MIRA INFORM REPORT

 

 

Report Date :

01.06.2012

 

IDENTIFICATION DETAILS

 

Name :

UNIPRO GIDA SANAYI VE TICARET A.S.

 

 

Registered Office :

Meclis Mah. Bogazici Cad. Seheryeli Sokak  No:1 Sancaktepe  Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

23.12.2008

 

 

Com. Reg. No.:

685840

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of margarine and bakery products. 

 

 

No. of Employees :

330

 

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 was changed by the authority/municipality.

 

 

COMPANY IDENTIFICATION

 

NAME

:

UNIPRO GIDA SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Meclis Mah. Bogazici Cad. Seheryeli Sokak  No:1 Sancaktepe  Istanbul / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The addrres was changed from “Teraziciler Cad. Camlik Durak Karsan Plaza No.11” to “Bogazici Cad. Seheryeli Sokak No:1”  by the Municipality.

PHONE NUMBER

:

90-216-625 10 00

90-216-625 14 50

 

FAX NUMBER

:

90-216-625 13 82

 

WEB-ADDRESS

:

www.unipro.com.tr

E-MAIL

:

info@unipro.com.tr

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Sultanbeyli

TAX NO

:

8920288726

REGISTRATION NUMBER

:

685840

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

23.12.2008

ESTABLISHMENT GAZETTE DATE/NO

:

29.12.2008/7216

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   56.311.517,19

PAID-IN CAPITAL

:

TL   56.311.517,19

HISTORY

:

Previous Registered Capital

:

TL 50.000

Changed On

:

30.04.2009 (Commercial Gazette Date /Number 11.05.2009/ 7308)

Previous Address

:

Degirmen Yolu Cad. Huzur Hoca Sok. No:43 1/A Bostanci – Istanbul

Changed On

:

16.04.2009 (Commercial Gazette Date /Number 22.04.2009/ 7297)

Other Changes

:

“Unilever Sanayi ve Ticaret Turk A.S.” transferred manufacturing activity of margarine and its facilities at “F19-d-04-b Pafta 874 Parsel Corlu Tekirdag” and “F19-a-24-c Pafta 2351 Parsel Corlu Tekirdag” to “Unipro Gida Sanayi Ve Ticaret Anonim Sirketi”

Changed On

:

30.04.2009 (Commercial Gazette Date /Number 11.05.2009/ 7308)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

 

Rizofoor BV

99,90 %

Mavibel BV

 

Marga BV

 

Unilever Sanayi ve Ticaret Turk A.S.

 

Unilever NV

 

Izzet Karaca

 

Ahmet Alp Atakan

 

Gokhan Sarac

 

Dosan Konserve Sanayii ve Ticaret A.S.

 

Others

 

 

 

REMARKS ON SHAREHOLDERS

:

The shareholders “Rizofoor BV” , “Unilever NV” , “Marga BV” and “Mavibel BV” are foreign companies.

 

SISTER COMPANIES

:

UNILEVER SANAYI VE TICARET TURK A.S.

 

BOARD OF DIRECTORS

:

Izzet Karaca

Chairman

Ivar Jan Blanken

Vice-Chairman

Leendert Adriaan Boograad

Member

Gokhan Sarac

Member

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of margarine and bakery products. 

 

NACE CODE

:

DA.15.43

 

SECTOR

:

Food

 

NUMBER OF EMPLOYEES

:

330

 

NET SALES

:

0 TL

(23.12-31.12.2008) 

179.630.904 TL

(2009) 

295.196.308 TL

(2010) 

356.841.570 TL

(2011) 

 

 

IMPORT VALUE

:

31.144.781 USD

(2009)

57.658.260 EUR

(2010)

80.489.544 USD

(2011)

 

 

IMPORT COUNTRIES

:

Germany

Netherlands

U.A.E.

U.K.

 

MERCHANDISE IMPORTED

:

Raw materials

 

EXPORT VALUE

:

0 TL

(23.12-31.12.2008)

2.920.249 TL

(2009)

12.955.856 TL

(2010)

13.435.722 TL

(2011)

 

 

EXPORT COUNTRIES

:

Kazakhstan

Pakistan

U.A.E.

