MIRA INFORM REPORT

 

 

Report Date :

06.04.2013

 

IDENTIFICATION DETAILS

 

Name :

VIP IC VE DIS TICARET MUSAVIRLIK LTD. STI. 

 

 

Formerly Known as:

Vip Gumruk Musavirligi Ltd. Sti.

 

 

Registered Office :

Turkgucu Cad. No:28 Yildiz Han D:5 Firuzaga Tophane  Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

2012

 

 

Date of Incorporation :

05.05.1995

 

 

Com. Reg. No.:

330266

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Representation of firms operating at various sectors mainly which deals with trade of timber and mineral.

 

 

No. of Employees :

03

 

 

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 :

Slow

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

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 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 8.2% in 2010, as exports returned to normal levels following the recession. Turkey's public sector debt to GDP ratio has fallen to roughly 40%. Continued strong growth has pushed inflation to the 8% level, however, and worsened an already high current account deficit. Turkey remains dependent on often volatile, short-term investment to finance its large trade deficit. The stock value of FDI stood at $99 billion at year-end 2011. Inflows have slowed considerably in light of continuing economic turmoil in Europe, the source of much of Turkey's FDI. Further economic and judicial reforms and prospective EU membership are expected to boost Turkey's attractiveness to foreign investors. However, 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

 

 

 

NOTES

:

Full name of the firm was missing at your inquiry.

 

 

COMPANY IDENTIFICATION

 

 

NAME

:

VIP IC VE DIS TICARET MUSAVIRLIK LTD. STI.

HEAD OFFICE ADDRESS

:

Turkgucu Cad. No:28 Yildiz Han D:5 Firuzaga Tophane  Istanbul / Turkey

PHONE NUMBER

:

90-212-249 28 59

 

FAX NUMBER

:

90-212-251 89 88

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Beyoglu

TAX NO

:

9250017447

REGISTRATION NUMBER

:

330266

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

05.05.1995

ESTABLISHMENT GAZETTE DATE /NO

:

17.05.1995/3787

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   131.000

PAID-IN CAPITAL

:

TL   131.000

 

HISTORY

:

Previous Name

:

Vip Gumruk Musavirligi Ithalat Ihracat Nakliyat Sanayi ve Ticaret Ltd. Sti.

Changed On

:

13.06.2003 (Commercial Gazette Date /Number 18.06.2003/ 5822)

Previous Name

:

Vip Gumruk Musavirligi Ltd. Sti.

Changed On

:

09.02.2007 (Commercial Gazette Date /Number 14.02.2007/ 6745)

Previous Registered Capital

:

TL 50.000

Changed On

:

22.01.2010 (Commercial Gazette Date /Number 27.01.2010/ 7488)

Previous Shareholder

:

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

Changed On

:

04.09.2012 (Commercial Gazette Date /Number 10.09.2012/ 8149)

 

 

 

PREVIOUS SHAREHOLDERS

:

Erkan Karagul

90 %

Ferhat Topcuoglu

7,50 %

Ferhan Topcuoglu

2,50 %

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Suleyman Semih Ayanoglu

50 %

Erkan Karagul

50 %

 

 

SISTER COMPANIES

:

ANAHTAR EGITIM VE BILGISAYAR HIZMETLERI TICARET LTD. STI.

 

DIGIFILM SAGLIK HIZMETLERI SANAYI VE TICARET LTD. STI.

 

ELEKTRA SAGLIK HIZMETLERI TICARET LTD. STI.

 

TOPCUOGLU GUMRUK MUSAVIRLIGI LTD. STI.

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Suleyman Semih Ayanoglu

 

Erkan Karagul

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Representation of firms operating at various sectors mainly which deals with trade of timber and mineral.  The subject declared that it has it stopped active operation in 2007 however it re-started active operation in 2012.

