MIRA INFORM REPORT

 

 

Report No. :

356740

Report Date :

26.12.2015

 

IDENTIFICATION DETAILS

 

Name :

VAV TEKNOLOJI BILISIM SANAYI VE TICARET A.S.

 

 

Registered Office :

Kemalpasa Cad. No:341 Pinarbasi Izmir

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

15.03.2010

 

 

Com. Reg. No.:

147710

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :
  • The Subject provides software services. 
  • The Subject is also dealing with manufacture and trade of laser and robotic machineries.

 

 

Employees:

28

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

Slow but 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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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 has brought up to 1 million barrels per day from the Caspian region to market. Several gas pipeline projects also are moving forward to help transport Caspian gas to Europe through Turkey, which over the long term will help address Turkey's dependence on imported oil and gas, which currently meets 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 around 9% in 2010-11, as exports returned to normal levels following the recession. Two rating agencies upgraded Turkey's debt to investment grade in 2012 and 2013, and Turkey's public sector debt to GDP ratio fell to 33% in 2014. The stock value of Foreign Direct Investment reached nearly $195 billion at year-end 2014.

Despite these positive trends, GDP growth dropped to 4.4% in 2013 and 2.9% in 2014. Growth slowed considerably in the last quarter of 2014, largely due to lackluster consumer demand both domestically and in Europe, Turkey’s most important export market. High interest rates have also contributed to the slowdown in growth, as Turkey sharply increased interest rates in January 2014 in order to strengthen the country’s currency and reduce inflation. Turkey then cut rates in February 2015 in a bid to spur economic growth.

The Turkish economy retains significant weaknesses. Specifically, Turkey's relatively high current account deficit, domestic political uncertainty, and turmoil within Turkey's neighborhood leave the economy vulnerable to destabilizing shifts in investor confidence. Turkey also remains dependent on often volatile, short-term investment to finance its large current account deficit.

Source : CIA

 

 COMPANY IDENTIFICATION

 

NAME

:

VAV TEKNOLOJI BILISIM SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Kemalpasa Cad. No:341 Pinarbasi Izmir / Turkey

PHONE NUMBER

:

90-212-656 60 76 (Liaison Office)

90-232-479 16 07 (Head Office)

 

FAX NUMBER

:

90-212-656 60 79 (Liaison Office)

90-232-479 17 14 (Head Office)

 

WEB-ADDRESS

:

www.vavteknoloji.com.tr

E-MAIL

:

info@vavteknoloji.com.tr

 

 

LEGAL STATUS AND HISTORY

 

NOTES ON LEGAL STATUS AND HISTORY

:

Change at tax no .

 

 

TAX OFFICE

:

Bornova

TAX NO

:

9240485713

REMARKS ON TAX NO

:

As the subject changed its legal status from limited company to joint stock company, the tax number was changed from 9240454202 to 9240485713.

REGISTRATION NUMBER

:

147710

REGISTERED OFFICE

:

Izmir Chamber of Commerce

DATE ESTABLISHED

:

15.03.2010

ESTABLISHMENT GAZETTE DATE/NO

:

18.03.2010/7524

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   1.250.000

HISTORY

:

Previous Legal Type

:

Limited Company

Changed On

:

24.09.2013 (Commercial Gazette Date /Number 03.10.2013/ 8418)

Previous Name

:

Vav Teknoloji Bilisim Sanayi Ve Ticaret Ltd. Sti.

Changed On

:

24.09.2013 (Commercial Gazette Date /Number 03.10.2013/ 8418)

Previous Registered Capital

:

TL 500.000

Changed On

:

09.07.2015 (Commercial Gazette Date /Number 24.08.2015/ 8890)

Previous Address

:

Kemalpasa Cad. No:27/4 Bornova Izmir

Changed On

:

03.04.2014 (Commercial Gazette Date /Number 10.04.2014/ 8547)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Temel Akcay

50 %

Tamer Akcay

50 %

 

 

BOARD OF DIRECTORS

:

Temel Akcay

Chairman

Tamer Akcay

Vice-Chairman

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

The firm provides software services. 

