MIRA
INFORM REPORT
|
Report Date : |
05.10.2007 |
IDENTIFICATION DETAILS
|
Name : |
ZEN TURIZM-HEDIYELIK ESYA SANAYI VE TICARET LTD. STI. |
|
|
|
|
Registered Office : |
Mollafenari Mah. Serefefendi Sok.
No:35 Eminonu Istanbul |
|
|
|
|
Country : |
Turkey |
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
17.01.2001 |
|
|
|
|
Com. Reg. No.: |
452168 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Trade of giftware and materials to be used
at jeweler sector. |
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 |
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|
|
|
Litigation : |
Clear |
COMPANY
IDENTIFICATION
|
NAME |
: |
ZEN TURIZM-HEDIYELIK ESYA SANAYI VE
TICARET LTD.STI. |
|
ADDRESS |
: |
Head Office/Store: Mollafenari Mah. Serefefendi Sok. No:35 Eminonu Istanbul / Turkey |
|
PHONE NUMBER |
: |
90-212-520 26 79 |
|
FAX NUMBER |
: |
90-212-520 26 85 |
LEGAL STATUS AND
HISTORY
|
TAX OFFICE / NO |
: |
Nuruosmaniye / 9970214343 |
|
|
|
REGISTRATION NUMBER |
: |
452168 |
|
|
|
REGISTERED OFFICE |
: |
|
|
|
|
DATE ESTABLISHED |
: |
17.01.2001 (Commercial Registry Gazette
Date/No:22.01.2001/5219) |
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|
|
LEGAL FORM |
: |
Limited Company |
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|
|
TYPE OF COMPANY |
: |
Private |
|
|
|
REGISTERED CAPITAL |
: |
YTL 3,500,000 |
|
|
|
HISTORY |
: |
Previous
Registered Capital |
:YTL 600,000 |
|
|
|
|
Regist. Capital
Changed on |
: 28.10.2004 (Commercial Registry Gazette
Date/No: 03.11.2004/6170) |
|
|
|
|
Previous Registered
Capital |
:YTL 1,000,000 |
|
|
|
|
Regist. Capital
Changed on |
: 21.03.2005 (Commercial Registry Gazette
Date/No: 24.03.2005/6267) |
|
OWNERSHIP /
MANAGEMENT
|
SHAREHOLDERS |
: |
Emil Guzelis Kemal Tavukcuoglu |
94 % 6 % |
|
SISTER COMPANIES |
: |
-Med-Art Saglik
Hizmetleri Ve Kuyumculuk San. Ve Tic. Ltd. Sti. -Mavi Pirlanta Hediyelik Esya San. Ve Tic.
Ltd. Sti. -Zen Magazacilik Pazarlama Sanayi ve
Ticaret Ltd. Sti. |
|
|
GROUP PARENT COMPANY |
: |
None |
|
|
SUBSIDIARIES |
: |
None |
|
|
DIRECTORS |
: |
Emil Guzelis Kemal Tavukcuoglu |
|
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Trade of giftware and materials to be used
at jeweler sector. |
||
|
SECTOR |
: |
Commerce |
||
|
TRADEMARK(S) |
: |
The firm mainly sells the following
trademark: “Zen” |
|
|
|
NUMBER OF
EMPLOYEES |
: |
44 |
||
|
NET SALES |
: |
(YTL) 330,537 402,578 1,094,777 2,196,324 1,896,806 1,179,202 |
(2002) (2003) (2004) (2005) (2006) (2007) |
|
|
CAPACITY |
: |
None |
|
|
|
PRODUCTION |
: |
None |
|
|
|
IMPORT VALUE |
: |
(USD) 578,381 675,020 208,164 73,303 |
(2004) (2005) (2006) (1.1.-30.06.2007) |
|
|
IMPORT COUNTRIES |
: |
|
|
|
|
MERCHANDISE IMPORTED |
: |
Materials to be used at jeweler sector. |
|
|
|
EXPORT VALUE |
: |
(YTL) 28,314 82,299 None |
(2005) (2006) (01.01.-30.06.2007) |
|
|
EXPORT COUNTRIES |
: |
|
|
|
|
MERCHANDISE
EXPORTED |
: |
Jeweler materials, watches etc… |
|
|
|
PREMISES |
: |
Head Office/Store: Mollafenari Mah. Serefefendi Sok. No:35 Eminonu |
|
|
|
FIXED CAPITAL
INVESTMENTS |
: |
None |
|
|
TREND OF BUSINESS : There was a decline at sales volume in nominal terms in 2006 but there
appears an upwards trend in the first 6 months of 2007
COMMERCIAL MORALITY : Good
SIZE OF BUSINESS : Lower-medium
FINANCE
|
MAIN DEALING BANKERS |
: |
Garanti Bankasi Cemberlitas branch in Yapi ve Kredi Bankasi Nuruosmaniye branch
in Denizbank Nuruosmaniye branch in Turk Ekonomi Bankasi Nuruosmaniye branch
in T. Is Bankasi Cagaloglu branch in |
|
CREDIT FACILITIES |
: |
The
subject company rarely makes use of credit facilities. |
|
PAYMENT BEHAVIOUR |
: |
No complaints have been heard regarding
payments from banks. According to the official registries
between 01.01.2000-15.08.2007, there are no protested bills and non-paid
cheques registered in the name of “Zen
Turizm” |
COMMENT ON
FINANCIAL POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
||
|
High |
As of 31.12.2006 |
|
|
LIQUIDITY |
||
|
High |
As of 31.12.2006 |
|
|
PROFITABILITY |
||
|
The firm had operating losses in 2006 and in the first 6 months of
2007 but it had YTL 954 net profit in 2006 and YTL 28,154 net profit in the
first 6 months of 2007. |
||
|
GAP BETWEEN COLLECTION-PAYMENT PERIODS |
||
|
Favorable |
In 2006 |
|
|
GENERAL
FINANCIAL POSITION |
||
|
Capitalization and liquidity were high as of 31.12.2006 but the
subject had operating losses in 2006 and in the first 6 months of 2007 but it
had YTL 954 net profit in 2006 and YTL 28,154 net profit in the first 6
months of 2007. |
||
CREDIT OPINION
CREDIT OPINION WITHOUT OBLIGATION : We are of the opinion that business relation is admissible with the
subject company in view of its size, operation, high capitalization
and high liquidity and payment behavior. However taking into
account its persistent operating losses we consider max. granted
credit should be USD 97,000.
