MIRA INFORM REPORT

 

 

Report Date :

23.03.2013

 

IDENTIFICATION DETAILS

 

Name :

VATAN GIDA SANAYI VE DIS TICARET LTD. STI. 

 

 

Registered Office :

Akcaburgaz Mah. 97. Sok. No:4 Esenyurt Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

2012

 

 

Date of Incorporation :

30.01.1992

 

 

Com. Reg. No.:

283452

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacture and trade of flour additives and trade of laboratory materials  to be used at food product assay

 

 

No. of Employees :

30

 

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 :

Usually 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 – 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.

 

Address at your inquiry was changed by the authority/municipality.

 

 

 

COMPANY IDENTIFICATION

 

 

NAME

:

VATAN GIDA SANAYI VE DIS TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Akcaburgaz Mah. 97. Sok. No:4 Esenyurt Istanbul / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The address was changed from "Cakmakli Mah. 97. Sok. No:4 Kirac Buyukcekmece-Istanbul" to "Akcaburgaz Mah. 97. Sok. No:4 Esenyurt-Istanbul" again by the Municipality.

PHONE NUMBER

:

90-212-886 78 80 (7 Lines)

 

FAX NUMBER

:

90-212-886 74 73

 

WEB-ADDRESS

:

www.vatangida.net

E-MAIL

:

info@vatangida.net  

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Beylikduzu

TAX NO

:

9240008118

REGISTRATION NUMBER

:

283452

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

30.01.1992

ESTABLISHMENT GAZETTE DATE/NO

:

04.02.1992/2959

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   1.150.000

PAID-IN CAPITAL

:

TL   1.150.000

HISTORY

:

Previous Registered Capital

:

TL 800.000

Changed On

:

31.12.2009 (Commercial Gazette Date /Number 08.01.2010/ 7475)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Fevzi Avci

80 %

Nihal Avci

20 %

 

 

SISTER COMPANIES

:

VATAN KIMYA VE MAKINE SANAYI TICARET LTD.STI.

 

DIRECTORS

:

Fevzi Avci                                                                                                                                                                                                                                                                                   

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Manufacture and trade of flour additives and trade of laboratory materials  to be used at food product assay. 

 

NACE CODE

:

DA.15.89

 

DISTRIBUTOR OF

:

Biocatalysts   (U.K.)

Haubelt  

 

TRADEMARKS OWNED

:

Prolif

Provit

 

NUMBER OF EMPLOYEES

:

30

 

NET SALES

:

2.686.361 TL

(2004) 

2.783.616 TL

(2005) 

4.089.584 TL

(2006) 

4.612.802 TL

(2007) 

5.486.096 TL

(2008) 

6.167.419 TL

(2009) 

6.420.236 TL

(2010) 

8.269.564 TL

(2011) 

11.002.832 TL

(2012) 

 

 

IMPORT COUNTRIES

:

Netherlands

Germany

China

Denmark

U.K.

 

MERCHANDISE IMPORTED

:

Enzymes

 

EXPORT VALUE

:

246.051 TL

(2004)

737.998 TL

(2005)

75.606 TL

(2006)

402.435 TL

(2007)

451.987 TL

(2008)

1.247.212 TL

(2009)

953.258 TL

(2010)

1.946.114 TL

(2011)

2.478.101 TL

(2012)

 

 

EXPORT COUNTRIES

:

Albania

Bulgaria

Russia

Serbia

Germany

Pakistan

Kazakhstan

Iran

Georgia

 

MERCHANDISE  EXPORTED

:

Baking powders

Enzymes

Industrial food processor machines

Wheat gluten

 

HEAD OFFICE ADDRESS

:

Akcaburgaz Mah. 97. Sok. No:4 Esenyurt  Istanbul / Turkey ( owned by shareholder(s) )

 

BRANCHES

:

Head Office/Production Plant  :  Cakmakli Mah. 97. Sok. No:4 Kirac Buyukcekmece Istanbul/Turkey (owned by shareholder(s))          

INVESTMENTS

:

None

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2012.

