MIRA INFORM REPORT

 

Report Date :

17.12.2011

 

IDENTIFICATION DETAILS

 

Name :

UNIKA UNIVERSAL KABLO SANAYI VE TICARET A.S.

 

 

Registered Office :

Yeni Sulun Sok No: 5 Iclevent Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

21.08.1968

 

 

Com. Reg. No.:

99997

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of cable such as ship cables, rubber isolated cables, energy and installation cables, control and signal cables, power and signal cables for inside mine oven, high temperature resistant cables, special cables.

 

 

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

 

Maximum Credit Limit :

2.250.000 USD

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 – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

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

:

UNIKA UNIVERSAL KABLO SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Yeni Sulun Sok No: 5 Iclevent Istanbul / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The door number was changed from “No:49 ” to “No:5” by the Municipality.

PHONE NUMBER

:

90-212-278 23 53

 

FAX NUMBER

:

90-212-279 37 51

 

WEB-ADDRESS

:

www.unika.com.tr

E-MAIL

:

info@unika.com.tr

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Dis Ticaret 

TAX NO

:

9130025857

REGISTRATION NUMBER

:

99997

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

21.08.1968

ESTABLISHMENT GAZETTE DATE /NO

:

02.10.1968/

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   2.000.000

PAID-IN CAPITAL

:

TL   2.000.000

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Sumer Zeybekoglu

59,50 %

S. Murat Saricoban

12 %

Saro Saricoban

12 %

Isin Zeybekoglu

12 %

Esra Zeybekoglu

2 %

Murat Ozbek

0,50 %

 

 

SISTER COMPANIES

:

ZEYTAS ILAC VE KIMYEVI MADDELER TICARET LTD. STI.

 

ZEYTAS SANAYI URUNLERI DAGITIM SANAYI VE TICARET A.S.

 

SUBSIDIARIES

:

Declared to be: None

 

BOARD OF DIRECTORS

:

Sumer Zeybekoglu

Chairman

S. Murat Saricoban

Vice-Chairman

Esra Zeybekoglu

Member

Isin Zeybekoglu

Member

Mustafa Bereket Tanoren

Member

 

 

DIRECTORS

:

Erkan Muslu

General Manager

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of cable such as ship cables, rubber isolated cables, energy and installation cables, control and signal cables, power and signal cables for inside mine oven, high temperature resistant cables, special cables.

 

NACE CODE

:

DL.31.30

 

TRADEMARKS OWNED

:

Unika

 

NUMBER OF EMPLOYEES

:

110

 

NET SALES

:

34.720.039 TL

(2009) 

36.946.137 TL

(2010) 

39.720.090 TL

(01.01-30.09.2011) 

 

 

IMPORT COUNTRIES

:

Germany

Belgium

Italy

China

 

MERCHANDISE IMPORTED

:

Raw materials

 

EXPORT VALUE

:

21.618.893 TL

(2009)

22.372.099 TL

(2010)

18.053.914 TL

(01.01-30.09.2011)

 

 

EXPORT COUNTRIES

:

Germany

Greece

Iran

Italy

Malta

Netherlands

Norway

Pakistan

Portugal

Saudi Arabia

U.S.A.

 

MERCHANDISE  EXPORTED

:

Co- axial cable

Electronic conductors with connectors

 

HEAD OFFICE ADDRESS

:

Yeni Sulun Sok No: 5 Iclevent Istanbul / Turkey

 

BRANCHES

:

Production Plant  :  Velikoy Beldesi Oksuzce Ciftligi Mevkii Cerkezkoy Tekirdag/Turkey (owned)

 

INVESTMENTS

:

Investments are going on.

 

TREND OF BUSINESS

:

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

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Alternatifbank Sisli Branch

Denizbank Zincirlikuyu Branch

Eurobank Tekfen Taksim Branch

T. Halk Bankasi Sisli Branch

T. Ziraat Bankasi Kagithane Branch

 

CREDIT FACILITIES

:

The subject company is making use of credit facilities.

 

PAYMENT BEHAVIOUR

:

We are informed about a single payment delay in the former years which was resolved later on but no payment delays have come to our knowledge in the last years.

 

KEY FINANCIAL ELEMENTS

:

 

(2009) TL

(2010) TL

(01.01-30.09.2011) TL

Net Sales

34.720.039

36.946.137

39.720.090

Profit (Loss) Before Tax

1.836.800

1.506.280

986.868

Stockholders' Equity

9.605.538

10.211.798

 

Total Assets

28.159.316

30.751.730

 

Current Assets

17.585.863

19.191.635

 

Non-Current Assets

10.573.453

11.560.095

 

Current Liabilities

12.700.406

15.968.936

 

Long-Term Liabilities

5.853.372

4.570.996

 

Gross Profit (loss)

6.336.952

6.106.465

5.402.263

Operating Profit (loss)

2.574.996

2.062.592

2.420.187

Net Profit (loss)

1.460.195

1.194.495

986.868

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Fair As of 31.12.2010

Liquidity

Fair As of 31.12.2010

Remarks On Liquidity

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

 

The liquid assets consist mainly of receivables the amount of cash&banks or marketable securities (which are more liquid) are low.

