MIRA
INFORM REPORT
|
Report Date : |
08.11.2007 |
IDENTIFICATION
DETAILS
|
Name : |
ATILL TIBBI MALZEME TICARET LTD. STI. |
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|
|
|
Registered Office : |
Gunduz Sokak Modul Depo 5/C Ege Serbest Bolgesi (Free Zone) Izmir |
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Country : |
Turkey |
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|
Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
28.04.1999 |
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Com. Reg. No.: |
89638 |
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|
Legal Form : |
Limited Company |
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Line of Business : |
Trade of medical materials at free zone |
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 |
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|
|
|
Payment Behaviour : |
No Complaints |
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|
|
|
Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
ATILL TIBBI MALZEME TICARET LTD. STI. |
|
ADDRESS |
: |
Head Office : Gunduz Sokak Modul Depo 5/C
Ege Serbest Bolgesi (Free Zone) Izmir / Turkey Liaison Office: 5758 Sk. No:4/C Kat:2-3
Karabaglar – Izmir / Turkey |
|
PHONE NUMBER |
: |
90-232-237 59 49 |
|
FAX NUMBER |
: |
90-232-264 41 94 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Gaziemir / 1020232656 |
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|
REGISTRATION NUMBER |
: |
89638 |
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|
REGISTERED OFFICE |
: |
Izmir Chamber of Commerce |
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DATE ESTABLISHED |
: |
28.04.1999 (Commercial Registry Gazette
Date/No: 03.05.1999 / 4782) |
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LEGAL FORM |
: |
Limited Company |
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TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
YTL 480,000 |
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|
|
PAID-IN CAPITAL |
: |
YTL 480,000 |
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|
|
HISTORY |
: |
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|
|
|
|
|
Previous
Registered Capital |
: YTL 20,000 |
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|
|
|
Regist. Capital Changed on |
: 10.12.2004 (Commercial Registry Gazette
Date/No: 16.12.2004 / 6199) |
|
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Atilla Sevincli Mert Sevincli |
63 % 37 % |
|
GROUP |
: |
Meditera Group of Companies Some of the companies operating within
Meditera Group are declared as follows: -Altera Tibbi Malzeme San. Tic. A.S. -Meditera Ithalat Ihracat Ltd. Sti -Desomed Kimya San ve Tic. A.S. -Iztipsan Tibbi Malzeme End. Ve Tic. A.S. -Mertsel Ecza Depolari San ve Tic Ltd.
Sti. -Atill Tibbi Malzeme Tic. Ltd. Sti. |
|
|
DIRECTORS |
: |
Atilla Sevincli Mert Sevincli |
|
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Trade of medical materials at free zone |
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|
|
SECTOR |
: |
Commerce |
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|
|
NUMBER OF
EMPLOYEES |
: |
20 |
||
|
NET SALES |
: |
(YTL) 3,471,127 8,668,040 |
(2005) (2006) |
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|
CAPACITY |
: |
None |
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|
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PRODUCTION |
: |
None |
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IMPORT COUNTRIES |
: |
Germany, France, Mexico, Japan, USA |
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MERCHANDISE
IMPORTED |
: |
Medical materials |
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|
EXPORT VALUE |
: |
As the subject is located at free zone,
all of its sales are regarded as export. |
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|
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PREMISES |
: |
Head Office : Gunduz Sokak Modul Depo 5/C
Ege Serbest Bolgesi (Free Zone) Izmir (rented) Liaison Office: 5758 Sk. No:4/C Kat:2-3 Karabaglar
– Izmir |
|
|
TREND OF BUSINESS : Upwards in 2006
COMMERCIAL MORALITY : Good
SIZE OF BUSINESS : Lower-medium
FINANCE
|
MAIN DEALING BANKERS |
: |
Yapi ve Kredi Bankasi Karabaglar Pasa
Koprusu branch in Izmir Garanti Bankasi Ege Serbest Bolg. Branch
in Izmir Turk Ekonomi Bankasi Ege Kurumsal branch
in Izmir |
|
CREDIT FACILITIES |
: |
No credit facility has come to our
knowledge. |
|
PAYMENT BEHAVIOUR |
: |
No complaints have been heard regarding payments
from banks. According to the official
registries between 01.01.2000-30.09.2007, there are no protested bills and
non-paid cheques registered in the name of
“Atill Tibbi” |
COMMENT ON FINANCIAL POSITION
|
FINANCIAL STRUCTURE
(SUFFICENCY OF OWN RESOURCES) |
||
|
Insufficient |
As of 31.12.2006 |
|
|
LIQUIDITY |
||
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High |
As of 31.12.2006 |
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PROFITABILITY |
||
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Low |
In 2006 |
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GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
||
|
Unfavorable |
In 2006 |
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GENERAL FINANCIAL POSITION |
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|
Capitalization was insufficient and profitability was low but
liquidity was high in 2006 |
||
CREDIT OPINION
CREDIT OPINION WITHOUT OBLIGATION : We are of the opinion that, a max. credit of USD 250,000 may be
granted to the subject company.
