MIRA INFORM REPORT

 

 

Report Date :           

21.04.2012

 

IDENTIFICATION DETAILS

 

Name :

ZIYLAN MAGAZACILIK VE PAZARLAMA A.S.

 

 

Formerly Known As :

Flo Magazacilik Hizmetleri ve Pazarlama A.S.

 

 

Registered Office :

Merkez Mah. Tasocagi Cad. No:24 K:3 Mahmutbey Bagcilar Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

30.11.2011

 

 

Date of Incorporation :

13.07.2001

 

 

Com. Reg. No.:

460233

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Trade of footwear, ready-wear products and their accessories.

 

 

No. of Employees :

1.200

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

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 – March 31st, 2012

 

Country Name

Previous Rating

                   (31.12.2011)                  

Current Rating

(31.03.2012)

Turkey

b1

b1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

COMPANY IDENTIFICATION

 

NAME

:

ZIYLAN MAGAZACILIK VE PAZARLAMA A.S.

HEAD OFFICE ADDRESS

:

Merkez Mah. Tasocagi Cad. No:24 K:3 Mahmutbey Bagcilar Istanbul / Turkey

PHONE NUMBER

:

90-212-446 22 88

 

FAX NUMBER

:

90-212-446 22 55

 

WEB-ADDRESS

:

www.flo.com.tr

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Marmara Kurumlar

TAX NO

:

3880239429

REGISTRATION NUMBER

:

460233

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

13.07.2001

ESTABLISHMENT GAZETTE DATE/NO

:

18.07.2001/5341

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   18.000.000

HISTORY

:

Previous Name

:

Flo Magazacilik Hizmetleri ve Pazarlama A.S.

Changed On

:

04.07.2011 (Commercial Gazette Date /Number 07.07.2011/ 7853)

Previous Registered Capital

:

TL 1.500.000

Changed On

:

27.09.2005 (Commercial Gazette Date /Number 04.10.2005/ 6403)

Previous Registered Capital

:

TL 7.000.000

Changed On

:

13.03.2012 (Commercial Gazette Date /Number 19.03.2012/ 8029)

Previous Address

:

Sogutlu Cesme Mah. Fevzi Cakmak Cad. No:7/4 Sefakoy Kucukcekmece-Istanbul

Changed On

:

15.01.2007 (Commercial Gazette Date /Number 18.01.2007/ 6726)

Merger

:

The subject took over and merged with "Sporer Pazarlama ve Mumessilik A.S."

Changed On

:

13.03.2012 (Commercial Gazette Date /Number 19.03.2012/ 8029)

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Mehmet Ziylan

20 %

Mehmet Buyukeksi

20 %

Aykut Buyukeksi

20 %

Ahmet Muktad Ziylan

20 %

Zohre Buyukeksi

8 %

Mahmut Ugur Ziylan

5 %

Ayse Erbalci

4 %

Huseyin Isci

2,94 %

Ali Fuat Akca

0,06 %

 

 

GROUP

:

ZIYLAN GROUP OF COMPANIES

 

SISTER COMPANIES

:

ELIF YAPI GAYRIMENKUL INSAAT SANAYI VE TICARET A.S.

POLAR TABAN SANAYI VE TICARET A.S.

POLARIS PAZARLAMA VE MUMESSILLIK A.S.

SANPA GIDA SANAYI VE TICARET A.S.

TADER LEVHA SANAYI VE TICARET A.S.

UGUR FREE ZONE SPOR MALZEMELERI SANAYI VE TICARET A.S.

UGUR IC VE DIS TICARET A.S.

ZIYLAN AYAKKABI SANAYII VE TICARET A.S.

ZIYLAN TABAN SANAYII VE TICARET A.S.

 

BOARD OF DIRECTORS

:

Mehmet Ziylan

Chairman

Ali Fuat Akca

Vice-Chairman

Huseyin Isci

Member

 

 

OPERATIONS

 

NOTES ON OPERATIONS

:

The firm orders production to contract manufacturers.

