MIRA INFORM REPORT

 

 

Report Date :

02.02.2013

 

IDENTIFICATION DETAILS

 

Name :

LINENS PAZARLAMA A.S.

 

 

Registered Office :

Petrol Ofisi Dolum Tesisleri Yolu Uzeri Zorlu Plaza Avcilar Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

30.09.2012

 

 

Date of Incorporation :

26.05.1998

 

 

Com. Reg. No.:

395985

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Retail trade of home textile products.

 

 

No. of Employees :

Not Available

 

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 :

Slow but correct

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

Turkey

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

TURKEY - ECONOMIC OVERVIEW

 

Turkey's largely free-market economy is increasingly driven by its industry and service sectors, although its traditional agriculture sector still accounts for about 25% of employment. An aggressive privatization program has reduced state involvement in basic industry, banking, transport, and communication, and an emerging cadre of middle-class entrepreneurs is adding dynamism to the economy and expanding production beyond the traditional textiles and clothing sectors. The automotive, construction, and electronics industries, are rising in importance and have surpassed textiles within Turkey's export mix. Oil began to flow through the Baku-Tbilisi-Ceyhan pipeline in May 2006, marking a major milestone that will bring up to 1 million barrels per day from the Caspian to market. Several gas pipelines projects also are moving forward to help transport Central Asian gas to Europe through Turkey, which over the long term will help address Turkey's dependence on imported oil and gas to meet 97% of its energy needs. 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. 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 rebounded strongly to 8.2% in 2010, as exports returned to normal levels following the recession. Turkey's public sector debt to GDP ratio has fallen to roughly 40%. Continued strong growth has pushed inflation to the 8% level, however, and worsened an already high current account deficit. Turkey remains dependent on often volatile, short-term investment to finance its large trade deficit. The stock value of FDI stood at $99 billion at year-end 2011. Inflows have slowed considerably in light of continuing economic turmoil in Europe, the source of much of Turkey's FDI. Further economic and judicial reforms and prospective EU membership are expected to boost Turkey's attractiveness to foreign investors. However, Turkey's relatively high current account deficit, uncertainty related to monetary policy-making, and political turmoil within Turkey's neighborhood leave the economy vulnerable to destabilizing shifts in investor confidence.

Source : CIA

COMPANY IDENTIFICATION

 

 

NAME

:

LINENS PAZARLAMA A.S.

HEAD OFFICE ADDRESS

:

Petrol Ofisi Dolum Tesisleri Yolu Uzeri Zorlu Plaza Avcilar Istanbul / Turkey

PHONE NUMBER

:

90-212-456 20 00

 

FAX NUMBER

:

90-212-456 23 00

 

WEB-ADDRESS

:

www.linens.com.tr

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Marmara Kurumlar

TAX NO

:

9990082972

REGISTRATION NUMBER

:

395985

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

26.05.1998

ESTABLISHMENT GAZETTE DATE/NO

:

29.05.1998/4550

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   45.000.000

PAID-IN CAPITAL

:

TL   45.000.000

 

HISTORY

:

Previous Registered Capital

:

TL 2.000.000

Changed On

:

21.10.2008 (Commercial Gazette Date /Number 24.10.2008/ 7175)

Previous Registered Capital

:

TL 20.000.000

Changed On

:

23.09.2010 (Commercial Gazette Date /Number 29.10.2010/ 7658)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

 

Zorluteks Tekstil Ticaret ve Sanayi A.S.

70,18 %

Zorlu Holding A.S.

29,79 %

Zulal Zorlu

 

Zeki Zorlu

 

Ahmet Nazif Zorlu

 

Olgun Zorlu

 

Turkan Zorlu

 

 

 

GROUP

:

ZORLU GROUP OF COMPANIES

 

GROUP PARENT COMPANY

:

ZORLU HOLDING A.S.

 

SISTER COMPANIES

:

ABH TURIZM TEMSILCILIK VE TICARET A.S.

