MIRA
INFORM REPORT
|
Report Date : |
01-08-2007 |
IDENTIFICATION DETAILS
|
Name : |
VEPAS DIS TICARET VE KIMYA SANAYI A.S. |
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Registered Office : |
Head Office:Menemen Deri Serbest Bolgesi (Free Zone) Maltepe Koyu Panaz Mevkii No: 171/4 Menemen Izmir |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
19-11-1997 |
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Com. Reg. No.: |
2033 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Trade of Leather Dye and Leather Chemicals at Free Zone. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
COMPANY
IDENTIFICATION
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NAME |
: |
VEPAS DIS TICARET VE KIMYA SANAYI A.S. |
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ADDRESS |
: |
Head Office:Menemen Deri Serbest Bolgesi (Free Zone) Maltepe Koyu Panaz Mevkii No: 171/4 Menemen Izmir/Turkey |
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PHONE NUMBER |
: |
90-232-842 63 33 |
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FAX NUMBER |
: |
90-232-842 63 35 |
LEGAL STATUS AND
HISTORY
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TAX OFFICE / NO |
: |
Menemen / 9240272613 |
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REGISTRATION NUMBER |
: |
2033 |
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REGISTERED OFFICE |
: |
Menemen Chamber of Commerce |
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DATE ESTABLISHED |
: |
19.11.1997 (Commercial Registry Gazette Date/No:26.11.1997/4427) |
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LEGAL FORM |
: |
Joint Stock Company |
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TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
YTL 54,000 |
OWNERSHIP /
MANAGEMENT
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SHAREHOLDERS |
: |
Hayati Kural Musa Bayindir Mehmet Mesut Kurum Ahmet Ufuk Nalbantoglu Guler Kural Sema Nalbantoglu Saziye Bayindir Serpil Kurum |
24 % 24 % 24 % 24 % 1 % 1 % 1 % 1 % |
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SISTER COMPANIES |
: |
-Ver-pol Boya Polimer Kimya Sanayi ve Ticaret A.S. -Finiteks Boya Kimya Sanayi ve Ticaret A.S. -Verbo Boya Kimya Sanayi ve Ticaret A.S. |
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GROUP PARENT COMPANY |
: |
None |
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SUBSIDIARIES |
: |
None |
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BOARD OF DIRECTORS |
: |
Hayati Kural Musa Bayindir Mehmet Mesut Kurum Ahmet Ufuk Nalbantoglu |
Chairman Member Member Member |
OPERATIONS
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BUSINESS ACTIVITIES |
: |
Trade of leather dye and leather chemicals at free zone |
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SECTOR |
: |
Commerce |
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TRADEMARK(S) |
: |
None |
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NUMBER OF EMPLOYEES |
: |
5 |
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NET SALES |
: |
EUR 1,063,210 EUR 2,123,928 YTL 835,582 |
(2005) (2006) (01.01-31.03.2007) |
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CAPACITY |
: |
None |
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PRODUCTION |
: |
None |
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IMPORT VALUE |
: |
USD 760,432+EUR 206,501 EUR 453,231 |
(2005) (2006) |
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IMPORT COUNTRIES |
: |
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MERCHANDISE IMPORTED |
: |
Leather dye |
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EXPORT VALUE |
: |
As the subject company is located at "Free Zone" all of its sales are regarded as exports. |
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PREMISES |
: |
Head Office:Menemen Deri Serbest Bolgesi (Free Zone) Maltepe Koyu Panaz Mevkii No: 171/4 Menemen Izmir (owned) |
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TREND OF BUSINESS : Upwards in 2006
COMMERCIAL MORALITY : Good
SIZE OF BUSINESS : Lower-medium
FINANCE
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MAIN DEALING BANKERS |
: |
Yapi Kredi Bankasi Ataturk Organize Sanayi Bolgesi branch
in Halkbank Ataturk Organize Sanayi Bolgesi Ticari branch in |
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CREDIT FACILITIES |
: |
The subject company makes use of credit facilities. |
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PAYMENT BEHAVIOUR |
: |
No complaints have been heard regarding payments from banks. According to the official registries between 01.01.2000-15.06.2007, there are no protested bills and non-paid cheques registered in the name of “Vepas Dis” |
COMMENT ON FINANCIAL
POSITION
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FINANCIAL STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
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Good |
As of 31.12.2006 |
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LIQUIDITY |
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High |
As of 31.12.2006 |
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PROFITABILITY |
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High |
In 2006 |
High |
Between 1.1.-31.3.2007 |
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GAP BETWEEN COLLECTION-PAYMENT PERIODS |
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Unfavorable |
In 2006 |
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GENERAL FINANCIAL POSITION |
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Good |
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CREDIT OPINION
CREDIT OPINION WITHOUT OBLIGATION : We are of the opinion that, a max. credit of EUR 500,000 may be
granted to the subject company.
