MIRA INFORM REPORT

 

 

Report Date :

25.10.2011

 

IDENTIFICATION DETAILS

 

Name :

UKINOKS MUTFAK SISTEMLERI SANAYI VE TICARET LTD. STI. 

 

 

Formerly Known As :

UKINOKS MUTFAK SISTEMLERI VE MERMER SANAYI TICARET LTD. STI.

 

 

Registered Office :

Ataturk Mah. Orhan Veli Cad. No:8 Buyukcekmece Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2008

 

 

Date of Incorporation :

22.01.2002

 

 

Com. Reg. No.:

469682

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacture and trade stainless steel sink.

 

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 :

1.210.000 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

:

UKINOKS MUTFAK SISTEMLERI SANAYI VE TICARET LTD. STI. 

HEAD OFFICE ADDRESS

:

Ataturk Mah. Orhan Veli Cad. No:8 Buyukcekmece Istanbul / Turkey

PHONE NUMBER

:

90-212-886 95 98

 

FAX NUMBER

:

90-212-886 91 96

 

WEB-ADDRESS

:

www.ukinox.com

E-MAIL

:

info@ukinox.com

 

 

LEGAL STATUS AND HISTORY

 

NOTES ON LEGAL STATUS AND HISTORY

:

The paid-in capital is declared by the subject. There is no certification for the paid-in capital.

 

 

TAX OFFICE

:

Dis Ticaret

TAX NO

:

8870294616

REGISTRATION NUMBER

:

469682

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

22.01.2002

ESTABLISHMENT GAZETTE DATE /NO

:

25.01.2002/5473

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   6.000.000

PAID-IN CAPITAL

:

TL   6.000.000

HISTORY

:

Previous Name

:

Ukinoks Mutfak Sistemleri ve Mermer Sanayi Ticaret Ltd. Sti.

Changed On

:

05.11.2003 (Commercial Gazette Date /Number 10.11.2003/ 5924)

Previous Registered Capital

:

TL 3.000.000

Changed On

:

30.12.2008 (Commercial Gazette Date /Number 05.01.2009/ 7220)

Previous Registered Capital

:

TL 5.000.000

Changed On

:

21.05.2010 (Commercial Gazette Date /Number 27.05.2010/ 7572)

Previous Shareholder

:

Please vide Previous Shareholders section for the former shareholders' names.

Changed On

:

24.03.2010 (Commercial Gazette Date /Number 30.03.2010/ 7532)

 

 

 

PREVIOUS SHAREHOLDERS

:

Orhan Hocaoglu

33,38 %

Ahmet Suzgun

33,37 %

Mikhail Gramadskikh

33,25 %

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Orhan Hocaoglu

66,75 %

Mikhail Gramadskikh

33,25 %

 

 

SISTER COMPANIES

:

LONGRAN MUTFAK SANAYI TICARET LTD. STI.

 

DIRECTORS

:

Omer Gokyildiz

 

Orhan Hocaoglu

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade stainless steel sink.

 

NACE CODE

:

DJ.28.75

 

TRADEMARKS OWNED

:

Ukinoks

 

NUMBER OF EMPLOYEES

:

145

 

 

NET SALES

:

15.549.653 TL

(2007) 

16.638.168 TL

(2008) 

12.615.580 TL

(2009) 

22.140.910 TL

(2010) 

6.000.000 TL

(01.01-30.06.2011) 

 

 

REMARKS ON NET SALES

:

The net sales figures of 2010 and 1.1.-30.06.2011 are declared by the company. There is no certification for these figures.

 

IMPORT VALUE

:

6.900.000 USD

(2008)

 

 

IMPORT COUNTRIES

:

Germany

South Korea

France

China

 

MERCHANDISE IMPORTED

:

Raw materials

 

EXPORT VALUE

:

11.088.842 TL

(2007)

8.513.095 TL

(2008)

5.232.630 TL

(2009)

 

 

EXPORT COUNTRIES

:

Kazakhstan

Poland

Serbia

Russia

Iran

U.A.E.

Ukraine

U.S.A.

Moldova

 

MERCHANDISE  EXPORTED

:

Stainless steel sink

 

HEAD OFFICE ADDRESS

:

Ataturk Mah. Orhan Veli Cad. No:8 Buyukcekmece Istanbul / Turkey (owned)

 

BRANCHES

:

Factory  :  Hadimkoy Yolu Kirac Mevkii 1. Bolge 2.Cad. No:17 Buyukcekmece Istanbul/Turkey (rented)

 

Head Office/Factory  :  Ataturk Mah. Orhan Veli Cad. No:8 Buyukcekmece Istanbul/Turkey (owned)

 

INVESTMENTS

:

None

 

TREND OF BUSINESS

:

There was an upwards trend in  2010. There appears a decline at business volume in nominal terms in  1.1 - 30.6.2011.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Garanti Bankasi Beylikduzu Branch

Halk Bankasi Hadimkoy Branch

HSBC Beylikduzu Branch

Yapi ve Kredi Bankasi Hadimkoy Branch

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2007) TL

(2008) TL

(2009) TL

(2010) TL

 

Net Sales

15.549.653

16.638.168

12.615.580

22.140.910

 

Profit (Loss) Before Tax

648.760

686.968

1.103.310

912.649

 

Stockholders' Equity

2.852.606

5.546.744

 

7.273.085

 

Total Assets

7.268.252

15.251.218

 

18.278.489

 

Current Assets

4.831.578

7.754.432

 

13.422.232

 

Non-Current Assets

2.436.674

7.496.786

 

4.855.657

 

Current Liabilities

4.415.646

7.814.099

 

 

 

Long-Term Liabilities

0

1.890.375

 

 

 

Gross Profit (loss)

1.223.821

1.956.979

2.446.219

 

 

Operating Profit (loss)

469.529

798.704

1.302.700

 

 

Net Profit (loss)

648.760

546.521

900.000

 

 

 

 

REMARKS ON KEY FINANCIAL ELEMENTS

:

The key financial figures of 2010 are declared by the company. There is no certification for these figures.

