MIRA INFORM REPORT

 

 

Report Date :

06.09.2012

 

IDENTIFICATION DETAILS

 

Name :

UNTEL KABLOLARI SANAYII VE TICARET A.S.

 

 

Registered Office :

Inkilap Mah. Alemdag Cad. Site Yolu Untel Sok. No:26 Umraniye Istanbul

 

 

 

 

Country :

Turkey

 

 

 

 

Financials (as on) :

31.12.2011

 

 

 

 

Date of Incorporation :

20.03.1980

 

 

 

 

Com. Reg. No.:

171595

 

 

 

 

Legal Form :

Joint Stock Company

 

 

 

 

Line of Business :

Manufacture and trade of rubber and plastic cables. 

 

 

 

 

No. of Employees :

167

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

(With Financials)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

Slow but correct

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

 

 

TURKEY - ECONOMIC OVERVIEW

 

Turkey's largely free-market economy is increasingly driven by its industry and service sectors, although its traditional agriculture sector still accounts for about 25% of employment. An aggressive privatization program has reduced state involvement in basic industry, banking, transport, and communication, and an emerging cadre of middle-class entrepreneurs is adding dynamism to the economy and expanding production beyond the traditional textiles and clothing sectors. The automotive, construction, and electronics industries, are rising in importance and have surpassed textiles within Turkey's export mix. Oil began to flow through the Baku-Tbilisi-Ceyhan pipeline in May 2006, marking a major milestone that will bring up to 1 million barrels per day from the Caspian to market. Several gas pipelines projects also are moving forward to help transport Central Asian gas to Europe through Turkey, which over the long term will help address Turkey's dependence on imported oil and gas to meet 97% of its energy needs. After Turkey experienced a severe financial crisis in 2001, Ankara adopted financial and fiscal reforms as part of an IMF program. The reforms strengthened the country's economic fundamentals and ushered in an era of strong growth - averaging more than 6% annually until 2008. Global economic conditions and tighter fiscal policy caused GDP to contract in 2009, but Turkey's well-regulated financial markets and banking system helped the country weather the global financial crisis and GDP rebounded strongly to 8.2% in 2010, as exports returned to normal levels following the recession. Turkey's public sector debt to GDP ratio has fallen to roughly 40%. Continued strong growth has pushed inflation to the 8% level, however, and worsened an already high current account deficit. Turkey remains dependent on often volatile, short-term investment to finance its large trade deficit. The stock value of FDI stood at $99 billion at year-end 2011. Inflows have slowed considerably in light of continuing economic turmoil in Europe, the source of much of Turkey's FDI. Further economic and judicial reforms and prospective EU membership are expected to boost Turkey's attractiveness to foreign investors. However, Turkey's relatively high current account deficit, uncertainty related to monetary policy-making, and political turmoil within Turkey's neighborhood leave the economy vulnerable to destabilizing shifts in investor confidence.

Source : CIA

COMPANY IDENTIFICATION

 

NAME

:

UNTEL KABLOLARI SANAYII VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Inkilap Mah. Alemdag Cad. Site Yolu Untel Sok. No:26 Umraniye Istanbul / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The address was changed from "Dr.Fazil Kucuk Cad." to "Alemdag Cad." by the municipality.

PHONE NUMBER

:

90-216-634 25 77

90-216-634 25 84

 

FAX NUMBER

:

90-216-632 95 23

90-216-634 06 77

 

WEB-ADDRESS

:

www.untel.com.tr

E-MAIL

:

info@untel.com.tr

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Dis Ticaret

TAX NO

:

9170016069

REGISTRATION NUMBER

:

171595

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

20.03.1980

ESTABLISHMENT GAZETTE DATE/NO

:

24.04.1980/384

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

 

REGISTERED CAPITAL

:

TL   2.500.000

PAID-IN CAPITAL

:

TL   2.500.000

HISTORY

:

Previous Address

:

Okcumusa Cad. Kaya Han. 82/6 Karakoy 80020 Istanbul

Changed On

:

06.04.2004 (Commercial Gazette Date /Number 09.04.2004/ 6026)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Mehmet Unlu

33 %

Feyyaz Gunan

30 %

Funda Gunan Canozer

5 %

Ayse Unlu Guneysu

5 %

Onur Serhat Gunan

5 %

Nuran Gunan

5 %

Ferhat Gunan

5 %

Selim Unlu

5 %

Ahmet Unlu

5 %

Neval Unlu

2 %

 

 

SISTER COMPANIES

:

UNKA KABLO SANAYI VE TICARET A.S.

 

UNPA ELEKTROTEKNIK PAZARLAMA SANAYI VE TICARET LTD. STI.

 

BOARD OF DIRECTORS

:

Selim Unlu

Chairman

Ferhat Gunan

Vice-Chairman

Onur Serhat Gunan

Member

Ahmet Unlu

Member

 

 

DIRECTORS

:

Kamil Abbas Cobanoglu                                                                                                                                                                                                                                                                                   

General Manager

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of rubber and plastic cables. 

 

NACE CODE

:

DL.31.30

 

TRADEMARKS OWNED

:

Untel

 

NUMBER OF EMPLOYEES

:

167

 

 

NET SALES

:

46.385.262 TL

(2006) 

54.492.627 TL

(2007) 

61.531.134 TL

(2008) 

50.347.447 TL

(2009) 

63.311.996 TL

(2010) 

88.077.459 TL

(2011) 

41.921.046 TL

(01.01-30.06.2012) 

 

 

IMPORT VALUE

:

2.168.006 USD

(2009)

2.826.237 USD

(2010)

3.748.932 USD

(2011)

 

 

IMPORT COUNTRIES

:

Germany

China

Belgium

Italy

 

MERCHANDISE IMPORTED

:

Machinery

Raw material

Rubber paste

Steel wire

 

EXPORT VALUE

:

16.761.886 TL

(2006)

19.569.734 TL

(2007)

26.787.937 TL

(2008)

21.660.065 TL

(2009)

23.225.492 TL

(2010)

34.016.436 TL

(2011)

21.650.014 TL

(01.01-30.06.2012)

 

 

EXPORT COUNTRIES

:

Germany

Taiwan

Singapore

Indonesia

India

Sri Lanka

Pakistan

Canada

U.A.E.

Vietnam

Bahrain

Jordan

Iran

Finland

U.K.

Netherlands

Hong-Kong

U.S.A.

 

 

MERCHANDISE  EXPORTED

:

Plastic cables

Rubber

 

HEAD OFFICE ADDRESS

:

Inkilap Mah. Alemdag Cad. Site Yolu Untel Sok. No:26 Umraniye  Istanbul / Turkey ( owned )

 

BRANCHES

:

Factory  :  Organize Sanayi Bolgesi Dilovasi Izmit Kocaeli/Turkey (owned)

 

Head Office/Factory  :  Inkilap Mah. Alemdag Cad. Site Yolu Untel Sok. No:26 Umraniye Istanbul/Turkey (owned) (5.600 sqm)

                                                                                

 

TREND OF BUSINESS

:

There was an upwards trend in  2011. There appears a decline at business volume in nominal terms in  1.1 - 30.6.2012.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Garanti Bankasi Altunizade Branch

T.Is Bankasi Umraniye Branch

Yapi Ve Kredi Bankasi Site Yolu 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

:

 

(2008) TL

(2009) TL

(2010) TL

(2011) TL

(01.01-30.06.2012) TL

Net Sales

61.531.134

50.347.447

63.311.996

88.077.459

41.921.046

Profit (Loss) Before Tax

3.032.717

1.910.390

-1.089.769

-733.533

11.677.490

Stockholders' Equity

17.347.603

18.871.458

17.781.689

17.048.155

 