AYDIN YAZILIM VE ELEKTRONIK SANAYI A.S.

BIRIM BILGI TEKNOLOJILERI TICARET A.S.

COLLAR HOLDING B.V.

DEKSAR MULTIMEDYA VE TELEKOMUNIKASYON A.S.

DEKSARNET TELEKOMUNIKASYON A.S.

DENIZ DESTEK OTO ALIM SATIM KIRALAMA TEMIZLIK HIZMETLERI VE INSAAT A.S.

GAZDAS GAZIANTEP DOGAL GAZ DAGITIM A.S.

INTERMAR TICARET PAZARLAMA TURIZM SANAYI A.S.

JBR TURIZM BILISIM TICARET A.S.

JULES VERNE FUARCILIK HIZMETLERI A.S.

KORTEKS MENSUCAT SANAYI VE TICARET A.S.

META NIKEL KOBALT MADENCILIK SANAYI VE TICARET A.S.

PASSTEL GIDA VE IHTIYAC MADDELERI PAZARLAMA INSAAT MUHENDISLIK TURIZM SANAYI TICARET A.S.

ROTOR ELEKTRIK URETIM A.S.

TAC EV TEKSTIL URUNLERI SANAYI VE TICARET A.S.

TRAKYA BOLGESI DOGAL GAZ DAGITIM A.S.

VESTEL BEYAZ ESYA SANAYI VE TICARET A.S.

VESTEL ELECTRONICS INDIA PRIVATE LTD.

VESTEL ELEKTRONIK ARASTIRMA GELISTIRME A.S.

VESTEL ELEKTRONIK GERECLER TICARET LTD. STI.

VESTEL ELEKTRONIK SANAYI VE TICARET A.S.

VESTEL FRANCE  SA (FRANCE)

VESTEL HOLLAND B.V.

VESTEL KOMUNIKASYON SANAYI VE TICARET A.S.

VESTEL SAVUNMA SANAYI A.S.

VESTEL TICARET A.S.

ZORLU AIR HAVACILIK A.S.

ZORLU AMBALAJ SANAYI VE TICARET A.S.

ZORLU DIS TICARET A.S.

ZORLU DOGAL ELEKTRIK URETIMI A.S.

ZORLU DOGAL GAZ ITHALAT IHRACAT VE TOPTAN TICARET A.S.

ZORLU DOGAL GAZ TEDARIK TICARET A.S.

ZORLU ELEKTRIK ENERJISI ITHALAT IHRACAT VE TOPTAN TICARET A.S.

ZORLU ENDUSTRIYEL VE ENERJI TESISLERI INSAAT TICARET A.S.

ZORLU ENERJI ELEKTRIK URETIM A.S.

ZORLU ENERJI VE INSAAT SANAYI VE TICARET A.S.

ZORLU EV TEKSTIL URUNLERI TICARET A.S.

ZORLU FAKTORING A.S.

ZORLU GAYRIMENKUL GELISTIRME VE YATIRIM A.S.

ZORLU GAYRIMENKUL OTELCILIK INSAAT TAAHHUT VE TURIZM A.S.

ZORLU GAYRIMENKUL PROJE TAAHHUT A.S.

ZORLU GMBH (GERMANY)

ZORLU GRANT HOTEL ISLETMELERI A.S

ZORLU HIDROELEKTRIK ENERJI URETIM A.S.

ZORLU HOLDING A.S.

ZORLU HOLLAND B.V.

ZORLU HOMETEKS TEKSTIL URUNLERI SANAYI VE TICARET A.S.

ZORLU INSAAT ENDUSTRI VE ENERJI TESISLERI SANAYI TICARET A.S.

ZORLU JEOTERMAL ENERJI ELEKTRIK URETIMI A.S.

ZORLU MFG CO. L.L.C. (USA)

ZORLU O/M ENERJI TESISLERI ISLETME VE BAKIM HIZMETLERI A.S.

