MIRA INFORM REPORT

 

 

Report No. :

346368

Report Date :

24.10.2015

 

IDENTIFICATION DETAILS

 

Name :

UNTEKS BOYA BASKI APRE TEKSTIL SANAYI IC VE DIS TICARET A.S.

 

 

Registered Office :

Telsiz Mah. Balikli Yolu Sok. No:42 Zeytinburnu Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.03.2015

 

 

Date of Incorporation :

18.09.2009

 

 

Com. Reg. No.:

827061

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of fabric.

 

 

No. of Employees :

786

 

 

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 :

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 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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 has brought up to 1 million barrels per day from the Caspian region to market. Several gas pipeline projects also are moving forward to help transport Caspian gas to Europe through Turkey, which over the long term will help address Turkey's dependence on imported oil and gas, which currently meets 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 around 9% in 2010-11, as exports returned to normal levels following the recession. Two rating agencies upgraded Turkey's debt to investment grade in 2012 and 2013, and Turkey's public sector debt to GDP ratio fell to 33% in 2014. The stock value of Foreign Direct Investment reached nearly $195 billion at year-end 2014.

Despite these positive trends, GDP growth dropped to 4.4% in 2013 and 2.9% in 2014. Growth slowed considerably in the last quarter of 2014, largely due to lackluster consumer demand both domestically and in Europe, Turkey’s most important export market. High interest rates have also contributed to the slowdown in growth, as Turkey sharply increased interest rates in January 2014 in order to strengthen the country’s currency and reduce inflation. Turkey then cut rates in February 2015 in a bid to spur economic growth.

The Turkish economy retains significant weaknesses. Specifically, Turkey's relatively high current account deficit, domestic political uncertainty, and turmoil within Turkey's neighborhood leave the economy vulnerable to destabilizing shifts in investor confidence. Turkey also remains dependent on often volatile, short-term investment to finance its large current account deficit.

 

Source : CIA

 

 

COMPANY IDENTIFICATION

 

 

NAME

:

UNTEKS BOYA BASKI APRE TEKSTIL SANAYI IC VE DIS TICARET A.S.

HEAD OFFICE ADDRESS

:

Telsiz Mah. Balikli Yolu Sok. No:42 Zeytinburnu Istanbul / Turkey

PHONE NUMBER

:

90-212-475 51 25

 

FAX NUMBER

:

90-212-416 59 53

 

WEB-ADDRESS

:

www.unteksgrup.com

E-MAIL

:

info@unteksgroup.com

 

 

LEGAL STATUS AND HISTORY

 

 

NOTES ON LEGAL STATUS AND HISTORY

:

Change at tax no .

 

Change at registration no .

 

TAX OFFICE

:

Davutpasa

TAX NO

:

9170173374

REMARKS ON TAX NO

:

The tax number was changed from "9170169713" to "9170173374" as the legal form changed from limited company to joint stock company.

REGISTRATION NUMBER

:

827061

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

18.09.2009

ESTABLISHMENT GAZETTE DATE/NO

:

25.09.2009/7404

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   21.500.000

PAID-IN CAPITAL

:

TL   21.500.000

HISTORY

:

Previous Legal Type

:

Limited Company

Changed On

:

01.06.2015 (Commercial Gazette Date /Number 05.06.2015/ 8835)

Previous Name

:

Unteks Boya Baski Apre Tekstil Sanayi Ic ve Dis Ticaret Ltd. Sti.

Changed On

:

01.06.2015 (Commercial Gazette Date /Number 05.06.2015/ 8835)

Previous Registered Capital

:

TL 100.000

Changed On

:

04.06.2012 (Commercial Gazette Date /Number 13.06.2012/ 8089)

Previous Registered Capital

:

TL 5.000.000

Changed On

:

18.04.2014 (Commercial Gazette Date /Number 25.04.2014/ 8557)

Previous Registered Capital

:

TL 20.000.000

Changed On

:

03.11.2014 (Commercial Gazette Date /Number 07.11.2014/ 8689)

Previous Address

:

Misinli Koyu Mevkii Corlu Tekirdag

Changed On

:

19.07.2012 (Commercial Gazette Date /Number 25.07.2012/ 8119)

Merger

:

The subject took over and merged with "Kerim Orme Kumascilik Konfeksiyon Tekstil ve Dis Ticaret Sanayi Ltd. Sti.''

