MIRA INFORM REPORT

 

 

Report Date :           

20.04.2012

 

IDENTIFICATION DETAILS

 

Name :

ANAVI ITHALAT IHRACAT BOYA PAZARLAMA VE TICARET LTD. STI.

 

 

Registered Office :

Demirciler Carsisi D Blok No:3 Bayrampasa Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

06.04.2005

 

 

Com. Reg. No.:

550743

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Trade of chemicals and paint

 

 

No. of Employees :

05

 

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

 

Maximum Credit Limit :

340.000 USD

 

 

Status :

Satisfactory

 

 

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

:

ANAVI ITHALAT IHRACAT BOYA PAZARLAMA VE TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Demirciler Carsisi D Blok No:3 Bayrampasa Istanbul / Turkey

PHONE NUMBER

:

90-212-565 88 81

 

FAX NUMBER

:

90-212-567 83 00

 

WEB-ADDRESS

:

www.anaviboya.com

E-MAIL

:

info@anaviboya.com

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Davutpasa

TAX NO

:

0680663749

REGISTRATION NUMBER

:

550743

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

06.04.2005

ESTABLISHMENT GAZETTE DATE/NO

:

12.04.2005/6280

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   240.000

PAID-IN CAPITAL

:

TL   240.000

HISTORY

:

Previous Registered Capital

:

TL 90.000

Changed On

:

25.12.2009 (Commercial Gazette Date /Number 31.12.2009/ 7470)

Previous Shareholder

:

Please vide Previous Shareholders section for the former shareholders' names.

Changed On

:

10.10.2011 (Commercial Gazette Date /Number 14.10.2011/ 7921)

 

 

 

PREVIOUS SHAREHOLDERS

:

Vedat Vitali Anavi

67 %

Salih Tuver

33 %

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Vedat Vitali Anavi

99 %

Meri Anavi

1 %

 

 

SISTER COMPANIES

:

ANAVI BOYA VE KIMYEVI MADDELER TICARET VE SANAYI LTD. STI. (Not Active)

 

DIRECTORS

:

Vedat Vitali Anavi                                                                                                                                                                                                                                                                                   

Director

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Trade of chemicals and paint. 

 

NACE CODE

:

G .51.55

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

5

 

NET SALES

:

580.489 TL

(06.04-31.12.2005) 

1.421.440 TL

(2006) 

1.646.299 TL

(2007) 

2.103.117 TL

(2008) 

2.566.124 TL

(2009) 

3.184.478 TL

(2010) 

4.715.056 TL

(2011) 

 

 

 

IMPORT VALUE

:

2.744.219 TL

(2011)

 

 

IMPORT COUNTRIES

:

China

India

Pakistan

 

MERCHANDISE IMPORTED

:

Chemicals

 

EXPORT VALUE

:

2.880 TL

(2008)

6.062 TL

(2009)

0 TL

(2010)

0 TL

(2011)

0 TL

(01.01-31.03.2012)

 

 

EXPORT COUNTRIES

:

Tunisia

 

MERCHANDISE  EXPORTED

:

Chemicals

Paint

 

HEAD OFFICE ADDRESS

:

Demirciler Carsisi D Blok No:3 Bayrampasa  Istanbul / Turkey ( rented )

 

BRANCHES

:

Head Office  :  Demirciler Carsisi D Blok No:3 Bayrampasa Istanbul/Turkey (rented)

 

Branch Office  :  Ikitelli Organize Sanayi Bolgesi Cevre Sanayi Sitesi 11. Blok NO:23 K:1-2-3 Basaksehir Istanbul/Turkey

                                                                                

INVESTMENTS

:

None

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2011.

SIZE OF BUSINESS

:

Moderate

 

 

FINANCE

 

MAIN DEALING BANKS

:

Garanti Bankasi Bayrampasa Branch

Halk Bankasi Bayrampasa Branch

HSBC Bank Bayrampasa Branch

Turk Ekonomi Bankasi Bayrampasa 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

1.646.299

2.103.117

2.566.124

3.184.478

4.715.056

Profit (Loss) Before Tax

113.301

256.081

117.182

538.892

609.550

Stockholders' Equity

278.903

482.173

718.905

1.149.157

 

Total Assets

407.397

1.112.957

1.340.327

1.799.219

 

Current Assets

291.686

960.586

1.193.237

1.654.670

 

Non-Current Assets

115.711

152.371

147.090

144.549

 

Current Liabilities

128.494

630.784

621.422

650.062

 

Long-Term Liabilities

0

0

0

0

 

Gross Profit (loss)

350.672

533.685

384.819

847.021

1.498.892

Operating Profit (loss)

162.348

343.350

188.551

603.929

1.250.515

Net Profit (loss)

89.145

203.271

86.731

430.252

609.550

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 340.000 USD may be granted to the subject company.

