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MIRA INFORM REPORT
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Report No. : |
487920 |
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Report Date : |
27.01.2018 |
IDENTIFICATION DETAILS
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Name : |
CIZMECI GIDA SANAYI VE TICARET A.S. |
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Formerly Known As : |
UGUR TEKSTIL TICARET VE SANAYI A.S |
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Registered Office : |
Gebze Guzeller Organize Sanayi Bolgesi Inonu Mah. Ebulfeyz Elcibey
Sok. No:11 Gebze Kocaeli |
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Country : |
Turkey |
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Date of Incorporation : |
05.10.1982 |
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Com. Reg. No.: |
15972 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Manufacture
and trade of chocolate, wafers, biscuits |
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No. of Employees : |
160 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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Turkey |
B2 |
B2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
TURKEY - ECONOMIC OVERVIEW
Turkey's largely free-market economy is driven by its industry and, increasingly, service sectors, although its traditional agriculture sector still accounts for about 25% of employment. The automotive, petrochemical, and electronics industries have risen in importance and surpassed the traditional textiles and clothing sectors within Turkey's export mix. However, the recent period of political stability and economic dynamism has given way to domestic uncertainty and security concerns, which are generating financial market volatility and weighing on Turkey’s economic outlook.
Current government policies emphasize populist spending measures and credit breaks, while implementation of structural economic reforms has slowed. The government is playing a more active role in some strategic sectors and has used economic institutions and regulators to target political opponents, undermining private sector confidence in the judicial system. Between July 2016 and March 2017, three credit ratings agencies downgraded Turkey’s sovereign credit ratings, citing concerns about the rule of law and the pace of economic reforms.
Turkey remains highly dependent on imported oil and gas but is pursuing energy relationships with a broader set of international partners and taking steps to increase use of domestic energy sources including renewables, nuclear, and coal. The joint Turkish-Azerbaijani Trans-Anatolian Natural Gas Pipeline is moving forward to increase transport of Caspian gas to Turkey and Europe, and when completed will help diversify Turkey's sources of imported gas.
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. An aggressive privatization program also reduced state involvement in basic industry, banking, transport, power generation, and communication. 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 growth rebounded to around 9% in 2010 and 2011, as exports and investment recovered following the crisis.
Since 2014, productivity and growth has slowed to reveal persistent underlying imbalances in the Turkish economy. In particular, Turkey’s large current account deficit means it must rely on external investment inflows to finance growth, leaving the economy vulnerable to destabilizing shifts in investor confidence. Other troublesome trends include rising unemployment and inflation, which increased in 2017, given the Turkish lira’s continuing depreciation against the dollar. Although government debt remains low at about 30% of GDP, bank and corporate borrowing has almost tripled as a percent of GDP during the past decade, outpacing its emerging-market peers and prompting investor concerns about its long-term sustainability.
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Source : CIA |
COMPANY
IDENTIFICATION
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NAME |
CIZMECI
GIDA SANAYI VE TICARET A.S. |
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HEAD
OFFICE ADDRESS |
Gebze
Guzeller Organize Sanayi Bolgesi Inonu Mah. Ebulfeyz Elcibey Sok. No:11
Gebze Kocaeli / Turkey |
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PHONE
NUMBER |
90-262-751
40 90-91 |
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FAX
NUMBER |
90-262-751
04 42 |
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WEB-ADDRESS |
www.cizmecigida.com |
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E-MAIL |
info@cizmecigida.com |
LEGAL
STATUS AND HISTORY
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NOTES
ON LEGAL STATUS AND HISTORY |
Change
at registration no.
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TAX
OFFICE |
Ilyasbey
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TAX
NO |
2580018790 |
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REGISTRATION
NUMBER |
15972 |
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REGISTERED
OFFICE |
Gebze
Chamber of Commerce |
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COMMERCIAL
REGISTRY |
Gebze
Commercial Registry |
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DATE
ESTABLISHED |
05.10.1982 |
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ESTABLISHMENT
GAZETTE DATE/NO |
22.10.1982/612
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LEGAL
FORM |
Joint
Stock Company |
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TYPE
OF COMPANY |
Private |
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REGISTERED
CAPITAL |
TL 2.500.000 |
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PAID-IN
CAPITAL |
TL 2.500.000 |
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HISTORY |
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OWNERSHIP
/ MANAGEMENT
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SHAREHOLDERS |
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BOARD
OF DIRECTORS |
Mehmet
Sabri Cizmeci ( Chairman ) Recep
Ugur Cizmeci ( Vice-Chairman ) Adnan
Cizmeci ( Member ) |
OPERATIONS
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BUSINESS ACTIVITIES |
Manufacture
and trade of chocolate, wafers, biscuits etc. |
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NACE
CODE |
DA.15.84 |
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SECTOR |
Food |
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TRADEMARKS
OWNED |
Cizmeci |
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NUMBER
OF EMPLOYEES |
160 |
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IMPORT
COUNTRIES |
Malaysia |
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MERCHANDISE
IMPORTED |
Cocoa Oil
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EXPORT
COUNTRIES |
Hong-Kong Taiwan Japan Qatar Bahrain Jordan Palestine Guatamela Mexico Venezuela Netherlands Norway Denmark U.S.A. |
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MERCHANDISE EXPORTED |
Biscuits Gingerbread Wafers |
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HEAD
OFFICE ADDRESS |
Gebze
Guzeller Organize Sanayi Bolgesi Inonu Mah. Ebulfeyz Elcibey Sok. No:11
Gebze Kocaeli / Turkey ( owned ) |
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BRANCHES |
Head
Office/Production Plant : Gebze Guzeller Organize Sanayi Bolgesi
Inonu Mah. Ebulfeyz Elcibey Sok. No:11 Gebze Istanbul/Turkey ( owned ) |
FINANCE
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PAYMENT
BEHAVIOUR |
No
complaints |
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KEY
FINANCIAL ELEMENTS |
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COMMENT
ON FINANCIAL POSITION
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General
Financial Position |
The
firm is profitable.
The
firm has a considerable amount of capital. The liability of the shareholders
is limited to the capital. |
CREDIT
OPINION WITHOUT OBLIGATION
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Incr. in producers’
price index |
Average USD/TL |
Average EUR/TL |
Average GBP/ TL |
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( 2015 ) |
5,71 % |
2,7230 |
3,0254 |
4,1661 |
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( 2016 ) |
9,94 % |
3,0292 |
3,3349 |
4,1006 |
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( 2017 ) |
15,47 % |
3,6337 |
4,1120 |
4,7059 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.64 |
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1 |
INR 89.32 |
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Euro |
1 |
INR 78.45 |
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TRY |
1 |
INR 16.94 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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VAR |
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Report Prepared
by : |
SYL |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.