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Incr. in producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
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(2005) |
2.66 % |
1.3499 |
1.6882 |
2.4623 |
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(2006) |
11.58 % |
1.4309 |
1.7987 |
2.6377 |
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(1.1.-31.03.2007) |
1.88 % |
1.4068 |
1.8521 |
2.7609 |
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(1.1.-30.06.2007) |
2.98 % |
1.3733 |
1.8275 |
2.7117 |
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BALANCE SHEETS |
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EUR |
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EUR |
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31.12.05 |
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31.12.06 |
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CURRENT ASSETS |
1.230.322 |
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0,92 |
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2.019.046 |
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0,95 |
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Cash and Banks |
240.306 |
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0,18 |
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223.566 |
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0,11 |
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Marketable Securities |
0 |
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0,00 |
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0 |
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0,00 |
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Account Receivable |
732.228 |
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0,55 |
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1.523.526 |
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0,72 |
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Other Receivable |
0 |
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0,00 |
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0 |
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0,00 |
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Inventories |
153.736 |
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0,12 |
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235.627 |
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0,11 |
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Advances Given |
104.052 |
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0,08 |
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36.247 |
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0,02 |
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Other Current Assets |
0 |
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0,00 |
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80 |
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0,00 |
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NON-CURRENT
ASSETS |
101.706 |
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0,08 |
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101.743 |
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0,05 |
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Long-term Receivable |
0 |
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0,00 |
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0 |
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0,00 |
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Financial Assets |
0 |
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0,00 |
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0 |
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0,00 |
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Tangible Fixed Assets (net) |
101.706 |
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0,08 |
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101.706 |
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0,05 |
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Intangible Assets |
0 |
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0,00 |
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0 |
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0,00 |
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Other Non-Current Assets |
0 |
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0,00 |
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37 |
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0,00 |
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TOTAL ASSETS |
1.332.028 |
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1,00 |
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2.120.789 |
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1,00 |
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CURRENT
LIABILITIES |
542.378 |
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0,41 |
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883.865 |
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0,42 |
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Financial Loans |
0 |
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0,00 |
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121.932 |
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0,06 |
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Accounts Payable |
450.131 |
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0,34 |
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759.608 |
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0,36 |
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Loans from Shareholders |
0 |
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0,00 |
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0 |
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0,00 |
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Other Short-term Payable |
0 |
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0,00 |
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0 |
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0,00 |
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Advances from Customers |
91.714 |
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0,07 |
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1.567 |
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0,00 |
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Taxes Payable |
533 |
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0,00 |
|
758 |
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0,00 |
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Provisions |
0 |
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0,00 |
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0 |
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0,00 |
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Other Current Liabilities |
0 |
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0,00 |
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0 |
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0,00 |
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LONG-TERM LIABILITIES |
0 |
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0,00 |
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0 |
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0,00 |
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Financial Loans |
0 |
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0,00 |
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0 |
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0,00 |
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Securities Issued |
0 |
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0,00 |
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0 |
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0,00 |
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Long-term Payable |
0 |
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0,00 |
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0 |
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0,00 |
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Loans from Shareholders |
0 |
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0,00 |
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0 |
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0,00 |
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Other Long-term Liabilities |
