MIRA INFORM REPORT

 

 

Report Date :

24.07.2012

 

IDENTIFICATION DETAILS

 

Name :

NUH YAPI URUNLERI VE MAKINA SANAYI A.S. 

 

 

Registered Office :

19 Mayis Mah. Inonu Cad. No:102 Kat:6-7 Kadikoy Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

24.11.1995

 

 

Com. Reg. No.:

397344

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of construction materials such as lime and gas concrete

 

 

No. of Employees :

215

 

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

 

 

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 – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Turkey

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

 

NOTES

:

Address at your inquiry is not the registered head office but another premise.

 

 

COMPANY IDENTIFICATION

 

NAME

:

NUH YAPI URUNLERI VE MAKINA SANAYI A.S.

HEAD OFFICE ADDRESS

:

19 Mayis Mah. Inonu Cad. No:102 Kat:6-7 Kadikoy Istanbul / Turkey

PHONE NUMBER

:

90-216-463 79 50 (Head Office)

90-262-511 55 20 (Factory)

 

FAX NUMBER

:

90-216-463 79 69 (Head Office)

90-262-511 51 82 (Factory)

 

WEB-ADDRESS

:

www.nuhyapi.com.tr

E-MAIL

:

nuhyapi@nuhyapi.com.tr

 

 

LEGAL STATUS AND HISTORY

 

NOTES ON LEGAL STATUS AND HISTORY

:

Change at registration no.

 

 

TAX OFFICE

:

Anadolu Kurumlar

TAX NO

:

6320062473

REGISTRATION NUMBER

:

397344

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

24.11.1995

ESTABLISHMENT GAZETTE DATE /NO

:

01.04.1996/4009

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   58.000.000

PAID-IN CAPITAL

:

TL   58.000.000

HISTORY

:

Other Changes

:

The subject was firstly established in Kocaeli and registered at Kocaeli Commercial Registry with registration number 1184-17406. Then it moved to Istanbul and registered at Istanbul Commercial Registry with registration number 397344.

Changed On

:

12.06.1998 (Commercial Gazette Date /Number 18.06.1998/ 4564)

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Nuh Cimento Sanayi A.S.

55 %

Nuh Gayrimenkul Insaat A.S.

44 %

Cimpas Cimento ve Insaat Pazarlama A.S.

 

Cim-Nak Tasimacilik Ltd. Sti.

 

Nuh Beton A.S.

 

 

 

GROUP

:

NUH GROUP OF COMPANIES

 

SISTER COMPANIES

:

CIM-NAK TASIMACILIK LTD. STI.

ELIF MAKARNACILIK SANAYI VE TICARET A.S.

KUDRET ENERJI ELEKTRIK URETIM A.S.

NAVIG HOLDING TRADE B.V.

NUH AY CIMENTO SANAYI VE TICARET LTD. STI.

NUH BETON A.S.

NUH CEMENT BG

NUH CIMENTO SANAYI A.S.

NUH ENERJI ELEKTRIK ITHALAT IHRACAT VE TOPTAN TICARET A.S.

NUH ENERJI ELEKTRIK URETIM A.S.

NUH GAYRIMENKUL INSAAT A.S.

NUH TICARET VE SANAYI A.S.

NUH'UN ANKARA MAKARNASI SANAYI VE TICARET A.S.

TAN KOMUR DIS TICARET LTD. STI.

TEKKALE ELEKTRIK URETIM TICARET SANAYI A.S.

 

BOARD OF DIRECTORS

:

Atalay Sahinoglu

Chairman

Mehmet Eskiyapan

Member

Mehmet Cetinkaya

Member

Sinan Yurtbilir

Member

Muharrem Eskiyapan

Member

Afsin Gozubuyuk

Member

Ozer Yurtbilir

Member

Hasan Cuhaci

Member

Ayhan Guleryuz

Member

DIRECTORS

:

Bilge Tekin Isikkent

General Manager

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of construction materials such as lime and gas concrete.

 

NACE CODE

:

DI.26.50

 

NUMBER OF EMPLOYEES

:

215

 

NET SALES

:

44.315.986 TL

(2010) 

48.368.841 TL

(2011) 

13.369.829 TL

(01.01-31.03.2012) 

 

 

IMPORT COUNTRIES

:

Germany

Netherlands

 

MERCHANDISE IMPORTED

:

Aluminium powder

Spare parts

 

EXPORT VALUE

:

532.920 TL

(2010)

909.334 TL

(2011)

296.839 TL

(01.01-31.03.2012)

 

 

EXPORT COUNTRIES

:

Greece

 

MERCHANDISE  EXPORTED

:

Gas Concrete

Lime

 

HEAD OFFICE ADDRESS

:

19 Mayis Mah. Inonu Cad. No:102 Kat:6-7 Kadikoy Istanbul / Turkey

 

BRANCHES

:

Factory  :  Akyar Mevkii Hereke 48100 Kocaeli/Turkey

 

 

 

TREND OF BUSINESS

:

There was a slowdown at business volume in real terms in  2011.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

ING Bank Kozyatagi Kurumsal Branch

T. Is Bankasi Gebze Kurumsal Branch

T.C. Ziraat Bankasi Anadolu Kurumsal Branch

 

 

CREDIT FACILITIES

:

The subject rarely makes use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2010) TL

(2011) TL

(01.01-31.03.2012) TL

 

 

Net Sales

44.315.986

48.368.841

13.369.829

 

 

Profit (Loss) Before Tax

-2.582.121

-794.519

642.572

 