 

 

BUSINESS ACTIVITIES

:

Trade of footwear, ready-wear products and their accessories.  

 

There are app. 91 stores of the subject around Turkey.

 

NACE CODE

:

G .52.41

 

SECTOR

:

Commerce

 

TRADEMARKS TRADED

:

Adidas

Camel

Diverso

Dockers

Flogart

Jansport

JJ-Stiller

Joey Zaza

Nike

Puma

Step

 

NUMBER OF EMPLOYEES

:

1.200

 

NET SALES

:

99.955.278 TL

(2008) 

135.384.656 TL

(2009) 

217.591.663 TL

(2010) 

236.754.229 TL

(01.01-30.09.2011) 

 

 

REMARKS ON NET SALES

:

The sales figures of 2010 and 01.01.-30.09.2011 are declared by the company. There is no certification for these figures.

 

PRODUCTION

:

None

 

IMPORT COUNTRIES

:

Brazil

U.S.A.

European Countries

 

MERCHANDISE IMPORTED

:

Footwear

 

 

EXPORT VALUE

:

2.128 TL

(2008)

85.861 TL

(2009)

 

 

EXPORT COUNTRIES

:

Free Zone

Hungary

Iraq

Egypt

 

MERCHANDISE  EXPORTED

:

Footwear

Ready-wear

 

HEAD OFFICE ADDRESS

:

Merkez Mah. Tasocagi Cad. No:24 K:3 Mahmutbey Bagcilar Istanbul / Turkey

( rented )

 

INVESTMENTS

:

None

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2010. There appears an upwards trend in  1.1 - 30.9.2011.

SIZE OF BUSINESS

:

Giant

 


 

FINANCE

 

MAIN DEALING BANKS

:

T. Is Bankasi Gunesli Branch

Turkiye Vakiflar Bankasi Istanbul Avrupa Kurumsal Branch

Yapi ve Kredi Bankasi Medya Branch

 

CREDIT FACILITIES

:

The subject company is making use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(01.01-30.11.2011) TL

 

 

 

 

Stockholders' Equity

9.432.256

 

 

 

 

Total Assets

206.242.511

 

 

 

 

Current Assets

180.174.428

 

 

 

 

Non-Current Assets

26.068.083

 

 

 

 

Current Liabilities

181.778.395

 

 

 

 

Long-Term Liabilities

15.031.860

 

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Low As of 30.11.2011

Remarks on Capitalization

There has been capital increase after the date of last balance sheet, the increase was financed by the merger.

Liquidity

Low As of 30.11.2011

Profitability

Profitable (01.01-30.11.2011)

 

General Financial Position

Unsatisfactory

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2008 )

8,11 %

1,2858

1,8876

2,3708

 ( 2009 )

5,93 %

1,5460

2,1529

2,4094

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 ( 01.01-30.09.2011)

9,72 %

1,6335

2,3016

2,6294

 ( 01.01-30.11.2011)

12,20 %

1,6616

2,3280

2,6658

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 01.01-31.03.2012)

0,65 %

1,7995

2,3799

2,8402

 

 

BALANCE SHEETS                  

 

 

 

TL

 

 

 

 

 

30.11.2011

 

 

 

 

 

 

 

 

 

 

CURRENT ASSETS

180.174.428

 

0,87

 

 

 Not Detailed Current Assets

0

 

0,00

 

 

 Cash and Banks

988.734

 

0,00

 

 

 Marketable Securities

0

 

0,00

 

 

 Account Receivable

3.906.850

 

0,02

 

 

 Other Receivable

1.288.687

 

0,01

 

 

 Inventories

96.413.515

 

0,47

 

 

 Advances Given

65.745.524

 

0,32

 

 

 Accumulated Construction Expense

0

 

0,00

 

 

 Other Current Assets

11.831.118

 

0,06

 

 

 

 

 

 

 

 