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2005 )

2,66 %

1,3499

1,6882

2,4623

 ( 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

 ( 01.01-31.03.2012)

0,65 %

1,7995

2,3799

2,8402

 

 

BALANCE SHEETS

 

 

 ( 31.12.2007 )  TL

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

291.686

0,72

960.586

0,86

1.193.237

0,89

1.654.670

0,92

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

62.644

0,15

14.956

0,01

471.303

0,35

559.502

0,31

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

188.080

0,46

591.665

0,53

313.082

0,23

1.068.462

0,59

Other Receivable

0

0,00

0

0,00

0

0,00

0

0,00

Inventories

33.445

0,08

352.100

0,32

398.950

0,30

22.100

0,01

Advances Given

6.067

0,01

1.865

0,00

4.001

0,00

4.606

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

1.450

0,00

0

0,00

5.901

0,00

0

0,00

NON-CURRENT ASSETS

115.711

0,28

152.371

0,14

147.090

0,11

144.549

0,08

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)

107.430

0,26

139.494

0,13

138.904

0,10

124.595

0,07

Intangible Assets

4.317

0,01

4.317

0,00

4.317

0,00

16.226

0,01

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

3.964

0,01

8.560

0,01

3.869

0,00

3.728

0,00

TOTAL ASSETS

407.397

1,00

1.112.957

1,00

1.340.327

1,00

1.799.219

1,00

CURRENT LIABILITIES

128.494

0,32

630.784

0,57

621.422

0,46

650.062

0,36

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

27.532

0,07

27.719

0,02

29.077

0,02

537.394

0,30

Accounts Payable

61.921

0,15

440.331

0,40

4.790

0,00

36.602

0,02

Loans from Shareholders

0

0,00

121.280

0,11

563.546

0,42

0

0,00

Other Short-term Payable

0

0,00

0

0,00

0

0,00

0

0,00

Advances from Customers

23.526

0,06

12.318

0,01

5.207

0,00

10.458

0,01

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

14.628

0,04

25.796

0,02

9.673

0,01

26.841

0,01

Provisions

887

0,00

3.340

0,00

9.129

0,01

38.767

0,02

Other Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

LONG-TERM LIABILITIES

0

0,00

0

0,00

0

0,00

0

0,00

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

0

0,00

0

0,00

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

0

0,00

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

278.903

0,68

482.173

0,43

718.905

0,54

1.149.157

0,64

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

90.000

0,22

90.000

0,08

240.000

0,18

240.000

0,13

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

99.758

0,24

188.902

0,17

392.174

0,29

478.905

0,27

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

89.145

0,22

203.271

0,18

86.731

0,06

430.252

0,24

TOTAL LIABILITIES AND EQUITY

407.397

1,00

1.112.957

1,00

1.340.327

1,00

1.799.219

1,00

 

REMARKS ON FINANCIAL STATEMENT

:

At the last income statement TL 489.437 of the other expenses is due to "Other Extraordinary Expenses and Losses" .

 

 

 

INCOME STATEMENTS

 

 

(2007) TL

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

Net Sales

1.646.299

1,00

2.103.117

1,00

2.566.124

1,00

3.184.478

1,00

4.715.056

1,00

Cost of Goods Sold

1.295.627

0,79

1.569.432

0,75

2.181.305

0,85

2.337.457

0,73

3.216.164

0,68

Gross Profit

350.672

0,21

533.685

0,25

384.819

0,15

847.021

0,27

1.498.892

0,32

Operating Expenses

188.324

0,11

190.335

0,09

196.268

0,08

243.092

0,08

248.377

0,05

Operating Profit

162.348

0,10

343.350

0,16

188.551

0,07

603.929

0,19

1.250.515

0,27

Other Income

8.421

0,01

18.437

0,01

25.755

0,01

1.941

0,00

1.027

0,00

Other Expenses

52.098

0,03

56.244

0,03

67.073

0,03

19.225

0,01

499.204

0,11

Financial Expenses

5.370

0,00

49.462

0,02

30.051

0,01

47.753

0,01

142.788

0,03

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

113.301

0,07

256.081

0,12

117.182

0,05

538.892

0,17

609.550

0,13

Tax Payable

24.156

0,01

52.810

0,03

30.451

0,01

108.640

0,03

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

89.145

0,05

203.271

0,10

86.731

0,03

430.252

0,14

609.550

0,13

 

 

FINANCIAL RATIOS

 

 

(2007)

(2008)

(2009)

(2010)

LIQUIDITY RATIOS

 

 

 

 

Current Ratio

2,27

1,52

1,92

2,55

Acid-Test Ratio

1,95

0,96

1,26

2,50

Cash Ratio

0,49

0,02

0,76

0,86

ASSET STRUCTURE RATIOS

 

 

 

 

Inventory/Total Assets

0,08

0,32

0,30

0,01

Short-term Receivable/Total Assets

0,46

0,53

0,23

0,59

Tangible Assets/Total Assets

0,26

0,13

0,10

0,07

TURNOVER RATIOS

 

 

 

 

Inventory Turnover

38,74

4,46

5,47

105,77

Stockholders' Equity Turnover

5,90

4,36

3,57

2,77

Asset Turnover

4,04

1,89

1,91

1,77

FINANCIAL STRUCTURE

 

 

 

 

Stockholders' Equity/Total Assets

0,68

0,43

0,54

0,64

Current Liabilities/Total Assets

0,32

0,57

0,46

0,36

Financial Leverage

0,32

0,57

0,46

0,36

Gearing Percentage

0,46

1,31

0,86

0,57

PROFITABILITY RATIOS

 

 

 

 

Net Profit/Stockholders' Eq.

0,32

0,42

0,12

0,37

Operating Profit Margin

0,10

0,16

0,07

0,19

Net Profit Margin

0,05

0,10

0,03

0,14

Interest Cover

22,10

6,18

4,90

12,28

COLLECTION-PAYMENT

 

 

 

 

Average Collection Period (days)

41,13

101,28

43,92

120,79

Average Payable Period (days)

17,21

101,00

0,79

5,64

WORKING CAPITAL

163192,00

329802,00

571815,00

1004608,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.89

UK Pound

1

Rs.83.18

Euro

1

Rs.68.06

 

 

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.