|
|
Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(2005) |
2.66 % |
1.3499 |
1.6882 |
2.4623 |
|
(2006) |
11.58 % |
1.4309 |
1.7987 |
2.6377 |
|
(1.1.-31.10.2007) |
4.84 % |
1.3308 |
1.7999 |
2.6527 |
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BALANCE SHEETS |
||||||||||
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|
YTL |
|
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|
YTL |
|
|
|
|
|
|
|
31.12.05 |
|
|
|
31.12.06 |
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|
|
|
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|
|
|
|
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CURRENT ASSETS |
|
1.947.206 |
|
0,82 |
|
4.124.008 |
|
0,91 |
|
|
|
Cash and
Banks |
|
2.587 |
|
0,00 |
|
124.890 |
|
0,03 |
|
|
|
Marketable Securities |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account
Receivable |
|
1.676.788 |
|
0,71 |
|
3.417.345 |
|
0,75 |
|
|
|
Other
Receivable |
|
185.051 |
|
0,08 |
|
235.920 |
|
0,05 |
|
|
|
Inventories |
|
71.266 |
|
0,03 |
|
335.972 |
|
0,07 |
|
|
|
Advances
Given |
|
11.514 |
|
0,00 |
|
9.881 |
|
0,00 |
|
|
|
Other
Current Assets |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
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NON-CURRENT ASSETS |
|
426.515 |
|
0,18 |
|
431.631 |
|
0,09 |
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Long-term
Receivable |
|
425.265 |
|
0,18 |
|
430.265 |
|
0,09 |
|
|
|
Financial
Assets |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Tangible
Fixed Assets (net) |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
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|
|
Intangible Assets |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
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Other
Non-Current Assets |
|
1.250 |
|
0,00 |
|
1.366 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
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|
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TOTAL ASSETS |
|
2.373.721 |
|
1,00 |
|
4.555.639 |
|
1,00 |
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|
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|
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CURRENT LIABILITIES |
|
1.290.188 |
|
0,54 |
|
3.344.345 |
|
0,73 |
|
|
|
Financial
Loans |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accounts
Payable |
|
1.273.035 |
|
0,54 |
|
3.312.722 |
|
0,73 |
|
|
|
Loans
from Shareholders |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
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Other
Short-term Payable |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Advances
from Customers |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Taxes
Payable |
|
3.616 |
|
0,00 |
|
13.098 |
|
0,00 |
|
|
|
Provisions |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Current Liabilities |
|
13.537 |
|
0,01 |
|
18.525 |
|
0,00 |
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|
|
|
|
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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 |
|
|
|
|
|
|
|
|
|
|
|
|
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|
STOCKHOLDERS' EQUITY |
|
1.083.533 |
|
0,46 |
|
1.211.294 |
|
0,27 |
|
|
|
Paid-in
Capital |
|
480.000 |
|
0,20 |
|
480.000 |
|
0,11 |
|
|
|
Reserves |
|
413.753 |
|
0,17 |
|
603.532 |
|
0,13 |
|
|
|
Revaluation Fund |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
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|
Accumulated Losses(-) |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
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|
Net
Profit (loss) |
|
189.780 |
|
0,08 |
|
127.762 |
|
0,03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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TOTAL LIABILITIES AND EQUITY |
|
2.373.721 |
|
1,00 |
|
4.555.639 |
|
1,00 |
|
|
|
INCOME STATEMENTS |
|||||||||
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|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
|
3.471.127 |
|
1,00 |
|
8.668.040 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
|
3.058.927 |
|
0,88 |
|
8.156.545 |
|
0,94 |
|
|
|
Gross Profit |
|
412.200 |
|
0,12 |
|
511.495 |
|
0,06 |
|
|
|
Operating
Expenses |
|
193.682 |
|
0,06 |
|
385.562 |
|
0,04 |
|
|
|
Operating Profit |
|
218.518 |
|
0,06 |
|
125.933 |
|
0,01 |
|
|
|
Other
Income |
|
65.744 |
|
0,02 |
|
1.048.079 |
|
0,12 |
|
|
|
Other
Expenses |
|
67.245 |
|
0,02 |
|
1.042.905 |
|
0,12 |
|
|
|
Financial
Expenses |
|
27.237 |
|
0,01 |
|
3.345 |
|
0,00 |
|
|
|
Profit (loss) Before Tax |
|
189.780 |
|
0,05 |
|
127.762 |
|
0,01 |
|
|
|
Tax
Payable |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
|
189.780 |
|
0,05 |
|
127.762 |
|
0,01 |
|
|
|
FINANCIAL RATIOS |
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2005 |
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2006 |
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LIQUIDITY RATIOS |
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Current Ratio |
|
1,51 |
|
|
|
1,23 |
|
|
|
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Acid-Test Ratio |
|
1,45 |
|
|
|
1,13 |
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ASSET STRUCTURE RATIOS |
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Inventory/Total Assets |
|
0,03 |
|
|
|
0,07 |
|
|
|
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|
Short-term Receivable/Total Assets |
|
0,78 |
|
|
|
0,80 |
|
|
|
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|
Tangible Assets/Total Assets |
|
0,00 |
|
|
|
0,00 |
|
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TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
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|
Inventory Turnover |
|
42,92 |
|
|
|
24,28 |
|
|
|
|
|
Stockholders' Equity Turnover |
|
3,20 |
|
|
|
7,16 |
|
|
|
|
|
Asset Turnover |
|
1,46 |
|
|
|
1,90 |
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FINANCIAL STRUCTURE |
|
|
|
|
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|
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|
Stockholders' Equity/Total Assets |
|
0,46 |
|
|
|
0,27 |
|
|
|
|
|
Current Liabilities/Total Assets |
|
0,54 |
|
|
|
0,73 |
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|
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|
Financial Leverage |
|
0,54 |
|
|
|
0,73 |
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PROFITABILITY RATIOS |
|
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|
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|
Net Profit/Stockholders' Eq. |
|
0,18 |
|
|
|
0,11 |
|
|
|
|
|
Operating Profit Margin |
|
0,06 |
|
|
|
0,01 |
|
|
|
|
|
Net Profit Margin |
|
0,05 |
|
|
|
0,01 |
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COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
|
218,01 |
|
|
|
159,80 |
|
|
|
|
|
Average Payable Period (days) |
|
149,82 |
|
|
|
146,21 |
|
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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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)