MIRA INFORM REPORT

 

 

Report Date :

06.07.2013

 

IDENTIFICATION DETAILS

 

Name :

UGUR IC VE DIS TICARET A.S.

 

 

Registered Office :

Merkez Mah. Tasocagi Yolu No:24 Kat:3 Mahmutbey Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

10.02.1994

 

 

Com. Reg. No.:

311392

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Trade of sport footwear.

 

 

No. of Employees :

59

 

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, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Turkey

B2

B2

 

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 9.2% in 2010, as exports returned to normal levels following the recession. Growth dropped to approximately 3% in 2012. Turkey's public sector debt to GDP ratio has fallen to about 40%, and at least one rating agency upgraded Turkey's debt to investment grade in 2012. Turkey remains dependent on often volatile, short-term investment to finance its large trade deficit. The stock value of FDI stood at $117 billion at year-end 2012. Inflows have slowed because of continuing economic turmoil in Europe, the source of much of Turkey's FDI. 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

:

UGUR IC VE DIS TICARET A.S.

HEAD OFFICE ADDRESS

:

Merkez Mah. Tasocagi Yolu No:24 Kat:3 Mahmutbey Istanbul / Turkey

PHONE NUMBER

:

90-212-446 15 55

 

FAX NUMBER

:

90-212-446 33 43

 

WEB-ADDRESS

:

www.z-ugur.com

E-MAIL

:

info@z-ugur.com

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Marmara Kurumlar

TAX NO

:

8860022534

REGISTRATION NUMBER

:

311392

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

10.02.1994

ESTABLISHMENT GAZETTE DATE /NO

:

16.02.1994/3472

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   5.500.000

PAID-IN CAPITAL

:

TL   5.500.000

HISTORY

:

Previous Registered Capital

:

TL 4.500.000

Changed On

:

22.12.2009 (Commercial Gazette Date /Number 25.12.2009/ 7466)

Merger

:

The subject took over and merged with "Ztrend Pazarlama ve Muhendislik A.S."

Changed On

:

15.12.2009 (Commercial Gazette Date /Number 29.12.2009/ 7468)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Mehmet Buyukeksi

20 %

Aykut Buyukeksi

20 %

Mehmet Ziylan

20 %

Ahmet Mukdat Ziylan

20 %

Zohre Buyukeksi

8 %

Mahmut Ugur Ziylan

5 %

Ayse Erbalci

4 %

Huseyin Isci

3 %

 

 

GROUP

:

ZIYLAN GROUP OF COMPANIES

 

SISTER COMPANIES

:

ELIF YAPI GAYRIMENKUL INSAAT SANAYI VE TICARET A.S.

POLARIS PAZARLAMA VE MUMESSILLIK A.S.

SANPA GIDA SANAYI VE TICARET A.S.

TADER LEVHA SANAYI VE TICARET A.S.

UGUR FREE ZONE SPOR MALZEMELERI SANAYI VE TICARET A.S.

ZIYLAN AYAKKABI SANAYII VE TICARET A.S.

ZIYLAN MAGAZACILIK VE PAZARLAMA A.S.

ZIYLAN TABAN SANAYII VE TICARET A.S.

 

BOARD OF DIRECTORS

:

Mahmut Ugur Ziylan

Chairman

Huseyin Isci

Vice-Chairman

Mehmet Buyukeksi

Member

Aykut Buyukeksi

Member

Mehmet Ziylan

Member

 

 

DIRECTORS

:

Huseyin Guclu

General Manager

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Trade of sport footwear.

 

NACE CODE

:

G .52.43

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

59

NET SALES

:

42.120.981 TL

(2009) 

66.879.148 TL

(2010) 

84.495.210 TL

(2011) 

36.153.954 TL

(01.01-30.06.2012) 

 

 

REMARKS ON NET SALES

:

In Turkey, there is no public registry on companies’ financial and detailed general data. So, to collect a firm’s data, an information agency has to contact the company and get its authorization. 

 

However the company strictly declines to give us an authorization to gather its financial data. As the firm’s shares are not open to public it is not obliged to announce its data.

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT COUNTRIES

:

Taiwan

Hong-Kong

China

 

MERCHANDISE IMPORTED

:

Sport footwear

 

EXPORT VALUE

:

131.707 TL

(2009)

351.647 TL

(2010)

335.037 TL

(2011)

124.039 TL

(01.01-30.06.2012)

 

 

EXPORT COUNTRIES

:

Northern Cyprus Turkish Republic

Germany

Italy

 

MERCHANDISE  EXPORTED

:

Sport footwear

 

HEAD OFFICE ADDRESS

:

Merkez Mah. Tasocagi Yolu No:24 Kat:3 Mahmutbey Istanbul / Turkey

 

BRANCHES

:

Warehouse  :  Tuzla Istanbul/Turkey

INVESTMENTS

:

None

 

 

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

:

Alternatif Bank Avcilar Branch

Garanti Bankasi Sefakoy Branch

T. Is Bankasi Sefakoy Branch

Turk Ekonomi Bankasi Gunesli 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

:

 

(2010) TL

(2011) TL

(01.01-30.06.2012) TL

 

 

Net Sales

66.879.148

84.495.210

36.153.954

 

 

Profit (Loss) Before Tax

7.351.330

3.145.522

343.554

 

 

Stockholders' Equity

16.249.461

18.439.187

 

 

 

Total Assets

57.417.956

64.452.542

 

 

 

Current Assets

56.743.948

63.782.988

 

 

 

Non-Current Assets

674.008

669.554

 

 

 

Current Liabilities

41.168.495

46.001.584

 

 

 

Long-Term Liabilities

0

11.771

 

 

 

Gross Profit (loss)

20.699.471

16.426.803

8.313.005

 

 

Operating Profit (loss)

9.363.240

3.288.943

1.167.553

 

 

Net Profit (loss)

5.782.838

2.189.726

283.286

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Insufficient 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

High Operating Profitability  in 2010

High Net Profitability  in 2010

In Order Operating Profitability  in 2011

In Order Net Profitability  in 2011

Fair Operating Profitability (01.01-30.06.2012)

Low Net Profitability (01.01-30.06.2012)

 

Gap between average collection and payable periods

Unfavorable in 2011

General Financial Position

Passable

Remarks on General Financial Position

Recent financial figures are not available the firm declines to provide fresh financial data.