 

The firm is also dealing with manufacture and trade of laser and robotic machineries.

 

NACE CODE

:

K .72.20

 

NUMBER OF EMPLOYEES

:

28

 

NET SALES

:

5.214 TL

(15.03-31.12.2010) 

5.334.235 TL

(2011) 

7.692.518 TL

(2012) 

10.982.925 TL

(2013) 

14.470 TL Thousand

(2014) 

 

 

IMPORT VALUE

:

1.147.200 TL

(2011)

 

 

IMPORT COUNTRIES

:

Germany

Denmark

U.S.A.

Singapore

Italy

U.K.

 

MERCHANDISE IMPORTED

:

Spare parts

 

EXPORT VALUE

:

662.453 TL

(2011)

2.935.465 TL

(2012)

6.378.888 TL

(2013)

5.921 TL Thousand

(2014)

 

 

EXPORT COUNTRIES

:

India

Pakistan

Bangladesh

 

MERCHANDISE  EXPORTED

:

Laser and robotic machineries

 

HEAD OFFICE ADDRESS

:

Kemalpasa Cad. No:341 Pinarbasi  Izmir / Turkey ( owned )

 

BRANCHES

:

Liaison Office  :  Evren Mah. Bahar Cad. Polat Is Merkezi A-Blok K:1/4 Gunesli Istanbul/Turkey (rented)

 

Head Office/Production Plant  :  Kemalpasa Cad. No:27/4 Pinarbasi Izmir/Turkey (owned)

           

 

TREND OF BUSINESS

:

There was an upwards trend in  2014.

SIZE OF BUSINESS

:

Upper-Medium

 

 

FINANCE

 

MAIN DEALING BANKS

:

Yapi ve Kredi Bankasi 9 Eylul Branch

 

CREDIT FACILITIES

:

The subject company is making active use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(15.03-31.12.2010) TL

(2011) TL

(2012) TL

(2013) TL

(2014) TL Thousand

Net Sales

5.214

5.334.235

7.692.518

10.982.925

14.470

Profit (Loss) Before Tax

-264.156

285.465

124.352

330.435

486

Stockholders' Equity

-214.156

65.345

160.828

644.290

1.031

Total Assets

1.520.430

3.675.762

3.624.599

5.342.568

7.599

Current Assets

1.262.156

3.356.598

3.049.305

4.541.010

6.936

Non-Current Assets

258.274

319.164

575.294

801.558

663

Current Liabilities

1.734.586

3.590.550

1.595.002

3.996.457

6.385

Long-Term Liabilities

0

19.867

1.868.769

701.821

183

Gross Profit (loss)

5.214

1.536.272

1.540.039

2.153.927

3.643

Operating Profit (loss)

-265.545

285.203

204.149

495.791

920

Net Profit (loss)

-264.156

279.501

95.482

285.821

387

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

THE DETAILS OF THE CAPITAL INCREASE  AFTER LAST BALANCE SHEET

 

:

Cash Part

:245.410,40 TL

Equity Part

:504.589,60 TL

Payment Due Date

:09.07.2017

 

Capitalization

Insufficient

Remarks on Capitalization

There has been capital increase after the last balance sheet date. The capital increase is expected to have a slight positive effect on equity total since the last balance sheet date.

 

Liquidity

Insufficient

Remarks On Liquidity

The capital increase after the last balance sheet is expected to have a positive effect on liquidity since the last balance sheet date. 

