MIRA INFORM REPORT

 

 

Report Date :

02.04.2012

 

IDENTIFICATION DETAILS

 

Name :

UNAL SENTETIK DOKUMA SANAYI VE TICARET A.S.

 

 

Registered Office :

3. Organize Sanayi Bolgesi Kamil Serbetci Bulvari 83305 Nolu Cad. No:6 Sehitkamil  Gaziantep

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

20.03.1973

 

 

Com. Reg. No.:

5373

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of polypropylene sacks, fabric and yarn. 

 

 

No. of Employees :

450

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

7.200.000 USD

Status :

Satisfactory

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

:

UNAL SENTETIK DOKUMA SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

3. Organize Sanayi Bolgesi Kamil Serbetci Bulvari 83305 Nolu Cad. No:6 Sehitkamil  Gaziantep / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The address which was changed from “3.Organize Sanayi Bolgesi 16 Nolu Cad. Baspinar-Gaziantep” to "3.Org. San Bolg.10 Nolu Cad" was further changed to "3.Org. San. Bolg.5 Nolu Cad. No.6" and it was again changed to " 3. Organize Sanayi Bolgesi Kamil Serbetci Bulvari 83305 Nolu Cad. No:6" by the Municipality.

 

PHONE NUMBER

:

90-342-337 98 40

 

FAX NUMBER

:

90-342-337 93 05

 

E-MAIL

:

unalsentetik@unalsentetik.com

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Gazikent

TAX NO

:

9120018420

REGISTRATION NUMBER

:

5373

REGISTERED OFFICE

:

Gaziantep Chamber of Commerce

DATE ESTABLISHED

:

20.03.1973

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   23.250.000

HISTORY

:

Previous Registered Capital

:

TL 16.500.000

Changed On

:

07.04.2009 (Commercial Gazette Date /Number 17.04.2009/ 7294)

Previous Registered Capital

:

TL 17.100.000

Changed On

:

10.05.2010 (Commercial Gazette Date /Number 18.05.2010/ 7566)

Previous Registered Capital

:

TL 19.600.000

Changed On

:

13.04.2011 (Commercial Gazette Date /Number 20.04.2011/ 7798)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Mehmet Eyup Ozkececi

14,10 %

Unal Ozkececi

12,38 %

Zerrin Ozkececi

10,26 %

Nevin Tataroglu

10,25 %

Others

 

 

 

REMARKS ON SHAREHOLDERS

:

The subject has totally 32 shareholders.

 

 

BOARD OF DIRECTORS

:

Mehmet Eyup Ozkececi

Chairman

Mahmut Necip Koroglu

Vice-Chairman

Cevdet Tataroglu

Member

Mehmet Kuyucu

Member

Ismail Hakki Kuyucu

Member

Vedat Ozkececi

Member

Fatih Kuyucu

Member

 

 

DIRECTORS

:

Mahmut Necip Koroglu                                                                                                                                                                                                                                                                                   

General Manager

 

 

OPERATIONS

 

NOTES ON OPERATIONS

:

A new business activity has been added.

 

 

BUSINESS ACTIVITIES

:

Manufacture and trade of polypropylene sacks, fabric and yarn. 

 

The firm has declared that, it started print and trade of sacks in 2012.

 

 

NACE CODE

:

DH.25.22

 

 

TRADEMARKS OWNED

:

Unal Sentetik

 

 

NUMBER OF EMPLOYEES

:

450

 

 

NET SALES

:

35.763.903 TL

(2005) 

37.454.805 TL

(2006) 

41.108.744 TL

(2007) 

47.353.015 TL

(2008) 

43.800.373 TL

(2009) 

59.579.419 TL

(2010) 

85.594.412 TL

(2011) 

 

 

 

CAPACITY

:

PP Colon and Strip  ( Sqm/yr)

Printing  (Sqm/yr)

Sacks and Fabric  ( kgs/yr)

 

321.300

131.328.000

23.583.000

(2011)

321.300

131.328.000

23.583.000

(2012)

 

 

 

 

Yarn  ( kgs/yr)

 

 

 

440.000

 

 

(2011)

440.000

 

 

(2012)

 

 

 

 

 

IMPORT VALUE

:

15.000.000 USD

(2011)

 

 

 

IMPORT COUNTRIES

:

Saudi Arabia

Greece

Israel

U.S.A.

India

 

 

MERCHANDISE IMPORTED

:

Raw materials

 

 

EXPORT VALUE

:

6.818.509 TL

(2005)

2.094.473 TL

(2006)

5.282.874 TL

(2007)

6.960.231 TL

(2008)

5.556.191 TL

(2009)

7.400.354 TL

(2010)

10.573.679 TL

(2011)

 

 

 

EXPORT COUNTRIES

:

Ukraine

Spain

U.K.

Iraq

Hungary

Switzerland

Belgium

Portugal

Greece

Germany

Netherlands

France

Free Zone

Kazakhstan

U.A.E.