 

Profitability

Good Operating Profitability  in 2009

Good Net Profitability  in 2009

Good Operating Profitability  in 2010

In Order Net Profitability  in 2010

Good Operating Profitability (01.01-30.09.2011)

Fair Net Profitability (01.01-30.09.2011)

 

Gap between average collection and payable periods

Favorable in 2010

General Financial Position

Fair

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT LIMIT

 

:

2.250.000 USD

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 2.250.000 USD may be granted to the subject company.

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 

 

BALANCE SHEETS

 

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

17.585.863

0,62

19.191.635

0,62

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

1.385.725

0,05

1.137.602

0,04

Marketable Securities

0

0,00

0

0,00

Account Receivable

8.026.652

0,29

7.315.306

0,24

Other Receivable

399.863

0,01

305.170

0,01

Inventories

5.063.370

0,18

7.054.044

0,23

Advances Given

0

0,00

147.420

0,00

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

2.710.253

0,10

3.232.093

0,11

NON-CURRENT ASSETS

10.573.453

0,38

11.560.095

0,38

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)

10.313.968

0,37

11.072.755

0,36

Intangible Assets

202.400

0,01

430.711

0,01

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

57.085

0,00

56.629

0,00

TOTAL ASSETS

28.159.316

1,00

30.751.730

1,00

CURRENT LIABILITIES

12.700.406

0,45

15.968.936

0,52

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

3.666.046

0,13

6.136.045

0,20

Accounts Payable

7.314.188

0,26

6.786.100

0,22

Loans from Shareholders

0

0,00

0

0,00

Other Short-term Payable

577.873

0,02

92.992

0,00

Advances from Customers

336.613

0,01

551.357

0,02

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

429.081

0,02

673.187

0,02

Provisions

376.605

0,01

311.785

0,01

Other Current Liabilities

0

0,00

1.417.470

0,05

LONG-TERM LIABILITIES

5.853.372

0,21

4.570.996

0,15

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

5.853.372

0,21

4.073.523

0,13

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

497.473

0,02

Provisions

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

9.605.538

0,34

10.211.798

0,33

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

2.000.000

0,07

2.000.000

0,07

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

2.225.065

0,08

2.225.065

0,07

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

6.495.343

0,23

7.367.303

0,24

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

-2.575.065

-0,09

-2.575.065

-0,08

Net Profit (loss)

1.460.195

0,05

1.194.495

0,04

TOTAL LIABILITIES AND EQUITY

28.159.316

1,00

30.751.730

1,00

 

 

INCOME STATEMENTS

 

 

(2009) TL

 

(2010) TL

 

(01.01-30.09.2011) TL

 

Net Sales

34.720.039

1,00

36.946.137

1,00

39.720.090

1,00

Cost of Goods Sold

28.383.087

0,82

30.839.672

0,83

34.317.827

0,86

Gross Profit

6.336.952

0,18

6.106.465

0,17

5.402.263

0,14

Operating Expenses

3.761.956

0,11

4.043.873

0,11

2.982.076

0,08

Operating Profit

2.574.996

0,07

2.062.592

0,06

2.420.187

0,06

Other Income

2.674.875

0,08

2.131.561

0,06

2.217.509

0,06

Other Expenses

2.695.220

0,08

1.856.146

0,05

2.701.776

0,07

Financial Expenses

717.851

0,02

831.727

0,02

949.052

0,02

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

1.836.800

0,05

1.506.280

0,04

986.868

0,02

Tax Payable

376.605

0,01

311.785

0,01

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

1.460.195

0,04

1.194.495

0,03

986.868

0,02

 

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

LIQUIDITY RATIOS

 

 

Current Ratio

1,38

1,20

Acid-Test Ratio

0,77

0,55

Cash Ratio

0,11

0,07

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,18

0,23

Short-term Receivable/Total Assets

0,30

0,25

Tangible Assets/Total Assets

0,37

0,36

TURNOVER RATIOS

 

 

Inventory Turnover

5,61

4,37

Stockholders' Equity Turnover

3,61

3,62

Asset Turnover

1,23

1,20

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,34

0,33

Current Liabilities/Total Assets

0,45

0,52

Financial Leverage

0,66

0,67

Gearing Percentage

1,93

2,01

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,15

0,12

Operating Profit Margin

0,07

0,06

Net Profit Margin

0,04

0,03

Interest Cover

3,56

2,81

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

83,23

71,28

Average Payable Period (days)

92,77

79,22

WORKING CAPITAL

4885457,00

3222699,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.52.81

UK Pound

1

Rs.82.00

Euro

1

Rs.68.81

 

 

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.