ZORLU POLIMER-NEVA INC.

ZORLU RUZGAR ENERJISI ELEKTRIK URETIMI A.S.

ZORLU SIGORTA ARACILIK HIZMETLERI A.S.

ZORLU TEKSTIL URUNLERI PAZARLAMA A.S.

ZORLU USA INC. (USA)

ZORLU YAPI YATIRIM A.S.

ZORLUTEKS TEKSTIL TICARET VE SANAYI A.S.

ZORPET ZORLU PETROLCULUK NAKLIYAT OTO KIRALAMA INSAAT GIDA SANAYII VE TICARET A.S.

 

SUBSIDIARIES

:

None

 

BOARD OF DIRECTORS

:

Zeki Zorlu

Chairman

Ahmet Nazif Zorlu

Vice-Chairman

Mehmet Emre Zorlu

Member

Selen Zorlu Melik

Member

Olgun Zorlu

Member

 

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Retail trade of home textile products.

 

NACE CODE

:

G .52.41

 

SECTOR

:

Commerce

 

NET SALES

:

55.817.549 TL

(2010) 

106.801.328 TL

(2011) 

94.356.428 TL

(01.01-30.09.2012) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT COUNTRIES

:

China

 

MERCHANDISE IMPORTED

:

Home textile products.

 

EXPORT VALUE

:

0 TL

(2010)

0 TL

(2011)

0 TL

(2012)

 

 

HEAD OFFICE ADDRESS

:

Petrol Ofisi Dolum Tesisleri Yolu Uzeri Zorlu Plaza Avcilar Istanbul / Turkey ( owned by shareholder(s) )

 

INVESTMENTS

:

None

 

TREND OF BUSINESS

:

There was an upwards trend in  2011. There appears an upwards trend in  1.1 - 30.9.2012.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

 

CREDIT FACILITIES

:

The subject company is making use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

 

KEY FINANCIAL ELEMENTS

:

 

(2011) TL

(01.01-30.09.2012) TL

Net Sales

106.801.328

94.356.428

Profit (Loss) Before Tax

-2.406.127

-2.554.022

Stockholders' Equity

18.538.354

15.984.331

Total Assets

43.469.566

49.477.313

Current Assets

37.325.141

43.624.725

Non-Current Assets

6.144.425

5.852.588

Current Liabilities

24.931.212

33.492.982

Long-Term Liabilities

0

0

Gross Profit (loss)

28.577.864

22.518.649

Operating Profit (loss)

-3.009.996

-2.575.837

Net Profit (loss)

-2.406.127

-2.554.022

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Fair As of 30.09.2012

Liquidity

Fair As of 30.09.2012

Remarks On Liquidity

The favorable gap between average collection and average payable period has a positive effect on liquidity.

Profitability

Operating Loss  in 2011

Net Loss  in 2011

Operating Loss (01.01-30.09.2012)

Net Loss (01.01-30.09.2012)

 

Gap between average collection and payable periods

Favorable in 01.01-30.09.2012

General Financial Position

Unsatisfactory

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 01.01-30.09.2012)

3,34 %

1,8029

2,3233

2,8527

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 

 

BALANCE SHEETS

 

 

 ( 31.12.2011 )  TL

 

 ( 30.09.2012 )  TL

 

CURRENT ASSETS

37.325.141

0,86

43.624.725

0,88

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

7.869.144

0,18

9.190.992

0,19

Marketable Securities

0

0,00

0

0,00

Account Receivable

6.185.933

0,14

4.560.576

0,09

Other Receivable

1.203.582

0,03

1.180.356

0,02

Inventories

19.271.138

0,44

24.382.321

0,49

Advances Given

854.683

0,02

0

0,00

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

1.940.661

0,04

4.310.480

0,09

NON-CURRENT ASSETS

6.144.425

0,14

5.852.588

0,12

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

89.062

0,00

86.415

0,00

Financial Assets

0

0,00

0

0,00

Tangible Fixed Assets (net)

