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MIRA INFORM REPORT
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Report No. : |
497758 |
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Report Date : |
19.03.2018 |
IDENTIFICATION DETAILS
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Name : |
ON MUCEVHERAT SANAYI VE DIS TICARET LTD. STI. |
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Registered Office : |
Cagaloglu Serefefendi Sok. No:21 Eminonu Fatih 34110 Istanbul |
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Country : |
Turkey |
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Date of Incorporation : |
31.03.2000 |
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Com. Reg. No.: |
435557 |
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Legal Form : |
Limited Company |
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Line of Business : |
Processing and Trade of Jewellery. |
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No. of Employees : |
40 |
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 : |
Slow but correct |
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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 (30.09.2017) |
Current Rating (31.12.2017) |
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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.
The growth of Turkish GDP since 2016 has revealed the 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 |
ON MUCEVHERAT SANAYI VE DIS TICARET LTD. STI. |
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HEAD OFFICE ADDRESS |
Cagaloglu Serefefendi Sok. No:21 Eminonu Fatih 34110 Istanbul / Turkey |
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PHONE NUMBER |
90-212-526 10 10 |
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FAX NUMBER |
90-212-511 97 60 |
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WEB-ADDRESS |
www.onmucevherat.com.tr |
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E-MAIL |
info@onmucevherat.com |
LEGAL
STATUS AND HISTORY
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TAX OFFICE |
Hocapasa |
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TAX NO |
6420121138 |
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REGISTRATION NUMBER |
435557 |
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REGISTERED OFFICE |
Istanbul Chamber of Commerce |
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COMMERCIAL REGISTRY |
Istanbul Commercial Registry |
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DATE ESTABLISHED |
31.03.2000 |
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ESTABLISHMENT GAZETTE DATE/NO |
05.04.2000/5017 |
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LEGAL FORM |
Limited Company |
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TYPE OF COMPANY |
Private |
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REGISTERED CAPITAL |
TL 10.000.000 |
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HISTORY |
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PREVIOUS SHAREHOLDERS |
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OWNERSHIP
/ MANAGEMENT
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SHAREHOLDERS |
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SISTER COMPANIES |
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- ARILAR KUYUMCULUK VE TURIZM TICARET LTD. STI. ( Origin: Turkey, Tax Number: 0780029156, Registration Number: 227006 ) |
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DIRECTORS |
Mustafa Hakan Okul Hakan Kocabas Ayhan Guner |
OPERATIONS
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BUSINESS ACTIVITIES |
Processing and Trade of Jewellery. |
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NACE CODE |
DN.36.22 |
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NUMBER OF EMPLOYEES |
40 |
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IMPORT COUNTRIES |
Hong-Kong U.A.E. India Belgium |
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MERCHANDISE IMPORTED |
Jewellery |
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EXPORT COUNTRIES |
Kazakhstan U.A.E. Romania Mongolia Kyrgyzstan |
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MERCHANDISE EXPORTED |
Jewellery |
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HEAD OFFICE ADDRESS |
Cagaloglu Serefefendi Sok. No:21 Eminonu Fatih Istanbul / Turkey |
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BRANCHES |
Processing Plant : Bagbali Cad. No:50 Kat:3 Fatih Istanbul/Turkey |
FINANCE
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MAIN DEALING BANKS |
Yapi ve Kredi Bankasi Nuruosmaniye Branch Denizbank Nuruosmaniye 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
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General Financial Position |
The firm is profitable.
The firm has a high 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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( 2014 ) |
6,36 % |
2,1891 |
2,8989 |
3,6060 |
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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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( 01.01-28.02.2018) |
3,69 % |
3,7820 |
4,6191 |
5,2464 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.87 |
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1 |
INR 90.49 |
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Euro |
1 |
INR 79.91 |
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TL |
1 |
INR 16.57 |
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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PRI |
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Report Prepared
by : |
TPT |
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
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Promoters
/ Management background
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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.