Saudi Arabia

France

Northern Cyprus Turkish Republic

Georgia

 

MERCHANDISE  EXPORTED

:

Margarine

 

HEAD OFFICE ADDRESS

:

Meclis Mah. Bogazici Cad. Seheryeli Sokak  No:1 Sancaktepe   Istanbul / Turkey  (rented)

 

BRANCHES

:

Factory  :  Corlu Tekirdag/Turkey (owned)

 

INVESTMENTS

:

None

 

TREND OF BUSINESS

:

There was an upwards trend in  2011.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Beyoglu Branch

Citibank Kurumsal Branch

T. Is Bankasi Kozyatagi Branch

Yapi ve Kredi Bankasi Esentepe 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

:

 

(23.12-31.12.2008) TL

(2009) TL

(2010) TL

(2011) TL

Net Sales

0

179.630.904

295.196.308

356.841.570

Profit (Loss) Before Tax

-2.979

11.937.052

16.367.042

12.793.422

Stockholders' Equity

47.021

71.549.528

76.068.347

74.844.877

Total Assets

50.173

102.697.720

124.643.500

132.088.921

Current Assets

50.173

76.420.189

93.109.458

94.577.703

Non-Current Assets

0

26.277.531

31.534.042

37.511.218

Current Liabilities

3.152

24.459.425

41.503.946

49.821.134

Long-Term Liabilities

0

6.688.767

7.071.207

7.422.910

Gross Profit (loss)

0

30.430.562

46.162.799

50.280.459

Operating Profit (loss)

-2.979

9.727.865

13.642.617

14.485.330

Net Profit (loss)

-2.979

9.529.966

12.945.951

10.126.875

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Good 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. 

 

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

 

Profitability

In Order Operating Profitability  in 2009

Good Net Profitability  in 2009

In Order Operating Profitability  in 2010

Good Net Profitability  in 2010

In Order Operating Profitability  in 2011

In Order Net Profitability  in 2011

 

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

 ( 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

 ( 01.01-30.04.2012)

0,73 %

1,7910

2,3688

2,8440

 

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

CURRENT ASSETS

50.173

1,00

76.420.189

0,74

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

50.000

1,00

1.993

0,00

Marketable Securities

0

0,00

239.400

0,00

Account Receivable

0

0,00

51.860.167

0,50

Other Receivable

0

0,00

39.820

0,00

Inventories

0

0,00

22.767.158

0,22

Advances Given

0

0,00

162.201

0,00

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

173

0,00

1.349.450

0,01

NON-CURRENT ASSETS

0

0,00

26.277.531

0,26

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)

0

0,00

26.273.178

0,26

Intangible Assets

0

0,00

4.353

0,00

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

0

0,00

TOTAL ASSETS

50.173

1,00

102.697.720

1,00

CURRENT LIABILITIES

3.152

0,06

24.459.425

0,24

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

0

0,00

12.090.520

0,12

Accounts Payable

3.141

0,06

9.071.502

0,09

Loans from Shareholders

0

0,00

0

0,00

Other Short-term Payable

0

0,00

658.861

0,01

Advances from Customers

0

0,00

176.349

0,00

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

11

0,00

1.187.994

0,01

Provisions

0

0,00

989.220

0,01

Other Current Liabilities

0

0,00

284.979

0,00

LONG-TERM LIABILITIES

0

0,00

6.688.767

0,07

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

6.688.767

0,07

STOCKHOLDERS' EQUITY

47.021

0,94

71.549.528

0,70

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

50.000

1,00

56.311.517

0,55

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

0

0,00

5.711.024

0,06

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

-2.979

0,00

Net Profit (loss)

-2.979

-0,06

9.529.966

0,09

TOTAL LIABILITIES AND EQUITY

50.173

1,00

102.697.720

1,00

 

 

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

93.109.458

0,75

94.577.703

0,72

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

2.149

0,00

1.027.123

0,01

Marketable Securities

603.600

0,00

2.586.700

0,02

Account Receivable

67.747.538

0,54

81.643.032

0,62

Other Receivable

79.625

0,00

90.242

0,00

Inventories

22.924.112

0,18

6.765.470

0,05

Advances Given

31.726

0,00

0

0,00

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

1.720.708

0,01

2.465.136

0,02

NON-CURRENT ASSETS

31.534.042

0,25

37.511.218

0,28

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)

