MIRA INFORM REPORT

 

 

Report No. :

326319

Report Date :

12.06.2015

 

IDENTIFICATION DETAILS

 

Name :

VASTAS VALF ARMATUR SANAYI TICARET A.S.

 

 

Registered Office :

Perpa Ticaret Merkezi A Blok Kat 13 No:1977 Okmeydani Sisli Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

10.04.1979

 

 

Com. Reg. No.:

625538

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Subject is manufacture and trade of compact valves and pipeline valves such as ball valves, gate valves, check valves

 

 

No. of Employee :

185

 

 

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 :

No complaints

 

 

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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 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. Growth has dropped to roughly 2-4% in 2013-14. Turkey's public sector debt to GDP ratio has fallen below 40%, and two rating agencies upgraded Turkey's debt to investment grade in 2012 and 2013. Turkey remains dependent on often volatile, short-term investment to finance its large current account deficit. The stock value of FDI reached nearly $195 billion at year-end 2014, reflecting Turkey's robust growth even in the face of economic turmoil in Europe, the source of most of Turkey's foreign direct investment. 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.

 

Source : CIA

 

 

NOTES

:

Address at your inquiry is not the registered head office but another premise.

 

 

COMPANY IDENTIFICATION

 

 

NAME

:

VASTAS VALF ARMATUR SANAYI TICARET A.S.

HEAD OFFICE ADDRESS

:

Perpa Ticaret Merkezi A Blok Kat 13 No:1977 Okmeydani Sisli Istanbul / Turkey

PHONE NUMBER

:

90-212-221 39 81

 

FAX NUMBER

:

90-212-222 63 59

 

WEB-ADDRESS

:

www.vastas.com

E-MAIL

:

vastas@vastas.com

 

 

LEGAL STATUS AND HISTORY

 

 

NOTES ON LEGAL STATUS AND HISTORY

:

Change at registration no .

 

 

TAX OFFICE

:

Bogazici Kurumlar

TAX NO

:

9240005051

REGISTRATION NUMBER

:

625538

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

 

DATE ESTABLISHED

:

10.04.1979

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   20.000.000

HISTORY

:

Previous Registered Capital

:

TL 2.000.000

Changed On

:

25.04.2008 (Commercial Gazette Date /Number 30.04.2008/ 7052)

Previous Registered Capital

:

TL 4.000.000

Changed On

:

10.04.2009 (Commercial Gazette Date /Number 15.04.2009/ 7292)

Previous Registered Capital

:

TL 6.000.000

Changed On

:

13.04.2010 (Commercial Gazette Date /Number 19.04.2010/ 7546)

Previous Registered Capital

:

TL 10.000.000

Changed On

:

27.04.2011 (Commercial Gazette Date /Number 03.05.2011/ 7807)

Previous Registered Capital

:

TL 15.000.000

Changed On

:

09.04.2015 (Commercial Gazette Date /Number 14.05.2015/ 8800)

Previous Address

:

Perpa Ticaret Merkezi B Blok Kat:13 No:2365 (Other entrance No:2422) Okmeydani Istanbul

Changed On

:

21.10.2014 (Commercial Gazette Date /Number 27.10.2014/ 8681)

Other Changes

:

The company was firstly established in Istanbul and it was registered at Istanbul Commercial Registry with registration no:162709.Then the company moved to Cerkezkoy-Tekirdag and registered at Cerkezkoy Commercial Registry on 13.05.1994 under the registration no:321-Cerkezkoy. Then the company again moved to Istanbul and registered at Istanbul Commercial Registry under the reg. no:625538

Changed On

:

08.05.2007 (Commercial Gazette Date /Number 14.05.2007/ 6807)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Nedim Ergin

27,35 %

Semahat Kocak

19,39 %

Melis Gozde Yilmaz

13,11 %

Mujde Aysem Ergin

9,29 %

Hatice Ayten Ergin

9,29 %

Guher Ergin

9,29 %

Rabia Siham Yilmaz

6,55 %

Others

 

 

 

BOARD OF DIRECTORS

:

Nedim Ergin

Chairman

Ahmet Saraoglu

Vice-Chairman

Akin Yilmaz

Member

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Manufacture and trade of compact valves and pipeline valves such as ball valves, gate valves, check valves

 

NACE CODE

:

DK.29.13

 

NUMBER OF EMPLOYEES

:

185

 

NET SALES

:

16.654.916 TL

(2011) 

30.685.665 TL

(2012) 

40.171 TL Thousand

(2013) 

49.154 TL Thousand

(2014) 

8.396 TL Thousand

(01.01-31.03.2015) 

 

 

IMPORT COUNTRIES

:

Italy

Germany

China

 

MERCHANDISE IMPORTED

:

Raw materials

 

 

EXPORT VALUE

:

6.872.837 TL

(2011)

13.524.428 TL

(2012)

26.571 TL Thousand

(2013)

35.804 TL Thousand

(2014)

