MIRA INFORM REPORT

 

 

Report Date :

20.12.2011

 

IDENTIFICATION DETAILS

 

Name :

UNTEL KABLOLARI SANAYII VE TICARET A.S.

 

 

Registered Office :

Inkilap Mah. Dr.Fazil Kucuk Cad. Site Yolu Untel Sok. No:26 Umraniye Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

20.03.1980

 

 

Com. Reg. No.:

171595

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of rubber and plastic cables.

 

 

No. of Employees :

167

 

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 :

4.000.000 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

:

UNTEL KABLOLARI SANAYII VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Inkilap Mah. Dr.Fazil Kucuk Cad. Site Yolu Untel Sok. No:26 Umraniye Istanbul / Turkey

PHONE NUMBER

:

90-216-634 25 77

90-216-634 25 84

 

FAX NUMBER

:

90-216-632 95 23

90-216-634 06 77

 

WEB-ADDRESS

:

www.untel.com.tr

E-MAIL

:

info@untel.com.tr

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Dis Ticaret

TAX NO

:

9170016069

REGISTRATION NUMBER

:

171595

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

20.03.1980

ESTABLISHMENT GAZETTE DATE/NO

:

24.04.1980/384

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

 

REGISTERED CAPITAL

:

TL   2.500.000

PAID-IN CAPITAL

:

TL   2.500.000

HISTORY

:

Previous Address

:

Okcumusa Cad. Kaya Han. 82/6 Karakoy 80020 Istanbul

Changed On

:

06.04.2004 (Commercial Gazette Date /Number 09.04.2004/ 6026)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Mehmet Unlu

33 %

Feyyaz Gunan

30 %

Funda Gunan Canozer

5 %

Ayse Unlu Guneysu

5 %

Onur Serhat Gunan

5 %

Nuran Gunan

5 %

Ferhat Gunan

5 %

Selim Unlu

5 %

Ahmet Unlu

5 %

Neval Unlu

2 %

 

 

SISTER COMPANIES

:

UNKA KABLO SANAYI VE TICARET A.S.

 

UNLU LASTIK TURIZM SANAYI VE TICARET LTD. STI.

 

UNPA ELEKTROTEKNIK PAZARLAMA SANAYI VE TICARET LTD. STI.

 

SUBSIDIARIES

:

None

 

BOARD OF DIRECTORS

:

Mehmet Unlu

Chairman

Feyyaz Gunan

Vice-Chairman

Ahmet Unlu

Member

Ferhat Gunan

Member

Selim Unlu

Member

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of rubber and plastic cables. 

 

NACE CODE

:

DL.31.30

 

TRADEMARKS OWNED

:

Untel

 

NUMBER OF EMPLOYEES

:

167

 

 

NET SALES

:

46.385.262 TL

(2006) 

54.492.627 TL

(2007) 

61.531.134 TL

(2008) 

50.347.447 TL

(2009) 

63.311.996 TL

(2010) 

65.364.812 TL

(01.01-30.09.2011) 

 

 

IMPORT VALUE

:

2.168.006 USD

(2009)

2.826.237 USD

(2010)

2.000.000 USD

(01.01-30.09.2011)

 

 

IMPORT COUNTRIES

:

Germany

China

Belgium

Italy

 

MERCHANDISE IMPORTED

:

Machinery

Raw material

Rubber paste

Steel wire

 

EXPORT VALUE

:

16.761.886 TL

(2006)

19.569.734 TL

(2007)

26.787.937 TL

(2008)

21.660.065 TL

(2009)

23.225.492 TL

(2010)

23.822.084 TL

(01.01-30.09.2011)

 

 

EXPORT COUNTRIES

:

Germany

Taiwan

Singapore

Indonesia

India

Sri Lanka

Pakistan

Canada

U.A.E.

Vietnam

Bahrain

Jordan

Iran

Finland

U.K.

Netherlands

Hong-Kong

U.S.A.