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Satisfactory As of 31.12.2010

Profitability

Fair Operating Profitability  in 2007

Good Net Profitability  in 2007

In Order Operating Profitability  in 2008

In Order Net Profitability  in 2008

High Operating Profitability  in 2009

High Net Profitability  in 2009

In Order Net Profitability  in 2010

 

General Financial Position

Fair

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT LIMIT

 

:

1.210.000 USD

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 1.210.000 USD may be granted to the subject company.

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 01.01-30.06.2011)

6,21 %

1,5771

2,2246

2,5422

 ( 01.01-30.09.2011)

9,72 %

1,6335

2,3016

2,6294

 

 

BALANCE SHEETS

 

 

 ( 31.12.2007 )  TL

 

 ( 31.12.2008 )  TL

 

CURRENT ASSETS

4.831.578

0,66

7.754.432

0,51

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

182.138

0,03

117.508

0,01

Marketable Securities

0

0,00

0

0,00

Account Receivable

423.722

0,06

1.055.267

0,07

Other Receivable

153.301

0,02

401.088

0,03

Inventories

3.005.320

0,41

5.252.157

0,34

Advances Given

299.916

0,04

72.046

0,00

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

767.181

0,11

856.366

0,06

NON-CURRENT ASSETS

2.436.674

0,34

7.496.786

0,49

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

4.541.828

0,30

Tangible Fixed Assets (net)

704.989

0,10

1.706.791

0,11

Intangible Assets

1.731.685

0,24

1.248.167

0,08

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

0

0,00

TOTAL ASSETS

7.268.252

1,00

15.251.218

1,00

CURRENT LIABILITIES

4.415.646

0,61

7.814.099

0,51

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

2.594.321

0,36

5.457.561

0,36

Accounts Payable

884.057

0,12

1.275.756

0,08

Loans from Shareholders

490.397

0,07

213.099

0,01

Other Short-term Payable

0

0,00

1.152

0,00

Advances from Customers

421.679

0,06

803.593

0,05

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

25.192

0,00

62.461

0,00

Provisions

0

0,00

477

0,00

Other Current Liabilities

0

0,00

0

0,00

LONG-TERM LIABILITIES

0

0,00

1.890.375

0,12

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

0

0,00

1.890.375

0,12

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

2.852.606

0,39

5.546.744

0,36

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

2.852.383

0,39

5.000.000

0,33

Cross Shareholding Adjustment of Capital

14.766

0,00

14.766

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

8.918

0,00

8.918

0,00

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

-672.221

-0,09

-23.461

0,00

Net Profit (loss)

648.760

0,09

546.521

0,04

TOTAL LIABILITIES AND EQUITY

7.268.252

1,00

15.251.218

1,00

 

 

INCOME STATEMENTS

 

 

(2007) TL

 

(2008) TL

 

(2009) TL

 

Net Sales

15.549.653

1,00

16.638.168

1,00

12.615.580

1,00

Cost of Goods Sold

14.325.832

0,92

14.681.189

0,88

10.169.361

0,81

Gross Profit

1.223.821

0,08

1.956.979

0,12

2.446.219

0,19

Operating Expenses

754.292

0,05

1.158.275

0,07

1.143.519

0,09

Operating Profit

469.529

0,03

798.704

0,05

1.302.700

0,10

Other Income

519.787

0,03

694.430

0,04

1.313.714

0,10

Other Expenses

146.793

0,01

323.762

0,02

1.053.872

0,08

Financial Expenses

193.763

0,01

482.404

0,03

459.232

0,04

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

648.760

0,04

686.968

0,04

1.103.310

0,09

Tax Payable

0

0,00

140.447

0,01

203.310

0,02

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

648.760

0,04

546.521

0,03

900.000

0,07

 

 

FINANCIAL RATIOS

 

 

(2007)

(2008)

LIQUIDITY RATIOS

 

 

Current Ratio

1,09

0,99

Acid-Test Ratio

0,17

0,20

Cash Ratio

0,04

0,02

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,41

0,34

Short-term Receivable/Total Assets

0,08

0,10

Tangible Assets/Total Assets

0,10

0,11

TURNOVER RATIOS

 

 

Inventory Turnover

4,77

2,80

Stockholders' Equity Turnover

5,45

3,00

Asset Turnover

2,14

1,09

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,39

0,36

Current Liabilities/Total Assets

0,61

0,51

Financial Leverage

0,61

0,64

Gearing Percentage

1,55

1,75

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,23

0,10

Operating Profit Margin

0,03

0,05

Net Profit Margin

0,04

0,03

Interest Cover

4,35

2,42

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

9,81

22,83

Average Payable Period (days)

22,22

31,28

WORKING CAPITAL

415932,00

-59667,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.87

UK Pound

1

Rs.79.73

Euro

1

Rs.69.53

 

 

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.