2.988 TL Thousand

(01.01-31.03.2015)

 

 

EXPORT COUNTRIES

:

Georgia

Jordan

Iran

Afghanistan

Egypt

Belgium

Philippines

Azerbaijan

Turkmenistan

Indonesia

Bulgaria

Romania

 

MERCHANDISE  EXPORTED

:

Parts for taps

Valves

 

HEAD OFFICE ADDRESS

:

Perpa Ticaret Merkezi A Blok Kat 13 No:1977 Okmeydani Sisli  Istanbul / Turkey

 

BRANCHES

:

Factory  :  Organize Sanayi Bolgesi Sabanci Cad. No:22 Cerkezkoy Tekirdag/Turkey            

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2014.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Akbank Perpa Branch

Garanti Bankasi Perpa Branch

T. Halk Bankasi Sali Pazari Branch

T. Ziraat Bankasi Perpa 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

:

 

(2011) TL

(2012) TL

(2013) TL Thousand

(2014) TL Thousand

(01.01-31.03.2015) TL Thousand

Net Sales

16.654.916

30.685.665

40.171

49.154

8.396

Profit (Loss) Before Tax

872.186

1.787.198

2.624

7.972

1.470

Stockholders' Equity

13.795.385

16.694.682

18.786

25.270

 

Total Assets

21.728.791

25.766.932

33.612

33.930

 

Current Assets

12.045.458

13.963.963

19.222

13.811

 

Non-Current Assets

9.683.333

11.802.969

14.390

20.119

 

Current Liabilities

6.465.086

8.725.627

14.826

8.660

 

Long-Term Liabilities

1.468.320

346.623

0

0

 

Gross Profit (loss)

4.229.725

5.606.444

7.239

12.926

2.582

Operating Profit (loss)

1.711.802

2.973.632

3.623

8.490

1.680

Net Profit (loss)

668.842

1.417.203

2.092

6.383

1.172

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

THE DETAILS OF THE CAPITAL INCREASE  AFTER LAST BALANCE SHEET

 

:

Cash Part

:

Equity Part

:5.000.000 TL

Payment Due Date

:09.04.2015

Number of Days To Pay First Portion of The Cash Part of Capital Increase

:

 

Capitalization

High

Remarks on Capitalization

There has been capital increase after the last balance sheet date. The increase is decided to be financed by equity items so the capital increase is not expected to have a positive effect on equity total.

 

Liquidity

Good As of 31.12.2014

Profitability

High Operating Profitability  in 2011

Good Net Profitability  in 2011

High Operating Profitability  in 2012

Good Net Profitability  in 2012

Good Operating Profitability  in 2013

Good Net Profitability  in 2013

High Operating Profitability  in 2014

High Net Profitability  in 2014

High Operating Profitability (01.01-31.03.2015)

High Net Profitability (01.01-31.03.2015)

 

Gap between average collection and payable periods

In order in 2014

General Financial Position

Good

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 01.01-31.03.2015)

2,60 %

2,4709

2,8023

3,7626

 ( 01.01-31.05.2015)

5,22 %

2,5346

2,8509

3,8736

 

 

BALANCE SHEETS

 

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL

 

 ( 31.12.2013 )  TL Thousand

 

 ( 31.12.2014 )  TL Thousand

 

 

 

CURRENT ASSETS

12.045.458

0,55

13.963.963

0,54

19.222

0,57

13.811

0,41

 

 

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Cash and Banks

170.035

0,01

2.030.907

0,08

7.163

0,21

3.229

0,10

 

 

Marketable Securities

21

0,00

21

0,00

0

0,00

0

0,00

 

 

Account Receivable

4.559.478

0,21

5.683.626

0,22

6.208

0,18

4.093

0,12

 

 

Other Receivable

0

0,00

272.192

0,01

347

0,01

744

0,02

 

 

Inventories

5.988.577

0,28

5.145.260

0,20

4.722

0,14

4.381

0,13

 

 

Advances Given

322.013

0,01

486.828

0,02

326

0,01

536

0,02

 

 

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Other Current Assets

1.005.334

0,05

345.129

0,01

456

0,01

828

0,02

 

 

NON-CURRENT ASSETS

9.683.333

0,45

11.802.969

0,46

14.390

0,43

20.119

0,59

 

 

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)

9.670.176

0,45

11.773.434

0,46

14.357

0,43

20.023

0,59

 

 

Intangible Assets

6.359

0,00

6.359

0,00

6

0,00

63

0,00

 

 

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Other Non-Current Assets

6.798

0,00

23.176

0,00

27

0,00

33

0,00

 

 

TOTAL ASSETS

21.728.791

1,00

25.766.932

1,00

33.612

1,00

33.930

1,00

 

 

CURRENT LIABILITIES

6.465.086

0,30

8.725.627

0,34

14.826

0,44

8.660

0,26

 

 