 

NACE CODE

:

G .51.19

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

3

 

NET SALES

:

0 TL

(2010) 

0 TL

(2011) 

1.216 TL

(2012) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT COUNTRIES

:

Ukraine

Egypt

 

MERCHANDISE IMPORTED

:

Mineral

Various products

 

HEAD OFFICE ADDRESS

:

Turkgucu Cad. No:28 Yildiz Han D:5 Firuzaga Tophane  Istanbul / Turkey

 

INVESTMENTS

:

None

 

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Asya Katilim Bankasi Caglayan Branch

Turk Ekonomi Bankasi Istoc Branch

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2010) TL

(2011) TL

(2012) TL

 

 

Net Sales

0

0

1.216

 

 

Profit (Loss) Before Tax

-2.655

-268.703

-8.788

 

 

Stockholders' Equity

280.661

11.958

 

 

 

Total Assets

280.661

11.958

 

 

 

Current Assets

279.327

10.624

 

 

 

Non-Current Assets

1.334

1.334

 

 

 

Current Liabilities

0

0

 

 

 

Long-Term Liabilities

0

0

 

 

 

Gross Profit (loss)

0

0

1.216

 

 

Operating Profit (loss)

-911

-903

-8.771

 

 

Net Profit (loss)

-2.655

-268.703

-8.788

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

General Financial Position

The firm was not active in 2011 so it had no indebtedness to third parties as of 31.12.2011 and net loss in 2011. The subject has declared that it re-started active operation in 2012 but it had heavy net loss in 2012 and the loss at the last interim period is expected to have a negative effect on equity total since the last balance sheet date.

 

 

 

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

 ( 01.01-31.03.2013)

0,50 %

1,7901

2,3575

2,7927

 

 

BALANCE SHEETS

 

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

279.327

1,00

10.624

0,89

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

277.902

0,99

9.188

0,77

Marketable Securities

0

0,00

0

0,00

Account Receivable

0

0,00

0

0,00

Other Receivable

586

0,00

586

0,05

Inventories

0

0,00

0

0,00

Advances Given

0

0,00

0

0,00

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

839

0,00

850

0,07

NON-CURRENT ASSETS

1.334

0,00

1.334

0,11

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)

1.334

0,00

1.334

0,11

Intangible Assets

0

0,00

0

0,00

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

0

0,00

TOTAL ASSETS

280.661

1,00

11.958

1,00

CURRENT LIABILITIES

0

0,00

0

0,00

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

Accounts Payable

0

0,00

0

0,00

Loans from Shareholders

0

0,00

0

0,00

Other Short-term Payable

0

0,00

0

0,00

Advances from Customers

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

Other Current Liabilities

0

0,00

0

0,00

LONG-TERM LIABILITIES

0

0,00

0

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

0

0,00

Provisions

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

280.661

1,00

11.958

1,00

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

131.000

0,47

131.000

10,96

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

1.273

0,00

1.273

0,11

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

164.955

0,59

165.055

13,80

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

-13.912

-0,05

-16.667

-1,39

Net Profit (loss)

-2.655

-0,01

-268.703

-22,47

TOTAL LIABILITIES AND EQUITY

280.661

1,00

11.958

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

 

(2012) TL

 

Net Sales

0

0,00

0

0,00

1.216

1,00

Cost of Goods Sold

0

0,00

0

0,00

0

0,00

Gross Profit

0

0,00

0

0,00

1.216

1,00

Operating Expenses

911

0,00

903

0,00

9.987

8,21

Operating Profit

-911

0,00

-903

0,00

-8.771

-7,21

Other Income

0

0,00

0

0,00

0

0,00

Other Expenses

1.744

0,00

267.800

0,00

17

0,01

Financial Expenses

0

0,00

0

0,00

0

0,00

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

-2.655

0,00

-268.703

0,00

-8.788

-7,23

Tax Payable

0

0,00

0

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

-2.655

0,00

-268.703

0,00

-8.788

-7,23

 

FINANCIAL RATIOS

 

 

(2010)

(2011)

LIQUIDITY RATIOS

 

 

Current Ratio

 

 

Acid-Test Ratio

 

 

Cash Ratio

 

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,00

0,00

Short-term Receivable/Total Assets

0,00

0,05

Tangible Assets/Total Assets

0,00

0,11

TURNOVER RATIOS

 

 

Inventory Turnover

 

 

Stockholders' Equity Turnover

0,00

0,00

Asset Turnover

0,00

0,00

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

1,00

1,00

Current Liabilities/Total Assets

0,00

0,00

Financial Leverage

0,00

0,00

Gearing Percentage

0,00

0,00

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

-0,01

-22,47

Operating Profit Margin

 

 

Net Profit Margin

 

 

Interest Cover

 

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

 

 

Average Payable Period (days)

 

 

WORKING CAPITAL

279327,00

10624,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.88

UK Pound

1

Rs.83.54

Euro

1

Rs.70.90

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.