3.244.187

0,07

3.222.584

0,07

Intangible Assets

2.811.176

0,06

2.543.589

0,05

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

0

0,00

TOTAL ASSETS

43.469.566

1,00

49.477.313

1,00

CURRENT LIABILITIES

24.931.212

0,57

33.492.982

0,68

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

7.695.559

0,18

0

0,00

Accounts Payable

16.668.914

0,38

29.446.506

0,60

Loans from Shareholders

0

0,00

0

0,00

Other Short-term Payable

0

0,00

0

0,00

Advances from Customers

0

0,00

44.506

0,00

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

563.239

0,01

645.784

0,01

Provisions

0

0,00

0

0,00

Other Current Liabilities

3.500

0,00

3.356.186

0,07

LONG-TERM LIABILITIES

0

0,00

0

0,00

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

Securities Issued

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

Loans from Shareholders

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

18.538.354

0,43

15.984.331

0,32

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

45.000.000

1,04

45.000.000

0,91

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

1.551.160

0,04

1.551.160

0,03

Revaluation Fund

0

0,00

544.746

0,01

Accumulated Losses(-)

-25.606.679

-0,59

-28.557.553

-0,58

Net Profit (loss)

-2.406.127

-0,06

-2.554.022

-0,05

TOTAL LIABILITIES AND EQUITY

43.469.566

1,00

49.477.313

1,00

 

 

REMARKS ON FINANCIAL STATEMENT

:

At the financial statements according to TAS, "Cheques Received" and "Outstanding Cheques" figures are under "Cash And Banks" figure.Beginning from the financial statements of 31.12.2011, "Cheques Received" and "Outstanding Cheques" figures are given under "Account Receivable" figure and "Account Payable" figure respectively.      

 

 

INCOME STATEMENTS

 

 

(2011) TL

 

(01.01-30.09.2012) TL

 

Net Sales

106.801.328

1,00

94.356.428

1,00

Cost of Goods Sold

78.223.464

0,73

71.837.779

0,76

Gross Profit

28.577.864

0,27

22.518.649

0,24

Operating Expenses

31.587.860

0,30

25.094.486

0,27

Operating Profit

-3.009.996

-0,03

-2.575.837

-0,03

Other Income

900.325

0,01

199.183

0,00

Other Expenses

269.060

0,00

176.229

0,00

Financial Expenses

27.396

0,00

1.139

0,00

Minority Interests

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

Profit (loss) Before Tax

-2.406.127

-0,02

-2.554.022

-0,03

Tax Payable

0

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

Net Profit (loss)

-2.406.127

-0,02

-2.554.022

-0,03

 

 

FINANCIAL RATIOS

 

 

(2011)

(01.01-30.09.2012)

LIQUIDITY RATIOS

 

Current Ratio

1,50

1,30

Acid-Test Ratio

0,61

0,45

Cash Ratio

0,32

0,27

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,44

0,49

Short-term Receivable/Total Assets

0,17

0,12

Tangible Assets/Total Assets

0,07

0,07

TURNOVER RATIOS

 

Inventory Turnover

4,06

2,95

Stockholders' Equity Turnover

5,76

5,90

Asset Turnover

2,46

1,91

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,43

0,32

Current Liabilities/Total Assets

0,57

0,68

Financial Leverage

0,57

0,68

Gearing Percentage

1,34

2,10

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

-0,13

-0,16

Operating Profit Margin

-0,03

-0,03

Net Profit Margin

-0,02

-0,03

Interest Cover

-86,83

-2241,34

COLLECTION-PAYMENT

 

Average Collection Period (days)

21,15

17,73

Average Payable Period (days)

76,71

147,57

WORKING CAPITAL

12393929,00

10131743,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.32

UK Pound

1

Rs.84.60

Euro

1

Rs.72.63

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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.