Total Assets

26.740.835

46.921.632

46.428.075

47.947.649

 

Current Assets

20.297.276

25.894.565

22.923.805

25.096.177

 

Non-Current Assets

6.443.559

21.027.067

23.504.270

22.851.472

 

Current Liabilities

7.959.250

18.330.159

19.713.942

22.211.344

 

Long-Term Liabilities

1.433.982

9.720.015

8.932.444

8.688.150

 

Gross Profit (loss)

12.762.864

9.926.083

5.808.926

9.351.612

11.699.159

Operating Profit (loss)

3.493.075

1.395.520

-731.699

912.881

6.243.290

Net Profit (loss)

2.424.276

1.523.854

-1.089.769

-733.533

11.677.490

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Fair As of 31.12.2011

Liquidity

Good 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

Good Operating Profitability  in 2008

Good Net Profitability  in 2008

Fair Operating Profitability  in 2009

In Order Net Profitability  in 2009

Operating Loss  in 2010

Net Loss  in 2010

Low Operating Profitability  in 2011

Net Loss  in 2011

High Operating Profitability (01.01-30.06.2012)

High Net Profitability (01.01-30.06.2012)

 

Gap between average collection and payable periods

Unfavorable in 2011

General Financial Position

Satisfactory

 

 

 

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

 ( 01.01-30.06.2012)

1,95 %

1,8028

2,3463

2,8462

 ( 01.01-31.07.2012)

1,71 %

1,8018

2,3285

2,8424

 

