MIRA INFORM REPORT

 

 

Report Date :

02.06.2014

 

IDENTIFICATION DETAILS

 

Name :

ZOREL TEKSTIL IMALAT PAZARLAMA SANAYI VE TICARET LTD. STI. 

 

 

Registered Office :

Barbaros Mah. Mehmet Emin Durul Cad. No:38 Merkez Denizli

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2013 (Balance Sheets)

31.03.2014 (Income Statements)

 

 

Date of Incorporation :

28.03.1989

 

 

Com. Reg. No.:

9722

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacturer and trader of towels and bathrobes

 

 

No of Employees :

110

 

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 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Turkey

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate High Risk

 

C1

High Risk

 

C2

Very High Risk

 

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 around 9% in 2010-11, as exports returned to normal levels following the recession. Growth dropped to roughly 3% in 2012-13. Turkey's public sector debt to GDP ratio has fallen below 40%, and at least one rating agency upgraded Turkey's debt to investment grade in 2012. Turkey remains dependent on often volatile, short-term investment to finance its large trade deficit. The stock value of FDI reached nearly $195 billion at year-end 2013, reflecting Turkey's good growth even in the face of economic turmoil in Europe, the source of much of Turkey's FDI. 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

 

NOTES

:

Full name of the firm was missing at your inquiry.

 

 

COMPANY IDENTIFICATION

 

NAME

:

ZOREL TEKSTIL IMALAT PAZARLAMA SANAYI VE TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Barbaros Mah. Mehmet Emin Durul Cad. No:38 Merkez Denizli / Turkey

PHONE NUMBER

:

90-258-385 72 07

 

FAX NUMBER

:

90-258-385 70 26

 

WEB-ADDRESS

:

www.zoreltekstil.com.tr

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Pamukkale

TAX NO

:

9990013269

REGISTRATION NUMBER

:

9722

REGISTERED OFFICE

:

Denizli Chamber of Commerce

DATE ESTABLISHED

:

28.03.1989

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL  4.000.000

PAID-IN CAPITAL

:

TL  4.000.000

HISTORY

:

Previous Address

:

Goveclik Koyu No:38 Denizli

Changed On

:

19.10.2011 (Commercial Gazette Date /Number 26.10.2011/ 7929)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Fehmi Zora

30 %

Ahmet Zora

29 %

Rafet Zora

21 %

Mustafa Celikel

20 %

 

 

SISTER COMPANIES

:

AFZ TEKSTIL TARIM URUNLERI, HAYVANCILIK, MADENCILIK SANAYI VE TICARET A.S.

 

AZORA TARIM URUNLERI HAYVANCILIK INSAAT ENERJI GIDA TURIZM VE MADENCILIK SANAYI VE TICARET LTD. STI.

 

ZORA TEKSTIL SANAYI VE TICARET LTD. STI.

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Mustafa Celikel

 

Rafet Zora

 

Ahmet Zora

 

Fehmi Zora

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacturer and trader of towels and bathrobes.

 

NACE CODE

:

DB.17.40

 

SECTOR

:

Textile

 

NUMBER OF EMPLOYEES

:

110

 

NET SALES

:

28.612 TL Thousand

(2011) 

26.707 TL Thousand

(2012) 

39.024 TL Thousand

(2013) 

9.756 TL Thousand

(01.01-31.03.2014) 

 

 

IMPORT VALUE

:

3.072.500 EUR

(2013)

 

 

IMPORT COUNTRIES

:

Uzbekistan

Pakistan

Turkmenistan

 

MERCHANDISE IMPORTED

:

Yarn

 

EXPORT VALUE

:

27.316.001 TL

(2011)

21.253.641 TL

(2012)

27.619.586 TL

(2013)

6.523.988 TL

(01.01-31.03.2014)

 

 

EXPORT COUNTRIES

:

U.K.

