MIRA INFORM REPORT

 

 

Report Date :

29.06.2012

 

IDENTIFICATION DETAILS

 

Name :

UNIVERSAL TEKSTIL SANAYI VE TICARET LTD. STI.

 

 

Registered Office :

Ikitelli Organize Sanayi Bolgesi Haseyat Yapi Koop. Turgut Ozal Cad. No.114 Basaksehir Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Year of Establishment :

1998

 

 

Com. Reg. No.:

429053

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Dyeing, finishing, printing, knitting and wholesale trade of fabric.

 

 

No. of Employees :

500

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

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 – 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

COMPANY IDENTIFICATION

 

NAME

:

UNIVERSAL TEKSTIL SANAYI VE TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Ikitelli Organize Sanayi Bolgesi Haseyat Yapi Koop. Turgut Ozal Cad. No.114 Basaksehir Istanbul / Turkey

PHONE NUMBER

:

90-212-671 03 74 (Head Office)

90-282-674 51 08 (Factory)

 

FAX NUMBER

:

90-212-671 03 75 (Head Office)

90-282-674 51 12 (Factory)

 

WEB-ADDRESS

:

www.polarflc.com

E-MAIL

:

universal@polarflc.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

:

Ikitelli

TAX NO

:

8920068290

REGISTRATION NUMBER

:

429053

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

1998

ESTABLISHMENT GAZETTE DATE/NO

:

02.12.1998/4682

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   50.000.000

HISTORY

:

Previous Registered Capital

:

TL 5.000.000

Changed On

:

02.07.2004 (Commercial Gazette Date /Number 07.07.2004/ 6087)

Previous Registered Capital

:

TL 10.000.000

Changed On

:

04.07.2006 (Commercial Gazette Date /Number 07.07.2006/ 6594)

Previous Registered Capital

:

TL 17.000.000

Changed On

:

12.03.2009 (Commercial Gazette Date /Number 17.03.2009/ 7271)

Previous Registered Capital

:

TL 35.000.000

Changed On

:

31.12.2010 (Commercial Gazette Date /Number 12.01.2011/ 7728)

Previous Registered Capital

:

TL 45.000.000

Changed On

:

23.03.2012 (Commercial Gazette Date /Number 29.03.2012/ 8037)

Merger

:

The subject took over and merged with “Polstar Tekstil Sanayi Ve Ticaret Ltd. Sti."

Changed On

:

20.09.2010 (Commercial Gazette Date /Number 24.09.2010/ 7655)

Other Changes

:

The firm was firstly established in Kocaeli and registered at Kocaeli Commercial Registry with the registration no. “12624-20187” in 1998. Then the firm moved from Kocaeli to Istanbul and registered at Istanbul Commercial Registry with registration no. “429053”.

Changed On

:

18.11.1999 (Commercial Gazette Date /Number 23.11.1999/ 4925)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Sami Kilinc

65 %

Mustafa Kilinc

35 %

 

 

SISTER COMPANIES

:

ATLAS ENERJI VE MADENCILIK SANAYI TICARET LTD STI

INTA INSAAT ENERJI VE TAAHHUT HIZMETLERI A.S.(not active)

 

SUBSIDIARIES

:

Declared to be: None

 

 

DIRECTORS

:

Muzaffer Ozturk                                                                                                                                                                                                                                                                                   

 

Huseyin Guler                                                                                                                                                                                                                                                                                   

 

Hakki Usta                                                                                                                                                                                                                                                                                   

 

Mustafa Kilinc                                                                                                                                                                                                                                                                                   

 

Sami Kilinc                                                                                                                                                                                                                                                                                   

 

Halil Gungor                                                                                                                                                                                                                                                                                   

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Dyeing, finishing, printing, knitting and wholesale trade of fabric.

 

NACE CODE

:

DB.17.30

 

SECTOR

:

Textile

 

TRADEMARKS OWNED

:

Welsoft

 

NUMBER OF EMPLOYEES

:

500

 

NET SALES

:

47.731.859 TL

(2006) 

50.193.941 TL

(2007) 

65.245.196 TL

(2008) 

60.797.859 TL

(2009) 

90.692.844 TL

(2010) 

118.237.292 TL

(2011) 

 

 

IMPORT VALUE

:

2.700.000 USD

(2009)

12.000.000 USD

(2010)

22.000.000 USD

(2011)

 

 

IMPORT COUNTRIES

:

Taiwan

Korea

China

 

MERCHANDISE IMPORTED

:

Textile machinery

Yarn

 

 

EXPORT VALUE

:

13.830.064 TL

(2006)

11.619 TL

(2007)

20.870 TL

(2008)

1.644.017 TL

(2009)

77.231 TL

(2010)

554.316 TL

(2011)

 

 

EXPORT COUNTRIES

:

Russia

Northern Cyprus Turkish Republic

Germany

Poland

Uzbekistan

Egypt

Greece

Ukraine

 

MERCHANDISE  EXPORTED

:

Textile products

 

HEAD OFFICE ADDRESS

:

Ikitelli Organize Sanayi Bolgesi Haseyat Yapi Koop. Turgut Ozal Cad. No.114 Basaksehir  Istanbul / Turkey ( rented )