Changed On

:

03.11.2014 (Commercial Gazette Date /Number 07.11.2014/ 8689)

Other Changes

:

The firm was firstly established in Corlu and registered at Corlu Commercial Registry with registration number 11137. And then the firm moved to Istanbul and registered at Istanbul Commercial Registry with registration number 827061.

Changed On

:

19.07.2012 (Commercial Gazette Date /Number 25.07.2012/ 8119)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Abdulkerim Unver

51,40 %

Halit Unver

45,88 %

Edip Unver

2,11 %

Mustafa Unver

0,30 %

Veysi Unver

0,30 %

 

 

BOARD OF DIRECTORS

:

Abdulkerim Unver

Chairman

Edip Unver

Vice-Chairman

Halit Unver

Member

Mustafa Unver

Member

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Manufacture and trade of fabric.

 

 

NACE CODE

:

DB.17.40

 

 

SECTOR

:

Textile

 

 

NUMBER OF EMPLOYEES

:

786

 

 

NET SALES

:

13.175.238 TL

(2010) 

19.304.647 TL

(2011) 

65.363.824 TL

(2012) 

115.408 TL Thousand

(2013) 

149.692 TL Thousand

(2014) 

50.268 TL Thousand

(01.01-31.03.2015) 

 

 

 

IMPORT COUNTRIES

:

China

India

 

 

MERCHANDISE IMPORTED

:

Yarn

 

 

EXPORT VALUE

:

0 TL

(2010)

0 TL

(2011)

912.075 TL

(2012)

0 TL

(2013)

2.328 TL Thousand

(2014)

0 TL

(01.01-31.03.2015)

 

 

 

EXPORT COUNTRIES

:

Russia

Ukraine

 

 

MERCHANDISE  EXPORTED

:

Fabric

 

 

HEAD OFFICE ADDRESS

:

Telsiz Mah. Balikli Yolu Sok. No:42 Zeytinburnu  Istanbul / Turkey

 

 

BRANCHES

:

Factory  :  Kale Mah. 3. Sok. No:2 Misinli Koyu Corlu Tekirdag/Turkey

 

Factory  :  Gocerler Koyu Mevkii Saray Tekirdag/Turkey

 

Factory  :   Diyarbakir/Turkey

                                                                                

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2014.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Asya Katilim Bankasi Corlu Branch

T.C. Ziraat Bankasi Ikitelli Branch

Yapi ve Kredi Bankasi Rami Branch

 

CREDIT FACILITIES

:

The subject company is making active use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2011) TL

(2012) TL

(2013) TL Thousand

(2014) TL Thousand

(01.01-31.03.2015) TL Thousand

Net Sales

19.304.647

65.363.824

115.408

149.692

50.268

Profit (Loss) Before Tax

353.583

1.855.016

4.543

7.715

1.984

Stockholders' Equity

358.409

5.543.420

11.062

48.089

 

Total Assets

7.456.992

59.615.814

75.357

155.520

 

Current Assets

3.307.458

45.380.800

54.166

71.020

 

Non-Current Assets

4.149.534

14.235.014

21.191

84.500

 

Current Liabilities

6.896.794

45.939.968

54.023

53.097

 

Long-Term Liabilities

201.789

8.132.426

10.272

54.334

 

Gross Profit (loss)

2.191.413

6.093.299

11.659

13.675

3.729

Operating Profit (loss)

172.506

2.029.906

7.459

7.749

2.575

Net Profit (loss)

