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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

499037

Report Date :

26.03.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

MURAT CICEK-FORES DIAMONDS

 

 

Registered Office :

Molla Fenari Mah. Serefefendi Sok. Seref Is hani No:42/115 Fatih 34120 Istanbul

 

 

Country :

Turkey

 

 

Date of Incorporation :

22.02.2012

 

 

Com. Reg. No.:

34-595122

 

 

Legal Form :

Sole-Proprietorship

 

 

Line of Business :

Trade of jewelery.

 

 

No. of Employees :

Not Available

 

 

 

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

B

 

Credit Rating

Explanation

Rating Comments

B

Medium Risk

Business dealings permissible on a regular monitoring basis

 

Status :

Moderate

 

 

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

 

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

Turkey

B2

B2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

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.

 

Source : CIA

 

NOTES    

 

Address is different from the address at your inquiry.   

The name stated at your inquiry is the trade name of the subject which is a sole-proprietorship.                                                                                                                                 

 

 

COMPANY IDENTIFICATION

 

 

 

NAME

MURAT CICEK-FORES DIAMONDS

HEAD OFFICE ADDRESS

Molla Fenari Mah. Serefefendi Sok. Seref Is hani No:42/115 Fatih 34120 Istanbul / Turkey

PHONE NUMBER

90-212-527 00 08

 

FAX NUMBER

90-212-527 00 08

 

WEB-ADDRESS

www.foresdiamond.com

E-MAIL

info@foresdiamond.com

 

 

LEGAL STATUS AND HISTORY

 

NOTES ON LEGAL STATUS AND HISTORY

As the subject is not obliged to be registered at commercial registry due to its legal form, it has not registered at Commercial Registry.

                                                                                                                                  Liability of the subject is not limited to the capital.                                                                                                                                                                          

 

TAX OFFICE

Hocapasa

TAX NO

2530137022

REGISTRATION NUMBER

34-595122

REMARKS ON REGISTRATION NUMBER

The company is registered at chamber of merchants.

DATE ESTABLISHED

22.02.2012

LEGAL FORM

Sole-Proprietorship

TYPE OF COMPANY

Private

 

 

OWNERSHIP / MANAGEMENT

 

 

 

SHAREHOLDERS

Murat Cicek

100 %

 

DIRECTORS

Murat Cicek 

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

Trade of jewelery.

NACE CODE

G .52.48

SECTOR

Commerce

CAPACITY

None

PRODUCTION

None

HEAD OFFICE ADDRESS

Molla Fenari Mah. Serefefendi Sok. Seref Is hani No:42/115 Fatih  Istanbul / Turkey

NOTES ON INVESTMENTS

None                                                                                                                                                               

 

 

COMMENT ON FINANCIAL POSITION

 

General Financial Position

The liability of the sole-proprietorships is not limited to the capital. The owners of the sole-proprietorships are responsible for the debts of the sole-proprietorships with all of their personal wealth.                                                                                     The subject has a business background of more than 5 years.

 

           

CREDIT OPINION WITHOUT OBLIGATION

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2014 )

6,36 %

2,1891

2,8989

3,6060

 ( 2015 )

5,71 %

2,7230

3,0254

4,1661

 ( 2016 )

9,94 %

3,0292

3,3349

4,1006

 ( 2017 )

15,47 %

3,6337

4,1120

4,7059

 ( 01.01-28.02.2018)

3,69 %

3,7820

4,6191

5,2464

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 65.13

UK Pound

1

INR 91.95

Euro

1

INR 80.34

TRY

1

INR 16.23

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

VAR

 

 

Report Prepared by :

TRU

                                                


 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

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)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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