|
|
Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(2002) |
30.80 % |
1.5168 |
1.3741 |
2.2001 |
|
(2003) |
13.90 % |
1.5302 |
1.7141 |
2.4982 |
|
(2004) |
13.84 % |
1.4266 |
1.7666 |
2.6001 |
|
(2005) |
2.66 % |
1.3499 |
1.6882 |
2.4623 |
|
(2006) |
11.58 % |
1.4309 |
1.7987 |
2.6377 |
|
(1.1.-30.06.2007) |
2.98 % |
1.3733 |
1.8275 |
2.7117 |
|
(1.1.-30.09.2007) |
4.98 % |
1.3447 |
1.8084 |
2.6720 |
|
|
BALANCE SHEETS |
||||||||||||
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
31.12.04 |
|
|
|
31.12.05 |
|
|
|
31.12.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
2.044.508 |
|
0,92 |
|
3.214.750 |
|
0,96 |
|
3.774.265 |
|
0,95 |
|
|
|
Cash and
Banks |
76.291 |
|
0,03 |
|
164.920 |
|
0,05 |
|
44.820 |
|
0,01 |
|
|
|
Marketable
Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account
Receivable |
206.027 |
|
0,09 |
|
430.708 |
|
0,13 |
|
380.478 |
|
0,10 |
|
|
|
Other
Receivable |
1.191 |
|
0,00 |
|
9.414 |
|
0,00 |
|
13.475 |
|
0,00 |
|
|
|
Inventories |
1.733.449 |
|
0,78 |
|
2.460.992 |
|
0,73 |
|
2.816.910 |
|
0,71 |
|
|
|
Advances
Given |
4.478 |
|
0,00 |
|
70.442 |
|
0,02 |
|
367.210 |
|
0,09 |
|
|
|
Other
Current Assets |
23.072 |
|
0,01 |
|
78.274 |
|
0,02 |
|
151.372 |
|
0,04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
170.355 |
|
0,08 |
|
148.615 |
|
0,04 |
|
219.071 |
|
0,05 |
|
|
|
Long-term
Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Financial
Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Tangible
Fixed Assets (net) |
155.045 |
|
0,07 |
|
130.971 |
|
0,04 |
|
201.518 |
|
0,05 |
|
|
|
Intangible
Assets |
14.190 |
|
0,01 |
|
17.289 |
|
0,01 |
|
17.114 |
|
0,00 |
|
|
|
Other
Non-Current Assets |
1.120 |
|
0,00 |
|
355 |
|
0,00 |
|
439 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
2.214.863 |
|
1,00 |
|
3.363.365 |
|
1,00 |
|
3.993.336 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
324.837 |
|
0,15 |
|
340.352 |
|
0,10 |
|
399.197 |
|
0,10 |
|
|
|
Financial Loans |
2 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accounts
Payable |
243.158 |
|
0,11 |
|
169.662 |
|
0,05 |
|
328.018 |
|
0,08 |
|
|
|
Loans from
Shareholders |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other Short-term
Payable |
0 |
|
0,00 |
|
3.540 |
|
0,00 |
|
5.540 |
|
0,00 |
|
|
|
Advances
from Customers |
73.831 |
|
0,03 |
|
158.152 |
|
0,05 |
|
55.121 |
|
0,01 |
|
|
|
Taxes
Payable |
7.846 |
|
0,00 |
|
8.998 |
|
0,00 |
|
10.341 |
|
0,00 |
|
|
|
Provisions |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
177 |
|
0,00 |
|
|
|
Other
Current Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
1.223.972 |
|
0,55 |
|
84.697 |
|
0,03 |
|
241.293 |
|
0,06 |
|
|
|
Financial
Loans |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Securities
Issued |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Long-term
Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Loans from
Shareholders |
1.223.972 |
|
0,55 |
|
84.697 |
|
0,03 |
|
241.293 |
|
0,06 |
|
|
|
Other
Long-term Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Provisions |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
666.054 |
|
0,30 |
|
2.938.316 |
|
0,87 |
|
3.352.846 |
|
0,84 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
2.214.863 |
|
1,00 |
|
3.363.365 |
|
1,00 |
|
3.993.336 |
|
1,00 |
|
|
|
INCOME STATEMENTS |
||||||||||||