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Financial Loans

4.067.380

0,19

5.053.977

0,20

7.339

0,22

0

0,00

 

 

Accounts Payable

1.313.383

0,06

2.179.472

0,08

2.781

0,08

2.756

0,08

 

 

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Other Short-term Payable

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Advances from Customers

612.284

0,03

768.357

0,03

3.404

0,10

4.053

0,12

 

 

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Taxes Payable

267.368

0,01

415.497

0,02

680

0,02

1.228

0,04

 

 

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Other Current Liabilities

204.671

0,01

308.324

0,01

622

0,02

623

0,02

 

 

LONG-TERM LIABILITIES

1.468.320

0,07

346.623

0,01

0

0,00

0

0,00

 

 

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Financial Loans

1.468.320

0,07

346.623

0,01

0

0,00

0

0,00

 

 

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

13.795.385

0,63

16.694.682

0,65

18.786

0,56

25.270

0,74

 

 

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Paid-in Capital

12.708.233

0,58

14.190.327

0,55

14.190

0,42

15.000

0,44

 

 

Cross Shareholding Adjustment of Capital

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

 

 

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Reserves

418.310

0,02

1.087.152

0,04

2.504

0,07

3.887

0,11

 

 

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)

668.842

0,03

1.417.203

0,06

2.092

0,06

6.383

0,19

 

 

TOTAL LIABILITIES AND EQUITY

21.728.791

1,00

25.766.932

1,00

33.612

1,00

33.930

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 81 is "Doubtful Trade Receivables" at the last balance sheet. 

 

The details of "Other Receivable" figure at the last balance sheet (TL Thousand):  Due From Shareholders: 0, Due From Participations: 0, Due From Affiliated Companies: 0, Due From Personnel: 0, Other Miscellaneous Receivables: 744, Other Receivable Total: 744 

 

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

 

 

INCOME STATEMENTS

 

 

(2011) TL

 

(2012) TL

 

(2013) TL Thousand

 

(2014) TL Thousand

 

(01.01-31.03.2015) TL Thousand

 

Net Sales

16.654.916

1,00

30.685.665

1,00

40.171

1,00

49.154

1,00

8.396

1,00

Cost of Goods Sold

12.425.191

0,75

25.079.221

0,82

32.932

0,82

36.228

0,74

5.814

0,69

Gross Profit

4.229.725

0,25

5.606.444

0,18

7.239

0,18

12.926

0,26

2.582

0,31

Operating Expenses

2.517.923

0,15

2.632.812

0,09

3.616

0,09

4.436

0,09

902

0,11

Operating Profit

1.711.802

0,10

2.973.632

0,10

3.623

0,09

8.490

0,17

1.680

0,20

Other Income

540.943

0,03

292.803

0,01

1.228

0,03

1.245

0,03

175

0,02

Other Expenses

753.074

0,05

390.162

0,01

769

0,02

1.304

0,03

148

0,02

Financial Expenses

627.485

0,04

1.089.075

0,04

1.458

0,04

459

0,01

237

0,03

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

872.186

0,05

1.787.198

0,06

2.624

0,07

7.972

0,16

1.470

0,18

Tax Payable

203.344

0,01

369.995

0,01

532

0,01

1.589

0,03

298

0,04

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

668.842

0,04

1.417.203

0,05

2.092

0,05

6.383

0,13

1.172

0,14

 

 

FINANCIAL RATIOS

 

 

(2011)

(2012)

(2013)

(2014)

 

LIQUIDITY RATIOS

 

 

Current Ratio

1,86

1,60

1,30

1,59

 

Acid-Test Ratio

0,73

0,92

0,93

0,93

 

Cash Ratio

0,03

0,23

0,48

0,37

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,28

0,20

0,14

0,13

 

Short-term Receivable/Total Assets

0,21

0,23

0,20

0,14

 

Tangible Assets/Total Assets

0,45

0,46

0,43

0,59

 

TURNOVER RATIOS

 

 

Inventory Turnover

2,07

4,87

6,97

8,27

 

Stockholders' Equity Turnover

1,21

1,84

2,14

1,95

 

Asset Turnover

0,77

1,19

1,20

1,45

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,63

0,65

0,56

0,74

 

Current Liabilities/Total Assets

0,30

0,34

0,44

0,26

 

Financial Leverage

0,37

0,35

0,44

0,26

 

Gearing Percentage

0,58

0,54

0,79

0,34

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,05

0,08

0,11

0,25

 

Operating Profit Margin

0,10

0,10

0,09

0,17

 

Net Profit Margin

0,04

0,05

0,05

0,13

 

Interest Cover

2,39

2,64

2,80

18,37

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

98,55

66,68

55,63

29,98

 

Average Payable Period (days)

38,05

31,29

30,40

27,39

 

WORKING CAPITAL

5580372,00

5238336,00

4396,00

5151,00

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.89

UK Pound

1

Rs.98.90

Euro

1

Rs.72.31

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

ASH

 

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.