 

 

MERCHANDISE  EXPORTED

:

Plastic cables

Rubber

 

HEAD OFFICE ADDRESS

:

Inkilap Mah. Dr.Fazil Kucuk Cad. Site Yolu Untel Sok. No:26 Umraniye  Istanbul / Turkey ( owned )

 

BRANCHES

:

Warehouse  :  Inkilap Mah. Dr.Fazil Kucuk Cad. Untel Sk.No:24 Umraniye Istanbul/Turkey (rented)

 

Factory  :  Organize Sanayi Bolgesi Dilovasi Izmit Kocaeli/Turkey (owned)

 

Head Office/Factory  :  Inkilap Mah. Dr.Fazil Kucuk Cad. Site Yolu Untel Sok. No:26 Umraniye Istanbul/Turkey (owned) (5.600 sqm)

                                                                                

 

TREND OF BUSINESS

:

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

SIZE OF BUSINESS

:

Large

 

FINANCE

 

MAIN DEALING BANKS

:

Garanti Bankasi Altunizade Branch

T.Is Bankasi Umraniye Branch

Yapi Ve Kredi Bankasi Site Yolu 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

:

 

(2007) TL

(2008) TL

(2009) TL

(2010) TL

(01.01-30.09.2011) TL

Net Sales

54.492.627

61.531.134

50.347.447

63.311.996

65.364.812

Profit (Loss) Before Tax

5.985.764

3.032.717

1.910.390

-1.089.769

-588.871

Stockholders' Equity

14.923.327

17.347.603

18.871.458

17.781.689

 

Total Assets

21.405.921

26.740.835

46.921.632

46.428.075

 

Current Assets

15.391.574

20.297.276

25.894.565

22.923.805

 

Non-Current Assets

6.014.347

6.443.559

21.027.067

23.504.270

 

Current Liabilities

6.482.594

7.959.250

18.330.159

19.713.942

 

Long-Term Liabilities

0

1.433.982

9.720.015

8.932.444

 

Gross Profit (loss)

11.829.536

12.762.864

9.926.083

5.808.926

6.855.414

Operating Profit (loss)

6.761.894

3.493.075

1.395.520

-731.699

872.230

Net Profit (loss)

4.786.124

2.424.276

1.523.854

-1.089.769

-588.871

 

COMMENT ON FINANCIAL POSITION

 

 

Capitalization

Satisfactory As of 31.12.2010

Liquidity

Satisfactory As of 31.12.2010

Remarks On Liquidity

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

Profitability

High Operating Profitability  in 2007

High Net Profitability  in 2007

Good Operating Profitability  in 2008

Good Net Profitability  in 2008

Fair Operating Profitability  in 2009

In Order Net Profitability  in 2009

Operating Loss  in 2010

Net Loss  in 2010

Low Operating Profitability (01.01-30.09.2011)

Net Loss (01.01-30.09.2011)

 

Gap between average collection and payable periods

Unfavorable in 2010

General Financial Position

Fair

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT LIMIT

 

:

4.000.000 USD

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 4.000.000 USD may be granted to the subject company.

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2006 )

11,58 %

1,4309

1,7987

2,6377

 ( 2007 )

5,94 %

1,3075

1,7901

2,6133

 ( 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

BALANCE SHEETS

 

 

 

 ( 31.12.2007 )  TL

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

CURRENT ASSETS

15.391.574

0,72

20.297.276

0,76

25.894.565

0,55

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

Cash and Banks

2.017.678

0,09

5.892.492

0,22

9.559.005

0,20

Marketable Securities

0

0,00

0

0,00

2.250.049

0,05

Account Receivable

11.871.828

0,55

11.549.747

0,43

10.492.013

0,22

Other Receivable

67.873

0,00

242.834

0,01

226.411

0,00

Inventories

1.092.402

0,05

608.596

0,02

639.884

0,01

Advances Given

322.600

0,02

1.953.142

0,07

1.580.072

0,03

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

Other Current Assets

19.193

0,00

50.465

0,00

1.147.131

0,02

NON-CURRENT ASSETS

6.014.347

0,28

6.443.559

0,24

21.027.067

0,45

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

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)