 

The unfavorable gap between average collection and average payable period has an adverse 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

Operating Loss (15.03-31.12.2010)

Net Loss (15.03-31.12.2010)

In Order Operating Profitability  in 2011

Good Net Profitability  in 2011

Fair Operating Profitability  in 2012

Low Net Profitability  in 2012

In Order Operating Profitability  in 2013

In Order Net Profitability  in 2013

Good Operating Profitability  in 2014

In Order Net Profitability  in 2014

 

Gap between average collection and payable periods

Unfavorable in 2014

General Financial Position

Passable

 

 

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

 ( 2013 )

6,97 %

1,9179

2,5530

3,0178

 ( 2014 )

6,36 %

2,1891

2,8989

3,6060

 ( 01.01-30.11.2015)

6,06 %

2,7064

3,0117

4,1515

 

 

BALANCE SHEETS

 

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL

 

 ( 31.12.2013 )  TL

 

 ( 31.12.2014 )  TL Thousand

 

CURRENT ASSETS

1.262.156

0,83

3.356.598

0,91

3.049.305

0,84

4.541.010

0,85

6.936

0,91

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

296.576

0,20

380.144

0,10

8.635

0,00

474.124

0,09

256

0,03

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

4.236

0,00

339.487

0,09

928.173

0,26

566.440

0,11

3.247

0,43

Other Receivable

0

0,00

0

0,00

113.953

0,03

0

0,00

0

0,00

Inventories

558.828

0,37

1.873.750

0,51

1.155.455

0,32

1.938.020

0,36

646

0,09

Advances Given

228.522

0,15

188.495

0,05

12.068

0,00

53.115

0,01

74

0,01

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

173.994

0,11

574.722

0,16

831.021

0,23

1.509.311

0,28

2.713

0,36

NON-CURRENT ASSETS

258.274

0,17

319.164

0,09

575.294

0,16

801.558

0,15

663

0,09

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

4.500

0,00

4.500

0,00

15.841

0,00

15.841

0,00

16

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

120.527

0,08

164.540

0,04

245.122

0,07

218.623

0,04

488

0,06

Intangible Assets

126.314

0,08

133.910

0,04

299.124

0,08

555.395

0,10

155

0,02

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

6.933

0,00

16.214

0,00

15.207

0,00

11.699

0,00

4

0,00

TOTAL ASSETS

1.520.430

1,00

3.675.762

1,00

3.624.599

1,00

5.342.568

1,00

7.599

1,00

CURRENT LIABILITIES

1.734.586

1,14

3.590.550

0,98

1.595.002

0,44

3.996.457

0,75

6.385

0,84

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

295

0,00

271.135

0,07

2.630.858

0,49

4.724

0,62

Accounts Payable

105.904

0,07

1.193.772

0,32

1.026.864

0,28

1.002.572

0,19

1.401

0,18

Loans from Shareholders

1.450.829

0,95

572.931

0,16

0

0,00

8.318

0,00

0

0,00

Other Short-term Payable

171.353

0,11

16.609

0,00

26.085

0,01

68.335

0,01

75

0,01

Advances from Customers

0

0,00

1.784.822

0,49

246.928

0,07

285.630

0,05

63

0,01

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

6.500

0,00

22.066

0,01

23.990

0,01

744

0,00

122

0,02

Provisions

0

0,00

55

0,00

0

0,00

0

0,00

0

0,00

Other Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

LONG-TERM LIABILITIES

0

0,00

19.867

0,01

1.868.769

0,52

701.821

0,13

183

0,02

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

19.867

0,01

47.975

0,01

47.975

0,01

0

0,00

Securities Issued

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

1.820.794

0,50

653.846

0,12

183

0,02

Loans from Shareholders

0

0,00

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

0

0,00

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

-214.156

-0,14

65.345

0,02

160.828

0,04

644.290

0,12

1.031

0,14

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

644.290

0,12

0

0,00

Paid-in Capital

50.000

0,03

50.000

0,01

50.000

0,01

0

0,00

500

0,07

Cross Shareholding Adjustment of Capital

0

0,00

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

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

0

0,00

0

0,00

279.502

0,08

0

0,00

144

0,02

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

-264.156

-0,07

-264.156

-0,07

0

0,00

0

0,00

Net Profit (loss)

-264.156

-0,17

279.501

0,08

95.482

0,03

0

0,00

387

0,05

TOTAL LIABILITIES AND EQUITY

1.520.430

1,00

3.675.762

1,00

3.624.599

1,00

5.342.568

1,00

7.599

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. 

