MIRA INFORM REPORT

 

 

Report Date :

05.07.2012

 

IDENTIFICATION DETAILS

 

Name :

ENVOTEK IC VE DIS TICARET LTD. STI.

 

 

Formerly Known As :

CAGRI MEDIKAL TIBBI MALZEME PAZARLAMA SANAYI VE TICARET LTD. STI.

 

 

Registered Office :

Seyit Omer Mah. Cevdetpasa Cad. No:34 Daire:B-1 Findikzade Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

16.11.2007

 

 

Com. Reg. No.:

645536

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Electrical contracting ,electrical project designing and trade of various kind of products such as chemicals

 

 

No. of Employees :

Not Available

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Moderate

Payment Behaviour :

Unknown

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

 

REMARKS

:

Envotek Group is the trade name of ENVOTEK IC VE DIS TICARET LTD. STI.

 

 

NOTES

:

Full name of the firm was missing at your inquiry.

 

 

COMPANY IDENTIFICATION

 

NAME

:

ENVOTEK IC VE DIS TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Seyit Omer Mah. Cevdetpasa Cad. No:34 Daire:B-1 Findikzade Istanbul / Turkey

PHONE NUMBER

:

90-212-632 90 71-72

 

FAX NUMBER

:

90-212-530 06 56

 

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Kocamustafapasa

TAX NO

:

2200613054

REGISTRATION NUMBER

:

645536

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

16.11.2007

ESTABLISHMENT GAZETTE DATE/NO

:

22.11.2007/6942

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

 

REGISTERED CAPITAL

:

TL   500.000

PAID-IN CAPITAL

:

TL   500.000

HISTORY

:

Previous Name

:

Cagri Medikal Tibbi Malzeme Pazarlama Sanayi ve Ticaret Ltd. Sti.

Changed On

:

05.06.2012 (Commercial Gazette Date /Number 11.06.2012/ 8087)

Previous Name

:

Envotek Elektrik Proje Taahhut ve Ticaret Ltd. Sti.

Changed On

:

29.06.2012

Previous Address

:

Iskenderpasa Mah. Feyzullah Efendi Sok. No:27 Daire:1 Fatih

Changed On

:

06.10.2009 (Commercial Gazette Date /Number 13.10.2009/ 7416)

Previous Shareholder

:

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

Changed On

:

28.11.2008 (Commercial Gazette Date /Number 03.12.2008/ 7202)

 

 

 

PREVIOUS SHAREHOLDERS

:

Omer Karagoz

50 %

Ozer Yildirim

50 %

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Turan Korkmaz

50 %

Ibrahim Deniz

50 %

 

 

SISTER COMPANIES

:

GELISIM MEDIKAL TIBBI MALZEME PAZARLAMA SANAYI VE TICARET LTD. STI.

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Ibrahim Deniz

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

The subject was dealing with trade of orthopedic products but the name of the firm was changed in 2012 and then the subject also changed its business line to electrical contracting ,electrical project designing and trade of various kind of products such as chemicals. 

 

NET SALES

:

811.832 TL

(2011) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

 

IMPORT COUNTRIES

:

Belgium

India

 

MERCHANDISE IMPORTED

:

Chemical

 

EXPORT VALUE

:

0 TL

(2011)

0 TL

(01.01-31.05.2012)

 

 

HEAD OFFICE ADDRESS

:

Seyit Omer Mah. Cevdetpasa Cad. No:34 Daire:B-1 Findikzade  Istanbul / Turkey

 

 

SIZE OF BUSINESS

:

Moderate

 

 

FINANCE

 

MAIN DEALING BANKS

:

Yapi ve Kredi Bankasi Sehremini Branch

 

CREDIT FACILITIES

:

No credit facility has come to our knowledge.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2011) TL

Net Sales

811.832

Profit (Loss) Before Tax

-977.542

Stockholders' Equity

-244.157

Total Assets

1.525.261

Current Assets

1.437.462

Non-Current Assets

87.799

Current Liabilities

1.769.418

Long-Term Liabilities

0

Gross Profit (loss)

217.637

Operating Profit (loss)

14.612

Net Profit (loss)

-977.542

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Negative Stockholders’ Equity As of 31.12.2011

Liquidity

Fair As of 31.12.2011

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

Fair Operating Profitability  in 2011

Net Loss  in 2011

 