5.995.944

0,28

6.430.524

0,24

21.020.561

0,45

Intangible Assets

16.476

0,00

11.211

0,00

4.218

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

1.927

0,00

1.824

0,00

2.288

0,00

TOTAL ASSETS

21.405.921

1,00

26.740.835

1,00

46.921.632

1,00

CURRENT LIABILITIES

6.482.594

0,30

7.959.250

0,30

18.330.159

0,39

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

61.380

0,00

656.009

0,02

5.278.136

0,11

Accounts Payable

3.578.462

0,17

4.781.592

0,18

10.360.177

0,22

Loans from Shareholders

477.316

0,02

171.390

0,01

537.308

0,01

Other Short-term Payable

11.100

0,00

185.044

0,01

236.990

0,01

Advances from Customers

601.631

0,03

691.603

0,03

980.866

0,02

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

Taxes Payable

1.309.189

0,06

605.417

0,02

849.301

0,02

Provisions

0

0,00

0

0,00

0

0,00

Other Current Liabilities

443.516

0,02

868.195

0,03

87.381

0,00

LONG-TERM LIABILITIES

0

0,00

1.433.982

0,05

9.720.015

0,21

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

1.433.982

0,05

9.720.015

0,21

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

0

0,00

0

0,00

0

0,00

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

14.923.327

0,70

17.347.603

0,65

18.871.458

0,40

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

Paid-in Capital

2.500.000

0,12

2.500.000

0,09

2.500.000

0,05

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

2.640.723

0,12

2.640.723

0,10

2.640.723

0,06

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

Reserves

6.622.192

0,31

11.408.316

0,43

13.832.593

0,29

Revaluation Fund

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

-1.625.712

-0,08

-1.625.712

-0,06

-1.625.712

-0,03

Net Profit (loss)

4.786.124

0,22

2.424.276

0,09

1.523.854

0,03

TOTAL LIABILITIES AND EQUITY

21.405.921

1,00

26.740.835

1,00

46.921.632

1,00

 

 

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

22.923.805

0,49

Not Detailed Current Assets

0

0,00

Cash and Banks

2.549.523

0,05

Marketable Securities

207.530

0,00

Account Receivable

16.415.608

0,35

Other Receivable

488.788

0,01

Inventories

1.602.891

0,03

Advances Given

850.903

0,02

Accumulated Construction Expense

0

0,00

Other Current Assets

808.562

0,02

NON-CURRENT ASSETS

23.504.270

0,51

Not Detailed Non-Current Assets

0

0,00

Long-term Receivable

0

0,00

Financial Assets

0

0,00

Tangible Fixed Assets (net)

23.501.646

0,51

Intangible Assets

2.624

0,00

Deferred Tax Assets

0

0,00

Other Non-Current Assets

0

0,00

TOTAL ASSETS

46.428.075

1,00

CURRENT LIABILITIES

19.713.942

0,42

Not Detailed Current Liabilities

0

0,00

Financial Loans

7.015.153

0,15

Accounts Payable

10.338.013

0,22

Loans from Shareholders

224.247

0,00

Other Short-term Payable

374.012

0,01

Advances from Customers

711.070

0,02

Accumulated Construction Income

0

0,00

Taxes Payable

960.416

0,02

Provisions

0

0,00

Other Current Liabilities

91.031

0,00

LONG-TERM LIABILITIES

8.932.444

0,19

Not Detailed Long-term Liabilities

0

0,00

Financial Loans

8.932.444

0,19

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

17.781.689

0,38

Not Detailed Stockholders' Equity

0

0,00

Paid-in Capital

2.500.000

0,05

Cross Shareholding Adjustment of Capital

0

0,00

Inflation Adjustment of Capital

2.640.723

0,06

Equity of Consolidated Firms

0

0,00

Reserves

15.356.447

0,33

Revaluation Fund

0

0,00

Accumulated Losses(-)