Middle East Countries

 

MERCHANDISE  EXPORTED

:

Bulk of nylon

Polypropylene sacks

Yarn

 

HEAD OFFICE ADDRESS

:

3. Organize Sanayi Bolgesi Kamil Serbetci Bulvari 83305 Nolu Cad. No:6 Sehitkamil   Gaziantep / Turkey ( owned )

 

BRANCHES

:

Factory  :  3. Organize San. Bol. Kamil Serbetci Bulv. No:14 Baspinar Sehitkamil Gaziantep/Turkey

 

Head Office/Factory  :  3. Organize Sanayi Bolgesi Kamil Serbetci Bulvari 83305 Nolu Cad. No:6 Sehitkamil Gaziantep/Turkey (owned) (38.640 sqm)

                                                                                

 

TREND OF BUSINESS

:

There was an upwards trend in  2011.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Gaziantep Branch

Garanti Bankasi Gaziantep Branch

T. Is Bankasi Gaziantep Branch

Yapi ve Kredi Bankasi Gaziantep 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

:

 

(2007) TL

(2008) TL

(2009) TL

(2010) TL

(2011) TL

Net Sales

41.108.744

47.353.015

43.800.373

59.579.419

85.594.412

Profit (Loss) Before Tax

2.779.603

722.703

3.233.845

1.851.785

300.711

Stockholders' Equity

15.419.048

17.378.223

20.033.247

21.729.331

 

Total Assets

26.172.919

29.863.492

32.965.063

45.913.679

 

Current Assets

17.323.412

18.876.960

21.722.267

31.498.107

 

Non-Current Assets

8.849.507

10.986.532

11.242.796

14.415.572

 

Current Liabilities

10.753.871

12.485.269

12.931.816

24.184.348

 

Long-Term Liabilities

0

0

0

0

 

Gross Profit (loss)

3.622.930

5.674.104

5.789.669

3.800.134

9.075.831

Operating Profit (loss)

2.206.110

4.061.634

4.186.176

1.885.126

6.922.531

Net Profit (loss)

2.226.200

573.115

2.590.234

1.478.618

300.711

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

THE DETAILS OF THE CAPITAL INCREASE  AFTER LAST BALANCE SHEET

 

:

Cash Part

:2.245.313 TL

Equity Part

:1.404.687 TL

Payment Due Date

:13.04.2014

Number of Days To Pay First Portion of The Cash Part of Capital Increase

:90

 

Capitalization

Good

Remarks on Capitalization

There has been capital increase after the last balance sheet date. The capital increase is expected to have a slight positive effect on equity total since the last balance sheet date.

 

Liquidity

Good

Remarks On Liquidity

The capital increase after the last balance sheet is expected to have a positive effect on liquidity since the last balance sheet date. 

 

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

 

Profitability

In Order Operating Profitability  in 2007

Good Net Profitability  in 2007

Good Operating Profitability  in 2008

Low Net Profitability  in 2008

High Operating Profitability  in 2009

High Net Profitability  in 2009

Fair Operating Profitability  in 2010

Fair Net Profitability  in 2010

Good Operating Profitability  in 2011

Low Net Profitability  in 2011

 

Gap between average collection and payable periods

Unfavorable in 2010

General Financial Position

Good

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT LIMIT

 

:

7.200.000 USD

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 7.200.000 USD may be granted to the subject company.

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2005 )

2,66 %

1,3499

1,6882

2,4623

 ( 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

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 01.01-29.02.2012)

0,29 %

1,8055

2,3806

2,8364

 

 

BALANCE SHEETS

 

 

 ( 31.12.2007 )  TL

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

17.323.412

0,66

18.876.960

0,63

21.722.267

0,66

31.498.107

0,69

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

4.688.739

0,18

6.610.857

0,22

7.029.946

0,21

10.428.053

0,23

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

7.289.164

0,28

7.640.635

0,26

7.224.214

0,22

8.246.103

0,18

Other Receivable

234.760

0,01

0

0,00

719.051

0,02

0

0,00

Inventories

4.540.468

0,17

4.114.044

0,14

5.925.664

0,18

9.734.636

0,21

Advances Given

122.871

0,00

157.842

0,01

93.247

0,00

1.622.184

0,04

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

447.410

0,02

353.582

0,01

730.145

0,02

1.467.131

0,03

NON-CURRENT ASSETS

8.849.507

0,34

10.986.532

0,37

11.242.796

0,34

14.415.572

0,31

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

1.556

0,00

1.556

0,00

1.556

0,00

1.556

0,00

Financial Assets

29.928

0,00

29.928

0,00

29.928

0,00

29.929

0,00

Tangible Fixed Assets (net)