31.366.326

0,25

37.471.449

0,28

Intangible Assets

42.943

0,00

39.769

0,00

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

124.773

0,00

0

0,00

TOTAL ASSETS

124.643.500

1,00

132.088.921

1,00

CURRENT LIABILITIES

41.503.946

0,33

49.821.134

0,38

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

22.599.876

0,18

28.752.256

0,22

Accounts Payable

15.630.657

0,13

18.828.083

0,14

Loans from Shareholders

0

0,00

0

0,00

Other Short-term Payable

645.714

0,01

617.762

0,00

Advances from Customers

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

1.204.436

0,01

1.163.234

0,01

Provisions

1.171.400

0,01

45.797

0,00

Other Current Liabilities

251.863

0,00

414.002

0,00

LONG-TERM LIABILITIES

7.071.207

0,06

7.422.910

0,06

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

7.071.207

0,06

7.422.910

0,06

STOCKHOLDERS' EQUITY

76.068.347

0,61

74.844.877

0,57

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

56.311.517

0,45

56.311.517

0,43

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

6.810.879

0,05

8.406.485

0,06

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

Net Profit (loss)

12.945.951

0,10

10.126.875

0,08

TOTAL LIABILITIES AND EQUITY

124.643.500

1,00

132.088.921

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  will be given under  "Account Receivable" figure and  "Account Payable" figure respectively. 

 

At the last income statement TL 11.257.487 of the other income is due to "Profit from Foreign Currency Exchange".                                                                     

 

At the last income statement, TL 5.387.243 of the other income is due to "Other Ordinary Income" .                                                          

At the last income statement TL 11.339.528 of the other expenses is due to "Loss from Foreign Currency Exchange" .                                                                                                                     

 

 

INCOME STATEMENTS

 

 

(23.12-31.12.2008) TL

 

(2009) TL

 

Net Sales

0

0,00

179.630.904

1,00

Cost of Goods Sold

0

0,00

149.200.342

0,83

Gross Profit

0

0,00

30.430.562

0,17

Operating Expenses

2.979

0,00

20.702.697

0,12

Operating Profit

-2.979

0,00

9.727.865

0,05

Other Income

0

0,00

9.491.154

0,05

Other Expenses

0

0,00

5.591.719

0,03

Financial Expenses

0

0,00

1.690.248

0,01

Minority Interests

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

Profit (loss) Before Tax

-2.979

0,00

11.937.052

0,07

Tax Payable

0

0,00

2.407.086

0,01

Postponed Tax Gain

0

0,00

0

0,00

Net Profit (loss)

-2.979

0,00

9.529.966

0,05

 

 

 

(2010) TL

 

(2011) TL

 

Net Sales

295.196.308

1,00

356.841.570

1,00

Cost of Goods Sold

249.033.509

0,84

306.561.111

0,86

Gross Profit

46.162.799

0,16

50.280.459

0,14

Operating Expenses

32.520.182

0,11

35.795.129

0,10

Operating Profit

13.642.617

0,05

14.485.330

0,04

Other Income

21.360.330

0,07

17.478.688

0,05

Other Expenses

16.346.276

0,06

14.045.390

0,04

Financial Expenses

2.289.629

0,01

5.125.206

0,01

Minority Interests

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

Profit (loss) Before Tax

16.367.042

0,06

12.793.422

0,04

Tax Payable

3.421.091

0,01

2.666.547

0,01

Postponed Tax Gain

0

0,00

0

0,00

Net Profit (loss)

12.945.951

0,04

10.126.875

0,03

 

 

FINANCIAL RATIOS

 

 

(23.12-31.12.2008)

(2009)

(2010)

(2011)

LIQUIDITY RATIOS

 

Current Ratio

15,92

3,12

2,24

1,90

Acid-Test Ratio

15,86

2,13

1,65

1,71

Cash Ratio

15,86

0,01

0,01

0,07

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,00

0,22

0,18

0,05

Short-term Receivable/Total Assets

0,00

0,51

0,54

0,62

Tangible Assets/Total Assets

0,00

0,26

0,25

0,28

TURNOVER RATIOS

 

Inventory Turnover

 

6,55

10,86

45,31

Stockholders' Equity Turnover

0,00

2,51

3,88

4,77

Asset Turnover

0,00

1,75

2,37

2,70

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,94

0,70

0,61

0,57

Current Liabilities/Total Assets

0,06

0,24

0,33

0,38

Financial Leverage

0,06

0,30

0,39

0,43

Gearing Percentage

0,07

0,44

0,64

0,76

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

-0,06

0,13

0,17

0,14

Operating Profit Margin

 

0,05

0,05

0,04

Net Profit Margin

 

0,05

0,04

0,03

Interest Cover

 

8,06

8,15

3,50

COLLECTION-PAYMENT

 

Average Collection Period (days)

 

103,93

82,62

82,37

Average Payable Period (days)

 

21,89

22,60

22,11

WORKING CAPITAL

47021,00

51960764,00

51605512,00

44756569,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.56.42

UK Pound

1

Rs.87.37

Euro

1

Rs.69.95

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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.