 

BRANCHES

:

Factory  :  Kustepe Mevkii Velimese Yolu Corlu-Tekirdag Tekirdag/Turkey (owned) (19.858 sqm)

                                                                                

 

 

TREND OF BUSINESS

:

There was an upwards trend in 2011.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

MAIN DEALING BANKS

:

Albaraka Turk Katilim Bankasi Ikitelli Branch

Halk Bankasi Gunesli Branch

T. Is Bankasi Ikitelli Ticari Branch

Yapi Ve Kredi Bankasi Medya 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

(2011) TL

Net Sales

50.193.941

65.245.196

60.797.859

90.692.844

118.237.292

Profit (Loss) Before Tax

1.349.573

1.420.501

481.813

1.140.809

1.249.076

Stockholders' Equity

21.342.301

23.216.952

35.670.021

45.821.658

 

Total Assets

58.448.080

87.138.846

108.691.394

131.460.842

 

Current Assets

41.072.271

63.798.550

84.482.202

108.217.422

 

Non-Current Assets

17.375.809

23.340.296

24.209.192

23.243.420

 

Current Liabilities

37.105.779

63.504.721

62.393.834

75.568.435

 

Long-Term Liabilities

0

417.173

10.627.539

10.070.749

 

Gross Profit (loss)

2.690.770

11.030.542

7.600.221

4.639.614

13.335.990

Operating Profit (loss)

282.712

8.862.011

5.154.201

2.036.695

10.415.149

Net Profit (loss)

1.349.573

1.420.501

374.830

855.615

928.856

 

 

COMMENT ON FINANCIAL POSITION

 

THE DETAILS OF THE CAPITAL INCREASE  AFTER LAST BALANCE SHEET

 

:

Cash Part

:5.000.000 TL

Equity Part

:

Payment Due Date

:23.03.2015

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

:90

 

 

Capitalization

Satisfactory

Remarks on Capitalization

A part of liabilities consist of loans from shareholders.

 

There has been capital increase after the last balance sheet date. The capital increase financed by cash is expected to have an improvement at equity total since the last balance sheet date.

 

Liquidity

Insufficient As of 31.12.2010

Remarks On Liquidity

A part of current liabilities consist of short-term loans from shareholders rather than liabilities to third parties.

 

 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

Low Operating Profitability  in 2007

Fair Net Profitability  in 2007

High Operating Profitability  in 2008

Fair Net Profitability  in 2008

Good Operating Profitability  in 2009

Low Net Profitability  in 2009

Fair Operating Profitability  in 2010

Low 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

Passable

 

 

 

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

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 01.01-31.05.2012)

1,27 %

1,8008

2,3565

2,8479

BALANCE SHEETS

 

 

 ( 31.12.2007 )  TL

 

 ( 31.12.2008 )  TL

 

CURRENT ASSETS

41.072.271

0,70

63.798.550

0,73

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

1.418.397

0,02

880.294

0,01

Marketable Securities

0

0,00

0

0,00

Account Receivable

18.189.069

0,31

35.433.872

0,41

Other Receivable

168.642

0,00

176.817

0,00

Inventories

18.672.446

0,32

23.938.308

0,27

Advances Given

1.242.382

0,02

1.109.957

0,01

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

1.381.335

0,02

2.259.302

0,03

NON-CURRENT ASSETS

17.375.809

0,30

23.340.296

0,27

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

499.925

0,01

Tangible Fixed Assets (net)

15.962.397

0,27

20.823.244

0,24

Intangible Assets

1.264.583

0,02

1.664.667

0,02

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

148.829

0,00

352.460

0,00

TOTAL ASSETS

58.448.080

1,00

87.138.846

1,00

CURRENT LIABILITIES

37.105.779

0,63

63.504.721

0,73

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

3.111.496

0,05

14.813.546

0,17

Accounts Payable

17.099.659

0,29

28.127.451

0,32

Loans from Shareholders

14.339.145

0,25

13.465.845

0,15

Other Short-term Payable

170.946

0,00

222.950

0,00

Advances from Customers

1.914.400

0,03

6.143.899

0,07

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

122.842

0,00

124.804

0,00

Provisions

0

0,00

0

0,00

Other Current Liabilities

347.291

0,01

606.226

0,01

LONG-TERM LIABILITIES

0

0,00

417.173

0,00

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

0

0,00

417.173

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

21.342.301

0,37

23.216.952

0,27

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

16.545.850

0,28

17.000.000

0,20

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

2.233.181

0,04

2.233.181

0,03

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

1.213.697

0,02

2.563.270

0,03

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

Net Profit (loss)

1.349.573

0,02

1.420.501

0,02

TOTAL LIABILITIES AND EQUITY

58.448.080

1,00

87.138.846

1,00

 

 

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

84.482.202

0,78

108.217.422

0,82

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

748.573

0,01

944.269

0,01

Marketable Securities

0

0,00

0

0,00

Account Receivable

50.064.150

0,46

72.164.362

0,55

Other Receivable

84.124

0,00

245.174

0,00

Inventories

28.525.341

0,26

28.668.557

0,22

Advances Given

2.144.333

0,02

1.249.351

0,01

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

2.915.681

0,03

4.945.709

0,04

NON-CURRENT ASSETS

24.209.192

0,22

23.243.420

0,18

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

Financial Assets

499.925

0,00

499.925

0,00

Tangible Fixed Assets (net)