8.766.796

0,33

10.913.775

0,37

11.173.459

0,34

14.308.269

0,31

Intangible Assets

6.125

0,00

7.100

0,00

3.680

0,00

37.180

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

45.102

0,00

34.173

0,00

34.173

0,00

38.638

0,00

TOTAL ASSETS

26.172.919

1,00

29.863.492

1,00

32.965.063

1,00

45.913.679

1,00

CURRENT LIABILITIES

10.753.871

0,41

12.485.269

0,42

12.931.816

0,39

24.184.348

0,53

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

6.994.400

0,27

10.971.737

0,37

10.237.220

0,31

21.982.327

0,48

Accounts Payable

2.352.869

0,09

423.853

0,01

1.419.091

0,04

1.010.151

0,02

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

Other Short-term Payable

0

0,00

342.956

0,01

276.171

0,01

215.899

0,00

Advances from Customers

488.192

0,02

138.596

0,00

70.252

0,00

360.980

0,01

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

119.773

0,00

91.889

0,00

146.494

0,00

173.576

0,00

Provisions

553.403

0,02

149.598

0,01

643.611

0,02

189.700

0,00

Other Current Liabilities

245.234

0,01

366.640

0,01

138.977

0,00

251.715

0,01

LONG-TERM LIABILITIES

0

0,00

0

0,00

0

0,00

0

0,00

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

0

0,00

0

0,00

Securities Issued

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

0

0,00

0

0,00

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

15.419.048

0,59

17.378.223

0,58

20.033.247

0,61

21.729.331

0,47

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

13.000.000

0,50

16.500.000

0,55

17.100.000

0,52

19.600.000

0,43

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

192.848

0,01

305.108

0,01

343.013

0,01

650.713

0,01

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

2.226.200

0,09

573.115

0,02

2.590.234

0,08

1.478.618

0,03

TOTAL LIABILITIES AND EQUITY

26.172.919

1,00

29.863.492

1,00

32.965.063

1,00

45.913.679

1,00

 

 

REMARKS ON FINANCIAL STATEMENT

:

At the last income statement TL 6.909.220 of the other expenses is due to "Loss from Foreign Currency Exchange" .

 

 

INCOME STATEMENTS

 

 

(2007) TL

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

Net Sales

41.108.744

1,00

47.353.015

1,00

43.800.373

1,00

59.579.419

1,00

85.594.412

1,00

Cost of Goods Sold

37.485.814

0,91

41.678.911

0,88

38.010.704

0,87

55.779.285

0,94

76.518.581

0,89

Gross Profit

3.622.930

0,09

5.674.104

0,12

5.789.669

0,13

3.800.134

0,06

9.075.831

0,11

Operating Expenses

1.416.820

0,03

1.612.470

0,03

1.603.493

0,04

1.915.008

0,03

2.153.300

0,03

Operating Profit

2.206.110

0,05

4.061.634

0,09

4.186.176

0,10

1.885.126

0,03

6.922.531

0,08

Other Income

1.792.842

0,04

2.036.568

0,04

1.634.438

0,04

3.539.930

0,06

3.062.905

0,04

Other Expenses

494.088

0,01

528.102

0,01

533.726

0,01

486.333

0,01

7.265.119

0,08

Financial Expenses

725.261

0,02

4.847.397

0,10

2.053.043

0,05

3.086.938

0,05

2.419.606

0,03

Minority Interests

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Profit (loss) Before Tax

2.779.603

0,07

722.703

0,02

3.233.845

0,07

1.851.785

0,03

300.711

0,00

Tax Payable

553.403

0,01

149.588

0,00

643.611

0,01

373.167

0,01

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

2.226.200

0,05

573.115

0,01

2.590.234

0,06

1.478.618

0,02

300.711

0,00

 

 

FINANCIAL RATIOS

 

 

(2007)

(2008)

(2009)

(2010)

LIQUIDITY RATIOS

 

 

Current Ratio

1,61

1,51

1,68

1,30

Acid-Test Ratio

1,14

1,14

1,16

0,77

Cash Ratio

0,44

0,53

0,54

0,43

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,17

0,14

0,18

0,21

Short-term Receivable/Total Assets

0,29

0,26

0,24

0,18

Tangible Assets/Total Assets

0,33

0,37

0,34

0,31

TURNOVER RATIOS

 

 

Inventory Turnover

8,26

10,13

6,41

5,73

Stockholders' Equity Turnover

2,67

2,72

2,19

2,74

Asset Turnover

1,57

1,59

1,33

1,30

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,59

0,58

0,61

0,47

Current Liabilities/Total Assets

0,41

0,42

0,39

0,53

Financial Leverage

0,41

0,42

0,39

0,53

Gearing Percentage

0,70

0,72

0,65

1,11

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,14

0,03

0,13

0,07

Operating Profit Margin

0,05

0,09

0,10

0,03

Net Profit Margin

0,05

0,01

0,06

0,02

Interest Cover

4,83

1,15

2,58

1,60

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

63,85

58,10

59,39

49,84

Average Payable Period (days)

22,60

3,66

13,44

6,52

WORKING CAPITAL

6569541,00

6391691,00

8790451,00

7313759,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.15

UK Pound

1

Rs.81.79

Euro

1

Rs.68.34

 

 

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.