 

Stockholders' Equity

61.250.342

60.455.849

 

 

 

Total Assets

72.867.868

70.609.297

 

 

 

Current Assets

19.076.463

21.357.417

 

 

 

Non-Current Assets

53.791.405

49.251.880

 

 

 

Current Liabilities

11.617.526

10.153.448

 

 

 

Long-Term Liabilities

0

0

 

 

 

Gross Profit (loss)

6.416.004

5.560.024

1.967.389

 

 

Operating Profit (loss)

1.069.889

-85.639

519.844

 

 

Net Profit (loss)

-2.582.121

-794.519

642.572

 

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

High As of 31.12.2011

Liquidity

Satisfactory As of 31.12.2011

Remarks On Liquidity

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

Profitability

Fair Operating Profitability  in 2010

Net Loss  in 2010

Operating Loss  in 2011

Net Loss  in 2011

In Order Operating Profitability (01.01-31.03.2012)

Good Net Profitability (01.01-31.03.2012)

 

Gap between average collection and payable periods

Unfavorable in 2011

General Financial Position

In Order

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 01.01-31.03.2012)

0,65 %

1,7995

2,3799

2,8402

 ( 01.01-30.06.2012)

1,95 %

1,8028

2,3463

2,8462

 

 

BALANCE SHEETS

 

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

19.076.463

0,26

21.357.417

0,30

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

10.814.124

0,15

2.200.422

0,03

Marketable Securities

0

0,00

0

0,00

Account Receivable

3.161.170

0,04

13.922.879

0,20

Other Receivable

34.130

0,00

42.655

0,00

Inventories

4.960.811

0,07

5.012.486

0,07

Advances Given

13.846

0,00

92.140

0,00

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

92.382

0,00

86.835

0,00

NON-CURRENT ASSETS

53.791.405

0,74

49.251.880

0,70

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

455

0,00

406

0,00

Financial Assets

11.488

0,00

21.644

0,00

Tangible Fixed Assets (net)

53.773.080

0,74

49.205.649

0,70

Intangible Assets

6.382

0,00

24.181

0,00

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

0

0,00

TOTAL ASSETS

72.867.868

1,00

70.609.297

1,00

CURRENT LIABILITIES

11.617.526

0,16

10.153.448

0,14

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

166.408

0,00

0

0,00

Accounts Payable

4.266.436

0,06

2.484.584

0,04

Loans from Shareholders

0

0,00

0

0,00

Other Short-term Payable

210.758

0,00

199.895

0,00

Advances from Customers

2.151.152

0,03

2.892.191

0,04

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

841.450

0,01

988.582

0,01

Provisions

3.981.322

0,05

3.588.196

0,05

Other Current Liabilities

0

0,00

0

0,00

LONG-TERM LIABILITIES

0

0,00

0

0,00

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

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

61.250.342

0,84

60.455.849

0,86

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

58.000.000

0,80

58.000.000

0,82

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

5.832.310

0,08

3.250.189

0,05

Revaluation Fund

153

0,00

179

0,00

Accumulated Losses(-)

0

0,00

0

0,00

Net Profit (loss)

-2.582.121

-0,04

-794.519

-0,01

TOTAL LIABILITIES AND EQUITY

72.867.868

1,00

70.609.297

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.

 

 

INCOME STATEMENTS

 

 

(2010) TL

 

(2011) TL

 

(01.01-31.03.2012) TL

 

Net Sales

44.315.986

1,00

48.368.841

1,00

13.369.829

1,00

Cost of Goods Sold

37.899.982

0,86

42.808.817

0,89

11.402.440

0,85

Gross Profit

6.416.004

0,14

5.560.024

0,11

1.967.389

0,15

Operating Expenses

5.346.115

0,12

5.645.663

0,12

1.447.545

0,11

Operating Profit

1.069.889

0,02

-85.639

0,00

519.844

0,04

Other Income

925.510

0,02

2.380.149

0,05

337.144

0,03

Other Expenses

4.575.917

0,10

2.992.002

0,06

213.052

0,02

Financial Expenses

1.603

0,00

97.027

0,00

1.364

0,00

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

-2.582.121

-0,06

-794.519

-0,02

642.572

0,05

Tax Payable

0

0,00

0

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

-2.582.121

-0,06

-794.519

-0,02

642.572

0,05

 

 

FINANCIAL RATIOS

 

 

(2010)

(2011)

LIQUIDITY RATIOS

 

 

Current Ratio

1,64

2,10

Acid-Test Ratio

1,21

1,59

Cash Ratio

0,93

0,22

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,07

0,07

Short-term Receivable/Total Assets

0,04

0,20

Tangible Assets/Total Assets

0,74

0,70

TURNOVER RATIOS

 

 

Inventory Turnover

7,64

8,54

Stockholders' Equity Turnover

0,72

0,80

Asset Turnover

0,61

0,69

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,84

0,86

Current Liabilities/Total Assets

0,16

0,14

Financial Leverage

0,16

0,14

Gearing Percentage

0,19

0,17

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

-0,04

-0,01

Operating Profit Margin

0,02

0,00

Net Profit Margin

-0,06

-0,02

Interest Cover

-1609,81

-7,19

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

25,68

103,63

Average Payable Period (days)

40,53

20,89

WORKING CAPITAL

7458937,00

11203969,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.76

UK Pound

1

Rs.86.80

Euro

1

Rs.67.43

 

INFORMATION DETAILS

 

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.