19.483.483

0,18

16.767.617

0,13

Intangible Assets

4.164.540

0,04

5.912.272

0,04

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

61.244

0,00

63.606

0,00

TOTAL ASSETS

108.691.394

1,00

131.460.842

1,00

CURRENT LIABILITIES

62.393.834

0,57

75.568.435

0,57

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

8.075.282

0,07

18.459.943

0,14

Accounts Payable

27.299.572

0,25

32.264.019

0,25

Loans from Shareholders

18.858.838

0,17

9.924.814

0,08

Other Short-term Payable

247.013

0,00

338.057

0,00

Advances from Customers

6.814.926

0,06

10.639.608

0,08

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

123.224

0,00

165.592

0,00

Provisions

64.474

0,00

143.917

0,00

Other Current Liabilities

910.505

0,01

3.632.485

0,03

LONG-TERM LIABILITIES

10.627.539

0,10

10.070.749

0,08

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

10.627.539

0,10

10.070.749

0,08

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

35.670.021

0,33

45.821.658

0,35

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

35.000.000

0,32

45.000.000

0,34

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

295.191

0,00

-28.479

0,00

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

-5.478

0,00

Net Profit (loss)

374.830

0,00

855.615

0,01

TOTAL LIABILITIES AND EQUITY

108.691.394

1,00

131.460.842

1,00

 

 

INCOME STATEMENTS

 

 

(2007) TL

 

(2008) TL

 

(2009) TL

 

Net Sales

50.193.941

1,00

65.245.196

1,00

60.797.859

1,00

Cost of Goods Sold

47.503.171

0,95

54.214.654

0,83

53.197.638

0,87

Gross Profit

2.690.770

0,05

11.030.542

0,17

7.600.221

0,13

Operating Expenses

2.408.058

0,05

2.168.531

0,03

2.446.020

0,04

Operating Profit

282.712

0,01

8.862.011

0,14

5.154.201

0,08

Other Income

3.541.073

0,07

3.252.154

0,05

7.228.189

0,12

Other Expenses

1.494.801

0,03

4.523.956

0,07

6.185.426

0,10

Financial Expenses

979.411

0,02

6.169.708

0,09

5.715.151

0,09

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

1.349.573

0,03

1.420.501

0,02

481.813

0,01

Tax Payable

0

0,00

0

0,00

106.983

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

1.349.573

0,03

1.420.501

0,02

374.830

0,01

 

 

 

(2010) TL

 

(2011) TL

 

Net Sales

90.692.844

1,00

118.237.292

1,00

Cost of Goods Sold

86.053.230

0,95

104.901.302

0,89

Gross Profit

4.639.614

0,05

13.335.990

0,11

Operating Expenses

2.602.919

0,03

2.920.841

0,02

Operating Profit

2.036.695

0,02

10.415.149

0,09

Other Income

8.792.127

0,10

7.375.999

0,06

Other Expenses

1.358.948

0,01

492.157

0,00

Financial Expenses

8.329.065

0,09

16.049.915

0,14

Minority Interests

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

Profit (loss) Before Tax

1.140.809

0,01

1.249.076

0,01

Tax Payable

285.194

0,00

320.220

0,00

Postponed Tax Gain

0

0,00

0

0,00

Net Profit (loss)

855.615

0,01

928.856

0,01

 

 

 

FINANCIAL RATIOS

 

 

(2007)

(2008)

(2009)

(2010)

LIQUIDITY RATIOS

 

 

Current Ratio

1,11

1,00

1,35

1,43

Acid-Test Ratio

0,53

0,57

0,82

0,97

Cash Ratio

0,04

0,01

0,01

0,01

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,32

0,27

0,26

0,22

Short-term Receivable/Total Assets

0,31

0,41

0,46

0,55

Tangible Assets/Total Assets

0,27

0,24

0,18

0,13

TURNOVER RATIOS

 

 

Inventory Turnover

2,54

2,26

1,86

3,00

Stockholders' Equity Turnover

2,35

2,81

1,70

1,98

Asset Turnover

0,86

0,75

0,56

0,69

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,37

0,27

0,33

0,35

Current Liabilities/Total Assets

0,63

0,73

0,57

0,57

Financial Leverage

0,63

0,73

0,67

0,65

Gearing Percentage

1,74

2,75

2,05

1,87

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,06

0,06

0,01

0,02

Operating Profit Margin

0,01

0,14

0,08

0,02

Net Profit Margin

0,03

0,02

0,01

0,01

Interest Cover

2,38

1,23

1,08

1,14

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

130,46

195,51

296,44

286,45

Average Payable Period (days)

129,59

186,77

184,74

134,98

WORKING CAPITAL

3966492,00

293829,00

22088368,00

32648987,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.56.92

UK Pound

1

Rs.88.91

Euro

1

Rs.71.25

 

 

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.