272.310

1.672.509

4.131

7.580

1.944

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Fair As of 31.12.2014

Liquidity

Fair As of 31.12.2014

Remarks On Liquidity

The favorable gap between average collection and average payable period has a positive 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 2011

Low Net Profitability  in 2011

Fair Operating Profitability  in 2012

In Order Net Profitability  in 2012

Good Operating Profitability  in 2013

Good Net Profitability  in 2013

In Order Operating Profitability  in 2014

Good Net Profitability  in 2014

In Order Operating Profitability (01.01-31.03.2015)

Good Net Profitability (01.01-31.03.2015)

 

Gap between average collection and payable periods

Favorable in 2014

General Financial Position

Fair

 

 

 

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

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 ( 2013 )

6,97 %

1,9179

2,5530

3,0178

 ( 2014 )

6,36 %

2,1891

2,8989

3,6060

 ( 01.01-31.03.2015)

2,60 %

2,4709

2,8023

3,7626

 ( 01.01-30.09.2015)

7,81 %

2,6640

2,9843

4,0944

 

 

BALANCE SHEETS

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL

 

 ( 31.12.2013 )  TL Thousand

 

 ( 31.12.2014 )  TL Thousand

 

CURRENT ASSETS

3.307.458

0,44

45.380.800

0,76

54.166

0,72

71.02

0,46

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

311.101

0,04

498.785

0,01

69

0,00

1.278

0,01

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

1.482.615

0,20

40.643.658

0,68

24.775

0,33

37.43

0,24

Other Receivable

16.641

0,00

729.493

0,01

735

0,01

2.755

0,02

Inventories

1.382.028

0,19

2.477.042

0,04

24.592

0,33

21.793

0,14

Advances Given

67.549

0,01

490.42

0,01

193

0,00

7.254

0,05

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

47.524

0,01

541.402

0,01

3.802

0,05

510

0,00

NON-CURRENT ASSETS

4.149.534

0,56

14.235.014

0,24

21.191

0,28

84.5

0,54

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)

3.238.502

0,43

8.332.941

0,14

14.248

0,19

79.182

0,51

Intangible Assets

856.927

0,11

5.650.248

0,09

6.628

0,09

4.922

0,03

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

54.105

0,01

251.825

0,00

315

0,00

396

0,00

TOTAL ASSETS

7.456.992

1,00

59.615.814

1,00

75.357

1,00

155.52

1,00

CURRENT LIABILITIES

6.896.794

0,92

45.939.968

0,77

54.023

0,72

53.097

0,34

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

194.089

0,00

9.006

0,12

5.386

0,03

Accounts Payable

5.674.746

0,76

26.413.919

0,44

41.975

0,56

44.621

0,29

Loans from Shareholders

0

0,00

3.843.016

0,06

1.931

0,03

2.011

0,01

Other Short-term Payable

596.463

0,08

325.308

0,01

444

0,01

602

0,00

Advances from Customers

441.036

0,06

14.932.905

0,25

0

0,00

176

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

184.549

0,02

226.144

0,00

255

0,00

415

0,00

Provisions

0

0,00

4.587

0,00

412

0,01

-114

0,00

Other Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

LONG-TERM LIABILITIES

201.789

0,03

8.132.426

0,14

10.272

0,14

54.334

0,35

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

201.789

0,03

8.132.426

0,14

10.272

0,14

54.325

0,35

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

9

0,00

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

358.409

0,05

5.543.420

0,09

11.062

0,15

48.089

0,31

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

48.089

0,31

Paid-in Capital

100

0,01

3.612.501

0,06

5

0,07

0

0,00

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

386.186

0,05

658.497

0,01

2.331

0,03

0

0,00

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

-400.087

-0,05

-400.087

-0,01

-400

-0,01

0

0,00

Net Profit (loss)