0 |
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0,00 |
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0 |
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0,00 |
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Provisions |
0 |
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0,00 |
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0 |
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0,00 |
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STOCKHOLDERS'
EQUITY |
789.650 |
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0,59 |
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1.236.924 |
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0,58 |
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TOTAL
LIABILITIES AND EQUITY |
1.332.028 |
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1,00 |
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2.120.789 |
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1,00 |
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INCOME STATEMENTS |
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EUR |
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EUR |
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2005 |
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2006 |
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Net Sales |
1.063.210 |
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1,00 |
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2.123.928 |
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1,00 |
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Cost of Goods Sold |
935.826 |
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0,88 |
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1.661.900 |
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0,78 |
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Gross Profit |
127.384 |
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0,12 |
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462.028 |
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0,22 |
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Operating Expenses |
70.276 |
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0,07 |
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94.083 |
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0,04 |
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Operating
Profit |
57.108 |
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0,05 |
|
367.945 |
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0,17 |
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Other Income |
99.184 |
|
0,09 |
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435.709 |
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0,21 |
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Other Expenses |
140.071 |
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0,13 |
|
353.108 |
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0,17 |
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Financial Expenses |
0 |
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0,00 |
|
3.272 |
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0,00 |
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Profit (loss)
Before Tax |
16.221 |
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0,02 |
|
447.274 |
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0,21 |
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Tax Payable |
0 |
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0,00 |
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0 |
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0,00 |
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Net Profit
(loss) |
16.221 |
|
0,02 |
|
447.274 |
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0,21 |
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FINANCIAL RATIOS |
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2005 |
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2006 |
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LIQUIDITY
RATIOS |
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Current Ratio |
2,27 |
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|
2,28 |
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Acid-Test Ratio |
1,79 |
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|
1,98 |
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ASSET STRUCTURE
RATIOS |
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Inventory/Total
Assets |
0,12 |
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0,11 |
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Short-term
Receivable/Total Assets |
0,55 |
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|
0,72 |
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Tangible
Assets/Total Assets |
0,08 |
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|
0,05 |
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TURNOVER RATIOS |
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Inventory
Turnover |
6,09 |
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|
7,05 |
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Stockholders'
Equity Turnover |
1,35 |
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|
1,72 |
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Asset Turnover |
0,80 |
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1,00 |
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FINANCIAL
STRUCTURE |
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Stockholders'
Equity/Total Assets |
0,59 |
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|
0,58 |
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Current
Liabilities/Total Assets |
0,41 |
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|
0,42 |
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Financial
Leverage |
0,41 |
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0,42 |
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PROFITABILITY
RATIOS |
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Net
Profit/Stockholders' Eq. |
0,02 |
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|
0,36 |
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Operating
Profit Margin |
0,05 |
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|
0,17 |
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Net Profit
Margin |
0,02 |
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|
0,21 |
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COLLECTION-PAYMENT |
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Average
Collection Period (days) |
247,93 |
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|
258,23 |
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Average Payable
Period (days) |
173,16 |
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|
164,55 |
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INCOME STATEMENT |
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YTL |
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|
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|
1.1-31.03.2007 |
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Net Sales |
835.582 |
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1,00 |
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Cost of Goods Sold |
691.036 |
|
0,83 |
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Gross Profit |
144.546 |
|
0,17 |
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Operating Expenses |
36.603 |
|
0,04 |
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Operating
Profit |
107.943 |
|
0,13 |
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Other Income |
65.985 |
|
0,08 |
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Other Expenses |
48.655 |
|
0,06 |
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Financial Expenses |
5.119 |
|
0,01 |
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Profit (loss)
Before Tax |
120.154 |
|
0,14 |
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Tax Payable |
0 |
|
0,00 |
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Net Profit
(loss) |
120.154 |
|
0,14 |
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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 |
Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to recommend credit dealings |
No Rating |
|
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%)