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Report Date : |
03.02.2014 |
IDENTIFICATION DETAILS
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Name : |
VEFA TARIM ILACLARI KIMYA VE GIDA SANAYI TICARET A.S. |
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Formerly Known As : |
VEFA TARIM ILACLARI VE KIMYA SANAYI TICARET A.S. |
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Registered Office : |
Ankara Cad. Koruma Is Hani Kat:5 No:58 Izmit Kocaeli |
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Country : |
Turkey |
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Date of Incorporation : |
27.02.2008 |
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Com. Reg. No.: |
18480 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Wholesaler and Trader of pesticide. |
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No of Employees : |
4 |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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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 – September 30, 2013
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Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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Turkey |
B2 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 9.2% in 2010,
as exports returned to normal levels following the recession. Growth dropped to
approximately 3% in 2012. Turkey's public sector debt to GDP ratio has fallen
to about 40%, and at least one rating agency upgraded Turkey's debt to
investment grade in 2012. Turkey remains dependent on often volatile,
short-term investment to finance its large trade deficit. The stock value of
FDI stood at $117 billion at year-end 2012. Inflows have slowed because of
continuing economic turmoil in Europe, the source of much of Turkey's FDI.
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.
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Source
: CIA |
COMPANY IDENTIFICATION
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NAME |
: |
VEFA TARIM ILACLARI KIMYA VE GIDA SANAYI TICARET A.S. |
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HEAD OFFICE ADDRESS |
: |
Ankara Cad. Koruma Is Hani Kat:5 No:58 Izmit Kocaeli / Turkey |
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PHONE NUMBER |
: |
90-262-239 22 70 |
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FAX NUMBER |
: |
90-262-223 12 12 |
LEGAL STATUS AND HISTORY
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NOTES ON
LEGAL STATUS AND HISTORY |
: |
The paid-in capital
is declared by the subject. There is no certification for the paid-in
capital. |
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TAX OFFICE |
: |
Tepecik |
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TAX NO |
: |
9240442030 |
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REGISTRATION NUMBER |
: |
18480 |
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REGISTERED OFFICE |
: |
Izmit Chamber of Commerce |
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DATE ESTABLISHED |
: |
27.02.2008 |
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ESTABLISHMENT GAZETTE DATE/NO |
: |
03.03.2008/7011 |
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LEGAL FORM |
: |
Joint Stock Company |
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TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
TL 200.000 |
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PAID-IN CAPITAL |
: |
TL 200.000 |
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HISTORY |
: |
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OWNERSHIP / MANAGEMENT
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SHAREHOLDERS |
: |
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GROUP |
: |
KORUMA GROUP OF COMPANIES |
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SISTER COMPANIES |
: |
IZMIT SAKARYA NAKLIYAT KIMYA GIDA VE HAYVANCILIK SANAYI TICARET LTD.
STI. KORUMA INSAAT TICARET A.S. KORUMA KLOR ALKALI SANAYI VE TICARET A.S. KORUMA TARIM A.S. KORUMA TEMIZLIK A.S. |
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SUBSIDIARIES |
: |
Declared to be: None |
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BOARD OF DIRECTORS |
: |
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OPERATIONS
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BUSINESS ACTIVITIES |
: |
Wholesale trade of pesticide. The firm has declared that, it is planning to start manufacturing of
pesticide in 2015. |
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NACE CODE |
: |
G .51.55 |
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SECTOR |
: |
Commerce |
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NUMBER OF EMPLOYEES |
: |
4 |
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NET SALES |
: |
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REMARKS ON NET SALES |
: |
The sales figures of 2011 and 2012 are declared by the subject. There
is no certification for these figures. |
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PRODUCTION |
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None |
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IMPORT COUNTRIES |
: |
China |
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MERCHANDISE IMPORTED |
: |
Pesticide |
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EXPORT VALUE |
: |
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HEAD OFFICE ADDRESS |
: |
Ankara Cad. Koruma Is Hani Kat:5 No:58 Izmit Kocaeli / Turkey |
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TREND OF BUSINESS |
: |
There was a decline at business volume in nominal terms in 2012. |
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SIZE OF BUSINESS |
: |
Lower-Moderate |
FINANCE
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MAIN DEALING BANKS |
: |
Turk Ekonomi Bankasi Korfez Kurumsal Branch |
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PAYMENT BEHAVIOUR |
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No payment delays have come to our knowledge. |
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KEY FINANCIAL ELEMENTS |
: |
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REMARKS ON KEY FINANCIAL ELEMENTS |
: |
The key financial figures of 2011 and 2012 are declared by the
subject. There is no certification for these figures. |
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COMMENT ON FINANCIAL POSITION
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Capitalization |
Negative Stockholders’ Equity As of 31.12.2012 |
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Liquidity |
Low As of 31.12.2012 |
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Remarks On Liquidity |
Current ratio is 0,51 |
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Profitability |
Net Loss in 2011 Low Net Profitability in 2012 |
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General Financial Position |
Poor |
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Incr. in
producers’ price index |
Average USD/TL |
Average EUR/TL |
Average GBP/ TL |
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( 2011 ) |
13,33 % |
1,6797 |
2,3378 |
2,6863 |
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( 2012 ) |
2,45 % |
1,7995 |
2,3265 |
2,8593 |
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( 2013 ) |
6,97 % |
1,9179 |
2,5530 |
3,0178 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
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US Dollar |
1 |
Rs. 62.47 |
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|
1 |
Rs. 102.94 |
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Euro |
1 |
Rs. 84.60 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.