European Countries

 

MERCHANDISE  EXPORTED

:

Bathrobe

Towel

 

HEAD OFFICE ADDRESS

:

Barbaros Mah. Mehmet Emin Durul Cad. No:38 Merkez Denizli / Turkey

 

BRANCHES

:

Head Office/Factory  :  Barbaros Mah. Mehmet Emin Durul Cad. No:38 Merkez Denizli/Turkey

 

Branch Office  :  Merkez Denizli/Turkey

 

 

 

TREND OF BUSINESS

:

There was an upwards trend in 2013.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Finansbank Denizli Branch

T. Garanti Bankasi Denizli Branch

T. Halk Bankasi Denizli Ticari Branch

Yapi ve Kredi Bankasi Denizli Branch

 

CREDIT FACILITIES

:

The subject company is making active use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2012) TL Thousand

(2013) TL Thousand

(01.01-31.03.2014) TL Thousand

 

 

Net Sales

26.707

39.024

9.756

 

 

Profit (Loss) Before Tax

571

782

104

 

 

Stockholders' Equity

5.922

6.537

 

 

 

Total Assets

29.400

36.746

 

 

 

Current Assets

25.805

33.411

 

 

 

Non-Current Assets

3.595

3.335

 

 

 

Current Liabilities

14.679

18.172

 

 

 

Long-Term Liabilities

8.799

12.037

 

 

 

Gross Profit (loss)

3.834

8.778

2.195

 

 

Operating Profit (loss)

859

5.690

1.171

 

 

Net Profit (loss)

462

614

104

 

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Insufficient As of 31.12.2013

Liquidity

High As of 31.12.2013

Remarks On Liquidity

The unfavorable gap between average collection and average payable period has an adverse effect on liquidity.

Profitability

Fair Operating Profitability  in 2012

Fair Net Profitability  in 2012

High Operating Profitability  in 2013

Fair Net Profitability  in 2013

High Operating Profitability (01.01-31.03.2014)

Low Net Profitability (01.01-31.03.2014)

 

Gap between average collection and payable periods

Unfavorable in 2013

General Financial Position

Passable

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 ( 2013 )

6,97 %

1,9179

2,5530

3,0178

 ( 01.01-31.03.2014)

5,52 %

2,1961

3,0116

3,6488

 ( 01.01-30.04.2014)

5,61 %

2,1807

2,9954

3,6333

 

 

BALANCE SHEETS

 

 

 ( 31.12.2012 )  TL Thousand

 

 ( 31.12.2013 )  TL Thousand

 

 

 

CURRENT ASSETS

25.805

0,88

33.411

0,91

 

 

Not Detailed Current Assets

0

0,00

0

0,00

 

 

Cash and Banks

1.274

0,04

5.124

0,14

 

 

Marketable Securities

0

0,00

0

0,00

 

 

Account Receivable

18.228

0,62

23.608

0,64

 

 

Other Receivable

74

0,00

62

0,00

 

 

Inventories

4.891

0,17

4.083

0,11

 

 

Advances Given

1.168

0,04

483

0,01

 

 

Accumulated Construction Expense

0

0,00

0

0,00

 

 

Other Current Assets

170

0,01

51

0,00

 

 

NON-CURRENT ASSETS

3.595

0,12

3.335

0,09

 

 

Not Detailed Non-Current Assets

0

0,00

0

0,00

 

 

Long-term Receivable

0

0,00

0

0,00

 

 

Financial Assets

0

0,00

0

0,00

 

 

Tangible Fixed Assets (net)

3.443

0,12

3.079

0,08

 

 

Intangible Assets

56

0,00

66

0,00

 

 

Deferred Tax Assets

0

0,00

0

0,00

 

 

Other Non-Current Assets

96

0,00

190

0,01

 

 

TOTAL ASSETS

29.400

1,00

36.746

1,00

 

 

CURRENT LIABILITIES

14.679

0,50

18.172

0,49

 

 

Not Detailed Current Liabilities

0

0,00

0

0,00

 

 

Financial Loans

8.043

0,27

11.994

0,33

 

 

Accounts Payable

5.165

0,18

3.529

0,10

 

 

Loans from Shareholders

814

0,03

1.552

0,04

 

 

Other Short-term Payable

0

0,00

0

0,00

 

 

Advances from Customers

34

0,00

272

0,01

 

 

Accumulated Construction Income

0

0,00

0

0,00

 

 

Taxes Payable

72

0,00

74

0,00

 

 