SIZE OF BUSINESS

:

Medium

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Akbank Beylikduzu Branch

Garanti Bankasi Hadimkoy Branch

Halk Bankasi Buyukcekmece Branch

T.Is Bankasi Sofular 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

:

 

(2008) TL

(2009) TL

(2010) TL

(2011) TL

(2012) TL

Net Sales

5.486.096

6.167.419

6.420.236

8.269.564

11.002.832

Profit (Loss) Before Tax

444.809

375.385

289.788

551.835

1.173.377

Stockholders' Equity

2.456.556

2.897.522

3.300.923

3.695.979

 

Total Assets

3.211.815

3.744.386

4.245.166

5.458.250

 

Current Assets

2.910.705

3.370.600

3.823.541

5.029.460

 

Non-Current Assets

301.110

373.786

421.625

428.790

 

Current Liabilities

755.259

815.635

728.033

1.190.231

 

Long-Term Liabilities

0

31.229

216.210

572.040

 

Gross Profit (loss)

1.287.118

1.378.035

1.477.520

2.002.029

2.849.287

Operating Profit (loss)

388.208

307.603

361.854

630.353

1.346.840

Net Profit (loss)

351.997

290.641

213.964

419.137

1.173.377

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

High As of 31.12.2011

Remarks on Capitalization

A part of total liabilities and equity consist of loans from shareholders rather than liabilities to third parties indicating not too high indebtedness to third parties.

 

Liquidity

High As of 31.12.2011

Remarks On Liquidity

A part of current liabilities consist of short-term loans from shareholders rather than liabilities to third parties. 

 

The unfavorable gap between average collection and average payable period has an adverse effect on liquidity.

 

Profitability

Good Operating Profitability  in 2008

High Net Profitability  in 2008

In Order Operating Profitability  in 2009

Good Net Profitability  in 2009

Good Operating Profitability  in 2010

In Order Net Profitability  in 2010

Good Operating Profitability  in 2011

Good Net Profitability  in 2011

High Operating Profitability  in 2012

High Net Profitability  in 2012

 

Gap between average collection and payable periods

Unfavorable in 2011

General Financial Position

Good

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2004 )

13,84 %

1,4266

1,7666

2,6001

 ( 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

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 ( 01.01-28.02.2013)

-0,31 %

1,7828

2,3690

2,8041

 

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

2.910.705

0,91

3.370.600

0,90

3.823.541

0,90

5.029.460

0,92

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

383.032

0,12

243.194

0,06

346.846

0,08

346.278

0,06

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

1.222.649

0,38

1.472.004

0,39

1.325.187

0,31

2.518.359

0,46

Other Receivable

158

0,00

0

0,00

0

0,00

270

0,00

Inventories

764.238

0,24

1.024.501

0,27

1.476.664

0,35

1.273.177

0,23

Advances Given

531.639

0,17

539.516

0,14

207.139

0,05

403.192

0,07

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

8.989

0,00

91.385

0,02

467.705

0,11

488.184

0,09

NON-CURRENT ASSETS

301.110

0,09

373.786

0,10

421.625

0,10

428.790

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)