 

In the sub-items of "Account Receivable", TL thousand 0 is "Doubtful Trade Receivables" at the last balance sheet. 

 

TL thousand 0 of "Tax Payable" is due to "Overdue, Delayed or Deferred Tax by Installments and Other Liabilities" at the last balance sheet. 

 

At the last income statement TL thousand 559 of the other expenses is due to "Loss from Foreign Currency Exchange" .

 

 

INCOME STATEMENTS

 

 

(15.03-31.12.2010) TL

 

(2011) TL

 

(2012) TL

 

(2013) TL

 

(2014) TL Thousand

 

Net Sales

5.214

1,00

5.334.235

1,00

7.692.518

1,00

10.982.925

1,00

14.470

1,00

Cost of Goods Sold

0

0,00

3.797.963

0,71

6.152.479

0,80

8.828.998

0,80

10.827

0,75

Gross Profit

5.214

1,00

1.536.272

0,29

1.540.039

0,20

2.153.927

0,20

3.643

0,25

Operating Expenses

270.759

51,93

1.251.069

0,23

1.335.890

0,17

1.658.136

0,15

2.723

0,19

Operating Profit

-265.545

-50,93

285.203

0,05

204.149

0,03

495.791

0,05

920

0,06

Other Income

10.162

1,95

112.641

0,02

215.673

0,03

684.380

0,06

535

0,04

Other Expenses

7.324

1,40

98.652

0,02

243.884

0,03

749.581

0,07

709

0,05

Financial Expenses

1.449

0,28

13.727

0,00

51.586

0,01

100.155

0,01

260

0,02

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

-264.156

-50,66

285.465

0,05

124.352

0,02

330.435

0,03

486

0,03

Tax Payable

0

0,00

5.964

0,00

28.870

0,00

44.614

0,00

99

0,01

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

-264.156

-50,66

279.501

0,05

95.482

0,01

285.821

0,03

387

0,03

 

 

FINANCIAL RATIOS

 

 

(15.03-31.12.2010)

(2011)

(2012)

(2013)

(2014)

LIQUIDITY RATIOS

 

Current Ratio

0,73

0,93

1,91

1,14

1,09

Acid-Test Ratio

0,17

0,20

0,66

0,26

0,55

Cash Ratio

0,17

0,11

0,01

0,12

0,04

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,37

0,51

0,32

0,36

0,09

Short-term Receivable/Total Assets

0,00

0,09

0,29

0,11

0,43

Tangible Assets/Total Assets

0,08

0,04

0,07

0,04

0,06

TURNOVER RATIOS

 

Inventory Turnover

0,00

2,03

5,32

4,56

16,76

Stockholders' Equity Turnover

-0,02

81,63

47,83

17,05

14,03

Asset Turnover

0,00

1,45

2,12

2,06

1,90

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

-0,14

0,02

0,04

0,12

0,14

Current Liabilities/Total Assets

1,14

0,98

0,44

0,75

0,84

Financial Leverage

1,14

0,98

0,96

0,88

0,86

Gearing Percentage

-8,10

55,25

21,54

7,29

6,37

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

1,23

4,28

0,59

0,44

0,38

Operating Profit Margin

-50,93

0,05

0,03

0,05

0,06

Net Profit Margin

-50,66

0,05

0,01

0,03

0,03

Interest Cover

-181,30

21,80

3,41

4,30

2,87

COLLECTION-PAYMENT

 

Average Collection Period (days)

603,18

23,22

44,18

19,09

81,18

Average Payable Period (days)

 

113,15

166,63

67,54

52,67

WORKING CAPITAL

-472430,00

-233952,00

1454303,00

544553,00

551,00

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.20

UK Pound

1

Rs.98.30

Euro

1

Rs.72.41

TRY

1

Rs.22.65

Note : Above are approximate rates obtained from sources believed to be correct

 

INFORMATION DETAILS

 

Analysis Done by :

HEE

 

 

Report Prepared by :

SDA

 

 

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

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NB

                                       New Business

 

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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.