NON-CURRENT ASSETS

26.068.083

 

0,13

 

 

 Not Detailed Non-Current Assets

0

 

0,00

 

 

 Long-term Receivable

0

 

0,00

 

 

 Financial Assets

0

 

0,00

 

 

 Tangible Fixed Assets (net)

8.034.638

 

0,04

 

 

 Intangible Assets

16.741.510

 

0,08

 

 

 Deferred Tax Assets

0

 

0,00

 

 

 Other Non-Current Assets

1.291.935

 

0,01

 

 

 

 

 

 

 

 

TOTAL ASSETS

206.242.511

 

1,00

 

 

 

 

 

 

 

 

CURRENT LIABILITIES

181.778.395

 

0,88

 

 

 Financial Loans

8.153.718

 

0,04

 

 

 Accounts Payable

170.031.016

 

0,82

 

 

 Loans from Shareholders

0

 

0,00

 

 

 Other Short-term Payable

1.281.390

 

0,01

 

 

 Advances from Customers

0

 

0,00

 

 

 Accumulated Construction Income

0

 

0,00

 

 

 Taxes Payable

1.279.966

 

0,01

 

 

 Provisions

955.931

 

0,00

 

 

 Other Current Liabilities

76.374

 

0,00

 

 

 Not Detailed Current Liabilities

0

 

0,00

 

 

 

 

 

 

 

 

LONG-TERM LIABILITIES

15.031.860

 

0,07

 

 

 Not Detailed Long-term Current Liabilities

0

 

0,00

 

 

 Financial Loans

15.031.860

 

0,07

 

 

 Securities Issued

0

 

0,00

 

 

 Long-term Payable

0

 

0,00

 

 

 Loans from Shareholders

0

 

0,00

 

 

 Other Long-term Liabilities

0

 

0,00

 

 

 Provisions

0

 

0,00

 

 

 

 

 

 

 

 

STOCKHOLDERS' EQUITY

9.432.256

 

0,05

 

 

 Not Detailed Stockholders' Equity

0

 

0,00

 

 

 Paid-in Capital

7.000.000

 

0,03

 

 

 Cross Shareholding Adjustment of Capital

0

 

0,00

 

 

 Inflation Adjustment of Capital

0

 

0,00

 

 

 Equity of Consolidated Firms

0

 

0,00

 

 

 Reserves

1.509.023

 

0,01

 

 

 Revaluation Fund

0

 

0,00

 

 

 Accumulated Losses(-)

-4.179.943

 

-0,02

 

 

 Net Profit (loss)

5.103.176

 

0,02

 

 

 

 

 

 

 

 

TOTAL LIABILITIES AND EQUITY

206.242.511

 

1,00

 

 

 

The income statement of 01.01.-30.11.2011 is not available.

 

FINANCIAL RATIOS             

 

 

 

 

 

 

 

 

 

01.01.-30.11.2011

 

 

 

 

LIQUIDITY RATIOS

 

 

 

 

 

Current Ratio

0,99

 

 

 

 

Acid-Test Ratio

0,03

 

 

 

 

Cash Ratio

0,01

 

 

 

 

 

 

 

 

 

 

ASSET STRUCTURE RATIOS

 

 

 

 

 

Inventory/Total Assets

0,47

 

 

 

 

Short-term Receivable/Total Assets

0,03

 

 

 

 

Tangible Assets/Total Assets

0,04

 

 

 

 

 

 

 

 

 

 

FINANCIAL STRUCTURE

 

 

 

 

 

Stockholders' Equity/Total Assets

0,05

 

 

 

 

Current Liabilities/Total Assets

0,88

 

 

 

 

Financial Leverage

0,95

 

 

 

 

Gearing Percentage

20,87

 

 

 

 

 

 

 

 

 

 

Working Capital

-1.603.967

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.99

UK Pound

1

Rs.83.54

Euro

1

Rs.63.40

 

 

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%)

 

 

 

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.