Provisions

109

0,00

168

0,00

 

 

Other Current Liabilities

442

0,02

583

0,02

 

 

LONG-TERM LIABILITIES

8.799

0,30

12.037

0,33

 

 

Not Detailed Long-term Liabilities

0

0,00

0

0,00

 

 

Financial Loans

8.015

0,27

12.037

0,33

 

 

Securities Issued

0

0,00

0

0,00

 

 

Long-term Payable

784

0,03

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

5.922

0,20

6.537

0,18

 

 

Not Detailed Stockholders' Equity

0

0,00

0

0,00

 

 

Paid-in Capital

4.000

0,14

4.000

0,11

 

 

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

 

 

Inflation Adjustment of Capital

2.266

0,08

2.266

0,06

 

 

Equity of Consolidated Firms

0

0,00

0

0,00

 

 

Reserves

1.250

0,04

1.712

0,05

 

 

Revaluation Fund

0

0,00

0

0,00

 

 

Accumulated Losses(-)

-2.056

-0,07

-2.055

-0,06

 

 

Net Profit (loss)

462

0,02

614

0,02

 

 

TOTAL LIABILITIES AND EQUITY

29.400

1,00

36.746

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.

 

In the sub-items of "Account Receivable", TL thousand 113 is "Doubtful Trade Receivables" and -TL thousand 106 is "Provision for Doubtful Trade Receivables" at the last balance sheet.

 

The details of "Other Receivable" figure at the last balance sheet (TL Thousand): Due From Shareholders: 0, Due From Participations: 0, Due From Affiliated Companies: 0, Due From Personnel: 0, Other Miscellaneous Receivables: 62, Other Receivable Total: 62.

 

TL thousand 0 of "Tax Payable" is due to "Overdue, Delayed or Deferred Tax by Installments and Other Liabilities" at the last balance sheet.

 

At the last income statement TL thousand 817 of the other expenses is due to "Loss from Foreign Currency Exchange".

 

 

 

INCOME STATEMENTS

 

 

(2012) TL Thousand

 

(2013) TL Thousand

 

(01.01-31.03.2014) TL Thousand

 

Net Sales

26.707

1,00

39.024

1,00

9.756

1,00

Cost of Goods Sold

22.873

0,86

30.246

0,78

7.561

0,78

Gross Profit

3.834

0,14

8.778

0,22

2.195

0,22

Operating Expenses

2.975

0,11

3.088

0,08

1.024

0,10

Operating Profit

859

0,03

5.690

0,15

1.171

0,12

Other Income

1.200

0,04

1.564

0,04

349

0,04

Other Expenses

728

0,03

5.375

0,14

817

0,08

Financial Expenses

760

0,03

1.097

0,03

599

0,06

Minority Interests

0

0,00

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

0

0,00

Profit (loss) Before Tax

571

0,02

782

0,02

104

0,01

Tax Payable

109

0,00

168

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

462

0,02

614

0,02

104

0,01

 

FINANCIAL RATIOS

 

 

(2012)

(2013)

 

LIQUIDITY RATIOS

 

 

Current Ratio

1,76

1,84

 

Acid-Test Ratio

1,33

1,58

 

Cash Ratio

0,09

0,28

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,17

0,11

 

Short-term Receivable/Total Assets

0,62

0,64

 

Tangible Assets/Total Assets

0,12

0,08

 

TURNOVER RATIOS

 

 

Inventory Turnover

4,68

7,41

 

Stockholders' Equity Turnover

4,51

5,97

 

Asset Turnover

0,91

1,06

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,20

0,18

 

Current Liabilities/Total Assets

0,50

0,49

 

Financial Leverage

0,80

0,82

 

Gearing Percentage

3,96

4,62

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,08

0,09

 

Operating Profit Margin

0,03

0,15

 

Net Profit Margin

0,02

0,02

 

Interest Cover

1,75

1,71

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

245,71

217,79

 

Average Payable Period (days)

93,63

42,00

 

WORKING CAPITAL

11126,00

15239,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.59.03

UK Pound

1

Rs.98.91

Euro

1

Rs.80.33

 

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

Report Prepared by :

MNL

 

 

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.