-1.625.712

-0,04

Net Profit (loss)

-1.089.769

-0,02

TOTAL LIABILITIES AND EQUITY

46.428.075

1,00

 

 

INCOME STATEMENTS

 

 

(2007) TL

 

(2008) TL

 

(2009) TL

 

Net Sales

54.492.627

1,00

61.531.134

1,00

50.347.447

1,00

Cost of Goods Sold

42.663.091

0,78

48.768.270

0,79

40.421.364

0,80

Gross Profit

11.829.536

0,22

12.762.864

0,21

9.926.083

0,20

Operating Expenses

5.067.642

0,09

9.269.789

0,15

8.530.563

0,17

Operating Profit

6.761.894

0,12

3.493.075

0,06

1.395.520

0,03

Other Income

241.005

0,00

1.844.537

0,03

2.466.971

0,05

Other Expenses

1.009.004

0,02

1.905.632

0,03

1.569.265

0,03

Financial Expenses

8.131

0,00

399.263

0,01

382.836

0,01

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

5.985.764

0,11

3.032.717

0,05

1.910.390

0,04

Tax Payable

1.199.640

0,02

608.441

0,01

386.536

0,01

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

4.786.124

0,09

2.424.276

0,04

1.523.854

0,03

 

 

 

(2010) TL

 

(01.01-30.09.2011) TL

 

Net Sales

63.311.996

1,00

65.364.812

1,00

Cost of Goods Sold

57.503.070

0,91

58.509.398

0,90

Gross Profit

5.808.926

0,09

6.855.414

0,10

Operating Expenses

6.540.625

0,10

5.983.184

0,09

Operating Profit

-731.699

-0,01

872.230

0,01

Other Income

1.565.170

0,02

1.483.492

0,02

Other Expenses

1.228.610

0,02

860.037

0,01

Financial Expenses

694.630

0,01

2.084.556

0,03

Minority Interests

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

Profit (loss) Before Tax

-1.089.769

-0,02

-588.871

-0,01

Tax Payable

0

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

Net Profit (loss)

-1.089.769

-0,02

-588.871

-0,01

 

 

FINANCIAL RATIOS

 

 

(2007)

(2008)

(2009)

(2010)

LIQUIDITY RATIOS

 

 

Current Ratio

2,37

2,55

1,41

1,16

Acid-Test Ratio

2,15

2,22

1,23

1,00

Cash Ratio

0,31

0,74

0,64

0,14

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,05

0,02

0,01

0,03

Short-term Receivable/Total Assets

0,56

0,44

0,23

0,36

Tangible Assets/Total Assets

0,28

0,24

0,45

0,51

TURNOVER RATIOS

 

 

Inventory Turnover

39,05

80,13

63,17

35,87

Stockholders' Equity Turnover

3,65

3,55

2,67

3,56

Asset Turnover

2,55

2,30

1,07

1,36

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,70

0,65

0,40

0,38

Current Liabilities/Total Assets

0,30

0,30

0,39

0,42

Financial Leverage

0,30

0,35

0,60

0,62

Gearing Percentage

0,43

0,54

1,49

1,61

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,32

0,14

0,08

-0,06

Operating Profit Margin

0,12

0,06

0,03

-0,01

Net Profit Margin

0,09

0,04

0,03

-0,02

Interest Cover

737,17

8,60

5,99

-0,57

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

78,43

67,57

75,02

93,34

Average Payable Period (days)

30,20

35,30

92,27

64,72

WORKING CAPITAL

8908980,00

12338026,00

7564406,00

3209863,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.52.96

UK Pound

1

Rs.82.04

Euro

1

Rs.68.91

 

 

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.