263.333

0,08

340.750

0,09

379.501

0,09

380.463

0,07

Intangible Assets

13.719

0,00

11.819

0,00

23.616

0,01

18.243

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

24.058

0,01

21.217

0,01

18.508

0,00

30.084

0,01

TOTAL ASSETS

3.211.815

1,00

3.744.386

1,00

4.245.166

1,00

5.458.250

1,00

CURRENT LIABILITIES

755.259

0,24

815.635

0,22

728.033

0,17

1.190.231

0,22

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

8.619

0,00

40.945

0,01

15.989

0,00

17.479

0,00

Accounts Payable

113.178

0,04

475.264

0,13

236.798

0,06

310.801

0,06

Loans from Shareholders

387.983

0,12

182.873

0,05

265.825

0,06

405.765

0,07

Other Short-term Payable

18.070

0,01

1.518

0,00

1.731

0,00

20.626

0,00

Advances from Customers

187.844

0,06

70.893

0,02

170.766

0,04

337.934

0,06

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

39.565

0,01

44.142

0,01

33.951

0,01

96.812

0,02

Provisions

0

0,00

0

0,00

0

0,00

814

0,00

Other Current Liabilities

0

0,00

0

0,00

2.973

0,00

0

0,00

LONG-TERM LIABILITIES

0

0,00

31.229

0,01

216.210

0,05

572.040

0,10

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

31.229

0,01

216.210

0,05

572.040

0,10

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

2.456.556

0,76

2.897.522

0,77

3.300.923

0,78

3.695.979

0,68

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

800.000

0,25

955.000

0,26

1.150.000

0,27

1.150.000

0,21

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

373.584

0,12

373.584

0,10

373.584

0,09

373.584

0,07

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

930.975

0,29

1.278.297

0,34

1.563.375

0,37

1.753.258

0,32

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)

351.997

0,11

290.641

0,08

213.964

0,05

419.137

0,08

TOTAL LIABILITIES AND EQUITY

3.211.815

1,00

3.744.386

1,00

4.245.166

1,00

5.458.250

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

 

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

(2012) TL

 

Net Sales

5.486.096

1,00

6.167.419

1,00

6.420.236

1,00

8.269.564

1,00

11.002.832

1,00

Cost of Goods Sold

4.198.978

0,77

4.789.384

0,78

4.942.716

0,77

6.267.535

0,76

8.153.545

0,74

Gross Profit

1.287.118

0,23

1.378.035

0,22

1.477.520

0,23

2.002.029

0,24

2.849.287

0,26

Operating Expenses

898.910

0,16

1.070.432

0,17

1.115.666

0,17

1.371.676

0,17

1.502.447

0,14

Operating Profit

388.208

0,07

307.603

0,05

361.854

0,06

630.353

0,08

1.346.840

0,12

Other Income

149.391

0,03

199.282

0,03

109.764

0,02

267.566

0,03

156.631

0,01

Other Expenses

92.790

0,02

131.500

0,02

178.857

0,03

333.195

0,04

283.018

0,03

Financial Expenses

0

0,00

0

0,00

2.973

0,00

12.889

0,00

47.076

0,00

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

444.809

0,08

375.385

0,06

289.788

0,05

551.835

0,07

1.173.377

0,11

Tax Payable

92.812

0,02

84.744

0,01

75.824

0,01

132.698

0,02

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

351.997

0,06

290.641

0,05

213.964

0,03

419.137

0,05

1.173.377

0,11

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

(2011)

LIQUIDITY RATIOS

 

Current Ratio

3,85

4,13

5,25

4,23

Acid-Test Ratio

2,13

2,10

2,30

2,41

Cash Ratio

0,51

0,30

0,48

0,29

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,24

0,27

0,35

0,23

Short-term Receivable/Total Assets

0,38

0,39

0,31

0,46

Tangible Assets/Total Assets

0,08

0,09

0,09

0,07

TURNOVER RATIOS

 

Inventory Turnover

5,49

4,67

3,35

4,92

Stockholders' Equity Turnover

2,23

2,13

1,94

2,24

Asset Turnover

1,71

1,65

1,51

1,52

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,76

0,77

0,78

0,68

Current Liabilities/Total Assets

0,24

0,22

0,17

0,22

Financial Leverage

0,24

0,23

0,22

0,32

Gearing Percentage

0,31

0,29

0,29

0,48

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,14

0,10

0,06

0,11

Operating Profit Margin

0,07

0,05

0,06

0,08

Net Profit Margin

0,06

0,05

0,03

0,05

Interest Cover

 

 

98,47

43,81

COLLECTION-PAYMENT

 

Average Collection Period (days)

80,23

85,92

74,31

109,63

Average Payable Period (days)

9,70

35,72

17,25

17,85

WORKING CAPITAL

2155446,00

2554965,00

3095508,00

3839229,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.34

UK Pound

1

Rs.82.56

Euro

1

Rs.70.10

 

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.