finance its large current account deficit. The stock
value of FDI reached nearly $195 billion at year-end 2013, reflecting Turkey's
robust growth even in the face of economic turmoil in Europe, the source of
much of Turkey's FDI. Turkey's relatively high current account deficit,
domestic political uncertainty, and turmoil within Turkey's neighborhood leave
the economy vulnerable to destabilizing shifts in investor confidence.
|
Source
: CIA |
COMPANY
IDENTIFICATION
|
|
|
||
|
NAME |
: |
MAVI GIYIM
SANAYI VE TICARET A.S. |
|
HEAD OFFICE ADDRESS |
: |
Eski Buyukdere Cad. No:43 4.Levent Istanbul / Turkey |
|
REMARKS ON HEAD OFFICE ADDRESS |
: |
The door number was changed from "No:53" to
"No:43" by the municipality. |
|
PHONE NUMBER |
: |
90-212-371 20 00 |
|
FAX NUMBER |
: |
90-212-282 60 60 |
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WEB-ADDRESS |
: |
www.mavi.com |
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E-MAIL |
: |
bilgi@mavi.com |
LEGAL
STATUS AND HISTORY
|
|
|
||||||||||||||
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TAX OFFICE |
: |
Buyuk Mukellefler |
||||||||||||
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TAX NO |
: |
6130027985 |
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REGISTRATION NUMBER |
: |
309315 |
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REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
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DATE ESTABLISHED |
: |
13.01.1994 |
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ESTABLISHMENT GAZETTE DATE/NO |
: |
18.01.1994/3451 |
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LEGAL FORM |
: |
Joint Stock Company |
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TYPE OF COMPANY |
: |
Private |
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|
REGISTERED CAPITAL |
: |
TL 49.657.000 |
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|
HISTORY |
: |
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OWNERSHIP
/ MANAGEMENT
|
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SHAREHOLDERS |
: |
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REMARKS ON SHAREHOLDERS |
: |
We are informed that, the main shareholder "Blue International
Holding B.V" is a company located in Netherlands. |
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BOARD OF DIRECTORS |
: |
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DIRECTORS |
: |
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OPERATIONS
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NOTES
ON OPERATIONS |
: |
The
firm orders production to contract manufacturers. |
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BUSINESS ACTIVITIES |
: |
Trade of ready-wear mainly jeans.
The subject orders ready-wear and foot-wear to be manufactured in the
name of the subject company to contract manufacturers. The subject has 180 stores in Turkey. |
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NACE CODE |
: |
G .52.42 |
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SECTOR |
: |
Commerce |
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TRADEMARKS TRADED |
: |
Mavi Jeans |
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NUMBER OF EMPLOYEES |
: |
2.000 |
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NET SALES |
: |
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IMPORT VALUE |
: |
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IMPORT COUNTRIES |
: |
China Vietnam India |
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MERCHANDISE IMPORTED |
: |
Finished goods |
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EXPORT VALUE |
: |
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EXPORT COUNTRIES |
: |
Canada Germany Australia Denmark Finland Romania Russia Saudi Arabia Qatar Lebanon Italy Estonia Kazakhstan Egypt Lithuania Libya Netherlands U.S.A. |
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MERCHANDISE EXPORTED |
: |
Ready-wear |
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HEAD OFFICE ADDRESS |
: |
Eski Buyukdere Cad. No:43 4.Levent Istanbul / Turkey |
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TREND OF BUSINESS |
: |
There was an upwards trend in
2013. |
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SIZE OF BUSINESS |
: |
Giant |
FINANCE
|
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MAIN DEALING BANKS |
: |
Akbank Bati Kurumsal Branch Garanti Bankasi Bakirkoy Kurumsal Branch T. Is Bankasi Istanbul Kurumsal Branch Turk Ekonomi Bankasi Trakya Kurumsal Branch |
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PAYMENT BEHAVIOUR |
: |
No payment delays have come to our knowledge. |
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KEY FINANCIAL ELEMENTS |
: |
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COMMENT
ON FINANCIAL POSITION
|
|
Capitalization |
Low As of 31.12.2013 |
|
Profitability |
High Net Profitability in 2010 High Net Profitability in 2011 High Net Profitability in 2012 High Net Profitability in 2013 |
|
General Financial Position |
Passable |
|
|
Incr. in producers’ price index |
Average USD/TL |
Average EUR/TL |
Average GBP/ TL |
|
( 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 |
|
( 2013 ) |
6,97 % |
1,9179 |
2,5530 |
3,0178 |
|
( 01.01-30.09.2014) |
7,24 % |
2,1706 |
2,9323 |
3,6222 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.62 |
|
|
1 |
Rs.99.12 |
|
Euro |
1 |
Rs.78.89 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
SMN |
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.