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2004 |
|
|
|
2005 |
|
|
|
2006 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
1.094.777 |
|
1,00 |
|
2.196.324 |
|
1,00 |
|
1.896.806 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
725.921 |
|
0,66 |
|
1.610.025 |
|
0,73 |
|
1.117.728 |
|
0,59 |
|
|
|
Gross Profit |
368.856 |
|
0,34 |
|
586.299 |
|
0,27 |
|
779.078 |
|
0,41 |
|
|
|
Operating
Expenses |
484.777 |
|
0,44 |
|
457.848 |
|
0,21 |
|
810.899 |
|
0,43 |
|
|
|
Operating Profit |
-115.921 |
|
-0,11 |
|
128.451 |
|
0,06 |
|
-31.821 |
|
-0,02 |
|
|
|
Other
Income |
9.073 |
|
0,01 |
|
51.425 |
|
0,02 |
|
121.825 |
|
0,06 |
|
|
|
Other
Expenses |
57.144 |
|
0,05 |
|
290.921 |
|
0,13 |
|
73.574 |
|
0,04 |
|
|
|
Financial
Expenses |
1.716 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Profit (loss) Before Tax |
-165.708 |
|
-0,15 |
|
-111.045 |
|
-0,05 |
|
16.430 |
|
0,01 |
|
|
|
Tax
Payable |
0 |
|
0,00 |
|
32.109 |
|
0,01 |
|
15.476 |
|
0,01 |
|
|
|
Net Profit (loss) |
-165.708 |
|
-0,15 |
|
-143.154 |
|
-0,07 |
|
954 |
|
0,00 |
|
|
|
FINANCIAL RATIOS |
||||||||||||
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|||||||||||||
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|
2004 |
|
|
|
2005 |
|
|
|
2006 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Ratio |
6,29 |
|
|
|
9,45 |
|
|
|
9,45 |
|
|
|
|
|
Acid-Test Ratio |
0,87 |
|
|
|
1,78 |
|
|
|
1,10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,78 |
|
|
|
0,73 |
|
|
|
0,71 |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,09 |
|
|
|
0,13 |
|
|
|
0,10 |
|
|
|
|
|
Tangible Assets/Total Assets |
0,07 |
|
|
|
0,04 |
|
|
|
0,05 |
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
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|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
0,42 |
|
|
|
0,65 |
|
|
|
0,40 |
|
|
|
|
|
Stockholders' Equity Turnover |
1,64 |
|
|
|
0,75 |
|
|
|
0,57 |
|
|
|
|
|
Asset Turnover |
0,49 |
|
|
|
0,65 |
|
|
|
0,47 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,30 |
|
|
|
0,87 |
|
|
|
0,84 |
|
|
|
|
|
Current Liabilities/Total Assets |
0,15 |
|
|
|
0,10 |
|
|
|
0,10 |
|
|
|
|
|
Financial Leverage |
0,70 |
|
|
|
0,13 |
|
|
|
0,16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
-0,25 |
|
|
|
-0,05 |
|
|
|
0,00 |
|
|
|
|
|
Operating Profit Margin |
-0,11 |
|
|
|
0,06 |
|
|
|
-0,02 |
|
|
|
|
|
Net Profit Margin |
-0,15 |
|
|
|
-0,07 |
|
|
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
67,75 |
|
|
|
70,60 |
|
|
|
72,21 |
|
|
|
|
|
Average Payable Period (days) |
120,59 |
|
|
|
37,94 |
|
|
|
105,65 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
INCOME STATEMENT |
||||
|
|
|
YTL |
|
|
|
|
|
|
1.1-30.06.2007 |
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
1.179.202 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
651.284 |
|
0,55 |
|
|
|
Gross Profit |
527.918 |
|
0,45 |
|
|
|
Operating
Expenses |
539.751 |
|
0,46 |
|
|
|
Operating Profit |
-11.833 |
|
-0,01 |
|
|
|
Other
Income |
55.280 |
|
0,05 |
|
|
|
Other
Expenses |
15.284 |
|
0,01 |
|
|
|
Financial
Expenses |
9 |
|
0,00 |
|
|
|
Profit (loss) Before Tax |
28.154 |
|
0,02 |
|
|
|
Tax
Payable |
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
28.154 |
|
0,02 |
|
|
|
|
|
|
|
|
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)