Gap between average collection and payable periods

Favorable in 2011

General Financial Position

Poor

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 01.01-31.05.2012)

1,27 %

1,8008

2,3565

2,8479

 ( 01.01-30.06.2012)

1,95 %

1,8028

2,3463

2,8462

 

 

BALANCE SHEETS

 

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

1.437.462

0,94

Not Detailed Current Assets

0

0,00

Cash and Banks

26.570

0,02

Marketable Securities

0

0,00

Account Receivable

112.300

0,07

Other Receivable

1.284.380

0,84

Inventories

0

0,00

Advances Given

7.631

0,01

Accumulated Construction Expense

0

0,00

Other Current Assets

6.581

0,00

NON-CURRENT ASSETS

87.799

0,06

Not Detailed Non-Current Assets

0

0,00

Long-term Receivable

0

0,00

Financial Assets

0

0,00

Tangible Fixed Assets (net)

78.584

0,05

Intangible Assets

0

0,00

Deferred Tax Assets

0

0,00

Other Non-Current Assets

9.215

0,01

TOTAL ASSETS

1.525.261

1,00

CURRENT LIABILITIES

1.769.418

1,16

Not Detailed Current Liabilities

0

0,00

Financial Loans

0

0,00

Accounts Payable

1.758.947

1,15

Loans from Shareholders

0

0,00

Other Short-term Payable

2.145

0,00

Advances from Customers

7.631

0,01

Accumulated Construction Income

0

0,00

Taxes Payable

695

0,00

Provisions

0

0,00

Other Current Liabilities

0

0,00

LONG-TERM LIABILITIES

0

0,00

Not Detailed Long-term Liabilities

0

0,00

Financial Loans

0

0,00

Securities Issued

0

0,00

Long-term Payable

0

0,00

Loans from Shareholders

0

0,00

Other Long-term Liabilities

0

0,00

Provisions

0

0,00

STOCKHOLDERS' EQUITY

-244.157

-0,16

Not Detailed Stockholders' Equity

0

0,00

Paid-in Capital

500.000

0,33

Cross Shareholding Adjustment of Capital

0

0,00

Inflation Adjustment of Capital

0

0,00

Equity of Consolidated Firms

0

0,00

Reserves

233.385

0,15

Revaluation Fund

0

0,00

Accumulated Losses(-)

0

0,00

Net Profit (loss)

-977.542

-0,64

TOTAL LIABILITIES AND EQUITY

1.525.261

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  will be given under  "Account Receivable" figure and  "Account Payable" figure respectively. 

 

At the last income statement TL 1.006.681 of the other expenses is due to "Other Extraordinary Expenses and Losses" .

 

 

INCOME STATEMENT

 

 

(2011) TL

 

Net Sales

811.832

1,00

Cost of Goods Sold

594.195

0,73

Gross Profit

217.637

0,27

Operating Expenses

203.025

0,25

Operating Profit

14.612

0,02

Other Income

14.527

0,02

Other Expenses

1.006.681

1,24

Financial Expenses

0

0,00

Minority Interests

0

0,00

Profit (loss) of consolidated firms

0

0,00

Profit (loss) Before Tax

-977.542

-1,20

Tax Payable

0

0,00

Postponed Tax Gain

0

0,00

Net Profit (loss)

-977.542

-1,20

 

 

FINANCIAL RATIOS

 

 

(2011)

LIQUIDITY RATIOS

 

Current Ratio

0,81

Acid-Test Ratio

0,80

Cash Ratio

0,02

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,00

Short-term Receivable/Total Assets

0,92

Tangible Assets/Total Assets

0,05

TURNOVER RATIOS

 

Inventory Turnover

 

Stockholders' Equity Turnover

-3,33

Asset Turnover

0,53

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

-0,16

Current Liabilities/Total Assets

1,16

Financial Leverage

1,16

Gearing Percentage

-7,25

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

4,00

Operating Profit Margin

0,02

Net Profit Margin

-1,20

Interest Cover

 

COLLECTION-PAYMENT

 

Average Collection Period (days)

49,80

Average Payable Period (days)

1065,68

WORKING CAPITAL

-331956,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.55

UK Pound

1

Rs.85.48

Euro

1

Rs.68.70

 

 

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.