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 ( 01.01-31.05.2013)

0,99 %

1,8079

2,3728

2,8064

 

 

BALANCE SHEETS

 

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

 

 

CURRENT ASSETS

56.743.948

0,99

63.782.988

0,99

 

 

Not Detailed Current Assets

0

0,00

0

0,00

 

 

Cash and Banks

33.026.665

0,58

240.181

0,00

 

 

Marketable Securities

0

0,00

0

0,00

 

 

Account Receivable

9.928.319

0,17

52.234.679

0,81

 

 

Other Receivable

1.084.018

0,02

123.804

0,00

 

 

Inventories

7.081.049

0,12

4.236.014

0,07

 

 

Advances Given

5.080.761

0,09

6.259.867

0,10

 

 

Accumulated Construction Expense

0

0,00

0

0,00

 

 

Other Current Assets

543.136

0,01

688.443

0,01

 

 

NON-CURRENT ASSETS

674.008

0,01

669.554

0,01

 

 

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)

258.115

0,00

433.262

0,01

 

 

Intangible Assets

329.434

0,01

208.967

0,00

 

 

Deferred Tax Assets

0

0,00

0

0,00

 

 

Other Non-Current Assets

86.459

0,00

27.325

0,00

 

 

TOTAL ASSETS

57.417.956

1,00

64.452.542

1,00

 

 

CURRENT LIABILITIES

41.168.495

0,72

46.001.584

0,71

 

 

Not Detailed Current Liabilities

0

0,00

0

0,00

 

 

Financial Loans

10.027.089

0,17

11.276.125

0,17

 

 

Accounts Payable

2.144.598

0,04

1.347.155

0,02

 

 

Loans from Shareholders

0

0,00

0

0,00

 

 

Other Short-term Payable

55.934

0,00

22.440

0,00

 

 

Advances from Customers

27.798.913

0,48

32.926.588

0,51

 

 

Accumulated Construction Income

0

0,00

0

0,00

 

 

Taxes Payable

209.815

0,00

231.618

0,00

 

 

Provisions

35.143

0,00

4.009

0,00

 

 

Other Current Liabilities

897.003

0,02

193.649

0,00

 

 

LONG-TERM LIABILITIES

0

0,00

11.771

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

11.771

0,00

 

 

Provisions

0

0,00

0

0,00

 

 

STOCKHOLDERS' EQUITY

16.249.461

0,28

18.439.187

0,29

 

 

Not Detailed Stockholders' Equity

0

0,00

0

0,00

 

 

Paid-in Capital

5.500.000

0,10

5.500.000

0,09

 

 

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

6.188.157

0,11

11.970.995

0,19

 

 

Revaluation Fund

0

0,00

0

0,00

 

 

Accumulated Losses(-)

-1.221.534

-0,02

-1.221.534

-0,02

 

 

Net Profit (loss)

5.782.838

0,10

2.189.726

0,03

 

 

TOTAL LIABILITIES AND EQUITY

57.417.956

1,00

64.452.542

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

 

(01.01-30.06.2012) TL

 

Net Sales

66.879.148

1,00

84.495.210

1,00

36.153.954

1,00

Cost of Goods Sold

46.179.677

0,69

68.068.407

0,81

27.840.949

0,77

Gross Profit

20.699.471

0,31

16.426.803

0,19

8.313.005

0,23

Operating Expenses

11.336.231

0,17

13.137.860

0,16

7.145.452

0,20

Operating Profit

9.363.240

0,14

3.288.943

0,04

1.167.553

0,03

Other Income

844.465

0,01

1.384.787

0,02

240.917

0,01

Other Expenses

1.519.304

0,02

704.449

0,01

315.334

0,01

Financial Expenses

1.337.071

0,02

823.759

0,01

749.582

0,02

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

7.351.330

0,11

3.145.522

0,04

343.554

0,01

Tax Payable

1.568.492

0,02

955.796

0,01

60.268

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

5.782.838

0,09

2.189.726

0,03

283.286

0,01

 

FINANCIAL RATIOS

 

 

(2010)

(2011)

 

LIQUIDITY RATIOS

 

 

Current Ratio

1,38

1,39

 

Acid-Test Ratio

1,07

1,14

 

Cash Ratio

0,80

0,01

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,12

0,07

 

Short-term Receivable/Total Assets

0,19

0,81

 

Tangible Assets/Total Assets

0,00

0,01

 

TURNOVER RATIOS

 

 

Inventory Turnover

6,52

16,07

 

Stockholders' Equity Turnover

4,12

4,58

 

Asset Turnover

1,16

1,31

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,28

0,29

 

Current Liabilities/Total Assets

0,72

0,71

 

Financial Leverage

0,72

0,71

 

Gearing Percentage

2,53

2,50

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,36

0,12

 

Operating Profit Margin

0,14

0,04

 

Net Profit Margin

0,09

0,03

 

Interest Cover

6,50

4,82

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

53,44

222,55

 

Average Payable Period (days)

16,72

7,12

 

WORKING CAPITAL

15575453,00

17781404,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.34

UK Pound

1

Rs.90.78

Euro

1

Rs.77.81

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

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.