272.31

0,04

1.672.509

0,03

4.131

0,05

0

0,00

TOTAL LIABILITIES AND EQUITY

7.456.992

1,00

59.615.814

1,00

75.357

1,00

155.52

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.  In the sub-items of "Account Receivable", TL thousand 635 is "Doubtful Trade Receivables" and -TL thousand 635 is "Provision for Doubtful Trade Receivables" at the last balance sheet.  The details of "Other Receivable" figure at the last balance sheet (TL Thousand): Due From Shareholders:0,Due From Participations:0,Due From Affiliated Companies:0,Due From Personnel:10,Other Miscellaneous Receivables:2.745,Other Receivable Total:2.755.  TL thousand 0 of "Tax Payable" is due to "Overdue, Delayed or Deferred Tax by Installments and Other Liabilities" at the last balance sheet.  At the last income statement TL thousand 5.295 of the other income is due to "Profit from Foreign Currency Exchange".  At the last income statement TL thousand 5.494 of the other expenses is due to "Loss from Foreign Currency Exchange".

 

 

INCOME STATEMENTS

 

(2011) TL

 

(2012) TL

 

(2013) TL Thousand

 

(2014) TL Thousand

 

(01.01-31.03.2015)

TL Thousand

 

Net Sales

19.304.647

1,00

65.363.824

1,00

115.408

1,00

149.692

1,00

50.268

1,00

Cost of Goods Sold

17.113.234

0,89

59.270.525

0,91

103.749

0,90

136.017

0,91

46.539

0,93

Gross Profit

2.191.413

0,11

6.093.299

0,09

11.659

0,10

13.675

0,09

3.729

0,07

Operating Expenses

2.018.907

0,10

4.063.393

0,06

4.2

0,04

5.926

0,04

1.154

0,02

Operating Profit

172.506

0,01

2.029.906

0,03

7.459

0,06

7.749

0,05

2.575

0,05

Other Income

348.327

0,02

647.922

0,01

1.801

0,02

5.296

0,04

5.525

0,11

Other Expenses

157.732

0,01

502.744

0,01

4.008

0,03

4.17

0,03

5.494

0,11

Financial Expenses

9.518

0,00

320.068

0,00

709

0,01

1.16

0,01

622

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

353.583

0,02

1.855.016

0,03

4.543

0,04

7.715

0,05

1.984

0,04

Tax Payable

81.273

0,00

182.507

0,00

412

0,00

135

0,00

40

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

272.31

0,01

1.672.509

0,03

4.131

0,04

7.58

0,05

1.944

0,04

 

 

FINANCIAL RATIOS

 

-2011

-2012

-2013

-2014

LIQUIDITY RATIOS

 

 

Current Ratio

0,48

0,99

1,00

1,34

Acid-Test Ratio

0,26

0,91

0,47

0,78

Cash Ratio

0,05

0,01

0,00

0,02

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,19

0,04

0,33

0,14

Short-term Receivable/Total Assets

0,20

0,69

0,34

0,26

Tangible Assets/Total Assets

0,43

0,14

0,19

0,51

TURNOVER RATIOS

 

 

Inventory Turnover

12,38

23,93

4,22

6,24

Stockholders' Equity Turnover

53,86

11,79

10,43

3,11

Asset Turnover

2,59

1,10

1,53

0,96

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,05

0,09

0,15

0,31

Current Liabilities/Total Assets

0,92

0,77

0,72

0,34

Financial Leverage

0,95

0,91

0,85

0,69

Gearing Percentage

19,81

9,75

5,81

2,23

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,76

0,30

0,37

0,16

Operating Profit Margin

0,01

0,03

0,06

0,05

Net Profit Margin

0,01

0,03

0,04

0,05

Interest Cover

38,15

6,80

7,41

7,65

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

27,65

223,85

77,28

90,02

Average Payable Period (days)

119,38

160,43

145,65

118,10

WORKING CAPITAL

-3589336,00

-559168,00

143,00

17923,00

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.64.88

UK Pound

1

Rs.99.88

Euro

1

Rs.72.06

 

 

INFORMATION DETAILS

 

Analysis Done by :

KIN

 

 

Report Prepared by :

DPT

 

               

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

 

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NB

New Business

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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.