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

20.297.276

0,76

25.894.565

0,55

22.923.805

0,49

25.096.177

0,52

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

5.892.492

0,22

9.559.005

0,20

2.549.523

0,05

4.168.637

0,09

Marketable Securities

0

0,00

2.250.049

0,05

207.530

0,00

8.699

0,00

Account Receivable

11.549.747

0,43

10.492.013

0,22

16.415.608

0,35

18.144.022

0,38

Other Receivable

242.834

0,01

226.411

0,00

488.788

0,01

770.995

0,02

Inventories

608.596

0,02

639.884

0,01

1.602.891

0,03

1.309.738

0,03

Advances Given

1.953.142

0,07

1.580.072

0,03

850.903

0,02

600.871

0,01

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

50.465

0,00

1.147.131

0,02

808.562

0,02

93.215

0,00

NON-CURRENT ASSETS

6.443.559

0,24

21.027.067

0,45

23.504.270

0,51

22.851.472

0,48

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

0

0,00

0

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

6.430.524

0,24

21.020.561

0,45

23.501.646

0,51

22.812.353

0,48

Intangible Assets

11.211

0,00

4.218

0,00

2.624

0,00

39.119

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

1.824

0,00

2.288

0,00

0

0,00

0

0,00

TOTAL ASSETS

26.740.835

1,00

46.921.632

1,00

46.428.075

1,00

47.947.649

1,00

CURRENT LIABILITIES

7.959.250

0,30

18.330.159

0,39

19.713.942

0,42

22.211.344

0,46

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

656.009

0,02

5.278.136

0,11

7.015.153

0,15

5.811.126

0,12

Accounts Payable

4.781.592

0,18

10.360.177

0,22

10.338.013

0,22

11.304.633

0,24

Loans from Shareholders

171.390

0,01

537.308

0,01

224.247

0,00

0

0,00

Other Short-term Payable

185.044

0,01

236.990

0,01

374.012

0,01

369.443

0,01

Advances from Customers

691.603

0,03

980.866

0,02

711.070

0,02

3.565.509

0,07

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

605.417

0,02

849.301

0,02

960.416

0,02

981.859

0,02

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Liabilities

868.195

0,03

87.381

0,00

91.031

0,00

178.774

0,00

LONG-TERM LIABILITIES

1.433.982

0,05

9.720.015

0,21

8.932.444

0,19

8.688.150

0,18

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

1.433.982

0,05

9.720.015

0,21

8.932.444

0,19

8.185.233

0,17

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

502.917

0,01

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

17.347.603

0,65

18.871.458

0,40

17.781.689

0,38

17.048.155

0,36

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

2.500.000

0,09

2.500.000

0,05

2.500.000

0,05

2.500.000

0,05

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

2.640.723

0,10

2.640.723

0,06

2.640.723

0,06

2.640.723

0,06

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

11.408.316

0,43

13.832.593

0,29

15.356.447

0,33

15.356.446

0,32

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

-1.625.712

-0,06

-1.625.712

-0,03

-1.625.712

-0,04

-2.715.481

-0,06

Net Profit (loss)

2.424.276

0,09

1.523.854

0,03

-1.089.769

-0,02

-733.533

-0,02

TOTAL LIABILITIES AND EQUITY

26.740.835

1,00

46.921.632

1,00

46.428.075

1,00

47.947.649

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

 

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

(01.01-30.06.2012) TL

 

Net Sales

61.531.134

1,00

50.347.447

1,00

63.311.996

1,00

88.077.459

1,00

41.921.046

1,00

Cost of Goods Sold

48.768.270

0,79

40.421.364

0,80

57.503.070

0,91

78.725.847

0,89

30.221.887

0,72

Gross Profit

12.762.864

0,21

9.926.083

0,20

5.808.926

0,09

9.351.612

0,11

11.699.159

0,28

Operating Expenses

9.269.789

0,15

8.530.563

0,17

6.540.625

0,10

8.438.731

0,10

5.455.869

0,13

Operating Profit

3.493.075

0,06

1.395.520

0,03

-731.699

-0,01

912.881

0,01

6.243.290

0,15

Other Income

1.844.537

0,03

2.466.971

0,05

1.565.170

0,02

1.970.801

0,02

6.361.617

0,15

Other Expenses

1.905.632

0,03

1.569.265

0,03

1.228.610

0,02

1.076.465

0,01

647.144

0,02

Financial Expenses

399.263

0,01

382.836

0,01

694.630

0,01

2.540.750

0,03

280.273

0,01

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

3.032.717

0,05

1.910.390

0,04

-1.089.769

-0,02

-733.533

-0,01

11.677.490

0,28

Tax Payable

608.441

0,01

386.536

0,01

0

0,00

0

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

2.424.276

0,04

1.523.854

0,03

-1.089.769

-0,02

-733.533

-0,01

11.677.490

0,28

 

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

(2011)

LIQUIDITY RATIOS

 

 

Current Ratio

2,55

1,41

1,16

1,13

Acid-Test Ratio

2,22

1,23

1,00

1,04

Cash Ratio

0,74

0,64

0,14

0,19

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,02

0,01

0,03

0,03

Short-term Receivable/Total Assets

0,44

0,23

0,36

0,39

Tangible Assets/Total Assets

0,24

0,45

0,51

0,48

TURNOVER RATIOS

 

 

Inventory Turnover

80,13

63,17

35,87

60,11

Stockholders' Equity Turnover

3,55

2,67

3,56

5,17

Asset Turnover

2,30

1,07

1,36

1,84

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,65

0,40

0,38

0,36

Current Liabilities/Total Assets

0,30

0,39

0,42

0,46

Financial Leverage

0,35

0,60

0,62

0,64

Gearing Percentage

0,54

1,49

1,61

1,81

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,14

0,08

-0,06

-0,04

Operating Profit Margin

0,06

0,03

-0,01

0,01

Net Profit Margin

0,04

0,03

-0,02

-0,01

Interest Cover

8,60

5,99

-0,57

0,71

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

67,57

75,02

93,34

74,16

Average Payable Period (days)

35,30

92,27

64,72

51,69

WORKING CAPITAL

12338026,00

7564406,00

3209863,00

2884833,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.89

UK Pound

1

Rs.88.63

Euro

1

Rs.70.02

 

 

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.